LEASES

9 Months Ended

Mar. 31, 2021

The 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 and nine months ended March 31, 2021:


	Three Months Ended March 31,				Nine Months Ended March 31,
Lease Cost:	2021		2020		2021			2020
Operating lease cost	$	21.4	$	20.7	$	60.4		$	72.5
Short-term lease cost	0.1		0.5		0.5			1.8
Variable lease cost	8.3		13.0		38.6			33.3
Sublease income	(5.6)		(2.1)		(10.1)			(6.7)
Net lease cost	$	24.2	$	32.1	$	89.4		$	100.9
Other information:
Operating cash outflows from operating leases	$	(29.2)	$	(25.4)	$	(109.1)		$	(76.8)
Right-of-use assets obtained in exchange for lease obligations	$	16.6	$	9.0	$	27.4		$	6.7

Weighted-average remaining lease term - real estate					6.5			7.4
Weighted-average discount rate - real estate leases					3.55		%	3.12		%

Future minimum lease payments for the Company’s operating leases as of March 31, 2021 are as follows:


Fiscal Year Ending June 30,

2021, remaining	$	25.7
2022	83.9
2023	66.8
2024	53.4
2025	41.6
Thereafter	135.4
Total future lease payments	406.8
Less: imputed interest	(47.1)
Total present value of lease liabilities	359.7
Current operating lease liabilities	79.3
Long-term operating lease liabilities	280.4
Total operating lease liabilities	$	359.7

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