Leases

6 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Leases

The Company records leases on the Consolidated Balance Sheets as operating lease right-of-use (“ROU”) assets, records the current portion of operating lease liabilities within accrued expenses and other current liabilities and, separately, records long-term operating lease liabilities. The difference between total ROU assets and total lease liabilities is primarily attributable to pre-payments of our obligations and the recognition of various lease incentives.

The Company has entered into operating lease agreements for facilities and equipment. The Company's leases have remaining lease terms of up to approximately eleven years.

The components of operating lease expense were as follows:

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2022		2021		2022		2021
Operating lease cost	$	32.1	$	36.7	$	67.8	$	72.5
Short-term lease cost	0.4		0.2		0.7		0.5
Variable lease cost	3.9		2.9		6.8		5.4
Total operating lease cost	$	36.4	$	39.8	$	75.3	$	78.4

The following table provides supplemental cash flow information related to the Company's leases:

	Six Months Ended
	December 31,
	2022		2021
Cash paid for operating lease liabilities	$	65.3	$	64.5
Operating lease ROU assets obtained in exchange for new operating lease liabilities	$	18.7	$	61.1

Other information related to our operating lease liabilities is as follows:

	December 31,			June 30,
	2022			2022
Weighted-average remaining lease term (in years)	6			6
Weighted-average discount rate	2.3		%	2.2		%
Current operating lease liability	$	94.7		$	95.1

As of December 31, 2022, maturities of operating lease liabilities are as follows:

Six months ending June 30, 2023	$	55.7
Twelve months ending June 30, 2024	91.6
Twelve months ending June 30, 2025	75.7
Twelve months ending June 30, 2026	66.2
Twelve months ending June 30, 2027	58.9
Thereafter	110.1
Total undiscounted lease obligations	458.2
Less: Imputed interest	(29.4)
Net lease obligations	$	428.8