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Leases (Tables)

9 Months Ended

Jun. 30, 2020

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 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