Leases (Notes)

6 Months Ended

Dec. 31, 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 94% of all right-of-use assets as of December 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 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				Six Months Ended
		December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Lease expense	Location of Expense	(in thousands)
Operating lease expense	Cost of revenue and Selling, general and administrative expenses	$	1,878	$	2,310	$	3,970	$	4,798
Short-term lease expense(1)	Cost of revenue	5,292		6,274		10,863		12,248
Total lease expense		$	7,170	$	8,584	$	14,833	$	17,046

(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:

	December 31, 2021
Maturity Analysis:	(in thousands)
Remainder of Fiscal 2022	$	3,499
Fiscal 2023	4,881
Fiscal 2024	3,667
Fiscal 2025	3,160
Fiscal 2026	2,882
Thereafter	11,220
Total future operating lease payments	29,309
Imputed interest	(5,020)
Net present value of future lease payments	24,289
Less: current portion of operating lease liabilities	5,364
Non-current operating lease liabilities	$	18,925

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

Weighted-average remaining lease term (in years)	7.3 years
Weighted-average discount rate	5.2	%

Supplemental cash flow information related to leases is as follows:

	Six Months Ended
	December 31, 2021
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease payments	$	4,197
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	1,344