Leases

3 Months Ended

Sep. 30, 2023

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 prepayments 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
	September 30,
	2023		2022
Operating lease cost	$	34.0	$	35.6
Short-term lease cost	0.5		0.3
Variable lease cost	3.2		3.0
Total operating lease cost	$	37.7	$	38.9

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


	Three Months Ended
	September 30,
	2023		2022
Cash paid for operating lease liabilities	$	30.5	$	33.5
Operating lease ROU assets obtained in exchange for new operating lease liabilities	$	26.9	$	12.4

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


	September 30,			June 30,
	2023			2023
Weighted-average remaining lease term (in years)	5			6
Weighted-average discount rate	2.9		%	2.7		%
Current operating lease liability	$	97.4		$	95.5

As of September 30, 2023, maturities of operating lease liabilities are as follows:


Nine months ending June 30, 2024	$	83.7
Twelve months ending June 30, 2025	97.9
Twelve months ending June 30, 2026	83.1
Twelve months ending June 30, 2027	72.9
Twelve months ending June 30, 2028	53.5
Thereafter	74.1
Total undiscounted lease obligations	465.2
Less: Imputed interest	(33.5)
Net lease obligations	$	431.7