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Note 19 - Leases | 6 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | 19) Leases Effective July 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842), using the modified retrospective approach and utilizing the effective date as its date of initial application. As a result, prior periods are presented in accordance with the previous guidance in ASC 840, Leases (“ASC 840”). The Company has elected to apply the ‘package of practical expedients’ which allow us to not reassess i) whether existing or expired arrangements contain a lease, ii) the lease classification of existing or expired leases, or iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and short-term and long-term lease liabilities, as applicable. The Company does not have material financing leases. Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. To estimate its incremental borrowing rate, a credit rating applicable to the Company is estimated using a synthetic credit rating analysis since the Company does not currently have a rating agency-based credit rating The Company has elected not to recognize leases with an original term of one year or less on the balance sheet. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. Amounts (in thousands) recorded in the Company's Condensed Consolidated Balance Sheet and Statement of Operations related to leases are as follows:
|  | December 31, 2019 |
Assets |  |  |  |
ROU Assets (other assets) |  | $ | 42,959 |
Liabilities |  |  |  |
Current (accrued expense) |  | $ | 8,503 |
Other non-current liability |  |  | 33,728 |
Total lease liability |  | $ | 42,231 |
Lease cost The components of lease costs for the three and six months ended September 30, 2019 and December 31, 2019 are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2019 |  |  | December 31, 2019 |
Operating lease cost1 |  | $ | 3,120 |  |  | $ | 5,961 |
1Includes short-term leases and variable lease costs, which are immaterial. Maturity of lease liability The maturity of the Company's lease liabilities at December 31, 2019 were as follows:
|  | Operating Leases |
Remainder of 2020 |  | $ | 4,809 |
2021 |  |  | 7,929 |
2022 |  |  | 6,357 |
2023 |  |  | 4,449 |
2024 |  |  | 3,885 |
After 2024 |  |  | 20,198 |
Less: Interest |  |  | (5,396 | )
Present value of lease Liabilities |  | $ | 42,231 |
The weighted average remaining lease term and discount rates are as follows:
Lease Term and Discount Rate |  | December 31, 2019 |
Weighted average remaining lease term (years) |  |  |  |
Operating leases |  |  | 10.42 |
Weighted average discount rate (percentage) |  |  |  |
Operating leases |  |  | 2.6 | %
Other Information Supplemental cash flow information related to leases is as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2019 |  |  | December 31, 2019 |
Operating cash flows from operating leases |  | $ | 2,573 |  |  | $ | 5,148 |
Total cash paid for amounts included in the measurement of lease liabilities |  |  | 2,573 |  |  |  | 5,148 |

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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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