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Leases

9 Months Ended

Mar. 31, 2022

Leases

Leases

6. Leases

​

The components of operating lease expense were as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended March 31,						Nine Months Ended March 31,
​		2021			2022			2021			2022
Operating lease cost	​	$	2,216	​	$	2,704	​	$	7,120	​	$	7,354
Variable lease cost	​	​	280	​	​	263	​		723	​		650
Short-term lease cost	​	​	258	​	​	268	​		649	​		854
​	​	$	2,754	​	$	3,235	​	$	8,492	​	$	8,858

​

Sale-leaseback Transaction. In March 2022, we completed a sale-leaseback transaction for our manufacturing facilities and corporate headquarters in Hawthorne, California (the “Hawthorne Property”). We sold the Hawthorne Property for $32 million and recognized a gain of $27.4 million. We also entered into a 6-year lease agreement for the Hawthorne Property commencing March 10, 2022 and expiring on March 31, 2028, with two 5-year renewal options. As of March 31, 2022, we recorded a right-of-use asset and lease liability for $5.7 million.

Supplemental disclosures related to operating leases were as follows (in thousands):

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​	​	​	​	​	​	​	​	​
​		Balance Sheet Category		June 30, 2021			March 31, 2022
Operating lease ROU assets, net		Other assets	​	$	23,439	​	$	36,718
​	​	​	​	​	​	​	​	​
Operating lease liabilities, current portion		Other accrued expenses and current liabilities	​	$	7,499	​	$	8,977
Operating lease liabilities, long-term		Other long-term liabilities	​		16,317	​		28,521
Total operating lease liabilities	​	​	​	$	23,816	​	$	37,498
​	​	​	​	​	​	​	​	​
Weighted average remaining lease term	​	​	​		​	​		5.1 years
Weighted average discount rate	​	​	​		​	​		3.5 %

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Supplemental cash flow information related to operating leases was as follows (in thousands):

​

​	​	​	​	​	​	​
​		Nine Months Ended March 31,
​		2021			2022
Cash paid for operating lease liabilities	​	$	7,773	​	$	7,549
ROU assets obtained in exchange for new lease obligations	​		1,810	​		9,519

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Maturities of operating lease liabilities at March 31, 2022 were as follows (in thousands):

​

​	​	​	​
​		March 31, 2022
Less than one year	​	$	10,101
1 – 2 years	​		9,383
2 – 3 years	​		7,438
3 – 4 years	​		6,016
4 – 5 years	​		5,437
Thereafter	​		2,314
​	​		40,689
Less: imputed interest	​		(3,191)
Total lease liabilities	​	$	37,498

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- References

No definition available.

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- 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

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