Leases

3 Months Ended

Sep. 30, 2020

The Company records leases on the consolidated balance sheets as operating lease right-of-use (“ROU”) assets, records the current portion of operating lease liabilities within accrued expenses and other current liabilities and, separately, records long-term operating lease liabilities.

The Company has entered into operating lease agreements for facilities and equipment. The Company's leases have remaining lease terms of up to approximately eleven years. Operating lease ROU assets and operating lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. The lease liabilities are measured by discounting future lease payments at the Company’s collateralized incremental borrowing rate for financing instruments of a similar term, unless the implicit rate is readily determinable. ROU assets also include adjustments related to prepaid or deferred lease payments and lease incentives. The difference between total ROU assets and total lease liabilities are primarily attributable to pre-payments of our obligations and the recognition of various lease incentives.

The components of operating lease expense were as follows:


	Three Months Ended
	September 30,
	2020		2019
Operating lease cost	$	39.1	$	44.2
Short-term lease cost	0.4		2.7
Variable lease cost	2.1		1.3
Total operating lease cost	$	41.6	$	48.2

The following table provides supplemental cash flow information related to the Company's leases:


	Three Months Ended
	September 30,
	2020		2019
Cash paid for operating lease liabilities	$	45.3	$	40.2
Operating lease ROU assets obtained in exchange for new operating lease liabilities	$	23.2	$	6.7

Other information related to our operating lease liabilities is as follows:


	September 30,		June 30,
	2020		2020
Weighted-average remaining lease term (in years)	6		6
Weighted-average discount rate	2.3	%	2.3	%

As of September 30, 2020, maturities of operating lease liabilities are as follows:


Nine months ending June 30, 2021	$	77.8
Twelve months ending June 30, 2022	93.7
Twelve months ending June 30, 2023	79.6
Twelve months ending June 30, 2024	59.2
Twelve months ending June 30, 2025	43.5
Thereafter	101.2
Total undiscounted lease obligations	455.0
Less: Imputed interest	(29.9)
Net lease obligations	$	425.1

Current operating lease liabilities were approximately $94.7 million and $95.5 million as of September 30, 2020 and June 30, 2020, respectively, and are included within Accrued expenses and other current liabilities on the Consolidated Balance Sheets.