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Leases | 12 Months Ended
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Jun. 30, 2024
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. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets. 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:
|  |  |  | As of June 30,
Classification |  | 2024 |  | 2023
Assets |  |  |  |  |  |
Right-of-use assets |  | Other assets |  | $ | 6,883 |  |  | $ | 8,808 |
Liabilities |  |  |  |  |  |
Current operating lease liabilities |  | Accrued expenses |  | $ | 2,177 |  |  | $ | 2,324 |
Long-term operating lease liabilities |  | Other liabilities |  | 5,763 |  |  | 7,843 |
Total lease liabilities |  |  |  | $ | 7,940 |  |  | $ | 10,167 |
|  |  |  | Fiscal Year Ended June 30,
Classification |  | 2024 |  | 2023 |  | 2022
Operating lease costs (1) |  | Cost of sales |  | $ | 2,537 |  |  | $ | 2,686 |  |  | $ | 2,611 |
|  | Selling and marketing, and general and administrative |  | 838 |  |  | 878 |  |  | 857 |
Sublease income |  | Other expense (income), net |  | (38) |  |  | (38) |  |  | (38) |
Cash paid for amounts included in the measurement of operating lease liabilities |  | Cash flows from operating activities |  | 2,661 |  |  | 2,555 |  |  | 2,517 |
(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 fiscal year ended June 30, 2024 and 2023 was 3.60 years and 4.60 years, respectively. As of June 30, 2024 and 2023, the weighted average discount rate determined based on the Company's incremental borrowing rate is 3.67% for both periods. Future annual minimum lease payments for the following fiscal years as of June 30, 2024 are as follows:
|  | Amount
2025 |  | $ | 2,422 |
2026 |  | 2,274 |
2027 |  | 2,258 |
2028 |  | 1,506 |
2029 |  | 1 |
2030 and thereafter |  | — |
Total |  | 8,461 |
Less imputed interest |  | (521) |
Present value of lease liabilities |  | $ | 7,940 |

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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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