LEASES

6 Months Ended

Dec. 31, 2020

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 six months ended December 31, 2020:


	Three Months Ended December 31,				Six Months Ended December 31,
Lease Cost:	2020		2019		2020			2019
Operating lease cost	$	19.8	$	25.4	$	39.0		$	51.8
Short-term lease cost	0.2		0.7		0.4			1.3
Variable lease cost	16.4		10.0		30.3			20.3
Sublease income	(3.0)		(2.4)		(4.5)			(4.6)
Net lease cost	$	33.4	$	33.7	$	65.2		$	68.8
Other information:
Operating cash outflows from operating leases	$	(48.5)	$	(24.8)	$	(79.9)		$	(51.4)
Right-of-use assets obtained in exchange for lease obligations	$	2.8	$	23.8	$	10.8		$	(2.3)

Weighted-average remaining lease term - real estate					6.4			7.5
Weighted-average discount rate - real estate leases					3.49		%	3.23		%

Future minimum lease payments for the Company’s operating leases as of December 31, 2020 are as follows:


Fiscal Year Ending June 30,

2021, remaining	$	56.3
2022	81.8
2023	66.6
2024	53.6
2025	40.8
Thereafter	129.2
Total future lease payments	428.3
Less: imputed interest	(46.9)
Total present value of lease liabilities	381.4
Current operating lease liabilities	88.0
Long-term operating lease liabilities	293.4
Total operating lease liabilities	$	381.4

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.