Annual report pursuant to Section 13 and 15(d)

LEASES

v3.20.2
LEASES
 12 Months Ended
Jun. 30, 2020
Leases [Abstract]  
LEASES LEASES
We have operating leases for facilities, vehicles and other equipment. Our facility leases are primarily used for administrative functions, research and development, manufacturing, and storage and distribution. Our finance leases are not material.
Our existing leases do not contain significant restrictive provisions or residual value guarantees; however, certain leases contain provisions for payment of maintenance, real estate taxes, or insurance costs by us. Our leases have remaining lease terms ranging from less than one year to sixteen years, including periods covered by options to extend the lease when it is reasonably certain that the option will be exercised.
Lease expense for the fiscal year ended June 30, 2020 was $35.1 million. Expense related to short-term leases, which are not recorded on the Consolidated Balance Sheets, was not material for the fiscal year ended June 30, 2020. At June 30, 2020, the weighted average remaining lease term and weighted average discount rate for operating leases was 5.1 years and 1.99%, respectively.
Supplemental cash flow information related to leases was as follows:
Fiscal year ending June 30: Amount
(In thousands)
Operating cash outflows from operating leases $ 34,702   
ROU assets obtained in exchange for new operating lease liabilities $ 24,549   
Maturities of lease liabilities as of June 30, 2020 were as follows:
Fiscal year ending June 30: Amount
(In thousands)
2021 $ 30,628   
2022 22,750   
2023 15,410   
2024 10,221   
2025 8,508   
2026 and thereafter 18,226   
Total lease payments 105,743   
Less imputed interest (5,864)  
Total $ 99,879   
As of June 30, 2020, we did not have material leases that had not yet commenced.
As of June 30, 2019, future minimum lease payments as defined under the previous lease accounting guidance of ASC 840 under noncancelable operating leases were as follows:
Fiscal year ending June 30: Amount
(In thousands)
2020 $ 30,296   
2021 22,250   
2022 16,217   
2023 11,878   
2024 7,912   
2025 and thereafter 15,018   
Total minimum lease payments $ 103,571   
Facilities rent expense under the previous lease accounting guidance of ASC 840 was $13.5 million and $10.4 million for the fiscal years ended June 30, 2019 and 2018.