Leases (Tables)

6 Months Ended

Mar. 31, 2020

Leases [Abstract]

Other Pertinent Information Related to Leases

The following table represents our weighted average discount rate at March 31, 2020:

	March 31, 2020
Weighted average discount rate
Finance leases	6.95	%
Operating leases	2.92	%

The following table presents our weighted average remaining lease term for our leases.

	March 31, 2020
Weighted average remaining lease term (years)
Finance leases	19.45
Operating leases	10.72

For the three and six months ended March 31, 2020, we did not have material short-term lease costs or variable lease costs.

	Three Months Ended March 31, 2020		Six Months Ended March 31, 2020
	(In thousands)
Finance lease cost	$	105	$	178
Operating lease cost	10,166		20,091
Total lease cost	$	10,271	$	20,269

Our ROU assets and lease liabilities are presented as follows on the condensed consolidated balance sheets (unaudited):

	Balance Sheet Classification	March 31, 2020
		(In thousands)
Assets
Finance leases	Net Property, Plant and Equipment	$	6,631
Operating leases	Deferred charges and other assets	222,653
Total right-of-use assets		$	229,284
Liabilities
Current
Finance leases	Current maturities of long-term debt	$	131
Operating leases	Other current liabilities	31,482
Noncurrent
Finance leases	Long-term debt	6,535
Operating leases	Deferred credits and other liabilities	199,563
Total lease liabilities		$	237,711

Other pertinent information related to leases was as follows. During the six months ended March 31, 2020, amounts paid in cash for our finance leases were not material.

	Six Months Ended March 31, 2020
	(In thousands)
Cash paid amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	18,223
Right-of-use assets obtained in exchange for lease obligations
Finance leases	$	4,150
Operating leases	$	13,854

Schedule of Finance Lease Liability Maturities

Maturities of our lease liabilities as of March 31, 2020, presented on a rolling 12-month basis, were as follows:

	Total		Finance Leases		Operating Leases
	(In thousands)
Year 1	$	36,723	$	516	$	36,207
Year 2	37,066		526		36,540
Year 3	32,468		536		31,932
Year 4	27,244		547		26,697
Year 5	17,088		558		16,530
Thereafter	133,876		9,335		124,541
Total lease payments	284,465		12,018		272,447
Less: Imputed interest	46,754		5,352		41,402
Total	$	237,711	$	6,666	$	231,045
Reported as of March 31, 2020
Short-term lease liabilities	$	31,613	$	131	$	31,482
Long-term lease liabilities	206,098		6,535		199,563
Total lease liabilities	$	237,711	$	6,666	$	231,045

Schedule of Operating Lease Liability Maturities

Maturities of our lease liabilities as of March 31, 2020, presented on a rolling 12-month basis, were as follows:

	Total		Finance Leases		Operating Leases
	(In thousands)
Year 1	$	36,723	$	516	$	36,207
Year 2	37,066		526		36,540
Year 3	32,468		536		31,932
Year 4	27,244		547		26,697
Year 5	17,088		558		16,530
Thereafter	133,876		9,335		124,541
Total lease payments	284,465		12,018		272,447
Less: Imputed interest	46,754		5,352		41,402
Total	$	237,711	$	6,666	$	231,045
Reported as of March 31, 2020
Short-term lease liabilities	$	31,613	$	131	$	31,482
Long-term lease liabilities	206,098		6,535		199,563
Total lease liabilities	$	237,711	$	6,666	$	231,045

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

(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 2024 and $2.7 million thereafter.

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

(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 2024 and $2.7 million thereafter.