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Revenue (Tables)
12 Months Ended
Sep. 30, 2020
Revenue From Contract With Customer [Abstract]  
Schedule of Revenue Recognition Time

The amount of revenue recognized as point in time or over time follows:

 

 

 

For the Year Ended September 30, 2020

 

 

For the Year Ended September 30, 2019

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

590,817

 

 

$

592,157

 

 

$

1,182,974

 

 

$

762,042

 

 

$

634,219

 

 

$

1,396,261

 

Over time

 

 

1,000,146

 

 

 

312,545

 

 

 

1,312,691

 

 

 

1,118,478

 

 

 

385,458

 

 

 

1,503,936

 

Total net sales

 

$

1,590,963

 

 

$

904,702

 

 

$

2,495,665

 

 

$

1,880,520

 

 

$

1,019,677

 

 

$

2,900,197

 

Schedule of Accounts Receivable

Accounts receivable consisted of the following:

 

 

 

September 30, 2020

 

 

September 30, 2019

 

Billed receivables

 

 

 

 

 

 

 

 

Trade accounts receivable

 

$

307,914

 

 

$

381,942

 

Other (Chinese financial institutions)

 

 

56,640

 

 

 

42,171

 

Less: Allowance for uncollectible amounts

 

 

(6,889

)

 

 

(7,908

)

Net billed receivables

 

 

357,665

 

 

 

416,205

 

Current unbilled receivables (contract assets), net

 

 

180,322

 

 

 

175,324

 

Total accounts receivable, net

 

$

537,987

 

 

$

591,529

 

Schedule of Contract Liability

Contract liabilities consisted of the following:  

 

 

 

September 30, 2020

 

 

September 30, 2019

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Deferred revenue from material rights from GE joint venture formation

 

$

4,066

 

 

$

234,240

 

 

$

8,317

 

 

$

230,588

 

Deferred revenue from advanced invoicing and/or prepayments from customers

 

 

3,239

 

 

 

85

 

 

 

4,554

 

 

 

141

 

Liability related to customer supplied inventory

 

 

14,955

 

 

 

 

 

 

13,396

 

 

 

 

Deferred revenue from material rights related to engineering and development funding

 

 

2,360

 

 

 

132,317

 

 

 

1,624

 

 

 

106,436

 

Net contract liabilities

 

$

24,620

 

 

$

366,642

 

 

$

27,891

 

 

$

337,165

 

Schedule of Disaggregation of Revenue

Revenue by primary market for the Aerospace reportable segment was as follows:

 

 

 

Year Ended

September 30,

 

 

 

2020

 

 

2019

 

Commercial OEM

 

 

434,306

 

 

 

659,336

 

Commercial aftermarket

 

 

399,843

 

 

 

497,795

 

Defense OEM

 

 

526,264

 

 

 

529,940

 

Defense aftermarket

 

 

230,550

 

 

 

193,449

 

Total Aerospace segment net sales

 

$

1,590,963

 

 

$

1,880,520

 

Revenue by primary market for the Industrial reportable segment was as follows:

 

 

 

Year Ended

September 30,

 

 

 

2020

 

 

2019

 

Reciprocating engines

 

$

632,555

 

 

$

751,136

 

Industrial turbines

 

 

222,366

 

 

 

210,064

 

Renewables1

 

 

49,781

 

 

 

58,477

 

Total Industrial segment net sales

 

$

904,702

 

 

$

1,019,677

 

The customers who account for approximately 10% or more of net sales of each of Woodward’s reportable segments for the fiscal year ended September 30, 2020 are as follows:

 

 

 

Customer

Aerospace

 

The Boeing Company, General Electric Company, Raytheon Technologies

Industrial

 

Rolls-Royce PLC, Weichai Westport, General Electric Company

Net sales by geographic area, as determined based on the location of the customer, were as follows:

 

 

 

 

Year Ended September 30, 2020

 

 

Year Ended September 30, 2019

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

United States

 

$

1,231,004

 

 

$

195,450

 

 

$

1,426,454

 

 

$

1,415,880

 

 

$

212,184

 

 

$

1,628,064

 

Germany

 

 

52,635

 

 

 

181,330

 

 

 

233,965

 

 

 

72,907

 

 

 

229,177

 

 

 

302,084

 

Europe, excluding Germany

 

 

122,938

 

 

 

214,033

 

 

 

336,971

 

 

 

178,905

 

 

 

252,511

 

 

 

431,416

 

China

 

 

38,359

 

 

 

171,526

 

 

 

209,885

 

 

 

47,492

 

 

 

167,337

 

 

 

214,829

 

Asia, excluding China

 

 

27,068

 

 

 

113,001

 

 

 

140,069

 

 

 

37,991

 

 

 

126,497

 

 

 

164,488

 

Other countries

 

 

118,959

 

 

 

29,362

 

 

 

148,321

 

 

 

127,345

 

 

 

31,971

 

 

 

159,316

 

Total net sales

 

$

1,590,963

 

 

$

904,702

 

 

$

2,495,665

 

 

$

1,880,520

 

 

$

1,019,677

 

 

$

2,900,197