Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Dec. 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 $12.9 million and $25.2 million for the three and six months ended December 31, 2023, respectively and $9.6 million and $19.1 million for the three and six months ended December 31, 2022, respectively. Expenses related to short-term leases, which were not recorded on the Condensed Consolidated Balance Sheets, were not material for the three and six months ended December 31, 2023 and 2022. As of December 31, 2023 and June 30, 2023, the weighted-average remaining lease term was 6.8 and 6.7 years, respectively, and the weighted-average discount rate for operating leases was 3.98% and 3.36%, respectively.
Supplemental cash flow information related to leases was as follows:
Six Months Ended December 31,
In thousands 2023 2022
Operating cash outflows from operating leases $ 20,504  $ 19,363 
Right of use assets obtained in exchange for new operating lease liabilities $ 38,513  $ 18,760 
Maturities of lease liabilities as of December 31, 2023 were as follows:
Fiscal Year Ending June 30: (In thousands)
2024 (remaining six months) $ 20,308 
2025 41,758 
2026 34,409 
2027 27,784 
2028 19,492 
2029 and thereafter 82,108 
Total lease payments 225,859 
Less imputed interest (34,380)
Total $ 191,479 
As of December 31, 2023, we did not have material leases that had not yet commenced.