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LEASES
 12 Months Ended
Sep. 30, 2022
Leases [Abstract]  
LEASES
NOTE 5 LEASES
Lease Position
(in thousands)September 30, 2022September 30, 2021
Operating lease commitments, including probable extensions1
$44,769 $56,667 
Discounted using the lessee's incremental borrowing rate$41,002 $52,372 
(Less): short-term leases recognized on a straight-line basis as expense(1,052)(1,761)
(Less): other(218)(123)
Lease liability recognized$39,732 $50,488 
Of which:
Current lease liabilities$12,382 $12,624 
Non-current lease liabilities27,350 37,864 
(1)Our future minimal rental payments exclude optional extensions that have not been exercised but are probable to be exercised in the future, those probable extensions are included in the operating lease liability balance.

The recognized right-of-use assets relate to the following types of assets:
(in thousands)September 30, 2022September 30, 2021
Properties$38,925 $48,176 
Equipment125 935 
Other14 76 
Total right-of-use assets$39,064 $49,187 
Lease Costs

The following table presents certain information related to the lease costs for our operating leases:
Year ended September 30,
(in thousands)20222021
Operating lease cost$9,687 $13,686 
Short-term lease cost1,546 3,580 
Total lease cost$11,233 $17,266 
Lease Terms and Discount Rates
    
The table below presents certain information related to the weighted average remaining lease terms and weighted average discount rates for our operating leases:.
September 30, 2022September 30, 2021
Weighted average remaining lease term5.96.7
Weighted average discount rate2.5 %2.5 %
Lease Obligations

Future minimum rental payments required under operating leases having initial or remaining non-cancelable lease terms in excess of one year at September 30, 2022 (in thousands) are as follows:
Fiscal YearAmount
2023$9,767 
20247,801 
20254,501 
20262,033 
20272,046 
Thereafter5,465 
Total1
$31,613 
(1)Our future minimal rental payments exclude optional extensions that have not been exercised but are probable to be exercised in the future, those probable extensions are included in the operating lease liability balance.
Total rent expense was $11.2 million, $17.3 million and $18.6 million for the fiscal years ended September 30, 2022, 2021 and 2020, respectively. The future minimum lease payments for our Tulsa corporate office and our Tulsa industrial facility represent a material portion of the amounts shown in the table above. The lease agreement for our Tulsa corporate office commenced on May 30, 2003 and has subsequently been amended, most recently on April 1, 2021. The agreement will expire on January 31, 2025; however, we have two five-year renewal options, which were not recognized as part of our right-of-use assets and lease liabilities. The lease agreement for our Tulsa industrial facility, where we perform maintenance and assembly of FlexRig® components commenced on December 21, 2018 and will expire on June 30, 2025; however, we have two two-year renewal options which were recognized as part of our right-of-use assets and lease liabilities.
During the fiscal year ended September 30, 2021, we downsized and relocated our Houston assembly facility to a new location. Refer to Note 18—Restructuring Charges for additional details. As a result, and during fiscal year 2021, we entered into a lease agreement for a new assembly facility located in Galena Park, Texas. This lease agreement commenced on January 1, 2021 and will expire on December 31, 2030; however, we have one unpriced renewal option for a minimum of five years and a maximum of 10 years, which was not recognized as part of our right-of-use assets and lease liabilities. This contract is accounted for as an operating lease resulting in an operating lease right-of-use asset of $12.2 million and $16.0 million, and minimum lease liability of $12.5 million and $16.2 million, as of September 30, 2022 and 2021, respectively.