Leases Leases (Notes)

3 Months Ended

Sep. 30, 2019

Leases

The Company enters into lease arrangements for real estate, construction equipment and information technology equipment in the normal course of business. Real estate leases accounted for approximately 83% of all right-of-use assets as of September 30, 2019. Most real estate and information technology equipment leases generally have fixed payments that follow an agreed upon payment schedule and have remaining lease terms ranging from less than a year to 16 years. Construction equipment leases generally have "month-to-month" lease terms that automatically renew as long as the equipment remains in use.

The components of lease expense in the Condensed Consolidated Statements of Income are as follows:



		Three Months Ended
		September 30, 2019
Lease expense	Location of Expense in Statements of Income	(in thousands)
Operating lease expense	Cost of revenues and selling, general and administrative expenses	$	3,117
Short-term lease expense⁽¹⁾	Cost of revenues	9,608
Total lease expense		$	12,725


(1)	Represents the lease expense of equipment that is subject to month-to-month rental agreements with expected rental durations of less than one year.

The future undiscounted lease payments, as reconciled to the discounted operating lease liabilities indicated on the Company's Condensed Consolidated Balance Sheets, were as follows:



	September 30, 2019
Maturity Analysis⁽¹⁾:	(in thousands)
Remainder of Fiscal 2020	$	7,446
Fiscal 2021	6,483
Fiscal 2022	4,828
Fiscal 2023	3,141
Fiscal 2024	1,519
Thereafter	5,024
Total future operating lease payments	28,441
Less: imputed interest	(3,783		)
Net present value of future lease payments	24,658
Less: current portion of operating lease liabilities	8,660
Non-current operating lease liabilities	$	15,998


(1)	This analysis does not include a lease that has been executed, but is not expected to commence until December 2019. This lease has a 10 year term and future minimum lease payments of $11.9 million.

The following is a summary of the weighted average remaining operating lease term and weighted average discount rate as of September 30, 2019:



Weighted-average remaining lease term (in years)	5.1
Weighted-average discount rate	5.6	%

Supplemental cash flow information related to leases is as follows:



	Three Months Ended
	September 30, 2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,134
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	26,399