Woodward (WWD) 10-Q 20 Apr 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2016	Apr. 18, 2016
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		61,103,960

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Consolidated Statements of Earnings
Net sales	$ 479,382	$ 493,222	$ 924,492	$ 980,868
Costs and expenses:
Cost of goods sold	346,139	355,602	679,516	699,362
Selling, general and administrative expenses	36,823	38,450	77,605	78,293
Research and development costs	31,762	30,328	63,359	64,357
Amortization of intangible assets	6,926	7,227	13,872	14,802
Interest expense	6,234	5,329	13,142	11,278
Interest income	(441)	(221)	(888)	(348)
Other (income) expense, net (Note 15)	(2,427)	(1,084)	(4,436)	(1,539)
Total costs and expenses	425,016	435,631	842,170	866,205
Earnings before income taxes	54,366	57,591	82,322	114,663
Income tax expense	13,542	13,736	15,678	27,024
Net earnings	$ 40,824	$ 43,855	$ 66,644	$ 87,639
Earnings per share (Note 3):
Basic earnings per share	$ 0.66	$ 0.67	$ 1.07	$ 1.34
Diluted earnings per share	$ 0.65	$ 0.66	$ 1.05	$ 1.32
Weighted Average Common Shares Outstanding (Note 3):
Basic	61,639	65,159	62,351	65,242
Diluted	63,064	66,540	63,768	66,641
Cash dividends per share paid to Woodward common stockholders	$ 0.11	$ 0.10	$ 0.21	$ 0.18

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Comprehensive earnings
Net earnings	$ 40,824	$ 43,855	$ 66,644	$ 87,639
Other comprehensive earnings:
Foreign currency translation adjustments	10,125	(22,012)	(129)	(34,945)
Unrealized gain (loss) on foreign currency transaction designated as a hedge of a net investment in a foreign subsidiary (Note 6)	(345)	0	517	0
Taxes on changes in foreign currency translation adjustments	(601)	411	(295)	1,260
Foreign currency translation adjustments, net of tax	9,179	(21,601)	93	(33,685)
Reclassification of net realized losses on derivatives to earnings (Note 6)	28	24	57	49
Taxes on changes in derivative transactions	(10)	(8)	(21)	(18)
Derivative adjustments, net of tax	18	16	36	31
Minimum retirement benefit liability adjustments (Note 17):
Amortization of net prior service cost	57	57	113	113
Amortization of net loss	425	127	852	257
Foreign currency exchange rate changes on minimum retirement benefit liabilities	287	518	571	1,058
Taxes on changes on minimum retirement benefit liability adjustments, net of foreign currency exchange rate changes	(290)	(252)	(576)	(509)
Minimum retirment benefit liabiilty adjustments, net of tax	479	450	960	919
Total comprehensive earnings	$ 50,500	$ 22,720	$ 67,733	$ 54,904

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Current assets:
Cash and cash equivalents	$ 84,745	$ 82,202
Accounts receivable, less allowance for uncollectible amounts of $2,759 and $3,841 respectively	276,848	322,215
Inventories	492,660	447,664
Income taxes receivable	1,687	21,838
Other current assets	36,281	43,791
Total current assets	892,221	917,710
Property, plant and equipment, net	825,972	756,100
Goodwill	556,720	556,977
Intangible assets, net	211,289	225,138
Deferred income tax assets	38,311	13,105
Other assets	44,903	44,886
Total assets	2,569,416	2,513,916
Current liabilities:
Short-term borrowings	100,000	2,430
Accounts payable	177,423	173,287
Income taxes payable	78,430	6,555
Accrued liabilities	123,397	155,936
Total current liabilities	479,250	338,208
Long-term debt, less current portion	617,000	850,000
Deferred income tax liabilities	936	56,414
Other liabilities	353,269	116,190
Total liabilities	$ 1,450,455	$ 1,360,812
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	145,606	131,231
Accumulated other comprehensive losses	(50,369)	(51,458)
Deferred compensation	5,219	4,322
Retained earnings	1,548,832	1,495,274
Stockholders' equity excluding treasury stock	1,649,394	1,579,475
Treasury stock at cost, 11,735 shares and 9,763 shares, respectively	(525,214)	(422,049)
Treasury stock held for deferred compensation, at cost, 174 shares and 173 shares, respectively	(5,219)	(4,322)
Total Stockholders' Equity	1,118,961	1,153,104
Total liabilities and stockholders' equity	$ 2,569,416	$ 2,513,916

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Current assets:
Allowance, accounts receivable	$ 2,759	$ 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	11,735,000	9,763,000
Treasury stock held for deferred compensation, shares	174,000	173,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net earnings	$ 66,644	$ 87,639
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	32,621	37,249
Net gain on sales of assets	(1,601)	(718)
Stock-based compensation	11,422	7,890
Deferred income taxes	(81,496)	3,628
Loss on derivatives reclassified from accumulated comprehensive earnings into earnings	57	49
Proceeds from formation of joint venture (Note 4)	250,000	0
Changes in operating assets and liabilities:
Accounts receivable	53,666	26,417
Inventories	(45,918)	(36,085)
Accounts payable and accrued liabilities	(10,734)	6,231
Current income taxes	91,800	(9,173)
Retirement benefit obligations	(1,969)	(2,490)
Other	(2,810)	2,639
Net cash provided by operating activities	361,682	123,276
Cash flows from investing activities:
Payments for purchase of property, plant and equipment	(99,316)	(109,402)
Proceeds from sale of assets	2,112	2,345
Net cash used in investing activities	(97,204)	(107,057)
Cash flows from financing activities:
Cash dividends paid	(13,086)	(11,752)
Proceeds from sales of treasury stock	5,288	2,460
Payments for repurchases of common stock	(117,820)	(32,118)
Borrowings on revolving lines of credit and short-term borrowings	300,000	255,000
Payments on revolving lines of credit and short-term borrowings	(385,596)	(252,000)
Payments of long-term debt and capital lease obligations	50,075	0
Net cash used in financing activities	(261,289)	(38,410)
Effect of exchange rate changes on cash and cash equivalents	(646)	(12,335)
Net change in cash and cash equivalents	2,543	(34,526)
Cash and cash equivalents at beginning of period	82,202	115,287
Cash and cash equivalents at end of period	$ 84,745	$ 80,761

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)
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	87,639								87,639			$ 87,639
Other comprehensive income (loss), net of tax	(32,735)			(32,735)	(33,685)	31	919
Cash dividends paid	(11,752)								(11,752)
Purchases of treasury stock	(32,118)									$ (32,118)
Purchases of treasury stock, shares										(622,000)
Sales of treasury stock	2,460		(846)							$ 3,306
Sales of treasury stock, shares										107,000
Common shares issued from treasury stock for benefit plans	12,574		4,490							$ 8,084
Common shares issued from treasury stock for benefit plans, shares										259,000
Tax benefit attributable to stock-based compensation	687		687
Stock-based compensation	7,890		7,890
Purchases of stock by deferred compensation plan								859			$ (859)
Purchases of stock by deferred compensation plan, shares											(17,000)
Distribution of stock from deferred compensation plan								(289)			$ 289
Distribution of stock from deferred compensation plan, shares											24,000
Balances at Mar. 31, 2015	1,195,589	$ 106	124,712	(36,268)	(22,866)	136	(13,538)	4,485	1,414,355	$ (307,316)	$ (4,485)
Balance, Common Stock, shares at Mar. 31, 2015		72,960,000
Balance, Treasury Stock, shares at Mar. 31, 2015										(7,653,000)
Balance, Treasury stock held for deferred compensation, Shares at Mar. 31, 2015											(191,000)
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
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	66,644								66,644			$ 66,644
Other comprehensive income (loss), net of tax	1,089			1,089	93	36	960
Cash dividends paid	(13,086)								(13,086)
Purchases of treasury stock	(120,119)									$ (120,119)
Purchases of treasury stock, shares										(2,543,000)
Sales of treasury stock	5,908		(2,366)							$ 8,274
Sales of treasury stock, shares										254,000
Common shares issued from treasury stock for benefit plans	13,999		5,319							$ 8,680
Common shares issued from treasury stock for benefit plans, shares										317,000
Stock-based compensation	11,422		11,422
Purchases of stock by deferred compensation plan								1,195			$ (1,195)
Purchases of stock by deferred compensation plan, shares											(24,000)
Distribution of stock from deferred compensation plan								(298)			$ 298
Distribution of stock from deferred compensation plan, shares											23,000
Balances at Mar. 31, 2016	$ 1,118,961	$ 106	$ 145,606	$ (50,369)	$ (21,517)	$ 202	$ (29,054)	$ 5,219	$ 1,548,832	$ (525,214)	$ (5,219)	$ 1,118,961
Balance, Preferred Stock, shares at Mar. 31, 2016												0
Balance, Common Stock, shares at Mar. 31, 2016		72,960,000										72,960,000
Balance, Treasury Stock, shares at Mar. 31, 2016										(11,735,000)		(11,735,000)
Balance, Treasury stock held for deferred compensation, Shares at Mar. 31, 2016											(174,000)	(174,000)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and for the three and six-months ended March 31, 2016 and March 31, 2015, 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 March 31, 2016, and the statements of earnings, comprehensive earnings, cash flows, and changes in stockholders’ equity for the periods presented herein. The results of operations for the three and six-months ended March 31, 2016 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 Balance Sheet as of September 30, 2015 was derived from Woodward’s Annual Report on Form 10-K for the fiscal year then ended. During the three-months ended March 31, 2016, Woodward adopted Accounting Standards Update (“ASU”) 2015-17, “Balance Sheet Classification of Deferred Taxes,” and retrospectively applied the guidance to its deferred tax assets and liabilities as of September 30, 2015. For further discussion of the impact of adopting this new accounting guidance, see Note 2, Recent accounting pronouncements. 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	6 Months Ended
	Mar. 31, 2016
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 March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” to simplify financial reporting of the income tax impacts of share-b ased compensation arrangements. As early adoption is allowed, Woodward adopted ASU 2016-09 during the second quarter of fiscal year 2016. Under ASU 2016-09 Woodward classifies the excess income tax benefits from stock-based compensation arrangements as a discrete item within income tax expense, rather than recognizing such excess income tax benefits in additional paid-in capital. As required by ASU 2016-09, Woodward applied this classification guidance effective as of October 1, 2015. Under ASU 2016-09, excess income tax benefits from stock-based compensation arrangements are classified as cash flow from operations, rather than as cash flow from financing activities. In addition, when Woodward withholds shares from an employee’s exercise of stock options to fund payment by Woodward of the employee’s taxes, the payment is classified as a financing activity. Woodward has elected to apply the cash flow classification guidance of ASU 2016-09 retrospectively to any prior periods presented . Woodward has elected to continue to estimate the number of stock-based awards expected to vest, as permitted by ASU 2016-09, rather than electing to account for forfeitures as they occur. The following table shows the impact of retrospectively applying this guidance to the Condensed Consolidated Statement of Earnings and Condensed Consolidated Statement of Cash Flows for the three-months ended December 31, 2015.     Three-Months Ended December 31, 2015  As previously reported Adjustment As recast  Statement of Earnings:  Earnings before income taxes $ 27,956 $ - $ 27,956  Income tax expense 2,345 (209) 2,136  Net earnings $ 25,611 $ 209 $ 25,820   Earnings per share:  Basic earnings per share $ 0.41 $ - $ 0.41  Diluted earnings per share $ 0.40 $ - $ 0.40   Weighted average common shares outstanding:  Basic 63,054 - 63,054  Diluted 64,373 79 64,452   Statement of Cash Flows:  Net cash provided by operating activities $ 37,112 $ 248 $ 37,360  Net cash used in investing activities (31,279) - (31,279)  Net cash used in financing activities (1,131) (248) (1,379)  Effect of exchange rate changes on cash and cash equivalents (2,482) - (2,482)  Net change in cash and cash equivalents $ 2,220 $ - $ 2,220 The following table shows the impact of retrospectively applying this guidance to the Condensed Consolidated Statement of Cash Flows for the six-months ended March 31, 2015.     Six-Months Ended March 31, 2015  As previously reported Adjustment As recast  Statement of Cash Flows:  Net cash provided by operating activities $ 122,540 $ 736 $ 123,276  Net cash used in investing activities (107,057) - (107,057)  Net cash used in financing activities (37,674) (736) (38,410)  Effect of exchange rate changes on cash and cash equivalents (12,335) - (12,335)  Net change in cash and cash equivalents $ (34,526) $ - $ (34,526) In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The purpose of ASU 2016-02 is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 (fiscal year 2020 for Woodward), including interim periods within the year of adoption. In transition, Woodward will be required to recognize and measure leases beginning in the earliest period presented using a modified retrospective approach; therefore, Woodward anticipates restating its Consolidated Financial Statements for the two fiscal years prior to the year of adoption. Early adoption is permitted. Woodward has not determined in which period it will adopt the new guidance and is currently assessing the impact this guidance may have on its Consolidated Financial Statements, including which of its existing operating leases will be impacted by the new guidance. Rent expense for all operating leases in fiscal year 2015, none of which was recognized on the balance sheet, was $7,299 . As of September 30, 2015, future minimum rental payments required under operating leases, none of which were recognized on the balance sheet, were $19,546 . In November 2015, the FASB issued ASU 2015-17, “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 2015-17, Woodward will classify all deferred tax assets 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 2015-17 is effective for fiscal years − and interim periods within those fiscal years − beginning after December 15, 201 6 (fiscal year 2018 for Woodward ) . As early adoption is allowed, Woodward adopted ASU 2015-17 during its second quarter of fiscal year 2016, and retrospectively applied the guidance to its deferred tax assets and liabilities as of September 30, 2015. The following table shows the impact of retrospectively applying this guidance to the Condensed Consolidated Balance Sheet deferred tax assets and liabilities as of September 30, 2015.    September 30, 2015  As previously reported Adjustment As recast  Current deferred income tax assets $ 29,766 $ (29,766) $ -  Total current assets 947,476 (29,766) 917,710  Noncurrent deferred income tax assets 9,388 3,717 13,105  Total assets 2,539,965 (26,049) 2,513,916   Current deferred income tax liabilities 14 (14) -  Total current liabilities 338,222 (14) 338,208  Noncurrent deferred income tax liabilities 82,449 (26,035) 56,414  Total liabilities 1,386,861 (26,049) 1,360,812  Total liabilities and stockholders' equity 2,539,965 (26,049) 2,513,916   Net deferred tax liabilities 43,309 - 43,309 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). Early adoption is allowed. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with 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 unamortized debt issuance costs of $4,921 as of March 31, 2016 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 Note 4, “ Joint ventures .” 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 IFRS. 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 reporting 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. In March and April 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” and ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” which provide supplemental adoption guidance and clarification to ASC 2014-09. ASU 2016-08 and ASU 2016-10 must be adopted concurrently with the adoption of ASU 2014-09. Woodward is currently assessing the impact that the future adoption of these guidances may have on its Condensed Consolidated Financial Statements.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Mar. 31, 2016
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 Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Numerator:  Net earnings $ 40,824 $ 43,855 $ 66,644 $ 87,639  Denominator:  Basic shares outstanding 61,639 65,159 62,351 65,242  Dilutive effect of stock options and restricted stock 1,425 1,381 1,417 1,399  Diluted shares outstanding 63,064 66,540 63,768 66,641  Income per common share:  Basic earnings per share $ 0.66 $ 0.67 $ 1.07 $ 1.34  Diluted earnings per share $ 0.65 $ 0.66 $ 1.05 $ 1.32 The following stock option grants were outstanding during the three and six-months ended March 31, 2016 and 2015, but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive:     Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Options 731 698 734 701  Weighted-average option price $ 46.55 $ 46.55 $ 46.55 $ 46.54  The weighted-average shares of common stock outstanding for basic and diluted earnings per share included the weighted-average treasury stock shares held for deferred compensation obligations of the following:       Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Weighted-average treasury stock shares held for deferred compensation obligations 185 202 181 201 

Joint Venture

Joint Venture	6 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Joint Venture	Note 4. Joint ventures 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 between Woodward and GE (the “JV”). The JV designs, develops and sources 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 engine 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. Therefore, 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. As of March 31, 2016, accrued liabilities include $6,109 and other liabilities include $241,929 of unamortized deferred income realized upon the JV formation. Amortization of the deferred income recognized as an increase to sales was $1,962 for the three- months ended March 31, 2016. The $250,000 cash consideration received from GE on January 4, 2016 is taxable upon receipt for income tax purposes but not currently recognized in earnings for book purposes. Therefore, during the three month period ended March 31, 2016, Woodward recorded estimated incremental current income taxes payable of $94, 125 and a related noncurrent deferred tax asset of $94, 125 . As of March 31, 2016, current income taxes payable include s $94,125 related to the receipt of $250,000 from GE on January 4, 2016. Woodward and GE jointly manage the JV and any significant decisions and/or actions of the JV 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. Therefore, Woodward is accounting for its 50% ownership interest in the JV using the equity method of accounting. Other income includes $2,158 related to Woodward’s equity interest in the e arnings of the JV for the three- months ended March 31 , 2016. During the three- months ended March 31, 2016, Woodward received no cash distributions from the JV and therefore, Woodward’s net investment in the JV was $2,158 as of March 31, 2016. During the three- months ended March 31, 2016, Woodward net sales include $15,015 of sales to the JV and a reduction to sales of $7,016 related to royalties paid to the JV by Woodward on sales by Woodward directly to third party aftermarket customers. At March 31, 2016, the JV owed Woodward $4,902 and Woodward owed the JV $3,288 . 

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Mar. 31, 2016
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 hierarchy established by U.S. GAAP, which prioritizes the inputs used to measure fair value into the following levels: Level 1: Inputs based on quoted market prices in active markets for identical assets or liabilities at the measurement date. Level 2: Quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data. Level 3: Inputs reflect management’s best estimates and assumptions of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments. 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 March 31, 2016 or September 30, 2015.     At March 31, 2016 At September 30, 2015  Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total  Financial assets:  Cash $ 83,582 $ - $ - $ 83,582 $ 79,517 $ - $ - $ 79,517  Investments in money market funds 33 - - 33 20 - - 20  Investments in reverse repurchase agreements 1,130 - - 1,130 2,665 - - 2,665  Equity securities 11,683 - - 11,683 9,883 - - 9,883  Total financial assets $ 96,428 $ - $ - $ 96,428 $ 92,085 $ - $ - $ 92,085  Investments in money market funds: Woodward sometimes invests excess cash in money market funds not insured by the Federal Depository Insurance Corporation (“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 Consolidated Balance Sheets were as follows:      At March 31, 2016 At September 30, 2015  Fair Value Hierarchy Level Estimated Fair Value Carrying Cost Estimated Fair Value Carrying Cost  Assets:  Notes receivable from municipalities 2 $ 16,988 $ 16,025 $ 16,112 $ 15,638  Liabilities:  Long-term debt, excluding current portion 2 $ (647,909) $ (617,000) $ (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 2.4 % at March 31, 2016 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 2.4% at March 31, 2016 and 3.0% at September 30, 2015. 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 2.6 % at March 31, 2016 and 2.8 % at September 30, 2015. 

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Mar. 31, 2016
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 market risk that may be undertaken. Woodward did not enter into any derivatives or hedging transactions during any of the three or six-months ended March 31, 2016 or March 31, 2015. 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 $326 as of March 31, 2016 and $ 269 as of September 30, 2015. The following table discloses the impact of derivative instruments in cash flow hedging relationships on Woodward’s Consolidated Statements of Earnings, recognized in interest expense:     Three-Months Ended March 31, Six-Months Ended March 31,  2016 2015 2016 2015  Amount of (income) expense recognized in earnings on derivative $ 28 $ 24 $ 57 $ 49  Amount of (gain) loss recognized in accumulated OCI on derivative - - - -  Amount of (gain) loss reclassified from accumulated OCI into earnings 28 24 57 49  Based on the carrying value of the realized but unrecognized gains and losses on terminated derivative instruments designated as cash flow hedges as of March 31, 2016, Woodward expects to reclassify $ 72 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 $517 is included in foreign currency translation adjustments within total comprehensive earnings for the six-months ended March 31, 2016.

Supplemental Statements of Cash

Supplemental Statements of Cash Flows Information	6 Months Ended
	Mar. 31, 2016
Supplemental Statements of Cash Flows Information
Supplemental Statements of Cash Flows Information	Note 7. Supplemental statement of cash flows information     Six-Months Ended March 31,  2016 2015  Interest paid, net of amounts capitalized $ 18,127 $ 15,507  Income taxes paid 7,470 31,060  Income tax refunds received 1,361 387  Non-cash activities:  Purchases of property, plant and equipment on account 12,028 54,381  Property, plant and equipment acquired by capital lease 1,239 -  Common shares issued from treasury to settle benefit plan obligations (Note 17) 13,999 12,574  Purchases of treasury stock on account 1,745 -  Cashless exercise of stock options 555 -  

Inventories

Inventories	6 Months Ended
	Mar. 31, 2016
Inventories
Inventories	Note 8. Inventories      March 31, September 30,  2016 2015  Raw materials $ 60,508 $ 63,896  Work in progress 111,213 91,501  Component parts (1) 265,445 248,047  Finished goods 55,494 44,220  $ 492,660 $ 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	6 Months Ended
	Mar. 31, 2016
Property, Plant, and Equipment, Net
Property, Plant and Equipment, Net	Note 9. Property, plant, and equipment       March 31, September 30,  2016 2015  Land and land improvements $ 87,632 $ 79,311  Buildings and building improvements 499,987 372,160  Leasehold improvements 12,797 16,907  Machinery and production equipment 381,243 365,040  Computer equipment and software 111,287 118,154  Office furniture and equipment 22,268 20,939  Other 18,360 18,325  Construction in progress 185,177 252,763  1,318,751 1,243,599  Less accumulated depreciation (492,779) (487,499)  Property, plant and equipment, net $ 825,972 $ 756,100  Included in “Land and land improvements” and “Buildings and improvements” are assets held for sale of $686 at March 31, 2016 and $681 at September 30, 2015 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 March 31, 2016. The sale of these assets was completed on April 15, 2016.  Included in “Office furniture and equipment” and “Other” is $1,239 of gross assets acquired on capital leases. 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 $72,244 at March 31, 2016 and $47,629 at September 30, 2015, associated with new equipment purchases for the second campus including capitalized interest of $1,369 at March 31, 2016 and $499 at September 30, 2015. 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 $48,606 at March 31, 2016 and $151,669 at September 30, 2015, associated with the construction of the new campus including capitalized interest of $934 at March 31, 2016 and $5,205 at September 30, 2015. Woodward began occupying the new campus during its second quarter of fiscal year 2016. Approximately $135,000 of assets were placed in service during the three-months ended March 31, 2016, and were recorded to “Buildings and building improvements.” Concurrent with and in relation to Woodward’s significant investment in three new campuses and related equipment in the greater-Rockford, Illinois 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 U.S. 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 and going forward and result in a downward adjustment of depreciation on existing assets of approximately $12,000 for fiscal year 2016. For the three and six-months ended March 31, 2016 and March 31, 2015, Woodward had depreciation expense as follows:    Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Depreciation expense $ 8,633 $ 11,449 $ 18,749 $ 22,447  For the three and six-months ended March 31, 2016 and March 31, 2015, Woodward capitalized interest that would have otherwise been included in interest expense of the following:      Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Capitalized interest $ 2,267 $ 2,801 $ 4,140 $ 4,766 

Goodwill

Goodwill	6 Months Ended
	Mar. 31, 2016
Goodwill Disclosure
Goodwill	Note 10. Goodwill     September 30, 2015 Effects of Foreign Currency Translation March 31, 2016  Aerospace $ 455,423 $ - $ 455,423  Industrial 101,554 (257) 101,297  Consolidated $ 556,977 $ (257) $ 556,720   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 impairment 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, 2015 did not indicate impairment of any of Woodward’s reporting units. 

Intangible Assets, Net

Intangible Assets, Net	6 Months Ended
	Mar. 31, 2016
Intangible Assets, Net
Intangible Assets, Net	Note 11. Intangible assets, net    March 31, 2016 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 $ (125,194) $ 157,031 $ 282,225 $ (116,232) $ 165,993  Industrial 40,992 (32,996) 7,996 41,409 (32,891) 8,518  Total $ 323,217 $ (158,190) $ 165,027 $ 323,634 $ (149,123) $ 174,511   Intellectual property:  Aerospace $ - $ - $ - $ - $ - $ -  Industrial 19,431 (17,471) 1,960 19,445 (16,921) 2,524  Total $ 19,431 $ (17,471) $ 1,960 $ 19,445 $ (16,921) $ 2,524   Process technology:  Aerospace $ 76,605 $ (40,321) $ 36,284 $ 76,605 $ (37,411) $ 39,194  Industrial 22,977 (15,428) 7,549 22,924 (14,621) 8,303  Total $ 99,582 $ (55,749) $ 43,833 $ 99,529 $ (52,032) $ 47,497   Other intangibles:  Aerospace $ - $ - $ - $ 1,400 $ (1,300) $ 100  Industrial 1,259 (790) 469 1,248 (742) 506  Total $ 1,259 $ (790) $ 469 $ 2,648 $ (2,042) $ 606   Total intangibles:  Aerospace $ 358,830 $ (165,515) $ 193,315 $ 360,230 $ (154,943) $ 205,287  Industrial 84,659 (66,685) 17,974 85,026 (65,175) 19,851  Consolidated Total $ 443,489 $ (232,200) $ 211,289 $ 445,256 $ (220,118) $ 225,138  For the three and six-months ended March 31, 2016 and March 31, 2015, Woodward recorded amortization expense associated with intangibles of the following:      Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Amortization expense $ 6,926 $ 7,227 $ 13,872 $ 14,802  Future amortization expense associated with intangibles is expected to be:     Year Ending September 30:  2016 (remaining) $ 13,622  2017 25,812  2018 24,989  2019 23,152  2020 20,362  Thereafter 103,352  $ 211,289 

Credit Facilities, Short-term B

Credit Facilities, Short-term Borrowings and Long-term Debt	6 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and September 30, 2015. A Brazilian subsidiary of Woodward has 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 are 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% . The local credit facility expires on July 26, 2016 . The Brazilian subsidiary had no outstanding cash borrowings at March 31, 2016 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 March 31, 2016 and September 30, 2015 on Woodward’s other foreign lines of credit and foreign overdraft facilities. Long-term debt    March 31, September 30,  2016 2015  Revolving credit facility - Floating rate ( LIBOR plus 0.85% - 1.65% ), due April 2020 , unsecured $ 267,000 $ 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 debt 717,000 850,000  Less: short-term portion of long-term debt (100,000) -  Long-term debt, excluding short-term portion $ 617,000 $ 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 $267,000 in principal amount of borrowings outstanding as of March 31, 2016, at an effective interest rate of 1.68% . Under the Revolving Credit Agreement, there were $350,000 in principal amount of borrowings outstanding as of September 30, 2015, at an effective interest rate of 1.44% . As of March 31, 2016, $100,000 of the $267,000 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, 2015, 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 March 31, 2016, the Series J Notes bore interest at an effective rate of 1.87% . 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. On April 4, 2016, Woodward paid the entire principal balance of $57,000 on the Series E notes using borrowings under the Revolving Credit Agreement.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Mar. 31, 2016
Accrued Liabilities
Accrued Liabilities	Note 13. Accrued liabilities        March 31, September 30,  2016 2015  Salaries and other member benefits $ 53,808 $ 90,472  Warranties 15,553 13,741  Interest payable 11,025 12,526  Current portion of acquired performance obligations and unfavorable contracts (1) 4,663 6,651  Accrued retirement benefits 2,479 2,481  Current portion of loss reserve on contractual lease commitments 1,840 -  Current portion of deferred income from JV formation (Note 4) 6,109 -  Deferred revenues 7,688 10,004  Taxes, other than income 8,709 8,723  Other 11,523 11,338  $ 123,397 $ 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:     Six-Months Ended March 31,  2016 2015  Warranties, beginning of period $ 13,741 $ 16,916  Expense 6,411 3,922  Reductions for settling warranties (4,743) (5,965)  Foreign currency exchange rate changes 144 (866)  Warranties, end of period $ 15,553 $ 14,007  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 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 and six-months ended March 31, 2016 is as follows:     Three-Months Ended Six-Months Ended  March 31, 2016 March 31, 2016  Loss reserve on contractual lease commitments, beginning of period $ 10,629 $ 2,464  Additions - 8,165  Reductions (857) (857)  Loss reserve on contractual lease commitments, end of period $ 9,772 $ 9,772  Other liabilities included $7,932 of accrued loss reserve on contractual lease commitments that are not expected to be settled or paid within twelve months of March 31, 2016.

Other Liabilities

Other Liabilities	6 Months Ended
	Mar. 31, 2016
Other Liabilities
Other Liabilities	Note 14. Other liabilities      March 31, September 30,  2016 2015  Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 54,224 $ 55,259  Noncurrent portion of deferred income from JV formation (1) 241,929 -  Total unrecognized tax benefits, net of offsetting adjustments 15,234 15,394  Acquired unfavorable contracts (2) 3,553 4,656  Deferred economic incentives (3) 18,424 19,163  Loss reserve on contractual lease commitments (4) 7,932 2,464  Other 11,973 19,254  $ 353,269 $ 116,190   (1) See Note 4, Joint venture for more information on the deferred income from JV formation.  (2) 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.  (3) 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.  (4) See Note 13, Accrued liabilites for more information on the loss reserve on contractual lease commitments.

Other (Income) Expense, Net

Other (Income) Expense, Net	6 Months Ended
	Mar. 31, 2016
Other (Income) Expense, Net
Other (Income) Expense, Net	Note 15. Other (income) expense, net     Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Equity interest in the earnings of the JV (Note 4) $ (2,158) $ - $ (2,158) $ -  Net gain on sales of assets 1 (658) (1,601) (718)  Rent income (83) (135) (184) (260)  Net gain on investments in deferred compensation program (130) (256) (434) (490)  Other (57) (35) (59) (71)  $ (2,427) $ (1,084) $ (4,436) $ (1,539)   

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2016
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 Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Earnings before income taxes $ 54,366 $ 57,591 $ 82,322 $ 114,663  Income tax expense 13,542 13,736 15,678 27,024  Effective tax rate 24.9% 23.9% 19.0% 23.6% The increase in the year-over-year effective tax rate for the second quarter of fiscal year 2016 , is primarily attributable to a smaller favorable release of foreign valuation allowances in the second quarter of fiscal year 2016 as compared to the same period last year. This increase was partially offset by the permanent extension , in the first quarter of fiscal year 2016, of the U.S. research and experime ntation credit (“R&E Credit”) and the adoption of ASU 2016-09 that resulted in a favorable adjustment for the net excess income tax benefits from stock compensation in the second quarter of fiscal year 2016 . The decrease in the year-over-year effective tax rate for the six- months ended March 31, 2016 is primarily attributable to the permanent extension of the R&E Credit and favorable adjustment for the net excess income tax benefits from stock compensation in the current fiscal year, partially offset by a smaller favorable release of foreign valuation allowances in the current fiscal year. 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. Gross unrecognized tax benefits were $20,827 as of March 31, 2016, and $21,469 as of September 30, 2015. Included in the balance of unrecognized tax benefits were $9,780 as of March 31, 2016 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 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 $896 as of March 31, 2016 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. Fiscal 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	6 Months Ended
	Mar. 31, 2016
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. Most of Woodward’s U.S. employees with at least two years of service receive an annual contribution of Woodward stock, equal to 5% of their eligible prior year wages, to their personal Woodward Retirement Savings Plan accounts. In the second quarter of fiscal years 2016 and 2015, Woodward fulfilled its annual Woodward stock contribution obligation using shares held in treasury stock by issuing 317 shares or common stock for a total value of $13,999 in fiscal year 2016 and 259 shares of common stock for a total value of $12,574 in fiscal y ear 2015. The increase in the annual 5% stock contribution is primarily related to a specified group of additional employees becoming eligible for the 5% stock contribution on January 1, 2015 in exchange for freezing one of Woodward’s defined benefit pension plans for that group. The amount of expense associated with defined contribution plans was as follows:     Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Company costs $ 7,478 $ 6,841 $ 15,482 $ 13,019  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 2013 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 $221 liability reflected in Woodward’s statement of financial position as of March 31, 2016. The components of the net periodic retirement pension costs recognized are as follows:     Three-Months Ended March 31,  United States Other Countries Total  2016 2015 2016 2015 2016 2015  Service cost $ 424 $ 505 $ 185 $ 195 $ 609 $ 700  Interest cost 1,309 1,489 411 522 1,720 2,011  Expected return on plan assets (2,535) (2,662) (666) (745) (3,201) (3,407)  Amortization of:  Net actuarial (gain) loss 323 99 63 46 386 145  Prior service cost (benefit) 96 96 - - 96 96  Net periodic retirement pension (benefit) cost $ (383) $ (473) $ (7) $ 18 $ (390) $ (455)  Contributions paid $ - $ - $ 139 $ 121 $ 139 $ 121    Six-Months Ended March 31,  United States Other Countries Total  2016 2015 2016 2015 2016 2015  Service cost $ 1,098 $ 1,009 $ 371 $ 397 $ 1,469 $ 1,406  Interest cost 2,626 2,986 846 1,068 3,472 4,054  Expected return on plan assets (5,077) (5,332) (1,363) (1,523) (6,440) (6,855)  Amortization of:  Net actuarial (gain) loss 646 198 128 95 774 293  Prior service cost (benefit) 192 192 - - 192 192  Net periodic retirement pension (benefit) cost $ (515) $ (947) $ (18) $ 37 $ (533) $ (910)  Contributions paid $ - $ - $ 528 $ 1,222 $ 528 $ 1,222  The components of the net periodic other postretirement benefit costs recognized are as follows:     Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Service cost $ 6 $ 8 $ 11 $ 15  Interest cost 262 309 524 617  Amortization of:  Net actuarial (gain) loss 39 (18) 78 (36)  Prior service cost (benefit) (39) (39) (79) (79)  Net periodic other postretirement (benefit) cost $ 268 $ 260 $ 534 $ 517  Contributions paid $ 840 $ 575 $ 1,221 $ 901  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 279  Japan -  Other postretirement benefits 2,882  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 Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Company contributions $ 157 $ 143 $ 287 $ 310 

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Mar. 31, 2016
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 half of fiscal year 2016, Woodward purchased 2,5 2 3 shares of its common stock for $119,119 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 Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Expected term (years) n/a n/a 6.3 - 8.7 6.2 - 8.8  Estimated volatility n/a n/a 34.5% - 35.1% 36.5%  Estimated dividend yield n/a n/a 1.0% 0.7%  Risk-free interest rate n/a n/a 1.7% - 2.0% 2.0% - 2.3%   The following is a summary of the activity for stock option awards during the three and six-months ended March 31, 2016:       Three-Months Ended Six-Months Ended  March 31, 2016 March 31, 2016  Number of options Weighted-Average Exercise Price per Share Number of options Weighted-Average Exercise Price per Share  Options, beginning balance 5,636 $ 33.81 4,641 $ 32.28  Options granted - n/a 1,055 40.26  Options exercised (205) 22.69 (254) 23.29  Options forfeited (2) 40.26 (13) 42.97  Options, ending balance 5,429 34.22 5,429 34.22  Changes in non-vested stock options during the three and six-months ended March 31, 2016 were as follows:       Three-Months Ended Six-Months Ended  March 31, 2016 March 31, 2016  Number of options Weighted-Average Exercise Price per Share Number of options Weighted-Average Exercise Price per Share  Options outstanding, beginning balance 2,094 $ 41.54 1,724 $ 40.54  Options granted - n/a 1,055 40.26  Options vested (6) 41.74 (680) 36.97  Options forfeited (2) 40.26 (13) 43.00  Options outstanding, ending balance 2,086 41.54 2,086 41.54  Information about stock options that have vested, or are expected to vest, and are exercisable at March 31, 2016 was as follows:     Number Weighted- Average Exercise Price Weighted- Average Remaining Life in Years Aggregate Intrinsic Value  Options outstanding 5,429 $ 34.22 6.2 $ 96,625  Options vested and exercisable 3,343 29.66 4.6 74,770  Options vested and expected to vest 5,296 34.03 6.1 95,257   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 of the Board of Directors . A summary of the activity for restricted stock awards in the three and six-months ended March 31, 2016 follows:       Three-Months Ended Six-Months Ended  March 31, 2016 March 31, 2016  Number Fair Value per Share Number Fair Value per Share  Beginning balance 24 $ 39.43 24 $ 39.43  Shares granted - n/a - n/a  Shares vested - n/a - n/a  Shares forfeited - n/a - n/a  Ending balance 24 39.43 24 39.43  Stock-based compensation cost Woodward recognizes stock compensation expense on a straight-line basis over the requisite service period. At March 31, 2016, there was approximately $11,239 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 2.4 years. 

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2016
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	6 Months Ended
	Mar. 31, 2016
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 Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Segment external net sales:  Aerospace $ 290,690 $ 281,426 $ 559,289 $ 537,196  Industrial 188,692 211,796 365,203 443,672  Total consolidated net sales $ 479,382 $ 493,222 $ 924,492 $ 980,868  Segment earnings:  Aerospace $ 50,578 $ 45,628 $ 94,064 $ 81,421  Industrial 19,469 27,224 41,020 66,492  Total segment earnings 70,047 72,852 135,084 147,913  Nonsegment expenses (9,888) (10,153) (40,508) (22,320)  Interest expense, net (5,793) (5,108) (12,254) (10,930)  Consolidated earnings before income taxes $ 54,366 $ 57,591 $ 82,322 $ 114,663   Segment assets consist of accounts receivable; inventories; property, plant, and equipment, net; goodwill; and other intangibles, net. A summary of consolidated total assets by segment follows:     March 31, 2016 September 30, 2015  Segment assets:  Aerospace $ 1,585,195 $ 1,566,421  Industrial 681,721 653,848  Total segment assets 2,266,916 2,220,269  Unallocated corporate property, plant and equipment, net 91,904 85,834  Other unallocated assets 210,596 207,813  Consolidated total assets $ 2,569,416 $ 2,513,916 

Recent Accounting Pronounceme28

Recent Accounting Pronouncements (Tables)	6 Months Ended
	Mar. 31, 2016
Accounting Standards Update 2016-09 [Member]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	The following table shows the impact of retrospectively applying this guidance to the Condensed Consolidated Statement of Earnings and Condensed Consolidated Statement of Cash Flows for the three-months ended December 31, 2015.     Three-Months Ended December 31, 2015  As previously reported Adjustment As recast  Statement of Earnings:  Earnings before income taxes $ 27,956 $ - $ 27,956  Income tax expense 2,345 (209) 2,136  Net earnings $ 25,611 $ 209 $ 25,820   Earnings per share:  Basic earnings per share $ 0.41 $ - $ 0.41  Diluted earnings per share $ 0.40 $ - $ 0.40   Weighted average common shares outstanding:  Basic 63,054 - 63,054  Diluted 64,373 79 64,452   Statement of Cash Flows:  Net cash provided by operating activities $ 37,112 $ 248 $ 37,360  Net cash used in investing activities (31,279) - (31,279)  Net cash used in financing activities (1,131) (248) (1,379)  Effect of exchange rate changes on cash and cash equivalents (2,482) - (2,482)  Net change in cash and cash equivalents $ 2,220 $ - $ 2,220 The following table shows the impact of retrospectively applying this guidance to the Condensed Consolidated Statement of Cash Flows for the six-months ended March 31, 2015.     Six-Months Ended March 31, 2015  As previously reported Adjustment As recast  Statement of Cash Flows:  Net cash provided by operating activities $ 122,540 $ 736 $ 123,276  Net cash used in investing activities (107,057) - (107,057)  Net cash used in financing activities (37,674) (736) (38,410)  Effect of exchange rate changes on cash and cash equivalents (12,335) - (12,335)  Net change in cash and cash equivalents $ (34,526) $ - $ (34,526) 
Accounting Standards Update 2015-17 [Member]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	   September 30, 2015  As previously reported Adjustment As recast  Current deferred income tax assets $ 29,766 $ (29,766) $ -  Total current assets 947,476 (29,766) 917,710  Noncurrent deferred income tax assets 9,388 3,717 13,105  Total assets 2,539,965 (26,049) 2,513,916   Current deferred income tax liabilities 14 (14) -  Total current liabilities 338,222 (14) 338,208  Noncurrent deferred income tax liabilities 82,449 (26,035) 56,414  Total liabilities 1,386,861 (26,049) 1,360,812  Total liabilities and stockholders' equity 2,539,965 (26,049) 2,513,916   Net deferred tax liabilities 43,309 - 43,309 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2016
Earnings Per Share
Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted	   Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Numerator:  Net earnings $ 40,824 $ 43,855 $ 66,644 $ 87,639  Denominator:  Basic shares outstanding 61,639 65,159 62,351 65,242  Dilutive effect of stock options and restricted stock 1,425 1,381 1,417 1,399  Diluted shares outstanding 63,064 66,540 63,768 66,641  Income per common share:  Basic earnings per share $ 0.66 $ 0.67 $ 1.07 $ 1.34  Diluted earnings per share $ 0.65 $ 0.66 $ 1.05 $ 1.32 
Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share	   Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Options 731 698 734 701  Weighted-average option price $ 46.55 $ 46.55 $ 46.55 $ 46.54 
Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding	   Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Weighted-average treasury stock shares held for deferred compensation obligations 185 202 181 201 

Financial Instruments and Fai30

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2016
Financial Instruments and Fair Value Measurments
Financial Assets that are Measured at Fair Value on a Recurring Basis	   At March 31, 2016 At September 30, 2015  Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total  Financial assets:  Cash $ 83,582 $ - $ - $ 83,582 $ 79,517 $ - $ - $ 79,517  Investments in money market funds 33 - - 33 20 - - 20  Investments in reverse repurchase agreements 1,130 - - 1,130 2,665 - - 2,665  Equity securities 11,683 - - 11,683 9,883 - - 9,883  Total financial assets $ 96,428 $ - $ - $ 96,428 $ 92,085 $ - $ - $ 92,085 
Estimated Fair Values of Financial Instruments	   At March 31, 2016 At September 30, 2015  Fair Value Hierarchy Level Estimated Fair Value Carrying Cost Estimated Fair Value Carrying Cost  Assets:  Notes receivable from municipalities 2 $ 16,988 $ 16,025 $ 16,112 $ 15,638  Liabilities:  Long-term debt, excluding current portion 2 $ (647,909) $ (617,000) $ (873,734) $ (850,000) 

Derivative Instruments and He31

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities
Impact of Derivative Instruments on Earnings	   Three-Months Ended March 31, Six-Months Ended March 31,  2016 2015 2016 2015  Amount of (income) expense recognized in earnings on derivative $ 28 $ 24 $ 57 $ 49  Amount of (gain) loss recognized in accumulated OCI on derivative - - - -  Amount of (gain) loss reclassified from accumulated OCI into earnings 28 24 57 49 

Supplemental Statements of Ca32

Supplemental Statements of Cash Flows Information (Tables)	6 Months Ended
	Mar. 31, 2016
Supplemental Statements of Cash Flows Information
Schedule of Cash Flow Supplemental Disclosures	   Six-Months Ended March 31,  2016 2015  Interest paid, net of amounts capitalized $ 18,127 $ 15,507  Income taxes paid 7,470 31,060  Income tax refunds received 1,361 387  Non-cash activities:  Purchases of property, plant and equipment on account 12,028 54,381  Property, plant and equipment acquired by capital lease 1,239 -  Common shares issued from treasury to settle benefit plan obligations (Note 17) 13,999 12,574  Purchases of treasury stock on account 1,745 -  Cashless exercise of stock options 555 - 

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Mar. 31, 2016
Inventories
Schedule of Inventories	   March 31, September 30,  2016 2015  Raw materials $ 60,508 $ 63,896  Work in progress 111,213 91,501  Component parts (1) 265,445 248,047  Finished goods 55,494 44,220  $ 492,660 $ 447,664 

Property, Plant, and Equipmen34

Property, Plant, and Equipment, Net (Tables)	6 Months Ended
	Mar. 31, 2016
Property, Plant, and Equipment, Net
Schedule of Property Plant and Equipment, Net	   March 31, September 30,  2016 2015  Land and land improvements $ 87,632 $ 79,311  Buildings and building improvements 499,987 372,160  Leasehold improvements 12,797 16,907  Machinery and production equipment 381,243 365,040  Computer equipment and software 111,287 118,154  Office furniture and equipment 22,268 20,939  Other 18,360 18,325  Construction in progress 185,177 252,763  1,318,751 1,243,599  Less accumulated depreciation (492,779) (487,499)  Property, plant and equipment, net $ 825,972 $ 756,100 
Schedule of Depreciation Expense	   Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Depreciation expense $ 8,633 $ 11,449 $ 18,749 $ 22,447 
Schedule of Capitalized Interest	   Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Capitalized interest $ 2,267 $ 2,801 $ 4,140 $ 4,766 

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Mar. 31, 2016
Goodwill Disclosure
Schedule of Goodwill	   September 30, 2015 Effects of Foreign Currency Translation March 31, 2016  Aerospace $ 455,423 $ - $ 455,423  Industrial 101,554 (257) 101,297  Consolidated $ 556,977 $ (257) $ 556,720 

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	6 Months Ended
	Mar. 31, 2016
Intangible Assets, Net
Schedule of Finite-Lived Intangible Assets by Major Class	   March 31, 2016 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 $ (125,194) $ 157,031 $ 282,225 $ (116,232) $ 165,993  Industrial 40,992 (32,996) 7,996 41,409 (32,891) 8,518  Total $ 323,217 $ (158,190) $ 165,027 $ 323,634 $ (149,123) $ 174,511   Intellectual property:  Aerospace $ - $ - $ - $ - $ - $ -  Industrial 19,431 (17,471) 1,960 19,445 (16,921) 2,524  Total $ 19,431 $ (17,471) $ 1,960 $ 19,445 $ (16,921) $ 2,524   Process technology:  Aerospace $ 76,605 $ (40,321) $ 36,284 $ 76,605 $ (37,411) $ 39,194  Industrial 22,977 (15,428) 7,549 22,924 (14,621) 8,303  Total $ 99,582 $ (55,749) $ 43,833 $ 99,529 $ (52,032) $ 47,497   Other intangibles:  Aerospace $ - $ - $ - $ 1,400 $ (1,300) $ 100  Industrial 1,259 (790) 469 1,248 (742) 506  Total $ 1,259 $ (790) $ 469 $ 2,648 $ (2,042) $ 606   Total intangibles:  Aerospace $ 358,830 $ (165,515) $ 193,315 $ 360,230 $ (154,943) $ 205,287  Industrial 84,659 (66,685) 17,974 85,026 (65,175) 19,851  Consolidated Total $ 443,489 $ (232,200) $ 211,289 $ 445,256 $ (220,118) $ 225,138 
Schedule of Finite-Lived Intangible Assets Amortization Expense	   Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Amortization expense $ 6,926 $ 7,227 $ 13,872 $ 14,802 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	   Year Ending September 30:  2016 (remaining) $ 13,622  2017 25,812  2018 24,989  2019 23,152  2020 20,362  Thereafter 103,352  $ 211,289 

Credit Facilities, Short-term37

Credit Facilities, Short-term Borrowings and Long-term Debt (Tables)	6 Months Ended
	Mar. 31, 2016
Debt Disclosure
Schedule of Long-term Debt Instruments [Table Text Block]	   March 31, September 30,  2016 2015  Revolving credit facility - Floating rate ( LIBOR plus 0.85% - 1.65% ), due April 2020 , unsecured $ 267,000 $ 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 debt 717,000 850,000  Less: short-term portion of long-term debt (100,000) -  Long-term debt, excluding short-term portion $ 617,000 $ 850,000 

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Mar. 31, 2016
Accrued Liabilities	   March 31, September 30,  2016 2015  Salaries and other member benefits $ 53,808 $ 90,472  Warranties 15,553 13,741  Interest payable 11,025 12,526  Current portion of acquired performance obligations and unfavorable contracts (1) 4,663 6,651  Accrued retirement benefits 2,479 2,481  Current portion of loss reserve on contractual lease commitments 1,840 -  Current portion of deferred income from JV formation (Note 4) 6,109 -  Deferred revenues 7,688 10,004  Taxes, other than income 8,709 8,723  Other 11,523 11,338  $ 123,397 $ 155,936 
Warranties	   Six-Months Ended March 31,  2016 2015  Warranties, beginning of period $ 13,741 $ 16,916  Expense 6,411 3,922  Reductions for settling warranties (4,743) (5,965)  Foreign currency exchange rate changes 144 (866)  Warranties, end of period $ 15,553 $ 14,007 
Loss Reserve On Contractual Lease Commitments [Member]
Loss Reserve Activity	   Three-Months Ended Six-Months Ended  March 31, 2016 March 31, 2016  Loss reserve on contractual lease commitments, beginning of period $ 10,629 $ 2,464  Additions - 8,165  Reductions (857) (857)  Loss reserve on contractual lease commitments, end of period $ 9,772 $ 9,772 

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Mar. 31, 2016
Other Liabilities
Schedule of Other Liabilities	   March 31, September 30,  2016 2015  Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 54,224 $ 55,259  Noncurrent portion of deferred income from JV formation (1) 241,929 -  Total unrecognized tax benefits, net of offsetting adjustments 15,234 15,394  Acquired unfavorable contracts (2) 3,553 4,656  Deferred economic incentives (3) 18,424 19,163  Loss reserve on contractual lease commitments (4) 7,932 2,464  Other 11,973 19,254  $ 353,269 $ 116,190 

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	6 Months Ended
	Mar. 31, 2016
Other (Income) Expense, Net
Schedule of Other (Income) Expense, Net	   Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Equity interest in the earnings of the JV (Note 4) $ (2,158) $ - $ (2,158) $ -  Net gain on sales of assets 1 (658) (1,601) (718)  Rent income (83) (135) (184) (260)  Net gain on investments in deferred compensation program (130) (256) (434) (490)  Other (57) (35) (59) (71)  $ (2,427) $ (1,084) $ (4,436) $ (1,539) 

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Mar. 31, 2016
Income Taxes
Tax Expense and Effective Tax Rate	   Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Earnings before income taxes $ 54,366 $ 57,591 $ 82,322 $ 114,663  Income tax expense 13,542 13,736 15,678 27,024  Effective tax rate 24.9% 23.9% 19.0% 23.6% 

Retirement Benefits (Tables)

Retirement Benefits (Tables)	6 Months Ended
	Mar. 31, 2016
Schedule of Estimated Remaining Cash Contributions	   Retirement pension benefits:  United States $ 24  United Kingdom 279  Japan -  Other postretirement benefits 2,882 
Pension Plans, Defined Benefit [Member]
Schedule of Net Periodic Benefit Costs	   Three-Months Ended March 31,  United States Other Countries Total  2016 2015 2016 2015 2016 2015  Service cost $ 424 $ 505 $ 185 $ 195 $ 609 $ 700  Interest cost 1,309 1,489 411 522 1,720 2,011  Expected return on plan assets (2,535) (2,662) (666) (745) (3,201) (3,407)  Amortization of:  Net actuarial (gain) loss 323 99 63 46 386 145  Prior service cost (benefit) 96 96 - - 96 96  Net periodic retirement pension (benefit) cost $ (383) $ (473) $ (7) $ 18 $ (390) $ (455)  Contributions paid $ - $ - $ 139 $ 121 $ 139 $ 121    Six-Months Ended March 31,  United States Other Countries Total  2016 2015 2016 2015 2016 2015  Service cost $ 1,098 $ 1,009 $ 371 $ 397 $ 1,469 $ 1,406  Interest cost 2,626 2,986 846 1,068 3,472 4,054  Expected return on plan assets (5,077) (5,332) (1,363) (1,523) (6,440) (6,855)  Amortization of:  Net actuarial (gain) loss 646 198 128 95 774 293  Prior service cost (benefit) 192 192 - - 192 192  Net periodic retirement pension (benefit) cost $ (515) $ (947) $ (18) $ 37 $ (533) $ (910)  Contributions paid $ - $ - $ 528 $ 1,222 $ 528 $ 1,222 
Multiemployer Plan [Member]
Schedule of Costs of Retirement Plans	   Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Company contributions $ 157 $ 143 $ 287 $ 310 
Defined Contribution Plan [Member]
Schedule of Costs of Retirement Plans	   Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Company costs $ 7,478 $ 6,841 $ 15,482 $ 13,019 
Other Postretirement Benefit Plans, Defined Benefit [Member]
Schedule of Net Periodic Benefit Costs	   Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Service cost $ 6 $ 8 $ 11 $ 15  Interest cost 262 309 524 617  Amortization of:  Net actuarial (gain) loss 39 (18) 78 (36)  Prior service cost (benefit) (39) (39) (79) (79)  Net periodic other postretirement (benefit) cost $ 268 $ 260 $ 534 $ 517  Contributions paid $ 840 $ 575 $ 1,221 $ 901 

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Mar. 31, 2016
Stock Options [Member]
Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards	   Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Expected term (years) n/a n/a 6.3 - 8.7 6.2 - 8.8  Estimated volatility n/a n/a 34.5% - 35.1% 36.5%  Estimated dividend yield n/a n/a 1.0% 0.7%  Risk-free interest rate n/a n/a 1.7% - 2.0% 2.0% - 2.3% 
Activity for Stock Option Awards	   Three-Months Ended Six-Months Ended  March 31, 2016 March 31, 2016  Number of options Weighted-Average Exercise Price per Share Number of options Weighted-Average Exercise Price per Share  Options, beginning balance 5,636 $ 33.81 4,641 $ 32.28  Options granted - n/a 1,055 40.26  Options exercised (205) 22.69 (254) 23.29  Options forfeited (2) 40.26 (13) 42.97  Options, ending balance 5,429 34.22 5,429 34.22 
Changes in Nonvested Stock Options	   Three-Months Ended Six-Months Ended  March 31, 2016 March 31, 2016  Number of options Weighted-Average Exercise Price per Share Number of options Weighted-Average Exercise Price per Share  Options outstanding, beginning balance 2,094 $ 41.54 1,724 $ 40.54  Options granted - n/a 1,055 40.26  Options vested (6) 41.74 (680) 36.97  Options forfeited (2) 40.26 (13) 43.00  Options outstanding, ending balance 2,086 41.54 2,086 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 5,429 $ 34.22 6.2 $ 96,625  Options vested and exercisable 3,343 29.66 4.6 74,770  Options vested and expected to vest 5,296 34.03 6.1 95,257 
Restricted Stock Award [Member]
Changes in Restricted Stock Awards	   Three-Months Ended Six-Months Ended  March 31, 2016 March 31, 2016  Number Fair Value per Share Number Fair Value per Share  Beginning balance 24 $ 39.43 24 $ 39.43  Shares granted - n/a - n/a  Shares vested - n/a - n/a  Shares forfeited - n/a - n/a  Ending balance 24 39.43 24 39.43 

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Mar. 31, 2016
Segment Information
Consolidated Net Sales and Earnings by Segment	   Three-Months Ended Six-Months Ended  March 31, March 31,  2016 2015 2016 2015  Segment external net sales:  Aerospace $ 290,690 $ 281,426 $ 559,289 $ 537,196  Industrial 188,692 211,796 365,203 443,672  Total consolidated net sales $ 479,382 $ 493,222 $ 924,492 $ 980,868  Segment earnings:  Aerospace $ 50,578 $ 45,628 $ 94,064 $ 81,421  Industrial 19,469 27,224 41,020 66,492  Total segment earnings 70,047 72,852 135,084 147,913  Nonsegment expenses (9,888) (10,153) (40,508) (22,320)  Interest expense, net (5,793) (5,108) (12,254) (10,930)  Consolidated earnings before income taxes $ 54,366 $ 57,591 $ 82,322 $ 114,663 
Consolidated Total Assets by Segment	   March 31, 2016 September 30, 2015  Segment assets:  Aerospace $ 1,585,195 $ 1,566,421  Industrial 681,721 653,848  Total segment assets 2,266,916 2,220,269  Unallocated corporate property, plant and equipment, net 91,904 85,834  Other unallocated assets 210,596 207,813  Consolidated total assets $ 2,569,416 $ 2,513,916 

Recent Accounting Pronounceme45

Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Mar. 31, 2016
Recent Accounting Pronouncements
Rent expense for all operating leases	$ 7,299
Future minimum rental payments required under operating leases	19,546
Balance of unamortized debt issuance costs	$ 5,521	$ 4,921

Recent Accounting Pronounceme46

Recent Accounting Pronouncements (Schedule of New Accounting Pronouncements) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			6 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015
Total current assets	$ 892,221			$ 892,221		$ 917,710
Noncurrent deferred income tax assets	38,311			38,311		13,105
Total assets	2,569,416			2,569,416		2,513,916
Total current liabilities	479,250			479,250		338,208
Noncurrent deferred income tax liabilities	936			936		56,414
Total liabilities	1,450,455			1,450,455		1,360,812
Total liabilities and stockholders' equity	2,569,416			2,569,416		2,513,916
Earnings before income taxes	54,366		$ 57,591	82,322	$ 114,663
Income tax expense	13,542		13,736	15,678	27,024
Net earnings	$ 40,824		$ 43,855	$ 66,644	$ 87,639
Basic earnings per share	$ 0.66		$ 0.67	$ 1.07	$ 1.34
Diluted earnings per share	$ 0.65		$ 0.66	$ 1.05	$ 1.32
Basic	61,639		65,159	62,351	65,242
Diluted	63,064		66,540	63,768	66,641
Net cash provided by operating activities				$ 361,682	$ 123,276
Net cash used in investing activities				(97,204)	(107,057)
Net cash used in financing activities				(261,289)	(38,410)
Effect of Exchange Rate on Cash and Cash Equivalents				(646)	(12,335)
Net change in cash and cash equivalents				$ 2,543	(34,526)
Accounting Standards Update 2016-09 [Member]
Earnings before income taxes		$ 27,956
Income tax expense		2,136
Net earnings		$ 25,820
Basic earnings per share		$ 0.41
Diluted earnings per share		$ 0.40
Basic		63,054
Diluted		64,452
Net cash provided by operating activities		$ 37,360			123,276
Net cash used in investing activities		(31,279)			(107,057)
Net cash used in financing activities		(1,379)			(38,410)
Effect of Exchange Rate on Cash and Cash Equivalents		(2,482)			(12,335)
Net change in cash and cash equivalents		2,220			(34,526)
Accounting Standards Update 2016-09 [Member] | Restatement Adjustment [Member]
Earnings before income taxes		0
Income tax expense		(209)
Net earnings		$ 209
Basic earnings per share		$ 0
Diluted earnings per share		$ 0
Basic		0
Diluted		79
Net cash provided by operating activities		$ 248			736
Net cash used in investing activities		0			0
Net cash used in financing activities		(248)			(736)
Effect of Exchange Rate on Cash and Cash Equivalents		0			0
Net change in cash and cash equivalents		0			0
Accounting Standards Update 2016-09 [Member] | Scenario, Previously Reported [Member]
Earnings before income taxes		27,956
Income tax expense		2,345
Net earnings		$ 25,611
Basic earnings per share		$ 0.41
Diluted earnings per share		$ 0.40
Basic		63,054
Diluted		64,373
Net cash provided by operating activities		$ 37,112			122,540
Net cash used in investing activities		(31,279)			(107,057)
Net cash used in financing activities		(1,131)			(37,674)
Effect of Exchange Rate on Cash and Cash Equivalents		(2,482)			(12,335)
Net change in cash and cash equivalents		$ 2,220			$ (34,526)
Accounting Standards Update 2015-17 [Member]
Current deferred income tax assets						0
Total current assets						917,710
Noncurrent deferred income tax assets						13,105
Total assets						2,513,916
Current deferred income tax liabilities						0
Total current liabilities						338,208
Noncurrent deferred income tax liabilities						56,414
Total liabilities						1,360,812
Total liabilities and stockholders' equity						2,513,916
Net deferred tax liabilities						43,309
Accounting Standards Update 2015-17 [Member] | Restatement Adjustment [Member]
Current deferred income tax assets						(29,766)
Total current assets						(29,766)
Noncurrent deferred income tax assets						3,717
Total assets						(26,049)
Current deferred income tax liabilities						(14)
Total current liabilities						(14)
Noncurrent deferred income tax liabilities						(26,035)
Total liabilities						(26,049)
Total liabilities and stockholders' equity						(26,049)
Net deferred tax liabilities						0
Accounting Standards Update 2015-17 [Member] | Scenario, Previously Reported [Member]
Current deferred income tax assets						29,766
Total current assets						947,476
Noncurrent deferred income tax assets						9,388
Total assets						2,539,965
Current deferred income tax liabilities						14
Total current liabilities						338,222
Noncurrent deferred income tax liabilities						82,449
Total liabilities						1,386,861
Total liabilities and stockholders' equity						2,539,965
Net deferred tax liabilities						$ 43,309

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		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share
Net earnings	$ 40,824	$ 43,855	$ 66,644	$ 87,639
Basic shares outstanding	61,639	65,159	62,351	65,242
Dilutive effect of stock options and restricted stock	1,425	1,381	1,417	1,399
Diluted shares outstanding	63,064	66,540	63,768	66,641
Basic earnings per share	$ 0.66	$ 0.67	$ 1.07	$ 1.34
Diluted earnings per share	$ 0.65	$ 0.66	$ 1.05	$ 1.32

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		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share
Options	731	698	734	701
Weighted-average option price	$ 46.55	$ 46.55	$ 46.55	$ 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		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share
Weighted-average treasury stock shares held for deferred compensation obligations	185	202	181	201

Joint Ventures (Narrative) (Det

Joint Ventures (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jan. 04, 2016	Sep. 30, 2015
Cash received from formation of joint venture				$ 250,000	$ 0
Current portion of deferred income recorded in connection with joint venture		$ 6,109		6,109			$ 0
Noncurrent portion of deferred income recorded in connection with joint venture		241,929		241,929			0
Income taxes payable		78,430		78,430			$ 6,555
Equity interest in earnings of joint venture		$ 2,158	$ 0	$ 2,158	$ 0
Woodward and General Electric Joint Venture [Member]
Equity Method Investment, Ownership Percentage		50.00%		50.00%
Cash received from formation of joint venture		$ 250,000
Cash to be received annually from formation of joint venture	$ 4,894
Amount of deferred income recorded in connection with joint venture						$ 250,000
Current portion of deferred income recorded in connection with joint venture		6,109		$ 6,109
Noncurrent portion of deferred income recorded in connection with joint venture		241,929		241,929
Income taxes payable		94,125		94,125
Deferred income tax assets		94,125		94,125
Equity interest in earnings of joint venture		2,158
Cash distributions from joint venture		0
Net investment in joint venture		2,158		2,158
Accounts receivable from related party		4,902		4,902
Accounts payable to related party		3,288		$ 3,288
Woodward and General Electric Joint Venture [Member] | Sales [Member]
Amortization of deferred income recognized as an increase to sales		1,962
Sales to related party		15,015
Reduction to sales related to royalties paid to joint venture		$ 7,016

Financial Instruments and Fai51

Financial Instruments and Fair Value Measurements (Narrative) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Mar. 31, 2016	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	2.40%	3.00%
Long Term Note Receivable From Municipality Within The State Of Colorado [Member]
Interest rate used to estimate fair value	2.40%	3.00%
Borrowings [Member]
Interest rate used to estimate fair value	2.60%	2.80%

Financial Instruments and Fai52

Financial Instruments and Fair Value Measurements (Financial Assets that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Total financial assets	$ 96,428	$ 92,085
Fair Value, Inputs, Level 1 [Member]
Total financial assets	96,428	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	83,582	79,517
Cash [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	83,582	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	33	20
Investments in Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	33	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	1,130	2,665
Investments in Reverse Repurchase Agreements [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	1,130	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	11,683	9,883
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Equity securities	11,683	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 Fai53

Financial Instruments and Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Notes receivable from municipalities, Carrying Cost	$ 16,025	$ 15,638
Long-term debt, excluding current portion, Carrying Cost	(617,000)	(850,000)
Fair Value, Inputs, Level 2 [Member]
Notes receivable from municipalities, Estimated Fair Value	16,988	16,112
Long-term debt, excluding current portion, Estimated Fair Value	$ (647,909)	$ (873,734)

Derivative Instruments and He54

Derivative Instruments and Hedging Activities (Narrative) (Details) ¥ in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2016CNY (¥)	Mar. 31, 2016USD ($)	Sep. 30, 2015USD ($)
Net unrecognized losses on terminated derivative instruments expected to be reclassified to earnings			$ 72
Term of gain or loss recognition in interest expense on terminated derivatives recorded in OCI			12 months
Unrealized gain (loss) on foreign currency transaction designated as a hedge of a net investment in a foreign subsidiary	$ (345)	$ 0	$ 517	$ 0
Intercompany Loan [Member]
Unrealized gain (loss) on foreign currency transaction designated as a hedge of a net investment in a foreign subsidiary			517
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	$ 0	$ 0
Total Accumulated Other Comprehensive (Loss) Earnings [Member]
Unrecognized gains (loss)						$ 326	$ 269

Derivative Instruments and He55

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		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Amount of (Income) Expense Recognized in Earnings on Derivative	$ 28	$ 24	$ 57	$ 49
Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative	0	0	0	0
Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings	$ 28	$ 24	$ 57	$ 49

Supplemental Statements of Ca56

Supplemental Statements of Cash Flows Information (Schedule of Cash Flow Supplemental Disclosures) (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental Statements of Cash Flows Information
Interest paid, net of amounts capitalized	$ 18,127	$ 15,507
Income taxes paid	7,470	31,060
Income tax refunds received	1,361	387
Purchases of property, plant and equipment on account	12,028	54,381
Property, plant and equipment acquired by capital lease	1,239	0
Common shares issued from treasury to settle benefit plan obligations (Note 17)	13,999	12,574
Purchases of treasury stock on account	1,745	0
Cashless exercise of stock options	$ 555	$ 0

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Inventories
Raw Materials	$ 60,508	$ 63,896
Work in progress	111,213	91,501
Component Parts	265,445	248,047
Finished Goods	55,494	44,220
Inventory, net	$ 492,660	$ 447,664

Property, Plant, and Equipmen58

Property, Plant, and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Sep. 30, 2016	Sep. 30, 2015
Construction in progress	$ 185,177		$ 252,763
Property, plant and equipment held for sale	686		681
Service Life [Member]
Change in accounting estimate, financial effect - depreciation expense		$ 12,000
Second Campus Rockford Illinois [Member]
Construction in progress	72,244		47,629
Capitalized interest	1,369		499
New Campus Fort Collins Colorado [Member]
Construction in progress	48,606		151,669
Capitalized interest	934		$ 5,205
Contruction in progress placed into service	135,000
Office furniture and equipment [Member]
Gross assets acquired on capital leases	$ 1,239

Property, Plant, and Equipmen59

Property, Plant, and Equipment, Net (Property, Plant, and Equipment - Net) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015
Property, Plant, and Equipment, Net
Land and Land Improvements	$ 87,632		$ 87,632		$ 79,311
Buildings and improvements	499,987		499,987		372,160
Leasehold improvements	12,797		12,797		16,907
Machinery and production equipment	381,243		381,243		365,040
Computer equipment and software	111,287		111,287		118,154
Office furniture and equipment	22,268		22,268		20,939
Other	18,360		18,360		18,325
Construction in progress	185,177		185,177		252,763
Property, Plant and Equipment, Gross, Total	1,318,751		1,318,751		1,243,599
Less accumulated depreciation	(492,779)		(492,779)		(487,499)
Property, Plant and Equipment, Net, Total	825,972		825,972		$ 756,100
Depreciation expense	8,633	$ 11,449	18,749	$ 22,447
Capitalized interest	$ 2,267	$ 2,801	$ 4,140	$ 4,766

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	6 Months Ended
	Mar. 31, 2016USD ($)
Goodwill, Beginning Balance	$ 556,977
Effects of Currency Translation	(257)
Goodwill, Ending Balance	556,720
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	(257)
Goodwill, Ending Balance	$ 101,297

Intangible Assets, Net (Schedul

Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets by Major Class) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015
Gross Carrying Value	$ 443,489		$ 443,489		$ 445,256
Accumulated Amortization	(232,200)		(232,200)		(220,118)
Net Carrying Amount	211,289		211,289		225,138
Amortization expense	6,926	$ 7,227	13,872	$ 14,802
Process Technology [Member]
Gross Carrying Value	99,582		99,582		99,529
Accumulated Amortization	(55,749)		(55,749)		(52,032)
Net Carrying Amount	43,833		43,833		47,497
Customer Relationships [Member]
Gross Carrying Value	323,217		323,217		323,634
Accumulated Amortization	(158,190)		(158,190)		(149,123)
Net Carrying Amount	165,027		165,027		174,511
Intellectual Property [Member]
Gross Carrying Value	19,431		19,431		19,445
Accumulated Amortization	(17,471)		(17,471)		(16,921)
Net Carrying Amount	1,960		1,960		2,524
Other Intangibles [Member]
Gross Carrying Value	1,259		1,259		2,648
Accumulated Amortization	(790)		(790)		(2,042)
Net Carrying Amount	469		469		606
Aerospace [Member]
Gross Carrying Value	358,830		358,830		360,230
Accumulated Amortization	(165,515)		(165,515)		(154,943)
Net Carrying Amount	193,315		193,315		205,287
Aerospace [Member] | Process Technology [Member]
Gross Carrying Value	76,605		76,605		76,605
Accumulated Amortization	(40,321)		(40,321)		(37,411)
Net Carrying Amount	36,284		36,284		39,194
Aerospace [Member] | Customer Relationships [Member]
Gross Carrying Value	282,225		282,225		282,225
Accumulated Amortization	(125,194)		(125,194)		(116,232)
Net Carrying Amount	157,031		157,031		165,993
Aerospace [Member] | Intellectual Property [Member]
Gross Carrying Value	0		0		0
Accumulated Amortization	0		0		0
Net Carrying Amount	0		0		0
Aerospace [Member] | Other Intangibles [Member]
Gross Carrying Value					1,400
Accumulated Amortization					(1,300)
Net Carrying Amount	0		0		100
Industrial [Member]
Gross Carrying Value	84,659		84,659		85,026
Accumulated Amortization	(66,685)		(66,685)		(65,175)
Net Carrying Amount	17,974		17,974		19,851
Industrial [Member] | Process Technology [Member]
Gross Carrying Value	22,977		22,977		22,924
Accumulated Amortization	(15,428)		(15,428)		(14,621)
Net Carrying Amount	7,549		7,549		8,303
Industrial [Member] | Customer Relationships [Member]
Gross Carrying Value	40,992		40,992		41,409
Accumulated Amortization	(32,996)		(32,996)		(32,891)
Net Carrying Amount	7,996		7,996		8,518
Industrial [Member] | Intellectual Property [Member]
Gross Carrying Value	19,431		19,431		19,445
Accumulated Amortization	(17,471)		(17,471)		(16,921)
Net Carrying Amount	1,960		1,960		2,524
Industrial [Member] | Other Intangibles [Member]
Gross Carrying Value	1,259		1,259		1,248
Accumulated Amortization	(790)		(790)		(742)
Net Carrying Amount	$ 469		$ 469		$ 506

Intangible Assets, Net (Sched63

Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Intangible Assets, Net
2016 Remaining	$ 13,622
2,017	25,812
2,018	24,989
2,019	23,152
2,020	20,362
Thereafter	103,352
Finite-Lived Intangible Assets, Net, Total	$ 211,289	$ 225,138

Credit Facilities, Short-term64

Credit Facilities, Short-term Borrowings (Narrative) (Details) BRL in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2016BRL	Mar. 31, 2016BRL	Mar. 31, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Short-term borrowings			$ 100,000	$ 2,430
Long-term debt, excluding current portion			617,000	$ 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	1.68%	1.68%	1.68%	1.44%
Outstanding borrowings			$ 267,000	$ 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	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	Apr. 04, 2016	Oct. 01, 2015	Dec. 31, 2015	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2014
Balance of unamortized debt issuance costs				$ 4,921	$ 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
Series E Notes [Member]
Principal Payment Amount	$ 57,000
2013 Note Purchase Agreement [Member]
Issuance Date				Oct. 1, 2013
Face Amount				$ 250,000
Series J Notes [Member]
Variable Rate Basis				LIBOR
Variable interest rate				1.87%
First Closing Notes [Member]
Issuance Date				Oct. 1, 2013
Second Closing Notes [Member]
Issuance Date			Nov. 15, 2013	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				$ 267,000	$ 350,000
Credit facility effective interest rate on outstanding borrowing				1.68%	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	6 Months Ended	12 Months Ended
	Mar. 31, 2016	Sep. 30, 2015
Long-term debt balance	$ 717,000	$ 850,000
Current portion of long-term debt	(100,000)	0
Short-term Debt	100,000	2,430
Long-term debt, excluding current portion	617,000	850,000
Series C Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 0	$ 50,000
Interest rate	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
Interest rate	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
Interest rate	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
Interest rate	8.24%	8.24%
Maturity date	Apr. 3, 2019	Apr. 3, 2019
Series J Notes [Member]
Variable interest rate	1.87%
Variable Rate Basis	LIBOR
Series J Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 50,000	$ 50,000
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
Interest rate	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
Interest rate	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
Interest rate	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
Interest rate	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
Interest rate	4.18%	4.18%
Maturity date	Nov. 15, 2025	Nov. 15, 2025
Revolving Credit Facility [Member]
Long-term debt balance	$ 267,000	$ 350,000
Revolving Credit Agreement [Member]
Variable Rate Basis	LIBOR
Credit facility effective interest rate on outstanding borrowing	1.68%	1.44%
Maturity date	Apr. 1, 2020
Short-term Debt	$ 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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2016	Sep. 30, 2015
Additions	$ 0		$ 8,165
Loss Reserve On Contractual Lease Commitments [Member]
Additions		$ 8,165
Loss reserve, noncurrent portion	$ 7,932		$ 7,932	$ 2,464

Accrued Liabilities (Accrued Li

Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014
Salaries and other member benefits	$ 53,808	$ 90,472
Warranties	15,553	13,741	$ 14,007	$ 16,916
Interest payable	11,025	12,526
Current portion of acquired performance obligations and unfavorable contracts	4,663	6,651
Accrued retirement benefits	2,479	2,481
Current portion of deferred income from JV formation (Note 4)	6,109	0
Deferred revenues	7,688	10,004
Taxes, other than income	8,709	8,723
Other	11,523	11,338
Accrued liabilities	123,397	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	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accrued Liabilities
Warranties, beginning of period	$ 13,741	$ 16,916
Warranty Expense	6,411	3,922
Reductions for settling warranties	(4,743)	(5,965)
Foreign currency exchange rate changes	144	(866)
Warranties, end of period	$ 15,553	$ 14,007

Accrued Liabilities (Loss Reser

Accrued Liabilities (Loss Reserve Activity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2016
Loss reserve on contractual lease commitments, beginning of period	$ 10,629	$ 2,464	$ 2,464
Additions	0		(8,165)
Reductions	857		857
Loss reserve on contractual lease commitments, end of period	$ 9,772	10,629	$ 9,772
Loss Reserve On Contractual Lease Commitments [Member]
Additions		$ (8,165)

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Net accrued retirement benefits, less amounts recognized within accrued liabilities	$ 54,224	$ 55,259
Noncurrent portion of deferred income from JV formation	241,929	0
Total unrecognized tax benefits, net of offsetting adjustments	15,234	15,394
Acquired unfavorable contracts	3,553	4,656
Deferred economic incentives	18,424	19,163
Other	11,973	19,254
Other liabilities	353,269	116,190
Loss Reserve On Contractual Lease Commitments [Member]
Loss reserve	$ 7,932	$ 2,464

Other (Income) Expense, Net (De

Other (Income) Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Other (Income) Expense, Net
Equity interest in earnings of the JV (Note 4)	$ (2,158)	$ 0	$ (2,158)	$ 0
Net gain on sales of assets	1	(658)	(1,601)	(718)
Rent income	(83)	(135)	(184)	(260)
Net (gain) loss on investments in deferred compensation program	(130)	(256)	(434)	(490)
Other	(57)	(35)	(59)	(71)
Other (income) expense, net	$ (2,427)	$ (1,084)	$ (4,436)	$ (1,539)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Mar. 31, 2016	Sep. 30, 2015
Income Taxes
Income tax expense reduction due to research and experimentation tax credit	$ 5,197
Estimated decrease in liability for unrecognized tax benefits		$ 3,385
Unrecognized tax benefits that, if recognized, would affect the effective tax rate		9,780	$ 10,494
Accrued interest and penalties		896	859
Unrecognized Tax Benefits		$ 20,827	$ 21,469

Income Taxes (Tax Expense and E

Income Taxes (Tax Expense and Effective Tax Rate) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Taxes
Earnings before income taxes	$ 54,366	$ 57,591	$ 82,322	$ 114,663
Income tax expense	$ 13,542	$ 13,736	$ 15,678	$ 27,024
Effective tax rate	24.90%	23.90%	19.00%	23.60%

Retirement Benefits (Narrative)

Retirement Benefits (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Value of Company Stock Contributed to Defined Contribution Benefit Plans	$ 13,999	$ 12,574
Treasury Stock Issued During Period, Shares, Employee Benefit Plans	317	259
Business Acquisition, Acquiree - Duarte Business [Member] | Pension Plans, Defined Benefit [Member]
Future cash payouts to beneficiaries of terminated plan	$ 221		$ 221
Total stockholders equity
Value of Company Stock Contributed to Defined Contribution Benefit Plans			13,999	$ 12,574
Treasury Stock at Cost [Member]
Value of Company Stock Contributed to Defined Contribution Benefit Plans			$ 8,680	$ 8,084
Treasury Stock Issued During Period, Shares, Employee Benefit Plans			317	259

Retirement Benefits (Schedule o

Retirement Benefits (Schedule of Costs of Retirement Plans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Multiemployer Plan [Member]
Company Contributions	$ 157	$ 143	$ 287	$ 310
Defined Contribution Plan [Member]
Company Costs	$ 7,478	$ 6,841	$ 15,482	$ 13,019

Retirement Benefits (Schedule77

Retirement Benefits (Schedule of Net Perioodic Benefit Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Pension Plans, Defined Benefit [Member]
Service cost	$ 609	$ 700	$ 1,469	$ 1,406
Interest cost	1,720	2,011	3,472	4,054
Expected return on plan assets	(3,201)	(3,407)	(6,440)	(6,855)
Amortization of: Net (gains) losses	386	145	774	293
Amortization of: Prior service (benefit) cost	96	96	192	192
Net periodic retirement pension (benefit) cost	(390)	(455)	(533)	(910)
Contributions paid	139	121	528	1,222
United States Pension Plans of US Entity, Defined Benefit [Member]
Service cost	424	505	1,098	1,009
Interest cost	1,309	1,489	2,626	2,986
Expected return on plan assets	(2,535)	(2,662)	(5,077)	(5,332)
Amortization of: Net (gains) losses	323	99	646	198
Amortization of: Prior service (benefit) cost	96	96	192	192
Net periodic retirement pension (benefit) cost	(383)	(473)	(515)	(947)
Contributions paid	0	0	0	0
Foreign Pension Plans, Defined Benefit [Member]
Service cost	185	195	371	397
Interest cost	411	522	846	1,068
Expected return on plan assets	(666)	(745)	(1,363)	(1,523)
Amortization of: Net (gains) losses	63	46	128	95
Amortization of: Prior service (benefit) cost	0	0	0	0
Net periodic retirement pension (benefit) cost	(7)	18	(18)	37
Contributions paid	139	121	528	1,222
Other Postretirement Benefit Plans, Defined Benefit [Member]
Service cost	6	8	11	15
Interest cost	262	309	524	617
Amortization of: Net (gains) losses	39	(18)	78	(36)
Amortization of: Prior service (benefit) cost	(39)	(39)	(79)	(79)
Net periodic retirement pension (benefit) cost	268	260	534	517
Contributions paid	$ 840	$ 575	$ 1,221	$ 901

Retirement Benefits (Schedule78

Retirement Benefits (Schedule of estimated remaining cash contributions) (Details) $ in Thousands	6 Months Ended
	Mar. 31, 2016USD ($)
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	279
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	$ 2,882

Stockholders' Equity (Equity Na

Stockholders' Equity (Equity Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Payments for Repurchase of Common Stock			$ 117,820	$ 32,118
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements			$ 11,239
Unrecognized compensation cost is expected to be recognized over a weighted-average period			2 years 4 months 24 days
Forfeiture rate, Board of Directors			0.00%
Forfeiture rate, non-Board of Directors			9.00%
2015 Authorization [Member]
Authorized repurchase amount		$ 300,000		$ 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			$ 119,119
Purchases of treasury stock, number of shares			2,523

Stockholders' Equity (Stock-Bas

Stockholders' Equity (Stock-Based Compensation Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Dec. 31, 2013	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015
Exercise prices of stock options outstanding	$ 34.22		$ 34.22	$ 33.81	$ 32.28
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 11,239		$ 11,239
Unrecognized compensation cost is expected to be recognized over a weighted-average period			2 years 4 months 24 days
Forfeiture Rate, Board of Director	0.00%		0.00%
Forfeiture Rate, Non-Board of Directors	9.00%		9.00%
Omnibus Incentive Plan [Member]
Number of stock shares authorized for grants	7,410		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
Restricted Stock Awards Vested	0		0
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)	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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 shares in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2016
Stock-Based Compensation
Number of options, beginning balance	5,636	4,641
Weighted Average Exercise Price Per Share, beginning balance	$ 33.81	$ 32.28
Options granted, Number of options	0	1,055
Options granted, Weighted Average Exercise Price Per Share		$ 40.26
Options exercised, Number of options	(205)	(254)
Options exercised, Weighted Average Exercise Price Per Share	$ 22.69	$ 23.29
Options forfeited, Number of options	(2)	(13)
Options forfeited, Weighted Average Exercise Price Per Share	$ 40.26	$ 42.97
Number of options, ending balance	5,429	5,429
Weighted Average Exercise Price Per Share, ending balance	$ 34.22	$ 34.22

Stockholders' Equity (Changes i

Stockholders' Equity (Changes in Nonvested Stock Options) (Details) - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2016
Stock-Based Compensation
Number of Options, beginning balance	2,094	1,724
Weighted-Average Exercise Price Per Share, beginning balance	$ 41.54	$ 40.54
Options granted, Number of options	0	1,055
Options granted, Weighted-Average Exercise Price Per Share		$ 40.26
Options vested, Number of options	(6)	(680)
Options vested, Weighted-Average Exercise Price Per Share	$ 41.74	$ 36.97
Options forfeited, Number of options	(2)	(13)
Options forfeited, Weighted-Average Exercise Price Per Share	$ 40.26	$ 43
Number of Options, ending balance	2,086	2,086
Weighted-Average Exercise Price Per Share, ending balance	$ 41.54	$ 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	6 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015
Stock-Based Compensation
Options outstanding, Number of options	5,429	5,636	4,641
Options outstanding, Weighted-Average Exercise Price	$ 34.22	$ 33.81	$ 32.28
Options outstanding, Weighted-Average Remaining Life in Years	6 years 2 months 12 days
Options outstanding, Aggregate Intrinsic Value	$ 96,625
Options vested and exercisable, Number of options	3,343
Options vested and exercisable, Weighted-Average Exercise Price Per Share	$ 29.66
Options vested and exercisable, Weighted-Average Remaining Life in Years	4 years 7 months 6 days
Options vested and exercisable, Aggregate Intrinsic Value	$ 74,770
Options vested and expected to vest, Number of options	5,296
Options vested and expected to vest, Weighted-Average Exercise Price Per Share	$ 34.03
Options vested and to expected vest, Weighted-Average Remaining Life in Years	6 years 1 month 6 days
Options vested and expected to vest, Aggregate Intrinsic Value	$ 95,257

Stockholders' Equity (Changes85

Stockholders' Equity (Changes in Restricted Stock Awards) (Details) - Restricted Stock Award [Member] - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2016
Number of shares, beginning balance	24	24
Weighted-Average Grant Date Fair Value Per Share, beginning balance	$ 39.43	$ 39.43
Shares granted, Number of Shares	0	0
Shares vested, Number of Shares	0	0
Shares forfeited, Number of Shares	0	0
Number of shares, ending balance	24	24
Weighted-Average Grant Date Fair Value Per Share, ending balance	$ 39.43	$ 39.43

Segment Information (Consolidat

Segment Information (Consolidated Net Sales and Earnings by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Net sales	$ 479,382	$ 493,222	$ 924,492	$ 980,868
Interest expense, net	(5,793)	(5,108)	(12,254)	(10,930)
Consolidated earnings before income taxes	54,366	57,591	82,322	114,663
Aerospace [Member]
Net sales	290,690	281,426	559,289	537,196
Segment earnings (loss)	50,578	45,628	94,064	81,421
Industrial [Member]
Net sales	188,692	211,796	365,203	443,672
Segment earnings (loss)	19,469	27,224	41,020	66,492
Total of Reporting Segments [Member]
Segment earnings (loss)	70,047	72,852	135,084	147,913
Unallocated Corporate [Member]
Segment earnings (loss)	$ (9,888)	$ (10,153)	$ (40,508)	$ (22,320)

Segment Information (Consolid87

Segment Information (Consolidated Total Assets by Segment) (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015
Assets	$ 2,569,416		$ 2,513,916
Property, plant and equipment, net	825,972		756,100
Depreciation and amortization	32,621	$ 37,249
Capital expenditures	99,316	$ 109,402
Aerospace [Member]
Assets	1,585,195		1,566,421
Industrial [Member]
Assets	681,721		653,848
Total of Reporting Segments [Member]
Assets	2,266,916		2,220,269
Unallocated Corporate [Member]
Property, plant and equipment, net	91,904		85,834
Other unallocated assets	$ 210,596		$ 207,813