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v3.22.2.2

Leases (Tables) | 12 Months Ended
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Sep. 30, 2022
Leases [Abstract] |
Lease-Related Assets and Liabilities | Lease-related assets and liabilities follows:
|  | Classification on the Consolidated Balance Sheets |  | September 30, 2022 |  |  | September 30, 2021 |
Assets: |  |  |  |  |  |  |  |  |  |
Operating lease assets |  | Other assets |  | $ | 25,144 |  |  | $ | 19,370 |
Finance lease assets |  | Property, plant and equipment, net |  |  | 5,474 |  |  |  | 781 |
Total lease assets |  |  |  |  | 30,618 |  |  |  | 20,151 |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | Accrued liabilities |  |  | 4,587 |  |  |  | 5,260 |
Finance lease liabilities |  | Current portion of long-term debt |  |  | 856 |  |  |  | 728 |
Noncurrent liabilities: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | Other liabilities |  |  | 21,443 |  |  |  | 14,770 |
Finance lease liabilities |  | Long-term debt, less current portion |  |  | 4,405 |  |  |  | 475 |
Total lease liabilities |  |  |  | $ | 31,291 |  |  | $ | 21,233 |
Supplemental Lease-Related Information | Supplemental lease-related information follows:
|  | September 30, 2022 |  |  | September 30, 2021 |
Weighted average remaining lease term |  |  |  |  |  |  |  |
Operating leases |  | 8.3 years |  |  | 4.3 years |
Finance leases |  | 9.7 years |  |  | 1.7 years |
Weighted average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 3.6 | % |  |  | 3.2 | %
Finance leases |  |  | 3.4 | % |  |  | 2.8 | %
Lease-Related Expenses | Lease-related expenses were as follows:
|  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Operating lease expense |  | $ | 6,335 |  |  | $ | 6,559 |  |  | $ | 6,164 |
Amortization of financing lease assets |  |  | 454 |  |  |  | 425 |  |  |  | 476 |
Interest on financing lease liabilities |  |  | 51 |  |  |  | 58 |  |  |  | 87 |
Variable lease expense |  |  | 929 |  |  |  | 1,495 |  |  |  | 1,101 |
Short-term lease expense |  |  | 190 |  |  |  | 283 |  |  |  | 466 |
Sublease income1 |  |  | (192 | ) |  |  | (680 | ) |  |  | (697 | )
Total lease expense |  | $ | 7,767 |  |  | $ | 8,140 |  |  | $ | 7,597 |
| (1) | Relates to two separate subleases Woodward has entered into for a leased manufacturing building in Niles, Illinois. During fiscal year 2022, these subleases were terminated.
Lease-Related Supplemental Cash Flow Information | Lease-related supplemental cash flow information was as follows:
|  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 5,303 |  |  | $ | 5,707 |  |  | $ | 5,622 |
Operating cash flows for finance leases |  |  | 51 |  |  |  | 58 |  |  |  | 87 |
Financing cash flows for finance leases |  |  | 796 |  |  |  | 1,639 |  |  |  | 1,590 |
Right-of-use assets obtained in exchange for recorded lease obligations: |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  |  | 14,678 |  |  |  | 6,871 |  |  |  | 6,501 |
Finance leases |  |  | 4,046 |  |  |  | 35 |  |  |  | 1,244 |
Maturities of Lease Liabilities | Maturities of lease liabilities were as follows:
Year Ending September 30: |  | Operating Leases |  |  | Finance Leases |
2023 |  | $ | 5,383 |  |  | $ | 1,032 |
2024 |  |  | 4,695 |  |  |  | 1,002 |
2025 |  |  | 3,768 |  |  |  | 870 |
2026 |  |  | 3,156 |  |  |  | 870 |
2027 |  |  | 2,592 |  |  |  | 868 |
Thereafter |  |  | 10,959 |  |  |  | 1,919 |
Total lease payments |  |  | 30,553 |  |  |  | 6,561 |
Less: imputed interest |  |  | (4,523 | ) |  |  | (1,300 | )
Total lease obligations |  | $ | 26,030 |  |  | $ | 5,261 |
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, 2022 |  |  | September 30, 2021 |
Property, plant and equipment leased to others through embedded leasing arrangements |  | $ | 44,912 |  |  | $ | 93,732 |
Less accumulated depreciation |  |  | (25,508 | ) |  |  | (35,733 | )
Property, plant and equipment leased to others through embedded leasing arrangements, net |  | $ | 19,404 |  |  | $ | 57,999 |

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