Leases (Tables)
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12 Months Ended |
Sep. 30, 2020 |
Leases [Abstract] |
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Other Pertinent Information Related to Leases |
Our ROU assets and lease liabilities are presented as follows on the consolidated balance sheets: | | | | | | | Balance Sheet Classification | September 30, 2020 | | | (In thousands) | Assets | | | Finance leases | Net Property, Plant and Equipment | $ | 8,480 |
| Operating leases | Deferred charges and other assets | 227,146 |
| Total right-of-use assets | | $ | 235,626 |
| Liabilities | | | Current | | | Finance leases | Current maturities of long-term debt | $ | 165 |
| Operating leases | Other current liabilities | 35,716 |
| Noncurrent | | | Finance leases | Long-term debt | 8,466 |
| Operating leases | Deferred credits and other liabilities | 201,071 |
| Total lease liabilities | | $ | 245,418 |
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Other pertinent information related to leases was as follows. During the year ended September 30, 2020, amounts paid in cash for our finance leases were not material. | | | | | | September 30, 2020 | | (In thousands) | Cash paid amounts included in the measurement of lease liabilities | | Operating cash flows used for operating leases | $ | 37,758 |
| Right-of-use assets obtained in exchange for lease obligations | | Finance leases | $ | 6,083 |
| Operating leases | $ | 34,169 |
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Lease costs for the year ended September 30, 2020 are presented in the table below. These costs include both amounts recognized in expense and amounts capitalized. For the year ended September 30, 2020 we did not have material short-term lease costs or variable lease costs. | | | | | | September 30, 2020 | | (In thousands) | Finance lease cost | $ | 622 |
| Operating lease cost | 40,887 |
| Total lease cost | $ | 41,509 |
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The following table represents our weighted average discount rate: | | | | | September 30, 2020 | Weighted average discount rate | | Finance leases | 8.0 | % | Operating leases | 2.9 | % |
The following table presents our weighted average remaining lease term for our leases. | | | | September 30, 2020 | Weighted average remaining lease term (years) | | Finance leases | 19.1 | Operating leases | 10.6 |
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Schedule of Finance Lease Liability Maturities |
Maturities of our lease liabilities as of September 30, 2020 were as follows: | | | | | | | | | | | | Total | Finance Leases | Operating Leases | | (In thousands) | 2021 | $ | 40,790 |
| $ | 741 |
| $ | 40,049 |
| 2022 | 38,423 |
| 751 |
| 37,672 |
| 2023 | 33,266 |
| 762 |
| 32,504 |
| 2024 | 25,464 |
| 773 |
| 24,691 |
| 2025 | 17,666 |
| 784 |
| 16,882 |
| Thereafter | 139,049 |
| 12,666 |
| 126,383 |
| Total lease payments | 294,658 |
| 16,477 |
| 278,181 |
| Less: Imputed interest | 49,240 |
| 7,846 |
| 41,394 |
| Total | $ | 245,418 |
| $ | 8,631 |
| $ | 236,787 |
| Reported as of September 30, 2020 | | | | Short-term lease liabilities | $ | 35,881 |
| $ | 165 |
| $ | 35,716 |
| Long-term lease liabilities | 209,537 |
| 8,466 |
| 201,071 |
| Total lease liabilities | $ | 245,418 |
| $ | 8,631 |
| $ | 236,787 |
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Schedule of Operating Lease Liability Maturities |
Maturities of our lease liabilities as of September 30, 2020 were as follows: | | | | | | | | | | | | Total | Finance Leases | Operating Leases | | (In thousands) | 2021 | $ | 40,790 |
| $ | 741 |
| $ | 40,049 |
| 2022 | 38,423 |
| 751 |
| 37,672 |
| 2023 | 33,266 |
| 762 |
| 32,504 |
| 2024 | 25,464 |
| 773 |
| 24,691 |
| 2025 | 17,666 |
| 784 |
| 16,882 |
| Thereafter | 139,049 |
| 12,666 |
| 126,383 |
| Total lease payments | 294,658 |
| 16,477 |
| 278,181 |
| Less: Imputed interest | 49,240 |
| 7,846 |
| 41,394 |
| Total | $ | 245,418 |
| $ | 8,631 |
| $ | 236,787 |
| Reported as of September 30, 2020 | | | | Short-term lease liabilities | $ | 35,881 |
| $ | 165 |
| $ | 35,716 |
| Long-term lease liabilities | 209,537 |
| 8,466 |
| 201,071 |
| Total lease liabilities | $ | 245,418 |
| $ | 8,631 |
| $ | 236,787 |
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Schedule of Future Minimum Lease Payments for Capital Leases |
The future minimum lease payments as of September 30, 2019 were as follows: | | | | | | | | | | Operating Leases(1) | | Capital Lease | | (In thousands) | 2020 | $ | 21,017 |
| | $ | 243 |
| 2021 | 20,416 |
| | 248 |
| 2022 | 19,370 |
| | 253 |
| 2023 | 18,071 |
| | 258 |
| 2024 | 15,718 |
| | 263 |
| Thereafter | 105,544 |
| | 4,343 |
| Total minimum lease payments | $ | 200,136 |
| | 5,608 |
| Less amount representing interest | | | 3,018 |
| Present value of net minimum lease payments | | | $ | 2,590 |
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(1) Future minimum lease payments do not include amounts for fleet leases and other de minimis items that can be renewed beyond the initial lease term. The Company anticipates renewing the leases beyond the initial term, but the anticipated payments associated with the renewals do not meet the definition of expected minimum lease payments and therefore are not included above. Expected payments are $17.6 million in 2020, $18.0 million in 2021, $11.8 million in 2022, $8.5 million in 2023, $5.4 million in 2024 and $2.7 million thereafter.
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Schedule of Future Minimum Rental Payments for Operating Leases |
The future minimum lease payments as of September 30, 2019 were as follows: | | | | | | | | | | Operating Leases(1) | | Capital Lease | | (In thousands) | 2020 | $ | 21,017 |
| | $ | 243 |
| 2021 | 20,416 |
| | 248 |
| 2022 | 19,370 |
| | 253 |
| 2023 | 18,071 |
| | 258 |
| 2024 | 15,718 |
| | 263 |
| Thereafter | 105,544 |
| | 4,343 |
| Total minimum lease payments | $ | 200,136 |
| | 5,608 |
| Less amount representing interest | | | 3,018 |
| Present value of net minimum lease payments | | | $ | 2,590 |
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(1) Future minimum lease payments do not include amounts for fleet leases and other de minimis items that can be renewed beyond the initial lease term. The Company anticipates renewing the leases beyond the initial term, but the anticipated payments associated with the renewals do not meet the definition of expected minimum lease payments and therefore are not included above. Expected payments are $17.6 million in 2020, $18.0 million in 2021, $11.8 million in 2022, $8.5 million in 2023, $5.4 million in 2024 and $2.7 million thereafter.
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