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Leases | 6 Months Ended
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Mar. 31, 2022
Leases [Abstract] |
Lease | Note 5. Leases Lessee arrangements Woodward has entered into operating leases for certain facilities and equipment with terms in excess of one year under agreements that expire at various dates. Some leases require the payment of property taxes, insurance, maintenance costs, or other similar costs in addition to rental payments. Woodward has also entered into finance leases for equipment with terms in excess of one year under agreements that expire at various dates. Lease-related assets and liabilities follows:
|  | Classification on the Condensed Consolidated Balance Sheets |  | March 31, 2022 |  |  | September 30, 2021 |
Assets: |  |  |  |  |  |  |  |  |  |
Operating lease assets |  | Other assets |  | $ | 23,417 |  |  | $ | 19,370 |
Finance lease assets |  | Property, plant and equipment, net |  |  | 1,854 |  |  |  | 781 |
Total lease assets |  |  |  |  | 25,271 |  |  |  | 20,151 |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | Accrued liabilities |  |  | 4,930 |  |  |  | 5,260 |
Finance lease liabilities |  | Current portion of long-term debt |  |  | 459 |  |  |  | 728 |
Noncurrent liabilities: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | Other liabilities |  |  | 19,125 |  |  |  | 14,770 |
Finance lease liabilities |  | Long-term debt, less current portion |  |  | 1,419 |  |  |  | 475 |
Total lease liabilities |  |  |  | $ | 25,933 |  |  | $ | 21,233 |
Lease-related expenses were as follows:
|  | Three-Months Ended March 31, |  |  | Six-Months Ended March 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Operating lease expense |  | $ | 1,653 |  |  | $ | 1,615 |  |  | $ | 3,260 |  |  | $ | 3,168 |
Amortization of finance lease assets |  |  | 95 |  |  |  | 94 |  |  |  | 174 |  |  |  | 220 |
Interest on finance lease liabilities |  |  | 8 |  |  |  | 17 |  |  |  | 16 |  |  |  | 35 |
Variable lease expense |  |  | 203 |  |  |  | 496 |  |  |  | 606 |  |  |  | 818 |
Short-term lease expense |  |  | 50 |  |  |  | 76 |  |  |  | 90 |  |  |  | 158 |
Sublease (income)1 |  |  | — |  |  |  | (214 | ) |  |  | (192 | ) |  |  | (382 | )
Total lease expense |  | $ | 2,009 |  |  | $ | 2,084 |  |  | $ | 3,954 |  |  | $ | 4,017 |
| (1) | Relates to two separate subleases Woodward entered into for a leased manufacturing building in Niles, Illinois. During the three-months ended March 31, 2022, these subleases were terminated.
Lease-related supplemental cash flow information was as follows:
|  | Six-Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 2,776 |  |  | $ | 2,671 |
Operating cash flows for finance leases |  |  | 16 |  |  |  | 35 |
Financing cash flows for finance leases |  |  | 574 |  |  |  | 835 |
Right-of-use assets obtained in exchange for recorded lease obligations: |  |  |  |  |  |  |  |
Operating leases |  |  | 7,999 |  |  |  | 5,070 |
Finance leases |  |  | 1,260 |  |  |  | 12 |
Lessor arrangements Woodward has assessed its manufacturing contracts and concluded that certain of the contracts for the manufacture of customer products met the criteria to be considered a leasing arrangement (“embedded leases”) with Woodward as the lessor. The specific manufacturing contracts that met the criteria were those that utilized Woodward property, plant and equipment and which are substantially (more than 90%) dedicated to the manufacturing of the product(s) for a single customer. Woodward has dedicated manufacturing lines with four of its customers representing embedded leases, all of which qualified as operating leases with undefined quantities of future customer purchase commitments. Although Woodward expects to allocate some portion of future net sales to these customers to embedded lessor arrangements, it cannot provide expected future undiscounted lease payments from property, plant and equipment leased to customers as of March 31, 2022. If, in the future, customers reduce purchases of related products from Woodward, the Company believes it will derive additional value from the underlying equipment by repurposing its use to support other customer arrangements. Revenue from contracts with customers that included embedded operating leases, which is included in “Net sales” in the Condensed Consolidated Statements of Earnings, was $1,323 for the three-months and $2,666 for the six-months ended March 31, 2022, compared to $1,511 for the three-months and $3,309 for the six-months ended March 31, 2021. The carrying amount of property, plant and equipment leased to others through embedded leasing arrangements, included in “Property, plant and equipment, net” on the Condensed Consolidated Balance Sheets, follows:
|  | March 31, 2022 |  |  | September 30, 2021 |
Property, plant and equipment leased to others through embedded leasing arrangements |  | $ | 71,554 |  |  | $ | 93,732 |
Less accumulated depreciation |  |  | (28,027 | ) |  |  | (35,733 | )
Property, plant and equipment leased to others through embedded leasing arrangements, net |  | $ | 43,527 |  |  | $ | 57,999 |

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