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Commitments and Contingencies | 9 Months Ended
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Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract] |
Commitments and Contingencies |
(14) | COMMITMENTS AND CONTINGENCIES
The Company is subject to various claims and legal proceedings covering matters that arise in the ordinary course of its business activities. As of March 31, 2020, the management of the Company believes any reasonably possible liability that may result from the resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, operating results, or cash flows. The Company leases certain office spaces and research and development laboratory facilities, vehicles, and office equipment with remaining lease terms ranging from one to seven years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options which allows the Company to, at its election, renew or extend the lease for a fixed or indefinite period of time. These optional periods have not been considered in the determination of the right-of-use-assets or lease liabilities associated with these leases as the Company did not consider it reasonably certain it would exercise the options. The Company performed evaluations of its contracts and determined each of its identified leases are operating leases. For the nine months ended March 31, 2020, the Company incurred $13.6 in lease costs which are included in operating expenses in the consolidated statement of operations in relation to these operating leases. Of such lease costs, $1.9 was variable lease expense and $0.2 was short-term lease expense, and neither of them were included in the measurement of the Company's operating ROU assets and lease liabilities. The variable rent expense is comprised primarily of the Company's proportionate share of operating expenses, property taxes, and insurance and is classified as lease expense due to the Company's election to not separate lease and non-lease components. As of March 31, 2020, the maturities of the Company’s operating lease liabilities were as follows:
Fiscal year ending: |  |  |  |
2020 |  | $ | 3.9 |
2021 |  |  | 14.7 |
2022 |  |  | 13.5 |
2023 |  |  | 12.3 |
2024 |  |  | 12.1 |
Thereafter |  |  | 19.3 |
Total lease payments |  | $ | 75.8 |
As of March 31, 2020, the weighted average remaining lease term is 5.5 years and the weighted average discount rate used to determine the operating lease liability was 3.87%. Disclosures related to periods prior to the adoption of ASU 2016-02 The following table summarizes the future minimum lease payments as of June 30, 2019:
Fiscal year ending: |  |  |  |
2020 |  | $ | 15.1 |
2021 |  |  | 14.1 |
2022 |  |  | 13.1 |
2023 |  |  | 12.2 |
2024 |  |  | 11.9 |
Thereafter |  |  | 19.1 |
Total lease payments |  | $ | 85.5 |

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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