|9 Months Ended|
Mar. 31, 2023
Note (7) - Leases:
Company as Lessee
As of March 31, 2023, the Company had 34 facilities, consisting of warehouse facilities and administrative offices, financed under operating leases with lease term expirations between 2023 and 2030. Operating lease cost consists of monthly rental payments under the terms of the Company’s lease agreements recognized on a straight-line basis. Short-term lease costs are not material.
The following table provides details of the Company’s future minimum lease payments under operating lease liabilities recorded on the Company’s condensed consolidated balance sheet as of March 31, 2023. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
The table below presents additional information related to the Company’s operating leases (in thousands):
The table below presents lease-related terms and discount rates as of March 31, 2023:
The table below presents supplemental cash flow information related to the Company’s long-term operating lease liabilities for the nine months ended March 31, 2023 and 2022 (in thousands):
Company as Lessor
The Company derives a portion of its revenue from equipment leasing arrangements. Such arrangements provide for monthly payments covering the equipment provided, maintenance, and interest. These arrangements meet the criteria to be accounted for as sales type leases. Accordingly, revenue from the provision of the equipment is recognized upon delivery of the equipment and its acceptance by the customer. Upon the recognition of such revenue, an asset is established for the investment in sales type leases. Maintenance revenue and interest are recognized monthly over the lease term.
The future minimum lease payments receivable for sales type leases are as follows (in thousands):
* Excludes residual values of $2.9 million.
The total net investments in sales type leases, including stated residual values, as of March 31, 2023 and June 30, 2022 was $8.5 million and $7.7 million, respectively. The current portion of $1.9 million and $2.0 million is included in other current assets in the consolidated balance sheets as of March 31, 2023 and June 30, 2022, respectively, and the long term portion of $6.6 million and $5.7 million is included in other assets in the consolidated balance sheets as of March 31, 2023 and June 30, 2022, respectively.
No definition available.
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.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef