Woodward (WWD) 10-Q 9 Feb 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2015	Feb. 05, 2016
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	WOODWARD, INC.
Entity Central Index Key	108,312
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		61,915,755

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Consolidated Statements of Earnings
Net sales	$ 445,110	$ 487,646
Costs and expenses:
Cost of goods sold	333,377	343,760
Selling, general and administrative expenses	40,782	39,843
Research and development costs	31,597	34,029
Amortization of intangible assets	6,946	7,575
Interest expense	6,908	5,949
Interest income	(447)	(127)
Other (income) expense, net (Note 15)	(2,009)	(455)
Total costs and expenses	417,154	430,574
Earnings before income taxes	27,956	57,072
Income tax expense	2,345	13,288
Net earnings	$ 25,611	$ 43,784
Earnings per share (Note 3):
Basic earnings per share	$ 0.41	$ 0.67
Diluted earnings per share	$ 0.40	$ 0.66
Weighted Average Common Shares Outstanding (Note 3):
Basic	63,054	65,322
Diluted	64,373	66,739
Cash dividends per share paid to Woodward common stockholders	$ 0.10	$ 0.08

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Comprehensive earnings
Net earnings	$ 25,611	$ 43,784
Other comprehensive earnings:
Foreign currency translation adjustments	(10,254)	(12,933)
Unrealized gain on foreign currency transaction designated as a hedge of a net investment in a foreign subsidiary (Note 6)	862	0
Taxes on changes on foreign currency translation adjustments	306	849
Foreign currency translation adjustments, net of tax	(9,086)	(12,084)
Reclassification of net realized losses on derivatives to earnings	29	25
Taxes on changes on derivative transactions	(11)	(10)
Derivative adjustments, net of tax	18	15
Minimum retirement benefit liability adjustments (Note 17):
Amortization of prior service cost	56	56
Amortization of net loss	427	130
Foreign currency exchange rate changes on minimum retirement benefit liabilities	284	540
Taxes on changes on minimum retirement benefit liability adjustments, net of foreign currency exchange rate changes	(286)	(257)
Minimum retirment benefit liabiilty adjustments, net of tax	481	469
Total comprehensive earnings	$ 17,024	$ 32,184

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
Current assets:
Cash and cash equivalents	$ 84,422	$ 82,202
Accounts receivable, less allowance for uncollectible amounts of $3,448 and $3,841 respectively	245,939	322,215
Inventories	469,788	447,664
Income taxes receivable	33,518	21,838
Current deferred income tax assets	29,734	29,766
Other current assets	44,656	43,791
Total current assets	908,057	947,476
Property, plant and equipment, net	781,659	756,100
Goodwill	555,998	556,977
Intangible assets, net	218,070	225,138
Deferred income tax assets	9,064	9,388
Other assets	43,263	44,886
Total assets	2,516,111	2,539,965
Current liabilities:
Short-term borrowings	100,000	2,430
Accounts payable	165,900	173,287
Income taxes payable	7,602	6,555
Current deferred income tax liabilities	14	14
Accrued liabilities	107,939	155,936
Total current liabilities	381,455	338,222
Long-term debt, less current portion	787,000	850,000
Deferred income tax liabilities	92,158	82,449
Other liabilities	112,491	116,190
Total liabilities	$ 1,373,104	$ 1,386,861
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	139,485	131,231
Accumulated other comprehensive losses	(60,045)	(51,458)
Deferred compensation	5,345	4,322
Retained earnings	1,514,564	1,495,274
Stockholders' equity excluding treasury stock	1,599,455	1,579,475
Treasury stock at cost, 10,338 shares and 9,763 shares, respectively	(451,103)	(422,049)
Treasury stock held for deferred compensation, at cost, 195 shares and 173 shares, respectively	(5,345)	(4,322)
Total Stockholders' Equity	1,143,007	1,153,104
Total liabilities and stockholders' equity	$ 2,516,111	$ 2,539,965

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
Current assets:
Allowance, accounts receivable	$ 3,448	$ 3,841
Stockholders' equity:
Preferred stock, par value	$ 0.003	$ 0.003
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.001455	$ 0.001455
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	72,960,000	72,960,000
Treasury stock, shares	10,338,000	9,763,000
Treasury stock held for deferred compensation, shares	195,000	173,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net earnings	$ 25,611	$ 43,784
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	17,062	18,573
Net gain on sales of assets	(1,602)	(60)
Stock-based compensation	8,451	4,809
Excess tax benefits from stock-based compensation	(248)	(522)
Deferred income taxes	9,768	3,676
Loss on derivatives reclassified from accumulated comprehensive earnings into earnings	29	25
Changes in operating assets and liabilities:
Accounts receivable	74,717	43,891
Inventories	(25,091)	(22,110)
Accounts payable and accrued liabilities	(56,816)	(56,248)
Current income taxes	(10,308)	1,342
Retirement benefit obligations	(874)	(1,600)
Other	(3,587)	2,296
Net cash provided by operating activities	37,112	37,856
Cash flows from investing activities:
Payments for purchase of property, plant and equipment	(33,131)	(46,621)
Proceeds from sale of assets	1,852	90
Net cash used in investing activities	(31,279)	(46,531)
Cash flows from financing activities:
Cash dividends paid	(6,321)	(5,250)
Proceeds from sales of treasury stock	1,252	1,391
Payments for repurchases of common stock	(30,712)	(32,118)
Excess tax benefits from stock-based compensation	248	522
Borrowings on revolving lines of credit and short-term borrowings	220,000	105,000
Payments on revolving lines of credit and short-term borrowings	(135,598)	(115,000)
Payments of long-term debt	(50,000)	0
Net cash used in financing activities	(1,131)	(45,455)
Effect of exchange rate changes on cash and cash equivalents	(2,482)	(2,695)
Net change in cash and cash equivalents	2,220	(56,825)
Cash and cash equivalents at beginning of period	82,202	115,287
Cash and cash equivalents at end of period	$ 84,422	$ 58,462

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total stockholders equity	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
Balances at Sep. 30, 2014	$ 1,160,944	$ 106	$ 112,491	$ (3,533)	$ 10,819	$ 105	$ (14,457)	$ 3,915	$ 1,338,468	$ (286,588)	$ (3,915)
Balances at Dec. 31, 2014	1,162,452	$ 106	117,218	(15,133)	(1,265)	120	(13,988)	4,642	1,377,002	$ (316,741)	$ (4,642)
Balance, Common Stock, shares at Sep. 30, 2014		72,960,000
Balance, Treasury Stock, shares at Sep. 30, 2014										(7,397,000)
Balance, Treasury stock held for deferred compensation, Shares at Sep. 30, 2014											(198,000)
Net earnings	43,784								43,784			$ 43,784
Other comprehensive income (loss), net of tax	(11,600)			(11,600)	(12,084)	15	469
Cash dividends paid	(5,250)								(5,250)
Purchases of treasury stock	(32,118)									$ (32,118)
Purchases of treasury stock, shares										(622,000)
Sales of treasury stock	1,391		(574)							$ 1,965
Sales of treasury stock, shares										66,000
Tax benefit attributable to stock-based compensation	492		492
Stock-based compensation	4,809		4,809
Purchases of stock by deferred compensation plan								731			$ (731)
Purchases of stock by deferred compensation plan, shares											(15,000)
Distribution of stock from deferred compensation plan								(4)			$ 4
Distribution of stock from deferred compensation plan, shares											1,000
Balance, Common Stock, shares at Dec. 31, 2014		72,960,000
Balance, Treasury Stock, shares at Dec. 31, 2014										(7,953,000)
Balance, Treasury stock held for deferred compensation, Shares at Dec. 31, 2014											(212,000)
Balances at Sep. 30, 2015	1,153,104	$ 106	131,231	(51,458)	(21,610)	166	(30,014)	4,322	1,495,274	$ (422,049)	$ (4,322)	1,153,104
Balances at Dec. 31, 2015	1,143,007	$ 106	139,485	(60,045)	(30,696)	184	(29,533)	5,345	1,514,564	$ (451,103)	$ (5,345)	$ 1,143,007
Balance, Preferred Stock, shares at Sep. 30, 2015												0
Balance, Common Stock, shares at Sep. 30, 2015		72,960,000										72,960,000
Balance, Treasury Stock, shares at Sep. 30, 2015										(9,763,000)		(9,763,000)
Balance, Treasury stock held for deferred compensation, Shares at Sep. 30, 2015											(173,000)	(173,000)
Net earnings	25,611								25,611			$ 25,611
Other comprehensive income (loss), net of tax	(8,587)			$ (8,587)	$ (9,086)	$ 18	$ 481
Cash dividends paid	(6,321)								$ (6,321)
Purchases of treasury stock	(30,712)									$ (30,712)
Purchases of treasury stock, shares										(624,000)
Sales of treasury stock	1,252		(406)							$ 1,658
Sales of treasury stock, shares										49,000
Tax benefit attributable to stock-based compensation	209		209
Stock-based compensation	$ 8,451		$ 8,451
Purchases of stock by deferred compensation plan								1,027			$ (1,027)
Purchases of stock by deferred compensation plan, shares											(21,000)
Distribution of stock from deferred compensation plan								$ (4)			$ 4
Distribution of stock from deferred compensation plan, shares											(1,000)
Balance, Preferred Stock, shares at Dec. 31, 2015												0
Balance, Common Stock, shares at Dec. 31, 2015		72,960,000										72,960,000
Balance, Treasury Stock, shares at Dec. 31, 2015										(10,338,000)		(10,338,000)
Balance, Treasury stock held for deferred compensation, Shares at Dec. 31, 2015											(195,000)	(195,000)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2015
Basis of Presentation
Basis of Presentation	WOODWARD, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In thousands, except per share amounts) (Unaudited) Note 1. Basis of Presentation The Condensed Consolidated Financial Statements of Woodward, Inc. (“Woodward” or the “Company”) as of December 31, 2015 and for the three-months ended December 31, 2015 and December 31, 2014, included herein, have not been audited by an independent registered public accounting firm. These Condensed Consolidated Financial Statements reflect all normal recurring adjustments that, in the opinion of management, are necessary to present fairly Woodward’s financial position as of December 31, 2015, and the statements of earnings, comprehensive earnings, cash flows, and changes in stockholders’ equity for the periods presented herein. The Condensed Consolidated Balance Sheet as of September 30, 2015 was derived from Woodward’s Annual Report on Form 10-K for the fiscal year then ended. The results of operations for the three-months ended December 31, 2015 are not necessarily indicative of the operating results to be expected for other interim periods or for the full fiscal year. Dollar and share amounts contained in these Condensed Consolidated Financial Statements are in thousands, except per share amounts. The Condensed Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in Woodward’s most recent Annual Report on Form 10-K filed with the SEC and other financial information filed with the SEC. Management is required to use estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported revenues and expenses recognized during the reporting period, and certain financial statement disclosures, in the preparation of the Condensed Consolidated Financial Statements included herein. Significant estimates in these Condensed Consolidated Financial Statements include allowances for uncollectible amounts, net realizable value of inventories, customer rebates earned, warranty reserves, useful lives of property and identifiable intangible assets, estimates to support unit-of-production depreciation, the evaluation of impairments of property, valuation of 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 board members, and contingencies. Actual results could vary materially from Woodward’s estimates. Woodward has changed the name of its Energy segment to Industrial. The term “energy” is largely viewed as “oil and gas” and therefore was not representative of the broader markets Woodward serves in this segment.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Dec. 31, 2015
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 2. Recent accounting pronouncements 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 November 2015, the FASB issued ASU 2 015-1 7, “Balance Sheet Classification of Deferred Taxes,” to simplify financial reporting and more closely conform U . S . GAAP with International Financial Reporting Standards (“ IFRS ”) . Under ASU 2015- 1 7 , Woodward will classify all deferred tax asset s and liabilities by taxing jurisdiction, along with any related valuation allowances, as either a single non-current asset or liability on the balance sheet. ASU 2015- 1 7 is effective for fiscal years beginning after December 15, 2017 (fiscal year 2018 for Woodward), and interim periods within fiscal years beginning after December 15, 2018 (fiscal year 2019 for Woodward). Early adoption is al lowed. Upon adoption, ASU 2015-1 7 may be applied prospectively, for all deferred tax assets and liabilities, or retrospectively. Woodward has not determined in what period it will adopt or what adoption method it will use and is currently assessing the impact that this guidance may have on its Condensed Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” Under ASU 2015-03 , Woodward will present debt issuance costs in the balance sheet as a reduction from the related debt liability rather than as an asset. Amortization of such costs will continue to be reported as interest expense. ASU 2015-03 is effective for fiscal years − and interim periods within those fiscal years − beginning after December 15, 2015 (fiscal year 2017 for Woodward), but early adoption is allowed. In August 2015, the FASB issued ASU 2015-15, “ Presentation and Subsequent Measurement of Debt Issuance Costs Associated wi th Line-of-Credit Arrangements.” ASU 2015-15 supplements the requirements of ASU 2015-03 by allowing an entity to defer and present debt issuance costs related to a line of credit arrangement as an asset and subsequently amortize the deferred costs ratably over the term of the line of credit arrangement. Woodward has not determined in which period it will adopt the new guidance. Retrospective adoption is required. Woodward had una mortized debt issuance costs of $5,221 as of December 31 , 2015 and $5,521 as of September 30 , 2015. Long-term debt issuance costs will be reclassified from other assets to long-term debt upon adoption. In April 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” in response to stakeholders’ concerns about current accounting for consolidation of certain legal entities and changes the analysis that a reporting entity must perform to determine whether it should consolidate such legal entities. ASU 2015-02 is effective for public business entities for fiscal years − and interim periods within those fiscal years − beginning after December 15, 2015, but early adoption is allowed. Woodward adopted ASU 2015-02 on January 1, 2016, concurrent with the consummation of the joint venture formation described in N ote 4, “ Joint v entures .” The adoption of ASU 2015-02 had no impact on Woodward’s conclusion that the joint venture described in Note 4 should not be consolidated following the guidance of ASC 810, Consolidation . 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 practices 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. In July 2015, the FASB delayed the effective date for the adoption of ASU 2014-09 by one year, and as a result, ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017 (fiscal year 2019 for Woodward), including interim periods within the repor ting period. Early adoption in fiscal year 2018 is permitted for Woodward . 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 Condensed Consolidated Financial Statements.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 31, 2015
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: Three-Months Ended December 31, 2015 2014 Numerator: Net earnings $ 25,611 $ 43,784 Denominator: Basic shares outstanding 63,054 65,322 Dilutive effect of stock options and restricted stock 1,319 1,417 Diluted shares outstanding 64,373 66,739 Income per common share: Basic earnings per share $ 0.41 $ 0.67 Diluted earnings per share $ 0.40 $ 0.66 The following stock option grants were outstanding during the three-months ended December 31 , 2015 and 2014, but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive: Three-Months Ended December 31, 2015 2014 Options - 704 Weighted-average option price $ n/a $ 46.54 T he 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: Three-Months Ended December 31, 2015 2014 Weighted-average treasury stock shares held for deferred compensation obligations 184 205

Joint Venture

Joint Venture	3 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Joint Venture	Note 4. Joint venture s On January 4, 2016, Woodward and General Electric Company (“GE”), acting through its GE Aviation business unit, consummated the formation of a strategic joint venture betw een Woodward and GE (the “JV”). The JV will design, develop, and source the fuel system for specified existing and all future GE commercial aircraft engines that produce thrust in excess of fifty thousand pounds. As part of the JV formation , Woodward contributed to the JV certain contractual rights and intellectual property applicable to the existing GE commercial aircraft engin e programs within the scope of the JV. Woodward has no initial cost basis in the JV because Woodward had no cost basis in the contractual rights and intellectual property contributed to the JV. GE purchased from Woodward a 50% ownership interest in the JV for a $250,000 cash payment to Woodward. In addition, GE will pay contingent consideration to Woodward consisting of fifteen annual payments of $4,894 each per year beginning January 4, 2017 subject to certain claw-back conditions. Neither Woodward nor GE contributed any tangible assets to the JV. Woodward determined that the JV formation was not the culmination of an earnings event because Woodward has significant performance obligations to support the future operations of the JV. T herefore , Woodward recorded the $250,000 consideration received from GE for its purchase of a 50% equity interest in the JV as deferred income. The $250,000 deferred income will be recognized as an increase to net sales in proportion to revenue realized on sales of applicable fuel systems within the scope of the JV in a particular period as a percentage of total revenue expected to be realized by Woodward over the estimated remaining lives of the underlying commercial aircraft engine programs assigned to the JV. The $250,000 cash consideration received from GE on January 4, 2016 is taxable upon receipt for income tax purposes but not for book purposes. T herefore , on January 4, 2016, Woodward recorded incremental current income taxes payable of $95,750 and a noncurrent deferred tax asset of $95,750 related to this transaction . The JV will be jointly managed by Woodward and GE , and any significant decisions and/or actions of the JV will require the mutual consent of both parties . Neither Woodward nor GE has a controlling financial interest in the JV, but Woodward does have the ability to significantly influence the operating and financial decisions of the JV . T herefore , Woodward will account for its 50% ownership interest in the JV using the equity method of accounting.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Dec. 31, 2015
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 Condensed Consolidated Balance Sheets are categorized based upon a fair value hie rarchy 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. 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 December 31 , 2015 or September 30, 201 5 . At December 31, 2015 At September 30, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets: Cash $ 83,645 $ - $ - $ 83,645 $ 79,517 $ - $ - $ 79,517 Investments in money market funds 23 - - 23 20 - - 20 Investments in reverse repurchase agreements 754 - - 754 2,665 - - 2,665 Equity securities 11,430 - - 11,430 9,883 - - 9,883 Total financial assets $ 95,852 $ - $ - $ 95,852 $ 92,085 $ - $ - $ 92,085 Investments in money market funds: Woodward sometimes invests excess cash in money market funds not insured by the F ederal D epository I nsurance C orporation (“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, accounts payable and short-term debt 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 Condensed C onsolidated Balance Sheets were as follows: At December 31, 2015 At September 30, 2015 Fair Value Hierarchy Level Estimated Fair Value Carrying Cost Estimated Fair Value Carrying Cost Assets: Notes receivable from municipalities 2 $ 16,775 $ 15,848 $ 16,112 $ 15,638 Liabilities: Long-term debt, excluding current portion 2 (808,319) (787,000) (873,734) (850,000) 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 2.7 % at December 31 , 2015 and 3.0% at September 30, 2015 . 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 2.7% at December 31, 2015 and 3.0% at September 30, 201 5 . 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 2.9 % at December 31 , 2015 and 2.8 % at September 30, 201 5 .

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities	Note 6. Derivative instruments and hedging activities Woodward has exposures related 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 mark et risk that may be undertaken. Woodward did not enter into any derivatives or hedging transactions during either of the three-months ended December 31, 2015 or December 31, 2014. The remaining unrecognized gains and losses in Woodward’s Condensed 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 $298 as of December 31 , 2015 and $ 269 as of September 30, 201 5 . The following table discloses the impact of derivative instruments in cash flow hedging relat ionships on Woodward’s Consolidated Statements of Earnings, recognized in interest expense: Three-Months Ended December 31, 2015 2014 Amount of (income) expense recognized in earnings on derivative $ 29 $ 25 Amount of (gain) loss recognized in accumulated OCI on derivative - - Amount of (gain) loss reclassified from accumulated OCI into earnings 29 25 Based on the carrying value of the realized but unrecognized gains and losses on terminated derivative instruments designated as cash flow hedges as of December 31 , 2015, Woodward expects to reclassify $ 26 of net unrecognized gains on terminated derivative instruments from accumulated other comprehensive earnings to earnings during the next twelve months. In June 2015, Woodward designated an intercompany loan of 160,000 RMB between two wholly owned subsidiaries as a hedge of a foreign currency exposure of the net investment of the borrower in the lender. An unrealized foreign exchange gain on the loan of $862 is included in foreign currency translation adjustments within total comprehensive earnings for the three-months ended December 31, 2015 .

Supplemental Statements of Cash

Supplemental Statements of Cash Flows Information	3 Months Ended
	Dec. 31, 2015
Supplemental Statements of Cash Flows Information
Supplemental Statements of Cash Flows Information	Note 7. Supplemental statement of cash flows information Three-Months Ended December 31, 2015 2014 Interest paid, net of amounts capitalized $ 14,878 $ 13,953 Income taxes paid 3,667 7,337 Income tax refunds received 913 71 Non-cash activities: Purchases of property, plant and equipment on account 26,666 33,621

Inventories

Inventories	3 Months Ended
	Dec. 31, 2015
Inventories
Inventories	Note 8 . Inventories December 31, September 30, 2015 2015 Raw materials $ 61,962 $ 63,896 Work in progress 102,139 91,501 Component parts (1) 257,369 248,047 Finished goods 48,318 44,220 $ 469,788 $ 447,664 (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,

Property, Plant, and Equipment, Net	3 Months Ended
	Dec. 31, 2015
Property, Plant, and Equipment, Net
Property, Plant and Equipment, Net	Note 9 . Property, plant, and equipment December 31, September 30, 2015 2015 Land and land improvements $ 79,121 $ 79,311 Buildings and improvements 371,433 372,160 Leasehold improvements 16,656 16,907 Machinery and production equipment 371,955 365,040 Computer equipment and software 119,135 118,154 Office furniture and equipment 21,000 20,939 Other 18,333 18,325 Construction in progress 279,405 252,763 1,277,038 1,243,599 Less accumulated depreciation (495,379) (487,499) Property, plant and equipment, net $ 781,659 $ 756,100 I ncluded in “Land and land improvements” and “Buildings and improvements” are assets held for sale of $662 at December 31 , 2015 and $681 at September 30, 201 5 related to Woodward’s Industrial segment . The entire change in value is due to changes in foreign currency exchange rates between September 30, 2015 and December 31, 2015. In fiscal year 2015, Woodward completed and placed into service a manufacturing and office building on a second campus in the greater-Rockford, Illinois area and has begun occupying the new facility for its Aerospace segment . This campus is intended to support Woodward’s expected growth in its Aerospace segment over the next ten years and beyond, required as a result of Woodward being awarded a substantial number of new system platforms, particularly on narrow-body aircraft. Included in “Construction in progress” are costs of $55,716 at December 31, 2015 and $47,629 at September 30, 2015, associated with the construction of the second cam pus and new equipment purchases including capitalized interest of $836 at December 31 , 2015 and $499 at September 30, 201 5 . Woodward is also developing a new campus at its corporate headquarters in Fort Collins, Colorado to support the continued growth of its Industrial segment by supplementing its existing Colorado manufacturing facilities and corporate headquarters. Included in “Construction in progress” are $177,061 at December 31 , 2015 and $151,669 at September 30, 201 5 , associated with the construction of the new campus including capitalized interest of $6,669 at December 31 , 2015 and $5,205 at September 30, 201 5 . Woodward will begin occupying the new campus starting in its second quarter of fiscal year 2016. Concurrent with and in relation to Woodward’s significant investment in three new campuses and related equipment in the greater-Rockford, I llinois area, its corporate headquarters in Fort Collins , Colorado (discussed above), and a new campus in Niles, Illinois (that was completed in fiscal year 2015) , Woodward initiated a comprehensive review of its depreciation lives as required by US GAAP to evaluate the estimates of the useful lives of Woodward assets. This review resulted in estimates of the useful lives of both existing and new assets generally in excess of those utilized prior to fiscal year 2016. The revised estimates will be used in fiscal year 2016 a nd going forward and result in a downward adjustment of depreciation on existing assets of approximately $ 12 ,000 for fiscal year 2016. For the three-months ended December 31, 2015 and December 31, 2014 , Woodward had depreciation expense as follow s : Three-Months Ended December 31, 2015 2014 Depreciation expense $ 10,116 $ 10,998 For the three-months ended December 31, 2015 and December 31, 2014 , Woodward capitalized interest that would have otherwise been included in interest expense of the following: Three-Months Ended December 31, 2015 2014 Capitalized interest $ 1,873 $ 1,965

Goodwill

Goodwill	3 Months Ended
	Dec. 31, 2015
Goodwill Disclosure
Goodwill	Note 10 . Goodwill September 30, 2015 Effects of Foreign Currency Translation December 31, 2015 Aerospace $ 455,423 $ - $ 455,423 Industrial 101,554 (979) 100,575 Consolidated $ 556,977 $ (979) $ 555,998 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. Woodward completed its annual goodwill imp airment test as of July 31, 2015 during the quarter ended September 30, 2015 . At that date, Woodward determined it was appropriate to aggregate certain components of the same operating segment into a single 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 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, 2015 impairment test were discounted using weighted-average cost of capital assumptions ranging from 9.49% to 12.83% . The terminal values of the forecasted cash flows were calculated using the Gordon Growth Model and assumed an annual compound growth rate after ten years of 4.03% . 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 units’ resulting fair values utilizing a market multiple method. The results of Woodward’s goodwill impairment tests performed as of July 31, 2 015 did not indicate impairment of any of Woodward’s reporting units.

Intangible Assets, Net

Intangible Assets, Net	3 Months Ended
	Dec. 31, 2015
Intangible Assets, Net
Intangible Assets, Net	Note 11 . Intangible assets, net December 31, 2015 September 30, 2015 Gross Carrying Value Accumulated Amortization Net Carrying Amount Gross Carrying Value Accumulated Amortization Net Carrying Amount Customer relationships and contracts: Aerospace $ 282,225 $ (120,712) $ 161,513 $ 282,225 $ (116,232) $ 165,993 Industrial 40,858 (32,633) 8,225 41,409 (32,891) 8,518 Total $ 323,083 $ (153,345) $ 169,738 $ 323,634 $ (149,123) $ 174,511 Intellectual property: Aerospace $ - $ - $ - $ - $ - $ - Industrial 19,327 (17,124) 2,203 19,445 (16,921) 2,524 Total $ 19,327 $ (17,124) $ 2,203 $ 19,445 $ (16,921) $ 2,524 Process technology: Aerospace $ 76,605 $ (38,866) $ 37,739 $ 76,605 $ (37,411) $ 39,194 Industrial 22,820 (14,951) 7,869 22,924 (14,621) 8,303 Total $ 99,425 $ (53,817) $ 45,608 $ 99,529 $ (52,032) $ 47,497 Other intangibles: Aerospace $ 1,400 $ (1,350) $ 50 $ 1,400 $ (1,300) $ 100 Industrial 1,213 (742) 471 1,248 (742) 506 Total $ 2,613 $ (2,092) $ 521 $ 2,648 $ (2,042) $ 606 Total intangibles: Aerospace $ 360,230 $ (160,928) $ 199,302 $ 360,230 $ (154,943) $ 205,287 Industrial 84,218 (65,450) 18,768 85,026 (65,175) 19,851 Consolidated Total $ 444,448 $ (226,378) $ 218,070 $ 445,256 $ (220,118) $ 225,138 For the three-months ended December 31, 2015 and December 31, 2014, Woodward recorded amortization expense associated with intangibles of the following: Three-Months Ended December 31, 2015 2014 Amortization expense $ 6,946 $ 7,575 Future amortization expense associated with intangibles is expected to be: Year Ending September 30: 2016 (remaining) $ 20,527 2017 25,776 2018 24,953 2019 23,117 2020 20,349 Thereafter 103,348 $ 218,070

Credit Facilities, Short-term B

Credit Facilities, Short-term Borrowings and Long-term Debt	3 Months Ended
	Dec. 31, 2015
Debt Disclosure
Credit Facilities, Short-term Borrowings and Long-term Debt	Note 12 . Credit facilities, short-term borrowings and long-term debt Short-term borrowings A Chinese subsidiary of Woodward has a local uncommitted 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 15% 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 local credit facility expires in September 2016 . The Chinese subsidiary had no outstanding cash borrowings against the local credit facility at December 31 , 2015 and September 30, 201 5 . In fiscal year 2015, a Brazilian subsidiary of Woodward arranged a local uncommitted credit facility with the Banco J.P. Morgan S.A. under which it has the ability to borrow up to 52,000 Brazilian Real. Any cash borrowings under the local Brazilian credit facility will be secured by a parent guarantee from Woodward. The Brazilian subsidiary may utilize the local facility to support its operating cash needs. Local currency borrowings on the Brazilian credit facility are charged interest at the lender’s cost of borrowing rate at the date of borrowing, plus 1.75% . Woodward renewed the local credit facility in January 2016 and it will now expire on July 26, 2016 . The Brazilian subsidiary had no outstanding cash borrowings at December 31 , 2015 and $2,430 of outstanding cash borrowings at September 30, 2015 against the local credit facility. 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 December 31 , 2015 and September 30, 201 5 on Woodward’s other foreign lines of credit and foreign overdraft facilities. Long-term debt December 31, September 30, 2015 2015 Revolving credit facility - Floating rate (LIBOR plus 0.85% - 1.65% ), due April 2020 , unsecured $ 437,000 $ 350,000 Series C notes – 5.92%, due October 2015; unsecured - 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 50,000 Series H notes – 4.03%, due November 2023; unsecured 25,000 25,000 Series I notes – 4.18%, due November 2025; unsecured 25,000 25,000 Series J notes – Floating rate ( LIBOR plus 1.25%), due November 2020; unsecured 50,000 50,000 Series K notes – 4.03%, due November 2023; unsecured 50,000 50,000 Series L notes – 4.18%, due November 2025; unsecured 50,000 50,000 Total long-term debt 887,000 850,000 Less: short-term portion of long-term debt (100,000) - Long-term debt, excluding short-term portion $ 787,000 $ 850,000 Revolving credit facility Woodward maintains a $1,000,000 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 $1,200,000 , subject to lenders’ participation. Borrowings under the Revolving Credit Agreement generally bear interest at LIBOR plus 0.85% to 1.65% . The Revolving Credit Agreement matures in April 2020 . Under the Revolving Credit Agreement, there were $437,000 in principal amount of borrowings as of December 31, 2015, at an effective interest rate of 1.67% and $350,000 in principal amount of borrowings outstanding as of September 30 , 2015, at an effective interest rate of 1.44% . As of December 31 , 2015 , $100,000 of the $437,000 of borrowings under the Revolving Credit Agreement were classified as short-term based on Woodward’s intent and ability to pay this amount in the next twelve months. As of September 30, 201 5 , the entire outstanding balance on the Revolving Credit Agreement was classified as long-term debt. 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 . 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. 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 December 31 , 2015, the Series J Notes bore interest at an effective rate of 1.62% . On October 1, 2015, Woodward paid the entire principal balance of $50,000 on the Series C notes using borrowings under the Revolving Credit Agreement. Principal payment on the Series E notes is due on April 1, 2016. This payment is classified as long-term based on Woodward’s intent and ability to refinance this debt for a longer term through payment of the principal amount with its existing revolving line of credit, which does not mature until July 2020.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Dec. 31, 2015
Accrued Liabilities
Accrued Liabilities	Note 13 . Accrued liabilities December 31, September 30, 2015 2015 Salaries and other member benefits $ 47,868 $ 90,472 Warranties 13,370 13,741 Interest payable 6,100 12,526 Current portion of acquired performance obligations and unfavorable contracts (1) 5,891 6,651 Accrued retirement benefits 2,481 2,481 Current portion of loss reserve on contractual lease commitments 1,840 - Deferred revenues 9,025 10,004 Taxes, other than income 8,637 8,723 Other 12,727 11,338 $ 107,939 $ 155,936 (1) In connection with Woodward’s acquisition of GE Aviation Systems LLC’s (the “Seller”) thrust reverser actuation systems business located in Duarte, California (the “Duarte Acquisition”) in fiscal year 2013, Woodward assumed current and long-term performance obligations for contractual commitments that are expected to result in future economic losses. In addition, Woodward assumed current and long-term performance obligations for services to be provided to the Seller and others, partially offset by current and long-term assets related to contractual payments due from the Seller. The current portion of both obligations is included in Accrued liabilities. 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 were as follows: Three-Months Ended December 31, 2015 2014 Warranties, beginning of period $ 13,741 $ 16,916 Expense 3,236 2,283 Reductions for settling warranties (3,469) (2,959) Foreign currency exchange rate changes (138) (364) Warranties, end of period $ 13,370 $ 15,876 Loss reserve on contractual lease commitments In connection with the construction of a new production facility in Niles, Illinois, Woodward vacated a leased facility in Skokie, Illinois. During the first quarter of fiscal year 2016 Woodward fully vacated the Skokie facility and therefore recorded a non-cash charge of $8,165 to recognize a loss reserve against the estimated remaining contractual lease commitments, less anticipated sublease income. The summary for the activity in the loss reserve during the three-months ended December 31, 2015 is as follows: Three-Months Ended December 31, 2015 Loss reserve on contractual lease commitments, beginning of period $ 2,464 Additions 8,165 Loss reserve on contractual lease commitments, end of period $ 10,629 Other liabilities included $8,789 of accrued loss reserve on contractual lease commitments that are not expected to be settled or paid within twelve months of December 31, 2015.

Other Liabilities

Other Liabilities	3 Months Ended
	Dec. 31, 2015
Other Liabilities
Other Liabilities	Note 14 . Other liabilities December 31, September 30, 2015 2015 Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 55,606 $ 55,259 Total unrecognized tax benefits, net of offsetting adjustments 15,234 15,394 Acquired unfavorable contracts (1) 4,069 4,656 Deferred economic incentives (2) 19,081 19,163 Loss reserve on contractual lease commitments (3) 8,789 2,464 Other 9,712 19,254 $ 112,491 $ 116,190 (1) In connection with the Duarte business acquisition in fiscal year 2013, Woodward assumed current and long-term performance obligations for contractual commitments that are expected to result in future economic losses. The long-term portion of the acquired unfavorable contracts is included in Other liabilities. (2) Woodward receives certain economic incentives from various state and local authorities related to capital expansion projects. Such amounts are initially recorded as deferred credits and will be recognized as a reduction to non-income tax expense over the economic lives of the related capital expansion projects. (3) See Note 13, Accrued liabilites for more information on the loss reserve on contractual lease commitments.

Other (Income) Expense, Net

Other (Income) Expense, Net	3 Months Ended
	Dec. 31, 2015
Other (Income) Expense, Net
Other (Income) Expense, Net	Note 1 5 . Other (income) expense, net Three-Months Ended December 31, 2015 2014 Net gain on sales of assets $ (1,602) $ (60) Rent income (101) (125) Net gain on investments in deferred compensation program (304) (234) Other (2) (36) $ (2,009) $ (455)

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2015
Income Taxes
Income Taxes	Note 16. Income taxes U.S. GAAP requires that the interim period tax provision be determined as follows: · At the end of each quarter, Woodward estimates the tax that will be provided for the current fiscal year stated as a percentage of estimated “ordinary income.” The term ordinary income refers to earnings from continuing operations before income taxes, excluding significant unusual or infrequently occurring items. The estimated annual effective rate is applied to the year-to-date ordinary income at the end of each quarter to compute the estimated year-to-date tax applicable to ordinary income. The tax expense or benefit related to ordinary income in each quarter is the difference between the most recent year-to-date and the prior quarter year-to-date computations. · The tax effects of significant unusual or infrequently occurring items are recognized as discrete items in the interim period in which the events occur. The impact of changes in tax laws or rates on deferred tax amounts, the effects of changes in judgment about beginning of the year valuation allowances, and changes in tax reserves resulting from the finalization of tax audits or reviews are examples of significant unusual or infrequently occurring items that are recognized as discrete items in the interim period in which the event occurs. The determination of the annual effective tax rate is based upon a number of significant estimates and judgments, including the estimated annual pretax income of Woodward in each tax jurisdiction in which it operates, and the development of tax planning strategies during the year. In addition, as a global commercial enterprise, Woodward’s tax expense can be impacted by changes in tax rates or laws, the finalization of tax audits and reviews, changes in the estimate of the amount of undistributed foreign earnings that Woodward considers indefinitely reinvested, and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions. The following table sets forth the tax expense and the effective tax rate for Woodward’s earnings before income taxes: Three-Months Ended December 31, 2015 2014 Earnings before income taxes $ 27,956 $ 57,072 Income tax expense 2,345 13,288 Effective tax rate 8.4% 23.3% On December 18, 2015, the Protecting Americans from Tax Hikes (PATH) Act of 2015 was passed which among other items permanently reinstated the U.S. research and experimentation credit and also extended bonus depreciation with a phase-out ending on December 31, 2019. This law change had two significant impacts in the current quarter as described below. The decrease in the year-over-year effective tax rate for the three-months ended December 31, 2015 is primarily attributable to the impact of the U.S. research and experimentation credit (“R&E Credit”) reinstatement and net favorable resolutions of foreign tax matters. The retroactive portion of the R&E Credit related to the nine-months ended September 30, 2015 was $5,197 and was included in the results of the first quarter of fiscal year 2016. The prior fiscal year’s first quarter included a similar retroactive R&E Credit of $5,063 but had a smaller impact on the effective tax rate due to higher earnings before income taxes in the prior quarter compared to the current quarter. As a result of the bonus depreciation extension, Woodward increased both its current tax receivable and its deferred tax liability by approximately $9,800 in the first quarter of fiscal year 2016 for additional bonus depreciation related to fiscal year 2015. Gross unrecognized tax benefits were $21,626 as of December 31, 2015, and $21,469 as of September 30, 2015. Included in the balance of unrecognized tax benefits were $10,419 as of December 31, 2015 and $10,494 as of September 30, 2015, 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 $3,385 in the next twelve months due to the completion of reviews by tax authorities and the settlement of other tax positions. Woodward accrues for potential interest and penalties related to unrecognized tax benefits in tax expense. Woodward had accrued gross interest and penalties of $811 as of December 31, 2015 and $859 as of September 30, 2015. Woodward’s tax returns are subject to audits by U.S. federal, 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. F iscal years remaining open to examination in significant foreign jurisdictions include 2008 and forward. Woodward has concluded U.S. federal income tax examinations through fiscal year 2012. Woodward is generally subject to U.S. state income tax examinations for fiscal years 2012 and forward.

Retirement Benefits

Retirement Benefits	3 Months Ended
	Dec. 31, 2015
Retirement Benefits - General
Retirement Benefits	Note 17. Retirement benefits Woodward provides various retirement 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 matching 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. The amount of expense associated with defined contribution plans was as follows: Three-Months Ended December 31, 2015 2014 Company costs $ 8,004 $ 6,178 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. 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 dependents 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. U.S. GAAP requires that, for obligations outstanding as of September 30, 2015, the funded status reported in interim periods shall be the same asset or liability recognized in the previous year end statement of financial position adjusted for (a) subsequent accruals of net periodic benefit cost that exclude the amortization of amounts previously recognized in other comprehensive income (for example, subsequent accruals of service cost, interest cost, and return on plan assets) and (b) contributions to a funded plan or benefit payments. Effective June 30, 2015, the Company terminated the defined benefit pension plan for employees at its Duarte, California manufacturing facility. The plan, which was established in fiscal year 2013 in connection with the December 2012 acquisition of the Duarte business, was amended in fiscal year 201 3 to cease all future benefit accruals under the plan and was at that time closed to new entrants. Cash payout of benefits will occur after regulatory approval of the plan termination. In exchange for the freeze and termination of the plan, which were agreed upon through negotiations with the applicable employee union, the employees were provided replacement benefits through full participation in the Woodward U.S. defined contribution plan. Woodward does not expect future cash payouts to the beneficiaries of the terminated plan to be significantly different from the approximately $158 liability reflected in Woodward’s statement of financial position as of December 31, 2015. The components of the net periodic retirement pension costs recognized are as follows: Three-Months Ended December 31, United States Other Countries Total 2015 2014 2015 2014 2015 2014 Service cost $ 674 $ 504 $ 186 $ 202 $ 860 $ 706 Interest cost 1,317 1,497 435 546 1,752 2,043 Expected return on plan assets (2,542) (2,670) (697) (778) (3,239) (3,448) Amortization of: Net actuarial (gain) loss 323 99 65 49 388 148 Prior service cost (benefit) 96 96 - - 96 96 Net periodic retirement pension (benefit) cost $ (132) $ (474) $ (11) $ 19 $ (143) $ (455) Contributions paid $ - $ - $ 389 $ 1,101 $ 389 $ 1,101 The components of the net periodic other postretirement benefit costs recognized are as follows: Three-Months Ended December 31, 2015 2014 Service cost $ 5 $ 7 Interest cost 262 308 Amortization of: Net actuarial (gain) loss 39 (18) Prior service cost (benefit) (40) (40) Net periodic other postretirement (benefit) cost $ 266 $ 257 Contributions paid $ 381 $ 326 The amount of cash contributions made to these plans in any year is dependent upon a number of factors, including minimum funding requirements in the jurisdictions in which Woodward operates and arrangements made with trustees of certain foreign plans. As a result, the actual funding in fiscal year 2016 may differ from the current estimate. Woodward estimates its remaining cash contributions in fiscal year 2016 will be as follows: Retirement pension benefits: United States $ 24 United Kingdom 408 Japan - Other postretirement benefits 3,722 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: Three-Months Ended December 31, 2015 2014 Company contributions $ 130 $ 167

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Dec. 31, 2015
Stockholders' Equity and Stock-Based Compensation [Abstract]
Stockholders' Equity	Note 18 . Stockholders’ equity Stock repurchase program In the second quarter of fiscal year 2015, Woodward’s Board of Directors terminated Woodward’s prior stock repurchase program and replaced it with a new program for the repurchase of up to $300,000 of Woodward’s outstanding shares of common stock on the open market or in privately negotiated transactions over a three -year period that will end in 2018 (the “2015 Authorization”). In the third quarter of fiscal year 2015, Woodward entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Goldman, Sachs & Co. (“Goldman”) under which Woodward repurchased shares of its common stock for an aggregate purchase price of $125,000 . A total of 2,506 shares of common stock were repurchased under the ASR Agreement under the 2015 Authorization. In the first quarter of fiscal year 2016, Woodward executed a 10b5-1 plan, which is cancellable, to repurchase up to $125,000 of its common stock for a period that will end on April 20, 2016. During the first quarter of fiscal year 2016, Woodward purchased 624 shares of its common stock for $30,712 under the 10b5-1 plan under the 2015 Authorization. Stock options Woodward has reserved a total of 7,410 shares of Woodward’s common stock for issuance under the 2006 Omnibus Incentive Plan (the “2006 Plan”), which has been approved by Woodward’s stockholders. Equity awards under the 2006 Plan include grants 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. Three-Months Ended December 31, 2015 2014 Expected term (years) 6.3 - 8.7 6.2 - 8.8 Estimated volatility 34.5% - 35.1% 36.5% Estimated dividend yield 1.0% 0.7% Risk-free interest rate 1.7% - 2.0% 2.0% - 2.3% The following is a summary of the activity for stock option awards during the three-months ended December 31 , 2015: Three-Months Ended December 31, 2015 Number of options Weighted-Average Exercise Price per Share Options outstanding, beginning balance 4,641 $ 32.28 Options granted 1,055 40.26 Options exercised (49) 25.79 Options forfeited (11) 43.49 Options outstanding, ending balance 5,636 33.81 Changes in non-vested stock options during the three-months ended December 31 , 2015 were as follows: Three-Months Ended December 31, 2015 Number of options Weighted-Average Exercise Price per Share Options, beginning balance 1,724 $ 40.54 Options granted 1,055 40.26 Options vested (674) 36.93 Options forfeited (11) 43.54 Options, ending balance 2,094 41.54 Information about stock options that have vested, or are expected to vest, and are exercisable at December 31 , 2015 was as follows: Number Weighted- Average Exercise Price Weighted- Average Remaining Life in Years Aggregate Intrinsic Value Options outstanding 5,636 $ 33.81 6.2 $ 89,364 Options vested and exercisable 3,543 29.23 4.6 72,368 Options vested and expected to vest 5,479 33.58 6.2 88,107 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. Woodward recognizes stock compensation expense on a straight-line basis over the requisite service period. A summary of the activity for restricted stock awards in the three-months ended December 31 , 2015 follows: Three-Months Ended December 31, 2015 Number Fair Value per Share Beginning balance 24 $ 39.43 Shares granted - n/a Shares vested - n/a Shares forfeited - n/a Ending balance 24 39.43 Stock-based compensation cost At December 31 , 2015, there was approximately $13,869 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% for all others. The remaining unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 1.8 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure
Commitments and Contingencies	Note 19. Commitments and contingencies 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 Condensed 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	3 Months Ended
	Dec. 31, 2015
Segment Information
Segment Information	Note 20 . Segment information Woodward serves the aerospace, industrial and energy markets through its two reportable segments - Aerospace and Industrial . Woodward’s reportable segments are aggregations of Woodward’s operating segments. Woodward uses operating segment information internally to manage its business, including the assessment of operating segment performance and decisions for the allocation of resources between operating segments. Woodward has changed the name of its Energy segment to Industrial. The term “energy” is largely viewed as “oil and gas” and therefore was not representative of the broader markets Woodward serves in this segment. 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 certain charges for restructuring costs, interest income and expense, certain gains and losses from asset dispositions , or other non-recurring and/or non-operationally related expenses . A summary of consolidated net sales and earnings by segment follows: Three-Months Ended December 31, 2015 2014 Segment external net sales: Aerospace $ 268,599 $ 255,770 Industrial 176,511 231,876 Total consolidated net sales $ 445,110 $ 487,646 Segment earnings: Aerospace $ 43,486 $ 35,793 Industrial 21,551 39,268 Total segment earnings 65,037 75,061 Nonsegment expenses (30,620) (12,167) Interest expense, net (6,461) (5,822) Consolidated earnings before income taxes $ 27,956 $ 57,072 Segment assets consist of accounts receivable ; inventories ; prop erty, plant, and equipment, net; goodwill ; and other intangibles, net. A summary of consolidated total assets by segment follows: December 31, 2015 September 30, 2015 Segment assets: Aerospace $ 1,539,165 $ 1,566,421 Industrial 640,248 653,848 Total segment assets 2,179,413 2,220,269 Unallocated corporate property, plant and equipment, net 89,004 85,834 Other unallocated assets 247,694 233,862 Consolidated total assets $ 2,516,111 $ 2,539,965

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 21 . Subsequent event On January 20, 2016 , Woodward’s Board of Directors approved a quarterly cash dividend of $0.11 per share, payable on March 7, 2016 to shareholders of record as of February 22, 2016 .

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 31, 2015
Earnings Per Share
Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted	Three-Months Ended December 31, 2015 2014 Numerator: Net earnings $ 25,611 $ 43,784 Denominator: Basic shares outstanding 63,054 65,322 Dilutive effect of stock options and restricted stock 1,319 1,417 Diluted shares outstanding 64,373 66,739 Income per common share: Basic earnings per share $ 0.41 $ 0.67 Diluted earnings per share $ 0.40 $ 0.66
Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share	Three-Months Ended December 31, 2015 2014 Options - 704 Weighted-average option price $ n/a $ 46.54
Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding	Three-Months Ended December 31, 2015 2014 Weighted-average treasury stock shares held for deferred compensation obligations 184 205

Financial Instruments and Fai30

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2015
Financial Instruments and Fair Value Measurments
Financial Assets that are Measured at Fair Value on a Recurring Basis	At December 31, 2015 At September 30, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets: Cash $ 83,645 $ - $ - $ 83,645 $ 79,517 $ - $ - $ 79,517 Investments in money market funds 23 - - 23 20 - - 20 Investments in reverse repurchase agreements 754 - - 754 2,665 - - 2,665 Equity securities 11,430 - - 11,430 9,883 - - 9,883 Total financial assets $ 95,852 $ - $ - $ 95,852 $ 92,085 $ - $ - $ 92,085
Estimated Fair Values of Financial Instruments	At December 31, 2015 At September 30, 2015 Fair Value Hierarchy Level Estimated Fair Value Carrying Cost Estimated Fair Value Carrying Cost Assets: Notes receivable from municipalities 2 $ 16,775 $ 15,848 $ 16,112 $ 15,638 Liabilities: Long-term debt, excluding current portion 2 (808,319) (787,000) (873,734) (850,000)

Derivative Instruments and He31

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities
Impact of Derivative Instruments on Earnings	Three-Months Ended December 31, 2015 2014 Amount of (income) expense recognized in earnings on derivative $ 29 $ 25 Amount of (gain) loss recognized in accumulated OCI on derivative - - Amount of (gain) loss reclassified from accumulated OCI into earnings 29 25

Supplemental Statements of Ca32

Supplemental Statements of Cash Flows Information (Tables)	3 Months Ended
	Dec. 31, 2015
Supplemental Statements of Cash Flows Information
Schedule of Cash Flow Supplemental Disclosures	Three-Months Ended December 31, 2015 2014 Interest paid, net of amounts capitalized $ 14,878 $ 13,953 Income taxes paid 3,667 7,337 Income tax refunds received 913 71 Non-cash activities: Purchases of property, plant and equipment on account 26,666 33,621

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Dec. 31, 2015
Inventories
Schedule of Inventories	December 31, September 30, 2015 2015 Raw materials $ 61,962 $ 63,896 Work in progress 102,139 91,501 Component parts (1) 257,369 248,047 Finished goods 48,318 44,220 $ 469,788 $ 447,664

Property, Plant, and Equipmen34

Property, Plant, and Equipment, Net (Tables)	3 Months Ended
	Dec. 31, 2015
Property, Plant, and Equipment, Net
Schedule of Property Plant and Equipment, Net	December 31, September 30, 2015 2015 Land and land improvements $ 79,121 $ 79,311 Buildings and improvements 371,433 372,160 Leasehold improvements 16,656 16,907 Machinery and production equipment 371,955 365,040 Computer equipment and software 119,135 118,154 Office furniture and equipment 21,000 20,939 Other 18,333 18,325 Construction in progress 279,405 252,763 1,277,038 1,243,599 Less accumulated depreciation (495,379) (487,499) Property, plant and equipment, net $ 781,659 $ 756,100
Schedule of Depreciation Expense	Three-Months Ended December 31, 2015 2014 Depreciation expense $ 10,116 $ 10,998
Schedule of Capitalized Interest	Three-Months Ended December 31, 2015 2014 Capitalized interest $ 1,873 $ 1,965

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Dec. 31, 2015
Goodwill Disclosure
Schedule of Goodwill	September 30, 2015 Effects of Foreign Currency Translation December 31, 2015 Aerospace $ 455,423 $ - $ 455,423 Industrial 101,554 (979) 100,575 Consolidated $ 556,977 $ (979) $ 555,998

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	3 Months Ended
	Dec. 31, 2015
Intangible Assets, Net
Schedule of Finite-Lived Intangible Assets by Major Class	December 31, 2015 September 30, 2015 Gross Carrying Value Accumulated Amortization Net Carrying Amount Gross Carrying Value Accumulated Amortization Net Carrying Amount Customer relationships and contracts: Aerospace $ 282,225 $ (120,712) $ 161,513 $ 282,225 $ (116,232) $ 165,993 Industrial 40,858 (32,633) 8,225 41,409 (32,891) 8,518 Total $ 323,083 $ (153,345) $ 169,738 $ 323,634 $ (149,123) $ 174,511 Intellectual property: Aerospace $ - $ - $ - $ - $ - $ - Industrial 19,327 (17,124) 2,203 19,445 (16,921) 2,524 Total $ 19,327 $ (17,124) $ 2,203 $ 19,445 $ (16,921) $ 2,524 Process technology: Aerospace $ 76,605 $ (38,866) $ 37,739 $ 76,605 $ (37,411) $ 39,194 Industrial 22,820 (14,951) 7,869 22,924 (14,621) 8,303 Total $ 99,425 $ (53,817) $ 45,608 $ 99,529 $ (52,032) $ 47,497 Other intangibles: Aerospace $ 1,400 $ (1,350) $ 50 $ 1,400 $ (1,300) $ 100 Industrial 1,213 (742) 471 1,248 (742) 506 Total $ 2,613 $ (2,092) $ 521 $ 2,648 $ (2,042) $ 606 Total intangibles: Aerospace $ 360,230 $ (160,928) $ 199,302 $ 360,230 $ (154,943) $ 205,287 Industrial 84,218 (65,450) 18,768 85,026 (65,175) 19,851 Consolidated Total $ 444,448 $ (226,378) $ 218,070 $ 445,256 $ (220,118) $ 225,138
Schedule of Finite-Lived Intangible Assets Amortization Expense	Three-Months Ended December 31, 2015 2014 Amortization expense $ 6,946 $ 7,575
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Year Ending September 30: 2016 (remaining) $ 20,527 2017 25,776 2018 24,953 2019 23,117 2020 20,349 Thereafter 103,348 $ 218,070

Credit Facilities, Short-term37

Credit Facilities, Short-term Borrowings and Long-term Debt (Tables)	3 Months Ended
	Dec. 31, 2015
Debt Disclosure
Schedule of Long-term Debt Instruments [Table Text Block]	December 31, September 30, 2015 2015 Revolving credit facility - Floating rate (LIBOR plus 0.85% - 1.65% ), due April 2020 , unsecured $ 437,000 $ 350,000 Series C notes – 5.92%, due October 2015; unsecured - 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 50,000 Series H notes – 4.03%, due November 2023; unsecured 25,000 25,000 Series I notes – 4.18%, due November 2025; unsecured 25,000 25,000 Series J notes – Floating rate ( LIBOR plus 1.25%), due November 2020; unsecured 50,000 50,000 Series K notes – 4.03%, due November 2023; unsecured 50,000 50,000 Series L notes – 4.18%, due November 2025; unsecured 50,000 50,000 Total long-term debt 887,000 850,000 Less: short-term portion of long-term debt (100,000) - Long-term debt, excluding short-term portion $ 787,000 $ 850,000

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Dec. 31, 2015
Accrued Liabilities	December 31, September 30, 2015 2015 Salaries and other member benefits $ 47,868 $ 90,472 Warranties 13,370 13,741 Interest payable 6,100 12,526 Current portion of acquired performance obligations and unfavorable contracts (1) 5,891 6,651 Accrued retirement benefits 2,481 2,481 Current portion of loss reserve on contractual lease commitments 1,840 - Deferred revenues 9,025 10,004 Taxes, other than income 8,637 8,723 Other 12,727 11,338 $ 107,939 $ 155,936
Warranties	Three-Months Ended December 31, 2015 2014 Warranties, beginning of period $ 13,741 $ 16,916 Expense 3,236 2,283 Reductions for settling warranties (3,469) (2,959) Foreign currency exchange rate changes (138) (364) Warranties, end of period $ 13,370 $ 15,876
Loss Reserve On Contractual Lease Commitments [Member]
Loss Reserve Activity	Three-Months Ended December 31, 2015 Loss reserve on contractual lease commitments, beginning of period $ 2,464 Additions 8,165 Loss reserve on contractual lease commitments, end of period $ 10,629

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Dec. 31, 2015
Other Liabilities
Schedule of Other Liabilities	December 31, September 30, 2015 2015 Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 55,606 $ 55,259 Total unrecognized tax benefits, net of offsetting adjustments 15,234 15,394 Acquired unfavorable contracts (1) 4,069 4,656 Deferred economic incentives (2) 19,081 19,163 Loss reserve on contractual lease commitments (3) 8,789 2,464 Other 9,712 19,254 $ 112,491 $ 116,190

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	3 Months Ended
	Dec. 31, 2015
Other (Income) Expense, Net
Schedule of Other (Income) Expense, Net	Three-Months Ended December 31, 2015 2014 Net gain on sales of assets $ (1,602) $ (60) Rent income (101) (125) Net gain on investments in deferred compensation program (304) (234) Other (2) (36) $ (2,009) $ (455)

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Dec. 31, 2015
Income Taxes
Tax Expense and Effective Tax Rate	Three-Months Ended December 31, 2015 2014 Earnings before income taxes $ 27,956 $ 57,072 Income tax expense 2,345 13,288 Effective tax rate 8.4% 23.3%

Retirement Benefits (Tables)

Retirement Benefits (Tables)	3 Months Ended
	Dec. 31, 2015
Schedule of Estimated Remaining Cash Contributions	Retirement pension benefits: United States $ 24 United Kingdom 408 Japan - Other postretirement benefits 3,722
Pension Plans, Defined Benefit [Member]
Schedule of Net Periodic Benefit Costs	Three-Months Ended December 31, United States Other Countries Total 2015 2014 2015 2014 2015 2014 Service cost $ 674 $ 504 $ 186 $ 202 $ 860 $ 706 Interest cost 1,317 1,497 435 546 1,752 2,043 Expected return on plan assets (2,542) (2,670) (697) (778) (3,239) (3,448) Amortization of: Net actuarial (gain) loss 323 99 65 49 388 148 Prior service cost (benefit) 96 96 - - 96 96 Net periodic retirement pension (benefit) cost $ (132) $ (474) $ (11) $ 19 $ (143) $ (455) Contributions paid $ - $ - $ 389 $ 1,101 $ 389 $ 1,101
Multiemployer Plan [Member]
Schedule of Costs of Retirement Plans	Three-Months Ended December 31, 2015 2014 Company contributions $ 130 $ 167
Defined Contribution Plan [Member]
Schedule of Costs of Retirement Plans	Three-Months Ended December 31, 2015 2014 Company costs $ 8,004 $ 6,178
Other Postretirement Benefit Plans, Defined Benefit [Member]
Schedule of Net Periodic Benefit Costs	Three-Months Ended December 31, 2015 2014 Service cost $ 5 $ 7 Interest cost 262 308 Amortization of: Net actuarial (gain) loss 39 (18) Prior service cost (benefit) (40) (40) Net periodic other postretirement (benefit) cost $ 266 $ 257 Contributions paid $ 381 $ 326

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Dec. 31, 2015
Stock Options [Member]
Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards	Three-Months Ended December 31, 2015 2014 Expected term (years) 6.3 - 8.7 6.2 - 8.8 Estimated volatility 34.5% - 35.1% 36.5% Estimated dividend yield 1.0% 0.7% Risk-free interest rate 1.7% - 2.0% 2.0% - 2.3%
Activity for Stock Option Awards	Three-Months Ended December 31, 2015 Number of options Weighted-Average Exercise Price per Share Options outstanding, beginning balance 4,641 $ 32.28 Options granted 1,055 40.26 Options exercised (49) 25.79 Options forfeited (11) 43.49 Options outstanding, ending balance 5,636 33.81
Changes in Nonvested Stock Options	Three-Months Ended December 31, 2015 Number of options Weighted-Average Exercise Price per Share Options, beginning balance 1,724 $ 40.54 Options granted 1,055 40.26 Options vested (674) 36.93 Options forfeited (11) 43.54 Options, ending balance 2,094 41.54
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 5,636 $ 33.81 6.2 $ 89,364 Options vested and exercisable 3,543 29.23 4.6 72,368 Options vested and expected to vest 5,479 33.58 6.2 88,107
Restricted Stock Award [Member]
Changes in Restricted Stock Awards	Three-Months Ended December 31, 2015 Number Fair Value per Share Beginning balance 24 $ 39.43 Shares granted - n/a Shares vested - n/a Shares forfeited - n/a Ending balance 24 39.43

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Dec. 31, 2015
Segment Information
Consolidated Net Sales and Earnings by Segment	Three-Months Ended December 31, 2015 2014 Segment external net sales: Aerospace $ 268,599 $ 255,770 Industrial 176,511 231,876 Total consolidated net sales $ 445,110 $ 487,646 Segment earnings: Aerospace $ 43,486 $ 35,793 Industrial 21,551 39,268 Total segment earnings 65,037 75,061 Nonsegment expenses (30,620) (12,167) Interest expense, net (6,461) (5,822) Consolidated earnings before income taxes $ 27,956 $ 57,072
Consolidated Total Assets by Segment	December 31, 2015 September 30, 2015 Segment assets: Aerospace $ 1,539,165 $ 1,566,421 Industrial 640,248 653,848 Total segment assets 2,179,413 2,220,269 Unallocated corporate property, plant and equipment, net 89,004 85,834 Other unallocated assets 247,694 233,862 Consolidated total assets $ 2,516,111 $ 2,539,965

Recent Accounting Pronounceme45

Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
Recent Accounting Pronouncements
Balance of unamortized debt issuance costs	$ 5,221	$ 5,521

Earnings Per Share (Reconciliat

Earnings Per Share (Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share
Net earnings	$ 25,611	$ 43,784
Basic shares outstanding	63,054	65,322
Dilutive effect of stock options and restricted stock	1,319	1,417
Diluted shares outstanding	64,373	66,739
Basic earnings per share	$ 0.41	$ 0.67
Diluted earnings per share	$ 0.40	$ 0.66

Earnings Per Share (Anti-diluti

Earnings Per Share (Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share) (Details) - $ / shares shares in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share
Options	0	704
Weighted-average option price		$ 46.54

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) - shares shares in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share
Weighted-average treasury stock shares held for deferred compensation obligations	184	205

Joint Ventures (Narrative) (Det

Joint Ventures (Narrative) (Details) - USD ($) $ in Thousands	Jan. 04, 2016	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015
Proceeds from Sale of Productive Assets			$ 1,852	$ 90
Income taxes payable			7,602		$ 6,555
Deferred income tax assets			$ 9,064		$ 9,388
Woodward and General Electric Joint Venture [Member]
Proceeds from Sale of Productive Assets	$ 250,000
Proceeds from Sale of Productive Assets, Annual Payments		$ 4,894
Equity Method Investment, Ownership Percentage	50.00%
Income taxes payable	$ 95,750
Deferred income tax assets	$ 95,750

Financial Instruments and Fai50

Financial Instruments and Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015
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	2.70%	3.00%
Long Term Note Receivable From Municipality Within The State Of Colorado [Member]
Interest rate used to estimate fair value	2.70%	3.00%
Borrowings [Member]
Interest rate used to estimate fair value	2.90%	2.80%

Financial Instruments and Fai51

Financial Instruments and Fair Value Measurements (Financial Assets that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
Total financial assets	$ 95,852	$ 92,085
Fair Value, Inputs, Level 1 [Member]
Total financial assets	95,852	92,085
Fair Value, Inputs, Level 2 [Member]
Total financial assets	0	0
Fair Value, Inputs, Level 3 [Member]
Total financial assets	0	0
Cash [Member]
Cash and cash equivalents	83,645	79,517
Cash [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	83,645	79,517
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	23	20
Investments in Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	23	20
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	754	2,665
Investments in Reverse Repurchase Agreements [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	754	2,665
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
Equity Securities [Member]
Equity securities	11,430	9,883
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Equity securities	11,430	9,883
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Equity securities	0	0
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Equity securities	$ 0	$ 0

Financial Instruments and Fai52

Financial Instruments and Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
Notes receivable from municipalities, Carrying Cost	$ 15,848	$ 15,638
Short-term borrowings, Carrying Cost	(100,000)	(2,430)
Long-term debt, including current portion, Carrying Cost		(850,000)
Long-term debt, excluding current portion, Carrying Cost	(787,000)	(850,000)
Fair Value, Inputs, Level 2 [Member]
Notes receivable from municipalities, Estimated Fair Value	16,775	16,112
Long-term debt, excluding current portion, Estimated Fair Value	$ (808,319)	$ (873,734)

Derivative Instruments and He53

Derivative Instruments and Hedging Activities (Narrative) (Details) ¥ in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)
Net unrecognized losses on terminated derivative instruments expected to be reclassified to earnings	$ 26
Term of gain or loss recognition in interest expense on terminated derivatives recorded in OCI	12 months
Unrealized gain on foreign currency transaction designated as a hedge of a net investment in a foreign subsidiary (Note 6)	$ 862	$ 0
Intercompany Loan [Member]
Unrealized gain on foreign currency transaction designated as a hedge of a net investment in a foreign subsidiary (Note 6)	862
Value of Net Investment Hedging Instruments Used | ¥			¥ 160,000
Interest Expense [Member] | Derivatives in Cash Flow Hedging Relationships [Member]
Amount of Gain/Loss Recognized in Accumulated OCI on Derivative	$ 0	$ 0
Total Accumulated Other Comprehensive (Loss) Earnings [Member]
Unrecognized gains (loss)				$ 298	$ 269

Derivative Instruments and He54

Derivative Instruments and Hedging Activities (Impact of Derivative Instruments on Earnings) (Details) - Interest Expense [Member] - Derivatives in Cash Flow Hedging Relationships [Member] - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Amount of (Income) Expense Recognized in Earnings on Derivative	$ 29	$ 25
Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative	0	0
Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings	$ 29	$ 25

Supplemental Statements of Ca55

Supplemental Statements of Cash Flows Information (Schedule of Cash Flow Supplemental Disclosures) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Supplemental Statements of Cash Flows Information
Interest paid, net of amounts capitalized	$ 14,878	$ 13,953
Income taxes paid	3,667	7,337
Income tax refunds received	913	71
Purchases of property, plant and equipment on account	$ 26,666	$ 33,621

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
Inventories
Raw Materials	$ 61,962	$ 63,896
Work in progress	102,139	91,501
Component Parts	257,369	248,047
Finished Goods	48,318	44,220
Inventory, net	$ 469,788	$ 447,664

Property, Plant, and Equipmen57

Property, Plant, and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Construction in progress		$ 279,405	$ 252,763
Property, Plant and Equipment, Net		781,659	756,100
Service Life [Member]
Change in accounting estimate, financial effect - depreciation expense	$ 12,000
Second Campus Rockford Illinois [Member]
Construction in progress		55,716	47,629
Capitalized interest		836	499
New Campus Fort Collins Colorado [Member]
Construction in progress		177,061	151,669
Capitalized interest		6,669	5,205
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Property, Plant and Equipment, Net		$ 662	$ 681

Property, Plant, and Equipmen58

Property, Plant, and Equipment, Net (Property, Plant, and Equipment - Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015
Property, Plant, and Equipment, Net
Land and Land Improvements	$ 79,121		$ 79,311
Buildings and improvements	371,433		372,160
Leasehold improvements	16,656		16,907
Machinery and production equipment	371,955		365,040
Computer equipment and software	119,135		118,154
Office furniture and equipment	21,000		20,939
Other	18,333		18,325
Construction in progress	279,405		252,763
Property, Plant and Equipment, Gross, Total	1,277,038		1,243,599
Less accumulated depreciation	(495,379)		(487,499)
Property, Plant and Equipment, Net, Total	781,659		$ 756,100
Depreciation expense	10,116	$ 10,998
Capitalized interest	$ 1,873	$ 1,965

Goodwill (Narrative) (Details)

Goodwill (Narrative) (Details)	3 Months Ended
	Sep. 30, 2015
Assumed annual compound growth rate after five or ten years	4.03%
Minimum [Member]
Weighted average cost of capital assumption	9.49%
Maximum [Member]
Weighted average cost of capital assumption	12.83%

Goodwill (Goodwill) (Details)

Goodwill (Goodwill) (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2015USD ($)
Goodwill, Beginning Balance	$ 556,977
Effects of Currency Translation	(979)
Goodwill, Ending Balance	555,998
Aerospace [Member]
Goodwill, Beginning Balance	455,423
Effects of Currency Translation	0
Goodwill, Ending Balance	455,423
Industrial [Member]
Goodwill, Beginning Balance	101,554
Effects of Currency Translation	(979)
Goodwill, Ending Balance	$ 100,575

Intangible Assets, Net (Schedul

Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets by Major Class) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015
Gross Carrying Value	$ 444,448		$ 445,256
Accumulated Amortization	(226,378)		(220,118)
Net Carrying Amount	218,070		225,138
Amortization expense	6,946	$ 7,575
Process Technology [Member]
Gross Carrying Value	99,425		99,529
Accumulated Amortization	(53,817)		(52,032)
Net Carrying Amount	45,608		47,497
Customer Relationships [Member]
Gross Carrying Value	323,083		323,634
Accumulated Amortization	(153,345)		(149,123)
Net Carrying Amount	169,738		174,511
Intellectual Property [Member]
Gross Carrying Value	19,327		19,445
Accumulated Amortization	(17,124)		(16,921)
Net Carrying Amount	2,203		2,524
Other Intangibles [Member]
Gross Carrying Value	2,613		2,648
Accumulated Amortization	(2,092)		(2,042)
Net Carrying Amount	521		606
Aerospace [Member]
Gross Carrying Value	360,230		360,230
Accumulated Amortization	(160,928)		(154,943)
Net Carrying Amount	199,302		205,287
Aerospace [Member] | Process Technology [Member]
Gross Carrying Value	76,605		76,605
Accumulated Amortization	(38,866)		(37,411)
Net Carrying Amount	37,739		39,194
Aerospace [Member] | Customer Relationships [Member]
Gross Carrying Value	282,225		282,225
Accumulated Amortization	(120,712)		(116,232)
Net Carrying Amount	161,513		165,993
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	1,400		1,400
Accumulated Amortization	(1,350)		(1,300)
Net Carrying Amount	50		100
Industrial [Member]
Gross Carrying Value	84,218		85,026
Accumulated Amortization	(65,450)		(65,175)
Net Carrying Amount	18,768		19,851
Industrial [Member] | Process Technology [Member]
Gross Carrying Value	22,820		22,924
Accumulated Amortization	(14,951)		(14,621)
Net Carrying Amount	7,869		8,303
Industrial [Member] | Customer Relationships [Member]
Gross Carrying Value	40,858		41,409
Accumulated Amortization	(32,633)		(32,891)
Net Carrying Amount	8,225		8,518
Industrial [Member] | Intellectual Property [Member]
Gross Carrying Value	19,327		19,445
Accumulated Amortization	(17,124)		(16,921)
Net Carrying Amount	2,203		2,524
Industrial [Member] | Other Intangibles [Member]
Gross Carrying Value	1,213		1,248
Accumulated Amortization	(742)		(742)
Net Carrying Amount	$ 471		$ 506

Intangible Assets, Net (Sched62

Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
Intangible Assets, Net
2016 Remaining	$ 20,527
2,017	25,776
2,018	24,953
2,019	23,117
2,020	20,349
Thereafter	103,348
Finite-Lived Intangible Assets, Net, Total	$ 218,070	$ 225,138

Credit Facilities, Short-term63

Credit Facilities, Short-term Borrowings (Narrative) (Details) BRL in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015BRL	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Short-term borrowings			$ 100,000	$ 2,430
Long-term debt, excluding current portion			787,000	$ 850,000
Other Foreign Short-term Borrowings [Member]
Outstanding borrowings			0
Revolving Credit Agreement [Member]
Maximum borrowing capacity			1,000,000
Option to increase maximum borrowings to this amount			$ 1,200,000
Line of Credit Facility, Expiration Date		Apr. 1, 2020
Variable Rate Basis		LIBOR
Credit facility effective interest rate on outstanding borrowing		1.67%	1.67%	1.44%
Outstanding borrowings			$ 437,000	$ 350,000
Short-term borrowings			100,000
Revolving Credit Agreement [Member] | Minimum [Member]
Basis Spread On Variable Rate		0.85%
Revolving Credit Agreement [Member] | Maximum [Member]
Basis Spread On Variable Rate		1.65%
Chinese Credit Facility [Member]
Maximum borrowing capacity			22,700		$ 22,700
Line of Credit Facility, Expiration Date		Sep. 1, 2016
Outstanding borrowings			0
Chinese Credit Facility, RMB Denominated Loan [Member]
Variable Rate Basis		interest at the prevailing interest rate offered by the People's Bank of China on the date of borrowing, plus a margin equal to 15% of that prevailing rate
Chinese Credit Facility, USD Denominated Loan [Member]
Variable Rate Basis		interest at the lender's cost of borrowing rate at the date of borrowing, plus 3%
Brazil Credit Facility [Member]
Line of Credit Facility, Expiration Date	Jul. 26, 2016
Brazil Credit Facility BRL Denominated Loan [Member]
Maximum borrowing capacity | BRL		BRL 52,000
Variable Rate Basis		interest at the lender's cost of borrowing rate at the date of borrowing, plus 1.75%
Outstanding borrowings			$ 0	$ 2,430

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details) - USD ($) $ in Thousands	Oct. 01, 2015	Dec. 31, 2015	Sep. 30, 2015	Sep. 30, 2014
Balance of unamortized debt issuance costs		$ 5,221	$ 5,521
2008 Note Purchase Agreement [Member]
Issuance Date		Oct. 1, 2008
Series C Notes [Member]
Principal Payment Amount	$ 50,000
2009 Note Purchase Agreement [Member]
Issuance Date		Apr. 1, 2009
2013 Note Purchase Agreement [Member]
Issuance Date		Oct. 1, 2013
Face Amount		$ 250,000
Series J Notes [Member]
Variable interest rate		1.62%
First Closing Notes [Member]
Issuance Date		Oct. 1, 2013
Second Closing Notes [Member]
Issuance Date		Nov. 15, 2013
Other Foreign Short-term Borrowings [Member]
Outstanding borrowings		$ 0
Chinese Credit Facility [Member]
Line of Credit Facility, Expiration Date		Sep. 1, 2016
Line of Credit Facility, Maximum Borrowing Capacity		$ 22,700		$ 22,700
Outstanding borrowings		$ 0
Chinese Credit Facility, RMB Denominated Loan [Member]
Variable Rate Basis		interest at the prevailing interest rate offered by the People's Bank of China on the date of borrowing, plus a margin equal to 15% of that prevailing rate
Chinese Credit Facility, USD Denominated Loan [Member]
Variable Rate Basis		interest at the lender's cost of borrowing rate at the date of borrowing, plus 3%
Revolving Credit Agreement [Member]
Variable Rate Basis		LIBOR
Line of Credit Facility, Expiration Date		Apr. 1, 2020
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,000,000
Outstanding borrowings		$ 437,000	$ 350,000
Credit facility effective interest rate on outstanding borrowing		1.67%	1.44%
Revolving Credit Agreement [Member] | Minimum [Member]
Basis Spread On Variable Rate		0.85%
Revolving Credit Agreement [Member] | Maximum [Member]
Basis Spread On Variable Rate		1.65%

Long-term Debt (Schedule of Lon

Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended	15 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2015
Long-term debt balance	$ 887,000	$ 850,000	$ 887,000
Current portion of long-term debt	(100,000)	0	(100,000)
Short-term Debt	100,000	2,430	100,000
Long-term debt, excluding current portion	787,000	850,000	787,000
Series C Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 0	$ 50,000	$ 0
Interest rate	5.92%	5.92%	5.92%
Maturity date	Oct. 1, 2015	Oct. 1, 2015
Series D Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 100,000	$ 100,000	$ 100,000
Interest rate	6.39%	6.39%	6.39%
Maturity date	Oct. 1, 2018	Oct. 1, 2018
Series E Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 57,000	$ 57,000	$ 57,000
Interest rate	7.81%	7.81%	7.81%
Maturity date	Apr. 3, 2016	Apr. 3, 2016
Series F Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 43,000	$ 43,000	$ 43,000
Interest rate	8.24%	8.24%	8.24%
Maturity date	Apr. 3, 2019	Apr. 3, 2019
Series J Notes [Member]
Variable interest rate	1.62%		1.62%
Series J Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 50,000	$ 50,000	$ 50,000
Variable Rate Basis			LIBOR
Basis Spread On Variable Rate	1.25%	1.25%
Maturity date	Nov. 15, 2020	Nov. 15, 2020
Series G Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 50,000	$ 50,000	$ 50,000
Interest rate	3.42%	3.42%	3.42%
Maturity date	Nov. 15, 2020	Nov. 15, 2020
Series H Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 25,000	$ 25,000	$ 25,000
Interest rate	4.03%	4.03%	4.03%
Maturity date	Nov. 15, 2023	Nov. 15, 2023
Series I Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 25,000	$ 25,000	$ 25,000
Interest rate	4.18%	4.18%	4.18%
Maturity date	Nov. 15, 2025	Nov. 15, 2025
Series K Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 50,000	$ 50,000	$ 50,000
Interest rate	4.03%	4.03%	4.03%
Maturity date	Nov. 15, 2023	Nov. 15, 2023
Series L Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 50,000	$ 50,000	$ 50,000
Interest rate	4.18%	4.18%	4.18%
Maturity date	Nov. 15, 2025	Nov. 15, 2025
Revolving Credit Facility [Member]
Long-term debt balance	$ 437,000	$ 350,000	$ 437,000
Revolving Credit Agreement [Member]
Variable Rate Basis	LIBOR
Credit facility effective interest rate on outstanding borrowing	1.67%	1.44%	1.67%
Maturity date	Apr. 1, 2020
Short-term Debt	$ 100,000		$ 100,000
Revolving Credit Agreement [Member] | Minimum [Member]
Basis Spread On Variable Rate	0.85%
Revolving Credit Agreement [Member] | Maximum [Member]
Basis Spread On Variable Rate	1.65%
Chinese Credit Facility, RMB Denominated Loan [Member]
Variable Rate Basis	interest at the prevailing interest rate offered by the People's Bank of China on the date of borrowing, plus a margin equal to 15% of that prevailing rate
Chinese Credit Facility, USD Denominated Loan [Member]
Variable Rate Basis	interest at the lender's cost of borrowing rate at the date of borrowing, plus 3%

Accrued Liabilities (Narrative)

Accrued Liabilities (Narrative) (Details) - Loss Reserve On Contractual Lease Commitments [Member] - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Sep. 30, 2015
Additions	$ 8,165
Loss reserve	$ 8,789	$ 2,464

Accrued Liabilities (Accrued Li

Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Salaries and other member benefits	$ 47,868	$ 90,472
Warranties	13,370	13,741	$ 15,876	$ 16,916
Interest payable	6,100	12,526
Current portion of acquired performance obligations and unfavorable contracts	5,891	6,651
Accrued retirement benefits	2,481	2,481
Deferred revenues	9,025	10,004
Taxes, other than income	8,637	8,723
Other	12,727	11,338
Accrued liabilities	107,939	155,936
Loss Reserve On Contractual Lease Commitments [Member]
Current portion of loss reserve	$ 1,840	$ 0

Accrued Liabilities (Warranties

Accrued Liabilities (Warranties) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accrued Liabilities
Warranties, beginning of period	$ 13,741	$ 16,916
Warranty Expense	3,236	2,283
Reductions for settling warranties	(3,469)	(2,959)
Foreign currency exchange rate changes	(138)	(364)
Warranties, end of period	$ 13,370	$ 15,876

Accrued Liabilities (Loss Reser

Accrued Liabilities (Loss Reserve Activity) (Details) - Loss Reserve On Contractual Lease Commitments [Member] $ in Thousands	3 Months Ended
	Dec. 31, 2015USD ($)
Loss reserve on contractual lease commitments, beginning of period	$ 2,464
Additions	8,165
Loss reserve on contractual lease commitments, end of period	$ 10,629

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
Net accrued retirement benefits, less amounts recognized within accrued liabilities	$ 55,606	$ 55,259
Total unrecognized tax benefits, net of offsetting adjustments	15,234	15,394
Acquired unfavorable contracts	4,069	4,656
Deferred economic incentives	19,081	19,163
Other	9,712	19,254
Other liabilities	112,491	116,190
Loss Reserve On Contractual Lease Commitments [Member]
Loss reserve	$ 8,789	$ 2,464

Other (Income) Expense, Net (De

Other (Income) Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Other (Income) Expense, Net
Net gain on sales of assets	$ (1,602)	$ (60)
Rent income	(101)	(125)
Net (gain) loss on investments in deferred compensation program	(304)	(234)
Other	(2)	(36)
Other (income) expense, net	$ (2,009)	$ (455)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015
Income Taxes
Income tax expense reduction due to research and experimentation tax credit	$ 5,197	$ 5,063
Estimated decrease in liability for unrecognized tax benefits	3,385
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	10,419		$ 10,494
Accrued interest and penalties	811		859
Unrecognized Tax Benefits	21,626		$ 21,469
Deferred Federal Income Tax Expense Benefit Related to Depreciation on Property, Plant and Equipment	$ 9,800

Income Taxes (Tax Expense and E

Income Taxes (Tax Expense and Effective Tax Rate) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Taxes
Earnings before income taxes	$ 27,956	$ 57,072
Income tax expense	$ 2,345	$ 13,288
Effective tax rate	8.40%	23.30%

Retirement Benefits (Narrative)

Retirement Benefits (Narrative) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Business Acquisition, Acquiree - Duarte Business [Member] | Pension Plans, Defined Benefit [Member]
Future cash payouts to beneficiaries of terminated plan	$ 158

Retirement Benefits (Schedule o

Retirement Benefits (Schedule of Costs of Retirement Plans) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Multiemployer Plan [Member]
Company Contributions	$ 130	$ 167
Defined Contribution Plan [Member]
Company Costs	$ 8,004	$ 6,178

Retirement Benefits (Schedule76

Retirement Benefits (Schedule of Net Perioodic Benefit Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Pension Plans, Defined Benefit [Member]
Service cost	$ 860	$ 706
Interest cost	1,752	2,043
Expected return on plan assets	(3,239)	(3,448)
Amortization of: Net (gains) losses	388	148
Amortization of: Prior service (benefit) cost	96	96
Net periodic retirement pension (benefit) cost	(143)	(455)
Contributions paid	389	1,101
United States Pension Plans of US Entity, Defined Benefit [Member]
Service cost	674	504
Interest cost	1,317	1,497
Expected return on plan assets	(2,542)	(2,670)
Amortization of: Net (gains) losses	323	99
Amortization of: Prior service (benefit) cost	96	96
Net periodic retirement pension (benefit) cost	(132)	(474)
Contributions paid	0	0
Foreign Pension Plans, Defined Benefit [Member]
Service cost	186	202
Interest cost	435	546
Expected return on plan assets	(697)	(778)
Amortization of: Net (gains) losses	65	49
Amortization of: Prior service (benefit) cost	0	0
Net periodic retirement pension (benefit) cost	(11)	19
Contributions paid	389	1,101
Other Postretirement Benefit Plans, Defined Benefit [Member]
Service cost	5	7
Interest cost	262	308
Amortization of: Net (gains) losses	39	(18)
Amortization of: Prior service (benefit) cost	(40)	(40)
Net periodic retirement pension (benefit) cost	266	257
Contributions paid	$ 381	$ 326

Retirement Benefits (Schedule77

Retirement Benefits (Schedule of estimated remaining cash contributions) (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2015USD ($)
United States Pension Plans of US Entity, Defined Benefit [Member]
Estimated future employer contributions in the currect fiscal year	$ 24
United Kingdom Plan, Defined Benefit [Member]
Estimated future employer contributions in the currect fiscal year	408
Japan Plan, Defined Benefit [Member]
Estimated future employer contributions in the currect fiscal year	0
Other Postretirement Benefit Plans, Defined Benefit [Member]
Estimated future employer contributions in the currect fiscal year	$ 3,722

Stockholders' Equity (Equity Na

Stockholders' Equity (Equity Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Payments for Repurchase of Common Stock	$ 30,712		$ 32,118
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 13,869
Unrecognized compensation cost is expected to be recognized over a weighted-average period	1 year 9 months 18 days
Forfeiture rate, Board of Directors	0.00%
Forfeiture rate, non-Board of Directors	9.00%
2015 Authorization [Member]
Authorized repurchase amount	$ 300,000
Repurchase period in years	3 years
Goldman Sachs Accelerated Share Repurchase Program [Member]
Payments for Repurchase of Common Stock		$ 125,000
Purchases of treasury stock, number of shares		2,506
10b5-1 Plan [Member]
Authorized repurchase amount	$ 125,000
Payments for Repurchase of Common Stock	$ 30,712
Purchases of treasury stock, number of shares	624

Stockholders' Equity (Stock-Bas

Stockholders' Equity (Stock-Based Compensation Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2013	Sep. 30, 2015
Exercise prices of stock options outstanding	$ 33.81		$ 32.28
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 13,869
Unrecognized compensation cost is expected to be recognized over a weighted-average period	1 year 9 months 18 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 granted		24
Vesting period, in years	4 years
Service period for restricted stock award	4 years

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards) (Details)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Minimum [Member]
Expected term	6 years 3 months 18 days	6 years 2 months 12 days
Estimated volatility	34.50%	36.50%
Estimated dividend yield	1.00%	0.70%
Risk-free interest rate	1.70%	2.00%
Maximum [Member]
Expected term	8 years 8 months 12 days	8 years 9 months 18 days
Estimated volatility	35.10%	36.50%
Estimated dividend yield	1.00%	0.70%
Risk-free interest rate	2.00%	2.30%

Stockholders' Equity (Activity

Stockholders' Equity (Activity for Stock Option Awards) (Details) shares in Thousands	3 Months Ended
	Dec. 31, 2015$ / sharesshares
Stock-Based Compensation
Number of options, beginning balance | shares	4,641
Weighted Average Exercise Price Per Share, beginning balance | $ / shares	$ 32.28
Options granted, Number of options | shares	1,055
Options granted, Weighted Average Exercise Price Per Share | $ / shares	$ 40.26
Options exercised, Number of options | shares	(49)
Options exercised, Weighted Average Exercise Price Per Share | $ / shares	$ 25.79
Options forfeited, Number of options | shares	(11)
Options forfeited, Weighted Average Exercise Price Per Share | $ / shares	$ 43.49
Number of options, ending balance | shares	5,636
Weighted Average Exercise Price Per Share, ending balance | $ / shares	$ 33.81

Stockholders' Equity (Changes i

Stockholders' Equity (Changes in Nonvested Stock Options) (Details) shares in Thousands	3 Months Ended
	Dec. 31, 2015$ / sharesshares
Stock-Based Compensation
Number of Options, beginning balance | shares	1,724
Weighted-Average Exercise Price Per Share, beginning balance | $ / shares	$ 40.54
Options granted, Number of options | shares	1,055
Options granted, Weighted-Average Exercise Price Per Share | $ / shares	$ 40.26
Options vested, Number of options | shares	(674)
Options vested, Weighted-Average Exercise Price Per Share | $ / shares	$ 36.93
Options forfeited, Number of options | shares	(11)
Options forfeited, Weighted-Average Exercise Price Per Share | $ / shares	$ 43.54
Number of Options, ending balance | shares	2,094
Weighted-Average Exercise Price Per Share, ending balance | $ / shares	$ 41.54

Stockholders' Equity (Stock Opt

Stockholders' Equity (Stock Options Vested, Or Expected to Vest and Are Exercisable) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2015	Sep. 30, 2015
Stock-Based Compensation
Options outstanding, Number of options	5,636	4,641
Options outstanding, Weighted-Average Exercise Price	$ 33.81	$ 32.28
Options outstanding, Weighted-Average Remaining Life in Years	6 years 2 months 12 days
Options outstanding, Aggregate Intrinsic Value	$ 89,364
Options vested and exercisable, Number of options	3,543
Options vested and exercisable, Weighted-Average Exercise Price Per Share	$ 29.23
Options vested and exercisable, Weighted-Average Remaining Life in Years	4 years 7 months 6 days
Options vested and exercisable, Aggregate Intrinsic Value	$ 72,368
Options vested and expected to vest, Number of options	5,479
Options vested and expected to vest, Weighted-Average Exercise Price Per Share	$ 33.58
Options vested and to expected vest, Weighted-Average Remaining Life in Years	6 years 2 months 12 days
Options vested and expected to vest, Aggregate Intrinsic Value	$ 88,107

Stockholders' Equity (Changes84

Stockholders' Equity (Changes in Restricted Stock Awards) (Details) - Restricted Stock Award [Member] shares in Thousands	Dec. 31, 2015$ / sharesshares
Number of shares, beginning balance | shares	24
Weighted-Average Grant Date Fair Value Per Share, beginning balance | $ / shares	$ 39.43
Number of shares, ending balance | shares	24
Weighted-Average Grant Date Fair Value Per Share, ending balance | $ / shares	$ 39.43

Segment Information (Consolidat

Segment Information (Consolidated Net Sales and Earnings by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net sales	$ 445,110	$ 487,646
Interest expense, net	(6,461)	(5,822)
Consolidated earnings before income taxes	27,956	57,072
Aerospace [Member]
Net sales	268,599	255,770
Segment earnings (loss)	43,486	35,793
Industrial [Member]
Net sales	176,511	231,876
Segment earnings (loss)	21,551	39,268
Total of Reporting Segments [Member]
Segment earnings (loss)	65,037	75,061
Unallocated Corporate [Member]
Segment earnings (loss)	$ (30,620)	$ (12,167)

Segment Information (Consolid86

Segment Information (Consolidated Total Assets by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015
Assets	$ 2,516,111		$ 2,539,965
Property, plant and equipment, net	781,659		756,100
Depreciation and amortization	17,062	$ 18,573
Capital expenditures	33,131	$ 46,621
Aerospace [Member]
Assets	1,539,165		1,566,421
Industrial [Member]
Assets	640,248		653,848
Total of Reporting Segments [Member]
Assets	2,179,413		2,220,269
Unallocated Corporate [Member]
Assets	89,004		85,834
All Other Segments [Member]
Assets	$ 247,694		$ 233,862

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details)	Jan. 20, 2016$ / shares
Subsequent Events [Abstract]
Dividends Payable, Date Declared	Jan. 20, 2016
Dividends Payable, Amount Per Share	$ 0.11
Dividends Payable, Date to be Paid	Mar. 7, 2016
Dividends Payable, Date of Record	Feb. 22, 2016