LEASES

12 Months Ended

Jun. 30, 2021

We enter into operating leases, both domestically and internationally, for certain facilities, automobiles, data centers and equipment for use in the ordinary course of business. The duration of the majority of these leases generally ranges from 1 to 10 years, some of which include options to extend for an additional 3 to 5 years after the initial term. Additionally, the land upon which our headquarters in Waterloo, Ontario, Canada is located is leased from the University of Waterloo for a period of 49 years beginning in December 2005, with an option to renew for an additional term of 49 years. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets and we do not have any material finance leases.

Lease Costs and Other Information

The following illustrates the various components of operating lease costs for the period indicated:


	Year Ended June 30,
	2021		2020
Operating lease cost	$	63,068	$	68,705
Short-term lease cost	881		1,178
Variable lease cost	2,754		3,536
Sublease income	(6,469)		(6,035)
Total lease cost	$	60,234	$	67,384

The weighted average remaining lease term and discount rate for the periods indicated below were as follows:


	As of June 30, 2021		As of June 30, 2020
Weighted-average remaining lease term	6.47 years		6.18 years
Weighted-average discount rate	2.82	%	3.12	%

Supplemental Cash Flow Information

The following table presents supplemental information relating to cash flows arising from lease transactions. Cash payments made for variable lease cost and short-term lease are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:


	Year Ended June 30,
	2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	72,871	$	71,900
Right of use assets obtained in exchange for new operating lease liabilities (1) (2)	$	82,718	$	32,328

(1) Excludes the impact of $60.1 million and $2.9 million of ROU assets acquired through the acquisitions of Carbonite and XMedius, respectively, during the year ended June 30, 2020.

(2) Excludes the release of $22.6 million of lease liabilities during the year ended June 30, 2021 relating to office space that was abandoned during the fourth quarter of Fiscal 2020 that has since been early terminated or assigned to a third party. These recoveries have been recorded in "Special charges (recoveries)" in the Consolidated Statements of Income. Please see note 18 "Special Charges (Recoveries)".

Maturity of Lease Liabilities

The following table presents the future minimum lease payments under our operating leases liabilities as of June 30, 2021:


Fiscal years ending June 30,
2022	$	65,260
2023	57,055
2024	46,455
2025	36,987
2026	25,046
Thereafter	77,546
Total Lease payments	$	308,349
Less: Imputed interest	(25,581)
Total	$	282,768
Reported as:
Current operating lease liabilities	$	58,315
Non-current operating lease liabilities	224,453
Total	$	282,768

Operating lease maturity amounts included in the table above do not include sublease income expected to be received under our various sublease agreements with third parties. Under the agreements initiated with third parties, we expect to receive sublease income of $9.4 million in Fiscal 2022 and $15.3 million thereafter.