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Note 10 - Leases and Purchase Commitments | 12 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | NOTE 10 — LEASES AND PURCHASE COMMITMENTS Purchase commitments of the Company totaled $50.0 million as of June 30, 2023. The Company leases certain manufacturing facilities along with a small office space, several forklifts, several small tooling items, and various items of office equipment. All but two of the Company’s leases are operating leases. Leases have a remaining term of one to seven years some of which have an option to renew. The Company does not assume renewals in determining the lease term unless the renewals are deemed reasonably certain. The lease agreements do not contain any material residual guarantees or material variable lease payments. The Company has periodically entered into short-term operating leases with an initial term of twelve months or less. The Company elected not to record these leases on the balance sheet. The rent expense for these leases was immaterial for fiscal years 2023 and 2022. The Company has certain leases that contain lease and non-lease components and has elected to utilize the practical expedient to account for these components together as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. The Company used its incremental borrowing rate when determining the present value of lease payments.
(In thousands) |  | 2023 |  |  | 2022 |
Operating lease cost |  | $ | 3,551 |  |  | $ | 3,483 |
Financing lease cost: |  |  |  |  |  |  |  |
Amortization of right of use assets |  |  | 295 |  |  |  | 295 |
Interest on lease liabilities |  |  | 67 |  |  |  | 80 |
Variable lease cost |  |  | 87 |  |  |  | 87 |
Total lease cost |  | $ | 4,000 |  |  | $ | 3,945 |
Supplemental Cash Flow Information |  |  |  |  |  |  |  |
(in thousands) |  | 2023 |  |  | 2022 |
Cash flows from operating leases |  |  |  |  |  |  |  |
Fixed payments - operating lease cash flows |  | $ | 3,704 |  |  | $ | 3,576 |
Liability reduction - operating cash flows |  | $ | 3,319 |  |  | $ | 3,064 |
Cash flows from finance leases |  |  |  |  |  |  |  |
Interest - operating cash flows |  | $ | 67 |  |  | $ | 80 |
Repayments of principal portion - financing cash flows |  | $ | 281 |  |  | $ | 268 |
Operating Leases: |  | June 30, 2023 |  |  | June 30, 2022 |
Total operating right-of-use assets |  | $ | 8,921 |  |  | $ | 8,664 |
Accrued expenses (Current liabilities) |  | $ | 3,566 |  |  | $ | 3,738 |
Long-term operating lease liability |  |  | 5,954 |  |  |  | 5,776 |
Total operating lease liabilities |  | $ | 9,520 |  |  | $ | 9,514 |
Weighted Average remaining Lease Term (in years) |  |  | 3.31 |  |  |  | 3.05 |
Weighted Average Discount Rate |  |  | 5.44 | % |  |  | 4.81 | %
Finance Leases: |  | June 30, 2023 |  |  | June 30, 2022 |
Buldings under finance leases |  | $ | 2,033 |  |  | $ | 2,033 |
Equipment under finance leases |  |  | 34 |  |  |  | 11 |
Accumulated depreciation |  |  | (929 | ) |  |  | (634 | )
Total finance lease assets, net |  | $ | 1,138 |  |  | $ | 1,410 |
Accured expenses (Current liabilities) |  | $ | 284 |  |  |  | 275 |
Long-term finance lease liability |  |  | 960 |  |  |  | 1,246 |
Total finance lease liabilities |  | $ | 1,244 |  |  | $ | 1,521 |
Weighted Average remaining Lease Term (in years) |  |  | 3.83 |  |  |  | 4.80 |
Weighted Average Discount Rate |  |  | 4.86 | % |  |  | 4.86 | %
Maturities of Lease Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Operating Lease Liabilities Liabilities |  |  | Finance Lease Liabilities Liabilities |  |  | Operating Subleases |  |  | Net Lease Commitments Commitments |
2024 |  |  | 3,566 |  |  |  | 337 |  |  |  | (377 | ) |  |  | 3,526 |
2025 |  |  | 3,145 |  |  |  | 362 |  |  |  | (31 | ) |  |  | 3,476 |
2026 |  |  | 1,860 |  |  |  | 362 |  |  |  | - |  |  |  | 2,222 |
2027 |  |  | 1,249 |  |  |  | 302 |  |  |  | - |  |  |  | 1,551 |
2028 |  |  | 632 |  |  |  | - |  |  |  | - |  |  |  | 632 |
Thereafter |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | 2 |
Total lease payments |  | $ | 10,454 |  |  | $ | 1,363 |  |  | $ | (408 | ) |  | $ | 11,409 |
Less: Interest |  |  | (934 | ) |  |  | (119 | ) |  |  |  |  |  |  | (1,053 | )
Present Value of Lease Liabilities |  | $ | 9,520 |  |  | $ | 1,244 |  |  |  |  |  |  | $ | 10,356 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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