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Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Oct. 01, 2018 | [3],[4] | Sep. 30, 2018
--- | --- | --- | --- | ---
Inventories |  |  |  |  |
Raw materials |  | $ 134,878 |  | $ 80,999 |
Work in progress |  | 133,885 |  | 118,010 |
Component parts | [1] | 287,128 |  | 298,820 |
Finished goods |  | 59,051 |  | 51,767 |
Customer supplied inventory | [2] | 13,396 |  |  |
On-hand inventory for which control has transferred to the customer | [2] | (111,502) |  |  |
Inventory, net |  | $ 516,836 | $ 475,990 | $ 549,596 | [3],[4]
[1] | Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.
[2] | On October 1, 2018, the Company adopted ASC 606, which resulted in the recording of certain customer supplied inventory and the reduction of certain on-hand inventory for which control has transferred to the customer. Refer to Note 3, Revenue, for further details.
[3] | The adoption of ASC 606 changed the revenue recognition practices for a number of revenue generating activities across Woodward’s businesses, although the most significant impacts are concentrated in product being produced for customers that have no alternative use to Woodward and Woodward has an enforceable right to payment with a profit, and MRO. The revenue related to these activities, which previously was accounted for on a point in time basis, is now required to use an over time model because the associated contracts meet one or more of the mandatory criteria established in ASC 606, as described above, and are included as current unbilled receivables in “Accounts receivable” and noncurrent unbilled receivables in “Other assets.” The change in the timing of revenue recognized in connection with over time contracts similarly changed the timing of manufacturing cost recognition and certain engineering and development costs, which are reflected as a reduction to inventory.
[4] | The value of noncash consideration in the form of exchanged products and other customer provided inventory is reflected in “Inventories,” and in contract liabilities, which are included in “Accrued liabilities.”

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