|6 Months Ended|
Dec. 31, 2022
We have operating leases for facilities, vehicles and other equipment. Our facility leases are primarily used for administrative functions, research and development (“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 15 years, including periods covered by options to extend the lease when it is reasonably certain that the option will be exercised.
Lease expense was $9.6 million and $19.1 million for the three and six months ended December 31, 2022, respectively, and $9.1 million and $18.3 million for the three and six months ended December 31, 2021, respectively. Expense related to short-term leases, which are not recorded on the Condensed Consolidated Balance Sheets, was not material for the three and six months ended December 31, 2022 and 2021. As of December 31, 2022 and June 30, 2022, the weighted-average remaining
lease term was 4.6 and 4.8 years, respectively, and the weighted-average discount rate for operating leases was 2.46% and 2.18%, respectively.
Supplemental cash flow information related to leases was as follows:
Maturities of lease liabilities as of December 31, 2022 were as follows:
As of December 31, 2022, we did not have material leases that had not yet commenced.
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