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Leases (Tables)

12 Months Ended

Jun. 30, 2020

The following table summarizes the components of lease cost:



(in millions)	2020
Operating lease cost	$	134
Finance lease cost	13
Variable lease cost	17
Total lease cost	$	164

Variable lease cost primarily includes payments for property taxes, maintenance and insurance.

Leases Supplemental Balance Sheet Information

The following table summarizes supplemental balance sheet information related to leases at June 30:



(in millions)	2020
Operating Leases
Operating lease right-of-use assets	$	426

Current portion of operating lease liabilities	104
Long-term operating lease liabilities	341
Total operating lease liabilities	445

Finance Leases
Finance lease right-of-use assets	33

Current portion of finance lease liabilities	9
Long-term finance lease liabilities	25
Total finance lease liabilities	$	34

Leases Supplemental Cash Flow Information

The following tables summarizes supplemental cash flow information related to leases:



(in millions)	2020
Cash paid for lease liabilities:
Operating cash flows paid for operating leases	$	125
Financing cash flows paid for finance leases	7
Non-cash right-of-use assets obtained in exchange for lease obligations:
New operating leases	150
New finance leases	40
Amended lease standard adoption impact as of July 1, 2019 ⁽¹⁾	400

(1)

Includes the effect of $22 million from reclassifying deferred rent as an offset to the lease right-of-use asset in accordance with the transition guidance.

Schedule of Future Lease Payments

Future lease payments under non-cancellable leases as of June 30, 2020 were as follows:



(in millions)	Operating Leases		Finance Leases		Total
2021	$	117	$	10	$	127
2022	96		9		105
2023	72		9		81
2024	51		4		55
2025	44		2		46
Thereafter	123		2		125
Total future lease payments	503		36		539
Less: leases not yet commenced ⁽¹⁾	4		—		4
Less: imputed interest	54		2		56
Total lease liabilities	$	445	$	34	$	479

(1)

As of June 30, 2020, we had certain leases that were executed but did not have control of the underlying assets; therefore, the lease liabilities and right-of-use assets are not recorded in the consolidated balance sheet.