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v3.23.1

Revenue (Tables) | 6 Months Ended
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Mar. 31, 2023
Revenue From Contract With Customer [Abstract] |
Schedule of Revenue Recognition Time | The amount of revenue recognized as point in time or over time follows:
|  | Three-Months Ended March 31, 2023 |  |  | Three-Months Ended March 31, 2022 |
|  | Aerospace |  |  | Industrial |  |  | Consolidated |  |  | Aerospace |  |  | Industrial |  |  | Consolidated |
Point in time |  | $ | 188,248 |  |  | $ | 177,660 |  |  | $ | 365,908 |  |  | $ | 148,244 |  |  | $ | 122,219 |  |  | $ | 270,463 |
Over time |  |  | 248,769 |  |  |  | 103,537 |  |  |  | 352,306 |  |  |  | 224,513 |  |  |  | 91,863 |  |  |  | 316,376 |
Total net sales |  | $ | 437,017 |  |  | $ | 281,197 |  |  | $ | 718,214 |  |  | $ | 372,757 |  |  | $ | 214,082 |  |  | $ | 586,839 |
|  | Six-Months Ended March 31, 2023 |  |  | Six-Months Ended March 31, 2022 |
|  | Aerospace |  |  | Industrial |  |  | Consolidated |  |  | Aerospace |  |  | Industrial |  |  | Consolidated |
Point in time |  | $ | 358,088 |  |  | $ | 317,499 |  |  | $ | 675,587 |  |  | $ | 273,889 |  |  | $ | 247,211 |  |  | $ | 521,100 |
Over time |  |  | 474,614 |  |  |  | 186,632 |  |  |  | 661,246 |  |  |  | 435,303 |  |  |  | 172,022 |  |  |  | 607,325 |
Total net sales |  | $ | 832,702 |  |  | $ | 504,131 |  |  | $ | 1,336,833 |  |  | $ | 709,192 |  |  | $ | 419,233 |  |  | $ | 1,128,425 |
Schedule of Accounts Receivable | Accounts receivable consisted of the following:
|  | March 31, 2023 |  |  | September 30, 2022 |
Billed receivables |  |  |  |  |  |
Trade accounts receivable |  | $ | 405,246 |  |  | $ | 359,364 |
Other (Chinese financial institutions) |  |  | 3,654 |  |  |  | 9,405 |
Total billed receivables |  |  | 408,900 |  |  |  | 368,769 |
Current unbilled receivables (contract assets) |  |  | 264,468 |  |  |  | 245,117 |
Total accounts receivable |  |  | 673,368 |  |  |  | 613,886 |
Less: Allowance for uncollectible amounts |  |  | (9,949 | ) |  |  | (3,922 | )
Total accounts receivable, net |  | $ | 663,419 |  |  | $ | 609,964 |
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:
|  | Three-Months Ended March 31, |  |  | Six-Months Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Balance, beginning |  | $ | 4,203 |  |  | $ | 3,309 |  |  | $ | 3,922 |  |  | $ | 3,664 |
Changes in estimates |  |  | 6,042 |  |  |  | 192 |  |  |  | 6,470 |  |  |  | 427 |
Write-offs |  |  | (247 | ) |  |  | (26 | ) |  |  | (330 | ) |  |  | (43 | )
Other 1 |  |  | (49 | ) |  |  | (334 | ) |  |  | (113 | ) |  |  | (907 | )
Balance, ending |  | $ | 9,949 |  |  | $ | 3,141 |  |  | $ | 9,949 |  |  | $ | 3,141 |
(1) Includes effects of foreign exchange rate changes during the period.
Schedule of Contract Liability | Contract liabilities consisted of the following:
|  | March 31, 2023 |  |  | September 30, 2022 |
|  | Current |  |  | Noncurrent |  |  | Current |  |  | Noncurrent |
Deferred revenue from material rights from GE joint venture formation |  | $ | 5,950 |  |  | $ | 237,179 |  |  | $ | 5,754 |  |  | $ | 234,516 |
Deferred revenue from advanced invoicing and/or prepayments from customers |  |  | 3,570 |  |  |  | 63 |  |  |  | 4,120 |  |  |  | 38 |
Liability related to customer supplied inventory |  |  | 14,779 |  |  |  | — |  |  |  | 12,442 |  |  |  | — |
Deferred revenue from material rights related to engineering and development funding |  |  | 5,249 |  |  |  | 172,020 |  |  |  | 8,347 |  |  |  | 161,791 |
Net contract liabilities |  | $ | 29,548 |  |  | $ | 409,262 |  |  | $ | 30,663 |  |  | $ | 396,345 |
Schedule of Disaggregation of Revenue | Revenue by primary market for the Aerospace reportable segment was as follows:
|  | Three-Months Ended March 31, |  |  | Six-Months Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Commercial OEM |  | $ | 159,271 |  |  | $ | 122,889 |  |  | $ | 298,146 |  |  | $ | 227,715 |
Commercial aftermarket |  |  | 139,445 |  |  |  | 108,554 |  |  |  | 266,088 |  |  |  | 194,640 |
Defense OEM |  |  | 87,807 |  |  |  | 97,812 |  |  |  | 177,569 |  |  |  | 203,187 |
Defense aftermarket |  |  | 50,494 |  |  |  | 43,502 |  |  |  | 90,899 |  |  |  | 83,650 |
Total Aerospace segment net sales |  | $ | 437,017 |  |  | $ | 372,757 |  |  | $ | 832,702 |  |  | $ | 709,192 |
Revenue by primary market for the Industrial reportable segment was as follows:
|  | Three-Months Ended March 31, |  |  | Six-Months Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Reciprocating engines |  | $ | 209,238 |  |  | $ | 156,663 |  |  | $ | 370,615 |  |  | $ | 314,997 |
Industrial turbines |  |  | 71,959 |  |  |  | 57,419 |  |  |  | 133,516 |  |  |  | 104,236 |
Total Industrial segment net sales |  | $ | 281,197 |  |  | $ | 214,082 |  |  | $ | 504,131 |  |  | $ | 419,233 |
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, 2023 |  | Three-Months Ended March 31, 2022
Aerospace |  | Raytheon Technologies, General Electric Company, The Boeing Company |  | Raytheon Technologies, The Boeing Company, General Electric Company
Industrial |  | Rolls-Royce PLC, Caterpillar, Inc. |  | Rolls-Royce PLC, Caterpillar, Inc., Wartsila
|  | Six-Months Ended March 31, 2023 |  | Six-Months Ended March 31, 2022
Aerospace |  | Raytheon Technologies, General Electric, The Boeing Company |  | Raytheon Technologies, The Boeing Company, General Electric Company
Industrial |  | Rolls-Royce PLC, Caterpillar, Inc., Wartsila |  | Rolls-Royce PLC, Wartsila

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