Leases (Notes)

9 Months Ended

Mar. 31, 2021

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 95% of all right-of-use assets as of March 31, 2021. 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 nine months ended March 31, 2021, the Company recognized $0.5 million of impairments of right-of-use assets in connection with the closure of 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				Nine Months Ended
		March 31, 2021		March 31, 2020		March 31, 2021		March 31, 2020
Lease expense	Location of Expense	(in thousands)
Operating lease expense	Cost of revenue and selling, general and administrative expenses	$	1,743	$	3,229	$	6,542	$	9,601
Short-term lease expense(1)	Cost of revenue	6,772		9,808		19,020		30,423
Total lease expense		$	8,515	$	13,037	$	25,562	$	40,024

(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:

	March 31, 2021
Maturity Analysis:	(in thousands)
Remainder of Fiscal 2021	$	1,638
Fiscal 2022	6,123
Fiscal 2023	4,441
Fiscal 2024	3,390
Fiscal 2025	2,864
Thereafter	12,988
Total future operating lease payments	31,444
Imputed interest	(5,594)
Net present value of future lease payments	25,850
Less: current portion of operating lease liabilities	5,199
Non-current operating lease liabilities	$	20,651

The following is a summary of the weighted average remaining operating lease term and weighted average discount rate as of March 31, 2021:

Weighted-average remaining lease term (in years)	7.4 years
Weighted-average discount rate	5.4	%

Supplemental cash flow information related to leases is as follows:

	Nine Months Ended
	March 31, 2021
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8,072
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	5,576