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Leases | 6 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases |
7. Leases
Adient's lease portfolio consists of operating leases for real estate including production facilities, warehouses and administrative offices, equipment such as forklifts and computer servers and laptops, and fleet vehicles. The components of lease costs included in the consolidated statement of income for the three and six months ended March 31, 2024 and 2023 were as follows:
|  | Three Months Ended March 31, |  | Six Months Ended March 31,
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease cost |  | $ | 27 |  |  | $ | 28 |  |  | $ | 54 |  |  | $ | 54 |
Short-term lease cost |  | 8 |  |  | 6 |  |  | 15 |  |  | 14 |
Total lease cost |  | $ | 35 |  |  | $ | 34 |  |  | $ | 69 |  |  | $ | 68 |
Operating lease right-of-use assets and lease liabilities included in the consolidated statement of financial position were as follows:
(in millions) |  |  |  | March 31, 2024 |  | September 30, 2023
Operating leases: |  |  |  |  |  |
Operating lease right-of-use assets |  | Other noncurrent assets |  | $ | 255 |  | $ | 241
Operating lease liabilities - current |  | Other current liabilities |  | $ | 81 |  | $ | 77
Operating lease liabilities - noncurrent |  | Other noncurrent liabilities |  | 172 |  | 163
|  |  |  | $ | 253 |  | $ | 240
Weighted average remaining lease term: |  |  |  |  |  |
Operating leases |  |  |  | 5 years |  | 5 years
Weighted average discount rate: |  |  |  |  |  |
Operating leases |  |  |  | 6.5 | % |  | 6.1 | %
Maturities of operating lease liabilities and minimum payments for operating leases having initial or remaining non-cancelable terms in excess of one year as of March 31, 2024 are as follows:
|  | Operating leases
Fiscal years (in millions) |  | March 31, 2024 |  |
2024 (excluding the six months ended March 31, 2024) |  | $ | 51 |  |  |
2025 |  | 79 |  |  |
2026 |  | 55 |  |  |
2027 |  | 38 |  |  |
2028 |  | 24 |  |  |
Thereafter |  | 57 |  |  |
Total lease payments |  | 304 |  |  |
Less: imputed interest |  | (51) |  |  |
Present value of lease liabilities |  | $ | 253 |  |  |
Supplemental cash flow information related to leases is as follows:
|  | Six Months Ended March 31,
(in millions) |  | 2024 |  | 2023
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |
Operating leases (non-cash activity) |  | $ | 51 |  |  | $ | 19 |
Operating cash flows: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 55 |  |  | $ | 55 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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