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v3.22.2.2

Revenue (Tables) | 12 Months Ended
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Sep. 30, 2022
Revenue From Contract With Customer [Abstract] |
Revenue Derived from Product Sales |
|  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Manufactured products |  |  | 84 | % |  |  | 86 | % |  |  | 86 | %
MRO |  |  | 14 | % |  |  | 13 | % |  |  | 12 | %
Services |  |  | 2 | % |  |  | 1 | % |  |  | 2 | %
Schedule of Revenue Recognition Time | The amount of revenue recognized as point in time or over time follows:
|  | For the Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | Aerospace |  |  | Industrial |  |  | Consolidated |  |  | Aerospace |  |  | Industrial |  |  | Consolidated |  |  | Aerospace |  |  | Industrial |  |  | Consolidated |
Point in time |  | $ | 593,233 |  |  | $ | 509,737 |  |  | $ | 1,102,970 |  |  | $ | 481,422 |  |  | $ | 527,233 |  |  | $ | 1,008,655 |  |  | $ | 590,817 |  |  | $ | 592,157 |  |  | $ | 1,182,974 |
Over time |  |  | 926,089 |  |  |  | 353,731 |  |  |  | 1,279,820 |  |  |  | 922,695 |  |  |  | 314,482 |  |  |  | 1,237,177 |  |  |  | 1,000,146 |  |  |  | 312,545 |  |  |  | 1,312,691 |
Total net sales |  | $ | 1,519,322 |  |  | $ | 863,468 |  |  | $ | 2,382,790 |  |  | $ | 1,404,117 |  |  | $ | 841,715 |  |  | $ | 2,245,832 |  |  | $ | 1,590,963 |  |  | $ | 904,702 |  |  | $ | 2,495,665 |
Summary of Amounts Recognized Related to Changes in Estimated Total Lifetime Sales for Material Rights and Costs to Fulfill Contracts With Customers | Amounts recognized related to changes in estimated total lifetime sales for material rights and costs to fulfill contracts with customers follows:
|  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Revenue |  | $ | 1,514 |  |  | $ | 2,671 |  |  | $ | 6,784 |
Cost of goods sold |  |  | 667 |  |  |  | 1,961 |  |  |  | 6,638 |
Summary of Amounts Recognized Related to Amortization of Costs to Fulfill Contracts and Contract Liabilities Not Related to Changes in Estimate | Amounts recognized related to amortization of costs to fulfill contracts and contract liabilities, which were not related to changes in estimate, follows:
|  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Revenue |  | $ | 4,107 |  |  | $ | 4,455 |  |  | $ | 1,664 |
Cost of goods sold |  |  | 3,077 |  |  |  | 3,466 |  |  |  | 1,241 |
Schedule of Accounts Receivable | Accounts receivable consisted of the following:
|  | September 30, 2022 |  |  | September 30, 2021 |
Billed receivables |  |  |  |  |  |  |  |
Trade accounts receivable |  | $ | 359,364 |  |  | $ | 298,951 |
Other (Chinese financial institutions) |  |  | 9,405 |  |  |  | 23,168 |
Total billed receivables |  |  | 368,769 |  |  |  | 322,119 |
Current unbilled receivables (contract assets) |  |  | 245,117 |  |  |  | 204,596 |
Total accounts receivable |  |  | 613,886 |  |  |  | 526,715 |
Less: Allowance for uncollectible amounts |  |  | (3,922 | ) |  |  | (3,664 | )
Total accounts receivable, net |  | $ | 609,964 |  |  | $ | 523,051 |
Schedule of Uncollectible Amounts And Change in Expected Allowance for Credit Losses for Trade Accounts Receivable and Unbilled Receivables | The allowance for uncollectible amounts and change in expected credit losses for trade accounts receivable and unbilled receivables (contract assets) consisted of the following:
|  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Balance, beginning |  | $ | 3,664 |  |  | $ | 8,359 |  |  | $ | 8,936 |
Charged to costs and expenses, or sales allowance |  |  | 1,866 |  |  |  | 2,382 |  |  |  | 4,735 |
Deductions |  |  | (1,587 | ) |  |  | (7,255 | ) |  |  | (5,342 | )
Other (deductions)/additions1 |  |  | (21 | ) |  |  | 178 |  |  |  | 30 |
Balance, ending |  | $ | 3,922 |  |  | $ | 3,664 |  |  | $ | 8,359 |
| (1) | Includes effects of foreign exchange rate changes during the period.
Schedule of Contract Liability | Contract liabilities consisted of the following:
|  | September 30, 2022 |  |  | September 30, 2021 |
|  | Current |  |  | Noncurrent |  |  | Current |  |  | Noncurrent |
Deferred revenue from material rights from GE joint venture formation |  | $ | 5,754 |  |  | $ | 234,516 |  |  | $ | 4,771 |  |  | $ | 234,237 |
Deferred revenue from advanced invoicing and/or prepayments from customers |  |  | 4,120 |  |  |  | 38 |  |  |  | 4,192 |  |  |  | 290 |
Liability related to customer supplied inventory |  |  | 12,442 |  |  |  | — |  |  |  | 14,169 |  |  |  | — |
Deferred revenue from material rights related to engineering and development funding |  |  | 8,347 |  |  |  | 161,791 |  |  |  | 6,395 |  |  |  | 151,797 |
Net contract liabilities |  | $ | 30,663 |  |  | $ | 396,345 |  |  | $ | 29,527 |  |  | $ | 386,324 |
Schedule of Disaggregation of Revenue | Revenue by primary market for the Aerospace reportable segment was as follows:
|  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Commercial OEM |  | $ | 499,438 |  |  | $ | 386,543 |  |  | $ | 434,306 |
Commercial aftermarket |  |  | 420,881 |  |  |  | 306,547 |  |  |  | 399,843 |
Defense OEM |  |  | 422,016 |  |  |  | 509,815 |  |  |  | 526,264 |
Defense aftermarket |  |  | 176,987 |  |  |  | 201,212 |  |  |  | 230,550 |
Total Aerospace segment net sales |  | $ | 1,519,322 |  |  | $ | 1,404,117 |  |  | $ | 1,590,963 |
Revenue by primary market for the Industrial reportable segment was as follows:
|  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Reciprocating engines |  | $ | 636,866 |  |  | $ | 639,946 |  |  | $ | 632,555 |
Industrial turbines |  |  | 226,602 |  |  |  | 201,769 |  |  |  | 222,366 |
Renewables1 |  |  | — |  |  |  | — |  |  |  | 49,781 |
Total Industrial segment net sales |  | $ | 863,468 |  |  | $ | 841,715 |  |  | $ | 904,702 |
The customers who account for approximately 10% or more of net sales of each of Woodward’s reportable segments are as follows:
|  | For the Year Ended September 30,
|  | 2022 |  | 2021
Aerospace |  | Raytheon Technologies, The Boeing Company, GE |  | The Boeing Company, Raytheon Technologies, GE
Industrial |  | Rolls-Royce PLC, Wärtsilä, Caterpillar |  | Rolls-Royce PLC, Weichai Westport, GE
Net sales by geographic area, as determined based on the location of the customer, were as follows:
|  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | Aerospace |  |  | Industrial |  |  | Consolidated |  |  | Aerospace |  |  | Industrial |  |  | Consolidated |  |  | Aerospace |  |  | Industrial |  |  | Consolidated |
United States |  | $ | 1,105,860 |  |  | $ | 205,740 |  |  | $ | 1,311,600 |  |  | $ | 1,103,373 |  |  | $ | 174,750 |  |  | $ | 1,278,123 |  |  | $ | 1,231,004 |  |  | $ | 195,450 |  |  | $ | 1,426,454 |
Germany |  |  | 57,840 |  |  |  | 174,216 |  |  |  | 232,056 |  |  |  | 31,005 |  |  |  | 152,691 |  |  |  | 183,696 |  |  |  | 52,635 |  |  |  | 181,330 |  |  |  | 233,965 |
Europe, excluding Germany |  |  | 128,719 |  |  |  | 234,795 |  |  |  | 363,514 |  |  |  | 95,984 |  |  |  | 195,957 |  |  |  | 291,941 |  |  |  | 122,938 |  |  |  | 214,033 |  |  |  | 336,971 |
China |  |  | 49,407 |  |  |  | 86,972 |  |  |  | 136,379 |  |  |  | 35,286 |  |  |  | 178,983 |  |  |  | 214,269 |  |  |  | 38,359 |  |  |  | 171,526 |  |  |  | 209,885 |
Asia, excluding China |  |  | 23,334 |  |  |  | 128,855 |  |  |  | 152,189 |  |  |  | 23,363 |  |  |  | 114,137 |  |  |  | 137,500 |  |  |  | 27,068 |  |  |  | 113,001 |  |  |  | 140,069 |
Other countries |  |  | 154,162 |  |  |  | 32,890 |  |  |  | 187,052 |  |  |  | 115,106 |  |  |  | 25,197 |  |  |  | 140,303 |  |  |  | 118,959 |  |  |  | 29,362 |  |  |  | 148,321 |
Total net sales |  | $ | 1,519,322 |  |  | $ | 863,468 |  |  | $ | 2,382,790 |  |  | $ | 1,404,117 |  |  | $ | 841,715 |  |  | $ | 2,245,832 |  |  | $ | 1,590,963 |  |  | $ | 904,702 |  |  | $ | 2,495,665 |

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