XML 66 R55.htm IDEA: XBRL DOCUMENT v3.19.2
Revenue (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Oct. 01, 2018
Sep. 30, 2018
Dec. 31, 2016
Retained earnings $ 2,168,204     $ 2,168,204     $ 1,966,643  
Net sales 752,005 $ 588,117   2,163,660 $ 1,606,514      
Earnings before income taxes 92,314 54,417   243,997 140,551      
Net earnings $ 66,107 $ 49,117   $ 192,806 $ 105,866      
Diluted earnings per share $ 1.02 $ 0.77   $ 2.99 $ 1.66      
Revenue related to noncash consideration $ 23,176     $ 67,938        
Increase in revenue related to changes in estimated total lifetime sales 4,482     6,017        
Increase in cost of goods sold related to changes in estimated total lifetime sales 9,255     9,578        
Capitalized costs to fulfill contracts 97,789     97,789        
Amortized capitalized costs to fulfill contracts 207     207        
Amortized deferred liability to revenue 278     278        
Accounts receivable 650,777     650,777     432,003 [1],[2]  
Noncurrent unbilled receivables $ 894     $ 894     0  
Percent of total billed and unbilled accounts receivable from U.S. Government 10.00%     10.00%        
Current contract liabilities $ 26,307     $ 26,307     9,659  
Revenue from contract liabilities 6,147     26,459        
Noncurrent contract liabilities [3] 332,927     332,927     235,300  
Remaining performance obligation amount $ 1,659,788     $ 1,659,788        
Woodward and General Electric Joint Venture [Member]                
Ownership interest, joint venture 50.00%     50.00%       50.00%
Total consideration               $ 323,410
Material Rights [Member]                
Remaining performance obligation amount $ 436,876     $ 436,876        
Retained Earnings [Member]                
Net earnings 66,107 $ 49,117   192,806 $ 105,866      
ASC 606 [Member]                
Cumulative effect from adoption 38,700     38,700        
Retained earnings           $ 2,005,388    
Capitalized costs to fulfill contracts           57,529    
Accounts receivable [1],[2]           567,671    
Contract liabilities           57,529    
ASC 606 [Member] | Retained Earnings [Member]                
Cumulative effect from adoption 38,745     38,745        
Aerospace [Member]                
Net sales 498,775     1,374,616        
Revenue related to noncash consideration 22,947     66,961        
Industrial [Member]                
Net sales 253,230     789,044        
Revenue related to noncash consideration $ 229     $ 977        
Net Sales [Member] | Manufactured Products [Member]                
Percentage of attributable to revenue 84.00%     86.00%        
Net Sales [Member] | MRO Products [Member]                
Percentage of attributable to revenue     13.00% 12.00%        
Liability Related To Customer Supplied Inventory [Member]                
Current contract liabilities $ 13,021     $ 13,021        
Liability Related To Customer Supplied Inventory [Member] | ASC 606 [Member]                
Current contract liabilities           11,951    
Deferred Revenue From Material Rights Related To Engineering And Development Funding [Member]                
Current contract liabilities 3,137     3,137        
Noncurrent contract liabilities 98,889     98,889        
Deferred Revenue From Material Rights Related To Engineering And Development Funding [Member] | ASC 606 [Member]                
Current contract liabilities           664    
Noncurrent contract liabilities           79,347    
As Previously Reported [Member] | ASC 606 [Member]                
Retained earnings           1,995,570 28,927  
Accounts receivable [1],[2]           536,910 $ 104,907  
As Previously Reported [Member] | ASC 606 [Member] | Retained Earnings [Member]                
Cumulative effect from adoption           28,927    
Adjustments [Member] | ASC 606 [Member]                
Retained earnings 50,716     50,716   9,818    
Net sales 36,965     106,366        
Earnings before income taxes 463     15,204        
Net earnings $ 663     $ 11,971        
Diluted earnings per share $ 0.01     $ 0.19        
Accounts receivable $ 194,495     $ 194,495   30,761 [1],[2]    
Adjustments [Member] | Aerospace [Member] | ASC 606 [Member]                
Accounts receivable           135,668    
Increase [Member] | ASC 606 [Member] | Retained Earnings [Member]                
Cumulative effect from adoption           38,745    
Retained earnings           $ 9,818    
Out-Of-Period Correction [Member] | ASC 606 [Member]                
Net sales 13,614              
Earnings before income taxes 8,041              
Net earnings $ 6,037              
Diluted earnings per share $ 0.09              
[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 “Inventories,” and in contract liabilities, which are included in “Accrued liabilities.”
[3] See Note 3, Revenue, for more information on net noncurrent contract liabilities.