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Leases
12 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Leases

Note 10 – Leases

All of the Company’s leases are operating leases. The current portion of operating lease liabilities is included in other accrued expenses and current liabilities in our consolidated balance sheets. Lease balances in our consolidated balance sheet are as follows (in thousands):

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

Operating lease right-of-use assets

 

$

317,359

 

 

$

356,887

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities, current

 

 

67,256

 

 

 

61,280

 

Operating lease liabilities, noncurrent

 

 

315,315

 

 

 

363,302

 

 

 

$

382,571

 

 

$

424,582

 

The Company’s total lease cost is recorded primarily within indirect costs and selling expenses and had the following impact on the consolidated statement of operations (in thousands):

 

 

 

Year Ended June 30,

 

 

 

2022

 

 

2021

 

 

2020

 

Operating lease cost

 

$

80,748

 

 

$

89,254

 

 

$

86,039

 

Short-term and variable lease cost

 

 

15,567

 

 

 

15,160

 

 

 

14,777

 

Sublease income

 

 

(404

)

 

 

(379

)

 

 

(1,201

)

Total lease cost

 

$

95,911

 

 

$

104,035

 

 

$

99,615

 

 

The Company’s future minimum lease payments under non-cancelable operating leases as of June 30, 2022 are as follows (in thousands):

 

Fiscal Year Ending June 30:

 

 

 

 

2023

 

$

76,743

 

2024

 

 

76,985

 

2025

 

 

68,248

 

2026

 

 

57,753

 

2027

 

 

47,382

 

Thereafter

 

 

88,715

 

Total undiscounted lease payments

 

 

415,826

 

Less:  imputed interest

 

 

(33,255

)

Total discounted lease liabilities

 

$

382,571

 

 

The weighted-average remaining lease terms as of June 30, 2022 and 2021 were 6.16 years and 6.79 years and the weighted-average discount rates were 2.72% and 2.76%, respectively.

Cash paid for operating leases was $85.2 million, $85.2 million, and $87.1 million in fiscal 2022, 2021, and 2020, respectively.  Operating lease liabilities arising from obtaining new ROU assets was $30.9 million, $102.8 million and $50.5 million in fiscal 2022, 2021, and 2020, respectively, which includes all noncash changes arising from new or remeasured operating lease arrangements.