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Revenue (Schedule of Impact of the Adoption ASC 606 on Consolidated Earning) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 12 Months Ended
Sep. 30, 2019
[2]
Jun. 30, 2019
[2]
Mar. 31, 2019
[2]
Dec. 31, 2018
[2]
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2017
Net sales $ 736,537 [1] $ 752,005 [1] $ 758,844 [1] $ 652,811 [1] $ 719,359 [1] $ 588,117 [1] $ 548,249 [1] $ 470,148 [1] $ 2,900,197 $ 2,325,873 $ 2,098,685
Costs and expenses:                      
Cost of goods sold                 2,192,654 1,722,802 1,527,568
Selling, general and administrative expenses                 211,205 193,736 177,322
Research and development costs                 159,107 148,279 126,519
Restructuring charges                 17,013  
Interest expense                 44,001 40,465 35,639
Interest income                 (1,413) (1,674) (1,725)
Other expense (income), net                 (25,969) (14,326) (19,385)
Total costs and expenses                 2,579,585 2,106,295 1,845,938
Earnings before income taxes 76,615 [3],[4],[5] 92,314 [3],[4],[5] 90,168 [3],[4],[5] 61,515 [3],[4],[5] 79,027 [3],[4],[6],[7] 54,417 [3],[4],[6],[7] 48,647 [3],[4],[6],[7] 37,487 [3],[4],[6],[7] 320,612 219,578 252,747
Income tax expense                 61,010 39,200 52,240
Net earnings $ 66,796 [3],[4],[5],[8] $ 66,107 [3],[4],[5],[8] $ 77,579 [3],[4],[5],[8] $ 49,120 [3],[4],[5],[8] $ 74,512 [3],[4],[6],[7],[8] $ 49,117 [3],[4],[6],[7],[8] $ 38,489 [3],[4],[6],[7],[8] $ 18,260 [3],[4],[6],[7],[8] $ 259,602 $ 180,378 $ 200,507
Earnings Per Share                      
Basic earnings per share $ 1.08 [3],[4],[5],[8] $ 1.07 [3],[4],[5],[8] $ 1.25 [3],[4],[5],[8] $ 0.79 [3],[4],[5],[8] $ 1.21 [3],[4],[6],[7],[8] $ 0.80 [3],[4],[6],[7],[8] $ 0.63 [3],[4],[6],[7],[8] $ 0.30 [3],[4],[6],[7],[8] $ 4.19 $ 2.93 $ 3.27
Diluted earnings per share $ 1.03 [3],[4],[5],[8] $ 1.02 [3],[4],[5],[8] $ 1.20 [3],[4],[5],[8] $ 0.77 [3],[4],[5],[8] $ 1.16 [3],[4],[6],[7],[8] $ 0.77 [3],[4],[6],[7],[8] $ 0.60 [3],[4],[6],[7],[8] $ 0.29 [3],[4],[6],[7],[8] $ 4.02 $ 2.82 $ 3.16
Weighted Average Common Shares Outstanding (Note 4):                      
Basic                 61,950 61,493 61,366
Diluted                 64,498 63,876 63,512
Under Previous Standard [Member]                      
Net sales                 $ 2,790,557    
Costs and expenses:                      
Cost of goods sold                 2,088,087    
Selling, general and administrative expenses                 211,307    
Research and development costs                 160,402    
Interest expense                 44,001    
Interest income                 (1,413)    
Other expense (income), net                 (25,969)    
Total costs and expenses                 2,476,415    
Earnings before income taxes                 314,142    
Income tax expense                 60,175    
Net earnings                 $ 253,967    
Earnings Per Share                      
Basic earnings per share                 $ 4.10    
Diluted earnings per share                 $ 3.94    
Weighted Average Common Shares Outstanding (Note 4):                      
Basic                 61,950    
Diluted                 64,498    
Adjustments [Member] | ASC 606 [Member]                      
Net sales                 $ 109,640    
Costs and expenses:                      
Cost of goods sold                 104,567    
Selling, general and administrative expenses                 (102)    
Research and development costs                 (1,295)    
Total costs and expenses                 103,170    
Earnings before income taxes                 6,470    
Income tax expense                 835    
Net earnings                 $ 5,635    
Earnings Per Share                      
Basic earnings per share                 $ 0.09    
Diluted earnings per share                 $ 0.08    
[1] On June 1, 2018, Woodward acquired L’Orange. Net sales attributable to L’Orange were $87,680, $87,986, $78,517, and $77,826 in the first through fourth quarters of fiscal year 2019, respectively, as compared to $24,878 and $78,027 in the third and fourth quarters of fiscal year 2018, respectively.
[2] Woodward adopted ASC 606 on October 1, 2018 and elected the modified retrospective transition method. The quarterly results for periods prior to fiscal year 2019 were not adjusted for the new standard. Subsequent to the adoption of ASC 606, Woodward’s management identified an inconsistency in the application of ASC 606. The inconsistency resulted in errors that were cumulatively not material in determining the percentage of completion calculation on over time product revenue recognition, which caused the Condensed Consolidated Financial Statements for the quarters ended December 31, 2018 and March 31, 2019, as well as the cumulative impact of the adoption of ASC 606 on the Condensed Consolidated Balance Sheet as of October 1, 2018, to be misstated by amounts that management concluded were not material (“ASC 606 adoption errors”). To correct the errors for the three-months ended December 31, 2018 and for the three and six-months ended March 31, 2019, Woodward made an out-of-period correction in the three-months ended June 30, 2019. The correction resulted in increases to net sales of $13,614, earnings before income taxes of $8,041, net earnings of $6,037, and diluted earnings per share of $0.09 for the three-months ended June 30, 2019, the majority of which relates to Woodward’s Aerospace segment.
[3] Results for the first through fourth quarters of fiscal year 2019 include, Duarte move related costs of $6,963, $9,161, $7,035, and $3,930, respectively. Results for the second, third and fourth quarters of fiscal year 2018, include, as applicable, pre-tax Duarte move related costs and L’Orange acquisition transaction and integration costs of $1,525, $5,134 and $4,714, respectively.
[4] Results for the first through third quarters of fiscal year 2019 include pre-tax non-cash charges of $9,511, $8,985, $2,604, respectively, as compared to the third and fourth quarters of fiscal year 2018, which include pre-tax non-cash charges of $8,299 and $26,086, respectively. These costs are associated with the purchase accounting impacts related to the revaluation of the L’Orange inventory recognized in cost of goods sold and the amortization of the backlog intangible.
[5] Results for the fourth quarter of fiscal year 2019 include pre-tax, non-cash charges of $12,601 related to the impairment of receivables, inventory and certain other assets in connection with Senvion, a significant customer of Woodward renewables business, which declared insolvency in fiscal year 2019.
[6] Results for the third quarter of fiscal year 2018 include the (i) pre-tax cost associated with an at-the-money forward option of $5,543, (ii) pre-tax warranty and indemnity insurance costs associated with the acquisition of L’Orange of $4,293, and (iii) pre-tax German real estate transfer tax costs associated with the acquisition of L’Orange of $3,385.
[7] The second quarter of fiscal year 2018 includes pre-tax restructuring charges totaling $17,013, the majority of which relate to the Company’s decision to relocate its Duarte, California operations to the Company’s newly renovated Drake Campus in Fort Collins, Colorado. The remaining restructuring charges recognized during the quarter consist of workforce management costs related to aligning the Company’s industrial turbomachinery business with current market conditions.
[8] In the first and third quarters of fiscal year 2018, Woodward recognized a tax expense of $14,778 and $3,671, respectively, and tax benefit of $7,589 in the fourth quarter of fiscal year 2018, related to the transition impacts of the change in U.S. tax legislation in December 2017. In the third quarter of fiscal year 2019, Woodward recognized additional income tax expense of $10,588 related to the repatriation tax on deferred foreign income related to the December 2017 U.S. Tax legislation.