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Leases | 9 Months Ended
--- | ---
Mar. 31, 2020
Leases [Abstract] |
Leases | LEASES The Company leases office space, warehouse and distribution facilities, manufacturing equipment and vehicles primarily in North America and Europe. The Company determines if an arrangement is or contains a lease at inception. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company’s lease agreements generally do not contain residual value guarantees or material restrictive covenants. A limited number of lease agreements include rental payments adjusted periodically for inflation. Some of the Company’s leases contain variable lease payments, which are expensed as incurred unless those payments are based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement and included in the measurement of the lease liability; thereafter, changes to lease payments due to rate or index changes are recorded as variable lease expense in the period incurred. The Company does not have any related party leases, and sublease transactions are de minimis. The components of lease expenses for the three and nine months ended March 31, 2020 were as follows:
| Three Months Ended |  | Nine Months Ended
| March 31, 2020 |  | March 31, 2020
Operating lease expenses | $ | 4,545 |  |  | $ | 14,034 |
Finance lease expenses | 272 |  |  | 761 |
Variable lease expenses | 633 |  |  | 1,873 |
Short-term lease expenses | 490 |  |  | 1,349 |
Total lease expenses | $ | 5,940 |  |  | $ | 18,017 |
Supplemental balance sheet information related to leases was as follows:
Leases |  | Classification |  | March 31, 2020
Assets |  |  |  |
Operating lease ROU assets |  | Operating lease right-of-use assets |  | $ | 81,959 |
Finance lease ROU assets, net |  | Property, plant and equipment, net |  | 1,091 |
Total leased assets |  |  |  | $ | 83,050 |
Liabilities |  |  |  |
Current |  |  |  |
Operating |  | Accrued expenses and other current liabilities |  | $ | 13,402 |
Finance |  | Current portion of long-term debt |  | 357 |
Non-current |  |  |  |
Operating |  | Operating lease liabilities, noncurrent portion |  | 74,937 |
Finance |  | Long-term debt, less current portion |  | 333 |
Total lease liabilities |  |  |  | $ | 89,029 |
Additional information related to leases is as follows:
| Nine Months Ended
| March 31, 2020
Supplemental cash flow information |
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash flows from operating leases | $ | 12,856 |
Operating cash flows from finance leases | $ | 18 |
Financing cash flows from finance leases | $ | 372 |
ROU assets obtained in exchange for lease obligations (a): |
Operating leases | $ | 94,389 |
Finance leases | $ | 1,092 |
Weighted average remaining lease term: |
Operating leases | 8.4 years
Finance leases | 2.3 years
Weighted average discount rate: |
Operating leases | 2.7 | %
Finance leases | 2.9 | %
(a) ROU assets obtained in exchange for lease obligations includes the impact of the adoption of ASU 2016-02 effective July 1, 2019 (see Note 2) and leases which commenced, were modified or terminated during the nine months ended March 31, 2020. Maturities of lease liabilities as of March 31, 2020 were as follows:
Fiscal Year | Operating leases |  | Finance leases |  | Total
2020 (remainder of year) | $ | 3,224 |  |  | $ | 85 |  |  | $ | 3,309 |
2021 |  | 15,642 |  | 356 |  | 15,998 |
2022 |  | 13,472 |  | 180 |  | 13,652 |
2023 |  | 12,514 |  | 54 |  | 12,568 |
2024 |  | 10,543 |  | 26 |  | 10,569 |
Thereafter | 44,177 |  | 6 |  | 44,183 |
Total lease payments | 99,572 |  | 707 |  | 100,279 |
Less: Imputed interest | 11,233 |  | 17 |  | 11,250 |
Total lease liabilities | $ | 88,339 |  |  | $ | 690 |  |  | $ | 89,029 |
The aggregate minimum future lease payments for operating leases at June 30, 2019 were as follows:
Fiscal Year |  |
2020 |  | $ | 19,426 |
2021 |  | 16,584 |
2022 |  | 14,218 |
2023 |  | 13,221 |
2024 |  | 11,041 |
Thereafter |  | 44,452 |
|  | $ | 118,942 |
At March 31, 2020, the Company had additional leases that had not yet commenced. Obligations under these leases are not material.
Leases | LEASES The Company leases office space, warehouse and distribution facilities, manufacturing equipment and vehicles primarily in North America and Europe. The Company determines if an arrangement is or contains a lease at inception. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company’s lease agreements generally do not contain residual value guarantees or material restrictive covenants. A limited number of lease agreements include rental payments adjusted periodically for inflation. Some of the Company’s leases contain variable lease payments, which are expensed as incurred unless those payments are based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement and included in the measurement of the lease liability; thereafter, changes to lease payments due to rate or index changes are recorded as variable lease expense in the period incurred. The Company does not have any related party leases, and sublease transactions are de minimis. The components of lease expenses for the three and nine months ended March 31, 2020 were as follows:
| Three Months Ended |  | Nine Months Ended
| March 31, 2020 |  | March 31, 2020
Operating lease expenses | $ | 4,545 |  |  | $ | 14,034 |
Finance lease expenses | 272 |  |  | 761 |
Variable lease expenses | 633 |  |  | 1,873 |
Short-term lease expenses | 490 |  |  | 1,349 |
Total lease expenses | $ | 5,940 |  |  | $ | 18,017 |
Supplemental balance sheet information related to leases was as follows:
Leases |  | Classification |  | March 31, 2020
Assets |  |  |  |
Operating lease ROU assets |  | Operating lease right-of-use assets |  | $ | 81,959 |
Finance lease ROU assets, net |  | Property, plant and equipment, net |  | 1,091 |
Total leased assets |  |  |  | $ | 83,050 |
Liabilities |  |  |  |
Current |  |  |  |
Operating |  | Accrued expenses and other current liabilities |  | $ | 13,402 |
Finance |  | Current portion of long-term debt |  | 357 |
Non-current |  |  |  |
Operating |  | Operating lease liabilities, noncurrent portion |  | 74,937 |
Finance |  | Long-term debt, less current portion |  | 333 |
Total lease liabilities |  |  |  | $ | 89,029 |
Additional information related to leases is as follows:
| Nine Months Ended
| March 31, 2020
Supplemental cash flow information |
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash flows from operating leases | $ | 12,856 |
Operating cash flows from finance leases | $ | 18 |
Financing cash flows from finance leases | $ | 372 |
ROU assets obtained in exchange for lease obligations (a): |
Operating leases | $ | 94,389 |
Finance leases | $ | 1,092 |
Weighted average remaining lease term: |
Operating leases | 8.4 years
Finance leases | 2.3 years
Weighted average discount rate: |
Operating leases | 2.7 | %
Finance leases | 2.9 | %
(a) ROU assets obtained in exchange for lease obligations includes the impact of the adoption of ASU 2016-02 effective July 1, 2019 (see Note 2) and leases which commenced, were modified or terminated during the nine months ended March 31, 2020. Maturities of lease liabilities as of March 31, 2020 were as follows:
Fiscal Year | Operating leases |  | Finance leases |  | Total
2020 (remainder of year) | $ | 3,224 |  |  | $ | 85 |  |  | $ | 3,309 |
2021 |  | 15,642 |  | 356 |  | 15,998 |
2022 |  | 13,472 |  | 180 |  | 13,652 |
2023 |  | 12,514 |  | 54 |  | 12,568 |
2024 |  | 10,543 |  | 26 |  | 10,569 |
Thereafter | 44,177 |  | 6 |  | 44,183 |
Total lease payments | 99,572 |  | 707 |  | 100,279 |
Less: Imputed interest | 11,233 |  | 17 |  | 11,250 |
Total lease liabilities | $ | 88,339 |  |  | $ | 690 |  |  | $ | 89,029 |
The aggregate minimum future lease payments for operating leases at June 30, 2019 were as follows:
Fiscal Year |  |
2020 |  | $ | 19,426 |
2021 |  | 16,584 |
2022 |  | 14,218 |
2023 |  | 13,221 |
2024 |  | 11,041 |
Thereafter |  | 44,452 |
|  | $ | 118,942 |
At March 31, 2020, the Company had additional leases that had not yet commenced. Obligations under these leases are not material.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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