Leases

3 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

Leases

The Company rents office space and equipment under non-cancelable operating leases with various expiration dates through fiscal year 2034. Certain lease agreements include varying terms, escalation clauses and renewal rights. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably certain at lease commencement. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.

The components of lease costs and other information related to leases were as follows (in thousands):

	Three Months Ended September 30,
	2022		2021
Operating lease costs	$	13,194	$	11,591
Short-term lease costs	27		158
Total lease costs	$	13,221	$	11,749

	September 30, 2022		June 30, 2022
Weighted average remaining lease term (in years)	8		8
Weighted average discount rate	2.4	%	2.4	%

Supplemental cash flow information related to operating leases were as follows (in thousands):

	Three Months Ended September 30,
	2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	13,182	$	12,186
Lease liabilities arising from obtaining right-of-use assets and receipt of lease incentive	$	11,905	$	91,749

Future lease payments under non-cancelable operating leases with initial lease terms in excess of one year included in the Company’s lease liabilities as of September 30, 2022 were as follows (in thousands):

Fiscal years:	Operating Lease Payments
Remainder of 2023	$	39,810
2024	50,573
2025	48,036
2026	41,435
2027	36,755
Thereafter	127,981
Total future operating lease payments	344,590
Less: imputed interest	(31,857)
Total lease liability balance	$	312,733

The Company entered into an Agreement for Lease (the “AFL”) for our new global headquarters in Sydney, Australia (the “Australian HQ Property”) in March 2022. Following completion of the development of the Australian HQ Property, the AFL requires the Company to enter into a lease agreement for the planned headquarters office space. The lease is expected to commence in fiscal year 2027 and will continue for 15 years, with the Company’s option to extend the term for up to two additional ten-year periods. Future lease payments are approximately AUD 1.4 billion, equivalent to $901.1 million as of September 30, 2022, for the initial term of 15 years. Please refer to Note 5, “Investments,” and Note 10, “Assets held for sale,” for details of the transaction.