Leases (Tables)

12 Months Ended

Sep. 30, 2023

Leases [Abstract]

Lease-Related Assets and Liabilities

Lease-related assets and liabilities follows:

	Classification on the Consolidated Balance Sheets	September 30, 2023		September 30, 2022
Assets:
Operating lease assets	Other assets	$	24,680	$	25,144
Finance lease assets	Property, plant, and equipment, net		3,337		5,474
Total lease assets			28,017		30,618
Current liabilities:
Operating lease liabilities	Accrued liabilities		4,594		4,587
Finance lease liabilities	Current portion of long-term debt		817		856
Noncurrent liabilities:
Operating lease liabilities	Other liabilities		20,685		21,443
Finance lease liabilities	Long-term debt, less current portion		2,733		4,405
Total lease liabilities		$	28,829	$	31,291

Supplemental Lease-Related Information

Supplemental lease-related information follows:

	September 30, 2023			September 30, 2022
Weighted average remaining lease term
Operating leases	8.6 years			8.3 years
Finance leases	4.6 years			9.7 years
Weighted average discount rate
Operating leases		4.0	%		3.6	%
Finance leases		4.6	%		3.4	%

Lease-Related Expenses

Lease-related expenses were as follows:

	Year Ended September 30,
	2023		2022			2021
Operating lease expense	$	6,213	$	6,335		$	6,559
Amortization of financing lease assets		914		454			425
Interest on financing lease liabilities		157		51			58
Variable lease expense		917		929			1,495
Short-term lease expense		196		190			283
Sublease income1		—		(192	)		(680	)
Total lease expense	$	8,397	$	7,767		$	8,140

(1)Relates to two separate subleases Woodward has entered into for a leased manufacturing building in Niles, Illinois, each of which expired during fiscal year 2022.

Lease-Related Supplemental Cash Flow Information

Lease-related supplemental cash flow information was as follows:

	Year Ended September 30,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	5,151	$	5,303	$	5,707
Operating cash flows for finance leases		157		51		58
Financing cash flows for finance leases		779		796		1,639
Right-of-use assets obtained in exchange for recorded lease obligations:
Operating leases		2,230		14,678		6,871
Finance leases		48		4,046		35

Maturities of Lease Liabilities

Maturities of lease liabilities were as follows:

Year Ending September 30:	Operating Leases			Finance Leases
2024	$	5,329		$	954
2025		4,491			821
2026		3,823			822
2027		3,109			820
2028		2,662			234
Thereafter		10,491			258
Total lease payments		29,905			3,909
Less: imputed interest		(4,626	)		(359	)
Total lease obligations	$	25,279		$	3,550

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, was as follows:

	September 30, 2023			September 30, 2022
Property, plant, and equipment	$	45,766		$	44,912
Less accumulated depreciation		(28,128	)		(25,508	)
Property, plant, and equipment, net	$	17,638		$	19,404