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Leases (Notes) | 3 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Leases | Leases The Company has entered into leases for building facilities, vehicles and other equipment. The Company’s leases have remaining contractual terms of up to 10 years, some of which have options to extend the lease for up to 10 years. For purposes of calculating operating lease liabilities, lease terms are deemed not to include options to extend the lease termination until it is reasonably certain that the Company will exercise that option. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. In September 2020, the Company entered a new 89 month lease for its western U.S. distribution center. The lease terminates on March 31, 2028, with a one 5 year renewal option. The lease has been classified as an operating lease and included in the lease tables and the related disclosures below. Supplemental unaudited consolidated balance sheet information related to leases is as follows:
|  | Classification |  | September 30, 2020 |  | June 30, 2020
(In thousands) |  |  |  |  |  |
Operating lease assets |  | Right-of-use operating lease assets |  | $ | 29,025 |  |  | 21,117 |
Finance lease assets |  | Property, plant and equipment, net |  | — |  |  | 9 |
Total lease assets |  |  |  | $ | 29,025 |  |  | $ | 21,126 |
Operating lease liabilities - current |  | Operating lease liabilities - current |  | $ | 7,631 |  |  | 5,854 |
Operating lease liabilities - noncurrent |  | Operating lease liabilities - noncurrent |  | 21,818 |  |  | 15,628 |
Finance lease liabilities |  | Other long-term liabilities |  | — |  |  | 9 |
Total lease liabilities |  |  |  | $ | 29,449 |  |  | $ | 21,491 |
The components of lease expense are as follows:
|  |  |  | Three Months Ended September 30, |  |
|  | Classification |  | 2020 |  | 2019 |  |  |  |
(In thousands) |  |  |  |  |  |  |  |  |  |
Operating lease expense |  | General and administrative expenses and cost of goods sold |  | $ | 1,625 |  |  | $ | 1,109 |  |  |  |  |
Finance lease expense: |  |  |  |  |  |  |  |  |  |
Amortization of finance lease assets |  | General and administrative expenses |  | 9 |  |  | 13 |  |  |  |  |
Interest on finance lease liabilities |  | Interest expense |  | — |  |  | 1 |  |  |  |  |
Total lease expense |  |  |  | $ | 1,634 |  |  | $ | 1,123 |  |  |  |  |
|  | September 30, 2020
(In thousands) |  | Operating Leases |  | Finance Leases
Maturities of lease liabilities are as follows: |  |  |  |
2021 |  | $ | 6,056 |  |  | $ | — |
2022 |  | 5,901 |  |  | —
2023 |  | 5,376 |  |  | — |
2024 |  | 5,112 |  |  | — |
2025 |  | 3,971 |  |  | — |
Thereafter |  | 7,873 |  |  | — |
Total lease payments |  | 34,289 |  |  | — |
Less: interest |  | (4,840) |  |  | — |
Total lease obligations |  | $ | 29,449 |  |  | $ | — |
Lease term and discount rate:
|  | September 30, 2020 |  | June 30, 2020
Weighted-average remaining lease terms (in years): |  |  |  |
Operating lease |  | 8.0 |  | 8.3
Finance lease |  | 0.0 |  | 0.2
Weighted-average discount rate: |  |  |  |
Operating lease |  | 5.01 | % |  | 4.50 | %
Finance lease |  | — | % |  | 4.50 | %
Other Information:
|  | Three Months Ended September 30,
(In thousands) |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 1,593 |  |  | $ | 1,041 |
Operating cash flows from finance leases |  | $ | — |  |  | $ | 1 |
Financing cash flows from finance leases |  | $ | 9 |  |  | $ | 13 |
Leased assets obtained in exchange for new finance lease liabilities |  | $ | — |  |  | $ | — |
Leased assets obtained in exchange for new operating lease liabilities |  | $ | — |  |  | $ | — |
Leases | Leases The Company has entered into leases for building facilities, vehicles and other equipment. The Company’s leases have remaining contractual terms of up to 10 years, some of which have options to extend the lease for up to 10 years. For purposes of calculating operating lease liabilities, lease terms are deemed not to include options to extend the lease termination until it is reasonably certain that the Company will exercise that option. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. In September 2020, the Company entered a new 89 month lease for its western U.S. distribution center. The lease terminates on March 31, 2028, with a one 5 year renewal option. The lease has been classified as an operating lease and included in the lease tables and the related disclosures below. Supplemental unaudited consolidated balance sheet information related to leases is as follows:
|  | Classification |  | September 30, 2020 |  | June 30, 2020
(In thousands) |  |  |  |  |  |
Operating lease assets |  | Right-of-use operating lease assets |  | $ | 29,025 |  |  | 21,117 |
Finance lease assets |  | Property, plant and equipment, net |  | — |  |  | 9 |
Total lease assets |  |  |  | $ | 29,025 |  |  | $ | 21,126 |
Operating lease liabilities - current |  | Operating lease liabilities - current |  | $ | 7,631 |  |  | 5,854 |
Operating lease liabilities - noncurrent |  | Operating lease liabilities - noncurrent |  | 21,818 |  |  | 15,628 |
Finance lease liabilities |  | Other long-term liabilities |  | — |  |  | 9 |
Total lease liabilities |  |  |  | $ | 29,449 |  |  | $ | 21,491 |
The components of lease expense are as follows:
|  |  |  | Three Months Ended September 30, |  |
|  | Classification |  | 2020 |  | 2019 |  |  |  |
(In thousands) |  |  |  |  |  |  |  |  |  |
Operating lease expense |  | General and administrative expenses and cost of goods sold |  | $ | 1,625 |  |  | $ | 1,109 |  |  |  |  |
Finance lease expense: |  |  |  |  |  |  |  |  |  |
Amortization of finance lease assets |  | General and administrative expenses |  | 9 |  |  | 13 |  |  |  |  |
Interest on finance lease liabilities |  | Interest expense |  | — |  |  | 1 |  |  |  |  |
Total lease expense |  |  |  | $ | 1,634 |  |  | $ | 1,123 |  |  |  |  |
|  | September 30, 2020
(In thousands) |  | Operating Leases |  | Finance Leases
Maturities of lease liabilities are as follows: |  |  |  |
2021 |  | $ | 6,056 |  |  | $ | — |
2022 |  | 5,901 |  |  | —
2023 |  | 5,376 |  |  | — |
2024 |  | 5,112 |  |  | — |
2025 |  | 3,971 |  |  | — |
Thereafter |  | 7,873 |  |  | — |
Total lease payments |  | 34,289 |  |  | — |
Less: interest |  | (4,840) |  |  | — |
Total lease obligations |  | $ | 29,449 |  |  | $ | — |
Lease term and discount rate:
|  | September 30, 2020 |  | June 30, 2020
Weighted-average remaining lease terms (in years): |  |  |  |
Operating lease |  | 8.0 |  | 8.3
Finance lease |  | 0.0 |  | 0.2
Weighted-average discount rate: |  |  |  |
Operating lease |  | 5.01 | % |  | 4.50 | %
Finance lease |  | — | % |  | 4.50 | %
Other Information:
|  | Three Months Ended September 30,
(In thousands) |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 1,593 |  |  | $ | 1,041 |
Operating cash flows from finance leases |  | $ | — |  |  | $ | 1 |
Financing cash flows from finance leases |  | $ | 9 |  |  | $ | 13 |
Leased assets obtained in exchange for new finance lease liabilities |  | $ | — |  |  | $ | — |
Leased assets obtained in exchange for new operating lease liabilities |  | $ | — |  |  | $ | — |

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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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