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FINANCING ARRANGEMENTS: | 6 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
FINANCING ARRANGEMENTS | FINANCING ARRANGEMENTS: The Company’s long-term debt consists of the following: Revolving Credit Facility
|  | Maturity Date |  | Interest Rate |  | December 31, 2019 |  | June 30, 2019
|  | (Fiscal Year) |  |  |  | (Dollars in thousands)
Revolving credit facility |  | 2023 |  | 3.65% |  | $ | 60,000 |  |  | $ | 90,000 |
As of December 31, 2019 and June 30, 2019, the Company has $60.0 and $90.0 million, respectively, of outstanding borrowings under a $295.0 million revolving credit facility. At December 31, 2019 and June 30, 2019, the Company has outstanding standby letters of credit under the revolving credit facility of $21.5 million, primarily related to the Company's self-insurance program. The unused available credit under the facility was $213.5 and $183.5 million, as of December 31, 2019 and June 30, 2019, respectively. Amounts outstanding under the revolving credit facility are due at maturity in March 2023. Sale and Leaseback Transaction The Company’s long-term financing liabilities consists of the following:
|  | Maturity Date |  | Interest Rate |  | December 31, 2019 |  | June 30, 2019
|  | (Fiscal Year) |  |  |  | (Dollars in thousands)
Financial liability - Salt Lake City Distribution Center |  | 2034 |  | 3.30% |  | $ | 17,055 |  |  | $ | 17,354 |
Financial liability - Chattanooga Distribution Center |  | 2034 |  | 3.70% |  | 11,430 |  |  | 11,556 |
Long- term financing liability |  |  |  |  |  | $ | 28,485 |  |  | $ | 28,910 |
In fiscal year 2019, the Company sold its Salt Lake City and Chattanooga Distribution Centers to an unrelated party. The Company is leasing the properties back for 15 years with the option to renew. As the Company plans to lease the property for more than 75% of its economic life, the sales proceeds received from the buyer-lessor are recognized as a financial liability. This financial liability is reduced based on the rental payments made under the lease that are allocated between principal and interest. As of December 31, 2019, the current portion of the Company’s lease liability was $0.9 million which was recorded in accrued expenses on the unaudited Condensed Consolidated Balance Sheet. The weighted average remaining lease term was 14.1 years and the weighted-average discount rate was 3.46% for financing leases as of December 31, 2019. As of December 31, 2019, future lease payments due are as follows:
Fiscal year |  | Salt Lake City Distribution Center |  | Chattanooga Distribution Center
|  | (Dollars in thousands)
Remainder of 2020 |  | $ | 574 |  |  | $ | 403 |
2021 |  | 1,157 |  |  | 817 |
2022 |  | 1,171 |  |  | 829 |
2023 |  | 1,186 |  |  | 842 |
2024 |  | 1,200 |  |  | 854 |
Thereafter |  | 11,899 |  |  | 9,282 |
Total |  | $ | 17,187 |  |  | $ | 13,027 |
The financing liability does not include interest. Future lease payments above are due per the lease agreement and include embedded interest. Therefore, the total payments do not equal the financing liability. Total interest expense for the financing lease was $0.3 and $0.5 million for the three and six months ended December 31, 2019. The Company was in compliance with all covenants and requirements of its financing arrangements as of and during the three and six months ended December 31, 2019.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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