Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Jun. 30, 2023
Leases [Abstract]  
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 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 $41.8 million, $36.6 million and $38.9 million for the fiscal years ended June 30, 2023, 2022 and 2021, 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, 2023 and 2022. As of June 30, 2023 and 2022, the weighted-average remaining lease term was 6.7 years and 4.8 years, respectively, and the weighted-average discount rate was 3.36% and 2.18%, respectively.
Supplemental cash flow information related to leases was as follows:
Year Ended June 30,
(In thousands) 2023 2022
Operating cash outflows from operating leases $ 47,294  $ 37,994 
ROU assets obtained in exchange for new operating lease liabilities $ 115,377  $ 55,886 
Maturities of lease liabilities as of June 30, 2023 were as follows:
Fiscal Year Ending June 30: Amount
(In thousands)
2024 $ 38,042 
2025 34,555 
2026 27,732 
2027 22,462 
2028 14,949 
2029 and thereafter 60,612 
Total lease payments 198,352 
Less imputed interest (25,956)
Total $ 172,396 
As of June 30, 2023, we did not have any material leases that had not yet commenced.