The Company leases certain real estate, information technology equipment, warehouse equipment, vehicles and other equipment almost exclusively through operating leases. The Company determines whether an arrangement contains a lease at inception. A lease liability and corresponding right of use (ROU) asset are recognized for qualifying leased assets based on the present value of fixed and certain index-based lease payments at lease commencement. Variable payments, which are generally determined based on the usage rate of the underlying asset, are excluded from the present value of lease payments and are recognized in the period in which the payment is made. To determine the present value of lease payments, the Company uses the stated interest rate in the lease, when available, or more commonly a secured incremental borrowing rate that reflects risk, term and economic environment in which the lease is denominated. The incremental borrowing rate is determined using a portfolio approach based on the current rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company has elected not to separate payments for lease components from payments for non-lease components in contracts that contain both components. Lease agreements may include options to extend or terminate the lease. Those options that are reasonably certain of exercise at lease commencement have been included in the term of the lease used to recognize the right of use assets and lease liabilities. The lease terms of the Company’s real estate and equipment leases extend up to 29 years and 18 years, respectively. The Company has elected not to recognize ROU assets or lease liabilities for leases with a term of twelve months or less. Expense is recognized on a straight-line basis over the lease term for operating leases.

	Fiscal Year Ended September 30,
	2021		2020
Operating lease cost	$	53.3	$	57.4
Variable lease cost		34.0		46.1
Short-term lease cost		9.5		8.4

		September 30, 2021
	Balance Sheet Classification	Finance leases			Operating leases			Total
Lease right of use assets	Other long-term assets	$	22.2		$	194.7		$	216.9
Current lease liabilities	Other current liabilities		6.9			39.3			46.2
Long-term lease liabilities	Other long-term liabilities		15.6			160.8			176.4

Weighted average remaining lease term		3.5 years			8 years

Weighted average discount rates			1.9	%		2.9	%

		September 30, 2020
	Balance Sheet Classification	Finance leases			Operating leases			Total
Lease right of use assets	Other long-term assets	$	13.2		$	149.0		$	162.2
Current lease liabilities	Other current liabilities		3.6			43.5			47.1
Long-term lease liabilities	Other long-term liabilities		9.7			109.1			118.8

Weighted average remaining lease term		4.0 years			5.5 years

Weighted average discount rates			2.4	%		2.9	%

The table below presents the right of use asset balance for operating leases disaggregated by segment and type of lease (in millions):

	September 30, 2021
	Access Equipment		Defense		Fire & Emergency		Commercial		Corporate and intersegment eliminations		Total
Real estate leases	$	84.3	$	55.6	$	6.2	$	15.9	$	12.2	$	174.2
Equipment leases		5.5		2.0		1.7		2.5		8.8		20.5
	$	89.8	$	57.6	$	7.9	$	18.4	$	21.0	$	194.7

	September 30, 2020
	Access Equipment		Defense		Fire & Emergency		Commercial		Corporate and intersegment eliminations		Total
Real estate leases	$	61.4	$	28.2	$	6.5	$	17.9	$	7.0	$	121.0
Equipment leases		7.3		4.2		2.2		1.9		12.4		28.0
	$	68.7	$	32.4	$	8.7	$	19.8	$	19.4	$	149.0

Maturities of operating lease liabilities at September 30, 2021 and minimum payments for operating leases having initial or remaining non-cancelable terms in excess of one year were as follows (in millions):

Amounts due in
2022	$	44.8
2023		35.0
2024		25.7
2025		20.9
2026		16.8
Thereafter		83.2
Total lease payments		226.4
Less: imputed interest		(26.3	)
Present value of lease liability	$	200.1