Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Nov. 09, 2017 | Mar. 31, 2017 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
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 | 61,238,422 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 2,972,702,291 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Consolidated Statements of Earnings | |||
Net sales | $ 2,098,685 | $ 2,023,078 | $ 2,038,303 |
Costs and expenses: | |||
Cost of goods sold | 1,526,126 | 1,483,960 | 1,462,833 |
Selling, general and administrative expenses | 176,633 | 174,017 | 177,121 |
Research and development costs | 126,519 | 126,170 | 134,485 |
Interest expense | 27,430 | 26,776 | 24,864 |
Interest income | (1,725) | (2,025) | (787) |
Other (income) expense, net (Note 15) | (9,045) | (12,306) | (1,162) |
Total costs and expenses | 1,845,938 | 1,796,592 | 1,797,354 |
Earnings before income taxes | 252,747 | 226,486 | 240,949 |
Income tax expense | 52,240 | 45,648 | 59,497 |
Net earnings | $ 200,507 | $ 180,838 | $ 181,452 |
Earnings per share (Note 3): | |||
Basic earnings per share | $ 3.27 | $ 2.92 | $ 2.81 |
Diluted earnings per share | $ 3.16 | $ 2.85 | $ 2.75 |
Weighted Average Common Shares Outstanding (Note 3): | |||
Basic | 61,366 | 61,893 | 64,684 |
Diluted | 63,512 | 63,556 | 66,056 |
Cash dividends per share paid to Woodward common stockholders | $ 0.485 | $ 0.430 | $ 0.380 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Comprehensive earnings | |||
Net earnings | $ 200,507 | $ 180,838 | $ 181,452 |
Other comprehensive earnings: | |||
Foreign currency translation adjustments | 45 | (6,615) | (34,989) |
Net gain (loss) on foreign currency transactions designated as hedges of net investments in a foreign subsidiaries | (1,942) | 792 | 572 |
Taxes on changes in foreign currency translation adjustments | 588 | 1,462 | 1,988 |
Foreign currency translation and transactions adjustments, net of tax | (1,309) | (4,361) | (32,429) |
Reclassification of net realized (gains) losses on derivatives to earnings | (72) | 21 | 99 |
Taxes on changes in derivative transactions | 28 | (8) | (38) |
Derivative adjustments, net of tax | (44) | 13 | 61 |
Minimum retirement benefit liability adjustments: | |||
Net gain (loss) arising during the period | 22,979 | (19,718) | (26,866) |
Loss (gain) due to settlement or curtailment arising during the period | 47 | ||
Amortization of net prior service cost (benefit) | (3,470) | 226 | 225 |
Amortization of net loss | 2,570 | 1,694 | 513 |
Foreign currency exchange rate changes on minimum retirement benefit liabilities | (43) | 2,239 | 867 |
Taxes on changes in minimum retirement benefit liability adjustments | (8,164) | 5,613 | 9,704 |
Pension and other postretirement benefit plan adjustments, net of tax | 13,872 | (9,899) | (15,557) |
Total comprehensive earnings | $ 213,026 | $ 166,591 | $ 133,527 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 87,552 | $ 81,090 |
Accounts receivable, less allowance for uncollectible amounts of $3,776 and $2,540, respectively | 402,182 | 343,768 |
Inventories | 473,505 | 461,683 |
Income taxes receivable | 19,376 | 20,358 |
Other current assets | 38,574 | 37,525 |
Total current assets | 1,021,189 | 944,424 |
Property, plant and equipment, net | 922,043 | 876,350 |
Goodwill | 556,545 | 555,684 |
Intangible assets, net | 171,882 | 197,650 |
Deferred income tax assets | 19,950 | 20,194 |
Other assets | 65,500 | 48,060 |
Total assets | 2,757,109 | 2,642,362 |
Current liabilities: | ||
Short-term borrowings and current portion of long-term debt | 32,600 | 150,000 |
Accounts payable | 232,788 | 169,439 |
Income taxes payable | 6,774 | 4,547 |
Accrued liabilities | 155,072 | 156,627 |
Total current liabilities | 427,234 | 480,613 |
Long-term debt, less current portion | 580,286 | 577,153 |
Deferred income tax liabilities | 33,408 | 3,777 |
Other liabilities | 344,798 | 368,224 |
Total liabilities | 1,385,726 | 1,429,767 |
Commitments and contingencies (Note 19) | ||
Stockholders' equity: | ||
Preferred stock, par value $0.003 per share, 10,000 shares authorized, no shares issued | 0 | 0 |
Common stock, par value $0.001455 per share, 150,000 shares authorized, 72,960 shares issued | 106 | 106 |
Additional paid-in capital | 163,836 | 141,570 |
Accumulated other comprehensive losses | (53,186) | (65,705) |
Deferred compensation | 7,135 | 5,089 |
Retained earnings | 1,820,268 | 1,649,506 |
Stockholders' equity excluding treasury stock | 1,938,159 | 1,730,566 |
Treasury stock at cost, 11,739 shares and 11,374 shares, respectively | (559,641) | (512,882) |
Treasury stock held for deferred compensation, at cost, 186 shares and 157 shares, respectively | (7,135) | (5,089) |
Total Stockholders' Equity | 1,371,383 | 1,212,595 |
Total liabilities and stockholders' equity | $ 2,757,109 | $ 2,642,362 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Current assets: | ||
Allowance, accounts receivable | $ 3,776 | $ 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 | 11,739,000 | 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 | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | |||
Net earnings | $ 200,507 | $ 180,838 | $ 181,452 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 80,917 | 69,036 | 75,235 |
Loss (gain) due to settlements or curtailments of postretirement plan (Note 17) | 47 | ||
Net (gain) loss on sales of assets | (3,604) | (4,431) | (626) |
Stock-based compensation | 17,282 | 15,122 | 14,255 |
Deferred income taxes | 22,772 | (52,744) | 15,504 |
(Gain) loss on derivatives reclassified from accumulated comprehensive earnings into earnings | (72) | 21 | 99 |
Proceeds from formation of joint venture (Note 4) | 0 | 250,000 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (53,151) | (9,190) | 14,845 |
Inventories | (10,857) | (17,658) | (8,824) |
Accounts payable and accrued liabilities | 64,659 | 17,461 | 3,029 |
Current income taxes | 3,323 | (834) | (7,487) |
Retirement benefit obligations | (2,932) | (3,416) | (4,537) |
Other | (11,307) | (8,873) | 13,045 |
Net cash provided by operating activities | 307,537 | 435,379 | 295,990 |
Cash flows from investing activities: | |||
Payments for purchase of property, plant and equipment | (92,336) | (175,692) | (286,612) |
Proceeds from sale of assets | 3,743 | 6,664 | 2,529 |
Proceeds from sales of short-term investments | 5,313 | 0 | 0 |
Purchases of short-term investments | (8,586) | (4,918) | 0 |
Net cash used in investing activities | (91,866) | (173,946) | (284,083) |
Cash flows from financing activities: | |||
Cash dividends paid | (29,745) | (26,606) | (24,646) |
Proceeds from sales of treasury stock | 14,195 | 15,892 | 8,400 |
Payments for repurchases of common stock | (71,751) | (125,541) | (158,762) |
Borrowings on revolving lines of credit and short-term borrowings | 1,506,000 | 695,000 | 999,971 |
Payments on revolving lines of credit and short-term borrowings | (1,630,100) | (890,896) | (856,610) |
Proceeds from issuance of long-term debt | 179,308 | ||
Payments of long-term debt and capital lease obligations | (412) | (107,287) | |
Payments of debt financing costs | (863) | (2,359) | |
Net cash provided by (used in) financing activities | (211,813) | (260,993) | (34,006) |
Effect of exchange rate changes on cash and cash equivalents | 2,604 | (1,552) | (10,986) |
Net change in cash and cash equivalents | 6,462 | (1,112) | (33,085) |
Cash and cash equivalents at beginning of year | 81,090 | 82,202 | 115,287 |
Cash and cash equivalents at end of period | $ 87,552 | $ 81,090 | $ 82,202 |
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, 2014 | $ 1,160,944 | $ 106 | $ 112,491 | $ (3,533) | $ 10,819 | $ 105 | $ (14,457) | $ 3,915 | $ 1,338,468 | $ (286,588) | $ (3,915) | ||
Balance, Common Stock, shares at Sep. 30, 2014 | 72,960,000 | ||||||||||||
Balance, Treasury Stock, shares at Sep. 30, 2014 | (7,397,000) | ||||||||||||
Balance, Treasury stock held for deferred compensation, Shares at Sep. 30, 2014 | (198,000) | ||||||||||||
Net earnings | 181,452 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 181,452 | $ 0 | $ 0 | $ 181,452 |
Other comprehensive income (loss), net of tax | (47,925) | 0 | 0 | 0 | (47,925) | (32,429) | 61 | (15,557) | 0 | 0 | 0 | 0 | |
Cash dividends paid | (24,646) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (24,646) | 0 | 0 | |
Purchases of treasury stock | (160,294) | $ (160,294) | |||||||||||
Purchases of treasury stock, shares | (3,193,000) | ||||||||||||
Sales of treasury stock | 9,932 | (6,817) | $ 16,749 | ||||||||||
Sales of treasury stock, shares | 568,000 | ||||||||||||
Common shares issued from treasury stock to settle employee liabilities | 0 | ||||||||||||
Common shares issued from treasury stock for benefit plans | 12,574 | 4,490 | $ 8,084 | $ 12,574 | |||||||||
Common shares issued from treasury stock for benefit plans, shares | 259,000 | 259,000 | |||||||||||
Tax benefit attributable to stock-based compensation | 6,812 | 6,812 | |||||||||||
Stock-based compensation | 14,255 | 14,255 | |||||||||||
Purchases of stock by deferred compensation plan | 893 | $ (893) | |||||||||||
Purchases of stock by deferred compensation plan, shares | (18,000) | ||||||||||||
Distribution of stock from deferred compensation plan | (486) | $ 486 | |||||||||||
Distribution of stock from deferred compensation plan, shares | 43,000 | ||||||||||||
Balances at Sep. 30, 2015 | 1,153,104 | $ 106 | 131,231 | (51,458) | (21,610) | 166 | (30,014) | 4,322 | 1,495,274 | $ (422,049) | $ (4,322) | ||
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 | 180,838 | 180,838 | $ 180,838 | ||||||||||
Other comprehensive income (loss), net of tax | (14,247) | (14,247) | (4,361) | 13 | (9,899) | ||||||||
Cash dividends paid | (26,606) | (26,606) | |||||||||||
Purchases of treasury stock | (126,295) | $ (126,295) | |||||||||||
Purchases of treasury stock, shares | (2,660,000) | ||||||||||||
Sales of treasury stock | 16,645 | (10,137) | $ 26,782 | ||||||||||
Sales of treasury stock, shares | 732,000 | ||||||||||||
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 | |||||||||||
Tax benefit attributable to stock-based compensation | 35 | 35 | |||||||||||
Stock-based compensation | 15,122 | 15,122 | |||||||||||
Purchases of stock by deferred compensation plan | 1,269 | $ (1,269) | |||||||||||
Purchases of stock by deferred compensation plan, shares | (25,000) | ||||||||||||
Distribution of stock from deferred compensation plan | (502) | $ 502 | |||||||||||
Distribution of stock from deferred compensation plan, shares | 41,000 | ||||||||||||
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 | 200,507 | 200,507 | $ 200,507 | ||||||||||
Other comprehensive income (loss), net of tax | 12,519 | 12,519 | (1,309) | (44) | 13,872 | ||||||||
Cash dividends paid | (29,745) | (29,745) | |||||||||||
Purchases of treasury stock | (73,224) | $ (73,224) | |||||||||||
Purchases of treasury stock, shares | (1,056,000) | ||||||||||||
Sales of treasury stock | 15,668 | (2,257) | $ 17,925 | ||||||||||
Sales of treasury stock, shares | 466,000 | ||||||||||||
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 | 17,282 | 17,282 | |||||||||||
Purchases of stock by deferred compensation plan | 298 | $ (298) | |||||||||||
Purchases of stock by deferred compensation plan, shares | (3,000) | ||||||||||||
Distribution of stock from deferred compensation plan | (19) | $ 19 | |||||||||||
Balances at Sep. 30, 2017 | $ 1,371,383 | $ 106 | $ 163,836 | $ (53,186) | $ (27,280) | $ 135 | $ (26,041) | $ 7,135 | $ 1,820,268 | $ (559,641) | $ (7,135) | $ 1,371,383 | |
Balance, Preferred Stock, shares at Sep. 30, 2017 | 0 | 0 | |||||||||||
Balance, Common Stock, shares at Sep. 30, 2017 | 72,960,000 | 72,960,000 | |||||||||||
Balance, Treasury Stock, shares at Sep. 30, 2017 | (11,739,000) | (11,739,000) | |||||||||||
Balance, Treasury stock held for deferred compensation, Shares at Sep. 30, 2017 | (186,000) | (186,000) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stockholders Equity [Abstract] | |||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.110 | $ 0.110 | $ 0.110 | $ 0.110 | $ 0.100 | $ 0.485 | $ 0.430 | $ 0.380 |
Operations and summary of signi
Operations and summary of significant accounting policies | 12 Months Ended |
Sep. 30, 2017 | |
Basis of Presentation | |
Operations and Summary of Significant Accounting Policies | WOODWARD, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In thousands, except per share amounts) Note 1. Operations and summary of significant accounting policies Basis of presentation The Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Woodward, Inc. and its subsidiaries (collectively “Woodward” or “the Company”). Dollar amounts contained in these Consolidated Financial Statements are in thousands, except per share amounts. Nature of operations Woodward enhances the global quality of life, creating innovative energy control solutions that optimize the performance, efficiency and emissions of its customers’ products. Woodward is an independent designer, manufacturer, and service provider of energy control and optimization solutions. Woodward designs, produces and services reliable, efficient, low-emission, and high-performance energy control products for diverse applications in challenging environments. Woodward has significant production and assembly facilities in the United States, Europe and Asia, and promotes its products and services through its worldwide locations. Woodward’s strategic focus is providing energy control and optimization solutions for the aerospace and industrial markets. The precise and efficient control of energy, including motion, fluid , combustion and electrical energy , is a growing requirement in the markets it serves. Woodward’s customers look to it to optimize the efficiency, emissions and operation of power equipment in both commercial and defense operations. Woodward’s core technologies leverage well across its markets and customer applications, enabling it to develop and integrate cost-effective and state-of-the-art fuel, combustion, fluid, actuation and electronic systems. Woodward focuses its solutions and services primarily on serving original equipment manufacturers (“OEMs”) and equipment packagers, partnering with them to bring superior component and system solutions to their demanding applications. Woodward also provides aftermarket repair, maintenance, replacement and other service support for its installed products. Woodward’s components and integrated systems optimize performance of commercial aircraft, defense aircraft, military ground vehicles and other equipment, gas and steam turbines, wind turbines, including converters and power grid related equipment, industrial diesel, gas, bio-diesel and dual fuel reciprocating engines, and electrical power systems. Woodward’s innovative motion, fluid, combustion and electrical energy control systems help its customers offer more cost-effective, cleaner, and more reliable equipment. Summary of significant accounting policies Principles of consolidation: These Consolidated Financial Statements are prepared in accordance with U.S. GAAP and include the accounts of Woodward and its wholly and majority-owned subsidiaries. Transactions within and between these companies are eliminated. Use of estimates: The preparation of the Consolidated Financial Statements requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities, at the date of the financial statements and the reported revenues and expenses recognized during the reporting period, and certain financial statement disclosures. Significant estimates include allowances for uncollectible amounts, net realizable value of inventories, customer rebates earned, useful lives of property and identifiable intangible assets, the evaluation of impairments of property, identifiable intangible assets and goodwill, the provision for income tax and related valuation reserves, the valuation of assets and liabilities acquired in business combinations, assumptions used in the determination of the funded status and annual expense of pension and postretirement employee benefit plans, the valuation of stock compensation instruments granted to employees, and contingencies. Actual results could differ from those estimates. Foreign currency exchange rates: The assets and liabilities of substantially all subsidiaries outside the United States are translated at fiscal year-end rates of exchange, and earnings and cash flow statements are translated at weighted-average rates of exchange. Translation adjustments are accumulated with other comprehensive (losses) earnings as a separate component of stockholders’ equity and are presented net of tax effects in the Consolidated Statements of Stockholders’ Equity. The effects of changes in foreign currency exchange rates on loans between consolidated subsidiaries that are considered permanent in nature are also accumulated with other comprehensive earnings, net of tax. The Company is exposed to market risks related to fluctuations in foreign currency exchange rates because some sales transactions, and certain of the assets and liabilities of its domestic and foreign subsidiaries, are denominated in foreign currencies. Selling, general, and administrative expenses include a net foreign currency loss of $651 in fiscal year 2017, net foreign currency gain of $701 in fiscal year 2016, and a net foreign currency loss of $1,721 in fiscal year 2015. Revenue recognition: Woodward recognizes revenue upon shipment or delivery of products or services and when collectability is reasonably assured. Delivery is upon completion of manufacturing, customer acceptance, and the transfer of the risks and rewards of ownership. In countries whose laws provide for retention of some form of title by sellers, enabling recovery of goods in the event of customer default on payment, product delivery is considered to have occurred when the customer has assumed the risks and rewards of ownership of the products. Occasionally, Woodward transfers title of product to customers, but retains substantive performance obligations such as completion of product testing, customer acceptance or in some instances regulatory acceptance. In addition, occasionally customers pay Woodward for products or services prior to Woodward satisfying its performance obligation. Under these circumstances, revenue is deferred until the performance obligations are satisfied. In addition, service revenue is also recognized upon completion of applicable performance obligations. Certain Woodward products include incidental software or firmware essential to the performance of the product as designed, which are treated as units of accounting associated with the related tangible product with which the software is included. Woodward does not generally sell software on a standalone basis, although software upgrades, if any, are generally paid for by the customer. Revenue for certain non-recurring engineering projects is recognized when contractually specified milestones are achieved. Product freight costs are included in cost of goods sold. Freight costs charged to customers are included in net sales. Taxes collected from customers and remitted to government authorities are excluded from revenue and are recorded as liabilities until the taxes are remitted to the appropriate U.S. or foreign government authority. Net sales generated through shipment of tangible products to customers represents more than 90% of total net sales for fiscal years 2017, 2016 and 2015. Customer payments : Woodward occasionally agrees to make payments to certain customers in order to participate in anticipated sales activity. Payments made to customers are accounted for as a reduction of revenue unless they are made in exchange for identifiable goods or services with fair values that can be reasonably estimated. Reductions in revenue associated with these customer payments are recognized immediately to the extent that the payments cannot be attributed to anticipated future sales, and are recognized in future periods to the extent that the payments relate to anticipated future sales. Such determinations are based on the facts and circumstances underlying each payment. Stock-based compensation: Compensation cost relating to stock-based payment awards made to employees and directors is recognized in the financial statements using a fair value method. Non-qualified stock option awards and restricted stock awards are issued under Woodward’s stock-based compensation plans. The cost of such awards, measured at the grant date, is based on the estimated fair value of the award. Forfeitures are estimated at the time of each grant in order to estimate the portion of the award that will ultimately vest. The estimate is based on Woodward’s historical rates of forfeitures and is updated periodically. The portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods, which is generally the vesting period of the awards. Research and development costs : Company funded expenditures related to new product development, and significant product enhancement and/or upgrade activities are expensed as incurred and are separately reported in the Consolidated Statements of Earnings. Income taxes: Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of Woodward’s assets, liabilities, and certain unrecognized gains and losses recorded in accumulated other comprehensive (losses) earnings. Woodward provides for taxes that may be payable if undistributed earnings of overseas subsidiaries were to be remitted to the United States, except for those earnings that it considers to be indefinitely invested. Cash equivalents: Highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents. Cash and cash equivalents are maintained with multiple financial institutions. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. Woodward holds cash and cash equivalents at financial institutions in excess of amounts covered by the Federal Depository Insurance Corporation (the “FDIC”), sometimes invests excess cash in money market funds or other highly liquid investments not insured by the FDIC, and holds cash and cash equivalents outside the United States that are not insured by the FDIC. Accounts receivable: Almost all of Woodward’s sales are made on credit and result in accounts receivable, which are recorded at the amount invoiced and are generally not collateralized. In the normal course of business, not all accounts receivable are collected and, therefore, an allowance for uncollectible amounts is provided equal to the amount that Woodward believes ultimately will not be collected. In establishing the amount of the allowance related to the credit risk of accounts receivable, customer-specific information is considered related to delinquent accounts, past loss experience, bankruptcy filings, deterioration in the customer’s operating results or financial position, and current economic conditions. Accounts receivable losses are deducted from the allowance, and the related accounts receivable balances are written off when the receivables are deemed uncollectible. Recoveries of accounts receivable previously written off are recognized when received. In addition, an allowance associated with anticipated future sales returns is also established and is included in the allowance for uncollectible amounts. Consistent with common business practice 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 and to which the credit risks associated with the bankers’ acceptance notes are believed to be minimal. The composition of Woodward’s accounts receivable at September 30, 2017 and September 30, 2016 follows: September 30, September 30, 2017 2016 Accounts receivable from: Customers $ 367,715 $ 341,215 Other (Chinese financial institutions) 38,243 5,093 Allowance for uncollectible customer amounts (3,776) (2,540) $ 402,182 $ 343,768 Inventories: Inventories are valued at the lower of cost or net realizable value, with cost being determined using methods that approximate a first-in, first-out basis. Short-term investments: 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 the deposit. Woodward believes that the investments are with creditworthy financial institutions. Amounts with maturities of less than 365 days are classified as “Other current assets.” Property, plant, and equipment: Property, plant, and equipment are recorded at cost and are depreciated over the estimated useful lives of the assets. Assets are generally depreciated using the straight-line method. Assets are tested for recoverability whenever events or circumstances indicate the carrying value may not be recoverable. Estimated lives over which fixed assets are generally depreciated at September 30, 2017 were as follows: Land improvements 3 - 20 years Buildings and improvements 3 - 40 years Leasehold improvements 1 - 10 years Machinery and production equipment 3 - 20 years Computer equipment and software 3 - 10 years Office furniture and equipment 3 - 13 years Other 3 - 13 years Included in computer equipment and software are Woodward’s enterprise resource planning (“ERP”) systems, which have an estimated useful life of 10 years. All other computer equipment and software is generally depreciated over three to five years. Goodwill: Woodward tests goodwill for impairment at the reporting unit level on an annual basis and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Based on the relevant U.S. GAAP authoritative guidance, Woodward aggregates components of a single operating segment into a reporting unit, if appropriate. The impairment tests consist of comparing the implied fair value of each reporting unit with its carrying amount that includes goodwill. If the carrying amount of the reporting unit exceeds its implied fair value, Woodward compares the implied fair value of goodwill with the recorded carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value of goodwill, an impairment loss would be recognized to reduce the carrying amount to its implied fair value. Based on the results of Woodward’s goodwill impairment testing it has recorded no impairment charges. Other intangibles: Other intangibles are recognized apart from goodwill whenever an acquired intangible asset arises from contractual or other legal rights, or whenever it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset, or liability. All of Woodward’s intangibles have an estimated useful life and are being amortized using patterns that reflect the periods over which the economic benefits of the assets are expected to be realized. Amortization expense is allocated to cost of goods sold and selling, general, and administrative expenses based on the nature of the intangible asset. Impairment losses are recognized if the carrying amount of an intangible is both not recoverable and exceeds its fair value. Woodward has recorded no impairment charges on its other intangibles. Estimated lives over which intangible assets are amortized at September 30, 2017 were as follows: Customer relationships 9 - 30 years Intellectual property 10 - 17 years Process technology 8 - 30 years Other 15 years Impairment of long-lived assets: Woodward reviews the carrying amount of its long-lived assets or asset groups to be used in operations whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset, or a significant decline in the observable market value of an asset, among others. If such facts indicate a potential impairment, the Company would assess the recoverability of an asset group by determining if the carrying amount of the asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the primary asset in the asset group. If the recoverability test indicates that the carrying amount of the asset group is not recoverable, the Company will estimate the fair value of the asset group using appropriate valuation methodologies, which would typically include an estimate of discounted cash flows. Any impairment would be measured as the difference between the asset groups carrying amount and its estimated fair value. There were no impairment charges recorded in fiscal years 2017, 2016 or 2015. Investment in marketable equity securities: Woodward holds marketable equity securities related to its deferred compensation program. Based on Woodward’s intentions regarding these instruments, marketable equity securities are classified as trading securities. The trading securities are reported at fair value, with realized gains and losses recognized in “Other (income) expense, net.” The trading securities are included in “Other assets.” The associated obligation to provide benefits is included in “Other liabilities.” Investments in unconsolidated subsidiaries: Investments in, and operating results of, entities in which Woodward does not have a controlling financial interest or the ability to exercise significant influence over the operations are included in the financial statements using the cost method of accounting. Investments and operating results of entities in which Woodward does not have a controlling interest but does have the ability to exercise significant influence over operations are included in the financial statements using the equity method of accounting. Deferred compensation: The Company maintains a deferred compensation plan, or “rabbi trust,” as part of its overall compensation package for certain employees. Deferred compensation obligations will be settled either by delivery of a fixed number of shares of Woodward’s common stock (in accordance with certain eligible members’ irrevocable elections) or in cash. Woodward has contributed shares of its common stock into a trust established for the future settlement of deferred compensation obligations that are payable in shares of Woodward’s common stock. Common stock held by the trust is reflected in the Consolidated Balance Sheet as “Treasury stock held for deferred compensation” and the related deferred compensation obligation is reflected as a separate component of equity in amounts equal to the fair value of the common stock at the dates of contribution. These accounts are not adjusted for subsequent changes in the fair value of the common stock. Deferred compensation obligations that will be settled in cash are accounted for on an accrual basis in accordance with the terms of the underlying contract and are reflected in the Consolidated Balance Sheet as “Other liabilities.” Derivatives: The Company is exposed to various market risks that arise from transactions entered into in the normal course of business. The Company has historically utilized derivative instruments, such as treasury lock agreements to lock in fixed rates on future debt issuances, which qualify as cash flow or fair value hedges to mitigate the risk of variability in cash flows related to future interest payments attributable to changes in the designated benchmark rate. The Company records all such interest rate hedge instruments on the balance sheet at fair value. Cash flows related to the instrument designated as a qualifying hedge are reflected in the accompanying Consolidated Statements of Cash Flows in the same categories as the cash flows from the items being hedged. Accordingly, cash flows relating to the settlement of interest rate derivatives hedging the forecasted future interest payments on debt have been reflected upon settlement as a component of financing cash flows. The resulting gain or loss from such settlement is deferred to other comprehensive income and reclassified to interest expense over the term of the underlying debt. This reclassification of the deferred gains and losses impacts the interest expense recognized on the underlying debt that was hedged and is therefore reflected as a component of operating cash flows in periods subsequent to settlement. The periodic settlement of interest rate derivatives hedging outstanding variable rate debt is recorded as an adjustment to interest expense and is therefore reflected as a component of operating cash flows. From time to time, in order to hedge against foreign currency exposure, Woodward designates certain non-derivative financial instrument loans as net investment hedges. Foreign exchange gains or losses on the loans are recognized in foreign currency translation adjustments within total comprehensive (losses) earnings. Further information on net investment hedges can be found at Note 6, Derivative instruments and hedging activities . Financial instruments: The Company’s financial instruments include cash and cash equivalents, short-term investments, investments in the deferred compensation program, notes receivable from municipalities, investments in term deposits and debt. Because of their short-term maturity, the carrying amount of cash and cash equivalents and short-term debt approximate fair value. The fair value of investments in the deferred compensation program are adjusted to fair value based on the quoted market prices for the investments in the various mutual funds owned. The fair value of the long-term notes from municipalities are estimated based on a model that discounts future principal and interest payments received at interest rates available to the Company at the end of the period for similarly rated municipality notes of similar maturity. The fair value of term deposits are estimated based on a model that discounts future principal and interest payments received at interest rates available to the Company at the end of the period for similar term deposits with the same maturity in the same jurisdictions. The fair value of long-term debt is estimated based on a model that discounts future principal and interest payments at interest rates available to the Company at the end of the period for similar debt with the same maturity. Further information on the fair value of financial instruments can be found at Note 5, Financial instruments and fair value measurements . Financial assets and liabilities recorded at fair value in the Consolidated Balance Sheets are categorized based upon a fair value hierarchy established by U.S. GAAP, which prioritizes the inputs used to measure fair value into the following levels: Level 1: Inputs based on quoted market prices in active markets for identical assets or liabilities at the measurement date. Level 2: Quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data. Level 3: Inputs reflect management’s best estimates and assumptions of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments. Postretirement benefits: The Company provides various benefits to certain current and former employees through defined benefit pension and postretirement plans. For financial reporting purposes, net periodic benefits expense and related obligations are calculated using a number of significant actuarial assumptions. Changes in net periodic expense and funding status may occur in the future due to changes in these assumptions. The funded status of defined pension and postretirement plans recognized in the statement of financial position is measured as the difference between the fair market value of the plan assets and the benefit obligation. For a defined benefit pension plan, the benefit obligation is the projected benefit obligation; for any ot her defined benefit postretirement plan, such as a retiree health care plan, the benefit obligation is the accumulated benefit obligation. Any over-funded status is recognized as an asset and any underfunded status is recognized as a liability. Projected benefit obligation is the actuarial present value as of the measurement date of all benefits attributed by the plan benefit formula to employee service rendered before the measurement date using assumptions as to future compensation levels if the plan benefit formula is based on those future compensation levels. The accumulated benefit obligation is the actuarial present value of benefits (whether vested or unvested) attributed by the plan benefit formula to employee service rendered before the measurement date and based on employee service and compensation, if applicable, prior to that date. The accumulated benefit obligation differs from the projected benefit obligation in that it includes no assumption about future compensation levels. Reclassification In the Statements of Earnings for all periods presented amortization of intangible assets has been reclassified from a separate line to an allocated expense/cost component of cost of goods sold and selling, general and administrative expenses based on the nature of the intangible asset that is being amortized. Prior year amounts have been recast to reflect this reclassification. The following tables reflect the amounts reclassified. Year Ended September 30, 2017 2016 2015 Allocation to Cost of goods sold $ 7,800 $ 8,420 $ 9,115 Allocation to Selling, general and administrative expenses 17,977 19,066 20,126 Total amortization of intangible assets $ 25,777 $ 27,486 $ 29,241 2017 Fiscal Quarters First Second Third Fourth Allocation to Cost of goods sold $ 1,954 $ 1,943 $ 1,948 $ 1,955 Allocation to Selling, general and administrative expenses 4,504 4,488 4,491 4,494 Total amortization of intangible assets $ 6,458 $ 6,431 $ 6,439 $ 6,449 2016 Fiscal Quarters First Second Third Fourth Allocation to Cost of goods sold $ 2,180 $ 2,162 $ 2,117 $ 1,961 Allocation to Selling, general and administrative expenses 4,766 4,764 4,770 4,766 Total amortization of intangible assets $ 6,946 $ 6,926 $ 6,887 $ 6,727 |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Sep. 30, 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 August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” ASU 2017-12 is intended to more closely align the financial statement reporting of hedging relationships with the economic results of an entity’s risk management activities and to make certain targeted improvements to simpl if y the application of hedge accounting guidance in current GAAP. ASU 2017-12 is also intended to increase standardization of financial statement disclosures including requiring a tabular disclosure of the income statement effects of fair value and cash flow hedges. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018 (fiscal year 2020 for Woodward) and early adoption is permitted in any interim period. Upon adoption, an entity should apply a cumulative-effect adjustment to accumulated other comprehensive earnings with a corresponding adjustment to retained earnings to eliminate the separate measurement of ineffectiveness for cash flow and net investment hedges, if any. Also upon adoption, the amended presentation and disclosure guidance should be applied prospectively. Woodward has not determined in which period it will adopt the new guidance. Woodward does not believe the application of the new guidance w ill have any impact on its current hedging arrangements. In May 2017, the FASB issued ASU 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting.” ASU 2017-09 was issued to provide clarity and reduce both 1) diversity in practice and 2) cost and complexity when applying the guidance in Topic 718 to a change in the terms or conditions of a share-based payment award. ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting under Topic 718. The amendments in ASU 2017-09 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 (fiscal year 2019 for Woodward). Early adoption is permitted, including adoption in any interim period. The amendments in ASU 2017-09 should be applied prospectively to an award modified on or after the adoption date. Woodward adopted the new guidance in its third quarter of fiscal year 2017 and will apply the guidance to any future changes to the terms or conditions of its share-based payment awards. 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. The amendments of ASU 2017-07 should be applied retrospectively for the presentation of the service cost component and the other components of net periodic benefit costs from defined benefit and other postretirement benefit plans in the earnings statement and prospectively, on and after the effective date, for the capitalization of the service cost component into manufactured inventories. 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 adopted the new guidance in its fourth quarter of fiscal year 2017 when it performed its annual goodwill impairment test as of July 31, 2017. The adoption of ASU 2017-04 did not 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 has not determined in which period it will adopt the new guidance. Woodward c urrently 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. Modified retrospective adoption is required with any cumulative-effect adjustment recorded to retained earnings as of the beginning of the period of adoption. 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 20 17 , none of which was recognized on the balance sheet, was $8,302 . As of September 30, 201 7 , future minimum rental payments required under operating leases, none of which were recognized on the balance sheet, were $23,215 . 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 could elect to adopt ASC 606 early, it will not be adopting the new standard in fiscal year 2018. 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. Woodward is also performing a comprehensive review of its current processes and systems to determine and implement changes required to support the adoption of ASC 606 on October 1, 2018, the first day of Woodward’s fiscal year 2019. As part of this review process, Woodward is implementing new software solutions to support revenue reporting after adoption. Based on Woodward’s review of its customer contracts, Woodward has determined 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 revenues from sales of products and services to customers will be recognized over time, rather than at a point in time, due primarily to the terms of certain customer contracts. As a result of 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. Woodward generally expenses costs as incurred for the engineering and development of new products. Customer funding received for such engineering and development efforts is currently recognized as revenue when earned, with the corresponding costs recognized as cost of sales. ASC 606 requires customer funding of product engineering and development to be deferred and recognized as revenue as the related products are delivered to the customer. ASC 606 also requires product engineering and development costs to be capitalized as contract fulfillment costs, to the extent recoverable from the deferred customer funding, and subsequently amortized as the related products are delivered to the customer. Therefore, under ASC 606, Woodward expects to record both contract assets and contract liabilities related to such funded engineering and development efforts, which are expected to become material over time. Recognized revenues and research and development costs are both expected to decrease in the year of adoption and for at least several years thereafter, due to the recognition of these contract assets and liabilities. However, recognition of these contract assets and liabilities are expected to have an immaterial impact on pre-tax earnings in future periods. 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. Woodward is also 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 | 12 Months Ended |
Sep. 30, 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: Year Ended September 30, 2017 2016 2015 Numerator: Net earnings $ 200,507 $ 180,838 $ 181,452 Denominator: Basic shares outstanding 61,366 61,893 64,684 Dilutive effect of stock options and restricted stock 2,146 1,663 1,372 Diluted shares outstanding 63,512 63,556 66,056 Income per common share: Basic earnings per share $ 3.27 $ 2.92 $ 2.81 Diluted earnings per share $ 3.16 $ 2.85 $ 2.75 On June 2, 2015 , Woodward entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Goldman, Sachs & Co. (“Goldman”) under which Woodward repurchased shares of its common stock for an aggregate purchase price of $125,000 . Upon execution of the ASR Agreement, Goldman initially delivered to Woodward 2,048 shares of common stock. Goldman completed the ASR Agreement on September 3, 2015 and delivered 458 additional shares to Woodward. The final number of shares delivered to Woodward was based generally on the average daily volume-weighted average price of Woodward stock during the term of the ASR Agreement of $49.89 . The 2,506 shares of common stock delivered by Goldman to Woodward related to the ASR Agreement are reflected in the calculation of basic shares outstanding used in the calculation of earnings per share. The following stock option grants were outstanding during the fiscal years ended September 30 , 201 7, 2016 and 201 5, but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive . Year Ended September 30, 2017 2016 2015 Options 68 - 697 Weighted-average option price $ 63.23 $ n/a $ 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: Year Ended September 30, 2017 2016 2015 Weighted-average treasury stock shares held for deferred compensation obligations 180 171 190 |
Joint Venture
Joint Venture | 12 Months Ended |
Sep. 30, 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 during the fiscal year ended September 30, 2017, 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 . 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 $6,451 as of September 30, 2017 and $6,552 as of September 30, 2016, and other liabilities of $236,896 as of September 30 , 201 7 and $238,187 as of September 30, 2016 . Amortization of the deferred income recognized as an increase to sales was $6,286 for the twelve months ended September 30, 2017, and $ 5,261 for the nine-months ended September 30, 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 income of $2,568 for the fiscal year ended September 30 , 2017, and income of $ 6,204 for the nine-months ended September 30, 2016 related to Woodward’s equity interest in the earnings of the JV. During the fiscal year ended September 30, 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 Consolidated Statement of Cash Flows. Woodward received no cash distributions from the JV in the fiscal year ended September 30, 2016. Woodward’s net investment in the JV , which is included in other assets, was $6,272 as of September 30, 2017 and $6,204 as of September 30, 2016 . Woodward ’s n et sales include $ 70,234 for the fiscal year ended September 30, 2017 of sales to the JV , compared to $ 46,973 for the nine-months ended September 30, 2016. Woodward recorded a reduction to sales of $26,133 for the fiscal year ended September 30, 2017 related to royalties paid to the JV by Woodward on sales by Woodward directly to third party aftermarket customers , compared to $ 21,391 for the nine-months ended September 30, 2016 . The Consolidated Balance Sheets include “Accounts receivable” of $8,554 a t September 30, 2017, and $ 5,326 at September 30, 2016 related to amounts the JV owed Woodward , and include “Accounts payable” of $6,741 at September 30, 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 | 12 Months Ended |
Sep. 30, 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 Consolidated Balance Sheets are categorized based upon a fair value hierarchy established by U.S. GAAP. The table below presents information about Woodward’s financial assets that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques Woodward utilized to determine such fair value. Woodward had no financial liabilities required to be measured at fair value on a recurring basis as of September 30, 2017 or September 30, 201 6 . At September 30, 2017 At September 30, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets: Cash $ 79,822 $ - $ - $ 79,822 $ 80,959 $ - $ - $ 80,959 Investments in money market funds - - - - 48 - - 48 Investments in reverse repurchase agreements 1 - - 1 83 - - 83 Investments in term deposits with foreign banks 7,729 - - 7,729 7,136 - - 7,136 Equity securities 16,600 - - 16,600 12,491 - - 12,491 Total financial assets $ 104,152 $ - $ - $ 104,152 $ 100,717 $ - $ - $ 100,717 Investments in money market funds: Woodward sometimes invests excess cash in money market funds not insured by the FDIC. Woodward believes that the investments in money market funds are on deposit with creditworthy financial institutions and that the funds are highly liquid. The investments in money market funds are reported 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 September 30, 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 $ 15,848 $ 14,507 $ 17,501 $ 15,849 Investments in short-term time deposits 2 8,227 8,223 4,882 4,918 Liabilities: Long-term debt, excluding current portion 2 $ (592,317) $ (582,080) $ (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 2.6% at September 30, 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 5.3% at September 30, 2017 and 6.9 % at September 30, 2016 . 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 September 30, 2017 and 1.9% at September 30, 2016 . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Sep. 30, 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. Other than the net investment hedges discussed below, Woodward did not enter into any derivatives or hedging transactions during any of the fiscal years ended September 30, 2017, September 30, 2016, and September 30, 2015. Derivatives in cash flow hedging relationships In June 2013, in connection with Woodward’s expected refinancing of current maturities on its existing long-term debt, Woodward entered into a treasury lock agreement with a notional amount of $25,000 that qualified as a cash flow hedge under ASC Topic 815, “Derivatives and Hedging.” The objective of this derivative instrument was to hedge the risk of variability in cash flows attributable to changes in the designated benchmark interest rate over a seven -year period related to the future interest payments on a portion of anticipated future debt issuances. The treasury lock agreement was settled in August 2013 and the resulting gain of $507 is being recognized as a reduction of interest expense over a seven-year period. The unrecognized portion of the gain is recorded in accumulated other comprehensive (losses) earnings, net of tax. In March 2009, Woodward entered into LIBOR lock agreements that qualified as cash flow hedges under authoritative guidance for derivatives and hedging. The objective of this derivative instrument was to hedge the risk of variability in cash flows over a seven-year period related to future interest payments of a portion of anticipated future debt issuances attributable to changes in the designated benchmark interest rate associated with the then expected issuance of long-term debt to acquire HR Textron Inc. (“HRT”). The discontinuance of the LIBOR lock agreements resulted in a loss that was being recognized as an increase of interest expense over a seven-year period on the hedged Series E and F Notes, which were issued on April 3, 2009, using the effective interest method. The unrecognized portion of the loss was recorded in accumulated other comprehensive (losses) earnings, net of tax. The unrecognized portion of the loss was fully amortized to interest expense during the second quarter of fiscal year 2016, and as of September 30, 2016 there was no unrecognized loss associated with this cash flow hedge in Woodward’s Consolidated Balance Sheet. In September 2008, the Company entered into treasury lock agreements that qualified as cash flow hedges under authoritative guidance for derivatives and hedging. The objective of this derivative instrument was to hedge the risk of variability in cash flows related to future interest payments of a portion of the anticipated future debt issuances attributable to changes in the designated benchmark interest rate associated with the expected issuance of long-term debt to acquire Techni-Core, Inc. (“Techni-Core”) and MPC Products Corporation (“MPC Products” and, together with Techni-Core, “MPC”). The discontinuance of these treasury lock agreements resulted in a gain that was being recognized as a reduction of interest expense over a seven-year period on the hedged Series C and D Notes, which were issued on October 1, 2008, using the effective interest method. The unrecognized portion of the gain was recorded in accumulated other comprehensive (losses) earnings, net of tax. The unrecognized portion of the gain was fully amortized to interest expense during the fourth quarter of fiscal year 2015, and as of September 30, 2015 there was no unrecognized gain associated with this cash flow hedge in Woodward’s Consolidated Balance Sheet. 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 $ 218 as of September 30, 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 Consolidated Statements of Earnings, recognized in interest expense: Year Ended September 30, 2017 2016 2015 Amount of (income) expense recognized in earnings on derivative $ (72) $ 21 $ 99 Amount of (gain) loss recognized in accumulated OCI on derivative - - - Amount of (gain) loss reclassified from accumulated OCI into earnings (72) 21 99 Based on the carrying value of the realized but unrecognized gains on terminated derivative instruments designated as cash flow hedges as of September 30, 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. Net investment hedges 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. Foreign exchange losses on the Series M Notes of $2,395 f or the fiscal year ended September 30, 2017 and $47 for the fiscal year ended September 30, 2016 are 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. In June 2016, the intercompany loan was repaid , resulting in a realized gain of $1,484 that was recognized within total comprehensive earnings, of which $912 was recognized in fiscal year 2016 and $572 was recognized in fiscal year 2015. 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. In July 2017, the intercompany loan was repaid, resulting in a realized gain of $380 that was recognized within total comprehensive earnings, of which a gain of $453 was recognized in fiscal year 2017 and a loss of $73 was recognized in fiscal year 2016. |
Supplemental Statements of Cash
Supplemental Statements of Cash Flows Information | 12 Months Ended |
Sep. 30, 2017 | |
Supplemental Statements of Cash Flows Information | |
Supplemental Statements of Cash Flows Information | Note 7. Supplemental statement of cash flows information Year Ended September 30, 2017 2016 2015 Interest paid, net of amounts capitalized $ 27,752 $ 34,500 $ 32,608 Income taxes paid 33,926 99,468 51,218 Income tax refunds received 997 2,350 689 Non-cash activities: Purchases of property, plant and equipment on account 17,327 10,705 23,966 Property, plant and equipment acquired by capital lease - 1,653 - Common shares issued from treasury to settle employee liabilities 1,767 - - Common shares issued from treasury to settle benefit obligations (Note 17) 14,014 13,999 12,574 Cashless exercise of stock options 1,473 753 1,532 |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2017 | |
Inventories | |
Inventories | Note 8 . Inventories September 30, September 30, 2017 2016 Raw materials $ 59,034 $ 54,246 Work in progress 103,790 109,756 Component parts (1) 262,755 249,307 Finished goods 47,926 48,374 $ 473,505 $ 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 | 12 Months Ended |
Sep. 30, 2017 | |
Property, Plant, and Equipment, Net | |
Property, Plant and Equipment, Net | Note 9 . Property, plant, and equipment September 30, September 30, 2017 2016 Land and land improvements $ 88,326 $ 87,696 Buildings and building improvements 514,453 527,704 Leasehold improvements 16,142 15,213 Machinery and production equipment 543,641 484,315 Computer equipment and software 124,723 117,984 Office furniture and equipment 24,308 29,344 Other 19,393 18,969 Construction in progress 111,910 88,909 1,442,896 1,370,134 Less accumulated depreciation (520,853) (493,784) Property, plant, and equipment, net $ 922,043 $ 876,350 I ncluded in “Office furniture and equipment” and “Other” is $1,653 at each of September 30, 2017 and September 30, 2016, of gross a ssets acquired on capital leases, and accumulated depreciation included $739 at September 30, 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 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 $49,347 at September 30 , 201 7 and $26,741 at September 30, 2016 associated with new equipment purchases for the second campus. Concurrent with and in relation to Woodward’s significant investment in three new campuses and related equipment in the greater-Rockford, Illinois area, the new campus at its corporate headquarters in Fort Collins, Colorado (both discussed above), and the new campus in Niles, Illinois that was completed in fiscal year 2015, Woodward initiated a comprehensive review of its depreciation lives as required by U.S. GAAP to evaluate the estimates of the useful lives of Woodward assets. This review resulted in estimates of the useful lives of both existing and new assets generally in excess of those utilized prior to fiscal year 2016. The revised estimates were used in fiscal year 2016 and will be used going forward and result in a downward adjustment of depreciation on existing assets of approximately $12,000 for fiscal year 2016. For the fiscal years ended September 30 , 201 7, 2016, and 20 15 , Woodward had depreciation expense as follows: Year Ended September 30, 2017 2016 2015 Depreciation expense $ 55,140 $ 41,550 $ 45,994 F or the fiscal years ended September 30 , 201 7, 2016, and 20 15 , Woodward capitalized interest that would have otherwise been included in interest expense of the following: Year Ended September 30, 2017 2016 2015 Capitalized interest $ 2,008 $ 5,455 $ 8,995 |
Goodwill
Goodwill | 12 Months Ended |
Sep. 30, 2017 | |
Goodwill Disclosure | |
Goodwill | Note 1 0 . Goodwill September 30, 2016 Effects of Foreign Currency Translation September 30, 2017 Aerospace $ 455,423 $ - $ 455,423 Industrial 100,261 861 101,122 Consolidated $ 555,684 $ 861 $ 556,545 September 30, 2015 Effects of Foreign Currency Translation September 30, 2016 Aerospace $ 455,423 $ - $ 455,423 Industrial 101,554 (1,293) 100,261 Consolidated $ 556,977 $ (1,293) $ 555,684 Woodward tests goodwill for impairment at the reporting unit level on an annual basis and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Woodward completed its annual goodwill impairment test as of July 31, 201 7 during the quarter ended September 30, 201 7 . At that date, Woodward determined it was appropriate to aggregate certain components of the same operating segment into a single reporting unit. The fair value of each of Woodward’s reporting units was determined using a discounted cash flow method. This method represents a level 3 input and incorporates various estimates and assumptions, the most significant being projected revenue growth rates, earnings margins, future tax rates, and the present value, based on an estimated weighted-average cost of capital (or the discount rate) and terminal growth rate, of forecasted cash flows. Management projects revenue growth rates, earnings margins and cash flows based on each reporting unit’s current operational results, expected performance and operational strategies over a ten-year period. These projections are adjusted to reflect current economic conditions and demand for certain products, and require considerable management judgment. Forecasted cash flows used in the July 31, 201 7 impairment test were discounted using weighted-average cost of capital assumptions ranging from 9.57 % to 13.86 %. The terminal values of the forecasted cash flows were calculated using the Gordon Growth Model and assumed an annual compound gro wth rate after ten years of 3.39 % . These inputs, which are unobservable in the market, represent management’s best estimate of what market participants would use in determining the present value of the Company’s forecasted cash flows. Changes in these estimates and assumptions can have a significant impact on the fair value of forecasted cash flows. Woodward evaluated the reasonableness of the reporting units’ resulting fair values utilizing a market multiple method. The results of Woodward’s goodwill impairment tests performed as of July 31, 201 7 did not indicate impairment of any of Woodward’s reporting units. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Sep. 30, 2017 | |
Intangible Assets, Net | |
Intangible Assets, Net | Note 11 . Intangible assets, net September 30, 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 $ (151,155) $ 131,070 $ 282,225 $ (134,158) $ 148,067 Industrial 40,962 (34,407) 6,555 40,969 (33,509) 7,460 Total $ 323,187 $ (185,562) $ 137,625 $ 323,194 $ (167,667) $ 155,527 Intellectual property: Aerospace $ - $ - $ - $ - $ - $ - Industrial 19,422 (18,196) 1,226 19,435 (17,876) 1,559 Total $ 19,422 $ (18,196) $ 1,226 $ 19,435 $ (17,876) $ 1,559 Process technology: Aerospace $ 76,605 $ (49,124) $ 27,481 $ 76,605 $ (43,229) $ 33,376 Industrial 22,950 (17,756) 5,194 22,965 (16,200) 6,765 Total $ 99,555 $ (66,880) $ 32,675 $ 99,570 $ (59,429) $ 40,141 Other intangibles: Aerospace $ - $ - $ - $ - $ - $ - Industrial 1,312 (956) 356 1,246 (823) 423 Total $ 1,312 $ (956) $ 356 $ 1,246 $ (823) $ 423 Total intangibles: Aerospace $ 358,830 $ (200,279) $ 158,551 $ 358,830 $ (177,387) $ 181,443 Industrial 84,646 (71,315) 13,331 84,615 (68,408) 16,207 Consolidated Total $ 443,476 $ (271,594) $ 171,882 $ 443,445 $ (245,795) $ 197,650 For the fiscal years ended September 30, 2017, 2016, and 2015, Woodward recorded amortization expense associated with intangibles of the following: Year Ended September 30, 2017 2016 2015 Amortization expense $ 25,777 $ 27,486 $ 29,241 Future amortization expense associated with intangibles is expected to be: Year Ending September 30: 2018 $ 24,995 2019 23,159 2020 20,372 2021 18,404 2022 16,249 Thereafter 68,703 $ 171,882 |
Credit Facilities, Short-term B
Credit Facilities, Short-term Borrowings and Long-term Debt | 12 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure | |
Credit Facilities, Short-term Borrowings and Long-term Debt | Note 1 2 . Credit facilities, short-term borrowings and long-term debt As of September 30, 201 7 , Woodward’s short-term borrowings and availability under its various short-term credit facilities follows: Total availability Outstanding letters of credit and guarantees Outstanding borrowings Remaining availability Revolving credit facility $ 1,000,000 $ (10,621) $ (32,600) $ 956,779 Foreign lines of credit and overdraft facilities 7,530 - - 7,530 Foreign performance guarantee facilities 10,058 (351) - 9,707 $ 1,017,588 $ (10,972) $ (32,600) $ 974,016 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 $32,600 in principal amount of borrowings outstanding as of September 30 , 201 7 , at an effective interest rate of 2.29 %, 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 September 30 , 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. As of September 30, 2016, $150,000 of the borrowings under the Revolving Credit Agreement were classified as short-term debt. The Revolving Credit Agreement contains certain covenants customary with such agreements, which are generally consistent with the covenants applicable to Woodward’s long-term debt agreements, and contains customary events of default, including certain cross default provisions related to Woodward’s other outstanding debt arrangements in excess of $60,000 , the occurrence of which would permit the lenders to accelerate the amounts due thereunder. In addition, the Revolving Credit Agreement includes the following financial covenants: (i) a maximum permitted leverage ratio of consolidated net debt to consolidated earnings before interest, taxes, depreciation, stock-based compensation, and amortization, plus any usual non-cash charges to the extent deducted in computing net income minus any usual non-cash gains to the extent added in computing net income (“Leverage Ratio”) for Woodward and its consolidated subsidiaries of 3.5 to 1.0, which ratio, subject to certain restrictions, may increase to 4.0 to 1.0 for the fiscal quarter (and the immediately following fiscal quarter) during which a permitted acquisition occurs and to 3.75 to 1.0 for the following two succeeding fiscal quarters, and (ii) a minimum consolidated net worth of $800,000 plus (a) 50% of Woodward’s positive net income for the prior fiscal year and (b) 50% of Woodward’s net cash proceeds resulting from certain issuances of stock, subject to certain adjustments. Woodward’s obligations under the Revolving Credit Agreement are guaranteed by Woodward FST, Inc., Woodward MPC, Inc., and Woodward HRT, Inc., each of which is a wholly owned subsidiary of Woodward. Short-term borrowings Woodward has other foreign lines of credit and foreign overdraft facilities at various financial institutions, which are generally reviewed annually for renewal and are subject to the usual terms and conditions applied by the financial institutions. Pursuant to the terms of the related facility agreements, Woodward’s foreign performance guarantee facilities are limited in use to providing performance guarantees to third parties. There were no borrowings outstanding as of September 30, 2017 and Septemb er 30, 2016 on Woodward’s foreign lines of credit and foreign overdraft facilities. Long-term debt September 30, September 30, 2017 2016 Revolving credit facility - Floating rate (LIBOR plus 0.85% - 1.65% ), due April 2020 , unsecured $ 32,600 $ 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 47,270 44,886 Series N notes – 1.31% due September 2028; unsecured 90,995 86,406 Series O notes – 1.57% due September 2031; unsecured 50,815 48,252 Total debt 614,680 729,244 Less: Current portion of long-term debt (32,600) (150,000) Unamortized debt issuance costs (1,794) (2,091) Long-term debt, less current portion $ 580,286 $ 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 is payable semi-annually on March 23 and September 23 of each year, until all principal is paid. Interest on the Series J Notes is payable quarterly on January 1, April 1, July 1 and October 1 of each year until al l principal is paid. As of September 30 , 201 7 , the Series J Notes bore interest at an effective rate of 2.6% . None of the Notes were registered under the Securities Act of 1933 and they may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Holders of the Notes do not have any registration rights. All of the issued Notes are held by multiple institutions. Woodward’s obligations under the Notes are guaranteed by (i) Woodward FST, Inc., Woodward MPC, Inc., and Woodward HRT, Inc., each of which is a wholly owned subsidiary of Woodward, and (ii) in the case of the BV Subsidiary’s Series N and O Notes, by Woodward. Woodward’s obligations under the Notes rank equal in right of payment with all of Woodward’s other unsecured unsubordinated debt, including its outstanding debt under its revolving credit facility. The USD Notes and the 2016 Notes contain covenants customary for such financings, including, among other things, covenants that place limits on Woodward’s ability to incur liens on assets, incur additional debt (including a leverage or coverage based maintenance test), transfer or sell Woodward’s assets, merge or consolidate with other persons and enter into material transactions with affiliates. Under the financial covenants contained in the note purchase agreement governing the USD Notes, Woodward’s priority debt may not exceed, at any time, 25% of its consolidated net worth. Woodward’s Leverage Ratio cannot exceed 4.0 to 1.0 during any material acquisition period, or 3.5 to 1.0 at any other time on a rolling four quarter basis . In the event that Woodward’s Leverage Ratio exceeds 3.5 to 1.0 during any material acquisition period, the interest rate on each series of Notes will increase. Further for the Series D and F notes, Woodward’s consolidated net worth must at all times equal or exceed $485,940 plus 50% of Woodward’s consolidated net earnings for each fiscal year beginning with the fiscal year ending September 30, 2009. For the Series G, H, I, J, K, L, M, N, and O notes, Woodward’s consolidated net worth must at all times equal or exceed $1,046,619 plus 50% of Woodward’s positive net income for each completed fiscal year beginning with the fiscal year ending September 30, 2016. Woodward, at its option, is permitted at any time to prepay all, or any part of the then-outstanding principal amount of any series of the Notes at 100% of the principal amount of the series of Notes to be prepaid (but, in the case of partial prepayment, not less than $1,000 for the USD Notes and not less than €1,000 for the 2016 Notes), together with interest accrued on such amount to be prepaid to the date of payment, plus any applicable prepayment compensation amount. The prepayment compensation amount, as to the USD Notes other than the Series J Notes, is computed by discounting the remaining scheduled payments of interest and principal of the USD Notes being prepaid at a discount rate equal to the sum of 50 basis points and the yield to maturity of U.S. Treasury securities having a maturity equal to the remaining average life of the USD Notes being prepaid . The prepayment compensation amount, as to the Series J Notes, generally is computed as a percentage of the principal amount of the Series J Notes equal to (a) 2%, on or prior to November 15, 2014, (b) 1%, after November 15, 2014 and on or prior to November 15, 2015, and (c) 0% after November 15, 2015 . The prepayment compensation amount as to the 2016 Notes that is not subject to a swap agreement is computed by discounting the remaining scheduled payments of interest and principal of such notes being prepaid at a discount rate equal to the sum of 50 basis points and the yield to maturity of the German Bund having a maturity equal to the remaining average life of the 2016 Notes being prepaid . The prepayment compensation amount as to a 2016 Note that is subject to a swap agreement entered into by the holder of such note under which the holder will receive payment in U.S. dollars in exchange for scheduled Euro payments of principal and interest on the Euro denominated 2016 Notes, adjusted for theoretical holder returns foregone on hypothetical reinvestments in U.S. Treasury securities (the “Swapped Notes”) is equal to the excess of an amount equal to the remaining scheduled payments to be paid in respect of such called principal under such swap agreement discounted at a rate equal to 50 basis points and the yield to maturity of U.S. Treasury securities having a maturity equal to the remaining average life of the Swapped Notes being prepaid over the amount of payments in U.S. dollars that would be paid to the holder of the Swapped Note in respect of the called principal under the swap agreement, which amount will be increased or reduced, as applicable, in an amount equal to any net gain or loss realized by the holder of such Swapped Note on swap transactions under such swap agreement as a result of such prepayment . Required future principal payments of the Notes as of September 30, 2017 are as follows: Year Ending September 30: 2018 $ - 2019 143,000 2020 - 2021 100,000 2022 - Thereafter 339,080 $ 582,080 Certain financial and other covenants under Woodward's debt agreements contain customary restrictions on the operation of its business. Management believes that Woodward was in compliance with the covenants under the long-term debt agreements at September 30, 201 7 . Debt Issuance Costs In connection with the 2016 Note Purchase Agreements, in fiscal year 2016, Woodward incurred $863 in financing costs, which are deferred and will be amortized using the straight-line method over the life of the agreement. In connection with the Revolving Credit Agreement, in fiscal year 2015, Woodward incurred $2,359 in financing costs, which are deferred and are being amortized using the straight-line method over the life of the agreement. As of April 28, 2015, Woodward also had $2,014 remaining of deferred financing costs incurred in connection with the prior revolving credit agreement, which have been combined with the financing costs associated with the Revolving Credit Agreement and are being amortized using the straight-line method over the life of the Revolving Credit Agreement. Amounts recognized as interest expense from the amortization of debt issuance costs were $1,130 in fiscal year 2017, $1,165 in fiscal year 2016, and $1,114 in fiscal year 2015. Unamortized debt issuance costs associated with the Notes of $1,794 as of September 30 , 2017 and $2,091 as of September 30, 2016 have been recorded as a reduction in “Long-term debt, less current portion” in the Consolidated Balance Sheets. Unamortized debt issuance costs associated with the Revolving Credit Agreement of $2,259 as of September 30 , 2017 and $3,134 as of September 30, 2016 have been recorded as “Other assets” in the Consolidated Balance Sheets. Amortization of debt issuance costs is included in operating activities in the Consolidated Statements of Cash Flows . |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Sep. 30, 2017 | |
Accrued Liabilities | |
Accrued Liabilities | Note 1 3 . Accrued liabilities At September 30, 2017 2016 Salaries and other member benefits $ 91,285 $ 87,197 Warranties 13,597 15,993 Interest payable 9,626 9,071 Current portion of acquired performance obligations and unfavorable contracts (1) 1,627 2,910 Accrued retirement benefits 2,413 2,505 Current portion of loss reserve on contractual lease commitments 1,343 1,840 Current portion of deferred income from JV formation (Note 4) 6,451 6,552 Deferred revenues 4,625 5,779 Taxes, other than income 14,401 14,580 Other 9,704 10,200 $ 155,072 $ 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: Twelve-Months Ended September 30, 2017 2016 2015 Warranties, beginning of year $ 15,993 $ 13,741 $ 16,916 Expense, net of recoveries 9,135 9,902 10,117 Reductions for settling warranties (11,692) (7,802) (12,416) Foreign currency exchange rate changes 161 152 (876) Warranties, end of year $ 13,597 $ 15,993 $ 13,741 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, l ess anticipated sublease income. During the third quarter of fiscal year 2017, Woodward entered into an additional sublease agreement with a third party related to a portion of the vacated Skokie facility. Woodward recorded a reduction in the loss reserve associated with the vacated Skokie facility of $2,322 related to the anticipated sublease income it will receive. The summary for the activity in the loss reserve during the fiscal years ended September 30, 2017 and September 30, 2016 is as follows: Twelve-Months Ended September 30, 2017 2016 2015 Loss reserve on contractual lease commitments, beginning of year $ 9,242 $ 2,464 $ 3,212 Additions - 8,165 39 Payments (1,650) (1,387) (787) Non-cash adjustments (2,322) - - Loss reserve on contractual lease commitments, end of year $ 5,270 $ 9,242 $ 2,464 Other liabilities included $3,927 of accrued loss reserve on contractual lease commitments that are not expected to be settled or paid within twelve months as of September 30 , 201 7. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Sep. 30, 2017 | |
Other Liabilities | |
Other Liabilities | Note 14 . Other liabilities At September 30, 2017 2016 Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 52,211 $ 70,479 Noncurrent portion of deferred income from JV formation (1) 236,896 238,187 Total unrecognized tax benefits 20,949 17,239 Acquired unfavorable contracts (2) 2,076 3,148 Deferred economic incentives (3) 14,574 16,196 Loss reserve on contractual lease commitments (4) 3,927 7,402 Other 14,165 15,573 $ 344,798 $ 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 3 , Accrued liabilit i es for more information on the loss reserve on contractual lease commitments . |
Other (Income) Expense, Net
Other (Income) Expense, Net | 12 Months Ended |
Sep. 30, 2017 | |
Other (Income) Expense, Net | |
Other (Income) Expense, Net | Note 15 . Other (income) expense, net Year Ended September 30, 2017 2016 2015 Equity interest in the earnings of the JV (Note 4) $ (2,568) $ (6,204) $ - Net gain on sales of assets (3,604) (4,431) (626) Rent income (254) (315) (485) Net (gain) loss on investments in deferred compensation program (1,833) (1,062) 33 Other (786) (294) (84) $ (9,045) $ (12,306) $ (1,162) |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2017 | |
Income Taxes | |
Income Taxes | Note 1 6 . Income taxes Income taxes consisted of the following: Year Ended September 30, 2017 2016 2015 Current: Federal $ 17,872 $ 81,127 $ 23,923 State 1,379 6,067 3,108 Foreign 15,118 9,689 18,343 Deferred: Federal 16,907 (40,801) 19,236 State (2,561) (9,054) 751 Foreign 3,525 (1,380) (5,864) $ 52,240 $ 45,648 $ 59,497 Earnings before income taxes by geographical area consisted of the following: Year Ended September 30, 2017 2016 2015 United States $ 192,220 $ 175,146 $ 172,315 Other countries 60,527 51,340 68,634 $ 252,747 $ 226,486 $ 240,949 Significant components of deferred income taxes presented in the Consolidated Balance Sheets are related to the following: At September 30, 2017 2016 Deferred tax assets: Defined benefit plans, other postretirement $ 11,947 $ 13,017 Foreign net operating loss carryforwards 4,707 5,255 Inventory 29,444 27,332 Deferred and stock-based compensation 37,693 34,388 Defined benefit plans, pension 1,148 8,955 Deferred revenue 92,426 92,213 Other reserves 10,850 13,968 Tax credits and incentives 9,769 7,744 Other 7,700 7,411 Valuation allowance (3,714) (3,317) Total deferred tax assets, net of valuation allowance 201,970 206,966 Deferred tax liabilities: Goodwill and intangibles - net (103,781) (99,030) Property, plant and equipment (109,229) (88,986) Other (2,418) (2,533) Total deferred tax liabilities (215,428) (190,549) Net deferred tax assets (liabilities) $ (13,458) $ 16,417 Woodward has recorded a net operating loss (“NOL”) deferred tax asset of $4,707 as of September 30, 2017 and $5,255 as of September 30, 2016. A portion of these NOL carryforwards will start to expire in 2018 and is currently offset by a valuation allowance. We have placed valuation allowances against all other NOL carryforwards that are less than 50 percent likely to be realized . Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Both positive and negative evidence are considered in forming Woodward’s judgment as to whether a valuation allowance is appropriate, and more weight is given to evidence that can be objectively verified. Valuation allowances are reassessed whenever there are changes in circumstances that may cause a change in judgment. The change in the valuation allowance was primarily the result of new valuation allowances placed on two wholly owned subsidiaries with net operating losses and a reassessment of another valuation allowance based on a change in estimate of future earnings. At September 30, 2017, Woodward has not provided for taxes on undistributed foreign earnings of $405,286 that it considered indefinitely reinvested. These earnings could become subject to income taxes if they are remitted as dividends, are loaned to Woodward or any of Woodward’s subsidiaries located in the United States, or if Woodward sells its stock in the foreign subsidiaries. Any additional U.S. taxes could be offset, in part or in whole, by foreign tax credits. The amount of such taxes and application of tax credits would be dependent on the income tax laws and other circumstances at the time these amounts are repatriated. Based on these variables, it is impractical to determine the income tax liability that might be incurred if these funds were to be repatriated. The following is a reconciliation of the U.S. Federal statutory tax rate of 35 percent to Woodward’s effective income tax rate: Year Ending September 30, Percent of pretax earnings 2017 2016 2015 Statutory tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit (0.3) 0.4 1.2 Taxes on international activities (7.6) (2.2) (3.8) Research credit (3.2) (3.6) (0.8) Retroactive extension of research credit - (3.2) (2.4) Net excess income tax benefit from stock-based compensation (1.4) (2.6) - Domestic production activities deduction (1.5) (2.1) (1.6) Adjustments of prior period tax items (0.9) (0.2) (2.1) Other items, net 0.6 (1.3) (0.8) Effective tax rate 20.7 % 20.2 % 24.7 % In determining the tax amounts in Woodward’s financial statements, estimates are sometimes used that are subsequently adjusted in the actual filing of tax returns or by updated calculations. In addition, Woodward occasionally has resolutions of tax items with tax authorities related to prior years due to the conclusion of audits and the lapse of applicable statutes of limitations. Such adjustments are included in the “Adjustments of prior period tax items” line in the above table. The majority of these adjustments are related to the conclusion of audits, effective settlement, and lapse of applicable statutes of limitations in various tax jurisdictions. Income taxes for the fiscal year ended September 30, 2017 benefitted from impact of repatriation to the United States of certain net foreign profits and losses in the first quarter. The U.S. foreign tax credits available as a result of the repatriation of the foreign net earnings were greater than the U.S. taxes payable on these net foreign earnings. The excess U.S. foreign tax credit are expected to offset U.S. taxes on other foreign source income. On December 18, 2015, the Protecting Americans from Tax Hikes (“PATH”) Act of 2015 was enacted, which permanently extended the Research and Experimentation (“R&E”) Tax Credit. As a result, income taxes for the year ended September 30, 2016 included a net benefit related to the retroactive impact from the last three quarters of fiscal year 2015 of the R&E Credit pursuant to the PATH Act. In addition, income taxes for the year ended September 30, 2016 included a net benefit related to the full year impact of fiscal year 2016 of the R&E Credit. Woodward adopted ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” in its second quarter of fiscal year 2016 resulting in the recognition through earnings of a net excess income tax benefit from stock-based compensation. On December 19, 2014, the Tax Increase Prevention Act of 2014 was enacted, which retroactively extended the R&E Credit through December 31, 2014. As a result, income taxes for the year ended September 30 , 2015 included a net benefit related to the retroactive impact from the last three quarters of fiscal year 2014 of the R&E Credit pursuant to the Tax Increase Prevention Act. A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits follows: Year Ending September 30, 2017 2016 2015 Beginning balance $ 23,526 $ 21,469 $ 22,687 Additions to current year tax positions 2,560 3,588 2,234 Reductions to prior year tax positions (5,753) (2,292) (7,785) Additions to prior year tax positions 3,501 761 5,124 Lapse of applicable statute of limitations (3,702) - (791) Ending balance $ 20,132 $ 23,526 $ 21,469 Included in the balance of unrecognized tax benefits were $9,677 as of September 30, 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 $7,726 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 $1,123 as of September 30, 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 201 4 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 | 12 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits - General | |
Retirement Benefits | Note 1 7 . 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 similar 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, 2016, and 201 5 , Woodward fulfilled its annual Woodward stock contribution obligation using shares held in treasury stock by issuing 199 shares of common stock for a value of $14,014 in fiscal year 201 7, 317 shares of common stock for a value of $13,999 in fiscal year 2016, and 259 shares of common stock for a value of $12,574 in fiscal year 201 5. The Woodward Retirement Savi ngs Plan (the “WRS Plan”) held 4,183 shares of Woodward stock as of September 30, 201 7 and 4,488 shares as of September 30, 201 6 . The shares held in the WRS Plan participate in dividends and are considered issued and outstanding for purposes of calculating basic and diluted earnings per share. Accrued liabilities included obligations to contribute shares of Woodward comm on stock to the WRS Plan of $11,355 as of September 30, 201 7 and $11,314 as of September 30, 201 6 . The amount of expense associated with defined contribution plans was as follows: Year Ended September 30, 2017 2016 2015 Company costs $ 32,008 $ 31,893 $ 30,933 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. 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 were provided the opportunity to 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 fiscal year 2017. Woodward expects to make no further pension benefit payments under the lump-sum buy-out options. Effective June 30, 2015, the Company terminated the defined benefit pension plan for employees at its Duarte, California manufacturing facility (the “Duarte Pension Plan”). The plan, which was established in fiscal year 2013 in connection with the December 2012 acquisition of the Duarte business, was amended in fiscal year 2013 to cease all future benefit accruals under the plan and was at that time closed to new entrants. Regulatory approval of the plan termination was received in the fourth quarter of fiscal year 2016. In exchange for the freeze and termination of the plan, which were agreed upon through negotiations with the applicable employee union, the employees were provided replacement benefits through full participation in the Woodward U.S. defined contribution plan. Woodward recorded settlement costs of $47 in fiscal year 2016 in connection with cash payouts to the beneficiaries of the plan and associated termination costs. As of September 30, 2017 and 2016, Woodward had no liability associated with the Duarte Pension Plan. In addition to the Duarte Pension Plan, excluding the Woodward HRT Plan, the defined benefit plans in the United States were frozen in fiscal year 2007 and no additional employees may participate in the U.S. plans and no additional service costs will be incurred. Pension plans The actuarial assumptions used in measuring the net periodic benefit cost and plan obligations of retirement pension benefits were as follows: 2017 2016 2015 United States: Weighted-average assumptions to determine benefit obligation at September 30: Discount rate 3.80 % 3.65 % 4.39 % Weighted-average assumptions to determine periodic benefit costs for years ended September 30: Discount rate 3.65 4.39 4.40 Long-term rate of return on plan assets 7.38 7.62 7.62 The discount rate assumption is intended to reflect the rate at which the retirement benefits could be effectively settled based upon the assumed timing of the benefit payments. In the United States, Woodward uses a bond portfolio matching analysis based on recently traded, non-callable bonds rated AA or better that have at least $50 million outstanding to determine the benefit obligations at year end. 2017 2016 2015 United Kingdom: Weighted-average assumptions to determine benefit obligation at September 30: Discount rate 2.56 % 2.28 % 3.75 % Rate of compensation increase 3.60 3.40 3.40 Weighted-average assumptions to determine periodic benefit costs for years ended September 30: Discount rate - service cost 2.33 3.86 4.10 Discount rate - interest cost 2.24 3.63 4.10 Rate of compensation increase 3.40 3.40 3.50 Long-term rate of return on plan assets 4.75 5.00 5.50 2017 2016 2015 Japan: Weighted-average assumptions to determine benefit obligation at September 30: Discount rate 0.58 % 0.46 % 0.97 % Rate of compensation increase 2.00 2.02 2.00 Weighted-average assumptions to determine periodic benefit costs for years ended September 30: Discount rate - service cost 0.59 1.27 1.10 Discount rate - interest cost 0.45 0.59 1.10 Rate of compensation increase 2.02 2.00 2.00 Long-term rate of return on plan assets 2.50 3.00 3.00 In the United Kingdom and Japan, Woodward uses a high-quality corporate bond yield curve matched with separate cash flows to develop a single rate to determine the single rate equivalent to settle the entire benefit obligations in each jurisdiction. For the fiscal year ended September 30, 2017 and 2016, the discount rate used to determine periodic service cost and interest cost components of the overall benefit costs was based on spot rates derived from the same high-quality corporate bond yield curve used to determine the September 30, 2017 and 2016, respectively, benefit obligation matched with separate cash flows for each future year. Prior to this change in method, the discount rate used to determine the periodic benefit costs for the year ending September 30, 2015 was based on a single rate equivalent. Compensation increase assumptions, where applicable, are based upon historical experience and anticipated future management actions. In determining the long-term rate of return on plan assets, Woodward assumes that the historical long-term compound growth rates of equity and fixed-income securities will predict the future returns of similar investments in the plan portfolio. Investment management and other fees paid out of the plan assets are factored into the determination of asset return assumptions. Mortality assumptions are based on published mortality studies developed primarily based on past experience of the broad population and modified for projected longevity trends. The projected benefit obligations in the United States as of September 30, 2017 and September 30, 201 6 and 2015 were based on the Society of Actuaries (“SOA”) RP-2014 Mortality Tables Report projected back to 2006 using the SOA’s Mortality Improvement Scale MP-2014 (“MP-2014”) and projected forward using a custom projection scale based on MP-2014 with a 10-year convergence period and a long-term rate of 0.75%. As of September 30, 201 7, 2016, and 201 5 , mortality assumptions in Japan were based on the Standard rates 2014, and mortality assumptions for the United Kingdom pension scheme were based on the Self-administered pension scheme (“SAPS”) S2 “all” tables with a projected 1.5% annual improvement rate. Net periodic benefit costs consist of the following components reflected as expense in Woodward’s Consolidated Statements of Earnings: Year Ended September 30, United States Other Countries Total 2017 2016 2015 2017 2016 2015 2017 2016 2015 Service cost $ 1,675 $ 1,695 $ 2,018 $ 1,133 $ 749 $ 784 $ 2,808 $ 2,444 $ 2,802 Interest cost 5,757 5,236 5,956 1,208 1,637 2,128 6,965 6,873 8,084 Expected return on plan assets (10,529) (10,140) (10,647) (2,605) (2,659) (3,032) (13,134) (12,799) (13,679) Amortization of: Net losses 1,854 1,292 396 514 246 190 2,368 1,538 586 Net prior service (benefit) cost 383 384 383 - - - 383 384 383 Settlement costs - 47 - - - - - 47 - Net periodic (benefit) cost $ (860) $ (1,486) $ (1,894) $ 250 $ (27) $ 70 $ (610) $ (1,513) $ (1,824) The settlement loss in “United States” in the year ended September 30, 2016 pertained to cash payouts to the beneficiaries of the Duarte Pension Plan and associated termination costs. The following tables provide a reconciliation of the changes in the projected benefit obligation and fair value of assets for the defined benefit pension plans: At or for the Year Ended September 30, United States Other Countries Total 2017 2016 2017 2016 2017 2016 Changes in projected benefit obligation: Projected benefit obligation at beginning of year $ 160,892 $ 145,870 $ 72,057 $ 62,231 $ 232,949 $ 208,101 Service cost 1,675 1,695 1,133 749 2,808 2,444 Interest cost 5,757 5,236 1,208 1,637 6,965 6,873 Net actuarial (gains) losses (5,267) 17,786 (6,188) 17,190 (11,455) 34,976 Contribution by participants 55 47 14 20 69 67 Benefits paid (5,676) (9,789) (2,235) (2,656) (7,911) (12,445) Plan amendments 3,694 - - - 3,694 - Settlements - 47 - - - 47 Foreign currency exchange rate changes - - 380 (7,114) 380 (7,114) Projected benefit obligation at end of year $ 161,130 $ 160,892 $ 66,369 $ 72,057 $ 227,499 $ 232,949 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ 145,886 $ 135,590 $ 62,926 $ 60,663 $ 208,812 $ 196,253 Actual return on plan assets 20,067 19,859 2,542 10,202 22,609 30,061 Contributions by the Company - 226 671 773 671 999 Contributions by plan participants 55 47 14 20 69 67 Benefits paid (5,676) (9,789) (2,235) (2,656) (7,911) (12,445) Settlements - (47) - - - (47) Foreign currency exchange rate changes - - 462 (6,076) 462 (6,076) Fair value of plan assets at end of year $ 160,332 $ 145,886 $ 64,380 $ 62,926 $ 224,712 $ 208,812 Net underfunded status at end of year $ (798) $ (15,006) $ (1,989) $ (9,131) $ (2,787) $ (24,137) During fiscal year 2017, a plan amendment was adopted for one of our U.S. pension plans as a result of scheduled collective bargaining contract negotiations. At September 30, 2017, the Company’s defined benefit pension plans in the United Kingdom represented $55,306 of the total projected benefit obligation and in Japan represented $11,063 of the total projected benefit obligation. At September 30, 2017, the United Kingdom represented $52,810 of the total fair value of plan assets and Japan represented $11,570 of the total fair value of plan assets. The accumulated benefit obligations of the Company’s defined benefit pension plans at September 30, 2017 was $161,130 in the United States, $10,007 in Japan and $5 3,628 in the United Kingdom, and at September 30, 2016 was $160,892 in the United States, $10,924 in Japan, and $57,877 in the United Kingdom . Plans with accumulated benefit obligation in excess of plan assets Plans with accumulated benefit obligation less than plan assets At September 30, At September 30, 2017 2016 2017 2016 Projected benefit obligation $ (82,447) $ (220,788) $ (145,052) $ (12,161) Accumulated benefit obligation (80,759) (218,769) (144,006) (10,924) Fair value of plan assets 77,036 196,800 147,676 12,012 The following tables provide the amounts recognized in the statement of financial position and accumulated other comprehensive losses for the defined benefit pension plans: At or for the Year Ended September 30, United States Other Countries Total 2017 2016 2017 2016 2017 2016 Amounts recognized in statement of financial position consist of: Other non-current assets $ 1,726 $ - $ 897 $ - $ 2,623 $ - Accrued liabilities - - (3) - (3) - Other non-current liabilities (2,524) (15,006) (2,883) (9,131) (5,407) (24,137) Net over/(under)funded status at end of year $ (798) $ (15,006) $ (1,989) $ (9,131) $ (2,787) $ (24,137) Amounts recognized in accumulated other comprehensive income consist of: Unrecognized net prior service (benefit) cost $ 7,169 $ 3,857 $ - $ - $ 7,169 $ 3,857 Unrecognized net (gains) losses 17,023 33,682 14,198 20,795 31,221 54,477 Total amounts recognized 24,192 37,539 14,198 20,795 38,390 58,334 Deferred taxes (9,224) (14,305) (5,016) (7,303) (14,240) (21,608) Amounts recognized in accumulated other comprehensive income $ 14,968 $ 23,234 $ 9,182 $ 13,492 $ 24,150 $ 36,726 The following table reconciles the changes in accumulated other comprehensive losses for the defined benefit pension plans: Year Ended September 30, United States Other Countries Total 2017 2016 2017 2016 2017 2016 Accumulated other comprehensive losses at beginning of year $ 37,539 $ 31,102 $ 20,795 $ 13,618 $ 58,334 $ 44,720 Net (gain) loss (14,805) 8,160 (6,125) 9,646 (20,930) 17,806 Loss due to settlement or curtailment arising during the period - (47) - - - (47) Amortization of: Net losses (1,854) (1,292) (515) (246) (2,369) (1,538) Prior service benefit (cost) 3,312 (384) - - 3,312 (384) Foreign currency exchange rate changes - - 43 (2,223) 43 (2,223) Accumulated other comprehensive losses at end of year $ 24,192 $ 37,539 $ 14,198 $ 20,795 $ 38,390 $ 58,334 The amounts expected to be amortized from accumulated other comprehensive losses and reported as a component of net periodic benefit cost during fiscal year 201 8 are as follows: United States Other Countries Total Prior service cost $ 709 $ - $ 709 Net actuarial losses 598 290 888 Pension benefit payments are made from the assets of the pension plans. Using foreign exchange rates as of September 30, 201 7 and expected future service assumptions, it is anticipated that the future benefit payments will be as follows: Year Ending September 30, United States Other Countries Total 2018 $ 6,251 $ 2,225 $ 8,476 2019 6,911 2,578 9,489 2020 7,521 2,183 9,704 2021 8,065 2,396 10,461 2022 8,524 2,257 10,781 2023 – 2027 48,075 12,802 60,877 Woodward expects its pension plan c ontributions in fiscal year 2018 will be $397 in the United Kingdom and $217 in Ja pan. Woodward expects to have no pension plan contributions in fiscal year 2018 in the United States. Pension plan assets The overall investment objective of the pension plan assets is to earn a rate of return over time which, when combined with Company contributions, satisfies the benefit obligations of the pension plans and maintains sufficient liquidity to pay benefits. As the timing and nature of the plan obligations varies for each Company sponsored pension plan, investment strategies have been individually designed for each pension plan with a common focus on maintaining diversified investment portfolios that provide for long-term growth while minimizing the risk to principal associated with short-term market behavior. The strategy for each of the plans balances the requirements to generate returns, using investments expected to produce higher returns, such as equity securities, with the need to control risk within the pension plans using less volatile investment assets, such as debt securities. A strategy of more equity-oriented allocation is adopted for those plans which have a longer-term investment plan based on the timing of the associated benefit obligations. A pension oversight committee is assigned by the Company to each pension plan. Among other responsibilities, each committee is responsible for all asset class allocation decisions. Asset class allocations, which are reviewed by the respective pension committee on at least an annual basis, are designed to meet or exceed certain market benchmarks and align with each plan’s investment objectives. In evaluating the asset allocation choices, consideration is given to the proper long-term level of risk for each plan, particularly with respect to the long-term nature of each plan’s liabilities, the impact of asset allocation on investment results and the corresponding impact on the volatility and magnitude of plan contributions and expense and the impact certain actuarial techniques may have on the plans’ recognition of investment experience. From time to time, the plans may move outside the prescribed asset class allocation in order to meet significant liabilities with respect to one or more individuals approaching retirement. Risks associated with the plan assets include interest rate fluctuation risk, market fluctuation risk, risk of default by debt issuers and liquidity risk. To manage these risks, the assets are managed by established, professional investment firms and performance is evaluated regularly by the Company’s pension oversight committee against specific benchmarks and each plan’s investment objectives. Liability management and asset class diversification are central to the Company’s risk management approach and overall investment strategy. The assets of the U.S. plans are invested in actively managed mutual funds. The assets of the plans in Japan and the plan in the United Kingdom are invested in actively managed pooled investment funds. Each individual mutual fund or pooled investment fund has been selected based on the investment strategy of the related plan, which mirrors a specific asset class within the associated target allocation. Pension plan assets at September 30, 201 7 and 201 6 do not include any direct investment in Woodward’s common stock. The asset allocations are monitored and rebalanced regularly by investment managers assigned to the individual pension plans. The actual allocations of pension plan assets and target allocation ranges by asset class, are as follows: At September 30, 2017 2016 Percentage of Plan Assets Target Allocation Ranges Percentage of Plan Assets Target Allocation Ranges United States: Asset Class Equity Securities 64.6% 41.2% - 81.2% 56.4% 40.8% - 80.8% Debt Securities 35.2% 28.8% - 48.8% 39.0% 29.2% - 49.2% Other 0.2% 0.0% 4.6% 0.0% 100.0% 100.0% United Kingdom: Asset Class Equity Securities 46.1% 30.0% - 60.0% 34.7% 25.0% - 45.0% Debt Securities 53.8% 45.0% - 70.0% 65.2% 40.0% - 80.0% Other 0.1% 0.0% 0.1% 0.0% 100.0% 100.0% Japan: Asset Class Equity Securities 41.0% 36.0% - 44.0% 40.0% 36.0% - 44.0% Debt Securities 58.1% 55.0% - 63.0% 59.1% 55.0% - 63.0% Other 0.9% 0.0% - 2.0% 0.9% 0.0% - 2.0% 100.0% 100.0% Actual allocations to each asset class can vary from target allocations due to periodic market value fluctuations, investment strategy changes, and the timing of benefit payments and contributions. The following table presents Woodward’s pension plan assets using the fair value hierarchy established by U.S. GAAP as of September 30, 201 7 and September 30, 201 6 . At September 30, 2017 Level 1 Level 2 Level 3 United States Other Countries United States Other Countries United States Other Countries Total Asset Category: Cash and cash equivalents $ 291 $ 167 $ - $ - $ - $ - $ 458 Mutual funds: U.S. corporate bond fund 56,388 - - - - - 56,388 U.S. equity large cap fund 54,140 - - - - - 54,140 International equity large cap growth fund 49,513 - - - - - 49,513 Pooled funds: Japanese equity securities - - - 2,487 - - 2,487 International equity securities - - - 2,260 - - 2,260 Japanese fixed income securities - - - 4,987 - - 4,987 International fixed income securities - - - 1,730 - - 1,730 Global target return equity/bond fund - - - 13,103 - - 13,103 Index linked U.K. equity fund - - - 4,940 - - 4,940 Index linked international equity fund - - - 6,285 - - 6,285 Index linked U.K. corporate bonds fund - - - 16,540 - - 16,540 Index linked U.K. government securities fund - - - 4,980 - - 4,980 Index linked U.K. long-term government securities fund - - - 6,901 - - 6,901 Total assets $ 160,332 $ 167 $ - $ 64,213 $ - $ - $ 224,712 At September 30, 2016 Level 1 Level 2 Level 3 United States Other Countries United States Other Countries United States Other Countries Total Asset Category: Cash and cash equivalents $ 6,741 $ 163 $ - $ - $ - $ - $ 6,904 Mutual funds: U.S. corporate bond fund 56,813 - - - - - 56,813 U.S. equity large cap fund 48,506 - - - - - 48,506 International equity large cap growth fund 33,834 - - - - - 33,834 Pooled funds: Japanese equity securities - - - 2,536 - - 2,536 International equity securities - - - 2,258 - - 2,258 Japanese fixed income securities - - - 5,321 - - 5,321 International fixed income securities - - - 1,777 - - 1,777 Index linked U.K. equity fund - - - 7,982 - - 7,982 Index linked international equity fund - - - 9,694 - - 9,694 Index linked U.K. corporate bonds fund - - - 16,180 - - 16,180 Index linked U.K. government securities fund - - - 5,009 - - 5,009 Index linked U.K. long-term government securities fund - - - 11,998 - - 11,998 Total assets $ 145,894 $ 163 $ - $ 62,755 $ - $ - $ 208,812 Cash and cash equivalents : Cash and cash equivalents held by the Company's pension plans are held on deposit with creditworthy financial institutions. The fair value of the cash and cash equivalents are based on the quoted market price of the respective currency in which the cash is maintained. Pension assets invested in mutual funds : The assets of the Company’s U.S. pension plans are invested in various mutual funds which invest in both equity and debt securities. The fair value of the mutual funds is determined based on the quoted market price of each fund. Pension assets invested in pooled funds : The assets of the Company’s Japan and United Kingdom pension plans are invested in pooled investment funds, which include both equity and debt securities. The assets of the United Kingdom pension plan are invested in index-linked pooled funds which aim to replicate the movements of an underlying market index to which the fund is linked. Fair value of the pooled funds is based on the net asset value of shares held by the plan as reported by the fund sponsors. All pooled funds held by plans outside of the United States are considered to be invested in international equity and debt securities. Although the underlying securities may be largely domestic to the plan holding the investment assets, the underlying assets are considered international from the perspective of the Company. There were no transfers into or out of Level 3 assets in fiscal years 201 7 or 201 6 . Other postretirement benefit plans Woodward provides other postretirement benefits to its employees including postretirement medical benefits and life insurance benefits. Postretirement medical benefits are provided to certain current and retired employees and their covered dependents and beneficiaries in the United States and the United Kingdom. Benefits include the option to elect company provided medical insurance coverage to age 65 and a Medicare supplemental plan after age 65. Life insurance benefits are also provided to certain retirees in the United States under frozen plans which are no longer available to current employees. A September 30 measurement date is utilized to value plan assets and obligations for Woodward’s other postretirement benefit plans. The postretirement medical benefit plans, other than the plan assumed in an acquisition in fiscal year 2009, were frozen in fiscal year 2006 and no additional employees may participate in the plans. Generally, employees who had attained age 55 and had rendered 10 or more years of service before the plans were frozen were eligible for these postretirement medical benefits. Certain participating retirees are required to contribute to the plans in order to maintain coverage. The plans provide postretirement medical benefits f or approximately 770 retired employees and their covered dependents and beneficiaries and may provide future benefits to 13 active employees and their covered dependents and beneficiaries, upon retirement, if the employees elect to participate. Six beneficiaries participate in the United Kingdom plan. All the postretirement medical plans are fully insured for retirees who have attained age 65. The actuarial assumptions used in measuring the net periodic benefit cost and plan obligations of postretirement benefits were as follows: 2017 2016 2015 Weighted-average discount rate used to determine benefit obligation at September 30 3.78 % 3.63 % 4.01 % Weighted-average discount rate used to determine net periodic benefit cost for years ended September 30 3.63 4.01 4.40 The discount rate assumption is intended to reflect the rate at which the postretirement benefits could be effectively settled based upon the assumed timing of the benefit payments. In the United States, Woodward used a bond portfolio matching analysis based on recently traded, non-callable bonds rated AA or better that have at least $50 million outstanding to determine the benefit obligations at year end. In the United Kingdom, Woodward uses a high-quality corporate bond yield curve matched with separate cash flows to develop a single rate to determine the single rate equivalent to settle the entire benefit obligations in each jurisdiction. For the fiscal years ended September 30, 2017 and September 30, 2016, the discount rate used to determine periodic service cost and interest cost components of the overall benefit costs was based on spot rates derived from the same high-quality corporate bond yield curve used to determine the September 30, 2016 and 2015, respectively, benefit obligation matched with separate cash flows for each future year. Mortality assumptions are based on published mortality studies developed primarily based on past experience of the broad population and modified for projected longevity trends. The projected benefit obligations in the United States as of September 30, 201 7, 201 6, and 2015 were based on the SOA’s RP-2014 Mortality Tables Report projected back to 2006 using the SOA’s MP-2014 and projected forward using a custom projection scale based on MP-2014 with a 10-year convergence period and a long-term rate of 0.75%. As of September 30, 2017 and September 30, 201 6 , mortality assumptions for the United Kingdom postretirement medical plan were based on the SAPS S2 “all” tables with a projected 1.5% annual improvement rate. Assumed healthcare cost trend rates at September 30, were as follows: 2017 2016 Health care cost trend rate assumed for next year 6.75 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2025 2025 Healthcare costs have generally trended upward in recent years, sometimes by amounts greater than 5%. Assumed health care cost trend rates have a significant effect on the amounts reported for postretirement medical plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects: Change In Health Care Cost Trend Rate 1% increase 1% decrease Effect on projected fiscal year 2018 service and interest cost $ 113 $ (99) Effect on accumulated postretirement benefit obligation at September 30, 2017 2,960 (2,605) Net periodic benefit costs consist of the following components reflected as expense in Woodward’s Consolidated Statements of Earnings: Year Ended September 30, 2017 2016 2015 Service cost $ 14 $ 22 $ 30 Interest cost 1,244 1,048 1,233 Amortization of: Net (gains) losses 201 156 (73) Net prior service benefit (158) (158) (158) Net periodic cost $ 1,301 $ 1,068 $ 1,032 The following table provides a reconciliation of the changes in the accumulated postretirement benefit obligation and fair value of assets for the postretirement benefits for the fiscal years ended September 30: Year Ended September 30, 2017 2016 Changes in accumulated postretirement benefit obligation: Accumulated postretirement benefit obligation at beginning of year $ 35,630 $ 34,927 Service cost 14 22 Interest cost 1,244 1,048 Premiums paid by plan participants 1,365 1,299 Net actuarial (gains) losses (2,049) 1,912 Benefits paid (3,964) (3,503) Foreign currency exchange rate changes 12 (75) Accumulated postretirement benefit obligation at end of year $ 32,252 $ 35,630 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ - $ - Contributions by the company 2,599 2,204 Premiums paid by plan participants 1,365 1,299 Benefits paid (3,964) (3,503) Fair value of plan assets at end of year $ - $ - Funded status at end of year $ (32,252) $ (35,630) The Company’s postretirement medical plan in th e United Kingdom represents $409 of the total benefit obligation at September 30, 201 7. The Company paid $21 in medical benefits to participants of the United Kingdom postretirement medical plan in fiscal year 201 7 . The following tables provide the amounts recognized in the statement of financial position and accumulated other comprehensive losses (earnings) for the postretirement plans: Year Ended September 30, 2017 2016 Amounts recognized in statement of financial position consist of: Accrued liabilities $ (2,410) $ (2,505) Other non-current liabilities (29,842) (33,125) Funded status at end of year $ (32,252) $ (35,630) Amounts recognized in accumulated other comprehensive income consist of: Unrecognized net prior service benefit $ (160) $ (318) Unrecognized net losses 3,234 5,484 Total amounts recognized 3,074 5,166 Deferred taxes (1,183) (1,979) Amounts recognized in accumulated other comprehensive income $ 1,891 $ 3,187 Woodward pays plan benefits from its general funds; therefore, there are no segregated plan assets as of September 30, 201 7 or September 30, 201 6 . The accumulated benefit obligations of the Company’s postretirement plans were $32,252 at September 30, 201 7 and $35,630 at September 30, 201 6 . The following table reconciles the changes in accumulated other comprehensive losses (earnings) for the other postretirement benefit plans: Year Ended September 30, 2017 2016 Accumulated other comprehensive losses at beginning of year $ 5,166 $ 3,268 Net (gain) loss (2,049) 1,912 Amortization of: Net losses (201) (156) Prior service benefit 158 158 Foreign currency exchange rate changes - (16) Accumulated other comprehensive losses at end of year $ 3,074 $ 5,166 Using foreign currency exchange rates as of September 30, 201 7 and expected future service, it is anticipated that the future Company contributions to pay benefits, excluding participate contributions, will be as follows: Year Ending September 30, 2018 $ 3,871 2019 3,890 2020 3,871 2021 3,852 2022 3,818 2023 – 2027 17,812 Multiemployer defined benefit plans Woodward operates two multiemployer defined benefit plans for certain employees in the Netherlands and Japan. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity and Stock-Based Compensation [Abstract] | |
Stockholders' Equity | Note 18 . Stockholders’ equity Common Stock Holders of Woodward’s common stock are entitled to receive dividends when and as declared by Woodward’s Board of Directors and have the right to one vote per share on all matters requiring stockholder approval. Dividends declared and paid during the 2017, 2016 and 2015 fiscal years were: Year Ended September 30, 2017 2016 2015 Dividends declared and paid $ 29,745 $ 26,606 $ 24,646 Dividend per share amount 0.485 0.430 0.380 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, in fiscal year 2017, Wo odward purchased 1,027 shares of its common stock for $71,197 , of which 49 1 shares were purchased pursuant to 10b5-1 plan s and 536 shares were purchased pursuant to a 10b-18 plan . In the third quarter of fiscal year 2015, Woodward entered into an ASR Agreement with Goldman under which Woodward repurchased shares of its common stock for an aggregate purchase price of $125,000 . A total of 2,506 shares of common stock were repurchased pursuant to the ASR Agreement under the Prior Repurchase Program. Under the Prior Repurchase Program, i n the first quarter of fiscal year 2016, Woodward executed a 10b5-1 plan to repurchase up to $12 5,000 of its common stock for a period that ended on April 20, 2016. During fiscal year 2016, Woodward purchased 2, 635 shares of its common stock for $125,000 . Stock-based compensation Non-qualified stock option awards and restricted stock awards are granted to key management members and directors of the Company. The grant date for these awards is used for the measurement date. Vesting would be accelerated in the event of retirement, disability, or death of a participant, or change in control of the Company, as defined in the individual stock option agreements. These awards are valued as of the measurement date and are amortized on a straight-line basis over the requisite vesting period for all awards, including awards with graded vesting. Stock for exercised stock options and for restricted stock awards is issued from treasury stock shares. Provisions governing 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 , therefore, n o further grants will be made under the 2006 Plan . The 2017 Omnibus Incentive Plan (the “2017 Plan”) was approved by Woodward’s stockholders in January 2017 and is a successor plan to the 2006 Plan. 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 nine-months ended September 30, 2017 includes recognition of the elapsed service period of these stock options from October 3, 2016 through September 30, 2017. Stock-based compensation expense recognized was as follows: Year Ended September 30, 2017 2016 2015 Employee stock-based compensation expense $ 17,282 $ 15,122 $ 14,255 Stock options Woodward’s 20 17 Plan, which was approved by Woodward’s stockholders, pro vides for the grant of up to 2,000 shares of Woodward’s common stock, including in the form of stock options to its employees and directors. To date, e quity awards under the 20 17 Plan have consisted of grants of stock options to Woodward employees and directors. Woodward believes that these stock options align the interests of its employees and directors with those of its stockholders. Stock option awards are granted with an exercise price equal to the market price of Woodward’s stock at the date of grant, a ten -year term, and generally a four-year vesting schedule at a rate of 25% per year. The 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 the grant 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. Year Ended September 30, 2017 2016 2015 Weighted-average exercise price per share 62.74 40.26 46.55 Weighted-average grant date market value of Woodward stock 69.45 40.26 46.55 Expected term (years) 6.0 - 8.7 6.3 - 8.7 6.2 - 8.8 Estimated volatility 30.6% - 33.7% 34.5% 35.1% 36.5% Estimated dividend yield 0.7% 1.0% 0.7% Risk-free interest rate 2.0% - 2.5% 1.7% - 2.0% 2.0% - 2.3% The weighted average grant date fair value of options granted follows: Year Ended September 30, 2017 2016 2015 Weighted-average grant date fair value of options $ 24.98 $ 13.39 $ 17.02 The following is a summary of the activity for stock option awards during the fiscal year ended September 30, 201 7 : Number Weighted-Average Exercise Price Per Share Balance at September 30, 2016 4,944 $ 35.35 Options granted 791 62.74 Options exercised (466) 33.65 Options forfeited (33) 44.21 Balance at September 30, 2017 5,236 39.58 Exercise prices of stock options outstanding as of September 30, 2017 range from $18.67 to $70.39 . Changes in non-vested stock options during the fiscal year ended September 30, 201 7 were as follows: Number Weighted-Average Grant Date Fair Value Per Share Balance at September 30, 2016 2,075 $ 14.90 Options granted 791 24.98 Options vested (763) 15.26 Options forfeited (31) 15.40 Balance at September 30, 2017 2,072 18.61 Information about stock options that have vested, or are expected to vest, and are exercisable at September 30, 2017 was as follows: Number Weighted- Average Exercise Price Per Share Weighted- Average Remaining Life in Years Aggregate Intrinsic Value Options outstanding 5,236 $ 39.58 5.9 $ 199,098 Options vested and exercisable 3,164 32.80 4.5 141,785 Options vested and expected to vest 5,164 39.39 5.9 197,348 Other information follows: Year Ended September 30, 2017 2016 2015 Total fair value of stock options vested $ 11,639 $ 10,374 $ 9,656 Total intrinsic value of options exercised 16,416 23,178 18,876 Cash received from exercises of stock options 14,196 15,892 8,400 Excess tax benefit realized from exercise of stock options 4,383 6,472 6,959 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 , pursuant to a form restricted stock agreement approved by Woodward’s Compensation Committee of the Board of Directors . Subj ect to Mr. Gendron’s continued employment by the Company, 100% of these shares of restricted stock would have vest ed following the end of the Company’s fiscal year 2017 if a specified cumulative earnings per share (“EPS”) target was met or exceeded for fiscal years 2014 through 2017 . The cumulative EPS target for fiscal years 2014 through 2017 was not met, and therefore the restricted stock was forfeited by Mr. Gendron as of September 30, 2017. A summary of the activity for restricted stock awards in the fiscal year ended September 30, 201 7 follows: Number Fair Value per Share Balance at September 30, 2016 24 $ 39.43 Shares granted - n/a Shares vested - n/a Shares forfeited (24) 39.43 Balance at September 30, 2017 - n/a 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 , with terms approved by the administrator of the applicable plan , the requisite service period can be less than the four-year vesting period based on the 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 expense on the date of grant. At September 30, 2017 , there was approximately $8,823 of total unrecognized compensation expense 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 expense recognized were estimated to be 0 % for members of Wo odward’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 years . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure | |
Commitments and Contingencies | Note 19 . Commitments and contingencies Woodward has entered into operating leases for certain facilities , equipment , and software with terms in excess of one year under agreements that expire at various dates. Some leases require the payment of property taxes, insurance, and maintenance costs in addition to rental payments. Woodward has also entered into capital leases for equipment with terms in excess of one year under agreements that expire at various dates. Future minimum payments required under these leases, excluding available option renewals, are as follows: Year Ending September 30, Operating Leases Capital Leases 2018 $ 6,315 $ 444 2019 4,265 451 2020 3,872 122 2021 3,188 - 2022 2,148 - Thereafter 3,427 - Total $ 23,215 $ 1,017 Rent expense for all operating leases total l ed: Year Ended September 30, 2017 2016 2015 Rent expense $ 8,302 $ 7,359 $ 7,299 Woodward enters into unconditional purchase obligation arrangements (i.e. issuance of purchase orders, obligations to transfer funds in the future for fixed or minimum quantities of goods or services at fixed or minimum prices, such as "take-or-pay" contracts) in the normal course of business to ensure that adequate levels of sourced product are available to Woodward. Future minimum unconditional purchase obligations are as follows: Year Ending September 30, 2018 $ 299,267 2019 17,993 2020 232 2021 66 2022 - Thereafter - Total $ 317,558 The U.S. Government, and other governments, may terminate any of Woodward’s government contracts (and, in general, subcontracts) at their convenience, as well as for default based on specified performance measurements. If any of Woodward’s government contracts were to be terminated for convenience, the Company generally would be entitled to receive payment for work completed and allowable termination or cancellation costs. If any of Woodward’s government contracts were to be terminated for Woodward’s default, the U.S. Government generally would pay only for the work accepted, and could require Woodward to pay the difference between the original contract price and the cost to re-procure the contract items, net of the work accepted from the original contract. The U.S. Government could also hold Woodward liable for damages resulting from the default. Woodward is currently involved in claims, pending or threatened litigation or other legal proceedings, investigations and/or regulatory proceedings arising in the normal course of business, including, among others, those relating to product liability claims, employment matters, worker’s compensation claims, contractual disputes, product warranty claims and alleged violations of various laws and regulations. Woodward accrues for known individual matters where it believes that it is probable the matter will result in a loss when ultimately resolved using estimates of the most likely amount of loss. Legal costs are expensed as incurred and are classified in “Selling, general and administrative expenses” on the Consolidated Statements of Earnings. Woodward is partially self-insured in the United States for healthcare and worker’s compensation up to predetermined amounts, above which third party insurance applies. Management regularly reviews the probable outcome of these claims and proceedings, the expenses expected to be incurred, the availability and limits of the insurance coverage, and the established accruals for liabilities. While the outcome of pending claims, legal and regulatory proceedings, and investigations cannot be predicted with certainty, management believes that any liabilities that may result from these claims, proceedings and investigations will not have a material effect on Woodward's liquidity, financial condition, or results of operations. In the event of a change in control of Woodward, as defined in change-in-control agreements with its current corporate officers, Woodward may be required to pay termination benefits to such officers. |
Segment Information
Segment Information | 12 Months Ended |
Sep. 30, 2017 | |
Segment Information | |
Segment Information | Note 20 . Segment information Woodward serves the a erospace and industrial 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: Year Ended September 30, 2017 2016 2015 Segment external net sales: Aerospace $ 1,342,339 $ 1,233,176 $ 1,160,883 Industrial 756,346 789,902 877,420 Total consolidated net sales $ 2,098,685 $ 2,023,078 $ 2,038,303 Segment earnings: Aerospace $ 257,813 $ 232,166 $ 187,747 Industrial 78,991 82,237 126,641 Nonsegment expenses (58,352) (63,166) (49,362) Interest expense, net (25,705) (24,751) (24,077) Consolidated earnings before income taxes $ 252,747 $ 226,486 $ 240,949 Segment assets consist of accounts receivable, inventories, property, plant, and equipment, net, goodwill, and other intangibles, net. A summary of consolidated total assets, consolidated depreciation and amortization and consolidated capital expenditures follows: Year Ended September 30, 2017 2016 2015 Segment assets: Aerospace $ 1,722,789 $ 1,637,522 $ 1,566,421 Industrial 695,264 705,169 653,848 Unallocated corporate property, plant and equipment, net 104,755 89,988 85,834 Other unallocated assets 234,301 209,683 206,301 Consolidated total assets $ 2,757,109 $ 2,642,362 $ 2,512,404 Segment depreciation and amortization: Aerospace $ 47,277 $ 40,825 $ 46,488 Industrial 24,421 20,412 20,768 Unallocated corporate amounts 9,219 7,799 7,979 Consolidated depreciation and amortization $ 80,917 $ 69,036 $ 75,235 Segment capital expenditures: Aerospace $ 62,812 $ 90,749 $ 150,021 Industrial 12,189 62,065 113,292 Unallocated corporate amounts 17,335 22,878 23,299 Consolidated capital expenditures $ 92,336 $ 175,692 $ 286,612 Sales to General Electric Company were made by both of Woodward’s reportable segm ents and totaled approximately 16 % of net sales in fiscal year 201 7 , 17 % of net sales in fiscal year 201 6 , and 1 8 % of net sales in fiscal year 20 15 . Sales to The Boeing Company were made by Woodward’s Aerospace segment and totaled approximately 11% of net sales in fiscal year 2017, 8% of net sales in fiscal year 2016, and 7% of net sales in fiscal year 2015. Accounts receivable from General Electric Company totaled approximately 10 % of accounts receivable at September 30, 20 17 and 1 4 % of accounts receivable at September 30, 201 6 . Accounts receivable from Weichai Westport, Inc. totaled approximately 14% of accounts receivable at September 30, 2017 and 3% of accounts receivable at September 30, 2016. U.S. Government related sales from Woodward’s reportable segments were as follows: Direct U.S. Government Sales Indirect U.S. Government Sales Total U.S. Government Related Sales Fiscal year ended September 30, 2017 Aerospace $ 106,685 $ 362,536 $ 469,221 Industrial 3,726 10,814 14,540 Total net external sales $ 110,411 $ 373,350 $ 483,761 Percentage of total net sales 5% 18% 23% Fiscal year ended September 30, 2016 Aerospace $ 103,026 $ 310,952 $ 413,978 Industrial 6,550 9,845 16,395 Total net external sales $ 109,576 $ 320,797 $ 430,373 Percentage of total net sales 5% 16% 21% Fiscal year ended September 30, 2015 Aerospace $ 92,322 $ 258,391 $ 350,713 Industrial 4,836 8,839 13,675 Total net external sales $ 97,158 $ 267,230 $ 364,388 Percentage of total net sales 5% 13% 18% Accounts receivable from the U.S. Government totaled approximately 3% of accounts receivable at September 30, 2017 and 2% of accounts receivable at September 30, 2016. The customers who account for approximately 10% or more of sales to each of Woodward’s reportable segments for the fiscal year ended September 30, 2017 follow: Customer Aerospace The Boeing Company, United Technologies Corporation, General Electric Company Industrial General Electric Company Net sales by geographical area, as determined by the location of the customer invoiced, were as follows: Year Ended September 30, 2017 2016 2015 United States $ 1,211,902 $ 1,118,833 $ 1,054,895 Europe (1) 478,725 537,901 569,322 Asia 288,252 228,683 241,875 Other countries 119,806 137,661 172,211 Consolidated net sales $ 2,098,685 $ 2,023,078 $ 2,038,303 (1) As a percentage of consolidated net sales, net sales to customers in Germany accounted for 8% for the year ended September 30, 2017, 10% for the year ended September 30, 2016 and 10% for the year ended September 30, 2015. Property, plant, and equipment, net by geographical area, as determined by the physical location of the assets, were as follows: At September 30, 2017 2016 United States $ 872,947 $ 826,225 Germany 24,541 24,468 Other countries 24,555 25,657 Consolidated property, plant and equipment, net $ 922,043 $ 876,350 |
Supplemental Quarterly Financia
Supplemental Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 30, 2017 | |
Quarterly Financial Information Disclosure | |
Supplemental Quarterly Financial Data (Unaudited) | Note 2 1 . Supplemental quarterly financial data (Unaudited) Quarterly results for the fiscal years ended September 30, 2017 and September 30, 2016 follow: 2017 Fiscal Quarters First Second Third Fourth Net sales $ 442,894 $ 500,381 $ 548,622 $ 606,788 Gross margin (1) (2) 113,746 133,282 153,872 171,659 Earnings before income taxes 47,059 50,236 68,687 86,765 Net earnings 46,548 38,105 53,626 62,228 Earnings per share Basic earnings per share 0.76 0.62 0.87 1.02 Diluted earnings per share 0.73 0.60 0.85 0.98 Cash dividends per share 0.110 0.125 0.125 0.125 2016 Fiscal Quarters First (3) Second Third Fourth Net sales $ 445,110 $ 479,382 $ 507,664 $ 590,922 Gross margin (1) (2) 109,553 131,081 134,825 163,659 Earnings before income taxes 27,956 54,366 63,408 80,756 Net earnings 25,820 40,824 51,047 63,147 Earnings per share Basic earnings per share 0.41 0.66 0.83 1.03 Diluted earnings per share 0.40 0.65 0.81 0.99 Cash dividends per share 0.100 0.110 0.110 0.110 Notes: 1. Gross margin represents net sales less cost of goods sold. 2. Gross margin for all periods presented has been recast from previously reported quarterly results due to reclassification of amortization as a separate line to an allocated expense/cost component of cost of goods sold and selling, general and administrative expenses . See “Note 1 - Operations and summary of significant accounting policies ” for further information on reclassification. 3. Results for the first quarter of fiscal year 2016 include special charges totaling approximately $16,100 related to Woodward's efforts to consolidate facilities, reduce costs and address current market conditions. Quarterly results by segment for the fiscal years ended September 30, 201 7 and September 30, 201 6 follow: 2017 Fiscal Quarters First Second Third Fourth Segment external net sales: Aerospace $ 266,680 $ 320,526 $ 355,992 $ 399,141 Industrial 176,214 179,855 192,630 207,647 Total $ 442,894 $ 500,381 $ 548,622 $ 606,788 Segment earnings: Aerospace $ 46,877 $ 58,227 $ 67,173 $ 85,536 Industrial 17,998 17,089 20,870 23,034 Nonsegment expenses (11,381) (18,764) (12,945) (15,262) Interest expense, net (6,435) (6,316) (6,411) (6,543) Consolidated earnings before income taxes $ 47,059 $ 50,236 $ 68,687 $ 86,765 2016 Fiscal Quarters First Second Third Fourth Segment external net sales: Aerospace $ 268,599 $ 290,690 $ 308,582 $ 365,305 Industrial 176,511 188,692 199,082 225,617 Total $ 445,110 $ 479,382 $ 507,664 $ 590,922 Segment earnings: Aerospace $ 43,486 $ 50,578 $ 57,726 $ 80,376 Industrial 21,551 19,469 21,963 19,254 Nonsegment expenses (1) (30,620) (9,888) (10,369) (12,289) Interest expense, net (6,461) (5,793) (5,912) (6,585) Consolidated earnings before income taxes $ 27,956 $ 54,366 $ 63,408 $ 80,756 Notes: 1. The results for N onsegment expenses for the first quarter of fiscal year 2016 incl ude special charges totaling approximately $16,100 related to Woodward's efforts to consolidate facilities, reduce costs and address current market conditions. |
Schedule II
Schedule II | 12 Months Ended |
Sep. 30, 2017 | |
Valuation and Qualifying Accounts | |
Schedule II | WOODWARD, INC. AND SUBSIDIARIES SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS For the years ended September 30, 2017, 2016, and 2015 (in thousands) Column A Column B Column C Column D Column E Additions Description Balance at Beginning of Year Charged to Costs and Expenses Charged to Other Accounts (a) Deductions (b) Balance at End of Year Fiscal year 2017 Allowance for uncollectible accounts $ 2,540 $ 1,063 $ 449 $ (276) $ 3,776 Deferred tax asset valuation allowance 3,317 77 - 320 3,714 Fiscal year 2016 Allowance for uncollectible accounts 3,841 255 233 (1,789) 2,540 Deferred tax asset valuation allowance 6,804 53 - (3,540) 3,317 Fiscal year 2015 Allowance for uncollectible accounts 7,078 364 487 (4,088) 3,841 Deferred tax asset valuation allowance 9,486 209 - (2,891) 6,804 Notes: (a) Includes recoveries of accounts previously written off. (b) Represents accounts receivable written off against the allowance for collectible accounts and releases of valuation reserves to income tax expense. Also included are foreign currency exchange rate adjustments. Currency translation adjustments resulted in an increase in the reserves of $64 in fiscal year 2017, an increase in the reserve of $77 in fiscal year 2016, and a decrease in the reserve of $934 in fiscal year 2015. |
Operations and summary of sig31
Operations and summary of significant accounting policies (Policy) | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Line Items] | |
Principles of consolidation | Principles of consolidation: These Consolidated Financial Statements are prepared in accordance with U.S. GAAP and include the accounts of Woodward and its wholly and majority-owned subsidiaries. Transactions within and between these companies are eliminated. |
Use of estimates | Use of estimates: The preparation of the Consolidated Financial Statements requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities, at the date of the financial statements and the reported revenues and expenses recognized during the reporting period, and certain financial statement disclosures. Significant estimates include allowances for uncollectible amounts, net realizable value of inventories, customer rebates earned, useful lives of property and identifiable intangible assets, the evaluation of impairments of property, identifiable intangible assets and goodwill, the provision for income tax and related valuation reserves, the valuation of assets and liabilities acquired in business combinations, assumptions used in the determination of the funded status and annual expense of pension and postretirement employee benefit plans, the valuation of stock compensation instruments granted to employees, and contingencies. Actual results could differ from those estimates. |
Foreign currency exchange rates | Foreign currency exchange rates: The assets and liabilities of substantially all subsidiaries outside the United States are translated at fiscal year-end rates of exchange, and earnings and cash flow statements are translated at weighted-average rates of exchange. Translation adjustments are accumulated with other comprehensive (losses) earnings as a separate component of stockholders’ equity and are presented net of tax effects in the Consolidated Statements of Stockholders’ Equity. The effects of changes in foreign currency exchange rates on loans between consolidated subsidiaries that are considered permanent in nature are also accumulated with other comprehensive earnings, net of tax. The Company is exposed to market risks related to fluctuations in foreign currency exchange rates because some sales transactions, and certain of the assets and liabilities of its domestic and foreign subsidiaries, are denominated in foreign currencies. Selling, general, and administrative expenses include a net foreign currency loss of $651 in fiscal year 2017, net foreign currency gain of $701 in fiscal year 2016, and a net foreign currency loss of $1,721 in fiscal year 2015. |
Revenue recognition | Revenue recognition: Woodward recognizes revenue upon shipment or delivery of products or services and when collectability is reasonably assured. Delivery is upon completion of manufacturing, customer acceptance, and the transfer of the risks and rewards of ownership. In countries whose laws provide for retention of some form of title by sellers, enabling recovery of goods in the event of customer default on payment, product delivery is considered to have occurred when the customer has assumed the risks and rewards of ownership of the products. Occasionally, Woodward transfers title of product to customers, but retains substantive performance obligations such as completion of product testing, customer acceptance or in some instances regulatory acceptance. In addition, occasionally customers pay Woodward for products or services prior to Woodward satisfying its performance obligation. Under these circumstances, revenue is deferred until the performance obligations are satisfied. In addition, service revenue is also recognized upon completion of applicable performance obligations. Certain Woodward products include incidental software or firmware essential to the performance of the product as designed, which are treated as units of accounting associated with the related tangible product with which the software is included. Woodward does not generally sell software on a standalone basis, although software upgrades, if any, are generally paid for by the customer. Revenue for certain non-recurring engineering projects is recognized when contractually specified milestones are achieved. Product freight costs are included in cost of goods sold. Freight costs charged to customers are included in net sales. Taxes collected from customers and remitted to government authorities are excluded from revenue and are recorded as liabilities until the taxes are remitted to the appropriate U.S. or foreign government authority. Net sales generated through shipment of tangible products to customers represents more than 90% of total net sales for fiscal years 2017, 2016 and 2015. |
Customer payments | Customer payments : Woodward occasionally agrees to make payments to certain customers in order to participate in anticipated sales activity. Payments made to customers are accounted for as a reduction of revenue unless they are made in exchange for identifiable goods or services with fair values that can be reasonably estimated. Reductions in revenue associated with these customer payments are recognized immediately to the extent that the payments cannot be attributed to anticipated future sales, and are recognized in future periods to the extent that the payments relate to anticipated future sales. Such determinations are based on the facts and circumstances underlying each payment. |
Stock-based compensation | Stock-based compensation: Compensation cost relating to stock-based payment awards made to employees and directors is recognized in the financial statements using a fair value method. Non-qualified stock option awards and restricted stock awards are issued under Woodward’s stock-based compensation plans. The cost of such awards, measured at the grant date, is based on the estimated fair value of the award. Forfeitures are estimated at the time of each grant in order to estimate the portion of the award that will ultimately vest. The estimate is based on Woodward’s historical rates of forfeitures and is updated periodically. The portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods, which is generally the vesting period of the awards. |
Research and development | Research and development costs : Company funded expenditures related to new product development, and significant product enhancement and/or upgrade activities are expensed as incurred and are separately reported in the Consolidated Statements of Earnings. |
Income taxes | Income taxes: Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of Woodward’s assets, liabilities, and certain unrecognized gains and losses recorded in accumulated other comprehensive (losses) earnings. Woodward provides for taxes that may be payable if undistributed earnings of overseas subsidiaries were to be remitted to the United States, except for those earnings that it considers to be indefinitely invested. |
Cash equivalents | Cash equivalents: Highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents. Cash and cash equivalents are maintained with multiple financial institutions. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. Woodward holds cash and cash equivalents at financial institutions in excess of amounts covered by the Federal Depository Insurance Corporation (the “FDIC”), sometimes invests excess cash in money market funds or other highly liquid investments not insured by the FDIC, and holds cash and cash equivalents outside the United States that are not insured by the FDIC. |
Accounts receivable | Accounts receivable: Almost all of Woodward’s sales are made on credit and result in accounts receivable, which are recorded at the amount invoiced and are generally not collateralized. In the normal course of business, not all accounts receivable are collected and, therefore, an allowance for uncollectible amounts is provided equal to the amount that Woodward believes ultimately will not be collected. In establishing the amount of the allowance related to the credit risk of accounts receivable, customer-specific information is considered related to delinquent accounts, past loss experience, bankruptcy filings, deterioration in the customer’s operating results or financial position, and current economic conditions. Accounts receivable losses are deducted from the allowance, and the related accounts receivable balances are written off when the receivables are deemed uncollectible. Recoveries of accounts receivable previously written off are recognized when received. In addition, an allowance associated with anticipated future sales returns is also established and is included in the allowance for uncollectible amounts. |
Inventories | Inventories: Inventories are valued at the lower of cost or net realizable value, with cost being determined using methods that approximate a first-in, first-out basis. |
Short-term Investments Policy [Policy Text Block] | Short-term investments: 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 the deposit. Woodward believes that the investments are with creditworthy financial institutions. Amounts with maturities of less than 365 days are classified as “Other current assets.” |
Property, plant and equipment | Property, plant, and equipment: Property, plant, and equipment are recorded at cost and are depreciated over the estimated useful lives of the assets. Assets are generally depreciated using the straight-line method. Assets are tested for recoverability whenever events or circumstances indicate the carrying value may not be recoverable. Estimated lives over which fixed assets are generally depreciated at September 30, 2017 were as follows: Land improvements 3 - 20 years Buildings and improvements 3 - 40 years Leasehold improvements 1 - 10 years Machinery and production equipment 3 - 20 years Computer equipment and software 3 - 10 years Office furniture and equipment 3 - 13 years Other 3 - 13 years Included in computer equipment and software are Woodward’s enterprise resource planning (“ERP”) systems, which have an estimated useful life of 10 years. All other computer equipment and software is generally depreciated over three to five years. |
Goodwill | Goodwill: Woodward tests goodwill for impairment at the reporting unit level on an annual basis and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Based on the relevant U.S. GAAP authoritative guidance, Woodward aggregates components of a single operating segment into a reporting unit, if appropriate. The impairment tests consist of comparing the implied fair value of each reporting unit with its carrying amount that includes goodwill. If the carrying amount of the reporting unit exceeds its implied fair value, Woodward compares the implied fair value of goodwill with the recorded carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value of goodwill, an impairment loss would be recognized to reduce the carrying amount to its implied fair value. Based on the results of Woodward’s goodwill impairment testing it has recorded no impairment charges. |
Other intangibles | Other intangibles: Other intangibles are recognized apart from goodwill whenever an acquired intangible asset arises from contractual or other legal rights, or whenever it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset, or liability. All of Woodward’s intangibles have an estimated useful life and are being amortized using patterns that reflect the periods over which the economic benefits of the assets are expected to be realized. Amortization expense is allocated to cost of goods sold and selling, general, and administrative expenses based on the nature of the intangible asset. Impairment losses are recognized if the carrying amount of an intangible is both not recoverable and exceeds its fair value. Woodward has recorded no impairment charges on its other intangibles. Estimated lives over which intangible assets are amortized at September 30, 2017 were as follows: Customer relationships 9 - 30 years Intellectual property 10 - 17 years Process technology 8 - 30 years Other 15 years |
Impairment of long-lived assets | Impairment of long-lived assets: Woodward reviews the carrying amount of its long-lived assets or asset groups to be used in operations whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset, or a significant decline in the observable market value of an asset, among others. If such facts indicate a potential impairment, the Company would assess the recoverability of an asset group by determining if the carrying amount of the asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the primary asset in the asset group. If the recoverability test indicates that the carrying amount of the asset group is not recoverable, the Company will estimate the fair value of the asset group using appropriate valuation methodologies, which would typically include an estimate of discounted cash flows. Any impairment would be measured as the difference between the asset groups carrying amount and its estimated fair value. There were no impairment charges recorded in fiscal years 2017, 2016 or 2015. |
Investments in marketable equity securities | Investment in marketable equity securities: Woodward holds marketable equity securities related to its deferred compensation program. Based on Woodward’s intentions regarding these instruments, marketable equity securities are classified as trading securities. The trading securities are reported at fair value, with realized gains and losses recognized in “Other (income) expense, net.” The trading securities are included in “Other assets.” The associated obligation to provide benefits is included in “Other liabilities.” |
Investments in unconsolidated subsidiaries | Investments in unconsolidated subsidiaries: Investments in, and operating results of, entities in which Woodward does not have a controlling financial interest or the ability to exercise significant influence over the operations are included in the financial statements using the cost method of accounting. Investments and operating results of entities in which Woodward does not have a controlling interest but does have the ability to exercise significant influence over operations are included in the financial statements using the equity method of accounting. |
Derivatives | Derivatives: The Company is exposed to various market risks that arise from transactions entered into in the normal course of business. The Company has historically utilized derivative instruments, such as treasury lock agreements to lock in fixed rates on future debt issuances, which qualify as cash flow or fair value hedges to mitigate the risk of variability in cash flows related to future interest payments attributable to changes in the designated benchmark rate. The Company records all such interest rate hedge instruments on the balance sheet at fair value. Cash flows related to the instrument designated as a qualifying hedge are reflected in the accompanying Consolidated Statements of Cash Flows in the same categories as the cash flows from the items being hedged. Accordingly, cash flows relating to the settlement of interest rate derivatives hedging the forecasted future interest payments on debt have been reflected upon settlement as a component of financing cash flows. The resulting gain or loss from such settlement is deferred to other comprehensive income and reclassified to interest expense over the term of the underlying debt. This reclassification of the deferred gains and losses impacts the interest expense recognized on the underlying debt that was hedged and is therefore reflected as a component of operating cash flows in periods subsequent to settlement. The periodic settlement of interest rate derivatives hedging outstanding variable rate debt is recorded as an adjustment to interest expense and is therefore reflected as a component of operating cash flows. From time to time, in order to hedge against foreign currency exposure, Woodward designates certain non-derivative financial instrument loans as net investment hedges. Foreign exchange gains or losses on the loans are recognized in foreign currency translation adjustments within total comprehensive (losses) earnings. Further information on net investment hedges can be found at Note 6, Derivative instruments and hedging activities . |
Financial Instruments | Financial instruments: The Company’s financial instruments include cash and cash equivalents, short-term investments, investments in the deferred compensation program, notes receivable from municipalities, investments in term deposits and debt. Because of their short-term maturity, the carrying amount of cash and cash equivalents and short-term debt approximate fair value. The fair value of investments in the deferred compensation program are adjusted to fair value based on the quoted market prices for the investments in the various mutual funds owned. The fair value of the long-term notes from municipalities are estimated based on a model that discounts future principal and interest payments received at interest rates available to the Company at the end of the period for similarly rated municipality notes of similar maturity. The fair value of term deposits are estimated based on a model that discounts future principal and interest payments received at interest rates available to the Company at the end of the period for similar term deposits with the same maturity in the same jurisdictions. The fair value of long-term debt is estimated based on a model that discounts future principal and interest payments at interest rates available to the Company at the end of the period for similar debt with the same maturity. Further information on the fair value of financial instruments can be found at Note 5, Financial instruments and fair value measurements . Financial assets and liabilities recorded at fair value in the Consolidated Balance Sheets are categorized based upon a fair value hierarchy established by U.S. GAAP, which prioritizes the inputs used to measure fair value into the following levels: Level 1: Inputs based on quoted market prices in active markets for identical assets or liabilities at the measurement date. Level 2: Quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data. Level 3: Inputs reflect management’s best estimates and assumptions of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments. |
Postretirement benefits | Postretirement benefits: The Company provides various benefits to certain current and former employees through defined benefit pension and postretirement plans. For financial reporting purposes, net periodic benefits expense and related obligations are calculated using a number of significant actuarial assumptions. Changes in net periodic expense and funding status may occur in the future due to changes in these assumptions. The funded status of defined pension and postretirement plans recognized in the statement of financial position is measured as the difference between the fair market value of the plan assets and the benefit obligation. For a defined benefit pension plan, the benefit obligation is the projected benefit obligation; for any ot her defined benefit postretirement plan, such as a retiree health care plan, the benefit obligation is the accumulated benefit obligation. Any over-funded status is recognized as an asset and any underfunded status is recognized as a liability. Projected benefit obligation is the actuarial present value as of the measurement date of all benefits attributed by the plan benefit formula to employee service rendered before the measurement date using assumptions as to future compensation levels if the plan benefit formula is based on those future compensation levels. The accumulated benefit obligation is the actuarial present value of benefits (whether vested or unvested) attributed by the plan benefit formula to employee service rendered before the measurement date and based on employee service and compensation, if applicable, prior to that date. The accumulated benefit obligation differs from the projected benefit obligation in that it includes no assumption about future compensation levels. |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | |
Accounting Policies [Line Items] | |
Deferred compensation | Deferred compensation: The Company maintains a deferred compensation plan, or “rabbi trust,” as part of its overall compensation package for certain employees. Deferred compensation obligations will be settled either by delivery of a fixed number of shares of Woodward’s common stock (in accordance with certain eligible members’ irrevocable elections) or in cash. Woodward has contributed shares of its common stock into a trust established for the future settlement of deferred compensation obligations that are payable in shares of Woodward’s common stock. Common stock held by the trust is reflected in the Consolidated Balance Sheet as “Treasury stock held for deferred compensation” and the related deferred compensation obligation is reflected as a separate component of equity in amounts equal to the fair value of the common stock at the dates of contribution. These accounts are not adjusted for subsequent changes in the fair value of the common stock. Deferred compensation obligations that will be settled in cash are accounted for on an accrual basis in accordance with the terms of the underlying contract and are reflected in the Consolidated Balance Sheet as “Other liabilities.” |
Operatons and summary of signif
Operatons and summary of significant accounting policies (Table) | 12 Months Ended |
Sep. 30, 2017 | |
Basis of Presentation | |
Schedule of Reclassifications of Amortization Expense of Intangible Assets | Year Ended September 30, 2017 2016 2015 Allocation to Cost of goods sold $ 7,800 $ 8,420 $ 9,115 Allocation to Selling, general and administrative expenses 17,977 19,066 20,126 Total amortization of intangible assets $ 25,777 $ 27,486 $ 29,241 2017 Fiscal Quarters First Second Third Fourth Allocation to Cost of goods sold $ 1,954 $ 1,943 $ 1,948 $ 1,955 Allocation to Selling, general and administrative expenses 4,504 4,488 4,491 4,494 Total amortization of intangible assets $ 6,458 $ 6,431 $ 6,439 $ 6,449 2016 Fiscal Quarters First Second Third Fourth Allocation to Cost of goods sold $ 2,180 $ 2,162 $ 2,117 $ 1,961 Allocation to Selling, general and administrative expenses 4,766 4,764 4,770 4,766 Total amortization of intangible assets $ 6,946 $ 6,926 $ 6,887 $ 6,727 |
Schedule of Accounts Receivable | September 30, September 30, 2017 2016 Accounts receivable from: Customers $ 367,715 $ 341,215 Other (Chinese financial institutions) 38,243 5,093 Allowance for uncollectible customer amounts (3,776) (2,540) $ 402,182 $ 343,768 |
Schedule of Property, Plant and Equipment Useful Lives | Land improvements 3 - 20 years Buildings and improvements 3 - 40 years Leasehold improvements 1 - 10 years Machinery and production equipment 3 - 20 years Computer equipment and software 3 - 10 years Office furniture and equipment 3 - 13 years Other 3 - 13 years |
Schedule of Finite-Lived Intangible Assets Useful Lives | Customer relationships 9 - 30 years Intellectual property 10 - 17 years Process technology 8 - 30 years Other 15 years |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share | |
Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted | Year Ended September 30, 2017 2016 2015 Numerator: Net earnings $ 200,507 $ 180,838 $ 181,452 Denominator: Basic shares outstanding 61,366 61,893 64,684 Dilutive effect of stock options and restricted stock 2,146 1,663 1,372 Diluted shares outstanding 63,512 63,556 66,056 Income per common share: Basic earnings per share $ 3.27 $ 2.92 $ 2.81 Diluted earnings per share $ 3.16 $ 2.85 $ 2.75 |
Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share | Year Ended September 30, 2017 2016 2015 Options 68 - 697 Weighted-average option price $ 63.23 $ n/a $ 46.55 |
Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding | Year Ended September 30, 2017 2016 2015 Weighted-average treasury stock shares held for deferred compensation obligations 180 171 190 |
Financial Instruments and Fai34
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Financial Instruments and Fair Value Measurments | |
Financial Assets that are Measured at Fair Value on a Recurring Basis | At September 30, 2017 At September 30, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets: Cash $ 79,822 $ - $ - $ 79,822 $ 80,959 $ - $ - $ 80,959 Investments in money market funds - - - - 48 - - 48 Investments in reverse repurchase agreements 1 - - 1 83 - - 83 Investments in term deposits with foreign banks 7,729 - - 7,729 7,136 - - 7,136 Equity securities 16,600 - - 16,600 12,491 - - 12,491 Total financial assets $ 104,152 $ - $ - $ 104,152 $ 100,717 $ - $ - $ 100,717 |
Estimated Fair Values of Financial Instruments | At September 30, 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 $ 15,848 $ 14,507 $ 17,501 $ 15,849 Investments in short-term time deposits 2 8,227 8,223 4,882 4,918 Liabilities: Long-term debt, excluding current portion 2 $ (592,317) $ (582,080) $ (617,857) $ (579,244) |
Derivative Instruments and He35
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities | |
Impact of Derivative Instruments on Earnings | Year Ended September 30, 2017 2016 2015 Amount of (income) expense recognized in earnings on derivative $ (72) $ 21 $ 99 Amount of (gain) loss recognized in accumulated OCI on derivative - - - Amount of (gain) loss reclassified from accumulated OCI into earnings (72) 21 99 |
Supplemental Statements of Ca36
Supplemental Statements of Cash Flows Information (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Supplemental Statements of Cash Flows Information | |
Schedule of Cash Flow Supplemental Disclosures | Year Ended September 30, 2017 2016 2015 Interest paid, net of amounts capitalized $ 27,752 $ 34,500 $ 32,608 Income taxes paid 33,926 99,468 51,218 Income tax refunds received 997 2,350 689 Non-cash activities: Purchases of property, plant and equipment on account 17,327 10,705 23,966 Property, plant and equipment acquired by capital lease - 1,653 - Common shares issued from treasury to settle employee liabilities 1,767 - - Common shares issued from treasury to settle benefit obligations (Note 17) 14,014 13,999 12,574 Cashless exercise of stock options 1,473 753 1,532 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Inventories | |
Schedule of Inventories | September 30, September 30, 2017 2016 Raw materials $ 59,034 $ 54,246 Work in progress 103,790 109,756 Component parts (1) 262,755 249,307 Finished goods 47,926 48,374 $ 473,505 $ 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 Equipmen38
Property, Plant, and Equipment, Net (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Property, Plant, and Equipment, Net | |
Schedule of Property Plant and Equipment, Net | September 30, September 30, 2017 2016 Land and land improvements $ 88,326 $ 87,696 Buildings and building improvements 514,453 527,704 Leasehold improvements 16,142 15,213 Machinery and production equipment 543,641 484,315 Computer equipment and software 124,723 117,984 Office furniture and equipment 24,308 29,344 Other 19,393 18,969 Construction in progress 111,910 88,909 1,442,896 1,370,134 Less accumulated depreciation (520,853) (493,784) Property, plant, and equipment, net $ 922,043 $ 876,350 |
Schedule of Depreciation Expense | Year Ended September 30, 2017 2016 2015 Depreciation expense $ 55,140 $ 41,550 $ 45,994 |
Schedule of Capitalized Interest | Year Ended September 30, 2017 2016 2015 Capitalized interest $ 2,008 $ 5,455 $ 8,995 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Goodwill Disclosure | |
Schedule of Goodwill | September 30, 2016 Effects of Foreign Currency Translation September 30, 2017 Aerospace $ 455,423 $ - $ 455,423 Industrial 100,261 861 101,122 Consolidated $ 555,684 $ 861 $ 556,545 September 30, 2015 Effects of Foreign Currency Translation September 30, 2016 Aerospace $ 455,423 $ - $ 455,423 Industrial 101,554 (1,293) 100,261 Consolidated $ 556,977 $ (1,293) $ 555,684 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Intangible Assets, Net | |
Schedule of Finite-Lived Intangible Assets by Major Class | September 30, 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 $ (151,155) $ 131,070 $ 282,225 $ (134,158) $ 148,067 Industrial 40,962 (34,407) 6,555 40,969 (33,509) 7,460 Total $ 323,187 $ (185,562) $ 137,625 $ 323,194 $ (167,667) $ 155,527 Intellectual property: Aerospace $ - $ - $ - $ - $ - $ - Industrial 19,422 (18,196) 1,226 19,435 (17,876) 1,559 Total $ 19,422 $ (18,196) $ 1,226 $ 19,435 $ (17,876) $ 1,559 Process technology: Aerospace $ 76,605 $ (49,124) $ 27,481 $ 76,605 $ (43,229) $ 33,376 Industrial 22,950 (17,756) 5,194 22,965 (16,200) 6,765 Total $ 99,555 $ (66,880) $ 32,675 $ 99,570 $ (59,429) $ 40,141 Other intangibles: Aerospace $ - $ - $ - $ - $ - $ - Industrial 1,312 (956) 356 1,246 (823) 423 Total $ 1,312 $ (956) $ 356 $ 1,246 $ (823) $ 423 Total intangibles: Aerospace $ 358,830 $ (200,279) $ 158,551 $ 358,830 $ (177,387) $ 181,443 Industrial 84,646 (71,315) 13,331 84,615 (68,408) 16,207 Consolidated Total $ 443,476 $ (271,594) $ 171,882 $ 443,445 $ (245,795) $ 197,650 |
Schedule of Finite-Lived Intangible Assets Amortization Expense | Year Ended September 30, 2017 2016 2015 Amortization expense $ 25,777 $ 27,486 $ 29,241 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Year Ending September 30: 2018 $ 24,995 2019 23,159 2020 20,372 2021 18,404 2022 16,249 Thereafter 68,703 $ 171,882 |
Credit Facilities, Short-term41
Credit Facilities, Short-term Borrowings and Long-term Debt (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure | |
Short-term Borrowings and Availability Under Various Short-term Credit Facilities | Total availability Outstanding letters of credit and guarantees Outstanding borrowings Remaining availability Revolving credit facility $ 1,000,000 $ (10,621) $ (32,600) $ 956,779 Foreign lines of credit and overdraft facilities 7,530 - - 7,530 Foreign performance guarantee facilities 10,058 (351) - 9,707 $ 1,017,588 $ (10,972) $ (32,600) $ 974,016 |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, September 30, 2017 2016 Revolving credit facility - Floating rate (LIBOR plus 0.85% - 1.65% ), due April 2020 , unsecured $ 32,600 $ 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 47,270 44,886 Series N notes – 1.31% due September 2028; unsecured 90,995 86,406 Series O notes – 1.57% due September 2031; unsecured 50,815 48,252 Total debt 614,680 729,244 Less: Current portion of long-term debt (32,600) (150,000) Unamortized debt issuance costs (1,794) (2,091) Long-term debt, less current portion $ 580,286 $ 577,153 |
Schedule of Future Principal Payments of Long-term Debt [Table Text Block] | Year Ending September 30: 2018 $ - 2019 143,000 2020 - 2021 100,000 2022 - Thereafter 339,080 $ 582,080 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Accrued Liabilities | |
Accrued Liabilities | At September 30, 2017 2016 Salaries and other member benefits $ 91,285 $ 87,197 Warranties 13,597 15,993 Interest payable 9,626 9,071 Current portion of acquired performance obligations and unfavorable contracts (1) 1,627 2,910 Accrued retirement benefits 2,413 2,505 Current portion of loss reserve on contractual lease commitments 1,343 1,840 Current portion of deferred income from JV formation (Note 4) 6,451 6,552 Deferred revenues 4,625 5,779 Taxes, other than income 14,401 14,580 Other 9,704 10,200 $ 155,072 $ 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 | Twelve-Months Ended September 30, 2017 2016 2015 Warranties, beginning of year $ 15,993 $ 13,741 $ 16,916 Expense, net of recoveries 9,135 9,902 10,117 Reductions for settling warranties (11,692) (7,802) (12,416) Foreign currency exchange rate changes 161 152 (876) Warranties, end of year $ 13,597 $ 15,993 $ 13,741 |
Loss Reserve Activity | Twelve-Months Ended September 30, 2017 2016 2015 Loss reserve on contractual lease commitments, beginning of year $ 9,242 $ 2,464 $ 3,212 Additions - 8,165 39 Payments (1,650) (1,387) (787) Non-cash adjustments (2,322) - - Loss reserve on contractual lease commitments, end of year $ 5,270 $ 9,242 $ 2,464 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Other Liabilities | |
Schedule of Other Liabilities | At September 30, 2017 2016 Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 52,211 $ 70,479 Noncurrent portion of deferred income from JV formation (1) 236,896 238,187 Total unrecognized tax benefits 20,949 17,239 Acquired unfavorable contracts (2) 2,076 3,148 Deferred economic incentives (3) 14,574 16,196 Loss reserve on contractual lease commitments (4) 3,927 7,402 Other 14,165 15,573 $ 344,798 $ 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 3 , Accrued liabilit i es for more information on the loss reserve on contractual lease commitments . |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Other (Income) Expense, Net | |
Schedule of Other (Income) Expense, Net | Year Ended September 30, 2017 2016 2015 Equity interest in the earnings of the JV (Note 4) $ (2,568) $ (6,204) $ - Net gain on sales of assets (3,604) (4,431) (626) Rent income (254) (315) (485) Net (gain) loss on investments in deferred compensation program (1,833) (1,062) 33 Other (786) (294) (84) $ (9,045) $ (12,306) $ (1,162) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Income Taxes | |
Components of Income Tax Expense (Benefit) | Year Ended September 30, 2017 2016 2015 Current: Federal $ 17,872 $ 81,127 $ 23,923 State 1,379 6,067 3,108 Foreign 15,118 9,689 18,343 Deferred: Federal 16,907 (40,801) 19,236 State (2,561) (9,054) 751 Foreign 3,525 (1,380) (5,864) $ 52,240 $ 45,648 $ 59,497 |
Earnings Before Income Taxes by Geographical Area | Year Ended September 30, 2017 2016 2015 United States $ 192,220 $ 175,146 $ 172,315 Other countries 60,527 51,340 68,634 $ 252,747 $ 226,486 $ 240,949 |
Composition of Deferred Income Taxes | At September 30, 2017 2016 Deferred tax assets: Defined benefit plans, other postretirement $ 11,947 $ 13,017 Foreign net operating loss carryforwards 4,707 5,255 Inventory 29,444 27,332 Deferred and stock-based compensation 37,693 34,388 Defined benefit plans, pension 1,148 8,955 Deferred revenue 92,426 92,213 Other reserves 10,850 13,968 Tax credits and incentives 9,769 7,744 Other 7,700 7,411 Valuation allowance (3,714) (3,317) Total deferred tax assets, net of valuation allowance 201,970 206,966 Deferred tax liabilities: Goodwill and intangibles - net (103,781) (99,030) Property, plant and equipment (109,229) (88,986) Other (2,418) (2,533) Total deferred tax liabilities (215,428) (190,549) Net deferred tax assets (liabilities) $ (13,458) $ 16,417 |
Reconciliation of U.S. Statutory Tax Rate to Effective Tax Rate | Year Ending September 30, Percent of pretax earnings 2017 2016 2015 Statutory tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit (0.3) 0.4 1.2 Taxes on international activities (7.6) (2.2) (3.8) Research credit (3.2) (3.6) (0.8) Retroactive extension of research credit - (3.2) (2.4) Net excess income tax benefit from stock-based compensation (1.4) (2.6) - Domestic production activities deduction (1.5) (2.1) (1.6) Adjustments of prior period tax items (0.9) (0.2) (2.1) Other items, net 0.6 (1.3) (0.8) Effective tax rate 20.7 % 20.2 % 24.7 % |
Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits | Year Ending September 30, 2017 2016 2015 Beginning balance $ 23,526 $ 21,469 $ 22,687 Additions to current year tax positions 2,560 3,588 2,234 Reductions to prior year tax positions (5,753) (2,292) (7,785) Additions to prior year tax positions 3,501 761 5,124 Lapse of applicable statute of limitations (3,702) - (791) Ending balance $ 20,132 $ 23,526 $ 21,469 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Defined Contribution Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Costs of Retirement Plans | Year Ended September 30, 2017 2016 2015 Company costs $ 32,008 $ 31,893 $ 30,933 |
Defined Benefit Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Periodic Benefit Costs | Year Ended September 30, United States Other Countries Total 2017 2016 2015 2017 2016 2015 2017 2016 2015 Service cost $ 1,675 $ 1,695 $ 2,018 $ 1,133 $ 749 $ 784 $ 2,808 $ 2,444 $ 2,802 Interest cost 5,757 5,236 5,956 1,208 1,637 2,128 6,965 6,873 8,084 Expected return on plan assets (10,529) (10,140) (10,647) (2,605) (2,659) (3,032) (13,134) (12,799) (13,679) Amortization of: Net losses 1,854 1,292 396 514 246 190 2,368 1,538 586 Net prior service (benefit) cost 383 384 383 - - - 383 384 383 Settlement costs - 47 - - - - - 47 - Net periodic (benefit) cost $ (860) $ (1,486) $ (1,894) $ 250 $ (27) $ 70 $ (610) $ (1,513) $ (1,824) |
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | At or for the Year Ended September 30, United States Other Countries Total 2017 2016 2017 2016 2017 2016 Changes in projected benefit obligation: Projected benefit obligation at beginning of year $ 160,892 $ 145,870 $ 72,057 $ 62,231 $ 232,949 $ 208,101 Service cost 1,675 1,695 1,133 749 2,808 2,444 Interest cost 5,757 5,236 1,208 1,637 6,965 6,873 Net actuarial (gains) losses (5,267) 17,786 (6,188) 17,190 (11,455) 34,976 Contribution by participants 55 47 14 20 69 67 Benefits paid (5,676) (9,789) (2,235) (2,656) (7,911) (12,445) Plan amendments 3,694 - - - 3,694 - Settlements - 47 - - - 47 Foreign currency exchange rate changes - - 380 (7,114) 380 (7,114) Projected benefit obligation at end of year $ 161,130 $ 160,892 $ 66,369 $ 72,057 $ 227,499 $ 232,949 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ 145,886 $ 135,590 $ 62,926 $ 60,663 $ 208,812 $ 196,253 Actual return on plan assets 20,067 19,859 2,542 10,202 22,609 30,061 Contributions by the Company - 226 671 773 671 999 Contributions by plan participants 55 47 14 20 69 67 Benefits paid (5,676) (9,789) (2,235) (2,656) (7,911) (12,445) Settlements - (47) - - - (47) Foreign currency exchange rate changes - - 462 (6,076) 462 (6,076) Fair value of plan assets at end of year $ 160,332 $ 145,886 $ 64,380 $ 62,926 $ 224,712 $ 208,812 Net underfunded status at end of year $ (798) $ (15,006) $ (1,989) $ (9,131) $ (2,787) $ (24,137) |
Schedule of Accumulated Benefit Obligations In Excess of and Less Than Fair Value of Plan Assets | Plans with accumulated benefit obligation in excess of plan assets Plans with accumulated benefit obligation less than plan assets At September 30, At September 30, 2017 2016 2017 2016 Projected benefit obligation $ (82,447) $ (220,788) $ (145,052) $ (12,161) Accumulated benefit obligation (80,759) (218,769) (144,006) (10,924) Fair value of plan assets 77,036 196,800 147,676 12,012 |
Schedule of Amounts Recognized in Balance Sheet and Other Comprehensive Income (Loss) | At or for the Year Ended September 30, United States Other Countries Total 2017 2016 2017 2016 2017 2016 Amounts recognized in statement of financial position consist of: Other non-current assets $ 1,726 $ - $ 897 $ - $ 2,623 $ - Accrued liabilities - - (3) - (3) - Other non-current liabilities (2,524) (15,006) (2,883) (9,131) (5,407) (24,137) Net over/(under)funded status at end of year $ (798) $ (15,006) $ (1,989) $ (9,131) $ (2,787) $ (24,137) Amounts recognized in accumulated other comprehensive income consist of: Unrecognized net prior service (benefit) cost $ 7,169 $ 3,857 $ - $ - $ 7,169 $ 3,857 Unrecognized net (gains) losses 17,023 33,682 14,198 20,795 31,221 54,477 Total amounts recognized 24,192 37,539 14,198 20,795 38,390 58,334 Deferred taxes (9,224) (14,305) (5,016) (7,303) (14,240) (21,608) Amounts recognized in accumulated other comprehensive income $ 14,968 $ 23,234 $ 9,182 $ 13,492 $ 24,150 $ 36,726 |
Schedule of Changes in Plan Assets and Benefit Obligations Recorded in Other Comprehensive Income (Loss) | Year Ended September 30, United States Other Countries Total 2017 2016 2017 2016 2017 2016 Accumulated other comprehensive losses at beginning of year $ 37,539 $ 31,102 $ 20,795 $ 13,618 $ 58,334 $ 44,720 Net (gain) loss (14,805) 8,160 (6,125) 9,646 (20,930) 17,806 Loss due to settlement or curtailment arising during the period - (47) - - - (47) Amortization of: Net losses (1,854) (1,292) (515) (246) (2,369) (1,538) Prior service benefit (cost) 3,312 (384) - - 3,312 (384) Foreign currency exchange rate changes - - 43 (2,223) 43 (2,223) Accumulated other comprehensive losses at end of year $ 24,192 $ 37,539 $ 14,198 $ 20,795 $ 38,390 $ 58,334 |
Schedule of Amounts Expected to be Amortized from Accumulated Other Comprehensive Income (Loss) and Reported as a Component of Net Periodic Benefit Cost During the Next Fiscal Year | United States Other Countries Total Prior service cost $ 709 $ - $ 709 Net actuarial losses 598 290 888 |
Schedule of Expected Benefit Payments | Year Ending September 30, United States Other Countries Total 2018 $ 6,251 $ 2,225 $ 8,476 2019 6,911 2,578 9,489 2020 7,521 2,183 9,704 2021 8,065 2,396 10,461 2022 8,524 2,257 10,781 2023 – 2027 48,075 12,802 60,877 |
Schedule of Allocation of Plan Assets, Actual and Target Allocations | At September 30, 2017 2016 Percentage of Plan Assets Target Allocation Ranges Percentage of Plan Assets Target Allocation Ranges United States: Asset Class Equity Securities 64.6% 41.2% - 81.2% 56.4% 40.8% - 80.8% Debt Securities 35.2% 28.8% - 48.8% 39.0% 29.2% - 49.2% Other 0.2% 0.0% 4.6% 0.0% 100.0% 100.0% United Kingdom: Asset Class Equity Securities 46.1% 30.0% - 60.0% 34.7% 25.0% - 45.0% Debt Securities 53.8% 45.0% - 70.0% 65.2% 40.0% - 80.0% Other 0.1% 0.0% 0.1% 0.0% 100.0% 100.0% Japan: Asset Class Equity Securities 41.0% 36.0% - 44.0% 40.0% 36.0% - 44.0% Debt Securities 58.1% 55.0% - 63.0% 59.1% 55.0% - 63.0% Other 0.9% 0.0% - 2.0% 0.9% 0.0% - 2.0% 100.0% 100.0% |
Schedule of Allocation of Plan Assets, Fair Value Hierarchy | At September 30, 2017 Level 1 Level 2 Level 3 United States Other Countries United States Other Countries United States Other Countries Total Asset Category: Cash and cash equivalents $ 291 $ 167 $ - $ - $ - $ - $ 458 Mutual funds: U.S. corporate bond fund 56,388 - - - - - 56,388 U.S. equity large cap fund 54,140 - - - - - 54,140 International equity large cap growth fund 49,513 - - - - - 49,513 Pooled funds: Japanese equity securities - - - 2,487 - - 2,487 International equity securities - - - 2,260 - - 2,260 Japanese fixed income securities - - - 4,987 - - 4,987 International fixed income securities - - - 1,730 - - 1,730 Global target return equity/bond fund - - - 13,103 - - 13,103 Index linked U.K. equity fund - - - 4,940 - - 4,940 Index linked international equity fund - - - 6,285 - - 6,285 Index linked U.K. corporate bonds fund - - - 16,540 - - 16,540 Index linked U.K. government securities fund - - - 4,980 - - 4,980 Index linked U.K. long-term government securities fund - - - 6,901 - - 6,901 Total assets $ 160,332 $ 167 $ - $ 64,213 $ - $ - $ 224,712 At September 30, 2016 Level 1 Level 2 Level 3 United States Other Countries United States Other Countries United States Other Countries Total Asset Category: Cash and cash equivalents $ 6,741 $ 163 $ - $ - $ - $ - $ 6,904 Mutual funds: U.S. corporate bond fund 56,813 - - - - - 56,813 U.S. equity large cap fund 48,506 - - - - - 48,506 International equity large cap growth fund 33,834 - - - - - 33,834 Pooled funds: Japanese equity securities - - - 2,536 - - 2,536 International equity securities - - - 2,258 - - 2,258 Japanese fixed income securities - - - 5,321 - - 5,321 International fixed income securities - - - 1,777 - - 1,777 Index linked U.K. equity fund - - - 7,982 - - 7,982 Index linked international equity fund - - - 9,694 - - 9,694 Index linked U.K. corporate bonds fund - - - 16,180 - - 16,180 Index linked U.K. government securities fund - - - 5,009 - - 5,009 Index linked U.K. long-term government securities fund - - - 11,998 - - 11,998 Total assets $ 145,894 $ 163 $ - $ 62,755 $ - $ - $ 208,812 |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Actuarial Assumptions Used | 2017 2016 2015 Weighted-average discount rate used to determine benefit obligation at September 30 3.78 % 3.63 % 4.01 % Weighted-average discount rate used to determine net periodic benefit cost for years ended September 30 3.63 4.01 4.40 |
Schedule of Net Periodic Benefit Costs | Year Ended September 30, 2017 2016 2015 Service cost $ 14 $ 22 $ 30 Interest cost 1,244 1,048 1,233 Amortization of: Net (gains) losses 201 156 (73) Net prior service benefit (158) (158) (158) Net periodic cost $ 1,301 $ 1,068 $ 1,032 |
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Year Ended September 30, 2017 2016 Changes in accumulated postretirement benefit obligation: Accumulated postretirement benefit obligation at beginning of year $ 35,630 $ 34,927 Service cost 14 22 Interest cost 1,244 1,048 Premiums paid by plan participants 1,365 1,299 Net actuarial (gains) losses (2,049) 1,912 Benefits paid (3,964) (3,503) Foreign currency exchange rate changes 12 (75) Accumulated postretirement benefit obligation at end of year $ 32,252 $ 35,630 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ - $ - Contributions by the company 2,599 2,204 Premiums paid by plan participants 1,365 1,299 Benefits paid (3,964) (3,503) Fair value of plan assets at end of year $ - $ - Funded status at end of year $ (32,252) $ (35,630) |
Schedule of Amounts Recognized in Balance Sheet and Other Comprehensive Income (Loss) | Year Ended September 30, 2017 2016 Amounts recognized in statement of financial position consist of: Accrued liabilities $ (2,410) $ (2,505) Other non-current liabilities (29,842) (33,125) Funded status at end of year $ (32,252) $ (35,630) Amounts recognized in accumulated other comprehensive income consist of: Unrecognized net prior service benefit $ (160) $ (318) Unrecognized net losses 3,234 5,484 Total amounts recognized 3,074 5,166 Deferred taxes (1,183) (1,979) Amounts recognized in accumulated other comprehensive income $ 1,891 $ 3,187 |
Schedule of Changes in Plan Assets and Benefit Obligations Recorded in Other Comprehensive Income (Loss) | Year Ended September 30, 2017 2016 Accumulated other comprehensive losses at beginning of year $ 5,166 $ 3,268 Net (gain) loss (2,049) 1,912 Amortization of: Net losses (201) (156) Prior service benefit 158 158 Foreign currency exchange rate changes - (16) Accumulated other comprehensive losses at end of year $ 3,074 $ 5,166 |
Schedule of Health Care Cost Trend Rates | 2017 2016 Health care cost trend rate assumed for next year 6.75 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2025 2025 |
Schedule of Health Care Costs Sensitivity | Change In Health Care Cost Trend Rate 1% increase 1% decrease Effect on projected fiscal year 2018 service and interest cost $ 113 $ (99) Effect on accumulated postretirement benefit obligation at September 30, 2017 2,960 (2,605) |
Schedule of Future Postretirement Company Contributions | Year Ending September 30, 2018 $ 3,871 2019 3,890 2020 3,871 2021 3,852 2022 3,818 2023 – 2027 17,812 |
Multiemployer Plans, Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Costs of Retirement Plans | Year Ended September 30, 2017 2016 2015 Company contributions $ 292 $ 475 $ 600 |
UNITED STATES | Defined Benefit Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Actuarial Assumptions Used | 2017 2016 2015 United States: Weighted-average assumptions to determine benefit obligation at September 30: Discount rate 3.80 % 3.65 % 4.39 % Weighted-average assumptions to determine periodic benefit costs for years ended September 30: Discount rate 3.65 4.39 4.40 Long-term rate of return on plan assets 7.38 7.62 7.62 |
UNITED KINGDOM | Defined Benefit Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Actuarial Assumptions Used | 2017 2016 2015 United Kingdom: Weighted-average assumptions to determine benefit obligation at September 30: Discount rate 2.56 % 2.28 % 3.75 % Rate of compensation increase 3.60 3.40 3.40 Weighted-average assumptions to determine periodic benefit costs for years ended September 30: Discount rate - service cost 2.33 3.86 4.10 Discount rate - interest cost 2.24 3.63 4.10 Rate of compensation increase 3.40 3.40 3.50 Long-term rate of return on plan assets 4.75 5.00 5.50 |
JAPAN | Defined Benefit Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Actuarial Assumptions Used | 2017 2016 2015 Japan: Weighted-average assumptions to determine benefit obligation at September 30: Discount rate 0.58 % 0.46 % 0.97 % Rate of compensation increase 2.00 2.02 2.00 Weighted-average assumptions to determine periodic benefit costs for years ended September 30: Discount rate - service cost 0.59 1.27 1.10 Discount rate - interest cost 0.45 0.59 1.10 Rate of compensation increase 2.02 2.00 2.00 Long-term rate of return on plan assets 2.50 3.00 3.00 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity and Stock-Based Compensation [Abstract] | |
Dividends Declared and Paid | Year Ended September 30, 2017 2016 2015 Dividends declared and paid $ 29,745 $ 26,606 $ 24,646 Dividend per share amount 0.485 0.430 0.380 |
Stock-based Compensation Expense Recognized | Year Ended September 30, 2017 2016 2015 Employee stock-based compensation expense $ 17,282 $ 15,122 $ 14,255 |
Weighted Average Grant Date Fair Value of Options Granted | Year Ended September 30, 2017 2016 2015 Weighted-average grant date fair value of options $ 24.98 $ 13.39 $ 17.02 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended September 30, 2017 2016 2015 Weighted-average exercise price per share 62.74 40.26 46.55 Weighted-average grant date market value of Woodward stock 69.45 40.26 46.55 Expected term (years) 6.0 - 8.7 6.3 - 8.7 6.2 - 8.8 Estimated volatility 30.6% - 33.7% 34.5% 35.1% 36.5% Estimated dividend yield 0.7% 1.0% 0.7% Risk-free interest rate 2.0% - 2.5% 1.7% - 2.0% 2.0% - 2.3% |
Activity for Stock Option Awards | Number Weighted-Average Exercise Price Per Share Balance at September 30, 2016 4,944 $ 35.35 Options granted 791 62.74 Options exercised (466) 33.65 Options forfeited (33) 44.21 Balance at September 30, 2017 5,236 39.58 |
Changes in Nonvested Stock Options | Number Weighted-Average Grant Date Fair Value Per Share Balance at September 30, 2016 2,075 $ 14.90 Options granted 791 24.98 Options vested (763) 15.26 Options forfeited (31) 15.40 Balance at September 30, 2017 2,072 18.61 |
Stock Options Vested, Or Expected to Vest and Are Exercisable | Number Weighted- Average Exercise Price Per Share Weighted- Average Remaining Life in Years Aggregate Intrinsic Value Options outstanding 5,236 $ 39.58 5.9 $ 199,098 Options vested and exercisable 3,164 32.80 4.5 141,785 Options vested and expected to vest 5,164 39.39 5.9 197,348 |
Other Stock Option Information | Year Ended September 30, 2017 2016 2015 Total fair value of stock options vested $ 11,639 $ 10,374 $ 9,656 Total intrinsic value of options exercised 16,416 23,178 18,876 Cash received from exercises of stock options 14,196 15,892 8,400 Excess tax benefit realized from exercise of stock options 4,383 6,472 6,959 |
Changes in Restricted Stock Awards | Number Fair Value per Share Balance at September 30, 2016 24 $ 39.43 Shares granted - n/a Shares vested - n/a Shares forfeited (24) 39.43 Balance at September 30, 2017 - n/a |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure | |
Future Minimum Lease Payments | Year Ending September 30, Operating Leases Capital Leases 2018 $ 6,315 $ 444 2019 4,265 451 2020 3,872 122 2021 3,188 - 2022 2,148 - Thereafter 3,427 - Total $ 23,215 $ 1,017 |
Rent Expense for All Operating Leases | Year Ended September 30, 2017 2016 2015 Rent expense $ 8,302 $ 7,359 $ 7,299 |
Future Minimum Unconditional Purchase Obligations | Year Ending September 30, 2018 $ 299,267 2019 17,993 2020 232 2021 66 2022 - Thereafter - Total $ 317,558 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Revenue, Major Customer [Line Items] | |
Consolidated Net Sales and Earnings by Segment | Year Ended September 30, 2017 2016 2015 Segment external net sales: Aerospace $ 1,342,339 $ 1,233,176 $ 1,160,883 Industrial 756,346 789,902 877,420 Total consolidated net sales $ 2,098,685 $ 2,023,078 $ 2,038,303 Segment earnings: Aerospace $ 257,813 $ 232,166 $ 187,747 Industrial 78,991 82,237 126,641 Nonsegment expenses (58,352) (63,166) (49,362) Interest expense, net (25,705) (24,751) (24,077) Consolidated earnings before income taxes $ 252,747 $ 226,486 $ 240,949 |
Consolidated Total Assets, Depreciation and Amortization, and Capital Expenditures by Segment | Year Ended September 30, 2017 2016 2015 Segment assets: Aerospace $ 1,722,789 $ 1,637,522 $ 1,566,421 Industrial 695,264 705,169 653,848 Unallocated corporate property, plant and equipment, net 104,755 89,988 85,834 Other unallocated assets 234,301 209,683 206,301 Consolidated total assets $ 2,757,109 $ 2,642,362 $ 2,512,404 Segment depreciation and amortization: Aerospace $ 47,277 $ 40,825 $ 46,488 Industrial 24,421 20,412 20,768 Unallocated corporate amounts 9,219 7,799 7,979 Consolidated depreciation and amortization $ 80,917 $ 69,036 $ 75,235 Segment capital expenditures: Aerospace $ 62,812 $ 90,749 $ 150,021 Industrial 12,189 62,065 113,292 Unallocated corporate amounts 17,335 22,878 23,299 Consolidated capital expenditures $ 92,336 $ 175,692 $ 286,612 |
External Net Sales by Geographical Area | Year Ended September 30, 2017 2016 2015 United States $ 1,211,902 $ 1,118,833 $ 1,054,895 Europe (1) 478,725 537,901 569,322 Asia 288,252 228,683 241,875 Other countries 119,806 137,661 172,211 Consolidated net sales $ 2,098,685 $ 2,023,078 $ 2,038,303 (1) As a percentage of consolidated net sales, net sales to customers in Germany accounted for 8% for the year ended September 30, 2017, 10% for the year ended September 30, 2016 and 10% for the year ended September 30, 2015. |
Property, Plant, and Equipment - Net by Geographical Area | At September 30, 2017 2016 United States $ 872,947 $ 826,225 Germany 24,541 24,468 Other countries 24,555 25,657 Consolidated property, plant and equipment, net $ 922,043 $ 876,350 |
U.S. Government Related [Member] | |
Revenue, Major Customer [Line Items] | |
U.S. Government Related Sales by Segment | Direct U.S. Government Sales Indirect U.S. Government Sales Total U.S. Government Related Sales Fiscal year ended September 30, 2017 Aerospace $ 106,685 $ 362,536 $ 469,221 Industrial 3,726 10,814 14,540 Total net external sales $ 110,411 $ 373,350 $ 483,761 Percentage of total net sales 5% 18% 23% Fiscal year ended September 30, 2016 Aerospace $ 103,026 $ 310,952 $ 413,978 Industrial 6,550 9,845 16,395 Total net external sales $ 109,576 $ 320,797 $ 430,373 Percentage of total net sales 5% 16% 21% Fiscal year ended September 30, 2015 Aerospace $ 92,322 $ 258,391 $ 350,713 Industrial 4,836 8,839 13,675 Total net external sales $ 97,158 $ 267,230 $ 364,388 Percentage of total net sales 5% 13% 18% |
Supplemental Quarterly Financ50
Supplemental Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Member] | |
Supplemental Quarterly Financial Data [Line Items] | |
Quarterly Financial Information | Quarterly results by segment for the fiscal years ended September 30, 201 7 and September 30, 201 6 follow: 2017 Fiscal Quarters First Second Third Fourth Segment external net sales: Aerospace $ 266,680 $ 320,526 $ 355,992 $ 399,141 Industrial 176,214 179,855 192,630 207,647 Total $ 442,894 $ 500,381 $ 548,622 $ 606,788 Segment earnings: Aerospace $ 46,877 $ 58,227 $ 67,173 $ 85,536 Industrial 17,998 17,089 20,870 23,034 Nonsegment expenses (11,381) (18,764) (12,945) (15,262) Interest expense, net (6,435) (6,316) (6,411) (6,543) Consolidated earnings before income taxes $ 47,059 $ 50,236 $ 68,687 $ 86,765 2016 Fiscal Quarters First Second Third Fourth Segment external net sales: Aerospace $ 268,599 $ 290,690 $ 308,582 $ 365,305 Industrial 176,511 188,692 199,082 225,617 Total $ 445,110 $ 479,382 $ 507,664 $ 590,922 Segment earnings: Aerospace $ 43,486 $ 50,578 $ 57,726 $ 80,376 Industrial 21,551 19,469 21,963 19,254 Nonsegment expenses (1) (30,620) (9,888) (10,369) (12,289) Interest expense, net (6,461) (5,793) (5,912) (6,585) Consolidated earnings before income taxes $ 27,956 $ 54,366 $ 63,408 $ 80,756 Notes: 1. The results for N onsegment expenses for the first quarter of fiscal year 2016 incl ude special charges totaling approximately $16,100 related to Woodward's efforts to consolidate facilities, reduce costs and address current market conditions. |
Total of Reporting Segments [Member] | |
Supplemental Quarterly Financial Data [Line Items] | |
Quarterly Financial Information | Quarterly results for the fiscal years ended September 30, 2017 and September 30, 2016 follow: 2017 Fiscal Quarters First Second Third Fourth Net sales $ 442,894 $ 500,381 $ 548,622 $ 606,788 Gross margin (1) (2) 113,746 133,282 153,872 171,659 Earnings before income taxes 47,059 50,236 68,687 86,765 Net earnings 46,548 38,105 53,626 62,228 Earnings per share Basic earnings per share 0.76 0.62 0.87 1.02 Diluted earnings per share 0.73 0.60 0.85 0.98 Cash dividends per share 0.110 0.125 0.125 0.125 2016 Fiscal Quarters First (3) Second Third Fourth Net sales $ 445,110 $ 479,382 $ 507,664 $ 590,922 Gross margin (1) (2) 109,553 131,081 134,825 163,659 Earnings before income taxes 27,956 54,366 63,408 80,756 Net earnings 25,820 40,824 51,047 63,147 Earnings per share Basic earnings per share 0.41 0.66 0.83 1.03 Diluted earnings per share 0.40 0.65 0.81 0.99 Cash dividends per share 0.100 0.110 0.110 0.110 Notes: 1. Gross margin represents net sales less cost of goods sold. 2. Gross margin for all periods presented has been recast from previously reported quarterly results due to reclassification of amortization as a separate line to an allocated expense/cost component of cost of goods sold and selling, general and administrative expenses . See “Note 1 - Operations and summary of significant accounting policies ” for further information on reclassification. 3. Results for the first quarter of fiscal year 2016 include special charges totaling approximately $16,100 related to Woodward's efforts to consolidate facilities, reduce costs and address current market conditions. |
Schedule II (Tables)
Schedule II (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Valuation and Qualifying Accounts | |
Schedule II | Column A Column B Column C Column D Column E Additions Description Balance at Beginning of Year Charged to Costs and Expenses Charged to Other Accounts (a) Deductions (b) Balance at End of Year Fiscal year 2017 Allowance for uncollectible accounts $ 2,540 $ 1,063 $ 449 $ (276) $ 3,776 Deferred tax asset valuation allowance 3,317 77 - 320 3,714 Fiscal year 2016 Allowance for uncollectible accounts 3,841 255 233 (1,789) 2,540 Deferred tax asset valuation allowance 6,804 53 - (3,540) 3,317 Fiscal year 2015 Allowance for uncollectible accounts 7,078 364 487 (4,088) 3,841 Deferred tax asset valuation allowance 9,486 209 - (2,891) 6,804 Notes: (a) Includes recoveries of accounts previously written off. (b) Represents accounts receivable written off against the allowance for collectible accounts and releases of valuation reserves to income tax expense. Also included are foreign currency exchange rate adjustments. Currency translation adjustments resulted in an increase in the reserves of $64 in fiscal year 2017, an increase in the reserve of $77 in fiscal year 2016, and a decrease in the reserve of $934 in fiscal year 2015. |
Operations and summary of sig52
Operations and summary of significant accounting policies (Narrative) (Details) - USD ($) | 12 Months Ended | 36 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2017 | |
Basis of Presentation | ||||
Selling, general, and administrative expenses include net foreign currency transaction gains (losses) | $ (651,000) | $ 701,000 | $ (1,721,000) | |
Goodwill, Impairment Loss | $ 0 | |||
Asset Impairment Charges | $ 0 |
Operations and summar of signif
Operations and summar of significant accounting policies (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for uncollectible customer amounts | $ (3,776) | $ (2,540) |
Accounts receivable | 402,182 | 343,768 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | 367,715 | 341,215 |
Accounts Receivable from Chinese Financial Institution [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | $ 38,243 | $ 5,093 |
Operations and summary of sig54
Operations and summary of significant accounting policies (Schedule of property, plant, and equipment useful lives) (Details) | 12 Months Ended |
Sep. 30, 2017 | |
Enterprise Resource Planning system [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Minimum [Member] | Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 1 year |
Minimum [Member] | Machinery and Production Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Computer Equipment and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Office furniture and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Other Capitalized Property Plant and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Computer Equipment and Software, Excluding ERP system [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Maximum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Machinery and Production Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Maximum [Member] | Computer Equipment and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Office furniture and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 13 years |
Maximum [Member] | Other Capitalized Property Plant and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 13 years |
Maximum [Member] | Computer Equipment and Software, Excluding ERP system [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Operations and summary of sig55
Operations and summary of significant accounting policies (Schedule of finite-lived intangible assets useful lives) (Details) | 12 Months Ended |
Sep. 30, 2017 | |
Minimum [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 9 years |
Minimum [Member] | Intellectual Property [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Minimum [Member] | Process Technology [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 8 years |
Maximum [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 30 years |
Maximum [Member] | Intellectual Property [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 17 years |
Maximum [Member] | Process Technology [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 30 years |
Maximum [Member] | Other Intangibles [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 15 years |
Operations and summary of sig56
Operations and summary of significant accounting policies (Schedule of reclassifications) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Amortization of Intangible Assets | $ 6,449 | $ 6,439 | $ 6,431 | $ 6,458 | $ 6,727 | $ 6,887 | $ 6,926 | $ 6,946 | $ 25,777 | $ 27,486 | $ 29,241 |
Cost of Sales [Member] | |||||||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Prior Period Reclassification Adjustment | 1,955 | 1,948 | 1,943 | 1,954 | 1,961 | 2,117 | 2,162 | 2,180 | 7,800 | 8,420 | 9,115 |
Selling, General and Administrative Expenses [Member] | |||||||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Prior Period Reclassification Adjustment | $ 4,494 | $ 4,491 | $ 4,488 | $ 4,504 | $ 4,766 | $ 4,770 | $ 4,764 | $ 4,766 | $ 17,977 | $ 19,066 | $ 20,126 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Recent Accounting Pronouncements | |||
Rent expense for all operating leases | $ 8,302 | $ 7,359 | $ 7,299 |
Future minimum rental payments required under operating leases | $ 23,215 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accelerated Share Repurchases [Line Items] | |||||
Payments for Repurchase of Common Stock | $ 71,751 | $ 125,541 | $ 158,762 | ||
Goldman Sachs Accelerated Share Repurchase Program [Member] | |||||
Accelerated Share Repurchases [Line Items] | |||||
Accelerated Share Repurchase Program, Execution Date | Jun. 2, 2015 | ||||
Accelerated Share Repurchase Program, Completion Date | Sep. 3, 2015 | ||||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 49.89 | ||||
Payments for Repurchase of Common Stock | $ 125,000 | ||||
Purchases of treasury stock, shares | 458 | 2,048 | 2,506 |
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 | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share | |||||||||||
Net earnings | $ 62,228 | $ 53,626 | $ 38,105 | $ 46,548 | $ 63,147 | $ 51,047 | $ 40,824 | $ 25,820 | $ 200,507 | $ 180,838 | $ 181,452 |
Basic shares outstanding | 61,366 | 61,893 | 64,684 | ||||||||
Dilutive effect of stock options and restricted stock | 2,146 | 1,663 | 1,372 | ||||||||
Diluted shares outstanding | 63,512 | 63,556 | 66,056 | ||||||||
Basic earnings per share | $ 1.02 | $ 0.87 | $ 0.62 | $ 0.76 | $ 1.03 | $ 0.83 | $ 0.66 | $ 0.41 | $ 3.27 | $ 2.92 | $ 2.81 |
Diluted earnings per share | $ 0.98 | $ 0.85 | $ 0.60 | $ 0.73 | $ 0.99 | $ 0.81 | $ 0.65 | $ 0.40 | $ 3.16 | $ 2.85 | $ 2.75 |
Earnings Per Share (Anti-diluti
Earnings Per Share (Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share) (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2015 | |
Earnings Per Share | ||
Options | 68 | 697 |
Weighted-average option price | $ 63.23 | $ 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 | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share | |||
Weighted-average treasury stock shares held for deferred compensation obligations | 180 | 171 | 190 |
Joint Ventures (Narrative) (Det
Joint Ventures (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Jan. 04, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Cash received from formation of joint venture | $ 0 | $ 250,000 | $ 0 | |||
Current portion of deferred income recorded in connection with joint venture | 6,451 | 6,552 | ||||
Noncurrent portion of deferred income recorded in connection with joint venture | 236,896 | 238,187 | ||||
Deferred income tax assets | 201,970 | 206,966 | ||||
Equity interest in earnings (losses) of joint venture | $ 2,568 | $ 6,204 | $ 0 | |||
Woodward and General Electric Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Agreement to Form Joint Venture, Execution Date | Jan. 4, 2016 | |||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Cash received from formation of joint venture | $ 250,000 | |||||
Cash 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 | $ 6,451 | $ 6,552 | ||||
Noncurrent portion of deferred income recorded in connection with joint venture | 236,896 | 238,187 | ||||
Equity interest in earnings (losses) of joint venture | 2,568 | 6,204 | ||||
Cash distributions from joint venture | 2,500 | 0 | ||||
Net investment in joint venture | 6,272 | 6,204 | ||||
Accounts receivable from related party | 8,554 | 5,326 | ||||
Accounts payable to related party | 6,741 | 3,926 | ||||
Woodward and General Electric Joint Venture [Member] | Sales [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Amortization of deferred income recognized as an increase to sales | 6,286 | 5,261 | ||||
Sales to related party | 70,234 | 46,973 | ||||
Reduction to sales related to royalties paid to joint venture | 26,133 | $ 21,391 | ||||
Woodward and General Electric Joint Venture [Member] | Scenario, Forecast [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Cash received annually from formation of joint venture | $ 4,894 |
Financial Instruments and Fai63
Financial Instruments and Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Financial liability on recurring basis | $ 0 | $ 0 |
Investments in Short-Term Time Deposits [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Interest rate used to estimate fair value | 5.30% | 6.90% |
Long Term Notes Receivable From Municipalities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Interest rate used to estimate fair value | 2.60% | 2.20% |
Borrowings [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Interest rate used to estimate fair value | 2.40% | 1.90% |
Financial Instruments and Fai64
Financial Instruments and Fair Value Measurements (Financial Assets that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 104,152 | $ 100,717 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 104,152 | 100,717 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Cash [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 79,822 | 80,959 |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 79,822 | 80,959 |
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Investments in Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 48 |
Investments in Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 48 |
Investments in Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Investments in Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Investments in Reverse Repurchase Agreements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 1 | 83 |
Investments in Reverse Repurchase Agreements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 1 | 83 |
Investments in Reverse Repurchase Agreements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Investments in Reverse Repurchase Agreements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Investments in Term Deposits with Foreign Banks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 7,729 | 7,136 |
Investments in Term Deposits with Foreign Banks [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 7,729 | 7,136 |
Investments in Term Deposits with Foreign Banks [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Investments in Term Deposits with Foreign Banks [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 16,600 | 12,491 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 16,600 | 12,491 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 0 | $ 0 |
Financial Instruments and Fai65
Financial Instruments and Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable from municipalities, Carrying Cost | $ 14,507 | $ 15,849 |
Investments in short-term time deposits, Carrying Cost | 8,223 | 4,918 |
Long-term debt, excluding current portion, Carrying Cost | (582,080) | (579,244) |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable from municipalities, Estimated Fair Value | 15,848 | 17,501 |
Investments in short-term time deposits, Estimated Fair Value | 8,227 | 4,882 |
Long-term debt, excluding current portion, Estimated Fair Value | $ (592,317) | $ (617,857) |
Derivative Instruments and He66
Derivative Instruments and Hedging Activities (Narrative) (Details) € in Thousands, ¥ in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | 15 Months Ended | 18 Months Ended | ||||||||
Sep. 30, 2013USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2013 | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017EUR (€) | Sep. 30, 2017USD ($) | Jun. 30, 2017CNY (¥) | Jun. 30, 2016CNY (¥) | Jun. 30, 2013USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
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] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Gain (loss) on foreign currency transaction designated as a hedge of a net investment in a foreign subsidiary | $ (2,395) | $ (47) | ||||||||||
First China Intercompany Loan [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Gain (loss) on foreign currency transaction designated as a hedge of a net investment in a foreign subsidiary | 912 | $ 572 | $ 1,484 | |||||||||
Value of Net Investment Hedging Instruments Used | ¥ | ¥ 160,000 | |||||||||||
Second China Intercompany Loan [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Gain (loss) on foreign currency transaction designated as a hedge of a net investment in a foreign subsidiary | $ 453 | (73) | $ 380 | |||||||||
Value of Net Investment Hedging Instruments Used | ¥ | ¥ 160,000 | |||||||||||
Derivatives in Cash Flow Hedging Relationships [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Term of gain or loss recognition in interest expense on terminated derivatives recorded in OCI | 7 years | |||||||||||
Derivative, Notional Amount | $ 25,000 | |||||||||||
Interest Expense [Member] | Derivatives in Cash Flow Hedging Relationships [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Amount of Gain (Loss) Recognized in Accumulated OCI on Derivative | $ 507 | |||||||||||
Total Accumulated Other Comprehensive (Loss) Earnings [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Unrecognized gains (loss) | $ 290 | $ 290 | $ 218 | |||||||||
2008 Note Purchase Agreement [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Issuance Date | Oct. 1, 2008 | |||||||||||
2009 Note Purchase Agreement [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Issuance Date | Apr. 1, 2009 | |||||||||||
2013 Note Purchase Agreement [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Issuance Date | Oct. 1, 2013 | |||||||||||
Face Amount | $ 250,000 | |||||||||||
First Closing Notes [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Issuance Date | Oct. 1, 2013 | |||||||||||
Second Closing Notes [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Issuance Date | Nov. 15, 2013 | |||||||||||
2016 Note Purchase Agreements [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Issuance Date | Sep. 23, 2016 | |||||||||||
Face Amount | € | € 160,000 | |||||||||||
Series M Notes [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Value of Net Investment Hedging Instruments Used | € | 40,000 | |||||||||||
Face Amount | € | 40,000 | |||||||||||
Series N Notes [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Face Amount | € | 77,000 | |||||||||||
Series O Notes [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Face Amount | € | € 43,000 |
Derivative Instruments and He67
Derivative Instruments and Hedging Activities (Impact of Derivative Instruments on Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Income) Expense Recognized in Earnings on Derivative | $ (72) | $ 21 | $ 99 | |
Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings | $ (72) | $ 21 | $ 99 | |
Interest Expense [Member] | Derivatives in Cash Flow Hedging Relationships [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative | $ 507 |
Supplemental Statements of Ca68
Supplemental Statements of Cash Flows Information (Schedule of Cash Flow Supplemental Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Supplemental Statements of Cash Flows Information | |||
Interest paid, net of amounts capitalized | $ 27,752 | $ 34,500 | $ 32,608 |
Income taxes paid | 33,926 | 99,468 | 51,218 |
Income tax refunds received | 997 | 2,350 | 689 |
Purchases of property, plant and equipment on account | 17,327 | 10,705 | 23,966 |
Property, plant and equipment acquired by capital lease | 0 | 1,653 | 0 |
Common shares issued from treasury stock to settle employee liabilities | 1,767 | 0 | 0 |
Common shares issued from treasury stock for benefit plans | 14,014 | 13,999 | 12,574 |
Cashless exercise of stock options | $ 1,473 | $ 753 | $ 1,532 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Inventories | ||
Raw Materials | $ 59,034 | $ 54,246 |
Work in progress | 103,790 | 109,756 |
Component Parts | 262,755 | 249,307 |
Finished Goods | 47,926 | 48,374 |
Inventory, net | $ 473,505 | $ 461,683 |
Property, Plant, and Equipmen70
Property, Plant, and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Construction in progress | $ 111,910 | $ 88,909 | |
Depreciation expense | 55,140 | 41,550 | $ 45,994 |
Service Life [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | (12,000) | ||
Second Campus Rockford Illinois [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Construction in progress | 49,347 | 26,741 | |
Office furniture and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross assets acquired on capital leases | 1,653 | 1,653 | |
Accumulated depreciation on capital lease assets | $ 739 | $ 322 |
Property, Plant, and Equipmen71
Property, Plant, and Equipment, Net (Property, Plant, and Equipment - Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Property, Plant, and Equipment, Net | |||
Land and Land Improvements | $ 88,326 | $ 87,696 | |
Buildings and improvements | 514,453 | 527,704 | |
Leasehold improvements | 16,142 | 15,213 | |
Machinery and production equipment | 543,641 | 484,315 | |
Computer equipment and software | 124,723 | 117,984 | |
Office furniture and equipment | 24,308 | 29,344 | |
Other | 19,393 | 18,969 | |
Construction in progress | 111,910 | 88,909 | |
Property, Plant and Equipment, Gross, Total | 1,442,896 | 1,370,134 | |
Less accumulated depreciation | (520,853) | (493,784) | |
Property, Plant and Equipment, Net, Total | 922,043 | 876,350 | |
Depreciation expense | 55,140 | 41,550 | $ 45,994 |
Capitalized interest | $ 2,008 | $ 5,455 | $ 8,995 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Goodwill [Line Items] | ||
Impairment | $ 0 | |
Assumed annual compound growth rate after five or ten years | 3.39% | |
Minimum [Member] | ||
Goodwill [Line Items] | ||
Weighted average cost of capital assumption | 9.57% | |
Maximum [Member] | ||
Goodwill [Line Items] | ||
Weighted average cost of capital assumption | 13.86% |
Goodwill (Goodwill) (Details)
Goodwill (Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 555,684 | $ 556,977 |
Effects of Currency Translation | 861 | (1,293) |
Goodwill, Ending Balance | 556,545 | 555,684 |
Aerospace [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 455,423 | 455,423 |
Effects of Currency Translation | 0 | 0 |
Goodwill, Ending Balance | 455,423 | 455,423 |
Industrial [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 100,261 | 101,554 |
Effects of Currency Translation | 861 | (1,293) |
Goodwill, Ending Balance | $ 101,122 | $ 100,261 |
Intangible Assets, Net (Schedul
Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets by Major Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | $ 443,476 | $ 443,445 | $ 443,476 | $ 443,445 | |||||||
Accumulated Amortization | (271,594) | (245,795) | (271,594) | (245,795) | |||||||
Net Carrying Amount | 171,882 | 197,650 | 171,882 | 197,650 | |||||||
Amortization expense | 6,449 | $ 6,439 | $ 6,431 | $ 6,458 | 6,727 | $ 6,887 | $ 6,926 | $ 6,946 | 25,777 | 27,486 | $ 29,241 |
Process Technology [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | 99,555 | 99,570 | 99,555 | 99,570 | |||||||
Accumulated Amortization | (66,880) | (59,429) | (66,880) | (59,429) | |||||||
Net Carrying Amount | 32,675 | 40,141 | 32,675 | 40,141 | |||||||
Customer Relationships [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | 323,187 | 323,194 | 323,187 | 323,194 | |||||||
Accumulated Amortization | (185,562) | (167,667) | (185,562) | (167,667) | |||||||
Net Carrying Amount | 137,625 | 155,527 | 137,625 | 155,527 | |||||||
Intellectual Property [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | 19,422 | 19,435 | 19,422 | 19,435 | |||||||
Accumulated Amortization | (18,196) | (17,876) | (18,196) | (17,876) | |||||||
Net Carrying Amount | 1,226 | 1,559 | 1,226 | 1,559 | |||||||
Other Intangibles [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | 1,312 | 1,246 | 1,312 | 1,246 | |||||||
Accumulated Amortization | (956) | (823) | (956) | (823) | |||||||
Net Carrying Amount | 356 | 423 | 356 | 423 | |||||||
Aerospace [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | 358,830 | 358,830 | 358,830 | 358,830 | |||||||
Accumulated Amortization | (200,279) | (177,387) | (200,279) | (177,387) | |||||||
Net Carrying Amount | 158,551 | 181,443 | 158,551 | 181,443 | |||||||
Aerospace [Member] | Process Technology [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | 76,605 | 76,605 | 76,605 | 76,605 | |||||||
Accumulated Amortization | (49,124) | (43,229) | (49,124) | (43,229) | |||||||
Net Carrying Amount | 27,481 | 33,376 | 27,481 | 33,376 | |||||||
Aerospace [Member] | Customer Relationships [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | 282,225 | 282,225 | 282,225 | 282,225 | |||||||
Accumulated Amortization | (151,155) | (134,158) | (151,155) | (134,158) | |||||||
Net Carrying Amount | 131,070 | 148,067 | 131,070 | 148,067 | |||||||
Aerospace [Member] | Intellectual Property [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | 0 | 0 | 0 | 0 | |||||||
Accumulated Amortization | 0 | 0 | 0 | 0 | |||||||
Net Carrying Amount | 0 | 0 | 0 | 0 | |||||||
Aerospace [Member] | Other Intangibles [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | 0 | 0 | 0 | 0 | |||||||
Accumulated Amortization | 0 | 0 | 0 | 0 | |||||||
Net Carrying Amount | 0 | 0 | 0 | 0 | |||||||
Industrial [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | 84,646 | 84,615 | 84,646 | 84,615 | |||||||
Accumulated Amortization | (71,315) | (68,408) | (71,315) | (68,408) | |||||||
Net Carrying Amount | 13,331 | 16,207 | 13,331 | 16,207 | |||||||
Industrial [Member] | Process Technology [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | 22,950 | 22,965 | 22,950 | 22,965 | |||||||
Accumulated Amortization | (17,756) | (16,200) | (17,756) | (16,200) | |||||||
Net Carrying Amount | 5,194 | 6,765 | 5,194 | 6,765 | |||||||
Industrial [Member] | Customer Relationships [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | 40,962 | 40,969 | 40,962 | 40,969 | |||||||
Accumulated Amortization | (34,407) | (33,509) | (34,407) | (33,509) | |||||||
Net Carrying Amount | 6,555 | 7,460 | 6,555 | 7,460 | |||||||
Industrial [Member] | Intellectual Property [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | 19,422 | 19,435 | 19,422 | 19,435 | |||||||
Accumulated Amortization | (18,196) | (17,876) | (18,196) | (17,876) | |||||||
Net Carrying Amount | 1,226 | 1,559 | 1,226 | 1,559 | |||||||
Industrial [Member] | Other Intangibles [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gross Carrying Value | 1,312 | 1,246 | 1,312 | 1,246 | |||||||
Accumulated Amortization | (956) | (823) | (956) | (823) | |||||||
Net Carrying Amount | $ 356 | $ 423 | $ 356 | $ 423 |
Intangible Assets, Net (Sched75
Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Intangible Assets, Net | ||
2,018 | $ 24,995 | |
2,019 | 23,159 | |
2,020 | 20,372 | |
2,021 | 18,404 | |
2,022 | 16,249 | |
Thereafter | 68,703 | |
Finite-Lived Intangible Assets, Net, Total | $ 171,882 | $ 197,650 |
Credit Facilities and Short-ter
Credit Facilities and Short-term Borrowings (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Apr. 28, 2015 | |
Debt And Line Of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 1,017,588 | |||
Outstanding borrowings | 32,600 | |||
Debt financing costs | $ 863 | $ 2,359 | ||
Foreign Performance Guarantee Facilities [Member] | ||||
Debt And Line Of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 10,058 | |||
Outstanding borrowings | 0 | |||
Foreign Lines of Credit And Overdraft Facilities [Member] | ||||
Debt And Line Of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 7,530 | |||
Outstanding borrowings | 0 | |||
Revolving Credit Facility [Member] | ||||
Debt And Line Of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 1,000,000 | |||
Credit facility effective interest rate on outstanding borrowing | 2.29% | 1.77% | ||
Outstanding borrowings | $ 32,600 | $ 156,700 | ||
Current portion of outstanding borrowings | 32,600 | 150,000 | ||
Debt financing costs | $ 2,359 | |||
Balance of unamortized debt issuance costs, line of credit | 2,259 | 3,134 | ||
Revolving Credit Agreement [Member] | ||||
Debt And Line Of Credit Facility [Line Items] | ||||
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 | |||
Cross default provisions related to the Company’s other outstanding debt arrangements in excess of this amount, the occurrence of which would permit the lenders to accelerate the amounts due thereunder | $ 60,000 | |||
Debt Covenant, Minimum Consolidated Net Worth Calculation, Base Value | $ 800,000 | |||
Debt Covenant, Minimum Consolidated Net Worth Calculation, Percentage of Net Income | 50.00% | |||
Debt Covenant, Minimum Consolidated Net Worth Calculation, Percentage of Net Proceeds of Issuance of Capital Stock | 50.00% | |||
Debt Covenant, Leverage Ratio, Maximum | 3.5 | |||
Debt Covenant, Leverage Ratio During Material Acquisition Period, Maximum | 4 | |||
Debt Covenant, Leverage Ratio Next Two Succeeding Fiscal Quarters Following Material Acquisition, Maximum | 3.75 | |||
Balance of unamortized debt issuance costs, line of credit | $ 2,259 | |||
Third Amended and Restated Credit Agreement [Member] | ||||
Debt And Line Of Credit Facility [Line Items] | ||||
Balance of unamortized debt issuance costs, line of credit | $ 2,014 | |||
Minimum [Member] | Revolving Credit Agreement [Member] | ||||
Debt And Line Of Credit Facility [Line Items] | ||||
Basis Spread On Variable Rate | 0.85% | |||
Maximum [Member] | Revolving Credit Agreement [Member] | ||||
Debt And Line Of Credit Facility [Line Items] | ||||
Basis Spread On Variable Rate | 1.65% | |||
The Notes [Member] | ||||
Debt And Line Of Credit Facility [Line Items] | ||||
Debt Covenant, Minimum Consolidated Net Worth Calculation, Percentage of Net Income | 50.00% | |||
Debt Covenant, Leverage Ratio, Maximum | 3.5 | |||
Debt Covenant, Leverage Ratio During Material Acquisition Period, Maximum | 4 | |||
Note Purchase Agreements 2008 and 2009 [Member] | ||||
Debt And Line Of Credit Facility [Line Items] | ||||
Debt Covenant, Minimum Consolidated Net Worth Calculation, Base Value | $ 485,940 | |||
Note Purchase Agreement 2013 and 2016 [Member] | ||||
Debt And Line Of Credit Facility [Line Items] | ||||
Debt Covenant, Minimum Consolidated Net Worth Calculation, Base Value | $ 1,046,619 | |||
2016 Note Purchase Agreements [Member] | ||||
Debt And Line Of Credit Facility [Line Items] | ||||
Debt financing costs | $ 863 |
Long-term Debt (Narrative) (Det
Long-term Debt (Narrative) (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||||
Sep. 30, 2017EUR (€) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2017USD ($) | Apr. 28, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||
Debt financing costs | $ 863 | $ 2,359 | ||||
Amortization of debt financing costs recognized as interest expense | $ 1,130 | 1,165 | 1,114 | |||
Balance of unamortized debt issuance costs | 2,091 | $ 1,794 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,017,588 | |||||
Outstanding borrowings | $ 32,600 | |||||
The Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Covenant, Leverage Ratio, Maximum | 3.5 | 3.5 | ||||
Debt Covenant, Minimum Consolidated Net Worth Calculation, Percentage of Net Income | 50.00% | 50.00% | ||||
Debt Covenant, Calculations, Period Of Time | rolling four quarter basis | rolling four quarter basis | ||||
Debt Covenant, Leverage Ratio During Material Acquisition Period, Maximum | 4 | 4 | ||||
Prepayment, Maximum Percentage of Principal | 100.00% | 100.00% | ||||
Balance of unamortized debt issuance costs | 2,091 | $ 1,794 | ||||
The USD Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Covenant, Maximum Percentage of Priority Debt To Consolidated Net Worth | 25.00% | 25.00% | ||||
Prepayment, Partial Payment Minimum | $ 1,000 | |||||
Non Floating Rate Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Prepayment, Make-Whole Amount Computation, Discount Rate Basis Points | 50 | 50 | ||||
Debt Instrument Prepayment Make Whole Amount Computation | computed by discounting the remaining scheduled payments of interest and principal of the USD Notes being prepaid at a discount rate equal to the sum of 50 basis points and the yield to maturity of U.S. Treasury securities having a maturity equal to the remaining average life of the USD Notes being prepaid | computed by discounting the remaining scheduled payments of interest and principal of the USD Notes being prepaid at a discount rate equal to the sum of 50 basis points and the yield to maturity of U.S. Treasury securities having a maturity equal to the remaining average life of the USD Notes being prepaid | ||||
2013 Note Purchase Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Issuance Date | Oct. 1, 2013 | Oct. 1, 2013 | ||||
Face Amount | $ 250,000 | |||||
Floating Rate Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Prepayment Make Whole Amount Computation | computed as a percentage of the principal amount of the Series J Notes equal to (a) 2%, on or prior to November 15, 2014, (b) 1%, after November 15, 2014 and on or prior to November 15, 2015, and (c) 0% after November 15, 2015 | computed as a percentage of the principal amount of the Series J Notes equal to (a) 2%, on or prior to November 15, 2014, (b) 1%, after November 15, 2014 and on or prior to November 15, 2015, and (c) 0% after November 15, 2015 | ||||
Series J Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate | 2.60% | 2.60% | ||||
First Closing Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Issuance Date | Oct. 1, 2013 | Oct. 1, 2013 | ||||
Second Closing Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Issuance Date | Nov. 15, 2013 | Nov. 15, 2013 | ||||
Note Purchase Agreements 2008 and 2009 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Covenant, Minimum Consolidated Net Worth Calculation, Base Value | $ 485,940 | |||||
2008 Note Purchase Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Issuance Date | Oct. 1, 2008 | Oct. 1, 2008 | ||||
2009 Note Purchase Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Issuance Date | Apr. 1, 2009 | Apr. 1, 2009 | ||||
2016 Note Purchase Agreements [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Issuance Date | Sep. 23, 2016 | Sep. 23, 2016 | ||||
Face Amount | € | € 160,000 | |||||
Prepayment, Partial Payment Minimum | € | € 1,000 | |||||
Debt financing costs | 863 | |||||
2016 Notes Subject to Swap Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Prepayment Make Whole Amount Computation | adjusted for theoretical holder returns foregone on hypothetical reinvestments in U.S. Treasury securities (the "Swapped Notes") is equal to the excess of an amount equal to the remaining scheduled payments to be paid in respect of such called principal under such swap agreement discounted at a rate equal to 50 basis points and the yield to maturity of U.S. Treasury securities having a maturity equal to the remaining average life of the Swapped Notes being prepaid over the amount of payments in U.S. dollars that would be paid to the holder of the Swapped Note in respect of the called principal under the swap agreement, which amount will be increased or reduced, as applicable, in an amount equal to any net gain or loss realized by the holder of such Swapped Note on swap transactions under such swap agreement as a result of such prepayment | adjusted for theoretical holder returns foregone on hypothetical reinvestments in U.S. Treasury securities (the "Swapped Notes") is equal to the excess of an amount equal to the remaining scheduled payments to be paid in respect of such called principal under such swap agreement discounted at a rate equal to 50 basis points and the yield to maturity of U.S. Treasury securities having a maturity equal to the remaining average life of the Swapped Notes being prepaid over the amount of payments in U.S. dollars that would be paid to the holder of the Swapped Note in respect of the called principal under the swap agreement, which amount will be increased or reduced, as applicable, in an amount equal to any net gain or loss realized by the holder of such Swapped Note on swap transactions under such swap agreement as a result of such prepayment | ||||
2016 Notes Not Subject to Swap Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Prepayment Make Whole Amount Computation | computed by discounting the remaining scheduled payments of interest and principal of such notes being prepaid at a discount rate equal to the sum of 50 basis points and the yield to maturity of the German Bund having a maturity equal to the remaining average life of the 2016 Notes being prepaid | computed by discounting the remaining scheduled payments of interest and principal of such notes being prepaid at a discount rate equal to the sum of 50 basis points and the yield to maturity of the German Bund having a maturity equal to the remaining average life of the 2016 Notes being prepaid | ||||
Series M Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face Amount | € | € 40,000 | |||||
Series N Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face Amount | € | 77,000 | |||||
Series O Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face Amount | € | € 43,000 | |||||
Note Purchase Agreement 2013 and 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Covenant, Minimum Consolidated Net Worth Calculation, Base Value | 1,046,619 | |||||
Foreign Performance Guarantee Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,058 | |||||
Outstanding borrowings | 0 | |||||
Foreign Lines of Credit And Overdraft Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 7,530 | |||||
Outstanding borrowings | 0 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing costs | $ 2,359 | |||||
Balance of unamortized debt issuance costs, line of credit | 3,134 | 2,259 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000 | |||||
Outstanding borrowings | $ 156,700 | $ 32,600 | ||||
Credit facility effective interest rate on outstanding borrowing | 2.29% | 1.77% | 2.29% | |||
Third Amended and Restated Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Balance of unamortized debt issuance costs, line of credit | $ 2,014 | |||||
Revolving Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable Rate Basis | LIBOR | LIBOR | ||||
Debt Covenant, Leverage Ratio, Maximum | 3.5 | 3.5 | ||||
Debt Covenant, Minimum Consolidated Net Worth Calculation, Base Value | $ 800,000 | |||||
Debt Covenant, Minimum Consolidated Net Worth Calculation, Percentage of Net Income | 50.00% | 50.00% | ||||
Debt Covenant, Leverage Ratio During Material Acquisition Period, Maximum | 4 | 4 | ||||
Balance of unamortized debt issuance costs, line of credit | $ 2,259 | |||||
Line of Credit Facility, Expiration Date | Apr. 1, 2020 | Apr. 1, 2020 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||||
Revolving Credit Agreement [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis Spread On Variable Rate | 0.85% | 0.85% | ||||
Revolving Credit Agreement [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis Spread On Variable Rate | 1.65% | 1.65% |
Credit Facilities and Short-t78
Credit Facilities and Short-term Borrowings (Short-term Borrowings and Availability Under Various Short-term Credit Facilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Line of Credit Facility [Line Items] | ||
Total availability | $ 1,017,588 | |
Outstanding letters of credit and guarantees | (10,972) | |
Outstanding borrowings | (32,600) | |
Remaining availability | 974,016 | |
Foreign Performance Guarantee Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Total availability | 10,058 | |
Outstanding letters of credit and guarantees | (351) | |
Outstanding borrowings | 0 | |
Remaining availability | 9,707 | |
Foreign Lines of Credit And Overdraft Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Total availability | 7,530 | |
Outstanding letters of credit and guarantees | 0 | |
Outstanding borrowings | 0 | |
Remaining availability | 7,530 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Total availability | 1,000,000 | |
Outstanding letters of credit and guarantees | (10,621) | |
Outstanding borrowings | (32,600) | $ (156,700) |
Remaining availability | $ 956,779 |
Long-term Debt (Schedule of Lon
Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Debt Instrument [Line Items] | ||
Total debt | $ 614,680 | $ 729,244 |
Current portion of long-term debt | (32,600) | (150,000) |
Unamortized debt issuance costs | (1,794) | (2,091) |
Long-term debt, less current portion | $ 580,286 | $ 577,153 |
Series D Notes [Member] | Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
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] | ||
Debt Instrument [Line Items] | ||
Interest rate | 8.24% | 8.24% |
Maturity date | Apr. 3, 2019 | Apr. 3, 2019 |
Total debt | $ 43,000 | $ 43,000 |
Series J Notes [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 2.60% | |
Series J Notes [Member] | Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
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] | ||
Debt Instrument [Line Items] | ||
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] | ||
Debt Instrument [Line Items] | ||
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] | ||
Debt Instrument [Line Items] | ||
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] | ||
Debt Instrument [Line Items] | ||
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] | ||
Debt Instrument [Line Items] | ||
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] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.12% | 1.12% |
Maturity date | Sep. 23, 2026 | Sep. 23, 2026 |
Total debt | $ 47,270 | $ 44,886 |
Series N Notes [Member] | Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.31% | 1.31% |
Maturity date | Sep. 23, 2028 | Sep. 23, 2028 |
Total debt | $ 90,995 | $ 86,406 |
Series O Notes [Member] | Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.57% | 1.57% |
Maturity date | Sep. 23, 2031 | Sep. 23, 2031 |
Total debt | $ 50,815 | $ 48,252 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility effective interest rate on outstanding borrowing | 2.29% | 1.77% |
Revolving Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Variable Rate Basis | LIBOR | |
Revolving Credit Agreement [Member] | Domestic Line Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 32,600 | $ 156,700 |
Revolving Credit Agreement [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Basis Spread On Variable Rate | 0.85% | |
Revolving Credit Agreement [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Basis Spread On Variable Rate | 1.65% |
Long-term Debt (Schedule of Fut
Long-term Debt (Schedule of Future Principal Payments of Long-term Debt) (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Debt Disclosure | |
2,018 | $ 0 |
2,019 | 143,000 |
2,020 | 0 |
2,021 | 100,000 |
2,022 | 0 |
Thereafter | 339,080 |
Long-term debt balance | $ 582,080 |
Accrued Liabilities (Narrative)
Accrued Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||
Loss reserve against the estimated remaining contractual lease commitments, less anticipated sublease income | $ 0 | $ 8,165 | $ 39 | ||
Loss reserve, noncurrent portion | 3,927 | $ 7,402 | |||
Loss Reserve On Contractual Lease Commitments [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Loss reserve against the estimated remaining contractual lease commitments, less anticipated sublease income | $ 8,165 | ||||
Non-cash adjustments | $ 2,322 | ||||
Loss reserve, noncurrent portion | $ 3,927 |
Accrued Liabilities (Accrued Li
Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Accrued Liabilities | ||||
Salaries and other member benefits | $ 91,285 | $ 87,197 | ||
Warranties | 13,597 | 15,993 | $ 13,741 | $ 16,916 |
Interest payable | 9,626 | 9,071 | ||
Current portion of acquired performance obligations and unfavorable contracts | 1,627 | 2,910 | ||
Accrued retirement benefits | 2,413 | 2,505 | ||
Current portion of loss reserve | 1,343 | 1,840 | ||
Current portion of deferred income from JV formation (Note 4) | 6,451 | 6,552 | ||
Deferred revenues | 4,625 | 5,779 | ||
Taxes, other than income | 14,401 | 14,580 | ||
Other | 9,704 | 10,200 | ||
Accrued liabilities | $ 155,072 | $ 156,627 |
Accrued Liabilities (Warranties
Accrued Liabilities (Warranties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accrued Liabilities | |||
Warranties, beginning of period | $ 15,993 | $ 13,741 | $ 16,916 |
Warranty Expense, net of recoveries | 9,135 | 9,902 | 10,117 |
Reductions for settling warranties | (11,692) | (7,802) | (12,416) |
Foreign currency exchange rate changes | 161 | 152 | (876) |
Warranties, end of period | $ 13,597 | $ 15,993 | $ 13,741 |
Accrued Liabilities (Loss Reser
Accrued Liabilities (Loss Reserve Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||
Loss reserve on contractual lease commitments, beginning of period | $ 2,464 | $ 9,242 | $ 2,464 | $ 3,212 | |
Additions | 0 | 8,165 | 39 | ||
Payments | (1,650) | (1,387) | (787) | ||
Loss reserve on contractual lease commitments, end of period | $ 5,270 | $ 9,242 | $ 2,464 | ||
Loss Reserve On Contractual Lease Commitments [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Additions | $ 8,165 | ||||
Non-cash adjustments | $ (2,322) |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Other Liabilities [Line Items] | ||
Net accrued retirement benefits, less amounts recognized within accrued liabilities | $ 52,211 | $ 70,479 |
Noncurrent portion of deferred income from JV formation | 236,896 | 238,187 |
Total unrecognized tax benefits, net of offsetting adjustments | 20,949 | 17,239 |
Acquired unfavorable contracts | 2,076 | 3,148 |
Deferred economic incentives | 14,574 | 16,196 |
Loss reserve | 3,927 | 7,402 |
Other | 14,165 | 15,573 |
Other liabilities | 344,798 | $ 368,224 |
Loss Reserve On Contractual Lease Commitments [Member] | ||
Other Liabilities [Line Items] | ||
Loss reserve | $ 3,927 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other (Income) Expense, Net | |||
Equity interest in losses (earnings) of the JV (Note 4) | $ (2,568) | $ (6,204) | $ 0 |
Net (gain) loss on sales of assets | (3,604) | (4,431) | (626) |
Rent income | (254) | (315) | (485) |
Net (gain) loss on investments in deferred compensation program | (1,833) | (1,062) | 33 |
Other | (786) | (294) | (84) |
Other (income) expense, net | $ (9,045) | $ (12,306) | $ (1,162) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes | ||||
Statutory tax rate | 35.00% | 35.00% | 35.00% | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 4,707 | $ 5,255 | ||
Undistributed foreign earnings for which Woodward has not provided for taxes | 405,286 | |||
Unrecognized Tax Benefits | 20,132 | 23,526 | $ 21,469 | $ 22,687 |
Estimated decrease in liability for unrecognized tax benefits | 7,726 | |||
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | 9,677 | 11,426 | ||
Accrued interest and penalties | $ 1,123 | $ 1,273 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Current: | |||
Federal | $ 17,872 | $ 81,127 | $ 23,923 |
State | 1,379 | 6,067 | 3,108 |
Foreign | 15,118 | 9,689 | 18,343 |
Deferred: | |||
Federal | 16,907 | (40,801) | 19,236 |
State | (2,561) | (9,054) | 751 |
Foreign | 3,525 | (1,380) | (5,864) |
Income tax expense | $ 52,240 | $ 45,648 | $ 59,497 |
Income Taxes (Earings Before In
Income Taxes (Earings Before Income Taxes by Geographical Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Taxes | |||||||||||
United States | $ 192,220 | $ 175,146 | $ 172,315 | ||||||||
Other countries | 60,527 | 51,340 | 68,634 | ||||||||
Consolidated earnings before income taxes | $ 86,765 | $ 68,687 | $ 50,236 | $ 47,059 | $ 80,756 | $ 63,408 | $ 54,366 | $ 27,956 | $ 252,747 | $ 226,486 | $ 240,949 |
Income Taxes (Composition of De
Income Taxes (Composition of Deferred Income Taxes) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Deferred tax assets: | ||
Defined benefit plans, other postretirement | $ 11,947 | $ 13,017 |
Foreign net operating loss carryforwards | 4,707 | 5,255 |
Inventory | 29,444 | 27,332 |
Deferred and stock-based compensation | 37,693 | 34,388 |
Defined benefit plans, pension | 1,148 | 8,955 |
Deferred revenue | 92,426 | 92,213 |
Other reserves | 10,850 | 13,968 |
Tax credits and incentives | 9,769 | 7,744 |
Other | 7,700 | 7,411 |
Valuation allowance | (3,714) | (3,317) |
Total deferred tax assets, net of valuation allowance | 201,970 | 206,966 |
Deferred tax liabilities: | ||
Goodwill and intangibles - net | (103,781) | (99,030) |
Property, plant and equipment | (109,229) | (88,986) |
Other | (2,418) | (2,533) |
Total deferred tax liabilities | (215,428) | (190,549) |
Net deferred tax liabilities | $ (13,458) | $ 16,417 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of U.S Statutory Rate to Effective Tax Rate) (Details) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Taxes | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | (0.30%) | 0.40% | 1.20% |
Taxes on international activities | (7.60%) | (2.20%) | (3.80%) |
Research credit | (3.20%) | (3.60%) | (0.80%) |
Retroactive extension of research credit | (3.20%) | (2.40%) | |
Net excess income tax benefit from stock-based compensation | (1.40%) | (2.60%) | |
Domestic production activities deduction | (1.50%) | (2.10%) | (1.60%) |
Adjustments of prior period tax items | (0.90%) | (0.20%) | (2.10%) |
Other items, net | 0.60% | (1.30%) | (0.80%) |
Effective tax rate | 20.70% | 20.20% | 24.70% |
Income Taxes (Reconciliation 92
Income Taxes (Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Taxes | |||
Beginning Balance | $ 23,526 | $ 21,469 | $ 22,687 |
Additions to current year tax positions | 2,560 | 3,588 | 2,234 |
Reductions to prior year tax positions | (5,753) | (2,292) | (7,785) |
Additions to prior year tax positions | 3,501 | 761 | 5,124 |
Lapse of applicable statute of limitations | (3,702) | (791) | |
Ending Balance | $ 20,132 | $ 23,526 | $ 21,469 |
Retirement Benefits (Narrative)
Retirement Benefits (Narrative) (Details) shares in Thousands | 12 Months Ended | ||
Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($)shares | |
Defined Benefit Plan Disclosure [Line Items] | |||
Value of Company Stock Contributed to Defined Contribution Benefit Plans | $ 14,014,000 | $ 13,999,000 | $ 12,574,000 |
Treasury Stock Issued During Period, Shares, Employee Benefit Plans | shares | 199 | 317 | 259 |
Woodward Retirement Savings Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Shares of Woodward stock held in Woodward Retirement Savings Plan | shares | 4,183 | 4,488 | |
Accrued Employee Benefits, Current | $ 11,355,000 | $ 11,314,000 | |
Total stockholders equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Value of Company Stock Contributed to Defined Contribution Benefit Plans | 14,014,000 | 13,999,000 | $ 12,574,000 |
Treasury Stock at Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Value of Company Stock Contributed to Defined Contribution Benefit Plans | $ 7,513,000 | $ 8,680,000 | $ 8,084,000 |
Treasury Stock Issued During Period, Shares, Employee Benefit Plans | shares | 199 | 317 | 259 |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss | $ 0 | $ 47,000 | $ 0 |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated future employer contributions in the next fiscal year | 3,871,000 | ||
Accumulated benefit obligation | $ 32,252,000 | 35,630,000 | |
Option to elect company provided medical insurance coverage up to this age and a Medicare supplemental plan after this age | 65 | ||
Age employees were eligible to participate in plan | 55 | ||
Years of service required to be eligible to participate in plan | 10 years | ||
Approximate number of retired employees and their covered dependents and beneficiaries currently providing postretirement benefits | 770 | ||
Approximate number of active employees and their covered dependants and beneficiaries who may receive postretirement benefits in the future | 13 | ||
UNITED STATES | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Lump Sum Buyout Benefits Paid, Current Year | $ 670,000 | ||
Settlement loss | 0 | 47,000 | 0 |
Estimated future employer contributions in the next fiscal year | $ 0 | ||
Discount rate support/source data | Woodward uses a bond portfolio matching analysis based on recently traded, non-callable bonds rated AA or better that have at least $50 million outstanding to determine the benefit obligations at year end. | ||
Accumulated benefit obligation | $ 161,130,000 | 160,892,000 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Scenario, Forecast [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Lump Sum Buyout Benefits Paid, Expected | $ 0 | ||
UNITED STATES | Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate support/source data | Woodward used a bond portfolio matching analysis based on recently traded, non-callable bonds rated AA or better that have at least $50 million outstanding to determine the benefit obligations at year end. | ||
Duarte Plan, Defined Benefit [Member] | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss | 47,000 | ||
Current defined benefit pension plan liability | $ 0 | ||
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss | $ 0 | 0 | $ 0 |
Discount rate support/source data | Woodward uses a high-quality corporate bond yield curve matched with separate cash flows to develop a single rate to determine the single rate equivalent to settle the entire benefit obligations in each jurisdiction. For the fiscal year ended September 30, 2017 and 2016, the discount rate used to determine periodic service cost and interest cost components of the overall benefit costs was based on spot rates derived from the same high-quality corporate bond yield curve used to determine the September 30, 2017 and 2016, respectively, benefit obligation matched with separate cash flows for each future year. Prior to this change in method, the discount rate used to determine the periodic benefit costs for the year ending September 30, 2015 was based on a single rate equivalent. | ||
Foreign Plan [Member] | Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate support/source data | Woodward uses a high-quality corporate bond yield curve matched with separate cash flows to develop a single rate to determine the single rate equivalent to settle the entire benefit obligations in each jurisdiction. For the fiscal years ended September 30, 2017 and September 30, 2016, the discount rate used to determine periodic service cost and interest cost components of the overall benefit costs was based on spot rates derived from the same high-quality corporate bond yield curve used to determine the September 30, 2016 and 2015, respectively, benefit obligation matched with separate cash flows for each future year. | ||
UNITED KINGDOM | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated future employer contributions in the next fiscal year | $ 397,000 | ||
Accumulated benefit obligation | $ 53,628,000 | 57,877,000 | |
UNITED KINGDOM | Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Approximate number of retired employees and their covered dependents and beneficiaries currently providing postretirement benefits | 6 | ||
JAPAN | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated future employer contributions in the next fiscal year | $ 217,000 | ||
Accumulated benefit obligation | $ 10,007,000 | $ 10,924,000 |
Retirement Benefits (Schedule o
Retirement Benefits (Schedule of Costs of Retirement Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Retirement Benefits [Abstract] | |||
Company Costs - Defined Contribution | $ 32,008 | $ 31,893 | $ 30,933 |
Company Contributions - Multiemployer plan | $ 292 | $ 475 | $ 600 |
Retirement Benefits (Schedule95
Retirement Benefits (Schedule of Assumptions Used) (Details) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Pension Plan [Member] | UNITED STATES | |||
Weighted-average assumptions to determine benefit obligation at September 30: | |||
Discount rate | 3.80% | 3.65% | 4.39% |
Weighted-average assumptions to determine periodic benefit costs for years ending September 30: | |||
Discount rate | 3.65% | 4.39% | 4.40% |
Long-term rate of return on plan assets | 7.38% | 7.62% | 7.62% |
Defined Benefit Pension Plan [Member] | UNITED KINGDOM | |||
Weighted-average assumptions to determine benefit obligation at September 30: | |||
Discount rate | 2.56% | 2.28% | 3.75% |
Rate of compensation increase | 3.60% | 3.40% | 3.40% |
Weighted-average assumptions to determine periodic benefit costs for years ending September 30: | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate, Service Cost | 2.33% | 3.86% | 4.10% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate, Interest Cost | 2.24% | 3.63% | 4.10% |
Rate of compensation increase | 3.40% | 3.40% | 3.50% |
Long-term rate of return on plan assets | 4.75% | 5.00% | 5.50% |
Defined Benefit Pension Plan [Member] | JAPAN | |||
Weighted-average assumptions to determine benefit obligation at September 30: | |||
Discount rate | 0.58% | 0.46% | 0.97% |
Rate of compensation increase | 2.00% | 2.02% | 2.00% |
Weighted-average assumptions to determine periodic benefit costs for years ending September 30: | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate, Service Cost | 0.59% | 1.27% | 1.10% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate, Interest Cost | 0.45% | 0.59% | 1.10% |
Rate of compensation increase | 2.02% | 2.00% | 2.00% |
Long-term rate of return on plan assets | 2.50% | 3.00% | 3.00% |
Other Postretirement Benefit Plans [Member] | |||
Weighted-average assumptions to determine benefit obligation at September 30: | |||
Discount rate | 3.78% | 3.63% | 4.01% |
Weighted-average assumptions to determine periodic benefit costs for years ending September 30: | |||
Discount rate | 3.63% | 4.01% | 4.40% |
Retirement Benefits (Schedule96
Retirement Benefits (Schedule of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2,808 | $ 2,444 | $ 2,802 |
Interest cost | 6,965 | 6,873 | 8,084 |
Expected return on plan assets | (13,134) | (12,799) | (13,679) |
Amortization of: Net (gains) losses | 2,368 | 1,538 | 586 |
Amortization of: Prior service (benefit) cost | 383 | 384 | 383 |
Settlement loss | 0 | 47 | 0 |
Net periodic benefit cost | (610) | (1,513) | (1,824) |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 14 | 22 | 30 |
Interest cost | 1,244 | 1,048 | 1,233 |
Amortization of: Net (gains) losses | 201 | 156 | (73) |
Amortization of: Prior service (benefit) cost | (158) | (158) | (158) |
Net periodic benefit cost | 1,301 | 1,068 | 1,032 |
UNITED STATES | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,675 | 1,695 | 2,018 |
Interest cost | 5,757 | 5,236 | 5,956 |
Expected return on plan assets | (10,529) | (10,140) | (10,647) |
Amortization of: Net (gains) losses | 1,854 | 1,292 | 396 |
Amortization of: Prior service (benefit) cost | 383 | 384 | 383 |
Settlement loss | 0 | 47 | 0 |
Net periodic benefit cost | (860) | (1,486) | (1,894) |
Duarte Plan, Defined Benefit [Member] | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss | 47 | ||
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,133 | 749 | 784 |
Interest cost | 1,208 | 1,637 | 2,128 |
Expected return on plan assets | (2,605) | (2,659) | (3,032) |
Amortization of: Net (gains) losses | 514 | 246 | 190 |
Amortization of: Prior service (benefit) cost | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 |
Net periodic benefit cost | $ 250 | $ (27) | $ 70 |
Retirement Benefits (Schedule97
Retirement Benefits (Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Pension Plan [Member] | |||
Changes in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | $ 232,949 | $ 208,101 | |
Service cost | 2,808 | 2,444 | $ 2,802 |
Interest cost | 6,965 | 6,873 | 8,084 |
Net actuarial (gains) losses | (11,455) | 34,976 | |
Contribution by participants | 69 | 67 | |
Benefits paid | (7,911) | (12,445) | |
Plan amendments | 3,694 | 0 | |
Settlements | 0 | 47 | |
Foreign currency exchange rate changes | 380 | (7,114) | |
Projected benefit obligation at end of year | 227,499 | 232,949 | 208,101 |
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 208,812 | 196,253 | |
Actual return (loss) on plan assets | 22,609 | 30,061 | |
Contributions by the Company | 671 | 999 | |
Contributions by plan participants | 69 | 67 | |
Benefits paid (plan assets) | (7,911) | (12,445) | |
Settlements | 0 | (47) | |
Foreign currency exchange rate changes | 462 | (6,076) | |
Fair value of plan assets at end of year | 224,712 | 208,812 | 196,253 |
Net over/(under)funded status at end of year | (2,787) | (24,137) | |
Defined Benefit Pension Plan [Member] | UNITED STATES | |||
Changes in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 160,892 | 145,870 | |
Service cost | 1,675 | 1,695 | 2,018 |
Interest cost | 5,757 | 5,236 | 5,956 |
Net actuarial (gains) losses | (5,267) | 17,786 | |
Contribution by participants | 55 | 47 | |
Benefits paid | (5,676) | (9,789) | |
Plan amendments | 3,694 | 0 | |
Settlements | 0 | 47 | |
Foreign currency exchange rate changes | 0 | 0 | |
Projected benefit obligation at end of year | 161,130 | 160,892 | 145,870 |
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 145,886 | 135,590 | |
Actual return (loss) on plan assets | 20,067 | 19,859 | |
Contributions by the Company | 0 | 226 | |
Contributions by plan participants | 55 | 47 | |
Benefits paid (plan assets) | (5,676) | (9,789) | |
Settlements | 0 | (47) | |
Foreign currency exchange rate changes | 0 | 0 | |
Fair value of plan assets at end of year | 160,332 | 145,886 | 135,590 |
Net over/(under)funded status at end of year | (798) | (15,006) | |
Defined Benefit Pension Plan [Member] | Foreign Plan [Member] | |||
Changes in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 72,057 | 62,231 | |
Service cost | 1,133 | 749 | 784 |
Interest cost | 1,208 | 1,637 | 2,128 |
Net actuarial (gains) losses | (6,188) | 17,190 | |
Contribution by participants | 14 | 20 | |
Benefits paid | (2,235) | (2,656) | |
Plan amendments | 0 | 0 | |
Settlements | 0 | 0 | |
Foreign currency exchange rate changes | 380 | (7,114) | |
Projected benefit obligation at end of year | 66,369 | 72,057 | 62,231 |
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 62,926 | 60,663 | |
Actual return (loss) on plan assets | 2,542 | 10,202 | |
Contributions by the Company | 671 | 773 | |
Contributions by plan participants | 14 | 20 | |
Benefits paid (plan assets) | (2,235) | (2,656) | |
Settlements | 0 | 0 | |
Foreign currency exchange rate changes | 462 | (6,076) | |
Fair value of plan assets at end of year | 64,380 | 62,926 | 60,663 |
Net over/(under)funded status at end of year | (1,989) | (9,131) | |
Defined Benefit Pension Plan [Member] | UNITED KINGDOM | |||
Changes in projected benefit obligation: | |||
Projected benefit obligation at end of year | 55,306 | ||
Changes in fair value of plan assets: | |||
Fair value of plan assets at end of year | 52,810 | ||
Defined Benefit Pension Plan [Member] | JAPAN | |||
Changes in projected benefit obligation: | |||
Projected benefit obligation at end of year | 11,063 | ||
Changes in fair value of plan assets: | |||
Fair value of plan assets at end of year | 11,570 | ||
Other Postretirement Benefit Plans [Member] | |||
Changes in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 35,630 | 34,927 | |
Service cost | 14 | 22 | 30 |
Interest cost | 1,244 | 1,048 | 1,233 |
Net actuarial (gains) losses | (2,049) | 1,912 | |
Contribution by participants | 1,365 | 1,299 | |
Benefits paid | (3,964) | (3,503) | |
Foreign currency exchange rate changes | 12 | (75) | |
Projected benefit obligation at end of year | 32,252 | 35,630 | 34,927 |
Changes in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Contributions by the Company | 2,599 | 2,204 | |
Contributions by plan participants | 1,365 | 1,299 | |
Benefits paid (plan assets) | (3,964) | (3,503) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Net over/(under)funded status at end of year | (32,252) | $ (35,630) | |
Other Postretirement Benefit Plans [Member] | UNITED KINGDOM | |||
Changes in projected benefit obligation: | |||
Benefits paid | (21) | ||
Projected benefit obligation at end of year | $ 409 |
Retirement Benefits (Schedule98
Retirement Benefits (Schedule of Accumulated Benefit Obligations In Excess of and Less Than Fair Value of Plan Assets) (Details) - Defined Benefit Pension Plan [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Plans with accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation, plans with ABO in excess of plan assets | $ (82,447) | $ (220,788) |
Accumulated benefit obligation, plans with ABO in excess of plan assets | (80,759) | (218,769) |
Fair value of plan assets, plans with ABO in excess of plan assets | 77,036 | 196,800 |
Plans with accumulated benefit obligation less than plan assets | ||
Projected benefit obligation, plans with ABO less than plan assets | (145,052) | (12,161) |
Accumulated benefit obligation, plans with ABO less than plan assets | (144,006) | (10,924) |
Fair value of plan assets, plans with ABO less than plan assets | $ 147,676 | $ 12,012 |
Retirement Benefits (Schedule99
Retirement Benefits (Schedule of Amounts Recognized in Balance Sheet and Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Defined Benefit Pension Plan [Member] | |||
Amounts recognized in statement of financial position consist of: | |||
Other non-current assets | $ 2,623 | $ 0 | |
Accrued liabilities | (3) | 0 | |
Other non-current liabilities | (5,407) | (24,137) | |
Net over/(under)funded status at end of year | (2,787) | (24,137) | |
Amounts recognized in accumulated other comprehensive loss (income) consist of: | |||
Unrecognized net prior service (benefit) cost | 7,169 | 3,857 | |
Unrecognized net (gains) losses | 31,221 | 54,477 | |
Total amounts recognized | 38,390 | 58,334 | $ 44,720 |
Deferred taxes | (14,240) | (21,608) | |
Amounts recognized in accumulated other comprehensive loss (income) | 24,150 | 36,726 | |
Other Postretirement Benefit Plans [Member] | |||
Amounts recognized in statement of financial position consist of: | |||
Accrued liabilities | (2,410) | (2,505) | |
Other non-current liabilities | (29,842) | (33,125) | |
Net over/(under)funded status at end of year | (32,252) | (35,630) | |
Amounts recognized in accumulated other comprehensive loss (income) consist of: | |||
Unrecognized net prior service (benefit) cost | (160) | (318) | |
Unrecognized net (gains) losses | 3,234 | 5,484 | |
Total amounts recognized | 3,074 | 5,166 | 3,268 |
Deferred taxes | (1,183) | (1,979) | |
Amounts recognized in accumulated other comprehensive loss (income) | 1,891 | 3,187 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | |||
Amounts recognized in statement of financial position consist of: | |||
Other non-current assets | 1,726 | 0 | |
Accrued liabilities | 0 | 0 | |
Other non-current liabilities | (2,524) | (15,006) | |
Net over/(under)funded status at end of year | (798) | (15,006) | |
Amounts recognized in accumulated other comprehensive loss (income) consist of: | |||
Unrecognized net prior service (benefit) cost | 7,169 | 3,857 | |
Unrecognized net (gains) losses | 17,023 | 33,682 | |
Total amounts recognized | 24,192 | 37,539 | 31,102 |
Deferred taxes | (9,224) | (14,305) | |
Amounts recognized in accumulated other comprehensive loss (income) | 14,968 | 23,234 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | |||
Amounts recognized in statement of financial position consist of: | |||
Other non-current assets | 897 | 0 | |
Accrued liabilities | (3) | 0 | |
Other non-current liabilities | (2,883) | (9,131) | |
Net over/(under)funded status at end of year | (1,989) | (9,131) | |
Amounts recognized in accumulated other comprehensive loss (income) consist of: | |||
Unrecognized net prior service (benefit) cost | 0 | 0 | |
Unrecognized net (gains) losses | 14,198 | 20,795 | |
Total amounts recognized | 14,198 | 20,795 | $ 13,618 |
Deferred taxes | (5,016) | (7,303) | |
Amounts recognized in accumulated other comprehensive loss (income) | $ 9,182 | $ 13,492 |
Retirement Benefits (Schedul100
Retirement Benefits (Schedule of Changes in accumulated other comprehensive losses for the defined benefit plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net (gain) loss arising during the period | $ (22,979) | $ 19,718 | $ 26,866 |
Loss (gain) due to settlement or curtailment arising during the period | (47) | ||
Amortization of: Net gains (losses) | (2,570) | (1,694) | (513) |
Amortization of: Prior service benefit (cost) | 3,470 | (226) | (225) |
Foreign currency exchange rate changes | 43 | (2,239) | (867) |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated other comprehensive loss (earnings), beginning of year | 58,334 | 44,720 | |
Net (gain) loss arising during the period | (20,930) | 17,806 | |
Loss (gain) due to settlement or curtailment arising during the period | 0 | (47) | |
Amortization of: Net gains (losses) | (2,369) | (1,538) | |
Amortization of: Prior service benefit (cost) | 3,312 | (384) | |
Foreign currency exchange rate changes | 43 | (2,223) | |
Accumulated other comprehensive loss (earning), end of year | 38,390 | 58,334 | 44,720 |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated other comprehensive loss (earnings), beginning of year | 5,166 | 3,268 | |
Net (gain) loss arising during the period | (2,049) | 1,912 | |
Amortization of: Net gains (losses) | (201) | (156) | |
Amortization of: Prior service benefit (cost) | 158 | 158 | |
Foreign currency exchange rate changes | 0 | (16) | |
Accumulated other comprehensive loss (earning), end of year | 3,074 | 5,166 | 3,268 |
UNITED STATES | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated other comprehensive loss (earnings), beginning of year | 37,539 | 31,102 | |
Net (gain) loss arising during the period | (14,805) | 8,160 | |
Loss (gain) due to settlement or curtailment arising during the period | 0 | (47) | |
Amortization of: Net gains (losses) | (1,854) | (1,292) | |
Amortization of: Prior service benefit (cost) | 3,312 | (384) | |
Foreign currency exchange rate changes | 0 | 0 | |
Accumulated other comprehensive loss (earning), end of year | 24,192 | 37,539 | 31,102 |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated other comprehensive loss (earnings), beginning of year | 20,795 | 13,618 | |
Net (gain) loss arising during the period | (6,125) | 9,646 | |
Loss (gain) due to settlement or curtailment arising during the period | 0 | 0 | |
Amortization of: Net gains (losses) | (515) | (246) | |
Amortization of: Prior service benefit (cost) | 0 | 0 | |
Foreign currency exchange rate changes | 43 | (2,223) | |
Accumulated other comprehensive loss (earning), end of year | $ 14,198 | $ 20,795 | $ 13,618 |
Retirement Benefits (Schedul101
Retirement Benefits (Schedule of Amounts Expected to be Amortized from Accumulated Other Comprehensive Income (Loss) and Reported as a Component of Net Periodic Benefit Cost During the Next Fiscal Year) (Details) - Defined Benefit Pension Plan [Member] $ in Thousands | Sep. 30, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | $ 709 |
Net actuarial (gains) losses | 888 |
UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 709 |
Net actuarial (gains) losses | 598 |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 0 |
Net actuarial (gains) losses | $ 290 |
Retirement Benefits (Schedul102
Retirement Benefits (Schedule of Expected Benefit Payments) (Details) - Defined Benefit Pension Plan [Member] $ in Thousands | Sep. 30, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 8,476 |
2,019 | 9,489 |
2,020 | 9,704 |
2,021 | 10,461 |
2,022 | 10,781 |
2023 - 2027 | 60,877 |
UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 6,251 |
2,019 | 6,911 |
2,020 | 7,521 |
2,021 | 8,065 |
2,022 | 8,524 |
2023 - 2027 | 48,075 |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 2,225 |
2,019 | 2,578 |
2,020 | 2,183 |
2,021 | 2,396 |
2,022 | 2,257 |
2023 - 2027 | $ 12,802 |
Retirement Benefits (Schedul103
Retirement Benefits (Schedule of Allocation of Plan Assets, Actual and Target Allocations) (Details) - Defined Benefit Pension Plan [Member] | Sep. 30, 2017 | Sep. 30, 2016 |
UNITED STATES | Other Investment Asset [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation of Plan Assets | 0.20% | 4.60% |
UNITED STATES | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation of Plan Assets | 64.60% | 56.40% |
UNITED STATES | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation of Plan Assets | 35.20% | 39.00% |
UNITED KINGDOM | Other Investment Asset [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation of Plan Assets | 0.10% | 0.10% |
UNITED KINGDOM | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation of Plan Assets | 46.10% | 34.70% |
UNITED KINGDOM | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation of Plan Assets | 53.80% | 65.20% |
JAPAN | Other Investment Asset [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation of Plan Assets | 0.90% | 0.90% |
JAPAN | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation of Plan Assets | 41.00% | 40.00% |
JAPAN | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Allocation of Plan Assets | 58.10% | 59.10% |
Minimum [Member] | UNITED STATES | Other Investment Asset [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Minimum [Member] | UNITED STATES | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 41.20% | 40.80% |
Minimum [Member] | UNITED STATES | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 28.80% | 29.20% |
Minimum [Member] | UNITED KINGDOM | Other Investment Asset [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Minimum [Member] | UNITED KINGDOM | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 30.00% | 25.00% |
Minimum [Member] | UNITED KINGDOM | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 45.00% | 40.00% |
Minimum [Member] | JAPAN | Other Investment Asset [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Minimum [Member] | JAPAN | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 36.00% | 36.00% |
Minimum [Member] | JAPAN | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 55.00% | 55.00% |
Maximum [Member] | UNITED STATES | Other Investment Asset [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Maximum [Member] | UNITED STATES | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 81.20% | 80.80% |
Maximum [Member] | UNITED STATES | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 48.80% | 49.20% |
Maximum [Member] | UNITED KINGDOM | Other Investment Asset [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Maximum [Member] | UNITED KINGDOM | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 60.00% | 45.00% |
Maximum [Member] | UNITED KINGDOM | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 70.00% | 80.00% |
Maximum [Member] | JAPAN | Other Investment Asset [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 2.00% | 2.00% |
Maximum [Member] | JAPAN | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 44.00% | 44.00% |
Maximum [Member] | JAPAN | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 63.00% | 63.00% |
Retirement Benefits (Schedul104
Retirement Benefits (Schedule of Allocation of Plan Assets, Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 224,712 | $ 208,812 | $ 196,253 |
Defined Benefit Pension Plan [Member] | Global Target Return Equity-Bond Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,103 | ||
Defined Benefit Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 458 | 6,904 | |
Defined Benefit Pension Plan [Member] | Pooled funds: Index linked U.K. government securities fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,980 | 5,009 | |
Defined Benefit Pension Plan [Member] | Pooled funds: Index linked U.K. long-term government securities fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,901 | 11,998 | |
Defined Benefit Pension Plan [Member] | Mutual funds: U.S. corporate bond fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 56,388 | 56,813 | |
Defined Benefit Pension Plan [Member] | Pooled funds: Index linked U.K. corporate bonds fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16,540 | 16,180 | |
Defined Benefit Pension Plan [Member] | Pooled funds: Japanese fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,987 | 5,321 | |
Defined Benefit Pension Plan [Member] | Pooled funds: International fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,730 | 1,777 | |
Defined Benefit Pension Plan [Member] | Mutual funds: U.S. equity large cap fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 54,140 | 48,506 | |
Defined Benefit Pension Plan [Member] | Mutual funds: International equity large cap growth fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 49,513 | 33,834 | |
Defined Benefit Pension Plan [Member] | Pooled funds: Japanese equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,487 | 2,536 | |
Defined Benefit Pension Plan [Member] | Pooled funds: International equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,260 | 2,258 | |
Defined Benefit Pension Plan [Member] | Pooled funds: Index linked U.K. equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,940 | 7,982 | |
Defined Benefit Pension Plan [Member] | Pooled funds: Index linked international equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,285 | 9,694 | |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | 0 |
UNITED STATES | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 160,332 | 145,886 | 135,590 |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 160,332 | 145,894 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Global Target Return Equity-Bond Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 291 | 6,741 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: Index linked U.K. government securities fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: Index linked U.K. long-term government securities fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual funds: U.S. corporate bond fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 56,388 | 56,813 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: Index linked U.K. corporate bonds fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: Japanese fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: International fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual funds: U.S. equity large cap fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 54,140 | 48,506 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual funds: International equity large cap growth fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 49,513 | 33,834 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: Japanese equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: International equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: Index linked U.K. equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: Index linked international equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Global Target Return Equity-Bond Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked U.K. government securities fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked U.K. long-term government securities fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual funds: U.S. corporate bond fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked U.K. corporate bonds fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: Japanese fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: International fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual funds: U.S. equity large cap fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual funds: International equity large cap growth fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: Japanese equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: International equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked U.K. equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked international equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Global Target Return Equity-Bond Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: Index linked U.K. government securities fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: Index linked U.K. long-term government securities fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual funds: U.S. corporate bond fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: Index linked U.K. corporate bonds fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: Japanese fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: International fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual funds: U.S. equity large cap fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual funds: International equity large cap growth fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: Japanese equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: International equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: Index linked U.K. equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: Index linked international equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 64,380 | 62,926 | $ 60,663 |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 167 | 163 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Global Target Return Equity-Bond Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 167 | 163 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: Index linked U.K. government securities fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: Index linked U.K. long-term government securities fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual funds: U.S. corporate bond fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: Index linked U.K. corporate bonds fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: Japanese fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: International fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual funds: U.S. equity large cap fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual funds: International equity large cap growth fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: Japanese equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: International equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: Index linked U.K. equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Pooled funds: Index linked international equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 64,213 | 62,755 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Global Target Return Equity-Bond Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,103 | ||
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked U.K. government securities fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,980 | 5,009 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked U.K. long-term government securities fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,901 | 11,998 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual funds: U.S. corporate bond fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked U.K. corporate bonds fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16,540 | 16,180 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: Japanese fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,987 | 5,321 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: International fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,730 | 1,777 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual funds: U.S. equity large cap fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual funds: International equity large cap growth fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: Japanese equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,487 | 2,536 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: International equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,260 | 2,258 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked U.K. equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,940 | 7,982 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled funds: Index linked international equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,285 | 9,694 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Global Target Return Equity-Bond Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: Index linked U.K. government securities fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: Index linked U.K. long-term government securities fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual funds: U.S. corporate bond fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: Index linked U.K. corporate bonds fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: Japanese fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: International fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual funds: U.S. equity large cap fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual funds: International equity large cap growth fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: Japanese equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: International equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: Index linked U.K. equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled funds: Index linked international equity fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | $ 0 | |
UNITED KINGDOM | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52,810 | ||
JAPAN | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 11,570 |
Retirement Benefits (Schedul105
Retirement Benefits (Schedule of Future Postretirement Company Contributions) (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Defined Benefit Pension Plan [Member] | UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 0 |
Defined Benefit Pension Plan [Member] | UNITED KINGDOM | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 397 |
Defined Benefit Pension Plan [Member] | JAPAN | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 217 |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 3,871 |
2,019 | 3,890 |
2,020 | 3,871 |
2,021 | 3,852 |
2,022 | 3,818 |
2023 - 2027 | $ 17,812 |
Retirement Benefits (Schedul106
Retirement Benefits (Schedule of Health Care Cost Trend Rates) (Details) - Other Postretirement Benefit Plans [Member] | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year | 6.75% | 7.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,025 | 2,025 |
Retirement Benefits (Schedul107
Retirement Benefits (Schedule of Health Care Costs Sensitivity) (Details) - Other Postretirement Benefit Plans [Member] $ in Thousands | 12 Months Ended |
Sep. 30, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on projected fiscal year 2018 service and interest cost, 1% increase | $ 113 |
Effect on projected fiscal year 2018 service and interest cost, 1% decrease | (99) |
Effect on accumulated postretirement benefit obligation, 1% increase | 2,960 |
Effect on accumulated postretirement benefit obligation, 1% decrease | $ (2,605) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2013 | Jun. 30, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payments for repurchases of common stock | $ 71,751 | $ 125,541 | $ 158,762 | |||
Number of stock shares authorized for grants | 2,000 | |||||
Exercise prices of stock options outstanding | $ 39.58 | $ 35.35 | ||||
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements | $ 8,823 | |||||
Unrecognized compensation cost is expected to be recognized over a weighted-average period | 2 years | |||||
Forfeiture rate, Board of Directors | 0.00% | |||||
Forfeiture rate, non-Board of Directors | 9.00% | |||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested contractual term, in years | 10 years | |||||
Vesting rate | 25.00% | |||||
Restricted Stock Award [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted, Number of Shares | 0 | |||||
Restricted stock awards granted | 24 | |||||
Vesting period, in years | 4 years | |||||
Service period for restricted stock award | 4 years | |||||
2017 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation award conditionally awarded date | Oct. 3, 2016 | |||||
Stock-based compensation plan effective date | Sep. 14, 2016 | |||||
2016 Authorization [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorized repurchase amount | $ 500,000 | |||||
Payments for repurchases of common stock | $ 71,197 | |||||
Repurchase period in years | 3 years | |||||
Purchases of treasury stock, number of shares | 1,027 | |||||
Goldman Sachs Accelerated Share Repurchase Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payments for repurchases of common stock | 125,000 | |||||
Purchases of treasury stock | $ 125,000 | |||||
Purchases of treasury stock, number of shares | 458 | 2,048 | 2,506 | |||
10b5-1 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorized repurchase amount | $ 125,000 | |||||
Payments for repurchases of common stock | $ 125,000 | |||||
Purchases of treasury stock, number of shares | 491 | 2,635 | ||||
10b-18 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Purchases of treasury stock, number of shares | 536 | |||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise prices of stock options outstanding | $ 18.67 | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise prices of stock options outstanding | $ 70.39 |
Stockholders' Equity (Dividends
Stockholders' Equity (Dividends Declared and Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Equity | |||||||||||
Dividends declared and paid | $ 29,745 | $ 26,606 | $ 24,646 | ||||||||
Cash dividends per share | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.110 | $ 0.110 | $ 0.110 | $ 0.110 | $ 0.100 | $ 0.485 | $ 0.430 | $ 0.380 |
Stockholders' Equity (Stock-bas
Stockholders' Equity (Stock-based Compensation Expense Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock-Based Compensation | |||
Employee stock-based compensation expense | $ 17,282 | $ 15,122 | $ 14,255 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards) (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date market value of Woodward stock | $ 69.45 | $ 40.26 | $ 46.55 |
Weighted-average exercise price per share | $ 62.74 | $ 40.26 | $ 46.55 |
Estimated volatility | 36.50% | ||
Estimated dividend yield | 0.70% | 1.00% | 0.70% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 6 years | 6 years 3 months 18 days | 6 years 2 months 12 days |
Estimated volatility | 30.60% | 34.50% | |
Risk-free interest rate | 2.00% | 1.70% | 2.00% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 8 years 8 months 12 days | 8 years 8 months 12 days | 8 years 9 months 18 days |
Estimated volatility | 33.70% | 35.10% | |
Risk-free interest rate | 2.50% | 2.00% | 2.30% |
Stockholders' Equity (Weighted
Stockholders' Equity (Weighted Average Grant Date Fair Value of Options Granted) (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock-Based Compensation | |||
Options granted, Weighted-Average Grant Date Fair Value Per Share | $ 24.98 | $ 13.39 | $ 17.02 |
Stockholders' Equity (Activity
Stockholders' Equity (Activity for Stock Option Awards) (Details) shares in Thousands | 12 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Stock-Based Compensation | |
Number of options, beginning balance | shares | 4,944 |
Weighted Average Exercise Price Per Share, beginning balance | $ / shares | $ 35.35 |
Options granted, Number of options | shares | 791 |
Options granted, Weighted Average Exercise Price Per Share | $ / shares | $ 62.74 |
Options exercised, Number of options | shares | (466) |
Options exercised, Weighted Average Exercise Price Per Share | $ / shares | $ 33.65 |
Options forfeited, Number of options | shares | (33) |
Options forfeited, Weighted Average Exercise Price Per Share | $ / shares | $ 44.21 |
Number of options, ending balance | shares | 5,236 |
Weighted Average Exercise Price Per Share, ending balance | $ / shares | $ 39.58 |
Stockholders' Equity (Changes i
Stockholders' Equity (Changes in Nonvested Stock Options) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock-Based Compensation | |||
Number of Options, beginning balance | 2,075 | ||
Weighted-Average Grant Date Fair Value Per Share, beginning balance | $ 14.90 | ||
Options granted, Number of options | 791 | ||
Options granted, Weighted-Average Grant Date Fair Value Per Share | $ 24.98 | $ 13.39 | $ 17.02 |
Options vested, Number of options | (763) | ||
Options vested, Weighted-Average Grant Date Fair Value Per Share | $ 15.26 | ||
Options forfeited, Number of options | (31) | ||
Options forfeited, Weighted-Average Grant Date Fair Value Per Share | $ 15.40 | ||
Number of Options, ending balance | 2,072 | 2,075 | |
Weighted-Average Grant Date Fair Value Per Share, ending balance | $ 18.61 | $ 14.90 |
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 | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Stock-Based Compensation | ||
Options outstanding, Number of options | 5,236 | 4,944 |
Options outstanding, Weighted-Average Exercise Price | $ 39.58 | $ 35.35 |
Options outstanding, Weighted-Average Remaining Life in Years | 5 years 10 months 24 days | |
Options outstanding, Aggregate Intrinsic Value | $ 199,098 | |
Options vested and exercisable, Number of options | 3,164 | |
Options vested and exercisable, Weighted-Average Exercise Price Per Share | $ 32.80 | |
Options vested and exercisable, Weighted-Average Remaining Life in Years | 4 years 6 months | |
Options vested and exercisable, Aggregate Intrinsic Value | $ 141,785 | |
Options vested and expected to vest, Number of options | 5,164 | |
Options vested and expected to vest, Weighted-Average Exercise Price Per Share | $ 39.39 | |
Options vested and to expected vest, Weighted-Average Remaining Life in Years | 5 years 10 months 24 days | |
Options vested and expected to vest, Aggregate Intrinsic Value | $ 197,348 |
Stockholders' Equity (Other Sto
Stockholders' Equity (Other Stock Option Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock-Based Compensation | |||
Total fair value of stock options vested | $ 11,639 | $ 10,374 | $ 9,656 |
Total intrinsic value of options exercised | 16,416 | 23,178 | 18,876 |
Cash received from exercises of stock options | 14,196 | 15,892 | 8,400 |
Excess tax benefit realized from exercise of stock options | $ 4,383 | $ 6,472 | $ 6,959 |
Stockholders' Equity (Change117
Stockholders' Equity (Changes in Restricted Stock Awards) (Details) - Restricted Stock Award [Member] shares in Thousands | 12 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares, beginning balance | 24 |
Weighted-Average Grant Date Fair Value Per Share, beginning balance | $ / shares | $ 39.43 |
Shares granted, Number of Shares | 0 |
Shares vested, Number of Shares | 0 |
Shares forfeited, Number of Shares | (24) |
Shares forfeited, Weighted-Average Grant Date Fair Value | $ / shares | $ 39.43 |
Number of shares, ending balance | 0 |
Commitments and Contingencie118
Commitments and Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Commitments and Contingencies Disclosure | |
Operating 2,018 | $ 6,315 |
Operating 2,019 | 4,265 |
Operating 2,020 | 3,872 |
Operating 2,021 | 3,188 |
Operating 2,022 | 2,148 |
Operating Thereafter | 3,427 |
Operating Lease, Future Rental Payments Due | 23,215 |
Capital 2,018 | 444 |
Capital 2,019 | 451 |
Capital 2,020 | 122 |
Capital 2,021 | 0 |
Capital 2,022 | 0 |
Capital Thereafter | 0 |
Capital Leases, Future Minimum Payments Due | $ 1,017 |
Commitments and Contingencie119
Commitments and Contingencies (Rent Expense for All Operating Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Commitments and Contingencies Disclosure | |||
Rent expense | $ 8,302 | $ 7,359 | $ 7,299 |
Commitments and Contingencie120
Commitments and Contingencies (Future Minimum Unconditional Purchase Obligations) (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Commitments and Contingencies Disclosure | |
2,018 | $ 299,267 |
2,019 | 17,993 |
2,020 | 232 |
2,021 | 66 |
2,022 | 0 |
Thereafter | 0 |
Total | $ 317,558 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - segment | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue, Major Customer [Line Items] | |||
Number of Reportable Segments | 2 | ||
General Electric [Member] | Sales [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total attributable to major customer | 16.00% | 17.00% | 18.00% |
General Electric [Member] | Trade Accounts Receivable [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total attributable to major customer | 10.00% | 14.00% | |
U.S. Government Related [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total attributable to major customer | 23.00% | 21.00% | 18.00% |
U.S. Government Related [Member] | Trade Accounts Receivable [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total attributable to major customer | 3.00% | 2.00% | |
The Boeing Company [Member] | Sales [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total attributable to major customer | 11.00% | 8.00% | 7.00% |
Weichai Westport, Inc. [Member] | Trade Accounts Receivable [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total attributable to major customer | 14.00% | 3.00% |
Segment Information (Consolidat
Segment Information (Consolidated Net Sales and Earnings by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 606,788 | $ 548,622 | $ 500,381 | $ 442,894 | $ 590,922 | $ 507,664 | $ 479,382 | $ 445,110 | $ 2,098,685 | $ 2,023,078 | $ 2,038,303 |
Interest expense, net | (6,543) | (6,411) | (6,316) | (6,435) | (6,585) | (5,912) | (5,793) | (6,461) | (25,705) | (24,751) | (24,077) |
Consolidated earnings before income taxes | 86,765 | 68,687 | 50,236 | 47,059 | 80,756 | 63,408 | 54,366 | 27,956 | 252,747 | 226,486 | 240,949 |
Aerospace [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 399,141 | 355,992 | 320,526 | 266,680 | 365,305 | 308,582 | 290,690 | 268,599 | 1,342,339 | 1,233,176 | 1,160,883 |
Segment earnings (loss) | 85,536 | 67,173 | 58,227 | 46,877 | 80,376 | 57,726 | 50,578 | 43,486 | 257,813 | 232,166 | 187,747 |
Industrial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 207,647 | 192,630 | 179,855 | 176,214 | 225,617 | 199,082 | 188,692 | 176,511 | 756,346 | 789,902 | 877,420 |
Segment earnings (loss) | 23,034 | 20,870 | 17,089 | 17,998 | 19,254 | 21,963 | 19,469 | 21,551 | 78,991 | 82,237 | 126,641 |
Unallocated Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment earnings (loss) | $ (15,262) | $ (12,945) | $ (18,764) | $ (11,381) | $ (12,289) | $ (10,369) | $ (9,888) | $ (30,620) | $ (58,352) | $ (63,166) | $ (49,362) |
Segment Information (Consoli123
Segment Information (Consolidated Total Assets by Segment) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Segment Reporting Information [Line Items] | |||
Assets | $ 2,757,109 | $ 2,642,362 | $ 2,512,404 |
Other unallocated assets | 234,301 | 209,683 | 206,301 |
Property, plant and equipment, net | 922,043 | 876,350 | |
Aerospace [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,722,789 | 1,637,522 | 1,566,421 |
Industrial [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 695,264 | 705,169 | 653,848 |
Unallocated Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 104,755 | $ 89,988 | $ 85,834 |
Segment Information (Consoli124
Segment Information (Consolidated Depreciation and Amortization by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 80,917 | $ 69,036 | $ 75,235 |
Unallocated Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 9,219 | 7,799 | 7,979 |
Aerospace [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 47,277 | 40,825 | 46,488 |
Industrial [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 24,421 | $ 20,412 | $ 20,768 |
Segment Information (Consoli125
Segment Information (Consolidated Capital Expenditures by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 92,336 | $ 175,692 | $ 286,612 |
Unallocated Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 17,335 | 22,878 | 23,299 |
Aerospace [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 62,812 | 90,749 | 150,021 |
Industrial [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 12,189 | $ 62,065 | $ 113,292 |
Segment Information (U.S. Gover
Segment Information (U.S. Government Related Sales by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | $ 606,788 | $ 548,622 | $ 500,381 | $ 442,894 | $ 590,922 | $ 507,664 | $ 479,382 | $ 445,110 | $ 2,098,685 | $ 2,023,078 | $ 2,038,303 |
Aerospace [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | 399,141 | 355,992 | 320,526 | 266,680 | 365,305 | 308,582 | 290,690 | 268,599 | 1,342,339 | 1,233,176 | 1,160,883 |
Industrial [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | $ 207,647 | $ 192,630 | $ 179,855 | $ 176,214 | $ 225,617 | $ 199,082 | $ 188,692 | $ 176,511 | 756,346 | 789,902 | 877,420 |
U.S. Government Related [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | $ 483,761 | $ 430,373 | $ 364,388 | ||||||||
Percentage of total attributable to major customer | 23.00% | 21.00% | 18.00% | ||||||||
U.S. Government Related [Member] | Aerospace [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | $ 469,221 | $ 413,978 | $ 350,713 | ||||||||
U.S. Government Related [Member] | Industrial [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | 14,540 | 16,395 | 13,675 | ||||||||
Indirect Sales to U.S. Government [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | $ 373,350 | $ 320,797 | $ 267,230 | ||||||||
Percentage of total attributable to major customer | 18.00% | 16.00% | 13.00% | ||||||||
Indirect Sales to U.S. Government [Member] | Aerospace [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | $ 362,536 | $ 310,952 | $ 258,391 | ||||||||
Indirect Sales to U.S. Government [Member] | Industrial [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | 10,814 | 9,845 | 8,839 | ||||||||
Direct Sales to U.S. Government [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | $ 110,411 | $ 109,576 | $ 97,158 | ||||||||
Percentage of total attributable to major customer | 5.00% | 5.00% | 5.00% | ||||||||
Direct Sales to U.S. Government [Member] | Aerospace [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | $ 106,685 | $ 103,026 | $ 92,322 | ||||||||
Direct Sales to U.S. Government [Member] | Industrial [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | $ 3,726 | $ 6,550 | $ 4,836 | ||||||||
Sales [Member] | General Electric [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Percentage of total attributable to major customer | 16.00% | 17.00% | 18.00% | ||||||||
Trade Accounts Receivable [Member] | U.S. Government Related [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Percentage of total attributable to major customer | 3.00% | 2.00% | |||||||||
Trade Accounts Receivable [Member] | General Electric [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Percentage of total attributable to major customer | 10.00% | 14.00% |
Segment Information (External N
Segment Information (External Net Sales by Geographical Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Consolidated net sales | $ 606,788 | $ 548,622 | $ 500,381 | $ 442,894 | $ 590,922 | $ 507,664 | $ 479,382 | $ 445,110 | $ 2,098,685 | $ 2,023,078 | $ 2,038,303 |
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,211,902 | 1,118,833 | 1,054,895 | ||||||||
All Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 119,806 | 137,661 | 172,211 | ||||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 478,725 | $ 537,901 | $ 569,322 | ||||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Percent of external net sales, foreign countries | 8.00% | 10.00% | 10.00% | ||||||||
Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 288,252 | $ 228,683 | $ 241,875 |
Segment Information (Property,
Segment Information (Property, Plant, and Equipment - Net by Geographical Area) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 922,043 | $ 876,350 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 872,947 | 826,225 |
Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 24,541 | 24,468 |
Other Countries [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 24,555 | $ 25,657 |
Supplemental Quarterly Finan129
Supplemental Quarterly Financial Data (Unaudited) (Narrative) (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2015USD ($) | |
Quarterly Financial Data | |
Other expenses, special charges | $ 16,100 |
Supplemental Quarterly Finan130
Supplemental Quarterly Financial Data (Unaudited) (Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Quarterly Financial Data | |||||||||||
Net sales | $ 606,788 | $ 548,622 | $ 500,381 | $ 442,894 | $ 590,922 | $ 507,664 | $ 479,382 | $ 445,110 | $ 2,098,685 | $ 2,023,078 | $ 2,038,303 |
Gross margin | 171,659 | 153,872 | 133,282 | 113,746 | 163,659 | 134,825 | 131,081 | 109,553 | |||
Earnings before income taxes | 86,765 | 68,687 | 50,236 | 47,059 | 80,756 | 63,408 | 54,366 | 27,956 | 252,747 | 226,486 | 240,949 |
Net Earnings: | |||||||||||
Net earnings | $ 62,228 | $ 53,626 | $ 38,105 | $ 46,548 | $ 63,147 | $ 51,047 | $ 40,824 | $ 25,820 | $ 200,507 | $ 180,838 | $ 181,452 |
Earnings per share: | |||||||||||
Basic earnings per share | $ 1.02 | $ 0.87 | $ 0.62 | $ 0.76 | $ 1.03 | $ 0.83 | $ 0.66 | $ 0.41 | $ 3.27 | $ 2.92 | $ 2.81 |
Diluted earnings per share | 0.98 | 0.85 | 0.60 | 0.73 | 0.99 | 0.81 | 0.65 | 0.40 | 3.16 | 2.85 | 2.75 |
Cash dividends per share | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.110 | $ 0.110 | $ 0.110 | $ 0.110 | $ 0.100 | $ 0.485 | $ 0.430 | $ 0.380 |
Supplemental Quarterly Finan131
Supplemental Quarterly Financial Data (Unaudited) (Quarterly Financial Information - Segment Reporting) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Supplemental Quarterly Financial Data [Line Items] | |||||||||||
Net sales | $ 606,788 | $ 548,622 | $ 500,381 | $ 442,894 | $ 590,922 | $ 507,664 | $ 479,382 | $ 445,110 | $ 2,098,685 | $ 2,023,078 | $ 2,038,303 |
Interest expense, net | (6,543) | (6,411) | (6,316) | (6,435) | (6,585) | (5,912) | (5,793) | (6,461) | (25,705) | (24,751) | (24,077) |
Consolidated earnings before income taxes | 86,765 | 68,687 | 50,236 | 47,059 | 80,756 | 63,408 | 54,366 | 27,956 | 252,747 | 226,486 | 240,949 |
Aerospace [Member] | |||||||||||
Supplemental Quarterly Financial Data [Line Items] | |||||||||||
Net sales | 399,141 | 355,992 | 320,526 | 266,680 | 365,305 | 308,582 | 290,690 | 268,599 | 1,342,339 | 1,233,176 | 1,160,883 |
Segment earnings (loss) | 85,536 | 67,173 | 58,227 | 46,877 | 80,376 | 57,726 | 50,578 | 43,486 | 257,813 | 232,166 | 187,747 |
Industrial [Member] | |||||||||||
Supplemental Quarterly Financial Data [Line Items] | |||||||||||
Net sales | 207,647 | 192,630 | 179,855 | 176,214 | 225,617 | 199,082 | 188,692 | 176,511 | 756,346 | 789,902 | 877,420 |
Segment earnings (loss) | 23,034 | 20,870 | 17,089 | 17,998 | 19,254 | 21,963 | 19,469 | 21,551 | 78,991 | 82,237 | 126,641 |
Unallocated Corporate [Member] | |||||||||||
Supplemental Quarterly Financial Data [Line Items] | |||||||||||
Segment earnings (loss) | $ (15,262) | $ (12,945) | $ (18,764) | $ (11,381) | $ (12,289) | $ (10,369) | $ (9,888) | $ (30,620) | $ (58,352) | $ (63,166) | $ (49,362) |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Currency translation adjustments | $ 64 | $ 77 | $ (934) |
Allowance for Trade Receivables [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 2,540 | 3,841 | 7,078 |
Additions: Charged to Costs and Expenses | 1,063 | 255 | 364 |
Additions: Charged to Other Accounts | 449 | 233 | 487 |
Deductions | (276) | (1,789) | (4,088) |
Balance at End of Year | 3,776 | 2,540 | 3,841 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 3,317 | 6,804 | 9,486 |
Additions: Charged to Costs and Expenses | 77 | 53 | 209 |
Additions: Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 320 | (3,540) | (2,891) |
Balance at End of Year | $ 3,714 | $ 3,317 | $ 6,804 |