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v3.24.3

Revenue (Tables) | 12 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue Derived from Product Sales |
|  | Year Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Manufactured products |  |  | 83 | % |  |  | 84 | % |  |  | 84 | %
MRO |  |  | 15 | % |  |  | 14 | % |  |  | 14 | %
Services |  |  | 2 | % |  |  | 2 | % |  |  | 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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Aerospace |  |  | Industrial |  |  | Consolidated |  |  | Aerospace |  |  | Industrial |  |  | Consolidated |  |  | Aerospace |  |  | Industrial |  |  | Consolidated |
Point in time |  | $ | 853,728 |  |  | $ | 780,794 |  |  | $ | 1,634,522 |  |  | $ | 748,278 |  |  | $ | 708,458 |  |  | $ | 1,456,736 |  |  | $ | 593,233 |  |  | $ | 509,737 |  |  | $ | 1,102,970 |
Over time |  |  | 1,174,890 |  |  |  | 514,837 |  |  |  | 1,689,727 |  |  |  | 1,019,825 |  |  |  | 438,005 |  |  |  | 1,457,830 |  |  |  | 926,089 |  |  |  | 353,731 |  |  |  | 1,279,820 |
Total net sales |  | $ | 2,028,618 |  |  | $ | 1,295,631 |  |  | $ | 3,324,249 |  |  | $ | 1,768,103 |  |  | $ | 1,146,463 |  |  | $ | 2,914,566 |  |  | $ | 1,519,322 |  |  | $ | 863,468 |  |  | $ | 2,382,790 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Revenue |  | $ | 17,154 |  |  | $ | 1,460 |  |  | $ | 1,514 |
Cost of goods sold |  |  | 15,486 |  |  |  | 1,736 |  |  |  | 667 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Revenue |  | $ | 7,230 |  |  | $ | 6,741 |  |  | $ | 4,107 |
Cost of goods sold |  |  | 3,112 |  |  |  | 5,559 |  |  |  | 3,077 |
Schedule of Accounts Receivable | Accounts receivable consisted of the following:
|  | September 30, 2024 |  |  | September 30, 2023 |
Billed receivables |  |  |  |  |  |
Trade accounts receivable |  | $ | 455,831 |  |  | $ | 434,287 |
Other (Chinese financial institutions) |  |  | 1,403 |  |  |  | 50,940 |
Total billed receivables |  |  | 457,234 |  |  |  | 485,227 |
Current unbilled receivables (contract assets) |  |  | 320,570 |  |  |  | 270,479 |
Total accounts receivable |  |  | 777,804 |  |  |  | 755,706 |
Less: Allowance for uncollectible amounts |  |  | (7,738 | ) |  |  | (5,847 | )
Total accounts receivable, net |  | $ | 770,066 |  |  | $ | 749,859 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Balance, beginning |  | $ | 5,847 |  |  | $ | 3,922 |  |  | $ | 3,664 |
Changes in estimates |  |  | 3,219 |  |  |  | 7,211 |  |  |  | 447 |
Write-offs |  |  | (586 | ) |  |  | (5,305 | ) |  |  | (46 | )
Other 1 |  |  | (742 | ) |  |  | 19 |  |  |  | (143 | )
Balance, ending |  | $ | 7,738 |  |  | $ | 5,847 |  |  | $ | 3,922 |
(1) Includes effects of foreign exchange rate changes during the period.
Schedule of Contract Liability | Contract liabilities consisted of the following:
|  | September 30, 2024 |  |  | September 30, 2023 |
|  | Current |  |  | Noncurrent |  |  | Current |  |  | Noncurrent |
Deferred revenue from material rights from JV formation |  | $ | 6,580 |  |  | $ | 232,164 |  |  | $ | 6,147 |  |  | $ | 233,997 |
Deferred revenue from advanced invoicing and/or prepayments from customers |  |  | 23,706 |  |  |  | 6,437 |  |  |  | 6,868 |  |  |  | 2,196 |
Liability related to customer supplied inventory |  |  | 20,563 |  |  |  | — |  |  |  | 14,543 |  |  |  | — |
Deferred revenue from material rights related to engineering and development funding |  |  | 5,942 |  |  |  | 186,008 |  |  |  | 6,190 |  |  |  | 178,464 |
Net contract liabilities |  | $ | 56,791 |  |  | $ | 424,609 |  |  | $ | 33,748 |  |  | $ | 414,657 |
Schedule of Revenue Recognized Related to Noncash Consideration | The amount of revenue recognized related to noncash consideration received from customers follows:
|  | For the Year Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Aerospace |  | $ | 61,323 |  |  | $ | 50,329 |  |  | $ | 63,358 |
Industrial |  |  | 4,974 |  |  |  | 1,939 |  |  |  | 2,343 |
Consolidated |  | $ | 66,297 |  |  | $ | 52,268 |  |  | $ | 65,701 |
Schedule of Disaggregation of Revenue | Revenue by primary market for the Aerospace reportable segment was as follows:
|  | Year Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Commercial OEM |  | $ | 738,394 |  |  | $ | 651,275 |  |  | $ | 499,438 |
Commercial aftermarket |  |  | 640,823 |  |  |  | 547,625 |  |  |  | 420,881 |
Defense OEM |  |  | 406,810 |  |  |  | 368,653 |  |  |  | 422,016 |
Defense aftermarket |  |  | 242,591 |  |  |  | 200,550 |  |  |  | 176,987 |
Total Aerospace segment net sales |  | $ | 2,028,618 |  |  | $ | 1,768,103 |  |  | $ | 1,519,322 |
Revenue by primary market for the Industrial reportable segment was as follows:
|  | Year Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Power generation |  | $ | 423,872 |  |  | $ | 382,536 |  |  | $ | 317,026 |
Transportation |  |  | 642,174 |  |  |  | 527,498 |  |  |  | 354,682 |
Oil and gas |  |  | 229,585 |  |  |  | 236,429 |  |  |  | 191,760 |
Total Industrial segment net sales |  | $ | 1,295,631 |  |  | $ | 1,146,463 |  |  | $ | 863,468 |
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,
|  | 2024 |  | 2023
Aerospace |  | RTX Corporation, The Boeing Company |  | RTX Corporation, GE, The Boeing Company
Industrial |  | Weichai Power, Rolls-Royce PLC |  | Rolls-Royce PLC, Caterpillar Inc., Weichai Power
Net sales by geographic area, as determined based on the location of the customer, were as follows:
|  | Year Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Aerospace |  |  | Industrial |  |  | Consolidated |  |  | Aerospace |  |  | Industrial |  |  | Consolidated |  |  | Aerospace |  |  | Industrial |  |  | Consolidated |
United States |  | $ | 1,404,223 |  |  | $ | 294,033 |  |  | $ | 1,698,256 |  |  | $ | 1,254,954 |  |  | $ | 283,121 |  |  | $ | 1,538,075 |  |  | $ | 1,105,860 |  |  | $ | 205,740 |  |  | $ | 1,311,600 |
Germany |  |  | 72,583 |  |  |  | 196,775 |  |  |  | 269,358 |  |  |  | 80,450 |  |  |  | 193,392 |  |  |  | 273,842 |  |  |  | 57,840 |  |  |  | 174,216 |  |  |  | 232,056 |
Europe, excluding Germany |  |  | 202,421 |  |  |  | 297,517 |  |  |  | 499,938 |  |  |  | 163,222 |  |  |  | 273,757 |  |  |  | 436,979 |  |  |  | 128,719 |  |  |  | 234,795 |  |  |  | 363,514 |
China |  |  | 96,136 |  |  |  | 293,908 |  |  |  | 390,044 |  |  |  | 56,773 |  |  |  | 186,713 |  |  |  | 243,486 |  |  |  | 49,407 |  |  |  | 86,972 |  |  |  | 136,379 |
Asia, excluding China |  |  | 59,103 |  |  |  | 163,603 |  |  |  | 222,706 |  |  |  | 37,107 |  |  |  | 162,922 |  |  |  | 200,029 |  |  |  | 23,334 |  |  |  | 128,855 |  |  |  | 152,189 |
Other countries |  |  | 194,152 |  |  |  | 49,795 |  |  |  | 243,947 |  |  |  | 175,597 |  |  |  | 46,558 |  |  |  | 222,155 |  |  |  | 154,162 |  |  |  | 32,890 |  |  |  | 187,052 |
Total net sales |  | $ | 2,028,618 |  |  | $ | 1,295,631 |  |  | $ | 3,324,249 |  |  | $ | 1,768,103 |  |  | $ | 1,146,463 |  |  | $ | 2,914,566 |  |  | $ | 1,519,322 |  |  | $ | 863,468 |  |  | $ | 2,382,790 |

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