Woodward (WWD) 10-Q 24 Jan 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2017	Jan. 18, 2018
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	WOODWARD, INC.
Entity Central Index Key	108,312
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		61,272,503

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Consolidated Statements of Earnings
Net sales	$ 470,148	$ 442,894
Costs and expenses:
Cost of goods sold	346,784	329,148
Selling, general and administrative expenses	46,276	38,300
Research and development costs	34,786	26,540
Interest expense	6,750	6,840
Interest income	(363)	(405)
Other (income) expense, net (Note 16)	(1,572)	(4,588)
Total costs and expenses	432,661	395,835
Earnings before income taxes	37,487	47,059
Income tax expense	19,227	511
Net earnings	$ 18,260	$ 46,548
Earnings per share (Note 3):
Basic earnings per share	$ 0.30	$ 0.76
Diluted earnings per share	$ 0.29	$ 0.73
Weighted Average Common Shares Outstanding (Note 3):
Basic	61,246	61,559
Diluted	63,709	63,671
Cash dividends per share paid to Woodward common stockholders	$ 0.125	$ 0.110

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Comprehensive earnings
Net earnings	$ 18,260	$ 46,548
Other comprehensive earnings:
Foreign currency translation adjustments	5,103	(18,635)
Net gain (loss) on foreign currency transactions designated as hedges of net investments in a foreign subsidiaries	(743)	3,830
Taxes on changes in foreign currency translation adjustments	187	(306)
Foreign currency translation and transactions adjustments, net of tax	4,547	(15,111)
Reclassification of net realized (gains) losses on derivatives to earnings	(18)	(18)
Taxes on changes in derivative transactions	7	7
Derivative adjustments, net of tax	(11)	(11)
Minimum retirement benefit liability adjustments:
Loss (gain) due to settlement or curtailment arising during the period	59	0
Amortization of net prior service cost (benefit)	137	56
Amortization of net loss	246	641
Foreign currency exchange rate changes on pension and other postretirement benefit plan liabilities	(99)	1,255
Taxes on changes in pension and other postretirement benefit plan liability, net of foreign currency exchange rate changes	(132)	(693)
Pension and other postretirement benefit plan adjustments, net of tax	211	1,259
Total comprehensive earnings	$ 23,007	$ 32,685

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017
Current assets:
Cash and cash equivalents	$ 85,779	$ 87,552
Accounts receivable, less allowance for uncollectible amounts of $3,793 and $3,776, respectively	331,438	402,182
Inventories	503,523	473,505
Income taxes receivable	18,842	19,376
Other current assets	39,660	38,574
Total current assets	979,242	1,021,189
Property, plant and equipment, net	930,158	922,043
Goodwill	556,759	556,545
Intangible assets, net	165,633	171,882
Deferred income tax assets	20,473	19,950
Other assets	72,909	65,500
Total assets	2,725,174	2,757,109
Current liabilities:
Short-term borrowings and current portion of long-term debt	66,300	32,600
Accounts payable	182,144	232,788
Income taxes payable	5,891	6,774
Accrued liabilities	98,785	155,072
Total current liabilities	353,120	427,234
Long-term debt, less current portion	583,339	580,286
Deferred income tax liabilities	21,901	33,408
Other liabilities	366,268	344,798
Total liabilities	1,324,628	1,385,726
Commitments and contingencies (Note 20)
Stockholders' equity:
Preferred stock, par value $0.003 per share, 10,000 shares authorized, no shares issued	0	0
Common stock, par value $0.001455 per share, 150,000 shares authorized, 72,960 shares issued	106	106
Additional paid-in capital	176,473	163,836
Accumulated other comprehensive losses	(48,439)	(53,186)
Deferred compensation	8,173	7,135
Retained earnings	1,830,872	1,820,268
Stockholders' equity excluding treasury stock	1,967,185	1,938,159
Treasury stock at cost, 11,706 shares and 11,739 shares, respectively	(558,466)	(559,641)
Treasury stock held for deferred compensation, at cost, 200 shares and 186 shares, respectively	(8,173)	(7,135)
Total Stockholders' Equity	1,400,546	1,371,383
Total liabilities and stockholders' equity	$ 2,725,174	$ 2,757,109

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2017	Sep. 30, 2017
Current assets:
Allowance, accounts receivable	$ 3,793	$ 3,776
Stockholders' equity:
Preferred stock, par value	$ 0.003	$ 0.003
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.001455	$ 0.001455
Common stock, shares authorized	150,000	150,000
Common stock, shares issued	72,960	72,960
Treasury stock, shares	11,706	11,739
Treasury stock held for deferred compensation, shares	200	186

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net earnings	$ 18,260	$ 46,548
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	21,070	18,913
Loss (gain) due to settlements or curtailments of postretirement plan	(330)
Net (gain) loss on sales of assets	(58)	(3,699)
Stock-based compensation	12,423	1,261
Deferred income taxes	(11,681)	4,777
(Gain) loss on derivatives reclassified from accumulated comprehensive earnings into earnings	(18)	(18)
Changes in operating assets and liabilities:
Accounts receivable	72,714	87,615
Inventories	(28,796)	(37,632)
Accounts payable and accrued liabilities	(104,150)	(54,563)
Income taxes	25,597	(5,731)
Retirement benefit obligations	(673)	(897)
Other	(6,891)	(4,223)
Net cash (used in) provided by operating activities	(2,533)	52,351
Cash flows from investing activities:
Payments for purchase of property, plant and equipment	(28,450)	(21,058)
Proceeds from sale of assets	132	3,682
Proceeds from sales of short-term investments		758
Payments for purchases of short-term investments	(791)
Net cash used in investing activities	(29,109)	(16,618)
Cash flows from financing activities:
Cash dividends paid	(7,656)	(6,779)
Proceeds from sales of treasury stock	1,389	4,843
Payments for repurchases of common stock		(24,004)
Borrowings on revolving lines of credit and short-term borrowings	458,950	316,650
Payments on revolving lines of credit and short-term borrowings	(425,250)	(312,800)
Payments of long-term debt and capital lease obligations	(106)	(102)
Net cash (used in) provided by financing activities	27,327	(22,192)
Effect of exchange rate changes on cash and cash equivalents	2,542	(13,746)
Net change in cash and cash equivalents	(1,773)	(205)
Cash and cash equivalents at beginning of year	87,552	81,090
Cash and cash equivalents at end of period	$ 85,779	$ 80,885

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ 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, 2016	$ 1,212,595		$ 106	$ 141,570	$ (65,705)	$ (25,971)	$ 179	$ (39,913)	$ 5,089	$ 1,649,506	$ (512,882)	$ (5,089)
Balance, Preferred Stock, shares at Sep. 30, 2016		0
Balance, Common Stock, shares at Sep. 30, 2016			72,960
Balance, Treasury Stock, shares at Sep. 30, 2016											(11,374)
Balance, Treasury stock held for deferred compensation, Shares at Sep. 30, 2016												(157)
Net earnings	46,548									46,548			$ 46,548
Other comprehensive income (loss), net of tax	(13,863)				(13,863)	(15,111)	(11)	1,259
Cash dividends paid	(6,779)									(6,779)
Purchases of treasury stock	(24,004)										$ (24,004)
Purchases of treasury stock, shares											(350)
Sales of treasury stock	4,843			(907)							$ 5,750
Sales of treasury stock, shares											139
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	(26)
Stock-based compensation	1,261			1,261
Purchases of stock by deferred compensation plan									37			$ (37)
Distribution of stock from deferred compensation plan									(4)			4
Balances at Dec. 31, 2016	1,222,368		$ 106	142,664	(79,568)	(41,082)	168	(38,654)	6,889	1,689,275	$ (530,109)	$ (6,889)
Balance, Preferred Stock, shares at Dec. 31, 2016		0
Balance, Common Stock, shares at Dec. 31, 2016			72,960
Balance, Treasury Stock, shares at Dec. 31, 2016											(11,559)
Balance, Treasury stock held for deferred compensation, Shares at Dec. 31, 2016												(183)
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										72,960
Balance, Treasury Stock, shares at Sep. 30, 2017											(11,739)		(11,739)
Balance, Treasury stock held for deferred compensation, Shares at Sep. 30, 2017												(186)	(186)
Net earnings	18,260									18,260			$ 18,260
Other comprehensive income (loss), net of tax	4,747				4,747	4,547	(11)	211
Cash dividends paid	(7,656)									(7,656)
Sales of treasury stock	1,389			214							$ 1,175
Sales of treasury stock, shares											33
Common shares issued from treasury stock to settle employee liabilities													0
Stock-based compensation	12,423			12,423
Purchases of stock by deferred compensation plan									1,041			$ (1,041)
Purchases of stock by deferred compensation plan, shares												(14)
Distribution of stock from deferred compensation plan									(3)			$ 3
Balances at Dec. 31, 2017	$ 1,400,546		$ 106	$ 176,473	$ (48,439)	$ (22,733)	$ 124	$ (25,830)	$ 8,173	$ 1,830,872	$ (558,466)	$ (8,173)	$ 1,400,546
Balance, Preferred Stock, shares at Dec. 31, 2017		0											0
Balance, Common Stock, shares at Dec. 31, 2017			72,960										72,960
Balance, Treasury Stock, shares at Dec. 31, 2017											(11,706)		(11,706)
Balance, Treasury stock held for deferred compensation, Shares at Dec. 31, 2017												(200)	(200)

Consolidated Statement of Stock

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

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2017
Basis of Presentation
Basis of Presentation	WOODWARD, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In thousands, except per share amounts) (Unaudited)  Note 1. Basis of presentation The Condensed Consolidated Financial Statements of Woodward, Inc. (“Woodward” or the “Company”) as of December 31 , 2017 and for the three months ended December 3 1 , 2017 and December 3 1 , 2016, included herein, have not been audited by an independent registered public accounting firm. These Condensed Consolidated Financial Statements reflect all normal recurring adjustments that, in the opinion of management, are necessary to present fairly Woodward’s financial position as of December 3 1 , 2017, and the statements of earnings, comprehensive earnings, cash flows, and changes in stockholders’ equity for the periods presented herein. The results of operations for the three months ended December 3 1 , 2017 are not necessarily indicative of the operating results to be expected for other interim periods or for the full fiscal year. Dollar and share amounts contained in these Condensed Consolidated Financial Statements are in thousands, except per share amounts. The Condensed Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in Woodward’s most recent Annual Report on Form 10-K filed with the SEC and other financial information filed with the SEC. Management is required to use estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported revenues and expenses recognized during the reporting period, and certain financial statement disclosures, in the preparation of the Condensed Consolidated Financial Statements included herein. Significant estimates in these Condensed Consolidated Financial Statements include allowances for uncollectible amounts, net realizable value of inventories, customer rebates earned and payable, warranty reserves, useful lives of property and identifiable intangible assets, the evaluation of impairments of property, the provision for income tax and related valuation reserves, assumptions used in the determination of the funded status and annual expense of pension and postretirement employee benefit plans, the valuation of stock compensation instruments granted to employees and board members, and contingencies. Actual results could vary from Woodward’s estimates. As disclosed in Note 1, Operations and summary of significant accounting policies in the Notes to the Consolidated Financial Statements in Part II, Item 8 of Woodward’s most recent Annual Report on Form 10-K, the amortization of intangible assets has been reclassified from a separate line in the condensed consolidated statement of earnings for the three-months ended December 31, 2016 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. The reclassification of these amounts conforms to the current period presentation.

New Accounting Standards

New Accounting Standards	3 Months Ended
	Dec. 31, 2017
Recent Accounting Pronouncements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 2. New accounting standards From time to time, the Financial Accounting Standards Board (“FASB”) or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through issuance of an Accounting Standards Update (“ASU”). In 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 simplify the application of hedge accounting guidance in current U.S. 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. Woodward early a dopt ed the new guidance in the first quarter of fiscal year 2018 . T he application of the new guidance did not have any impact on Woodward’s current hedging arrangements or on the disclosures related to such arrangements . 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 e arnings 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 e arnings 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 statement of earnings 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 will adopt the new guidance in fiscal year 2019, and expects changes to earnings before income taxes to be insignificant in the year of adoption. 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 wit hin the year of adoption. Early adoption is permitted as of the beginning of Woodward’s fiscal year 2018. Woodward will adopt the new guidance in fiscal year 2019 . 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 Losses 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. However, during December 2017, the FASB proposed amending ASU 2016-02 such that restatem ent of fiscal years 2018 and 201 9 would not be required upon adoption . Although early adoption is permitted, Woodward expects to adopt the new guidance in fiscal year 2020 and 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 2017, none of which was recognized on the balance sheet, was $8,302 . As of September 30, 2017, 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 customer 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, which 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 periods within the reporting period. Woodward has determined it will elect to adopt using the c umulative effect transition method with the cumulative effect of initial adoption recognized at the date of initial application. Further, under the cumulative effect transition method, Woodward will disclose the impact of changes to financial statement line items as a result of applying ASC 606 (rather than previous U.S. GAAP) and include an explanation of the reasons for significant changes. 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 implementing changes to its processes for preparing required disclosures and to information systems that support the financial reporting process. 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	3 Months Ended
	Dec. 31, 2017
Earnings Per Share
Earnings Per Share	Note 3. Earnings per share Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share reflects the weighted-average number of shares outstanding after consideration of the dilutive effect of stock options and restricted stock. The following is a reconciliation of net earnings to basic earnings per share and diluted earnings per share:      Three-Months Ended  December 31,  2017 2016  Numerator:  Net earnings $ 18,260 $ 46,548  Denominator:  Basic shares outstanding 61,246 61,559  Dilutive effect of stock options and restricted stock 2,463 2,112  Diluted shares outstanding 63,709 63,671  Income per common share:  Basic earnings per share $ 0.30 $ 0.76  Diluted earnings per share $ 0.29 $ 0.73 The following stock option grants were outstanding during the three-months ended December 31 , 2017 and 2016, but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive.     Three-Months Ended  December 31,  2017 2016  Options 754 -  Weighted-average option price $ 78.75 $ n/a The weighted-average shares of common stock outstanding for basic and diluted earnings per share included the weighted-average treasury stock shares held for deferred compensation obligations of the following:    Three-Months Ended  December 31,  2017 2016  Weighted-average treasury stock shares held for deferred compensation obligations 193 170 

Joint Venture

Joint Venture	3 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Joint Venture	Note 4. Joint venture On January 4, 2016 , Woodward and General Electric Company (“GE”), acting through its GE Aviation business unit, consummated the formation of a strategic joint venture between Woodward and GE (the “JV”) to design, develop and source fuel systems for specified existing and all future GE commercial aircraft engines that produce thrust in excess of fifty thousand pounds. As part of the JV formation, Woodward contributed to the JV certain contractual rights and intellectual property applicable to the existing GE commercial aircraft engine programs within the scope of the JV. Woodward 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 records annual payments received as deferred income and includes them 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. Unamortized deferred income recorded in connection with the JV formation included accrued liabilities of $6,439 as of December 31, 2017 and $6,451 as of September 30, 2017 , and other liabilities of $235,855 as of December 31, 2017 and $236,896 as of September 30, 2017. Amortization of the deferred income recognized as an increase to sales was $1,053 for the three-months ended December 31 , 2017, and $1,496 for the three -months ended December 3 1 , 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 $596 for the three-months ended December 3 1 , 2017, and income of $684 for the three -months ended December 3 1 , 2016 related to Woodward’s equity interest in the earnings of the JV. Woodward received no cash distributions from the JV in the three-months ended December 3 1 , 2017 or 2016. Woodward’s net investment in the JV, which is i ncluded in other assets, was $6,868 as of December 3 1 , 2017 and $6,272 as of September 30, 201 7 . Woodward’s net sales include $12,975 for the three-months ended December 31 , 2017 of sales to the JV, compared to $15,302 for the three -months ended December 3 1 , 2016. Woodward recorded a reduction to sales of $5,408 for the three-months ended December 3 1 , 2017 related to royalties paid to the JV by Woodward on sales by Woodward directly to third party aftermarket customers, compared to $5,403 for the three -months ended December 3 1 , 2016. The Condensed Consolidated Balance Sheets include “Accounts receivable” of $6,728 at December 31, 2017, and $8,554 at September 30, 2017, related to amounts the JV owed Woodward, and include “Accounts payable” of $3,984 at December 31, 2017, and $6,741 at September 30, 2017, related to amounts Woodward owed the JV.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Dec. 31, 2017
Financial Instruments and Fair Value Measurments
Financial Instruments and Fair Value Measurements	Note 5. Financial instruments and fair value measurements Financial assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are categorized based upon a fair value hierarchy established by U.S. GAAP, which prioritizes the inputs used to measure fair value into the following levels: Level 1: Inputs based on quoted market prices in active markets for identical assets or liabilities at the measurement date. Level 2: Quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data. Level 3: Inputs that reflect management’s best estimates and assumptions of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments. The table below presents information about Woodward’s financial assets that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques Woodward utilized to determine such fair value. Woodward had no financial liabilities required to be measured at fair value on a recurring basis as of December 31, 2017 or September 30, 2017 .      At December 31, 2017 At September 30, 2017  Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total  Financial assets:  Cash $ 77,411 $ - $ - $ 77,411 $ 79,822 $ - $ - $ 79,822  Investments in reverse repurchase agreements 847 - - 847 1 - - 1  Investments in term deposits with foreign banks 7,521 - - 7,521 7,729 - - 7,729  Equity securities 19,133 - - 19,133 16,600 - - 16,600  Total financial assets $ 104,912 $ - $ - $ 104,912 $ 104,152 $ - $ - $ 104,152  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 with creditworthy financial institutions. Such investments are reported in “Cash and cash equivalents” at fair value, with realized gains from interest 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 rec eivable, accounts payable, 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 December 31, 2017 At September 30, 2017  Fair Value Hierarchy Level Estimated Fair Value Carrying Cost Estimated Fair Value Carrying Cost  Assets:  Notes receivable from municipalities 2 $ 14,771 $ 14,217 $ 15,848 $ 14,507  Investments in short-term time deposits 2 9,191 9,219 8,227 8,223  Liabilities:  Long-term debt 2 $ (596,136) $ (585,059) $ (592,317) $ (582,080)  In fiscal years 2014 and 2013, Woodward received long-term notes from municipalities within the states 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 2.5% at December 31, 2017 and 2.6% at September 30, 2017 . 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 for 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 value hierarchy. The interest rate s used to estimate the fair value of the short-term time deposits were 5.6% at December 31, 2017 and 5.3% at September 30, 2017. The fair value of long-term debt was estimated based on a model that discounted future principal and interest payments at interest rates available to the Company at the end of the period for similar debt of the same maturity, which is a level 2 input as defined by the U.S. GAAP fair value hierarchy. The weighted-average interest rates used to estimate the fair value of long-term debt were 2.3% at December 31, 2017 and 2.4% at September 30, 2017.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities	Note 6. Derivative instruments and hedging activities Woodward has exposures related to global market risks, including the effect of changes in interest rates, foreign currency exchange rates, changes in certain commodity prices and fluctuations in various producer indices. From time to time, Woodward enters into derivative instruments for risk management purposes only, including derivatives designated as accounting hedges and/or those utilized as economic hedges. Woodward uses interest rate related derivative instruments to manage its exposure to fluctuations of interest rates. Woodward does not enter into or issue derivatives for trading or speculative purposes. By using derivative and/or hedging instruments to manage its risk exposure, Woodward is subject, from time to time, to credit risk and market risk on those derivative instruments. Credit risk arises from the potential failure of the counterparty to perform under the terms of the derivative and/or hedging instrument. When the fair value of a derivative contract is positive, the counterparty owes Woodward, which creates credit risk for Woodward. Woodward mitigates this credit risk by entering into transactions with only counterparties that are believed to be creditworthy. Market risk arises from the potential adverse effects on the value of derivative and/or hedging instruments that result from a change in interest rates, commodity prices, or foreign currency exchange rates. Woodward minimizes this market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. Woodward did not enter into any derivatives or hedging transactions during the three-months ended December 31, 2017 or 2016 . The remaining unrecognized gains and losses in Woodward’s Condensed Consolidated Balance Sheets associated with derivative instruments that were previously entered into by Woodward, which are classified in accumulated other comprehensive (losses) earnings (“accumulated OCI”), were net gains of $200 as of December 31, 2017 and $218 as of September 30, 2017. The following table discloses the impact of derivative instruments in cash flow hedging relationships on Woodward’s Condensed Consolidated Statements of Earnings, recognized in interest expense:      Three-Months Ended December 31,  2017 2016  Amount of (income) expense recognized in earnings on derivative $ (18) $ (18)  Amount of (gain) loss recognized in accumulated OCI on derivative - -  Amount of (gain) loss reclassified from accumulated OCI into earnings (18) (18)  Based on the carrying value of the realized but unrecognized gains on terminated derivative instruments designated as cash flow hedges as of December 3 1 , 2017, Woodward expects to reclassify $72 of net unrecognized gains on terminated derivative instruments from accumulated other comprehensive (losses) earnings to earnings during the next twelve months. On September 23, 2016 , Woodward and Woodward International Holding B.V., a wholly owned subsidiary of Woodward organized under the laws of The Netherlands (the “BV Subsidiary”), each entered into a note purchase agreement (the “2016 Note Purchase Agreement”) relating to the sale by Woodward and the BV Subsidiary of an aggregate principal amount of €160,000 of senior unsecured notes in a series of private placement transactions. Woodward issued €40,000 aggregate principal amount of Woodward’s Series M Senior Notes due September 23, 2026. Woodward designated the €40,000 Series M Notes as a hedge of a foreign currency exposure of Woodward’s net investment in its Euro denominated functional currency subsidiaries. O n the Series M Notes a f oreign exchange loss of $743 for the three-months ended December 31, 2017 and a foreign exchange gain of $2,814 for the three-months ended December 31 , 201 6 are included in foreign currency translation adjustments within total comprehensive (losses) earnings. In July 2016, Woodward designated a n intercompany loan of 160,000 renmi nbi between two wholly owned subsidiaries as a hedge of a foreign currency exposure of the net investment of the borrower in the lender. Unrealized foreign exchange gains on the loan of $1,016 for the three-months ended December 31, 2016 are included in foreign currency translation adjustments within total comprehensive (losses) earnings. T he intercompany loan was repaid i n July 2017 .

Supplemental Statements of Cash

Supplemental Statements of Cash Flows Information	3 Months Ended
	Dec. 31, 2017
Supplemental Statements of Cash Flows Information
Supplemental Statements of Cash Flows Information	Note 7. Supplemental statement of cash flows information         Three-Months Ended December 31,  2017 2016  Interest paid, net of amounts capitalized $ 11,302 $ 10,317  Income taxes paid 7,695 6,047  Income tax refunds received 1,772 59  Non-cash activities:  Purchases of property, plant and equipment on account 10,631 6,130  Common shares issued from treasury to settle employee liabilities - 1,767 

Accounts Receivable

Accounts Receivable	3 Months Ended
	Dec. 31, 2017
Accounts Receivable Disclosure
Accounts Receivable	 Note 8. Accounts receivable Almost all of Woodward’s sales are made on credit and result in accounts receivable, 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 December 3 1 , 2017 and September 30, 201 7 follows:          December 31, September 30,  2017 2017  Accounts receivable from:  Customers $ 275,433 $ 367,715  Other (Chinese financial institutions) 59,798 38,243  Allowance for uncollectible customer amounts (3,793) (3,776)  $ 331,438 $ 402,182 

Inventories

Inventories	3 Months Ended
	Dec. 31, 2017
Inventories
Inventories	Note 9 . Inventories     December 31, September 30,  2017 2017  Raw materials $ 60,355 $ 59,034  Work in progress 106,065 103,790  Component parts (1) 285,674 262,755  Finished goods 51,429 47,926  $ 503,523 $ 473,505 (1) Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.

Property, Plant, and Equipment,

Property, Plant, and Equipment, Net	3 Months Ended
	Dec. 31, 2017
Property, Plant, and Equipment, Net
Property, Plant and Equipment, Net	N ote 10 . Property, plant, and equipment       December 31, September 30,  2017 2017  Land and land improvements $ 88,536 $ 88,326  Buildings and building improvements 515,338 514,453  Leasehold improvements 16,425 16,142  Machinery and production equipment 560,264 543,641  Computer equipment and software 125,628 124,723  Office furniture and equipment 24,455 24,308  Other 19,423 19,393  Construction in progress 117,085 111,910  1,467,154 1,442,896  Less accumulated depreciation (536,996) (520,853)  Property, plant, and equipment, net $ 930,158 $ 922,043  Included in “Office furniture and equipment” and “Other” is $1,653 at each of December 3 1 , 2017 and September 30, 201 7 , of gross assets acquired on capital leases, and accumulated depreciation included $844 at December 31, 2017 and $739 at September 30, 2017 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 $48,971 at December 31, 2017 and $49,347 at September 30, 2017 associated with new equipment purchases for the second campus. For the three-months ended December 31 , 2017 and 2016 , Woodward had depreciation expense as follows:      Three-Months Ended  December 31,  2017 2016  Depreciation expense $ 14,827 $ 12,455 For the three-months ended December 31, 2017 and 2016 , Woodward capitalized interest that would have otherwise been included in interest expense of the following:      Three-Months Ended  December 31,  2017 2016  Capitalized interest $ 601 $ 472 

Goodwill

Goodwill	3 Months Ended
	Dec. 31, 2017
Goodwill Disclosure
Goodwill	Note 1 1 . Goodwill      September 30, 2017 Effects of Foreign Currency Translation December 31, 2017  Aerospace $ 455,423 $ - $ 455,423  Industrial 101,122 214 101,336  Consolidated $ 556,545 $ 214 $ 556,759 Woodward tests goodwill for impairment during the fourth quarter of each fiscal year, or at any time there is an indication goodwill is more-likely-than-not impaired, commonly referred to as triggering events. There have been no such triggering events during any of the periods presented and Woodward’s fourth quarter of fiscal year 2017 impairment test resulted in no impairment.

Intangible Assets, Net

Intangible Assets, Net	3 Months Ended
	Dec. 31, 2017
Intangible Assets, Net
Intangible Assets, Net	Note 12 . Intangible assets, net     December 31, 2017 September 30, 2017  Gross Carrying Value Accumulated Amortization Net Carrying Amount Gross Carrying Value Accumulated Amortization Net Carrying Amount  Customer relationships and contracts:  Aerospace $ 282,225 $ (155,183) $ 127,042 $ 282,225 $ (151,155) $ 131,070  Industrial 40,944 (34,615) 6,329 40,962 (34,407) 6,555  Total $ 323,169 $ (189,798) $ 133,371 $ 323,187 $ (185,562) $ 137,625   Intellectual property:  Aerospace $ - $ - $ - $ - $ - $ -  Industrial 19,459 (18,315) 1,144 19,422 (18,196) 1,226  Total $ 19,459 $ (18,315) $ 1,144 $ 19,422 $ (18,196) $ 1,226   Process technology:  Aerospace $ 76,605 $ (50,619) $ 25,986 $ 76,605 $ (49,124) $ 27,481  Industrial 22,910 (18,118) 4,792 22,950 (17,756) 5,194  Total $ 99,515 $ (68,737) $ 30,778 $ 99,555 $ (66,880) $ 32,675   Other intangibles:  Aerospace $ - $ - $ - $ - $ - $ -  Industrial 1,332 (992) 340 1,312 (956) 356  Total $ 1,332 $ (992) $ 340 $ 1,312 $ (956) $ 356   Total intangibles:  Aerospace $ 358,830 $ (205,802) $ 153,028 $ 358,830 $ (200,279) $ 158,551  Industrial 84,645 (72,040) 12,605 84,646 (71,315) 13,331  Consolidated Total $ 443,475 $ (277,842) $ 165,633 $ 443,476 $ (271,594) $ 171,882  For the three-months ended December 31 , 2017 and 2016, Woodward recorded amortization expense associated with intangibles of the following:      Three-Months Ended  December 31,  2017 2016  Amortization expense $ 6,243 $ 6,458  Future amortization expense associated with intangibles is expected to be:             Year Ending September 30:  2018 (remaining) $ 18,782  2019 23,156  2020 20,373  2021 18,404  2022 16,249  Thereafter 68,669  $ 165,633  

Credit Facilities, Short-term B

Credit Facilities, Short-term Borrowings and Long-term Debt	3 Months Ended
	Dec. 31, 2017
Debt Disclosure
Credit Facilities, Short-term Borrowings and Long-term Debt	Note 1 3 . Credit facilities, short-term borrowings and long-term debt Revolving credit facility Woodward maintains a $1,000,000 revolving credit facility established under a revolving credit agreement among Woodward, a syndicate of lenders and Wells Fargo Bank, National Association, as administrative agent (the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for the option to increase available borrowings to up to $1,200,000 , subject to lenders’ participation. Borrowings under the Revolving Credit Agreement generally bear interest at LIBOR plus 0.85% to 1.65% . The Revolving Credit Agreement matures in April 2020 . Under the Revolving Credit Agreement, there were $66,300 in principal amount of borrowings outstanding as of December 3 1 , 2017, at an effective interest rate of 2.52% , and $32,600 in principal amount of borrowings outstanding as of September 30, 2017, at an ef fective interest rate of 2.29% . As of December 31, 2017 and September 30, 2017, all of the borrowings under the Revolving Credit Agreement were classified as short-term based on Woodward’s intent and ability to pay this amount in the next twelve months. Short-term borrowings 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 December 31, 2017 and September 30, 2017 on Woodward’s foreign lines of credit and foreign overdraft facilities. Long-term debt     December 31, September 30,  2017 2017  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 48,015 47,270  Series N notes – 1.31% due September 2028; unsecured 92,428 90,995  Series O notes – 1.57% due September 2031; unsecured 51,616 50,815  Unamortized debt issuance costs (1,720) (1,794)  Total long-term debt 583,339 580,286  Less: Current portion of long-term debt - -  Long-term debt, less current portion $ 583,339 $ 580,286 The Notes In October 2008 , Woodward entered into a note purchase agreement relating to the S eries D Notes . The Series D Notes mature and are payable in October 2018. As of December 31, 2017, the entire amount of debt under the Series D Notes has been classified as long-term based on Woodward’s intent and ability to refinance this debt using cash proceeds from its existing revolving credit facility which, in turn, is expected to be repaid beyond the next twelve months. In April 2009 , Woodward entered into a note purchase agreement relating to the S eries F 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 private placement transactions. Woodward issued the Series G, H and I Notes (the “First Closing Notes”) on October 1, 2013 . Woodward issued the Series J, K and L Notes (the “Second Closing Notes,” and together with the Series D Notes, the Series F 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 Se ries N Notes, the “2016 Notes,” and, together with the USD Notes, collectively, the “Notes”). Interest on the Series D 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 p aid. Interest on the Series F 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 all principal is paid. As of December 31 , 2017, the Series J Notes bore interest at an effective rate of 2.69% . Debt Issuance Costs Unamortized debt issuance costs associated with the Notes of $1,720 as of December 31 , 2017 and $1,794 as of September 30, 201 7 were recorded as a reduction in “Long-term debt, less current portion” in the Condensed Consolidated Balance Sheets. Unamortized debt issuance costs of $2,041 associated with the Revolving Credit Agreement as of December 3 1 , 2017 and $2,259 as of September 30, 201 7 were recorded as “Other assets” in the Condensed Consolidated Balance Sheets. Amortization of debt issuance costs is included in operating activities in the Condensed Consolidated Statements of Cash Flows.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Dec. 31, 2017
Accrued Liabilities
Accrued Liabilities	Note 1 4 . Accrued liabilities      December 31, September 30,  2017 2017  Salaries and other member benefits $ 43,844 $ 91,285  Warranties 13,017 13,597  Interest payable 5,392 9,626  Current portion of acquired performance obligations and unfavorable contracts (1) 1,627 1,627  Accrued retirement benefits 2,379 2,413  Current portion of loss reserve on contractual lease commitments 1,244 1,343  Current portion of deferred income from JV formation (Note 4) 6,439 6,451  Deferred revenues 3,568 4,625  Taxes, other than income 10,934 14,401  Other 10,341 9,704  $ 98,785 $ 155,072  (1) In connection with Woodward’s acquisition of GE Aviation Systems LLC’s (the “Seller”) thrust reverser actuation systems business located in Duarte, California (the “Duarte Acquisition”) in fiscal year 2013, Woodward assumed current and long-term performance obligations for contractual commitments that are expected to result in future economic losses. In addition, Woodward assumed current and long-term performance obligations for services to be provided to the Seller and others, partially offset by current and long-term assets related to contractual payments due from the Seller. The current portion of both obligations is included in Accrued liabilities. Warranties Provisions of Woodward’s sales agreements include product warranties customary to these types of agreements. Accruals are established for specifically identified warranty issues that are probable to result in future costs. Warranty costs are accrued on a non-specific basis whenever past experience indicates a normal and predictable pattern exists. Changes in accrued product warranties were as follows:      Three-Months Ended December 31,  2017 2016  Warranties, beginning of period $ 13,597 $ 15,993  Expense, net of recoveries (2,030) 1,923  Reductions for settling warranties 1,377 (2,032)  Foreign currency exchange rate changes 73 (356)  Warranties, end of period $ 13,017 $ 15,528    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 and recognize d a loss reserve against the estimated remaining contractual lease commitments, less anticipated sublease income. Changes in the loss reserve were as follows:      Three-Months Ended December 31,  2017 2016  Loss reserve on contractual lease commitments, beginning of period $ 5,270 $ 9,242  Payments, net of sublease income (553) (402)  Loss reserve on contractual lease commitments, end of period $ 4,717 $ 8,840 Other liabilities included $3,473 and $3,927 of accrued loss reserve on contractual lease commitments as of December 31, 2017 and September 30, 2017, respectively, which are not expected to be settled or paid within twelve months of the respective balance sheet date.

Other Liabilities

Other Liabilities	3 Months Ended
	Dec. 31, 2017
Other Liabilities
Other Liabilities	Note 15 . Other liabilities      December 31, September 30,  2017 2017  Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 54,396 $ 52,211  Noncurrent portion of deferred income from JV formation (1) 235,855 236,896  Total unrecognized tax benefits 20,003 20,949  Noncurrent income taxes payable (2) 26,000 -  Acquired unfavorable contracts (3) 1,562 2,076  Deferred economic incentives (4) 14,337 14,574  Loss reserve on contractual lease commitments (5) 3,473 3,927  Other 10,642 14,165  $ 366,268 $ 344,798    (1) See Note 4, Joint venture for more information on the deferred income from JV formation. (2) See Note 17, Income taxes for more information on the noncurrent income taxes payable. (3) In connection with 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. The long-term portion of the acquired unfavorable contracts is included in Other liabilities. (4) 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. (5) See Note 14 , Accrued liabilities for more information on the loss reserve on contractual lease commitments.

Other (Income) Expense, Net

Other (Income) Expense, Net	3 Months Ended
	Dec. 31, 2017
Other (Income) Expense, Net
Other (Income) Expense, Net	Note 16 . Other (income) expense, net       Three-Months Ended  December 31,  2017 2016  Equity interest in the earnings of the JV (Note 4) $ (596) $ (684)  Net gain on sales of assets (58) (3,699)  Rent income (54) (73)  Net gain on investments in deferred compensation program (654) (24)  Other (210) (108)  $ (1,572) $ (4,588) 

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2017
Income Taxes
Income Taxes	Note 17. Income taxes On December 22, 2017, the United States (“U.S.”) enacted significant changes to the U.S. tax law following the passage and signing of H.R.1, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Bu dget for Fiscal Year 2018” (the “Tax Act”) (previously known as “The Tax Cuts and Jobs Act”). The Tax Act included significant changes to existing tax law, including a permanent reduction to the U.S. federal corporate income tax rate from 35% to 21% , a one-time repatriation tax on deferred foreign income (“Transition Tax”) , deductions, credits and b usiness-related exclusions . U.S. GAAP requires that the interim period tax provision be determined as follows: · At the end of each quarter, Woodward estimates the tax that will be provided for the current fiscal year stated as a percentage of estimated “ordinary income.” The term ordinary income refers to earnings from continuing operations before income taxes, excluding significant unusual or infrequently occurring items.  The estimated annual effective rate is applied to the year-to-date ordinary income at the end of each quarter to compute the estimated year-to-date tax applicable to ordinary income. The tax expense or benefit related to ordinary income in each quarter is the difference between the most recent year-to-date and the prior quarter year-to-date computations.  · The tax effects of significant unusual or infrequently occurring items are recognized as discrete items in the interim period in which the events occur. The impact of changes in tax laws or rates on deferred tax amounts, the effects of changes in judgment about beginning of the year valuation allowances, and changes in tax reserves resulting from the finalization of tax audits or reviews are examples of significant unusual or infrequently occurring items that are recognized as discrete items in the interim period in which the event occurs. Enactment of the Tax Act during December 2017 resulted in a provisional discrete net charg e to Woodward’s income tax expense in the amount of $14,778 . The determination of the annual effective tax rate is based upon a number of significant estimates and judgments, including the estimated annual pretax income of Woodward in each tax jurisdiction in which it operates, and the development of tax planning strategies during the year. In addition, as a global commercial enterprise, Woodward’s tax expense can be impacted by changes in tax rates or laws, the finalization of tax audits and reviews, changes in the estimate of the amount of undistributed foreign earnings that Woodward considers indefinitely reinvested, and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions. The permanent reduction to the U.S. federal corporate income tax rate from 35 % to 21 % is effective January 1, 2018 (the “Effective Date”). When a U.S. federal tax rate change occurs during a fiscal year, taxpayers are required to compute a weighted daily average rate for the fiscal year of enactment. As a result of the Tax Act, Woodward has calculated a U.S. federal statutory corporate income tax rate of 24.5% for the fiscal year ending September 30, 2018 and applied this rate in computing the first quarter of fiscal year 2018 income tax provision. The U.S. federal statutory corporate income tax rate of 24.5% is the weighted daily average rate between the pre-enactment U . S . federal statutory tax rate of 35% applicable to Woodward’s 2018 fiscal year prior to the Effective Date and the post-enactment U . S . f ederal statutory tax rate of 21% applicable to the 2018 fiscal year thereafter . Woodward expects the U . S . federal statutory rate to be 21% for fiscal years beginning after September 30, 2018. On December 22, 2017, the S EC issued Staff Accounting Bulletin 118 (“SAB 118”). SAB 118 expresses views of the SEC regarding ASC Topic 740, Income Taxes (“ASC 740”) in the reporting period that includes the enact ment date of the Tax Act. The SEC staff issuing SAB 118 (the “Staff”) recognized that a registrant’s review of certain income tax effects of the Tax Act may be incomplete at the time financial statements are issued for the reporting period that includes the enactment date, including interim periods therein. The Staff’s view of the enactment o f the Tax Act has been developed considering the principles of ASC Topic 805, Business Combinations , which addresses the accounting for certain items in a business combination for which the accounting is incomplete upon issuance of the fi nancial statements that include the reporting period in which the business combinatio n occurs. Specifically, the Staff provides that the accounting guidance in ASC Topic 805 may be analogized to the accounting for impacts of the Tax Act. If a company does not have the necessary information available, prepared or analyzed for certain income tax effects of the Tax Act, SAB 118 allows a company to report provisional numbers and adjust those amount s during the measurement period not to extend beyond one year. For the three-months ended December 31, 2017, Woodward ha s recorded all known and estimable impacts of the Tax Act that are effective for fiscal year 2018. Future adjustments to the provisional numbers will be recorded as discrete adjustments to income tax expense in the period in which those adjustments become estimable and/or are finalized. Accordingly, Woodward’s income tax provision as of December 31, 2017 reflects (i ) the current year impacts of the Tax Act on the estimated annual effective tax rate and (ii ) the following discrete items resulting directly from the enactment of the Tax Act based on the information available, prepared, or analyzed (including computations) in reasonable detail.     Three-Months Ended  December 31, 2017  Transition Tax (provisional) $ 26,000  Net impact on U.S. deferred tax assets and liabilities (provisional) (16,260)  Net changes in deferred tax liability associated with anticipated repatriation taxes (provisional) 5,038  Net discrete impacts of the enactment of the Tax Act $ 14,778 Woodward de termined that the Transition Tax is provisional because various components o f the computation are unknown as of December 31, 2017, including the following significant items: the exchange rate s for fiscal year 2018, the actual aggregate foreign cash position and the earnings and profits of the foreign entities as of September 30, 2018, the interpretation and identification of cash positions as of September 30, 2018, and incomplete computations of accumulated earnings and profits balances as of November 2, 2017 and December 31, 2017. Consistent with prov isions allowed under the Tax Act, the $26,000 estimated T ransition T ax liability will be paid over an eight year period beginning in fiscal year 2019. The entire amount of the estimated Transition Tax liability has been included in “Other liabilities” in the Condensed Consolidated Balance Sheets. Woodward also determined that the impact of the U.S. federal corporate income tax rate change on the U.S. deferred tax assets and liabilities is provisional because the number cannot be calculated until the underlying timing differences are known rather than estimated. Given the Tax Act’s significant changes and potential opportunities to repatriate cash tax free, Woodward is in the process of evaluating its current indefinite assertions. As a result of the Tax Act, Woodward now expects to repatriate certain earnings which will be subject to withholding taxes. These additional withholding taxes are being recorded as an additional deferred tax liability associated with the basis difference in such jurisdictions. The uncertainty related to the taxation of such withholding taxes on dis tributions under the Tax Act and finalization of the cash repatriation plan makes the deferred tax liability a provisional amount. Woodward continues to review the anticipated impacts of the global intangible low taxed income (“GILTI”) and base erosi on anti-abuse tax (“BEAT”) on Woodward , which are not effective until fiscal yea r 2019. Woodward has not recorded any impact associated with either GILTI or BEAT in the tax rate for the first quarter of fiscal year 2018. Within the calculation of Woodward’s annual effective tax rate Woodward has used assumptions and estimates that may change as a result of future guidance, interpretation, and rule-making from the Internal Revenue Service , the SEC, and the FASB and/or various other taxing jurisdictions. For example, Wood ward anticipates that the state jurisdictions will continue to determine and announce their conformity to the Tax Act which could have an impact on the annual effective tax rate. The following table sets forth the tax expense and the effective tax rate for Woodward’s earnings before income taxes:      Three-Months Ended  December 31,  2017 2016  Earnings before income taxes $ 37,487 $ 47,059  Income tax expense 19,227 511  Effective tax rate 51.3% 1.1% The increase in the year-over-year effective tax rate for the three-months ended December 31, 2017 is primarily attributable to the $14,778 discrete net impact resulting from the enactment of the Tax Act partially offset by benefits of the c urrent year effect of the U.S. federal corporate tax rate r eduction resulting from the enactment of the Tax Act on the estimated annual effective tax rate. In addition, the effective tax rate for the three-months ended December 31, 2016 includes the impact of the repatriation to the U.S. of certain net foreign profits and losses. The U.S. foreign tax credits available as a result of the repatriation of the foreign net earnings in the first quarter of last year were greater than the U.S. taxes payable on these net foreign earnings. Gross unrecognized tax benefits were $18,997 as of December 31 , 2017, and $20,132 as of September 30, 201 7 . Included in the balance of unrecognized tax benefits were $8,949 as of December 31 , 2017 and $9,677 as of September 30, 201 7 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 u nrecognized tax benefits will de crease by as much as $8,901 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 $1,243 as o f December 31 , 2017 and $1,123 as of September 30, 2017 . 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 2014 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	3 Months Ended
	Dec. 31, 2017
Retirement Benefits - General
Retirement Benefits	Note 18. 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. The amount of expense associated with defined contribution plans was as follows:      Three-Months Ended  December 31,  2017 2016  Company costs $ 7,879 $ 7,249  Defined benefit plans Woodward has defined benefit plans that provide pension benefits for certain retired employees in the United States, the United Kingdom, and Japan. Woodward also provides other postretirement benefits to its employees including postretirement medical benefits and life insurance benefits. Postretirement medical benefits are provided to certain current and retired employees and their covered dependents and beneficiaries in the United States and the United Kingdom. Life insurance benefits are provided to certain retirees in the United States under frozen plans, which are no longer available to current employees. A September 30 measurement date is utilized to value plan assets and obligations for all of Woodward’s defined benefit pension and other postretirement benefit plans. U.S. GAAP requires that, for obligations outs tanding as of September 30, 2017 , the funded status reported in interim periods shall be the same asset or liability recognized in the previous year end statement of financial position adjusted for (a) subsequent accruals of net periodic benefit cost that exclude the amortization of amounts previously recognized in other comprehensive income (for example, subsequent accruals of service cost, interest cost, and return on plan assets) and (b) contributions to a funded plan or benefit payments. During the third quarter of fiscal year 2016, Woodward opened a lump-sum buy-out window, which closed in the fourth quarter of fiscal year 2016 and was fully settled during the first quarter of fiscal year 2017, for certain former U.S. employees and/or their dependents eligible to receive postretirement defined benefit pension payments for past employment services to the Company. Eligible pension plan participants 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 the first quarter of fiscal year 2017. Woodward made no further pension benefit payments under the lump-sum buy-out options. The components of the net periodic retirement pension costs recognized are as follows:       Three-Months Ended December 31,  United States Other Countries Total  2017 2016 2017 2016 2017 2016  Service cost $ 411 $ 419 $ 158 $ 192 $ 569 $ 611  Interest cost 1,501 1,439 329 296 1,830 1,735  Expected return on plan assets (2,904) (2,632) (686) (641) (3,590) (3,273)  Amortization of:  Net actuarial loss 150 464 72 127 222 591  Prior service cost 177 96 - - 177 96  Net periodic retirement pension benefit $ (665) $ (214) $ (127) $ (26) $ (792) $ (240)  Contributions paid $ - $ - $ 312 $ 365 $ 312 $ 365  The components of the net periodic other postretirement benefit costs recognized are as follows:       Three-Months Ended  December 31,  2017 2016  Service cost $ 2 $ 4  Interest cost 292 311  Amortization of:  Net actuarial loss 24 50  Prior service benefit (40) (40)  Curtailment gain (330) -  Net periodic other postretirement (benefit) cost $ (52) $ 325  Contributions paid $ 226 $ 615  The amount of cash contributions made to these plans in any year is dependent upon a number of factors, including minimum funding requirements in the jurisdictions in which Woodward operates and arrangements made with trustees of certain foreign plans. As a result, the ac tual funding in fiscal year 2018 may differ from the current estimate. Woodward estimates its remaining cash c ontributions in fiscal year 2018 will be as follows:        Retirement pension benefits:  United States $ -  United Kingdom 297  Japan -  Other postretirement benefits 3,645 Multiemployer defined benefit plans Woodward operates multiemployer defined benefit plans for certain employees in both the Netherlands and Japan. The amounts of contributions associated with the multiemployer plans were as follows:      Three-Months Ended  December 31,  2017 2016  Company contributions $ 79 $ 68 

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Dec. 31, 2017
Stockholders' Equity and Stock-Based Compensation [Abstract]
Stockholders' Equity	Note 19. Stockholders’ equity Stock repurchase program In the first quarter o f fiscal year 2017, Woodward’s board of d irectors terminated the Company’s prior stock 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 November 2019 (the “2017 Authorization”). I n the first quarter of fiscal year 2017, Woodward purchased 350 shares of its common stock for $24,004 pursuant to a 10b5-1 plan under the 2017 Authorization. Woodward repurchased no stock in the first quarter of fiscal year 2018. Stock-based compensation Provisions governing outstanding stock option awards are included in the 2017 Omnibus Incentive Plan (the “2017 Plan”), 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. No further grants will be made under the 2006 Plan , which expired in fiscal year 2016 . Woodward has reserved a total of 2,000 shares of Woodward’s common stock for issuance under the 2017 Plan , which was approved by Woodward’s stockholders in January 2017 and is a successor plan to the 2006 Plan. Stock options To date , equity awards under the 2017 Plan have consisted of grants of stock opti ons to Woodward’s employees and directors. Woodward believes that these stock options align the interests of its employees and directors with the interests of its stockholders. Stock option awards are granted with an exercise price equal to the market price of Woodward’s stock at the date the grants are awarded, a ten -year term, and generally a four -year vesting schedule at a rate of 25% per year. The 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.       Three-Months Ended  December 31, 2017  Weighted-average exercise price per share $ 78.97  Weighted-average grant date market value of Woodward stock $ 78.97  Expected term (years) 6.4 - 8.7  Estimated volatility 30.3% - 32.7%  Estimated dividend yield 0.6%  Risk-free interest rate 2.1% - 2.3%  The following is a summary of the activity for stock option awards during the three- months ended December 3 1 , 2017:       Three-Months Ended  December 31, 2017  Number of options Weighted-Average Exercise Price per Share  Options, beginning balance 5,236 $ 39.58  Options granted 744 78.97  Options exercised (34) 41.13  Options forfeited (9) 55.61  Options, ending balance 5,937 44.48 Changes in non-vested stock options during the three-months ended December 3 1 , 2017 were as follows:       Three-Months Ended  December 31, 2017  Number of options Weighted-Average Grant Date Fair Value per Share  Options outstanding, beginning balance 2,072 $ 18.61  Options granted 744 25.68  Options vested (787) 17.54  Options forfeited (9) 19.82  Options outstanding, ending balance 2,020 21.63  Information about stock options that have vested, or are expected to vest, and are exercisable at December 3 1 , 2017 was as follows:      Number Weighted- Average Exercise Price Weighted- Average Remaining Life in Years Aggregate Intrinsic Value  Options outstanding 5,937 $ 44.48 6.2 $ 192,105  Options vested and exercisable 3,917 35.64 4.9 160,206  Options vested and expected to vest 5,823 44.07 6.1 190,725 Stock-based compensation expense 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 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. Upon approving the 2017 Plan, Woodward’s board of d irectors delegated authority to administer the 2017 Plan to the compensation committe e of the board , including, but not limited to, the power to determine the recipients of awards and the terms of those awards. The compensation c ommittee approved issuance of options in the first quarter of fiscal year 2017 under the 2017 Plan, with an award date of October 3, 2016 conditional upon 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 related to such awards was recognized on these stock options during the three-months ended December 31, 2016, but rather the expense was recognized in the three-months ended March 31, 2017 . Options granted in the three-months ended December 31, 2017 were not conditionally granted and, therefore, stock-based compensation expense related to these awards was recognized during the three-months ended December 31, 2017 . Total stock-based compensation expense was $12,423 for the three-months ended December 31, 2017 and $1,261 for the three-months ended December 31, 2016. At December 3 1 , 2017, there was approximately $14,234 of total unrecognized compensation expense related to non-vested stock-based com pensation arrangements. The pre-vesting forfeiture rates for purposes of determining stock-based compensation expense recognized were estimated to be 0% for members of Woodward’s board of directors and 9% for all others. The remaining unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 2.4 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure
Commitments and Contingencies	Note 20. Commitments and contingencies Woodward is currently involved in claims, pending or threatened litigation or other legal proceedings, investigations and/or regulatory proceedings arising in the normal course of business, including, among others, those relating to product liability claims, employment matters, worker’s compensation claims, contractual disputes, product warranty claims and alleged violations of various laws and regulations. Woodward accrues for known individual matters using estimates of the most likely amount of loss where it believes that it is probable the matter will result in a loss when ultimately resolved and such loss is reasonably estimable . Legal costs are expensed as incurred and are classified in “Selling, general and administrative expenses” on the Condensed Consolidated Statements of Earnings. Woodward is partially self-insured in the United States for healthcare and worker’s compensation up to predetermined amounts, above which third party insurance applies. Management regularly reviews the probable outcome of these claims and proceedings, the expenses expected to be incurred, the availability and limits of the insurance coverage, and the established accruals for liabilities. While the outcome of pending claims, legal and regulatory proceedings, and investigations cannot be predicted with certainty, management believes that any liabilities that may result from these claims, proceedings and investigations will not have a material effect on Woodward's liquidity, financial condition, or results of operations. In the event of a change in control of Woodward, as defined in change-in-control agreements with its current corporate officers, Woodward may be required to pay termination benefits to such officers.

Segment Information

Segment Information	3 Months Ended
	Dec. 31, 2017
Segment Information
Segment Information	Note 21. Segment information Woodward serves the aerospace 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:      Three-Months Ended  December 31,  2017 2016  Segment external net sales:  Aerospace $ 305,905 $ 266,680  Industrial 164,243 176,214  Total consolidated net sales $ 470,148 $ 442,894  Segment earnings:  Aerospace $ 43,553 $ 46,877  Industrial 19,344 17,998  Nonsegment expenses (19,023) (11,381)  Interest expense, net (6,387) (6,435)  Consolidated earnings before income taxes $ 37,487 $ 47,059 Segment assets consist of accounts receivable, inventories, property, plant, and equipment, net, goodwill, and other intangibles, net. A summary of consolidated total assets by segment follows:      December 31, 2017 September 30, 2017  Segment assets:  Aerospace $ 1,673,675 $ 1,722,789  Industrial 695,167 695,264  Unallocated corporate property, plant and equipment, net 113,790 104,755  Other unallocated assets 242,542 234,301  Consolidated total assets $ 2,725,174 $ 2,757,109 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 31, 2017
Earnings Per Share
Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted	   Three-Months Ended  December 31,  2017 2016  Numerator:  Net earnings $ 18,260 $ 46,548  Denominator:  Basic shares outstanding 61,246 61,559  Dilutive effect of stock options and restricted stock 2,463 2,112  Diluted shares outstanding 63,709 63,671  Income per common share:  Basic earnings per share $ 0.30 $ 0.76  Diluted earnings per share $ 0.29 $ 0.73 
Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share	   Three-Months Ended  December 31,  2017 2016  Options 754 -  Weighted-average option price $ 78.75 $ n/a 
Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding	   Three-Months Ended  December 31,  2017 2016  Weighted-average treasury stock shares held for deferred compensation obligations 193 170 

Financial Instruments and Fai31

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2017
Financial Instruments and Fair Value Measurments
Financial Assets that are Measured at Fair Value on a Recurring Basis	   At December 31, 2017 At September 30, 2017  Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total  Financial assets:  Cash $ 77,411 $ - $ - $ 77,411 $ 79,822 $ - $ - $ 79,822  Investments in reverse repurchase agreements 847 - - 847 1 - - 1  Investments in term deposits with foreign banks 7,521 - - 7,521 7,729 - - 7,729  Equity securities 19,133 - - 19,133 16,600 - - 16,600  Total financial assets $ 104,912 $ - $ - $ 104,912 $ 104,152 $ - $ - $ 104,152  
Estimated Fair Values of Financial Instruments	   At December 31, 2017 At September 30, 2017  Fair Value Hierarchy Level Estimated Fair Value Carrying Cost Estimated Fair Value Carrying Cost  Assets:  Notes receivable from municipalities 2 $ 14,771 $ 14,217 $ 15,848 $ 14,507  Investments in short-term time deposits 2 9,191 9,219 8,227 8,223  Liabilities:  Long-term debt 2 $ (596,136) $ (585,059) $ (592,317) $ (582,080) 

Derivative Instruments and He32

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities
Impact of Derivative Instruments on Earnings	   Three-Months Ended December 31,  2017 2016  Amount of (income) expense recognized in earnings on derivative $ (18) $ (18)  Amount of (gain) loss recognized in accumulated OCI on derivative - -  Amount of (gain) loss reclassified from accumulated OCI into earnings (18) (18) 

Supplemental Statements of Ca33

Supplemental Statements of Cash Flows Information (Tables)	3 Months Ended
	Dec. 31, 2017
Supplemental Statements of Cash Flows Information
Schedule of Cash Flow Supplemental Disclosures	   Three-Months Ended December 31,  2017 2016  Interest paid, net of amounts capitalized $ 11,302 $ 10,317  Income taxes paid 7,695 6,047  Income tax refunds received 1,772 59  Non-cash activities:  Purchases of property, plant and equipment on account 10,631 6,130  Common shares issued from treasury to settle employee liabilities - 1,767 

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Dec. 31, 2017
Accounts Receivable Disclosure
Schedule of Accounts Receivable	   December 31, September 30,  2017 2017  Accounts receivable from:  Customers $ 275,433 $ 367,715  Other (Chinese financial institutions) 59,798 38,243  Allowance for uncollectible customer amounts (3,793) (3,776)  $ 331,438 $ 402,182 

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Dec. 31, 2017
Inventories
Schedule of Inventories	   December 31, September 30,  2017 2017  Raw materials $ 60,355 $ 59,034  Work in progress 106,065 103,790  Component parts (1) 285,674 262,755  Finished goods 51,429 47,926  $ 503,523 $ 473,505 

Property, Plant, and Equipmen36

Property, Plant, and Equipment, Net (Tables)	3 Months Ended
	Dec. 31, 2017
Property, Plant, and Equipment, Net
Schedule of Property Plant and Equipment, Net	   December 31, September 30,  2017 2017  Land and land improvements $ 88,536 $ 88,326  Buildings and building improvements 515,338 514,453  Leasehold improvements 16,425 16,142  Machinery and production equipment 560,264 543,641  Computer equipment and software 125,628 124,723  Office furniture and equipment 24,455 24,308  Other 19,423 19,393  Construction in progress 117,085 111,910  1,467,154 1,442,896  Less accumulated depreciation (536,996) (520,853)  Property, plant, and equipment, net $ 930,158 $ 922,043 
Schedule of Depreciation Expense	   Three-Months Ended  December 31,  2017 2016  Depreciation expense $ 14,827 $ 12,455 
Schedule of Capitalized Interest	   Three-Months Ended  December 31,  2017 2016  Capitalized interest $ 601 $ 472 

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Dec. 31, 2017
Goodwill Disclosure
Schedule of Goodwill	   September 30, 2017 Effects of Foreign Currency Translation December 31, 2017  Aerospace $ 455,423 $ - $ 455,423  Industrial 101,122 214 101,336  Consolidated $ 556,545 $ 214 $ 556,759 

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	3 Months Ended
	Dec. 31, 2017
Intangible Assets, Net
Schedule of Finite-Lived Intangible Assets by Major Class	   December 31, 2017 September 30, 2017  Gross Carrying Value Accumulated Amortization Net Carrying Amount Gross Carrying Value Accumulated Amortization Net Carrying Amount  Customer relationships and contracts:  Aerospace $ 282,225 $ (155,183) $ 127,042 $ 282,225 $ (151,155) $ 131,070  Industrial 40,944 (34,615) 6,329 40,962 (34,407) 6,555  Total $ 323,169 $ (189,798) $ 133,371 $ 323,187 $ (185,562) $ 137,625   Intellectual property:  Aerospace $ - $ - $ - $ - $ - $ -  Industrial 19,459 (18,315) 1,144 19,422 (18,196) 1,226  Total $ 19,459 $ (18,315) $ 1,144 $ 19,422 $ (18,196) $ 1,226   Process technology:  Aerospace $ 76,605 $ (50,619) $ 25,986 $ 76,605 $ (49,124) $ 27,481  Industrial 22,910 (18,118) 4,792 22,950 (17,756) 5,194  Total $ 99,515 $ (68,737) $ 30,778 $ 99,555 $ (66,880) $ 32,675   Other intangibles:  Aerospace $ - $ - $ - $ - $ - $ -  Industrial 1,332 (992) 340 1,312 (956) 356  Total $ 1,332 $ (992) $ 340 $ 1,312 $ (956) $ 356   Total intangibles:  Aerospace $ 358,830 $ (205,802) $ 153,028 $ 358,830 $ (200,279) $ 158,551  Industrial 84,645 (72,040) 12,605 84,646 (71,315) 13,331  Consolidated Total $ 443,475 $ (277,842) $ 165,633 $ 443,476 $ (271,594) $ 171,882 
Schedule of Finite-Lived Intangible Assets Amortization Expense	   Three-Months Ended  December 31,  2017 2016  Amortization expense $ 6,243 $ 6,458 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	   Year Ending September 30:  2018 (remaining) $ 18,782  2019 23,156  2020 20,373  2021 18,404  2022 16,249  Thereafter 68,669  $ 165,633 

Credit Facilities, Short-term39

Credit Facilities, Short-term Borrowings and Long-term Debt (Tables)	3 Months Ended
	Dec. 31, 2017
Debt Disclosure
Schedule of Long-term Debt	   December 31, September 30,  2017 2017  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 48,015 47,270  Series N notes – 1.31% due September 2028; unsecured 92,428 90,995  Series O notes – 1.57% due September 2031; unsecured 51,616 50,815  Unamortized debt issuance costs (1,720) (1,794)  Total long-term debt 583,339 580,286  Less: Current portion of long-term debt - -  Long-term debt, less current portion $ 583,339 $ 580,286 

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Dec. 31, 2017
Accrued Liabilities [Line Items]
Accrued Liabilities	    December 31, September 30,  2017 2017  Salaries and other member benefits $ 43,844 $ 91,285  Warranties 13,017 13,597  Interest payable 5,392 9,626  Current portion of acquired performance obligations and unfavorable contracts (1) 1,627 1,627  Accrued retirement benefits 2,379 2,413  Current portion of loss reserve on contractual lease commitments 1,244 1,343  Current portion of deferred income from JV formation (Note 4) 6,439 6,451  Deferred revenues 3,568 4,625  Taxes, other than income 10,934 14,401  Other 10,341 9,704  $ 98,785 $ 155,072  (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	   Three-Months Ended December 31,  2017 2016  Warranties, beginning of period $ 13,597 $ 15,993  Expense, net of recoveries (2,030) 1,923  Reductions for settling warranties 1,377 (2,032)  Foreign currency exchange rate changes 73 (356)  Warranties, end of period $ 13,017 $ 15,528 
Loss Reserve On Contractual Lease Commitments [Member]
Accrued Liabilities [Line Items]
Loss Reserve Activity	   Three-Months Ended December 31,  2017 2016  Loss reserve on contractual lease commitments, beginning of period $ 5,270 $ 9,242  Payments, net of sublease income (553) (402)  Loss reserve on contractual lease commitments, end of period $ 4,717 $ 8,840 

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	3 Months Ended
	Dec. 31, 2017
Other (Income) Expense, Net
Schedule of Other (Income) Expense, Net	   Three-Months Ended  December 31,  2017 2016  Equity interest in the earnings of the JV (Note 4) $ (596) $ (684)  Net gain on sales of assets (58) (3,699)  Rent income (54) (73)  Net gain on investments in deferred compensation program (654) (24)  Other (210) (108)  $ (1,572) $ (4,588) 

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Dec. 31, 2017
Income Taxes
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	   Three-Months Ended  December 31, 2017  Transition Tax (provisional) $ 26,000  Net impact on U.S. deferred tax assets and liabilities (provisional) (16,260)  Net changes in deferred tax liability associated with anticipated repatriation taxes (provisional) 5,038  Net discrete impacts of the enactment of the Tax Act $ 14,778 
Tax Expense and Effective Tax Rate	   Three-Months Ended  December 31,  2017 2016  Earnings before income taxes $ 37,487 $ 47,059  Income tax expense 19,227 511  Effective tax rate 51.3% 1.1% 

Retirement Benefits (Tables)

Retirement Benefits (Tables)	3 Months Ended
	Dec. 31, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Estimated Remaining Cash Contributions	   Retirement pension benefits:  United States $ -  United Kingdom 297  Japan -  Other postretirement benefits 3,645 
Defined Benefit Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Net Periodic Benefit Costs	   Three-Months Ended December 31,  United States Other Countries Total  2017 2016 2017 2016 2017 2016  Service cost $ 411 $ 419 $ 158 $ 192 $ 569 $ 611  Interest cost 1,501 1,439 329 296 1,830 1,735  Expected return on plan assets (2,904) (2,632) (686) (641) (3,590) (3,273)  Amortization of:  Net actuarial loss 150 464 72 127 222 591  Prior service cost 177 96 - - 177 96  Net periodic retirement pension benefit $ (665) $ (214) $ (127) $ (26) $ (792) $ (240)  Contributions paid $ - $ - $ 312 $ 365 $ 312 $ 365 
Defined Contribution Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Costs of Retirement Plans	   Three-Months Ended  December 31,  2017 2016  Company costs $ 7,879 $ 7,249 
Other Postretirement Benefit Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Net Periodic Benefit Costs	   Three-Months Ended  December 31,  2017 2016  Service cost $ 2 $ 4  Interest cost 292 311  Amortization of:  Net actuarial loss 24 50  Prior service benefit (40) (40)  Curtailment gain (330) -  Net periodic other postretirement (benefit) cost $ (52) $ 325  Contributions paid $ 226 $ 615 
Multiemployer Plans, Pension [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Costs of Retirement Plans	   Three-Months Ended  December 31,  2017 2016  Company contributions $ 79 $ 68 

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	   Three-Months Ended  December 31, 2017  Weighted-average exercise price per share $ 78.97  Weighted-average grant date market value of Woodward stock $ 78.97  Expected term (years) 6.4 - 8.7  Estimated volatility 30.3% - 32.7%  Estimated dividend yield 0.6%  Risk-free interest rate 2.1% - 2.3% 
Activity for Stock Option Awards	   Three-Months Ended  December 31, 2017  Number of options Weighted-Average Exercise Price per Share  Options, beginning balance 5,236 $ 39.58  Options granted 744 78.97  Options exercised (34) 41.13  Options forfeited (9) 55.61  Options, ending balance 5,937 44.48 
Stock Options Vested, Or Expected to Vest and Are Exercisable	   Number Weighted- Average Exercise Price Weighted- Average Remaining Life in Years Aggregate Intrinsic Value  Options outstanding 5,937 $ 44.48 6.2 $ 192,105  Options vested and exercisable 3,917 35.64 4.9 160,206  Options vested and expected to vest 5,823 44.07 6.1 190,725 
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Changes in Nonvested Stock Options	   Three-Months Ended  December 31, 2017  Number of options Weighted-Average Grant Date Fair Value per Share  Options outstanding, beginning balance 2,072 $ 18.61  Options granted 744 25.68  Options vested (787) 17.54  Options forfeited (9) 19.82  Options outstanding, ending balance 2,020 21.63 

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Dec. 31, 2017
Segment Information
Consolidated Net Sales and Earnings by Segment	   Three-Months Ended  December 31,  2017 2016  Segment external net sales:  Aerospace $ 305,905 $ 266,680  Industrial 164,243 176,214  Total consolidated net sales $ 470,148 $ 442,894  Segment earnings:  Aerospace $ 43,553 $ 46,877  Industrial 19,344 17,998  Nonsegment expenses (19,023) (11,381)  Interest expense, net (6,387) (6,435)  Consolidated earnings before income taxes $ 37,487 $ 47,059 
Consolidated Total Assets by Segment	   December 31, 2017 September 30, 2017  Segment assets:  Aerospace $ 1,673,675 $ 1,722,789  Industrial 695,167 695,264  Unallocated corporate property, plant and equipment, net 113,790 104,755  Other unallocated assets 242,542 234,301  Consolidated total assets $ 2,725,174 $ 2,757,109 

Recent Accounting Pronouncement

Recent Accounting Pronouncements (Narrative) (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2017USD ($)
Recent Accounting Pronouncements
Rent expense for all operating leases	$ 8,302
Future minimum rental payments required under operating leases	$ 23,215

Earnings Per Share (Reconciliat

Earnings Per Share (Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share
Net earnings	$ 18,260	$ 46,548
Basic shares outstanding	61,246	61,559
Dilutive effect of stock options and restricted stock	2,463	2,112
Diluted shares outstanding	63,709	63,671
Basic earnings per share	$ 0.30	$ 0.76
Diluted earnings per share	$ 0.29	$ 0.73

Earnings Per Share (Anti-diluti

Earnings Per Share (Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share) (Details) - $ / shares shares in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share
Options	754	0
Weighted-average option price	$ 78.75

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share
Weighted-average treasury stock shares held for deferred compensation obligations	193	170

Joint Ventures (Narrative) (Det

Joint Ventures (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended	15 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2017	Sep. 30, 2017	Jan. 04, 2016
Schedule of Equity Method Investments [Line Items]
Current portion of deferred income recorded in connection with joint venture		$ 6,439			$ 6,439	$ 6,451
Noncurrent portion of deferred income recorded in connection with joint venture		235,855			$ 235,855	236,896
Equity interest in earnings (losses) of joint venture		$ 596	$ 684
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%			50.00%
Cash received from formation of joint venture				$ 250,000
Amount of deferred income recorded in connection with joint venture							$ 250,000
Current portion of deferred income recorded in connection with joint venture		$ 6,439			$ 6,439	6,451
Noncurrent portion of deferred income recorded in connection with joint venture		235,855			235,855	236,896
Equity interest in earnings (losses) of joint venture		596	684
Cash distributions from joint venture					0
Net investment in joint venture		6,868			6,868	6,272
Accounts receivable from related party		6,728			6,728	8,554
Accounts payable to related party		3,984			$ 3,984	$ 6,741
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		1,053	1,496
Sales to related party		12,975	15,302
Reduction to sales related to royalties paid to joint venture		$ 5,408	$ 5,403
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 Fai51

Financial Instruments and Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Financial liability on recurring basis	$ 0
Investments in Short-Term Time Deposits [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Interest rate used to estimate fair value	5.60%	5.30%
Long Term Notes Receivable From Municipalities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Interest rate used to estimate fair value	2.50%	2.60%
Long-Term Debt [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Interest rate used to estimate fair value	2.30%	2.40%

Financial Instruments and Fai52

Financial Instruments and Fair Value Measurements (Financial Assets that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 104,912	$ 104,152
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	104,912	104,152
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	77,411	79,822
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	77,411	79,822
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 Reverse Repurchase Agreements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	847	1
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	847	1
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	7,521	7,729
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	7,521	7,729
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	19,133	16,600
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	19,133	16,600
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 Fai53

Financial Instruments and Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable from municipalities, Carrying Cost	$ 14,217	$ 14,507
Investments in short-term time deposits, Carrying Cost	9,219	8,223
Long-term debt, excluding current portion, Carrying Cost	(585,059)	(582,080)
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	14,771	15,848
Investments in short-term time deposits, Estimated Fair Value	9,191	8,227
Long-term debt, excluding current portion, Estimated Fair Value	$ (596,136)	$ (592,317)

Derivative Instruments and He54

Derivative Instruments and Hedging Activities (Narrative) (Details) € in Thousands, ¥ in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Sep. 30, 2017CNY (¥)	Sep. 30, 2017USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated OCI on Derivative | $	$ 0	$ 0
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
Face Amount | €			€ 160,000
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 | $	$ 743	2,814
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 | $		$ 1,016
Value of Net Investment Hedging Instruments Used | ¥					¥ 160,000
Total Accumulated Other Comprehensive (Loss) Earnings [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrecognized gains (loss) | $				$ 200		$ 218
Series D Notes [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Issuance Date	Oct. 1, 2008
Series F Notes [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 He55

Derivative Instruments and Hedging Activities (Impact of Derivative Instruments on Earnings) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities
Amount of (Income) Expense Recognized in Earnings on Derivative	$ (18)	$ (18)
Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative	0	0
Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings	$ (18)	$ (18)

Supplemental Statements of Ca56

Supplemental Statements of Cash Flows Information (Schedule of Cash Flow Supplemental Disclosures) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Supplemental Statements of Cash Flows Information
Interest paid, net of amounts capitalized	$ 11,302	$ 10,317
Income taxes paid	7,695	6,047
Income tax refunds received	1,772	59
Purchases of property, plant and equipment on account	10,631	6,130
Common shares issued from treasury stock to settle employee liabilities	$ 0	$ 1,767

Accounts Receivable (Schedule o

Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for uncollectible customer amounts	$ (3,793)	$ (3,776)
Accounts receivable	331,438	402,182
Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	275,433	367,715
Accounts Receivable from Chinese Financial Institution [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	$ 59,798	$ 38,243

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017
Inventories
Raw Materials	$ 60,355	$ 59,034
Work in progress	106,065	103,790
Component Parts	285,674	262,755
Finished Goods	51,429	47,926
Inventory, net	$ 503,523	$ 473,505

Property, Plant, and Equipmen59

Property, Plant, and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 14,827	$ 12,455
Second Campus Rockford Illinois [Member]
Property, Plant and Equipment [Line Items]
Construction in progress	48,971		$ 49,347
Office furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Gross assets acquired on capital leases	1,653
Accumulated depreciation on capital lease assets	$ 844		$ 739

Property, Plant, and Equipmen60

Property, Plant, and Equipment, Net (Property, Plant, and Equipment - Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,467,154		$ 1,442,896
Less accumulated depreciation	(536,996)		(520,853)
Property, Plant and Equipment, Net, Total	930,158		922,043
Depreciation expense	14,827	$ 12,455
Capitalized interest	601	$ 472
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	88,536		88,326
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	515,338		514,453
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	16,425		16,142
Machinery and Equipment, Excluding Computer and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	560,264		543,641
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	125,628		124,723
Office furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	24,455		24,308
Other Capitalized Property Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	19,423		19,393
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 117,085		$ 111,910

Goodwill (Goodwill) (Details)

Goodwill (Goodwill) (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2017USD ($)
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 556,545
Effects of Currency Translation	214
Goodwill, Ending Balance	556,759
Aerospace [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	455,423
Effects of Currency Translation	0
Goodwill, Ending Balance	455,423
Industrial [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	101,122
Effects of Currency Translation	214
Goodwill, Ending Balance	$ 101,336

Intangible Assets, Net (Schedul

Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets by Major Class) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 443,475		$ 443,476
Accumulated Amortization	(277,842)		(271,594)
Net Carrying Amount	165,633		171,882
Amortization expense	6,243	$ 6,458
Process Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	99,515		99,555
Accumulated Amortization	(68,737)		(66,880)
Net Carrying Amount	30,778		32,675
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	323,169		323,187
Accumulated Amortization	(189,798)		(185,562)
Net Carrying Amount	133,371		137,625
Intellectual Property [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	19,459		19,422
Accumulated Amortization	(18,315)		(18,196)
Net Carrying Amount	1,144		1,226
Other Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,332		1,312
Accumulated Amortization	(992)		(956)
Net Carrying Amount	340		356
Aerospace [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	358,830		358,830
Accumulated Amortization	(205,802)		(200,279)
Net Carrying Amount	153,028		158,551
Aerospace [Member] | Process Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	76,605		76,605
Accumulated Amortization	(50,619)		(49,124)
Net Carrying Amount	25,986		27,481
Aerospace [Member] | Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	282,225		282,225
Accumulated Amortization	(155,183)		(151,155)
Net Carrying Amount	127,042		131,070
Aerospace [Member] | Intellectual Property [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	0		0
Accumulated Amortization	0		0
Net Carrying Amount	0		0
Aerospace [Member] | Other Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	0		0
Accumulated Amortization	0		0
Net Carrying Amount	0		0
Industrial [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	84,645		84,646
Accumulated Amortization	(72,040)		(71,315)
Net Carrying Amount	12,605		13,331
Industrial [Member] | Process Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	22,910		22,950
Accumulated Amortization	(18,118)		(17,756)
Net Carrying Amount	4,792		5,194
Industrial [Member] | Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	40,944		40,962
Accumulated Amortization	(34,615)		(34,407)
Net Carrying Amount	6,329		6,555
Industrial [Member] | Intellectual Property [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	19,459		19,422
Accumulated Amortization	(18,315)		(18,196)
Net Carrying Amount	1,144		1,226
Industrial [Member] | Other Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,332		1,312
Accumulated Amortization	(992)		(956)
Net Carrying Amount	$ 340		$ 356

Intangible Assets, Net (Sched63

Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017
Intangible Assets, Net
Future Amortization Expense, Remainder of Fiscal Year	$ 18,782
2,019	23,156
2,020	20,373
2,021	18,404
2,022	16,249
Thereafter	68,669
Finite-Lived Intangible Assets, Net, Total	$ 165,633	$ 171,882

Credit Facilities and Short-ter

Credit Facilities and Short-term Borrowings (Narrative) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2017	Sep. 30, 2017
Foreign Lines of Credit And Overdraft Facilities [Member]
Debt And Line Of Credit Facility [Line Items]
Outstanding borrowings	$ 0
Revolving Credit Agreement [Member]
Debt And Line Of Credit Facility [Line Items]
Maximum borrowing capacity	1,000,000,000
Option to increase maximum borrowings to this amount	$ 1,200,000,000
Line of Credit Facility, Expiration Date	Apr. 1, 2020
Variable Rate Basis	LIBOR
Credit facility effective interest rate on outstanding borrowing	2.52%	2.29%
Outstanding borrowings	$ 66,300,000	$ 32,600,000
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%

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details) € in Thousands	3 Months Ended
	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)
Debt Instrument [Line Items]
Face Amount | €	€ 160,000
Balance of unamortized debt issuance costs		$ 1,720,000	$ 1,794,000
The Notes [Member]
Debt Instrument [Line Items]
Balance of unamortized debt issuance costs		1,720,000	1,794,000
2013 Note Purchase Agreement [Member]
Debt Instrument [Line Items]
Issuance Date	Oct. 1, 2013
Face Amount		$ 250,000,000
Series J Notes [Member]
Debt Instrument [Line Items]
Variable interest rate	2.69%	2.69%
First Closing Notes [Member]
Debt Instrument [Line Items]
Issuance Date	Oct. 1, 2013
Second Closing Notes [Member]
Debt Instrument [Line Items]
Issuance Date	Nov. 15, 2013
Series D Notes [Member]
Debt Instrument [Line Items]
Issuance Date	Oct. 1, 2008
Series F Notes [Member]
Debt Instrument [Line Items]
Issuance Date	Apr. 1, 2009
2016 Note Purchase Agreements [Member]
Debt Instrument [Line Items]
Issuance Date	Sep. 23, 2016
Face Amount | €	€ 160,000
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
Foreign Lines of Credit And Overdraft Facilities [Member]
Debt Instrument [Line Items]
Outstanding borrowings		$ 0
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Variable Rate Basis	LIBOR
Line of Credit Facility, Expiration Date	Apr. 1, 2020
Line of Credit Facility, Maximum Borrowing Capacity		1,000,000,000
Outstanding borrowings		$ 66,300,000	$ 32,600,000
Credit facility effective interest rate on outstanding borrowing	2.52%	2.52%	2.29%
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 Lon

Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (1,720)	$ (1,794)
Long-term debt, excluding current portion	583,339	580,286
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Long-term Debt	583,339	580,286
Current portion of long-term debt	0	0
Long-term debt, excluding current portion	$ 583,339	$ 580,286
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
Long-term 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
Long-term Debt	$ 43,000	$ 43,000
Series J Notes [Member]
Debt Instrument [Line Items]
Variable interest rate	2.69%
Variable interest rate	2.69%
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
Long-term 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
Long-term 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
Long-term 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
Long-term 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
Long-term 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
Long-term 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
Long-term Debt	$ 48,015	$ 47,270
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
Long-term Debt	$ 92,428	$ 90,995
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
Long-term Debt	$ 51,616	$ 50,815
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Variable Rate Basis	LIBOR
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%

Accrued Liabilities (Accrued Li

Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016
Accrued Liabilities [Line Items]
Salaries and other member benefits	$ 43,844	$ 91,285
Warranties	13,017	13,597	$ 15,528	$ 15,993
Interest payable	5,392	9,626
Current portion of acquired performance obligations and unfavorable contracts	1,627	1,627
Accrued retirement benefits	2,379	2,413
Current portion of deferred income from JV formation (Note 4)	6,439	6,451
Deferred revenues	3,568	4,625
Taxes, other than income	10,934	14,401
Other	10,341	9,704
Accrued liabilities	98,785	155,072
Loss Reserve On Contractual Lease Commitments [Member]
Accrued Liabilities [Line Items]
Current portion of loss reserve	$ 1,244	$ 1,343

Accrued Liabilities (Warranties

Accrued Liabilities (Warranties) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accrued Liabilities
Warranties, beginning of period	$ 13,597	$ 15,993
Warranty Expense, net of recoveries	(2,030)	1,923
Reductions for settling warranties	1,377	(2,032)
Foreign currency exchange rate changes	73	(356)
Warranties, end of period	$ 13,017	$ 15,528

Accrued Liabilities (Loss Reser

Accrued Liabilities (Loss Reserve Activity) (Details) - Loss Reserve On Contractual Lease Commitments [Member] - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017
Restructuring Cost and Reserve [Line Items]
Loss reserve on contractual lease commitments, beginning of period	$ 5,270	$ 9,242
Payments, net of sublease income	(553)	(402)
Loss reserve on contractual lease commitments, end of period	4,717	$ 8,840
Loss reserve, noncurrent portion	$ 3,473		$ 3,927

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017
Other Liabilities [Line Items]
Net accrued retirement benefits, less amounts recognized within accrued liabilities	$ 54,396	$ 52,211
Noncurrent portion of deferred income from JV formation	235,855	236,896
Total unrecognized tax benefits, net of offsetting adjustments	20,003	20,949
Noncurrent income taxes payable	26,000	0
Acquired unfavorable contracts	1,562	2,076
Deferred economic incentives	14,337	14,574
Other	10,642	14,165
Other liabilities	366,268	344,798
Loss Reserve On Contractual Lease Commitments [Member]
Other Liabilities [Line Items]
Loss reserve	$ 3,473	$ 3,927

Other (Income) Expense, Net (De

Other (Income) Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Other (Income) Expense, Net
Equity interest in losses (earnings) of the JV (Note 4)	$ (596)	$ (684)
Net (gain) loss on sales of assets	(58)	(3,699)
Rent income	(54)	(73)
Net (gain) loss on investments in deferred compensation program	(654)	(24)
Other	(210)	(108)
Other (income) expense, net	$ (1,572)	$ (4,588)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Income Taxes
Noncurrent income taxes payable	$ 26,000			$ 0
Statutory tax rate	35.00%	21.00%	24.50%
Unrecognized Tax Benefits	$ 18,997			20,132
Estimated decrease in liability for unrecognized tax benefits	8,901
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	8,949			9,677
Accrued interest and penalties	$ 1,243			$ 1,123

Income Taxes (Tax Expense and E

Income Taxes (Tax Expense and Effective Tax Rate) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Taxes
Earnings before income taxes	$ 37,487	$ 47,059
Income tax expense	$ 19,227	$ 511
Effective tax rate	51.30%	1.10%

Income Taxes (Net Discrete Impa

Income Taxes (Net Discrete Impact of Tax Act) (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2017USD ($)
Income Taxes
Transition Tax	$ 26,000
Impact on U.S. deferred tax assets and liabilities	(16,260)
Net changes in deferred tax liability associated with anticipated repatriation taxes	5,038
Net discrete impacts of the enactment of the Tax Act	$ 14,778

Retirement Benefits (Narrative)

Retirement Benefits (Narrative) (Details) - Duarte Plan, Defined Benefit [Member] - Defined Benefit Pension Plan [Member] - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit, Lump Sum Buyout Benefits Paid, Current Year		$ 670,000
Defined Benefit, Lump Sum Buyout Benefits Paid, Expected	$ 0

Retirement Benefits (Schedule o

Retirement Benefits (Schedule of Costs of Retirement Plans) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Retirement Benefits [Abstract]
Company Costs - Defined Contribution	$ 7,879	$ 7,249
Company Contributions - Multiemployer plan	$ 79	$ 68

Retirement Benefits (Schedule77

Retirement Benefits (Schedule of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Other Postretirement Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 4
Interest cost	292	311
Amortization of: Net (gains) losses	24	50
Amortization of: Prior service (benefit) cost	(40)	(40)
Curtailment (gain) loss	(330)
Net periodic retirement (benefit) cost	(52)	325
Contributions paid - other postretirement plans	226	615
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	569	611
Interest cost	1,830	1,735
Expected return on plan assets	(3,590)	(3,273)
Amortization of: Net (gains) losses	222	591
Amortization of: Prior service (benefit) cost	177	96
Net periodic retirement (benefit) cost	(792)	(240)
Contributions paid - pensions	312	365
Defined Benefit Pension Plan [Member] | UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Service cost	411	419
Interest cost	1,501	1,439
Expected return on plan assets	(2,904)	(2,632)
Amortization of: Net (gains) losses	150	464
Amortization of: Prior service (benefit) cost	177	96
Net periodic retirement (benefit) cost	(665)	(214)
Defined Benefit Pension Plan [Member] | Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	158	192
Interest cost	329	296
Expected return on plan assets	(686)	(641)
Amortization of: Net (gains) losses	72	127
Net periodic retirement (benefit) cost	(127)	(26)
Contributions paid - pensions	$ 312	$ 365

Retirement Benefits (Schedule78

Retirement Benefits (Schedule of estimated remaining cash contributions) (Details) $ in Thousands	Dec. 31, 2017USD ($)
Other Postretirement Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in the currect fiscal year	$ 3,645
UNITED STATES | Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in the currect fiscal year	0
UNITED KINGDOM | Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in the currect fiscal year	297
JAPAN | Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in the currect fiscal year	$ 0

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for repurchases of common stock		$ 24,004,000
Exercise prices of stock options outstanding	$ 44.48		$ 39.58
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 14,234,000
Unrecognized compensation cost is expected to be recognized over a weighted-average period	2 years 4 months 24 days
Forfeiture rate, Board of Directors	0.00%
Forfeiture rate, non-Board of Directors	9.00%
Stock Options [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 award conditionally awarded date approved		Jan. 25, 2017
Vested contractual term, in years	10 years
Vesting rate	25.00%
Employee stock-based compensation expense	$ 12,423,000	$ 1,261,000
2017 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock shares authorized for grants	2,000
Employee stock-based compensation expense		0
2016 Authorization [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized repurchase amount	$ 500,000,000
Payments for repurchases of common stock	$ 0
Repurchase period in years	3 years
10b5-1 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for repurchases of common stock		$ 24,004,000
Purchases of treasury stock, number of shares		350

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards) (Details) - Stock Options [Member]	3 Months Ended
	Dec. 31, 2017$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date market value of Woodward stock	$ 78.97
Weighted-average exercise price per share	$ 78.97
Estimated dividend yield	0.60%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 years 4 months 24 days
Estimated volatility	30.30%
Risk-free interest rate	2.10%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	8 years 8 months 12 days
Estimated volatility	32.70%
Risk-free interest rate	2.30%

Stockholders' Equity (Activity

Stockholders' Equity (Activity for Stock Option Awards) (Details) shares in Thousands	3 Months Ended
	Dec. 31, 2017$ / sharesshares
Stock-Based Compensation
Number of options, beginning balance | shares	5,236
Weighted Average Exercise Price Per Share, beginning balance | $ / shares	$ 39.58
Options granted, Number of options | shares	744
Options granted, Weighted Average Exercise Price Per Share | $ / shares	$ 78.97
Options exercised, Number of options | shares	(34)
Options exercised, Weighted Average Exercise Price Per Share | $ / shares	$ 41.13
Options forfeited, Number of options | shares	(9)
Options forfeited, Weighted Average Exercise Price Per Share | $ / shares	$ 55.61
Number of options, ending balance | shares	5,937
Weighted Average Exercise Price Per Share, ending balance | $ / shares	$ 44.48

Stockholders' Equity (Changes i

Stockholders' Equity (Changes in Nonvested Stock Options) (Details) shares in Thousands	3 Months Ended
	Dec. 31, 2017$ / sharesshares
Stock-Based Compensation
Number of Options, beginning balance | shares	2,072
Weighted-Average Grant Date Fair Value Per Share, beginning balance | $ / shares	$ 18.61
Options granted, Number of options | shares	744
Options granted, Weighted-Average Grant Date Fair Value Per Share | $ / shares	$ 25.68
Options vested, Number of options | shares	(787)
Options vested, Weighted-Average Grant Date Fair Value Per Share | $ / shares	$ 17.54
Options forfeited, Number of options | shares	(9)
Options forfeited, Weighted-Average Grant Date Fair Value Per Share | $ / shares	$ 19.82
Number of Options, ending balance | shares	2,020
Weighted-Average Grant Date Fair Value Per Share, ending balance | $ / shares	$ 21.63

Stockholders' Equity (Stock Opt

Stockholders' Equity (Stock Options Vested, Or Expected to Vest and Are Exercisable) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2017	Sep. 30, 2017
Stock-Based Compensation
Options outstanding, Number of options	5,937	5,236
Options outstanding, Weighted-Average Exercise Price	$ 44.48	$ 39.58
Options outstanding, Weighted-Average Remaining Life in Years	6 years 2 months 12 days
Options outstanding, Aggregate Intrinsic Value	$ 192,105
Options vested and exercisable, Number of options	3,917
Options vested and exercisable, Weighted-Average Exercise Price Per Share	$ 35.64
Options vested and exercisable, Weighted-Average Remaining Life in Years	4 years 10 months 24 days
Options vested and exercisable, Aggregate Intrinsic Value	$ 160,206
Options vested and expected to vest, Number of options	5,823
Options vested and expected to vest, Weighted-Average Exercise Price Per Share	$ 44.07
Options vested and to expected vest, Weighted-Average Remaining Life in Years	6 years 1 month 6 days
Options vested and expected to vest, Aggregate Intrinsic Value	$ 190,725

Segment Information (Narrative)

Segment Information (Narrative) (Details)	3 Months Ended
	Dec. 31, 2017segment
Segment Information
Number of Reportable Segments	2

Segment Information (Consolidat

Segment Information (Consolidated Net Sales and Earnings by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Net sales	$ 470,148	$ 442,894
Interest expense, net	(6,387)	(6,435)
Consolidated earnings before income taxes	37,487	47,059
Aerospace [Member]
Segment Reporting Information [Line Items]
Net sales	305,905	266,680
Segment earnings (loss)	43,553	46,877
Industrial [Member]
Segment Reporting Information [Line Items]
Net sales	164,243	176,214
Segment earnings (loss)	19,344	17,998
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
Segment earnings (loss)	$ (19,023)	$ (11,381)

Segment Information (Consolid86

Segment Information (Consolidated Total Assets by Segment) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017
Segment Reporting Information [Line Items]
Assets	$ 2,725,174	$ 2,757,109
Other unallocated assets	242,542	234,301
Property, plant and equipment, net	930,158	922,043
Aerospace [Member]
Segment Reporting Information [Line Items]
Assets	1,673,675	1,722,789
Industrial [Member]
Segment Reporting Information [Line Items]
Assets	695,167	695,264
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 113,790	$ 104,755

Uncategorized Items - wwd-20171

Label	Element	Value
Revolving Credit Agreement [Member]
Debt Issuance Costs, Line of Credit Arrangements, Net	us-gaap_DebtIssuanceCostsLineOfCreditArrangementsNet	$ 2,259,000
Debt Issuance Costs, Line of Credit Arrangements, Net	us-gaap_DebtIssuanceCostsLineOfCreditArrangementsNet	$ 2,041,000