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Leases (Tables) | 12 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Lease-Related Assets and Liabilities | Lease-related assets and liabilities follows:
|  | Classification on the Consolidated Balance Sheets |  | September 30, 2024 |  |  | September 30, 2023 |
Assets: |  |  |  |  |  |  |  |
Operating lease assets |  | Other assets |  | $ | 27,135 |  |  | $ | 24,680 |
Finance lease assets |  | Property, plant, and equipment, net |  |  | 2,516 |  |  |  | 3,337 |
Total lease assets |  |  |  |  | 29,651 |  |  |  | 28,017 |
Current liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Accrued liabilities |  |  | 5,029 |  |  |  | 4,594 |
Finance lease liabilities |  | Current portion of long-term debt |  |  | 719 |  |  |  | 817 |
Noncurrent liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Other liabilities |  |  | 22,670 |  |  |  | 20,685 |
Finance lease liabilities |  | Long-term debt, less current portion |  |  | 2,017 |  |  |  | 2,733 |
Total lease liabilities |  |  |  | $ | 30,435 |  |  | $ | 28,829 |
Supplemental Lease-Related Information | Supplemental lease-related information follows:
|  | September 30, 2024 |  |  | September 30, 2023 |
Weighted average remaining lease term |  |  |  |  |  |
Operating leases |  | 8.1 years |  |  | 8.6 years |
Finance leases |  | 3.8 years |  |  | 4.6 years |
Weighted average discount rate |  |  |  |  |  |
Operating leases |  |  | 4.4 | % |  |  | 4.0 | %
Finance leases |  |  | 4.6 | % |  |  | 4.6 | %
Lease-Related Expenses | Lease-related expenses were as follows:
|  | Year Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Operating lease expense |  | $ | 6,804 |  |  | $ | 6,213 |  |  | $ | 6,335 |
Amortization of financing lease assets |  |  | 820 |  |  |  | 914 |  |  |  | 454 |
Interest on financing lease liabilities |  |  | 138 |  |  |  | 157 |  |  |  | 51 |
Variable lease expense |  |  | 1,299 |  |  |  | 917 |  |  |  | 929 |
Short-term lease expense |  |  | 164 |  |  |  | 196 |  |  |  | 190 |
Sublease income 1 |  |  | — |  |  |  | — |  |  |  | (192 | )
Total lease expense |  | $ | 9,225 |  |  | $ | 8,397 |  |  | $ | 7,767 |
(1) Relates to two separate subleases Woodward has entered into for a leased manufacturing building in Niles, Illinois, each of which expired during fiscal year 2022.
Lease-Related Supplemental Cash Flow Information | Lease-related supplemental cash flow information was as follows:
|  | Year Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 5,375 |  |  | $ | 5,151 |  |  | $ | 5,303 |
Operating cash flows for finance leases |  |  | 138 |  |  |  | 157 |  |  |  | 51 |
Financing cash flows for finance leases |  |  | 818 |  |  |  | 779 |  |  |  | 796 |
Right-of-use assets obtained in exchange for recorded lease obligations: |  |  |  |  |  |  |  |  |
Operating leases |  |  | 6,117 |  |  |  | 2,230 |  |  |  | 14,678 |
Finance leases |  |  | — |  |  |  | 48 |  |  |  | 4,046 |
Maturities of Lease Liabilities | Maturities of lease liabilities were as follows:
Year Ending September 30: |  | Operating Leases |  |  | Finance Leases |
2025 |  | $ | 5,997 |  |  | $ | 823 |
2026 |  |  | 5,255 |  |  |  | 824 |
2027 |  |  | 4,338 |  |  |  | 822 |
2028 |  |  | 3,962 |  |  |  | 234 |
2029 |  |  | 3,219 |  |  |  | 182 |
Thereafter |  |  | 10,241 |  |  |  | 75 |
Total lease payments |  |  | 33,012 |  |  |  | 2,960 |
Less: imputed interest |  |  | (5,313 | ) |  |  | (224 | )
Total lease obligations |  | $ | 27,699 |  |  | $ | 2,736 |
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, was as follows:
|  | September 30, 2024 |  |  | September 30, 2023 |
Property, plant, and equipment |  | $ | 48,495 |  |  | $ | 45,766 |
Less accumulated depreciation |  |  | (32,994 | ) |  |  | (28,128 | )
Property, plant, and equipment, net |  | $ | 15,501 |  |  | $ | 17,638 |

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