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Leases | 3 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Leases | Leases The Company leases certain manufacturing facilities, warehouses, office space, land, and equipment. The Company determines if a contract is a lease or contains an embedded lease at the inception of the agreement. The Company recorded right-of-use assets, included in other assets on the balance sheet, totaling $16,142 as of July 1, 2019. Leases with an initial term of 12 months or less are not recorded on the unaudited interim condensed consolidated balance sheet. The Company does not separate non-lease components from the lease components to which they relate, and instead accounts for each separate lease and non-lease component associated with that lease component as a single lease component for all underlying asset classes. The Company's lease liabilities do not include future lease payments related to options to extend or terminate lease agreements as it is not reasonably certain those options will be exercised. Other information concerning the Company's operating leases accounted for under ASC Topic 842, Leases is as follows (in thousands):
Classification |  | As of September 30, 2020 |  | As of June 30, 2020
Assets |  |  |  |  |  |
Right-of-use assets |  | Other assets |  | $ | 13,867 |  |  | $ | 14,315 |
Liabilities |  |  |  |  |  |
Current operating lease liabilities |  | Accrued expenses |  | $ | 1,983 |  |  | $ | 2,006 |
Long-term operating lease liabilities |  | Other liabilities |  | 13,568 |  |  | 14,013 |
Total lease liabilities |  |  |  | $ | 15,551 |  |  | $ | 16,019 |
Classification |  | Three Months Ended September 30, 2020 |  | Three months ended September 30, 2019 |  |
Operating lease costs (1) |  | Cost of sales |  | $ | 508 |  |  | $ | 477 |  |  |
|  | Selling, general and administrative |  | 214 |  |  | 223 |  |  |
Sublease income |  | Other income (expense) |  | 10 |  |  | 10 |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities |  | Cash flows from operating activities |  | 656 |  |  | 647 |  |  |
(1) Includes short-term leases, which are insignificant, and are not included in the lease liability. The lease liability for operating leases that contain variable escalating rental payments with scheduled increases that are based on the lesser of a stated percentage increase or the cumulative increase in an index, are determined using the stated percentage increase. The weighted average remaining lease term for the three months ended September 30, 2020 and 2019 was 7.17 years and 7.97 years, respectively . The weighted average discount rate determined based on the Company's incremental borrowing rate is 3.65%, as of September 30, 2020 and 2019. Future annual minimum lease payments for the following fiscal years as of September 30, 2020 are as follows:
|  | Amount
Remainder of 2021 |  | $ | 1,904 |
2022 |  | 2,403 |
2023 |  | 2,454 |
2024 |  | 2,582 |
2025 |  | 2,310 |
2026 and thereafter |  | 6,014 |
Total |  | 17,667 |
Less imputed interest |  | (2,116) |
Present value of lease liabilities |  | $ | 15,551 |

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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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