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Leases
 12 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Lessee, Operating Leases LEASES
The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is recorded in selling, distribution and administrative expense on the statements of consolidated income. Operating lease costs and short-term lease costs were $34,144 and $7,501, respectively, for the year ended June 30, 2022 and $31,778 and $9,929,respectively, for the year ended June 30, 2021. Variable lease costs and sublease income were not material.
Information related to operating leases is as follows:
June 30,20222021
Operating lease assets, net$108,052 $87,111 
Operating lease liabilities
Other current liabilities$30,114 $27,359 
Other liabilities80,807 64,248 
Total operating lease liabilities$110,921 $91,607 
June 30,20222021
Weighted average remaining lease term (years)5.55.6
Weighted average incremental borrowing rate2.92 %3.26 %
Year Ended June 30,20222021
Cash paid for operating leases
$35,313 $33,695 
Right of use assets obtained in exchange for new operating lease liabilities$50,743 $25,556 
The table below summarizes the aggregate maturities of liabilities pertaining to operating leases with terms greater than one year for each of the next five years:
Fiscal YearMaturity of Operating Lease Liabilities
2023$32,759 
202427,688 
202518,826 
202614,084 
20279,723 
Thereafter16,754 
Total lease payments119,834 
Less interest8,913 
Present value of lease liabilities$110,921 

The Company maintains lease agreements for many of the operating facilities of businesses it acquires from previous owners. In many cases, the previous owners of the business acquired become employees of Applied and occupy management positions within those businesses. The payments under lease agreements of this nature totaled $2,100 in 2022, $2,100 in 2021, and $2,500 in 2020.