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Supplemental Quarterly Financial Data (Tables) | 12 Months Ended
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Sep. 30, 2020
Supplemental Quarterly Financial Data [Line Items] |
Quarterly Financial Information | Quarterly results for the fiscal years ended September 30, 2020 and September 30, 2019 follow:
|  | 2020 Fiscal Quarters |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
Net sales |  | $ | 720,355 |  |  | $ | 720,220 |  |  | $ | 523,826 |  |  | $ | 531,264 |
Gross margin (1) |  |  | 185,438 |  |  |  | 202,706 |  |  |  | 128,315 |  |  |  | 123,784 |
Earnings before income taxes (2)(3)(4)(5) |  |  | 61,548 |  |  |  | 107,199 |  |  |  | 45,016 |  |  |  | 68,118 |
Net earnings (2)(3)(4)(5) |  |  | 53,373 |  |  |  | 91,318 |  |  |  | 38,465 |  |  |  | 57,239 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per share (2)(3)(4)(5) |  |  | 0.86 |  |  |  | 1.47 |  |  |  | 0.62 |  |  |  | 0.92 |
Diluted earnings per share (2)(3)(4)(5) |  |  | 0.83 |  |  |  | 1.41 |  |  |  | 0.61 |  |  |  | 0.89 |
Cash dividends per share |  |  | 0.1625 |  |  |  | 0.2800 |  |  |  | 0.0813 |  |  |  | 0.0813 |
|  | 2019 Fiscal Quarters |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
Net sales |  | $ | 652,811 |  |  | $ | 758,844 |  |  | $ | 752,005 |  |  | $ | 736,537 |
Gross margin (1)(6)(7) |  |  | 160,637 |  |  |  | 192,003 |  |  |  | 189,489 |  |  |  | 165,414 |
Earnings before income taxes (6)(7)(8) |  |  | 61,515 |  |  |  | 90,168 |  |  |  | 92,314 |  |  |  | 76,615 |
Net earnings (6)(7)(8)(9) |  |  | 49,120 |  |  |  | 77,579 |  |  |  | 66,107 |  |  |  | 66,796 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per share (6)(7)(8)(9) |  |  | 0.79 |  |  |  | 1.25 |  |  |  | 1.07 |  |  |  | 1.08 |
Diluted earnings per share (6)(7)(8)(9) |  |  | 0.77 |  |  |  | 1.20 |  |  |  | 1.02 |  |  |  | 1.03 |
Cash dividends per share |  |  | 0.1425 |  |  |  | 0.1625 |  |  |  | 0.1625 |  |  |  | 0.1625 |
Notes:
| 1. | Gross margin represents net sales less cost of goods sold.
| 2. | Associated with our decision to relocate our Duarte, California operations to the newly renovated Drake Campus in Fort Collins, Colorado, we closed on the sale of our Duarte real property and recorded a pre-tax gain on sale of assets in the amount of $13,522 in the first quarter of fiscal year 2020 and $8,801 in the fourth quarter of fiscal year 2020.
| 3. | In the first quarter of fiscal year 2020, Woodward approved a plan to divest the disposal group, which resulted in the recognition of the associated assets and liabilities as held for sale. Concurrently, Woodward determined that the assets held for sale, net of any liabilities held for sale, were impaired and recognized a non-cash impairment charge of $37,902, representing the write down of the associated net assets held for sale to their fair market value as of December 31, 2019.
| 4. | Results in the third and fourth quarter of fiscal year 2020 include pre-tax restructuring charges totaling $19,040 and $3,176, respectively, which relate to the Company’s response to the ongoing global economic challenges resulting from the COVID-19 pandemic and its impact on the Company’s business.
| 5. | In the third quarter of fiscal year 2020, as a result of the COVID-19 pandemic and future cash flow uncertainties, Woodward elected to terminate and settle its existing cross-currency interest rate swap derivative instruments. Concurrent with settlement of the derivative instruments, Woodward discontinued the related foreign currency hedging relationships associated with the instruments. As a result of the termination of the instruments, and related hedging relationships, a pre-tax gain of $30,481 and swap breakage fee of $3,000 were recorded.
| 6. | Results for the fourth quarter of fiscal year 2019 include pre-tax, non-cash charges of $12,601 related to the impairment of receivables, inventory and certain other assets in connection with Senvion, a significant customer of Woodward renewables business, which declared insolvency in fiscal year 2019.
| 7. | Results for the first through third quarters of fiscal year 2019 include pre-tax non-cash charges of $9,511, $8,985, $2,604, respectively. These costs are associated with the purchase accounting impacts related to the revaluation of the L’Orange inventory recognized in cost of goods sold and the amortization of the backlog intangible.
| 8. | Results for the first through fourth quarters of fiscal year 2019 include, pre-tax Duarte move related costs of $6,963, $9,161, $7,035, and $3,930, respectively.
| 9. | In the third quarter of fiscal year 2019, Woodward recognized additional income tax expense of $10,588 related to the repatriation tax on deferred foreign income related to the December 2017 U.S. Tax legislation.
Segment Reporting [Member] |
Supplemental Quarterly Financial Data [Line Items] |
Quarterly Financial Information |
|  | 2020 Fiscal Quarters |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
Segment external net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 473,925 |  |  | $ | 474,236 |  |  | $ | 306,494 |  |  | $ | 336,308 |
Industrial |  |  | 246,430 |  |  |  | 245,984 |  |  |  | 217,332 |  |  |  | 194,956 |
Total |  | $ | 720,355 |  |  | $ | 720,220 |  |  | $ | 523,826 |  |  | $ | 531,264 |
Segment earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 92,911 |  |  | $ | 117,638 |  |  | $ | 41,096 |  |  | $ | 58,492 |
Industrial |  |  | 28,230 |  |  |  | 25,972 |  |  |  | 27,438 |  |  |  | 18,681 |
Nonsegment expenses (1)(2)(3)(4) |  |  | (51,071 | ) |  |  | (28,131 | ) |  |  | (15,158 | ) |  |  | (170 | )
Interest expense, net |  |  | (8,522 | ) |  |  | (8,280 | ) |  |  | (8,360 | ) |  |  | (8,885 | )
Consolidated earnings before income taxes |  | $ | 61,548 |  |  | $ | 107,199 |  |  | $ | 45,016 |  |  | $ | 68,118 |
|  | 2019 Fiscal Quarters |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
Segment external net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 392,887 |  |  | $ | 482,954 |  |  | $ | 498,775 |  |  | $ | 505,904 |
Industrial (5) |  |  | 259,924 |  |  |  | 275,890 |  |  |  | 253,230 |  |  |  | 230,633 |
Total |  | $ | 652,811 |  |  | $ | 758,844 |  |  | $ | 752,005 |  |  | $ | 736,537 |
Segment earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 72,854 |  |  | $ | 101,722 |  |  | $ | 103,238 |  |  | $ | 111,312 |
Industrial (5) |  |  | 29,169 |  |  |  | 27,128 |  |  |  | 26,240 |  |  |  | 10,984 |
Nonsegment expenses (6)(7) |  |  | (29,001 | ) |  |  | (27,496 | ) |  |  | (26,713 | ) |  |  | (36,237 | )
Interest expense, net |  |  | (11,507 | ) |  |  | (11,186 | ) |  |  | (10,451 | ) |  |  | (9,444 | )
Consolidated earnings before income taxes |  | $ | 61,515 |  |  | $ | 90,168 |  |  | $ | 92,314 |  |  | $ | 76,615 |
Notes:
| 1. | Nonsegment expenses for the first quarter and fourth quarter of fiscal year 2020 include a pre-tax gain on the sale of assets of $13,522 and $8,801, respectively, associated with our decision to relocate our Duarte, California operations to the newly renovated Drake Campus in Fort Collins, Colorado.
| 2. | Nonsegment expenses in the first quarter of fiscal year 2020, include a non-cash impairment charge of $37,902, representing the write down of the associated net assets held for sale to their fair market value as of December 31, 2019 related to Woodward’s approved a plan to divest the disposal group.
| 3. | Nonsegment expenses in the third quarter of fiscal year 2020 include a pre-tax gain of $30,481 and a swap breakage fee of $3,000, as a result of terminating and settling our existing cross-currency interest rate swap derivative instruments.
| 4. | Nonsegment expenses in the third quarter and fourth quarter of fiscal year 2020 include a pre-tax restructuring charges totaling $19,040 and $3,176, respectively, which relate to the Company’s response to the ongoing global economic challenges resulting from the COVID-19 pandemic and its impact on the Company’s business.
| 5. | Industrial segment earnings for the first through third quarters of fiscal year 2019 include pre-tax non-cash charges of $9,511, $8,985, $2,604, respectively. These costs are associated with the purchase accounting impacts related to the revaluation of the L’Orange inventory recognized in cost of goods sold and the amortization of the backlog intangible.
| 6. | Nonsegment expenses for the fourth quarter of fiscal year 2019 include pre-tax, non-cash charges of $12,601 related to the impairment of receivables, inventory and certain other assets in connection with Senvion.
| 7. | Nonsegment expenses for the first through fourth quarters of fiscal year 2019 include, pre-tax Duarte move related costs of $6,963, $9,161, $7,035, and $3,930, respectively.

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