Note 6. Leases (Policies)

6 Months Ended

Dec. 31, 2019

Leases [Abstract]

Recognition of Asset and Liability for Lease [Policy Text Block]

We recognize lease liabilities at the lease commencement date based upon the present value of the remaining lease payments. Right-of-use assets are based on the lease liability adjusted for prepaid rent, deferred rent, and tenant allowances received. Lease liabilities are amortized based upon the effective interest method, while right-of-use assets are amortized based upon the straight line expense less interest on the lease liability. Lease expense for lease payments is recognized on a straight-line basis over the lease term, except for impaired leases for which the lease expense is recognized on a declining basis over the remaining lease term. Variable lease expense associated with our leases is dependent upon the occurrence of events, activities, or circumstances in lease agreements, such as warehouse square footage utilized, property taxes assessed, and other non-lease component charges. Variable lease expense is presented as operating expense in our Condensed Consolidated Statements of Income and Comprehensive Income in the same line item as expense arising from fixed lease payments for operating leases.

Separation of Lease and Nonlease Components [Policy Text Block]

We elected not to separate non-lease components of a contract from the lease components to which they relate for all classes of lease assets

Short-term Leases [Policy Text Block]

We elected not to recognize a right-of-use asset or lease liability for short-term leases that have a lease term of twelve months or less.