Leases

12 Months Ended

Jun. 30, 2020

Leases

Leases

(12) Leases

The Company primarily leases office space in Illinois, Florida, Idaho and other U.S. states under non-cancellable operating leases expiring on various dates from July 2020 through October 2032. The leases provide for increasing annual base rents and oblige the Company to fund its proportionate share of operating expenses and, in certain cases, real estate taxes. The Company also leases various types of office and production related equipment under non-cancellable operating leases expiring on various dates from July 2020 through July 2024.

The components of operating lease expense were as follows:

	Year Ended
	June 30, 2020
Operating lease cost	$	9,686
Short-term lease cost		40
Variable lease cost		3,167
Total lease costs	$	12,893

The classification of the Company’s operating lease right-of-use assets, operating lease liabilities and other supplemental information related to the Company’s operating leases are as follows:

	June 30, 2020
Operating lease right-of-use assets	$	48,658
Accrued expenses	$	8,083
Long-term operating lease liabilities	$	73,299
Weighted-average remaining lease term (years)		10.32
Weighted-average discount rate		3.83	%

The following table summarizes supplemental cash flow information related to the Company’s operating leases:

	Year Ended
	June 30, 2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	10,374
Operating lease assets obtained in exchange for new liabilities	$	3,123

The undiscounted cash flows for future maturities of the Company’s operating lease liabilities and the reconciliation to the balance of operating lease liabilities reflected on the Company’s balance sheet are as follows as of June 30, 2020:

Fiscal 2021	$	10,978
Fiscal 2022		9,700
Fiscal 2023		9,324
Fiscal 2024		9,307
Fiscal 2025		9,246
Thereafter		50,967
Total undiscounted cash flows		99,522
Less: Present value discount		(18,140)
Total operating lease liabilities	$	81,382

As of June 30, 2020, the Company had not entered into any leases that had not yet commenced.

Rental expense for operating leases in accordance with ASC 840, Leases, (“Topic 840”) was $8,242 and $9,752 for the years ended June 30, 2018 and 2019, respectively.

Future minimum lease payments under non-cancellable operating leases (with initial or remaining terms in excess of one year) as of June 30, 2019 under Topic 840 were as follows:

Fiscal 2020	$	10,449
Fiscal 2021		11,150
Fiscal 2022		9,500
Fiscal 2023		8,840
Fiscal 2024		8,838
Thereafter		59,401
Total minimum lease payments	$	108,178