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Leases | 3 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Leases The Company leases retail stores, warehouse facilities, and office space. These assets and properties are generally leased under noncancelable agreements that expire at various future dates with many agreements containing renewal options for additional periods. The agreements, which have been classified as either operating or finance leases, generally provide for minimum and, in some cases, percentage rent, and require the Company to pay all insurance, taxes, and other maintenance costs. As a result, the Company recognizes assets and liabilities for all leases with lease terms greater than 12 months. The amounts recognized reflect the present value of remaining lease payments for all leases. The discount rate used is an estimate of the Company’s blended incremental borrowing rate based on information available associated with each subsidiary’s debt outstanding at lease commencement. In considering the lease asset value, the Company considers fixed and variable payment terms, prepayments and options to extend, terminate or purchase. Renewal, termination, or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. The following table details the Company's right of use assets and lease liabilities as of December 31, 2023 and September 30, 2023 (in $000's):
| December 31, 2023 |  | September 30, 2023
Right of use asset - operating leases | $ | 65,799 |  |  | $ | 54,544 |
Lease liabilities: |  |  |
Current - operating | 12,799 |  |  | 11,369 |
Current - finance | 361 |  |  | 359 |
Long term - operating | 58,291 |  |  | 48,156 |
Long term - finance | 32,981 |  |  | 32,942 |
As of December 31, 2023, the weighted average remaining lease term for operating leases is 10.3 years. The Company's weighted average discount rate for operating leases is 9.9%. Total cash payments for operating leases for the three months ended December 31, 2023 and 2022 were approximately $4.3 million and $2.4 million, respectively. Additionally, the Company recognized approximately $14.9 million in right of use assets and liabilities upon commencement of operating leases during the three months ended December 31, 2023. As of December 31, 2023, the weighted average remaining lease term for finance leases is 27.4 years. The Company's weighted average discount rate for finance leases is 11.7%. Total cash payments for finance leases for the three months ended December 31, 2023 and 2022 were approximately $793,000 and $481,000, respectively. No finance right-of-use assets or liabilities were recognized during the three months ended December 31, 2023. The Company records finance lease right of use assets as property and equipment. The balance, as of December 31, 2023 and September 30, 2023 is as follows (in $000’s):
| December 31, 2023 |  | September 30, 2023
Property and equipment, at cost | $ | 22,526 |  |  | $ | 22,526 |
Accumulated depreciation | $ | (861) |  |  | $ | (702) |
Property and equipment, net | $ | 21,665 |  |  | $ | 21,824 |
Total present value of future lease payments of operating leases as of December 31, 2023 (in $000's):
Twelve months ended December 31, |
2024 | $ | 18,564 |
2025 | 16,784 |
2026 | 14,155 |
2027 | 12,252 |
2028 | 8,107 |
Thereafter | 36,737 |
Total | 106,599 |
Less implied interest | (35,509) |
Present value of payments | $ | 71,090 |
Total present value of future lease payments of finance leases as of December 31, 2023 (in $000's):
Twelve months ended December 31, |
2024 | $ | 3,167 |
2025 | 3,197 |
2026 | 3,241 |
2027 | 3,320 |
2028 | 3,425 |
Thereafter | 104,066 |
Total | 120,416 |
Less implied interest | (87,074) |
Present value of payments | $ | 33,342 |
During the three months ended December 31, 2023 and 2022, the Company recorded no impairment charges relating to any of its leases.
Leases | Leases The Company leases retail stores, warehouse facilities, and office space. These assets and properties are generally leased under noncancelable agreements that expire at various future dates with many agreements containing renewal options for additional periods. The agreements, which have been classified as either operating or finance leases, generally provide for minimum and, in some cases, percentage rent, and require the Company to pay all insurance, taxes, and other maintenance costs. As a result, the Company recognizes assets and liabilities for all leases with lease terms greater than 12 months. The amounts recognized reflect the present value of remaining lease payments for all leases. The discount rate used is an estimate of the Company’s blended incremental borrowing rate based on information available associated with each subsidiary’s debt outstanding at lease commencement. In considering the lease asset value, the Company considers fixed and variable payment terms, prepayments and options to extend, terminate or purchase. Renewal, termination, or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. The following table details the Company's right of use assets and lease liabilities as of December 31, 2023 and September 30, 2023 (in $000's):
| December 31, 2023 |  | September 30, 2023
Right of use asset - operating leases | $ | 65,799 |  |  | $ | 54,544 |
Lease liabilities: |  |  |
Current - operating | 12,799 |  |  | 11,369 |
Current - finance | 361 |  |  | 359 |
Long term - operating | 58,291 |  |  | 48,156 |
Long term - finance | 32,981 |  |  | 32,942 |
As of December 31, 2023, the weighted average remaining lease term for operating leases is 10.3 years. The Company's weighted average discount rate for operating leases is 9.9%. Total cash payments for operating leases for the three months ended December 31, 2023 and 2022 were approximately $4.3 million and $2.4 million, respectively. Additionally, the Company recognized approximately $14.9 million in right of use assets and liabilities upon commencement of operating leases during the three months ended December 31, 2023. As of December 31, 2023, the weighted average remaining lease term for finance leases is 27.4 years. The Company's weighted average discount rate for finance leases is 11.7%. Total cash payments for finance leases for the three months ended December 31, 2023 and 2022 were approximately $793,000 and $481,000, respectively. No finance right-of-use assets or liabilities were recognized during the three months ended December 31, 2023. The Company records finance lease right of use assets as property and equipment. The balance, as of December 31, 2023 and September 30, 2023 is as follows (in $000’s):
| December 31, 2023 |  | September 30, 2023
Property and equipment, at cost | $ | 22,526 |  |  | $ | 22,526 |
Accumulated depreciation | $ | (861) |  |  | $ | (702) |
Property and equipment, net | $ | 21,665 |  |  | $ | 21,824 |
Total present value of future lease payments of operating leases as of December 31, 2023 (in $000's):
Twelve months ended December 31, |
2024 | $ | 18,564 |
2025 | 16,784 |
2026 | 14,155 |
2027 | 12,252 |
2028 | 8,107 |
Thereafter | 36,737 |
Total | 106,599 |
Less implied interest | (35,509) |
Present value of payments | $ | 71,090 |
Total present value of future lease payments of finance leases as of December 31, 2023 (in $000's):
Twelve months ended December 31, |
2024 | $ | 3,167 |
2025 | 3,197 |
2026 | 3,241 |
2027 | 3,320 |
2028 | 3,425 |
Thereafter | 104,066 |
Total | 120,416 |
Less implied interest | (87,074) |
Present value of payments | $ | 33,342 |
During the three months ended December 31, 2023 and 2022, the Company recorded no impairment charges relating to any of its leases.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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