XML 44 R12.htm IDEA: XBRL DOCUMENT
v3.20.1

Note 7 - Leases | 9 Months Ended
--- | ---
Mar. 31, 2020
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | Note 7. Leases: As a lessee, the company leases offices, labs, and manufacturing facilities, as well as vehicles, copiers, and other equipment. The Company adopted ASU No. 2016-02 and related standards (collectively ASC 842, Leases), which replaced previous lease accounting guidance, on July 1, 2019. The Company recognizes operating lease expense on a straight-line basis over the lease term. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is the Company’s incremental borrowing rate or, if available, the rate implicit in the lease. The Company determines the incremental borrowing rate for each lease based primarily on its lease term and the economic environment of the applicable country or region. During the quarter and nine months ended March 31, 2019, the Company recognized $0.8 million and $2.7 million in variable lease expense, respectively, in the Condensed Consolidated Statements of Earnings and Comprehensive Income. During the quarter and nine months ended March 31, 2020, the Company also recognized $3.2 million and $9.5 million, respectively relating to fixed lease expense in the Condensed Consolidated Statements of Earnings and Comprehensive Income. The following table summarizes the balance sheet classification of the Company’s operating leases, amounts of right of use assets and lease liabilities, the weighted average remaining lease term, and the weighted average discount rate for the Company’s operating leases (asset and liability amounts are in thousands):
| Balance Sheet Classification |  | As of: March 31, 2020 |
Operating leases: |  |  |  |  |
Operating lease right of use assets | Right of Use Asset |  | $ | 73,751 |
Current operating lease liabilities | Operating lease liabilities current |  | $ | 9,544 |
Noncurrent operating lease liabilities | Operating lease liabilities |  |  | 69,491 |
Total operating lease liabilities |  | $ | 79,035 |
Weighted average remaining lease term (in years): |  |  | 8.89 |
Weighted average discount rate: |  |  | 4.39 | %
The following table summarizes the cash paid for amounts included in the measurement of operating lease liabilities and right of use assets obtained in exchange for new operating lease liabilities for the nine months ended March 31, 2020 (in thousands):
|  | Nine months ended March 31, 2020 |
Cash amounts paid on operating lease liabilities(1) |  | $ | 9,643 |
Right of use assets obtained in exchange for lease liabilities |  |  | 1,640 |
(1) Total cash paid for the Company's operating leases during the nine months ended March 31, 2020 include cash amounts paid on operating lease liabilities and variable lease expenses. Cash flow impacts from right of use assets and lease liabilities are presented net on the cash flow statement in changes in other operating activity. The following table summarizes the fair value of the lease liability by payment date for the Company’s operating leases by fiscal year (in thousands):
|  | Operating Leases |
Remainder of 2020 |  | $ | 2,362 |
2021 |  |  | 9,405 |
2022 |  |  | 9,332 |
2023 |  |  | 8,918 |
2024 |  |  | 8,320 |
Thereafter |  |  | 40,698 |
Total |  | $ | 79,035 |
Certain leases include one or more options to renew, with terms that extend the lease term up to five years. The Company includes option to renew the lease as part of the right of use lease asset and liability when it is reasonably certain the Company will exercise the option. In addition, certain leases contain fair value purchase and termination options with an associated penalty. In general, the Company is not reasonably certain to exercise such options. Disclosures related to periods prior to adoption of new lease standard: At June 30, 2019, aggregate net minimum rental commitments under non-cancelable leases having an initial or remaining term of more than one year are payable as follows (in thousands):
|  | Operating Leases |
2020 |  | $ | 13,707 |
2021 |  |  | 13,469 |
2022 |  |  | 13,154 |
2023 |  |  | 12,716 |
2024 |  |  | 11,392 |
Thereafter |  |  | 51,895 |
Total |  | $ | 116,333 |
Total rent expense was approximately $12.9 million, $10.8 million, and $9.8 million for the years ended June 30, 2019, 2018, and 2017, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration