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LEASES
 9 Months Ended
Mar. 31, 2024
Leases [Abstract]  
LEASES 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 three and nine months ended March 31, 2024 and 2023 were as follows:
Three Months EndedNine Months Ended
March 31, 2024March 31, 2023March 31, 2024March 31, 2023
Operating lease expenses$4,106 $6,657 $13,480 $13,869 
Finance lease expenses37 48 111 188 
Variable lease expenses182 207 554 556 
Short-term lease expenses287 726 1,100 1,612 
Total lease expenses$4,612 $7,638 $15,245 $16,225 


Supplemental balance sheet information related to leases was as follows:

LeasesClassification March 31, 2024June 30, 2023
Assets
Operating lease ROU assets, netOperating lease right-of-use assets, net$87,599 $95,894 
Finance lease ROU assets, netProperty, plant and equipment, net227289 
Total leased assets$87,826 $96,183 
Liabilities
Current
OperatingAccrued expenses and other current liabilities$10,027 $10,489 
FinanceCurrent portion of long-term debt85 83 
Non-current
Operating Operating lease liabilities, noncurrent portion82,435 90,014 
FinanceLong-term debt, less current portion158 222 
Total lease liabilities $92,705 $100,808 


Additional information related to leases is as follows:
Nine Months Ended
March 31, 2024March 31, 2023
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$12,632 $12,299 
Operating cash flows from finance leases$9 $12 
Financing cash flows from finance leases$60 $137 
ROU assets obtained in exchange for lease obligations:
Operating leases(1)(2)
$2,488 $(2,740)
Finance leases$35 $60 
Weighted average remaining lease term:
Operating leases9.1 years10.5 years
Finance leases3.2 years4.1 years
Weighted average discount rate:
Operating leases4.9 %4.7 %
Finance leases4.5 %4.5 %

(1) Includes adjustment for remeasurement of an operating lease during the nine months ended March 31, 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 during the nine months ended March 31, 2023, which resulted in a reduction of an ROU asset and lease liability 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 March 31, 2024 were as follows:
Fiscal YearOperating leasesFinance leasesTotal
2024 (remainder of year)$3,051 $24 $3,075 
202514,436 93 14,529 
202613,800 68 13,868 
202713,469 53 13,522 
202813,228 25 13,253 
Thereafter57,785 — 57,785 
Total lease payments115,769 263 116,032 
Less: Imputed interest23,307 20 23,327 
Total lease liabilities$92,462 $243 $92,705 
LEASES 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 three and nine months ended March 31, 2024 and 2023 were as follows:
Three Months EndedNine Months Ended
March 31, 2024March 31, 2023March 31, 2024March 31, 2023
Operating lease expenses$4,106 $6,657 $13,480 $13,869 
Finance lease expenses37 48 111 188 
Variable lease expenses182 207 554 556 
Short-term lease expenses287 726 1,100 1,612 
Total lease expenses$4,612 $7,638 $15,245 $16,225 


Supplemental balance sheet information related to leases was as follows:

LeasesClassification March 31, 2024June 30, 2023
Assets
Operating lease ROU assets, netOperating lease right-of-use assets, net$87,599 $95,894 
Finance lease ROU assets, netProperty, plant and equipment, net227289 
Total leased assets$87,826 $96,183 
Liabilities
Current
OperatingAccrued expenses and other current liabilities$10,027 $10,489 
FinanceCurrent portion of long-term debt85 83 
Non-current
Operating Operating lease liabilities, noncurrent portion82,435 90,014 
FinanceLong-term debt, less current portion158 222 
Total lease liabilities $92,705 $100,808 


Additional information related to leases is as follows:
Nine Months Ended
March 31, 2024March 31, 2023
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$12,632 $12,299 
Operating cash flows from finance leases$9 $12 
Financing cash flows from finance leases$60 $137 
ROU assets obtained in exchange for lease obligations:
Operating leases(1)(2)
$2,488 $(2,740)
Finance leases$35 $60 
Weighted average remaining lease term:
Operating leases9.1 years10.5 years
Finance leases3.2 years4.1 years
Weighted average discount rate:
Operating leases4.9 %4.7 %
Finance leases4.5 %4.5 %

(1) Includes adjustment for remeasurement of an operating lease during the nine months ended March 31, 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 during the nine months ended March 31, 2023, which resulted in a reduction of an ROU asset and lease liability 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 March 31, 2024 were as follows:
Fiscal YearOperating leasesFinance leasesTotal
2024 (remainder of year)$3,051 $24 $3,075 
202514,436 93 14,529 
202613,800 68 13,868 
202713,469 53 13,522 
202813,228 25 13,253 
Thereafter57,785 — 57,785 
Total lease payments115,769 263 116,032 
Less: Imputed interest23,307 20 23,327 
Total lease liabilities$92,462 $243 $92,705