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Leases | 12 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | 7. LEASES The Company leases office space, warehouse and distribution facilities, manufacturing equipment and vehicles primarily in North America and Western 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. 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 fiscal years ended June 30, 2024, 2023 and 2022 were as follows:
|  | Fiscal Year Ended |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Operating lease expenses |  | $ | 17,446 |  |  | $ | 18,173 |  |  | $ | 15,911 |
Finance lease expenses |  |  | 147 |  |  |  | 227 |  |  |  | 251 |
Variable lease expenses |  |  | 723 |  |  |  | 740 |  |  |  | 1,010 |
Short-term lease expenses |  |  | 1,565 |  |  |  | 2,003 |  |  |  | 3,394 |
Total lease expenses |  | $ | 19,881 |  |  | $ | 21,143 |  |  | $ | 20,566 |
Supplemental balance sheet information related to leases is as follows:
Leases |  | Classification |  | Fiscal Year Ended June 30, |
|  |  |  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |  |  |
Operating lease ROU assets |  | Operating lease right-of-use assets, net |  | $ | 86,634 |  |  | $ | 95,894 |
Finance lease ROU assets, net |  | Property, plant and equipment, net |  |  | 206 |  |  |  | 289 |
Total leased assets |  |  |  | $ | 86,840 |  |  | $ | 96,183 |
Liabilities |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Operating |  | Accrued expenses and other current liabilities |  | $ | 10,759 |  |  | $ | 10,489 |
Finance |  | Current portion of long-term debt |  |  | 85 |  |  |  | 83 |
Non-current |  |  |  |  |  |  |  |
Operating |  | Operating lease liabilities, noncurrent portion |  |  | 80,863 |  |  |  | 90,014 |
Finance |  | Long-term debt, less current portion |  |  | 137 |  |  |  | 222 |
Total lease liabilities |  |  |  | $ | 91,844 |  |  | $ | 100,808 |
Additional information related to leases is as follows:
|  | Fiscal Year Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Supplemental cash flow information |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 16,529 |  |  | $ | 16,446 |  |  | $ | 15,462 |
Operating cash flows from finance leases |  | $ | 12 |  |  | $ | 16 |  |  | $ | 20 |
Financing cash flows from finance leases |  | $ | 81 |  |  | $ | 161 |  |  | $ | 226 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |  |
Operating leases(1)(2) |  | $ | 4,243 |  |  | $ | (2,627 | ) |  | $ | 39,435 |
Finance leases |  | $ | 35 |  |  | $ | 118 |  |  | $ | 116 |
Weighted average remaining lease term: |  |  |  |  |  |  |  |  |
Operating leases |  | 8.8 years |  |  | 10.4 years |  |  | 9.3 years |
Finance leases |  | 3.0 years |  |  | 3.9 years |  |  | 4.1 years |
Weighted average discount rate: |  |  |  |  |  |  |  |  |
Operating leases |  |  | 5.0 | % |  |  | 4.8 | % |  |  | 3.9 | %
Finance leases |  |  | 4.6 | % |  |  | 4.7 | % |  |  | 4.1 | %
(1) Includes adjustment for remeasurement of an operating lease during fiscal year ended June 30, 2024, which resulted in a net reduction of an ROU asset and a corresponding reduction in lease liability of $9,375. (2) Includes adjustment for modification of an operating lease for the fiscal year ended June 30, 2023, which resulted in a reduction of ROU assets and lease liabilities of $13,876 and $17,244, respectively, and recognition of a gain of $3,368 related to the modification. Maturities of lease liabilities as of June 30, 2024 were as follows:
Fiscal Year |  | Operating leases |  |  | Finance leases |  |  | Total |
2025 |  | $ | 14,680 |  |  | $ | 93 |  |  | $ | 14,773 |
2026 |  |  | 14,617 |  |  |  | 68 |  |  |  | 14,685 |
2027 |  |  | 13,599 |  |  |  | 53 |  |  |  | 13,652 |
2028 |  |  | 13,253 |  |  |  | 25 |  |  |  | 13,278 |
2029 |  |  | 11,990 |  |  |  | — |  |  |  | 11,990 |
Thereafter |  |  | 45,740 |  |  |  | — |  |  |  | 45,740 |
Total lease payments |  |  | 113,879 |  |  |  | 239 |  |  |  | 114,118 |
Less: Imputed interest |  |  | 22,257 |  |  |  | 17 |  |  |  | 22,274 |
Total lease liabilities |  | $ | 91,622 |  |  | $ | 222 |  |  | $ | 91,844 |

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