Annual report pursuant to Section 13 and 15(d)

LEASES

v3.21.2
LEASES
 12 Months Ended
Jun. 30, 2021
Leases [Abstract]  
LEASES LEASES
We have operating leases for facilities, vehicles and other equipment. Our facility leases are primarily used for administrative functions, R&D, 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 the payment of maintenance, real estate taxes, or insurance costs by us. Our leases have remaining lease terms ranging from less than one year to 16 years, including periods covered by options to extend the lease when it is reasonably certain that the option will be exercised.
Lease expense was $38.9 million and $35.1 million for the fiscal years ended June 30, 2021 and 2020, respectively. Expense related to short-term leases, which are not recorded on the Consolidated Balance Sheets, was not material for the fiscal years ended June 30, 2021 and 2020. As of June 30, 2021 and 2020, the weighted-average remaining lease term was 4.6 years and 5.1 years, respectively and the weighted-average discount rate was 1.64% and 1.99%, respectively.
Supplemental cash flow information related to leases was as follows:
Year Ended June 30,
(In thousands) 2021 2020
Operating cash outflows from operating leases $ 38,118  $ 34,702 
ROU assets obtained in exchange for new operating lease liabilities $ 39,292  $ 24,549 
Maturities of lease liabilities as of June 30, 2021 were as follows:
Fiscal Year Ending June 30: Amount
(In thousands)
2022 $ 33,759 
2023 24,326 
2024 15,501 
2025 12,104 
2026 9,168 
2027 and thereafter 12,699 
Total lease payments 107,557 
Less imputed interest (4,496)
Total $ 103,061 
As of June 30, 2021, we did not have any material leases that had not yet commenced.
Facilities rent expense under the previous lease accounting guidance of ASC 840 was $13.5 million for the fiscal year ended June 30, 2019.