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Leases (Tables)

12 Months Ended

Sep. 30, 2020

Lease-related assets and liabilities follows:

	Classification on the Condensed Consolidated Balance Sheets	September 30, 2020
Assets:
Operating lease assets	Other assets	$	18,918
Finance lease assets	Property, plant and equipment, net		1,201
Total lease assets			20,119

Current liabilities:
Operating lease liabilities	Accrued liabilities		4,925
Finance lease liabilities	Current portion of long-term debt		1,634
Noncurrent liabilities:
Operating lease liabilities	Other liabilities		14,569
Finance lease liabilities	Long-term debt, less current portion		1,173
Total lease liabilities		$	22,301

Supplemental Lease-Related Information

Supplemental lease-related information follows:

	September 30, 2020
Weighted average remaining lease term
Operating leases	5.5 years
Finance leases	2.1 years
Weighted average discount rate
Operating leases		3.2	%
Finance leases		3.0	%

Lease-Related Expenses

Lease-related expenses for the fiscal year ended September 30, 2020 were as follows:

	Year Ended September 30,
	2020
Operating lease expense	$	6,164
Amortization of financing lease assets		476
Interest on financing lease liabilities		87
Variable lease expense		1,101
Short-term lease expense		466
Sublease income¹		(697	)
Total lease expense	$	7,597

(1)

Relates to two separate subleases Woodward has entered into for a leased manufacturing building in Niles, Illinois.

Lease-related supplemental cash flow information for the fiscal year ended September 30, 2020 follows:

	Year Ended
	September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	5,622
Operating cash flows for finance leases		87
Financing cash flows for finance leases		1,590
Right-of-use assets obtained in exchange for recorded lease obligations:
Operating leases		6,501
Finance leases		1,244

Maturities of Lease Liabilities

Maturities of lease liabilities as of September 30, 2020 follows:

Year Ending September 30:	Operating Leases			Finance Leases
2021		5,485			1,687
2022		4,255			739
2023		3,186			325
2024		2,230			136
2025		1,939			—
Thereafter		4,232			—
Total lease payments		21,327			2,887
Less: imputed interest		(1,833	)		(80	)
Total lease obligations	$	19,494		$	2,807

Future Minimum Lease Payments

Comparable future minimum rental payment under operating and finance leases that have initial or remaining non-cancelable lease terms in excess of one year as previously disclosed under ASC 840 as of September 30, 2019 follows:

Year Ending September 30:	Operating Leases		Finance Leases
2020 (full twelve months)	$	6,667	$	213
2021		5,119		98
2022		3,823		33
2023		2,899		3
2024		2,378		—
Thereafter		6,033		—
Total minimum lease payments under ASC 840	$	26,919	$	347

Property, Plant and Equipment Leased to Others through Embedded Leasing Arrangements

The carrying amount of property, plant and equipment leased to others through embedded leasing arrangements, included in “Property, plant and equipment, net” at the Consolidated Balance Sheets, follows:

	September 30, 2020
Property, plant and equipment leased to others through embedded leasing arrangements	$	76,655
Less accumulated depreciation		(29,819	)
Property, plant and equipment leased to others through embedded leasing arrangements, net	$	46,836