Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Nov. 10, 2014 | Mar. 31, 2014 | |
Document and Entity Information | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'WOODWARD, INC. | ' | ' |
Entity Central Index Key | '0000108312 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 65,587,860 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,829,752,615 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Earnings | ' | ' | ' |
Net sales | $2,001,240 | $1,935,976 | $1,865,627 |
Costs and expenses: | ' | ' | ' |
Cost of goods sold | 1,425,839 | 1,376,271 | 1,303,344 |
Selling, general and administrative expenses | 155,339 | 168,097 | 164,512 |
Research and development costs | 138,005 | 130,250 | 143,274 |
Amortization of intangible assets | 33,580 | 36,979 | 32,809 |
Interest expense | 22,804 | 26,703 | 26,003 |
Interest income | -271 | -273 | -542 |
Other (income) expense, net (Note 15) | -1,300 | -1,622 | -1,580 |
Total costs and expenses | 1,773,996 | 1,736,405 | 1,667,820 |
Earnings before income taxes | 227,244 | 199,571 | 197,807 |
Income tax expense | 61,400 | 53,629 | 56,218 |
Net earnings | $165,844 | $145,942 | $141,589 |
Earnings per share (Note 3): | ' | ' | ' |
Basic earnings per share | $2.50 | $2.13 | $2.06 |
Diluted earnings per share | $2.45 | $2.10 | $2.01 |
Weighted Average Common Shares Outstanding (Note 3): | ' | ' | ' |
Basic | 66,432 | 68,392 | 68,880 |
Diluted | 67,776 | 69,602 | 70,307 |
Cash dividends per share paid to Woodward common stockholders | $0.32 | $0.32 | $0.31 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive earnings | ' | ' | ' |
Net earnings | $165,844 | $145,942 | $141,589 |
Other comprehensive earnings: | ' | ' | ' |
Foreign currency translation adjustments | -16,003 | 7,337 | -7,291 |
Taxes on changes on foreign currency translation adjustments | 1,080 | 958 | 2,635 |
Foreign currency translation adjustments, net of tax | -14,923 | 8,295 | -4,656 |
Reclassification of realized losses on derivatives to earnings | 99 | 171 | 174 |
Realized gain on cash flow hedge | 0 | 507 | 0 |
Taxes on changes on derivative transactions | -37 | -259 | -66 |
Derivative adjustments, net of tax | 62 | 419 | 108 |
Minimum retirement benefit liability adjustments (Note 17): | ' | ' | ' |
Net gain (loss) arising during the period | 3,746 | 26,756 | -17,960 |
Prior service cost arising during the period | -3,355 | 0 | 0 |
Loss (gain) due to settlement or curtailment arising during the period | -7,539 | 36 | 56 |
Amortization of prior service benefit | -66 | -90 | -484 |
Amortization of net loss | 785 | 1,770 | 1,280 |
Foreign currency exchange rate changes on minimum retirement benefit liabilities | 104 | 673 | -171 |
Taxes on changes on minimum retirement benefit liability adjustments | 2,538 | -11,021 | 6,478 |
Minimum retirement benefit liability adjustments, net of tax | -3,787 | 18,124 | -10,801 |
Total comprehensive earnings | $147,196 | $172,780 | $126,240 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $115,287 | $48,556 |
Accounts receivable, less allowance for uncollectible amounts of $7,078 and $8,872, respectively | 346,858 | 381,065 |
Inventories | 451,944 | 431,744 |
Income taxes receivable | 6,574 | 14,071 |
Deferred income tax assets | 40,774 | 43,027 |
Other current assets | 47,207 | 38,650 |
Total current assets | 1,008,644 | 957,113 |
Property, plant and equipment, net | 513,279 | 350,048 |
Goodwill | 559,724 | 561,458 |
Intangible assets, net | 254,772 | 288,775 |
Deferred income tax assets | 6,292 | 13,926 |
Other assets | 54,491 | 47,198 |
Total assets | 2,397,202 | 2,218,518 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 0 | 100,000 |
Accounts payable | 160,683 | 145,541 |
Income taxes payable | 6,130 | 7,848 |
Deferred income tax liabilities | 472 | 800 |
Accrued liabilities | 172,731 | 161,741 |
Total current liabilities | 340,016 | 415,930 |
Long-term debt, less current portion | 710,000 | 450,000 |
Deferred income tax liabilities | 85,031 | 104,533 |
Other liabilities | 101,211 | 105,510 |
Total liabilities | 1,236,258 | 1,075,973 |
Commitments and contingencies (Note 19) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, par value $0.003 per share, 10,000 shares authorized, no shares issued | 0 | 0 |
Common stock, par value $0.001455 per share, 150,000 shares authorized, 72,960 shares issued | 106 | 106 |
Additional paid-in capital | 112,491 | 101,147 |
Accumulated other comprehensive earnings (losses) | -3,533 | 15,115 |
Deferred compensation | 3,915 | 4,007 |
Retained earnings | 1,338,468 | 1,193,887 |
Stockholders' equity excluding treasury stock | 1,451,447 | 1,314,262 |
Treasury stock at cost, 7,397 shares and 4,883 shares, respectively | -286,588 | -167,710 |
Treasury stock held for deferred compensation, at cost, 198 shares and 232 shares, respectively | -3,915 | -4,007 |
Total stockholders' equity | 1,160,944 | 1,142,545 |
Total liabilities and stockholders' equity | $2,397,202 | $2,218,518 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Allowance, accounts receivable | $7,078 | $8,872 |
Stockholders' equity: | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 72,960,000 | 72,960,000 |
Treasury stock, shares | 7,397,000 | 4,883,000 |
Treasury stock held for deferred compensation, shares | 198,000 | 232,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net earnings | $165,844 | $145,942 | $141,589 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 77,353 | 74,233 | 68,617 |
Loss (gain) due to settlements or curtailments of postretirement plan (Note 17) | -7,539 | 37 | 56 |
Impairment of long-lived asset held for sale (Note 9) | 3,138 | 0 | 0 |
Net (gain) loss on sales of assets | 166 | -100 | 16 |
Stock-based compensation | 11,241 | 9,414 | 8,628 |
Excess tax benefits from stock-based compensation | -3,751 | -5,154 | -3,990 |
Deferred income taxes | -6,704 | 8,348 | -3,730 |
Loss on derivatives reclassified from accumulated comprehensive earnings into earnings | 99 | 171 | 174 |
Changes in operating assets and liabilities, net of business acquisitions: | ' | ' | ' |
Accounts receivable | 30,880 | -9,774 | -59,061 |
Inventories | -27,788 | -1,485 | -18,702 |
Accounts payable and accrued liabilities | 24,068 | 16,062 | 11,688 |
Current income taxes | 9,378 | -9,020 | 7,594 |
Retirement benefit obligations, excluding settlements and curtailments | -2,788 | -15,974 | 745 |
Other | -5,514 | 9,892 | -9,511 |
Net cash provided by operating activities | 268,083 | 222,592 | 144,113 |
Cash flows from investing activities: | ' | ' | ' |
Payments for purchase of property, plant and equipment | -207,106 | -141,600 | -64,900 |
Proceeds from sale of assets | 1,277 | 418 | 283 |
Business acquisitions, net of cash acquired | 0 | -198,860 | 0 |
Net cash used in investing activities | -205,829 | -340,042 | -64,617 |
Cash flows from financing activities: | ' | ' | ' |
Cash dividends paid | -21,263 | -21,866 | -21,351 |
Proceeds from sales of treasury stock | 9,772 | 8,370 | 6,286 |
Payments for repurchases of common stock | -141,488 | -45,754 | -44,110 |
Excess tax benefits from stock compensation | 3,751 | 5,154 | 3,990 |
Borrowings on revolving lines of credit and short-term borrowings | 431,071 | 179,072 | 187,865 |
Payments on revolving lines of credit and short-term borrowings | -221,069 | -179,484 | -187,591 |
Proceeds from issuance of long-term debt | 250,000 | 200,000 | 0 |
Payments of long-term debt | -300,000 | -41,875 | -33,365 |
Proceeds from cash flow hedge | 0 | 507 | 0 |
Payments of debt financing costs | -1,297 | -1,651 | -2,185 |
Net cash provided by (used in) financing activities | 9,477 | 102,473 | -90,461 |
Effect of exchange rate changes on cash and cash equivalents | -5,000 | 1,704 | -1,745 |
Net change in cash and cash equivalents | 66,731 | -13,273 | -12,710 |
Cash and cash equivalents at beginning of period | 48,556 | 61,829 | 74,539 |
Cash and cash equivalents at end of period | $115,287 | $48,556 | $61,829 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Total Accumulated Other Comprehensive (Loss) Earnings [Member] | Foreign Currency Translation Adjustments [Member] | Unrealized Derivative Gains (Losses) [Member] | Minimum Retirement Benefit Liability Adjustments [Member] | Deferred Compensation in Equity [Member] | Retained Earnings [Member] | Treasury Stock at Cost [Member] | Treasury Stock Held for Deferred Compensaton [Member] | Total |
In Thousands, except Share data | |||||||||||
Balances at Sep. 30, 2011 | $106 | $81,453 | $3,626 | $22,103 | ($484) | ($17,993) | $4,581 | $949,573 | ($115,661) | ($4,581) | $919,097 |
Balance, Treasury Stock, shares at Sep. 30, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | -4,070,000 | ' | ' |
Balance, Common Stock, shares at Sep. 30, 2011 | 72,960,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Treasury stock held for deferred compensation, Shares at Sep. 30, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -315,000 | ' |
Net earnings | ' | ' | ' | ' | ' | ' | ' | 141,589 | ' | ' | 141,589 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | -15,349 | -4,656 | 108 | -10,801 | ' | ' | ' | ' | -15,349 |
Cash dividends paid | ' | ' | ' | ' | ' | ' | ' | -21,351 | ' | ' | -21,351 |
Purchases of treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | -44,110 | ' | -44,110 |
Purchases of treasury stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | -1,132,000 | ' | ' |
Sales of treasury stock | ' | -1,542 | ' | ' | ' | ' | ' | ' | 7,720 | ' | 6,178 |
Sales of treasury stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | -454,000 | ' | ' |
Common shares issued from treasury stock for benefit plans | ' | 5,238 | ' | ' | ' | ' | ' | ' | 4,097 | ' | 9,335 |
Common shares issued from treasury stock for benefit plans, shares | ' | ' | ' | ' | ' | ' | ' | ' | 209,000 | ' | ' |
Tax benefit attributable to exercise of stock options | ' | 3,990 | ' | ' | ' | ' | ' | ' | ' | ' | 3,990 |
Stock-based compensation | ' | 8,628 | ' | ' | ' | ' | ' | ' | ' | ' | 8,628 |
Transfer of stock to deferred compensation plan | ' | 59 | ' | ' | ' | ' | 108 | ' | 49 | -108 | 108 |
Transfer of stock to deferred compensation plan, shares | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | -3,000 | ' |
Purchases of stock by deferred compensation plan | ' | ' | ' | ' | ' | ' | 93 | ' | ' | -93 | ' |
Purchases of stock by deferred compensation plan, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,000 | ' |
Distribution of stock from deferred compensation plan | ' | ' | ' | ' | ' | ' | -438 | ' | ' | 438 | ' |
Distribution of stock from deferred compensation plan, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,000 | ' |
Balances at Sep. 30, 2012 | 106 | 97,826 | -11,723 | 17,447 | -376 | -28,794 | 4,344 | 1,069,811 | -147,905 | -4,344 | 1,008,115 |
Balance, Treasury Stock, shares at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | -4,536,000 | ' | ' |
Balance, Common Stock, shares at Sep. 30, 2012 | 72,960,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Treasury stock held for deferred compensation, Shares at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -276,000 | ' |
Net earnings | ' | ' | ' | ' | ' | ' | ' | 145,942 | ' | ' | 145,942 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | 26,838 | 8,295 | 419 | 18,124 | ' | ' | ' | ' | 26,838 |
Cash dividends paid | ' | ' | ' | ' | ' | ' | ' | -21,866 | ' | ' | -21,866 |
Purchases of treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | -51,846 | ' | -51,846 |
Purchases of treasury stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | -1,395,000 | ' | ' |
Sales of treasury stock | ' | -13,194 | ' | ' | ' | ' | ' | ' | 24,110 | ' | 10,916 |
Sales of treasury stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | 796,000 | ' | ' |
Common shares issued from treasury stock for benefit plans | ' | 1,923 | ' | ' | ' | ' | ' | ' | 7,857 | ' | 9,780 |
Common shares issued from treasury stock for benefit plans, shares | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' |
Tax benefit attributable to exercise of stock options | ' | 5,154 | ' | ' | ' | ' | ' | ' | ' | ' | 5,154 |
Stock-based compensation | ' | 9,414 | ' | ' | ' | ' | ' | ' | ' | ' | 9,414 |
Transfer of stock to deferred compensation plan | ' | 24 | ' | ' | ' | ' | 97 | ' | 74 | -97 | 98 |
Transfer of stock to deferred compensation plan, shares | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | -2,000 | ' |
Purchases of stock by deferred compensation plan | ' | ' | ' | ' | ' | ' | 79 | ' | ' | -79 | ' |
Purchases of stock by deferred compensation plan, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,000 | ' |
Distribution of stock from deferred compensation plan | ' | ' | ' | ' | ' | ' | -513 | ' | ' | 513 | ' |
Distribution of stock from deferred compensation plan, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,000 | ' |
Balances at Sep. 30, 2013 | 106 | 101,147 | 15,115 | 25,742 | 43 | -10,670 | 4,007 | 1,193,887 | -167,710 | -4,007 | 1,142,545 |
Balance, Treasury Stock, shares at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | -4,883,000 | ' | -4,883,000 |
Balance, Common Stock, shares at Sep. 30, 2013 | 72,960,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,960,000 |
Balance, Preferred Stock, shares at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Balance, Treasury stock held for deferred compensation, Shares at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -232,000 | -232,000 |
Net earnings | ' | ' | ' | ' | ' | ' | ' | 165,844 | ' | ' | 165,844 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | -18,648 | -14,923 | 62 | -3,787 | ' | ' | ' | ' | -18,648 |
Cash dividends paid | ' | ' | ' | ' | ' | ' | ' | -21,263 | ' | ' | -21,263 |
Purchases of treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | -144,510 | ' | -144,510 |
Purchases of treasury stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | -3,336,000 | ' | ' |
Sales of treasury stock | ' | -6,217 | ' | ' | ' | ' | ' | ' | 17,276 | ' | 11,059 |
Sales of treasury stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | 562,000 | ' | ' |
Common shares issued from treasury stock for benefit plans | ' | 2,837 | ' | ' | ' | ' | ' | ' | 8,356 | ' | 11,193 |
Common shares issued from treasury stock for benefit plans, shares | ' | ' | ' | ' | ' | ' | ' | ' | 260,000 | ' | ' |
Tax benefit attributable to exercise of stock options | ' | 3,483 | ' | ' | ' | ' | ' | ' | ' | ' | 3,483 |
Stock-based compensation | ' | 11,241 | ' | ' | ' | ' | ' | ' | ' | ' | 11,241 |
Purchases of stock by deferred compensation plan | ' | ' | ' | ' | ' | ' | 370 | ' | ' | -370 | ' |
Purchases of stock by deferred compensation plan, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,000 | ' |
Distribution of stock from deferred compensation plan | ' | ' | ' | ' | ' | ' | -462 | ' | ' | 462 | ' |
Distribution of stock from deferred compensation plan, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,000 | ' |
Balances at Sep. 30, 2014 | $106 | $112,491 | ($3,533) | $10,819 | $105 | ($14,457) | $3,915 | $1,338,468 | ($286,588) | ($3,915) | $1,160,944 |
Balance, Treasury Stock, shares at Sep. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | -7,397,000 | ' | -7,397,000 |
Balance, Common Stock, shares at Sep. 30, 2014 | 72,960,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,960,000 |
Balance, Preferred Stock, shares at Sep. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Balance, Treasury stock held for deferred compensation, Shares at Sep. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -198,000 | -198,000 |
Operations_and_summary_of_sign
Operations and summary of significant accounting policies | 12 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Basis of Presentation | ' | ||||||
Operations and Summary of Significant Accounting Policies | ' | ||||||
Note 1. Operations and summary of significant accounting policies | |||||||
Basis of presentation | |||||||
The Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Woodward, Inc. and its subsidiaries (collectively “Woodward” or “the Company”). Dollar amounts contained in these Consolidated Financial Statements are in thousands, except per share amounts. | |||||||
Nature of operations | |||||||
Woodward enhances the global quality of life and sustainability by optimizing energy use through improved efficiency and lower emissions. Woodward is an independent designer, manufacturer, and service provider of energy control and optimization solutions. Woodward designs, produces and services reliable, efficient, low-emission, and high-performance energy control products for diverse applications in challenging environments. Woodward has significant production and assembly facilities in the United States, Europe and Asia, and promotes its products and services through its worldwide locations. | |||||||
Woodward’s strategic focus is providing energy control and optimization solutions for the aerospace and energy markets. The precise and efficient control of energy, including fluid and electrical energy, combustion, and motion, is a growing requirement in the markets it serves. Woodward’s customers look to it to optimize the efficiency, emissions and operation of power equipment in both commercial and defense operations. Woodward’s core technologies leverage well across its markets and customer applications, enabling it to develop and integrate cost-effective and state-of-the-art fuel, combustion, fluid, actuation and electronic systems. Woodward focuses its solutions and services primarily on serving original equipment manufacturers (“OEMs”) and equipment packagers, partnering with them to bring superior component and system solutions to their demanding applications. Woodward also provides aftermarket repair, replacement and other service support for its installed products. | |||||||
Woodward’s components and integrated systems optimize performance of commercial aircraft, defense aircraft, ground vehicles and other equipment, gas and steam turbines, wind turbines, including converters and power grid related equipment, industrial diesel, gas, alternative and dual fuel reciprocating engines, and electrical power systems. Woodward’s innovative fluid energy, combustion control, electrical energy, and motion control systems help its customers offer more cost-effective, cleaner, and more reliable equipment. | |||||||
Summary of significant accounting policies | |||||||
Principles of consolidation: These Consolidated Financial Statements are prepared in accordance with U.S. GAAP and include the accounts of Woodward and its wholly and majority-owned subsidiaries. Transactions within and between these companies are eliminated. | |||||||
Use of estimates: The preparation of the Consolidated Financial Statements requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities, at the date of the financial statements and the reported revenues and expenses recognized during the reporting period, and certain financial statement disclosures. Significant estimates include allowances for uncollectible amounts, net realizable value of inventories, customer rebates earned, useful lives of property and identifiable intangible assets, the evaluation of impairments of property, identifiable intangible assets and goodwill, the provision for income tax and related valuation reserves, the valuation of assets and liabilities acquired in business combinations, assumptions used in the determination of the funded status and annual expense of pension and postretirement employee benefit plans, the valuation of stock compensation instruments granted to employees, and contingencies. Actual results could vary materially from Woodward’s estimates. | |||||||
Foreign currency exchange rates: The assets and liabilities of substantially all subsidiaries outside the United States are translated at fiscal year-end rates of exchange, and earnings and cash flow statements are translated at weighted-average rates of exchange. Translation adjustments are accumulated with other comprehensive (loss) earnings as a separate component of stockholders’ equity and are presented net of tax effects in the Consolidated Statements of Stockholders’ Equity. The effects of changes in foreign currency exchange rates on loans between consolidated subsidiaries, that are considered permanent in nature, are also accumulated with other comprehensive earnings, net of tax. | |||||||
The Company is exposed to market risks related to fluctuations in foreign currency exchange rates because some sales transactions, and certain of the assets and liabilities of its domestic and foreign subsidiaries, are denominated in foreign currencies. Selling, general, and administrative expenses include net foreign currency losses of $1,089 in fiscal year 2014, $2,738 in fiscal year 2013, and $480 in fiscal year 2012. | |||||||
Revenue recognition: Woodward recognizes revenue upon shipment or delivery of products or services and when collectability is reasonably assured. Delivery is upon completion of manufacturing, customer acceptance, and the transfer of the risks and rewards of ownership. In countries whose laws provide for retention of some form of title by sellers, enabling recovery of goods in the event of customer default on payment, product delivery is considered to have occurred when the customer has assumed the risks and rewards of ownership of the products. | |||||||
Occasionally, Woodward transfers title of product to customers, but retains substantive performance obligations such as completion of product testing, customer acceptance or in some instances regulatory acceptance. Revenue is deferred until the performance obligations are satisfied. In addition, service revenue, which accounts for less than 1% of Woodward’s net sales, is also recognized upon completion of applicable performance obligations. | |||||||
Certain Woodward products include incidental software or firmware essential to the performance of the product as designed, which are treated as units of accounting associated with the related tangible product with which the software is included. Woodward does not sell software on a standalone basis, although software upgrades, if any, are generally paid for by the customer. | |||||||
Product freight costs are included in cost of goods sold. Freight costs charged to customers are included in net sales. | |||||||
Taxes collected from customers and remitted to government authorities are excluded from revenue and are recorded as liabilities until the taxes are remitted to the appropriate U.S. or foreign government authority. | |||||||
Net sales from service activities were less than 10% of total net sales for fiscal years 2014, 2013 and 2012. | |||||||
Customer payments: Woodward occasionally agrees to make payments to certain customers in order to participate in anticipated sales activity. Payments made to customers are accounted for as a reduction of revenue unless they are made in exchange for identifiable goods or services with fair values that can be reasonably estimated. Reductions in revenue associated with these customer payments are recognized immediately to the extent that the payments cannot be attributed to anticipated future sales, and are recognized in future periods to the extent that the payments relate to anticipated future sales. Such determinations are based on the facts and circumstances underlying each payment. | |||||||
Stock-based compensation: Compensation cost relating to stock-based payment awards made to employees and directors is recognized in the financial statements using a fair value method. Non-qualified stock option awards and restricted stock awards are issued under Woodward’s stock-based compensation plans. The cost of such awards, measured at the grant date, is based on the estimated fair value of the award. | |||||||
Forfeitures are estimated at the time of each grant in order to estimate the portion of the award that will ultimately vest. The estimate is based on Woodward’s historical rates of forfeitures and is updated periodically. The portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods, which is generally the vesting period of the awards. | |||||||
Research and development costs: Company funded expenditures related to new product development activities are expensed as incurred and are separately reported in the Consolidated Statements of Earnings. | |||||||
Income taxes: Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of Woodward’s assets, liabilities, and certain unrecognized gains and losses recorded in accumulated other comprehensive earnings. Woodward provides for taxes that may be payable if undistributed earnings of overseas subsidiaries were to be remitted to the United States, except for those earnings that it considers to be indefinitely invested. | |||||||
Cash equivalents: Highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents. | |||||||
Cash and cash equivalents are maintained with multiple financial institutions. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. Woodward holds cash and cash equivalents at financial institutions in excess of amounts covered by the Federal Depository Insurance Corporation (the “FDIC”) and sometimes invests excess cash in money market funds not insured by the FDIC. | |||||||
Accounts receivable: Almost all of Woodward’s sales are made on credit and result in accounts receivable, which are recorded at the amount invoiced. In the normal course of business, not all accounts receivable are collected and, therefore, an allowance for uncollectible amounts is provided equal to the amount that Woodward believes ultimately will not be collected. In establishing the amount of the allowance, customer-specific information is considered related to delinquent accounts, past loss experience, bankruptcy filings, deterioration in the customer’s operating results or financial position, and current economic conditions. Accounts receivable losses are deducted from the allowance, and the related accounts receivable balances are written off when the receivables are deemed uncollectible. Recoveries of accounts receivable previously written off are recognized when received. | |||||||
Consistent with business practice common in China, Woodward’s Chinese subsidiary accepts from Chinese customers, in settlement of certain customer accounts receivable, bankers acceptance notes issued by creditworthy Chinese banks. Bankers acceptance notes are financial instruments issued by Chinese financial institutions as part of financing arrangements between the financial institution and a customer of the financial institution. Bankers acceptance notes represent a commitment by the issuing financial institution to pay a certain amount of money at a specified future maturity date to the legal owner of the bankers acceptance note as of the maturity date. The maturity date of bankers acceptance notes varies, but it is Woodward’s policy to only accept bankers acceptance notes with maturity dates no more than 180 days from the date of Woodward’s receipt of such draft. The issuing financial institution is the obligor, not Woodward’s customers. Upon Woodward’s acceptance of a bankers acceptance note from a customer, such customer has no further obligation to pay Woodward for the related accounts receivable balance. Woodward only accepts bankers acceptance notes issued by creditworthy banks as to which the credit risk associated with the bankers acceptance note is assessed to be minimal. | |||||||
The composition of Woodward’s accounts receivable at September 30, 2014 and September 30, 2013 follows: | |||||||
September 30, | September 30, | ||||||
2014 | 2013 | ||||||
Accounts receivable from: | |||||||
Customers | $ | 291,584 | $ | 316,983 | |||
Other (Chinese financial institutions) | 62,352 | 72,954 | |||||
Allowance for uncollectible customer amounts | -7,078 | -8,872 | |||||
$ | 346,858 | $ | 381,065 | ||||
Inventories: Inventories are valued at the lower of cost or market, with cost being determined using methods that approximate a first-in, first-out basis. | |||||||
Customer deposits are recorded against inventory when the right of offset exists. There were no customer deposits included in inventory as of September 30, 2014 and 2013. All other customer deposits are recorded in accrued liabilities. | |||||||
Property, plant, and equipment: Property, plant, and equipment are recorded at cost and are depreciated over the estimated useful lives of the assets. Assets are generally depreciated using the straight-line method. Assets are tested for recoverability whenever events or circumstances indicate the carrying value may not be recoverable. | |||||||
Estimated lives over which fixed assets are generally depreciated at September 30, 2014 were as follows: | |||||||
Land improvements | 3 | - | 40 | years | |||
Buildings and improvements | 3 | - | 40 | years | |||
Leasehold improvements | 1 | - | 25 | years | |||
Machinery and production equipment | 3 | - | 15 | years | |||
Computer equipment and software | 2 | - | 10 | years | |||
Office furniture and equipment | 3 | - | 13 | years | |||
Other | 3 | - | 13 | years | |||
Included in computer equipment and software are Woodward’s enterprise resource planning (“ERP”) systems, which have an estimated useful life of 10 years. All other computer equipment and software is generally depreciated over three to five years. | |||||||
Purchase accounting: Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method, assets and liabilities, including intangible assets, are recorded at their fair values as of the acquisition date. Acquisition costs in excess of amounts assigned to assets acquired and liabilities assumed are recorded as goodwill. | |||||||
Goodwill: Woodward tests goodwill for impairment at the reporting unit level on an annual basis and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Based on the relevant U.S. GAAP authoritative guidance, Woodward sometimes aggregates components of a single operating segment into a reporting unit, if appropriate. The impairment tests consist of comparing the implied fair value of each reporting unit with its carrying amount including goodwill. If the carrying amount of the reporting unit exceeds its implied fair value, Woodward compares the implied fair value of goodwill with the recorded carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value of goodwill, an impairment loss would be recognized to reduce the carrying amount to its implied fair value. There was no impairment charge recorded in fiscal years 2014, 2013, or 2012. | |||||||
Other intangibles: Other intangibles are recognized apart from goodwill whenever an acquired intangible asset arises from contractual or other legal rights, or whenever it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset, or liability. All of Woodward’s intangibles have an estimated useful life and are being amortized using patterns that reflect the periods over which the economic benefits of the assets are expected to be realized. Impairment losses are recognized if the carrying amount of an intangible is both not recoverable and exceeds its fair value. | |||||||
Estimated lives over which intangible assets are amortized at September 30, 2014 were as follows: | |||||||
Customer relationships | 9 | - | 30 | years | |||
Intellectual property | 10 | - | 17 | years | |||
Process technology | 8 | - | 30 | years | |||
Other | 3 | - | 15 | years | |||
Impairment of long-lived assets: Woodward reviews the carrying amount of its long-lived assets or asset groups to be used in operations whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset, or a significant decline in the observable market value of an asset, among others. If such facts indicate a potential impairment, the Company would assess the recoverability of an asset group by determining if the carrying amount of the asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the primary asset in the asset group. If the recoverability test indicates that the carrying amount of the asset group is not recoverable, the Company will estimate the fair value of the asset group using appropriate valuation methodologies, which would typically include an estimate of discounted cash flows. Any impairment would be measured as the difference between the asset groups carrying amount and its estimated fair value. There was an impairment charge of $3,138 recorded in fiscal year 2014 related to a write down to fair market value of assets held for sale. There were no impairment charges recorded in fiscal years 2013 or 2012. | |||||||
Investment in marketable equity securities: Woodward holds marketable equity securities related to its deferred compensation program. Based on Woodward’s intentions regarding these instruments, marketable equity securities are classified as trading securities. The trading securities are reported at fair value, with realized gains and losses recognized in “Other (income) expense, net.” The trading securities are included in “Other assets.” The associated obligation to provide benefits is included in “Other liabilities.” | |||||||
Investments in unconsolidated subsidiaries: Investments in and operating results of entities in which Woodward does not have a controlling financial interest or the ability to exercise significant influence over the operations are included in the financial statements using the cost method of accounting. Investments and operating results of entities in which Woodward does not have a controlling interest but does have the ability to exercise significant influence over operations are included in the financial statements using the equity method of accounting. | |||||||
Deferred compensation: The Company maintains a deferred compensation plan, or “rabbi trust,” as part of its overall compensation package for certain employees. | |||||||
Deferred compensation obligations will be settled either by delivery of a fixed number of shares of Woodward’s common stock (in accordance with certain eligible members’ irrevocable elections) or in cash. Woodward has contributed shares of its common stock into a trust established for the future settlement of deferred compensation obligations that are payable in shares of Woodward’s common stock. Common stock held by the trust is reflected in the Consolidated Balance Sheet as “Treasury stock held for deferred compensation” and the related deferred compensation obligation is reflected as a separate component of equity in amounts equal to the fair value of the common stock at the dates of contribution. These accounts are not adjusted for subsequent changes in the fair value of the common stock. Deferred compensation obligations that will be settled in cash are accounted for on an accrual basis in accordance with the terms of the underlying contract and are reflected in the Consolidated Balance Sheet as “Other liabilities.” | |||||||
Derivatives: The Company is exposed to various market risks that arise from transactions entered into in the normal course of business. The Company has historically utilized derivative instruments, such as treasury lock agreements to lock in fixed rates on future debt issuances, which qualify as cash flow or fair value hedges to mitigate the risk of variability in cash flows related to future interest payments attributable to changes in the designated benchmark rate. The Company records all such interest rate hedge instruments on the balance sheet at fair value. Cash flows related to the instrument designated as a qualifying hedge are reflected in the accompanying Consolidated Statements of Cash Flows in the same categories as the cash flows from the items being hedged. Accordingly, cash flows relating to the settlement of interest rate derivatives hedging the forecasted future interest payments on debt have been reflected upon settlement as a component of financing cash flows. The resulting gain or loss from such settlement is deferred to other comprehensive income and reclassified to interest expense over the term of the underlying debt. This reclassification of the deferred gains and losses impacts the interest expense recognized on the underlying debt that was hedged and is therefore reflected as a component of operating cash flows in periods subsequent to settlement. The periodic settlement of interest rate derivatives hedging outstanding variable rate debt is recorded as an adjustment to interest expense and is therefore reflected as a component of operating cash flows. | |||||||
From time to time, Woodward will enter into foreign currency exchange rate contracts to hedge against changes in foreign currency exchange rates on liabilities expected to be settled at a future date. Woodward has historically not designated these transactions as accounting hedges. The fair value of foreign currency exchange rate contracts held at the end of the period are recognized in the balance sheet and the unrealized gains or losses are recorded to “Other (income) expense, net” in the Consolidated Statements of Earnings. Upon settlement of foreign currency exchange rate contracts, any unrealized gains or losses previously recognized are reversed and the realized gain or loss is recorded to “Other (income) expense, net” in the Consolidated Statement of Earnings. Further information on foreign currency exchange rate contracts can be found at Note 6, Derivative instruments and hedging activities. | |||||||
Financial instruments: The Company’s financial instruments include cash and cash equivalents, investments in the deferred compensation program, notes receivable from municipalities, and debt. Because of their short-term maturity, the carrying amount of cash and cash equivalents and short-term debt approximate fair value. The fair value of investments in the deferred compensation program are adjusted to fair value based on the quoted market prices for the investments in the various mutual funds owned. The fair value of the long-term notes from municipalities are estimated based on a model that discounts future principal and interest payments received at interest rates available to the Company at the end of the period for similarly rated municipality notes of similar maturity. The fair value of long-term debt is estimated based on a model that discounts future principal and interest payments at interest rates available to the Company at the end of the period for similar debt with the same maturity. Further information on the fair value of financial instruments can be found at Note 5, Financial instruments and fair value measurements. | |||||||
Financial assets and liabilities recorded at fair value in the Consolidated Balance Sheets are categorized based upon a fair value hierarchy established by U.S. GAAP, which prioritizes the inputs used to measure fair value into the following levels: | |||||||
Level 1: Inputs based on quoted market prices in active markets for identical assets or liabilities at the measurement date. | |||||||
Level 2: Quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data. | |||||||
Level 3: Inputs reflect management’s best estimates and assumptions of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments. | |||||||
Postretirement benefits: The Company provides various benefits to certain current and former employees through defined benefit pension and postretirement plans. For financial reporting purposes, net periodic benefits expense and related obligations are calculated using a number of significant actuarial assumptions. Changes in net periodic expense and funding status may occur in the future due to changes in these assumptions. The funded status of defined pension and postretirement plans recognized in the statement of financial position is measured as the difference between the fair market value of the plan assets and the benefit obligation. For a defined benefit pension plan, the benefit obligation is the projected benefit obligation; for any other defined benefit postretirement plan, such as a retiree health care plan, the benefit obligation is the accumulated benefit obligation. Any over-funded status is recognized as an asset and any underfunded status is recognized as a liability. | |||||||
Projected benefit obligation is the actuarial present value as of the measurement date of all benefits attributed by the plan benefit formula to employee service rendered before the measurement date using assumptions as to future compensation levels if the plan benefit formula is based on those future compensation levels. Accumulated benefit obligation is the actuarial present value of benefits (whether vested or unvested) attributed by the plan benefit formula to employee service rendered before the measurement date and based on employee service and compensation, if applicable, prior to that date. Accumulated benefit obligation differs from projected benefit obligation in that it includes no assumption about future compensation levels. | |||||||
New_Accounting_Standards
New Accounting Standards | 12 Months Ended |
Sep. 30, 2014 | |
Recent Accounting Pronouncements | ' |
New Accounting Standards | ' |
Note 2. New accounting standards | |
From time to time, the Financial Accounting Standards Board (“FASB”) or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through issuance of an Accounting Standards Update (“ASU”). | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” The purpose of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The amendments (i) remove inconsistencies and weaknesses in revenue requirements, (ii) provide a more robust framework for addressing revenue issues, (iii) improve comparability of revenue recognition across entities, industries, jurisdictions, and capital markets, (iv) provide more useful information to users of financial statements through improved disclosure requirements, and (v) simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016 (fiscal year 2018 for Woodward), including interim periods within that reporting period. Early adoption is not permitted. An entity should adopt the amendments using one of the following methods: retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. Woodward has not determined what transition method it will use and is currently assessing the impact that this guidance may have on its Consolidated Financial Statements. | |
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in financial statements; however, the amendments require companies to provide information about the amounts reclassified out of accumulated comprehensive income by component. ASU 2013-02 requires a company to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated comprehensive income by respective line items of net income, but only if the amount so reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, a company is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. ASU 2013-02 is effective prospectively for annual reporting periods beginning after December 15, 2012 (fiscal year 2014 for Woodward). The disclosure requirement of ASU 2013-02, which Woodward has adopted, had no material impact on its Consolidated Financial Statements. | |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Earnings Per Share | ' | |||||||||
Earnings Per Share | ' | |||||||||
Note 3. Earnings per share | ||||||||||
Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. | ||||||||||
Diluted earnings per share reflects the weighted-average number of shares outstanding after consideration of the dilutive effect of stock options and restricted stock. | ||||||||||
The following is a reconciliation of net earnings to basic earnings per share and diluted earnings per share: | ||||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Numerator: | ||||||||||
Net earnings | $ | 165,844 | $ | 145,942 | $ | 141,589 | ||||
Denominator: | ||||||||||
Basic shares outstanding | 66,432 | 68,392 | 68,880 | |||||||
Dilutive effect of stock options and restricted stock | 1,344 | 1,210 | 1,427 | |||||||
Diluted shares outstanding | 67,776 | 69,602 | 70,307 | |||||||
Income per common share: | ||||||||||
Basic earnings per share | $ | 2.50 | $ | 2.13 | $ | 2.06 | ||||
Diluted earnings per share | $ | 2.45 | $ | 2.10 | $ | 2.01 | ||||
The following stock option grants were outstanding during the fiscal years ended September 30, 2014, 2013 and 2012, but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive: | ||||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Options | 12 | 44 | 50 | |||||||
Weighted-average option price | $ | 44.04 | $ | 40.21 | $ | 36.33 | ||||
The weighted-average shares of common stock outstanding for basic and diluted earnings per share included the weighted-average treasury stock shares held for deferred compensation obligations of the following: | ||||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Weighted-average treasury stock shares held for deferred compensation obligations | 216 | 256 | 295 | |||||||
Business_Acquisitions
Business Acquisitions | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Business Combinations | ' | |||||||||||||||||
Business Acquisitions | ' | |||||||||||||||||
Note 4. Business acquisitions | ||||||||||||||||||
Woodward has recorded the acquisition described below using the acquisition method of accounting and, accordingly, has included the results of operations of the acquired business in its consolidated results as of the date of acquisition. In accordance with authoritative accounting guidance for business combinations, the purchase price for the acquisition is allocated to the tangible assets, liabilities, and intangible assets acquired based on their estimated fair values. The excess purchase price over the respective fair values of assets is recorded as goodwill. Goodwill is not amortized under U.S. GAAP but is tested for impairment at least annually (See Note 10, Goodwill). | ||||||||||||||||||
Duarte Business Acquisition | ||||||||||||||||||
On December 27, 2012, Woodward entered into a definitive asset purchase agreement (the “Asset Purchase Agreement”) with GE Aviation Systems LLC (the “Seller”) and General Electric Company for the acquisition of substantially all of the assets and certain liabilities related to the Seller’s thrust reverser actuation systems business located in Duarte, California (the “Duarte Business”) for an aggregate purchase price of $200,000. The acquisition was completed on December 28, 2012 and, based on customary purchase price adjustments, Woodward paid cash at closing in the amount of $198,900. Woodward and the Seller have finalized the purchase price adjustment based on the customary post-closing provisions of the Asset Purchase Agreement. | ||||||||||||||||||
The purchase price of the Duarte Business is as follows: | ||||||||||||||||||
Cash paid to Seller | $ | 198,900 | ||||||||||||||||
Less cash acquired | -40 | |||||||||||||||||
Total purchase price | $ | 198,860 | ||||||||||||||||
The allocation of the purchase price to the assets acquired and liabilities assumed was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, “Business Combinations.” Assets acquired and liabilities assumed in the transaction were allocated and recorded at their estimated acquisition date fair values using management’s best estimate based on available data. Transaction costs associated with the acquisition were expensed as incurred. The Company incurred transaction costs of $1,944 during the fiscal year ended September 30, 2013, which are included in “Selling, general and administrative expenses” in the Consolidated Statements of Earnings. No additional transaction costs were incurred in the fiscal year ended September 30, 2014. | ||||||||||||||||||
During the three-months ended December 31, 2013, Woodward completed its purchase accounting valuation estimates and as a result, retrospectively adjusted the valuations of certain liabilities with a corresponding increase to goodwill and intangible assets as of the acquisition date. The retrospective adjustments amounted to approximately $12,800 and primarily relate to long-term performance obligations and other accrued liabilities. Changes since the acquisition date to the valuations of the assets and liabilities acquired resulted in insignificant changes to Woodward’s previously reported earnings and therefore prior reported earnings have not been restated. The allocation of the purchase price to the assets and liabilities assumed was finalized as of December 27, 2013. | ||||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition of the Duarte Business: | ||||||||||||||||||
Accounts receivable | $ | 14,245 | ||||||||||||||||
Inventories | 30,149 | |||||||||||||||||
Other current assets | 10,370 | |||||||||||||||||
Property, plant, and equipment | 11,804 | |||||||||||||||||
Goodwill | 98,310 | |||||||||||||||||
Intangible assets | 89,700 | |||||||||||||||||
Other noncurrent assets | 18,097 | |||||||||||||||||
Total assets acquired | 272,675 | |||||||||||||||||
Other current liabilities | 32,509 | |||||||||||||||||
Other noncurrent liabilities | 41,306 | |||||||||||||||||
Total liabilities assumed | 73,815 | |||||||||||||||||
Net assets acquired | $ | 198,860 | ||||||||||||||||
Goodwill recorded in connection with the acquisition of the Duarte Business, which is deductible for income tax purposes, represents the estimated value of potential expansion with new customers, the opportunity to further develop sales opportunities with new and acquired Duarte Business customers, and other synergies expected to be achieved through the integration of the Duarte Business into Woodward’s Aerospace segment. | ||||||||||||||||||
A summary of the estimated intangible assets acquired, weighted-average useful lives, and amortization methods follows: | ||||||||||||||||||
Estimated Amounts | Weighted-Average Useful Life | Amortization Method | ||||||||||||||||
Customer relationships and contracts | $ | 77,000 | 20 | years | Straight-line | |||||||||||||
Process technology | 5,000 | 25 | years | Straight-line | ||||||||||||||
Backlog | 7,700 | 3 | years | Accelerated | ||||||||||||||
Total | $ | 89,700 | ||||||||||||||||
Assumed liabilities include $4,758 and $17,939 of current and long-term performance obligations, respectively, for contractual commitments that are expected to result in future economic losses. | ||||||||||||||||||
The Asset Purchase Agreement included commitments for the Duarte Business to continue to provide services to the Seller unrelated to the core business acquired, for which Woodward will continue to be paid by the Seller. Assumed liabilities include $12,985 and $23,215 of current and long-term performance obligations, respectively, for services to be provided to the Seller, offset by $8,103 and $18,097 of current and long-term assets, respectively, related to contractual payments due from the Seller. | ||||||||||||||||||
Net sales for the Duarte Business subsequent to the date it was acquired by Woodward were $145,998 for the fiscal year ended September 30, 2014 and $111,261 for the fiscal year ended September 30, 2013. Earnings of the Duarte Business subsequent to the date it was acquired by Woodward for the fiscal year ended September 30, 2014 cannot be determined on a stand-alone basis due to the integration of the Duarte Business into Woodward’s Aerospace segment. Earnings of the Duarte Business subsequent to the date it was acquired by Woodward for the fiscal year ended September 30, 2013 were slightly accretive to the consolidated net earnings of Woodward. Due to the timing of the acquisition, there were no net sales or operating expenses from the Duarte Business included in the Consolidated Statements of Earnings for the three-months ended December 31, 2012. Fiscal year 2014 includes a full year of Duarte Business operating results. | ||||||||||||||||||
Pro forma results for Woodward giving effect to the acquisition of the Duarte Business | ||||||||||||||||||
The following unaudited pro forma financial information presents the combined results of operations of Woodward and the Duarte Business as if the acquisition had occurred as of October 1, 2011, the beginning of fiscal year 2012. The pro forma information is presented for information purposes only and is not indicative of the results of operations that would have been achieved if the acquisition and the borrowings used to finance it had taken place at the beginning of fiscal year 2012. The pro forma information combines the historical results of Woodward with the historical results of the Duarte Business for that period. | ||||||||||||||||||
Prior to the acquisition of the Duarte Business, the Duarte Business was a wholly owned business of the Seller, and as such was not a stand-alone entity for financial reporting purposes. Accordingly, the historical operating results of the Duarte Business may not be indicative of the results that might have been achieved, historically or in the future, if the Duarte Business had been a stand-alone entity. The unaudited pro forma results for the fiscal years ended September 30, 2014, September 30, 2013 and September 30, 2012 include amortization charges for acquired intangible assets, eliminations of intercompany transactions, adjustments for depreciation expense for property, plant and equipment, adjustments for acquired performance obligations, transaction costs incurred, adjustments to interest expense, and related tax effects. | ||||||||||||||||||
The unaudited pro forma results for the fiscal years ended September 30, 2014, September 30, 2013 and September 30, 2012, compared to the actual results reported in these Consolidated Financial Statements, follow: | ||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
As reported | Pro forma | As reported | Pro forma | As reported | Pro forma | |||||||||||||
Net sales | $ | 2,001,240 | $ | 2,001,240 | $ | 1,935,976 | $ | 1,966,376 | $ | 1,865,627 | $ | 1,978,169 | ||||||
Net earnings | 165,844 | 167,047 | 145,942 | 152,431 | 141,589 | 131,384 | ||||||||||||
Earnings per share: | ||||||||||||||||||
Basic earnings per share | $ | 2.50 | $ | 2.51 | $ | 2.13 | $ | 2.23 | $ | 2.06 | $ | 1.91 | ||||||
Diluted earnings per share | 2.45 | 2.46 | 2.10 | 2.19 | 2.01 | 1.87 | ||||||||||||
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Financial Instruments and Fair Value Measurments | ' | ||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements | ' | ||||||||||||||||||||||||
Note 5. Financial instruments and fair value measurements | |||||||||||||||||||||||||
Financial assets and liabilities recorded at fair value in the Consolidated Balance Sheets are categorized based upon a fair value hierarchy established by U.S. GAAP. | |||||||||||||||||||||||||
The table below presents information about Woodward’s financial assets that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques Woodward utilized to determine such fair value. Woodward had no financial liabilities required to be measured at fair value on a recurring basis as of September 30, 2014 or September 30, 2013. | |||||||||||||||||||||||||
At September 30, 2014 | At September 30, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Cash | $ | 92,590 | $ | - | $ | - | $ | 92,590 | $ | 35,839 | $ | - | $ | - | $ | 35,839 | |||||||||
Investments in money market funds | 11,210 | - | - | 11,210 | 2,950 | - | - | 2,950 | |||||||||||||||||
Investments in reverse repurchase agreements | 11,487 | - | - | 11,487 | 9,767 | - | - | 9,767 | |||||||||||||||||
Equity securities | 9,645 | - | - | 9,645 | 8,285 | - | - | 8,285 | |||||||||||||||||
Total financial assets | $ | 124,932 | $ | - | $ | - | $ | 124,932 | $ | 56,841 | $ | - | $ | - | $ | 56,841 | |||||||||
Investments in money market funds: Woodward sometimes invests excess cash in money market funds not insured by the FDIC. Woodward believes that the investments in money market funds are on deposit with creditworthy financial institutions and that the funds are highly liquid. The investments in money market funds are reported at fair value, with realized gains from interest income realized in earnings and are included in “Cash and cash equivalents.” The fair values of Woodward’s investments in money market funds are based on the quoted market prices for the net asset value of the various money market funds. | |||||||||||||||||||||||||
Investments in reverse repurchase agreements: Woodward sometimes invests excess cash in reverse repurchase agreements. Under the terms of Woodward’s reverse repurchase agreements, Woodward purchases an interest in a pool of securities and is granted a security interest in those securities by the counterparty to the reverse repurchase agreement. At an agreed upon date, generally the next business day, the counterparty repurchases Woodward’s interest in the pool of securities at a price equal to what Woodward paid to the counterparty plus a rate of return determined daily per the terms of the reverse repurchase agreement. Woodward believes that the investments in these reverse repurchase agreements are with creditworthy financial institutions and that the funds invested are highly liquid. The investments in reverse repurchase agreements are reported at fair value, with realized gains from interest income realized in earnings, and are included in “Cash and cash equivalents.” Since the investments are generally overnight, the carrying value is considered to be equal to the fair value as the amount is deemed to be a cash deposit with no risk of change in value as of the end of each fiscal quarter. | |||||||||||||||||||||||||
Equity securities: Woodward holds marketable equity securities, through investments in various mutual funds, related to its deferred compensation program. Based on Woodward’s intentions regarding these instruments, marketable equity securities are classified as trading securities. The trading securities are reported at fair value, with realized gains and losses recognized in “Other (income) expense, net.” The trading securities are included in “Other assets.” The fair values of Woodward’s trading securities are based on the quoted market prices for the net asset value of the various mutual funds. | |||||||||||||||||||||||||
Accounts receivable and accounts payable are not remeasured to fair value, as the carrying cost of each approximates its respective fair value. The estimated fair values and carrying costs of other financial instruments that are not required to be remeasured at fair value in the Consolidated Balance Sheets were as follows: | |||||||||||||||||||||||||
At September 30, 2014 | At September 30, 2013 | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Estimated Fair Value | Carrying Cost | Estimated Fair Value | Carrying Cost | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Notes receivable from municipalities | 2 | 15,988 | 15,228 | 6,718 | 8,114 | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Long-term debt, including current portion | 2 | -752,513 | -710,000 | -588,297 | -550,000 | ||||||||||||||||||||
In fiscal years 2014 and 2013, Woodward received long-term notes from a municipality within the state of Illinois in connection with certain economic incentives related to Woodward’s development of a second campus in the greater-Rockford, Illinois area for its Aerospace segment. The fair value of the long-term notes was estimated based on a model that discounted future principal and interest payments received at an interest rate available to the Company at the end of the period for similarly rated municipal notes of similar maturity, which is a level 2 input as defined by the U.S. GAAP fair value hierarchy. The interest rates used to estimate the fair value of the long-term notes were 3.2% at September 30, 2014 and 4.3% at September 30, 2013. | |||||||||||||||||||||||||
In fiscal year 2013, Woodward received a long-term note from a municipality within the state of Colorado in connection with certain economic incentives related to Woodward’s development of a new campus at its corporate headquarters in Fort Collins, Colorado. The fair value of the long-term note was estimated based on a model that discounted future principal and interest payments received at an interest rate available to the Company at the end of the period for similarly rated municipal notes of similar maturity, which is a level 2 input as defined by the U.S. GAAP fair value hierarchy. The interest rates used to estimate the fair value of the long-term note were 3.2% at September 30, 2014 and 4.3% at September 30, 2013. | |||||||||||||||||||||||||
The fair value of long-term debt was estimated based on a model that discounted future principal and interest payments at interest rates available to the Company at the end of the period for similar debt of the same maturity, which is a level 2 input as defined by the U.S. GAAP fair value hierarchy. The weighted-average interest rates used to estimate the fair value of long-term debt were 2.4% as of September 30, 2014 and 2.0% as September 30, 2013. | |||||||||||||||||||||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||
Note 6. Derivative instruments and hedging activities | ||||||||||||
Woodward is exposed to global market risks, including the effect of changes in interest rates, foreign currency exchange rates, changes in certain commodity prices and fluctuations in various producer indices. From time to time, Woodward enters into derivative instruments for risk management purposes only, including derivatives designated as accounting hedges and/or those utilized as economic hedges. Woodward uses interest rate related derivative instruments to manage its exposure to fluctuations of interest rates. Woodward does not enter into or issue derivatives for trading or speculative purposes. | ||||||||||||
By using derivative and/or hedging instruments to manage its risk exposure, Woodward is subject, from time to time, to credit risk and market risk on those derivative instruments. Credit risk arises from the potential failure of the counterparty to perform under the terms of the derivative and/or hedging instrument. When the fair value of a derivative contract is positive, the counterparty owes Woodward, which creates credit risk for Woodward. Woodward mitigates this credit risk by entering into transactions with only creditworthy counterparties. Market risk arises from the potential adverse effects on the value of derivative and/or hedging instruments that result from a change in interest rates, commodity prices, or foreign currency exchange rates. Woodward minimizes this market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. | ||||||||||||
Other than the cash flow hedge discussed below, Woodward did not enter into any other derivatives or hedging transactions during the fiscal years ended September 30, 2014, September 30, 2013 and September 30, 2012. | ||||||||||||
Derivatives in fair value hedging relationships | ||||||||||||
In 2002, Woodward entered into certain interest rate swaps that were designated as fair value hedges of its long-term debt consisting of senior notes due in October 2011. The discontinuance of these interest rate swaps resulted in gains that were recognized as a reduction of interest expense over the term of the associated debt (10 years) using the effective interest method. The unrecognized portion of the gain was presented as an adjustment to long-term debt. | ||||||||||||
As of September 30, 2014, September 30, 2013 and September 30, 2012 there was no remaining unrecognized portion of the gain as it became fully amortized during the quarter ended December 31, 2011. | ||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||
In June 2013, in connection with Woodward’s expected refinancing of current maturities on its existing long-term debt, Woodward entered into a treasury lock agreement with a notional amount of $25,000 that qualified as a cash flow hedge under ASC Topic 815, “Derivatives and Hedging.” The objective of this derivative instrument was to hedge the risk of variability in cash flows attributable to changes in the designated benchmark interest rate over a seven-year period related to the future interest payments on a portion of anticipated future debt issuances. The treasury lock agreement was settled in August 2013 and the resulting gain of $507 is being recognized as a reduction of interest expense over a seven-year period. The unrecognized portion of the gain is recorded in accumulated other comprehensive earnings, net of tax. | ||||||||||||
In September 2008, the Company entered into treasury lock agreements that qualified as cash flow hedges under authoritative guidance for derivatives and hedging. The objective of this derivative instrument was to hedge the risk of variability in cash flows related to future interest payments of a portion of the anticipated future debt issuances attributable to changes in the designated benchmark interest rate associated with the expected issuance of long-term debt to acquire Techni-Core, Inc. (“Techni-Core”) and MPC Products Corporation (“MPC Products” and, together with Techni-Core, “MPC”). The discontinuance of these treasury lock agreements resulted in a gain that is being recognized as a reduction of interest expense over a seven-year period on the hedged Series C and D Notes, which were issued on October 1, 2008, using the effective interest method. The unrecognized portion of the gain is recorded in accumulated other comprehensive earnings, net of tax. | ||||||||||||
In March 2009, Woodward entered into LIBOR lock agreements that qualified as cash flow hedges under authoritative guidance for derivatives and hedging. The objective of this derivative instrument was to hedge the risk of variability in cash flows over a seven-year period related to future interest payments of a portion of anticipated future debt issuances attributable to changes in the designated benchmark interest rate associated with the then expected issuance of long-term debt to acquire HR Textron Inc. (“HRT”). The discontinuance of the LIBOR lock agreements resulted in a loss that is being recognized as an increase of interest expense over a seven-year period on the hedged Series E and F Notes, which were issued on April 3, 2009, using the effective interest method. The unrecognized portion of the loss is recorded in accumulated other comprehensive earnings, net of tax. | ||||||||||||
The remaining unrecognized gains and losses in Woodward’s Consolidated Balance Sheets associated with derivative instruments that were previously entered into by Woodward, which are classified in accumulated other comprehensive losses (“accumulated OCI”), were net gains of $170 as of September 30, 2014 and $71 as of September 30, 2013. | ||||||||||||
The following tables disclose the impact of derivative instruments on Woodward’s Consolidated Statements of Earnings: | ||||||||||||
Year ended September 30, 2014 | ||||||||||||
Derivatives in: | Location of (Gain) Loss Recognized in Earnings | Amount of (Income) Expense Recognized in Earnings on Derivative | Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative | Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings | ||||||||
Fair value hedging relationships | Interest expense | $ | - | $ | - | $ | - | |||||
Cash flow hedging relationships | Interest expense | 99 | - | 99 | ||||||||
$ | 99 | $ | - | $ | 99 | |||||||
Year ended September 30, 2013 | ||||||||||||
Derivatives in: | Location of (Gain) Loss Recognized in Earnings | Amount of (Income) Expense Recognized in Earnings on Derivative | Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative | Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings | ||||||||
Fair value hedging relationships | Interest expense | $ | - | $ | - | $ | - | |||||
Cash flow hedging relationships | Interest expense | 171 | -507 | 171 | ||||||||
$ | 171 | $ | -507 | $ | 171 | |||||||
Year ended September 30, 2012 | ||||||||||||
Derivatives in: | Location of (Gain) Loss Recognized in Earnings | Amount of (Income) Expense Recognized in Earnings on Derivative | Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative | Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings | ||||||||
Fair value hedging relationships | Interest expense | $ | -3 | $ | - | $ | - | |||||
Cash flow hedging relationships | Interest expense | 174 | - | 174 | ||||||||
$ | 171 | $ | - | $ | 174 | |||||||
Based on the carrying value of the realized but unrecognized gains and losses on terminated derivative instruments designated as cash flow hedges as of September 30, 2014, Woodward expects to reclassify $99 of net unrecognized losses on terminated derivative instruments from accumulated other comprehensive earnings to earnings during the next twelve months. | ||||||||||||
Supplemental_Statements_of_Cas
Supplemental Statements of Cash Flows Information | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Supplemental Statements of Cash Flows Information | ' | |||||||||
Supplemental Statements of Cash Flows Information | ' | |||||||||
Note 7. Supplemental statement of cash flows information | ||||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Interest paid, net of amounts capitalized | $ | 27,922 | $ | 26,627 | $ | 25,665 | ||||
Income taxes paid | 66,477 | 52,355 | 52,705 | |||||||
Income tax refunds received | 2,303 | 6,336 | 3,183 | |||||||
Non-cash activities: | ||||||||||
Purchases of property, plant and equipment on account | 13,437 | 5,345 | 6,065 | |||||||
Common shares issued from treasury for benefit plans (Note 17) | 11,193 | 9,780 | 9,335 | |||||||
Notes receivable from municipalities for economic development incentives | 6,596 | 8,114 | - | |||||||
Cashless exercise of stock options | 1,286 | 2,645 | - | |||||||
Settlement of receivable through cashless acquisition of treasury shares in | 1,736 | 3,447 | - | |||||||
connection with the cashless exercise of stock options | ||||||||||
Inventories
Inventories | 12 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Inventories | ' | ||||||
Inventories | ' | ||||||
Note 8. Inventories | |||||||
September 30, | September 30, | ||||||
2014 | 2013 | ||||||
Raw materials | $ | 60,442 | $ | 67,599 | |||
Work in progress | 93,836 | 87,808 | |||||
Component parts (1) | 247,299 | 229,508 | |||||
Finished goods | 50,367 | 46,829 | |||||
$ | 451,944 | $ | 431,744 | ||||
-1 | Component parts include items that can be sold separately as finished goods or included in the manufacture of other products. | ||||||
Property_Plant_and_Equipment_N
Property, Plant, and Equipment, Net | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Property, Plant, and Equipment, Net | ' | |||||||||
Property, Plant and Equipment, Net | ' | |||||||||
Note 9. Property, plant, and equipment | ||||||||||
September 30, | September 30, | |||||||||
2014 | 2013 | |||||||||
Land and land improvements | $ | 66,303 | $ | 57,562 | ||||||
Buildings and improvements | 197,587 | 195,008 | ||||||||
Leasehold improvements | 20,026 | 18,924 | ||||||||
Machinery and production equipment | 326,403 | 305,692 | ||||||||
Computer equipment and software | 103,852 | 97,538 | ||||||||
Office furniture and equipment | 20,992 | 24,400 | ||||||||
Other | 18,839 | 14,197 | ||||||||
Construction in progress | 223,958 | 81,428 | ||||||||
977,960 | 794,749 | |||||||||
Less accumulated depreciation | -464,681 | -444,701 | ||||||||
Property, plant and equipment, net | $ | 513,279 | $ | 350,048 | ||||||
Included in “Land and land improvements” and “Buildings and improvements” at September 30, 2014 are held for sale assets of $2,465. During the quarter ended September 30, 2014, Woodward recorded an impairment charge of $3,138, which is included in cost of goods sold in the Consolidated Statement of Earnings, related to the write down to fair market value of certain held for sale assets. | ||||||||||
Woodward is developing a second campus in the greater-Rockford, Illinois area for its Aerospace segment in order to address the growth expected over the next ten years and beyond and to support a substantial number of recently awarded new system platforms, particularly on narrow-body aircraft. Included in construction in progress are $85,283 at September 30, 2014 and $15,691 at September 30, 2013, of costs associated with the construction of the second campus and new equipment purchases, including capitalized interest of $2,963 at September 30, 2014 and $444 at September 30, 2013. | ||||||||||
Woodward is also developing a new campus at its corporate headquarters in Fort Collins, Colorado to support the continued growth of our Energy segment by supplementing its existing Colorado manufacturing facilities and corporate headquarters. Included in construction in progress are $37,268 at September 30, 2014 and $10,514 at September 30, 2013, of costs associated with the construction of the new campus, including capitalized interest of $2,392 at September 30, 2014 and $394 at September 30, 2013. | ||||||||||
In addition, in September 2013, Woodward invested in a building site in Niles, Illinois. Woodward is building a new facility on this site for its Aerospace segment and will relocate some of its operations currently residing in nearby Skokie, Illinois to this new facility. Included in construction in progress are $55,629 at September 30, 2014 and $12,067 at September 30, 2013, of costs associated with the construction of the new facility, including capitalized interest of $1,688 at September 30, 2014 and $0 at September 30, 2013. | ||||||||||
For the fiscal years ended September 30, 2014, 2013 and 2012, Woodward had depreciation expense of the following: | ||||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Depreciation expense | $ | 43,773 | $ | 37,254 | $ | 35,808 | ||||
For the fiscal years ended September 30, 2014, 2013 and 2012, Woodward capitalized interest that would have otherwise been included in interest expense of the following: | ||||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Capitalized interest | $ | 7,282 | $ | 1,215 | $ | 658 | ||||
Goodwill
Goodwill | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill Disclosure | ' | ||||||||||||
Goodwill | ' | ||||||||||||
Note 10. Goodwill | |||||||||||||
30-Sep-13 | Additions | Effects of Foreign Currency Translation | 30-Sep-14 | ||||||||||
Aerospace | $ | 455,107 | $ | - | $ | 316 | $ | 455,423 | |||||
Energy | 106,351 | - | -2,050 | 104,301 | |||||||||
Consolidated | $ | 561,458 | $ | - | $ | -1,734 | $ | 559,724 | |||||
30-Sep-12 | Additions | Effects of Foreign Currency Translation | 30-Sep-13 | ||||||||||
Aerospace | $ | 356,773 | $ | 98,310 | $ | 23 | $ | 455,107 | |||||
Energy | 104,601 | - | 1,750 | 106,351 | |||||||||
Consolidated | $ | 461,374 | $ | 98,310 | $ | 1,773 | $ | 561,458 | |||||
On December 28, 2012, Woodward completed the acquisition of the Duarte Business (Note 4, Business acquisitions), which resulted in the recognition of $98,310 in goodwill. The operations of the Duarte Business have been integrated into Woodward’s Aerospace segment. | |||||||||||||
Woodward tests goodwill for impairment at the reporting unit level on an annual basis and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Based on the relevant U.S. GAAP authoritative guidance, Woodward aggregates components of a single operating segment into a reporting unit, if appropriate. The impairment tests consist of comparing the implied fair value of each reporting unit with its carrying amount including goodwill. If the carrying amount of the reporting unit exceeds its implied fair value, Woodward compares the implied fair value of goodwill with the recorded carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value of goodwill, an impairment loss would be recognized to reduce the carrying amount to its implied fair value. | |||||||||||||
Woodward completed its annual goodwill impairment test as of July 31, 2014 during the quarter ended September 30, 2014. At that date, Woodward determined it was appropriate to aggregate certain components of the same operating segment into a single aggregated reporting unit. The fair value of each of Woodward’s reporting units was determined using a discounted cash flow method. This method represents a Level 3 input and incorporates various estimates and assumptions, the most significant being projected revenue growth rates, earnings margins, future tax rates, and the present value, based on an estimated weighted-average cost of capital (or the discount rate) and terminal growth rate, of forecasted cash flows. Management projects revenue growth rates, earnings margins and cash flows based on each reporting unit’s current operational results, expected performance and operational strategies over a five or ten-year period. These projections are adjusted to reflect current economic conditions and demand for certain products, and require considerable management judgment. | |||||||||||||
Forecasted cash flows used in the July 31, 2014 impairment test were discounted using weighted-average cost of capital assumptions ranging from 8.93% to 11.04%. The terminal values of the forecasted cash flows were calculated using the Gordon Growth Model and assumed an annual compound growth rate after five or ten years of 4.20%. These inputs, which are unobservable in the market, represent management’s best estimate of what market participants would use in determining the present value of the Company’s forecasted cash flows. Changes in these estimates and assumptions can have a significant impact on the fair value of forecasted cash flows. Woodward evaluated the reasonableness of the reporting unit’s resulting fair values utilizing a market multiple method. | |||||||||||||
The results of Woodward’s goodwill impairment tests performed as of July 31, 2014 indicated the estimated fair value of each reporting unit was substantially in excess of its carrying value, and accordingly, no impairment existed. | |||||||||||||
Intangible_Assets_Net
Intangible Assets, Net | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Intangible Assets, Net | ' | |||||||||||||||||
Intangible Assets, Net | ' | |||||||||||||||||
Note 11. Other intangibles, net | ||||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Carrying Amount | Gross Carrying Value | Accumulated Amortization | Net Carrying Amount | |||||||||||||
Customer relationships and contracts: | ||||||||||||||||||
Aerospace | $ | 282,225 | $ | -97,281 | $ | 184,944 | $ | 282,225 | $ | -77,288 | $ | 204,937 | ||||||
Energy | 41,706 | -32,032 | 9,674 | 42,008 | -29,711 | 12,297 | ||||||||||||
Total | $ | 323,931 | $ | -129,313 | $ | 194,618 | $ | 324,233 | $ | -106,999 | $ | 217,234 | ||||||
Intellectual property: | ||||||||||||||||||
Aerospace | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||
Energy | 19,954 | -15,938 | 4,016 | 20,218 | -14,722 | 5,496 | ||||||||||||
Total | $ | 19,954 | $ | -15,938 | $ | 4,016 | $ | 20,218 | $ | -14,722 | $ | 5,496 | ||||||
Process technology: | ||||||||||||||||||
Aerospace | $ | 76,605 | $ | -31,719 | $ | 44,886 | $ | 76,718 | $ | -26,129 | $ | 50,589 | ||||||
Energy | 23,078 | -13,141 | 9,937 | 23,458 | -11,699 | 11,759 | ||||||||||||
Total | $ | 99,683 | $ | -44,860 | $ | 54,823 | $ | 100,176 | $ | -37,828 | $ | 62,348 | ||||||
Other intangibles: | ||||||||||||||||||
Aerospace | $ | 9,100 | $ | -8,465 | $ | 635 | $ | 47,351 | $ | -44,572 | $ | 2,779 | ||||||
Energy | 1,519 | -839 | 680 | 2,631 | -1,713 | 918 | ||||||||||||
Total | $ | 10,619 | $ | -9,304 | $ | 1,315 | $ | 49,982 | $ | -46,285 | $ | 3,697 | ||||||
Total intangibles: | ||||||||||||||||||
Aerospace | $ | 367,930 | $ | -137,465 | $ | 230,465 | $ | 406,294 | $ | -147,989 | $ | 258,305 | ||||||
Energy | 86,257 | -61,950 | 24,307 | 88,315 | -57,845 | 30,470 | ||||||||||||
Consolidated Total | $ | 454,187 | $ | -199,415 | $ | 254,772 | $ | 494,609 | $ | -205,834 | $ | 288,775 | ||||||
Year Ended September 30, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Amortization expense | $ | 33,580 | $ | 36,979 | $ | 32,809 | ||||||||||||
Future amortization expense associated with intangibles is expected to be: | ||||||||||||||||||
Year Ending September 30: | ||||||||||||||||||
2015 | $ | 29,309 | ||||||||||||||||
2016 | 27,606 | |||||||||||||||||
2017 | 25,862 | |||||||||||||||||
2018 | 25,035 | |||||||||||||||||
2019 | 23,199 | |||||||||||||||||
Thereafter | 123,761 | |||||||||||||||||
$ | 254,772 | |||||||||||||||||
Credit_Facilities_Shortterm_Bo
Credit Facilities, Short-term Borrowings and Long-term Debt | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Debt Disclosure | ' | |||||||||||
Credit Facilities, Short-term Borrowings and Long-term Debt | ' | |||||||||||
Note 12. Credit facilities, short-term borrowings and long-term debt | ||||||||||||
As of September 30, 2014, Woodward’s short-term borrowings and availability under its various short-term credit facilities follows: | ||||||||||||
Total availability | Outstanding letters of credit and guarantees | Outstanding borrowings | Remaining availability | |||||||||
Revolving credit facility | $ | 600,000 | $ | -5,408 | $ | -210,000 | $ | 384,592 | ||||
Foreign lines of credit and overdraft facilities | 27,959 | -86 | - | 27,872 | ||||||||
Foreign performance guarantee facilities | 9,678 | -443 | - | 9,235 | ||||||||
$ | 637,637 | $ | -5,937 | $ | -210,000 | $ | 421,699 | |||||
Revolving credit facility | ||||||||||||
Woodward maintains a $600,000 revolving credit facility established under a revolving credit agreement between Woodward and a syndicate of lenders led by Wells Fargo Bank, National Association, as administrative agent (the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for the option to increase available borrowings to up to $800,000, subject to lenders’ participation, and matures in July 2018. Borrowings under the Revolving Credit Agreement generally bear interest at LIBOR plus 0.85% to 1.65%. Under the Revolving Credit Agreement, there were $210,000 of borrowings outstanding as of September 30, 2014, at an effective interest rate of 1.21%, and no borrowings outstanding as of September 30, 2013. As of September 30, 2014, the entire outstanding balance under the Revolving Credit Agreement was classified as long-term. | ||||||||||||
The Revolving Credit Agreement contains certain covenants customary with such agreements, which are generally consistent with the covenants applicable to Woodward’s long-term debt agreements, and contains customary events of default, including certain cross default provisions related to Woodward’s other outstanding debt arrangements in excess of $60,000, the occurrence of which would permit the lenders to accelerate the amounts due thereunder. In addition, the Revolving Credit Agreement includes the following financial covenants: (i) a maximum permitted leverage ratio of consolidated net debt to consolidated earnings before interest, taxes, depreciation, stock-based compensation, and amortization, plus any usual non-cash charges to the extent deducted in computing net income minus any usual non-cash gains to the extent added in computing net income (“Leverage Ratio”) for Woodward and its consolidated subsidiaries not to exceed 3.5 to 1.0, which ratio, subject to certain restrictions, may increase to 4.0 to 1.0 for the fiscal quarter (and the immediately following fiscal quarter) during which a permitted acquisition occurs and to 3.75 to 1.0 for the next two succeeding fiscal quarters, and (ii) a minimum consolidated net worth of $800,000, plus 50% of Woodward’s positive net income for the prior fiscal year and plus 50% of Woodward’s net cash proceeds resulting from certain issuances of stock, subject to certain adjustments. | ||||||||||||
Woodward’s obligations under the Revolving Credit Agreement are guaranteed by Woodward FST, Inc., Woodward MPC, Inc., and Woodward HRT, Inc., each of which is a wholly owned subsidiary of Woodward. | ||||||||||||
Short-term borrowings | ||||||||||||
A Chinese subsidiary of Woodward has a local credit facility with the Hong Kong and Shanghai Banking Company under which it has the ability to borrow up to either $22,700, or the local currency equivalent of $22,700. Any cash borrowings under the local Chinese credit facility are secured by a parent guarantee from Woodward. The Chinese subsidiary may utilize the local facility for cash borrowings to support its operating cash needs. Local currency borrowings on the Chinese credit facility are charged interest at the prevailing interest rate offered by the People’s Bank of China on the date of borrowing, plus a margin equal to 25% of that prevailing rate. U.S. dollar borrowings on the credit facility are charged interest at the lender’s cost of borrowing rate at the date of borrowing, plus 3%. The Chinese subsidiary had no outstanding cash borrowings against the local credit facility at September 30, 2014 and September 30, 2013. | ||||||||||||
Woodward also has other foreign lines of credit and foreign overdraft facilities at various financial institutions, which are generally reviewed annually for renewal and are subject to the usual terms and conditions applied by the financial institutions. Pursuant to the terms of the related facility agreements, Woodward’s foreign performance guarantee facilities are limited in use to providing performance guarantees to third parties. There were no borrowings outstanding as of September 30, 2014 and September 30, 2013 on Woodward’s other foreign lines of credit and foreign overdraft facilities. | ||||||||||||
Long-term debt | ||||||||||||
Long-term debt consisted of the following: | ||||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | |||||||||||
Revolving credit facility - Floating rate (LIBOR plus 0.85% - 1.65%), due July 2018, unsecured | $ | 210,000 | $ | - | ||||||||
Series B notes – 5.63%, due October 2013; unsecured | - | 100,000 | ||||||||||
Series C notes – 5.92%, due October 2015; unsecured | 50,000 | 50,000 | ||||||||||
Series D notes – 6.39%, due October 2018; unsecured | 100,000 | 100,000 | ||||||||||
Series E notes – 7.81%, due April 2016; unsecured | 57,000 | 57,000 | ||||||||||
Series F notes – 8.24%, due April 2019; unsecured | 43,000 | 43,000 | ||||||||||
Series G notes – 3.42%, due November 2020; unsecured | 50,000 | - | ||||||||||
Series H notes – 4.03%, due November 2023; unsecured | 25,000 | - | ||||||||||
Series I notes – 4.18%, due November 2025; unsecured | 25,000 | - | ||||||||||
Series J notes – Floating rate (LIBOR plus 1.25%), due November 2020; unsecured | 50,000 | - | ||||||||||
Series K notes – 4.03%, due November 2023; unsecured | 50,000 | - | ||||||||||
Series L notes – 4.18%, due November 2025; unsecured | 50,000 | - | ||||||||||
Long-term borrowings under Line of Credit - Variable rate of 1.06% at September 30, 2013; unsecured | - | 200,000 | ||||||||||
Total debt | 710,000 | 550,000 | ||||||||||
Less: current portion of long-term debt | - | -100,000 | ||||||||||
Long-term debt, excluding current portion | $ | 710,000 | $ | 450,000 | ||||||||
The Notes | ||||||||||||
In October 2008, Woodward entered into a note purchase agreement (the “2008 Note Purchase Agreement”) relating to the Series B, C, and D Notes (the “2008 Notes”). In April 2009, Woodward entered into a note purchase agreement (the “2009 Note Purchase Agreement”) relating to the Series E and F Notes (the “2009 Notes”). | ||||||||||||
On October 1, 2013, Woodward entered into a note purchase agreement (the “2013 Note Purchase Agreement” and, together with the 2008 Note Purchase Agreement and the 2009 Note Purchase Agreement, the “Note Purchase Agreements”) relating to the sale by Woodward of an aggregate principal amount of $250,000 of its senior unsecured notes in a series of private placement transactions. | ||||||||||||
Woodward issued the Series G, H and I Notes (the “First Closing Notes”) on October 1, 2013 and used the proceeds to repay all of the outstanding balance on the Series B Notes due October 1, 2013. | ||||||||||||
Woodward issued the Series J, K and L Notes (the “Second Closing Notes” and, together with the 2008 Notes, 2009 Notes and First Closing Notes, the “Notes”) on November 15, 2013 and used the proceeds to partially repay the uncommitted line of credit as discussed below. | ||||||||||||
Interest on the 2008 Notes, the First Closing Notes, and the Series K and L Notes is payable semi-annually on April 1 and October 1 of each year until all principal is paid. Interest on the 2009 Notes is payable semi-annually on April 15 and October 15 of each year until all principal is paid. Interest on the Series J Notes is payable quarterly on January 1, April 1, July 1 and October 1 of each year until all principal is paid. As of September 30, 2014, the Series J Notes bore interest at an effective rate of 1.49%. | ||||||||||||
None of the Notes were registered under the Securities Act of 1933 and they may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Holders of the Notes do not have any registration rights. | ||||||||||||
All of the issued Notes are held by multiple institutions. | ||||||||||||
Woodward’s obligations under the Notes are guaranteed by Woodward FST, Inc., Woodward MPC, Inc., and Woodward HRT, Inc., each of which is a wholly owned subsidiary of Woodward. Woodward’s obligations under the Notes rank equal in right of payment with all of Woodward’s other unsecured unsubordinated debt, including its outstanding debt under its revolving credit facility. | ||||||||||||
On October 1, 2013, Woodward also entered into amendments to the 2008 Note Purchase Agreement and 2009 Note Purchase Agreement that, among other things, conformed certain of the affirmative and negative covenants in the 2008 Note Purchase Agreement and the 2009 Note Purchase Agreement, respectively, to the corresponding covenant provisions in the 2013 Note Purchase Agreement. | ||||||||||||
The Note Purchase Agreements contain restrictive covenants customary for such financings, including, among other things, covenants that place limits on Woodward’s ability to incur liens on assets, incur additional debt (including a leverage or coverage based maintenance test), transfer or sell Woodward’s assets, merge or consolidate with other persons and enter into material transactions with affiliates. Under the financial covenants contained in the Note Purchase Agreements, Woodward’s priority debt may not exceed, at any time, 25% of its consolidated net worth. Woodward’s Leverage Ratio cannot exceed 4.0 to 1.0 during any material acquisition period, or 3.5 to 1.0 at any other time on a rolling four quarter basis. In the event that Woodward’s Leverage Ratio exceeds 3.5 to 1.0 during any material acquisition period, the interest rate on each series of Notes will increase. Further, Woodward’s consolidated net worth must at all times equal or exceed $800,000 plus 50% of Woodward’s consolidated net earnings for each fiscal year beginning with the fiscal year ending September 30, 2014. The Note Purchase Agreements also contain customary events of default, including certain cross-default provisions related to Woodward’s other outstanding debt arrangements in excess of $60,000, the occurrence of which would permit the holders of the respective Notes to accelerate the amounts due. | ||||||||||||
Woodward, at its option, is permitted at any time to prepay all, or from time to time to prepay any part of, the then outstanding principal amount of any series of the Notes at 100% of the principal amount of the series of Notes to be prepaid (but, in the case of partial prepayment, not less than $1,000), together with interest accrued on such amount to be prepaid to the date of payment, plus any applicable prepayment compensation amount. The prepayment compensation amount, as to the Notes other than the floating rate Notes, is computed by discounting the remaining scheduled payments of interest and principal of the Notes being prepaid at a discount rate equal to the sum of 50 basis points and the yield to maturity of U.S. Treasury securities having a maturity equal to the remaining average life of the Notes being prepaid. The prepayment compensation amount, as to the floating rate Notes, generally is computed as a percentage of the principal amount of such floating rate Notes equal to (a) 2%, on or prior to November 15, 2014, (b) 1%, after November 15, 2014 and on or prior to November 15, 2015, and (c) 0% after November 15, 2015. | ||||||||||||
Required future principal payments of the Notes as of September 30, 2014 are as follows: | ||||||||||||
Year Ending September 30: | ||||||||||||
2015 | $ | - | ||||||||||
2016 | 107,000 | |||||||||||
2017 | - | |||||||||||
2018 | - | |||||||||||
2019 | 143,000 | |||||||||||
Thereafter | 250,000 | |||||||||||
$ | 500,000 | |||||||||||
In October 2008, Woodward entered into a term loan credit agreement (the “2008 Term Loan Credit Agreement”). During the second quarter of fiscal year 2013, the remaining outstanding indebtedness under the 2008 Term Loan Credit Agreement, which generally bore interest at LIBOR plus 1.00% to 2.25%, was repaid and terminated, without penalty, and the remaining balance of unamortized debt issuance costs of $128 were written off to interest expense. | ||||||||||||
Certain financial and other covenants under Woodward's debt agreements contain customary restrictions on the operation of its business. In the event of non-compliance with these covenants, certain additional restrictions might apply, including restrictions on the Company's ability to pay dividends or make distributions on its capital stock. Management believes that Woodward was in compliance with the covenants under the long-term debt agreements at September 30, 2014. | ||||||||||||
Line of Credit | ||||||||||||
In connection with the acquisition of the Duarte Business, on December 21, 2012 Woodward entered into a 364 day uncommitted line of credit with JPMorgan Chase Bank, N.A. (the “Line of Credit”). The Line of Credit provided for unsecured loans to Woodward of up to $200,000 on a revolving basis. Loans made under the Line of Credit bore interest at a floating rate based, at the Company’s option, on either the prime rate or an adjusted LIBOR. The Line of Credit was repaid in full and terminated on December 20, 2013. | ||||||||||||
The proceeds from the Line of Credit were used to finance the acquisition of the Duarte Business as discussed in Note 4, Business acquisitions. The Company incurred no financing fees in association with the Line of Credit. | ||||||||||||
Woodward classified the $200,000 outstanding on the Line of Credit as long-term as of September 30, 2013 based on its intention to refinance in fiscal year 2014. | ||||||||||||
Debt Issuance Costs | ||||||||||||
In connection with the 2013 Note Purchase Agreement, in fiscal year 2014, Woodward incurred $1,297 in financing costs, which are deferred and will be amortized using the straight-line method over the life of the agreement. | ||||||||||||
In connection with the Revolving Credit Agreement, in fiscal year 2013, Woodward incurred $1,651 in financing costs, which are deferred and will be amortized using the straight-line method over the life of the agreement. Woodward also had remaining $1,529 of deferred financing costs incurred in connection with its prior revolving credit facility, which have been combined with the financing costs associated with the Revolving Credit Agreement and are being amortized using the straight-line method over the life of the Revolving Credit Agreement. | ||||||||||||
Amounts recognized as interest expense from the amortization of debt issuance costs were $1,014 in fiscal year 2014, $1,045 in fiscal year 2013, and $1,074 in fiscal year 2012. Woodward had $4,276 of unamortized debt issuance costs as of September 30, 2014 and $3,869 of unamortized debt issuance costs as of September 30, 2013. Amortization of debt issuance costs is included in operating activities in the Consolidated Statements of Cash Flows. | ||||||||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accrued Liabilities | ' | ||||||||
Accrued Liabilities | ' | ||||||||
Note 13. Accrued liabilities | |||||||||
At September 30, | |||||||||
2014 | 2013 | ||||||||
Salaries and other member benefits | $ | 95,031 | $ | 66,212 | |||||
Warranties | 16,916 | 15,224 | |||||||
Interest payable | 12,487 | 11,437 | |||||||
Current portion of acquired performance obligations and unfavorable contracts (1) | 16,432 | 23,977 | |||||||
Accrued retirement benefits | 2,286 | 2,276 | |||||||
Deferred revenues | 6,108 | 6,304 | |||||||
Taxes, other than income | 8,557 | 6,504 | |||||||
Other | 14,914 | 29,807 | |||||||
$ | 172,731 | $ | 161,741 | ||||||
-1 | For more information about acquired performance obligations and unfavorable contracts, see Note 4, Business acquisitions. | ||||||||
Warranties | |||||||||
Provisions of Woodward’s sales agreements include product warranties customary to these types of agreements. Accruals are established for specifically identified warranty issues that are probable to result in future costs. Warranty costs are accrued on a non-specific basis whenever past experience indicates a normal and predictable pattern exists. Changes in accrued product warranties for the fiscal years ended September 30, 2014, September 30, 2013 and September 30, 2012 were as follows: | |||||||||
At September 30, | |||||||||
2014 | 2013 | 2012 | |||||||
Warranties, beginning of period | $ | 15,224 | $ | 15,742 | $ | 14,083 | |||
Expense | 10,700 | 12,037 | 14,543 | ||||||
Increases due to acquisition of Duarte Business | - | 157 | - | ||||||
Reductions for settling warranties | -8,448 | -13,051 | -12,587 | ||||||
Foreign currency exchange rate changes | -560 | 339 | -297 | ||||||
Warranties, end of period | $ | 16,916 | $ | 15,224 | $ | 15,742 | |||
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Other Liabilities | ' | ||||||
Other Liabilities | ' | ||||||
Note 14. Other liabilities | |||||||
At September 30, | |||||||
2014 | 2013 | ||||||
Net accrued retirement benefits, less amounts recognized within accrued liabilities | $ | 38,850 | $ | 39,956 | |||
Total unrecognized tax benefits, net of offsetting adjustments | 14,707 | 20,343 | |||||
Acquired performance obligations and unfavorable contracts (1) | 12,792 | 23,951 | |||||
Deferred economic incentives (2) | 18,408 | 8,266 | |||||
Other | 16,454 | 12,994 | |||||
$ | 101,211 | $ | 105,510 | ||||
-1 | For more information about acquired performance obligations and unfavorable contracts, see Note 4, Business acquisitions. | ||||||
-2 | Woodward receives certain economic incentives from various state and local taxing authorities not included in income tax expense related to capital expansion projects. Such amounts are initially recorded as deferred credits and will be recognized as a reduction to expense over the economic lives of the related capital expansion projects. | ||||||
Other_Income_Expense_Net
Other (Income) Expense, Net | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Other (Income) Expense, Net | ' | |||||||||
Other (Income) Expense, Net | ' | |||||||||
Note 15. Other (income) expense, net | ||||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Net (gain) loss on sale of assets | $ | 166 | $ | -100 | $ | 16 | ||||
Rent income | -565 | -555 | -504 | |||||||
Net gain on investments in deferred compensation program | -794 | -946 | -1,052 | |||||||
Other | -107 | -21 | -40 | |||||||
$ | -1,300 | $ | -1,622 | $ | -1,580 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | ' | ||||||||||
Note 16. Income taxes | |||||||||||
Income taxes consisted of the following: | |||||||||||
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Current: | |||||||||||
Federal | $ | 48,327 | $ | 29,438 | $ | 47,862 | |||||
State | 5,752 | 4,760 | 4,452 | ||||||||
Foreign | 16,594 | 10,612 | 11,594 | ||||||||
Deferred: | |||||||||||
Federal | -4,378 | 13,904 | -9,632 | ||||||||
State | -2,966 | 885 | -200 | ||||||||
Foreign | -1,929 | -5,970 | 2,142 | ||||||||
$ | 61,400 | $ | 53,629 | $ | 56,218 | ||||||
Earnings before income taxes by geographical area consisted of the following: | |||||||||||
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
United States | $ | 148,837 | $ | 148,604 | $ | 146,535 | |||||
Other countries | 78,407 | 50,967 | 51,272 | ||||||||
$ | 227,244 | $ | 199,571 | $ | 197,807 | ||||||
Significant components of deferred income taxes presented in the Consolidated Balance Sheets are related to the following: | |||||||||||
At September 30, | |||||||||||
2014 | 2013 | ||||||||||
Deferred tax assets: | |||||||||||
Defined benefit plans, Other postretirement | $ | 10,762 | $ | 10,563 | |||||||
Foreign net operating loss carryforwards | 5,552 | 7,058 | |||||||||
Inventory | 21,608 | 16,944 | |||||||||
Deferred and stock-based compensation | 24,987 | 18,657 | |||||||||
Defined benefit pension | 227 | 866 | |||||||||
Other reserves | 10,513 | 9,055 | |||||||||
Credits and incentives | 8,178 | 8,046 | |||||||||
Other | 11,422 | 10,584 | |||||||||
Valuation allowance | -9,486 | -11,783 | |||||||||
Total deferred tax assets, net of valuation allowance | 83,763 | 69,990 | |||||||||
Deferred tax liabilities: | |||||||||||
Goodwill and intangibles - net | -96,493 | -97,804 | |||||||||
Property, plant and equipment | -18,288 | -17,175 | |||||||||
Other | -7,419 | -3,391 | |||||||||
Total deferred tax liabilities | -122,200 | -118,370 | |||||||||
Net deferred tax liabilities | $ | -38,437 | $ | -48,380 | |||||||
Woodward has recorded a net operating loss (“NOL”) deferred tax asset of $5,552 as of September 30, 2014 and $7,058 as of September 30, 2013. A portion of these carryforwards will expire by 2020 and are currently offset by a valuation allowance, while the remaining portion has an indefinite carryforward period and has no valuation allowance against it. | |||||||||||
Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Both positive and negative evidence are considered in forming Woodward’s judgment as to whether a valuation allowance is appropriate, and more weight is given to evidence that can be objectively verified. Valuation allowances are reassessed whenever there are changes in circumstances that may cause a change in judgment. The change in the valuation allowance was primarily the result of current year earnings in a wholly owned subsidiary that had net operating losses subject to a full valuation allowance, and a change in judgment about the utilization of tax credits in various jurisdictions. | |||||||||||
At September 30, 2014, Woodward has not provided for taxes on undistributed foreign earnings of $253,797 that it considered indefinitely reinvested. These earnings could become subject to income taxes if they are remitted as dividends, are loaned to Woodward or any of Woodward’s subsidiaries located in the United States, or if Woodward sells its stock in the foreign subsidiaries. Any additional U.S. taxes could be offset, in part or in whole, by foreign tax credits. The amount of such taxes and application of tax credits would be dependent on the income tax laws and other circumstances at the time these amounts are repatriated. Based on these variables, it is impractical to determine the income tax liability that might be incurred if these funds were to be repatriated. | |||||||||||
The following is a reconciliation of the U.S. Federal statutory tax rate of 35 percent to Woodward’s effective income tax rate: | |||||||||||
Year Ending September 30, | |||||||||||
Percent of pretax earnings | 2014 | 2013 | 2012 | ||||||||
Statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | |||||
State income taxes, net of federal tax benefit | 1.3 | 1.8 | 1.6 | ||||||||
Taxes on international activities | -3.7 | -1.7 | -3.3 | ||||||||
Research credit | -0.7 | -3.1 | -0.8 | ||||||||
Retroactive extension of research credit | - | -2.5 | - | ||||||||
Domestic production activities deduction | -1.3 | -2 | -1.9 | ||||||||
Adjustments of prior period tax items | -2.9 | -0.6 | -1.5 | ||||||||
Other items, net | -0.7 | - | -0.7 | ||||||||
Effective tax rate | 27.0 | % | 26.9 | % | 28.4 | % | |||||
In determining the tax amounts in Woodward’s financial statements, estimates are sometimes used that are subsequently adjusted in the actual filing of tax returns or by updated calculations. In addition, we occasionally have resolutions of tax items with tax authorities related to prior years due to the conclusion of audits and the lapse of applicable statutes of limitations. Such adjustments are included in the “Adjustments of prior period tax items” line in the above table. The majority of the fiscal year 2014 adjustments are related to the conclusion of audits, effective settlement, and lapse of applicable statutes of limitations in various tax jurisdictions. | |||||||||||
On January 2, 2013, the American Taxpayer Relief Act of 2012 (the “Taxpayer Relief Act”) was enacted, which retroactively extended the U.S. research and experimentation tax credit through December 31, 2013. As a result, income taxes for the year ended September 30, 2013 included a net expense reduction related to the retroactive impact from the last three quarters of fiscal year 2012 of the U.S. research and experimentation tax credit pursuant to the Taxpayer Relief Act. | |||||||||||
Income taxes for the year ended September 30, 2012 included a tax benefit of $3,326 related to a reduction in the anticipated amount of undistributed earnings of certain of Woodward’s foreign subsidiaries that were previously expected to be repatriated to the United States within the foreseeable future. Woodward anticipates that a portion of those earnings will remain indefinitely invested outside the United States and accordingly it reversed the deferred tax liability associated with repatriating those earnings. This item is included in the “Taxes on international activities” line in the rate reconciliation above. | |||||||||||
A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits follows: | |||||||||||
Year Ending September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 22,694 | $ | 18,069 | $ | 16,931 | |||||
Additions to current year tax positions | 8,830 | 5,587 | 1,444 | ||||||||
Reductions to prior year tax positions | -9,684 | - | -169 | ||||||||
Additions to prior year tax positions | 1,844 | 1,079 | - | ||||||||
Lapse of applicable statute of limitations | -997 | -2,041 | -137 | ||||||||
Ending balance | $ | 22,687 | $ | 22,694 | $ | 18,069 | |||||
Included in the balance of unrecognized tax benefits are $12,807 as of September 30, 2014 and $17,838 as of September 30, 2013 of tax benefits that, if recognized, would affect the effective tax rate. At this time, Woodward estimates that it is reasonably possible that the liability for unrecognized tax benefits will decrease by as much as $114 in the next twelve months due to the completion of reviews by tax authorities and the expiration of certain statutes of limitations. Woodward accrues for potential interest and penalties related to unrecognized tax benefits in tax expense. Woodward had accrued interest and penalties of $1,158 as of September 30, 2014 and $2,066 as of September 30, 2013. | |||||||||||
Woodward’s tax returns are audited by U.S., state, and foreign tax authorities, and these audits are at various stages of completion at any given time. Reviews of tax matters by authorities and lapses of the applicable statutes of limitations may result in changes to tax expense. With a few exceptions, Woodward’s fiscal years remaining open to examination in the United States include fiscal years 2011 and thereafter, and fiscal years remaining open to examination in significant foreign jurisdictions include 2005 and thereafter. | |||||||||||
Retirement_Benefits
Retirement Benefits | 12 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Retirement Benefits - General | ' | |||||||||||||||||||||||||||
Retirement Benefits | ' | |||||||||||||||||||||||||||
Note 17. Retirement benefits | ||||||||||||||||||||||||||||
Woodward provides various benefits to eligible members of the Company, including contributions to various defined contribution plans, pension benefits associated with defined benefit plans, postretirement medical benefits and postretirement life insurance benefits. Eligibility requirements and benefit levels vary depending on employee location. | ||||||||||||||||||||||||||||
Defined contribution plans | ||||||||||||||||||||||||||||
Most of the Company’s U.S. employees are eligible to participate in the U.S. defined contribution plan. The U.S. defined contribution plan allows employees to defer part of their annual income for income tax purposes into their personal 401(k) accounts. The Company makes contributions to eligible employee accounts, which are also deferred for employee personal income tax purposes. Certain foreign employees are also eligible to participate in foreign plans. | ||||||||||||||||||||||||||||
Most of Woodward’s U.S. employees with at least two years of service receive an annual contribution of Woodward stock, equal to 5% of their eligible prior year wages, to their personal Woodward Retirement Savings Plan accounts. In the second quarter of fiscal years 2014, 2013, and 2012, Woodward fulfilled the annual Woodward stock contribution using shares held in treasury stock by issuing 260 shares of common stock for a total value of $11,193 in fiscal year 2014, 250 shares of common stock for a total value of $9,780 in fiscal year 2013, and 209 shares of common stock for a total value of $9,335 in fiscal year 2012. The Woodward Retirement Savings Plan held 5,176 shares of Woodward stock as of September 30, 2014 and 5,681 shares as of September 30, 2013. | ||||||||||||||||||||||||||||
The amount of expense associated with defined contribution plans was as follows: | ||||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Company costs | $ | 24,921 | $ | 20,012 | $ | 18,296 | ||||||||||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||||
Woodward has defined benefit plans that provide pension benefits for certain retired employees in the United States, the United Kingdom, and Japan. During the fourth quarter of fiscal year 2014, a defined benefit pension plan for certain employees in California was amended. The amendment froze the benefits of certain members and resulted in a curtailment gain in the U.S. During the third quarter of fiscal year 2014, Woodward terminated it defined benefit pension plan in Switzerland due to workforce reductions related to the closure of Woodward’s Swiss facility in connection with the realignment of the renewable power business that occurred in the third quarter of fiscal year 2013. Woodward also provides other postretirement benefits to its employees including postretirement medical benefits and life insurance benefits. Postretirement medical benefits are provided to certain current and retired employees and their covered dependants and beneficiaries in the United States and the United Kingdom. Life insurance benefits are provided to certain retirees in the United States under frozen plans, which are no longer available to current employees. A September 30 measurement date is utilized to value plan assets and obligations for all of Woodward’s defined benefit pension and other postretirement benefit plans. | ||||||||||||||||||||||||||||
In connection with the acquisition of the Duarte Business (see Note 4, Business acquisitions), Woodward did not assume the Seller’s postretirement benefit obligations under the Duarte Business’ defined benefit pension plan as they existed at the time of closing of the transaction. Under the terms of the Asset Purchase Agreement, Woodward established a new defined benefit pension plan for the Duarte Business employees who were beneficiaries of the Seller’s defined benefit pension plan (the “Duarte Pension Plan”). Subsequently, Woodward and the Duarte Union agreed that, effective as of the close of business on July 31, 2013, the Duarte Pension Plan was amended to cease all future benefit accruals to current participants in the plan. In addition, the Duarte Pension Plan was frozen to new entrants as of July 31, 2013. | ||||||||||||||||||||||||||||
In addition to the Duarte Pension Plan, excluding the Woodward HRT Plan, the defined benefit plans in the United States were frozen in fiscal year 2007 and no additional employees may participate in the U.S. plans and no additional service costs will be incurred. | ||||||||||||||||||||||||||||
Pension plans | ||||||||||||||||||||||||||||
The actuarial assumptions used in measuring the net periodic benefit cost and plan obligations of retirement pension benefits were as follows: | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
United States: | ||||||||||||||||||||||||||||
Weighted-average assumptions to determine benefit obligation at September 30: | ||||||||||||||||||||||||||||
Discount rate | 4.40 | % | 5.15 | % | 4.10 | % | ||||||||||||||||||||||
Rate of compensation increase | 3.50 | 3.50 | 3.50 | |||||||||||||||||||||||||
Weighted-average assumptions to determine periodic benefit costs for years ended September 30: | ||||||||||||||||||||||||||||
Discount rate | 5.15 | 4.10 | 5.55 | |||||||||||||||||||||||||
Rate of compensation increase | 3.50 | 3.50 | 4.00 | |||||||||||||||||||||||||
Long-term rate of return on plan assets | 7.62 | 7.59 | 7.89 | |||||||||||||||||||||||||
United Kingdom: | ||||||||||||||||||||||||||||
Weighted-average assumptions to determine benefit obligation at September 30: | ||||||||||||||||||||||||||||
Discount rate | 4.10 | % | 4.50 | % | 4.60 | % | ||||||||||||||||||||||
Rate of compensation increase | 3.50 | 3.50 | 3.90 | |||||||||||||||||||||||||
Weighted-average assumptions to determine periodic benefit costs for years ended September 30: | ||||||||||||||||||||||||||||
Discount rate | 4.50 | 4.60 | 5.10 | |||||||||||||||||||||||||
Rate of compensation increase | 3.50 | 3.90 | 4.30 | |||||||||||||||||||||||||
Long-term rate of return on plan assets | 5.50 | 5.50 | 6.00 | |||||||||||||||||||||||||
Japan: | ||||||||||||||||||||||||||||
Weighted-average assumptions to determine benefit obligation at September 30: | ||||||||||||||||||||||||||||
Discount rate | 1.10 | % | 1.25 | % | 1.50 | % | ||||||||||||||||||||||
Rate of compensation increase | 2.00 | 2.00 | 2.00 | |||||||||||||||||||||||||
Weighted-average assumptions to determine periodic benefit costs for years ended September 30: | ||||||||||||||||||||||||||||
Discount rate | 1.25 | 1.50 | 1.50 | |||||||||||||||||||||||||
Rate of compensation increase | 2.00 | 2.00 | 2.00 | |||||||||||||||||||||||||
Long-term rate of return on plan assets | 3.00 | 2.80 | 2.80 | |||||||||||||||||||||||||
Switzerland: | ||||||||||||||||||||||||||||
Weighted-average assumptions to determine benefit obligation at September 30: | ||||||||||||||||||||||||||||
Discount rate | n/a | 2.25 | % | 1.75 | % | |||||||||||||||||||||||
Rate of compensation increase | n/a | 2.00 | 2.00 | |||||||||||||||||||||||||
Weighted-average assumptions to determine periodic benefit costs for years ended September 30: | ||||||||||||||||||||||||||||
Discount rate | 2.25 | 1.75 | 2.50 | |||||||||||||||||||||||||
Rate of compensation increase | 2.00 | 2.00 | 2.00 | |||||||||||||||||||||||||
Long-term rate of return on plan assets | 2.25 | 1.75 | 2.50 | |||||||||||||||||||||||||
The discount rate assumption is intended to reflect the rate at which the retirement benefits could be effectively settled based upon the assumed timing of the benefit payments. In the United States, Woodward used a bond portfolio matching analysis based on recently traded, non-callable bonds rated AA or better that have at least $50 million outstanding. In the United Kingdom and Japan, Woodward used cash flow matching to develop a single rate equivalent for a theoretical portfolio of non-callable, AA-rated bonds for each jurisdiction. In Switzerland, Woodward used high quality swap rates plus a credit spread of 0.20% in fiscal year 2013 and 0.46% in fiscal year 2012, as high quality swaps are available in Switzerland at various durations and trade at higher volumes than bonds. Woodward’s assumed rate in Switzerland did not differ significantly from this benchmark. | ||||||||||||||||||||||||||||
Compensation increase assumptions are based upon historical experience and anticipated future management actions. | ||||||||||||||||||||||||||||
In determining the long-term rate of return on plan assets, Woodward assumes that the historical long-term compound growth rates of equity and fixed-income securities will predict the future returns of similar investments in the plan portfolio. Investment management and other fees paid out of the plan assets are factored into the determination of asset return assumptions. | ||||||||||||||||||||||||||||
Net periodic benefit costs consist of the following components reflected as expense in Woodward’s Consolidated Statements of Earnings: | ||||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
United States | Other Countries | Total | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Service cost | $ | 3,516 | $ | 4,608 | $ | 3,530 | $ | 988 | $ | 1,052 | $ | 1,136 | $ | 4,504 | $ | 5,660 | $ | 4,666 | ||||||||||
Interest cost | 6,382 | 5,569 | 5,816 | 2,410 | 2,113 | 2,280 | 8,792 | 7,682 | 8,096 | |||||||||||||||||||
Expected return on plan assets | -9,813 | -8,183 | -7,008 | -3,070 | -2,610 | -2,584 | -12,883 | -10,793 | -9,592 | |||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||
Net (gains) losses | 330 | 1,374 | 524 | 655 | 465 | 665 | 985 | 1,839 | 1,189 | |||||||||||||||||||
Net prior service (benefit) cost | 97 | 75 | 75 | -4 | -8 | -9 | 93 | 67 | 66 | |||||||||||||||||||
Settlement costs | - | - | - | - | 37 | 56 | - | 37 | 56 | |||||||||||||||||||
Curtailment (benefits) | -6,624 | - | - | -915 | - | - | -7,539 | - | - | |||||||||||||||||||
Net periodic (benefit) cost | $ | -6,112 | $ | 3,443 | $ | 2,937 | $ | 64 | $ | 1,049 | $ | 1,544 | $ | -6,048 | $ | 4,492 | $ | 4,481 | ||||||||||
The curtailment gain in “United States” in the year ended September 30, 2014 pertained to amendments made to one of Woodward’s plans that resulted in a freeze to the benefits of certain U.S. employees in California. | ||||||||||||||||||||||||||||
The curtailment gain in “Other Countries” in the year ended September 30, 2014 pertained to workforce reductions related to the closure of Woodward’s Swiss facility in connection with the realignment of the renewable power business that occurred in the third quarter of fiscal year 2013. | ||||||||||||||||||||||||||||
Settlement costs were expensed in fiscal years 2013 and 2012 as a result of normal attrition among participants in the Company's defined benefit plan in Switzerland. | ||||||||||||||||||||||||||||
The following tables provide a reconciliation of the changes in the projected benefit obligation and fair value of assets for the defined benefit pension plans: | ||||||||||||||||||||||||||||
At or for the Year Ended September 30, | ||||||||||||||||||||||||||||
United States | Other Countries | Total | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Changes in projected benefit obligation: | ||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 126,532 | $ | 137,639 | $ | 63,891 | $ | 60,837 | $ | 190,423 | $ | 198,476 | ||||||||||||||||
Service cost | 3,516 | 4,608 | 988 | 1,052 | 4,504 | 5,660 | ||||||||||||||||||||||
Interest cost | 6,382 | 5,569 | 2,410 | 2,113 | 8,792 | 7,682 | ||||||||||||||||||||||
Net actuarial (gains) losses | 12,446 | -18,165 | 3,015 | 5,550 | 15,461 | -12,615 | ||||||||||||||||||||||
Contribution by participants | - | 12 | 91 | 241 | 91 | 253 | ||||||||||||||||||||||
Benefits paid | -3,732 | -3,131 | -2,318 | -2,605 | -6,050 | -5,736 | ||||||||||||||||||||||
Amounts paid by Company for Pension Protection Fund levy | - | - | -13 | -2 | -13 | -2 | ||||||||||||||||||||||
Plan amendments | 3,355 | - | - | - | 3,355 | - | ||||||||||||||||||||||
Settlements | - | - | -1,985 | -406 | -1,985 | -406 | ||||||||||||||||||||||
Curtailments | -10,759 | - | -1,499 | -271 | -12,258 | -271 | ||||||||||||||||||||||
Foreign currency exchange rate changes | - | - | -1,045 | -2,618 | -1,045 | -2,618 | ||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 137,740 | $ | 126,532 | $ | 63,535 | $ | 63,891 | $ | 201,275 | $ | 190,423 | ||||||||||||||||
Changes in fair value of plan assets: | ||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 129,518 | $ | 105,966 | $ | 60,657 | $ | 55,537 | $ | 190,175 | $ | 161,503 | ||||||||||||||||
Actual return on plan assets | 15,764 | 10,621 | 5,212 | 6,541 | 20,976 | 17,162 | ||||||||||||||||||||||
Contributions by the company | 540 | 16,050 | 2,422 | 3,187 | 2,962 | 19,237 | ||||||||||||||||||||||
Contributions by plan participants | - | 12 | 91 | 241 | 91 | 253 | ||||||||||||||||||||||
Benefits paid | -3,732 | -3,131 | -2,318 | -2,605 | -6,050 | -5,736 | ||||||||||||||||||||||
Settlements | - | - | -1,985 | -406 | -1,985 | -406 | ||||||||||||||||||||||
Foreign currency exchange rate changes | - | - | -1,008 | -1,838 | -1,008 | -1,838 | ||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 142,090 | $ | 129,518 | $ | 63,071 | $ | 60,657 | $ | 205,161 | $ | 190,175 | ||||||||||||||||
Net over/(under)funded status at end of year | $ | 4,350 | $ | 2,986 | $ | -464 | $ | -3,234 | $ | 3,886 | $ | -248 | ||||||||||||||||
At September 30, 2014, the Company’s defined benefit pension plans in the United Kingdom represented $52,710 of the total projected benefit obligation and in Japan represented $10,825 of the total projected benefit obligation. At September 30, 2014, the United Kingdom represented $52,260 of the total fair value of plan assets and Japan represented $10,811 of the total fair value of plan assets. | ||||||||||||||||||||||||||||
The accumulated benefit obligations of the Company’s defined benefit pension plans in the United States was $137,423 and in Other Countries was $61,041 at September 30, 2014, and in the United States was $116,061 and in Other Countries was $60,701 at September 30, 2013. | ||||||||||||||||||||||||||||
Plans with accumulated benefit obligation in excess of plan assets | Plans with accumulated benefit obligation less than plan assets | |||||||||||||||||||||||||||
At September 30, | At September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Projected benefit obligation | $ | -25,955 | $ | -38,473 | $ | -175,320 | $ | -151,950 | ||||||||||||||||||||
Accumulated benefit obligation | -25,955 | -36,739 | -172,509 | -140,023 | ||||||||||||||||||||||||
Fair value of plan assets | 24,671 | 34,717 | 180,490 | 155,458 | ||||||||||||||||||||||||
The following tables provide the amounts recognized in the statement of financial position and accumulated comprehensive income for the defined benefit pension plans: | ||||||||||||||||||||||||||||
At or for the Year Ended September 30, | ||||||||||||||||||||||||||||
United States | Other Countries | Total | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Amounts recognized in statement of financial position | ||||||||||||||||||||||||||||
consist of: | ||||||||||||||||||||||||||||
Other non-current assets | $ | 5,634 | $ | 4,154 | $ | - | $ | - | $ | 5,634 | $ | 4,154 | ||||||||||||||||
Other non-current liabilities | -1,284 | -1,168 | -464 | -3,234 | -1,748 | -4,402 | ||||||||||||||||||||||
Net over/(under)funded status at end of year | $ | 4,350 | $ | 2,986 | $ | -464 | $ | -3,234 | $ | 3,886 | $ | -248 | ||||||||||||||||
Amounts recognized in accumulated other | ||||||||||||||||||||||||||||
comprehensive income consist of: | ||||||||||||||||||||||||||||
Unrecognized net prior service (benefit) cost | $ | 4,624 | $ | 1,367 | $ | - | $ | -4 | $ | 4,624 | $ | 1,363 | ||||||||||||||||
Unrecognized net (gains) losses | 9,867 | 7,841 | 11,902 | 12,371 | 21,769 | 20,212 | ||||||||||||||||||||||
Total amounts recognized | 14,491 | 9,208 | 11,902 | 12,367 | 26,393 | 21,575 | ||||||||||||||||||||||
Deferred taxes | -5,527 | -3,499 | -4,131 | -4,203 | -9,658 | -7,702 | ||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income | $ | 8,964 | $ | 5,709 | $ | 7,771 | $ | 8,164 | $ | 16,735 | $ | 13,873 | ||||||||||||||||
Other changes in plan assets and benefit obligations recorded in accumulated other comprehensive income were as follows: | ||||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
United States | Other Countries | Total | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Net (gain) loss | $ | -4,269 | $ | -20,604 | $ | -622 | $ | 1,349 | $ | -4,891 | $ | -19,255 | ||||||||||||||||
Prior service cost | 3,355 | - | - | - | 3,355 | $ | - | |||||||||||||||||||||
Loss (gain) due to settlement or curtailment arising during the period | 6,624 | - | 915 | -36 | 7,539 | -36 | ||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||
Net gains (losses) | -330 | -1,374 | -655 | -464 | -985 | -1,838 | ||||||||||||||||||||||
Prior service benefit (cost) | -97 | -75 | 4 | 7 | -93 | -68 | ||||||||||||||||||||||
Foreign currency exchange rate changes | - | - | -107 | -673 | -107 | -673 | ||||||||||||||||||||||
Total recorded in accumulated other comprehensive loss (income) | $ | 5,283 | $ | -22,053 | $ | -465 | $ | 183 | $ | 4,818 | $ | -21,870 | ||||||||||||||||
The amounts expected to be amortized from Accumulated Other Comprehensive Income and reported as a component of net periodic benefit cost during fiscal year 2015 are as follows: | ||||||||||||||||||||||||||||
United States | Other Countries | Total | ||||||||||||||||||||||||||
Prior service (benefit) cost | $ | 383 | $ | - | $ | 383 | ||||||||||||||||||||||
Net actuarial (gains) losses | 396 | 466 | 862 | |||||||||||||||||||||||||
Pension benefit payments are made from the assets of the pension plans. Using foreign exchange rates as of September 30, 2014 and expected future service assumptions, it is anticipated that the future benefit payments will be as follows: | ||||||||||||||||||||||||||||
Year Ending September 30, | United States | Other Countries | Total | |||||||||||||||||||||||||
2015 | $ | 4,760 | $ | 2,353 | $ | 7,113 | ||||||||||||||||||||||
2016 | 5,291 | 2,363 | 7,654 | |||||||||||||||||||||||||
2017 | 5,897 | 2,554 | 8,451 | |||||||||||||||||||||||||
2018 | 6,520 | 2,574 | 9,094 | |||||||||||||||||||||||||
2019 | 7,154 | 3,036 | 10,190 | |||||||||||||||||||||||||
2020 – 2024 | 43,682 | 14,756 | 58,438 | |||||||||||||||||||||||||
Woodward expects its pension plan contributions in fiscal year 2015 will be $21 in the United States, $1,507 in the United Kingdom, and $1,045 in Japan. | ||||||||||||||||||||||||||||
Pension plan assets | ||||||||||||||||||||||||||||
The overall investment objective of the pension plan assets is to earn a rate of return over time which, when combined with Company contributions, satisfies the benefit obligations of the pension plans and maintains sufficient liquidity to pay benefits. | ||||||||||||||||||||||||||||
As the timing and nature of the plan obligations varies for each Company sponsored pension plan, investment strategies have been individually designed for each pension plan with a common focus on maintaining diversified investment portfolios that provide for long-term growth while minimizing the risk to principal associated with short-term market behavior. The strategy for each of the plans balances the requirements to generate returns, using investments expected to produce higher returns, such as equity securities, with the need to control risk within the pension plans using less volatile investment assets, such as debt securities. A strategy of more equity-oriented allocation is adopted for those plans which have a longer-term investment plan based on the timing of the associated benefit obligations. | ||||||||||||||||||||||||||||
A pension oversight committee is assigned by the Company to each pension plan. Among other responsibilities, each committee is responsible for all asset class allocation decisions. Asset class allocations, which are reviewed by the respective pension committee on at least an annual basis, are designed to meet or exceed certain market benchmarks which align with each plan’s investment objectives. In evaluating the asset allocation choices, consideration is given to the proper long-term level of risk for each plan, particularly with respect to the long-term nature of each plan’s liabilities, the impact of asset allocation on investment results and the corresponding impact on the volatility and magnitude of plan contributions and expense and the impact certain actuarial techniques may have on the plans’ recognition of investment experience. From time to time, the plans may move outside the prescribed asset class allocation in order to meet significant liabilities with respect to one or more individuals approaching retirement. | ||||||||||||||||||||||||||||
Risks associated with the plan assets include interest rate fluctuation risk, market fluctuation risk, risk of default by debt issuers and liquidity risk. To manage these risks, the assets are managed by established, professional investment firms and performance is evaluated regularly by the Company’s pension oversight committee against specific benchmarks and each plan’s investment objectives. Liability management and asset class diversification are central to the Company’s risk management approach and overall investment strategy. | ||||||||||||||||||||||||||||
The assets of the U.S. plans are invested in actively managed mutual funds. The assets of the plan in Japan and the plan in the United Kingdom are invested in actively managed pooled investment funds. Each individual mutual fund or pooled investment fund has been selected based on the investment strategy of the related plan, which mirrors a specific asset class within the associated target allocation. The assets of the plan in Switzerland were insured through an insurance contract that guaranteed a federally mandated annual rate of return. Pension plan assets at September 30, 2014 and 2013 do not include any direct investment in Woodward’s common stock. | ||||||||||||||||||||||||||||
The asset allocations are monitored and rebalanced regularly by investment managers assigned to the individual pension plans. The actual allocations of pension plan assets and target allocation ranges by asset class, are as follows: | ||||||||||||||||||||||||||||
At September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Percentage of Plan Assets | Target Allocation Ranges | Percentage of Plan Assets | Target Allocation Ranges | |||||||||||||||||||||||||
United States: | ||||||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||||||
Equity Securities | 60.0% | 40.7% | - | 80.7% | 61.7% | 40.70% | - | 80.70% | ||||||||||||||||||||
Debt Securities | 39.8% | 29.3% | - | 49.3% | 38.1% | 29.30% | - | 49.30% | ||||||||||||||||||||
Other | 0.2% | 0.00% | 0.2% | 0.00% | ||||||||||||||||||||||||
100.0% | 100.0% | |||||||||||||||||||||||||||
United Kingdom: | ||||||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||||||
Equity Securities | 48.2% | 40.00% | - | 70.00% | 48.4% | 40.00% | - | 70.00% | ||||||||||||||||||||
Debt Securities | 51.7% | 35.00% | - | 65.00% | 51.5% | 35.00% | - | 65.00% | ||||||||||||||||||||
Other | 0.1% | 0.00% | 0.1% | 0.00% | ||||||||||||||||||||||||
100.0% | 100.0% | |||||||||||||||||||||||||||
Japan: | ||||||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||||||
Equity Securities | 40.7% | 36.00% | - | 44.00% | 41.3% | 36.00% | - | 44.00% | ||||||||||||||||||||
Debt Securities | 58.4% | 55.00% | - | 63.00% | 57.8% | 55.00% | - | 63.00% | ||||||||||||||||||||
Other | 0.9% | 0.00% | - | 2.00% | 0.9% | 0.00% | - | 2.00% | ||||||||||||||||||||
100.0% | 100.0% | |||||||||||||||||||||||||||
Switzerland: | ||||||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||||||
Equity Securities | n/a | n/a | 0.0% | 0.00% | ||||||||||||||||||||||||
Debt Securities | n/a | n/a | 0.0% | 0.00% | ||||||||||||||||||||||||
Other | n/a | n/a | 100.0% | 100.00% | ||||||||||||||||||||||||
100.0% | ||||||||||||||||||||||||||||
Actual allocations to each asset class can vary from target allocations due to periodic market value fluctuations, investment strategy changes, and the timing of benefit payments and contributions. | ||||||||||||||||||||||||||||
The following table presents Woodward’s pension plan assets using the fair value hierarchy established by U.S. GAAP as of September 30, 2014. | ||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
United States | Other Countries | United States | Other Countries | United States | Other Countries | Total | ||||||||||||||||||||||
Asset Category: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 316 | $ | 168 | $ | - | $ | - | $ | - | $ | - | $ | 484 | ||||||||||||||
Mutual funds: | ||||||||||||||||||||||||||||
U.S. corporate bond fund | 56,559 | - | - | - | - | - | 56,559 | |||||||||||||||||||||
U.S. equity large cap fund | 49,220 | - | - | - | - | - | 49,220 | |||||||||||||||||||||
International equity large cap growth fund | 35,995 | - | - | - | - | - | 35,995 | |||||||||||||||||||||
Pooled funds: | ||||||||||||||||||||||||||||
Japanese equity securities | - | - | - | 2,330 | - | - | 2,330 | |||||||||||||||||||||
International equity securities | - | - | - | 2,067 | - | - | 2,067 | |||||||||||||||||||||
Japanese fixed income securities | - | - | - | 4,676 | - | - | 4,676 | |||||||||||||||||||||
International fixed income securities | - | - | - | 1,638 | - | - | 1,638 | |||||||||||||||||||||
Global target return equity/bond fund | - | - | - | 12,327 | - | - | 12,327 | |||||||||||||||||||||
Index linked U.K. equity fund | - | - | - | 6,240 | - | - | 6,240 | |||||||||||||||||||||
Index linked international equity fund | - | - | - | 6,593 | - | - | 6,593 | |||||||||||||||||||||
Index linked U.K. corporate bonds fund | - | - | - | 16,897 | - | - | 16,897 | |||||||||||||||||||||
Index linked U.K. government securities fund | - | - | - | 4,566 | - | - | 4,566 | |||||||||||||||||||||
Index linked U.K. long-term government securities fund | - | - | - | 5,569 | - | - | 5,569 | |||||||||||||||||||||
Total assets | $ | 142,090 | $ | 168 | $ | - | $ | 62,903 | $ | - | $ | - | $ | 205,161 | ||||||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
United States | Other Countries | United States | Other Countries | United States | Other Countries | Total | ||||||||||||||||||||||
Asset Category: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 273 | $ | 149 | $ | - | $ | - | $ | - | $ | - | $ | 422 | ||||||||||||||
Mutual funds: | ||||||||||||||||||||||||||||
U.S. corporate bond fund | 49,328 | - | - | - | - | - | 49,328 | |||||||||||||||||||||
U.S. equity large cap fund | 44,140 | - | - | - | - | - | 44,140 | |||||||||||||||||||||
International equity large cap growth fund | 35,777 | - | - | - | - | - | 35,777 | |||||||||||||||||||||
Pooled funds: | ||||||||||||||||||||||||||||
Japanese equity securities | - | - | - | 2,269 | - | - | 2,269 | |||||||||||||||||||||
International equity securities | - | - | - | 1,989 | - | - | 1,989 | |||||||||||||||||||||
Japanese fixed income securities | - | - | - | 4,414 | - | - | 4,414 | |||||||||||||||||||||
International fixed income securities | - | - | - | 1,535 | - | - | 1,535 | |||||||||||||||||||||
Global target return equity/bond fund | - | - | - | 11,324 | - | - | 11,324 | |||||||||||||||||||||
Index linked U.K. equity fund | - | - | - | 6,060 | - | - | 6,060 | |||||||||||||||||||||
Index linked international equity fund | - | - | - | 6,047 | - | - | 6,047 | |||||||||||||||||||||
Index linked U.K. corporate bonds fund | - | - | - | 15,810 | - | - | 15,810 | |||||||||||||||||||||
Index linked U.K. government securities fund | - | - | - | 4,176 | - | - | 4,176 | |||||||||||||||||||||
Index linked U.K. long-term government securities fund | - | - | - | 4,908 | - | - | 4,908 | |||||||||||||||||||||
Insurance backed assets: | ||||||||||||||||||||||||||||
Insurance backed assets | - | - | - | - | - | 1,976 | 1,976 | |||||||||||||||||||||
Total assets | $ | 129,518 | $ | 149 | $ | - | $ | 58,532 | $ | - | $ | 1,976 | $ | 190,175 | ||||||||||||||
Cash and cash equivalents: Cash and cash equivalents held by the Company's pension plans are held on deposit with creditworthy financial institutions. The fair value of the cash and cash equivalents are based on the quoted market price of the respective currency in which the cash is maintained. | ||||||||||||||||||||||||||||
Pension assets invested in mutual funds: The assets of the Company’s U.S. pension plans are invested in various mutual funds which invest in both equity and debt securities. The fair value of the mutual funds is determined based on the quoted market price of each fund. | ||||||||||||||||||||||||||||
Pension assets invested in pooled funds: The assets of the Company’s Japan and United Kingdom pension plans are invested in pooled investment funds, which include both equity and debt securities. The assets of the United Kingdom pension plan are invested in index-linked pooled funds which aim to replicate the movements of an underlying market index to which the fund is linked. Fair value of the pooled funds is based on the net asset value of shares held by the plan as reported by the fund sponsors. All pooled funds held by plans outside of the United States are considered to be invested in international equity and debt securities. Although the underlying securities may be largely domestic to the plan holding the investment assets, the underlying assets are considered international from the perspective of the Company. | ||||||||||||||||||||||||||||
Pension assets invested in insurance backed assets: A reputable Swiss insurer insured the assets of the Company’s Swiss pension plan. The insurance contract guaranteed a federally mandated annual rate of return. The value of the plan assets was effectively the value of the insurance contract. The performance of the underlying assets held by the insurance company had no direct impact on the surrender value of the insurance contract. The insurance backed assets were not traded and therefore had no active market. | ||||||||||||||||||||||||||||
There were no transfers into or out of Level 3 assets in fiscal years 2014 or 2013. | ||||||||||||||||||||||||||||
Other postretirement benefit plans | ||||||||||||||||||||||||||||
Woodward provides other postretirement benefits to its employees including postretirement medical benefits and life insurance benefits. Postretirement medical benefits are provided to certain current and retired employees and their covered dependants and beneficiaries in the United States and the United Kingdom. Benefits include the option to elect company provided medical insurance coverage to age 65 and a Medicare supplemental plan after age 65. Life insurance benefits are provided to certain retirees in the United States under frozen plans which are no longer available to current employees. A September 30 measurement date is utilized to value plan assets and obligations for Woodward’s other postretirement benefit plans. | ||||||||||||||||||||||||||||
The postretirement medical benefit plans, other than the plan assumed in an acquisition in fiscal year 2009, were frozen in fiscal year 2006 and no additional employees may participate in the plans. Generally, employees who had attained age 55 and had rendered 10 or more years of service before the plans were frozen were eligible for these postretirement medical benefits. | ||||||||||||||||||||||||||||
Certain participating retirees are required to contribute to the plans in order to maintain coverage. The plans provide postretirement medical benefits for approximately 900 retired employees and their covered dependants and beneficiaries and may provide future benefits to approximately 45 active employees and their covered dependants and beneficiaries, upon retirement, if the employees elect to participate. All the postretirement medical plans are fully insured for retirees who have attained age 65. | ||||||||||||||||||||||||||||
The actuarial assumptions used in measuring the net periodic benefit cost and plan obligations of postretirement benefits were as follows: | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Weighted-average discount rate used to determine benefit obligation at September 30 | 4.40 | % | 5.14 | % | 4.11 | % | ||||||||||||||||||||||
Weighted-average discount rate used to determine net periodic benefit cost for years ended September 30 | 5.14 | 4.11 | 5.54 | |||||||||||||||||||||||||
The discount rate assumption is intended to reflect the rate at which the postretirement benefits could be effectively settled based upon the assumed timing of the benefit payments. In the United States, Woodward used a bond portfolio matching analysis based on recently traded, non-callable bonds rated AA or better that have at least $50 million outstanding. In the United Kingdom Woodward used cash flow matching to develop a single rate equivalent for a theoretical portfolio of non-callable, AA-rated bonds. | ||||||||||||||||||||||||||||
Assumed healthcare cost trend rates at September 30, were as follows: | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 7.00 | % | 7.00 | % | ||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline | ||||||||||||||||||||||||||||
(the ultimate trend rate) | 5.00 | % | 5.00 | % | ||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2023 | 2022 | ||||||||||||||||||||||||||
Healthcare costs have generally trended upward in recent years, sometimes by amounts greater than 5%. Assumed health care cost trend rates have a significant effect on the amounts reported for postretirement medical plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||||||||||
1% increase | 1% decrease | |||||||||||||||||||||||||||
Effect on projected fiscal year 2015 service and interest cost | $ | 121 | $ | -106 | ||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation at September 30, 2014 | 2,658 | -2,336 | ||||||||||||||||||||||||||
Net periodic benefit costs consist of the following components reflected as expense in Woodward’s Consolidated Statements of Earnings: | ||||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Service cost | $ | 47 | $ | 71 | $ | 70 | ||||||||||||||||||||||
Interest cost | 1,432 | 1,244 | 1,798 | |||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||
Net (gains) losses | -200 | -68 | 91 | |||||||||||||||||||||||||
Net prior service (benefit) cost | -158 | -158 | -550 | |||||||||||||||||||||||||
Net periodic (benefit) cost | $ | 1,121 | $ | 1,089 | $ | 1,409 | ||||||||||||||||||||||
The following table provides a reconciliation of the changes in the accumulated postretirement benefit obligation and fair value of assets for the postretirement benefits for the fiscal years ended September 30: | ||||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Changes in accumulated postretirement benefit obligation: | ||||||||||||||||||||||||||||
Accumulated postretirement benefit obligation at beginning of year | $ | 28,996 | $ | 37,550 | ||||||||||||||||||||||||
Service cost | 47 | 71 | ||||||||||||||||||||||||||
Interest cost | 1,432 | 1,244 | ||||||||||||||||||||||||||
Premiums paid by plan participants | 1,843 | 1,837 | ||||||||||||||||||||||||||
Net actuarial (gains) losses | 1,145 | -7,501 | ||||||||||||||||||||||||||
Benefits paid | -4,243 | -4,206 | ||||||||||||||||||||||||||
Foreign currency exchange rate changes | 5 | 1 | ||||||||||||||||||||||||||
Accumulated postretirement benefit obligation at end of year | $ | 29,225 | $ | 28,996 | ||||||||||||||||||||||||
Changes in fair value of plan assets: | ||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | - | $ | - | ||||||||||||||||||||||||
Contributions by the company | 2,400 | 2,369 | ||||||||||||||||||||||||||
Premiums paid by plan participants | 1,843 | 1,837 | ||||||||||||||||||||||||||
Benefits paid | -4,243 | -4,206 | ||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | - | $ | - | ||||||||||||||||||||||||
Funded status at end of year | $ | -29,225 | $ | -28,996 | ||||||||||||||||||||||||
The Company’s postretirement medical plan in the United Kingdom represents $438 of the total benefit obligation at September 30, 2014. The Company paid $10 in medical benefits to participants of the United Kingdom postretirement medical plan in fiscal year 2014. | ||||||||||||||||||||||||||||
The following tables provide the amounts recognized in the statement of financial position and accumulated comprehensive loss (income) for the postretirement plans: | ||||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Amounts recognized in statement of financial position consist of: | ||||||||||||||||||||||||||||
Accrued liabilities | $ | -2,262 | $ | -2,231 | ||||||||||||||||||||||||
Other non-current liabilities | -26,963 | -26,765 | ||||||||||||||||||||||||||
Funded status at end of year | $ | -29,225 | $ | -28,996 | ||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss (income) consist of: | ||||||||||||||||||||||||||||
Unrecognized net prior service (benefit) cost | $ | -635 | $ | -794 | ||||||||||||||||||||||||
Unrecognized net (gains) losses | -3,031 | -4,379 | ||||||||||||||||||||||||||
Total amounts recognized | -3,666 | -5,173 | ||||||||||||||||||||||||||
Deferred taxes | 1,388 | 1,970 | ||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss (income) | $ | -2,278 | $ | -3,203 | ||||||||||||||||||||||||
Woodward pays plan benefits from its general funds; therefore, there are no segregated plan assets as of September 30, 2014 or September 30, 2013. | ||||||||||||||||||||||||||||
The accumulated benefit obligations of the Company’s postretirement plans were $29,225 at September 30, 2014 and $28,996 at September 30, 2013. | ||||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recorded in accumulated other comprehensive income were as follows: | ||||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Net (gain) loss | $ | 1,145 | $ | -7,501 | ||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||
Net gains (losses) | 200 | 68 | ||||||||||||||||||||||||||
Prior service benefit (cost) | 159 | 158 | ||||||||||||||||||||||||||
Foreign currency exchange rate changes | 3 | - | ||||||||||||||||||||||||||
Total recorded in accumulated other comprehensive loss (income) | $ | 1,507 | $ | -7,275 | ||||||||||||||||||||||||
Using foreign currency exchange rates as of September 30, 2014 and expected future service, it is anticipated that the future Company contributions to pay benefits, excluding participate contributions, will be as follows: | ||||||||||||||||||||||||||||
Year Ending September 30, | ||||||||||||||||||||||||||||
2015 | $ | 3,778 | ||||||||||||||||||||||||||
2016 | 3,802 | |||||||||||||||||||||||||||
2017 | 3,760 | |||||||||||||||||||||||||||
2018 | 3,715 | |||||||||||||||||||||||||||
2019 | 3,686 | |||||||||||||||||||||||||||
2020 – 2024 | 17,264 | |||||||||||||||||||||||||||
Multiemployer defined benefit plans | ||||||||||||||||||||||||||||
Woodward operates two multiemployer defined benefit plans for certain employees in the Netherlands and Japan. The amounts of contributions associated with the multiemployer plans were as follows: | ||||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Company contributions | $ | 728 | $ | 797 | $ | 792 | ||||||||||||||||||||||
The plan in the Netherlands is a quasi-mandatory plan that covers all of Woodward’s employees in the Netherlands and is part of the Dutch national pension system. | ||||||||||||||||||||||||||||
The Company may elect to withdraw from its multiemployer plan in Japan, although it has no plans to do so. If the Company elects to withdraw from the Japanese plan, it would incur a one-time contribution cost of between $500 and $1,500. Changes in Japanese regulations could trigger reorganization of or abolishment of the Japanese multiemployer plan, which could impact future funding levels. | ||||||||||||||||||||||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Stockholders' Equity and Stock-Based Compensation [Abstract] | ' | |||||||||||||||
Stockholders' Equity | ' | |||||||||||||||
Note 18. Stockholders’ equity | ||||||||||||||||
Common Stock | ||||||||||||||||
Holders of Woodward’s common stock are entitled to receive dividends when and as declared by the Board of Directors and have the right to one vote per share on all matters requiring stockholder approval. | ||||||||||||||||
Dividends declared and paid during the 2014, 2013 and 2012 fiscal years were: | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Dividends declared and paid | $ | 21,263 | $ | 21,866 | $ | 21,351 | ||||||||||
Dividend per share amount | 0.32 | 0.32 | 0.31 | |||||||||||||
Stock Repurchase Program | ||||||||||||||||
In July 2010, the Board of Directors authorized the repurchase of up to $200,000 of Woodward’s outstanding shares of common stock on the open market or in privately negotiated transactions over a three-year period that ended in July 2013 (the “2010 Authorization”). Under the 2010 Authorization, Woodward purchased a total of 1,233 shares of its common stock with an aggregate purchase price of $45,754 in fiscal year 2013 and 1,132 shares of its common stock with an aggregate purchase price of $44,110 in fiscal year 2012. | ||||||||||||||||
On July 24, 2013, Woodward’s Board of Directors approved a new stock repurchase plan, that replaced the 2010 Authorization, that authorizes the repurchase of up to $200,000 of its outstanding shares of common stock on the open market or in privately negotiated transactions over a three-year period that will end in July 2016 (the “2013 Authorization”). In fiscal year 2014, Woodward purchased a total of 3,272 shares of its common stock with an aggregate purchase price of $141,488 under the 2013 Authorization. | ||||||||||||||||
Stock-based compensation | ||||||||||||||||
Non-qualified stock option awards and restricted stock awards are granted to key management members and directors of the Company. The grant date for these awards is used for the measurement date. Vesting would be accelerated in the event of retirement, disability, or death of a participant, or change in control of the Company, as defined in the individual stock option agreements. These awards are valued as of the measurement date and are amortized on a straight-line basis over the requisite vesting period for all awards, including awards with graded vesting. Stock for exercised stock options and for restricted stock awards is issued from treasury stock shares. | ||||||||||||||||
Provisions governing the outstanding awards are included in the 2006 Omnibus Incentive Plan (the “2006 Plan”) and the 2002 Stock Option Plan (the “2002 Plan”). The 2006 Plan was approved by stockholders and became effective on January 25, 2006. No further grants will be made under the 2002 Plan. The 2006 Plan made 7,410 shares of Woodward’s common stock available for grants made on or after January 25, 2006, to members and directors of the Company, subject to annual award limits as specified in the 2006 Plan. There were 2,455 shares of Woodward’s common stock available for future grants as of September 30, 2014. | ||||||||||||||||
Stock-based compensation expense recognized was as follows: | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Employee stock-based compensation expense | $ | 11,241 | $ | 9,414 | $ | 8,628 | ||||||||||
Stock options | ||||||||||||||||
The 2006 Plan provides for the grant of up to 7,410 shares of Woodward’s common stock, including in the form of stock options, to its employees and directors. Woodward believes that these stock options align the interests of its employees and directors with those of its stockholders. Stock option awards are granted with an exercise price equal to the market price of Woodward’s stock at the date of grant, a ten-year term, and generally a four-year vesting schedule at a rate of 25% per year. | ||||||||||||||||
The fair value of options granted was estimated on the date of grant using the Black-Scholes-Merton option-valuation model using the assumptions in the following table. Woodward calculates the expected term, which represents the period of time that stock options granted are expected to be outstanding, based upon historical experience of plan participants. Expected volatility is based on historical volatility using daily stock price observations. The estimated dividend yield is based upon Woodward’s historical dividend practice and the market value of its common stock. The risk-free rate is based on the U.S. treasury yield curve, for periods within the contractual life of the stock option, at the time of grant. | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Expected term (years) | 5.8 | - | 8.6 | 5.8 | - | 8.6 | 5.9 | - | 8.5 | |||||||
Estimated volatility | 38.50% | 48.70% | - | 54.90% | 48.90% | - | 55.60% | |||||||||
Estimated dividend yield | 0.80% | 0.80% | - | 1.00% | 0.70% | - | 1.10% | |||||||||
Risk-free interest rate | 1.70% | - | 2.50% | 0.80% | - | 1.30% | 0.80% | - | 1.60% | |||||||
The weighted average grant date fair value of options granted follows: | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Weighted-average grant date fair value of options | $ | 15.63 | $ | 15.84 | $ | 12.14 | ||||||||||
The following is a summary of the activity for stock option awards during the fiscal year ended September 30, 2014: | ||||||||||||||||
Number | Weighted-Average Exercise Price | |||||||||||||||
Balance at September 30, 2013 | 4,423 | $ | 25.06 | |||||||||||||
Options granted | 694 | 40.99 | ||||||||||||||
Options exercised | -562 | 19.67 | ||||||||||||||
Options forfeited | -54 | 34.06 | ||||||||||||||
Balance at September 30, 2014 | 4,501 | 28.08 | ||||||||||||||
Exercise prices of stock options outstanding as of September 30, 2014 range from $11.86 to $44.54. | ||||||||||||||||
Changes in non-vested stock options during the fiscal year ended September 30, 2014 were as follows: | ||||||||||||||||
Number | Weighted-Average Exercise Price | |||||||||||||||
Balance at September 30, 2013 | 1,737 | $ | 29.97 | |||||||||||||
Options granted | 694 | 40.99 | ||||||||||||||
Options vested | -698 | 28.97 | ||||||||||||||
Options forfeited | -54 | 33.40 | ||||||||||||||
Balance at September 30, 2014 | 1,679 | 34.83 | ||||||||||||||
Information about stock options that have vested, or are expected to vest, and are exercisable at September 30, 2014 was as follows: | ||||||||||||||||
Number | Weighted- Average Exercise Price | Weighted- Average Remaining Life in Years | Aggregate Intrinsic Value | |||||||||||||
Options outstanding | 4,501 | $ | 28.08 | 5.6 | $ | 87,923 | ||||||||||
Options vested and exercisable | 2,822 | 24.07 | 4.1 | 66,458 | ||||||||||||
Options vested and expected to vest | 4,419 | 27.92 | 5.5 | 87,066 | ||||||||||||
Other information follows: | ||||||||||||||||
Year Ended September 30, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Total fair value of stock options vested | $ | 9,459 | $ | 7,271 | $ | 5,907 | ||||||||||
Total intrinsic value of options exercised | 14,549 | 19,692 | 12,521 | |||||||||||||
Cash received from exercises of stock options | 9,772 | 8,272 | 6,180 | |||||||||||||
Excess tax benefit realized from exercise of stock options | 3,751 | 5,154 | 3,990 | |||||||||||||
Restricted Stock | ||||||||||||||||
In the first quarter of fiscal year 2014, Woodward granted an award of 24 shares of restricted stock to its Chief Executive Officer and President, Thomas A. Gendron. Subject to Mr. Gendron’s continued employment by the Company, these shares of restricted stock will vest 100% following the end of the Company’s fiscal year 2017 if a specified cumulative earnings per share (“EPS”) target is met or exceeded for fiscal years 2014 through 2017. If this EPS target is not met, all shares of restricted stock will be forfeited by Mr. Gendron. | ||||||||||||||||
The shares of restricted stock were awarded to Mr. Gendron pursuant to a form restricted stock agreement approved by Woodward’s Compensation Committee (the “Committee”), which generally provides that: if the recipient of a restricted stock award is terminated from the Company for any reason other than death or disability during the restricted period, all shares of restricted stock will be immediately forfeited; if the recipient dies or becomes permanently disabled prior to the recipient’s termination and during the restricted period, all restrictions will lapse and the shares of restricted stock will fully vest immediately; similarly, in the event of a Change in Control (as defined in the form of restricted stock agreement) of the Company during the restricted period and prior to the recipient’s termination for any reason, all restrictions will lapse and the shares of restricted stock will fully vest immediately; during the restricted period, a recipient may exercise full voting rights with respect to the shares of restricted stock; dividends on the shares of restricted stock will accrue, but will not be paid, during the restricted period; and all dividends accrued during the restricted period will be paid upon any vesting of the shares of restricted stock, without payment of interest, provided that if the shares of restricted stock are forfeited for any reason, all accrued dividends will likewise be forfeited. The form of restricted stock agreement also includes adjustment provisions in the event the Company engages in certain recapitalization or similar transactions or in the event of a change of law or regulation. Upon vesting, shares become freely transferrable. | ||||||||||||||||
A summary of the activity for restricted stock awards in the fiscal year ended September 30, 2014 follows: | ||||||||||||||||
Number | Fair Value per Share | |||||||||||||||
Balance at September 30, 2013 | - | $ | n/a | |||||||||||||
Shares granted | 24 | 39.43 | ||||||||||||||
Shares vested | - | n/a | ||||||||||||||
Shares forfeited | - | n/a | ||||||||||||||
Balance at September 30, 2014 | 24 | 39.43 | ||||||||||||||
Woodward recognizes stock-based compensation on a straight-line basis over the requisite service period. Pursuant to the form stock option agreements, the requisite service period can be less than the four year vesting period due to grantee’s retirement eligibility. As such, the recognition of stock-based compensation expense associated with some grants can be accelerated to a period of less than four years, including immediate recognition of stock-based compensation on the date of grant. | ||||||||||||||||
At September 30, 2014, there was approximately $11,516 of total unrecognized compensation cost related to non-vested stock-based compensation arrangements, both stock options and restricted stock awards, granted under the 2002 Plan (for which no further grants will be made) and the 2006 Plan. The pre-vesting forfeiture rates for purposes of determining stock-based compensation cost recognized were estimated to be 0% for members of Woodward’s board of directors and 9.0% for all others. The remaining unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 1.7 years. | ||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
Note 19. Commitments and contingencies | |||||||||
Woodward has entered into operating leases for certain facilities and equipment with terms in excess of one year under agreements that expire at various dates. Some leases require the payment of property taxes, insurance, and maintenance costs in addition to rental payments. Future minimum rental payments required under these leases, excluding available option renewals, are as follows: | |||||||||
Year Ending September 30, | |||||||||
2015 | $ | 6,393 | |||||||
2016 | 4,327 | ||||||||
2017 | 3,264 | ||||||||
2018 | 2,548 | ||||||||
2019 | 1,377 | ||||||||
Thereafter | 1,430 | ||||||||
Total | $ | 19,339 | |||||||
Rent expense for all operating leases totaled: | |||||||||
Year Ended September 30, | |||||||||
2014 | 2013 | 2012 | |||||||
Rent expense | $ | 10,897 | $ | 10,243 | $ | 10,247 | |||
Woodward enters into unconditional purchase obligation arrangements (i.e. issuance of purchase orders, obligations to transfer funds in the future for fixed or minimum quantities of goods or services at fixed or minimum prices, such as "take-or-pay" contracts) in the normal course of business to ensure that adequate levels of sourced product are available to Woodward. Future minimum unconditional purchase obligations are as follows: | |||||||||
Year Ending September 30, | |||||||||
2015 | $ | 331,300 | |||||||
2016 | 11,445 | ||||||||
2017 | - | ||||||||
2018 | - | ||||||||
2019 | - | ||||||||
Thereafter | - | ||||||||
Total | $ | 342,745 | |||||||
Woodward also has construction related contractual obligations of approximately $100,000 as of September 30, 2014 related to the development of a second campus in the greater-Rockford, Illinois area, a new campus at its corporate headquarters in Fort Collins, Colorado, and a new facility in Niles, Illinois. | |||||||||
The U.S. Government, and other governments, may terminate any of Woodward’s government contracts (and, in general, subcontracts) at their convenience, as well as for default based on specified performance measurements. If any of Woodward’s government contracts were to be terminated for convenience, the Company generally would be entitled to receive payment for work completed and allowable termination or cancellation costs. If any of Woodward’s government contracts were to be terminated for Woodward’s default, the U.S. Government generally would pay only for the work accepted, and could require Woodward to pay the difference between the original contract price and the cost to re-procure the contract items, net of the work accepted from the original contract. The U.S. Government could also hold Woodward liable for damages resulting from the default. | |||||||||
Woodward is currently involved in claims, pending or threatened litigation or other legal proceedings, investigations and/or regulatory proceedings arising in the normal course of business, including, among others, those relating to product liability claims, employment matters, worker’s compensation claims, contractual disputes, product warranty claims and alleged violations of various laws and regulations. Woodward accrues for known individual matters where it believes that it is probable the matter will result in a loss when ultimately resolved using estimates of the most likely amount of loss. | |||||||||
Legal costs are expensed as incurred and are classified in “Selling, general and administrative expenses” on the Consolidated Statements of Earnings. | |||||||||
Woodward is partially self-insured in the United States for healthcare and worker’s compensation up to predetermined amounts, above which third party insurance applies. Management regularly reviews the probable outcome of these claims and proceedings, the expenses expected to be incurred, the availability and limits of the insurance coverage, and the established accruals for liabilities. | |||||||||
While the outcome of pending claims, legal and regulatory proceedings, and investigations cannot be predicted with certainty, management believes that any liabilities that may result from these claims, proceedings and investigations will not have a material effect on Woodward's liquidity, financial condition, or results of operations. | |||||||||
In the event of a change in control of Woodward, as defined in change-in-control agreements with its current corporate officers, Woodward may be required to pay termination benefits to such officers. | |||||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Segment Information | ' | ||||||||
Segment Information | ' | ||||||||
Note 20. Segment information | |||||||||
Woodward serves the aerospace market and the energy market through its two reportable segments - Aerospace and Energy. Woodward’s reportable segments are aggregations of Woodward’s operating segments. Woodward uses reportable segment information internally to manage its business, including the assessment of business segment performance and decisions for the allocation of resources between segments. | |||||||||
The accounting policies of the reportable segments are the same as those of the Company. Woodward evaluates segment profit or loss based on internal performance measures for each segment in a given period. In connection with that assessment, Woodward excludes matters such as charges for restructuring costs, interest income and expense, and certain gains and losses from asset dispositions. | |||||||||
A summary of consolidated net sales and earnings by segment follows: | |||||||||
Year Ended September 30, | |||||||||
2014 | 2013 | 2012 | |||||||
Segment external net sales: | |||||||||
Aerospace | $ | 1,084,025 | $ | 1,061,477 | $ | 896,083 | |||
Energy | 917,215 | 874,499 | 969,544 | ||||||
Total consolidated net sales | $ | 2,001,240 | $ | 1,935,976 | $ | 1,865,627 | |||
Segment earnings: | |||||||||
Aerospace | $ | 159,200 | $ | 166,122 | $ | 130,192 | |||
Energy | 134,278 | 98,940 | 126,441 | ||||||
Total segment earnings | 293,478 | 265,062 | 256,633 | ||||||
Nonsegment expenses | -43,701 | -39,061 | -33,365 | ||||||
Interest expense, net | -22,533 | -26,430 | -25,461 | ||||||
Consolidated earnings before income taxes | $ | 227,244 | $ | 199,571 | $ | 197,807 | |||
Segment assets consist of accounts receivable, inventories, property, plant, and equipment, net, goodwill, and other intangibles, net. A summary of consolidated total assets, consolidated depreciation and amortization and consolidated capital expenditures follows: | |||||||||
Year Ended September 30, | |||||||||
2014 | 2013 | 2012 | |||||||
Segment assets: | |||||||||
Aerospace | $ | 1,440,355 | $ | 1,361,861 | $ | 1,059,754 | |||
Energy | 610,345 | 599,007 | 605,842 | ||||||
Total segment assets | 2,050,700 | 1,960,868 | 1,665,596 | ||||||
Unallocated corporate property, plant and equipment, net | 72,992 | 50,115 | 15,763 | ||||||
Other unallocated assets | 273,510 | 207,535 | 178,605 | ||||||
Consolidated total assets | $ | 2,397,202 | $ | 2,218,518 | $ | 1,859,964 | |||
Segment depreciation and amortization: | |||||||||
Aerospace | $ | 46,895 | $ | 49,887 | $ | 43,840 | |||
Energy | 22,672 | 20,890 | 21,738 | ||||||
Total segment depreciation and amortization | 69,567 | 70,777 | 65,578 | ||||||
Unallocated corporate amounts | 7,786 | 3,456 | 3,039 | ||||||
Consolidated depreciation and amortization | $ | 77,353 | $ | 74,233 | $ | 68,617 | |||
Segment capital expenditures: | |||||||||
Aerospace | $ | 134,307 | $ | 74,964 | $ | 32,244 | |||
Energy | 55,780 | 28,137 | 22,590 | ||||||
Total segment capital expenditures | 190,087 | 103,101 | 54,834 | ||||||
Unallocated corporate amounts | 17,019 | 38,499 | 10,066 | ||||||
Consolidated capital expenditures | $ | 207,106 | $ | 141,600 | $ | 64,900 | |||
Sales to General Electric were made by all of Woodward’s reportable segments and totaled approximately 15% of net sales in fiscal year 2014, 15% of net sales in fiscal year 2013, and 14% of net sales in fiscal year 2012. Accounts receivable from General Electric totaled approximately 12% of accounts receivable at September 30, 2014 and 11% of accounts receivable at September 30, 2013. | |||||||||
U.S. Government related sales from Woodward’s reportable segments were as follows: | |||||||||
Direct U.S. Government Sales | Indirect U.S. Government Sales | Total U.S. Government Related Sales | |||||||
Fiscal year ended September 30, 2014 | |||||||||
Aerospace | $ | 76,982 | $ | 254,806 | $ | 331,788 | |||
Energy | 2,517 | 5,588 | 8,105 | ||||||
Total net external sales | $ | 79,499 | $ | 260,394 | $ | 339,893 | |||
Percentage of total net sales | 4% | 13% | 17% | ||||||
Fiscal year ended September 30, 2013 | |||||||||
Aerospace | $ | 104,410 | $ | 289,197 | $ | 393,607 | |||
Energy | 3,649 | 8,106 | 11,755 | ||||||
Total net external sales | $ | 108,059 | $ | 297,303 | $ | 405,362 | |||
Percentage of total net sales | 6% | 15% | 21% | ||||||
Fiscal year ended September 30, 2012 | |||||||||
Aerospace | $ | 78,075 | $ | 254,636 | $ | 332,711 | |||
Energy | 3,904 | 7,228 | 11,132 | ||||||
Total net external sales | $ | 81,979 | $ | 261,864 | $ | 343,843 | |||
Percentage of total net sales | 4% | 14% | 18% | ||||||
Accounts receivable from the U.S. Government totaled approximately 2% of accounts receivable at September 30, 2014 and 4% of accounts receivable at September 30, 2013. | |||||||||
The customers who account for approximately 10% or more of sales to each of Woodward’s reporting segments for the fiscal year ended September 30, 2014 follow: | |||||||||
Customer | |||||||||
Aerospace | United Technologies, Boeing, General Electric | ||||||||
Energy | General Electric, Weichai Westport | ||||||||
Net sales by geographical area, as determined by the location of the customer invoiced, were as follows: | |||||||||
Year Ended September 30, | |||||||||
2014 | 2013 | 2012 | |||||||
United States | $ | 1,025,149 | $ | 1,058,912 | $ | 927,345 | |||
Europe (1) | 519,721 | 480,922 | 542,753 | ||||||
Asia | 299,755 | 287,742 | 288,738 | ||||||
Other countries | 156,615 | 108,400 | 106,791 | ||||||
Consolidated net sales | $ | 2,001,240 | $ | 1,935,976 | $ | 1,865,627 | |||
-1 | As a percentage of consolidated net sales, net sales to customers in Germany accounted for 9% for the year ended September 30, 2014, 9% for the year ended September 30, 2013 and 13% for the year ended September 30, 2012. | ||||||||
Property, plant, and equipment, net by geographical area, as determined by the physical location of the assets, were as follows: | |||||||||
At September 30, | |||||||||
2014 | 2013 | ||||||||
United States | $ | 457,563 | $ | 285,038 | |||||
Germany | 26,898 | 29,619 | |||||||
Other countries | 28,818 | 35,391 | |||||||
Consolidated property, plant and equipment, net | $ | 513,279 | $ | 350,048 | |||||
Supplemental_Quarterly_Financi
Supplemental Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Quarterly Financial Information Disclosure | ' | |||||||||||
Supplemental Quarterly Financial Data (Unaudited) | ' | |||||||||||
Note 21. Supplemental quarterly financial data (Unaudited) | ||||||||||||
Quarterly results for the fiscal years ended September 30, 2014 and September 30, 2013 follow: | ||||||||||||
2014 Fiscal Quarters | ||||||||||||
First | Second | Third | Fourth | |||||||||
Net sales | $ | 429,042 | $ | 482,467 | $ | 524,284 | $ | 565,447 | ||||
Gross margin (1) | 113,576 | 142,439 | 151,713 | 167,673 | ||||||||
Earnings before income taxes | 32,944 | 56,756 | 62,468 | 75,076 | ||||||||
Net earnings | 23,383 | 44,798 | 46,001 | 51,662 | ||||||||
Earnings per share | ||||||||||||
Basic earnings per share | 0.35 | 0.67 | 0.70 | 0.79 | ||||||||
Diluted earnings per share | 0.34 | 0.66 | 0.69 | 0.77 | ||||||||
Cash dividends per share | 0.08 | 0.08 | 0.08 | 0.08 | ||||||||
2013 Fiscal Quarters | ||||||||||||
First | Second | Third | Fourth | |||||||||
Net sales | $ | 408,339 | $ | 485,513 | $ | 483,759 | $ | 558,365 | ||||
Gross margin (1) | 118,766 | 137,413 | 134,277 | 169,249 | ||||||||
Earnings before income taxes | 38,537 | 50,336 | 35,497 | 75,201 | ||||||||
Net earnings | 27,368 | 42,446 | 23,663 | 52,465 | ||||||||
Earnings per share | ||||||||||||
Basic earnings per share | 0.40 | 0.62 | 0.35 | 0.77 | ||||||||
Diluted earnings per share | 0.39 | 0.61 | 0.34 | 0.76 | ||||||||
Cash dividends per share | 0.08 | 0.08 | 0.08 | 0.08 | ||||||||
Notes: | ||||||||||||
1 | Gross margin represents net sales less cost of goods sold excluding amortization expense. | |||||||||||
Quarterly results by segment for the fiscal years ended September 30, 2014 and September 30, 2013 follow: | ||||||||||||
2014 Fiscal Quarters | ||||||||||||
First | Second | Third | Fourth | |||||||||
Segment external net sales: | ||||||||||||
Aerospace | $ | 229,872 | $ | 261,021 | $ | 274,923 | $ | 318,209 | ||||
Energy | 199,170 | 221,446 | 249,361 | 247,238 | ||||||||
Total | $ | 429,042 | $ | 482,467 | $ | 524,284 | $ | 565,447 | ||||
Segment earnings: | ||||||||||||
Aerospace | $ | 22,549 | $ | 40,289 | $ | 39,357 | $ | 57,005 | ||||
Energy | 27,071 | 31,888 | 40,203 | 35,116 | ||||||||
Total | $ | 49,620 | $ | 72,177 | $ | 79,560 | $ | 92,121 | ||||
Earnings reconciliation: | ||||||||||||
Total segment earnings | $ | 49,620 | $ | 72,177 | $ | 79,560 | $ | 92,121 | ||||
Nonsegment expenses | -10,673 | -9,293 | -11,193 | -12,542 | ||||||||
Interest expense, net | -6,003 | -6,128 | -5,899 | -4,503 | ||||||||
Consolidated earnings before income taxes | $ | 32,944 | $ | 56,756 | $ | 62,468 | $ | 75,076 | ||||
2013 Fiscal Quarters | ||||||||||||
First | Second | Third | Fourth | |||||||||
Segment external net sales: | ||||||||||||
Aerospace | $ | 211,389 | $ | 270,493 | $ | 272,218 | $ | 307,377 | ||||
Energy | 196,950 | 215,020 | 211,541 | 250,988 | ||||||||
Total | $ | 408,339 | $ | 485,513 | $ | 483,759 | $ | 558,365 | ||||
Segment earnings: | ||||||||||||
Aerospace | $ | 31,568 | $ | 41,223 | $ | 38,949 | $ | 54,382 | ||||
Energy | 23,908 | 24,235 | 12,430 | 38,367 | ||||||||
Total | $ | 55,476 | $ | 65,458 | $ | 51,379 | $ | 92,749 | ||||
Earnings reconciliation: | ||||||||||||
Total segment earnings | $ | 55,476 | $ | 65,458 | $ | 51,379 | $ | 92,749 | ||||
Nonsegment expenses | -10,551 | -8,174 | -9,227 | -11,109 | ||||||||
Interest expense, net | -6,388 | -6,948 | -6,655 | -6,439 | ||||||||
Consolidated earnings before income taxes | $ | 38,537 | $ | 50,336 | $ | 35,497 | $ | 75,201 | ||||
Schedule_II
Schedule II | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||
Schedule II | ' | |||||||||||||||
WOODWARD, INC. AND SUBSIDIARIES | ||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
For the years ended September 30, 2014, 2013, and 2012 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Column A | Column B | Column C | Column D | Column E | ||||||||||||
Additions | ||||||||||||||||
Description | Balance at Beginning of Year | Charged to Costs and Expenses | Charged to Other Accounts (a) | Deductions (b) | Balance at End of Year | |||||||||||
Fiscal year 2014 | ||||||||||||||||
Allowance for doubtful accounts | $ | 8,872 | $ | 1,283 | $ | 916 | $ | -3,993 | $ | 7,078 | ||||||
Deferred tax asset valuation allowance | 11,783 | 271 | - | -2,568 | 9,486 | |||||||||||
Fiscal year 2013 | ||||||||||||||||
Allowance for doubtful accounts | 7,217 | 3,408 | 5 | -1,758 | 8,872 | |||||||||||
Deferred tax asset valuation allowance | 2,752 | 9,031 | - | - | 11,783 | |||||||||||
Fiscal year 2012 | ||||||||||||||||
Allowance for doubtful accounts | 2,322 | 4,139 | 1,074 | -318 | 7,217 | |||||||||||
Deferred tax asset valuation allowance | 3,201 | 7 | - | -456 | 2,752 | |||||||||||
Notes: | ||||||||||||||||
(a) | Includes recoveries of accounts previously written off. | |||||||||||||||
(b) | Represents accounts written off and foreign currency exchange rate adjustments. Currency translation adjustments resulted in a decrease in the reserves of $704 in fiscal year 2014, an increase in the reserve of $155 in fiscal year 2013, and an increase in the reserve of $4 in fiscal year 2012. | |||||||||||||||
Operations_and_summary_of_sign1
Operations and summary of significant accounting policies (Policy) | 12 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Principles of consolidation | ' | ||||||
Principles of consolidation: These Consolidated Financial Statements are prepared in accordance with U.S. GAAP and include the accounts of Woodward and its wholly and majority-owned subsidiaries. Transactions within and between these companies are eliminated. | |||||||
Use of estimates | ' | ||||||
Use of estimates: The preparation of the Consolidated Financial Statements requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities, at the date of the financial statements and the reported revenues and expenses recognized during the reporting period, and certain financial statement disclosures. Significant estimates include allowances for uncollectible amounts, net realizable value of inventories, customer rebates earned, useful lives of property and identifiable intangible assets, the evaluation of impairments of property, identifiable intangible assets and goodwill, the provision for income tax and related valuation reserves, the valuation of assets and liabilities acquired in business combinations, assumptions used in the determination of the funded status and annual expense of pension and postretirement employee benefit plans, the valuation of stock compensation instruments granted to employees, and contingencies. Actual results could vary materially from Woodward’s estimates. | |||||||
Foreign currency exchange rates | ' | ||||||
Foreign currency exchange rates: The assets and liabilities of substantially all subsidiaries outside the United States are translated at fiscal year-end rates of exchange, and earnings and cash flow statements are translated at weighted-average rates of exchange. Translation adjustments are accumulated with other comprehensive (loss) earnings as a separate component of stockholders’ equity and are presented net of tax effects in the Consolidated Statements of Stockholders’ Equity. The effects of changes in foreign currency exchange rates on loans between consolidated subsidiaries, that are considered permanent in nature, are also accumulated with other comprehensive earnings, net of tax. | |||||||
The Company is exposed to market risks related to fluctuations in foreign currency exchange rates because some sales transactions, and certain of the assets and liabilities of its domestic and foreign subsidiaries, are denominated in foreign currencies. Selling, general, and administrative expenses include net foreign currency losses of $1,089 in fiscal year 2014, $2,738 in fiscal year 2013, and $480 in fiscal year 2012. | |||||||
Revenue recognition | ' | ||||||
Revenue recognition: Woodward recognizes revenue upon shipment or delivery of products or services and when collectability is reasonably assured. Delivery is upon completion of manufacturing, customer acceptance, and the transfer of the risks and rewards of ownership. In countries whose laws provide for retention of some form of title by sellers, enabling recovery of goods in the event of customer default on payment, product delivery is considered to have occurred when the customer has assumed the risks and rewards of ownership of the products. | |||||||
Occasionally, Woodward transfers title of product to customers, but retains substantive performance obligations such as completion of product testing, customer acceptance or in some instances regulatory acceptance. Revenue is deferred until the performance obligations are satisfied. In addition, service revenue, which accounts for less than 1% of Woodward’s net sales, is also recognized upon completion of applicable performance obligations. | |||||||
Certain Woodward products include incidental software or firmware essential to the performance of the product as designed, which are treated as units of accounting associated with the related tangible product with which the software is included. Woodward does not sell software on a standalone basis, although software upgrades, if any, are generally paid for by the customer. | |||||||
Product freight costs are included in cost of goods sold. Freight costs charged to customers are included in net sales. | |||||||
Taxes collected from customers and remitted to government authorities are excluded from revenue and are recorded as liabilities until the taxes are remitted to the appropriate U.S. or foreign government authority. | |||||||
Net sales from service activities were less than 10% of total net sales for fiscal years 2014, 2013 and 2012. | |||||||
Customer payments | ' | ||||||
Customer payments: Woodward occasionally agrees to make payments to certain customers in order to participate in anticipated sales activity. Payments made to customers are accounted for as a reduction of revenue unless they are made in exchange for identifiable goods or services with fair values that can be reasonably estimated. Reductions in revenue associated with these customer payments are recognized immediately to the extent that the payments cannot be attributed to anticipated future sales, and are recognized in future periods to the extent that the payments relate to anticipated future sales. Such determinations are based on the facts and circumstances underlying each payment. | |||||||
Stock-based compensation | ' | ||||||
Stock-based compensation: Compensation cost relating to stock-based payment awards made to employees and directors is recognized in the financial statements using a fair value method. Non-qualified stock option awards and restricted stock awards are issued under Woodward’s stock-based compensation plans. The cost of such awards, measured at the grant date, is based on the estimated fair value of the award. | |||||||
Forfeitures are estimated at the time of each grant in order to estimate the portion of the award that will ultimately vest. The estimate is based on Woodward’s historical rates of forfeitures and is updated periodically. The portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods, which is generally the vesting period of the awards. | |||||||
Research and development | ' | ||||||
Research and development costs: Company funded expenditures related to new product development activities are expensed as incurred and are separately reported in the Consolidated Statements of Earnings. | |||||||
Income taxes | ' | ||||||
Income taxes: Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of Woodward’s assets, liabilities, and certain unrecognized gains and losses recorded in accumulated other comprehensive earnings. Woodward provides for taxes that may be payable if undistributed earnings of overseas subsidiaries were to be remitted to the United States, except for those earnings that it considers to be indefinitely invested. | |||||||
Cash equivalents | ' | ||||||
Cash equivalents: Highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents. | |||||||
Cash and cash equivalents are maintained with multiple financial institutions. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. Woodward holds cash and cash equivalents at financial institutions in excess of amounts covered by the Federal Depository Insurance Corporation (the “FDIC”) and sometimes invests excess cash in money market funds not insured by the FDIC. | |||||||
Accounts receivable | ' | ||||||
Accounts receivable: Almost all of Woodward’s sales are made on credit and result in accounts receivable, which are recorded at the amount invoiced. In the normal course of business, not all accounts receivable are collected and, therefore, an allowance for uncollectible amounts is provided equal to the amount that Woodward believes ultimately will not be collected. In establishing the amount of the allowance, customer-specific information is considered related to delinquent accounts, past loss experience, bankruptcy filings, deterioration in the customer’s operating results or financial position, and current economic conditions. Accounts receivable losses are deducted from the allowance, and the related accounts receivable balances are written off when the receivables are deemed uncollectible. Recoveries of accounts receivable previously written off are recognized when received. | |||||||
Consistent with business practice common in China, Woodward’s Chinese subsidiary accepts from Chinese customers, in settlement of certain customer accounts receivable, bankers acceptance notes issued by creditworthy Chinese banks. Bankers acceptance notes are financial instruments issued by Chinese financial institutions as part of financing arrangements between the financial institution and a customer of the financial institution. Bankers acceptance notes represent a commitment by the issuing financial institution to pay a certain amount of money at a specified future maturity date to the legal owner of the bankers acceptance note as of the maturity date. The maturity date of bankers acceptance notes varies, but it is Woodward’s policy to only accept bankers acceptance notes with maturity dates no more than 180 days from the date of Woodward’s receipt of such draft. The issuing financial institution is the obligor, not Woodward’s customers. Upon Woodward’s acceptance of a bankers acceptance note from a customer, such customer has no further obligation to pay Woodward for the related accounts receivable balance. Woodward only accepts bankers acceptance notes issued by creditworthy banks as to which the credit risk associated with the bankers acceptance note is assessed to be minimal. | |||||||
The composition of Woodward’s accounts receivable at September 30, 2014 and September 30, 2013 follows: | |||||||
September 30, | September 30, | ||||||
2014 | 2013 | ||||||
Accounts receivable from: | |||||||
Customers | $ | 291,584 | $ | 316,983 | |||
Other (Chinese financial institutions) | 62,352 | 72,954 | |||||
Allowance for uncollectible customer amounts | -7,078 | -8,872 | |||||
$ | 346,858 | $ | 381,065 | ||||
Inventories | ' | ||||||
Inventories: Inventories are valued at the lower of cost or market, with cost being determined using methods that approximate a first-in, first-out basis. | |||||||
Customer deposits are recorded against inventory when the right of offset exists. There were no customer deposits included in inventory as of September 30, 2014 and 2013. All other customer deposits are recorded in accrued liabilities. | |||||||
Property, plant and equipment | ' | ||||||
Property, plant, and equipment: Property, plant, and equipment are recorded at cost and are depreciated over the estimated useful lives of the assets. Assets are generally depreciated using the straight-line method. Assets are tested for recoverability whenever events or circumstances indicate the carrying value may not be recoverable. | |||||||
Estimated lives over which fixed assets are generally depreciated at September 30, 2014 were as follows: | |||||||
Land improvements | 3 | - | 40 | years | |||
Buildings and improvements | 3 | - | 40 | years | |||
Leasehold improvements | 1 | - | 25 | years | |||
Machinery and production equipment | 3 | - | 15 | years | |||
Computer equipment and software | 2 | - | 10 | years | |||
Office furniture and equipment | 3 | - | 13 | years | |||
Other | 3 | - | 13 | years | |||
Included in computer equipment and software are Woodward’s enterprise resource planning (“ERP”) systems, which have an estimated useful life of 10 years. All other computer equipment and software is generally depreciated over three to five years. | |||||||
Purchase accounting | ' | ||||||
Purchase accounting: Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method, assets and liabilities, including intangible assets, are recorded at their fair values as of the acquisition date. Acquisition costs in excess of amounts assigned to assets acquired and liabilities assumed are recorded as goodwill. | |||||||
Goodwill | ' | ||||||
Goodwill: Woodward tests goodwill for impairment at the reporting unit level on an annual basis and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Based on the relevant U.S. GAAP authoritative guidance, Woodward sometimes aggregates components of a single operating segment into a reporting unit, if appropriate. The impairment tests consist of comparing the implied fair value of each reporting unit with its carrying amount including goodwill. If the carrying amount of the reporting unit exceeds its implied fair value, Woodward compares the implied fair value of goodwill with the recorded carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value of goodwill, an impairment loss would be recognized to reduce the carrying amount to its implied fair value. There was no impairment charge recorded in fiscal years 2014, 2013, or 2012. | |||||||
Other intangibles | ' | ||||||
Other intangibles: Other intangibles are recognized apart from goodwill whenever an acquired intangible asset arises from contractual or other legal rights, or whenever it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset, or liability. All of Woodward’s intangibles have an estimated useful life and are being amortized using patterns that reflect the periods over which the economic benefits of the assets are expected to be realized. Impairment losses are recognized if the carrying amount of an intangible is both not recoverable and exceeds its fair value. | |||||||
Estimated lives over which intangible assets are amortized at September 30, 2014 were as follows: | |||||||
Customer relationships | 9 | - | 30 | years | |||
Intellectual property | 10 | - | 17 | years | |||
Process technology | 8 | - | 30 | years | |||
Other | 3 | - | 15 | years | |||
Impairment of long-lived assets | ' | ||||||
Impairment of long-lived assets: Woodward reviews the carrying amount of its long-lived assets or asset groups to be used in operations whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset, or a significant decline in the observable market value of an asset, among others. If such facts indicate a potential impairment, the Company would assess the recoverability of an asset group by determining if the carrying amount of the asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the primary asset in the asset group. If the recoverability test indicates that the carrying amount of the asset group is not recoverable, the Company will estimate the fair value of the asset group using appropriate valuation methodologies, which would typically include an estimate of discounted cash flows. Any impairment would be measured as the difference between the asset groups carrying amount and its estimated fair value. There was an impairment charge of $3,138 recorded in fiscal year 2014 related to a write down to fair market value of assets held for sale. There were no impairment charges recorded in fiscal years 2013 or 2012. | |||||||
Investments in marketable equity securities | ' | ||||||
Investment in marketable equity securities: Woodward holds marketable equity securities related to its deferred compensation program. Based on Woodward’s intentions regarding these instruments, marketable equity securities are classified as trading securities. The trading securities are reported at fair value, with realized gains and losses recognized in “Other (income) expense, net.” The trading securities are included in “Other assets.” The associated obligation to provide benefits is included in “Other liabilities.” | |||||||
Investments in unconsolidated subsidiaries | ' | ||||||
Investments in unconsolidated subsidiaries: Investments in and operating results of entities in which Woodward does not have a controlling financial interest or the ability to exercise significant influence over the operations are included in the financial statements using the cost method of accounting. Investments and operating results of entities in which Woodward does not have a controlling interest but does have the ability to exercise significant influence over operations are included in the financial statements using the equity method of accounting. | |||||||
Derivatives | ' | ||||||
Derivatives: The Company is exposed to various market risks that arise from transactions entered into in the normal course of business. The Company has historically utilized derivative instruments, such as treasury lock agreements to lock in fixed rates on future debt issuances, which qualify as cash flow or fair value hedges to mitigate the risk of variability in cash flows related to future interest payments attributable to changes in the designated benchmark rate. The Company records all such interest rate hedge instruments on the balance sheet at fair value. Cash flows related to the instrument designated as a qualifying hedge are reflected in the accompanying Consolidated Statements of Cash Flows in the same categories as the cash flows from the items being hedged. Accordingly, cash flows relating to the settlement of interest rate derivatives hedging the forecasted future interest payments on debt have been reflected upon settlement as a component of financing cash flows. The resulting gain or loss from such settlement is deferred to other comprehensive income and reclassified to interest expense over the term of the underlying debt. This reclassification of the deferred gains and losses impacts the interest expense recognized on the underlying debt that was hedged and is therefore reflected as a component of operating cash flows in periods subsequent to settlement. The periodic settlement of interest rate derivatives hedging outstanding variable rate debt is recorded as an adjustment to interest expense and is therefore reflected as a component of operating cash flows. | |||||||
From time to time, Woodward will enter into foreign currency exchange rate contracts to hedge against changes in foreign currency exchange rates on liabilities expected to be settled at a future date. Woodward has historically not designated these transactions as accounting hedges. The fair value of foreign currency exchange rate contracts held at the end of the period are recognized in the balance sheet and the unrealized gains or losses are recorded to “Other (income) expense, net” in the Consolidated Statements of Earnings. Upon settlement of foreign currency exchange rate contracts, any unrealized gains or losses previously recognized are reversed and the realized gain or loss is recorded to “Other (income) expense, net” in the Consolidated Statement of Earnings. Further information on foreign currency exchange rate contracts can be found at Note 6, Derivative instruments and hedging activities. | |||||||
Financial Instruments | ' | ||||||
Financial instruments: The Company’s financial instruments include cash and cash equivalents, investments in the deferred compensation program, notes receivable from municipalities, and debt. Because of their short-term maturity, the carrying amount of cash and cash equivalents and short-term debt approximate fair value. The fair value of investments in the deferred compensation program are adjusted to fair value based on the quoted market prices for the investments in the various mutual funds owned. The fair value of the long-term notes from municipalities are estimated based on a model that discounts future principal and interest payments received at interest rates available to the Company at the end of the period for similarly rated municipality notes of similar maturity. The fair value of long-term debt is estimated based on a model that discounts future principal and interest payments at interest rates available to the Company at the end of the period for similar debt with the same maturity. Further information on the fair value of financial instruments can be found at Note 5, Financial instruments and fair value measurements. | |||||||
Financial assets and liabilities recorded at fair value in the Consolidated Balance Sheets are categorized based upon a fair value hierarchy established by U.S. GAAP, which prioritizes the inputs used to measure fair value into the following levels: | |||||||
Level 1: Inputs based on quoted market prices in active markets for identical assets or liabilities at the measurement date. | |||||||
Level 2: Quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data. | |||||||
Level 3: Inputs reflect management’s best estimates and assumptions of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments. | |||||||
Postretirement benefits | ' | ||||||
Postretirement benefits: The Company provides various benefits to certain current and former employees through defined benefit pension and postretirement plans. For financial reporting purposes, net periodic benefits expense and related obligations are calculated using a number of significant actuarial assumptions. Changes in net periodic expense and funding status may occur in the future due to changes in these assumptions. The funded status of defined pension and postretirement plans recognized in the statement of financial position is measured as the difference between the fair market value of the plan assets and the benefit obligation. For a defined benefit pension plan, the benefit obligation is the projected benefit obligation; for any other defined benefit postretirement plan, such as a retiree health care plan, the benefit obligation is the accumulated benefit obligation. Any over-funded status is recognized as an asset and any underfunded status is recognized as a liability. | |||||||
Projected benefit obligation is the actuarial present value as of the measurement date of all benefits attributed by the plan benefit formula to employee service rendered before the measurement date using assumptions as to future compensation levels if the plan benefit formula is based on those future compensation levels. Accumulated benefit obligation is the actuarial present value of benefits (whether vested or unvested) attributed by the plan benefit formula to employee service rendered before the measurement date and based on employee service and compensation, if applicable, prior to that date. Accumulated benefit obligation differs from projected benefit obligation in that it includes no assumption about future compensation levels. | |||||||
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | ' | ||||||
Deferred compensation | ' | ||||||
Deferred compensation: The Company maintains a deferred compensation plan, or “rabbi trust,” as part of its overall compensation package for certain employees. | |||||||
Deferred compensation obligations will be settled either by delivery of a fixed number of shares of Woodward’s common stock (in accordance with certain eligible members’ irrevocable elections) or in cash. Woodward has contributed shares of its common stock into a trust established for the future settlement of deferred compensation obligations that are payable in shares of Woodward’s common stock. Common stock held by the trust is reflected in the Consolidated Balance Sheet as “Treasury stock held for deferred compensation” and the related deferred compensation obligation is reflected as a separate component of equity in amounts equal to the fair value of the common stock at the dates of contribution. These accounts are not adjusted for subsequent changes in the fair value of the common stock. Deferred compensation obligations that will be settled in cash are accounted for on an accrual basis in accordance with the terms of the underlying contract and are reflected in the Consolidated Balance Sheet as “Other liabilities.” | |||||||
Operatons_and_summary_of_signi
Operatons and summary of significant accounting policies (Table) | 12 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Basis of Presentation | ' | ||||||
Schedule of Accounts Receivable | ' | ||||||
September 30, | September 30, | ||||||
2014 | 2013 | ||||||
Accounts receivable from: | |||||||
Customers | $ | 291,584 | $ | 316,983 | |||
Other (Chinese financial institutions) | 62,352 | 72,954 | |||||
Allowance for uncollectible customer amounts | -7,078 | -8,872 | |||||
$ | 346,858 | $ | 381,065 | ||||
Schedule of Property, Plant and Equipment Useful Lives | ' | ||||||
Land improvements | 3 | - | 40 | years | |||
Buildings and improvements | 3 | - | 40 | years | |||
Leasehold improvements | 1 | - | 25 | years | |||
Machinery and production equipment | 3 | - | 15 | years | |||
Computer equipment and software | 2 | - | 10 | years | |||
Office furniture and equipment | 3 | - | 13 | years | |||
Other | 3 | - | 13 | years | |||
Schedule of Finite-Lived Intangible Assets Useful Lives | ' | ||||||
Customer relationships | 9 | - | 30 | years | |||
Intellectual property | 10 | - | 17 | years | |||
Process technology | 8 | - | 30 | years | |||
Other | 3 | - | 15 | years | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Earnings Per Share | ' | |||||||||
Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted | ' | |||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Numerator: | ||||||||||
Net earnings | $ | 165,844 | $ | 145,942 | $ | 141,589 | ||||
Denominator: | ||||||||||
Basic shares outstanding | 66,432 | 68,392 | 68,880 | |||||||
Dilutive effect of stock options and restricted stock | 1,344 | 1,210 | 1,427 | |||||||
Diluted shares outstanding | 67,776 | 69,602 | 70,307 | |||||||
Income per common share: | ||||||||||
Basic earnings per share | $ | 2.50 | $ | 2.13 | $ | 2.06 | ||||
Diluted earnings per share | $ | 2.45 | $ | 2.10 | $ | 2.01 | ||||
Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share | ' | |||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Options | 12 | 44 | 50 | |||||||
Weighted-average option price | $ | 44.04 | $ | 40.21 | $ | 36.33 | ||||
Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding | ' | |||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Weighted-average treasury stock shares held for deferred compensation obligations | 216 | 256 | 295 | |||||||
Business_Acquisitions_Tables
Business Acquisitions (Tables) (Business Acquisition, Acquiree - Duarte Business [Member]) | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Business Acquisition, Acquiree - Duarte Business [Member] | ' | |||||||||||||||||
Schedule of the Purchase Price | ' | |||||||||||||||||
Cash paid to Seller | $ | 198,900 | ||||||||||||||||
Less cash acquired | -40 | |||||||||||||||||
Total purchase price | $ | 198,860 | ||||||||||||||||
Schedule of Purchase Price Allocation | ' | |||||||||||||||||
Accounts receivable | $ | 14,245 | ||||||||||||||||
Inventories | 30,149 | |||||||||||||||||
Other current assets | 10,370 | |||||||||||||||||
Property, plant, and equipment | 11,804 | |||||||||||||||||
Goodwill | 98,310 | |||||||||||||||||
Intangible assets | 89,700 | |||||||||||||||||
Other noncurrent assets | 18,097 | |||||||||||||||||
Total assets acquired | 272,675 | |||||||||||||||||
Other current liabilities | 32,509 | |||||||||||||||||
Other noncurrent liabilities | 41,306 | |||||||||||||||||
Total liabilities assumed | 73,815 | |||||||||||||||||
Net assets acquired | $ | 198,860 | ||||||||||||||||
Schedule of Finite-Lived Intangible Assets Acquired | ' | |||||||||||||||||
Estimated Amounts | Weighted-Average Useful Life | Amortization Method | ||||||||||||||||
Customer relationships and contracts | $ | 77,000 | 20 | years | Straight-line | |||||||||||||
Process technology | 5,000 | 25 | years | Straight-line | ||||||||||||||
Backlog | 7,700 | 3 | years | Accelerated | ||||||||||||||
Total | $ | 89,700 | ||||||||||||||||
Schedule of Unaudited Pro Forma Results | ' | |||||||||||||||||
Year Ended September 30, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
As reported | Pro forma | As reported | Pro forma | As reported | Pro forma | |||||||||||||
Net sales | $ | 2,001,240 | $ | 2,001,240 | $ | 1,935,976 | $ | 1,966,376 | $ | 1,865,627 | $ | 1,978,169 | ||||||
Net earnings | 165,844 | 167,047 | 145,942 | 152,431 | 141,589 | 131,384 | ||||||||||||
Earnings per share: | ||||||||||||||||||
Basic earnings per share | $ | 2.50 | $ | 2.51 | $ | 2.13 | $ | 2.23 | $ | 2.06 | $ | 1.91 | ||||||
Diluted earnings per share | 2.45 | 2.46 | 2.10 | 2.19 | 2.01 | 1.87 | ||||||||||||
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Financial Instruments and Fair Value Measurments | ' | ||||||||||||||||||||||||
Financial Assets that are Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||||||
At September 30, 2014 | At September 30, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Cash | $ | 92,590 | $ | - | $ | - | $ | 92,590 | $ | 35,839 | $ | - | $ | - | $ | 35,839 | |||||||||
Investments in money market funds | 11,210 | - | - | 11,210 | 2,950 | - | - | 2,950 | |||||||||||||||||
Investments in reverse repurchase agreements | 11,487 | - | - | 11,487 | 9,767 | - | - | 9,767 | |||||||||||||||||
Equity securities | 9,645 | - | - | 9,645 | 8,285 | - | - | 8,285 | |||||||||||||||||
Total financial assets | $ | 124,932 | $ | - | $ | - | $ | 124,932 | $ | 56,841 | $ | - | $ | - | $ | 56,841 | |||||||||
Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||||||
At September 30, 2014 | At September 30, 2013 | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Estimated Fair Value | Carrying Cost | Estimated Fair Value | Carrying Cost | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Notes receivable from municipalities | 2 | 15,988 | 15,228 | 6,718 | 8,114 | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Long-term debt, including current portion | 2 | -752,513 | -710,000 | -588,297 | -550,000 | ||||||||||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||
Impact of Derivative Instruments on Earnings | ' | |||||||||||
Year ended September 30, 2014 | ||||||||||||
Derivatives in: | Location of (Gain) Loss Recognized in Earnings | Amount of (Income) Expense Recognized in Earnings on Derivative | Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative | Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings | ||||||||
Fair value hedging relationships | Interest expense | $ | - | $ | - | $ | - | |||||
Cash flow hedging relationships | Interest expense | 99 | - | 99 | ||||||||
$ | 99 | $ | - | $ | 99 | |||||||
Year ended September 30, 2013 | ||||||||||||
Derivatives in: | Location of (Gain) Loss Recognized in Earnings | Amount of (Income) Expense Recognized in Earnings on Derivative | Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative | Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings | ||||||||
Fair value hedging relationships | Interest expense | $ | - | $ | - | $ | - | |||||
Cash flow hedging relationships | Interest expense | 171 | -507 | 171 | ||||||||
$ | 171 | $ | -507 | $ | 171 | |||||||
Year ended September 30, 2012 | ||||||||||||
Derivatives in: | Location of (Gain) Loss Recognized in Earnings | Amount of (Income) Expense Recognized in Earnings on Derivative | Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative | Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings | ||||||||
Fair value hedging relationships | Interest expense | $ | -3 | $ | - | $ | - | |||||
Cash flow hedging relationships | Interest expense | 174 | - | 174 | ||||||||
$ | 171 | $ | - | $ | 174 | |||||||
Supplemental_Statements_of_Cas1
Supplemental Statements of Cash Flows Information (Tables) | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Supplemental Statements of Cash Flows Information | ' | |||||||||
Schedule of Cash Flow Supplemental Disclosures | ' | |||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Interest paid, net of amounts capitalized | $ | 27,922 | $ | 26,627 | $ | 25,665 | ||||
Income taxes paid | 66,477 | 52,355 | 52,705 | |||||||
Income tax refunds received | 2,303 | 6,336 | 3,183 | |||||||
Non-cash activities: | ||||||||||
Purchases of property, plant and equipment on account | 13,437 | 5,345 | 6,065 | |||||||
Common shares issued from treasury for benefit plans (Note 17) | 11,193 | 9,780 | 9,335 | |||||||
Notes receivable from municipalities for economic development incentives | 6,596 | 8,114 | - | |||||||
Cashless exercise of stock options | 1,286 | 2,645 | - | |||||||
Settlement of receivable through cashless acquisition of treasury shares in | 1,736 | 3,447 | - | |||||||
connection with the cashless exercise of stock options | ||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Inventories | ' | ||||||
Schedule of Inventories | ' | ||||||
September 30, | September 30, | ||||||
2014 | 2013 | ||||||
Raw materials | $ | 60,442 | $ | 67,599 | |||
Work in progress | 93,836 | 87,808 | |||||
Component parts (1) | 247,299 | 229,508 | |||||
Finished goods | 50,367 | 46,829 | |||||
$ | 451,944 | $ | 431,744 | ||||
Property_Plant_and_Equipment_N1
Property, Plant, and Equipment, Net (Tables) | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Property, Plant, and Equipment, Net | ' | |||||||||
Schedule of Property Plant and Equipment, Net | ' | |||||||||
September 30, | September 30, | |||||||||
2014 | 2013 | |||||||||
Land and land improvements | $ | 66,303 | $ | 57,562 | ||||||
Buildings and improvements | 197,587 | 195,008 | ||||||||
Leasehold improvements | 20,026 | 18,924 | ||||||||
Machinery and production equipment | 326,403 | 305,692 | ||||||||
Computer equipment and software | 103,852 | 97,538 | ||||||||
Office furniture and equipment | 20,992 | 24,400 | ||||||||
Other | 18,839 | 14,197 | ||||||||
Construction in progress | 223,958 | 81,428 | ||||||||
977,960 | 794,749 | |||||||||
Less accumulated depreciation | -464,681 | -444,701 | ||||||||
Property, plant and equipment, net | $ | 513,279 | $ | 350,048 | ||||||
Schedule of Depreciation Expense | ' | |||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Depreciation expense | $ | 43,773 | $ | 37,254 | $ | 35,808 | ||||
Schedule of Capitalized Interest | ' | |||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Capitalized interest | $ | 7,282 | $ | 1,215 | $ | 658 | ||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill Disclosure | ' | ||||||||||||
Schedule of Goodwill | ' | ||||||||||||
30-Sep-13 | Additions | Effects of Foreign Currency Translation | 30-Sep-14 | ||||||||||
Aerospace | $ | 455,107 | $ | - | $ | 316 | $ | 455,423 | |||||
Energy | 106,351 | - | -2,050 | 104,301 | |||||||||
Consolidated | $ | 561,458 | $ | - | $ | -1,734 | $ | 559,724 | |||||
30-Sep-12 | Additions | Effects of Foreign Currency Translation | 30-Sep-13 | ||||||||||
Aerospace | $ | 356,773 | $ | 98,310 | $ | 23 | $ | 455,107 | |||||
Energy | 104,601 | - | 1,750 | 106,351 | |||||||||
Consolidated | $ | 461,374 | $ | 98,310 | $ | 1,773 | $ | 561,458 | |||||
Intangible_Assets_Net_Tables
Intangible Assets, Net (Tables) | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Intangible Assets, Net | ' | |||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | ' | |||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Carrying Amount | Gross Carrying Value | Accumulated Amortization | Net Carrying Amount | |||||||||||||
Customer relationships and contracts: | ||||||||||||||||||
Aerospace | $ | 282,225 | $ | -97,281 | $ | 184,944 | $ | 282,225 | $ | -77,288 | $ | 204,937 | ||||||
Energy | 41,706 | -32,032 | 9,674 | 42,008 | -29,711 | 12,297 | ||||||||||||
Total | $ | 323,931 | $ | -129,313 | $ | 194,618 | $ | 324,233 | $ | -106,999 | $ | 217,234 | ||||||
Intellectual property: | ||||||||||||||||||
Aerospace | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||
Energy | 19,954 | -15,938 | 4,016 | 20,218 | -14,722 | 5,496 | ||||||||||||
Total | $ | 19,954 | $ | -15,938 | $ | 4,016 | $ | 20,218 | $ | -14,722 | $ | 5,496 | ||||||
Process technology: | ||||||||||||||||||
Aerospace | $ | 76,605 | $ | -31,719 | $ | 44,886 | $ | 76,718 | $ | -26,129 | $ | 50,589 | ||||||
Energy | 23,078 | -13,141 | 9,937 | 23,458 | -11,699 | 11,759 | ||||||||||||
Total | $ | 99,683 | $ | -44,860 | $ | 54,823 | $ | 100,176 | $ | -37,828 | $ | 62,348 | ||||||
Other intangibles: | ||||||||||||||||||
Aerospace | $ | 9,100 | $ | -8,465 | $ | 635 | $ | 47,351 | $ | -44,572 | $ | 2,779 | ||||||
Energy | 1,519 | -839 | 680 | 2,631 | -1,713 | 918 | ||||||||||||
Total | $ | 10,619 | $ | -9,304 | $ | 1,315 | $ | 49,982 | $ | -46,285 | $ | 3,697 | ||||||
Total intangibles: | ||||||||||||||||||
Aerospace | $ | 367,930 | $ | -137,465 | $ | 230,465 | $ | 406,294 | $ | -147,989 | $ | 258,305 | ||||||
Energy | 86,257 | -61,950 | 24,307 | 88,315 | -57,845 | 30,470 | ||||||||||||
Consolidated Total | $ | 454,187 | $ | -199,415 | $ | 254,772 | $ | 494,609 | $ | -205,834 | $ | 288,775 | ||||||
Schedule of Finite-Lived Intangible Assets Amortization Expense | ' | |||||||||||||||||
Year Ended September 30, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Amortization expense | $ | 33,580 | $ | 36,979 | $ | 32,809 | ||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | |||||||||||||||||
Year Ending September 30: | ||||||||||||||||||
2015 | $ | 29,309 | ||||||||||||||||
2016 | 27,606 | |||||||||||||||||
2017 | 25,862 | |||||||||||||||||
2018 | 25,035 | |||||||||||||||||
2019 | 23,199 | |||||||||||||||||
Thereafter | 123,761 | |||||||||||||||||
$ | 254,772 | |||||||||||||||||
Credit_Facilities_Shortterm_Bo1
Credit Facilities, Short-term Borrowings and Long-term Debt (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Debt Disclosure | ' | |||||||||||
Short-term Borrowings and Availability Under Various Short-term Credit Facilities | ' | |||||||||||
Total availability | Outstanding letters of credit and guarantees | Outstanding borrowings | Remaining availability | |||||||||
Revolving credit facility | $ | 600,000 | $ | -5,408 | $ | -210,000 | $ | 384,592 | ||||
Foreign lines of credit and overdraft facilities | 27,959 | -86 | - | 27,872 | ||||||||
Foreign performance guarantee facilities | 9,678 | -443 | - | 9,235 | ||||||||
$ | 637,637 | $ | -5,937 | $ | -210,000 | $ | 421,699 | |||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | |||||||||||
Revolving credit facility - Floating rate (LIBOR plus 0.85% - 1.65%), due July 2018, unsecured | $ | 210,000 | $ | - | ||||||||
Series B notes – 5.63%, due October 2013; unsecured | - | 100,000 | ||||||||||
Series C notes – 5.92%, due October 2015; unsecured | 50,000 | 50,000 | ||||||||||
Series D notes – 6.39%, due October 2018; unsecured | 100,000 | 100,000 | ||||||||||
Series E notes – 7.81%, due April 2016; unsecured | 57,000 | 57,000 | ||||||||||
Series F notes – 8.24%, due April 2019; unsecured | 43,000 | 43,000 | ||||||||||
Series G notes – 3.42%, due November 2020; unsecured | 50,000 | - | ||||||||||
Series H notes – 4.03%, due November 2023; unsecured | 25,000 | - | ||||||||||
Series I notes – 4.18%, due November 2025; unsecured | 25,000 | - | ||||||||||
Series J notes – Floating rate (LIBOR plus 1.25%), due November 2020; unsecured | 50,000 | - | ||||||||||
Series K notes – 4.03%, due November 2023; unsecured | 50,000 | - | ||||||||||
Series L notes – 4.18%, due November 2025; unsecured | 50,000 | - | ||||||||||
Long-term borrowings under Line of Credit - Variable rate of 1.06% at September 30, 2013; unsecured | - | 200,000 | ||||||||||
Total debt | 710,000 | 550,000 | ||||||||||
Less: current portion of long-term debt | - | -100,000 | ||||||||||
Long-term debt, excluding current portion | $ | 710,000 | $ | 450,000 | ||||||||
Schedule of Future Principal Payments of Long-term Debt [Table Text Block] | ' | |||||||||||
Year Ending September 30: | ||||||||||||
2015 | $ | - | ||||||||||
2016 | 107,000 | |||||||||||
2017 | - | |||||||||||
2018 | - | |||||||||||
2019 | 143,000 | |||||||||||
Thereafter | 250,000 | |||||||||||
$ | 500,000 | |||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accrued Liabilities | ' | ||||||||
Accrued Liabilities | ' | ||||||||
At September 30, | |||||||||
2014 | 2013 | ||||||||
Salaries and other member benefits | $ | 95,031 | $ | 66,212 | |||||
Warranties | 16,916 | 15,224 | |||||||
Interest payable | 12,487 | 11,437 | |||||||
Current portion of acquired performance obligations and unfavorable contracts (1) | 16,432 | 23,977 | |||||||
Accrued retirement benefits | 2,286 | 2,276 | |||||||
Deferred revenues | 6,108 | 6,304 | |||||||
Taxes, other than income | 8,557 | 6,504 | |||||||
Other | 14,914 | 29,807 | |||||||
$ | 172,731 | $ | 161,741 | ||||||
Warranties | ' | ||||||||
At September 30, | |||||||||
2014 | 2013 | 2012 | |||||||
Warranties, beginning of period | $ | 15,224 | $ | 15,742 | $ | 14,083 | |||
Expense | 10,700 | 12,037 | 14,543 | ||||||
Increases due to acquisition of Duarte Business | - | 157 | - | ||||||
Reductions for settling warranties | -8,448 | -13,051 | -12,587 | ||||||
Foreign currency exchange rate changes | -560 | 339 | -297 | ||||||
Warranties, end of period | $ | 16,916 | $ | 15,224 | $ | 15,742 | |||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Other Liabilities | ' | ||||||
Schedule of Other Liabilities | ' | ||||||
At September 30, | |||||||
2014 | 2013 | ||||||
Net accrued retirement benefits, less amounts recognized within accrued liabilities | $ | 38,850 | $ | 39,956 | |||
Total unrecognized tax benefits, net of offsetting adjustments | 14,707 | 20,343 | |||||
Acquired performance obligations and unfavorable contracts (1) | 12,792 | 23,951 | |||||
Deferred economic incentives (2) | 18,408 | 8,266 | |||||
Other | 16,454 | 12,994 | |||||
$ | 101,211 | $ | 105,510 | ||||
Other_Income_Expense_Net_Table
Other (Income) Expense, Net (Tables) | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Other (Income) Expense, Net | ' | |||||||||
Schedule of Other (Income) Expense, Net | ' | |||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Net (gain) loss on sale of assets | $ | 166 | $ | -100 | $ | 16 | ||||
Rent income | -565 | -555 | -504 | |||||||
Net gain on investments in deferred compensation program | -794 | -946 | -1,052 | |||||||
Other | -107 | -21 | -40 | |||||||
$ | -1,300 | $ | -1,622 | $ | -1,580 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Income Taxes | ' | ||||||||||
Components of Income Tax Expense (Benefit) | ' | ||||||||||
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Current: | |||||||||||
Federal | $ | 48,327 | $ | 29,438 | $ | 47,862 | |||||
State | 5,752 | 4,760 | 4,452 | ||||||||
Foreign | 16,594 | 10,612 | 11,594 | ||||||||
Deferred: | |||||||||||
Federal | -4,378 | 13,904 | -9,632 | ||||||||
State | -2,966 | 885 | -200 | ||||||||
Foreign | -1,929 | -5,970 | 2,142 | ||||||||
$ | 61,400 | $ | 53,629 | $ | 56,218 | ||||||
Earnings Before Income Taxes by Geographical Area | ' | ||||||||||
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
United States | $ | 148,837 | $ | 148,604 | $ | 146,535 | |||||
Other countries | 78,407 | 50,967 | 51,272 | ||||||||
$ | 227,244 | $ | 199,571 | $ | 197,807 | ||||||
Composition of Deferred Income Taxes | ' | ||||||||||
At September 30, | |||||||||||
2014 | 2013 | ||||||||||
Deferred tax assets: | |||||||||||
Defined benefit plans, Other postretirement | $ | 10,762 | $ | 10,563 | |||||||
Foreign net operating loss carryforwards | 5,552 | 7,058 | |||||||||
Inventory | 21,608 | 16,944 | |||||||||
Deferred and stock-based compensation | 24,987 | 18,657 | |||||||||
Defined benefit pension | 227 | 866 | |||||||||
Other reserves | 10,513 | 9,055 | |||||||||
Credits and incentives | 8,178 | 8,046 | |||||||||
Other | 11,422 | 10,584 | |||||||||
Valuation allowance | -9,486 | -11,783 | |||||||||
Total deferred tax assets, net of valuation allowance | 83,763 | 69,990 | |||||||||
Deferred tax liabilities: | |||||||||||
Goodwill and intangibles - net | -96,493 | -97,804 | |||||||||
Property, plant and equipment | -18,288 | -17,175 | |||||||||
Other | -7,419 | -3,391 | |||||||||
Total deferred tax liabilities | -122,200 | -118,370 | |||||||||
Net deferred tax liabilities | $ | -38,437 | $ | -48,380 | |||||||
Reconciliation of U.S. Statutory Tax Rate to Effective Tax Rate | ' | ||||||||||
Year Ending September 30, | |||||||||||
Percent of pretax earnings | 2014 | 2013 | 2012 | ||||||||
Statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | |||||
State income taxes, net of federal tax benefit | 1.3 | 1.8 | 1.6 | ||||||||
Taxes on international activities | -3.7 | -1.7 | -3.3 | ||||||||
Research credit | -0.7 | -3.1 | -0.8 | ||||||||
Retroactive extension of research credit | - | -2.5 | - | ||||||||
Domestic production activities deduction | -1.3 | -2 | -1.9 | ||||||||
Adjustments of prior period tax items | -2.9 | -0.6 | -1.5 | ||||||||
Other items, net | -0.7 | - | -0.7 | ||||||||
Effective tax rate | 27.0 | % | 26.9 | % | 28.4 | % | |||||
Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits | ' | ||||||||||
Year Ending September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 22,694 | $ | 18,069 | $ | 16,931 | |||||
Additions to current year tax positions | 8,830 | 5,587 | 1,444 | ||||||||
Reductions to prior year tax positions | -9,684 | - | -169 | ||||||||
Additions to prior year tax positions | 1,844 | 1,079 | - | ||||||||
Lapse of applicable statute of limitations | -997 | -2,041 | -137 | ||||||||
Ending balance | $ | 22,687 | $ | 22,694 | $ | 18,069 | |||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Schedule of Accumulated Benefit Obligations In Excess of and Less Than Fair Value of Plan Assets | ' | |||||||||||||||||||||||||||
Plans with accumulated benefit obligation in excess of plan assets | Plans with accumulated benefit obligation less than plan assets | |||||||||||||||||||||||||||
At September 30, | At September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Projected benefit obligation | $ | -25,955 | $ | -38,473 | $ | -175,320 | $ | -151,950 | ||||||||||||||||||||
Accumulated benefit obligation | -25,955 | -36,739 | -172,509 | -140,023 | ||||||||||||||||||||||||
Fair value of plan assets | 24,671 | 34,717 | 180,490 | 155,458 | ||||||||||||||||||||||||
Schedule of Allocation of Plan Assets, Fair Value Hieracrchy | ' | |||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
United States | Other Countries | United States | Other Countries | United States | Other Countries | Total | ||||||||||||||||||||||
Asset Category: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 316 | $ | 168 | $ | - | $ | - | $ | - | $ | - | $ | 484 | ||||||||||||||
Mutual funds: | ||||||||||||||||||||||||||||
U.S. corporate bond fund | 56,559 | - | - | - | - | - | 56,559 | |||||||||||||||||||||
U.S. equity large cap fund | 49,220 | - | - | - | - | - | 49,220 | |||||||||||||||||||||
International equity large cap growth fund | 35,995 | - | - | - | - | - | 35,995 | |||||||||||||||||||||
Pooled funds: | ||||||||||||||||||||||||||||
Japanese equity securities | - | - | - | 2,330 | - | - | 2,330 | |||||||||||||||||||||
International equity securities | - | - | - | 2,067 | - | - | 2,067 | |||||||||||||||||||||
Japanese fixed income securities | - | - | - | 4,676 | - | - | 4,676 | |||||||||||||||||||||
International fixed income securities | - | - | - | 1,638 | - | - | 1,638 | |||||||||||||||||||||
Global target return equity/bond fund | - | - | - | 12,327 | - | - | 12,327 | |||||||||||||||||||||
Index linked U.K. equity fund | - | - | - | 6,240 | - | - | 6,240 | |||||||||||||||||||||
Index linked international equity fund | - | - | - | 6,593 | - | - | 6,593 | |||||||||||||||||||||
Index linked U.K. corporate bonds fund | - | - | - | 16,897 | - | - | 16,897 | |||||||||||||||||||||
Index linked U.K. government securities fund | - | - | - | 4,566 | - | - | 4,566 | |||||||||||||||||||||
Index linked U.K. long-term government securities fund | - | - | - | 5,569 | - | - | 5,569 | |||||||||||||||||||||
Total assets | $ | 142,090 | $ | 168 | $ | - | $ | 62,903 | $ | - | $ | - | $ | 205,161 | ||||||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
United States | Other Countries | United States | Other Countries | United States | Other Countries | Total | ||||||||||||||||||||||
Asset Category: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 273 | $ | 149 | $ | - | $ | - | $ | - | $ | - | $ | 422 | ||||||||||||||
Mutual funds: | ||||||||||||||||||||||||||||
U.S. corporate bond fund | 49,328 | - | - | - | - | - | 49,328 | |||||||||||||||||||||
U.S. equity large cap fund | 44,140 | - | - | - | - | - | 44,140 | |||||||||||||||||||||
International equity large cap growth fund | 35,777 | - | - | - | - | - | 35,777 | |||||||||||||||||||||
Pooled funds: | ||||||||||||||||||||||||||||
Japanese equity securities | - | - | - | 2,269 | - | - | 2,269 | |||||||||||||||||||||
International equity securities | - | - | - | 1,989 | - | - | 1,989 | |||||||||||||||||||||
Japanese fixed income securities | - | - | - | 4,414 | - | - | 4,414 | |||||||||||||||||||||
International fixed income securities | - | - | - | 1,535 | - | - | 1,535 | |||||||||||||||||||||
Global target return equity/bond fund | - | - | - | 11,324 | - | - | 11,324 | |||||||||||||||||||||
Index linked U.K. equity fund | - | - | - | 6,060 | - | - | 6,060 | |||||||||||||||||||||
Index linked international equity fund | - | - | - | 6,047 | - | - | 6,047 | |||||||||||||||||||||
Index linked U.K. corporate bonds fund | - | - | - | 15,810 | - | - | 15,810 | |||||||||||||||||||||
Index linked U.K. government securities fund | - | - | - | 4,176 | - | - | 4,176 | |||||||||||||||||||||
Index linked U.K. long-term government securities fund | - | - | - | 4,908 | - | - | 4,908 | |||||||||||||||||||||
Insurance backed assets: | ||||||||||||||||||||||||||||
Insurance backed assets | - | - | - | - | - | 1,976 | 1,976 | |||||||||||||||||||||
Total assets | $ | 129,518 | $ | 149 | $ | - | $ | 58,532 | $ | - | $ | 1,976 | $ | 190,175 | ||||||||||||||
Pension Plans, Defined Benefit [Member] | ' | |||||||||||||||||||||||||||
Schedule of Actuarial Assumptions Used | ' | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
United States: | ||||||||||||||||||||||||||||
Weighted-average assumptions to determine benefit obligation at September 30: | ||||||||||||||||||||||||||||
Discount rate | 4.40 | % | 5.15 | % | 4.10 | % | ||||||||||||||||||||||
Rate of compensation increase | 3.50 | 3.50 | 3.50 | |||||||||||||||||||||||||
Weighted-average assumptions to determine periodic benefit costs for years ended September 30: | ||||||||||||||||||||||||||||
Discount rate | 5.15 | 4.10 | 5.55 | |||||||||||||||||||||||||
Rate of compensation increase | 3.50 | 3.50 | 4.00 | |||||||||||||||||||||||||
Long-term rate of return on plan assets | 7.62 | 7.59 | 7.89 | |||||||||||||||||||||||||
United Kingdom: | ||||||||||||||||||||||||||||
Weighted-average assumptions to determine benefit obligation at September 30: | ||||||||||||||||||||||||||||
Discount rate | 4.10 | % | 4.50 | % | 4.60 | % | ||||||||||||||||||||||
Rate of compensation increase | 3.50 | 3.50 | 3.90 | |||||||||||||||||||||||||
Weighted-average assumptions to determine periodic benefit costs for years ended September 30: | ||||||||||||||||||||||||||||
Discount rate | 4.50 | 4.60 | 5.10 | |||||||||||||||||||||||||
Rate of compensation increase | 3.50 | 3.90 | 4.30 | |||||||||||||||||||||||||
Long-term rate of return on plan assets | 5.50 | 5.50 | 6.00 | |||||||||||||||||||||||||
Japan: | ||||||||||||||||||||||||||||
Weighted-average assumptions to determine benefit obligation at September 30: | ||||||||||||||||||||||||||||
Discount rate | 1.10 | % | 1.25 | % | 1.50 | % | ||||||||||||||||||||||
Rate of compensation increase | 2.00 | 2.00 | 2.00 | |||||||||||||||||||||||||
Weighted-average assumptions to determine periodic benefit costs for years ended September 30: | ||||||||||||||||||||||||||||
Discount rate | 1.25 | 1.50 | 1.50 | |||||||||||||||||||||||||
Rate of compensation increase | 2.00 | 2.00 | 2.00 | |||||||||||||||||||||||||
Long-term rate of return on plan assets | 3.00 | 2.80 | 2.80 | |||||||||||||||||||||||||
Switzerland: | ||||||||||||||||||||||||||||
Weighted-average assumptions to determine benefit obligation at September 30: | ||||||||||||||||||||||||||||
Discount rate | n/a | 2.25 | % | 1.75 | % | |||||||||||||||||||||||
Rate of compensation increase | n/a | 2.00 | 2.00 | |||||||||||||||||||||||||
Weighted-average assumptions to determine periodic benefit costs for years ended September 30: | ||||||||||||||||||||||||||||
Discount rate | 2.25 | 1.75 | 2.50 | |||||||||||||||||||||||||
Rate of compensation increase | 2.00 | 2.00 | 2.00 | |||||||||||||||||||||||||
Long-term rate of return on plan assets | 2.25 | 1.75 | 2.50 | |||||||||||||||||||||||||
Schedule of Net Periodic Benefit Costs | ' | |||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
United States | Other Countries | Total | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Service cost | $ | 3,516 | $ | 4,608 | $ | 3,530 | $ | 988 | $ | 1,052 | $ | 1,136 | $ | 4,504 | $ | 5,660 | $ | 4,666 | ||||||||||
Interest cost | 6,382 | 5,569 | 5,816 | 2,410 | 2,113 | 2,280 | 8,792 | 7,682 | 8,096 | |||||||||||||||||||
Expected return on plan assets | -9,813 | -8,183 | -7,008 | -3,070 | -2,610 | -2,584 | -12,883 | -10,793 | -9,592 | |||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||
Net (gains) losses | 330 | 1,374 | 524 | 655 | 465 | 665 | 985 | 1,839 | 1,189 | |||||||||||||||||||
Net prior service (benefit) cost | 97 | 75 | 75 | -4 | -8 | -9 | 93 | 67 | 66 | |||||||||||||||||||
Settlement costs | - | - | - | - | 37 | 56 | - | 37 | 56 | |||||||||||||||||||
Curtailment (benefits) | -6,624 | - | - | -915 | - | - | -7,539 | - | - | |||||||||||||||||||
Net periodic (benefit) cost | $ | -6,112 | $ | 3,443 | $ | 2,937 | $ | 64 | $ | 1,049 | $ | 1,544 | $ | -6,048 | $ | 4,492 | $ | 4,481 | ||||||||||
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | ' | |||||||||||||||||||||||||||
At or for the Year Ended September 30, | ||||||||||||||||||||||||||||
United States | Other Countries | Total | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Changes in projected benefit obligation: | ||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 126,532 | $ | 137,639 | $ | 63,891 | $ | 60,837 | $ | 190,423 | $ | 198,476 | ||||||||||||||||
Service cost | 3,516 | 4,608 | 988 | 1,052 | 4,504 | 5,660 | ||||||||||||||||||||||
Interest cost | 6,382 | 5,569 | 2,410 | 2,113 | 8,792 | 7,682 | ||||||||||||||||||||||
Net actuarial (gains) losses | 12,446 | -18,165 | 3,015 | 5,550 | 15,461 | -12,615 | ||||||||||||||||||||||
Contribution by participants | - | 12 | 91 | 241 | 91 | 253 | ||||||||||||||||||||||
Benefits paid | -3,732 | -3,131 | -2,318 | -2,605 | -6,050 | -5,736 | ||||||||||||||||||||||
Amounts paid by Company for Pension Protection Fund levy | - | - | -13 | -2 | -13 | -2 | ||||||||||||||||||||||
Plan amendments | 3,355 | - | - | - | 3,355 | - | ||||||||||||||||||||||
Settlements | - | - | -1,985 | -406 | -1,985 | -406 | ||||||||||||||||||||||
Curtailments | -10,759 | - | -1,499 | -271 | -12,258 | -271 | ||||||||||||||||||||||
Foreign currency exchange rate changes | - | - | -1,045 | -2,618 | -1,045 | -2,618 | ||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 137,740 | $ | 126,532 | $ | 63,535 | $ | 63,891 | $ | 201,275 | $ | 190,423 | ||||||||||||||||
Changes in fair value of plan assets: | ||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 129,518 | $ | 105,966 | $ | 60,657 | $ | 55,537 | $ | 190,175 | $ | 161,503 | ||||||||||||||||
Actual return on plan assets | 15,764 | 10,621 | 5,212 | 6,541 | 20,976 | 17,162 | ||||||||||||||||||||||
Contributions by the company | 540 | 16,050 | 2,422 | 3,187 | 2,962 | 19,237 | ||||||||||||||||||||||
Contributions by plan participants | - | 12 | 91 | 241 | 91 | 253 | ||||||||||||||||||||||
Benefits paid | -3,732 | -3,131 | -2,318 | -2,605 | -6,050 | -5,736 | ||||||||||||||||||||||
Settlements | - | - | -1,985 | -406 | -1,985 | -406 | ||||||||||||||||||||||
Foreign currency exchange rate changes | - | - | -1,008 | -1,838 | -1,008 | -1,838 | ||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 142,090 | $ | 129,518 | $ | 63,071 | $ | 60,657 | $ | 205,161 | $ | 190,175 | ||||||||||||||||
Net over/(under)funded status at end of year | $ | 4,350 | $ | 2,986 | $ | -464 | $ | -3,234 | $ | 3,886 | $ | -248 | ||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet and Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||
At or for the Year Ended September 30, | ||||||||||||||||||||||||||||
United States | Other Countries | Total | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Amounts recognized in statement of financial position | ||||||||||||||||||||||||||||
consist of: | ||||||||||||||||||||||||||||
Other non-current assets | $ | 5,634 | $ | 4,154 | $ | - | $ | - | $ | 5,634 | $ | 4,154 | ||||||||||||||||
Other non-current liabilities | -1,284 | -1,168 | -464 | -3,234 | -1,748 | -4,402 | ||||||||||||||||||||||
Net over/(under)funded status at end of year | $ | 4,350 | $ | 2,986 | $ | -464 | $ | -3,234 | $ | 3,886 | $ | -248 | ||||||||||||||||
Amounts recognized in accumulated other | ||||||||||||||||||||||||||||
comprehensive income consist of: | ||||||||||||||||||||||||||||
Unrecognized net prior service (benefit) cost | $ | 4,624 | $ | 1,367 | $ | - | $ | -4 | $ | 4,624 | $ | 1,363 | ||||||||||||||||
Unrecognized net (gains) losses | 9,867 | 7,841 | 11,902 | 12,371 | 21,769 | 20,212 | ||||||||||||||||||||||
Total amounts recognized | 14,491 | 9,208 | 11,902 | 12,367 | 26,393 | 21,575 | ||||||||||||||||||||||
Deferred taxes | -5,527 | -3,499 | -4,131 | -4,203 | -9,658 | -7,702 | ||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income | $ | 8,964 | $ | 5,709 | $ | 7,771 | $ | 8,164 | $ | 16,735 | $ | 13,873 | ||||||||||||||||
Schedule of Changes in Plan Assets and Benefit Obligations Recorded in Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
United States | Other Countries | Total | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Net (gain) loss | $ | -4,269 | $ | -20,604 | $ | -622 | $ | 1,349 | $ | -4,891 | $ | -19,255 | ||||||||||||||||
Prior service cost | 3,355 | - | - | - | 3,355 | $ | - | |||||||||||||||||||||
Loss (gain) due to settlement or curtailment arising during the period | 6,624 | - | 915 | -36 | 7,539 | -36 | ||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||
Net gains (losses) | -330 | -1,374 | -655 | -464 | -985 | -1,838 | ||||||||||||||||||||||
Prior service benefit (cost) | -97 | -75 | 4 | 7 | -93 | -68 | ||||||||||||||||||||||
Foreign currency exchange rate changes | - | - | -107 | -673 | -107 | -673 | ||||||||||||||||||||||
Total recorded in accumulated other comprehensive loss (income) | $ | 5,283 | $ | -22,053 | $ | -465 | $ | 183 | $ | 4,818 | $ | -21,870 | ||||||||||||||||
Schedule of Amounts Expected to be Amortized from Accumulated Other Comprehensive Income (Loss) and Reported as a Component of Net Periodic Benefit Cost During the Next Fiscal Year | ' | |||||||||||||||||||||||||||
United States | Other Countries | Total | ||||||||||||||||||||||||||
Prior service (benefit) cost | $ | 383 | $ | - | $ | 383 | ||||||||||||||||||||||
Net actuarial (gains) losses | 396 | 466 | 862 | |||||||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||||||||||||||
Year Ending September 30, | United States | Other Countries | Total | |||||||||||||||||||||||||
2015 | $ | 4,760 | $ | 2,353 | $ | 7,113 | ||||||||||||||||||||||
2016 | 5,291 | 2,363 | 7,654 | |||||||||||||||||||||||||
2017 | 5,897 | 2,554 | 8,451 | |||||||||||||||||||||||||
2018 | 6,520 | 2,574 | 9,094 | |||||||||||||||||||||||||
2019 | 7,154 | 3,036 | 10,190 | |||||||||||||||||||||||||
2020 – 2024 | 43,682 | 14,756 | 58,438 | |||||||||||||||||||||||||
Schedule of Allocation of Plan Assets, Actual and Target Allocations | ' | |||||||||||||||||||||||||||
At September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Percentage of Plan Assets | Target Allocation Ranges | Percentage of Plan Assets | Target Allocation Ranges | |||||||||||||||||||||||||
United States: | ||||||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||||||
Equity Securities | 60.0% | 40.7% | - | 80.7% | 61.7% | 40.70% | - | 80.70% | ||||||||||||||||||||
Debt Securities | 39.8% | 29.3% | - | 49.3% | 38.1% | 29.30% | - | 49.30% | ||||||||||||||||||||
Other | 0.2% | 0.00% | 0.2% | 0.00% | ||||||||||||||||||||||||
100.0% | 100.0% | |||||||||||||||||||||||||||
United Kingdom: | ||||||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||||||
Equity Securities | 48.2% | 40.00% | - | 70.00% | 48.4% | 40.00% | - | 70.00% | ||||||||||||||||||||
Debt Securities | 51.7% | 35.00% | - | 65.00% | 51.5% | 35.00% | - | 65.00% | ||||||||||||||||||||
Other | 0.1% | 0.00% | 0.1% | 0.00% | ||||||||||||||||||||||||
100.0% | 100.0% | |||||||||||||||||||||||||||
Japan: | ||||||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||||||
Equity Securities | 40.7% | 36.00% | - | 44.00% | 41.3% | 36.00% | - | 44.00% | ||||||||||||||||||||
Debt Securities | 58.4% | 55.00% | - | 63.00% | 57.8% | 55.00% | - | 63.00% | ||||||||||||||||||||
Other | 0.9% | 0.00% | - | 2.00% | 0.9% | 0.00% | - | 2.00% | ||||||||||||||||||||
100.0% | 100.0% | |||||||||||||||||||||||||||
Switzerland: | ||||||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||||||
Equity Securities | n/a | n/a | 0.0% | 0.00% | ||||||||||||||||||||||||
Debt Securities | n/a | n/a | 0.0% | 0.00% | ||||||||||||||||||||||||
Other | n/a | n/a | 100.0% | 100.00% | ||||||||||||||||||||||||
100.0% | ||||||||||||||||||||||||||||
Multiemployer Plan [Member] | ' | |||||||||||||||||||||||||||
Schedule of Costs of Retirement Plans | ' | |||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Company contributions | $ | 728 | $ | 797 | $ | 792 | ||||||||||||||||||||||
Defined Contribution Plan [Member] | ' | |||||||||||||||||||||||||||
Schedule of Costs of Retirement Plans | ' | |||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Company costs | $ | 24,921 | $ | 20,012 | $ | 18,296 | ||||||||||||||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | |||||||||||||||||||||||||||
Schedule of Actuarial Assumptions Used | ' | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Weighted-average discount rate used to determine benefit obligation at September 30 | 4.40 | % | 5.14 | % | 4.11 | % | ||||||||||||||||||||||
Weighted-average discount rate used to determine net periodic benefit cost for years ended September 30 | 5.14 | 4.11 | 5.54 | |||||||||||||||||||||||||
Schedule of Net Periodic Benefit Costs | ' | |||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Service cost | $ | 47 | $ | 71 | $ | 70 | ||||||||||||||||||||||
Interest cost | 1,432 | 1,244 | 1,798 | |||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||
Net (gains) losses | -200 | -68 | 91 | |||||||||||||||||||||||||
Net prior service (benefit) cost | -158 | -158 | -550 | |||||||||||||||||||||||||
Net periodic (benefit) cost | $ | 1,121 | $ | 1,089 | $ | 1,409 | ||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | ' | |||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Changes in accumulated postretirement benefit obligation: | ||||||||||||||||||||||||||||
Accumulated postretirement benefit obligation at beginning of year | $ | 28,996 | $ | 37,550 | ||||||||||||||||||||||||
Service cost | 47 | 71 | ||||||||||||||||||||||||||
Interest cost | 1,432 | 1,244 | ||||||||||||||||||||||||||
Premiums paid by plan participants | 1,843 | 1,837 | ||||||||||||||||||||||||||
Net actuarial (gains) losses | 1,145 | -7,501 | ||||||||||||||||||||||||||
Benefits paid | -4,243 | -4,206 | ||||||||||||||||||||||||||
Foreign currency exchange rate changes | 5 | 1 | ||||||||||||||||||||||||||
Accumulated postretirement benefit obligation at end of year | $ | 29,225 | $ | 28,996 | ||||||||||||||||||||||||
Changes in fair value of plan assets: | ||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | - | $ | - | ||||||||||||||||||||||||
Contributions by the company | 2,400 | 2,369 | ||||||||||||||||||||||||||
Premiums paid by plan participants | 1,843 | 1,837 | ||||||||||||||||||||||||||
Benefits paid | -4,243 | -4,206 | ||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | - | $ | - | ||||||||||||||||||||||||
Funded status at end of year | $ | -29,225 | $ | -28,996 | ||||||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet and Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Amounts recognized in statement of financial position consist of: | ||||||||||||||||||||||||||||
Accrued liabilities | $ | -2,262 | $ | -2,231 | ||||||||||||||||||||||||
Other non-current liabilities | -26,963 | -26,765 | ||||||||||||||||||||||||||
Funded status at end of year | $ | -29,225 | $ | -28,996 | ||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss (income) consist of: | ||||||||||||||||||||||||||||
Unrecognized net prior service (benefit) cost | $ | -635 | $ | -794 | ||||||||||||||||||||||||
Unrecognized net (gains) losses | -3,031 | -4,379 | ||||||||||||||||||||||||||
Total amounts recognized | -3,666 | -5,173 | ||||||||||||||||||||||||||
Deferred taxes | 1,388 | 1,970 | ||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss (income) | $ | -2,278 | $ | -3,203 | ||||||||||||||||||||||||
Schedule of Changes in Plan Assets and Benefit Obligations Recorded in Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Net (gain) loss | $ | 1,145 | $ | -7,501 | ||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||
Net gains (losses) | 200 | 68 | ||||||||||||||||||||||||||
Prior service benefit (cost) | 159 | 158 | ||||||||||||||||||||||||||
Foreign currency exchange rate changes | 3 | - | ||||||||||||||||||||||||||
Total recorded in accumulated other comprehensive loss (income) | $ | 1,507 | $ | -7,275 | ||||||||||||||||||||||||
Schedule of Health Care Cost Trend Rates | ' | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 7.00 | % | 7.00 | % | ||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline | ||||||||||||||||||||||||||||
(the ultimate trend rate) | 5.00 | % | 5.00 | % | ||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2023 | 2022 | ||||||||||||||||||||||||||
Schedule of Health Care Costs Sensitivity | ' | |||||||||||||||||||||||||||
1% increase | 1% decrease | |||||||||||||||||||||||||||
Effect on projected fiscal year 2015 service and interest cost | $ | 121 | $ | -106 | ||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation at September 30, 2014 | 2,658 | -2,336 | ||||||||||||||||||||||||||
Schedule of Future Postretirement Company Contributions | ' | |||||||||||||||||||||||||||
Year Ending September 30, | ||||||||||||||||||||||||||||
2015 | $ | 3,778 | ||||||||||||||||||||||||||
2016 | 3,802 | |||||||||||||||||||||||||||
2017 | 3,760 | |||||||||||||||||||||||||||
2018 | 3,715 | |||||||||||||||||||||||||||
2019 | 3,686 | |||||||||||||||||||||||||||
2020 – 2024 | 17,264 | |||||||||||||||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Dividends Declared and Paid | ' | |||||||||||||||
Year Ended September 30, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Dividends declared and paid | $ | 21,263 | $ | 21,866 | $ | 21,351 | ||||||||||
Dividend per share amount | 0.32 | 0.32 | 0.31 | |||||||||||||
Stock-based Compensation Expense Recognized | ' | |||||||||||||||
Year Ended September 30, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Employee stock-based compensation expense | $ | 11,241 | $ | 9,414 | $ | 8,628 | ||||||||||
Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards | ' | |||||||||||||||
Year Ended September 30, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Expected term (years) | 5.8 | - | 8.6 | 5.8 | - | 8.6 | 5.9 | - | 8.5 | |||||||
Estimated volatility | 38.50% | 48.70% | - | 54.90% | 48.90% | - | 55.60% | |||||||||
Estimated dividend yield | 0.80% | 0.80% | - | 1.00% | 0.70% | - | 1.10% | |||||||||
Risk-free interest rate | 1.70% | - | 2.50% | 0.80% | - | 1.30% | 0.80% | - | 1.60% | |||||||
Weighted Average Grant Date Fair Value of Options Granted | ' | |||||||||||||||
Year Ended September 30, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Weighted-average grant date fair value of options | $ | 15.63 | $ | 15.84 | $ | 12.14 | ||||||||||
Activity for Stock Option Awards | ' | |||||||||||||||
Number | Weighted-Average Exercise Price | |||||||||||||||
Balance at September 30, 2013 | 4,423 | $ | 25.06 | |||||||||||||
Options granted | 694 | 40.99 | ||||||||||||||
Options exercised | -562 | 19.67 | ||||||||||||||
Options forfeited | -54 | 34.06 | ||||||||||||||
Balance at September 30, 2014 | 4,501 | 28.08 | ||||||||||||||
Stock Options Vested, Or Expected to Vest and Are Exercisable | ' | |||||||||||||||
Number | Weighted- Average Exercise Price | Weighted- Average Remaining Life in Years | Aggregate Intrinsic Value | |||||||||||||
Options outstanding | 4,501 | $ | 28.08 | 5.6 | $ | 87,923 | ||||||||||
Options vested and exercisable | 2,822 | 24.07 | 4.1 | 66,458 | ||||||||||||
Options vested and expected to vest | 4,419 | 27.92 | 5.5 | 87,066 | ||||||||||||
Other Stock Option Information | ' | |||||||||||||||
Year Ended September 30, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Total fair value of stock options vested | $ | 9,459 | $ | 7,271 | $ | 5,907 | ||||||||||
Total intrinsic value of options exercised | 14,549 | 19,692 | 12,521 | |||||||||||||
Cash received from exercises of stock options | 9,772 | 8,272 | 6,180 | |||||||||||||
Excess tax benefit realized from exercise of stock options | 3,751 | 5,154 | 3,990 | |||||||||||||
Stock Options [Member] | ' | |||||||||||||||
Changes in Nonvested Stock Options | ' | |||||||||||||||
Number | Weighted-Average Exercise Price | |||||||||||||||
Balance at September 30, 2013 | 1,737 | $ | 29.97 | |||||||||||||
Options granted | 694 | 40.99 | ||||||||||||||
Options vested | -698 | 28.97 | ||||||||||||||
Options forfeited | -54 | 33.40 | ||||||||||||||
Balance at September 30, 2014 | 1,679 | 34.83 | ||||||||||||||
Restricted Stock Award [Member] | ' | |||||||||||||||
Changes in Restricted Stock Awards | ' | |||||||||||||||
Number | Fair Value per Share | |||||||||||||||
Balance at September 30, 2013 | - | $ | n/a | |||||||||||||
Shares granted | 24 | 39.43 | ||||||||||||||
Shares vested | - | n/a | ||||||||||||||
Shares forfeited | - | n/a | ||||||||||||||
Balance at September 30, 2014 | 24 | 39.43 | ||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure | ' | ||||||||
Future Minimum Rental Payments | ' | ||||||||
Year Ending September 30, | |||||||||
2015 | $ | 6,393 | |||||||
2016 | 4,327 | ||||||||
2017 | 3,264 | ||||||||
2018 | 2,548 | ||||||||
2019 | 1,377 | ||||||||
Thereafter | 1,430 | ||||||||
Total | $ | 19,339 | |||||||
Rent Expense for All Operating Leases | ' | ||||||||
Year Ended September 30, | |||||||||
2014 | 2013 | 2012 | |||||||
Rent expense | $ | 10,897 | $ | 10,243 | $ | 10,247 | |||
Future Minimum Unconditional Purchase Obligations | ' | ||||||||
Year Ending September 30, | |||||||||
2015 | $ | 331,300 | |||||||
2016 | 11,445 | ||||||||
2017 | - | ||||||||
2018 | - | ||||||||
2019 | - | ||||||||
Thereafter | - | ||||||||
Total | $ | 342,745 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Consolidated Net Sales and Earnings by Segment | ' | ||||||||
Year Ended September 30, | |||||||||
2014 | 2013 | 2012 | |||||||
Segment external net sales: | |||||||||
Aerospace | $ | 1,084,025 | $ | 1,061,477 | $ | 896,083 | |||
Energy | 917,215 | 874,499 | 969,544 | ||||||
Total consolidated net sales | $ | 2,001,240 | $ | 1,935,976 | $ | 1,865,627 | |||
Segment earnings: | |||||||||
Aerospace | $ | 159,200 | $ | 166,122 | $ | 130,192 | |||
Energy | 134,278 | 98,940 | 126,441 | ||||||
Total segment earnings | 293,478 | 265,062 | 256,633 | ||||||
Nonsegment expenses | -43,701 | -39,061 | -33,365 | ||||||
Interest expense, net | -22,533 | -26,430 | -25,461 | ||||||
Consolidated earnings before income taxes | $ | 227,244 | $ | 199,571 | $ | 197,807 | |||
Consolidated Total Assets, Depreciation and Amortization, and Capital Expenditures by Segment | ' | ||||||||
Year Ended September 30, | |||||||||
2014 | 2013 | 2012 | |||||||
Segment assets: | |||||||||
Aerospace | $ | 1,440,355 | $ | 1,361,861 | $ | 1,059,754 | |||
Energy | 610,345 | 599,007 | 605,842 | ||||||
Total segment assets | 2,050,700 | 1,960,868 | 1,665,596 | ||||||
Unallocated corporate property, plant and equipment, net | 72,992 | 50,115 | 15,763 | ||||||
Other unallocated assets | 273,510 | 207,535 | 178,605 | ||||||
Consolidated total assets | $ | 2,397,202 | $ | 2,218,518 | $ | 1,859,964 | |||
Segment depreciation and amortization: | |||||||||
Aerospace | $ | 46,895 | $ | 49,887 | $ | 43,840 | |||
Energy | 22,672 | 20,890 | 21,738 | ||||||
Total segment depreciation and amortization | 69,567 | 70,777 | 65,578 | ||||||
Unallocated corporate amounts | 7,786 | 3,456 | 3,039 | ||||||
Consolidated depreciation and amortization | $ | 77,353 | $ | 74,233 | $ | 68,617 | |||
Segment capital expenditures: | |||||||||
Aerospace | $ | 134,307 | $ | 74,964 | $ | 32,244 | |||
Energy | 55,780 | 28,137 | 22,590 | ||||||
Total segment capital expenditures | 190,087 | 103,101 | 54,834 | ||||||
Unallocated corporate amounts | 17,019 | 38,499 | 10,066 | ||||||
Consolidated capital expenditures | $ | 207,106 | $ | 141,600 | $ | 64,900 | |||
External Net Sales by Geographical Area | ' | ||||||||
Year Ended September 30, | |||||||||
2014 | 2013 | 2012 | |||||||
United States | $ | 1,025,149 | $ | 1,058,912 | $ | 927,345 | |||
Europe (1) | 519,721 | 480,922 | 542,753 | ||||||
Asia | 299,755 | 287,742 | 288,738 | ||||||
Other countries | 156,615 | 108,400 | 106,791 | ||||||
Consolidated net sales | $ | 2,001,240 | $ | 1,935,976 | $ | 1,865,627 | |||
Property, Plant, and Equipment - Net by Geographical Area | ' | ||||||||
At September 30, | |||||||||
2014 | 2013 | ||||||||
United States | $ | 457,563 | $ | 285,038 | |||||
Germany | 26,898 | 29,619 | |||||||
Other countries | 28,818 | 35,391 | |||||||
Consolidated property, plant and equipment, net | $ | 513,279 | $ | 350,048 | |||||
U.S. Government Related [Member] | ' | ||||||||
U.S. Government Related Sales by Segment | ' | ||||||||
Direct U.S. Government Sales | Indirect U.S. Government Sales | Total U.S. Government Related Sales | |||||||
Fiscal year ended September 30, 2014 | |||||||||
Aerospace | $ | 76,982 | $ | 254,806 | $ | 331,788 | |||
Energy | 2,517 | 5,588 | 8,105 | ||||||
Total net external sales | $ | 79,499 | $ | 260,394 | $ | 339,893 | |||
Percentage of total net sales | 4% | 13% | 17% | ||||||
Fiscal year ended September 30, 2013 | |||||||||
Aerospace | $ | 104,410 | $ | 289,197 | $ | 393,607 | |||
Energy | 3,649 | 8,106 | 11,755 | ||||||
Total net external sales | $ | 108,059 | $ | 297,303 | $ | 405,362 | |||
Percentage of total net sales | 6% | 15% | 21% | ||||||
Fiscal year ended September 30, 2012 | |||||||||
Aerospace | $ | 78,075 | $ | 254,636 | $ | 332,711 | |||
Energy | 3,904 | 7,228 | 11,132 | ||||||
Total net external sales | $ | 81,979 | $ | 261,864 | $ | 343,843 | |||
Percentage of total net sales | 4% | 14% | 18% | ||||||
Supplemental_Quarterly_Financi1
Supplemental Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Quarterly Financial Information | ' | |||||||||||
2014 Fiscal Quarters | ||||||||||||
First | Second | Third | Fourth | |||||||||
Net sales | $ | 429,042 | $ | 482,467 | $ | 524,284 | $ | 565,447 | ||||
Gross margin (1) | 113,576 | 142,439 | 151,713 | 167,673 | ||||||||
Earnings before income taxes | 32,944 | 56,756 | 62,468 | 75,076 | ||||||||
Net earnings | 23,383 | 44,798 | 46,001 | 51,662 | ||||||||
Earnings per share | ||||||||||||
Basic earnings per share | 0.35 | 0.67 | 0.70 | 0.79 | ||||||||
Diluted earnings per share | 0.34 | 0.66 | 0.69 | 0.77 | ||||||||
Cash dividends per share | 0.08 | 0.08 | 0.08 | 0.08 | ||||||||
2013 Fiscal Quarters | ||||||||||||
First | Second | Third | Fourth | |||||||||
Net sales | $ | 408,339 | $ | 485,513 | $ | 483,759 | $ | 558,365 | ||||
Gross margin (1) | 118,766 | 137,413 | 134,277 | 169,249 | ||||||||
Earnings before income taxes | 38,537 | 50,336 | 35,497 | 75,201 | ||||||||
Net earnings | 27,368 | 42,446 | 23,663 | 52,465 | ||||||||
Earnings per share | ||||||||||||
Basic earnings per share | 0.40 | 0.62 | 0.35 | 0.77 | ||||||||
Diluted earnings per share | 0.39 | 0.61 | 0.34 | 0.76 | ||||||||
Cash dividends per share | 0.08 | 0.08 | 0.08 | 0.08 | ||||||||
Segment Reporting [Member] | ' | |||||||||||
Quarterly Financial Information | ' | |||||||||||
2014 Fiscal Quarters | ||||||||||||
First | Second | Third | Fourth | |||||||||
Segment external net sales: | ||||||||||||
Aerospace | $ | 229,872 | $ | 261,021 | $ | 274,923 | $ | 318,209 | ||||
Energy | 199,170 | 221,446 | 249,361 | 247,238 | ||||||||
Total | $ | 429,042 | $ | 482,467 | $ | 524,284 | $ | 565,447 | ||||
Segment earnings: | ||||||||||||
Aerospace | $ | 22,549 | $ | 40,289 | $ | 39,357 | $ | 57,005 | ||||
Energy | 27,071 | 31,888 | 40,203 | 35,116 | ||||||||
Total | $ | 49,620 | $ | 72,177 | $ | 79,560 | $ | 92,121 | ||||
Earnings reconciliation: | ||||||||||||
Total segment earnings | $ | 49,620 | $ | 72,177 | $ | 79,560 | $ | 92,121 | ||||
Nonsegment expenses | -10,673 | -9,293 | -11,193 | -12,542 | ||||||||
Interest expense, net | -6,003 | -6,128 | -5,899 | -4,503 | ||||||||
Consolidated earnings before income taxes | $ | 32,944 | $ | 56,756 | $ | 62,468 | $ | 75,076 | ||||
2013 Fiscal Quarters | ||||||||||||
First | Second | Third | Fourth | |||||||||
Segment external net sales: | ||||||||||||
Aerospace | $ | 211,389 | $ | 270,493 | $ | 272,218 | $ | 307,377 | ||||
Energy | 196,950 | 215,020 | 211,541 | 250,988 | ||||||||
Total | $ | 408,339 | $ | 485,513 | $ | 483,759 | $ | 558,365 | ||||
Segment earnings: | ||||||||||||
Aerospace | $ | 31,568 | $ | 41,223 | $ | 38,949 | $ | 54,382 | ||||
Energy | 23,908 | 24,235 | 12,430 | 38,367 | ||||||||
Total | $ | 55,476 | $ | 65,458 | $ | 51,379 | $ | 92,749 | ||||
Earnings reconciliation: | ||||||||||||
Total segment earnings | $ | 55,476 | $ | 65,458 | $ | 51,379 | $ | 92,749 | ||||
Nonsegment expenses | -10,551 | -8,174 | -9,227 | -11,109 | ||||||||
Interest expense, net | -6,388 | -6,948 | -6,655 | -6,439 | ||||||||
Consolidated earnings before income taxes | $ | 38,537 | $ | 50,336 | $ | 35,497 | $ | 75,201 | ||||
Schedule_II_Tables
Schedule II (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||
Schedule II | ' | |||||||||||||||
Column A | Column B | Column C | Column D | Column E | ||||||||||||
Additions | ||||||||||||||||
Description | Balance at Beginning of Year | Charged to Costs and Expenses | Charged to Other Accounts (a) | Deductions (b) | Balance at End of Year | |||||||||||
Fiscal year 2014 | ||||||||||||||||
Allowance for doubtful accounts | $ | 8,872 | $ | 1,283 | $ | 916 | $ | -3,993 | $ | 7,078 | ||||||
Deferred tax asset valuation allowance | 11,783 | 271 | - | -2,568 | 9,486 | |||||||||||
Fiscal year 2013 | ||||||||||||||||
Allowance for doubtful accounts | 7,217 | 3,408 | 5 | -1,758 | 8,872 | |||||||||||
Deferred tax asset valuation allowance | 2,752 | 9,031 | - | - | 11,783 | |||||||||||
Fiscal year 2012 | ||||||||||||||||
Allowance for doubtful accounts | 2,322 | 4,139 | 1,074 | -318 | 7,217 | |||||||||||
Deferred tax asset valuation allowance | 3,201 | 7 | - | -456 | 2,752 | |||||||||||
Operations_and_summary_of_sign2
Operations and summary of significant accounting policies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | 36 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2014 | |
Basis of Presentation | ' | ' | ' | ' | ' | ' |
Selling, general, and administrative expenses include net foreign currency transaction gains (losses) | ' | ($1,089,000) | ($2,738,000) | ($480,000) | ' | ' |
Customer deposits recorded against inventory when right of offset exists | 0 | 0 | ' | ' | ' | 0 |
Goodwill, Impairment Loss | 0 | ' | ' | ' | ' | 0 |
Asset Impairment Charges | ' | $3,138,000 | ' | ' | $0 | ' |
Operations_ans_summary_of_sign
Operations ans summary of significant accounting policies (Schedule of Accounts Receivable) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts receivable | $346,858 | $381,065 |
Allowance for uncollectible customer amounts | -7,078 | -8,872 |
Trade Accounts Receivable [Member] | ' | ' |
Accounts Receivable, Gross | 291,584 | 316,983 |
Accounts Receivable from Chinese Financial Institution [Member] | ' | ' |
Accounts Receivable, Gross | $62,352 | $72,954 |
Operations_and_summary_of_sign3
Operations and summary of significant accounting policies (Schedule of property, plant, and equipment useful lives) (Details) | 12 Months Ended |
Sep. 30, 2014 | |
Enterprise Resource Planning system [Member] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Minimum [Member] | Land Improvements [Member] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Minimum [Member] | Building and Building Improvements [Member] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Minimum [Member] | Leasehold Improvements [Member] | ' |
Property, Plant and Equipment, Useful Life | '1 year |
Minimum [Member] | Machinery and Production Equipment [Member] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Minimum [Member] | Computer Equipment and Software [Member] | ' |
Property, Plant and Equipment, Useful Life | '2 years |
Minimum [Member] | Office furniture and equipment [Member] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Minimum [Member] | Other Capitalized Property Plant and Equipment [Member] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Maximum [Member] | Land Improvements [Member] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Maximum [Member] | Building and Building Improvements [Member] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Maximum [Member] | Leasehold Improvements [Member] | ' |
Property, Plant and Equipment, Useful Life | '25 years |
Maximum [Member] | Machinery and Production Equipment [Member] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Maximum [Member] | Computer Equipment and Software [Member] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Maximum [Member] | Office furniture and equipment [Member] | ' |
Property, Plant and Equipment, Useful Life | '13 years |
Maximum [Member] | Other Capitalized Property Plant and Equipment [Member] | ' |
Property, Plant and Equipment, Useful Life | '13 years |
Operations_and_summary_of_sign4
Operations and summary of significant accounting policies (Schedule of finite-lived intangible assets useful lives) (Details) | 12 Months Ended |
Sep. 30, 2014 | |
Minimum [Member] | Customer Relationships [Member] | ' |
Finite-Lived Intangible Asset, Useful Life | '9 years |
Minimum [Member] | Intellectual Property [Member] | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years |
Minimum [Member] | Process Technology [Member] | ' |
Finite-Lived Intangible Asset, Useful Life | '8 years |
Minimum [Member] | Other Intangibles [Member] | ' |
Finite-Lived Intangible Asset, Useful Life | '3 years |
Maximum [Member] | Customer Relationships [Member] | ' |
Finite-Lived Intangible Asset, Useful Life | '30 years |
Maximum [Member] | Intellectual Property [Member] | ' |
Finite-Lived Intangible Asset, Useful Life | '17 years |
Maximum [Member] | Process Technology [Member] | ' |
Finite-Lived Intangible Asset, Useful Life | '30 years |
Maximum [Member] | Other Intangibles [Member] | ' |
Finite-Lived Intangible Asset, Useful Life | '15 years |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | $51,662 | $46,001 | $44,798 | $23,383 | $52,465 | $23,663 | $42,446 | $27,368 | $165,844 | $145,942 | $141,589 |
Basic shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 66,432 | 68,392 | 68,880 |
Dilutive effect of stock options and restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 1,344 | 1,210 | 1,427 |
Diluted shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 67,776 | 69,602 | 70,307 |
Basic earnings per share | $0.79 | $0.70 | $0.67 | $0.35 | $0.77 | $0.35 | $0.62 | $0.40 | $2.50 | $2.13 | $2.06 |
Diluted earnings per share | $0.77 | $0.69 | $0.66 | $0.34 | $0.76 | $0.34 | $0.61 | $0.39 | $2.45 | $2.10 | $2.01 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share (Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share | ' | ' | ' |
Options | 12 | 44 | 50 |
Weighted-average option price | $44.04 | $40.21 | $36.33 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share | ' | ' | ' |
Weighted-average treasury stock shares held for deferred compensation obligations | 216 | 256 | 295 |
Business_Acquisitions_Narrativ
Business Acquisitions (Narrative) (Details) (Business Acquisition, Acquiree - Duarte Business [Member], USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 28, 2012 |
Business Acquisition, Acquiree - Duarte Business [Member] | ' | ' | ' | ' | ' |
Purchase agreement contract price | ' | $200,000 | ' | ' | ' |
Cash paid at closing | ' | 198,900 | ' | ' | ' |
Retrospective adjustments primarily related to long-term performance obligations and other accrued liabilities | 12,800 | ' | ' | ' | ' |
Current portion of contractual commitment acquired that is expected to result in future losses | ' | ' | ' | ' | 4,758 |
Long-term portion of contractual commitment acquired that is expected to result in future losses | ' | ' | ' | ' | 17,939 |
Long-term portion of performance obligation acquired | ' | ' | ' | ' | 23,215 |
Current portion of performance obligation acquired | ' | ' | ' | ' | 12,985 |
Long-term receivable from Seller for services to be provided to the Seller | ' | ' | ' | ' | 18,097 |
Current receivable from Seller for services to be provided to the Seller | ' | ' | ' | ' | 8,103 |
Transaction costs | ' | ' | 0 | 1,944 | ' |
Net Sales | ' | ' | $145,998 | $111,261 | ' |
Business_Acquisitions_Schedule
Business Acquisitions (Schedule of Purchase Price) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Business Acquisition, Acquiree - Duarte Business [Member] | ||||
Cash paid to seller | ' | ' | ' | $198,900 |
Less cash acquired | ' | ' | ' | -40 |
Total purchase price | $0 | $198,860 | $0 | $198,860 |
Business_Acquisitions_Schedule1
Business Acquisitions (Schedule of Purchase Price Allocation) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 28, 2012 |
In Thousands, unless otherwise specified | Business Acquisition, Acquiree - Duarte Business [Member] | |||
Accounts receivable | ' | ' | ' | $14,245 |
Inventories | ' | ' | ' | 30,149 |
Other current assets | ' | ' | ' | 10,370 |
Property, plant, and equipment | ' | ' | ' | 11,804 |
Goodwill | 559,724 | 561,458 | 461,374 | 98,310 |
Intangible assets | ' | ' | ' | 89,700 |
Other noncurrent assets | ' | ' | ' | 18,097 |
Total assets acquired | ' | ' | ' | 272,675 |
Other current liabilities | ' | ' | ' | 32,509 |
Other noncurrent liabilities | ' | ' | ' | 41,306 |
Total liabilities assumed | ' | ' | ' | 73,815 |
Net assets acquired | ' | ' | ' | $198,860 |
Business_Acquisitions_Schedule2
Business Acquisitions (Schedule of Finite-Lived Intangible Assets Acquired) (Details) (Business Acquisition, Acquiree - Duarte Business [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 28, 2012 |
Intangible assets | ' | $89,700 |
Process Technology [Member] | ' | ' |
Intangible assets | ' | 5,000 |
Weighted Average Useful Life | '25 years | ' |
Customer Relationships [Member] | ' | ' |
Intangible assets | ' | 77,000 |
Weighted Average Useful Life | '20 years | ' |
Backlog [Member] | ' | ' |
Intangible assets | ' | $7,700 |
Weighted Average Useful Life | '3 years | ' |
Business_Acquisitions_Schedule3
Business Acquisitions (Schedule of Unaudited Pro Forma Results) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Combinations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $565,447 | $524,284 | $482,467 | $429,042 | $558,365 | $483,759 | $485,513 | $408,339 | $2,001,240 | $1,935,976 | $1,865,627 |
Net earnings | 51,662 | 46,001 | 44,798 | 23,383 | 52,465 | 23,663 | 42,446 | 27,368 | 165,844 | 145,942 | 141,589 |
Basic earnings per share | $0.79 | $0.70 | $0.67 | $0.35 | $0.77 | $0.35 | $0.62 | $0.40 | $2.50 | $2.13 | $2.06 |
Diluted earnings per share | $0.77 | $0.69 | $0.66 | $0.34 | $0.76 | $0.34 | $0.61 | $0.39 | $2.45 | $2.10 | $2.01 |
Pro forma | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,001,240 | 1,966,376 | 1,978,169 |
Net earnings | ' | ' | ' | ' | ' | ' | ' | ' | $167,047 | $152,431 | $131,384 |
Basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | $2.51 | $2.23 | $1.91 |
Diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | $2.46 | $2.19 | $1.87 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Financial liability on recurring basis | 0 | 0 |
Long Term Note Receivable From Municipality Within The State Of Illinois [Member] | ' | ' |
Interest rate used to estimate fair value | 3.20% | 4.30% |
Long Term Note Receivable From Municipality Within The State Of Colorado [Member] | ' | ' |
Interest rate used to estimate fair value | 3.20% | 4.30% |
Borrowings [Member] | ' | ' |
Interest rate used to estimate fair value | 2.40% | 2.00% |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurements (Financial Assets that are Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Equity securities | $9,645 | $8,285 |
Total financial assets | 124,932 | 56,841 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Equity securities | 9,645 | 8,285 |
Total financial assets | 124,932 | 56,841 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Equity securities | 0 | 0 |
Total financial assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Equity securities | 0 | 0 |
Total financial assets | 0 | 0 |
Cash [Member] | ' | ' |
Cash and cash equivalents | 92,590 | 35,839 |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Cash and cash equivalents | 92,590 | 35,839 |
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investments in Money Market Funds [Member] | ' | ' |
Cash and cash equivalents | 11,210 | 2,950 |
Investments in Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Cash and cash equivalents | 11,210 | 2,950 |
Investments in Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investments in Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investments in Reverse Repurchase Agreements [Member] | ' | ' |
Cash and cash equivalents | 11,487 | 9,767 |
Investments in Reverse Repurchase Agreements [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Cash and cash equivalents | 11,487 | 9,767 |
Investments in Reverse Repurchase Agreements [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investments in Reverse Repurchase Agreements [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Cash and cash equivalents | $0 | $0 |
Financial_Instruments_and_Fair4
Financial Instruments and Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents, Carrying Cost | $115,287 | $48,556 | $61,829 | $74,539 |
Notes receivable from municipalities, Carrying Cost | 15,228 | 8,114 | ' | ' |
Long-term debt, including current portion, Carrying Cost | -710,000 | -550,000 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Notes receivable from municipalities, Estimated Fair Value | 15,988 | 6,718 | ' | ' |
Long-term debt, including current portion, Estimated Fair Value | ($752,513) | ($588,297) | ' | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Total Accumulated Other Comprehensive (Loss) Earnings [Member] | Total Accumulated Other Comprehensive (Loss) Earnings [Member] | Interest Rate Contract [Member] | ||||
Derivatives in Fair Value Hedging Relationships [Member] | Derivatives in Fair Value Hedging Relationships [Member] | Derivatives in Fair Value Hedging Relationships [Member] | Derivatives in Cash Flow Hedging Relationships [Member] | Derivatives in Cash Flow Hedging Relationships [Member] | Derivatives in Cash Flow Hedging Relationships [Member] | |||||||
Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative | $0 | ($507) | $0 | $0 | $0 | $0 | $0 | ($507) | $0 | ' | ' | ' |
Unrecognized gains (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170 | 71 | ' |
Net unrecognized losses on terminated derivative instruments expected to be reclassified to earnings | 99 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of gain or loss recognition in interest expense on terminated derivatives recorded in OCI | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Impact of Derivative Instruments on Earnings) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Amount of (Income) Expense Recognized in Earnings on Derivative | $99 | $171 | $171 |
Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative | 0 | -507 | 0 |
Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings | 99 | 171 | 174 |
Interest Expense [Member] | Derivatives in Fair Value Hedging Relationships [Member] | ' | ' | ' |
Amount of (Income) Expense Recognized in Earnings on Derivative | 0 | 0 | -3 |
Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative | 0 | 0 | 0 |
Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings | 0 | 0 | 0 |
Interest Expense [Member] | Derivatives in Cash Flow Hedging Relationships [Member] | ' | ' | ' |
Amount of (Income) Expense Recognized in Earnings on Derivative | 99 | 171 | 174 |
Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative | 0 | -507 | 0 |
Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings | $99 | $171 | $174 |
Supplemental_Statements_of_Cas2
Supplemental Statements of Cash Flows Information (Schedule of Cash Flow Supplemental Disclosures) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Statements of Cash Flows Information | ' | ' | ' |
Interest paid, net of amounts capitalized | $27,922 | $26,627 | $25,665 |
Income taxes paid | 66,477 | 52,355 | 52,705 |
Income tax refunds received | 2,303 | 6,336 | 3,183 |
Purchases of property, plant and equipment on account | 13,437 | 5,345 | 6,065 |
Common shares issued from treasury for benefit plans (Note 17) | 11,193 | 9,780 | 9,335 |
Notes receivable from municipalities for economic development incentives | 6,596 | 8,114 | 0 |
Cashless exercise of stock options | 1,286 | 2,645 | 0 |
Settlement of receivable through cashless acquisition of treasury shares in connection with the cashless exercise of stock options | $1,736 | $3,447 | $0 |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventories) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventories | ' | ' |
Raw Materials | $60,442 | $67,599 |
Work in progress | 93,836 | 87,808 |
Component Parts | 247,299 | 229,508 |
Finished Goods | 50,367 | 46,829 |
Inventory, net | $451,944 | $431,744 |
Property_Plant_and_Equipment_N2
Property, Plant, and Equipment, Net (Narrative) (Details) (USD $) | 12 Months Ended | 24 Months Ended | 3 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
Second Campus Rockford Illinois [Member] | Second Campus Rockford Illinois [Member] | New Campus Fort Collins Colorado [Member] | New Campus Fort Collins Colorado [Member] | Building Site Niles Illinois [Member] | Building Site Niles Illinois [Member] | Assets Held-for-sale [Member] | Assets Held-for-sale [Member] | |||
Land and Building [Member] | ||||||||||
Construction in progress | $223,958 | $81,428 | $85,283 | $15,691 | $37,268 | $10,514 | $55,629 | $12,067 | ' | ' |
Capitalized interest | ' | ' | 2,963 | 444 | 2,392 | 394 | 1,688 | 0 | ' | ' |
Property, Plant and Equipment, Net | 513,279 | 350,048 | ' | ' | ' | ' | ' | ' | ' | 2,465 |
Asset Impairment Charges | $3,138 | $0 | ' | ' | ' | ' | ' | ' | $3,138 | ' |
Property_Plant_and_Equipment_N3
Property, Plant, and Equipment, Net (Property, Plant, and Equipment - Net) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant, and Equipment, Net | ' | ' | ' |
Land and Land Improvements | $66,303 | $57,562 | ' |
Buildings and improvements | 197,587 | 195,008 | ' |
Leasehold improvements | 20,026 | 18,924 | ' |
Machinery and production equipment | 326,403 | 305,692 | ' |
Computer equipment and software | 103,852 | 97,538 | ' |
Office furniture and equipment | 20,992 | 24,400 | ' |
Other | 18,839 | 14,197 | ' |
Construction in progress | 223,958 | 81,428 | ' |
Property, Plant and Equipment, Gross, Total | 977,960 | 794,749 | ' |
Less accumulated depreciation | -464,681 | -444,701 | ' |
Property, Plant and Equipment, Net, Total | 513,279 | 350,048 | ' |
Depreciation expense | 43,773 | 37,254 | 35,808 |
Capitalized interest | $7,282 | $1,215 | $658 |
Goodwill_Narrative_Details
Goodwill (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 36 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2012 | |
Aerospace [Member] | Aerospace [Member] | Energy [Member] | Energy [Member] | Minimum [Member] | Maximum [Member] | Business Acquisition, Acquiree - Duarte Business [Member] | |||||
Aerospace [Member] | |||||||||||
Goodwill addition | ' | $0 | $98,310,000 | ' | $0 | $98,310,000 | $0 | $0 | ' | ' | $98,310,000 |
Impairment | $0 | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' |
Weighted average cost of capital assumption | ' | ' | ' | ' | ' | ' | ' | ' | 8.93% | 11.04% | ' |
Assumed annual compound growth rate after five or ten years | 4.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_Goodwill_Details
Goodwill (Goodwill) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill, Beginning Balance | $561,458 | $461,374 |
Additions | 0 | 98,310 |
Effects of Currency Translation | -1,734 | 1,773 |
Goodwill, Ending Balance | 559,724 | 561,458 |
Aerospace [Member] | ' | ' |
Goodwill, Beginning Balance | 455,107 | 356,773 |
Additions | 0 | 98,310 |
Effects of Currency Translation | 316 | 23 |
Goodwill, Ending Balance | 455,423 | 455,107 |
Energy [Member] | ' | ' |
Goodwill, Beginning Balance | 106,351 | 104,601 |
Additions | 0 | 0 |
Effects of Currency Translation | -2,050 | 1,750 |
Goodwill, Ending Balance | $104,301 | $106,351 |
Intangible_Assets_Net_Schedule
Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets by Major Class) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Gross Carrying Value | $454,187 | $494,609 | ' |
Accumulated Amortization | -199,415 | -205,834 | ' |
Net Carrying Amount | 254,772 | 288,775 | ' |
Amortization expense | 33,580 | 36,979 | 32,809 |
Process Technology [Member] | ' | ' | ' |
Gross Carrying Value | 99,683 | 100,176 | ' |
Accumulated Amortization | -44,860 | -37,828 | ' |
Net Carrying Amount | 54,823 | 62,348 | ' |
Customer Relationships [Member] | ' | ' | ' |
Gross Carrying Value | 323,931 | 324,233 | ' |
Accumulated Amortization | -129,313 | -106,999 | ' |
Net Carrying Amount | 194,618 | 217,234 | ' |
Intellectual Property [Member] | ' | ' | ' |
Gross Carrying Value | 19,954 | 20,218 | ' |
Accumulated Amortization | -15,938 | -14,722 | ' |
Net Carrying Amount | 4,016 | 5,496 | ' |
Other Intangibles [Member] | ' | ' | ' |
Gross Carrying Value | 10,619 | 49,982 | ' |
Accumulated Amortization | -9,304 | -46,285 | ' |
Net Carrying Amount | 1,315 | 3,697 | ' |
Aerospace [Member] | ' | ' | ' |
Gross Carrying Value | 367,930 | 406,294 | ' |
Accumulated Amortization | -137,465 | -147,989 | ' |
Net Carrying Amount | 230,465 | 258,305 | ' |
Aerospace [Member] | Process Technology [Member] | ' | ' | ' |
Gross Carrying Value | 76,605 | 76,718 | ' |
Accumulated Amortization | -31,719 | -26,129 | ' |
Net Carrying Amount | 44,886 | 50,589 | ' |
Aerospace [Member] | Customer Relationships [Member] | ' | ' | ' |
Gross Carrying Value | 282,225 | 282,225 | ' |
Accumulated Amortization | -97,281 | -77,288 | ' |
Net Carrying Amount | 184,944 | 204,937 | ' |
Aerospace [Member] | Intellectual Property [Member] | ' | ' | ' |
Gross Carrying Value | 0 | 0 | ' |
Accumulated Amortization | 0 | 0 | ' |
Net Carrying Amount | 0 | 0 | ' |
Aerospace [Member] | Other Intangibles [Member] | ' | ' | ' |
Gross Carrying Value | 9,100 | 47,351 | ' |
Accumulated Amortization | -8,465 | -44,572 | ' |
Net Carrying Amount | 635 | 2,779 | ' |
Energy [Member] | ' | ' | ' |
Gross Carrying Value | 86,257 | 88,315 | ' |
Accumulated Amortization | -61,950 | -57,845 | ' |
Net Carrying Amount | 24,307 | 30,470 | ' |
Energy [Member] | Process Technology [Member] | ' | ' | ' |
Gross Carrying Value | 23,078 | 23,458 | ' |
Accumulated Amortization | -13,141 | -11,699 | ' |
Net Carrying Amount | 9,937 | 11,759 | ' |
Energy [Member] | Customer Relationships [Member] | ' | ' | ' |
Gross Carrying Value | 41,706 | 42,008 | ' |
Accumulated Amortization | -32,032 | -29,711 | ' |
Net Carrying Amount | 9,674 | 12,297 | ' |
Energy [Member] | Intellectual Property [Member] | ' | ' | ' |
Gross Carrying Value | 19,954 | 20,218 | ' |
Accumulated Amortization | -15,938 | -14,722 | ' |
Net Carrying Amount | 4,016 | 5,496 | ' |
Energy [Member] | Other Intangibles [Member] | ' | ' | ' |
Gross Carrying Value | 1,519 | 2,631 | ' |
Accumulated Amortization | -839 | -1,713 | ' |
Net Carrying Amount | $680 | $918 | ' |
Intangible_Assets_Net_Schedule1
Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets, Net | ' | ' |
2015 | $29,309 | ' |
2016 | 27,606 | ' |
2017 | 25,862 | ' |
2018 | 25,035 | ' |
2019 | 23,199 | ' |
Thereafter | 123,761 | ' |
Finite-Lived Intangible Assets, Net, Total | $254,772 | $288,775 |
Credit_Facilities_Shortterm_Bo2
Credit Facilities, Short-term Borrowings (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 |
Foreign Performance Guarantee Facilities [Member] | Foreign Lines of Credit And Overdraft Facilities [Member] | Domestic Line Of Credit [Member] | Domestic Line Of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Second Amended and Restated Credit Agreement [Member] | Chinese Credit Facility [Member] | Chinese Credit Facility, RMB Denominated Loan [Member] | The Notes [Member] | 2008 Term Loan [Member] | 2008 Term Loan [Member] | 2008 Term Loan [Member] | ||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||
Maximum borrowing capacity | $637,637 | ' | ' | ' | $9,678 | $27,959 | ' | $200,000 | $600,000 | $600,000 | ' | ' | ' | ' | $22,700 | ' | ' | ' | ' | ' | ' |
Option to increase maximum borrowings to this amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | 20-Dec-13 | ' | ' | 1-Jul-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Initiation Date | ' | ' | ' | ' | ' | ' | ' | 21-Dec-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | 'prime rate or an adjusted LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | 'interest at the prevailing interest rate offered by the People's Bank of China on the date of borrowing, plus a margin equal to 25% of that prevailing rate | 'interest at the lender's cost of borrowing rate at the date of borrowing, plus 3% | ' | 'LIBOR | ' | ' |
Basis Spread On Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.85% | 1.65% | ' | ' | ' | ' | ' | ' | 1.00% | 2.25% |
Credit facility effective interest rate on outstanding borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.21% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cross default provisions related to the Companybs other outstanding debt arrangements in excess of this amount, the occurrence of which would permit the lenders to accelerate the amounts due thereunder | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Covenant, Minimum Consolidated Net Worth Calculation, Base Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' |
Debt Covenant, Minimum Consolidated Net Worth Calculation, Percentage of Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Debt Covenant, Minimum Consolidated Net Worth Calculation, Percentage of Net Proceeds of Issuance of Capital Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Covenant, Leverage Ratio, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3.5 to 1.0 | ' | ' | ' | ' | ' | ' | ' | '3.5 to 1.0 | ' | ' | ' |
Debt Covenant, Leverage Ratio During Material Acquisition Period, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4.0 to 1.0 | ' | ' | ' | ' | ' | ' | ' | '4.0 to 1.0 | ' | ' | ' |
Debt Covenant, Leverage Ratio Next Two Succeeding Fiscal Quarters Following Material Acquisition, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3.75 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 1,651 | ' | ' | 1,529 | ' | ' | ' | ' | ' | ' | ' |
Repayment of long-term debt | 300,000 | 41,875 | 33,365 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accelerated amortization of debt financing costs recognized as interest expense | 1,014 | 1,045 | 1,074 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128 | ' | ' |
Outstanding borrowings | 210,000 | ' | ' | ' | 0 | 0 | ' | ' | 210,000 | 210,000 | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Rationale for Classification as Long-term Debt | ' | 'Woodward classified the $200,000 outstanding on the Line of Credit as long-term as of September 30, 2013 based on its intention to refinance in fiscal year 2014 | ' | ' | ' | ' | ' | 'Woodward classified the $200,000 outstanding on the Line of Credit as long-term as of September 30, 2013 based on its intention to refinance in fiscal year 2014. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Gross | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 1,651 | ' | ' | 1,529 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 421,699 | ' | ' | ' | 9,235 | 27,872 | ' | ' | 384,592 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowing availability | 421,699 | ' | ' | ' | 9,235 | 27,872 | ' | ' | 384,592 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, excluding current portion | 710,000 | 450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 115,287 | 48,556 | 61,829 | 74,539 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 115,287 | 48,556 | 61,829 | 74,539 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs | $1,014 | $1,045 | $1,074 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $128 | ' | ' |
Longterm_Debt_Narrative_Detail
Long-term Debt (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
The Notes [Member] | Non Floating Rate Notes [Member] | 2008 Note Purchase Agreement [Member] | 2009 Note Purchase Agreement [Member] | 2013 Note Purchase Agreement [Member] | 2013 Note Purchase Agreement [Member] | Floating Rate Notes [Member] | Series J Notes [Member] | First Closing Notes [Member] | Second Closing Notes [Member] | 2008 Term Loan [Member] | 2008 Term Loan [Member] | 2008 Term Loan [Member] | 2008 Term Loan [Member] | Foreign Performance Guarantee Facilities [Member] | Foreign Lines of Credit And Overdraft Facilities [Member] | Domestic Line Of Credit [Member] | Domestic Line Of Credit [Member] | Revolving Credit Facility [Member] | Chinese Credit Facility [Member] | Chinese Credit Facility, RMB Denominated Loan [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | |||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Issuance Date | ' | ' | ' | ' | ' | 1-Oct-08 | 1-Apr-09 | 1-Oct-13 | ' | ' | ' | 1-Oct-13 | 15-Nov-13 | ' | 1-Oct-08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face Amount | ' | ' | ' | ' | ' | ' | ' | $250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | 'prime rate or an adjusted LIBOR | ' | ' | 'interest at the prevailing interest rate offered by the People's Bank of China on the date of borrowing, plus a margin equal to 25% of that prevailing rate | 'interest at the lender's cost of borrowing rate at the date of borrowing, plus 3% | 'LIBOR | ' | ' | ' |
Basis Spread On Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.85% | 1.65% |
Variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Covenant, Leverage Ratio, Maximum | ' | ' | ' | '3.5 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3.5 to 1.0 | ' | ' | ' |
Debt Covenant, Minimum Consolidated Net Worth Calculation, Base Value | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' |
Debt Covenant, Minimum Consolidated Net Worth Calculation, Percentage of Net Income | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Debt Covenant, Minimum Consolidated Net Worth Calculation, Percentage of Net Proceeds of Issuance of Capital Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Debt Covenant, Calculations, Period Of Time | ' | ' | ' | 'rolling four quarter basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cross default provisions related to the Companybs other outstanding debt arrangements in excess of this amount, the occurrence of which would permit the lenders to accelerate the amounts due thereunder | ' | ' | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Covenant, Leverage Ratio During Material Acquisition Period, Maximum | ' | ' | ' | '4.0 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4.0 to 1.0 | ' | ' | ' |
Debt Covenant, Maximum Percentage of Priority Debt To Consolidated Net Worth | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment, Maximum Percentage of Principal | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment, Partial Payment Minimum | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment, Make-Whole Amount Computation, Discount Rate Basis Points | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Prepayment Make Whole Amount Computation | ' | ' | ' | ' | 'discounting the remaining scheduled payments of interest and principal of the Notes being prepaid at a discount rate equal to the sum of 50 basis points and the yield to maturity of U.S. Treasury securities having a maturity equal to the remaining average life of the Notes being prepaid. | ' | ' | ' | ' | 'computed as a percentage of the principal amount of such floating rate Notes equal to (a) 2%, on or prior to November 15, 2014, (b) 1%, after November 15, 2014 and on or prior to November 15, 2015, and (c) 0% after November 15, 2015. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt financing costs | 1,297 | 1,651 | 2,185 | ' | ' | ' | ' | ' | 1,297 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of debt financing costs recognized as interest expense | 1,014 | 1,045 | 1,074 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance of unamortized debt financing costs | 4,276 | 3,869 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Initiation Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21-Dec-12 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20-Dec-13 | ' | ' | ' | ' | ' | 1-Jul-18 | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 637,637 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,678 | 27,959 | ' | 200,000 | 600,000 | 22,700 | ' | ' | 600,000 | ' | ' | ' |
Outstanding borrowings | $210,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | $210,000 | $0 | ' | ' | $210,000 | $0 | ' | ' |
Credit facility effective interest rate on outstanding borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.21% | ' | ' | ' |
Line of Credit Facility, Rationale for Classification as Long-term Debt | ' | 'Woodward classified the $200,000 outstanding on the Line of Credit as long-term as of September 30, 2013 based on its intention to refinance in fiscal year 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Woodward classified the $200,000 outstanding on the Line of Credit as long-term as of September 30, 2013 based on its intention to refinance in fiscal year 2014. | ' | ' | ' | ' | ' | ' | ' | ' |
Credit_Facilities_and_Shortter
Credit Facilities and Short-term Borrowings (Short-term Borrowings and Availability Under Various Short-term Credit Facilities) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Foreign Performance Guarantee Facilities [Member] | Foreign Lines of Credit And Overdraft Facilities [Member] | Domestic Line Of Credit [Member] | Revolving Credit Facility [Member] | Chinese Credit Facility [Member] | |
Total availability | $637,637 | $9,678 | $27,959 | $200,000 | $600,000 | $22,700 |
Outstanding letters of credit and guarantees | -5,937 | -443 | -86 | ' | -5,408 | ' |
Outstanding borrowings | 210,000 | 0 | 0 | ' | 210,000 | 0 |
Remaining availability | $421,699 | $9,235 | $27,872 | ' | $384,592 | ' |
Longterm_Debt_Schedule_of_Long
Long-term Debt (Schedule of Long-term Debt) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Domestic Line Of Credit [Member] | Domestic Line Of Credit [Member] | 2008 Term Loan [Member] | 2008 Term Loan [Member] | 2008 Term Loan [Member] | Series B Notes [Member] | Series B Notes [Member] | Series C Notes [Member] | Series C Notes [Member] | Series D Notes [Member] | Series D Notes [Member] | Series E Notes [Member] | Series E Notes [Member] | Series F Notes [Member] | Series F Notes [Member] | Series J Notes [Member] | Series J Notes [Member] | Series J Notes [Member] | Series G Notes [Member] | Series H Notes [Member] | Series I Notes [Member] | Series K Notes [Member] | Series L Notes [Member] | Domestic Line Of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Chinese Credit Facility, RMB Denominated Loan [Member] | |||
Minimum [Member] | Maximum [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||
Long-term debt balance | $500,000 | ' | ' | ' | ' | ' | ' | $0 | $100,000 | $50,000 | $50,000 | $100,000 | $100,000 | $57,000 | $57,000 | $43,000 | $43,000 | ' | ' | $50,000 | $50,000 | $25,000 | $25,000 | $50,000 | $50,000 | $200,000 | $210,000 | ' | ' | ' | ' | ' |
Variable interest rate | ' | ' | ' | 1.06% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | 'prime rate or an adjusted LIBOR | ' | 'LIBOR | ' | ' | 'interest at the prevailing interest rate offered by the People's Bank of China on the date of borrowing, plus a margin equal to 25% of that prevailing rate | 'interest at the lender's cost of borrowing rate at the date of borrowing, plus 3% |
Basis Spread On Variable Rate | ' | ' | ' | ' | ' | 1.00% | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | 0.85% | 1.65% | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | 5.63% | 5.63% | 5.92% | 5.92% | 6.39% | 6.39% | 7.81% | 7.81% | 8.24% | 8.24% | ' | ' | ' | 3.42% | 4.03% | 4.18% | 4.03% | 4.18% | ' | ' | ' | ' | ' | ' | ' |
Credit facility effective interest rate on outstanding borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.21% | ' | ' | ' | ' |
Maturity date | ' | ' | 20-Dec-13 | ' | ' | ' | ' | 1-Oct-13 | 1-Oct-13 | 1-Oct-15 | 1-Oct-15 | 1-Oct-18 | 1-Oct-18 | 3-Apr-16 | 3-Apr-16 | 3-Apr-19 | 3-Apr-19 | ' | ' | 15-Nov-20 | 15-Nov-20 | 15-Nov-23 | 15-Nov-25 | 15-Nov-23 | 15-Nov-25 | ' | 1-Jul-18 | ' | ' | ' | ' | ' |
Total debt | 710,000 | 550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 0 | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, excluding current portion | $710,000 | $450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Longterm_Debt_Schedule_of_Futu
Long-term Debt (Schedule of Future Principal Payments of Long-term Debt) (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
2015 | $0 |
2016 | 107,000 |
2017 | 0 |
2018 | 0 |
2019 | 143,000 |
Thereafter | 250,000 |
Long-term debt balance | $500,000 |
Accrued_Liabilities_Accrued_Li
Accrued Liabilities (Accrued Liabilities) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | ||||
Accrued Liabilities | ' | ' | ' | ' |
Salaries and other member benefits | $95,031 | $66,212 | ' | ' |
Warranties | 16,916 | 15,224 | 15,742 | 14,083 |
Interest payable | 12,487 | 11,437 | ' | ' |
Current portion of acquired performance obligations and unfavorable contracts | 16,432 | 23,977 | ' | ' |
Accrued retirement benefits | 2,286 | 2,276 | ' | ' |
Deferred revenues | 6,108 | 6,304 | ' | ' |
Taxes, other than income | 8,557 | 6,504 | ' | ' |
Other | 14,914 | 29,807 | ' | ' |
Accrued liabilities | $172,731 | $161,741 | ' | ' |
Accrued_Liabilities_Warranties
Accrued Liabilities (Warranties) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Accrued Liabilities | ' | ' | ' |
Warranties, beginning of period | $15,224 | $15,742 | $14,083 |
Warranty Expense | 10,700 | 12,037 | 14,543 |
Increases due to acquisition of Duarte Business | 0 | 157 | 0 |
Reductions for settling warranties | -8,448 | -13,051 | -12,587 |
Foreign currency exchange rate changes | -560 | 339 | -297 |
Warranties, end of period | $16,916 | $15,224 | $15,742 |
Other_Liabilities_Details
Other Liabilities (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities | ' | ' |
Net accrued retirement benefits, less amounts recognized within accrued liabilities | $38,850 | $39,956 |
Total unrecognized tax benefits, net of offsetting adjustments | 14,707 | 20,343 |
Acquired performance obligations and unfavorable contracts | 12,792 | 23,951 |
Deferred economic incentives | 18,408 | 8,266 |
Other | 16,454 | 12,994 |
Other liabilities | $101,211 | $105,510 |
Other_Income_Expense_Net_Detai
Other (Income) Expense, Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Other (Income) Expense, Net | ' | ' | ' |
Net (gain) loss on sales of assets | $166 | ($100) | $16 |
Rent income | -565 | -555 | -504 |
Net gain on investments in deferred compensation program | -794 | -946 | -1,052 |
Other | -107 | -21 | -40 |
Other (income) expense, net | ($1,300) | ($1,622) | ($1,580) |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2011 |
Income Taxes | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | ' | $5,552 | $7,058 | ' |
Undistributed foreign earnings for which Woodward has not provided for taxes | ' | 253,797 | ' | ' |
Estimated decrease in liability for unrecognized tax benefits | ' | 114 | ' | ' |
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | ' | 12,807 | 17,838 | ' |
Accrued interest and penalties | ' | 1,158 | 2,066 | ' |
Unrecognized Tax Benefits | 18,069 | 22,687 | 22,694 | 16,931 |
Tax benefit related to reduction in the amount of undistributed earnings expected to be repatriated to the US in the forseeable future | $3,326 | ' | ' | ' |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Current: | ' | ' | ' |
Federal | $48,327 | $29,438 | $47,862 |
State | 5,752 | 4,760 | 4,452 |
Foreign | 16,594 | 10,612 | 11,594 |
Deferred: | ' | ' | ' |
Federal | -4,378 | 13,904 | -9,632 |
State | -2,966 | 885 | -200 |
Foreign | -1,929 | -5,970 | 2,142 |
Income tax expense | $61,400 | $53,629 | $56,218 |
Income_Taxes_Earings_Before_In
Income Taxes (Earings Before Income Taxes by Geographical Area) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | $148,837 | $148,604 | $146,535 |
Other countries | ' | ' | ' | ' | ' | ' | ' | ' | 78,407 | 50,967 | 51,272 |
Consolidated earnings before income taxes | $75,076 | $62,468 | $56,756 | $32,944 | $75,201 | $35,497 | $50,336 | $38,537 | $227,244 | $199,571 | $197,807 |
Income_Taxes_Composition_of_De
Income Taxes (Composition of Deferred Income Taxes) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Defined benefit plans, other postretirement | $10,762 | $10,563 |
Foreign net operating loss carryforwards | 5,552 | 7,058 |
Inventory | 21,608 | 16,944 |
Deferred and stock-based compensation | 24,987 | 18,657 |
Defined benefit pension | 227 | 866 |
Other reserves | 10,513 | 9,055 |
Credits and incentives | 8,178 | 8,046 |
Other | 11,422 | 10,584 |
Valuation allowance | -9,486 | -11,783 |
Total deferred tax assets, net of valuation allowance | 83,763 | 69,990 |
Deferred tax liabilities: | ' | ' |
Goodwill and intangibles - net | -96,493 | -97,804 |
Property, plant and equipment | -18,288 | -17,175 |
Other | -7,419 | -3,391 |
Total deferred tax liabilities | -122,200 | -118,370 |
Net deferred tax liabilities | ($38,437) | ($48,380) |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of U.S Statutory Rate to Effective Tax Rate) (Details) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes | ' | ' | ' |
Statutory tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 1.30% | 1.80% | 1.60% |
Taxes on international activities | -3.70% | -1.70% | -3.30% |
Research credit | -0.70% | -3.10% | -0.80% |
Retroactive extension of research credit | 0.00% | -2.50% | 0.00% |
Domestic production activities deduction | -1.30% | -2.00% | -1.90% |
Adjustments of prior period tax items | -2.90% | -0.60% | -1.50% |
Other items, net | -0.70% | 0.00% | -0.70% |
Effective tax rate | 27.00% | 26.90% | 28.40% |
Income_Taxes_Reconciliation_of1
Income Taxes (Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes | ' | ' | ' |
Beginning Balance | $22,694 | $18,069 | $16,931 |
Additions to current year tax positions | 8,830 | 5,587 | 1,444 |
Reductions to prior year tax positions | -9,684 | 0 | -169 |
Additions to prior year tax positions | 1,844 | 1,079 | ' |
Lapse of applicable statute of limitations | -997 | -2,041 | -137 |
Ending Balance | $22,687 | $22,694 | $18,069 |
Retirement_Benefits_Narrative_
Retirement Benefits (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Value of Company Stock Contributed to Defined Contribution Benefit Plans | $11,193 | $9,780 | $9,335 |
Shares of Woodward stock held in Woodward Retirement Savings Plan | 5,176 | 5,681 | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Net periodic retirement pension (beneift) cost | -6,048 | 4,492 | 4,481 |
Projected benefit obligation | 201,275 | 190,423 | 198,476 |
Fair value of plan assets | 205,161 | 190,175 | 161,503 |
Benefits paid | 6,050 | 5,736 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Net periodic retirement pension (beneift) cost | -6,112 | 3,443 | 2,937 |
Discount rate support/source data | 'In the United States, Woodward used a bond portfolio matching analysis based on recently traded, non-callable bonds rated AA or better that have at least $50 million outstanding. | ' | ' |
Projected benefit obligation | 137,740 | 126,532 | 137,639 |
Fair value of plan assets | 142,090 | 129,518 | 105,966 |
Benefits paid | 3,732 | 3,131 | ' |
Estimated future employer contributions in the next fiscal year | 21 | ' | ' |
Accumulated benefit obligation | 137,423 | 116,061 | ' |
United Kingdom Plan, Defined Benefit [Member] | ' | ' | ' |
Projected benefit obligation | 52,710 | ' | ' |
Fair value of plan assets | 52,260 | ' | ' |
Estimated future employer contributions in the next fiscal year | 1,507 | ' | ' |
Japan Plan, Defined Benefit [Member] | ' | ' | ' |
Projected benefit obligation | 10,825 | ' | ' |
Fair value of plan assets | 10,811 | ' | ' |
Estimated future employer contributions in the next fiscal year | 1,045 | ' | ' |
Switzerland Plan, Defined Benefit [Member] | ' | ' | ' |
Discount rate support/source data | 'In Switzerland, Woodward used high quality swap rates plus a credit spread of 0.20% in fiscal year 2013 and 0.46% in fiscal year 2012, as high quality swaps are available in Switzerland at various durations and trade at higher volumes than bonds. | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Net periodic retirement pension (beneift) cost | 64 | 1,049 | 1,544 |
Discount rate support/source data | 'In the United Kingdom and Japan, Woodward used cash flow matching to develop a single rate equivalent for a theoretical portfolio of non-callable, AA-rated bonds for each jurisdiction. | ' | ' |
Projected benefit obligation | 63,535 | 63,891 | 60,837 |
Fair value of plan assets | 63,071 | 60,657 | 55,537 |
Benefits paid | 2,318 | 2,605 | ' |
Accumulated benefit obligation | 61,041 | 60,701 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Net periodic retirement pension (beneift) cost | 1,121 | 1,089 | 1,409 |
Projected benefit obligation | 29,225 | 28,996 | 37,550 |
Fair value of plan assets | 0 | 0 | 0 |
Benefits paid | 4,243 | 4,206 | ' |
Estimated future employer contributions in the next fiscal year | 3,778 | ' | ' |
Option to elect company provided medical insurance coverage up to this age and a Medicare supplemental plan after this age | 65 | ' | ' |
Approximate number of retired employees and their covered dependents and beneficiaries currently providing postretirement benefits | 900 | ' | ' |
Approximate number of active employees and their covered dependants and beneficiaries who may receive postretirement benefits in the future | 45 | ' | ' |
As a result of a plan amendment, all postretirement medical benefits are fully insured for retirees who have attained this age | 65 | ' | ' |
Accumulated benefit obligation | 29,225 | 28,996 | ' |
United Kingdom, Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Discount rate support/source data | 'In the United Kingdom Woodward used cash flow matching to develop a single rate equivalent for a theoretical portfolio of non-callable, AA-rated bonds. | ' | ' |
Projected benefit obligation | 438 | ' | ' |
Benefits paid | 10 | ' | ' |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Discount rate support/source data | 'In the United States, Woodward used a bond portfolio matching analysis based on recently traded, non-callable bonds rated AA or better that have at least $50 million outstanding. | ' | ' |
Cash and Cash Equivalents [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 484 | 422 | ' |
Pooled funds: Index linked U.K. government securities fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 4,566 | 4,176 | ' |
Pooled funds: Index linked U.K. long-term government securities fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 5,569 | 4,908 | ' |
Mutual funds: U.S. corporate bond fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 56,559 | 49,328 | ' |
Pooled funds: Index linked U.K. corporate bonds fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 16,897 | 15,810 | ' |
Equity Funds [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 12,327 | 11,324 | ' |
Pooled funds: Japanese fixed income securities [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 4,676 | 4,414 | ' |
Pooled funds: International fixed income securities [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 1,638 | 1,535 | ' |
Mutual funds: U.S. equity large cap fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 49,220 | 44,140 | ' |
Mutual funds: International equity large cap growth fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 35,995 | 35,777 | ' |
Pooled funds: Japanese equity securities [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 2,330 | 2,269 | ' |
Pooled funds: International equity securities [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 2,067 | 1,989 | ' |
Pooled funds: Index linked U.K. equity fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 6,240 | 6,060 | ' |
Pooled funds: Index linked international equity fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 6,593 | 6,047 | ' |
Insurance Backed Assets [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | ' | 1,976 | ' |
Multiemployer Plan, Japan [Member] | Minimum [Member] | ' | ' | ' |
One-time contribution that would be incurred if the Company elects to withdraw | 500 | ' | ' |
Multiemployer Plan, Japan [Member] | Maximum [Member] | ' | ' | ' |
One-time contribution that would be incurred if the Company elects to withdraw | 1,500 | ' | ' |
Treasury Stock at Cost [Member] | ' | ' | ' |
Value of Company Stock Contributed to Defined Contribution Benefit Plans | $8,356 | $7,857 | $4,097 |
Treasury Stock Issued During Period, Shares, Employee Benefit Plans | 260 | 250 | 209 |
Retirement_Benefits_Schedule_o
Retirement Benefits (Schedule of Costs of Retirement Plans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Multiemployer Plan [Member] | ' | ' | ' |
Company Contributions | $728 | $797 | $792 |
Defined Contribution Plan [Member] | ' | ' | ' |
Company Costs | $24,921 | $20,012 | $18,296 |
Retirement_Benefits_Schedule_o1
Retirement Benefits (Schedule of Assumptions Used) (Details) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Weighted-average assumptions to determine benefit obligation at September 30: | ' | ' | ' |
Discount rate | 4.40% | 5.15% | 4.10% |
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Weighted-average assumptions to determine periodic benefit costs for years ending September 30: | ' | ' | ' |
Discount rate | 5.15% | 4.10% | 5.55% |
Rate of compensation increase | 3.50% | 3.50% | 4.00% |
Long-term rate of return on plan assets | 7.62% | 7.59% | 7.89% |
United Kingdom Plan, Defined Benefit [Member] | ' | ' | ' |
Weighted-average assumptions to determine benefit obligation at September 30: | ' | ' | ' |
Discount rate | 4.10% | 4.50% | 4.60% |
Rate of compensation increase | 3.50% | 3.50% | 3.90% |
Weighted-average assumptions to determine periodic benefit costs for years ending September 30: | ' | ' | ' |
Discount rate | 4.50% | 4.60% | 5.10% |
Rate of compensation increase | 3.50% | 3.90% | 4.30% |
Long-term rate of return on plan assets | 5.50% | 5.50% | 6.00% |
Japan Plan, Defined Benefit [Member] | ' | ' | ' |
Weighted-average assumptions to determine benefit obligation at September 30: | ' | ' | ' |
Discount rate | 1.10% | 1.25% | 1.50% |
Rate of compensation increase | 2.00% | 2.00% | 2.00% |
Weighted-average assumptions to determine periodic benefit costs for years ending September 30: | ' | ' | ' |
Discount rate | 1.25% | 1.50% | 1.50% |
Rate of compensation increase | 2.00% | 2.00% | 2.00% |
Long-term rate of return on plan assets | 3.00% | 2.80% | 2.80% |
Switzerland Plan, Defined Benefit [Member] | ' | ' | ' |
Weighted-average assumptions to determine benefit obligation at September 30: | ' | ' | ' |
Discount rate | ' | 2.25% | 1.75% |
Rate of compensation increase | ' | 2.00% | 2.00% |
Weighted-average assumptions to determine periodic benefit costs for years ending September 30: | ' | ' | ' |
Discount rate | 2.25% | 1.75% | 2.50% |
Rate of compensation increase | 2.00% | 2.00% | 2.00% |
Long-term rate of return on plan assets | 2.25% | 1.75% | 2.50% |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Weighted-average assumptions to determine benefit obligation at September 30: | ' | ' | ' |
Discount rate | 4.40% | 5.14% | 4.11% |
Weighted-average assumptions to determine periodic benefit costs for years ending September 30: | ' | ' | ' |
Discount rate | 5.14% | 4.11% | 5.54% |
Retirement_Benefits_Schedule_o2
Retirement Benefits (Schedule of Net Periodic Benefit Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Service cost | $4,504 | $5,660 | $4,666 |
Interest cost | 8,792 | 7,682 | 8,096 |
Expected return on plan assets | -12,883 | -10,793 | -9,592 |
Amortization of: Net (gains) losses | 985 | 1,839 | 1,189 |
Amortization of: Prior service (benefit) cost | 93 | 67 | 66 |
Settlement costs | 0 | 37 | 56 |
Curtailment (gain) loss | -7,539 | 0 | 0 |
Net periodic benefit cost | -6,048 | 4,492 | 4,481 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Service cost | 3,516 | 4,608 | 3,530 |
Interest cost | 6,382 | 5,569 | 5,816 |
Expected return on plan assets | -9,813 | -8,183 | -7,008 |
Amortization of: Net (gains) losses | 330 | 1,374 | 524 |
Amortization of: Prior service (benefit) cost | 97 | 75 | 75 |
Settlement costs | 0 | 0 | 0 |
Curtailment (gain) loss | -6,624 | 0 | 0 |
Net periodic benefit cost | -6,112 | 3,443 | 2,937 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Service cost | 988 | 1,052 | 1,136 |
Interest cost | 2,410 | 2,113 | 2,280 |
Expected return on plan assets | -3,070 | -2,610 | -2,584 |
Amortization of: Net (gains) losses | 655 | 465 | 665 |
Amortization of: Prior service (benefit) cost | -4 | -8 | -9 |
Settlement costs | 0 | 37 | 56 |
Curtailment (gain) loss | -915 | 0 | 0 |
Net periodic benefit cost | 64 | 1,049 | 1,544 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Service cost | 47 | 71 | 70 |
Interest cost | 1,432 | 1,244 | 1,798 |
Amortization of: Net (gains) losses | -200 | -68 | 91 |
Amortization of: Prior service (benefit) cost | -158 | -158 | -550 |
Net periodic benefit cost | $1,121 | $1,089 | $1,409 |
Retirement_Benefits_Schedule_o3
Retirement Benefits (Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Changes in projected benefit obligation: | ' | ' | ' |
Projected benefit obligation at beginning of year | $190,423 | $198,476 | ' |
Service cost | 4,504 | 5,660 | 4,666 |
Interest cost | 8,792 | 7,682 | 8,096 |
Net actuarial (gains) losses | 15,461 | -12,615 | ' |
Contribution by participants | 91 | 253 | ' |
Benefits paid | -6,050 | -5,736 | ' |
Amounts paid by Company for Pension Protection Fund levy | -13 | -2 | ' |
Plan amendments | 3,355 | 0 | ' |
Settlements | -1,985 | -406 | ' |
Curtailments | -12,258 | -271 | ' |
Foreign currency exchange rate changes | -1,045 | -2,618 | ' |
Projected benefit obligation at end of year | 201,275 | 190,423 | 198,476 |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 190,175 | 161,503 | ' |
Actual return on plan assets | 20,976 | 17,162 | ' |
Contributions by the company | 2,962 | 19,237 | ' |
Contributions by plan participants | 91 | 253 | ' |
Benefits paid | -6,050 | -5,736 | ' |
Settlements | -1,985 | -406 | ' |
Foreign currency exchange rate changes | -1,008 | -1,838 | ' |
Fair value of plan assets at end of year | 205,161 | 190,175 | 161,503 |
Net over/(under)funded status at end of year | 3,886 | -248 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Changes in projected benefit obligation: | ' | ' | ' |
Projected benefit obligation at beginning of year | 126,532 | 137,639 | ' |
Service cost | 3,516 | 4,608 | 3,530 |
Interest cost | 6,382 | 5,569 | 5,816 |
Net actuarial (gains) losses | 12,446 | -18,165 | ' |
Contribution by participants | 0 | 12 | ' |
Benefits paid | -3,732 | -3,131 | ' |
Amounts paid by Company for Pension Protection Fund levy | 0 | 0 | ' |
Plan amendments | 3,355 | 0 | ' |
Settlements | 0 | 0 | ' |
Curtailments | -10,759 | 0 | ' |
Foreign currency exchange rate changes | 0 | 0 | ' |
Projected benefit obligation at end of year | 137,740 | 126,532 | 137,639 |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 129,518 | 105,966 | ' |
Actual return on plan assets | 15,764 | 10,621 | ' |
Contributions by the company | 540 | 16,050 | ' |
Contributions by plan participants | 0 | 12 | ' |
Benefits paid | -3,732 | -3,131 | ' |
Settlements | 0 | 0 | ' |
Foreign currency exchange rate changes | 0 | 0 | ' |
Fair value of plan assets at end of year | 142,090 | 129,518 | 105,966 |
Net over/(under)funded status at end of year | 4,350 | 2,986 | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Changes in projected benefit obligation: | ' | ' | ' |
Projected benefit obligation at beginning of year | 63,891 | 60,837 | ' |
Service cost | 988 | 1,052 | 1,136 |
Interest cost | 2,410 | 2,113 | 2,280 |
Net actuarial (gains) losses | 3,015 | 5,550 | ' |
Contribution by participants | 91 | 241 | ' |
Benefits paid | -2,318 | -2,605 | ' |
Amounts paid by Company for Pension Protection Fund levy | -13 | -2 | ' |
Plan amendments | 0 | 0 | ' |
Settlements | -1,985 | -406 | ' |
Curtailments | -1,499 | -271 | ' |
Foreign currency exchange rate changes | -1,045 | -2,618 | ' |
Projected benefit obligation at end of year | 63,535 | 63,891 | 60,837 |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 60,657 | 55,537 | ' |
Actual return on plan assets | 5,212 | 6,541 | ' |
Contributions by the company | 2,422 | 3,187 | ' |
Contributions by plan participants | 91 | 241 | ' |
Benefits paid | -2,318 | -2,605 | ' |
Settlements | -1,985 | -406 | ' |
Foreign currency exchange rate changes | -1,008 | -1,838 | ' |
Fair value of plan assets at end of year | 63,071 | 60,657 | 55,537 |
Net over/(under)funded status at end of year | -464 | -3,234 | ' |
United Kingdom Plan, Defined Benefit [Member] | ' | ' | ' |
Changes in projected benefit obligation: | ' | ' | ' |
Projected benefit obligation at end of year | 52,710 | ' | ' |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 52,260 | ' | ' |
Japan Plan, Defined Benefit [Member] | ' | ' | ' |
Changes in projected benefit obligation: | ' | ' | ' |
Projected benefit obligation at end of year | 10,825 | ' | ' |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | 10,811 | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Changes in projected benefit obligation: | ' | ' | ' |
Projected benefit obligation at beginning of year | 28,996 | 37,550 | ' |
Service cost | 47 | 71 | 70 |
Interest cost | 1,432 | 1,244 | 1,798 |
Net actuarial (gains) losses | 1,145 | -7,501 | ' |
Contribution by participants | 1,843 | 1,837 | ' |
Benefits paid | -4,243 | -4,206 | ' |
Foreign currency exchange rate changes | 5 | 1 | ' |
Projected benefit obligation at end of year | 29,225 | 28,996 | 37,550 |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Contributions by the company | 2,400 | 2,369 | ' |
Contributions by plan participants | 1,843 | 1,837 | ' |
Benefits paid | -4,243 | -4,206 | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Net over/(under)funded status at end of year | ($29,225) | ($28,996) | ' |
Retirement_Benefits_Schedule_o4
Retirement Benefits (Schedule of Accumulated Benefit Obligations In Excess of and Less Than Fair Value of Plan Assets) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Plans with accumulated benefit obligation in excess of plan assets | ' | ' |
Projected benefit obligation, plans with ABO in excess of plan assets | ($25,955) | ($38,473) |
Accumulated benefit obligation, plans with ABO in excess of plan assets | -25,955 | -36,739 |
Fair value of plan assets, plans with ABO in excess of plan assets | 24,671 | 34,717 |
Plans with accumulated benefit obligation less than plan assets | ' | ' |
Projected benefit obligation, plans with ABO less than plan assets | -175,320 | -151,950 |
Accumulated benefit obligation, plans with ABO less than plan assets | -172,509 | -140,023 |
Fair value of plan assets, plans with ABO less than plan assets | $180,490 | $155,458 |
Retirement_Benefits_Schedule_o5
Retirement Benefits (Schedule of Amounts Recognized in Balance Sheet and Other Comprehensive Income (Loss)) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Pension Plans, Defined Benefit [Member] | ' | ' |
Amounts recognized in statement of financial position consist of: | ' | ' |
Other non-current assets | $5,634 | $4,154 |
Other non-current liabilities | -1,748 | -4,402 |
Net over/(under)funded status at end of year | 3,886 | -248 |
Amounts recognized in accumulated other comprehensive loss (income) consist of: | ' | ' |
Unrecognized net prior service (benefit) cost | 4,624 | 1,363 |
Unrecognized net (gains) losses | 21,769 | 20,212 |
Total amounts recognized | 26,393 | 21,575 |
Deferred taxes | -9,658 | -7,702 |
Amounts recognized in accumulated other comprehensive loss (income) | 16,735 | 13,873 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' |
Amounts recognized in statement of financial position consist of: | ' | ' |
Other non-current assets | 5,634 | 4,154 |
Other non-current liabilities | -1,284 | -1,168 |
Net over/(under)funded status at end of year | 4,350 | 2,986 |
Amounts recognized in accumulated other comprehensive loss (income) consist of: | ' | ' |
Unrecognized net prior service (benefit) cost | 4,624 | 1,367 |
Unrecognized net (gains) losses | 9,867 | 7,841 |
Total amounts recognized | 14,491 | 9,208 |
Deferred taxes | -5,527 | -3,499 |
Amounts recognized in accumulated other comprehensive loss (income) | 8,964 | 5,709 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' |
Amounts recognized in statement of financial position consist of: | ' | ' |
Other non-current assets | 0 | 0 |
Other non-current liabilities | -464 | -3,234 |
Net over/(under)funded status at end of year | -464 | -3,234 |
Amounts recognized in accumulated other comprehensive loss (income) consist of: | ' | ' |
Unrecognized net prior service (benefit) cost | 0 | -4 |
Unrecognized net (gains) losses | 11,902 | 12,371 |
Total amounts recognized | 11,902 | 12,367 |
Deferred taxes | -4,131 | -4,203 |
Amounts recognized in accumulated other comprehensive loss (income) | 7,771 | 8,164 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Amounts recognized in statement of financial position consist of: | ' | ' |
Accrued liabilities | -2,262 | -2,231 |
Other non-current liabilities | -26,963 | -26,765 |
Net over/(under)funded status at end of year | -29,225 | -28,996 |
Amounts recognized in accumulated other comprehensive loss (income) consist of: | ' | ' |
Unrecognized net prior service (benefit) cost | -635 | -794 |
Unrecognized net (gains) losses | -3,031 | -4,379 |
Total amounts recognized | -3,666 | -5,173 |
Deferred taxes | 1,388 | 1,970 |
Amounts recognized in accumulated other comprehensive loss (income) | ($2,278) | ($3,203) |
Retirement_Benefits_Schedule_o6
Retirement Benefits (Schedule of Changes in Plan Assets and Benefit Obligations Recorded in Other Comprehensive (Income) Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Net (gain) loss arising during the period | ($3,746) | ($26,756) | $17,960 |
Prior service (benefit) cost | 3,355 | 0 | 0 |
Loss (gain) due to settlement or curtailment | -7,539 | 36 | 56 |
Amortization of: Net gains (losses) | -785 | -1,770 | -1,280 |
Amortization of: Prior service benefit (cost) | 66 | 90 | 484 |
Foreign currency exchange rate changes | -104 | -673 | 171 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Net (gain) loss arising during the period | -4,891 | -19,255 | ' |
Prior service (benefit) cost | 3,355 | 0 | ' |
Loss (gain) due to settlement or curtailment | -7,539 | 36 | ' |
Amortization of: Net gains (losses) | -985 | -1,838 | ' |
Amortization of: Prior service benefit (cost) | -93 | -68 | ' |
Foreign currency exchange rate changes | -107 | -673 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Total | 4,818 | -21,870 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Net (gain) loss arising during the period | -4,269 | -20,604 | ' |
Prior service (benefit) cost | 3,355 | 0 | ' |
Loss (gain) due to settlement or curtailment | -6,624 | 0 | ' |
Amortization of: Net gains (losses) | -330 | -1,374 | ' |
Amortization of: Prior service benefit (cost) | -97 | -75 | ' |
Foreign currency exchange rate changes | 0 | 0 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Total | 5,283 | -22,053 | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Net (gain) loss arising during the period | -622 | 1,349 | ' |
Prior service (benefit) cost | 0 | 0 | ' |
Loss (gain) due to settlement or curtailment | -915 | 36 | ' |
Amortization of: Net gains (losses) | -655 | -464 | ' |
Amortization of: Prior service benefit (cost) | 4 | 7 | ' |
Foreign currency exchange rate changes | -107 | -673 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Total | -465 | 183 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Net (gain) loss arising during the period | 1,145 | -7,501 | ' |
Amortization of: Net gains (losses) | 200 | 68 | ' |
Amortization of: Prior service benefit (cost) | 159 | 158 | ' |
Foreign currency exchange rate changes | 3 | 0 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Total | $1,507 | ($7,275) | ' |
Retirement_Benefits_Schedule_o7
Retirement Benefits (Schedule of Amounts Expected to be Amortized from Accumulated Other Comprehensive Income (Loss) and Reported as a Component of Net Periodic Benefit Cost During the Next Fiscal Year) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Pension Plans, Defined Benefit [Member] | ' |
Prior service (benefit) cost | $383 |
Net actuarial (gains) losses | 862 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' |
Prior service (benefit) cost | 383 |
Net actuarial (gains) losses | 396 |
Foreign Pension Plans, Defined Benefit [Member] | ' |
Prior service (benefit) cost | 0 |
Net actuarial (gains) losses | $466 |
Retirement_Benefits_Schedule_o8
Retirement Benefits (Schedule of Expected Benefit Payments) (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans, Defined Benefit [Member] | ' |
2015 | $7,113 |
2016 | 7,654 |
2017 | 8,451 |
2018 | 9,094 |
2019 | 10,190 |
2020 - 2024 | 58,438 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' |
2015 | 4,760 |
2016 | 5,291 |
2017 | 5,897 |
2018 | 6,520 |
2019 | 7,154 |
2020 - 2024 | 43,682 |
Foreign Pension Plans, Defined Benefit [Member] | ' |
2015 | 2,353 |
2016 | 2,363 |
2017 | 2,554 |
2018 | 2,574 |
2019 | 3,036 |
2020 - 2024 | $14,756 |
Retirement_Benefits_Schedule_o9
Retirement Benefits (Schedule of Allocation of Plan Assets, Actual and Target Allocations) (Details) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Other Investment Asset [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' |
Target Allocation, Minimum | 0.00% | 0.00% |
Target Allocation, Maximum | 0.00% | 0.00% |
Actual Allocation of Plan Assets | 0.20% | 0.20% |
Other Investment Asset [Member] | United Kingdom Plan, Defined Benefit [Member] | ' | ' |
Target Allocation, Minimum | 0.00% | 0.00% |
Target Allocation, Maximum | 0.00% | 0.00% |
Actual Allocation of Plan Assets | 0.10% | 0.10% |
Other Investment Asset [Member] | Japan Plan, Defined Benefit [Member] | ' | ' |
Target Allocation, Minimum | 0.00% | 0.00% |
Target Allocation, Maximum | 2.00% | 2.00% |
Actual Allocation of Plan Assets | 0.90% | 0.90% |
Other Investment Asset [Member] | Switzerland Plan, Defined Benefit [Member] | ' | ' |
Target Allocation, Minimum | ' | 100.00% |
Target Allocation, Maximum | ' | 100.00% |
Actual Allocation of Plan Assets | ' | 100.00% |
Equity Securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' |
Target Allocation, Minimum | 40.70% | 40.70% |
Target Allocation, Maximum | 80.70% | 80.70% |
Actual Allocation of Plan Assets | 60.00% | 61.70% |
Equity Securities [Member] | United Kingdom Plan, Defined Benefit [Member] | ' | ' |
Target Allocation, Minimum | 40.00% | 40.00% |
Target Allocation, Maximum | 70.00% | 70.00% |
Actual Allocation of Plan Assets | 48.20% | 48.40% |
Equity Securities [Member] | Japan Plan, Defined Benefit [Member] | ' | ' |
Target Allocation, Minimum | 36.00% | 36.00% |
Target Allocation, Maximum | 44.00% | 44.00% |
Actual Allocation of Plan Assets | 40.70% | 41.30% |
Equity Securities [Member] | Switzerland Plan, Defined Benefit [Member] | ' | ' |
Target Allocation, Minimum | ' | 0.00% |
Target Allocation, Maximum | ' | 0.00% |
Actual Allocation of Plan Assets | ' | 0.00% |
Debt Securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' |
Target Allocation, Minimum | 29.30% | 29.30% |
Target Allocation, Maximum | 49.30% | 49.30% |
Actual Allocation of Plan Assets | 39.80% | 38.10% |
Debt Securities [Member] | United Kingdom Plan, Defined Benefit [Member] | ' | ' |
Target Allocation, Minimum | 35.00% | 35.00% |
Target Allocation, Maximum | 65.00% | 65.00% |
Actual Allocation of Plan Assets | 51.70% | 51.50% |
Debt Securities [Member] | Japan Plan, Defined Benefit [Member] | ' | ' |
Target Allocation, Minimum | 55.00% | 55.00% |
Target Allocation, Maximum | 63.00% | 63.00% |
Actual Allocation of Plan Assets | 58.40% | 57.80% |
Debt Securities [Member] | Switzerland Plan, Defined Benefit [Member] | ' | ' |
Target Allocation, Minimum | ' | 0.00% |
Target Allocation, Maximum | ' | 0.00% |
Actual Allocation of Plan Assets | ' | 0.00% |
Recovered_Sheet1
Retirement Benefits (Schedule of Allocation of Plan Assets, Fair Value Hierarchy) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | $205,161 | $190,175 | $161,503 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 142,090 | 129,518 | 105,966 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 63,071 | 60,657 | 55,537 |
United Kingdom Plan, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 52,260 | ' | ' |
Japan Plan, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 10,811 | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | 0 |
Cash and Cash Equivalents [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 484 | 422 | ' |
Pooled funds: Index linked U.K. government securities fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 4,566 | 4,176 | ' |
Pooled funds: Index linked U.K. long-term government securities fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 5,569 | 4,908 | ' |
Mutual funds: U.S. corporate bond fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 56,559 | 49,328 | ' |
Pooled funds: Index linked U.K. corporate bonds fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 16,897 | 15,810 | ' |
Pooled funds: Japanese fixed income securities [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 4,676 | 4,414 | ' |
Pooled funds: International fixed income securities [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 1,638 | 1,535 | ' |
Mutual funds: U.S. equity large cap fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 49,220 | 44,140 | ' |
Mutual funds: International equity large cap growth fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 35,995 | 35,777 | ' |
Pooled funds: Japanese equity securities [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 2,330 | 2,269 | ' |
Pooled funds: International equity securities [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 2,067 | 1,989 | ' |
Pooled funds: Index linked U.K. equity fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 6,240 | 6,060 | ' |
Pooled funds: Index linked international equity fund [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 6,593 | 6,047 | ' |
Insurance Backed Assets [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | ' | 1,976 | ' |
Equity Funds [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 12,327 | 11,324 | ' |
Fair Value, Inputs, Level 1 [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 142,090 | 129,518 | ' |
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 168 | 149 | ' |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 316 | 273 | ' |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 168 | 149 | ' |
Fair Value, Inputs, Level 1 [Member] | Mutual funds: U.S. corporate bond fund [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 56,559 | 49,328 | ' |
Fair Value, Inputs, Level 1 [Member] | Mutual funds: U.S. equity large cap fund [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 49,220 | 44,140 | ' |
Fair Value, Inputs, Level 1 [Member] | Mutual funds: International equity large cap growth fund [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 35,995 | 35,777 | ' |
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 62,903 | 58,532 | ' |
Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked U.K. government securities fund [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 4,566 | 4,176 | ' |
Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked U.K. long-term government securities fund [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 5,569 | 4,908 | ' |
Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked U.K. corporate bonds fund [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 16,897 | 15,810 | ' |
Fair Value, Inputs, Level 2 [Member] | Pooled funds: Japanese fixed income securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 4,676 | 4,414 | ' |
Fair Value, Inputs, Level 2 [Member] | Pooled funds: International fixed income securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 1,638 | 1,535 | ' |
Fair Value, Inputs, Level 2 [Member] | Pooled funds: Japanese equity securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 2,330 | 2,269 | ' |
Fair Value, Inputs, Level 2 [Member] | Pooled funds: International equity securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 2,067 | 1,989 | ' |
Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked U.K. equity fund [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 6,240 | 6,060 | ' |
Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked international equity fund [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 6,593 | 6,047 | ' |
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | 12,327 | 11,324 | ' |
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | ' | 1,976 | ' |
Fair Value, Inputs, Level 3 [Member] | Insurance Backed Assets [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Fair value of plan assets | ' | $1,976 | ' |
Recovered_Sheet2
Retirement Benefits (Schedule of Health Care Cost Trend Rates) (Details) (Other Postretirement Benefit Plans, Defined Benefit [Member]) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Health care cost trend rate assumed for next year | 7.00% | 7.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | '2023 | '2022 |
Recovered_Sheet3
Retirement Benefits (Schedule of Health Care Costs Sensitivity) (Details) (Other Postretirement Benefit Plans, Defined Benefit [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Effect on projected fiscal year 2015 service and interest cost, 1% increase | $121 |
Effect on projected fiscal year 2015 service and interest cost, 1% decrease | -106 |
Effect on accumulated postretirement benefit obligation, 1% increase | 2,658 |
Effect on accumulated postretirement benefit obligation, 1% decrease | ($2,336) |
Recovered_Sheet4
Retirement Benefits (Schedule of Future Postretirement Company Contributions) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' |
2015 | $21 |
United Kingdom Plan, Defined Benefit [Member] | ' |
2015 | 1,507 |
Japan Plan, Defined Benefit [Member] | ' |
2015 | 1,045 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
2015 | 3,778 |
2016 | 3,802 |
2017 | 3,760 |
2018 | 3,715 |
2019 | 3,686 |
2020 - 2024 | $17,264 |
Stockholders_Equity_Equity_Nar
Stockholders' Equity (Equity Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Purchases of treasury stock | $144,510 | $51,846 | $44,110 |
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements | 11,516 | ' | ' |
Unrecognized compensation cost is expected to be recognized over a weighted-average period | '1 year 8 months 12 days | ' | ' |
Forfeiture rate, Board of Directors | 0.00% | ' | ' |
Forfeiture rate, non-Board of Directors | 9.00% | ' | ' |
2010 Authorization [Member] | ' | ' | ' |
Authorized repurchase amount | ' | 200,000 | ' |
Repurchase period in years | ' | '3 years | ' |
Purchases of treasury stock | ' | 45,754 | 44,110 |
Purchases of treasury stock, number of shares | ' | 1,233 | 1,132 |
2013 Authorization [Member] | ' | ' | ' |
Authorized repurchase amount | ' | 200,000 | ' |
Repurchase period in years | ' | '3 years | ' |
Purchases of treasury stock | $141,488 | ' | ' |
Purchases of treasury stock, number of shares | 3,272 | ' | ' |
Restricted Stock Award [Member] | ' | ' | ' |
Shares granted, Number of Shares | 24 | ' | ' |
Vesting period, in years | '4 years | ' | ' |
Service period for restricted stock award | '4 years | ' | ' |
Terms of restricted stock award | 'Subject to Mr. Gendron's continued employment by the Company, these shares of restricted stock will vest 100% following the end of the Company's fiscal year 2017 if a specified cumulative earnings per share ("EPS") target is met or exceeded for fiscal years 2014 through 2017. If this EPS target is not met, all shares of restricted stock will be forfeited by Mr. Gendron.The shares of restricted stock were awarded to Mr. Gendron pursuant to a form restricted stock agreement approved by Woodward's Compensation Committee (the "Committee"), which generally provides that: if the recipient of a restricted stock award is terminated from the Company for any reason other than death or disability during the restricted period, all shares of restricted stock will be immediately forfeited; if the recipient dies or becomes permanently disabled prior to the recipient's termination and during the restricted period, all restrictions will lapse and the shares of restricted stock will fully vest immediately; similarly, in the event of a Change in Control (as defined in the form of restricted stock agreement) of the Company during the restricted period and prior to the recipient's termination for any reason, all restrictions will lapse and the shares of restricted stock will fully vest immediately; during the restricted period, a recipient may exercise full voting rights with respect to the shares of restricted stock; dividends on the shares of restricted stock will accrue, but will not be paid, during the restricted period; and all dividends accrued during the restricted period will be paid upon any vesting of the shares of restricted stock, without payment of interest, provided that if the shares of restricted stock are forfeited for any reason, all accrued dividends will likewise be forfeited. The form of restricted stock agreement also includes adjustment provisions in the event the Company engages in certain recapitalization or similar transactions or in the event of a change of law or regulation. Upon vesting, shares become freely transferrable | ' | ' |
Stockholders_Equity_StockBased
Stockholders' Equity (Stock-Based Compensation Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Number of shares available for future grants | 2,455 | ' |
Exercise prices of stock options outstanding | $28.08 | $25.06 |
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements | $11,516 | ' |
Unrecognized compensation cost is expected to be recognized over a weighted-average period | '1 year 8 months 12 days | ' |
Omnibus Incentive Plan [Member] | ' | ' |
Number of stock shares authorized for grants | 7,410 | ' |
Stock Options [Member] | ' | ' |
Vesting period, in years | '4 years | ' |
Vested contractual term, in years | '10 years | ' |
Vesting rate | 25.00% | ' |
Restricted Stock Award [Member] | ' | ' |
Restricted Stock Awards Vested | 0 | ' |
Minimum [Member] | ' | ' |
Exercise prices of stock options outstanding | $11.86 | ' |
Maximum [Member] | ' | ' |
Exercise prices of stock options outstanding | $44.54 | ' |
Stockholders_Equity_Dividends_
Stockholders' Equity (Dividends Declared and Paid) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared and paid | ' | ' | ' | ' | ' | ' | ' | ' | $21,263 | $21,866 | $21,351 |
Cash dividends per share | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.32 | $0.32 | $0.31 |
Recovered_Sheet5
Stockholders' Equity (Stock-based Compensation Expense Recognized) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Stock-Based Compensation | ' | ' | ' |
Employee stock-based compensation expense | $11,241 | $9,414 | $8,628 |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards) (Details) (Stock Options [Member]) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Minimum [Member] | ' | ' | ' |
Expected term | '5 years 9 months 18 days | '5 years 9 months 18 days | '5 years 10 months 24 days |
Estimated volatility | 38.50% | 48.70% | 48.90% |
Estimated dividend yield | 0.80% | 0.80% | 0.70% |
Risk-free interest rate | 1.70% | 0.80% | 0.80% |
Maximum [Member] | ' | ' | ' |
Expected term | '8 years 7 months 6 days | '8 years 7 months 6 days | '8 years 6 months |
Estimated volatility | 38.50% | 54.90% | 55.60% |
Estimated dividend yield | 0.80% | 1.00% | 1.10% |
Risk-free interest rate | 2.50% | 1.30% | 1.60% |
Stockholders_Equity_Weighted_A
Stockholders' Equity (Weighted Average Grant Date Fair Value of Options Granted) (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Options granted, Weighted-Average Exercise Price Per Share | $40.99 | ' | ' |
Stock Options [Member] | ' | ' | ' |
Options granted, Weighted-Average Exercise Price Per Share | $15.63 | $15.84 | $12.14 |
Stockholders_Equity_Activity_f
Stockholders' Equity (Activity for Stock Option Awards) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Stock-Based Compensation | ' |
Number of options, beginning balance | 4,423 |
Weighted Average Exercise Price Per Share, beginning balance | $25.06 |
Options granted, Number of options | 694 |
Options granted, Weighted Average Exercise Price Per Share | $40.99 |
Options exercised, Number of options | -562 |
Options exercised, Weighted Average Exercise Price Per Share | $19.67 |
Options forfeited, Number of options | -54 |
Options forfeited, Weighted Average Exercise Price Per Share | $34.06 |
Number of options, ending balance | 4,501 |
Weighted Average Exercise Price Per Share, ending balance | $28.08 |
Stockholders_Equity_Changes_in
Stockholders' Equity (Changes in Nonvested Stock Options) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Number of Options, beginning balance | 1,737 | ' | ' |
Weighted-Average Exercise Price Per Share, beginning balance | $29.97 | ' | ' |
Options granted, Number of options | 694 | ' | ' |
Options granted, Weighted-Average Exercise Price Per Share | $40.99 | ' | ' |
Options vested, Number of options | -698 | ' | ' |
Options vested, Weighted-Average Exercise Price Per Share | $28.97 | ' | ' |
Options forfeited, Number of options | -54 | ' | ' |
Options forfeited, Weighted-Average Exercise Price Per Share | $33.40 | ' | ' |
Number of Options, ending balance | 1,679 | ' | ' |
Weighted-Average Exercise Price Per Share, ending balance | $34.83 | ' | ' |
Stock Options [Member] | ' | ' | ' |
Options granted, Weighted-Average Exercise Price Per Share | $15.63 | $15.84 | $12.14 |
Stockholders_Equity_Stock_Opti
Stockholders' Equity (Stock Options Vested, Or Expected to Vest and Are Exercisable) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Stock-Based Compensation | ' | ' |
Options outstanding, Number of options | 4,501 | 4,423 |
Options outstanding, Weighted-Average Exercise Price | $28.08 | $25.06 |
Options outstanding, Weighted-Average Remaining Life in Years | '5 years 7 months 6 days | ' |
Options outstanding, Aggregate Intrinsic Value | $87,923 | ' |
Options vested and exercisable, Number of options | 2,822 | ' |
Options vested and exercisable, Weighted-Average Exercise Price Per Share | $24.07 | ' |
Options vested and exercisable, Weighted-Average Remaining Life in Years | '4 years 1 month 6 days | ' |
Options vested and exercisable, Aggregate Intrinsic Value | 66,458 | ' |
Options vested and expected to vest, Number of options | 4,419 | ' |
Options vested and expected to vest, Weighted-Average Exercise Price Per Share | $27.92 | ' |
Options vested and to expected vest, Weighted-Average Remaining Life in Years | '5 years 6 months | ' |
Options vested and expected to vest, Aggregate Intrinsic Value | $87,066 | ' |
Stockholders_Equity_Other_Stoc
Stockholders' Equity (Other Stock Option Information) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Stock-Based Compensation | ' | ' | ' |
Total fair value of stock options vested | $9,459 | $7,271 | $5,907 |
Total intrinsic value of options exercised | 14,549 | 19,692 | 12,521 |
Cash received from exercises of stock options | 9,772 | 8,272 | 6,180 |
Excess tax benefit realized from exercise of stock options | $3,751 | $5,154 | $3,990 |
Stockholders_Equity_Changes_in1
Stockholders' Equity (Changes in Restricted Stock Awards) (Details) (Restricted Stock Award [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Restricted Stock Award [Member] | ' |
Number of shares, beginning balance | 0 |
Shares granted, Number of Shares | 24 |
Shares granted, Weighted-Average Grant Date Fair Value Per Share | $39.43 |
Shares vested, Number of Shares | 0 |
Shares forfeited, Number of Shares | 0 |
Number of shares, ending balance | 24 |
Weighted-Average Grant Date Fair Value Per Share, ending balance | $39.43 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (Construction Related Contractual Obligation [Member], USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Construction Related Contractual Obligation [Member] | ' |
Other Commitment | $100 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Future Minimum Rental Payments) (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure | ' |
2015 | $6,393 |
2016 | 4,327 |
2017 | 3,264 |
2018 | 2,548 |
2019 | 1,377 |
Thereafter | 1,430 |
Total | $19,339 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Rent Expense for All Operating Leases) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments and Contingencies Disclosure | ' | ' | ' |
Rent expense | $10,897 | $10,243 | $10,247 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Future Minimum Unconditional Purchase Obligations) (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure | ' |
2015 | $331,300 |
2016 | 11,445 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
Thereafter | 0 |
Total | $342,745 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
General Electric [Member] | Sales [Member] | ' | ' | ' |
Percentage of total attributable to major customer | 15.00% | 15.00% | 14.00% |
General Electric [Member] | Trade Accounts Receivable [Member] | ' | ' | ' |
Percentage of total attributable to major customer | 12.00% | 11.00% | ' |
U.S. Government Related [Member] | Sales [Member] | ' | ' | ' |
Percentage of total attributable to major customer | 17.00% | 21.00% | 18.00% |
U.S. Government Related [Member] | Trade Accounts Receivable [Member] | ' | ' | ' |
Percentage of total attributable to major customer | 2.00% | 4.00% | ' |
Segment_Information_Consolidat
Segment Information (Consolidated Net Sales and Earnings by Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $565,447 | $524,284 | $482,467 | $429,042 | $558,365 | $483,759 | $485,513 | $408,339 | $2,001,240 | $1,935,976 | $1,865,627 |
Segment earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 293,478 | 265,062 | 256,633 |
Interest expense, net | -4,503 | -5,899 | -6,128 | -6,003 | -6,439 | -6,655 | -6,948 | -6,388 | -22,533 | -26,430 | -25,461 |
Consolidated earnings before income taxes | 75,076 | 62,468 | 56,756 | 32,944 | 75,201 | 35,497 | 50,336 | 38,537 | 227,244 | 199,571 | 197,807 |
Total of Reporting Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 565,447 | 524,284 | 482,467 | 429,042 | 558,365 | 483,759 | 485,513 | 408,339 | ' | ' | ' |
Segment earnings (loss) | 92,121 | 79,560 | 72,177 | 49,620 | 92,749 | 51,379 | 65,458 | 55,476 | ' | ' | ' |
Aerospace [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 318,209 | 274,923 | 261,021 | 229,872 | 307,377 | 272,218 | 270,493 | 211,389 | 1,084,025 | 1,061,477 | 896,083 |
Segment earnings (loss) | 57,005 | 39,357 | 40,289 | 22,549 | 54,382 | 38,949 | 41,223 | 31,568 | 159,200 | 166,122 | 130,192 |
Energy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 247,238 | 249,361 | 221,446 | 199,170 | 250,988 | 211,541 | 215,020 | 196,950 | 917,215 | 874,499 | 969,544 |
Segment earnings (loss) | 35,116 | 40,203 | 31,888 | 27,071 | 38,367 | 12,430 | 24,235 | 23,908 | 134,278 | 98,940 | 126,441 |
Unallocated Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment earnings (loss) | ($12,542) | ($11,193) | ($9,293) | ($10,673) | ($11,109) | ($9,227) | ($8,174) | ($10,551) | ($43,701) | ($39,061) | ($33,365) |
Segment_Information_Consolidat1
Segment Information (Consolidated Total Assets, Depreciation and Amortization, and Capital Expenditures by Segment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Assets | $2,397,202 | $2,218,518 | $1,859,964 |
Property, plant and equipment, net | 513,279 | 350,048 | ' |
Other unallocated assets | 273,510 | 207,535 | 178,605 |
Depreciation and amortization | 77,353 | 74,233 | 68,617 |
Capital expenditures | 207,106 | 141,600 | 64,900 |
Aerospace [Member] | ' | ' | ' |
Assets | 1,440,355 | 1,361,861 | 1,059,754 |
Depreciation and amortization | 46,895 | 49,887 | 43,840 |
Capital expenditures | 134,307 | 74,964 | 32,244 |
Energy [Member] | ' | ' | ' |
Assets | 610,345 | 599,007 | 605,842 |
Depreciation and amortization | 22,672 | 20,890 | 21,738 |
Capital expenditures | 55,780 | 28,137 | 22,590 |
Unallocated Corporate [Member] | ' | ' | ' |
Assets | 72,992 | 50,115 | 15,763 |
Depreciation and amortization | 7,786 | 3,456 | 3,039 |
Capital expenditures | 17,019 | 38,499 | 10,066 |
Total of Reporting Segments [Member] | ' | ' | ' |
Assets | 2,050,700 | 1,960,868 | 1,665,596 |
Depreciation and amortization | 69,567 | 70,777 | 65,578 |
Capital expenditures | $190,087 | $103,101 | $54,834 |
Segment_Information_US_Governm
Segment Information (U.S. Government Related Sales by Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $565,447 | $524,284 | $482,467 | $429,042 | $558,365 | $483,759 | $485,513 | $408,339 | $2,001,240 | $1,935,976 | $1,865,627 |
Aerospace [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 318,209 | 274,923 | 261,021 | 229,872 | 307,377 | 272,218 | 270,493 | 211,389 | 1,084,025 | 1,061,477 | 896,083 |
Energy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 247,238 | 249,361 | 221,446 | 199,170 | 250,988 | 211,541 | 215,020 | 196,950 | 917,215 | 874,499 | 969,544 |
Total of Reporting Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 565,447 | 524,284 | 482,467 | 429,042 | 558,365 | 483,759 | 485,513 | 408,339 | ' | ' | ' |
U.S. Government Related [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 339,893 | 405,362 | 343,843 |
U.S. Government Related [Member] | Aerospace [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 331,788 | 393,607 | 332,711 |
U.S. Government Related [Member] | Energy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 8,105 | 11,755 | 11,132 |
Indirect Sales to U.S. Government [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 260,394 | 297,303 | 261,864 |
Indirect Sales to U.S. Government [Member] | Aerospace [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 254,806 | 289,197 | 254,636 |
Indirect Sales to U.S. Government [Member] | Energy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,588 | 8,106 | 7,228 |
Direct Sales to U.S. Government [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 79,499 | 108,059 | 81,979 |
Direct Sales to U.S. Government [Member] | Aerospace [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 76,982 | 104,410 | 78,075 |
Direct Sales to U.S. Government [Member] | Energy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $2,517 | $3,649 | $3,904 |
Sales [Member] | U.S. Government Related [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total attributable to major customer | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | 21.00% | 18.00% |
Sales [Member] | Indirect Sales to U.S. Government [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total attributable to major customer | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | 15.00% | 14.00% |
Sales [Member] | Direct Sales to U.S. Government [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total attributable to major customer | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 6.00% | 4.00% |
Sales [Member] | General Electric [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total attributable to major customer | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 15.00% | 14.00% |
Trade Accounts Receivable [Member] | U.S. Government Related [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total attributable to major customer | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 4.00% | ' |
Trade Accounts Receivable [Member] | General Electric [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total attributable to major customer | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 11.00% | ' |
Segment_Information_External_N
Segment Information (External Net Sales by Geographical Area) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated net sales | $565,447 | $524,284 | $482,467 | $429,042 | $558,365 | $483,759 | $485,513 | $408,339 | $2,001,240 | $1,935,976 | $1,865,627 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,025,149 | 1,058,912 | 927,345 |
All Other Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 156,615 | 108,400 | 106,791 |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 519,721 | 480,922 | 542,753 |
Germany [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of external net sales, foreign countries | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 9.00% | 13.00% |
Asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $299,755 | $287,742 | $288,738 |
Segment_Information_Property_P
Segment Information (Property, Plant, and Equipment - Net by Geographical Area) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, plant and equipment, net | $513,279 | $350,048 |
United States [Member] | ' | ' |
Property, plant and equipment, net | 457,563 | 285,038 |
Germany [Member] | ' | ' |
Property, plant and equipment, net | 26,898 | 29,619 |
Other Countries [Member] | ' | ' |
Property, plant and equipment, net | $28,818 | $35,391 |
Supplemental_Quarterly_Financi2
Supplemental Quarterly Financial Data (Unaudited) (Quarterly Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Quarterly Financial Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $565,447 | $524,284 | $482,467 | $429,042 | $558,365 | $483,759 | $485,513 | $408,339 | $2,001,240 | $1,935,976 | $1,865,627 |
Gross margin | 167,673 | 151,713 | 142,439 | 113,576 | 169,249 | 134,277 | 137,413 | 118,766 | ' | ' | ' |
Earnings before income taxes | 75,076 | 62,468 | 56,756 | 32,944 | 75,201 | 35,497 | 50,336 | 38,537 | 227,244 | 199,571 | 197,807 |
Net Earnings: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | $51,662 | $46,001 | $44,798 | $23,383 | $52,465 | $23,663 | $42,446 | $27,368 | $165,844 | $145,942 | $141,589 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share | $0.79 | $0.70 | $0.67 | $0.35 | $0.77 | $0.35 | $0.62 | $0.40 | $2.50 | $2.13 | $2.06 |
Diluted earnings per share | $0.77 | $0.69 | $0.66 | $0.34 | $0.76 | $0.34 | $0.61 | $0.39 | $2.45 | $2.10 | $2.01 |
Cash dividends per share | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.32 | $0.32 | $0.31 |
Supplemental_Quarterly_Financi3
Supplemental Quarterly Financial Data (Unaudited) (Quarterly Financial Information - Segment Reporting) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $565,447 | $524,284 | $482,467 | $429,042 | $558,365 | $483,759 | $485,513 | $408,339 | $2,001,240 | $1,935,976 | $1,865,627 |
Segment earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 293,478 | 265,062 | 256,633 |
Interest expense, net | -4,503 | -5,899 | -6,128 | -6,003 | -6,439 | -6,655 | -6,948 | -6,388 | -22,533 | -26,430 | -25,461 |
Consolidated earnings before income taxes | 75,076 | 62,468 | 56,756 | 32,944 | 75,201 | 35,497 | 50,336 | 38,537 | 227,244 | 199,571 | 197,807 |
Total of Reporting Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 565,447 | 524,284 | 482,467 | 429,042 | 558,365 | 483,759 | 485,513 | 408,339 | ' | ' | ' |
Segment earnings (loss) | 92,121 | 79,560 | 72,177 | 49,620 | 92,749 | 51,379 | 65,458 | 55,476 | ' | ' | ' |
Aerospace [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 318,209 | 274,923 | 261,021 | 229,872 | 307,377 | 272,218 | 270,493 | 211,389 | 1,084,025 | 1,061,477 | 896,083 |
Segment earnings (loss) | 57,005 | 39,357 | 40,289 | 22,549 | 54,382 | 38,949 | 41,223 | 31,568 | 159,200 | 166,122 | 130,192 |
Energy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 247,238 | 249,361 | 221,446 | 199,170 | 250,988 | 211,541 | 215,020 | 196,950 | 917,215 | 874,499 | 969,544 |
Segment earnings (loss) | 35,116 | 40,203 | 31,888 | 27,071 | 38,367 | 12,430 | 24,235 | 23,908 | 134,278 | 98,940 | 126,441 |
Unallocated Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment earnings (loss) | ($12,542) | ($11,193) | ($9,293) | ($10,673) | ($11,109) | ($9,227) | ($8,174) | ($10,551) | ($43,701) | ($39,061) | ($33,365) |
Schedule_II_Details
Schedule II (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Currency translation adjustments | ($704) | $155 | $4 |
Allowance for Trade Receivables [Member] | ' | ' | ' |
Balance at Beginning of Year | 8,872 | 7,217 | 2,322 |
Additions: Charged to Costs and Expenses | 1,283 | 3,408 | 4,139 |
Additions: Charged to Other Accounts | 916 | 5 | 1,074 |
Deductions | -3,993 | -1,758 | -318 |
Balance at End of Year | 7,078 | 8,872 | 7,217 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' |
Balance at Beginning of Year | 11,783 | 2,752 | 3,201 |
Additions: Charged to Costs and Expenses | 271 | 9,031 | 7 |
Additions: Charged to Other Accounts | 0 | 0 | 0 |
Deductions | -2,568 | 0 | -456 |
Balance at End of Year | $9,486 | $11,783 | $2,752 |