Goodwill

6 Months Ended

Mar. 31, 2020

Goodwill [Abstract]

Goodwill

Note 13. Goodwill

	September 30, 2019		Impairment Charges		Effects of Foreign Currency Translation		March 31, 2020
Aerospace	$	455,423	$	-	$	-	$	455,423
Industrial		342,430		(8,777)		2,948		336,601
Consolidated	$	797,853	$	(8,777)	$	2,948	$	792,024

Woodward tests goodwill for impairment during the fourth quarter of each fiscal year, and at any time there is an indication goodwill is more-likely-than-not impaired, commonly referred to as triggering events. Woodward’s fourth quarter of fiscal year 2019 impairment test resulted in no impairment.

In the first quarter of fiscal year 2020, Woodward determined that the approved plan to divest of the disposal groups (see Note 10, Impairment of assets held for sale) represented a triggering event requiring the long-lived assets attributable to the disposal groups be assessed for impairment. Given the facts and circumstances at the time, Woodward determined that the remaining value of the goodwill of the disposal groups was not recoverable and an $8,777 non-cash impairment charge was recorded during the six-months ended March 31, 2020.

During the second quarter of fiscal year 2020, Woodward determined the economic uncertainty and global disruption caused by the COVID-19 pandemic will significantly impact future sales of all business units. Management concluded the overall economic disruption triggered by the COVID-19 pandemic generated a series of factors to consider relative to possible triggering events. However, management further concluded these factors do not individually or collectively represent triggering events that would indicate it was more likely than not that the fair value of a reporting unit is below its carrying amount as of March 31, 2020. Woodward will continue to monitor the impacts of the COVID-19 pandemic on earnings that may impact the carrying value of goodwill and long-lived assets in future periods.