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Revenue (Tables)
12 Months Ended
Sep. 30, 2021
Revenue From Contract With Customer [Abstract]  
Revenue Derived from Product Sales

 

 

Year Ended September 30,

 

 

 

2021

 

 

2020

 

 

2019

 

Manufactured products

 

 

86

%

 

 

86

%

 

 

86

%

MRO

 

 

13

%

 

 

12

%

 

 

12

%

Services

 

 

1

%

 

 

2

%

 

 

2

%

Schedule of Revenue Recognition Time

The amount of revenue recognized as point in time or over time follows:

 

 

 

For the Year Ended September 30,

 

 

 

2021

 

 

2020

 

 

2019

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

481,422

 

 

$

527,233

 

 

$

1,008,655

 

 

$

590,817

 

 

$

592,157

 

 

$

1,182,974

 

 

$

762,042

 

 

$

634,219

 

 

$

1,396,261

 

Over time

 

 

922,695

 

 

 

314,482

 

 

 

1,237,177

 

 

 

1,000,146

 

 

 

312,545

 

 

 

1,312,691

 

 

 

1,118,478

 

 

 

385,458

 

 

 

1,503,936

 

Total net sales

 

$

1,404,117

 

 

$

841,715

 

 

$

2,245,832

 

 

$

1,590,963

 

 

$

904,702

 

 

$

2,495,665

 

 

$

1,880,520

 

 

$

1,019,677

 

 

$

2,900,197

 

Summary of Amounts Recognized Related to Changes in Estimated Total Lifetime Sales for Material Rights and Costs to Fulfill Contracts With Customers

Amounts recognized related to changes in estimated total lifetime sales for material rights and costs to fulfill contracts with customers follows:

 

 

For the Year Ended September 30,

 

 

 

2021

 

 

2020

 

 

2019

 

Revenue

 

$

2,671

 

 

$

6,784

 

 

$

6,017

 

Cost of goods sold

 

 

1,961

 

 

 

6,638

 

 

 

9,580

 

Summary of Amounts Recognized Related to Amortization of Costs to Fulfill Contracts and Contract Liabilities Not Related to Changes in Estimate

Amounts recognized related to amortization of costs to fulfill contracts and contract liabilities, which were not related to changes in estimate, follows:

 

 

For the Year Ended September 30,

 

 

 

2021

 

 

2020

 

 

2019

 

Revenue

 

$

4,455

 

 

$

1,664

 

 

$

719

 

Cost of goods sold

 

 

3,466

 

 

 

1,241

 

 

 

376

 

Schedule of Accounts Receivable

Accounts receivable consisted of the following:

 

 

 

September 30, 2021

 

 

September 30, 2020

 

Billed receivables

 

 

 

 

 

 

 

 

Trade accounts receivable

 

$

298,951

 

 

$

307,914

 

Other (Chinese financial institutions)

 

 

23,168

 

 

 

56,640

 

Total billed receivables

 

 

322,119

 

 

 

364,554

 

Current unbilled receivables (contract assets)

 

 

204,596

 

 

 

181,792

 

Total accounts receivable

 

 

526,715

 

 

 

546,346

 

Less: Allowance for uncollectible amounts

 

 

(3,664

)

 

 

(8,359

)

Total accounts receivable, net

 

$

523,051

 

 

$

537,987

 

Schedule of Uncollectible Amounts And Change in Expected Allowance for Credit Losses for Trade Accounts Receivable and Unbilled Receivables

The allowance for uncollectible amounts and change in expected credit losses for trade accounts receivable and unbilled receivables (contract assets) consisted of the following:

 

 

Year Ended September 30,

 

 

 

2021

 

 

2020

 

 

2019

 

Balance, beginning

 

$

8,359

 

 

$

8,936

 

 

$

3,938

 

Charged to costs and expenses, or sales allowance

 

 

2,382

 

 

 

4,735

 

 

 

5,927

 

Deductions

 

 

(7,255

)

 

 

(5,342

)

 

 

(1,180

)

Other additions1

 

 

178

 

 

 

30

 

 

 

251

 

Balance, ending

 

$

3,664

 

 

$

8,359

 

 

$

8,936

 

 

(1)

Includes effects of foreign exchange rate changes during the period.

Schedule of Contract Liability

Contract liabilities consisted of the following:  

 

 

 

September 30, 2021

 

 

September 30, 2020

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Deferred revenue from material rights from GE joint venture formation

 

$

4,771

 

 

$

234,237

 

 

$

4,066

 

 

$

234,240

 

Deferred revenue from advanced invoicing and/or prepayments from customers

 

 

4,192

 

 

 

290

 

 

 

3,239

 

 

 

85

 

Liability related to customer supplied inventory

 

 

14,169

 

 

 

 

 

 

14,955

 

 

 

 

Deferred revenue from material rights related to engineering and development funding

 

 

6,395

 

 

 

151,797

 

 

 

2,360

 

 

 

132,317

 

Net contract liabilities

 

$

29,527

 

 

$

386,324

 

 

$

24,620

 

 

$

366,642

 

Schedule of Disaggregation of Revenue

Revenue by primary market for the Aerospace reportable segment was as follows:

 

 

 

Year Ended September 30,

 

 

 

2021

 

 

2020

 

 

2019

 

Commercial OEM

 

$

386,543

 

 

$

434,306

 

 

$

659,336

 

Commercial aftermarket

 

 

306,547

 

 

 

399,843

 

 

 

497,795

 

Defense OEM

 

 

509,815

 

 

 

526,264

 

 

 

529,940

 

Defense aftermarket

 

 

201,212

 

 

 

230,550

 

 

 

193,449

 

Total Aerospace segment net sales

 

$

1,404,117

 

 

$

1,590,963

 

 

$

1,880,520

 

Revenue by primary market for the Industrial reportable segment was as follows:

 

 

 

Year Ended September 30,

 

 

 

2021

 

 

2020

 

 

2019

 

Reciprocating engines

 

$

639,946

 

 

$

632,555

 

 

$

751,136

 

Industrial turbines

 

 

201,769

 

 

 

222,366

 

 

 

210,064

 

Renewables1

 

 

 

 

 

49,781

 

 

 

58,477

 

Total Industrial segment net sales

 

$

841,715

 

 

$

904,702

 

 

$

1,019,677

 

The customers who account for approximately 10% or more of net sales of each of Woodward’s reportable segments for the fiscal years ended September 30, 2021 and 2020 are as follows:

 

 

 

Customer

Aerospace

 

The Boeing Company, General Electric Company, Raytheon Technologies

Industrial

 

Rolls-Royce PLC, Weichai Westport, General Electric Company

Net sales by geographic area, as determined based on the location of the customer, were as follows:

 

 

 

 

Year Ended September 30,

 

 

 

2021

 

 

2020

 

 

2019

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

United States

 

$

1,103,373

 

 

$

174,750

 

 

$

1,278,123

 

 

$

1,231,004

 

 

$

195,450

 

 

$

1,426,454

 

 

$

1,415,880

 

 

$

212,184

 

 

$

1,628,064

 

Germany

 

 

31,005

 

 

 

152,691

 

 

 

183,696

 

 

 

52,635

 

 

 

181,330

 

 

 

233,965

 

 

 

72,907

 

 

 

229,177

 

 

 

302,084

 

Europe, excluding Germany

 

 

95,984

 

 

 

195,957

 

 

 

291,941

 

 

 

122,938

 

 

 

214,033

 

 

 

336,971

 

 

 

178,905

 

 

 

252,511

 

 

 

431,416

 

China

 

 

35,286

 

 

 

178,983

 

 

 

214,269

 

 

 

38,359

 

 

 

171,526

 

 

 

209,885

 

 

 

47,492

 

 

 

167,337

 

 

 

214,829

 

Asia, excluding China

 

 

23,363

 

 

 

114,137

 

 

 

137,500

 

 

 

27,068

 

 

 

113,001

 

 

 

140,069

 

 

 

37,991

 

 

 

126,497

 

 

 

164,488

 

Other countries

 

 

115,106

 

 

 

25,197

 

 

 

140,303

 

 

 

118,959

 

 

 

29,362

 

 

 

148,321

 

 

 

127,345

 

 

 

31,971

 

 

 

159,316

 

Total net sales

 

$

1,404,117

 

 

$

841,715

 

 

$

2,245,832

 

 

$

1,590,963

 

 

$

904,702

 

 

$

2,495,665

 

 

$

1,880,520

 

 

$

1,019,677

 

 

$

2,900,197