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Property, Plant, and Equipment, Net | 12 Months Ended
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Sep. 30, 2016
Property, Plant, and Equipment, Net |
Property, Plant and Equipment, Net | Note 9. Property, plant, and equipment ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | September 30, |  | September 30,
﻿ |  | 2016 |  | 2015
﻿Land and land improvements |  | $ | 87,696 |  | $ | 79,311
﻿Buildings and building improvements |  |  | 527,704 |  |  | 372,160
﻿Leasehold improvements |  |  | 15,213 |  |  | 16,907
﻿Machinery and production equipment |  |  | 484,315 |  |  | 365,040
﻿Computer equipment and software |  |  | 117,984 |  |  | 118,154
﻿Office furniture and equipment |  |  | 29,344 |  |  | 20,939
﻿Other |  |  | 18,969 |  |  | 18,325
﻿Construction in progress |  |  | 88,909 |  |  | 252,763
﻿ |  |  | 1,370,134 |  |  | 1,243,599
﻿Less accumulated depreciation |  |  | (493,784) |  |  | (487,499)
﻿Property, plant and equipment, net |  | $ | 876,350 |  | $ | 756,100
﻿ Included in “Land and land improvements” and “Buildings and improvements” are assets held for sale of $681 at September 30, 2015 related to Woodward’s Industrial segment. The sale of these assets was completed on April 15, 2016. During the quarter ended September 30, 2014, Woodward recorded an impairment charge of $3,138, which is included in cost of goods sold in the Consolidated Statement of Earnings, related to the write down to fair value of certain assets held for sale. During the quarter ended March 31, 2015, Woodward completed the sale of these assets. At September 30, 2016, i ncluded in “Office furniture and equipment” and “Other” is $1,653 of gross a ssets acquired on capital leases, and accumulated depreciation included $322 of amortization associated with the capital lease assets. In fiscal year 2015, Woodward completed and placed into service a manufacturing and office building on a second campus in the greater-Rockford, Illinois area and has occupied the new facility in anticipation of beginning serial production of new narrow-body product lines beginning in fiscal year 2017 for its Aerospace segment. This campus is intended to support Woodward’s expected growth in its Aerospace segment over the next ten years and beyond, required as a result of Woodward being awarded a substantial number of new system platforms, particularly on narrow-body aircraft. Included in “Construction in progress” are costs of $26,741 at September 30, 2016 and $47,629 at September 30, 2015 associated with new equipment purchases for the second campus, including capitalized interest of $341 at September 30, 2016 and $499 at September 30, 2015. During fiscal year 2016, Woodward completed and placed into service a new campus at its corporate headquarters in Fort Collins, Colorado to support the future growth of its Industrial segment by supplementing its existing Colorado manufacturing facilities and corporate headquarters. Woodward began occupying the new campus during its second quarter of fiscal year 2016. Approximately $160,000 of assets were placed in service during the nine-months ended September 30, 2016, and were recorded to “Buildings and building improvements.” Included in “Construction in progress” are $247 at September 30, 2016 and $151,669 at September 30, 2015 associated with the construction of the new campus and related new equipment purchases, including capitalized interest of $0 at September 30, 2016 and $5,205 at September 30, 2015. Concurrent with and in relation to Woodward’s significant investment in three new campuses and related equipment in the greater-Rockford, Illinois area, the new campus at its corporate headquarters in Fort Collins, Colorado (both discussed above), and the new campus in Niles, Illinois that was completed in fiscal year 2015, Woodward initiated a comprehensive review of its depreciation lives as required by U.S. GAAP to evaluate the estimates of the useful lives of Woodward assets. This review resulted in estimates of the useful lives of both existing and new assets generally in excess of those utilized prior to fiscal year 2016. The revised estimates were used in fiscal year 2016 and will be used going forward and result in a downward adjustment of depreciation on existing assets of approximately $12,000 for fiscal year 2016. For the fiscal years ended September 30, 2016, 2015, and 2014, Woodward had depreciation expense as follows: ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | Year Ended September 30,
﻿ |  | 2016 |  | 2015 |  | 2014
﻿Depreciation expense |  | $ | 41,550 |  | $ | 45,994 |  | $ | 43,773
﻿ For the fiscal years ended September 30, 2016, 2015, and 2014, Woodward capitalized interest that would have otherwise been included in interest expense of the following: ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | Year Ended September 30,
﻿ |  | 2016 |  | 2015 |  | 2014
﻿Capitalized interest |  | $ | 5,455 |  | $ | 8,995 |  | $ | 7,282
﻿

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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