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Leases (Tables) | 9 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Lease-Related Assets and Liabilities | Lease-related assets and liabilities follows:
|  | Classification on the Condensed Consolidated Balance Sheets |  | June 30, 2020 |
Assets: |  |  |  |  |  |
Operating lease assets |  | Other assets |  | $ | 19,687 |
Finance lease assets |  | Property, plant and equipment, net |  |  | 1,338 |
Total lease assets |  |  |  |  | 21,025 |
Current liabilities: |  |  |  |  |  |
Operating lease liabilities |  | Accrued liabilities |  |  | 4,648 |
Finance lease liabilities |  | Current portion of long-term debt |  |  | 1,643 |
Noncurrent liabilities: |  |  |  |  |  |
Operating lease liabilities |  | Other liabilities |  |  | 15,143 |
Finance lease liabilities |  | Long-term debt, less current portion |  |  | 1,575 |
Total lease liabilities |  |  |  | $ | 23,009 |
Supplemental Lease-Related Information | Supplemental lease-related information follows:
|  | June 30, 2020 |
Weighted average remaining lease term |  |  |  |
Operating leases |  | 5.8 years |
Finance leases |  | 2.2 years |
Weighted average discount rate |  |  |  |
Operating leases |  |  | 3.2 | %
Finance leases |  |  | 3.0 | %
Lease-Related Expenses | Lease-related expenses for the three and nine-months ended June 30, 2020 were as follows:
|  | Three-Months Ended |  |  | Nine-Months Ended |
|  | June 30, 2020 |  |  | June 30, 2020 |
Operating lease expense |  | $ | 1,511 |  |  | $ | 4,562 |
Amortization of financing lease assets |  |  | 110 |  |  |  | 358 |
Interest on financing lease liabilities |  |  | 25 |  |  |  | 65 |
Variable lease expense |  |  | 192 |  |  |  | 787 |
Short-term lease expense |  |  | 63 |  |  |  | 400 |
Sublease income1 |  |  | (236 | ) |  |  | (561 | )
Total lease expense |  | $ | 1,665 |  |  | $ | 5,611 |
| (1) | Relates to two separate subleases Woodward has entered into for a leased manufacturing building in Niles, Illinois.
Lease-Related Supplemental Cash Flow Information | Lease-related supplemental cash flow information for the nine-months ended June 30, 2020 follows:
|  | Nine-Months Ended |
|  | June 30, 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows for operating leases |  | $ | 3,622 |
Operating cash flows for finance leases |  |  | 65 |
Financing cash flows for finance leases |  |  | 1,187 |
Right-of-use assets obtained in exchange for recorded lease obligations: |  |  |  |
Operating leases |  |  | 4,825 |
Finance leases |  |  | 1,243 |
Maturities of Lease Liabilities | Maturities of lease liabilities as of June 30, 2020 follows:
Year Ending September 30: |  | Operating Leases |  |  | Finance Leases |
2020 (remaining) |  |  | 2,239 |  |  |  | 436 |
2021 |  |  | 4,847 |  |  |  | 1,690 |
2022 |  |  | 3,733 |  |  |  | 738 |
2023 |  |  | 3,008 |  |  |  | 325 |
2024 |  |  | 2,394 |  |  |  | 137 |
Thereafter |  |  | 6,278 |  |  |  | — |
Total lease payments |  |  | 22,499 |  |  |  | 3,326 |
Less: imputed interest |  |  | (2,709 | ) |  |  | (107 | )
Total lease obligations |  | $ | 19,790 |  |  | $ | 3,219 |
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 Condensed Consolidated Balance Sheets, follows:
|  | June 30, 2020 |
Property, plant and equipment leased to others through embedded leasing arrangements |  | $ | 69,957 |
Less accumulated depreciation |  |  | 27,917 |
Property, plant and equipment leased to others through embedded leasing arrangements, net |  | $ | 42,040 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of future minimum capital lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. And future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References No definition available. + Details
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