Leases (Notes)

3 Months Ended

Sep. 30, 2021

Leases [Abstract]

Lessee, Operating Leases [Text Block]

Leases

We enter into lease arrangements for real estate, construction equipment and information technology equipment in the normal course of business. Real estate leases accounted for approximately 93% of all right-of-use assets as of September 30, 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 14 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, 2021		September 30, 2020
Lease expense	Location of Expense	(in thousands)
Operating lease expense	Cost of revenue and Selling, general and administrative expenses	$	2,092	$	2,488
Short-term lease expense(1)	Cost of revenue	5,571		5,975
Total lease expense		$	7,663	$	8,463

(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 our Condensed Consolidated Balance Sheets, were as follows:

	September 30, 2021
Maturity Analysis:	(in thousands)
Remainder of Fiscal 2022	$	5,412
Fiscal 2023	4,752
Fiscal 2024	3,608
Fiscal 2025	3,160
Fiscal 2026	2,882
Thereafter	11,220
Total future operating lease payments	31,034
Imputed interest	(5,513)
Net present value of future lease payments	25,521
Less: current portion of operating lease liabilities	5,570
Non-current operating lease liabilities	$	19,951

The following is a summary of the weighted average remaining operating lease term and weighted average discount rate as of September 30, 2021:

Weighted-average remaining lease term (in years)	7.2 years
Weighted-average discount rate	5.2	%

Supplemental cash flow information related to leases is as follows:

	Three Months Ended
	September 30, 2021
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease payments	$	2,188
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	882