XML 72 R60.htm IDEA: XBRL DOCUMENT v3.19.1
Revenue (Schedule of Impact of the Adoption ASC 606 on Condensed Consolidated Balance Sheet) (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Oct. 01, 2018
Sep. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Current assets:              
Cash and cash equivalents $ 65,303     $ 83,594 $ 100,147   $ 87,552
Accounts receivable, net 592,336     432,003 [1]      
Inventories 534,320     549,596 [1],[2]      
Income taxes receivable 13,968     6,397      
Other current assets 38,165     43,207      
Total current assets 1,244,092     1,114,797      
Property, plant and equipment, net 1,064,388     1,060,005      
Goodwill 804,461     813,250      
Intangible assets, net 646,094     700,883 [3]      
Deferred income tax assets 15,194     16,570 [4]      
Other assets 191,720     85,144 [1],[5]      
Total assets 3,965,949     3,790,649      
Current liabilities:              
Short-term borrowings 160,000     153,635      
Less: Current portion of long-term debt          
Accounts payable 259,665     226,285      
Income taxes payable 18,361     16,745 [4]      
Accrued liabilities 204,586     194,513 [2],[5]      
Total current liabilities 642,612     591,178      
Long-term debt, less current portion 1,000,468     1,092,397      
Deferred income tax liabilities 162,831     170,915 [4]      
Other liabilities 467,187     398,055 [5]      
Total liabilities 2,273,098     2,252,545      
Stockholders' equity:              
Preferred stock          
Common stock 106     106      
Additional paid-in capital 204,892     185,705      
Accumulated other comprehensive losses (64,811)     (74,942)      
Deferred compensation 8,876     8,431      
Retained earnings 2,102,350     1,966,643      
Stockholders' equity 2,251,413     2,085,943      
Treasury stock at cost (549,686)     (539,408)      
Treasury stock held for deferred compensation (8,876)     (8,431)      
Total stockholders' equity 1,692,851 $ 1,630,867   1,538,104 $ 1,456,910 $ 1,400,546 $ 1,371,383
Total liabilities and stockholders' equity 3,965,949     $ 3,790,649      
ASC 606 [Member]              
Current assets:              
Cash and cash equivalents     $ 83,594        
Accounts receivable, net [1]     536,910        
Inventories [1],[2]     494,594        
Income taxes receivable     5,438        
Other current assets     43,053        
Total current assets     1,163,589        
Property, plant and equipment, net     1,060,005        
Goodwill     813,250        
Intangible assets, net [3]     698,364        
Deferred income tax assets [4]     15,595        
Other assets [1],[5]     171,009        
Total assets     3,921,812        
Current liabilities:              
Short-term borrowings     153,635        
Accounts payable     226,285        
Income taxes payable [4]     20,886        
Accrued liabilities [2],[5]     210,185        
Total current liabilities     610,991        
Long-term debt, less current portion     1,092,397        
Deferred income tax liabilities [4]     174,748        
Other liabilities [5]     476,686        
Total liabilities     2,354,822        
Stockholders' equity:              
Common stock     106        
Additional paid-in capital     185,705        
Accumulated other comprehensive losses     (74,983)        
Deferred compensation     8,431        
Retained earnings     1,995,570        
Stockholders' equity     2,114,829        
Treasury stock at cost     (539,408)        
Treasury stock held for deferred compensation     (8,431)        
Total stockholders' equity     1,566,990        
Total liabilities and stockholders' equity     3,921,812        
Effect Of [Member] | ASC 606 [Member]              
Current assets:              
Accounts receivable, net 132,120   104,907 [1]        
Inventories (70,098)   (55,002) [1],[2]        
Income taxes receivable (6,529)   (959)        
Other current assets 22   (154)        
Total current assets 55,515   48,792        
Intangible assets, net (2,319)   (2,519) [3]        
Deferred income tax assets (993)   (975) [4]        
Other assets 100,523   85,865 [1],[5]        
Total assets 152,726   131,163        
Current liabilities:              
Income taxes payable [4]     4,141        
Accrued liabilities 20,326   15,672 [2],[5]        
Total current liabilities 20,326   19,813        
Deferred income tax liabilities 3,676   3,833 [4]        
Other liabilities 94,596   78,631 [5]        
Total liabilities 118,598   102,277        
Stockholders' equity:              
Preferred stock            
Accumulated other comprehensive losses (70)   (41)        
Retained earnings 34,198   28,927        
Stockholders' equity 34,128   28,886        
Total stockholders' equity 34,128   28,886        
Total liabilities and stockholders' equity 152,726   $ 131,163        
Under Previous Standard [Member] | ASC 606 [Member]              
Current assets:              
Cash and cash equivalents 65,303            
Accounts receivable, net 460,216            
Inventories 604,418            
Income taxes receivable 20,497            
Other current assets 38,143            
Total current assets 1,188,577            
Property, plant and equipment, net 1,064,388            
Goodwill 804,461            
Intangible assets, net 648,413            
Deferred income tax assets 16,187            
Other assets 91,197            
Total assets 3,813,223            
Current liabilities:              
Short-term borrowings 160,000            
Accounts payable 259,665            
Income taxes payable 18,361            
Accrued liabilities 184,260            
Total current liabilities 622,286            
Long-term debt, less current portion 1,000,468            
Deferred income tax liabilities 159,155            
Other liabilities 372,591            
Total liabilities 2,154,500            
Stockholders' equity:              
Preferred stock            
Common stock 106            
Additional paid-in capital 204,892            
Accumulated other comprehensive losses (64,741)            
Deferred compensation 8,876            
Retained earnings 2,068,152            
Stockholders' equity 2,217,285            
Treasury stock at cost (549,686)            
Treasury stock held for deferred compensation (8,876)            
Total stockholders' equity 1,658,723            
Total liabilities and stockholders' equity $ 3,813,223            
[1] 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.
[2] The value of noncash consideration in the form of exchanged products and other customer provided inventory is reflected in unbilled receivables included in "Accounts receivable," "Other assets," and "Inventories," and in contract liabilities, which are included in "Accrued liabilities."
[3] The net book value of the backlog and customer relationships and contracts intangible assets was adjusted concurrent with the change in the timing of the associated revenue, resulting in a reduction in the net book value of these assets as of the date of adoption.
[4] The value of tax assets and tax liabilities was impacted by the change in timing of the recognition of assets and liabilities within tax jurisdictions.
[5] Woodward recorded customer funding of product engineering and development identified as material rights as current and noncurrent deferred revenue contract liabilities included in "Accrued liabilities" and "Other liabilities." The related customer funded product engineering and development costs were capitalized as costs to fulfill a contract, to the extent of the contractually committed customer funded payments, and are recorded as "Other assets."