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LEASES
 12 Months Ended
Sep. 30, 2024
Leases [Abstract]  
LEASES
NOTE 4 LEASES
Lease Position
(in thousands)September 30, 2024September 30, 2023
Operating lease commitments, including probable extensions1
$104,535 $65,970 
Discounted using the lessee's incremental borrowing rate$77,316 $55,894 
(Less): short-term leases recognized on a straight-line basis as expense(404)(877)
(Less): other(182)(207)
Lease liability recognized$76,730 $54,810 
Of which:
Current lease liabilities$16,997 $13,772 
Non-current lease liabilities59,733 41,038 
(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, 2024September 30, 2023
Properties$66,842 $50,080 
Equipment234 318 
Other— 2 
Total right-of-use assets$67,076 $50,400 
Lease Costs
The following table presents certain information related to the lease costs for our operating leases:
Year ended September 30,
(in thousands)202420232022
Operating lease cost$11,693 $11,004 $9,687 
Short-term lease cost1,567 1,437 1,546 
Total lease cost$13,260 $12,441 $11,233 
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, 2024September 30, 2023
Weighted average remaining lease term11.67.6
Weighted average discount rate5.1 %3.6 %
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, 2024 (in thousands) are as follows:
Fiscal YearAmount
2025$9,443 
20268,126 
20277,646 
20287,045 
20296,862 
Thereafter33,910 
Total1
$73,032 
(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.
During the fiscal year ended September 30, 2024, we amended the lease for our Tulsa industrial facility. As part of the amendment, we extended the lease term, now continuing through June 30, 2035 with two five-year renewal options, resulting in an increase of $18.1 million to the right-of-use assets and lease liability on our Consolidated Balance Sheet. We recognized one of the five-year renewal options as part of our right-of-use assets and lease liabilities. This contract is accounted for as an operating lease. The future minimum lease payments for the Tulsa industrial facility represent a material portion of the amounts shown in the table above.
During the fiscal year ended September 30, 2023, we entered into a lease agreement to relocate our Tulsa corporate headquarters to a new office space. This lease commenced during the fourth fiscal quarter of 2023 and resulted in a $17.6 million increase to right-of-use assets and lease liability on our Consolidated Balance Sheets. In addition, we began amortizing the right of use asset over the initial lease term of approximately 12 years. We also have two unpriced five-year extension options that were not recognized as part of the right-of-use asset and lease liability. During the fiscal year ended September 30, 2024, we amended the lease for our Tulsa corporate headquarters, resulting in a $5.9 million increase to right-of-use assets and lease liability on our Consolidated Balance Sheets. The additional right of use asset will be amortized over the remaining 11 years of the original lease term. The future minimum lease payments for our corporate headquarters office space represent a material portion of the amounts shown in the table above.