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LEASES

3 Months Ended

Sep. 30, 2021

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 months ended September 30, 2021 and 2020 were as follows:

			Three Months Ended September 30,
			2021						2020
Operating lease expenses			$	3,752					$	3,956
Finance lease expenses			70						185
Variable lease expenses			403						866
Short-term lease expenses			1,365						913
Total lease expenses			$	5,590					$	5,920

Additional information related to leases is as follows:

			Three Months Ended September 30,
			2021						2020
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	3,745					$	4,359
Operating cash flows from finance leases			$	5					$	3
Financing cash flows from finance leases			$	60					$	85
ROU assets obtained in exchange for lease obligations:
Operating leases			$	319					$	7,766
Finance leases			$	—					$	15
Weighted average remaining lease term:
Operating leases			9.6 years						10.1 years
Finance leases			4.1 years						2.1 years
Weighted average discount rate:
Operating leases			3.3		%				3.0		%
Finance leases			4.2		%				2.6		%

Supplemental balance sheet information related to leases was as follows:

Leases						Classification						September 30, 2021						June 30, 2021
Assets
Operating lease ROU assets, net						Operating lease right-of-use assets, net						$	88,387					$	92,010
Finance lease ROU assets, net						Property, plant and equipment, net						469						547
Total leased assets												$	88,856					$	92,557
Liabilities
Current
Operating						Accrued expenses and other current liabilities						$	11,216					$	10,870
Finance						Current portion of long-term debt						195						229
Non-current
Operating						Operating lease liabilities, noncurrent portion						82,176						85,929
Finance						Long-term debt, less current portion						283						326
Total lease liabilities												$	93,870					$	97,354

Maturities of lease liabilities as of September 30, 2021 were as follows:

Fiscal Year			Operating leases						Finance leases						Total
2022 (remainder of year)			$	10,094					$	163					$	10,257
2023			14,499						133						14,632
2024			12,712						51						12,763
2025			11,313						51						11,364
2026			10,741						51						10,792
Thereafter			52,096						76						52,172
Total lease payments			111,455						525						111,980
Less: Imputed interest			18,063						47						18,110
Total lease liabilities			$	93,392					$	478					$	93,870

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 months ended September 30, 2021 and 2020 were as follows:

			Three Months Ended September 30,
			2021						2020
Operating lease expenses			$	3,752					$	3,956
Finance lease expenses			70						185
Variable lease expenses			403						866
Short-term lease expenses			1,365						913
Total lease expenses			$	5,590					$	5,920

Additional information related to leases is as follows:

			Three Months Ended September 30,
			2021						2020
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	3,745					$	4,359
Operating cash flows from finance leases			$	5					$	3
Financing cash flows from finance leases			$	60					$	85
ROU assets obtained in exchange for lease obligations:
Operating leases			$	319					$	7,766
Finance leases			$	—					$	15
Weighted average remaining lease term:
Operating leases			9.6 years						10.1 years
Finance leases			4.1 years						2.1 years
Weighted average discount rate:
Operating leases			3.3		%				3.0		%
Finance leases			4.2		%				2.6		%

Supplemental balance sheet information related to leases was as follows:

Leases						Classification						September 30, 2021						June 30, 2021
Assets
Operating lease ROU assets, net						Operating lease right-of-use assets, net						$	88,387					$	92,010
Finance lease ROU assets, net						Property, plant and equipment, net						469						547
Total leased assets												$	88,856					$	92,557
Liabilities
Current
Operating						Accrued expenses and other current liabilities						$	11,216					$	10,870
Finance						Current portion of long-term debt						195						229
Non-current
Operating						Operating lease liabilities, noncurrent portion						82,176						85,929
Finance						Long-term debt, less current portion						283						326
Total lease liabilities												$	93,870					$	97,354

Maturities of lease liabilities as of September 30, 2021 were as follows:

Fiscal Year			Operating leases						Finance leases						Total
2022 (remainder of year)			$	10,094					$	163					$	10,257
2023			14,499						133						14,632
2024			12,712						51						12,763
2025			11,313						51						11,364
2026			10,741						51						10,792
Thereafter			52,096						76						52,172
Total lease payments			111,455						525						111,980
Less: Imputed interest			18,063						47						18,110
Total lease liabilities			$	93,392					$	478					$	93,870

X

- References

No definition available.

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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

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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

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