XML 78 R21.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Goodwill | 12 Months Ended
--- | ---
Sep. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill | Note 13. Goodwill
|  | September 30, 2021 |  |  | Additions |  |  | Effects of Foreign Currency Translation |  |  | September 30, 2022 |
Aerospace |  | $ | 455,423 |  |  | $ | — |  |  | $ | — |  |  | $ | 455,423 |
Industrial |  |  | 349,910 |  |  |  | 8,526 |  |  |  | (41,300 | ) |  |  | 317,136 |
Consolidated |  | $ | 805,333 |  |  | $ | 8,526 |  |  | $ | (41,300 | ) |  | $ | 772,559 |
|  | September 30, 2020 |  |  | Additions |  |  | Effects of Foreign Currency Translation |  |  | September 30, 2021 |
Aerospace |  | $ | 455,423 |  |  | $ | — |  |  | $ | — |  |  | $ | 455,423 |
Industrial |  |  | 352,829 |  |  |  | — |  |  |  | (2,919 | ) |  |  | 349,910 |
Consolidated |  | $ | 808,252 |  |  | $ | — |  |  | $ | (2,919 | ) |  | $ | 805,333 |
On August 31, 2022, Woodward completed the acquisition of PM Control (see Note 10, Acquisitions and Divestitures), which resulted in the recognition of $8,526 in goodwill in the Company’s Industrial segment. During the first quarter of fiscal year 2020, Woodward determined that the approved plan to divest of the disposal group represented a triggering event requiring the long-lived assets attributable to the disposal group be assessed for impairment. Given the facts and circumstances at the time, Woodward determined that the remaining value of the goodwill of the disposal group was not recoverable and an $8,640 non-cash impairment charge was recorded during the fiscal year ended September 30, 2020. Woodward tests goodwill for impairment at the reporting unit level on an annual basis or at any time there is an indication goodwill may be impaired, commonly referred to as triggering events. Woodward completed its annual goodwill impairment test as of July 31, 2022 during the quarter ended September 30, 2022. The fair value of each of Woodward’s reporting units was determined using a discounted cash flow method. This method represents a level 3 input and incorporates various estimates and assumptions, the most significant being projected revenue growth rates, earnings margins, future tax rates, and the present value, based on an estimated weighted-average cost of capital (or the discount rate) and terminal growth rate, of forecasted cash flows. Management projects revenue growth rates, earnings margins and cash flows based on each reporting unit’s current operational results, expected performance and operational strategies over a five-year period. These projections are adjusted to reflect current economic conditions and demand for certain products, and require considerable management judgment. Forecasted cash flows used in the July 31, 2022 impairment test were discounted using weighted-average cost of capital assumptions ranging from 8.93% to 17.43%. The terminal values of the forecasted cash flows were calculated using the Gordon Growth Model and assumed an annual compound growth rate after five years of 3.95%. These inputs, which are unobservable in the market, represent management’s best estimate of what market participants would use in determining the present value of the Company’s forecasted cash flows. Changes in these estimates and assumptions can have a significant impact on the fair value of forecasted cash flows. Woodward evaluated the reasonableness of the reporting units’ resulting fair values utilizing a market multiple method. The results of Woodward’s goodwill impairment test performed as of July 31, 2022 did not indicate impairment of any of Woodward’s reporting units.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2144439 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 55 -Paragraph 24 -URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267 + Details
Name: | us-gaap_GoodwillDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration