Woodward (WWD) 10-Q 20 Apr 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2017	Apr. 17, 2017
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
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		61,272,506
Entity Current Reporting Status	Yes

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Consolidated Statements of Earnings
Net sales	$ 500,381	$ 479,382	$ 943,275	$ 924,492
Costs and expenses:
Cost of goods sold	365,156	346,139	692,350	679,516
Selling, general and administrative expenses	43,172	36,823	76,968	77,605
Research and development costs	30,385	31,762	56,925	63,359
Amortization of intangible assets	6,431	6,926	12,889	13,872
Interest expense	6,790	6,234	13,630	13,142
Interest income	(474)	(441)	(879)	(888)
Other (income) expense, net (Note 16)	(1,315)	(2,427)	(5,903)	(4,436)
Total costs and expenses	450,145	425,016	845,980	842,170
Earnings before income taxes	50,236	54,366	97,295	82,322
Income tax expense	12,131	13,542	12,642	15,678
Net earnings	$ 38,105	$ 40,824	$ 84,653	$ 66,644
Earnings per share (Note 3):
Basic earnings per share	$ 0.62	$ 0.66	$ 1.38	$ 1.07
Diluted earnings per share	$ 0.60	$ 0.65	$ 1.33	$ 1.05
Weighted Average Common Shares Outstanding (Note 3):
Basic	61,310	61,639	61,436	62,351
Diluted	63,499	63,064	63,593	63,768
Cash dividends per share paid to Woodward common stockholders	$ 0.125	$ 0.110	$ 0.235	$ 0.210

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Comprehensive earnings
Net earnings	$ 38,105	$ 40,824	$ 84,653	$ 66,644
Other comprehensive earnings:
Foreign currency translation adjustments	7,741	10,125	(10,894)	(129)
Net gain (loss) on foreign currency transactions designated as hedges of net investments in a foreign subsidiaries	(945)	(345)	2,885	517
Taxes on changes in foreign currency translation adjustments	(180)	(601)	(486)	(295)
Foreign currency translation and transactions adjustments, net of tax	6,616	9,179	(8,495)	93
Reclassification of net realized (gains) losses on derivatives to earnings	(18)	28	(36)	57
Taxes on changes in derivative transactions	7	(10)	14	(21)
Derivative adjustments, net of tax	(11)	18	(22)	36
Minimum retirement benefit liability adjustments:
Amortization of net prior service cost (benefit)	57	57	113	113
Amortization of net loss	640	425	1,281	852
Foreign currency exchange rate changes on minimum retirement benefit liabilities	(312)	287	943	571
Taxes on changes on minimum retirement benefit liability adjustments, net of foreign currency exchange rate changes	(152)	(290)	(845)	(576)
Pension and other postretirement benefit plan adjustments, net of tax	233	479	1,492	960
Total comprehensive earnings	$ 44,943	$ 50,500	$ 77,628	$ 67,733

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Sep. 30, 2016
Current assets:
Cash and cash equivalents	$ 78,953	$ 81,090
Accounts receivable, less allowance for uncollectible amounts of $2,494 and $2,540, respectively	279,897	343,768
Inventories	506,275	461,683
Income taxes receivable	15,942	20,358
Other current assets	29,456	37,525
Total current assets	910,523	944,424
Property, plant and equipment, net	888,235	876,350
Goodwill	553,974	555,684
Intangible assets, net	184,577	197,650
Deferred income tax assets	19,421	20,194
Other assets	50,430	48,060
Total assets	2,607,160	2,642,362
Current liabilities:
Short-term borrowings and current portion of long-term debt	134,300	150,000
Accounts payable	177,730	169,439
Income taxes payable	3,046	4,547
Accrued liabilities	105,978	156,627
Total current liabilities	421,054	480,613
Long-term debt, less current portion	562,045	577,153
Deferred income tax liabilities	9,403	3,777
Other liabilities	359,866	368,224
Total liabilities	1,352,368	1,429,767
Commitments and contingencies (Note 20)
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	160,559	141,570
Accumulated other comprehensive losses	(72,730)	(65,705)
Deferred compensation	7,060	5,089
Retained earnings	1,719,744	1,649,506
Stockholders' equity excluding treasury stock	1,814,739	1,730,566
Treasury stock at cost, 11,668 shares and 11,374 shares, respectively	(552,887)	(512,882)
Treasury stock held for deferred compensation, at cost, 186 shares and 157 shares, respectively	(7,060)	(5,089)
Total Stockholders' Equity	1,254,792	1,212,595
Total liabilities and stockholders' equity	$ 2,607,160	$ 2,642,362

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Sep. 30, 2016
Current assets:
Allowance, accounts receivable	$ 2,494	$ 2,540
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	11,688,000	11,374,000
Treasury stock held for deferred compensation, shares	186,000	157,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net earnings	$ 84,653	$ 66,644
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	39,007	32,621
Net (gain) loss on sales of assets	(3,662)	(1,601)
Stock-based compensation	13,763	11,422
Deferred income taxes	4,589	(81,496)
(Gain) loss on derivatives reclassified from accumulated comprehensive earnings into earnings	(36)	57
Proceeds from formation of joint venture (Note 4)	0	250,000
Changes in operating assets and liabilities:
Accounts receivable	61,324	53,666
Inventories	(48,022)	(45,918)
Accounts payable and accrued liabilities	(23,834)	(10,734)
Current income taxes	3,339	91,800
Retirement benefit obligations	(1,715)	(1,969)
Other	588	(2,810)
Net cash provided by operating activities	129,994	361,682
Cash flows from investing activities:
Payments for purchase of property, plant and equipment	(43,053)	(99,316)
Net proceeds from sale of assets	3,682	2,112
Proceeds from sales of short-term investments	4,994	0
Net cash used in investing activities	(34,377)	(97,204)
Cash flows from financing activities:
Cash dividends paid	(14,415)	(13,086)
Proceeds from sales of treasury stock	11,223	5,288
Payments for repurchases of common stock	(61,782)	(117,820)
Borrowings on revolving lines of credit and short-term borrowings	684,200	300,000
Payments on revolving lines of credit and short-term borrowings	(706,600)	(385,596)
Payments of long-term debt and capital lease obligations	(204)	(50,075)
Net cash provided by (used in) financing activities	(87,578)	(261,289)
Effect of exchange rate changes on cash and cash equivalents	(10,176)	(646)
Net change in cash and cash equivalents	(2,137)	2,543
Cash and cash equivalents at beginning of year	81,090	82,202
Cash and cash equivalents at end of period	$ 78,953	$ 84,745

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total stockholders equity	Preferred Stock [Member]	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, 2015	$ 1,153,104		$ 106	$ 131,231	$ (51,458)	$ (21,610)	$ 166	$ (30,014)	$ 4,322	$ 1,495,274	$ (422,049)	$ (4,322)
Balance, Preferred Stock, shares at Sep. 30, 2015		0
Balance, Common Stock, shares at Sep. 30, 2015			72,960,000
Balance, Treasury Stock, shares at Sep. 30, 2015											(9,763,000)
Balance, Treasury stock held for deferred compensation, Shares at Sep. 30, 2015												(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 to settle employee liabilities													0
Common shares issued from treasury stock for benefit plans	13,999			5,319							$ 8,680		$ 13,999
Common shares issued from treasury stock for benefit plans, shares											317,000		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)
Balance, Preferred Stock, shares at Mar. 31, 2016		0
Balance, Common Stock, shares at Mar. 31, 2016			72,960,000
Balance, Treasury Stock, shares at Mar. 31, 2016											(11,735,000)
Balance, Treasury stock held for deferred compensation, Shares at Mar. 31, 2016												(174,000)
Balances at Sep. 30, 2016	1,212,595		$ 106	141,570	(65,705)	(25,971)	179	(39,913)	5,089	1,649,506	$ (512,882)	$ (5,089)	$ 1,212,595
Balance, Preferred Stock, shares at Sep. 30, 2016		0											0
Balance, Common Stock, shares at Sep. 30, 2016			72,960,000										72,960,000
Balance, Treasury Stock, shares at Sep. 30, 2016											(11,374,000)		(11,374,000)
Balance, Treasury stock held for deferred compensation, Shares at Sep. 30, 2016												(157,000)	(157,000)
Net earnings	84,653									84,653			$ 84,653
Other comprehensive income (loss), net of tax	(7,025)				(7,025)	(8,495)	(22)	1,492
Cash dividends paid	(14,415)									(14,415)
Purchases of treasury stock	(63,255)										$ (63,255)
Purchases of treasury stock, shares											(915,000)
Sales of treasury stock	12,695			(2,015)							$ 14,710
Sales of treasury stock, shares											376,000
Common shares issued from treasury stock to settle employee liabilities	1,767			740					1,767		$ 1,027	$ (1,767)	1,767
Common shares issued from treasury stock to settle employee liabilities, shares											26,000	(26,000)
Common shares issued from treasury stock for benefit plans	14,014			6,501							$ 7,513		$ 14,014
Common shares issued from treasury stock for benefit plans, shares											199,000		199,000
Stock-based compensation	13,763			13,763
Purchases of stock by deferred compensation plan									211			$ (211)
Purchases of stock by deferred compensation plan, shares												(3,000)
Distribution of stock from deferred compensation plan									(7)			$ 7
Distribution of stock from deferred compensation plan, shares												0
Balances at Mar. 31, 2017	$ 1,254,792		$ 106	$ 160,559	$ (72,730)	$ (34,466)	$ 157	$ (38,421)	$ 7,060	$ 1,719,744	$ (552,887)	$ (7,060)	$ 1,254,792
Balance, Preferred Stock, shares at Mar. 31, 2017		0											0
Balance, Common Stock, shares at Mar. 31, 2017			72,960,000										72,960,000
Balance, Treasury Stock, shares at Mar. 31, 2017											(11,688,000)		(11,688,000)
Balance, Treasury stock held for deferred compensation, Shares at Mar. 31, 2017												(186,000)	(186,000)

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Stockholders Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.125	$ 0.110	$ 0.235	$ 0.210

Basis of Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2017
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, 2017 and for the three and six-months ended March 31, 2017 and March 31, 2016, 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, 2017, 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, 2017 are not necessarily indicative of the operating results to be expected for other interim periods or for the full fiscal year. Dollar and share amounts contained in these Condensed Consolidated Financial Statements are in thousands, except per share amounts. The Condensed Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in Woodward’s most recent Annual Report on Form 10-K filed with the SEC and other financial information filed with the SEC. Management is required to use estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported revenues and expenses recognized during the reporting period, and certain financial statement disclosures, in the preparation of the Condensed Consolidated Financial Statements included herein. Significant estimates in these Condensed Consolidated Financial Statements include allowances for uncollectible amounts, net realizable value of inventories, customer rebates earned and payable, warranty reserves, useful lives of property and identifiable intangible assets, the evaluation of impairments of property, the provision for income tax and related valuation reserves, 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 from Woodward’s estimates.  

New Accounting Standards

New Accounting Standards	6 Months Ended
	Mar. 31, 2017
Recent Accounting Pronouncements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 2. New accounting standards From time to time, the Financial Accounting Standards Board (“FASB”) or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through issuance of an Accounting Standards Update (“ASU”). In March 2017 , the FASB issued ASU 2017-07, “Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” ASU 2017-07 requires that the service cost component of net periodic benefit costs from defined benefit and other postretirement benefit plans be included in the same Statement of Earnings captions as other compensation costs arising from services rendered by the covered employees during the period. The other components of net benefit cost will be presented in the Statement of Earnings separately from service costs. ASU 2017-07 is effective for fiscal years beginning after December 31, 2017 (fiscal year 2019 for Woodward). Following adoption, only service costs will be eligible for capitalization into manufactured inventories, which should reduce diversity in practice. Early adoption is permitted as of the beginning of Woodward ’s fiscal year 2018. Woodward has not determined whether it will adopt the new guidance in fiscal year 2018 or fiscal yea r 2019, and expects changes to earnings before income taxes to be insignificant in the year of adoption. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment,” to simplify financial reporting by eliminating the need to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under ASU 2017-04 , an entity should perform its goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, up to the amount of goodwill allocated to that reporting unit. The new guidance effectively eliminates “Step 2” from the previous goodwill impairment test. ASU 2017-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019 (fiscal year 2021 for Woodward). Early adoption is permitted for goodwill impairment tests performed on testing dates after January 1, 2017. Woodward has not determined in which period it will adopt the new guidance but does not expect the adoption of ASU 2017-04 to have a significant impact on the results of its goodwill impairment testing. In October 2016, the FASB issued ASU 2016-16, “Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory.” ASU 2016-16 eliminates the current U.S. GAAP exception deferring the tax effects of intercompany asset transfers (other than inventory) until the transferred asset is sold to a third party or otherwise recovered through use. After adoption of ASU 2016-16, Woodward will recognize the tax consequences of intercompany asset transfers in the buyer’s and seller’s tax jurisdictions when the transfer occurs, even though the pre-tax effects of these transactions are eliminated in consolidation. ASU 2016-16 is effective for fiscal years beginning after December 15, 2017 (fiscal year 2019 for Woodward), including interim periods within the year of adoption. Early adoption is allowed only in the first quarter of fiscal year 2017 or the first quarter of fiscal year 2018. Modified retrospective adoption is required with any cumulative-effect adjustment recorded to retained earnings as of the beginning of the period of adoption. Woodward currently anticipates the adoption of ASU 2016-16 will result in balance sheet reclassifications, but based on Woodward’s current transactional activity such adjustments are not expected to be significant. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Los ses on Financial Instruments.” ASU 2016-13 adds a current expected credit loss (“CECL”) impairment model to U.S. GAAP that is based on expected losses rather than incurred losses. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 (fiscal year 2021 for Woodward), including interim periods within the year of adoption. Early adoption is permitted for fiscal years beginning after December 15, 2018 (fiscal year 2020 for Woodward), including interim periods within those fiscal years. Woodward has not determined in which period it will adopt the new guidance but does not expect the application of the CECL impairment model to have a significant impact on Woodward’s allowance for uncollectible amounts for accounts receivable and notes receivable from municipalities.   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. In addition, ASU 2016-02 modifies the definition of a lease to clarify that an arrangement contains a lease when such arrangement conveys the right to control the use of an identified asset. 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. Woodward is currently assessing the impact this guidance may have on its Consolidated Financial Statements, including which of its existing lease arrangements will be impacted by the new guidance and whether other arrangements not currently classified as leases may become subject to the guidance of ASU 2016-02 . Rent expense for all operating leases in fiscal year 2016, none of which was recognized on the balance sheet, was $7,359 . As of September 30, 2016, future minimum rental payments required under operating leases, none of which were recognized on the balance sheet, were $15,612 . In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” and has subsequently issued several supplemental and/or clarifying ASUs (collectively “ASC 606”). ASC 606 prescribes a single common revenue standard that replaces most existing U.S. GAAP revenue recognition guidance. ASC 606 outlines a five-step model, under which Woodward will recognize revenue as performance obligations within a c ustomer contract are satisfied. ASC 606 is intended to provide more consistent interpretation and application of the principles outlined in the standard across filers in multiple industries and within the same industries compared to current practices, whic h should improve comparability. Adoption of ASC 606 is required for annual reporting periods beginning after December 15, 2017 (fiscal year 2019 for Woodward), including interim perio ds within the reporting period. While Woodward may elect to adopt ASC 606 in fiscal year 2018 , it does not expect to do so. Upon adoption, Woodward must elect to adopt either retrospectively to each prior reporting period presented or using the cumulative effect transition method with the cumulative effect of initial adoption recognized at t he date of initial application. Woodward has not determined what transition method it will use. Woodward is currently assessing the impact that the future adoption of ASC 606 may have on its Consolidated Financial Statements by analyzing its current portfolio of customer contracts, including a review of historical accounting policies and practices to identify potential differences in applying the guidance of ASC 606. Based on Woodward’s preliminary review of its customer contracts, Woodward expects that revenue on the majority of its customer contracts will continue to be recognized at a point in time, generally upon shipment of products, consistent with Woodward’s current revenue recognition model. Upon adoption of ASC 606, however, Woodward also believes some of its revenue s from sales of products and services to customers will be recognized over time, rather than at a point in time, due to the terms of certain customer contracts . Some revenue related to customer funded development activities, currently recognized upon completion of the development activities, will be deferred and recognized over a number of years. Related to recognizing some revenue over time, various balance sheet line items will be impacted . As such, Woodward believes the adoption of ASC 606 will have an impact on both the timing of revenue recognition and various line items within the Consolidated Balance Sheet. In addition, ASC 606 will require more comprehensive disclosures about revenue streams and contracts with customers, including significant judgments required. Woodward is currently evaluating potential changes to its processes for preparing required disclosures and to information systems that support the financial reporting proce ss. In addition, Woodward is evaluating implications to the Company’s system of internal controls, relative to revenue recognition and the related revenue disclosures, which are based on the criteria outlined in the Committee of Sponsoring Organizations of the Treadway Commission’s 2013 Internal Control – Integrated Framework. 

Earnings Per Share

Earnings Per Share	6 Months Ended
	Mar. 31, 2017
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,  2017 2016 2017 2016  Numerator:  Net earnings $ 38,105 $ 40,824 $ 84,653 $ 66,644  Denominator:  Basic shares outstanding 61,310 61,639 61,436 62,351  Dilutive effect of stock options and restricted stock 2,189 1,425 2,157 1,417  Diluted shares outstanding 63,499 63,064 63,593 63,768  Income per common share:  Basic earnings per share $ 0.62 $ 0.66 $ 1.38 $ 1.07  Diluted earnings per share $ 0.60 $ 0.65 $ 1.33 $ 1.05  The following stock option grants were outstanding during the three and six-months ended March 3 1 , 201 7 or 201 6, 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,  2017 2016 2017 2016  Options 67 731 2 734  Weighted-average option price $ 62.98 $ 46.55 $ 70.39 $ 46.55    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,  2017 2016 2017 2016  Weighted-average treasury stock shares held for deferred compensation obligations 185 185 175 181  

Joint Venture

Joint Venture	6 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Joint Venture	Note 4. Joint venture 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 betwe en Woodward and GE (the “JV”) to design, develop and source fuel system s 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 th e scope of the JV. Woodward had 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 per year which began on January 4, 2017 subject to certain claw-back conditions. Woodward received its first annual payment of $4,894 , which was recorded as deferred income and is included in Net cash provided by operating activities under the caption “Other” on the Condensed Consolidated Statement of Cash Flows , during the three-months ended March 31, 2017. 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 , in January of 2016, 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. Unamo rtized deferred income recorded in connection with the JV formation included accrued liabilities of $6,352 as of March 31, 2017 and $ 6,552 as of September 30, 2016, and other liabilities of $ 240,153 as of March 31, 201 7 and $238,187 as of September 30, 2016 . Amortization of the deferred income recognized as an increase to sales was $1,632 for the thre e months and $3,128 for the six-months ended March 31, 2017, and $1,962 for the three and six-months ended March 31, 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 both Woodward and GE do 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. The JV is a related party to Woodward. Other income includes $382 for the three months and $1,066 for the six-months ended March 31, 2017 and $ 2,158 for the three and six -months ended March 31, 2016 related to Woodward’s equity interest in the earnings of the JV. During the three and six -months ended March 31, 2017 Woodward received a $2,500 cash distribution from the JV which is included in Net cash provided by operating activities under the caption “Other” on the Condensed Consolidated Statement of Cash Flows. Woodward received no cash distributions from the JV in the three and six-months ended March 31, 2016. Woodward’s net investment in the JV , which is included in other assets, was $ 4,770 as of March 31, 2017 and $6,204 as of September 30, 2016 . Woodward ’s n et sales include $ 18,415 for the three months and $33,717 for the six-months ended March 31, 2017 of sales to the JV , compared to $15,015 for the three and six-months ended March 31, 2016. Woodward recorded a reduction to sales of $5,674 for the three months and $11,077 for the six-months ended March 31, 2017 related to royalties paid to the JV by Woodward on sales by Woodward directly to third party aftermarket customers , compared to $7,016 for the three and six-months ended March 31, 2016 . The Condensed Consolidated Balance Sheets , include “Accounts receivable” of $ 8,816 a t March 31, 2017 and $ 5,326 at September 30, 2016 related to amounts the JV owed Woodward , and include “Accounts payable” of $7,019 at March 31, 2017, and $ 3,926 at September 30, 2016 related to amounts Woodward owed the JV. 

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Mar. 31, 2017
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 that 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, 2017 or September 30, 201 6 .     At March 31, 2017 At September 30, 2016  Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total  Financial assets:  Cash $ 71,314 $ - $ - $ 71,314 $ 80,959 $ - $ - $ 80,959  Investments in money market funds - - - - 48 - - 48  Investments in reverse repurchase agreements 167 - - 167 83 - - 83  Investments in term deposits with foreign banks 7,472 - - 7,472 7,136 - - 7,136  Equity securities 15,340 - - 15,340 12,491 - - 12,491  Total financial assets $ 94,293 $ - $ - $ 94,293 $ 100,717 $ - $ - $ 100,717  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 in “Cash and cash equivalents” at fair value, with realized gains from interest income recognized in earnings . 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 recognized 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. Investments in term deposits with foreign banks : Woodward ’s foreign subsidiaries sometimes invest excess cash in various highly liquid financial instruments that Woodward believes are wit h creditworthy financial institutions. Such investments are reported in “Cash and cash equivalents” at fair value, with realized gains from inter est income recognized in earnings. The carrying value of Woodward’s investments in term deposits with foreign banks are considered equal to the fair value given the highly liquid nature of the investments . 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, the current portion of l ong-term debt, and short-term borrowings 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, 2017 At September 30, 2016  Fair Value Hierarchy Level Estimated Fair Value Carrying Cost Estimated Fair Value Carrying Cost  Assets:  Notes receivable from municipalities 2 $ 16,211 $ 15,361 $ 17,501 $ 15,849  Investments in short-term time deposits 2 - - 4,882 4,918  Liabilities:  Short-term borrowings 2 (134,300) (134,300) (150,000) (150,000)  Long-term debt, excluding current portion 2 $ (586,706) $ (563,941) $ (617,857) $ (579,244)  In fiscal years 2014 and 2013, Woodward received lon g-term notes from municipalities within the state s of Illinois and Colorado 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 and Woodward’s development of a new campus at its corporate headquarters in Fort Collins, Colorado. 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 2.9% at March 31, 2017 and 2.2% at September 30, 2016. From time to time, certain of Woodward’s foreign subsidiaries will invest excess cash in short-term time deposits with a fixed maturity date of longer than three months but less than one year from the date of the deposit. Woodward believes that the investments are with creditworthy financial institutions. The fair value of the investments in short-term time deposits was estimated based on a model that discounted future principal and interest payments to be received at an interest rate available to the foreign subsidiary entering into the investment fo r similar short-term time deposits of similar maturity. This was determined to be a level 2 input as defined by the U.S. GAAP fair valu e hierarchy. The interest rate used to estimate the fair value of the short-term time deposits was 6.9 % at September 30, 2016 . There were no investments in short-term time deposits at March 31, 2017. The fair value of long-term debt was estimated based on a model that discounted future principal and interest payments at interest rates available to the Company at the end of the period for similar debt of the same maturity, which is a level 2 input as defined by the U.S. GAAP fair value hierarchy. The weighted-average interest rates used to estimate the fair value of long-term debt were 2.4% at March 31, 2017 and 1.9% at September 30, 2016 .

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Mar. 31, 2017
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 counterparties that are believed to be creditworthy. 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, 2017 or March 31, 2016. 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 ) earnings (“accumulated OCI”), were net gains of $ 254 as of March 31, 2017 and $290 as of September 30, 2016 . The following table discloses the impact of derivative instruments in cash flow hedging relationships on Woodward’s Condensed Consolidated Statements of Earnings, recognized in interest expense:       Three-Months Ended March 31, Six-Months Ended March 31,  2017 2016 2017 2016  Amount of (income) expense recognized in earnings on derivative $ (18) $ 28 $ (36) $ 57  Amount of (gain) loss recognized in accumulated OCI on derivative - - - -  Amount of (gain) loss reclassified from accumulated OCI into earnings (18) 28 (36) 57  Based on the carrying value of the realized but unrecognized gains on terminated derivative instruments designated as cash flow hedges as of March 3 1, 2017 , Woodward expects to reclassify $ 72 of net unrecognized gains on terminated derivative instruments from accumulated other comprehensive (losses) earnings to earnings during the next twelve months. On September 23, 2016 , Woodward and Woodward International Holding B.V., a wholly owned subsidiary of Woodward organized under the laws of The Netherlands (the “BV Subsidiary”), each entered into a note purchase agreement (the “2016 Note Purchase Agreement”) relating to the sale by Woodward and the BV Subsidiary of an aggregate principal amount of €160,000 of senior unsecured notes in a series of private placement transactions. Woodward issued €40,000 aggregate principal amount of Woodward’s Series M Senior Notes due September 23, 2026. Woodward designated the €40,000 Series M Notes as a hedge of a foreign currency exposure of Woodward’s net investment in its Euro denominated functional currency subsidiaries. A foreign exchange loss on the Series M Notes of $664 for the three months and a foreign exchange gain of $2,150 for the six months ended March 31, 2017 is included in foreign currency translation adjustments within total comprehensive (losses) earnings. In June 2015, Woodward designated an intercompany loan of 160,000 Renminbi (“ RMB ”) between two wholly owned subsidiaries as a hedge of a foreign currency exposure of the net investment of the borrower in the lender. Net unrealized foreign exchange losses on the loan of $345 for the three months and net unrealized foreign exchange gains on the loan of $517 for the six-months ended March 31, 2016 is included in foreign currency translation adjustments within total comprehensive earnings. In June 2016, the intercompany loan was repaid . In July 2016, Woodward designated a new 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. Net unrealized f oreign exchange losses on the loan of $ 281 for the three months and net unrealized foreign exchange gains on the loan of $ 735 for the six-months ended March 3 1, 2017 are included in foreign currency translation adjustments within total comprehensive (losses) earnings .

Supplemental Statements of Cash

Supplemental Statements of Cash Flows Information	6 Months Ended
	Mar. 31, 2017
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,  2017 2016  Interest paid, net of amounts capitalized $ 13,999 $ 18,127  Income taxes paid 9,160 7,470  Income tax refunds received 90 1,361  Non-cash activities:  Purchases of property, plant and equipment on account 7,621 12,028  Property, plant and equipment acquired by capital lease - 1,239  Common shares issued from treasury to settle employee liabilities 1,767 -  Common shares issued from treasury to settle benefit obligations (Note 18) 14,014 13,999  Purchases of treasury stock on account - 1,745  Cashless exercise of stock options 1,473 555

Accounts Receivable

Accounts Receivable	6 Months Ended
	Mar. 31, 2017
Accounts Receivable Disclosure
Accounts Receivable	Note 8. Accounts receivable Almost all of Woodward’s sales are made on credit and result in accounts receivable that are recorded at the amount invoiced. In the normal course of business, not all accounts receivable are collected. Therefore, an allowance for losses of accounts receivable is provided equal to the amount that Woodward believes ultimately will not be collected. In establishing the amount of the allowance, Woodward considers customer-specific information related to delinquent accounts, past loss experience, bankruptcy filings, deterioration in the customer’s operating results or financial position, and current economic conditions. Accounts receivable losses are deducted from the allowance, and the related accounts receivable balances are written off when the receivables are deemed uncollectible. Recoveries of accounts receivable previously written off are recognized when received.  Consistent with business practice common in China, Woodward’s Chinese subsidiary accepts from Chinese customers, in settlement of certain customer accounts receivable, bankers’ acceptance notes issued by Chinese banks that are believed to be creditworthy. Bankers’ acceptance notes are financial instruments issued by Chinese financial institutions as part of financing arrangements between the financial institution and a customer of the financial institution. Bankers’ acceptance notes represent a commitment by the issuing financial institution to pay a certain amount of money at a specified future maturity date to the legal owner of the bankers’ acceptance note as of the maturity date. The maturity date of bankers’ acceptance notes varies, but it is Woodward’s policy to only accept bankers’ acceptance notes with maturity dates no more than 180 days from the date of Woodward’s receipt of such draft. The issuing financial institution is the obligor, not Woodward’s customers. Upon Woodward’s acceptance of a banker’s acceptance note from a customer, such customer has no further obligation to pay Woodward for the related accounts receivable balance. Woodward only accepts bankers’ acceptance notes issued by banks that are believed to be creditworthy as to which the credit risk associated with the bankers’ acceptance notes is believed to be minimal.  The composition of Woodward’s accounts receivable at March 31, 2017 and September 30, 2016 follows:        March 31, September 30,  2017 2016  Accounts receivable from:  Customers $ 263,773 $ 341,215  Other (Chinese financial institutions) 18,618 5,093  Allowance for uncollectible customer amounts (2,494) (2,540)  $ 279,897 $ 343,768

Inventories

Inventories	6 Months Ended
	Mar. 31, 2017
Inventories
Inventories	Note 9 . Inventories      March 31, September 30,  2017 2016  Raw materials $ 56,500 $ 54,246  Work in progress 119,952 109,756  Component parts (1) 273,341 249,307  Finished goods 56,482 48,374  $ 506,275 $ 461,683 (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, 2017
Property, Plant, and Equipment, Net
Property, Plant and Equipment, Net	Note 10 . Property, plant, and equipment      March 31, September 30,  2017 2016  Land and land improvements $ 87,514 $ 87,696  Buildings and building improvements 526,597 527,704  Leasehold improvements 14,990 15,213  Machinery and production equipment 488,851 484,315  Computer equipment and software 122,570 117,984  Office furniture and equipment 26,841 29,344  Other 19,165 18,969  Construction in progress 108,020 88,909  1,394,548 1,370,134  Less accumulated depreciation (506,313) (493,784)  Property, plant, and equipment, net $ 888,235 $ 876,350  I ncluded in “Office furniture and equipment” and “Other” is $ 1,653 at March 31, 2017 and September 30, 2016, of gross a ssets acquired on capital leases, and accumulated depreciation included $ 530 at March 31, 2017 and $322 at September 30, 2016 of amortization associated with the capital lease assets. 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 occupied the new facility in anticipation of beginning serial production of new narrow-body product lines beginning in fiscal year 2017 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 $ 41,941 at March 3 1 , 201 7 and $26,741 at September 30, 2016 associated with new equipment purchases for the second campus. For the three and six-months ended March 3 1 , 201 7 and 20 16 , Woodward had depreciation expense as follows:     Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Depreciation expense $ 13,663 $ 8,633 $ 26,118 $ 18,749  F or the three and six-months ended March 31 , 201 7 and 201 6 , 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,  2017 2016 2017 2016  Capitalized interest $ 481 $ 2,267 $ 953 $ 4,140

Goodwill

Goodwill	6 Months Ended
	Mar. 31, 2017
Goodwill Disclosure
Goodwill	Note 1 1 . Goodwill     September 30, 2016 Effects of Foreign Currency Translation March 31, 2017  Aerospace $ 455,423 $ - $ 455,423  Industrial 100,261 (1,710) 98,551  Consolidated $ 555,684 $ (1,710) $ 553,974    Woodward tests goodwill for impairment during the fourth quarter of each fiscal year, or at any time there is an indication goodwill is more-likely-than-not impaired, commonly referred to as triggering events. There have been no such triggering events during any of the periods presented and Woodward’s fourth quarter of fiscal year 2016 impairment test resulted in no impairment .

Intangible Assets, Net

Intangible Assets, Net	6 Months Ended
	Mar. 31, 2017
Intangible Assets, Net
Intangible Assets, Net	Note 12 . Intangible assets, net    March 31, 2017 September 30, 2016  Gross Carrying Value Accumulated Amortization Net Carrying Amount Gross Carrying Value Accumulated Amortization Net Carrying Amount  Customer relationships and contracts:  Aerospace $ 282,225 $ (142,657) $ 139,568 $ 282,225 $ (134,158) $ 148,067  Industrial 40,860 (33,896) 6,964 40,969 (33,509) 7,460  Total $ 323,085 $ (176,553) $ 146,532 $ 323,194 $ (167,667) $ 155,527   Intellectual property:  Aerospace $ - $ - $ - $ - $ - $ -  Industrial 19,190 (17,844) 1,346 19,435 (17,876) 1,559  Total $ 19,190 $ (17,844) $ 1,346 $ 19,435 $ (17,876) $ 1,559   Process technology:  Aerospace $ 76,605 $ (46,177) $ 30,428 $ 76,605 $ (43,229) $ 33,376  Industrial 22,721 (16,812) 5,909 22,965 (16,200) 6,765  Total $ 99,326 $ (62,989) $ 36,337 $ 99,570 $ (59,429) $ 40,141   Other intangibles:  Aerospace $ - $ - $ - $ - $ - $ -  Industrial 1,186 (824) 362 1,246 (823) 423  Total $ 1,186 $ (824) $ 362 $ 1,246 $ (823) $ 423   Total intangibles:  Aerospace $ 358,830 $ (188,834) $ 169,996 $ 358,830 $ (177,387) $ 181,443  Industrial 83,957 (69,376) 14,581 84,615 (68,408) 16,207  Consolidated Total $ 442,787 $ (258,210) $ 184,577 $ 443,445 $ (245,795) $ 197,650  For the three and six-months ended March 31, 2017 and 2016, Woodward recorded amortization expense associated with intangibles of the following:        Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Amortization expense $ 6,431 $ 6,926 $ 12,889 $ 13,872  Future amortization expense associated with intangibles is expected to be:      Year Ending September 30:  2017 (remaining) $ 12,865  2018 24,931  2019 23,095  2020 20,340  2021 18,394  Thereafter 84,952  $ 184,577

Credit Facilities, Short-term B

Credit Facilities, Short-term Borrowings and Long-term Debt	6 Months Ended
	Mar. 31, 2017
Debt Disclosure
Credit Facilities, Short-term Borrowings and Long-term Debt	Note 1 3 . Credit facilities, short-term borrowings and long-term debt Revolving credit facility Woodward maintains a $1,000,000 revolving credit facility established under a revolving credit agreement among Woodward, a syndicate of lenders and 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 $134,300 in principal amount of borrowings outstanding as of March 3 1 , 201 7 , at an effective interest rate of 2.03 % and $156,700 in principal amount of borrowings outstanding as of September 3 0 , 201 6 , at an effective interest rate of 1.77% . As of March 3 1 , 201 7 , all of the 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. Short-term borrowings During the three-months ended March 31, 2017, a Chinese subsidiary of Woodward amended its local uncommitted credit facility with the Hong Kong and Shanghai Ba nking Company (“HSBC”) under which it had the ability to borrow up to either $ 22,700 , or the local currency equivalent of $22,700 , up to the amount of a parent guarantee from Woodward. Under the amended agreement, the Chinese subsidiary has the ability to borrow up to either $4,550 , or the local currency equivalent of $ 4,550, up to the amount of 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 Chinese subsidiary had no outstanding cash borrowings against the local credit facility at March 31, 2017 and September 30, 2016. On January 5, 2017, the Brazilian s ubsidiary of Woodward amended its local uncommitted credit facility with the Banco J.P . Morgan S.A., under which it had the ability to borrow up to 52,000 Brazilian Real , to extend the maturity date until July 14, 2017 and decrease the maximum borrowing capacity to 1,000 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 Brazilian subsidiary had no outstanding cash borrowings against the local credit facility at March 31, 2017 and September 30, 2016. 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, 2017 and September 30, 2016 on Woodward’s other foreign lines of credit and foreign overdraft facilities. Long-term debt    March 31, September 30,  2017 2016  Revolving credit facility - Floating rate (LIBOR plus 0.85% - 1.65% ), due April 2020 , unsecured $ 134,300 $ 156,700  Series D notes – 6.39%, due October 2018; unsecured 100,000 100,000  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  Series M notes – 1.12% due September 2026; unsecured 42,735 44,886  Series N notes – 1.31% due September 2028; unsecured 82,265 86,406  Series O notes – 1.57% due September 2031; unsecured 45,941 48,252  Total debt 698,241 729,244  Less: Current portion of long-term debt (134,300) (150,000)  Unamortized debt issuance costs (1,896) (2,091)  Long-term debt, less current portion $ 562,045 $ 577,153 The Notes In October 2008 , Woodward entered into a note purchase agreement relating to the Series D Notes (the “2008 Notes”). In April 2009 , Woodward entered into a note purchase agreement relating to the Series F Notes (the “2009 Notes”). On October 1, 2013 , Woodward entered into a note purchase agreement relating to the sale by Woodward of an aggregate principal amount of $250,000 of its senior unsecured notes in a series of pr ivate 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 the First Closing Notes, the “USD Notes”) on November 15, 2013 . On September 23, 2016 , Woodward and the BV Subsidiary each entered into note purchase agreements relating to the sale by Woodward and the BV Subsidiary of an aggregate principal amount of €160,000 of senior unsecured notes in a series of private placement transactions. Woodward issued €40,000 aggregate principal amount of Woodward’s Series M Senior Notes (the “Series M Notes”). The BV Subsidiary issued (a) €77,000 aggregate principal amount of the BV Subsidiary’s Series N Senior Notes (the “Series N Notes”) and (b) €43,000 aggregate principal amount of the BV Subsidiary’s Series O Senior Notes (the “Series O Notes” and together with the Series M Notes and the Series N Notes, the “2016 Notes”, and together with the USD Notes, collectively, the “Notes”). 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 2016 Notes will be payable semi-annually on March 23 and September 23 of each year, commencing on March 23, 2017, 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 al l principal is paid. As of March 3 1 , 201 7 , the Series J Notes bore interest at an effective rate of 2.3 % . Debt Issuance Costs Unamortized debt issuance costs associated with the Notes of $1,896 as of March 31, 2017 and $2,091 as of September 30, 2016 were recorded as a reduction in “Long-term debt, less current portion” in the Condensed Consolidated Balance Sheets. Unamortized debt issuance costs of $2,697 associated with the Revolving Credit Agreement as of March 31, 2017 and $3,134 as of September 30, 2016 were recorded as “Other assets” in the Condensed Consolidated Balance Sheets. Amortization of debt issuance costs is included in operating activities in the Condensed Consolidated Statements of Cash Flows .

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Mar. 31, 2017
Accrued Liabilities
Accrued Liabilities	Note 1 4 . Accrued liabilities     March 31, September 30,  2017 2016  Salaries and other member benefits $ 37,947 $ 87,197  Warranties 15,041 15,993  Interest payable 9,091 9,071  Current portion of acquired performance obligations and unfavorable contracts (1) 2,393 2,910  Accrued retirement benefits 2,503 2,505  Current portion of loss reserve on contractual lease commitments 1,840 1,840  Current portion of deferred income from JV formation (Note 4) 6,352 6,552  Deferred revenues 5,385 5,779  Taxes, other than income 13,890 14,580  Other 11,536 10,200  $ 105,978 $ 156,627  (1) In connection with Woodward’s acquisition of GE Aviation Systems LLC’s (the “Seller”) thrust reverser actuation systems business located in Duarte, California (the “Duarte Acquisition”) in fiscal year 2013, Woodward assumed current and long-term performance obligations for contractual commitments that are expected to result in future economic losses. In addition, Woodward assumed current and long-term performance obligations for services to be provided to the Seller and others, partially offset by current and long-term assets related to contractual payments due from the Seller. The current portion of both obligations is included in Accrued liabilities.  Warranties Provisions of Woodward’s sales agreements include product warranties customary to these types of agreements. Accruals are established for specifically identified warranty issues that are probable to result in future costs. Warranty costs are accrued on a non-specific basis whenever past experience indicates a normal and predictable pattern exists. Changes in accrued product warranties were as follows:       Three-Months Ended March 31, Six-Months Ended March 31,  2017 2016 2017 2016  Warranties, beginning of period $ 15,528 $ 13,370 $ 15,993 $ 13,741  Expense, net of recoveries 2,139 3,175 4,062 6,411  Reductions for settling warranties (2,750) (1,274) (4,782) (4,743)  Foreign currency exchange rate changes 124 282 (232) 144  Warranties, end of period $ 15,041 $ 15,553 $ 15,041 $ 15,553  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 3 1, 2017 and March 31, 2016 is as follows:      Three-Months Ended March 31, Six-Months Ended March 31,  2017 2016 2017 2016  Loss reserve on contractual lease commitments, beginning of period $ 8,840 $ 10,629 $ 9,242 $ 2,464  Additions - - - 8,165  Payments (445) (857) (847) (857)  Loss reserve on contractual lease commitments, end of period $ 8,395 $ 9,772 $ 8,395 $ 9,772  Other liabilities included $6,555 of accrued loss reserve on contractual lease commitments that are not expected to be settled or paid within twelve months as of March 3 1 , 201 7.

Other Liabilities

Other Liabilities	6 Months Ended
	Mar. 31, 2017
Other Liabilities
Other Liabilities	Note 15 . Other liabilities      March 31, September 30,  2017 2016  Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 69,858 $ 70,479  Noncurrent portion of deferred income from JV formation (1) 240,153 238,187  Total unrecognized tax benefits, net of offsetting adjustments 12,840 17,239  Acquired unfavorable contracts (2) 3,081 3,148  Deferred economic incentives (3) 15,306 16,196  Loss reserve on contractual lease commitments (4) 6,555 7,402  Other 12,073 15,573  $ 359,866 $ 368,224   (1) See Note 4, Joint venture for more information on the deferred income from JV formation. (2) In connection with the Duarte A cquisition 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 are being recognized as a reduction to pre-tax expense over the economic lives of the related capital expansion projects. (4) See Note 1 4 , Accrued liabilit i es for more information on the loss reserve on contractual lease commitments .

Other (Income) Expense, Net

Other (Income) Expense, Net	6 Months Ended
	Mar. 31, 2017
Other (Income) Expense, Net
Other (Income) Expense, Net	Note 16 . Other (income) expense, net             Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Equity interest in the earnings of the JV (Note 4) $ (382) $ (2,158) $ (1,066) $ (2,158)  Net (gain) loss on sales of assets 37 1 (3,662) (1,601)  Rent income (70) (83) (143) (184)  Net (gain) loss on investments in deferred compensation program (705) (130) (729) (434)  Other (195) (57) (303) (59)  $ (1,315) $ (2,427) $ (5,903) $ (4,436)

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2017
Income Taxes
Income Taxes	Note 1 7 . 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. On December 7, 2016, the U.S. Treasury Department issued regulations under Internal Revenue Code Section 9 87 (“Section 987 Regulations”) which clarify how companies calculate foreign currency translation gains and losses for income tax purposes for branches whose accounting records are kept in a currency other than the currency of the company . The issuance of these Section 987 Regulations had no significant impact on Woodward’s Condensed Consolidated Fi nancial Statements for the six months ended March 31, 2017 . 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,  2017 2016 2017 2016  Earnings before income taxes $ 50,236 $ 54,366 $ 97,295 $ 82,322  Income tax expense 12,131 13,542 12,642 15,678  Effective tax rate 24.1% 24.9% 13.0% 19.0% The decrease in the year-over-year effective tax rate for the second quarter of fiscal year 2017 is primarily attributable to a larger favorable adjustment for the net excess income tax benefits from stock-based compensation and favorable changes to state apportionment in the current quarter. These decreases in the year-over-year effective tax rate were partially offset by smaller net favorable resolutions of tax matters in the current quarter compared to the prior year quarter and the release of foreign valuation allowances in the second quarter of fiscal year 2016 that did not repeat in the current quarter . The decrease in the year-over-year effective tax rate for the six-months ended March 31, 2017 is primarily attributable to the impact of the repatriation to the U.S. of certain net foreign profits and losses in the first quarter of fiscal year 2017 and a larger favorable adjustment for the net excess income tax benefit from stock -based compensation in the current fiscal year. This combined decrease was partially offset by the retroactive benefit of the U.S. research and experimentation credit pursuant to the December 18, 2015 enactment of the Protecting Americans from Tax Hikes Act of 2015, which was included in the effective tax rate for the first quarter of fiscal year 2016 but did not repeat in the first quarter of fiscal year 2017. Gross unrecognized tax benefits were $18,747 as of March 31, 2017, and $23,526 as of September 30, 2016. Included in the balance of unrecognized tax benefits were $11,618 as of March 31, 2017 and $11,426 as of September 30, 2016 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 $3,702 in the next twelve months due to the completion of reviews by tax authorities , lapses of statutes, and the settlement of tax positions. Woodward accrues for potential interest and penalties related to unrecognized tax benefits and all other interest and penalties related to tax payments in tax expense. Woodward had accrued gross interest and penalties of $1,679 as of March 31, 2017 and $1,273 as of September 30, 2016. 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 thereafter. Woodward’s fiscal years remaining open to examination in the United States include fiscal years 2013 and thereafter . Woodward is currently under examination by the Internal Revenue Service for fiscal year 2014 . 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 the periods thereafter.

Retirement Benefits

Retirement Benefits	6 Months Ended
	Mar. 31, 2017
Retirement Benefits - General
Retirement Benefits	Note 1 8 . 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 201 7 and 201 6 , Woodward fulfilled its annual Woodward stock contribution obligation using shares held in treasury stock by issuing a total of 199 shares of common stock for a value of $14,014 in fiscal year 201 7, and 317 total shares of common stock for a value of $13,999 in fiscal year 2016. The amount of expense associated with defined contribution plans was as follows:     Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Company costs $ 8,502 $ 7,478 $ 15,751 $ 15,482  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, 2016, 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. During the third quarter of fiscal year 2016, Woodward opened a lump-sum buy-out window, which closed in the fourth quarter of fiscal year 2016 and was fully settled during the first quarter of fiscal year 2017, for certain former U.S. employees and/or their dependents eligible to receive postretirement defined benefit pension payments for past employment services to the Company. Eligible pension plan participants may elect to receive a one-time lump-sum payment or an immediate annuity in lieu of future pension benefit payments. Pension benefit payments paid from available pension plan assets under the lump-sum buy-out options were $670 during the first quarter and first half of fiscal year 2017. Woodward expects to make no further pension benefit payments under the lump-sum buy-out options. The components of the net periodic retirement pension costs recognized are as follows:      Three-Months Ended March 31,  United States Other Countries Total  2017 2016 2017 2016 2017 2016  Service cost $ 418 $ 424 $ 187 $ 185 $ 605 $ 609  Interest cost 1,439 1,309 296 411 1,735 1,720  Expected return on plan assets (2,633) (2,535) (638) (666) (3,271) (3,201)  Amortization of:  Net actuarial loss 463 323 126 63 589 386  Prior service cost 96 96 - - 96 96  Net periodic retirement pension (benefit) cost $ (217) $ (383) $ (29) $ (7) $ (246) $ (390)  Contributions paid $ - $ - $ 101 $ 139 $ 101 $ 139    Six-Months Ended March 31,  United States Other Countries Total  2017 2016 2017 2016 2017 2016  Service cost $ 837 $ 1,098 $ 379 $ 371 $ 1,216 $ 1,469  Interest cost 2,878 2,626 592 846 3,470 3,472  Expected return on plan assets (5,265) (5,077) (1,279) (1,363) (6,544) (6,440)  Amortization of:  Net actuarial loss 927 646 253 128 1,180 774  Prior service cost 192 192 - - 192 192  Net periodic retirement pension (benefit) cost $ (431) $ (515) $ (55) $ (18) $ (486) $ (533)  Contributions paid $ - $ - $ 466 $ 528 $ 466 $ 528  The components of the net periodic other postretirement benefit costs recognized are as follows:      Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Service cost $ 3 $ 6 $ 7 $ 11  Interest cost 311 262 622 524  Amortization of:  Net actuarial loss 51 39 101 78  Prior service benefit (39) (39) (79) (79)  Net periodic other postretirement (benefit) cost $ 326 $ 268 $ 651 $ 534  Contributions paid $ 804 $ 840 $ 1,419 $ 1,221  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 2017 may differ from the current estimate. Woodward estimates its remaining cash contributions in fiscal year 2017 will be as follows:       Retirement pension benefits:  United States $ -  United Kingdom 222  Japan -  Other postretirement benefits 2,620  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,  2017 2016 2017 2016  Company contributions $ 79 $ 157 $ 147 $ 287

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Mar. 31, 2017
Stockholders' Equity and Stock-Based Compensation [Abstract]
Stockholders' Equity	Note 19 . Stockholders’ equity Stock repurchase program In the first quarter of fiscal year 2017, Woodward’s Board of Directors terminated the Company’s prior stock repurchase program (the “Prior Repurchase Program”) and replaced it with a new program for the repurchase of up to $500,000 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 2019 (the “2016 Authorization”). Under the 2016 Authorization, i n the first half of fiscal year 2017, Wo odward purchased 886 shares of its common stock for $61,229 , of which 350 shares were purchased pursuant to a 10b5-1 plan and 536 shares were purchased pursuant to a 10b-18 plan . Under the Prior Repurchase Program, i n the first quarter of fiscal year 2016, Woodward executed a 10b5-1 plan to repurchase up to $125,000 of its common stock for a period that ended on April 20, 2016. During the first half of fiscal year 2016, Woodward purchased 2,523 shares of its common stock for $119,119 . Stock -based compensation Provisions governing outstanding stock option awards are included in the 2006 Omnibus Incentive Plan (the “2006 Plan”) and the 2002 Stock Option Plan (the “2002 Plan”). The 2002 Plan provided that no further grants would be made after December 31, 2006. The 2006 Plan, which was approved by Woodward’s stockholders and became effective January 25, 2006, expired in fiscal year 2016. No further grants will be made under either the 2002 Plan or the 2006 Plan. Woodward’s stockholders approved a successor plan to the 2006 Plan (the “2017 Plan”) at the January 25, 2017 Annual Stockholder Meeting. As of September 14, 2016 , the effective date of the 2017 Plan, Woodward’s Board of Directors delegated authority to administer the 2017 Plan to the compensation committee of the board (the “Committee”), including, but not limited to, the power to determine the recipients of awards and the terms of those awards. The Committee approved issuance of options under the 2017 Plan, with an award date of October 3, 2016 conditional and subject to approval of the 2017 Plan by the stockholders. The stock options conditionally awarded under the 2017 Plan were not granted or outstanding for accounting purposes prior to stockholder approval of the 2017 Plan, and as such no stock-based compensation expense was recognized on these stock options during the three-months ended December 31, 2016. Stock-based compensation expense recognized on these stock options for the three-months ended March 31, 2017 includes recognition of the elapsed service period of these stock options from October 3, 2016 through March 31, 2017. Stock options Woodward has reserved a total of 2,000 shares of Woodward’s common stock for issuance under the 2017 Plan, which was approved by Woodward’s stockholders in January 2017. To date equity awards under the 2017 Plan have consisted of grants of stock options to Woodward’s employees and directors. Woodward believes that these stock options align the interests of its employees and directors with the interests of its stockholders. Stock option awards are granted with an exercise price equal to the market price of Woodward’s stock at the date the grants are awarded , a ten - year term, and generally a four -year vesting schedule at a rate of 25 % per year. The date of grant for stock options is the date when the grants become unconditionally awarded and an employer and grantee reach a mutual understanding of the key terms and conditions of the grant. Stock options awarded as of October 3, 2016 were conditional and subject to the approval of the 2017 Plan by the stockholders. As such, those awards have a date of grant for accounting purposes of January 25, 2017, the date the 2017 Plan was approved by stockholders. The fair value of options granted is estimated as of that same date using the Black-Scholes-Merton option-valuation model using the assumptions in the following table. Woodward calculates the expected term, which represents the average 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,  2017 2016 2017 2016  Weighted-average exercise price per share $ 62.64 n/a $ 62.64 $ 40.26  Weighted-average grant date market value of Woodward stock $ 69.45 n/a $ 69.45 $ 40.26  Expected term (years) 6.0 - 8.7 n/a 6.0 - 8.7 6.3 - 8.7  Estimated volatility 31.5% - 33.7% n/a 31.5% - 33.7% 34.5% - 35.1%  Estimated dividend yield 0.7% n/a 0.7% 1.0%  Risk-free interest rate 2.2% - 2.5% n/a 2.2% - 2.5% 1.7% - 2.0%   The following is a summary of the activity for stock option awards during the three and six-months ended March 3 1 , 201 7 :      Three-Months Ended Six-Months Ended  March 31, 2017 March 31, 2017  Number of options Weighted-Average Exercise Price per Share Number of options Weighted-Average Exercise Price per Share  Options, beginning balance 4,792 $ 35.35 4,944 $ 35.35  Options granted 780 62.64 780 62.64  Options exercised (236) 33.21 (375) 33.81  Options forfeited (5) 42.73 (18) 42.34  Options, ending balance 5,331 39.43 5,331 39.43  Changes in non-vested stock options during the three and six-months ended March 31, 201 7 were as follows:      Three-Months Ended Six-Months Ended  March 31, 2017 March 31, 2017  Number of options Weighted-Average Grant Date Fair Value per Share Number of options Weighted-Average Grant Date Fair Value per Share  Options outstanding, beginning balance 1,304 $ 14.70 2,075 $ 14.90  Options granted 780 25.05 780 25.05  Options vested (3) 18.27 (761) 15.25  Options forfeited (5) 14.77 (18) 14.56  Options outstanding, ending balance 2,076 18.58 2,076 18.58  Information about stock options that have vested, or are expected to vest, and are exercisable at March 31, 2017 was as follows:     Number Weighted- Average Exercise Price Weighted- Average Remaining Life in Years Aggregate Intrinsic Value  Options outstanding 5,331 $ 39.43 6.4 $ 151,901  Options vested and exercisable 3,254 32.80 5.0 114,271  Options vested and expected to vest 5,224 39.18 6.3 150,155  Restricted Stock In the first quarter of fiscal year 2014, Woodward granted an award of 24 shares of restricted stock under the 2006 Plan to its Chief Executive Officer and President, Thomas A. Gendron. Subject to Mr. Gendron’s continued employment by the Company, 100% of these shares of restricted stock will vest 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 for that period, all shares of restricted stock will be forfeited by Mr. Gendron. As of March 31, 2017, Woodward determined it is not probable that the restricted shares will vest. 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 3 1 , 201 7 follows:     Three-Months Ended Six-Months Ended  March 31, 2017 March 31, 2017  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 -based compensation expense on a straight-line basis over the requisite service period. Pursuant to form stock option agreements used by the Company, the requisite service period can be less than the four-year vesting period based on grantee’s retirement eligibility . As such, the recognition of stock-based compensation expense associated with some stock option grants can be accelerated to a period of less than four years, including immediate recognition of stock-based compensation on the date of grant. At March 31, 2017 , there was approximately $12,622 of total unrecognized compensation cost related to non-vested stock-based compensation arrangements, both stock options and restricted stock awards, granted under the 2006 Plan (for which no further grants will be made) and stock options granted under the 2017 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 2.3 years .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure
Commitments and Contingencies	Note 20 . 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, 2017
Segment Information
Segment Information	Note 21 . Segment information Woodward serves the aerospace, industrial and energy markets through its two reportable segments - Aerospace and Industrial. When appropriate, 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. 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 generally 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,  2017 2016 2017 2016  Segment external net sales:  Aerospace $ 320,526 $ 290,690 $ 587,206 $ 559,289  Industrial 179,855 188,692 356,069 365,203  Total consolidated net sales $ 500,381 $ 479,382 $ 943,275 $ 924,492  Segment earnings:  Aerospace $ 58,227 $ 50,578 $ 105,104 $ 94,064  Industrial 17,089 19,469 35,087 41,020  Nonsegment expenses (18,764) (9,888) (30,145) (40,508)  Interest expense, net (6,316) (5,793) (12,751) (12,254)  Consolidated earnings before income taxes $ 50,236 $ 54,366 $ 97,295 $ 82,322  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, 2017 September 30, 2016  Segment assets:  Aerospace $ 1,655,431 $ 1,637,522  Industrial 681,722 705,169  Unallocated corporate property, plant and equipment, net 91,904 89,988  Other unallocated assets 178,103 209,683  Consolidated total assets $ 2,607,160 $ 2,642,362 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2017
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,  2017 2016 2017 2016  Numerator:  Net earnings $ 38,105 $ 40,824 $ 84,653 $ 66,644  Denominator:  Basic shares outstanding 61,310 61,639 61,436 62,351  Dilutive effect of stock options and restricted stock 2,189 1,425 2,157 1,417  Diluted shares outstanding 63,499 63,064 63,593 63,768  Income per common share:  Basic earnings per share $ 0.62 $ 0.66 $ 1.38 $ 1.07  Diluted earnings per share $ 0.60 $ 0.65 $ 1.33 $ 1.05 
Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share	   Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Options 67 731 2 734  Weighted-average option price $ 62.98 $ 46.55 $ 70.39 $ 46.55 
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,  2017 2016 2017 2016  Weighted-average treasury stock shares held for deferred compensation obligations 185 185 175 181 

Financial Instruments and Fai31

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2017
Financial Instruments and Fair Value Measurments
Financial Assets that are Measured at Fair Value on a Recurring Basis	   At March 31, 2017 At September 30, 2016  Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total  Financial assets:  Cash $ 71,314 $ - $ - $ 71,314 $ 80,959 $ - $ - $ 80,959  Investments in money market funds - - - - 48 - - 48  Investments in reverse repurchase agreements 167 - - 167 83 - - 83  Investments in term deposits with foreign banks 7,472 - - 7,472 7,136 - - 7,136  Equity securities 15,340 - - 15,340 12,491 - - 12,491  Total financial assets $ 94,293 $ - $ - $ 94,293 $ 100,717 $ - $ - $ 100,717 
Estimated Fair Values of Financial Instruments	   At March 31, 2017 At September 30, 2016  Fair Value Hierarchy Level Estimated Fair Value Carrying Cost Estimated Fair Value Carrying Cost  Assets:  Notes receivable from municipalities 2 $ 16,211 $ 15,361 $ 17,501 $ 15,849  Investments in short-term time deposits 2 - - 4,882 4,918  Liabilities:  Short-term borrowings 2 (134,300) (134,300) (150,000) (150,000)  Long-term debt, excluding current portion 2 $ (586,706) $ (563,941) $ (617,857) $ (579,244) 

Derivative Instruments and He32

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities
Impact of Derivative Instruments on Earnings	   Three-Months Ended March 31, Six-Months Ended March 31,  2017 2016 2017 2016  Amount of (income) expense recognized in earnings on derivative $ (18) $ 28 $ (36) $ 57  Amount of (gain) loss recognized in accumulated OCI on derivative - - - -  Amount of (gain) loss reclassified from accumulated OCI into earnings (18) 28 (36) 57 

Supplemental Statements of Ca33

Supplemental Statements of Cash Flows Information (Tables)	6 Months Ended
	Mar. 31, 2017
Supplemental Statements of Cash Flows Information
Schedule of Cash Flow Supplemental Disclosures	   Six-Months Ended March 31,  2017 2016  Interest paid, net of amounts capitalized $ 13,999 $ 18,127  Income taxes paid 9,160 7,470  Income tax refunds received 90 1,361  Non-cash activities:  Purchases of property, plant and equipment on account 7,621 12,028  Property, plant and equipment acquired by capital lease - 1,239  Common shares issued from treasury to settle employee liabilities 1,767 -  Common shares issued from treasury to settle benefit obligations (Note 18) 14,014 13,999  Purchases of treasury stock on account - 1,745  Cashless exercise of stock options 1,473 555 

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Mar. 31, 2017
Accounts Receivable Disclosure
Schedule of Accounts Receivable	   March 31, September 30,  2017 2016  Accounts receivable from:  Customers $ 263,773 $ 341,215  Other (Chinese financial institutions) 18,618 5,093  Allowance for uncollectible customer amounts (2,494) (2,540)  $ 279,897 $ 343,768 

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Mar. 31, 2017
Inventories
Schedule of Inventories	   March 31, September 30,  2017 2016  Raw materials $ 56,500 $ 54,246  Work in progress 119,952 109,756  Component parts (1) 273,341 249,307  Finished goods 56,482 48,374  $ 506,275 $ 461,683 

Property, Plant, and Equipmen36

Property, Plant, and Equipment, Net (Tables)	6 Months Ended
	Mar. 31, 2017
Property, Plant, and Equipment, Net
Schedule of Property Plant and Equipment, Net	   March 31, September 30,  2017 2016  Land and land improvements $ 87,514 $ 87,696  Buildings and building improvements 526,597 527,704  Leasehold improvements 14,990 15,213  Machinery and production equipment 488,851 484,315  Computer equipment and software 122,570 117,984  Office furniture and equipment 26,841 29,344  Other 19,165 18,969  Construction in progress 108,020 88,909  1,394,548 1,370,134  Less accumulated depreciation (506,313) (493,784)  Property, plant, and equipment, net $ 888,235 $ 876,350 
Schedule of Depreciation Expense	   Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Depreciation expense $ 13,663 $ 8,633 $ 26,118 $ 18,749 
Schedule of Capitalized Interest	   Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Capitalized interest $ 481 $ 2,267 $ 953 $ 4,140 

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Mar. 31, 2017
Goodwill Disclosure
Schedule of Goodwill	   September 30, 2016 Effects of Foreign Currency Translation March 31, 2017  Aerospace $ 455,423 $ - $ 455,423  Industrial 100,261 (1,710) 98,551  Consolidated $ 555,684 $ (1,710) $ 553,974  

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	6 Months Ended
	Mar. 31, 2017
Intangible Assets, Net
Schedule of Finite-Lived Intangible Assets by Major Class	   March 31, 2017 September 30, 2016  Gross Carrying Value Accumulated Amortization Net Carrying Amount Gross Carrying Value Accumulated Amortization Net Carrying Amount  Customer relationships and contracts:  Aerospace $ 282,225 $ (142,657) $ 139,568 $ 282,225 $ (134,158) $ 148,067  Industrial 40,860 (33,896) 6,964 40,969 (33,509) 7,460  Total $ 323,085 $ (176,553) $ 146,532 $ 323,194 $ (167,667) $ 155,527   Intellectual property:  Aerospace $ - $ - $ - $ - $ - $ -  Industrial 19,190 (17,844) 1,346 19,435 (17,876) 1,559  Total $ 19,190 $ (17,844) $ 1,346 $ 19,435 $ (17,876) $ 1,559   Process technology:  Aerospace $ 76,605 $ (46,177) $ 30,428 $ 76,605 $ (43,229) $ 33,376  Industrial 22,721 (16,812) 5,909 22,965 (16,200) 6,765  Total $ 99,326 $ (62,989) $ 36,337 $ 99,570 $ (59,429) $ 40,141   Other intangibles:  Aerospace $ - $ - $ - $ - $ - $ -  Industrial 1,186 (824) 362 1,246 (823) 423  Total $ 1,186 $ (824) $ 362 $ 1,246 $ (823) $ 423   Total intangibles:  Aerospace $ 358,830 $ (188,834) $ 169,996 $ 358,830 $ (177,387) $ 181,443  Industrial 83,957 (69,376) 14,581 84,615 (68,408) 16,207  Consolidated Total $ 442,787 $ (258,210) $ 184,577 $ 443,445 $ (245,795) $ 197,650 
Schedule of Finite-Lived Intangible Assets Amortization Expense	   Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Amortization expense $ 6,431 $ 6,926 $ 12,889 $ 13,872 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	   Year Ending September 30:  2017 (remaining) $ 12,865  2018 24,931  2019 23,095  2020 20,340  2021 18,394  Thereafter 84,952  $ 184,577 

Credit Facilities, Short-term39

Credit Facilities, Short-term Borrowings and Long-term Debt (Tables)	6 Months Ended
	Mar. 31, 2017
Debt Disclosure
Schedule of Long-term Debt	   March 31, September 30,  2017 2016  Revolving credit facility - Floating rate (LIBOR plus 0.85% - 1.65% ), due April 2020 , unsecured $ 134,300 $ 156,700  Series D notes – 6.39%, due October 2018; unsecured 100,000 100,000  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  Series M notes – 1.12% due September 2026; unsecured 42,735 44,886  Series N notes – 1.31% due September 2028; unsecured 82,265 86,406  Series O notes – 1.57% due September 2031; unsecured 45,941 48,252  Total debt 698,241 729,244  Less: Current portion of long-term debt (134,300) (150,000)  Unamortized debt issuance costs (1,896) (2,091)  Long-term debt, less current portion $ 562,045 $ 577,153 

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Mar. 31, 2017
Accrued Liabilities	   March 31, September 30,  2017 2016  Salaries and other member benefits $ 37,947 $ 87,197  Warranties 15,041 15,993  Interest payable 9,091 9,071  Current portion of acquired performance obligations and unfavorable contracts (1) 2,393 2,910  Accrued retirement benefits 2,503 2,505  Current portion of loss reserve on contractual lease commitments 1,840 1,840  Current portion of deferred income from JV formation (Note 4) 6,352 6,552  Deferred revenues 5,385 5,779  Taxes, other than income 13,890 14,580  Other 11,536 10,200  $ 105,978 $ 156,627 
Warranties	   Three-Months Ended March 31, Six-Months Ended March 31,  2017 2016 2017 2016  Warranties, beginning of period $ 15,528 $ 13,370 $ 15,993 $ 13,741  Expense, net of recoveries 2,139 3,175 4,062 6,411  Reductions for settling warranties (2,750) (1,274) (4,782) (4,743)  Foreign currency exchange rate changes 124 282 (232) 144  Warranties, end of period $ 15,041 $ 15,553 $ 15,041 $ 15,553 
Loss Reserve On Contractual Lease Commitments [Member]
Loss Reserve Activity	   Three-Months Ended March 31, Six-Months Ended March 31,  2017 2016 2017 2016  Loss reserve on contractual lease commitments, beginning of period $ 8,840 $ 10,629 $ 9,242 $ 2,464  Additions - - - 8,165  Payments (445) (857) (847) (857)  Loss reserve on contractual lease commitments, end of period $ 8,395 $ 9,772 $ 8,395 $ 9,772 

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	6 Months Ended
	Mar. 31, 2017
Other (Income) Expense, Net
Schedule of Other (Income) Expense, Net	   Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Equity interest in the earnings of the JV (Note 4) $ (382) $ (2,158) $ (1,066) $ (2,158)  Net (gain) loss on sales of assets 37 1 (3,662) (1,601)  Rent income (70) (83) (143) (184)  Net (gain) loss on investments in deferred compensation program (705) (130) (729) (434)  Other (195) (57) (303) (59)  $ (1,315) $ (2,427) $ (5,903) $ (4,436) 

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Mar. 31, 2017
Other Liabilities
Schedule of Other Liabilities	   March 31, September 30,  2017 2016  Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 69,858 $ 70,479  Noncurrent portion of deferred income from JV formation (1) 240,153 238,187  Total unrecognized tax benefits, net of offsetting adjustments 12,840 17,239  Acquired unfavorable contracts (2) 3,081 3,148  Deferred economic incentives (3) 15,306 16,196  Loss reserve on contractual lease commitments (4) 6,555 7,402  Other 12,073 15,573  $ 359,866 $ 368,224 

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Mar. 31, 2017
Income Taxes
Tax Expense and Effective Tax Rate	   Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Earnings before income taxes $ 50,236 $ 54,366 $ 97,295 $ 82,322  Income tax expense 12,131 13,542 12,642 15,678  Effective tax rate 24.1% 24.9% 13.0% 19.0% 

Retirement Benefits (Tables)

Retirement Benefits (Tables)	6 Months Ended
	Mar. 31, 2017
Schedule of Estimated Remaining Cash Contributions	   Retirement pension benefits:  United States $ -  United Kingdom 222  Japan -  Other postretirement benefits 2,620 
Pension Plans, Defined Benefit [Member]
Schedule of Net Periodic Benefit Costs	   Three-Months Ended March 31,  United States Other Countries Total  2017 2016 2017 2016 2017 2016  Service cost $ 418 $ 424 $ 187 $ 185 $ 605 $ 609  Interest cost 1,439 1,309 296 411 1,735 1,720  Expected return on plan assets (2,633) (2,535) (638) (666) (3,271) (3,201)  Amortization of:  Net actuarial loss 463 323 126 63 589 386  Prior service cost 96 96 - - 96 96  Net periodic retirement pension (benefit) cost $ (217) $ (383) $ (29) $ (7) $ (246) $ (390)  Contributions paid $ - $ - $ 101 $ 139 $ 101 $ 139    Six-Months Ended March 31,  United States Other Countries Total  2017 2016 2017 2016 2017 2016  Service cost $ 837 $ 1,098 $ 379 $ 371 $ 1,216 $ 1,469  Interest cost 2,878 2,626 592 846 3,470 3,472  Expected return on plan assets (5,265) (5,077) (1,279) (1,363) (6,544) (6,440)  Amortization of:  Net actuarial loss 927 646 253 128 1,180 774  Prior service cost 192 192 - - 192 192  Net periodic retirement pension (benefit) cost $ (431) $ (515) $ (55) $ (18) $ (486) $ (533)  Contributions paid $ - $ - $ 466 $ 528 $ 466 $ 528 
Multiemployer Plan [Member]
Schedule of Costs of Retirement Plans	   Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Company contributions $ 79 $ 157 $ 147 $ 287 
Defined Contribution Plan [Member]
Schedule of Costs of Retirement Plans	   Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Company costs $ 8,502 $ 7,478 $ 15,751 $ 15,482 
Other Postretirement Benefit Plans, Defined Benefit [Member]
Schedule of Net Periodic Benefit Costs	   Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Service cost $ 3 $ 6 $ 7 $ 11  Interest cost 311 262 622 524  Amortization of:  Net actuarial loss 51 39 101 78  Prior service benefit (39) (39) (79) (79)  Net periodic other postretirement (benefit) cost $ 326 $ 268 $ 651 $ 534  Contributions paid $ 804 $ 840 $ 1,419 $ 1,221 

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Mar. 31, 2017
Stock-Based Compensation
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	   Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Weighted-average exercise price per share $ 62.64 n/a $ 62.64 $ 40.26  Weighted-average grant date market value of Woodward stock $ 69.45 n/a $ 69.45 $ 40.26  Expected term (years) 6.0 - 8.7 n/a 6.0 - 8.7 6.3 - 8.7  Estimated volatility 31.5% - 33.7% n/a 31.5% - 33.7% 34.5% - 35.1%  Estimated dividend yield 0.7% n/a 0.7% 1.0%  Risk-free interest rate 2.2% - 2.5% n/a 2.2% - 2.5% 1.7% - 2.0% 
Activity for Stock Option Awards	   Three-Months Ended Six-Months Ended  March 31, 2017 March 31, 2017  Number of options Weighted-Average Exercise Price per Share Number of options Weighted-Average Exercise Price per Share  Options, beginning balance 4,792 $ 35.35 4,944 $ 35.35  Options granted 780 62.64 780 62.64  Options exercised (236) 33.21 (375) 33.81  Options forfeited (5) 42.73 (18) 42.34  Options, ending balance 5,331 39.43 5,331 39.43 
Changes in Nonvested Stock Options	   Three-Months Ended Six-Months Ended  March 31, 2017 March 31, 2017  Number of options Weighted-Average Grant Date Fair Value per Share Number of options Weighted-Average Grant Date Fair Value per Share  Options outstanding, beginning balance 1,304 $ 14.70 2,075 $ 14.90  Options granted 780 25.05 780 25.05  Options vested (3) 18.27 (761) 15.25  Options forfeited (5) 14.77 (18) 14.56  Options outstanding, ending balance 2,076 18.58 2,076 18.58 
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 5,331 $ 39.43 6.4 $ 151,901  Options vested and exercisable 3,254 32.80 5.0 114,271  Options vested and expected to vest 5,224 39.18 6.3 150,155 
Changes in Restricted Stock Awards	   Three-Months Ended Six-Months Ended  March 31, 2017 March 31, 2017  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, 2017
Segment Information
Consolidated Net Sales and Earnings by Segment	   Three-Months Ended Six-Months Ended  March 31, March 31,  2017 2016 2017 2016  Segment external net sales:  Aerospace $ 320,526 $ 290,690 $ 587,206 $ 559,289  Industrial 179,855 188,692 356,069 365,203  Total consolidated net sales $ 500,381 $ 479,382 $ 943,275 $ 924,492  Segment earnings:  Aerospace $ 58,227 $ 50,578 $ 105,104 $ 94,064  Industrial 17,089 19,469 35,087 41,020  Nonsegment expenses (18,764) (9,888) (30,145) (40,508)  Interest expense, net (6,316) (5,793) (12,751) (12,254)  Consolidated earnings before income taxes $ 50,236 $ 54,366 $ 97,295 $ 82,322 
Consolidated Total Assets by Segment	   March 31, 2017 September 30, 2016  Segment assets:  Aerospace $ 1,655,431 $ 1,637,522  Industrial 681,722 705,169  Unallocated corporate property, plant and equipment, net 91,904 89,988  Other unallocated assets 178,103 209,683  Consolidated total assets $ 2,607,160 $ 2,642,362 

Recent Accounting Pronouncement

Recent Accounting Pronouncements (Narrative) (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2016USD ($)
Recent Accounting Pronouncements
Rent expense for all operating leases	$ 7,359
Future minimum rental payments required under operating leases	$ 15,612

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, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share
Net earnings	$ 38,105	$ 40,824	$ 84,653	$ 66,644
Basic shares outstanding	61,310	61,639	61,436	62,351
Dilutive effect of stock options and restricted stock	2,189	1,425	2,157	1,417
Diluted shares outstanding	63,499	63,064	63,593	63,768
Basic earnings per share	$ 0.62	$ 0.66	$ 1.38	$ 1.07
Diluted earnings per share	$ 0.60	$ 0.65	$ 1.33	$ 1.05

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, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share
Options	67	731	2	734
Weighted-average option price	$ 62.98	$ 46.55	$ 70.39	$ 46.55

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, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share
Weighted-average treasury stock shares held for deferred compensation obligations	185	185	175	181

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, 2017	Mar. 31, 2016	Sep. 30, 2016	Jan. 04, 2016
Cash received from formation of joint venture			$ 0	$ 250,000
Current portion of deferred income recorded in connection with joint venture	$ 6,352		6,352		$ 6,552
Noncurrent portion of deferred income recorded in connection with joint venture	240,153		240,153		238,187
Income taxes payable	3,046		3,046		4,547
Equity interest in earnings of joint venture	$ 382	$ 2,158	$ 1,066	2,158
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	6,352		$ 6,352		6,552
Noncurrent portion of deferred income recorded in connection with joint venture	240,153		240,153		238,187
Equity interest in earnings of joint venture	382		1,066	2,158
Cash distributions from joint venture			2,500	0
Net investment in joint venture	4,770		4,770		6,204
Accounts receivable from related party	8,816		8,816		5,326
Accounts payable to related party	7,019		7,019		$ 3,926
Woodward and General Electric Joint Venture [Member] | Sales [Member]
Amortization of deferred income recognized as an increase to sales	1,632		3,128	1,962
Sales to related party	18,415		33,717	15,015
Reduction to sales related to royalties paid to joint venture	$ 5,674		$ 11,077	$ 7,016

Financial Instruments and Fai52

Financial Instruments and Fair Value Measurements (Narrative) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Mar. 31, 2017	Sep. 30, 2016
Financial liability on recurring basis	$ 0	$ 0
Investments in Short-Term Time Deposits [Member]
Interest rate used to estimate fair value		6.90%
Long Term Notes Receivable From Municipalities [Member]
Interest rate used to estimate fair value	2.90%	2.20%
Borrowings [Member]
Interest rate used to estimate fair value	2.40%	1.90%

Financial Instruments and Fai53

Financial Instruments and Fair Value Measurements (Financial Assets that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Sep. 30, 2016
Total financial assets	$ 94,293	$ 100,717
Fair Value, Inputs, Level 1 [Member]
Total financial assets	94,293	100,717
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	71,314	80,959
Cash [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	71,314	80,959
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	0	48
Investments in Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	0	48
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	167	83
Investments in Reverse Repurchase Agreements [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	167	83
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
Investments in Term Deposits with Foreign Banks [Member]
Cash and cash equivalents	7,472	7,136
Investments in Term Deposits with Foreign Banks [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	7,472	7,136
Investments in Term Deposits with Foreign Banks [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents	0	0
Investments in Term Deposits with Foreign Banks [Member] | Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents	0	0
Equity Securities [Member]
Equity securities	15,340	12,491
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Equity securities	15,340	12,491
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 Fai54

Financial Instruments and Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Sep. 30, 2016
Notes receivable from municipalities, Carrying Cost	$ 15,361	$ 15,849
Investments in short-term time deposits, Carrying Cost	0	4,918
Short-term borrowings, Carrying Cost	(134,300)	(150,000)
Long-term debt, excluding current portion, Carrying Cost	(563,941)	(579,244)
Fair Value, Inputs, Level 2 [Member]
Notes receivable from municipalities, Estimated Fair Value	16,211	17,501
Investments in short-term time deposits, Estimated Fair Value	0	4,882
Short-term borrowings, Estimated Fair Value	(134,300)	(150,000)
Long-term debt, excluding current portion, Estimated Fair Value	$ (586,706)	$ (617,857)

Derivative Instruments and He55

Derivative Instruments and Hedging Activities (Narrative) (Details) € in Thousands, ¥ in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017CNY (¥)	Mar. 31, 2017EUR (€)	Mar. 31, 2017USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016CNY (¥)
Net unrecognized gains 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
EUR Denominated Loan [Member]
Gain (loss) on foreign currency transaction designated as a hedge of a net investment in a foreign subsidiary	$ (664)		$ 2,150
Intercompany Loan [Member]
Gain (loss) on foreign currency transaction designated as a hedge of a net investment in a foreign subsidiary	281	$ (345)	735	$ 517
Value of Net Investment Hedging Instruments Used | ¥					¥ 160,000				¥ 160,000
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)							$ 254	$ 290
2008 Note Purchase Agreement [Member]
Issuance Date			Oct. 1, 2008
2009 Note Purchase Agreement [Member]
Issuance Date			Apr. 1, 2009
2013 Note Purchase Agreement [Member]
Issuance Date			Oct. 1, 2013
Face Amount							$ 250,000
First Closing Notes [Member]
Issuance Date			Oct. 1, 2013
Second Closing Notes [Member]
Issuance Date			Nov. 15, 2013
2016 Note Purchase Agreements [Member]
Issuance Date			Sep. 23, 2016
Face Amount | €						€ 160,000
Series M Notes [Member]
Value of Net Investment Hedging Instruments Used | €						40,000
Face Amount | €						40,000
Series N Notes [Member]
Face Amount | €						77,000
Series O Notes [Member]
Face Amount | €						€ 43,000

Derivative Instruments and He56

Derivative Instruments and Hedging Activities (Impact of Derivative Instruments on Earnings) (Details) - Derivatives in Cash Flow Hedging Relationships [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Amount of (Income) Expense Recognized in Earnings on Derivative	$ (18)	$ 28	$ (36)	$ 57
Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative	0	0	0	0
Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings	$ (18)	$ 28	$ (36)	$ 57

Supplemental Statements of Ca57

Supplemental Statements of Cash Flows Information (Schedule of Cash Flow Supplemental Disclosures) (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplemental Statements of Cash Flows Information
Interest paid, net of amounts capitalized	$ 13,999	$ 18,127
Income taxes paid	9,160	7,470
Income tax refunds received	90	1,361
Purchases of property, plant and equipment on account	7,621	12,028
Property, plant and equipment acquired by capital lease	0	1,239
Common shares issued from treasury stock to settle employee liabilities	1,767	0
Common shares issued from treasury stock for benefit plans	14,014	13,999
Purchases of treasury stock on account	0	1,745
Cashless exercise of stock options	$ 1,473	$ 555

Accounts Receivable (Schedule o

Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Sep. 30, 2016
Allowance for uncollectible customer amounts	$ (2,494)	$ (2,540)
Accounts receivable	279,897	343,768
Trade Accounts Receivable [Member]
Accounts Receivable, Gross	263,773	341,215
Accounts Receivable from Chinese Financial Institution [Member]
Accounts Receivable, Gross	$ 18,618	$ 5,093

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Sep. 30, 2016
Inventories
Raw Materials	$ 56,500	$ 54,246
Work in progress	119,952	109,756
Component Parts	273,341	249,307
Finished Goods	56,482	48,374
Inventory, net	$ 506,275	$ 461,683

Property, Plant, and Equipmen60

Property, Plant, and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2016
Construction in progress	$ 108,020		$ 108,020		$ 88,909
Depreciation expense	13,663	$ 8,633	26,118	$ 18,749
Second Campus Rockford Illinois [Member]
Construction in progress	41,941		41,941		26,741
Office furniture and equipment [Member]
Gross assets acquired on capital leases	1,653		1,653
Accumulated depreciation on capital lease assets	$ 530		$ 530		$ 322

Property, Plant, and Equipmen61

Property, Plant, and Equipment, Net (Property, Plant, and Equipment - Net) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2016
Property, Plant, and Equipment, Net
Land and Land Improvements	$ 87,514		$ 87,514		$ 87,696
Buildings and improvements	526,597		526,597		527,704
Leasehold improvements	14,990		14,990		15,213
Machinery and production equipment	488,851		488,851		484,315
Computer equipment and software	122,570		122,570		117,984
Office furniture and equipment	26,841		26,841		29,344
Other	19,165		19,165		18,969
Construction in progress	108,020		108,020		88,909
Property, Plant and Equipment, Gross, Total	1,394,548		1,394,548		1,370,134
Less accumulated depreciation	(506,313)		(506,313)		(493,784)
Property, Plant and Equipment, Net, Total	888,235		888,235		$ 876,350
Depreciation expense	13,663	$ 8,633	26,118	$ 18,749
Capitalized interest	$ 481	$ 2,267	$ 953	$ 4,140

Goodwill (Goodwill) (Details)

Goodwill (Goodwill) (Details) $ in Thousands	6 Months Ended
	Mar. 31, 2017USD ($)
Goodwill, Beginning Balance	$ 555,684
Effects of Currency Translation	(1,710)
Goodwill, Ending Balance	553,974
Aerospace [Member]
Goodwill, Beginning Balance	455,423
Effects of Currency Translation	0
Goodwill, Ending Balance	455,423
Industrial [Member]
Goodwill, Beginning Balance	100,261
Effects of Currency Translation	(1,710)
Goodwill, Ending Balance	$ 98,551

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, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2016
Gross Carrying Value	$ 442,787		$ 442,787		$ 443,445
Accumulated Amortization	(258,210)		(258,210)		(245,795)
Net Carrying Amount	184,577		184,577		197,650
Amortization expense	6,431	$ 6,926	12,889	$ 13,872
Process Technology [Member]
Gross Carrying Value	99,326		99,326		99,570
Accumulated Amortization	(62,989)		(62,989)		(59,429)
Net Carrying Amount	36,337		36,337		40,141
Customer Relationships [Member]
Gross Carrying Value	323,085		323,085		323,194
Accumulated Amortization	(176,553)		(176,553)		(167,667)
Net Carrying Amount	146,532		146,532		155,527
Intellectual Property [Member]
Gross Carrying Value	19,190		19,190		19,435
Accumulated Amortization	(17,844)		(17,844)		(17,876)
Net Carrying Amount	1,346		1,346		1,559
Other Intangibles [Member]
Gross Carrying Value	1,186		1,186		1,246
Accumulated Amortization	(824)		(824)		(823)
Net Carrying Amount	362		362		423
Aerospace [Member]
Gross Carrying Value	358,830		358,830		358,830
Accumulated Amortization	(188,834)		(188,834)		(177,387)
Net Carrying Amount	169,996		169,996		181,443
Aerospace [Member] | Process Technology [Member]
Gross Carrying Value	76,605		76,605		76,605
Accumulated Amortization	(46,177)		(46,177)		(43,229)
Net Carrying Amount	30,428		30,428		33,376
Aerospace [Member] | Customer Relationships [Member]
Gross Carrying Value	282,225		282,225		282,225
Accumulated Amortization	(142,657)		(142,657)		(134,158)
Net Carrying Amount	139,568		139,568		148,067
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	0		0		0
Accumulated Amortization	0		0		0
Net Carrying Amount	0		0		0
Industrial [Member]
Gross Carrying Value	83,957		83,957		84,615
Accumulated Amortization	(69,376)		(69,376)		(68,408)
Net Carrying Amount	14,581		14,581		16,207
Industrial [Member] | Process Technology [Member]
Gross Carrying Value	22,721		22,721		22,965
Accumulated Amortization	(16,812)		(16,812)		(16,200)
Net Carrying Amount	5,909		5,909		6,765
Industrial [Member] | Customer Relationships [Member]
Gross Carrying Value	40,860		40,860		40,969
Accumulated Amortization	(33,896)		(33,896)		(33,509)
Net Carrying Amount	6,964		6,964		7,460
Industrial [Member] | Intellectual Property [Member]
Gross Carrying Value	19,190		19,190		19,435
Accumulated Amortization	(17,844)		(17,844)		(17,876)
Net Carrying Amount	1,346		1,346		1,559
Industrial [Member] | Other Intangibles [Member]
Gross Carrying Value	1,186		1,186		1,246
Accumulated Amortization	(824)		(824)		(823)
Net Carrying Amount	$ 362		$ 362		$ 423

Intangible Assets, Net (Sched64

Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Sep. 30, 2016
Intangible Assets, Net
2017 Remaining	$ 12,865
2,018	24,931
2,019	23,095
2,020	20,340
2,021	18,394
Thereafter	84,952
Finite-Lived Intangible Assets, Net, Total	$ 184,577	$ 197,650

Credit Facilities, Short-term65

Credit Facilities, Short-term Borrowings and Long-term Debt (Narrative) (Details) € in Thousands, BRL in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2017BRL	Mar. 31, 2017BRL	Mar. 31, 2017EUR (€)	Mar. 31, 2017USD ($)	Dec. 31, 2016BRL	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)
Short-term borrowings				$ 134,300			$ 150,000
Balance of unamortized debt issuance costs				1,896			$ 2,091
Other Foreign Short-term Borrowings [Member]
Outstanding borrowings				$ 0
Revolving Credit Facility [Member]
Credit facility effective interest rate on outstanding borrowing	2.03%	2.03%	2.03%	2.03%			1.77%
Outstanding borrowings				$ 134,300			$ 156,700
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
Balance of unamortized debt issuance costs, line of credit				2,697			3,134
Chinese Credit Facility [Member]
Maximum borrowing capacity				4,550		$ 22,700
Outstanding borrowings				0
Chinese Credit Facility, RMB Denominated Loan [Member]
Variable Rate Basis		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
Basis Spread On Variable Rate		15.00%
Chinese Credit Facility, USD Denominated Loan [Member]
Variable Rate Basis		lender's cost of borrowing rate at the date of borrowing, plus 3%
Basis Spread On Variable Rate		3.00%
Brazil Credit Facility BRL Denominated Loan [Member]
Maximum borrowing capacity | BRL	BRL 1,000	BRL 1,000			BRL 52,000
Line of Credit Facility, Expiration Date	Jul. 14, 2017
Variable Rate Basis		interest at the lender's cost of borrowing rate at the date of borrowing, plus 1.75%
Basis Spread On Variable Rate		1.75%
Outstanding borrowings				0
Minimum [Member] | Revolving Credit Agreement [Member]
Basis Spread On Variable Rate		0.85%
Maximum [Member] | Revolving Credit Agreement [Member]
Basis Spread On Variable Rate		1.65%
The Notes [Member]
Balance of unamortized debt issuance costs				1,896			$ 2,091
2008 Note Purchase Agreement [Member]
Issuance Date		Oct. 1, 2008
2009 Note Purchase Agreement [Member]
Issuance Date		Apr. 1, 2009
2013 Note Purchase Agreement [Member]
Issuance Date		Oct. 1, 2013
Face Amount				$ 250,000
First Closing Notes [Member]
Issuance Date		Oct. 1, 2013
Second Closing Notes [Member]
Issuance Date		Nov. 15, 2013
Series J Notes [Member]
Variable interest rate	2.30%	2.30%	2.30%	2.30%
2016 Note Purchase Agreements [Member]
Issuance Date		Sep. 23, 2016
Face Amount | €			€ 160,000
Series M Notes [Member]
Face Amount | €			40,000
Series N Notes [Member]
Face Amount | €			77,000
Series O Notes [Member]
Face Amount | €			€ 43,000

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, 2017	Sep. 30, 2016
Total debt	$ 698,241	$ 729,244
Current portion of long-term debt	(134,300)	(150,000)
Unamortized debt issuance costs	(1,896)	(2,091)
Long-term debt, less current portion	$ 562,045	$ 577,153
Series D Notes [Member] | Notes Payable to Banks [Member]
Interest rate	6.39%	6.39%
Maturity date	Oct. 1, 2018	Oct. 1, 2018
Total debt	$ 100,000	$ 100,000
Series F Notes [Member] | Notes Payable to Banks [Member]
Interest rate	8.24%	8.24%
Maturity date	Apr. 3, 2019	Apr. 3, 2019
Total debt	$ 43,000	$ 43,000
Series J Notes [Member]
Variable interest rate	2.30%
Series J Notes [Member] | Notes Payable to Banks [Member]
Basis Spread On Variable Rate	1.25%	1.25%
Maturity date	Nov. 15, 2020	Nov. 15, 2020
Total debt	$ 50,000	$ 50,000
Series G Notes [Member] | Notes Payable to Banks [Member]
Interest rate	3.42%	3.42%
Maturity date	Nov. 15, 2020	Nov. 15, 2020
Total debt	$ 50,000	$ 50,000
Series H Notes [Member] | Notes Payable to Banks [Member]
Interest rate	4.03%	4.03%
Maturity date	Nov. 15, 2023	Nov. 15, 2023
Total debt	$ 25,000	$ 25,000
Series I Notes [Member] | Notes Payable to Banks [Member]
Interest rate	4.18%	4.18%
Maturity date	Nov. 15, 2025	Nov. 15, 2025
Total debt	$ 25,000	$ 25,000
Series K Notes [Member] | Notes Payable to Banks [Member]
Interest rate	4.03%	4.03%
Maturity date	Nov. 15, 2023	Nov. 15, 2023
Total debt	$ 50,000	$ 50,000
Series L Notes [Member] | Notes Payable to Banks [Member]
Interest rate	4.18%	4.18%
Maturity date	Nov. 15, 2025	Nov. 15, 2025
Total debt	$ 50,000	$ 50,000
Series M Notes [Member] | Notes Payable to Banks [Member]
Interest rate	1.12%	1.12%
Maturity date	Sep. 23, 2026	Sep. 23, 2026
Total debt	$ 42,735	$ 44,886
Series N Notes [Member] | Notes Payable to Banks [Member]
Interest rate	1.31%	1.31%
Maturity date	Sep. 23, 2028	Sep. 23, 2028
Total debt	$ 82,265	$ 86,406
Series O Notes [Member] | Notes Payable to Banks [Member]
Interest rate	1.57%	1.57%
Maturity date	Sep. 23, 2031	Sep. 23, 2031
Total debt	$ 45,941	$ 48,252
Revolving Credit Facility [Member]
Credit facility effective interest rate on outstanding borrowing	2.03%	1.77%
Revolving Credit Agreement [Member]
Variable Rate Basis	LIBOR
Revolving Credit Agreement [Member] | Domestic Line Of Credit [Member]
Total debt	$ 134,300	$ 156,700
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	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
Basis Spread On Variable Rate	15.00%
Chinese Credit Facility, USD Denominated Loan [Member]
Variable Rate Basis	lender's cost of borrowing rate at the date of borrowing, plus 3%
Basis Spread On Variable Rate	3.00%

Accrued Liabilities (Narrative)

Accrued Liabilities (Narrative) (Details) - Loss Reserve On Contractual Lease Commitments [Member] - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2016
Loss reserve against the estimated remaining contractual lease commitments, less anticipated sublease income	$ 0	$ 0	$ 8,165	$ 0	$ 8,165
Loss reserve, noncurrent portion	$ 6,555			$ 6,555		$ 7,402

Accrued Liabilities (Accrued Li

Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015
Salaries and other member benefits	$ 37,947		$ 87,197
Warranties	15,041	$ 15,528	15,993	$ 15,553	$ 13,370	$ 13,741
Interest payable	9,091		9,071
Current portion of acquired performance obligations and unfavorable contracts	2,393		2,910
Accrued retirement benefits	2,503		2,505
Current portion of deferred income from JV formation (Note 4)	6,352		6,552
Deferred revenues	5,385		5,779
Taxes, other than income	13,890		14,580
Other	11,536		10,200
Accrued liabilities	105,978		156,627
Loss Reserve On Contractual Lease Commitments [Member]
Current portion of loss reserve	$ 1,840		$ 1,840

Accrued Liabilities (Warranties

Accrued Liabilities (Warranties) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Accrued Liabilities
Warranties, beginning of period	$ 15,528	$ 13,370	$ 15,993	$ 13,741
Warranty Expense, net of recoveries	2,139	3,175	4,062	6,411
Reductions for settling warranties	(2,750)	(1,274)	(4,782)	(4,743)
Foreign currency exchange rate changes	124	282	(232)	144
Warranties, end of period	$ 15,041	$ 15,553	$ 15,041	$ 15,553

Accrued Liabilities (Loss Reser

Accrued Liabilities (Loss Reserve Activity) (Details) - Loss Reserve On Contractual Lease Commitments [Member] - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2017	Mar. 31, 2016
Loss reserve on contractual lease commitments, beginning of period	$ 8,840	$ 10,629	$ 2,464	$ 9,242	$ 2,464
Additions	0	0	8,165	0	8,165
Payments	(445)	(857)		(847)	(857)
Loss reserve on contractual lease commitments, end of period	$ 8,395	$ 9,772	$ 10,629	$ 8,395	$ 9,772

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Sep. 30, 2016
Net accrued retirement benefits, less amounts recognized within accrued liabilities	$ 69,858	$ 70,479
Noncurrent portion of deferred income from JV formation	240,153	238,187
Total unrecognized tax benefits, net of offsetting adjustments	12,840	17,239
Acquired unfavorable contracts	3,081	3,148
Deferred economic incentives	15,306	16,196
Other	12,073	15,573
Other liabilities	359,866	368,224
Loss Reserve On Contractual Lease Commitments [Member]
Loss reserve	$ 6,555	$ 7,402

Other (Income) Expense, Net (De

Other (Income) Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Other (Income) Expense, Net
Equity interest in earnings of the JV (Note 4)	$ (382)	$ (2,158)	$ (1,066)	$ (2,158)
Net (gain) loss on sales of assets	37	1	(3,662)	(1,601)
Rent income	(70)	(83)	(143)	(184)
Net (gain) loss on investments in deferred compensation program	(705)	(130)	(729)	(434)
Other	(195)	(57)	(303)	(59)
Other (income) expense, net	$ (1,315)	$ (2,427)	$ (5,903)	$ (4,436)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Sep. 30, 2016
Income Taxes
Unrecognized Tax Benefits	$ 18,747	$ 23,526
Estimated decrease in liability for unrecognized tax benefits	3,702
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	11,618	11,426
Accrued interest and penalties	$ 1,679	$ 1,273

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, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Income Taxes
Earnings before income taxes	$ 50,236	$ 54,366	$ 97,295	$ 82,322
Income tax expense	$ 12,131	$ 13,542	$ 12,642	$ 15,678
Effective tax rate	24.10%	24.90%	13.00%	19.00%

Retirement Benefits (Narrative)

Retirement Benefits (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Value of Company Stock Contributed to Defined Contribution Benefit Plans		$ 14,014	$ 13,999
Treasury Stock Issued During Period, Shares, Employee Benefit Plans		199	317
United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit, Lump Sum Buyout Benefits Paid, Current Year	$ 670
Scenario, Forecast [Member] | United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit, Lump Sum Buyout Benefits Paid, Expected		$ 0
Total stockholders equity
Value of Company Stock Contributed to Defined Contribution Benefit Plans		14,014	$ 13,999
Treasury Stock at Cost [Member]
Value of Company Stock Contributed to Defined Contribution Benefit Plans		$ 7,513	$ 8,680
Treasury Stock Issued During Period, Shares, Employee Benefit Plans		199	317

Retirement Benefits (Schedule o

Retirement Benefits (Schedule of Costs of Retirement Plans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Retirement Benefits - General
Company Costs	$ 8,502	$ 7,478	$ 15,751	$ 15,482
Company Contributions	$ 79	$ 157	$ 147	$ 287

Retirement Benefits (Schedule77

Retirement Benefits (Schedule of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Pension Plans, Defined Benefit [Member]
Service cost	$ 605	$ 609	$ 1,216	$ 1,469
Interest cost	1,735	1,720	3,470	3,472
Expected return on plan assets	(3,271)	(3,201)	(6,544)	(6,440)
Amortization of: Net (gains) losses	589	386	1,180	774
Amortization of: Prior service (benefit) cost	96	96	192	192
Net periodic retirement (benefit) cost	(246)	(390)	(486)	(533)
Contributions paid - pensions	101	139	466	528
United States Pension Plans of US Entity, Defined Benefit [Member]
Service cost	418	424	837	1,098
Interest cost	1,439	1,309	2,878	2,626
Expected return on plan assets	(2,633)	(2,535)	(5,265)	(5,077)
Amortization of: Net (gains) losses	463	323	927	646
Amortization of: Prior service (benefit) cost	96	96	192	192
Net periodic retirement (benefit) cost	(217)	(383)	(431)	(515)
Contributions paid - pensions	0	0	0	0
Foreign Pension Plans, Defined Benefit [Member]
Service cost	187	185	379	371
Interest cost	296	411	592	846
Expected return on plan assets	(638)	(666)	(1,279)	(1,363)
Amortization of: Net (gains) losses	126	63	253	128
Amortization of: Prior service (benefit) cost	0	0	0	0
Net periodic retirement (benefit) cost	(29)	(7)	(55)	(18)
Contributions paid - pensions	101	139	466	528
Other Postretirement Benefit Plans, Defined Benefit [Member]
Service cost	3	6	7	11
Interest cost	311	262	622	524
Amortization of: Net (gains) losses	51	39	101	78
Amortization of: Prior service (benefit) cost	(39)	(39)	(79)	(79)
Net periodic retirement (benefit) cost	326	268	651	534
Contributions paid - other postretirement plans	$ 804	$ 840	$ 1,419	$ 1,221

Retirement Benefits (Schedule78

Retirement Benefits (Schedule of estimated remaining cash contributions) (Details) $ in Thousands	6 Months Ended
	Mar. 31, 2017USD ($)
United States Pension Plans of US Entity, Defined Benefit [Member]
Estimated future employer contributions in the currect fiscal year	$ 0
United Kingdom Plan, Defined Benefit [Member]
Estimated future employer contributions in the currect fiscal year	222
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	$ 2,620

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2016
Payments for repurchases of common stock		$ 61,782	$ 117,820
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 12,622	$ 12,622
Unrecognized compensation cost is expected to be recognized over a weighted-average period		2 years 3 months 18 days
Forfeiture rate, Board of Directors	0.00%	0.00%
Forfeiture rate, non-Board of Directors	9.00%	9.00%
Stock Options [Member]
Vested contractual term, in years		10 years
Vesting rate		25.00%
Vesting period, in years		4 years
Restricted Stock Award [Member]
Shares granted, Number of Shares	0	0
Restricted stock awards granted		24
Vesting period, in years		4 years
Service period for restricted stock award		4 years
2017 Plan [Member]
Stock-based compensation award conditionally awarded date		Oct. 3, 2016
Stock-based compensation award conditionally awarded date approved		Jan. 25, 2017
Stock-based compensation plan effective date		Sep. 14, 2016
Number of stock shares authorized for grants	2,000	2,000
2016 Authorization [Member]
Authorized repurchase amount	$ 500,000	$ 500,000
Payments for repurchases of common stock		$ 61,229
Repurchase period in years		3 years
Purchases of treasury stock, number of shares		886
10b5-1 Plan [Member]
Authorized repurchase amount			125,000
Payments for repurchases of common stock			$ 119,119
Purchases of treasury stock, number of shares		350	2,523
10b-18 Plan [Member]
Purchases of treasury stock, number of shares		536

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards) (Details) - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2016
Minimum [Member]
Expected term	6 years	6 years	6 years 3 months 18 days
Estimated volatility	31.50%	31.50%	34.50%
Estimated dividend yield	0.70%	0.70%	1.00%
Risk-free interest rate	2.20%	2.20%	1.70%
Maximum [Member]
Weighted-average grant date market value of Woodward stock	$ 69.45	$ 69.45
Grant date market value of Woodward stock			$ 40.26
Weighted-average exercise price per share	$ 62.64	$ 62.64
Exercise price per share			$ 40.26
Expected term	8 years 8 months 12 days	8 years 8 months 12 days	8 years 8 months 12 days
Estimated volatility	33.70%	33.70%	35.10%
Estimated dividend yield	0.70%	0.70%	1.00%
Risk-free interest rate	2.50%	2.50%	2.00%

Stockholders' Equity (Activity

Stockholders' Equity (Activity for Stock Option Awards) (Details) - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2017
Stock-Based Compensation
Number of options, beginning balance	4,792	4,944
Weighted Average Exercise Price Per Share, beginning balance	$ 35.35	$ 35.35
Options granted, Number of options	780	780
Options granted, Weighted Average Exercise Price Per Share	$ 62.64	$ 62.64
Options exercised, Number of options	(236)	(375)
Options exercised, Weighted Average Exercise Price Per Share	$ 33.21	$ 33.81
Options forfeited, Number of options	(5)	(18)
Options forfeited, Weighted Average Exercise Price Per Share	$ 42.73	$ 42.34
Number of options, ending balance	5,331	5,331
Weighted Average Exercise Price Per Share, ending balance	$ 39.43	$ 39.43

Stockholders' Equity (Changes i

Stockholders' Equity (Changes in Nonvested Stock Options) (Details) - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2017
Stock-Based Compensation
Number of Options, beginning balance	1,304	2,075
Weighted-Average Grant Date Fair Value Per Share, beginning balance	$ 14.70	$ 14.90
Options granted, Number of options	780	780
Options granted, Weighted-Average Grant Date Fair Value Per Share	$ 25.05	$ 25.05
Options vested, Number of options	(3)	(761)
Options vested, Weighted-Average Grant Date Fair Value Per Share	$ 18.27	$ 15.25
Options forfeited, Number of options	(5)	(18)
Options forfeited, Weighted-Average Grant Date Fair Value Per Share	$ 14.77	$ 14.56
Number of Options, ending balance	2,076	2,076
Weighted-Average Grant Date Fair Value Per Share, ending balance	$ 18.58	$ 18.58

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, 2017	Dec. 31, 2016	Sep. 30, 2016
Stock-Based Compensation
Options outstanding, Number of options	5,331	4,792	4,944
Options outstanding, Weighted-Average Exercise Price	$ 39.43	$ 35.35	$ 35.35
Options outstanding, Weighted-Average Remaining Life in Years	6 years 4 months 24 days
Options outstanding, Aggregate Intrinsic Value	$ 151,901
Options vested and exercisable, Number of options	3,254
Options vested and exercisable, Weighted-Average Exercise Price Per Share	$ 32.80
Options vested and exercisable, Weighted-Average Remaining Life in Years	5 years
Options vested and exercisable, Aggregate Intrinsic Value	$ 114,271
Options vested and expected to vest, Number of options	5,224
Options vested and expected to vest, Weighted-Average Exercise Price Per Share	$ 39.18
Options vested and to expected vest, Weighted-Average Remaining Life in Years	6 years 3 months 18 days
Options vested and expected to vest, Aggregate Intrinsic Value	$ 150,155

Stockholders' Equity (Changes84

Stockholders' Equity (Changes in Restricted Stock Awards) (Details) - Restricted Stock Award [Member] - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2017
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 (Narrative)

Segment Information (Narrative) (Details)	6 Months Ended
	Mar. 31, 2017segment
Segment Information
Number of Reportable Segments	2

Segment Information (Consolidat

Segment Information (Consolidated Net Sales and Earnings by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Net sales	$ 500,381	$ 479,382	$ 943,275	$ 924,492
Interest expense, net	(6,316)	(5,793)	(12,751)	(12,254)
Consolidated earnings before income taxes	50,236	54,366	97,295	82,322
Aerospace [Member]
Net sales	320,526	290,690	587,206	559,289
Segment earnings (loss)	58,227	50,578	105,104	94,064
Industrial [Member]
Net sales	179,855	188,692	356,069	365,203
Segment earnings (loss)	17,089	19,469	35,087	41,020
Unallocated Corporate [Member]
Segment earnings (loss)	$ (18,764)	$ (9,888)	$ (30,145)	$ (40,508)

Segment Information (Consolid87

Segment Information (Consolidated Total Assets by Segment) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Sep. 30, 2016
Assets	$ 2,607,160	$ 2,642,362
Other unallocated assets	178,103	209,683
Property, plant and equipment, net	888,235	876,350
Aerospace [Member]
Assets	1,655,431	1,637,522
Industrial [Member]
Assets	681,722	705,169
Unallocated Corporate [Member]
Property, plant and equipment, net	$ 91,904	$ 89,988