|12 Months Ended|
Jun. 30, 2021
We have operating leases for facilities, vehicles and other equipment. Our facility leases are primarily used for administrative functions, R&D, manufacturing, and storage and distribution. Our finance leases are not material.
Our existing leases do not contain significant restrictive provisions or residual value guarantees; however, certain leases contain provisions for the payment of maintenance, real estate taxes, or insurance costs by us. Our leases have remaining lease terms ranging from less than one year to 16 years, including periods covered by options to extend the lease when it is reasonably certain that the option will be exercised.
Lease expense was $38.9 million and $35.1 million for the fiscal years ended June 30, 2021 and 2020, respectively. Expense related to short-term leases, which are not recorded on the Consolidated Balance Sheets, was not material for the fiscal years ended June 30, 2021 and 2020. As of June 30, 2021 and 2020, the weighted-average remaining lease term was 4.6 years and 5.1 years, respectively and the weighted-average discount rate was 1.64% and 1.99%, respectively.
Supplemental cash flow information related to leases was as follows:
Maturities of lease liabilities as of June 30, 2021 were as follows:
As of June 30, 2021, we did not have any material leases that had not yet commenced.
Facilities rent expense under the previous lease accounting guidance of ASC 840 was $13.5 million for the fiscal year ended June 30, 2019.
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef