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Revenue (Tables)
12 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Derived from Product Sales

 

 

Year Ended September 30,

 

 

 

2023

 

 

2022

 

 

2021

 

Manufactured products

 

 

84

%

 

 

84

%

 

 

86

%

MRO

 

 

14

%

 

 

14

%

 

 

13

%

Services

 

 

2

%

 

 

2

%

 

 

1

%

Schedule of Revenue Recognition Time

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

 

 

For the Year Ended September 30,

 

 

 

2023

 

 

2022

 

 

2021

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

748,278

 

 

$

708,458

 

 

$

1,456,736

 

 

$

593,233

 

 

$

509,737

 

 

$

1,102,970

 

 

$

481,422

 

 

$

527,233

 

 

$

1,008,655

 

Over time

 

 

1,019,825

 

 

 

438,005

 

 

 

1,457,830

 

 

 

926,089

 

 

 

353,731

 

 

 

1,279,820

 

 

 

922,695

 

 

 

314,482

 

 

 

1,237,177

 

Total net sales

 

$

1,768,103

 

 

$

1,146,463

 

 

$

2,914,566

 

 

$

1,519,322

 

 

$

863,468

 

 

$

2,382,790

 

 

$

1,404,117

 

 

$

841,715

 

 

$

2,245,832

 

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,

 

 

 

2023

 

 

2022

 

 

2021

 

Revenue

 

$

1,460

 

 

$

1,514

 

 

$

2,671

 

Cost of goods sold

 

 

1,736

 

 

 

667

 

 

 

1,961

 

 

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,

 

 

 

2023

 

 

2022

 

 

2021

 

Revenue

 

$

6,741

 

 

$

4,107

 

 

$

4,455

 

Cost of goods sold

 

 

5,559

 

 

 

3,077

 

 

 

3,466

 

Schedule of Accounts Receivable

Accounts receivable consisted of the following:

 

 

September 30, 2023

 

 

September 30, 2022

 

Billed receivables

 

 

 

 

 

 

Trade accounts receivable

 

$

434,287

 

 

$

359,364

 

Other (Chinese financial institutions)

 

 

50,940

 

 

 

9,405

 

Total billed receivables

 

 

485,227

 

 

 

368,769

 

Current unbilled receivables (contract assets)

 

 

270,479

 

 

 

245,117

 

Total accounts receivable

 

 

755,706

 

 

 

613,886

 

Less: Allowance for uncollectible amounts

 

 

(5,847

)

 

 

(3,922

)

Total accounts receivable, net

 

$

749,859

 

 

$

609,964

 

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,

 

 

 

2023

 

 

2022

 

 

2021

 

Balance, beginning

 

$

3,922

 

 

$

3,664

 

 

$

8,359

 

Changes in estimates

 

 

7,211

 

 

 

447

 

 

 

2,382

 

Write-offs

 

 

(5,305

)

 

 

(46

)

 

 

(7,255

)

Other1

 

 

19

 

 

 

(143

)

 

 

178

 

Balance, ending

 

$

5,847

 

 

$

3,922

 

 

$

3,664

 

(1)
Includes effects of foreign exchange rate changes during the period.
Schedule of Contract Liability

Contract liabilities consisted of the following:

 

 

September 30, 2023

 

 

September 30, 2022

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Deferred revenue from material rights from GE joint venture formation

 

$

6,147

 

 

$

233,997

 

 

$

5,754

 

 

$

234,516

 

Deferred revenue from advanced invoicing and/or prepayments from customers

 

 

6,868

 

 

 

2,196

 

 

 

4,120

 

 

 

38

 

Liability related to customer supplied inventory

 

 

14,543

 

 

 

 

 

 

12,442

 

 

 

 

Deferred revenue from material rights related to engineering and development funding

 

 

6,190

 

 

 

178,464

 

 

 

8,347

 

 

 

161,791

 

Net contract liabilities

 

$

33,748

 

 

$

414,657

 

 

$

30,663

 

 

$

396,345

 

Schedule of Disaggregation of Revenue

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

 

 

Year Ended September 30,

 

 

 

2023

 

 

2022

 

 

2021

 

Commercial OEM

 

$

651,275

 

 

$

499,438

 

 

$

386,543

 

Commercial aftermarket

 

 

547,625

 

 

 

420,881

 

 

 

306,547

 

Defense OEM

 

 

368,653

 

 

 

422,016

 

 

 

509,815

 

Defense aftermarket

 

 

200,550

 

 

 

176,987

 

 

 

201,212

 

Total Aerospace segment net sales

 

$

1,768,103

 

 

$

1,519,322

 

 

$

1,404,117

 

 

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

 

 

Year Ended September 30,

 

 

 

2023

 

 

2022

 

 

2021

 

Power generation

 

$

382,536

 

 

$

317,026

 

 

$

292,470

 

Transportation

 

 

527,498

 

 

 

354,682

 

 

 

399,002

 

Oil and gas

 

 

236,429

 

 

 

191,760

 

 

 

150,243

 

Total Industrial segment net sales

 

$

1,146,463

 

 

$

863,468

 

 

$

841,715

 

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,

 

 

2023

 

2022

Aerospace

 

RTX Corporation, GE, The Boeing Company

 

RTX Corporation, The Boeing Company, GE

Industrial

 

Rolls-Royce PLC, Caterpillar Inc., Weichai Westport

 

Rolls-Royce PLC, Wärtsilä, Caterpillar Inc.

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

 

 

Year Ended September 30,

 

 

 

2023

 

 

2022

 

 

2021

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

United States

 

$

1,254,954

 

 

$

283,121

 

 

$

1,538,075

 

 

$

1,105,860

 

 

$

205,740

 

 

$

1,311,600

 

 

$

1,103,373

 

 

$

174,750

 

 

$

1,278,123

 

Germany

 

 

80,450

 

 

 

193,392

 

 

 

273,842

 

 

 

57,840

 

 

 

174,216

 

 

 

232,056

 

 

 

31,005

 

 

 

152,691

 

 

 

183,696

 

Europe, excluding Germany

 

 

163,222

 

 

 

273,757

 

 

 

436,979

 

 

 

128,719

 

 

 

234,795

 

 

 

363,514

 

 

 

95,984

 

 

 

195,957

 

 

 

291,941

 

China

 

 

56,773

 

 

 

186,713

 

 

 

243,486

 

 

 

49,407

 

 

 

86,972

 

 

 

136,379

 

 

 

35,286

 

 

 

178,983

 

 

 

214,269

 

Asia, excluding China

 

 

37,107

 

 

 

162,922

 

 

 

200,029

 

 

 

23,334

 

 

 

128,855

 

 

 

152,189

 

 

 

23,363

 

 

 

114,137

 

 

 

137,500

 

Other countries

 

 

175,597

 

 

 

46,558

 

 

 

222,155

 

 

 

154,162

 

 

 

32,890

 

 

 

187,052

 

 

 

115,106

 

 

 

25,197

 

 

 

140,303

 

Total net sales

 

$

1,768,103

 

 

$

1,146,463

 

 

$

2,914,566

 

 

$

1,519,322

 

 

$

863,468

 

 

$

2,382,790

 

 

$

1,404,117

 

 

$

841,715

 

 

$

2,245,832