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Revenue (Tables)
12 Months Ended
Sep. 30, 2022
Revenue From Contract With Customer [Abstract]  
Revenue Derived from Product Sales

 

 

Year Ended September 30,

 

 

 

2022

 

 

2021

 

 

2020

 

Manufactured products

 

 

84

%

 

 

86

%

 

 

86

%

MRO

 

 

14

%

 

 

13

%

 

 

12

%

Services

 

 

2

%

 

 

1

%

 

 

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,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

593,233

 

 

$

509,737

 

 

$

1,102,970

 

 

$

481,422

 

 

$

527,233

 

 

$

1,008,655

 

 

$

590,817

 

 

$

592,157

 

 

$

1,182,974

 

Over time

 

 

926,089

 

 

 

353,731

 

 

 

1,279,820

 

 

 

922,695

 

 

 

314,482

 

 

 

1,237,177

 

 

 

1,000,146

 

 

 

312,545

 

 

 

1,312,691

 

Total net sales

 

$

1,519,322

 

 

$

863,468

 

 

$

2,382,790

 

 

$

1,404,117

 

 

$

841,715

 

 

$

2,245,832

 

 

$

1,590,963

 

 

$

904,702

 

 

$

2,495,665

 

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:

 

 

Year Ended September 30,

 

 

 

2022

 

 

2021

 

 

2020

 

Revenue

 

$

1,514

 

 

$

2,671

 

 

$

6,784

 

Cost of goods sold

 

 

667

 

 

 

1,961

 

 

 

6,638

 

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:

 

 

Year Ended September 30,

 

 

 

2022

 

 

2021

 

 

2020

 

Revenue

 

$

4,107

 

 

$

4,455

 

 

$

1,664

 

Cost of goods sold

 

 

3,077

 

 

 

3,466

 

 

 

1,241

 

Schedule of Accounts Receivable

Accounts receivable consisted of the following:

 

 

 

September 30, 2022

 

 

September 30, 2021

 

Billed receivables

 

 

 

 

 

 

 

 

Trade accounts receivable

 

$

359,364

 

 

$

298,951

 

Other (Chinese financial institutions)

 

 

9,405

 

 

 

23,168

 

Total billed receivables

 

 

368,769

 

 

 

322,119

 

Current unbilled receivables (contract assets)

 

 

245,117

 

 

 

204,596

 

Total accounts receivable

 

 

613,886

 

 

 

526,715

 

Less: Allowance for uncollectible amounts

 

 

(3,922

)

 

 

(3,664

)

Total accounts receivable, net

 

$

609,964

 

 

$

523,051

 

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,

 

 

 

2022

 

 

2021

 

 

2020

 

Balance, beginning

 

$

3,664

 

 

$

8,359

 

 

$

8,936

 

Charged to costs and expenses, or sales allowance

 

 

1,866

 

 

 

2,382

 

 

 

4,735

 

Deductions

 

 

(1,587

)

 

 

(7,255

)

 

 

(5,342

)

Other (deductions)/additions1

 

 

(21

)

 

 

178

 

 

 

30

 

Balance, ending

 

$

3,922

 

 

$

3,664

 

 

$

8,359

 

 

(1)

Includes effects of foreign exchange rate changes during the period.

Schedule of Contract Liability

Contract liabilities consisted of the following:  

 

 

 

September 30, 2022

 

 

September 30, 2021

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Deferred revenue from material rights from GE joint venture formation

 

$

5,754

 

 

$

234,516

 

 

$

4,771

 

 

$

234,237

 

Deferred revenue from advanced invoicing and/or prepayments from customers

 

 

4,120

 

 

 

38

 

 

 

4,192

 

 

 

290

 

Liability related to customer supplied inventory

 

 

12,442

 

 

 

 

 

 

14,169

 

 

 

 

Deferred revenue from material rights related to engineering and development funding

 

 

8,347

 

 

 

161,791

 

 

 

6,395

 

 

 

151,797

 

Net contract liabilities

 

$

30,663

 

 

$

396,345

 

 

$

29,527

 

 

$

386,324

 

Schedule of Disaggregation of Revenue

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

 

 

 

Year Ended September 30,

 

 

 

2022

 

 

2021

 

 

2020

 

Commercial OEM

 

$

499,438

 

 

$

386,543

 

 

$

434,306

 

Commercial aftermarket

 

 

420,881

 

 

 

306,547

 

 

 

399,843

 

Defense OEM

 

 

422,016

 

 

 

509,815

 

 

 

526,264

 

Defense aftermarket

 

 

176,987

 

 

 

201,212

 

 

 

230,550

 

Total Aerospace segment net sales

 

$

1,519,322

 

 

$

1,404,117

 

 

$

1,590,963

 

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

 

 

 

Year Ended September 30,

 

 

 

2022

 

 

2021

 

 

2020

 

Reciprocating engines

 

$

636,866

 

 

$

639,946

 

 

$

632,555

 

Industrial turbines

 

 

226,602

 

 

 

201,769

 

 

 

222,366

 

Renewables1

 

 

 

 

 

 

 

 

49,781

 

Total Industrial segment net sales

 

$

863,468

 

 

$

841,715

 

 

$

904,702

 

The customers who account for approximately 10% or more of net sales of each of Woodward’s reportable segments are as follows:

 

 

For the Year Ended September 30,

 

 

2022

 

2021

Aerospace

 

Raytheon Technologies, The Boeing Company, GE

 

The Boeing Company, Raytheon Technologies, GE

Industrial

 

Rolls-Royce PLC,

Wärtsilä, Caterpillar

 

Rolls-Royce PLC,

Weichai Westport, GE

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

 

 

 

 

Year Ended September 30,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

United States

 

$

1,105,860

 

 

$

205,740

 

 

$

1,311,600

 

 

$

1,103,373

 

 

$

174,750

 

 

$

1,278,123

 

 

$

1,231,004

 

 

$

195,450

 

 

$

1,426,454

 

Germany

 

 

57,840

 

 

 

174,216

 

 

 

232,056

 

 

 

31,005

 

 

 

152,691

 

 

 

183,696

 

 

 

52,635

 

 

 

181,330

 

 

 

233,965

 

Europe, excluding Germany

 

 

128,719

 

 

 

234,795

 

 

 

363,514

 

 

 

95,984

 

 

 

195,957

 

 

 

291,941

 

 

 

122,938

 

 

 

214,033

 

 

 

336,971

 

China

 

 

49,407

 

 

 

86,972

 

 

 

136,379

 

 

 

35,286

 

 

 

178,983

 

 

 

214,269

 

 

 

38,359

 

 

 

171,526

 

 

 

209,885

 

Asia, excluding China

 

 

23,334

 

 

 

128,855

 

 

 

152,189

 

 

 

23,363

 

 

 

114,137

 

 

 

137,500

 

 

 

27,068

 

 

 

113,001

 

 

 

140,069

 

Other countries

 

 

154,162

 

 

 

32,890

 

 

 

187,052

 

 

 

115,106

 

 

 

25,197

 

 

 

140,303

 

 

 

118,959

 

 

 

29,362

 

 

 

148,321

 

Total net sales

 

$

1,519,322

 

 

$

863,468

 

 

$

2,382,790

 

 

$

1,404,117

 

 

$

841,715

 

 

$

2,245,832

 

 

$

1,590,963

 

 

$

904,702

 

 

$

2,495,665