Leases

3 Months Ended

Dec. 31, 2020

12.

Leases

In September 2020, the Company entered into a new real estate lease for a warehouse in the Access Equipment segment with a lease term of 15 years. The estimated initial right of use asset and lease liability of approximately $35 million will be recorded at lease commencement, which is expected to be in the third quarter of fiscal 2021.

The components of lease costs were as follows (in millions):

	Three Months Ended December 31,
	2020		2019
Operating lease cost	$	13.8	$	13.8
Variable lease cost		9.5		3.8
Short-term lease cost		2.2		1.1

Supplemental information related to operating leases was as follows (in millions):

		December 31, 2020
	Balance Sheet Classification	Finance Leases			Operating Leases			Total
Lease right of use assets	Other long-term assets	$	14.5		$	144.1		$	158.6
Current lease liabilities	Other current liabilities		4.1			42.3			46.4
Long-term lease liabilities	Other long-term liabilities		10.5			106.6			117.1

Weighted average remaining lease term		3.9 years			5.6 years

Weighted average discount rates			2.3	%		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):

	December 31, 2020
	Access Equipment		Defense		Fire & Emergency		Commercial		Corporate and Intersegment Eliminations		Total
Real estate leases	$	63.9	$	22.1	$	6.0	$	17.6	$	6.6	$	116.2
Equipment leases		7.1		4.1		2.3		2.6		11.8		27.9
	$	71.0	$	26.2	$	8.3	$	20.2	$	18.4	$	144.1

	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 December 31, 2020 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
Remaining nine months of 2021	$	36.5
2022		36.5
2023		24.9
2024		15.8
2025		11.3
2026		8.2
Thereafter		29.2
Total lease payments		162.4
Less: imputed interest		(13.5	)
Present value of lease liability	$	148.9