Leases (Notes)

6 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lessee, Operating Leases [Text Block]

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 92% of all right-of-use assets as of December 31, 2020. 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 15 years. Construction equipment leases generally have "month-to-month" lease terms that automatically renew as long as the equipment remains in use.

During the six months ended December 31, 2020, the Company recognized $0.2 million of impairments of a right-of-use asset in connection with the closure of a leased office space. The impairments are included in restructuring costs in the condensed consolidated statements of income.

The components of lease expense in the condensed consolidated statements of income are as follows:

		Three Months Ended				Six Months Ended
		December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Lease expense	Location of Expense	(in thousands)
Operating lease expense	Cost of revenue and selling, general and administrative expenses	$	2,310	$	3,256	$	4,798	$	6,372
Short-term lease expense(1)	Cost of revenue	6,274		11,007		12,248		20,615
Total lease expense		$	8,584	$	14,263	$	17,046	$	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, 2020
Maturity Analysis:	(in thousands)
Remainder of Fiscal 2021	$	3,767
Fiscal 2022	5,350
Fiscal 2023	3,845
Fiscal 2024	2,822
Fiscal 2025	2,282
Thereafter	9,601
Total future operating lease payments	27,667
Less: imputed interest	(4,787)
Net present value of future lease payments	22,880
Less: current portion of operating lease liabilities	5,359
Non-current operating lease liabilities	$	17,521

The following is a summary of the weighted average remaining operating lease term and weighted average discount rate as of December 31, 2020:

Weighted-average remaining lease term (in years)	6.8 years
Weighted-average discount rate	5.6	%

Supplemental cash flow information related to leases is as follows:

	Six Months Ended
	December 31, 2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,972
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	1,098