Income Taxes (Tables)

9 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Tax Expense and Effective Tax Rate

The following table sets forth the tax expense and the effective tax rate for Woodward’s earnings before income taxes:

	Three Months Ended June 30,						Nine Months Ended June 30,
	2024			2023			2024			2023
Earnings before income taxes	$	122,096		$	105,738		$	352,440		$	177,728
Income tax expense		20,021			21,139			62,765			28,012
Effective tax rate		16.4	%		20.0	%		17.8	%		15.8	%

The decrease in the effective tax rate for the three months ended June 30, 2024 compared to the three months ended June 30, 2023 is primarily attributable to a larger stock-based compensation tax benefit in the current quarter. This decrease was partially offset by higher accrued future withholding taxes on unremitted foreign earnings in the current quarter.