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Leases | 9 Months Ended
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Jun. 30, 2024
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 were as follows:
|  | Classification on the Condensed Consolidated Balance Sheets |  | June 30, 2024 |  |  | September 30, 2023 |
Assets: |  |  |  |  |  |  |  |
Operating lease |  | Other assets |  | $ | 26,742 |  |  | $ | 24,680 |
Finance lease |  | Property, plant, and equipment, net |  |  | 2,688 |  |  |  | 3,337 |
Total lease assets |  |  |  |  | 29,430 |  |  |  | 28,017 |
Current liabilities: |  |  |  |  |  |  |  |
Operating lease |  | Accrued liabilities |  |  | 4,864 |  |  |  | 4,594 |
Finance lease |  | Current portion of long-term debt |  |  | 708 |  |  |  | 817 |
Noncurrent liabilities: |  |  |  |  |  |  |  |
Operating lease |  | Other liabilities |  |  | 22,415 |  |  |  | 20,685 |
Finance lease |  | Long-term debt, less current portion |  |  | 2,199 |  |  |  | 2,733 |
Total lease liabilities |  |  |  | $ | 30,186 |  |  | $ | 28,829 |
Lease-related expenses were as follows:
|  | Three Months Ended June 30, |  |  | Nine Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease expense |  | $ | 1,690 |  |  | $ | 1,563 |  |  | $ | 4,978 |  |  | $ | 4,636 |
Amortization of finance lease assets |  |  | 174 |  |  |  | 251 |  |  |  | 644 |  |  |  | 663 |
Interest on finance lease liabilities |  |  | 33 |  |  |  | 43 |  |  |  | 106 |  |  |  | 117 |
Variable lease expense |  |  | 429 |  |  |  | 225 |  |  |  | 958 |  |  |  | 680 |
Short-term lease expense |  |  | 42 |  |  |  | 44 |  |  |  | 125 |  |  |  | 152 |
Total lease expense |  | $ | 2,368 |  |  | $ | 2,126 |  |  | $ | 6,811 |  |  | $ | 6,248 |
Lease-related supplemental cash flow information was as follows:
|  | Nine Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 3,963 |  |  | $ | 3,879 |
Operating cash flows for finance leases |  |  | 106 |  |  |  | 117 |
Financing cash flows for finance leases |  |  | 644 |  |  |  | 535 |
Right-of-use assets obtained in exchange for recorded lease obligations: |  |  |  |  |  |
Operating leases |  |  | 5,803 |  |  |  | 1,841 |
Finance leases |  |  | — |  |  |  | 48 |
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 June 30, 2024. 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 $1,370 for the three months and $4,099 for the nine months ended June 30, 2024, compared to $1,466 for the three months and $4,252 for the nine months ended June 30, 2023. 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:
|  | June 30, 2024 |  |  | September 30, 2023 |
Property, plant, and equipment |  | $ | 47,210 |  |  | $ | 45,766 |
Less accumulated depreciation |  |  | (31,081 | ) |  |  | (28,128 | )
Property, plant, and equipment, net |  | $ | 16,129 |  |  | $ | 17,638 |

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