Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Mar. 31, 2023
Leases [Abstract]  
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 29 years, including periods covered by options to extend the lease when it is reasonably certain that the option will be exercised.
Lease expense was $10.1 million and $29.2 million for the three and nine months ended March 31, 2023, respectively, and $9.2 million and $27.5 million for the three and nine months ended March 31, 2022, respectively. Expense related to short-term leases, which are not recorded on the Condensed Consolidated Balance Sheets, was not material for the three and nine months ended March 31, 2023 and 2022. As of March 31, 2023 and June 30, 2022, the weighted-average remaining lease term was 6.5 and 4.8 years, respectively, and the weighted-average discount rate for operating leases was 3.26% and 2.18%, respectively.
Supplemental cash flow information related to leases was as follows:
Nine Months Ended March 31,
In thousands 2023 2022
Operating cash outflows from operating leases $ 29,630  $ 28,680 
Right of use assets obtained in exchange for new operating lease liabilities $ 85,911  $ 20,698 
Maturities of lease liabilities as of March 31, 2023 were as follows:
Fiscal Year Ending June 30: (In thousands)
2023 (remaining three months) $ 10,503 
2024 33,605 
2025 32,942 
2026 26,363 
2027 21,511 
2028 and thereafter 72,457 
Total lease payments 197,381 
Less imputed interest (26,048)
Total $ 171,333 
As of March 31, 2023, we did not have material leases that had not yet commenced.