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Leases
 12 Months Ended
Jun. 30, 2024
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 $38,905 and $12,683, respectively, for the year ended June 30, 2024 and $35,982 and $9,153, respectively, for the year ended June 30, 2023. Variable lease costs and sublease income were not material.
Information related to operating leases is as follows:
June 30,20242023
Operating lease assets, net$133,289 $100,677 
Operating lease liabilities
Other current liabilities$33,466 $31,173 
Other liabilities104,143 72,704 
Total operating lease liabilities$137,609 $103,877 
June 30,20242023
Weighted average remaining lease term (years)5.54.9
Weighted average incremental borrowing rate4.51 %3.67 %
Year Ended June 30,20242023
Cash paid for operating leases
$38,130 $35,545 
Right of use assets obtained in exchange for new operating lease liabilities$67,535 $30,605 

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
2025$38,617 
202633,357 
202726,843 
202819,466 
202914,208 
Thereafter23,456 
Total lease payments155,947 
Less interest18,338 
Present value of lease liabilities$137,609 
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 $2,250 in 2024, $1,500 in 2023, and $2,100 in 2022.