Joint Venture (Tables)

6 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Unamortized Deferred Revenue from JV

Unamortized deferred revenue from material rights in connection with the JV formation included:

	March 31, 2024		September 30, 2023
Accrued liabilities	$	6,364	$	6,147
Other liabilities		235,837		233,997

Other Income Related JV

Other income related to Woodward’s equity interest in the earnings of the JV was as follows:

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Other income	$	8,701	$	8,468	$	18,856	$	13,041

Cash Distribution from JV

Cash distributions to Woodward from the JV, recognized in “Other, net” in “Net cash provided by operating activities” on the Condensed Consolidated Statements of Cash Flows, were as follows:

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Cash distributions	$	12,000	$	5,500	$	18,500	$	10,000

Net Sales to the JV

Net sales to the JV were as follows:

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Net sales1	$	22,080	$	7,320	$	42,352	$	13,797

(1)Net sales included a reduction of $14,992 for the three months and $29,531 for the six months ended March 31, 2024 related to royalties owed to the JV by Woodward on sales by Woodward directly to third party aftermarket customers, compared to a reduction to sales of $12,888 for the three months and $20,458 for the six months ended March 31, 2023.

Accounts Receivable, Accounts Payable, and Other Assets Related to JV

The Condensed Consolidated Balance Sheets include “Accounts receivable” related to amounts the JV owed Woodward, “Accounts payable” related to amounts Woodward owed the JV, and “Other assets” related to Woodward’s net investment in the JV, as follows:

	March 31, 2024		September 30, 2023
Accounts receivable	$	5,279	$	3,666
Accounts payable		7,324		6,276
Other assets		16,384		16,028