| 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:
|
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|
|
|
|
|
|
|
|
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 |
|
|