<SEC-DOCUMENT>0000108312-14-000023.txt : 20140721
<SEC-HEADER>0000108312-14-000023.hdr.sgml : 20140721
<ACCEPTANCE-DATETIME>20140612164851
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000108312-14-000023
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Woodward, Inc.
		CENTRAL INDEX KEY:			0000108312
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				361984010
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1000 EAST DRAKE ROAD
		CITY:			FORT COLLINS
		STATE:			CO
		ZIP:			80525
		BUSINESS PHONE:		970-482-5811

	MAIL ADDRESS:	
		STREET 1:		1000 EAST DRAKE ROAD
		CITY:			FORT COLLINS
		STATE:			CO
		ZIP:			80525

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WOODWARD GOVERNOR CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">June </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">12</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, 2014</font>
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			<a name="_DV_M2"></a><font style="display: inline;">BY EDGAR TRANSMISSION</font>
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			<a name="_DV_M4"></a><font style="display: inline;">Division of Corporation Finance</font>
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			<a name="_DV_M5"></a><font style="display: inline;">Securities and Exchange Commission</font>
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			<a name="_DV_M6"></a><font style="display: inline;">100 F Street N.E.</font>
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			<a name="_DV_M7"></a><font style="display: inline;">Washington, D.C.&nbsp;&nbsp;20549</font>
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			<font style="display: inline;">Attention:&nbsp; </font><font style="display: inline;">Russell Mancuso</font><br /><font style="display: inline;"></font>
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			<a name="_DV_M8"></a><font style="display: inline;font-weight:normal;">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-weight:normal;">Woodward, Inc. </font><br /><font style="display: inline;font-weight:normal;">Form 10-K for the Fiscal Year Ended September 30, 2013</font><br /><font style="display: inline;font-weight:normal;">Filed November 14, 2013</font>
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			<font style="display: inline;font-weight:normal;">Response dated May 1, 2014</font>
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			<font style="display: inline;font-weight:normal;">Form 10-Q for the Fiscal Quarter Ended March 31, 2014</font>
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			<font style="display: inline;font-weight:normal;">Filed April 23, 2014</font><br /><font style="display: inline;font-weight:normal;">File No. 000-08408</font>
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			<a name="_DV_M9"></a><font style="display: inline;font-weight:normal;">Ladies and Gentlemen:</font>
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			<a name="_DV_M10"></a><a name="_DV_M11"></a><font style="display: inline;font-size:12pt;">Set forth below are the responses of Woodward, Inc. (&#x201C;Woodward,&#x201D; the &#x201C;Company,&#x201D; &#x201C;we,&#x201D; &#x201C;us,&#x201D; or &#x201C;our&#x201D;) to the comments of the staff of the Division of Corporation Finance (the &#x201C;Staff&#x201D;), contained in your letter dated </font><font style="display: inline;font-size:12pt;">May</font><font style="display: inline;font-size:12pt;"> &nbsp;3</font><font style="display: inline;font-size:12pt;">0</font><font style="display: inline;font-size:12pt;">, 2014, with respect to the Annual Report on Form 10-K for the fiscal year ended September 30, 2013, filed November 14, 2013</font><font style="display: inline;font-size:12pt;"> and the Form 10-Q for the fiscal quarter ended March 31, 2014</font><font style="display: inline;font-size:12pt;">, filed April 23, 2014</font><font style="display: inline;font-size:12pt;">.&nbsp;&nbsp;For your reference, we have repeated below in italics the Staff&#x2019;s comments immediately prior to the responses.</font>
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			<font style="display: inline;font-size:12pt;text-decoration:underline;">Form 10-K for the Fiscal Year Ended September 30, 2013 </font>
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			<font style="display: inline;font-style:italic;"> 1.&nbsp; </font><font style="display: inline;font-style:italic;">We will continue our review of your response to prior comment 5 after you file the amendment mentioned in that response. </font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Response:&nbsp; </font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">In response to the Staff&#x2019;s comment 1 above, we filed an amended Form 10-K for the fiscal year ended </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">September 30, 2013</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> on June </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">12</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, 2014</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> to incorporate by reference to our proxy statement filed with the Commission on December 13, 2013 the disclosure required by Regulation S-K Item 402(b) </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">.</font>
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			<font style="display: inline;font-size:12pt;text-decoration:underline;">Form 10-Q for the Fiscal Quarter Ended March 31, 2014</font>
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			<font style="display: inline;font-size:12pt;text-decoration:underline;">Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations, page 28</font>
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			<font style="display: inline;font-style:italic;">2.&nbsp; </font><font style="display: inline;font-style:italic;">Please tell us how you have ensured that your disclosure in this section provides all information required by Regulation S-K Item 303 regarding trends and uncertainties that you reasonably expect will have a material favorable or unfavorable impact on net sales or revenues </font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">1</font>

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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;font-style:italic;">or income from continuing operations, and known events that will cause a material change in the relationship between costs and revenues. In your response, please address incentive compensation among any other relevant items. </font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Response:</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">In order to ensure that our disclosures in Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operation (&#x201C;MD&amp;A&#x201D;) provide all information required by Regulation S-K Item 303 regarding trends and uncertainties, we have put in place various processes related to review of our results of operations and expectations regarding future results.&nbsp;&nbsp;Those individuals</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">at Woodward who are responsible for preparation and review of our MD&amp;A, including the Company&#x2019;s obligations to comply with Regulation S-K Item 303, are fully engaged in these processes</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">.&nbsp;&nbsp;Those individuals include our</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> Chief Executive Officer (&#x201C;CEO&#x201D;),</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> Chief Financial Officer</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> (&#x201C;CFO&#x201D;)</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, General Counsel, Corporate Controller, Director of Investor Relations, and Manager of SEC Reporting.</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">T</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">he most significant of </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">these processes </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">are:</font>
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			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt;margin:6pt 0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Forecast Reviews</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> &#x2013; </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">We have a robust forecasting process.&nbsp;&nbsp;An annual forecast is prepared prior to the beginning of the </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">upcoming</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> fiscal year</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">.&nbsp;&nbsp;The forecast is then </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">updated quarterly</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, starting with the second quarter, </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">to include</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> actual year-to-date results</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> combined with </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">updated </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">forecasted results for the balance of that fiscal year.&nbsp;&nbsp;Changes in conditions (including market, industry and business trends</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> and uncertainties</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">), anticipated sales, margins, cost structure, as well as previously unanticipated expenses, are highlighted in the reviews of these forecasts.</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> &nbsp; &nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">With respect to the Staff&#x2019;s question regarding incentive compensation</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, changes to the amount of incentive compensation expected to be earned during the fiscal year are reviewed</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">,</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> and appropriate updates are made to the forecasts to reflect any favorable or unfavorable changes to this expense.</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> &nbsp; &nbsp;</font></p></td></tr></table></div>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Market</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> Meetings</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#x2013;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> At the end </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">of each fiscal quarter</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">,</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> we hold market m</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">eetings, </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">for</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> our </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Aerospace and Energy </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">reportable segments.&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Macroeconomic m</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">arket conditions </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">and/or customer specific trends </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">and</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> uncertainties </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">are </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">reviewed</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> by reportable segment and</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, if applicable,</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> at a product line or sub-market level.&nbsp; </font></p></td></tr></table></div>
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				<font style="margin:6pt 0pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:12pt;;"> &#xB7;</font>
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			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt;margin:6pt 0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Disclosure Committee Meetings </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#x2013;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> At the end of each fiscal quarter, we hold at least two meetings</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> of the Quarterly and Annual Disclosure Committee </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">to review site (or plant) level and operating se</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">gment management representation letters</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, Sarbanes-Oxley control certifications, legal updates</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> and letters related thereto</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, including pending or threatened claims, and other information associated with the assessment of matters relevant to Woodward&#x2019;s overall control environment and required disclosures, including trends and uncertainties within the businesses.&nbsp;&nbsp;A comprehensive report, including a summary memo, is prepared and reviewed with the </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">CEO</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> and </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">CFO</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">.</font></p></td></tr></table></div>
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		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Monthly and Quarterly Results Review Meetings &#x2013; On a monthly and quarterly basis, the Company&#x2019;s operating results are reviewed with various levels of management.&nbsp;&nbsp;Reviews focus on operating results compared to the then most current forecast for each of our operating segments, as well as for Woodward as a whole.&nbsp;&nbsp;During these meetings, trends and uncertainties with respect to operating results or unexpected increases or decreases in sales or in costs may be identified.&nbsp;&nbsp;During these meetings, we also review and evaluate the differences in our operating results between periods year over year.&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">With respect to </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Calibri;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">2</font>

		</p>

		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Calibri;font-size: 11pt">

			&nbsp;

		</p>

</div></td></tr></table><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td><p style="margin:6pt 0pt 6pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;;font-size: 12pt;"><font style="display: inline;font-family:Times New Roman;font-size:12pt;">the Staff&#x2019;s question regarding incentive compensation, i</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">f the current operating results, combined with the forecast for the balance of the fiscal year, are significantly different from what was anticipated in the most recent forecast, we evaluate whether more or less incentive compensation than previously expected should be accrued, and we adjust accordingly.&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:12pt;">&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt;margin:6pt 0pt;">
				<font style="margin:6pt 0pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:12pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt;margin:6pt 0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Additional key business processes and cadence reviews &#x2013; We have multiple </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">additional </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">key business processes that provide ongoing insight </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">to</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> trends and uncertainties, the results of which are integrated into the above processes and reviews.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt;margin:6pt 0pt;">
				<font style="margin:6pt 0pt;font-family:Courier New;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:12pt;;"> o</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt;margin:6pt 0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">CEO monthly staff meetings &#x2013; On an ongoing basis, the CEO reviews results and expectations with his staff, including each of the operating segments&#x2019; Presidents and each Company officer leading a global support function (Finance, Supply Chain, Legal, Human Resources, Information Technology).&nbsp;&nbsp;The monthly staff meetings occur on a group level as well as an individual level with each President.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt;margin:6pt 0pt;">
				<font style="margin:6pt 0pt;font-family:Courier New;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:12pt;;"> o</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt;margin:6pt 0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Enterprise Risk Management &#x2013; Woodward maintains a comprehensive list of enterprise-wide key risks to the organization and to stockholder value.&nbsp;&nbsp;On an annual basis, the CEO and executive staff review and refine the enterprise-wide risks.&nbsp;&nbsp;Each operating segment and global support function identifies and refines a list of corresponding and/or subordinate risks to those key risks.&nbsp;&nbsp;Each such risk is rated according to its impact, probability and velocity.&nbsp;&nbsp;Steps to monitor and mitigate each risk are compiled and reported as appropriate, including to the Company&#x2019;s executive management. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt;margin:6pt 0pt;">
				<font style="margin:6pt 0pt;font-family:Courier New;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:12pt;;"> o</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt;margin:6pt 0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Product Life Cycle process (&#x201C;PLC&#x201D;) &#x2013; Our PLC is an enterprise-wide process to evaluate significant business opportunities from idea conception to obsolescence.&nbsp;&nbsp;This process helps ensure proper identification of risks and uncertainties with respect to those opportunities.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt;margin:6pt 0pt;">
				<font style="margin:6pt 0pt;font-family:Courier New;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:12pt;;"> o</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt;margin:6pt 0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Strategic Planning &#x2013; On an annual basis, we update our strategic plan in alignment with our five year vision.&nbsp;&nbsp;From the updated strategic plan, we establish top level priorities for the fiscal year and cascade those priorities throughout the organization through our alignment grid process.&nbsp;&nbsp;These priorities are measured and reviewed on an ongoing basis to identify progress, risks and uncertainties. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt;margin:6pt 0pt;">
				<font style="margin:6pt 0pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:12pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt;margin:6pt 0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Drafting, Review and Approval Process &#x2013; During the drafting, review and approval process for our reports on Forms 10-Q / 10-K (including our MD&amp;A), our earnings releases, and content for our earnings calls, management considers the information it learned through the above meetings and processes.&nbsp;&nbsp;Utilizing such information, management ensures that items required to be disclosed under Regulation S-K Item 303 are indeed disclosed in our MD&amp;A.&nbsp; </font></p></td></tr></table></div>
		<p style="margin:6pt 0pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Based on the process described above, management concluded that during the quarter ended March 31, 2014 it was sufficiently aware of, and properly disclosed in our MD&amp;A, any trends and uncertainties that were reasonably expected</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> at the time of our disclosure</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> to have a material favorable or unfavorable impact on net sales or revenues or income from continuing operations, as well as any events that were known to cause a material change in the relationship between costs and revenues.</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Calibri;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">3</font>

		</p>

		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Calibri;font-size: 11pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 10pt;text-align:center;font-family:Calibri;line-height:115%;;font-size: 12pt"><font style="display: inline;font-family:Times New Roman;font-size:12pt;">* * * * *</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<a name="_DV_M191"></a><font style="display: inline;">In connection with its response to the Staff&#x2019;s comment letter, Woodward acknowledges that:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt;margin:6pt 0pt;">
				<font style="margin:6pt 0pt;font-family:Symbol;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:12pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt;margin:6pt 0pt;">
			<font style="display: inline;">Woodward is responsible for the adequacy and accuracy of the disclosure in the filing;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt;margin:6pt 0pt;">
				<font style="margin:6pt 0pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:12pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt;margin:6pt 0pt;">
			<font style="display: inline;">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt;margin:6pt 0pt;">
				<font style="margin:6pt 0pt;font-family:Symbol;border-top:1pt none #D9D9D9;line-height:100%;font-size:12pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt;margin:6pt 0pt;">
			<font style="display: inline;">Woodward may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-size:12pt;">Please call me at (970) 498-3112 should you wish to discuss the matters addressed above or other issues relating to the subject Form</font><font style="display: inline;font-size:12pt;">s</font><font style="display: inline;font-size:12pt;"> 10-K</font><font style="display: inline;font-size:12pt;"> or 10-Q</font><font style="display: inline;font-size:12pt;">. &nbsp;</font><font style="display: inline;font-size:12pt;">&nbsp;</font><font style="display: inline;font-size:12pt;">Thank you for your attention to this matter.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Very truly yours,</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:234pt;line-height:100%;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;">
			<tr>
				<td valign="top" style="width:478.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:normal;font-family:Calibri;height:1.00pt;overflow:hidden;font-size:0pt;">
						<a name="_DV_M193"></a><font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:478.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">/s/ Robert F. Weber, Jr.</font></p>
				</td>
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				<td valign="top" style="width:478.80pt;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Robert F. Weber, Jr. </font></p>
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-style:italic;">Vice Chairman, Chief Financial Officer and Treasurer</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 12pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-size:12pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:37.05pt;line-height:100%;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;">
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				<td valign="top" style="width:35.85pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:normal;font-family:Calibri;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:405.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Calibri;line-height:115%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">cc:</font></p>
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				<td valign="top" style="width:405.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">A. Christopher Fawzy</font></p>
				</td>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-style:italic;">Corporate Vice President and General Counsel</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-style:italic;">Woodward, Inc.</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
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						&nbsp;</p>
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Scott Ward</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-style:italic;">Deloitte &amp; Touche LLP</font></p>
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			<font style="display: inline;font-style:italic;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Calibri;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">4</font>

		</p>

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			&nbsp;

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