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Joint Venture | 3 Months Ended
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Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Joint Venture | Note 6. Joint venture In fiscal year 2016, Woodward and General Electric Company (“GE”), acting through its GE Aviation business unit at the time, consummated the formation of a strategic joint venture between Woodward and GE (the “JV”) to develop, manufacture, and support fuel systems for specified existing and all future GE commercial aircraft engines that produce thrust in excess of fifty thousand pounds. Unamortized deferred revenue from material rights in connection with the JV formation included:
|  | December 31, 2023 |  |  | September 30, 2023 |
Accrued liabilities |  | $ | 6,255 |  |  | $ | 6,147 |
Other liabilities |  |  | 232,553 |  |  |  | 233,997 |
Amortization of the deferred revenue (material right) recognized as an increase to sales was $1,335 for the three months ended December 31, 2023, and $831 for the three months ended December 31, 2022. Other income related to Woodward’s equity interest in the earnings of the JV was as follows:
|  | Three Months Ended December 31, |
|  | 2023 |  |  | 2022 |
Other income |  | $ | 10,155 |  |  | $ | 4,573 |
Cash distributions to Woodward from the JV, recognized in “Other, net” in “Net cash provided by operating activities” on the Condensed Consolidated Statements of Cash Flows, were as follows:
|  | Three Months Ended December 31, |
|  | 2023 |  |  | 2022 |
Cash distributions |  | $ | 6,500 |  |  | $ | 4,500 |
Net sales to the JV were as follows:
|  | Three Months Ended December 31, |
|  | 2023 |  |  | 2022 |
Net sales 1 |  | $ | 20,272 |  |  | $ | 6,477 |
(1) Net sales included a reduction of $14,539 for the three months ended December 31, 2023 related to royalties owed to the JV by Woodward on sales by Woodward directly to third party aftermarket customers, compared to a reduction to sales of $7,570 for the three months ended December 31, 2022. The Condensed Consolidated Balance Sheets include “Accounts receivable” related to amounts the JV owed Woodward, “Accounts payable” related to amounts Woodward owed the JV, and “Other assets” related to Woodward’s net investment in the JV, as follows:
|  | December 31, 2023 |  |  | September 30, 2023 |
Accounts receivable |  | $ | 3,978 |  |  | $ | 3,666 |
Accounts payable |  |  | 8,025 |  |  |  | 6,276 |
Other assets |  |  | 19,683 |  |  |  | 16,028 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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