XML 26 R11.htm IDEA: XBRL DOCUMENT
v3.22.1

Revenue | 6 Months Ended
--- | ---
Mar. 31, 2022
Revenue From Contract With Customer [Abstract] |
Revenue | Note 3. Revenue The amount of revenue recognized as point in time or over time follows:
|  | Three-Months Ended March 31, 2022 |  |  | Three-Months Ended March 31, 2021 |
|  | Aerospace |  |  | Industrial |  |  | Consolidated |  |  | Aerospace |  |  | Industrial |  |  | Consolidated |
Point in time |  | $ | 148,244 |  |  | $ | 122,219 |  |  | $ | 270,463 |  |  | $ | 114,563 |  |  | $ | 131,242 |  |  | $ | 245,805 |
Over time |  |  | 224,513 |  |  |  | 91,863 |  |  |  | 316,376 |  |  |  | 250,143 |  |  |  | 85,373 |  |  |  | 335,516 |
Total net sales |  | $ | 372,757 |  |  | $ | 214,082 |  |  | $ | 586,839 |  |  | $ | 364,706 |  |  | $ | 216,615 |  |  | $ | 581,321 |
|  | Six-Months Ended March 31, 2022 |  |  | Six-Months Ended March 31, 2021 |
|  | Aerospace |  |  | Industrial |  |  | Consolidated |  |  | Aerospace |  |  | Industrial |  |  | Consolidated |
Point in time |  | $ | 273,889 |  |  | $ | 247,211 |  |  | $ | 521,100 |  |  | $ | 221,530 |  |  | $ | 285,437 |  |  | $ | 506,967 |
Over time |  |  | 435,303 |  |  |  | 172,022 |  |  |  | 607,325 |  |  |  | 464,843 |  |  |  | 147,130 |  |  |  | 611,973 |
Total net sales |  | $ | 709,192 |  |  | $ | 419,233 |  |  | $ | 1,128,425 |  |  | $ | 686,373 |  |  | $ | 432,567 |  |  | $ | 1,118,940 |
Accounts Receivable Accounts receivable consisted of the following:
|  | March 31, 2022 |  |  | September 30, 2021 |
Billed receivables |  |  |  |  |  |  |  |
Trade accounts receivable |  | $ | 311,302 |  |  | $ | 298,951 |
Other (Chinese financial institutions) |  |  | 10,273 |  |  |  | 23,168 |
Total billed receivables |  |  | 321,575 |  |  |  | 322,119 |
Current unbilled receivables (contract assets) |  |  | 256,740 |  |  |  | 204,596 |
Total accounts receivable |  |  | 578,315 |  |  |  | 526,715 |
Less: Allowance for uncollectible amounts |  |  | (3,141 | ) |  |  | (3,664 | )
Total accounts receivable, net |  | $ | 575,174 |  |  | $ | 523,051 |
As of March 31, 2022, “Other assets” on the Condensed Consolidated Balance Sheets includes $4,486 of unbilled receivables not expected to be invoiced and collected within a period of twelve months, compared to $9,424 as of September 30, 2021. Accounts receivable in Woodward’s Condensed Consolidated Financial Statements represent the net amount expected to be collected, and an allowance for uncollectible amounts related to credit losses is established based on expected losses. Expected losses are estimated by reviewing specific customer accounts, taking into consideration accounts receivable aging, credit risk of the customers, and historical payment history, as well as current and forecasted economic conditions and other relevant factors. The allowance for uncollectible amounts and change in expected credit losses for trade accounts receivable and unbilled receivables (contract assets) consisted of the following:
|  | Three-Months Ended March 31, |  |  | Six-Months Ended March 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Balance, beginning |  | $ | 3,309 |  |  | $ | 7,499 |  |  | $ | 3,664 |  |  | $ | 8,359 |
Charged to costs and expenses, or sales allowance |  |  | 215 |  |  |  | 1,040 |  |  |  | 427 |  |  |  | 1,128 |
Deductions |  |  | (532 | ) |  |  | (837 | ) |  |  | (1,108 | ) |  |  | (2,008 | )
Other additions1 |  |  | 149 |  |  |  | (180 | ) |  |  | 158 |  |  |  | 43 |
Balance, ending |  | $ | 3,141 |  |  | $ | 7,522 |  |  | $ | 3,141 |  |  | $ | 7,522 |
| (1) | Includes effects of foreign exchange rate changes during the period.
Contract liabilities Contract liabilities consisted of the following:
|  | March 31, 2022 |  |  | September 30, 2021 |
|  | Current |  |  | Noncurrent |  |  | Current |  |  | Noncurrent |
Deferred revenue from material rights from GE joint venture formation |  | $ | 5,262 |  |  | $ | 236,913 |  |  | $ | 4,771 |  |  | $ | 234,237 |
Deferred revenue from advanced invoicing and/or prepayments from customers |  |  | 2,668 |  |  |  | 37 |  |  |  | 4,192 |  |  |  | 290 |
Liability related to customer supplied inventory |  |  | 13,654 |  |  |  | — |  |  |  | 14,169 |  |  |  | — |
Deferred revenue from material rights related to engineering and development funding |  |  | 7,229 |  |  |  | 159,225 |  |  |  | 6,395 |  |  |  | 151,797 |
Net contract liabilities |  | $ | 28,813 |  |  | $ | 396,175 |  |  | $ | 29,527 |  |  | $ | 386,324 |
Woodward recognized revenue of $4,426 in the three-months and $13,219 in the six-months ended March 31, 2022 from contract liabilities balances recorded as of October 1, 2021, compared to $7,146 in the three-months and $13,674 in the six-months ended March 31, 2021 from contract liabilities balances recorded as of October 1, 2020. Remaining performance obligations Remaining performance obligations related to the aggregate amount of the total contract transaction price of firm orders for which the performance obligation has not yet been recognized in revenue as of March 31, 2022 was $1,454,586, compared to $1,283,311 as of September 30, 2021, the majority of which relates to Woodward’s Aerospace segment in both periods. Woodward expects to recognize almost all of these remaining performance obligations within two years after March 31, 2022. Remaining performance obligations related to material rights that have not yet been recognized in revenue as of March 31, 2022 was $474,535, compared to $471,133 as of September 30, 2021, of which $5,462 is expected to be recognized in the remainder of fiscal year 2022, $15,070 is expected to be recognized in fiscal year 2023, and the remaining balance is expected to be recognized thereafter. Woodward expects to recognize revenue from performance obligations related to material rights over the life of the underlying programs, which may be as long as forty years. Disaggregation of Revenue Woodward designs, produces and services reliable, efficient, low-emission, and high-performance energy control products for diverse applications in markets throughout the world. Woodward reports financial results for each of its Aerospace and Industrial reportable segments. Woodward further disaggregates its revenue from contracts with customers by primary market as Woodward believes this best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Revenue by primary market for the Aerospace reportable segment was as follows:
|  | Three-Months Ended March 31, |  |  | Six-Months Ended March 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Commercial OEM |  | $ | 122,889 |  |  | $ | 101,907 |  |  | $ | 227,715 |  |  | $ | 177,988 |
Commercial aftermarket |  |  | 108,554 |  |  |  | 77,579 |  |  |  | 194,640 |  |  |  | 143,094 |
Defense OEM |  |  | 97,812 |  |  |  | 135,630 |  |  |  | 203,187 |  |  |  | 266,893 |
Defense aftermarket |  |  | 43,502 |  |  |  | 49,590 |  |  |  | 83,650 |  |  |  | 98,398 |
Total Aerospace segment net sales |  | $ | 372,757 |  |  | $ | 364,706 |  |  | $ | 709,192 |  |  | $ | 686,373 |
Revenue by primary market for the Industrial reportable segment was as follows:
|  | Three-Months Ended March 31, |  |  | Six-Months Ended March 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Reciprocating engines |  | $ | 156,663 |  |  | $ | 163,034 |  |  | $ | 314,997 |  |  | $ | 327,956 |
Industrial turbines |  |  | 57,419 |  |  |  | 53,581 |  |  |  | 104,236 |  |  |  | 104,611 |
Total Industrial segment net sales |  | $ | 214,082 |  |  | $ | 216,615 |  |  | $ | 419,233 |  |  | $ | 432,567 |
The customers who each account for approximately 10% or more of net sales of each of Woodward’s reportable segments are as follows:
|  | Three-Months Ended March 31, 2022 |  | Six-Months Ended March 31, 2022
Aerospace |  | The Boeing Company, General Electric Company, Raytheon Technologies |  | The Boeing Company, General Electric Company, Raytheon Technologies
Industrial |  | Rolls-Royce PLC, Wartsila, Caterpillar, Inc. |  | Rolls-Royce PLC, Wartsila

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

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration