Leases Leases (Notes)

6 Months Ended

Dec. 31, 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 86% of all right-of-use assets as of December 31, 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		Six Months Ended
		December 31, 2019		December 31, 2019
Lease expense	Location of Expense in Statements of Income	(in thousands)
Operating lease expense	Cost of revenues and selling, general and administrative expenses	$	3,256	$	6,372
Short-term lease expense⁽¹⁾	Cost of revenues	11,007		20,615
Total lease expense		$	14,263	$	26,987


(1)	Primarily represents the lease expense of construction 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 presented in the Company's Condensed Consolidated Balance Sheets, were as follows:



	December 31, 2019
Maturity Analysis:	(in thousands)
Remainder of Fiscal 2020	$	5,761
Fiscal 2021	8,503
Fiscal 2022	6,164
Fiscal 2023	4,559
Fiscal 2024	2,968
Thereafter	11,866
Total future operating lease payments	39,821
Less: imputed interest	(6,447		)
Net present value of future lease payments	33,374
Less: current portion of operating lease liabilities	9,425
Non-current operating lease liabilities	$	23,949

The following is a summary of the weighted average remaining operating lease term and weighted average discount rate as of December 31, 2019:



Weighted-average remaining lease term (in years)	6
Weighted-average discount rate	5.6	%

Supplemental cash flow information related to leases is as follows:



	Six Months Ended
	December 31, 2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,788
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	39,338