Leases (Tables)

12 Months Ended

Sep. 30, 2021

Lease-related assets and liabilities follows:

	Classification on Consolidated Balance Sheets	September 30, 2021		September 30, 2020
Assets:
Operating lease assets	Other assets	$	19,370	$	18,918
Finance lease assets	Property, plant and equipment, net		781		1,201
Total lease assets			20,151		20,119

Current liabilities:
Operating lease liabilities	Accrued liabilities		5,260		4,925
Finance lease liabilities	Current portion of long-term debt		728		1,634
Noncurrent liabilities:
Operating lease liabilities	Other liabilities		14,770		14,569
Finance lease liabilities	Long-term debt, less current portion		475		1,173
Total lease liabilities		$	21,233	$	22,301

Supplemental Lease-Related Information

Supplemental lease-related information follows:

	September 30, 2021			September 30, 2020
Weighted average remaining lease term
Operating leases	4.3 years			5.5 years
Finance leases	1.7 years			2.1 years
Weighted average discount rate
Operating leases		3.2	%		3.2	%
Finance leases		2.8	%		3.0	%

Lease-Related Expenses

Lease-related expenses were as follows:

	Year Ended September 30,
	2021			2020
Operating lease expense	$	6,559		$	6,164
Amortization of financing lease assets		425			476
Interest on financing lease liabilities		58			87
Variable lease expense		1,495			1,101
Short-term lease expense		283			466
Sublease income¹		(680	)		(697	)
Total lease expense	$	8,140		$	7,597

(1)

Relates to two separate subleases Woodward has entered into for a leased manufacturing building in Niles, Illinois.

Lease-related supplemental cash flow information was as follows:

	Year Ended September 30,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	5,707	$	5,622
Operating cash flows for finance leases		58		87
Financing cash flows for finance leases		1,639		1,590
Right-of-use assets obtained in exchange for recorded lease obligations:
Operating leases		6,871		6,501
Finance leases		35		1,244

Maturities of Lease Liabilities

Maturities of lease liabilities were as follows:

Year Ending September 30:	Operating Leases			Finance Leases
2022	$	5,759		$	747
2023		4,470			334
2024		3,716			143
2025		3,048			5
2026		2,356			3
Thereafter		2,155			—
Total lease payments		21,504			1,232
Less: imputed interest		(1,474	)		(29	)
Total lease obligations	$	20,030		$	1,203

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, follows:

	September 30, 2021			September 30, 2020
Property, plant and equipment leased to others through embedded leasing arrangements	$	93,732		$	76,655
Less accumulated depreciation		(35,733	)		(29,819	)
Property, plant and equipment leased to others through embedded leasing arrangements, net	$	57,999		$	46,836