LEASES

3 Months Ended

Sep. 30, 2020

LEASESThe Company leases office facilities under non-cancelable operating leases with terms generally ranging between 10 and 25 years. The Company utilizes these leased office facilities for use by its employees in countries in which the Company conducts its business. Leases are negotiated with third parties and, in some instances contain renewal, expansion and termination options. The Company also subleases certain office facilities to third parties when the Company no longer intends to utilize the space. None of the Company’s leases restricts the payment of dividends or the incurrence of debt or additional lease obligations, or contain significant purchase options.

The following chart provides additional information about the Company’s operating leases for the three months ended September 30, 2020:


	Three Months Ended September 30,
Lease Cost:	2020			2019
Operating lease cost	$	19.2		$	26.4
Short-term lease cost	0.2			0.6
Variable lease cost	13.9			10.3
Sublease income	(1.5)			(2.2)
Net lease cost	$	31.8		$	35.1
Other information:
Operating cash outflows from operating leases	$	(31.4)		$	(26.6)
Right-of-use assets obtained in exchange for lease obligations	$	8.0		$	(26.1)

Weighted-average remaining lease term - real estate	6.8 years			7.6 years
Weighted-average discount rate - real estate leases	3.20		%	3.92		%

Future minimum lease payments for the Company’s operating leases as of September 30, 2020 are as follows:


Fiscal Year Ending June 30,

2021, remaining	$	82.5
2022	83.6
2023	57.8
2024	46.0
2025	35.5
Thereafter	116.5
Total future lease payments	421.9
Less: imputed interest	(40.1)
Total present value of lease liabilities	381.8
Current operating lease liabilities	92.6
Long-term operating lease liabilities	289.2
Total operating lease liabilities	$	381.8

Table excludes obligations for leases with original terms of 12 months or less which have not been recognized as ROU assets or liabilities in the Condensed Consolidated Balance Sheets.