LEASES

12 Months Ended

Jun. 30, 2014

NOTE 14. LEASES

The Company conducts its operations from leased office facilities, all of which are classified as operating leases and expire over the next 10 years. Future minimum lease payments due under non-cancelable leases as of June 30, 2014, are as follows (in thousands):


Year ending June 30:
2015	$	49,065
2016		45,583
2017		39,609
2018		29,916
2019		25,086
Thereafter		52,114

Total minimum lease payments	$	241,373

The minimum lease payments above are shown net of sublease rental income of $0.5 million scheduled to be received over the next 40 months under non-cancelable sublease agreements.

Rent expense incurred under operating leases for the years ended June 30, 2014, 2013, and 2012 totaled $51.8 million, $50.6 million, and $46.4 million, respectively.

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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