Annual report pursuant to Section 13 and 15(d)

Leases

v3.20.2
Leases
12 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Leases LEASES:
The Company’s lease portfolio includes various contracts for real estate, vehicles, information technology and other equipment. Effective October 1, 2019, ROU assets and corresponding lease liabilities are recorded on the Consolidated Balance Sheet. Reporting periods prior to October 1, 2019 continue to be presented in accordance with previous lease accounting guidance under GAAP. The following table presents the balance sheet and lease classification for the Company's lease portfolio:

Balance Sheet Classification Lease Classification
September 30, 2020
Non-current assets:
Property, plant and equipment, net Finance $ 9,185 
Other assets Operating 72,011 
Total lease assets $ 81,196 
Current liabilities:
Long-term debt, current maturities Finance $ 3,515 
Other current liabilities Operating 23,942 
Non-current liabilities:
Long-term debt Finance 6,169 
Other liabilities Operating 49,297 
Total lease liabilities $ 82,923 
The following table presents the components of lease cost:
For the Year Ended September 30, 2020
Finance lease cost:
Amortization of ROU assets $ 2,112 
Interest on lease liabilities 206 
Operating lease cost (a)
23,735 
Variable lease cost (a)
5,298 
Sublease income (732)
Total lease cost $ 30,619 
(a) Annual lease cost under operating leases were $29,033, $38,015 and $38,934 in fiscal 2020, 2019 and 2018, respectively. 

Supplemental information regarding the Company's leases follows:
For the Year Ended September 30, 2020
Cash paid for finance and operating lease liabilities:
Operating cash flows from finance leases $ 207 
Operating cash flows from operating leases $ 29,309 
Financing cash flows from finance leases $ 2,064 
ROU assets obtained in exchange for new finance lease liabilities $ 2,613 
ROU assets obtained in exchange for new operating lease liabilities $ 12,442 
September 30, 2020
Weighted-average remaining lease term - finance leases (years) 4.39
Weighted-average remaining lease term - operating leases (years) 3.52
Weighted-discount rate - finance leases 2.89  %
Weighted-discount rate - operating leases 2.82  %

Maturities of lease obligations by fiscal year were as follows as of September 30, 2020:
Operating Leases Finance Leases
2021 $ 25,804  $ 3,847 
2022 18,973  2,877 
2023 12,939  1,168 
2024 8,706  462 
2025 5,515  407 
Thereafter 5,224  1,753 
Total future minimum lease payments 77,161  10,514 
Less: Interest 3,922  830 
Present value of lease liabilities: $ 73,239  $ 9,684 
Leases LEASES:
The Company’s lease portfolio includes various contracts for real estate, vehicles, information technology and other equipment. Effective October 1, 2019, ROU assets and corresponding lease liabilities are recorded on the Consolidated Balance Sheet. Reporting periods prior to October 1, 2019 continue to be presented in accordance with previous lease accounting guidance under GAAP. The following table presents the balance sheet and lease classification for the Company's lease portfolio:

Balance Sheet Classification Lease Classification
September 30, 2020
Non-current assets:
Property, plant and equipment, net Finance $ 9,185 
Other assets Operating 72,011 
Total lease assets $ 81,196 
Current liabilities:
Long-term debt, current maturities Finance $ 3,515 
Other current liabilities Operating 23,942 
Non-current liabilities:
Long-term debt Finance 6,169 
Other liabilities Operating 49,297 
Total lease liabilities $ 82,923 
The following table presents the components of lease cost:
For the Year Ended September 30, 2020
Finance lease cost:
Amortization of ROU assets $ 2,112 
Interest on lease liabilities 206 
Operating lease cost (a)
23,735 
Variable lease cost (a)
5,298 
Sublease income (732)
Total lease cost $ 30,619 
(a) Annual lease cost under operating leases were $29,033, $38,015 and $38,934 in fiscal 2020, 2019 and 2018, respectively. 

Supplemental information regarding the Company's leases follows:
For the Year Ended September 30, 2020
Cash paid for finance and operating lease liabilities:
Operating cash flows from finance leases $ 207 
Operating cash flows from operating leases $ 29,309 
Financing cash flows from finance leases $ 2,064 
ROU assets obtained in exchange for new finance lease liabilities $ 2,613 
ROU assets obtained in exchange for new operating lease liabilities $ 12,442 
September 30, 2020
Weighted-average remaining lease term - finance leases (years) 4.39
Weighted-average remaining lease term - operating leases (years) 3.52
Weighted-discount rate - finance leases 2.89  %
Weighted-discount rate - operating leases 2.82  %

Maturities of lease obligations by fiscal year were as follows as of September 30, 2020:
Operating Leases Finance Leases
2021 $ 25,804  $ 3,847 
2022 18,973  2,877 
2023 12,939  1,168 
2024 8,706  462 
2025 5,515  407 
Thereafter 5,224  1,753 
Total future minimum lease payments 77,161  10,514 
Less: Interest 3,922  830 
Present value of lease liabilities: $ 73,239  $ 9,684