XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.20.4

LEASES | 6 Months Ended
--- | ---
Dec. 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 six months ended December 31, 2020 were as follows:
| Three Months Ended |  | Six Months Ended
| December 31, 2020 |  | December 31, 2019 |  | December 31, 2020 |  | December 31, 2019
Operating lease expenses | $ | 4,205 |  |  | $ | 4,800 |  |  | $ | 8,161 |  |  | $ | 9,489 |
Finance lease expenses | 61 |  |  | 188 |  |  | 246 |  |  | 489 |
Variable lease expenses | 91 |  |  | 381 |  |  | 957 |  |  | 1,240 |
Short-term lease expenses | 687 |  |  | 419 |  |  | 1,243 |  |  | 859 |
Total lease expenses | $ | 5,044 |  |  | $ | 5,788 |  |  | $ | 10,607 |  |  | $ | 12,077 |
Supplemental balance sheet information related to leases was as follows:
Leases |  | Classification |  | December 31, 2020 |  | June 30, 2020
Assets |  |  |  |  |  |
Operating lease ROU assets, net |  | Operating lease right-of-use assets |  | $ | 89,971 |  |  | $ | 88,165 |
Operating lease ROU assets, net |  | Assets held for sale |  | 5,607 |  | — |
Finance lease ROU assets, net |  | Property, plant and equipment, net |  | 386 |  | 691 |
Finance lease ROU assets, net |  | Assets held for sale |  | 356 |  | — |
Total leased assets |  |  |  | $ | 96,320 |  |  | $ | 88,856 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Accrued expenses and other current liabilities |  | $ | 11,584 |  |  | $ | 12,338 |
Operating |  | Liabilities related to assets held for sale |  | 5,311 |  |  | — |
Finance |  | Current portion of long-term debt |  | 239 |  |  | 308 |
Finance |  | Liabilities related to assets held for sale |  | 296 |  |  | — |
Non-current |  |  |  |  |  |
Operating |  | Operating lease liabilities, noncurrent portion |  | 83,268 |  |  | 82,962 |
Finance |  | Long-term debt, less current portion |  | 162 |  |  | 316 |
Total lease liabilities |  |  |  | $ | 100,860 |  |  | $ | 95,924 |
Additional information related to leases is as follows:
| Six Months Ended
| December 31, 2020 |  | December 31, 2019
Supplemental cash flow information |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 8,569 |  |  | $ | 8,113 |
Operating cash flows from finance leases | $ | 6 |  |  | $ | 12 |
Financing cash flows from finance leases | $ | 201 |  |  | $ | 244 |
ROU assets obtained in exchange for lease obligations (a): |  |  |
Operating leases | $ | 12,745 |  |  | $ | 92,640 |
Finance leases | $ | 371 |  |  | $ | 1,131 |
Weighted average remaining lease term: |  |  |
Operating leases | 10.0 years |  | 8.6 years
Finance leases | 1.8 years |  | 2.4 years
Weighted average discount rate: |  |  |
Operating leases | 3.1 | % |  | 2.7 | %
Finance leases | 2.4 | % |  | 3.1 | %
(a) ROU assets obtained in exchange for lease obligations includes leases which commenced, were modified or terminated. The balance as of December 31, 2019 also included $87,414 relating to the impact of the adoption of ASU 2016-02 effective July 1, 2019. Maturities of lease liabilities as of December 31, 2020 were as follows:
Fiscal Year | Operating leases |  | Finance leases |  | Total
2021 (remainder of year) | $ | 7,471 |  |  | $ | 222 |  |  | $ | 7,693 |
2022 | 15,054 |  |  | 377 |  |  | 15,431 |
2023 | 14,139 |  |  | 113 |  |  | 14,252 |
2024 | 12,129 |  |  | — |  |  | 12,129 |
2025 | 10,823 |  |  | — |  |  | 10,823 |
Thereafter | 59,500 |  |  | — |  |  | 59,500 |
Total lease payments | 119,116 |  |  | 712 |  |  | 119,828 |
Less: Imputed interest | 18,953 |  |  | 15 |  |  | 18,968 |
Total lease liabilities | $ | 100,163 |  |  | $ | 697 |  |  | $ | 100,860 |
Maturities of lease liabilities as of June 30, 2020 were as follows:
Fiscal Year | Operating leases |  | Finance leases |  | Total
2021 | $ | 14,781 |  |  | $ | 308 |  |  | $ | 15,089 |
2022 | 13,798 |  |  | 205 |  |  | 14,003 |
2023 | 12,833 |  |  | 95 |  |  | 12,928 |
2024 | 10,941 |  |  | 18 |  |  | 10,959 |
2025 | 9,521 |  |  | 6 |  |  | 9,527 |
Thereafter | 51,545 |  |  | — |  |  | 51,545 |
Total lease payments | 113,419 |  |  | 632 |  |  | 114,051 |
Less: Imputed interest | 18,119 |  |  | 8 |  |  | 18,127 |
Total lease liabilities | $ | 95,300 |  |  | $ | 624 |  |  | $ | 95,924 |
At December 31, 2020, the Company had an operating lease that had not yet commenced. Obligations under this lease are approximately $6,095, and the lease is expected to commence during the fiscal year ending Jun e 30, 2021 with a lease term of 10 years, excluding renewal options.
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 six months ended December 31, 2020 were as follows:
| Three Months Ended |  | Six Months Ended
| December 31, 2020 |  | December 31, 2019 |  | December 31, 2020 |  | December 31, 2019
Operating lease expenses | $ | 4,205 |  |  | $ | 4,800 |  |  | $ | 8,161 |  |  | $ | 9,489 |
Finance lease expenses | 61 |  |  | 188 |  |  | 246 |  |  | 489 |
Variable lease expenses | 91 |  |  | 381 |  |  | 957 |  |  | 1,240 |
Short-term lease expenses | 687 |  |  | 419 |  |  | 1,243 |  |  | 859 |
Total lease expenses | $ | 5,044 |  |  | $ | 5,788 |  |  | $ | 10,607 |  |  | $ | 12,077 |
Supplemental balance sheet information related to leases was as follows:
Leases |  | Classification |  | December 31, 2020 |  | June 30, 2020
Assets |  |  |  |  |  |
Operating lease ROU assets, net |  | Operating lease right-of-use assets |  | $ | 89,971 |  |  | $ | 88,165 |
Operating lease ROU assets, net |  | Assets held for sale |  | 5,607 |  | — |
Finance lease ROU assets, net |  | Property, plant and equipment, net |  | 386 |  | 691 |
Finance lease ROU assets, net |  | Assets held for sale |  | 356 |  | — |
Total leased assets |  |  |  | $ | 96,320 |  |  | $ | 88,856 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Accrued expenses and other current liabilities |  | $ | 11,584 |  |  | $ | 12,338 |
Operating |  | Liabilities related to assets held for sale |  | 5,311 |  |  | — |
Finance |  | Current portion of long-term debt |  | 239 |  |  | 308 |
Finance |  | Liabilities related to assets held for sale |  | 296 |  |  | — |
Non-current |  |  |  |  |  |
Operating |  | Operating lease liabilities, noncurrent portion |  | 83,268 |  |  | 82,962 |
Finance |  | Long-term debt, less current portion |  | 162 |  |  | 316 |
Total lease liabilities |  |  |  | $ | 100,860 |  |  | $ | 95,924 |
Additional information related to leases is as follows:
| Six Months Ended
| December 31, 2020 |  | December 31, 2019
Supplemental cash flow information |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 8,569 |  |  | $ | 8,113 |
Operating cash flows from finance leases | $ | 6 |  |  | $ | 12 |
Financing cash flows from finance leases | $ | 201 |  |  | $ | 244 |
ROU assets obtained in exchange for lease obligations (a): |  |  |
Operating leases | $ | 12,745 |  |  | $ | 92,640 |
Finance leases | $ | 371 |  |  | $ | 1,131 |
Weighted average remaining lease term: |  |  |
Operating leases | 10.0 years |  | 8.6 years
Finance leases | 1.8 years |  | 2.4 years
Weighted average discount rate: |  |  |
Operating leases | 3.1 | % |  | 2.7 | %
Finance leases | 2.4 | % |  | 3.1 | %
(a) ROU assets obtained in exchange for lease obligations includes leases which commenced, were modified or terminated. The balance as of December 31, 2019 also included $87,414 relating to the impact of the adoption of ASU 2016-02 effective July 1, 2019. Maturities of lease liabilities as of December 31, 2020 were as follows:
Fiscal Year | Operating leases |  | Finance leases |  | Total
2021 (remainder of year) | $ | 7,471 |  |  | $ | 222 |  |  | $ | 7,693 |
2022 | 15,054 |  |  | 377 |  |  | 15,431 |
2023 | 14,139 |  |  | 113 |  |  | 14,252 |
2024 | 12,129 |  |  | — |  |  | 12,129 |
2025 | 10,823 |  |  | — |  |  | 10,823 |
Thereafter | 59,500 |  |  | — |  |  | 59,500 |
Total lease payments | 119,116 |  |  | 712 |  |  | 119,828 |
Less: Imputed interest | 18,953 |  |  | 15 |  |  | 18,968 |
Total lease liabilities | $ | 100,163 |  |  | $ | 697 |  |  | $ | 100,860 |
Maturities of lease liabilities as of June 30, 2020 were as follows:
Fiscal Year | Operating leases |  | Finance leases |  | Total
2021 | $ | 14,781 |  |  | $ | 308 |  |  | $ | 15,089 |
2022 | 13,798 |  |  | 205 |  |  | 14,003 |
2023 | 12,833 |  |  | 95 |  |  | 12,928 |
2024 | 10,941 |  |  | 18 |  |  | 10,959 |
2025 | 9,521 |  |  | 6 |  |  | 9,527 |
Thereafter | 51,545 |  |  | — |  |  | 51,545 |
Total lease payments | 113,419 |  |  | 632 |  |  | 114,051 |
Less: Imputed interest | 18,119 |  |  | 8 |  |  | 18,127 |
Total lease liabilities | $ | 95,300 |  |  | $ | 624 |  |  | $ | 95,924 |
At December 31, 2020, the Company had an operating lease that had not yet commenced. Obligations under this lease are approximately $6,095, and the lease is expected to commence during the fiscal year ending Jun e 30, 2021 with a lease term of 10 years, excluding renewal options.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration