LEASES

3 Months Ended

Sep. 30, 2021

The Company leases office facilities under non-cancelable operating leases with terms generally ranging between 10 and 25 years. The Company utilizes these leased office facilities for use by its employees in countries in which the Company conducts its business. Leases are negotiated with third parties and, in some instances contain renewal, expansion and termination options. The Company also subleases certain office facilities to third parties when the Company no longer intends to utilize the space. None of the Company’s leases restricts the payment of dividends or the incurrence of debt or additional lease obligations, or contain significant purchase options.

The following chart provides additional information about the Company’s operating leases:


	Three Months Ended September 30,
Lease Cost:	2021			2020
Operating lease cost	$	20.9		$	19.2
Short-term lease cost	0.3			0.2
Variable lease cost	8.9			13.9
Sublease income	(5.3)			(1.5)
Net lease cost	$	24.8		$	31.8
Other information:
Operating cash outflows from operating leases	$	(22.5)		$	(31.4)
Right-of-use assets obtained in exchange for lease obligations	$	8.4		$	8.0

Weighted-average remaining lease term - real estate	6.4 years			6.8 years
Weighted-average discount rate - real estate leases	3.53		%	3.20		%

During the three months ended September 30, 2021 and 2020, the Company recorded asset impairment charges of $1.0 and $0.0, respectively. The impairment charges are recorded in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and primarily relate to sublease arrangements.

Future minimum lease payments for the Company’s operating leases are as follows:


Fiscal Year Ending June 30,

2022, remaining	$	62.1
2023	67.9
2024	54.9
2025	43.4
2026	36.1
Thereafter	104.9
Total future lease payments	369.3
Less: imputed interest	(42.5)
Total present value of lease liabilities	326.8
Current operating lease liabilities	69.0
Long-term operating lease liabilities	257.8
Total operating lease liabilities	$	326.8

Table excludes obligations for leases with original terms of twelve months or less which have not been recognized as ROU assets or liabilities in the Condensed Consolidated Balance Sheets.