Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Dec. 31, 2022
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 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:
Six Months Ended December 31,
In thousands 2022 2021
Operating cash outflows from operating leases $ 19,363  $ 19,050 
Right of use assets obtained in exchange for new operating lease liabilities $ 18,760  $ 11,389 
Maturities of lease liabilities as of December 31, 2022 were as follows:
Fiscal Year Ending June 30: (In thousands)
2023 (remaining six months) $ 18,598 
2024 30,471 
2025 23,729 
2026 17,984 
2027 13,366 
2028 and thereafter 15,733 
Total lease payments 119,881 
Less imputed interest (7,270)
Total $ 112,611 
As of December 31, 2022, we did not have material leases that had not yet commenced.