Leases

3 Months Ended

Sep. 30, 2019

We lease certain machinery and plant equipment, office space, and production and warehouse facilities under non-cancelable operating leases that expire on various dates through 2034. Our finance leases primarily relate to machinery and plant equipment.

The following table presents the classification of right-of-use assets and lease liabilities as of September 30, 2019:



Leases	Consolidated Balance Sheet Classification	September 30, 2019

Assets:
Operating right-of-use assets	Operating lease assets, net	$	176,677
Finance right-of-use assets	Property, plant, and equipment, net	25,928
Total lease assets		$	202,605
Liabilities:
Current
Operating lease liabilities	Operating lease liabilities, current	$	36,274
Finance lease liabilities	Other current liabilities	10,255
Non-current
Operating lease liabilities	Operating lease liabilities, non-current	146,678
Finance lease liabilities	Other liabilities	21,006
Total lease liabilities		$	214,213

The following table represents the lease expenses for the three months ended September 30, 2019:



	Three Months Ended
	September 30, 2019
Operating lease expense	$	10,881
Finance lease expense:
Amortization of finance lease assets	1,655
Interest on lease liabilities	177
Variable lease expense	2,894
Less: sublease income	(1,102		)
Net lease cost	$	14,505

Future minimum lease payments under non-cancelable leases as of September 30, 2019 were as follows:



	Operating lease obligations			Finance lease obligations			Total lease obligations
2020	$	31,732		$	12,866		$	44,598
2021	37,162			7,943			45,105
2022	31,966			5,223			37,189
2023	26,177			3,462			29,639
2024	22,303			1,844			24,147
Thereafter	55,259			2,672			57,931
Total	204,599			34,010			238,609
Less: present value discount	(21,647		)	(2,749		)	(24,396		)
Lease liability	$	182,952		$	31,261		$	214,213

As previously disclosed in our 2019 Annual Report on Form 10-K and under the previous lease accounting standard, the following is a summary of future minimum lease payments under non-cancelable leases and build-to suit arrangements as of June 30, 2019:



	Operating lease obligations		Build-to-suit lease obligations (1)		Finance lease obligations		Total lease obligations
2020	$	30,269	$	13,482	$	11,468	$	55,219
2021	22,849		13,836		6,414		43,099
2022	16,592		13,877		3,724		34,193
2023	12,553		12,426		2,544		27,523
2024	9,032		12,163		1,565		22,760
Thereafter	8,338		40,656		2,403		51,397
Total	$	99,633	$	106,440	$	28,118	$	234,191

___________________

(1) Build-to-suit minimum payments at June 30, 2019 related to our Waltham, Massachusetts and Dallas, Texas leases, refer to Note 2 for additional details.

Other information about leases is as follows:



Lease Term and Discount Rate	September 30, 2019
Weighted-average remaining lease term (years)
Operating leases	6.63
Finance leases	4.10
Weighted-average discount rate
Operating leases	3.22	%
Finance leases	3.21	%

Our leases have remaining lease terms of 1 year to 15 years, inclusive of renewal or termination options that we are reasonably certain to exercise.



	Three Months Ended
Supplemental Cash Flow Information	September 30, 2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	10,981
Operating cash flows from finance leases	177
Financing cash flows from finance leases	2,719