Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.24.3
LEASES
 3 Months Ended
Sep. 30, 2024
Leases [Abstract]  
LEASES LEASES
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 28 years, including periods covered by options to extend the lease when it is reasonably certain that the option will be exercised.
Lease expense was $13.1 million and $12.4 million for the three months ended September 30, 2024 and 2023, respectively. Expenses related to short-term leases, which were not recorded on the Condensed Consolidated Balance Sheets, were not material for the three months ended September 30, 2024 and 2023. As of September 30, 2024 and June 30, 2024, the weighted-average remaining lease term was 6.5 and 6.7 years, respectively, and the weighted-average discount rate for operating leases was 4.22% and 4.30%, respectively.
Supplemental cash flow information related to leases was as follows:
Three Months Ended September 30,
In thousands 2024 2023
Operating cash outflows from operating leases $ 10,856  $ 10,002 
Right of use assets obtained in exchange for new operating lease liabilities $ 9,649  $ 12,968 
Maturities of lease liabilities as of September 30, 2024 were as follows:
Fiscal Year Ending June 30: (In thousands)
2025 (remaining nine months) $ 36,282 
2026 44,329 
2027 33,307 
2028 22,783 
2029 20,030 
2030 and thereafter 71,131 
Total lease payments 227,862 
Less imputed interest (33,123)
Total $ 194,739 
As of September 30, 2024, we did not have material leases that had not yet commenced.