Notes to Consolidated Financial Statements June 30, 2024 and 2023 18. Leases and Other Commitments The university has operating and finance leases for facilities, equipment, and vehicles. Asset and liability balances related to operating and finance leases on the Consolidated Statements of Financial Position as of June 30 are as follows (in thousands): 2024 2023 Classification on the Consolidated Statement of Financial Position Assets Liabilities Assets Liabilities Operating Leases Operating lease right-of-use assets $ 85,062 $ 74,905 Operating lease liabilities Current $ 21,124 $ 19,898 Long-term 65,961 57,164 87,085 77,062 Finance Leases Land, buildings, and equipment, net 4,126 4,241 Other liabilities Current 1,750 1,406 Long-term 2,656 3,114 4,406 4,520 Total $ 89,188 $ 91,491 $ 79,146 $ 81,582 The components of lease expense for the year ended June 30 are as follows (in thousands): Component Classification on Statement of Activities 2024 2023 Operating lease expense Space and occupancy $ 22,320 $ 21,821 Short-term lease expense Space and occupancy 890 986 Variable lease expense Space and occupancy 3,726 2,699 Finance lease expense: Amoritization of right-of-use assets Depreciation and amortization 1,657 1,367 Interest on lease liabilities Interest 159 104 Total lease expenses $ 28,752 $ 26,977 Supplemental cash flow information related to leases as of and for the year ended June 30 is as follows (in thousands): 2024 2023 Right-of-use-assets obtained in exchange for lease obligations: Operating leases $ 30,667 $ 3,729 Finance leases 1,542 732 40
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