Woodward (WWD) 10-Q 11 May 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2020	May 07, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	000-08408
Entity Registrant Name	WOODWARD, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-1984010
Entity Address, Address Line One	1081 Woodward Way
Entity Address, City or Town	Fort Collins
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80524
City Area Code	970
Local Phone Number	482-5811
Title of 12(b) Security	Common Stock, par value $0.001455 per share
Trading Symbol	WWD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		62,289,570
Amendment Flag	false
Entity Central Index Key	0000108312
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2020

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Condensed Consolidated Statements of Earnings
Net sales	$ 720,220	$ 758,844	$ 1,440,575	$ 1,411,655
Costs and expenses:
Cost of goods sold	517,514	566,841	1,052,431	1,059,015
Selling, general and administrative expenses	57,629	54,857	119,674	106,784
Research and development costs	34,661	43,831	71,507	82,698
Impairment of assets held for sale (Note 10)			37,902
Interest expense	8,756	11,480	17,765	23,358
Interest income	(476)	(294)	(963)	(665)
Other (income) expense, net (Note 18)	(5,063)	(8,039)	(26,488)	(11,218)
Total costs and expenses	613,021	668,676	1,271,828	1,259,972
Earnings before income taxes	107,199	90,168	168,747	151,683
Income tax expense	15,881	12,589	24,056	24,984
Net earnings	$ 91,318	$ 77,579	$ 144,691	$ 126,699
Earnings per share (Note 4):
Basic earnings per share	$ 1.47	$ 1.25	$ 2.33	$ 2.04
Diluted earnings per share	$ 1.41	$ 1.20	$ 2.24	$ 1.97
Weighted Average Common Shares Outstanding (Note 4):
Basic	62,266	62,175	62,128	61,995
Diluted	64,564	64,564	64,622	64,307

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Condensed Consolidated Statements of Comprehensive Earnings
Net earnings	$ 91,318	$ 77,579	$ 144,691	$ 126,699
Other comprehensive earnings:
Foreign currency translation adjustments	(13,355)	323	(2,202)	(1,411)
Net gain (loss) on foreign currency transactions designated as hedges of net investments in foreign subsidiaries (Note 8)	650	925	(395)	1,574
Taxes on changes in foreign currency translation adjustments	130	(280)	(210)	103
Foreign currency translation and transactions adjustments, net of tax	(12,575)	968	(2,807)	266
Unrealized gain on fair value adjustment of derivative instruments (Note 8)	45,298	9,609	34,004	28,172
Reclassification of net realized (gain) loss on derivatives to earnings (Note 8)	(7,262)	(10,895)	4,394	(18,721)
Taxes on changes on derivative transactions	(790)	32	(772)	(176)
Derivative adjustments, net of tax	37,246	(1,254)	37,626	9,275
Amortization of pension and other postretirement plan:
Net prior service cost	240	176	481	352
Net loss	628	242	1,259	481
Foreign currency exchange rate changes on pension and other postretirement benefit plan liabilities	1,225	(301)	(277)	2
Taxes on changes in pension and other postretirement benefit plan liability adjustments, net of foreign currency exchange rate changes	(592)	6	(352)	(203)
Pension and other postretirement benefit plan adjustments, net of tax	1,501	123	1,111	632
Total comprehensive earnings	$ 117,490	$ 77,416	$ 180,621	$ 136,872

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Sep. 30, 2019
Current assets:
Cash and cash equivalents, including restricted cash of $2,880 and $1,500, respectively	$ 102,849	$ 99,073
Accounts receivable, less allowance for uncollectible amounts of $4,053 and $7,908, respectively	601,224	591,529
Inventories	530,906	516,836
Income taxes receivable	37,406	8,099
Other current assets	67,421	55,691
Total current assets	1,339,806	1,271,228
Property, plant and equipment, net	1,019,078	1,058,775
Goodwill	792,024	797,853
Intangible assets, net	596,190	611,992
Deferred income tax assets	17,905	18,161
Other assets	295,273	198,517
Total assets	4,060,276	3,956,526
Current liabilities:
Short-term borrowings	100,000	220,000
Current portion of long-term debt	101,643
Accounts payable	218,721	240,460
Income taxes payable	19,911	18,849
Accrued liabilities	154,559	228,127
Total current liabilities	594,834	707,436
Long-term debt, less current portion	869,223	864,899
Deferred income tax liabilities	153,904	151,362
Other liabilities	534,621	506,088
Total liabilities	2,152,582	2,229,785
Commitments and contingencies (Note 22)
Stockholders' equity:
Preferred stock, par value $0.003 per share, 10,000 shares authorized, no shares issued
Common stock, par value $0.001455 per share, 150,000 shares authorized, 72,960 shares issued	106	106
Additional paid-in capital	227,494	207,120
Accumulated other comprehensive losses	(67,376)	(103,306)
Deferred compensation	9,963	9,382
Retained earnings	2,342,340	2,224,919
Stockholders' equity	2,512,527	2,338,221
Treasury stock at cost, 10,677 shares and 11,040 shares, respectively	(594,870)	(602,098)
Treasury stock held for deferred compensation, at cost, 216 shares and 211 shares, respectively	(9,963)	(9,382)
Total stockholders' equity	1,907,694	1,726,741
Total liabilities and stockholders' equity	$ 4,060,276	$ 3,956,526

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Sep. 30, 2019
Current assets:
Restricted cash	$ 2,880	$ 1,500
Allowance, accounts receivable	$ 4,053	$ 7,908
Stockholders' equity:
Preferred stock, par value	$ 0.003	$ 0.003
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.001455	$ 0.001455
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	72,960,000	72,960,000
Treasury stock, shares	10,677,000	11,040,000
Treasury stock held for deferred compensation, shares	216,000	211,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net earnings		$ 144,691	$ 126,699
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		65,476	75,498
Impairment of assets held for sale		37,902
Net (gain) loss on sales of assets	[1]	(13,557)	200
Stock-based compensation		13,475	13,166
Deferred income taxes		135	(7,271)
Changes in operating assets and liabilities:
Trade accounts receivable		(521)	(32,758)
Unbilled receivables (contract assets)		(50,624)	(21,312)
Costs to fulfill a contract		(15,064)	(15,256)
Inventories		(28,982)	(43,517)
Accounts payable and accrued liabilities		(78,878)	34,292
Contract liabilities		13,673	24,500
Income taxes		(30,331)	(10,830)
Retirement benefit obligations		(2,152)	(2,148)
Other		(3,064)	(309)
Net cash provided by operating activities		52,179	140,954
Cash flows from investing activities:
Payments for purchase of property, plant, and equipment		(29,361)	(54,341)
Proceeds from sale of assets		18,831	271
Proceeds from sales of short-term investments		12,684	10,259
Payments for purchases of short-term investments		(23)	(970)
Net cash provided by (used in) investing activities		2,131	(44,781)
Cash flows from financing activities:
Cash dividends paid		(27,525)	(18,914)
Proceeds from sales of treasury stock		12,726	24,150
Payments for repurchases of common stock		(13,346)	(39,049)
Borrowings on revolving lines of credit and short-term borrowings		788,306	865,617
Payments on revolving lines of credit and short-term borrowings		(807,869)	(844,262)
Payments of long-term debt and finance lease obligations		(754)	(100,265)
Net cash used in financing activities		(48,462)	(112,723)
Effect of exchange rate changes on cash and cash equivalents		(2,072)	(1,741)
Net change in cash and cash equivalents		3,776	(18,291)
Cash and cash equivalents, including restricted cash, at beginning of year		99,073	83,594
Cash and cash equivalents, including restricted cash, at end of period		$ 102,849	$ 65,303
[1]	Included in net (gain) loss on sale of assets for the six-months ended March 31, 2020 was the pre-tax gain on sale of Duarte real property in the amount of $ 13,522 recognized in the first quarter of fiscal year 2020.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	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 [Member]	Retained Earnings [Member]	Treasury Stock at Cost [Member]	Treasury Stock Held for Deferred Compensaton [Member]	Total
Balances at Sep. 30, 2018	$ 106	$ 185,705	$ (74,942)	$ (39,794)	$ (20,942)	$ (14,206)	$ 8,431	$ 1,966,643	$ (539,408)	$ (8,431)	$ 1,538,104
Balance, Common Stock, shares at Sep. 30, 2018	72,960
Balance, Treasury Stock, shares at Sep. 30, 2018									(11,203)
Balance, Treasury stock held for deferred compensation, shares at Sep. 30, 2018										(202)
Net earnings								126,699			126,699
Other comprehensive earnings (loss), net of tax			10,173	266	9,275	632					10,173
Cash dividends paid								(18,914)			(18,914)
Purchases of treasury stock									$ (43,253)		(43,253)
Purchases of treasury stock, shares									(457)
Sales of treasury stock		(3,152)							$ 27,302		24,150
Sales of treasury stock, shares									745
Common shares issued from treasury stock for benefit plans		9,173							$ 5,673		14,846
Common shares issued from treasury stock for benefit plans, shares									158
Stock-based compensation		13,166									13,166
Purchases and transfers of stock by/to deferred compensation plan							625			$ (625)
Purchases and transfer of stock by/to deferred compensation plan, shares										(8)
Distribution of stock from deferred compensation plan							(180)			$ 180
Distribution of stock from deferred compensation plan, shares										4
Balances at Mar. 31, 2019	$ 106	204,892	(64,814)	(39,573)	(11,667)	(13,574)	8,876	2,112,168	$ (549,686)	$ (8,876)	1,702,666
Balance, Common Stock, shares at Mar. 31, 2019	72,960
Balance, Treasury Stock, shares at Mar. 31, 2019									(10,757)
Balance, Treasury stock held for deferred compensation, shares at Mar. 31, 2019										(206)
Balances at Dec. 31, 2018	$ 106	195,894	(64,651)	(40,541)	(10,413)	(13,697)	9,015	2,044,695	$ (535,362)	$ (9,015)	1,640,682
Balance, Common Stock, shares at Dec. 31, 2018	72,960
Balance, Treasury Stock, shares at Dec. 31, 2018									(11,096)
Balance, Treasury stock held for deferred compensation, shares at Dec. 31, 2018										(209)
Net earnings								77,579			77,579
Other comprehensive earnings (loss), net of tax			(163)	968	(1,254)	123					(163)
Cash dividends paid								(10,106)			(10,106)
Purchases of treasury stock									$ (43,253)		(43,253)
Purchases of treasury stock, shares									(457)
Sales of treasury stock		(2,489)							$ 23,256		20,767
Sales of treasury stock, shares									638
Common shares issued from treasury stock for benefit plans		9,173							$ 5,673		$ 14,846
Common shares issued from treasury stock for benefit plans, shares									158		158
Stock-based compensation		2,314									$ 2,314
Purchases and transfers of stock by/to deferred compensation plan							34			$ (34)
Distribution of stock from deferred compensation plan							(173)			$ 173
Distribution of stock from deferred compensation plan, shares										3
Balances at Mar. 31, 2019	$ 106	204,892	(64,814)	(39,573)	(11,667)	(13,574)	8,876	2,112,168	$ (549,686)	$ (8,876)	1,702,666
Balance, Common Stock, shares at Mar. 31, 2019	72,960
Balance, Treasury Stock, shares at Mar. 31, 2019									(10,757)
Balance, Treasury stock held for deferred compensation, shares at Mar. 31, 2019										(206)
Cumulative effect from adoption | ASC 606 [Member]			(45)	(45)				38,745			38,700
Cumulative effect from adoption | ASU 2016-16 [Member]								(1,005)			(1,005)
Balances at Sep. 30, 2019	$ 106	207,120	(103,306)	(53,235)	(4,955)	(45,116)	9,382	2,224,919	$ (602,098)	$ (9,382)	$ 1,726,741
Balance, Common Stock, shares at Sep. 30, 2019	72,960										72,960
Balance, Treasury Stock, shares at Sep. 30, 2019									(11,040)		(11,040)
Balance, Treasury stock held for deferred compensation, shares at Sep. 30, 2019										(211)	(211)
Net earnings								144,691			$ 144,691
Other comprehensive earnings (loss), net of tax			35,930	(2,807)	37,626	1,111					35,930
Cash dividends paid								(27,525)			(27,525)
Purchases of treasury stock									$ (13,346)		(13,346)
Purchases of treasury stock, shares									(124)
Sales of treasury stock		(2,521)							$ 15,246		12,725
Sales of treasury stock, shares									363
Common shares issued from treasury stock for benefit plans		9,420							$ 5,328		14,748
Common shares issued from treasury stock for benefit plans, shares									124
Stock-based compensation		13,475									13,475
Purchases and transfers of stock by/to deferred compensation plan							624			$ (624)
Purchases and transfer of stock by/to deferred compensation plan, shares										(6)
Distribution of stock from deferred compensation plan							(43)			$ 43
Distribution of stock from deferred compensation plan, shares										1
Balances at Mar. 31, 2020	$ 106	227,494	(67,376)	(56,042)	32,671	(44,005)	9,963	2,342,340	$ (594,870)	$ (9,963)	$ 1,907,694
Balance, Common Stock, shares at Mar. 31, 2020	72,960										72,960
Balance, Treasury Stock, shares at Mar. 31, 2020									(10,677)		(10,677)
Balance, Treasury stock held for deferred compensation, shares at Mar. 31, 2020										(216)	(216)
Balances at Dec. 31, 2019	$ 106	216,158	(93,548)	(43,467)	(4,575)	(45,506)	9,911	2,268,483	$ (592,596)	$ (9,911)	$ 1,798,603
Balance, Common Stock, shares at Dec. 31, 2019	72,960
Balance, Treasury Stock, shares at Dec. 31, 2019									(10,814)
Balance, Treasury stock held for deferred compensation, shares at Dec. 31, 2019										(215)
Net earnings								91,318			91,318
Other comprehensive earnings (loss), net of tax			26,172	(12,575)	37,246	1,501					26,172
Cash dividends paid								(17,461)			(17,461)
Purchases of treasury stock									$ (13,346)		(13,346)
Purchases of treasury stock, shares									(124)
Sales of treasury stock		(577)							$ 5,744		5,167
Sales of treasury stock, shares									137
Common shares issued from treasury stock for benefit plans		9,420							$ 5,328		$ 14,748
Common shares issued from treasury stock for benefit plans, shares									124		124
Stock-based compensation		2,493									$ 2,493
Purchases and transfers of stock by/to deferred compensation plan							81			$ (81)
Purchases and transfer of stock by/to deferred compensation plan, shares										(1)
Distribution of stock from deferred compensation plan							(29)			$ 29
Balances at Mar. 31, 2020	$ 106	$ 227,494	$ (67,376)	$ (56,042)	$ 32,671	$ (44,005)	$ 9,963	2,342,340	$ (594,870)	$ (9,963)	$ 1,907,694
Balance, Common Stock, shares at Mar. 31, 2020	72,960										72,960
Balance, Treasury Stock, shares at Mar. 31, 2020									(10,677)		(10,677)
Balance, Treasury stock held for deferred compensation, shares at Mar. 31, 2020										(216)	(216)
Cumulative effect from adoption | ASC 842 [Member]								$ 255			$ 255

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Condensed Consolidated Statements of Stockholders' Equity
Cash dividends per share	$ 0.2800	$ 0.1625	$ 0.4425	$ 0.3050

Basis of Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2020
Basis of Presentation
Basis of Presentation	Note 1. Basis of presentation The Condensed Consolidated Financial Statements of Woodward, Inc. (“Woodward” or the “Company”) as of March 31, 2020 and for the three and six-months ended March 31, 2020 and March 31, 2019, included herein, have not been audited by an independent registered public accounting firm. These Condensed Consolidated Financial Statements reflect all normal recurring adjustments that, in the opinion of management, are necessary to present fairly Woodward’s financial position as of March 31, 2020, and the statements of earnings, comprehensive earnings, cash flows, and changes in stockholders’ equity for the periods presented herein. The results of operations for the three and six-months ended March 31, 2020 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, unless otherwise noted. 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, variable consideration including customer rebates earned and payable and early payment discounts, warranty reserves, useful lives of property and identifiable intangible assets, the evaluation of impairments of property and goodwill, the provision for income tax and related valuation reserves, the valuation of derivative instruments, 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, board members and any other eligible recipients, estimates of incremental borrowing rates used when estimating the present value of future lease payments, assumptions used when including renewal options or non-exercise of termination options in lease terms, estimates of total lifetime sales used in the recognition of revenue of deferred material rights and balance sheet classification of the related contract liability, estimates of total sales contract costs when recognizing revenue under the cost-to-cost method, and contingencies. Actual results could vary from Woodward’s estimates. In March 2020, the World Health Organization (“WHO”) declared the novel coronavirus ("COVID-19") outbreak a global pandemic. When combined with the various measures enacted by governments and private organizations to contain COVID-19 or slow its spread, the pandemic has adversely impacted global activity and contributed to significant declines and volatility in financial markets. The COVID-19 pandemic could continue to have a material adverse impact on economic and market conditions and trigger an extended period of global economic slowdown. Although the Company has already been impacted by the global emergence of the COVID-19 pandemic, the full extent of its impact on the Company’s future business is currently unknown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate material adverse impact of the COVID-19 outbreak, including impacts to estimates and assumptions used by management for the reported amounts of assets and liabilities. Nevertheless, the outbreak presents uncertainty and risk with respect to the Company and its performance and financial results. See Note 24, Subsequent events , for specific actions taken by the Company related to the COVID-19 pandemic.

New Accounting Standards

New Accounting Standards	6 Months Ended
	Mar. 31, 2020
New Accounting Standards
New Accounting Standards	Note 2. New accounting standards From time to time, the Financial Accounting Standards Board (“FASB”) or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through issuance of an Accounting Standards Update (“ASU”). In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The purpose of ASU 2020-04 is to provide optional guidance for a limited time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. In response to concerns about structural risks of interbank offered rates, and, in particular, the risk of cessation of the London Interbank Offered Rate (LIBOR), reference rate reform refers to a global initiative to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments in ASU 2020-04 for contract modifications by topic or industry subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a topic or an industry subtopic, the amendments in ASU 2020-04 must be applied prospectively for all eligible contract modifications for that topic or industry subtopic. An entity may elect to apply the amendments in ASU 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. If an entity elects to apply any of the amendments for an eligible hedging relationship existing as of the beginning of the interim period that includes March 12, 2020, any adjustments as a result of those elections must be reflected as of the beginning of that interim period and recognized in accordance with the guidance in reference rate reform subtopics 848-30, 848-40, and 848-50 (as applicable). If an entity elects to apply any of the amendments for a new hedging relationship entered into between the beginning of the interim period that includes March 12, 2020, any adjustments as a result of those elections must be reflected as of the beginning of the hedging relationship and recognized in accordance with the guidance in reference rate reform subtopics 848-30, 848-40, and 848-50 (as applicable). Woodward is currently assessing the accounting and financial impact of reference rate reform, particularly the impact it may have on its hedging relationships, and will consider applying the optional guidance of ASU 2020-04 accordingly. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 amends ASC 740 to simplify the accounting for income taxes by removing certain exceptions for investments, intraperiod allocations and interim calculations, and adding guidance to reduce complexity in the accounting standard under the FASB’s simplification initiative. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020 (fiscal year 2022 for Woodward). Upon adoption, the amendments in ASU 2019-12 should be applied on a prospective basis to all periods presented. Early adoption is permitted. Woodward is currently assessing the impact of the adoption of the new guidance. Woodward expects to adopt the new guidance under ASU 2019-12 in fiscal year 2022. In August 2018, the FASB issued ASU 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Topic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans.” ASU 2018-14 amends ASC 715 to add, remove, and modify disclosure requirements related to defined benefit pension and other postretirement plans. The ASU’s changes to disclosures aim to improve the effectiveness of ASC 715’s disclosure requirements under the FASB’s disclosure framework project. ASU 2018-14 is effective for public entities for fiscal years beginning after December 15, 2020 (fiscal year 2022 for Woodward). ASU 2018-14 does not impact the interim disclosure requirements of ASC 715. Upon adoption, the amendments in ASU 2018-14 should be applied on a retrospective basis to all periods presented. Early adoption is permitted. Woodward expects to adopt the new and modified disclosures requirements of this new guidance in fiscal year 2022. 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 expects to adopt ASU 2016-13 in fiscal year 2021. Woodward is currently assessing the impact of the application of the CECL impairment model on Woodward’s allowance for uncollectible amounts for accounts receivable and notes receivable from municipalities and unbilled receivables. In May 2019, the FASB issued ASU 2019-05, “Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief,” which provides transition relief for entities adopting ASU 2016-13. Specifically, ASU 2019-05 amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. Woodward expects to adopt ASU 2019-05 in fiscal year 2021. Woodward does not expect to elect the fair value option for its financial instruments upon the adoption of both ASU 2016-13 and ASU 2019-05. In February 2018, the FASB issued ASU 2018-02, “Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the enactment of tax reform under H.R.1, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018” (the “Tax Act”) (also known as “The Tax Cuts and Jobs Act”), and provides guidance on the disclosure requirements regarding the stranded tax effects. Woodward adopted ASU 2018-02 on October 1, 2019 and has elected not to reclassify the income tax effects of the Tax Act from accumulated other comprehensive income to retained earnings. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” and has subsequently issued supplemental and/or clarifying ASUs (collectively “ASC 842”). The purpose of ASC 842 is to increase transparency and comparability among organizations by recognizing lease right-of-use (“ROU”) assets and lease liabilities for substantially all leases on the balance sheet, and provide additional disclosure information about leasing arrangements. ASC 842 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. Woodward adopted ASC 842 on October 1, 2019 using the modified retrospective transition method under which prior periods were not restated and the cumulative effect of initial adoption was recognized in retained earnings on the date of initial application, October 1, 2019. Consequently, financial information will not be updated and the disclosures required under ASC 842 will not be provided for dates and periods before October 1, 2019. The new guidance under ASC 842 provides a number of optional practical expedients in transition. Woodward elected the "package of practical expedients," which allowed Woodward not to reassess under the new guidance our prior conclusions about lease identification, lease classification and initial direct costs. Accordingly, Woodward carried forward its existing conclusions on lease classification for leases existing as of the adoption date. Additionally, embedded lease arrangements were assessed under the prior guidance of ASC 840 lease framework for transition on October 1, 2019 in accordance with the leases policy outlined below. The new lease accounting guidance under ASC 842 has been applied for all arrangements commencing or modified on or after October 1, 2019. Woodward also elected as a practical expedient to not record qualifying short-term leases with a term of twelve months or less (inclusive of reasonably certain renewals and termination options) at the inception of the contract on the balance sheet and instead recognizes those lease payments in the Condensed Consolidated Statements of Comprehensive Earnings on a straight-line basis over the lease term. This practical expedient may not be applied to short-term leases that contain a purchase option that is reasonably certain of exercise. Woodward has also elected the practical expedient to not separate lease and non-lease components for its lease arrangements when it is the lessee. The application of this practical expedient is discussed at Note 5, Leases . The adoption of ASC 842 resulted in recognition of additional operating ROU assets and operating lease liabilities on the Condensed Consolidated Balance Sheet as of October 1, 2019 of $ 18,894 and $ 18,851 , respectively. See Note 5, Leases , for disclosures and further information related to implementation and adoption of ASC 842.

Revenue

Revenue	6 Months Ended
	Mar. 31, 2020
Revenue
Revenue	Note 3. Revenue Sales of Products Revenue from manufactured products and from maintenance, repair and overhaul (“MRO”) represented 86 % and 13 %, respectively, of Woodward’s net sales for the three-months ended March 31, 2020, and 86 % and 12 %, respectively, of Woodward’s net sales for the six-months ended March 31, 2020. Revenue from manufactured products and from MRO represented 87 % and 12 %, respectively, of Woodward’s net sales for both the three and six-months ended March 31, 2019. The amount of revenue recognized as point in time or over time follows: Three-Months Ended March 31, 2020 Three-Months Ended March 31, 2019 Aerospace Industrial Consolidated Aerospace Industrial Consolidated Point in time $ 178,325 $ 157,052 $ 335,377 $ 208,183 $ 163,623 $ 371,806 Over time 295,911 88,932 384,843 274,771 112,267 387,038 Total net sales $ 474,236 $ 245,984 $ 720,220 $ 482,954 $ 275,890 $ 758,844 Six-Months Ended March 31, 2020 Six-Months Ended March 31, 2019 Aerospace Industrial Consolidated Aerospace Industrial Consolidated Point in time $ 365,840 $ 324,994 $ 690,834 $ 372,197 $ 335,785 $ 707,982 Over time 582,321 167,420 749,741 503,644 200,029 703,673 Total net sales $ 948,161 $ 492,414 $ 1,440,575 $ 875,841 $ 535,814 $ 1,411,655 Contract assets Customer receivables include amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in “Accounts receivable” in Woodward’s Condensed Consolidated Balance Sheets. Amounts are billed in accordance with contractual terms, which are generally tied to shipment of the products to the customer, or as work progresses in accordance with contractual terms. Billed accounts receivable are typically due within 60 days. Unbilled amounts arise when the timing of billing differs from the timing of revenue recognized, such as when contract provisions require revenue to be recognized over time rather than at a point in time. Unbilled amounts primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and the revenue recognized exceeds the amount billed to the customer as there is not yet a right to payment in accordance with contractual terms. Unbilled amounts are recorded as a contract asset when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. Woodward’s contracts with customers generally have no financing components. Accounts receivable consisted of the following: March 31, 2020 September 30, 2019 Billed receivables Trade accounts receivable $ 363,661 $ 381,942 Other (Chinese financial institutions) 40,030 42,171 Less: Allowance for uncollectible amounts ( 4,053 ) ( 7,908 ) Net billed receivables 399,638 416,205 Current unbilled receivables (contract assets), net 201,586 175,324 Total accounts receivable, net $ 601,224 $ 591,529 As of March 31, 2020, “Other assets” on the Condensed Consolidated Balance Sheets includes $ 22,111 of unbilled receivables not expected to be invoiced and collected within a period of twelve months, compared to $ 1,573 as of September 30, 2019. Unbilled receivables not expected to be invoiced and collected within a period of twelve months are primarily attributable to customer delays for deliveries on firm orders in the Aerospace segment due to the impacts of the COVID-19 pandemic. In coordination with its customers and when terms are considered favorable, Woodward transfers ownership to collect amounts due for outstanding accounts receivable to third parties in exchange for cash. When the transfer of accounts receivable meets the criteria of FASB ASC Topic 860-10, “Transfers and Servicing”, and are without recourse, the transaction is recognized as a sale and the accounts receivable is derecognized. Contract liabilities Contract liabilities consisted of the following: March 31, 2020 September 30, 2019 Current Noncurrent Current Noncurrent Deferred revenue from material rights from GE joint venture formation $ 4,712 $ 235,558 $ 8,317 $ 230,588 Deferred revenue from advanced invoicing and/or prepayments from customers 4,572 129 4,554 141 Liability related to customer supplied inventory 13,884 - 13,396 - Deferred revenue from material rights related to engineering and development funding 2,433 116,753 1,624 106,436 Net contract liabilities $ 25,601 $ 352,440 $ 27,891 $ 337,165 Woodward recognized revenue of $ 15,962 in the three-months and $ 19,932 in the six-months ended March 31, 2020 from contract liabilities balances recorded as of October 1, 2019, compared to $ 10,552 in the three-months and $ 20,312 in the six-months ended March 31, 2019 from contract liabilities balances recorded as of October 1, 2018. Remaining performance obligations Remaining performance obligations related to the aggregate amount of the total contract transaction price of firm orders for which the performance obligation has not yet been recognized in revenue as of March 31, 2020 was $ 1,728,437 , compared to $ 1,527,437 as of September 30, 2019, the majority of which in both periods relate to Woodward’s Aerospace segment. Woodward expects to recognize almost all of these remaining performance obligations within two year s after March 31, 2020. Remaining performance obligations related to material rights that have not yet been recognized in revenue as of March 31, 2020 was $ 454,471 , of which $ 4,666 is expected to be recognized in the remainder of fiscal year 2020 , $ 7,595 is expected to be recognized in fiscal year 2021 , and the balance is expected to be recognized thereafter. Woodward expects to recognize revenue from performance obligations related to material rights over the life of the underlying programs, which may be as long as forty year s. Disaggregation of Revenue Woodward designs, produces and services reliable, efficient, low-emission, and high-performance energy control products for diverse applications in markets throughout the world. Woodward reports financial results for each of its Aerospace and Industrial reportable segments. Woodward further disaggregates its revenue from contracts with customers by primary market and by geographical area as Woodward believes this best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Revenue by primary market for the Aerospace reportable segment was as follows: Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Commercial OEM $ 144,610 $ 174,343 $ 303,276 $ 314,851 Commercial aftermarket 134,042 139,708 259,970 251,056 Defense OEM 139,901 123,006 280,827 224,842 Defense aftermarket 55,683 45,897 104,088 85,092 Total Aerospace segment net sales $ 474,236 $ 482,954 $ 948,161 $ 875,841 Revenue by primary market for the Industrial reportable segment was as follows: Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Reciprocating engines $ 163,555 $ 209,257 $ 338,208 $ 405,387 Industrial turbines 59,678 52,187 111,177 101,699 Renewables 1 22,751 14,446 43,029 28,728 Total Industrial segment net sales $ 245,984 $ 275,890 $ 492,414 $ 535,814 1) Sales in the renewables market will be discontinued as of May 1, 2020 following the closing of the divestiture of the disposal groups (see Note 10, Impairment of assets held for sale ). The customers who account for approximately 10% or more of net sales of each of Woodward’s reportable segments for the three and six-months ended March 31, 2020 are as follow: Customer Aerospace The Boeing Company, General Electric Company, United Technologies Corporation Industrial Rolls-Royce PLC, Weichai Westport, General Electric Company Net sales by geographic area, as determined based on the location of the customer, were as follows: Three-Months Ended March 31, 2020 Three-Months Ended March 31, 2019 Aerospace Industrial Consolidated Aerospace Industrial Consolidated United States $ 356,109 $ 52,907 $ 409,016 $ 351,763 $ 53,564 $ 405,327 Germany 21,111 52,941 74,052 25,068 63,725 88,793 Europe, excluding Germany 40,600 65,402 106,002 48,782 65,131 113,913 China 11,487 37,548 49,035 9,502 53,897 63,399 Asia, excluding China 10,582 29,668 40,250 13,790 31,566 45,356 Other countries 34,347 7,518 41,865 34,049 8,007 42,056 Total net sales $ 474,236 $ 245,984 $ 720,220 $ 482,954 $ 275,890 $ 758,844 Six-Months Ended March 31, 2020 Six-Months Ended March 31, 2019 Aerospace Industrial Consolidated Aerospace Industrial Consolidated United States $ 720,021 $ 104,000 $ 824,021 $ 638,508 $ 103,456 $ 741,964 Germany 38,389 104,379 142,768 37,817 127,089 164,906 Europe, excluding Germany 79,587 115,903 195,490 88,394 124,479 212,873 China 21,698 91,424 113,122 25,140 104,147 129,287 Asia, excluding China 17,563 61,580 79,143 22,158 60,734 82,892 Other countries 70,903 15,128 86,031 63,824 15,909 79,733 Total net sales $ 948,161 $ 492,414 $ 1,440,575 $ 875,841 $ 535,814 $ 1,411,655

Earnings Per Share

Earnings Per Share	6 Months Ended
	Mar. 31, 2020
Earnings Per Share
Earnings Per Share	Note 4. 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 March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Numerator: Net earnings $ 91,318 $ 77,579 $ 144,691 $ 126,699 Denominator: Basic shares outstanding 62,266 62,175 62,128 61,995 Dilutive effect of stock options and restricted stock 2,298 2,389 2,494 2,312 Diluted shares outstanding 64,564 64,564 64,622 64,307 Income per common share: Basic earnings per share $ 1.47 $ 1.25 $ 2.33 $ 2.04 Diluted earnings per share $ 1.41 $ 1.20 $ 2.24 $ 1.97 The following stock option grants were outstanding but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive. Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Options 686 239 686 1,493 Weighted-average option price $ 104.51 $ 76.07 $ 104.47 $ 79.07 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 March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Weighted-average treasury stock shares held for deferred compensation obligations 216 208 214 206

Leases

Leases	6 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Note 5. Leases Woodward adopted ASC 842 on October 1, 2019 using the modified retrospective transition method under which prior periods were not restated and the cumulative effect of initial adoption was recognized in retained earnings on the date of initial application, October 1, 2019. Woodward is primarily a lessee in lease arrangements but has some embedded lessor arrangements. Lessee arrangements Woodward has entered into operating leases for certain facilities and equipment with terms in excess of one year under agreements that expire at various dates. Some leases require the payment of property taxes, insurance, maintenance costs, or other similar costs in addition to rental payments. Woodward has also entered into finance leases for equipment with terms in excess of one year under agreements that expire at various dates. Woodward determines if an arrangement for the use of property, plant and equipment is a lease at inception. Under ASC 842, an arrangement contains a lease if the arrangement conveys the right to control the use of plant, property or equipment (identified asset) for a period of time in exchange for consideration. For arrangements determined to be a lease under this criteria, Woodward assesses lease classification as either an operating or finance lease whenever the new lease is executed or an existing lease requires reclassification based on changes in the lease’s terms and conditions. Lease classification impacts the treatment of the lease on the income statement and amortization of the lease ROU asset. In determining lease classification, Woodward considers both qualitative and quantitative factors when performing the following classification tests: (i) transfer of ownership at the end of the lease term, (ii) existence of a bargain purchase option, (iii) the lease term, (iv) minimum lease payments, and (v) whether the leased asset is so customized to Woodward’s needs as to effectively have utility only to Woodward. Woodward applies the following thresholds when performing the classification tests: (i) 75% or greater is considered to be the majority of the asset’s remaining economic life, (ii) the exercise of the renewal option or the non-exercise of a termination option is reasonably certain if it has at least a 75% likelihood of occurring (in arriving at the percentage likelihood, Woodward considers its plans as to whether to renew the lease and the economic factors that may impact the decision to renew and Woodward will include a renewal option or non-exercise of a termination option in the lease term only if the Company has an economic incentive to extend the lease), (iii) the present value of the future minimum lease payments is considered to exceed substantially all of the fair value of the underlying asset if the payments exceed 90% of the asset’s fair value. Woodward considers the exercise of the option to purchase a leased asset as reasonably certain if it has at least a 75% likelihood of being exercised or, among other things, a significant economic incentive exists for exercising the option. Lease components are elements of an arrangement that provide the customer with the right to use an identified asset. The right to use an underlying asset is a separate lease component if: (i) the lessee can benefit from the right to use the underlying asset either on its own or together with other resources that are readily available, and (ii) the right to use the underlying asset is neither highly dependent on nor highly interrelated with other rights to use other underlying assets in the arrangement. Woodward may enter into lessee arrangements that contain a lease component but also contain other non-lease components. When the non-lease component in an arrangement relates to inventory, as inventory is outside the scope of ASC 842, the payment Woodward makes for inventory is accounted for and expensed separately and apart from lease expense, rather than as a lease component. For all other classes of underlying assets in lessee arrangements, Woodward has elected to combine lease and non-lease components and to account for them as lease expense. ROU assets represent Woodward’s right to use an underlying asset for the lease term, and lease liabilities represent Woodward’s obligation to make lease payments arising from the lease. ROU assets include any initial direct costs (incremental costs of a lease that would not have been incurred had the lease not been executed) and lease prepayments made, and are reduced by any lease incentives received. Leases with an initial term of 12 months or less and leases with only variable lease payments are not recorded on the balance sheet. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the remaining fixed lease payments over the lease term. In determining the estimated present value of lease payments, Woodward discounts the fixed lease payments using the rate implicit in the agreement or, if the implicit rate is not known, using the incremental borrowing rate. As of March 31, 2020, none of Woodward’s leases have been discounted using the implicit rate as it could not be readily determined. Woodward’s incremental borrowing rate is based on the information available at the lease commencement date, with consideration given to Woodward’s recent debt issuances as well as publicly available data for instruments with similar characteristics. When measuring lease liabilities, Woodward only uses lease payments remaining throughout the remainder of the lease term and only includes the amount that is probable of being owed under significant residual value guarantees, if any. Lease liabilities are subject to the same considerations as Woodward’s debt instruments in classifying them as current or noncurrent in the Condensed Consolidated Balance Sheets. For operating leases, lease expense is recognized over the expected lease term and classified as a cost of goods sold or selling, general and administrative expense based on the nature of the underlying leased asset. For finance leases, the ROU asset is recognized over the shorter of the useful life of the asset, consistent with Woodward’s normal depreciation policy, or the lease term, and is classified as a cost of goods sold, selling, general and administrative expense, or research and development expense, based on the nature and use of the underlying leased asset. Interest expense is recorded in connection with the finance lease liability using the effective interest rate method and is classified as interest expense. Certain of Woodward’s operating lease agreements include variable payments that are passed through by the landlord, such as insurance, taxes, and common area maintenance, payments based on the usage of the asset, and rental payments adjusted periodically for inflation. Pass-through charges, payments due to changes in usage of the asset, and payments due to changes in indexation are included within variable rent expense and are recognized in the period in which the variable obligation for the payments was incurred. None of Woodward’s lease agreements contain significant residual value guarantees, restrictions, or covenants. As of March 31, 2020, Woodward has not entered into any lease arrangements that have not yet commenced but would create significant rights and obligations. Woodward does not have any lease transactions between related parties. Lease-related assets and liabilities follows: Classification on the Condensed Consolidated Balance Sheets March 31, 2020 Assets: Operating lease assets Other assets $ 20,507 Finance lease assets Property, plant and equipment, net 1,467 Total lease assets 21,974 Current liabilities: Operating lease liabilities Accrued liabilities 4,757 Finance lease liabilities Current portion of long-term debt 1,643 Noncurrent liabilities: Operating lease liabilities Other liabilities 15,706 Finance lease liabilities Long-term debt, less current portion 1,974 Total lease liabilities $ 24,080 In the first quarter of fiscal year 2020, Woodward determined that the approved plan to divest of the renewable power systems portfolio (as described more fully in Note 10, Impairment of assets held for sale , and defined therein as the “disposal groups”) represented a triggering event requiring the long-lived assets attributable to the disposal groups be assessed for impairment. Given the current facts and circumstances, Woodward determined that the remaining value of the ROU assets of the disposal groups were not recoverable and a $ 1,110 non-cash impairment charge was recorded during the six-months ended March 31, 2020. Supplemental lease-related information follows: March 31, 2020 Weighted average remaining lease term Operating leases 6.1 years Finance leases 2.5 years Weighted average discount rate Operating leases 3.4 % Finance leases 3.0 % Lease-related expenses for the three and six-months ended March 31, 2020 were as follows: Three-Months Ended Six-Months Ended March 31, 2020 March 31, 2020 Operating lease expense $ 1,532 $ 3,051 Amortization of financing lease assets 101 248 Interest on financing lease liabilities 20 40 Variable lease expense 288 595 Short-term lease expense 162 337 Sublease income 1 ( 200 ) ( 325 ) Total lease expense $ 1,903 $ 3,946 1) Relates to two separate subleases Woodward has entered into for a leased manufacturing building in Niles, Illinois. Lease-related supplemental cash flow information for the six-months ended March 31, 2020 follows: Six-Months Ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,701 Operating cash flows for finance leases 40 Financing cash flows for finance leases 787 Right-of-use assets obtained in exchange for recorded lease obligations: Operating leases 5,345 Finance leases 1,244 Maturities of lease liabilities as of March 31, 2020 follows: Year Ending September 30: Operating Leases Finance Leases 2020 (remaining) 2,509 853 2021 5,078 1,687 2022 3,904 738 2023 3,084 325 2024 2,397 137 Thereafter 6,184 - Total lease payments 23,156 3,740 Less: imputed interest ( 2,693 ) ( 123 ) Total lease obligations $ 20,463 $ 3,617 Comparable future minimum rental payment under operating and finance leases that have initial or remaining non-cancelable lease terms in excess of one year as previously disclosed under ASC 840 as of September 30, 2019 follows: Year Ending September 30: Operating Leases Finance Leases 2020 (full twelve months) $ 6,667 $ 213 2021 5,119 98 2022 3,823 33 2023 2,899 3 2024 2,378 - Thereafter 6,033 - Total minimum lease payments under ASC 840 $ 26,919 $ 347 In the three and six months ended March 31, 2019, total rental payments charged to expense for operating leases under ASC 840 were $ 2,533 and $ 4,820 , respectively. Lessor arrangements Woodward enters into various customer supply agreements, customer sales agreements, and/or product development agreements (collectively, “manufacturing contracts”) with customers to provide highly specialized products. In certain of these manufacturing contracts, the property, plant and equipment used to manufacture the products is used only for the benefit of one customer. This is primarily driven by the demand for customer products, which can be so great that it is economically beneficial to dedicate the plant and equipment to just one customer. Additionally, this can be driven by the set-up of the property, plant and equipment required to produce specified product and/or the specialized nature of the property, plant and equipment such that it is not economically feasible to use the plant, property and equipment to manufacture other products. Woodward has assessed its manufacturing contracts and concluded that certain of the contracts for the manufacture of customer products met the criteria to be considered a leasing arrangement (“embedded leases”) with Woodward as the lessor. The specific manufacturing contracts that met the criteria were those that utilized Woodward property, plant and equipment and which is substantially (more than 90%) dedicated to the manufacturing of the product(s) for a single customer. Woodward has dedicated manufacturing lines with three of its customers representing embedded leases, all of which qualified as operating leases with undefined quantities of future customer purchase commitments. Woodward’s customers for which embedded lessor arrangements have been identified do not have contractual long-term commitments to purchase specified quantities of related products or services from Woodward, although Woodward expects to continue selling to such customers into the future and is presently unaware of any economic penalties, or other factors, which would further define a lease term on such arrangements. Although Woodward expects to allocate some portion of future net sales to these customers to embedded lessor arrangements, it cannot provide expected future undiscounted lease payments from property, plant and equipment leased to customers as of March 31, 2020. If in the future customers reduce purchases of related products from Woodward, the Company believes it will derive additional value from the underlying equipment by repurposing its use to support other customer arrangements. Woodward will continue to assess its future manufacturing contracts and monitor its current manufacturing contracts for changes which may trigger additional embedded leases under ASC 842. A manufacturing contract with a customer that contains an embedded lease will generally include lease components, such as the equipment, and non-lease components, such as other inputs used in the manufacture of the customer’s product. In evaluating its embedded leases, Woodward first identified and separated its lease and non-lease components. Woodward has determined that for its current embedded leases, the property, plant and equipment used by Woodward represents lease components and all other inputs that Woodward uses to develop, manufacture and sell the customer product represents non-lease components. Woodward allocates revenue from contracts with customers between lease and non-lease components by imputing a reasonable rate of return based on the estimated fair value of the dedicated property, plant and equipment. Under ASC 842, consistent with the previous guidance, Woodward will continue to recognize property, plant and equipment in embedded lessor arrangements on its Condensed Consolidated Balance Sheets in property, plant and equipment, net. The property, plant and equipment will continue to be depreciated as normal. Woodward recognizes revenue from the embedded lessor arrangements based on the value of the underlying dedicated property, plant, and equipment. There are no fixed payments that the customers under the embedded lessor arrangements are obligated to pay. Therefore, all the customer payments under the embedded lessor arrangements are considered variable with the associated leasing revenue recognized when the revenue from underlying product sale related to variable lease payment is recognized. Revenue from contracts with customers that included embedded operating leases, which is included in “Net sales” at the Condensed Consolidated Statements of Earnings, was $ 1,561 for the three-months and $ 3,125 for the six-months ended March 31, 2020. Other than the embedded leases identified, Woodward is not the lessor in any other leasing arrangements. None of the embedded leases identified by Woodward qualify as a sales-type or direct finance lease. None of the operating leases for which Woodward is the lessor include options for the lessee to purchase the underlying asset at the end of the lease term or residual value guarantees, nor are any such operating leases with related parties. The carrying amount of property, plant and equipment leased to others through embedded leasing arrangements, included in “Property, plant and equipment, net” at the Condensed Consolidated Balance Sheets, follows: March 31, 2020 Property, plant and equipment leased to others through embedded leasing arrangements $ 67,941 Less accumulated depreciation ( 25,454 ) Property, plant and equipment leased to others through embedded leasing arrangements, net $ 42,487

Joint Venture

Joint Venture	6 Months Ended
	Mar. 31, 2020
Joint Venture
Joint Venture	Note 6. 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 develop, manufacture and support fuel systems for specified existing and all future GE commercial aircraft engines that produce thrust in excess of fifty thousand pounds. Unamortized deferred revenue from material rights in connection with the JV formation included: March 31, 2020 September 30, 2019 Accrued liabilities $ 4,712 $ 8,317 Other liabilities 235,558 230,588 Amortization of the deferred revenue (material right) recognized as an increase to sales was $ 1,821 for the three-months and $ 3,529 for the six-months ended March 31, 2020, and $ 1,922 for the three-months and $ 3,699 for the six-months ended March 31, 2019. 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. In addition, GE will continue to pay contingent consideration to Woodward consisting of fifteen annual payments of $ 4,894 per year, which began on January 4, 2017, subject to certain claw-back conditions. Woodward received its third and fourth annual payments of $ 4,894 during the three-months ended March 31, 2019 and March 31, 2020, respectively, which were recorded as deferred income and included in Net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows. Neither Woodward nor GE contributed any tangible assets to the JV. Other income related to Woodward’s equity interest in the earnings of the JV was as follows: Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Other income $ 4,681 $ 3,006 $ 7,893 $ 4,471 Cash distributions to Woodward from the JV, recognized in Net cash provided by operating activities on the Consolidated Statements of Cash Flows, from the JV include: Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Cash distributions $ - $ 3,000 $ 3,000 $ 7,500 Net sales to the JV were as follows: Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Net sales 1 $ 16,606 $ 14,294 $ 31,484 $ 27,127 1) Net sales include a reduction of $ 9,779 for the three-months and $ 17,013 for the six-months ended March 31, 2020 related to royalties owed to the JV by Woodward on sales by Woodward directly to third party aftermarket customers, compared to a reduction to sales of $ 9,069 for the three-months and $ 18,251 for the six-months ended March 31, 2019. The Condensed Consolidated Balance Sheets include “Accounts receivable” related to amounts the JV owed Woodward, “Accounts payable” related to amounts Woodward owed the JV, and “Other assets” related to Woodward’s net investment in the JV, as follows: March 31, 2020 September 30, 2019 Accounts receivable $ 4,376 $ 5,906 Accounts payable 2,429 4,270 Other assets 12,436 7,543 Woodward records in “Other liabilities” amounts invoiced to the JV for support of the JV’s engineering and development projects as an increase to contract liabilities, and records in “Other assets” related incurred expenditures as costs to fulfill a contract. Woodward’s contract liabilities classified as “Other liabilities” included amounts invoiced to the JV as of March 31, 2020 of $ 72,783 compared to $ 69,079 as of fiscal year ended September 30, 2019. Woodward’s costs to fulfill a contract included in “Other assets” related to JV activities were $ 72,783 as of March 31, 2020 and $ 69,079 as of fiscal year ended September 30, 2019.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Mar. 31, 2020
Financial Instruments and Fair Value Measurments
Financial Instruments and Fair Value Measurements	Note 7. 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 are 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. At March 31, 2020 At September 30, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets: Cash $ 63,306 $ - $ - $ 63,306 $ 52,971 $ - $ - $ 52,971 Investments in reverse repurchase agreements - - - - 886 - - 886 Investments in term deposits with foreign banks 39,543 - - 39,543 45,216 - - 45,216 Equity securities 20,654 - - 20,654 20,504 - - 20,504 Net assets held for sale (Note 10) - - 9,667 9,667 - - - - Cross currency interest rate swaps - 58,763 - 58,763 - 24,758 - 24,758 Total financial assets $ 123,503 $ 58,763 $ 9,667 $ 191,933 $ 119,577 $ 24,758 $ - $ 144,335 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” in the Condensed Consolidated Balance Sheets. 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. During the second quarter of fiscal year 2020, the Company terminated its existing investments in reverse repurchase agreements. 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” on the Condensed Consolidated Statements of Earnings. The trading securities are included in “Other assets” in the Condensed Consolidated Balance Sheets. 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. Cross-currency interest rate swaps: Woodward holds cross-currency interest rate swaps, which are accounted for at fair value. The swaps in an asset position are included in “Other assets,” and swaps in a liability position are included in “Other liabilities” in the Condensed Consolidated Balance Sheets. The fair values of Woodward’s cross-currency interest rate swaps are determined using a market approach that is based on observable inputs other than quoted market prices, including contract terms, interest rates, currency rates, and other market factors. As of March 31, 2020, swaps in an asset position in the amount of $ 58,763 were included in “Other assets” in the Condensed Consolidated Balance Sheets, compared to $ 24,758 as of September 30, 2019. As of March 31, 2020 and September 30, 2019, there were no swaps in a liability position that were included in “Other liabilities” in the Condensed Consolidated Balance Sheets. Trade accounts receivable, 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 March 31, 2020 At September 30, 2019 Fair Value Hierarchy Level Estimated Fair Value Carrying Cost Estimated Fair Value Carrying Cost Assets: Notes receivable from municipalities 2 $ 13,100 $ 12,130 $ 13,100 $ 12,346 Investments in short-term time deposits 2 90 88 13,468 13,509 Liabilities: Long-term debt 2 $ 1,016,377 $ 973,165 $ 928,618 $ 867,377 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, Woodward received long-term notes from municipalities within the states of Illinois and 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 Woodward 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 1.5 % at March 31, 2020 and 1.7 % at September 30, 2019. 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 rates used to estimate the fair value of the short-term time deposits were 3.7 % at March 31, 2020 and 5.7 % at September 30, 2019. 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 Woodward 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 rate used to estimate the fair value of long-term debt was 2.7 % at March 31, 2020 and 2.5 % at September 30, 2019.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities	Note 8. Derivative instruments and hedging activities Derivative instruments not designated or qualifying as hedging instruments In May 2018, Woodward entered into cross-currency interest rate swap agreements that synthetically convert $ 167,420 of floating-rate debt under Woodward’s then existing revolving credit agreement to Euro denominated floating-rate debt in conjunction with the L’Orange acquisition (the “Floating-Rate Cross-Currency Swap”). Also in May 2018, Woodward entered into cross-currency interest rate swap agreements that synthetically convert an aggregate principal amount of $ 400,000 of fixed-rate debt associated with the 2018 Note Purchase Agreement (as defined in Note 15, Credit facilities short-term borrowings and long-term debt ) to Euro denominated fixed-rate debt (the “Fixed-Rate Cross-Currency Swaps”). The cross-currency interest rate swaps, which effectively reduce the interest rate on the underlying fixed and floating-rate debt under the 2018 Notes (as defined in Note 15, Credit facilities short-term borrowings and long-term debt ) and Woodward’s then existing revolving credit agreement, respectively, is recorded as a reduction to “Interest expense” in Woodward’s Condensed Consolidated Statements of Earnings. Derivatives instruments in fair value hedging relationships Concurrent with the entry into the Floating-Rate Cross-Currency Swap, a corresponding Euro denominated intercompany loan receivable with identical terms and notional amount as the underlying Euro denominated floating-rate debt, with a reciprocal cross-currency interest rate swap, was entered into by Woodward Barbados Financing SRL (“Barbados”), a wholly owned subsidiary of Woodward, and is designated as a fair value hedge under the criteria prescribed in ASC Topic 815, “ Derivatives and Hedging ” (“ASC 815”). The objective of the derivative instrument is to hedge against the foreign currency exchange risk attributable to the spot remeasurement of the Euro denominated intercompany loan. Only the change in the fair value related to the cross-currency basis spread, or excluded component, of the derivative instrument is recognized in accumulated other comprehensive (losses) earnings (“accumulated OCI”). The remaining change in the fair value of the derivative instrument is recognized in foreign currency transaction gain or loss included in “Selling, general and administrative costs” in Woodward’s Condensed Consolidated Statements of Earnings. The change in the fair value of the derivative instrument in foreign currency transaction gain or loss offsets the change in the spot remeasurement of the intercompany Euro denominated loan. Hedge effectiveness is assessed based on the fair value changes of the derivative instrument, after excluding any fair value changes related to the cross-currency basis spread. The initial cost of the cross-currency basis spread is recorded in earnings each period through the swap accrual process. There are no credit-risk-related contingent features associated with the floating-rate cross-currency interest rate swap. Derivative instruments in cash flow hedging relationships In conjunction with the entry into the Fixed-Rate Cross-Currency Swaps, five corresponding intercompany loans receivable, with identical terms and amounts of each tranche of the underlying aggregate principal amount of $ 400,000 of fixed-rate debt, and reciprocal cross-currency interest rate swaps were entered into by Barbados, which are designated as cash flow hedges under the criteria prescribed in ASC 815. The objective of these derivative instruments is to hedge the risk of variability in cash flows attributable to the foreign currency exchange risk of cash flows for future principal and interest payments associated with the Euro denominated intercompany loans over a fifteen-year period. Changes in the fair values of the derivative instruments are recognized in accumulated OCI and reclassified to foreign currency transaction gain or loss included in “Selling, general and administrative costs” in Woodward’s Condensed Consolidated Statements of Earnings. Reclassifications out of accumulated OCI of the change in fair value occur each reporting period based upon changes in the spot rate remeasurement of the Euro denominated intercompany loans, including associated interest. Hedge effectiveness is assessed based on the fair value changes of the derivative instruments and deemed to be highly effective in offsetting exposure to variability in foreign exchange rates. There are no credit-risk-related contingent features associated with these fixed-rate cross-currency interest rate swaps. Derivatives instruments in net investment hedging relationships 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 (the “Series M Notes”). Woodward designated the Series M Notes as a hedge of a foreign currency exposure of Woodward’s net investment in its Euro denominated functional currency subsidiaries. Related to the Series M Notes, included in foreign currency translation adjustments within total comprehensive (losses) earnings are net foreign exchange gains of $ 650 for the three-months and foreign exchange losses of $ 395 for the six-months ended March 31, 2020, compared to net foreign exchange gains of $ 925 for the three-months and $ 1,574 for the six-months ended March 31, 2019. Impact of derivative instruments designated as qualifying hedging instruments The following table discloses the impact of derivative instruments designated as qualifying hedging instruments on Woodward’s Condensed Consolidated Statements of Earnings: Three-Months Ended March 31, 2020 Derivatives in: Location Amount of (Income) Expense Recognized in Earnings on Derivative Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings Cross currency interest rate swap agreement designated as fair value hedges Selling, general and administrative expenses $ ( 2,043 ) $ ( 1,523 ) $ ( 1,646 ) Cross currency interest rate swap agreements designated as cash flow hedges Selling, general and administrative expenses ( 5,598 ) ( 43,775 ) ( 5,598 ) Treasury lock agreement designated as cash flow hedge Interest expense ( 18 ) - ( 18 ) $ ( 7,659 ) $ ( 45,298 ) $ ( 7,262 ) Three-Months Ended March 31, 2019 Derivatives in: Location Amount of (Income) Expense Recognized in Earnings on Derivative Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings Cross currency interest rate swap agreement designated as fair value hedges Selling, general and administrative expenses $ ( 3,033 ) $ ( 3,030 ) $ ( 2,883 ) Cross currency interest rate swap agreements designated as cash flow hedges Selling, general and administrative expenses ( 7,994 ) ( 6,579 ) ( 7,994 ) Treasury lock agreement designated as cash flow hedge Interest expense ( 18 ) - ( 18 ) $ ( 11,045 ) $ ( 9,609 ) $ ( 10,895 ) Six-Months Ended March 31, 2020 Derivatives in: Location Amount of (Income) Expense Recognized in Earnings on Derivative Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings Cross-currency interest rate swap agreement designated as fair value hedges Selling, general and administrative expenses $ 233 $ 2,075 $ 1,037 Cross-currency interest rate swap agreements designated as cash flow hedges Selling, general and administrative expenses 3,393 ( 36,079 ) 3,393 Treasury lock agreement designated as cash flow hedge Interest expense ( 36 ) - ( 36 ) $ 3,590 $ ( 34,004 ) $ 4,394 Six-Months Ended March 31, 2019 Derivatives in: Location Amount of (Income) Expense Recognized in Earnings on Derivative Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings Cross-currency interest rate swap agreement designated as fair value hedges Selling, general and administrative expenses $ ( 5,422 ) $ ( 5,535 ) $ ( 5,135 ) Cross-currency interest rate swap agreements designated as cash flow hedges Selling, general and administrative expenses ( 13,550 ) ( 22,637 ) ( 13,550 ) Treasury lock agreement designated as cash flow hedge Interest expense ( 36 ) - ( 36 ) $ ( 19,008 ) $ ( 28,172 ) $ ( 18,721 ) 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 OCI, were net gains of $ 33,394 as of March 31, 2020 and net losses of $ 5,004 as of September 30, 2019.

Supplemental Statement of Cash

Supplemental Statement of Cash Flows Information	6 Months Ended
	Mar. 31, 2020
Supplemental Statement of Cash Flows Information
Supplemental Statement of Cash Flows Information	Note 9. Supplemental statement of cash flows information Six-Months Ended March 31, 2020 2019 Interest paid, net of amounts capitalized $ 14,146 $ 22,173 Income taxes paid 65,283 44,661 Income tax refunds received 11,012 1,294 Non-cash activities: Purchases of property, plant and equipment on account 2,325 8,081 Impact of the adoption of ASC 606 - 38,700 Impact of the adoption of ASC 842 (Note 5) 255 - Impact of the adoption of ASU 2016-16 - 1,005 Common shares issued from treasury to settle benefit obligations (Note 21) 14,748 14,846 Purchases of treasury stock on account - 4,204

Impairment of Assets Held for S

Impairment of Assets Held for Sale	6 Months Ended
	Mar. 31, 2020
Impairment Of Assets Held For Sale [Abstract]
Impairment of Assets Held for Sale	Note 10. Impairment of assets held for sale In the first quarter of fiscal year 2020, Woodward’s board of directors (“the Board”) approved a plan to divest Woodward’s renewable power systems business, protective relays business, and other businesses within the Company’s Industrial segment (collectively, the “disposal groups”). Woodward determined that the approved plan to divest the disposal groups represented a triggering event requiring the long-lived assets attributable to the disposal groups be assessed for impairment. Given the current facts and circumstances, Woodward determined that the value of the long-lived assets of the disposal groups, including goodwill, intangible assets, ROU assets and property, plant, and equipment, were not recoverable and a $ 24,092 non-cash impairment charge was recorded during the six-months ended March 31, 2020. The non-cash impairment charge removed all the goodwill, intangible assets, ROU assets and property, plant, and equipment associated with the disposal groups from the Condensed Consolidated Balance Sheets as of March 31, 2020. Further, on the approval of the divestiture plan and subsequent marketing of the disposal groups, Woodward determined that based on the current market conditions, the carrying value of the disposal groups’ remaining held for sale net assets exceeded the fair value. As a result, Woodward recorded a valuation allowance to reduce the carrying value of the net assets of the disposal groups to their fair value. In determining the amount by which the carrying value of the disposal groups’ remaining net assets exceeded their fair value, Woodward considered primarily the market value of the assets held for sale based on negotiations it had entered into with affiliates of the AURELIUS Group for the sale of the majority of the disposal groups. On January 31, 2020, Woodward entered into definitive agreements to sell the majority of the disposal groups to affiliates of the AURELIUS Group for $ 23,400 , subject to customary purchase price adjustments, consisting of cash and a $ 6,000 promissory note. The assets are primarily located in Germany, Poland and Bulgaria and accounted for approximately $ 80,000 of sales in fiscal year 2019. The $ 9,667 estimated fair value of the net assets held for sale as of March 31, 2020 shown in the table below was based on the estimated selling price pursuant to the definitive agreements reduced by the estimated working capital adjustments, transaction costs, and anticipated losses on assets held for sale that were not included in the disposal groups to be sold to the AURELIUS Group, which are level 3 inputs as defined by the U.S. GAAP fair value hierarchy. Based on this estimate of the fair market value of the disposal groups’ net assets, Woodward recorded a valuation allowance against the assets and liabilities held for sale as follows: March 31, 2020 Assets: Accounts receivable $ 21,680 Inventories 15,313 Other current assets 704 Other assets 54 Total assets 37,751 Valuation, allowance ( 13,810 ) Total assets, net 23,941 Liabilities: Accounts payable 7,866 Accrued liabilities 5,407 Other liabilities 1,001 Total liabilities $ 14,274 The total assets held for sale, net of valuation allowance, associated with the disposal groups in the amount of $ 23,941 are included in “Other current assets” at the Condensed Consolidated Balance Sheet as of March 31, 2020. The total liabilities held for sale associated with the disposal groups in the amount of $ 14,274 are included in “Accrued liabilities” at the Condensed Consolidated Balance Sheet as of March 31, 2020. The total non-cash charge of $ 37,902 consisting of the valuation allowance recognized for the disposal groups’ net assets held for sale and the charge recognized for the impairment of the goodwill, intangibles, ROU assets and property, plant and equipment associated with the disposal groups has been recorded as “Impairment of assets held for sale” in the Condensed Consolidated Statements of Earnings for the six-months ended March 31, 2020. The transactions consummating the sale of the disposal groups were completed on April 30, 2020 (see Note 24, Subsequent events )

Inventories

Inventories	6 Months Ended
	Mar. 31, 2020
Inventories
Inventories	Note 11. Inventories March 31, September 30, 2020 2019 Raw materials $ 143,165 $ 134,878 Work in progress 131,479 133,885 Component parts (1) 303,149 287,128 Finished goods 81,765 59,051 Customer supplied inventory 13,884 13,396 On-hand inventory for which control has transferred to the customer ( 142,536 ) ( 111,502 ) $ 530,906 $ 516,836 (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	6 Months Ended
	Mar. 31, 2020
Property, Plant, and Equipment
Property, Plant and Equipment	Note 12. Property, plant, and equipment March 31, September 30, 2020 2019 Land and land improvements $ 89,142 $ 94,976 Buildings and building improvements 576,123 587,541 Leasehold improvements 17,957 17,446 Machinery and production equipment 746,128 731,159 Computer equipment and software 122,488 124,201 Office furniture and equipment 39,734 39,934 Other 19,767 19,346 Construction in progress 40,156 57,624 1,651,495 1,672,227 Less accumulated depreciation ( 632,417 ) ( 613,452 ) Property, plant, and equipment, net $ 1,019,078 $ 1,058,775 In the second quarter of fiscal year 2018, the Company announced its decision to relocate its Duarte, California operations to the Company’s newly renovated Drake Campus in Fort Collins, Colorado, and in fiscal year 2019, Woodward finalized the relocation. On December 30, 2019 the Company closed on the sale of one of two parcels of real property at Woodward’s former Duarte operations and recorded a pre-tax gain on sale of assets of $ 13,522 (see Note 18, Other (income) expense, net ). The carrying value of the remaining parcel of Duarte real property is $ 2,520 as of March 31, 2020, all of which the Company has identified as an asset held for sale and is included in “Land and land improvements”. The asset held for sale is included in unallocated corporate property, plant, and equipment. Based on an existing real property purchase agreement and current market conditions, the Company expects to record an additional gain on the subsequent sale of the remaining parcel of real property, which is expected to close by September 30, 2020. The Company assessed whether the decision to relocate from its Duarte facility could indicate a potential impairment of the assets at the Duarte facility and concluded that the assets were not impaired as of March 31, 2020 and September 30, 2019. In the first quarter of fiscal year 2020, Woodward determined that the approved plan to divest of the disposal groups (see Note 10, Impairment of assets held for sale ) represented a triggering event requiring the long-lived assets attributable to the disposal groups be assessed for impairment. Given the facts and circumstances at that time, Woodward determined that the remaining value of the plant, property and equipment of the disposal groups was not recoverable and a $ 13,813 non-cash impairment charge was recorded during the six-months ended March 31, 2020. For the three and six-months ended March 31, 2020 and 2019, Woodward had depreciation expense as follows: Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Depreciation expense $ 23,177 $ 20,164 $ 45,723 $ 41,333

Goodwill

Goodwill	6 Months Ended
	Mar. 31, 2020
Goodwill [Abstract]
Goodwill	Note 13. Goodwill September 30, 2019 Impairment Charges Effects of Foreign Currency Translation March 31, 2020 Aerospace $ 455,423 $ - $ - $ 455,423 Industrial 342,430 ( 8,777 ) 2,948 336,601 Consolidated $ 797,853 $ ( 8,777 ) $ 2,948 $ 792,024 Woodward tests goodwill for impairment during the fourth quarter of each fiscal year, and at any time there is an indication goodwill is more-likely-than-not impaired, commonly referred to as triggering events. Woodward’s fourth quarter of fiscal year 2019 impairment test resulted in no impairment. In the first quarter of fiscal year 2020, Woodward determined that the approved plan to divest of the disposal groups (see Note 10, Impairment of assets held for sale ) represented a triggering event requiring the long-lived assets attributable to the disposal groups be assessed for impairment. Given the facts and circumstances at the time, Woodward determined that the remaining value of the goodwill of the disposal groups was not recoverable and an $ 8,777 non-cash impairment charge was recorded during the six-months ended March 31, 2020. During the second quarter of fiscal year 2020, Woodward determined the economic uncertainty and global disruption caused by the COVID-19 pandemic will significantly impact future sales of all business units. Management concluded the overall economic disruption triggered by the COVID-19 pandemic generated a series of factors to consider relative to possible triggering events. However, management further concluded these factors do not individually or collectively represent triggering events that would indicate it was more likely than not that the fair value of a reporting unit is below its carrying amount as of March 31, 2020. Woodward will continue to monitor the impacts of the COVID-19 pandemic on earnings that may impact the carrying value of goodwill and long-lived assets in future periods.

Intangible Assets, Net

Intangible Assets, Net	6 Months Ended
	Mar. 31, 2020
Intangible Assets, Net [Abstract]
Intangible Assets, Net	Note 14. Intangible assets, net March 31, 2020 September 30, 2019 Gross Carrying Value Accumulated Amortization Net Carrying Amount Gross Carrying Value Accumulated Amortization Net Carrying Amount Intangible assets with finite lives: Customer relationships and contracts: Aerospace $ 281,683 $ ( 189,258 ) $ 92,425 $ 281,683 $ ( 181,995 ) $ 99,688 Industrial 406,087 ( 47,589 ) 358,498 407,683 ( 43,986 ) 363,697 Total $ 687,770 $ ( 236,847 ) $ 450,923 $ 689,366 $ ( 225,981 ) $ 463,385 Intellectual property: Aerospace $ - $ - $ - $ - $ - $ - Industrial 15,703 ( 15,513 ) 190 19,201 ( 18,705 ) 496 Total $ 15,703 $ ( 15,513 ) $ 190 $ 19,201 $ ( 18,705 ) $ 496 Process technology: Aerospace $ 76,371 $ ( 61,933 ) $ 14,438 $ 76,371 $ ( 59,913 ) $ 16,458 Industrial 86,537 ( 19,996 ) 66,541 92,820 ( 24,926 ) 67,894 Total $ 162,908 $ ( 81,929 ) $ 80,979 $ 169,191 $ ( 84,839 ) $ 84,352 Backlog: Aerospace $ - $ - $ - $ - $ - $ - Industrial 40,860 ( 40,860 ) - 40,500 ( 40,500 ) - Total $ 40,860 $ ( 40,860 ) $ - $ 40,500 $ ( 40,500 ) $ - Other intangibles: Aerospace $ - $ - $ - $ - $ - $ - Industrial 205 ( 141 ) 64 1,541 ( 1,249 ) 292 Total $ 205 $ ( 141 ) $ 64 $ 1,541 $ ( 1,249 ) $ 292 Intangible asset with indefinite life: Tradename: Aerospace $ - $ - $ - $ - $ - $ - Industrial 64,034 - 64,034 63,467 - 63,467 Total $ 64,034 $ - $ 64,034 $ 63,467 $ - $ 63,467 Total intangibles: Aerospace $ 358,054 $ ( 251,191 ) $ 106,863 $ 358,054 $ ( 241,908 ) $ 116,146 Industrial 613,426 ( 124,099 ) 489,327 625,212 ( 129,366 ) 495,846 Consolidated Total $ 971,480 $ ( 375,290 ) $ 596,190 $ 983,266 $ ( 371,274 ) $ 611,992 Woodward tests the indefinite lived tradename intangible asset for impairment during the fourth quarter of each fiscal year, or at any time there is an indication the indefinite lived tradename intangible asset is more-likely-than-not impaired, commonly referred to as triggering events. In the first quarter of fiscal year 2020, Woodward determined that the approved plan to divest of the disposal groups (see Note 10, Impairment of assets held for sale ) represented a triggering event requiring the long-lived assets attributable to the disposal groups be assessed for impairment. Given the current facts and circumstances, Woodward determined that the remaining value of the intangible assets of the disposal groups was not recoverable and a $ 392 non-cash impairment charge was recorded for the six-months ended March 31, 2020. For the three and six-months ended March 31, 2020 and 2019, Woodward recorded amortization expense associated with intangibles of the following: Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Amortization expense $ 9,848 $ 16,693 $ 19,753 $ 34,165 Future amortization expense associated with intangibles is expected to be: Year Ending September 30: 2020 (remaining) $ 19,284 2021 40,133 2022 38,025 2023 36,974 2024 33,197 Thereafter 364,543 $ 532,156

Credit Facilities, Short-term B

Credit Facilities, Short-term Borrowings and Long-term Debt	6 Months Ended
	Mar. 31, 2020
Credit Facilities, Short-term Borrowings and Long-term Debt [Abstract]
Credit Facilities, Short-term Borrowings and Long-term Debt	Note 15. 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 up to $ 1,500,000 , subject to lenders’ participation. Borrowings under the Revolving Credit Agreement can be made by Woodward and certain of its foreign subsidiaries in U.S. dollars or in foreign currencies other than the U.S. dollar and generally bear interest at LIBOR plus 0.875 % to 1.75 %. The Revolving Credit Agreement matures on June 19, 2024 . Under the Revolving Credit Agreement, there were $ 242,901 in principal amount of borrowings outstanding as of March 31, 2020, at an effective interest rate of 2.01 %, and $ 262,297 in principal amount of borrowings outstanding as of September 30, 2019, at an effective interest rate of 3.01 %. As of March 31, 2020, $ 100,000 of borrowings under the Revolving Credit Agreement were classified as short-term borrowings based on Woodward’s intent and ability to pay this amount in the next twelve months. As of September 30, 2019, $ 220,000 of the borrowings under the Revolving Credit Agreement were classified as short-term borrowings. 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 on Woodward’s foreign lines of credit and foreign overdraft facilities as of both March 31, 2020 and September 30, 2019. Long-term debt March 31, September 30, 2020 2019 Long-term portion of revolving credit facility - Floating rate (LIBOR plus 0.875 % - 1.75 %), due June 19, 2024 ; unsecured $ 142,901 $ 42,297 Series G notes – 3.42 %, due November 15, 2020 ; unsecured 50,000 50,000 Series H notes – 4.03 %, due November 15, 2023 ; unsecured 25,000 25,000 Series I notes – 4.18 %, due November 15, 2025 ; unsecured 25,000 25,000 Series J notes – Floating rate (LIBOR plus 1.25 %), due November 15, 2020 ; unsecured 50,000 50,000 Series K notes – 4.03 %, due November 15, 2023 ; unsecured 50,000 50,000 Series L notes – 4.18 %, due November 15, 2025 ; unsecured 50,000 50,000 Series M notes – 1.12 % due September 23, 2026 ; unsecured 44,162 43,770 Series N notes – 1.31 % due September 23, 2028 ; unsecured 85,011 84,257 Series O notes – 1.57 % due September 23, 2031 ; unsecured 47,474 47,053 Series P notes – 4.27 % due May 30, 2025 ; unsecured 85,000 85,000 Series Q notes – 4.35 % due May 30, 2027 ; unsecured 85,000 85,000 Series R notes – 4.41 % due May 30, 2029 ; unsecured 75,000 75,000 Series S notes – 4.46 % due May 30, 2030 ; unsecured 75,000 75,000 Series T notes – 4.61 % due May 30, 2033 ; unsecured 80,000 80,000 Finance leases (Note 5) 3,617 - Unamortized debt issuance costs ( 2,299 ) ( 2,478 ) Total long-term debt 970,866 864,899 Less: Current portion of long-term debt 101,643 - Long-term debt, less current portion $ 869,223 $ 864,899 The 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 First Closing Notes, collectively the “USD Notes”) on November 15, 2013. The current portion of long-term debt as of March 31, 2020 includes the aggregate principal amount of the Series G and Series J notes, both of which mature on November 15, 2020, and the current portion of finance lease liabilities. On September 23, 2016, Woodward and the BV Subsidiary each entered into note purchase agreements (the “2016 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 Series M Notes. The BV Subsidiary issued (a) € 77,000 aggregate principal amount of the BV Subsidiary’s Series N Senior Notes (the “Series N Notes”) and (b) € 43,000 aggregate principal amount of the BV Subsidiary’s Series O Senior Notes (the “Series O Notes” and together with the Series M Notes and the Series N Notes, the “2016 Notes”). On May 31, 2018, Woodward entered into a note purchase agreement (the “2018 Note Purchase Agreement”) relating to the sale by Woodward of an aggregate principal amount of $ 400,000 of senior unsecured notes comprised of (a) $ 85,000 aggregate principal amount of its Series P Senior Notes (the “Series P Notes”), (b) $ 85,000 aggregate principal amount of its Series Q Senior Notes (the “Series Q Notes”), (c) $ 75,000 aggregate principal amount of its Series R Senior Notes (the “Series R Notes”), (d) $ 75,000 aggregate principal amount of its Series S Senior Notes (the “Series S Notes”), and (e) $ 80,000 aggregate principal amount of its Series T Senior Notes (the “Series T Notes”, and together with the Series P Notes, the Series Q Notes, the Series R Notes, and the Series S Notes, the “2018 Notes,” and, together with the USD Notes and 2016 Notes, the “Notes”), in a series of private placement transactions. In connection with the issuance of the 2018 Notes, the Company entered into cross-currency swap transactions in respect of each tranche of the 2018 Notes, which effectively reduced the interest rates on the Series P Notes to 1.82 % per annum, the Series Q Notes to 2.15 % per annum, the Series R Notes to 2.42 % per annum, the Series S Notes to 2.55 % per annum and the Series T Notes to 2.90 % per annum (see Note 8, Derivative instruments and hedging activities ). Interest on the First Closing Notes, and the Series K and L Notes is payable semi-annually on April 1 and October 1 of each year until all principal is paid. Interest on the 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 March 31, 2020, the Series J Notes bore interest at an effective rate of 2.94 %. Interest on the 2018 Notes is payable semi-annually on May 30 and November 30 of each year until all principal is paid. Debt Issuance Costs Unamortized debt issuance costs associated with the Notes of $ 2,299 as of March 31, 2020 and $ 2,478 as of September 30, 2019 were recorded as a reduction in “Long-term debt, less current portion” in the Condensed Consolidated Balance Sheets. Unamortized debt issuance costs associated with Woodward’s existing and previous revolving credit agreements of $ 2,541 as of March 31, 2020 and $ 2,840 as of September 30, 2019 were recorded as “Other assets” in the Condensed Consolidated Balance Sheets. Amortization of debt issuance costs is included in operating activities in the Condensed Consolidated Statements of Cash Flows.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Mar. 31, 2020
Accrued Liabilities [Abstract]
Accrued Liabilities	Note 16. Accrued liabilities March 31, September 30, 2020 2019 Salaries and other member benefits $ 37,514 $ 115,649 Warranties 21,770 27,309 Interest payable 13,735 13,808 Accrued retirement benefits 3,596 3,587 Current portion of loss reserve on contractual lease commitments (1) - 1,245 Restructuring charges - 507 Taxes, other than income 15,740 15,708 Net current contract liabilities (Note 3) 25,601 27,891 Liabilities held for sale (Note 10) 14,273 - Other 22,330 22,423 $ 154,559 $ 228,127 (1) See Note 17, Other liabilities , for more information on loss reserve on contractual lease commitments. 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 as revenue is recognized on a non-specific basis whenever past experience indicates a normal and predictable pattern exists. Changes in accrued product warranties were as follows: Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Warranties, beginning of period $ 18,927 $ 20,156 $ 27,309 $ 20,130 Impact from adoption of ASC 606 - - - 594 Expense, net of recoveries 8,115 3,695 3,782 5,767 Reductions for settlement of previous warranty liabilities ( 5,177 ) ( 2,012 ) ( 9,454 ) ( 4,549 ) Foreign currency exchange rate changes ( 95 ) ( 159 ) 133 ( 262 ) Warranties, end of period $ 21,770 $ 21,680 $ 21,770 $ 21,680 Restructuring charges In the second quarter of fiscal year 2018, the Company recorded restructuring charges totaling $ 17,013 , the majority of which relate to the Company’s decision to relocate its Duarte, California operations to the Company’s newly renovated Drake Campus in Fort Collins, Colorado. The Duarte facility, which manufactures thrust reverser actuation systems, is part of the Company’s Aerospace segment. The remaining restructuring charges recognized during the fiscal year ended September 30, 2018 consist of workforce management costs related to aligning the Company’s industrial turbomachinery business, which is part of the Company’s Industrial segment, with the then current market conditions. All of the restructuring charges recorded during the fiscal year ended September 30, 2018 were recorded as nonsegment expenses. In response to the ongoing global economic challenges resulting from COVID-19, the Company committed to a plan of termination that will result in restructuring charges, see Note 24, Subsequent events . The summary of activity in accrued restructuring charges during the six-months ended March 31, 2020 and March 31, 2019 are as follows: Period Activity Balances as of October 1, 2019 Charges (reductions) Cash receipts (payments) Non-cash activity Balances as of March 31, 2020 Workforce management costs associated with: Duarte plant relocation $ 440 $ - $ ( 440 ) $ - $ - Industrial turbomachinery business realignment 67 - ( 24 ) ( 43 ) - Total $ 507 $ - $ ( 464 ) $ ( 43 ) $ - Period Activity Balances as of October 1, 2018 Charges (reductions) Cash receipts (payments) Non-cash activity Balances as of March 31, 2019 Workforce management costs associated with: Duarte plant relocation $ 12,504 $ - $ ( 648 ) $ - $ 11,856 Industrial turbomachinery business realignment 4,018 - ( 2,249 ) - 1,769 Total $ 16,522 $ - $ ( 2,897 ) $ - $ 13,625

Other Liabilities

Other Liabilities	6 Months Ended
	Mar. 31, 2020
Other Liabilities [Abstract]
Other Liabilities	Note 17. Other liabilities March 31, September 30, 2020 2019 Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 109,294 $ 111,257 Total unrecognized tax benefits 12,030 10,644 Noncurrent income taxes payable 18,322 20,251 Deferred economic incentives (1) 9,451 11,535 Loss reserve on contractual lease commitments (2) - 1,754 Net noncurrent contract liabilities (3) 352,440 337,165 Other 33,084 13,482 $ 534,621 $ 506,088 (1) 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. (2) In connection with the construction of a new production facility in Niles, Illinois, Woodward vacated a lease facility in Skokie, Illinois, and recorded a loss reserve on the estimated remaining contractual lease commitment, net of anticipated sublease income. As of September 30, 2019, the current portion of the accrued loss reserve on contractual lease commitments was included in “accrued liabilities” (see Note 16, Accrued liabilities ). Woodward adopted ASC 842 on October 1, 2019, which requires that any pre-adoption liabilities related to exit or disposal cost obligations reduce the amount of the ROU asset recognized upon adoption. Accordingly, as of October 1, 2019, Woodward recognized a finance lease liability of $ 2,688 consisting of the future lease component payments, with no corresponding ROU asset recognized, and reduced the current and noncurrent portions of the loss reserve on contractual lease commitments to zero. The amount of the finance lease liability will be reduced in an amount equal to the lease payments made over the remaining term of the lease, which ends in 2022. Future non-lease component payments on the lease and future sublease income received will be recognized in the periods in which they are earned. (3) See Note 3, Revenue , for more information on net noncurrent contract liabilities.

Other (Income) Expense, Net

Other (Income) Expense, Net	6 Months Ended
	Mar. 31, 2020
Other (Income) Expense, Net [Abstract]
Other (Income) Expense, Net	Note 18. Other (income) expense, net Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Equity interest in the earnings of the JV (Note 6) $ ( 4,681 ) $ ( 3,006 ) $ ( 7,893 ) $ ( 4,471 ) Net (gain) loss on sales of assets (1) ( 10 ) 121 ( 13,557 ) 200 Rent income ( 324 ) ( 77 ) ( 575 ) ( 144 ) Net (gain) loss on investments in deferred compensation program 3,021 ( 1,656 ) 1,776 73 Other components of net periodic pension and other postretirement benefit, excluding service cost and interest expense ( 2,926 ) ( 3,251 ) ( 5,973 ) ( 6,494 ) Other ( 143 ) ( 170 ) ( 266 ) ( 382 ) $ ( 5,063 ) $ ( 8,039 ) $ ( 26,488 ) $ ( 11,218 ) (1) Included in net (gain) loss on sale of assets for the six-months ended March 31, 2020 was the pre-tax gain on sale of Duarte real property in the amount of $ 13,522 recognized in the first quarter of fiscal year 2020.

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2020
Income Taxes [Abstract]
Income Taxes	Note 19. Income taxes U.S. GAAP requires the interim 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 equal to 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 events occur. The determination of the annual effective tax rate is based upon a number of significant estimates and judgments. 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. 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 IRS, the SEC, and the FASB and/or various other tax jurisdictions. Changes in corporate tax rates, the net deferred tax assets and/or liabilities relating to Woodward’s U.S. operations, the taxation of foreign earnings, and the deductibility of expenses contained in the Tax Act or other future tax reform legislation could have a material impact on Woodward’s future income tax expense. The following table sets forth the tax expense and the effective tax rate for Woodward’s earnings before income taxes: Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Earnings before income taxes $ 107,199 $ 90,168 $ 168,747 $ 151,683 Income tax expense 15,881 12,589 24,056 24,984 Effective tax rate 14.8 % 14.0 % 14.3 % 16.5 % The increase in the effective tax rate for the three-months ended March 31, 2020, compared to the three-months ended March 31, 2019 is primarily attributable to smaller favorable net excess income tax benefits from stock-based compensation. This increase is partially offset by a reduction of India’s tax on dividend distributions, decreased foreign earnings in higher taxed jurisdictions, and the effects of lower full-year projected earnings in the second quarter of fiscal year 2020 compared to the full-year projected earnings in the first quarter of fiscal year 2020. The decrease in the effective tax rate for the six-months ended March 31, 2020 compared to the six-months ended March 31, 2019 is primarily attributable to a reduction of India’s tax on dividend distributions, a decrease to foreign earnings in higher taxed jurisdictions, and the tax benefit with the impairment of assets held for sale. This decrease is partially offset by a smaller favorable increase in the net excess income tax benefits from stock-based compensation. Gross unrecognized tax benefits were $ 11,613 as of March 31, 2020, and $ 10,305 as of September 30, 2019. At March 31, 2020, the amount of the liability for unrecognized tax benefits that, if recognized, would impact Woodward’s effective tax rate was $ 5,022 . At this time, Woodward does not believe it is reasonably possible that the liability for unrecognized tax benefits will decrease in the next twelve months. 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 $ 541 as of March 31, 2020 and $ 437 as of September 30, 2019. In March 2020, the U.S. Congress passed the “Coronavirus Aid, Relief, and. Economic Security Act” (the “CARES Act”). The Cares Act provides relief from the certain economic impacts of COVID-19 to companies and individuals. Non-income tax impacts of the CARES Act include (i) extension of payment deadliness for certain U.S. payroll taxes and (ii) tax credits for certain qualifying costs incurred by the Company in connection with certain facility closures due to COVID-19. Non-income tax credits are generally recognized as a reduction to costs in the period in which the related costs the credits are intended to compensate are incurred. The non-income tax impacts of the CARES Act were insignificant to the results of operations for the three and six-months ended March 31, 2020. 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 limitation may result in changes to tax expense. Woodward’s fiscal years remaining open to examination for U.S. Federal income taxes include fiscal years 2017 and thereafter. Woodward is currently under examination by the Internal Revenue Service (“IRS”) for fiscal year 2017 , which included a foreign tax credit carryback to fiscal year 2016. Woodward’s fiscal years remaining open to examination for significant U.S. state income tax jurisdictions include fiscal years 2015 and thereafter. Woodward’s fiscal years remaining open to examination in significant foreign jurisdictions include 2016 and thereafter.

Retirement Benefits

Retirement Benefits	6 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Retirement Benefits	Note 20. 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 non-U.S. employees are also eligible to participate in similar non-U.S. plans. Most of Woodward’s U.S. employees with at least two year s of service receive an annual contribution of Woodward stock, equal to 5 % of their eligible prior year wages, to their personal Woodward Retirement Savings Plan accounts. Woodward fulfilled its annual Woodward stock contribution obligation using shares held in treasury stock by issuing a total of 124 shares of common stock for a value of $ 14,748 in the second quarter of fiscal year 2020, compared to a total of 158 shares of common stock for a value of $ 14,846 in the second quarter of fiscal year 2019. The amount of expense associated with defined contribution plans was as follows: Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Company costs $ 8,910 $ 9,086 $ 17,614 $ 17,457 Defined benefit plans Woodward has defined benefit plans that provide pension benefits for certain retired employees in the United States, the United Kingdom, Japan, and Germany. 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. On October 26, 2018, the High Court of Justice in the United Kingdom (the “High Court”) issued a ruling (the “Court Ruling”) requiring defined benefit plan sponsors in the United Kingdom to equalize benefits payable to men and women under its United Kingdom defined benefit pension plans by amending those plans to increase the pension benefits payable to participants that accrued such benefits during the period from 1990 to 1997. In the Court Ruling, the High Court also provided details on acceptable alternative methods of amending plans to equalize the pension benefits. Although final guidance around the appropriate equalization methodology to be used has not yet been issued, Woodward has concluded that Court Ruling is applicable to its defined benefit pension plan in the United Kingdom and has made the necessary plan amendments. Woodward’s current estimate of the impact of the Court Ruling in the amount of $ 601 has been reflected in the United Kingdom defined benefit pension plan’s obligation and assets as of September 30, 2019 and is being amortized as a net prior service cost beginning in fiscal year 2020. Woodward does not expect that any changes to the estimate resulting from final guidance around the appropriate equalization methodology to be used will be material to the United Kingdom defined benefit pension plan’s obligation. U.S. GAAP requires that, for obligations outstanding as of September 30, 2019, 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. However, U.S. GAAP further requires an interim re-measurement of plan assets and obligations when there are substantial plan amendments, settlements, or curtailments. Many variables, such as changes in interest rates, mortality rates, health care costs, investment returns and/or the market value of plan assets, can affect the funded status of our defined benefit pension and other postretirement benefit plans and cause volatility in the net periodic benefit cost and future funding requirements of the plans. Woodward has concluded that the changes in the market conditions as a result of the COVID-19 pandemic do not require an interim re-measurement as Woodward believes that the assumptions, such as the discount rate and expected return on plan assets, used to project the plans’ assets and pension benefit liabilities are conservative, therefore resulting in a proper projection of Woodward’s benefit obligations. Woodward further believes that as a result of the known impacts of the COVID-19 pandemic there are not any significant changes in plan assets, plan amendments, settlements, or curtailments that would result in an interim re–measurement. The components of the net periodic retirement pension costs recognized are as follows: Three-Months Ended March 31, United States Other Countries Total 2020 2019 2020 2019 2020 2019 Service cost $ 415 $ 362 $ 708 $ 512 $ 1,123 $ 874 Interest cost 1,397 1,596 319 485 1,716 2,081 Expected return on plan assets ( 3,086 ) ( 2,997 ) ( 708 ) ( 672 ) ( 3,794 ) ( 3,669 ) Amortization of: Net actuarial loss 357 155 260 73 617 228 Prior service cost 234 178 6 - 240 178 Net periodic retirement pension (benefit) cost $ ( 683 ) $ ( 706 ) $ 585 $ 398 $ ( 98 ) $ ( 308 ) Contributions paid $ - $ - $ 601 $ 509 $ 601 $ 509 Six-Months Ended March 31, United States Other Countries Total 2020 2019 2020 2019 2020 2019 Service cost $ 830 $ 725 $ 1,418 $ 1,024 $ 2,248 $ 1,749 Interest cost 2,795 3,192 640 965 3,435 4,157 Expected return on plan assets ( 6,173 ) ( 5,993 ) ( 1,540 ) ( 1,334 ) ( 7,713 ) ( 7,327 ) Amortization of: Net actuarial loss 715 309 521 144 1,236 453 Prior service cost 468 355 12 - 480 355 Net periodic retirement pension (benefit) cost $ ( 1,365 ) $ ( 1,412 ) $ 1,051 $ 799 $ ( 314 ) $ ( 613 ) Contributions paid $ - $ - $ 1,732 $ 1,063 $ 1,732 $ 1,063 The components of net periodic retirement pension costs other than the service cost and interest cost components are included in the line item “Other (income) expense, net” in the Condensed Consolidated Statements of Earnings. The interest cost component is include in the line item “Interest expense” in the Condensed Consolidated Statements of Earnings. The components of the net periodic other postretirement benefit costs recognized are as follows: Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Service cost $ - $ 2 $ 1 $ 3 Interest cost 196 289 391 577 Amortization of: Net actuarial loss 11 14 23 28 Prior service cost (benefit) - ( 2 ) 1 ( 3 ) Net periodic other postretirement cost $ 207 $ 303 $ 416 $ 605 Contributions paid $ 176 $ 704 $ 521 $ 1,077 The components of net periodic other postretirement benefit costs other than the service cost and interest cost components are included in the line item “Other (income) expense, net” in the Condensed Consolidated Statements of Earnings. The interest cost component is included in the line item “Interest expense” in the Condensed Consolidated Statements of Earnings. The amount of cash contributions made to these plans in any year is dependent upon a number of factors, including minimum funding requirements in the jurisdictions in which Woodward operates and arrangements made with trustees of certain foreign plans. As a result, the actual funding in fiscal year 2020 may differ from the current estimate. Woodward estimates its remaining cash contributions in fiscal year 2020 will be as follows: Retirement pension benefits: United States $ - United Kingdom 199 Japan - Germany 481 Other postretirement benefits 2,716 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 defined benefit plans were as follows: Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Company contributions $ 128 $ 61 $ 198 $ 138

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Mar. 31, 2020
Stockholders' Equity [Abstract]
Stockholders' Equity	Note 21. Stockholders’ equity Stock repurchase program In the first quarter of fiscal year 2017, Woodward’s board of directors terminated the Company’s prior stock repurchase program 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 ended in November 2019 (the “2017 Authorization”). Effective upon the expiration of the 2017 Authorization in November 2019, Woodward’s board of directors approved 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 2022 (the “2019 Authorization”). In the first half of fiscal year 2020, Woodward purchased 124 shares of its common stock for $ 13,346 under the 2019 Authorization. Woodward repurchased 456 shares of common stock for $ 43,253 under the 2017 Authorization in the first half of fiscal year 2019. Stock-based compensation Provisions governing outstanding stock option awards are included in the 2017 Omnibus Incentive Plan, as amended from time to time (the “2017 Plan”) and the 2006 Omnibus Incentive Plan (the “2006 Plan”), as applicable. The 2017 Plan was approved by Woodward’s stockholders in January 2017 and is a successor plan to the 2006 Plan. As of September 14, 2016, the effective date of the 2017 Plan, Woodward’s board of directors delegated authority to administer the 2017 Plan to the compensation committee of the board of directors (the “Committee”), including, but not limited to, the power to determine the recipients of awards and the terms of those awards. On January 29, 2020, Woodward’s stockholders approved an additional 1,000 shares of Woodward’s common stock to be made available for future grants. Under the 2017 Plan, there were approximately 2,185 shares of Woodward’s common stock available for future grants as of March 31, 2020 and 1,783 shares as of September 30, 2019. Stock options Woodward believes that 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 have 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 Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Weighted-average exercise price per share $ 127.84 $ 77.12 $ 104.91 $ 79.12 Weighted-average grant date market value of Woodward stock $ 127.84 $ 77.12 $ 104.91 $ 79.12 Expected term (years) 6.5 6.5 6.4 - 8.7 6.5 - 8.7 Estimated volatility 25.7 % 25.8 % - 26.0 % 25.7 % - 30.1 % 25.7 % - 31.0 % Estimated dividend yield 0.9 % 0.7 % - 0.8 % 0.6 % - 0.9 % 0.7 % - 0.8 % Risk-free interest rate 1.7 % 2.6 % 1.6 % - 1.7 % 2.6 % - 3.1 % The following is a summary of the activity for stock option awards during the three and six-months ended March 31, 2020: Three-Months Ended Six-Months Ended March 31, 2020 March 31, 2020 Number of options Weighted-Average Exercise Price per Share Number of options Weighted-Average Exercise Price per Share Options, beginning balance 5,766 $ $ 59.97 5,387 $ 53.73 Options granted 3 $ 127.84 629 104.91 Options exercised ( 137 ) $ 37.72 ( 363 ) 35.05 Options forfeited ( 9 ) $ 86.77 ( 30 ) 83.20 Options, ending balance 5,623 $ 60.50 5,623 60.50 Changes in non-vested stock options during the three and six-months ended March 31, 2020 were as follows: Three-Months Ended Six-Months Ended March 31, 2020 March 31, 2020 Number of options Weighted-Average Grant Date Fair Value per Share Number of options Weighted-Average Grant Date Fair Value Per Share Non-vested options outstanding, beginning balance 1,905 $ $ 25.90 2,068 $ 23.43 Options granted 3 $ 33.44 629 28.57 Options vested ( 32 ) $ 23.79 ( 800 ) 21.52 Options forfeited ( 9 ) $ 25.68 ( 30 ) 25.34 Non-vested options outstanding, ending balance 1,867 $ 25.95 1,867 25.95 Information about stock options that have vested, or are expected to vest, and are exercisable at March 31, 2020 was as follows: Number Weighted- Average Exercise Price Weighted- Average Remaining Life in Years Aggregate Intrinsic Value Options outstanding 5,623 $ 60.50 6.0 $ 56,006 Options vested and exercisable 3,755 47.67 4.8 56,006 Options vested and expected to vest 5,515 59.92 5.9 56,006 Restricted stock units Restricted stock units have been granted to certain employees of L’Orange (at acquisition) and other current Woodward members in key management positions. Each restricted stock unit entitles the holder to one share of the Company’s common stock upon vesting. The restricted stock units were granted with a two year vesting schedule and vest on the one and two year anniversaries of the grant date at a rate of 50 % per year. The restricted stock units do not participate in dividends during the vesting period. The fair value of restricted stock units granted were estimated using the closing price of Woodward common stock on the grant date. A summary of the activity for restricted stock units for the three and six-months ended March 31, 2020: Three-Months Ended Six-Months Ended March 31, 2020 March 31, 2020 Number Weighted-Average Grant Date Fair Value per Unit Number Fair Value per Share Beginning balance 9 $ 91.55 9 $ 91.55 Units granted - - - - Units vested - - - - Units forfeited - - - - Ending balance 9 91.55 9 91.55 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. At March 31, 2020, there was approximately $ 15,590 of total unrecognized compensation expense related to non-vested stock-based compensation arrangements, including both stock options and restricted stock awards. 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 2.2 years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2020
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 22. 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 related 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.

Segment Information

Segment Information	6 Months Ended
	Mar. 31, 2020
Segment Information [Abstract]
Segment Information	Note 23. 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, interest income and expense, certain gains and losses from asset dispositions, or other non-recurring and/or non-operationally related expenses. A summary of consolidated net sales and earnings by segment follows: Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Segment external net sales: Aerospace $ 474,236 $ 482,954 $ 948,161 $ 875,841 Industrial 245,984 275,890 492,414 535,814 Total consolidated net sales $ 720,220 $ 758,844 $ 1,440,575 $ 1,411,655 Segment earnings: Aerospace $ 117,638 $ 101,722 $ 210,549 $ 174,576 Industrial 25,972 27,128 54,202 56,297 Nonsegment expenses ( 28,131 ) ( 27,496 ) ( 79,202 ) ( 56,497 ) Interest expense, net ( 8,280 ) ( 11,186 ) ( 16,802 ) ( 22,693 ) Consolidated earnings before income taxes $ 107,199 $ 90,168 $ 168,747 $ 151,683 Segment assets consist of accounts receivable, inventories, property, plant, and equipment, net, goodwill, and other intangibles, net. A summary of consolidated total assets follows: March 31, 2020 September 30, 2019 Segment assets: Aerospace $ 1,892,325 $ 1,900,657 Industrial 1,541,137 1,561,441 Unallocated corporate property, plant and equipment, net 105,881 114,887 Other unallocated assets 520,933 379,541 Consolidated total assets $ 4,060,276 $ 3,956,526

Subsequent Events

Subsequent Events	6 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 24. Subsequent events The Company announced a series of actions in response to the ongoing global economic challenges and uncertainties attributable to the COVID-19 pandemic and the resulting impact on the broader macroeconomic environment and its business, including the following: Termination of Merger Agreement On January 12, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Hexcel Corporation (“Hexcel”) and Genesis Merger Sub, Inc., a wholly owned subsidiary of Woodward (“Merger Sub”). The Merger Agreement provided that, upon the terms and subject to the conditions set forth therein, Merger Sub would merge with and into Hexcel (the “Merger”), with Hexcel surviving the Merger as a wholly owned subsidiary of Woodward. On April 5, 2020, the Company, Hexcel and Merger Sub entered into an agreement to terminate the Merger Agreement (such agreement, the “Termination Agreement”), without liability to Woodward, Hexcel, or any of their respective subsidiaries, directors or officers. The material circumstances surrounding the decision to enter into the Termination Agreement include the economic uncertainties in both the aerospace and industrial sectors resulting from the global health crisis caused by the COVID-19 pandemic. Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the Merger Agreement. Woodward incurred transaction-related costs associated with the Merger (“Merger Transaction-Related Costs”) in the amount of $ 15,965 for the first half of fiscal year 2020. Transaction-related costs associated with the Merger have been expensed as incurred. Preferred Stock Rights On April 6, 2020, the Company announced the authorization and declaration of a dividend distribution of one right (a “Right”) for each outstanding share of common stock, par value $ 0.001455 per share (the “Common Stock”), of the Company to stockholders of record as of the close of business on April 16, 2020 (the “Record Date”). Each Right entitles the registered holder, upon the occurrence of specified events, to purchase from the Company one one-thousandth of a share of Series B Participating Preferred Stock, par value $ 0.003 per share (the “Preferred Stock”), of the Company at an exercise price of $ 480.00 (the “Exercise Price”). In addition, each Right entitles the registered holder (other than any person or group that acquires 15% or more of the Common Stock without the approval of the Board), following the occurrence of other specified events, to purchase Common Stock of the Company or stock of any acquirer of the Company at a substantial discount. The complete terms of the Rights are set forth in a Preferred Stock Rights Agreement (the “Rights Agreement”), dated as of April 5, 2020, between the Company and American Stock Transfer & Trust Company, LLC, as rights agent. The Board adopted the Rights Agreement to protect stockholders from coercive or otherwise unfair takeover tactics. In general terms, it works by imposing a significant penalty upon any person or group that acquires 15% or more of the Common Stock without the approval of the Board. As a result, the overall effect of the Rights Agreement and the issuance of the Rights may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving the Company that is not approved by the Board. However, neither the Rights Agreement nor the Rights should interfere with any merger, tender or exchange offer or other business combination approved by the Board. Dividend Reduction On January 29, 2020, Woodward had increased its quarterly dividend from $ 0.1625 to $ 0.28 per share as part of a planned dividend yield target of the combined company under the now-terminated Merger Agreement. To further preserve financial flexibility, the Company announced on April 6, 2020, a reduction of its quarterly cash dividend to $ 0.08125 per share. Officer and Director Compensation Changes On April 3, 2020, the Compensation Committee of the Board approved a reduction of Company officers’ salaries through 2020 and the company-wide elimination of any annual bonus payments in 2020. The CEO’s salary was reduced by 25 % and all other officers’ salaries were reduced by 10 %. In addition, the Board approved on the same date a reduction of directors’ base retainers by 25 %, effective as of the next regular quarterly installment payment. Workforce Management, Restructuring, and Cost Reductions On April 6, 2020, the Company committed to a plan of termination (the “Termination Plan”) in response to the ongoing global economic challenges resulting from the COVID-19 pandemic and its impact on the Company’s business. The Termination Plan, which was predominantly implemented on April 8, 2020, involved the termination and/or furlough of employees and contractors at certain of the Company’s operating facilities, primarily in the U.S. As a result of the Termination Plan, the Company anticipates that it will incur approximately $ 18,000 of restructuring and related charges related to employee severance and benefits costs as of June 30, 2020, with the majority of the cash expenditures being paid by June 30, 2020. Separately, as part of the responsive actions to the COVID-19 pandemic, the Company is implementing certain additional measures for the duration of 2020, as well as other, more temporary, measures. The measures for 2020 include a reduction in work hours for certain employees globally and company-wide overtime restrictions, as well as a hiring freeze, and a company-wide wage freeze, in addition to the aforementioned reduction of officers’ salaries and directors’ base retainers, and elimination of annual bonus payments. The more temporary measures involve various furloughs of employees, primarily at its aerospace fuel systems and controls facilities in Loves Park, Illinois that are expected to last up to approximately eight weeks. The Termination Plan resulted in a decrease, on a full-time employee (“FTE”) equivalent basis, of approximately 11 % of the Company’s total workforce. The work reductions will result, for the remainder of 2020, in a further incremental reduction of the Company’s workforce of approximately 4 %, also on an FTE-equivalent basis. Thus, the Company anticipates a combined workforce reduction of approximately 15 % on an FTE-equivalent basis for the remainder of 2020. Due to their more temporary nature, the employee furloughs are not included in these workforce reduction calculations. Additionally, the Company has implemented other specific actions to reduce costs with a reduction of working capital, capital expenditures, and non-essential costs. Dividend Declaration On April 29, 2020 , the Board approved a cash dividend of $ 0.08125 per share for the quarter, payable on June 1, 2020 , for stockholders of record as of May 18, 2020 . Renewables Business Divestiture On April 30, 2020 , the Company completed the closing of its previously announced sale of the assets of its disposal groups.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Mar. 31, 2020
Revenue
Schedule of Revenue Recognition Time	Three-Months Ended March 31, 2020 Three-Months Ended March 31, 2019 Aerospace Industrial Consolidated Aerospace Industrial Consolidated Point in time $ 178,325 $ 157,052 $ 335,377 $ 208,183 $ 163,623 $ 371,806 Over time 295,911 88,932 384,843 274,771 112,267 387,038 Total net sales $ 474,236 $ 245,984 $ 720,220 $ 482,954 $ 275,890 $ 758,844 Six-Months Ended March 31, 2020 Six-Months Ended March 31, 2019 Aerospace Industrial Consolidated Aerospace Industrial Consolidated Point in time $ 365,840 $ 324,994 $ 690,834 $ 372,197 $ 335,785 $ 707,982 Over time 582,321 167,420 749,741 503,644 200,029 703,673 Total net sales $ 948,161 $ 492,414 $ 1,440,575 $ 875,841 $ 535,814 $ 1,411,655
Schedule of Accounts Receivable	March 31, 2020 September 30, 2019 Billed receivables Trade accounts receivable $ 363,661 $ 381,942 Other (Chinese financial institutions) 40,030 42,171 Less: Allowance for uncollectible amounts ( 4,053 ) ( 7,908 ) Net billed receivables 399,638 416,205 Current unbilled receivables (contract assets), net 201,586 175,324 Total accounts receivable, net $ 601,224 $ 591,529
Schedule of Contract Liability	March 31, 2020 September 30, 2019 Current Noncurrent Current Noncurrent Deferred revenue from material rights from GE joint venture formation $ 4,712 $ 235,558 $ 8,317 $ 230,588 Deferred revenue from advanced invoicing and/or prepayments from customers 4,572 129 4,554 141 Liability related to customer supplied inventory 13,884 - 13,396 - Deferred revenue from material rights related to engineering and development funding 2,433 116,753 1,624 106,436 Net contract liabilities $ 25,601 $ 352,440 $ 27,891 $ 337,165
Schedule of Disaggregation of Revenue	Revenue by primary market for the Aerospace reportable segment was as follows: Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Commercial OEM $ 144,610 $ 174,343 $ 303,276 $ 314,851 Commercial aftermarket 134,042 139,708 259,970 251,056 Defense OEM 139,901 123,006 280,827 224,842 Defense aftermarket 55,683 45,897 104,088 85,092 Total Aerospace segment net sales $ 474,236 $ 482,954 $ 948,161 $ 875,841 Revenue by primary market for the Industrial reportable segment was as follows: Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Reciprocating engines $ 163,555 $ 209,257 $ 338,208 $ 405,387 Industrial turbines 59,678 52,187 111,177 101,699 Renewables 1 22,751 14,446 43,029 28,728 Total Industrial segment net sales $ 245,984 $ 275,890 $ 492,414 $ 535,814 1) Sales in the renewables market will be discontinued as of May 1, 2020 following the closing of the divestiture of the disposal groups (see Note 10, Impairment of assets held for sale ). The customers who account for approximately 10% or more of net sales of each of Woodward’s reportable segments for the three and six-months ended March 31, 2020 are as follow: Customer Aerospace The Boeing Company, General Electric Company, United Technologies Corporation Industrial Rolls-Royce PLC, Weichai Westport, General Electric Company Net sales by geographic area, as determined based on the location of the customer, were as follows: Three-Months Ended March 31, 2020 Three-Months Ended March 31, 2019 Aerospace Industrial Consolidated Aerospace Industrial Consolidated United States $ 356,109 $ 52,907 $ 409,016 $ 351,763 $ 53,564 $ 405,327 Germany 21,111 52,941 74,052 25,068 63,725 88,793 Europe, excluding Germany 40,600 65,402 106,002 48,782 65,131 113,913 China 11,487 37,548 49,035 9,502 53,897 63,399 Asia, excluding China 10,582 29,668 40,250 13,790 31,566 45,356 Other countries 34,347 7,518 41,865 34,049 8,007 42,056 Total net sales $ 474,236 $ 245,984 $ 720,220 $ 482,954 $ 275,890 $ 758,844 Six-Months Ended March 31, 2020 Six-Months Ended March 31, 2019 Aerospace Industrial Consolidated Aerospace Industrial Consolidated United States $ 720,021 $ 104,000 $ 824,021 $ 638,508 $ 103,456 $ 741,964 Germany 38,389 104,379 142,768 37,817 127,089 164,906 Europe, excluding Germany 79,587 115,903 195,490 88,394 124,479 212,873 China 21,698 91,424 113,122 25,140 104,147 129,287 Asia, excluding China 17,563 61,580 79,143 22,158 60,734 82,892 Other countries 70,903 15,128 86,031 63,824 15,909 79,733 Total net sales $ 948,161 $ 492,414 $ 1,440,575 $ 875,841 $ 535,814 $ 1,411,655

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2020
Earnings Per Share
Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted	Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Numerator: Net earnings $ 91,318 $ 77,579 $ 144,691 $ 126,699 Denominator: Basic shares outstanding 62,266 62,175 62,128 61,995 Dilutive effect of stock options and restricted stock 2,298 2,389 2,494 2,312 Diluted shares outstanding 64,564 64,564 64,622 64,307 Income per common share: Basic earnings per share $ 1.47 $ 1.25 $ 2.33 $ 2.04 Diluted earnings per share $ 1.41 $ 1.20 $ 2.24 $ 1.97
Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share	Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Options 686 239 686 1,493 Weighted-average option price $ 104.51 $ 76.07 $ 104.47 $ 79.07
Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding	Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Weighted-average treasury stock shares held for deferred compensation obligations 216 208 214 206

Leases (Tables)

Leases (Tables)	6 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lease-Related Assets and Liabilities	Classification on the Condensed Consolidated Balance Sheets March 31, 2020 Assets: Operating lease assets Other assets $ 20,507 Finance lease assets Property, plant and equipment, net 1,467 Total lease assets 21,974 Current liabilities: Operating lease liabilities Accrued liabilities 4,757 Finance lease liabilities Current portion of long-term debt 1,643 Noncurrent liabilities: Operating lease liabilities Other liabilities 15,706 Finance lease liabilities Long-term debt, less current portion 1,974 Total lease liabilities $ 24,080
Supplemental Lease-Related Information	March 31, 2020 Weighted average remaining lease term Operating leases 6.1 years Finance leases 2.5 years Weighted average discount rate Operating leases 3.4 % Finance leases 3.0 %
Lease-Related Expenses	Three-Months Ended Six-Months Ended March 31, 2020 March 31, 2020 Operating lease expense $ 1,532 $ 3,051 Amortization of financing lease assets 101 248 Interest on financing lease liabilities 20 40 Variable lease expense 288 595 Short-term lease expense 162 337 Sublease income 1 ( 200 ) ( 325 ) Total lease expense $ 1,903 $ 3,946 1) Relates to two separate subleases Woodward has entered into for a leased manufacturing building in Niles, Illinois.
Lease-Related Supplemental Cash Flow Information	Six-Months Ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,701 Operating cash flows for finance leases 40 Financing cash flows for finance leases 787 Right-of-use assets obtained in exchange for recorded lease obligations: Operating leases 5,345 Finance leases 1,244
Maturities of Lease Liabilities	Year Ending September 30: Operating Leases Finance Leases 2020 (remaining) 2,509 853 2021 5,078 1,687 2022 3,904 738 2023 3,084 325 2024 2,397 137 Thereafter 6,184 - Total lease payments 23,156 3,740 Less: imputed interest ( 2,693 ) ( 123 ) Total lease obligations $ 20,463 $ 3,617
Future Minimum Lease Payments	Year Ending September 30: Operating Leases Finance Leases 2020 (full twelve months) $ 6,667 $ 213 2021 5,119 98 2022 3,823 33 2023 2,899 3 2024 2,378 - Thereafter 6,033 - Total minimum lease payments under ASC 840 $ 26,919 $ 347
Property, Plant and Equipment Leased to Others through Embedded Leasing Arrangements	March 31, 2020 Property, plant and equipment leased to others through embedded leasing arrangements $ 67,941 Less accumulated depreciation ( 25,454 ) Property, plant and equipment leased to others through embedded leasing arrangements, net $ 42,487

Joint Venture (Tables)

Joint Venture (Tables)	6 Months Ended
	Mar. 31, 2020
Joint Venture
Unamortized Deferred Revenue from JV	March 31, 2020 September 30, 2019 Accrued liabilities $ 4,712 $ 8,317 Other liabilities 235,558 230,588
Other Income Related JV	Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Other income $ 4,681 $ 3,006 $ 7,893 $ 4,471
Cash Distribution from JV	Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Cash distributions $ - $ 3,000 $ 3,000 $ 7,500
Net Sales to the JV	Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Net sales 1 $ 16,606 $ 14,294 $ 31,484 $ 27,127 1) Net sales include a reduction of $ 9,779 for the three-months and $ 17,013 for the six-months ended March 31, 2020 related to royalties owed to the JV by Woodward on sales by Woodward directly to third party aftermarket customers, compared to a reduction to sales of $ 9,069 for the three-months and $ 18,251 for the six-months ended March 31, 2019.
Accounts Receivable, Accounts Payable, and Other Assets Related to JV	March 31, 2020 September 30, 2019 Accounts receivable $ 4,376 $ 5,906 Accounts payable 2,429 4,270 Other assets 12,436 7,543

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2020
Financial Instruments and Fair Value Measurments
Financial Assets that are Measured at Fair Value on a Recurring Basis	At March 31, 2020 At September 30, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets: Cash $ 63,306 $ - $ - $ 63,306 $ 52,971 $ - $ - $ 52,971 Investments in reverse repurchase agreements - - - - 886 - - 886 Investments in term deposits with foreign banks 39,543 - - 39,543 45,216 - - 45,216 Equity securities 20,654 - - 20,654 20,504 - - 20,504 Net assets held for sale (Note 10) - - 9,667 9,667 - - - - Cross currency interest rate swaps - 58,763 - 58,763 - 24,758 - 24,758 Total financial assets $ 123,503 $ 58,763 $ 9,667 $ 191,933 $ 119,577 $ 24,758 $ - $ 144,335
Estimated Fair Values of Financial Instruments	At March 31, 2020 At September 30, 2019 Fair Value Hierarchy Level Estimated Fair Value Carrying Cost Estimated Fair Value Carrying Cost Assets: Notes receivable from municipalities 2 $ 13,100 $ 12,130 $ 13,100 $ 12,346 Investments in short-term time deposits 2 90 88 13,468 13,509 Liabilities: Long-term debt 2 $ 1,016,377 $ 973,165 $ 928,618 $ 867,377

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities
Impact of Derivative Instruments on Earnings	Three-Months Ended March 31, 2020 Derivatives in: Location Amount of (Income) Expense Recognized in Earnings on Derivative Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings Cross currency interest rate swap agreement designated as fair value hedges Selling, general and administrative expenses $ ( 2,043 ) $ ( 1,523 ) $ ( 1,646 ) Cross currency interest rate swap agreements designated as cash flow hedges Selling, general and administrative expenses ( 5,598 ) ( 43,775 ) ( 5,598 ) Treasury lock agreement designated as cash flow hedge Interest expense ( 18 ) - ( 18 ) $ ( 7,659 ) $ ( 45,298 ) $ ( 7,262 ) Three-Months Ended March 31, 2019 Derivatives in: Location Amount of (Income) Expense Recognized in Earnings on Derivative Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings Cross currency interest rate swap agreement designated as fair value hedges Selling, general and administrative expenses $ ( 3,033 ) $ ( 3,030 ) $ ( 2,883 ) Cross currency interest rate swap agreements designated as cash flow hedges Selling, general and administrative expenses ( 7,994 ) ( 6,579 ) ( 7,994 ) Treasury lock agreement designated as cash flow hedge Interest expense ( 18 ) - ( 18 ) $ ( 11,045 ) $ ( 9,609 ) $ ( 10,895 ) Six-Months Ended March 31, 2020 Derivatives in: Location Amount of (Income) Expense Recognized in Earnings on Derivative Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings Cross-currency interest rate swap agreement designated as fair value hedges Selling, general and administrative expenses $ 233 $ 2,075 $ 1,037 Cross-currency interest rate swap agreements designated as cash flow hedges Selling, general and administrative expenses 3,393 ( 36,079 ) 3,393 Treasury lock agreement designated as cash flow hedge Interest expense ( 36 ) - ( 36 ) $ 3,590 $ ( 34,004 ) $ 4,394 Six-Months Ended March 31, 2019 Derivatives in: Location Amount of (Income) Expense Recognized in Earnings on Derivative Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings Cross-currency interest rate swap agreement designated as fair value hedges Selling, general and administrative expenses $ ( 5,422 ) $ ( 5,535 ) $ ( 5,135 ) Cross-currency interest rate swap agreements designated as cash flow hedges Selling, general and administrative expenses ( 13,550 ) ( 22,637 ) ( 13,550 ) Treasury lock agreement designated as cash flow hedge Interest expense ( 36 ) - ( 36 ) $ ( 19,008 ) $ ( 28,172 ) $ ( 18,721 )

Supplemental Statement of Cas_2

Supplemental Statement of Cash Flows Information (Tables)	6 Months Ended
	Mar. 31, 2020
Supplemental Statement of Cash Flows Information
Schedule of Supplemental Statement of Cash Flows Information	Six-Months Ended March 31, 2020 2019 Interest paid, net of amounts capitalized $ 14,146 $ 22,173 Income taxes paid 65,283 44,661 Income tax refunds received 11,012 1,294 Non-cash activities: Purchases of property, plant and equipment on account 2,325 8,081 Impact of the adoption of ASC 606 - 38,700 Impact of the adoption of ASC 842 (Note 5) 255 - Impact of the adoption of ASU 2016-16 - 1,005 Common shares issued from treasury to settle benefit obligations (Note 21) 14,748 14,846 Purchases of treasury stock on account - 4,204

Impairment of Assets Held for_2

Impairment of Assets Held for Sale (Tables)	6 Months Ended
	Mar. 31, 2020
Impairment Of Assets Held For Sale [Abstract]
Valuation Allowance against Assets and Liabilities Held for Sale	March 31, 2020 Assets: Accounts receivable $ 21,680 Inventories 15,313 Other current assets 704 Other assets 54 Total assets 37,751 Valuation, allowance ( 13,810 ) Total assets, net 23,941 Liabilities: Accounts payable 7,866 Accrued liabilities 5,407 Other liabilities 1,001 Total liabilities $ 14,274

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Mar. 31, 2020
Inventories
Schedule of Inventories	March 31, September 30, 2020 2019 Raw materials $ 143,165 $ 134,878 Work in progress 131,479 133,885 Component parts (1) 303,149 287,128 Finished goods 81,765 59,051 Customer supplied inventory 13,884 13,396 On-hand inventory for which control has transferred to the customer ( 142,536 ) ( 111,502 ) $ 530,906 $ 516,836 (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 (Tables)	6 Months Ended
	Mar. 31, 2020
Property, Plant, and Equipment
Schedule of Property Plant and Equipment, Net	March 31, September 30, 2020 2019 Land and land improvements $ 89,142 $ 94,976 Buildings and building improvements 576,123 587,541 Leasehold improvements 17,957 17,446 Machinery and production equipment 746,128 731,159 Computer equipment and software 122,488 124,201 Office furniture and equipment 39,734 39,934 Other 19,767 19,346 Construction in progress 40,156 57,624 1,651,495 1,672,227 Less accumulated depreciation ( 632,417 ) ( 613,452 ) Property, plant, and equipment, net $ 1,019,078 $ 1,058,775
Schedule of Depreciation Expense	Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Depreciation expense $ 23,177 $ 20,164 $ 45,723 $ 41,333

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Mar. 31, 2020
Goodwill [Abstract]
Schedule of Goodwill	September 30, 2019 Impairment Charges Effects of Foreign Currency Translation March 31, 2020 Aerospace $ 455,423 $ - $ - $ 455,423 Industrial 342,430 ( 8,777 ) 2,948 336,601 Consolidated $ 797,853 $ ( 8,777 ) $ 2,948 $ 792,024

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	6 Months Ended
	Mar. 31, 2020
Intangible Assets, Net [Abstract]
Schedule of Finite-lived and Indefinite-lived Intangible Assets by Major Class	March 31, 2020 September 30, 2019 Gross Carrying Value Accumulated Amortization Net Carrying Amount Gross Carrying Value Accumulated Amortization Net Carrying Amount Intangible assets with finite lives: Customer relationships and contracts: Aerospace $ 281,683 $ ( 189,258 ) $ 92,425 $ 281,683 $ ( 181,995 ) $ 99,688 Industrial 406,087 ( 47,589 ) 358,498 407,683 ( 43,986 ) 363,697 Total $ 687,770 $ ( 236,847 ) $ 450,923 $ 689,366 $ ( 225,981 ) $ 463,385 Intellectual property: Aerospace $ - $ - $ - $ - $ - $ - Industrial 15,703 ( 15,513 ) 190 19,201 ( 18,705 ) 496 Total $ 15,703 $ ( 15,513 ) $ 190 $ 19,201 $ ( 18,705 ) $ 496 Process technology: Aerospace $ 76,371 $ ( 61,933 ) $ 14,438 $ 76,371 $ ( 59,913 ) $ 16,458 Industrial 86,537 ( 19,996 ) 66,541 92,820 ( 24,926 ) 67,894 Total $ 162,908 $ ( 81,929 ) $ 80,979 $ 169,191 $ ( 84,839 ) $ 84,352 Backlog: Aerospace $ - $ - $ - $ - $ - $ - Industrial 40,860 ( 40,860 ) - 40,500 ( 40,500 ) - Total $ 40,860 $ ( 40,860 ) $ - $ 40,500 $ ( 40,500 ) $ - Other intangibles: Aerospace $ - $ - $ - $ - $ - $ - Industrial 205 ( 141 ) 64 1,541 ( 1,249 ) 292 Total $ 205 $ ( 141 ) $ 64 $ 1,541 $ ( 1,249 ) $ 292 Intangible asset with indefinite life: Tradename: Aerospace $ - $ - $ - $ - $ - $ - Industrial 64,034 - 64,034 63,467 - 63,467 Total $ 64,034 $ - $ 64,034 $ 63,467 $ - $ 63,467 Total intangibles: Aerospace $ 358,054 $ ( 251,191 ) $ 106,863 $ 358,054 $ ( 241,908 ) $ 116,146 Industrial 613,426 ( 124,099 ) 489,327 625,212 ( 129,366 ) 495,846 Consolidated Total $ 971,480 $ ( 375,290 ) $ 596,190 $ 983,266 $ ( 371,274 ) $ 611,992
Schedule of Finite-Lived Intangible Assets Amortization Expense	Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Amortization expense $ 9,848 $ 16,693 $ 19,753 $ 34,165
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Year Ending September 30: 2020 (remaining) $ 19,284 2021 40,133 2022 38,025 2023 36,974 2024 33,197 Thereafter 364,543 $ 532,156

Credit Facilities, Short-term_2

Credit Facilities, Short-term Borrowings and Long-term Debt (Tables)	6 Months Ended
	Mar. 31, 2020
Credit Facilities, Short-term Borrowings and Long-term Debt [Abstract]
Schedule of Long-term Debt	March 31, September 30, 2020 2019 Long-term portion of revolving credit facility - Floating rate (LIBOR plus 0.875 % - 1.75 %), due June 19, 2024 ; unsecured $ 142,901 $ 42,297 Series G notes – 3.42 %, due November 15, 2020 ; unsecured 50,000 50,000 Series H notes – 4.03 %, due November 15, 2023 ; unsecured 25,000 25,000 Series I notes – 4.18 %, due November 15, 2025 ; unsecured 25,000 25,000 Series J notes – Floating rate (LIBOR plus 1.25 %), due November 15, 2020 ; unsecured 50,000 50,000 Series K notes – 4.03 %, due November 15, 2023 ; unsecured 50,000 50,000 Series L notes – 4.18 %, due November 15, 2025 ; unsecured 50,000 50,000 Series M notes – 1.12 % due September 23, 2026 ; unsecured 44,162 43,770 Series N notes – 1.31 % due September 23, 2028 ; unsecured 85,011 84,257 Series O notes – 1.57 % due September 23, 2031 ; unsecured 47,474 47,053 Series P notes – 4.27 % due May 30, 2025 ; unsecured 85,000 85,000 Series Q notes – 4.35 % due May 30, 2027 ; unsecured 85,000 85,000 Series R notes – 4.41 % due May 30, 2029 ; unsecured 75,000 75,000 Series S notes – 4.46 % due May 30, 2030 ; unsecured 75,000 75,000 Series T notes – 4.61 % due May 30, 2033 ; unsecured 80,000 80,000 Finance leases (Note 5) 3,617 - Unamortized debt issuance costs ( 2,299 ) ( 2,478 ) Total long-term debt 970,866 864,899 Less: Current portion of long-term debt 101,643 - Long-term debt, less current portion $ 869,223 $ 864,899

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Mar. 31, 2020
Accrued Liabilities [Line Items]
Accrued Liabilities	March 31, September 30, 2020 2019 Salaries and other member benefits $ 37,514 $ 115,649 Warranties 21,770 27,309 Interest payable 13,735 13,808 Accrued retirement benefits 3,596 3,587 Current portion of loss reserve on contractual lease commitments (1) - 1,245 Restructuring charges - 507 Taxes, other than income 15,740 15,708 Net current contract liabilities (Note 3) 25,601 27,891 Liabilities held for sale (Note 10) 14,273 - Other 22,330 22,423 $ 154,559 $ 228,127 (1) See Note 17, Other liabilities , for more information on loss reserve on contractual lease commitments.
Changes in Accrued Product Warranties	Three-Months Ended March 31, Six-Months Ended March 31, 2020 2019 2020 2019 Warranties, beginning of period $ 18,927 $ 20,156 $ 27,309 $ 20,130 Impact from adoption of ASC 606 - - - 594 Expense, net of recoveries 8,115 3,695 3,782 5,767 Reductions for settlement of previous warranty liabilities ( 5,177 ) ( 2,012 ) ( 9,454 ) ( 4,549 ) Foreign currency exchange rate changes ( 95 ) ( 159 ) 133 ( 262 ) Warranties, end of period $ 21,770 $ 21,680 $ 21,770 $ 21,680
Employee Severance [Member]
Accrued Liabilities [Line Items]
Loss Reserve & Restructuring Reserve Activity	Period Activity Balances as of October 1, 2019 Charges (reductions) Cash receipts (payments) Non-cash activity Balances as of March 31, 2020 Workforce management costs associated with: Duarte plant relocation $ 440 $ - $ ( 440 ) $ - $ - Industrial turbomachinery business realignment 67 - ( 24 ) ( 43 ) - Total $ 507 $ - $ ( 464 ) $ ( 43 ) $ - Period Activity Balances as of October 1, 2018 Charges (reductions) Cash receipts (payments) Non-cash activity Balances as of March 31, 2019 Workforce management costs associated with: Duarte plant relocation $ 12,504 $ - $ ( 648 ) $ - $ 11,856 Industrial turbomachinery business realignment 4,018 - ( 2,249 ) - 1,769 Total $ 16,522 $ - $ ( 2,897 ) $ - $ 13,625

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Mar. 31, 2020
Other Liabilities [Abstract]
Schedule of Other Liabilities	March 31, September 30, 2020 2019 Net accrued retirement benefits, less amounts recognized within accrued liabilities $ 109,294 $ 111,257 Total unrecognized tax benefits 12,030 10,644 Noncurrent income taxes payable 18,322 20,251 Deferred economic incentives (1) 9,451 11,535 Loss reserve on contractual lease commitments (2) - 1,754 Net noncurrent contract liabilities (3) 352,440 337,165 Other 33,084 13,482 $ 534,621 $ 506,088 (1) 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. (2) In connection with the construction of a new production facility in Niles, Illinois, Woodward vacated a lease facility in Skokie, Illinois, and recorded a loss reserve on the estimated remaining contractual lease commitment, net of anticipated sublease income. As of September 30, 2019, the current portion of the accrued loss reserve on contractual lease commitments was included in “accrued liabilities” (see Note 16, Accrued liabilities ). Woodward adopted ASC 842 on October 1, 2019, which requires that any pre-adoption liabilities related to exit or disposal cost obligations reduce the amount of the ROU asset recognized upon adoption. Accordingly, as of October 1, 2019, Woodward recognized a finance lease liability of $ 2,688 consisting of the future lease component payments, with no corresponding ROU asset recognized, and reduced the current and noncurrent portions of the loss reserve on contractual lease commitments to zero. The amount of the finance lease liability will be reduced in an amount equal to the lease payments made over the remaining term of the lease, which ends in 2022. Future non-lease component payments on the lease and future sublease income received will be recognized in the periods in which they are earned. (3) See Note 3, Revenue , for more information on net noncurrent contract liabilities.

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	6 Months Ended
	Mar. 31, 2020
Other (Income) Expense, Net [Abstract]
Schedule of Other (Income) Expense, Net	Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Equity interest in the earnings of the JV (Note 6) $ ( 4,681 ) $ ( 3,006 ) $ ( 7,893 ) $ ( 4,471 ) Net (gain) loss on sales of assets (1) ( 10 ) 121 ( 13,557 ) 200 Rent income ( 324 ) ( 77 ) ( 575 ) ( 144 ) Net (gain) loss on investments in deferred compensation program 3,021 ( 1,656 ) 1,776 73 Other components of net periodic pension and other postretirement benefit, excluding service cost and interest expense ( 2,926 ) ( 3,251 ) ( 5,973 ) ( 6,494 ) Other ( 143 ) ( 170 ) ( 266 ) ( 382 ) $ ( 5,063 ) $ ( 8,039 ) $ ( 26,488 ) $ ( 11,218 ) (1) Included in net (gain) loss on sale of assets for the six-months ended March 31, 2020 was the pre-tax gain on sale of Duarte real property in the amount of $ 13,522 recognized in the first quarter of fiscal year 2020.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Mar. 31, 2020
Income Taxes [Abstract]
Tax Expense and Effective Tax Rate	Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Earnings before income taxes $ 107,199 $ 90,168 $ 168,747 $ 151,683 Income tax expense 15,881 12,589 24,056 24,984 Effective tax rate 14.8 % 14.0 % 14.3 % 16.5 %

Retirement Benefits (Tables)

Retirement Benefits (Tables)	6 Months Ended
	Mar. 31, 2020
Retirement Benefits [Line Items]
Schedule of Amount of Expense Associated with Defined Contribution Plans	Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Company costs $ 8,910 $ 9,086 $ 17,614 $ 17,457
Schedule of Estimated Remaining Cash Contributions	Retirement pension benefits: United States $ - United Kingdom 199 Japan - Germany 481 Other postretirement benefits 2,716
Schedule of Amounts of Contributions Associated with Multiemployer Defined Benefit Plans	Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Company contributions $ 128 $ 61 $ 198 $ 138
Defined Benefit Pension Plan [Member]
Retirement Benefits [Line Items]
Schedule of Net Periodic Benefit Costs	Three-Months Ended March 31, United States Other Countries Total 2020 2019 2020 2019 2020 2019 Service cost $ 415 $ 362 $ 708 $ 512 $ 1,123 $ 874 Interest cost 1,397 1,596 319 485 1,716 2,081 Expected return on plan assets ( 3,086 ) ( 2,997 ) ( 708 ) ( 672 ) ( 3,794 ) ( 3,669 ) Amortization of: Net actuarial loss 357 155 260 73 617 228 Prior service cost 234 178 6 - 240 178 Net periodic retirement pension (benefit) cost $ ( 683 ) $ ( 706 ) $ 585 $ 398 $ ( 98 ) $ ( 308 ) Contributions paid $ - $ - $ 601 $ 509 $ 601 $ 509 Six-Months Ended March 31, United States Other Countries Total 2020 2019 2020 2019 2020 2019 Service cost $ 830 $ 725 $ 1,418 $ 1,024 $ 2,248 $ 1,749 Interest cost 2,795 3,192 640 965 3,435 4,157 Expected return on plan assets ( 6,173 ) ( 5,993 ) ( 1,540 ) ( 1,334 ) ( 7,713 ) ( 7,327 ) Amortization of: Net actuarial loss 715 309 521 144 1,236 453 Prior service cost 468 355 12 - 480 355 Net periodic retirement pension (benefit) cost $ ( 1,365 ) $ ( 1,412 ) $ 1,051 $ 799 $ ( 314 ) $ ( 613 ) Contributions paid $ - $ - $ 1,732 $ 1,063 $ 1,732 $ 1,063
Other Postretirement Benefit Plans [Member]
Retirement Benefits [Line Items]
Schedule of Net Periodic Benefit Costs	Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Service cost $ - $ 2 $ 1 $ 3 Interest cost 196 289 391 577 Amortization of: Net actuarial loss 11 14 23 28 Prior service cost (benefit) - ( 2 ) 1 ( 3 ) Net periodic other postretirement cost $ 207 $ 303 $ 416 $ 605 Contributions paid $ 176 $ 704 $ 521 $ 1,077

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Mar. 31, 2020
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards	Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Weighted-average exercise price per share $ 127.84 $ 77.12 $ 104.91 $ 79.12 Weighted-average grant date market value of Woodward stock $ 127.84 $ 77.12 $ 104.91 $ 79.12 Expected term (years) 6.5 6.5 6.4 - 8.7 6.5 - 8.7 Estimated volatility 25.7 % 25.8 % - 26.0 % 25.7 % - 30.1 % 25.7 % - 31.0 % Estimated dividend yield 0.9 % 0.7 % - 0.8 % 0.6 % - 0.9 % 0.7 % - 0.8 % Risk-free interest rate 1.7 % 2.6 % 1.6 % - 1.7 % 2.6 % - 3.1 %
Summary of Activity for Stock Option Awards	Three-Months Ended Six-Months Ended March 31, 2020 March 31, 2020 Number of options Weighted-Average Exercise Price per Share Number of options Weighted-Average Exercise Price per Share Options, beginning balance 5,766 $ $ 59.97 5,387 $ 53.73 Options granted 3 $ 127.84 629 104.91 Options exercised ( 137 ) $ 37.72 ( 363 ) 35.05 Options forfeited ( 9 ) $ 86.77 ( 30 ) 83.20 Options, ending balance 5,623 $ 60.50 5,623 60.50
Changes in Non-vested Stock Options	Three-Months Ended Six-Months Ended March 31, 2020 March 31, 2020 Number of options Weighted-Average Grant Date Fair Value per Share Number of options Weighted-Average Grant Date Fair Value Per Share Non-vested options outstanding, beginning balance 1,905 $ $ 25.90 2,068 $ 23.43 Options granted 3 $ 33.44 629 28.57 Options vested ( 32 ) $ 23.79 ( 800 ) 21.52 Options forfeited ( 9 ) $ 25.68 ( 30 ) 25.34 Non-vested options outstanding, ending balance 1,867 $ 25.95 1,867 25.95
Stock Options Vested, or Expected to Vest and Exercisable	Number Weighted- Average Exercise Price Weighted- Average Remaining Life in Years Aggregate Intrinsic Value Options outstanding 5,623 $ 60.50 6.0 $ 56,006 Options vested and exercisable 3,755 47.67 4.8 56,006 Options vested and expected to vest 5,515 59.92 5.9 56,006
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Activity for Restricted Stock Units	Three-Months Ended Six-Months Ended March 31, 2020 March 31, 2020 Number Weighted-Average Grant Date Fair Value per Unit Number Fair Value per Share Beginning balance 9 $ 91.55 9 $ 91.55 Units granted - - - - Units vested - - - - Units forfeited - - - - Ending balance 9 91.55 9 91.55

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Mar. 31, 2020
Segment Information [Abstract]
Summary of Consolidated Net Sales and Earnings by Segment	Three-Months Ended Six-Months Ended March 31, March 31, 2020 2019 2020 2019 Segment external net sales: Aerospace $ 474,236 $ 482,954 $ 948,161 $ 875,841 Industrial 245,984 275,890 492,414 535,814 Total consolidated net sales $ 720,220 $ 758,844 $ 1,440,575 $ 1,411,655 Segment earnings: Aerospace $ 117,638 $ 101,722 $ 210,549 $ 174,576 Industrial 25,972 27,128 54,202 56,297 Nonsegment expenses ( 28,131 ) ( 27,496 ) ( 79,202 ) ( 56,497 ) Interest expense, net ( 8,280 ) ( 11,186 ) ( 16,802 ) ( 22,693 ) Consolidated earnings before income taxes $ 107,199 $ 90,168 $ 168,747 $ 151,683
Summary of Consolidated Total Assets by Segment	March 31, 2020 September 30, 2019 Segment assets: Aerospace $ 1,892,325 $ 1,900,657 Industrial 1,541,137 1,561,441 Unallocated corporate property, plant and equipment, net 105,881 114,887 Other unallocated assets 520,933 379,541 Consolidated total assets $ 4,060,276 $ 3,956,526

New Accounting Standards (Narra

New Accounting Standards (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Oct. 01, 2019
Operating right-of-use assets	$ 20,507
Operating lease liabilities	$ 20,463
ASC 842 [Member]
Operating right-of-use assets		$ 18,894
Operating lease liabilities		$ 18,851

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Billed accounts receivable due within	60 days		60 days
Noncurrent unbilled receivables	$ 22,111		$ 22,111		$ 1,573
Revenue from contract liabilities	15,962	$ 10,552	19,932	$ 20,312
Remaining performance obligation amount	1,728,437		1,728,437		$ 1,527,437
Material Rights [Member]
Remaining performance obligation amount	$ 454,471		$ 454,471
Net Sales [Member] | Manufactured Products [Member]
Percentage of attributable to revenue	86.00%	87.00%	86.00%	87.00%
Net Sales [Member] | MRO Products [Member]
Percentage of attributable to revenue	13.00%	12.00%	12.00%	12.00%

Revenue (Narrative - Performanc

Revenue (Narrative - Performance Obligations) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Sep. 30, 2019
Remaining performance obligation amount	$ 1,728,437	$ 1,527,437
Material Rights [Member]
Remaining performance obligation amount	454,471
Material Rights [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01
Remaining performance obligation amount	$ 4,666
Remaining performance obligation, expected timing of satisfaction, year	2020
Period of remaining performance obligation, expected timing of satisfaction	6 months
Material Rights [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Remaining performance obligation amount	$ 7,595
Remaining performance obligation, expected timing of satisfaction, year	2021
Period of remaining performance obligation, expected timing of satisfaction	1 year 6 months
Maximum [Member] | Material Rights [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Period of remaining performance obligation, expected timing of satisfaction	40 years
Aerospace [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Period of remaining performance obligation, expected timing of satisfaction	2 years

Revenue (Schedule of Revenue Re

Revenue (Schedule of Revenue Recognition Time) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 720,220	$ 758,844	$ 1,440,575	$ 1,411,655
Point In Time [Member]
Disaggregation of Revenue [Line Items]
Net sales	335,377	371,806	690,834	707,982
Over Time [Member]
Disaggregation of Revenue [Line Items]
Net sales	384,843	387,038	749,741	703,673
Aerospace [Member]
Disaggregation of Revenue [Line Items]
Net sales	474,236	482,954	948,161	875,841
Aerospace [Member] | Point In Time [Member]
Disaggregation of Revenue [Line Items]
Net sales	178,325	208,183	365,840	372,197
Aerospace [Member] | Over Time [Member]
Disaggregation of Revenue [Line Items]
Net sales	295,911	274,771	582,321	503,644
Industrial [Member]
Disaggregation of Revenue [Line Items]
Net sales	245,984	275,890	492,414	535,814
Industrial [Member] | Point In Time [Member]
Disaggregation of Revenue [Line Items]
Net sales	157,052	163,623	324,994	335,785
Industrial [Member] | Over Time [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 88,932	$ 112,267	$ 167,420	$ 200,029

Revenue (Schedule of Accounts R

Revenue (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Sep. 30, 2019
Contract With Customer Asset [Line Items]
Less: Allowance for uncollectible amounts	$ (4,053)	$ (7,908)
Net billed receivables	399,638	416,205
Current unbilled receivables (contract assets), net	201,586	175,324
Total accounts receivable, net	601,224	591,529
Trade Accounts Receivable [Member]
Contract With Customer Asset [Line Items]
Billed receivables	363,661	381,942
Other (Chinese Financial Institutions) [Member]
Contract With Customer Asset [Line Items]
Billed receivables	$ 40,030	$ 42,171

Revenue (Schedule of Contract L

Revenue (Schedule of Contract Liability) (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Sep. 30, 2019
Contract With Customer Liability [Line Items]
Current contract liabilities		$ 25,601	$ 27,891
Noncurrent contract liabilities	[1]	352,440	337,165
Deferred Revenue From Material Rights From GE Joint Venture Formation [Member]
Contract With Customer Liability [Line Items]
Current contract liabilities		4,712	8,317
Noncurrent contract liabilities		235,558	230,588
Deferred Revenue From Advance Invoicing And/Or Prepayments From Customers [Member]
Contract With Customer Liability [Line Items]
Current contract liabilities		4,572	4,554
Noncurrent contract liabilities		129	141
Liability Related To Customer Supplied Inventory [Member]
Contract With Customer Liability [Line Items]
Current contract liabilities		13,884	13,396
Deferred Revenue From Material Rights Related To Engineering And Development Funding [Member]
Contract With Customer Liability [Line Items]
Current contract liabilities		2,433	1,624
Noncurrent contract liabilities		$ 116,753	$ 106,436
[1]	See Note 3, Revenue , for more information on net noncurrent contract liabilities.

Revenue (Schedule of Disaggrega

Revenue (Schedule of Disaggregation of Revenue) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total net sales		$ 720,220	$ 758,844	$ 1,440,575	$ 1,411,655
United States [Member]
Disaggregation of Revenue [Line Items]
Total net sales		409,016	405,327	824,021	741,964
Germany [Member]
Disaggregation of Revenue [Line Items]
Total net sales		74,052	88,793	142,768	164,906
Europe, excluding Germany [Member]
Disaggregation of Revenue [Line Items]
Total net sales		106,002	113,913	195,490	212,873
China
Disaggregation of Revenue [Line Items]
Total net sales		49,035	63,399	113,122	129,287
Asia, excluding China [Member]
Disaggregation of Revenue [Line Items]
Total net sales		40,250	45,356	79,143	82,892
Other Countries [Member]
Disaggregation of Revenue [Line Items]
Total net sales		41,865	42,056	86,031	79,733
Aerospace [Member]
Disaggregation of Revenue [Line Items]
Total net sales		474,236	482,954	948,161	875,841
Aerospace [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Total net sales		356,109	351,763	720,021	638,508
Aerospace [Member] | Germany [Member]
Disaggregation of Revenue [Line Items]
Total net sales		21,111	25,068	38,389	37,817
Aerospace [Member] | Europe, excluding Germany [Member]
Disaggregation of Revenue [Line Items]
Total net sales		40,600	48,782	79,587	88,394
Aerospace [Member] | China
Disaggregation of Revenue [Line Items]
Total net sales		11,487	9,502	21,698	25,140
Aerospace [Member] | Asia, excluding China [Member]
Disaggregation of Revenue [Line Items]
Total net sales		10,582	13,790	17,563	22,158
Aerospace [Member] | Other Countries [Member]
Disaggregation of Revenue [Line Items]
Total net sales		34,347	34,049	70,903	63,824
Aerospace [Member] | Commercial OEM [Member]
Disaggregation of Revenue [Line Items]
Total net sales		144,610	174,343	303,276	314,851
Aerospace [Member] | Commercial Aftermarket [Member]
Disaggregation of Revenue [Line Items]
Total net sales		134,042	139,708	259,970	251,056
Aerospace [Member] | Defense OEM [Member]
Disaggregation of Revenue [Line Items]
Total net sales		139,901	123,006	280,827	224,842
Aerospace [Member] | Defense Aftermarket [Member]
Disaggregation of Revenue [Line Items]
Total net sales		55,683	45,897	104,088	85,092
Industrial [Member]
Disaggregation of Revenue [Line Items]
Total net sales		245,984	275,890	492,414	535,814
Industrial [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Total net sales		52,907	53,564	104,000	103,456
Industrial [Member] | Germany [Member]
Disaggregation of Revenue [Line Items]
Total net sales		52,941	63,725	104,379	127,089
Industrial [Member] | Europe, excluding Germany [Member]
Disaggregation of Revenue [Line Items]
Total net sales		65,402	65,131	115,903	124,479
Industrial [Member] | China
Disaggregation of Revenue [Line Items]
Total net sales		37,548	53,897	91,424	104,147
Industrial [Member] | Asia, excluding China [Member]
Disaggregation of Revenue [Line Items]
Total net sales		29,668	31,566	61,580	60,734
Industrial [Member] | Other Countries [Member]
Disaggregation of Revenue [Line Items]
Total net sales		7,518	8,007	15,128	15,909
Industrial [Member] | Reciprocating Engines [Member]
Disaggregation of Revenue [Line Items]
Total net sales		163,555	209,257	338,208	405,387
Industrial [Member] | Industrial Turbines [Member]
Disaggregation of Revenue [Line Items]
Total net sales		59,678	52,187	111,177	101,699
Industrial [Member] | Renewables [Member]
Disaggregation of Revenue [Line Items]
Total net sales	[1]	$ 22,751	$ 14,446	$ 43,029	$ 28,728
[1]	Sales in the renewables market will be discontinued as of May 1, 2020 following the closing of the divestiture of the disposal groups (see Note 10, Impairment of assets held for sale ).

Earnings Per Share (Reconciliat

Earnings Per Share (Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net earnings	$ 91,318	$ 77,579	$ 144,691	$ 126,699
Denominator:
Basic shares outstanding	62,266	62,175	62,128	61,995
Dilutive effect of stock options and restricted stock	2,298	2,389	2,494	2,312
Diluted shares outstanding	64,564	64,564	64,622	64,307
Income per common share:
Basic earnings per share	$ 1.47	$ 1.25	$ 2.33	$ 2.04
Diluted earnings per share	$ 1.41	$ 1.20	$ 2.24	$ 1.97

Earnings Per Share (Anti-diluti

Earnings Per Share (Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share) (Details) - Stock Options [Member] - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options	686	239	686	1,493
Weighted-average option price	$ 104.51	$ 76.07	$ 104.47	$ 79.07

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share
Weighted-average treasury stock shares held for deferred compensation obligations	216	208	214	206

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Lease initial term	12 months		12 months
Total rental payments		$ 2,533		$ 4,820
Revenue included embedded operating leases	$ 1,561		$ 3,125
Disposal Groups [Member]
Lessee, Lease, Description [Line Items]
Non-cash impairment charge			$ 1,110

Leases (Lease-Related Assets an

Leases (Lease-Related Assets and Liabilities) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Assets:
Operating lease assets	$ 20,507
Finance lease assets	1,467
Total lease assets	21,974
Current liabilities:
Operating lease liabilities	4,757
Finance lease liabilities	1,643
Noncurrent liabilities:
Operating lease liabilities	15,706
Finance lease liabilities	1,974
Total lease liabilities	$ 24,080

Leases (Supplemental Lease-Rela

Leases (Supplemental Lease-Related Information) (Details)	Mar. 31, 2020
Leases [Abstract]
Weighted average remaining lease term, Operating leases	6 years 1 month 6 days
Weighted average remaining lease term, Finance leases	2 years 6 months
Weighted average discount rate, Operating leases	3.40%
Weighted average discount rate, Finance leases	3.00%

Leases (Lease-Related Expenses)

Leases (Lease-Related Expenses) (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Mar. 31, 2020	Mar. 31, 2020
Leases [Abstract]
Operating lease expense		$ 1,532	$ 3,051
Amortization of financing lease assets		101	248
Interest on financing lease liabilities		20	40
Variable lease expense		288	595
Short-term lease expense		162	337
Sublease income	[1]	(200)	(325)
Total lease expense		$ 1,903	$ 3,946
[1]	Relates to two separate subleases Woodward has entered into for a leased manufacturing building in Niles, Illinois.

Leases (Lease-Related Supplemen

Leases (Lease-Related Supplemental Cash Flow Information) (Details) $ in Thousands	6 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases	$ 2,701
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases	40
Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows for finance leases	787
Right-of-use assets obtained in exchange for recorded lease obligations: Operating leases	5,345
Right-of-use assets obtained in exchange for recorded lease obligations: Finance leases	$ 1,244

Leases (Maturities of Lease Lia

Leases (Maturities of Lease Liabilities) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Year Ending September 30:
Operating Leases, 2020 (remaining)	$ 2,509
Operating Leases, 2021	5,078
Operating Leases, 2022	3,904
Operating Leases, 2023	3,084
Operating Leases, 2024	2,397
Operating Leases, Thereafter	6,184
Operating Leases, Total lease payments	23,156
Operating Leases, Less: imputed interest	(2,693)
Operating Leases, Total lease obigations	20,463
Year Ending September 30:
Finance Leases, 2020 (remaining)	853
Finance Leases, 2021	1,687
Finance Leases, 2022	738
Finance Leases, 2023	325
Finance Leases, 2024	137
Finance Leases, Thereafter
Finance Leases, Total lease payments	3,740
Finance Leases, Less: imputed interest	(123)
Finance Leases, Total lease obigations	$ 3,617

Leases (Future Minimum Lease Pa

Leases (Future Minimum Lease Payments) (Details) $ in Thousands	Sep. 30, 2019USD ($)
Year Ending September 30:
Operating Leases, 2020 (full twelve months)	$ 6,667
Operating Leases, 2021	5,119
Operating Leases, 2022	3,823
Operating Leases, 2023	2,899
Operating Leases, 2024	2,378
Operating Leases, Thereafter	6,033
Operating Leases, Total minimum lease payments under ASC 840	26,919
Year Ending September 30:
Finance Leases, 2020 (full twelve months)	213
Finance Leases, 2021	98
Finance Leases, 2022	33
Finance Leases, 2023	3
Finance Leases, 2024
Finance Leases, Thereafter
Finance Leases, Total minimum lease payments under ASC 840	$ 347

Leases (Property, Plant and Equ

Leases (Property, Plant and Equipment Leased to Others through Embedded Leasing Arrangements) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
Property, plant and equipment leased to others through embedded leasing arrangements	$ 67,941
Less accumulated depreciation	(25,454)
Property, plant and equipment leased to others through embedded leasing arrangements, net	$ 42,487

Joint Venture (Narrative) (Deta

Joint Venture (Narrative) (Details) - Woodward and General Electric Joint Venture [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Agreement to Form Joint Venture, Execution Date			Jan. 4, 2016
Ownership interest, joint venture	50.00%		50.00%
Cash received annually from formation of joint venture	$ 4,894	$ 4,894	$ 4,894
Other Liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Contract liabilities	72,783		72,783		$ 69,079
Other Assets [Member]
Schedule of Equity Method Investments [Line Items]
Costs to fulfill a contract	72,783		72,783		$ 69,079
Sales [Member]
Schedule of Equity Method Investments [Line Items]
Amortization of deferred income recognized as an increase to sales	1,821	1,922	3,529	$ 3,699
Reduction to sales related to royalties owed to joint venture	$ 9,779	$ 9,069	$ 17,013	$ 18,251

Joint Venture (Unamortized Defe

Joint Venture (Unamortized Deferred Revenue from JV) (Details) - Woodward and General Electric Joint Venture [Member] - USD ($) $ in Thousands	Mar. 31, 2020	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Accrued liabilities	$ 4,712	$ 8,317
Other liabilities	$ 235,558	$ 230,588

Joint Venture (Net Sales to the

Joint Venture (Net Sales to the JV) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Woodward and General Electric Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Net sales	[1]	$ 16,606	$ 14,294	$ 31,484	$ 27,127
[1]	Net sales include a reduction of $ 9,779 for the three-months and $ 17,013 for the six-months ended March 31, 2020 related to royalties owed to the JV by Woodward on sales by Woodward directly to third party aftermarket customers, compared to a reduction to sales of $ 9,069 for the three-months and $ 18,251 for the six-months ended March 31, 2019.

Joint Venture (Other Income Rel

Joint Venture (Other Income Related JV) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Schedule of Equity Method Investments [Line Items]
Other income	$ 4,681	$ 3,006	$ 7,893	$ 4,471
Woodward and General Electric Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Other income	$ 4,681	$ 3,006	$ 7,893	$ 4,471

Joint Venture (Cash Distributio

Joint Venture (Cash Distribution from JV) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Woodward and General Electric Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Cash distributions	$ 3,000	$ 3,000	$ 7,500

Joint Venture (Accounts Receiva

Joint Venture (Accounts Receivable, Accounts Payable, and Other Assets Related to JV) (Details) - Woodward and General Electric Joint Venture [Member] - USD ($) $ in Thousands	Mar. 31, 2020	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Accounts receivable	$ 4,376	$ 5,906
Accounts payable	2,429	4,270
Other assets	$ 12,436	$ 7,543

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements (Narrative) (Details) $ in Thousands	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)
Investments in Short-Term Time Deposits [Member] | Measurement Input, Discount Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate used to measure short-term time deposits	3.7	5.7
Long Term Notes Receivable From Municipalities [Member] | Measurement Input, Discount Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate used to measure municipal notes	1.5	1.7
Long-Term Debt [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate used to measure long-term debt	2.7	2.5
Cross Currency Interest Rate Swaps [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cross currency interest rate swaps, assets	$ 58,763	$ 24,758
Cross Currency Interest Rate Swaps [Member] | Other Assets [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cross currency interest rate swaps, assets	58,763	24,758
Cross Currency Interest Rate Swaps [Member] | Other Liabilities [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cross currency interest rate swaps, liabilities

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements (Financial Assets that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 191,933	$ 144,335
Cross Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency interest rate swaps, assets	58,763	24,758
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	123,503	119,577
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	58,763	24,758
Level 2 [Member] | Cross Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency interest rate swaps, assets	58,763	24,758
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	9,667
Cash [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	63,306	52,971
Cash [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	63,306	52,971
Investments in Reverse Repurchase Agreements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		886
Investments in Reverse Repurchase Agreements [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		886
Investments in Term Deposits with Foreign Banks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	39,543	45,216
Investments in Term Deposits with Foreign Banks [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	39,543	45,216
Equity Securities [Member}
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	20,654	20,504
Equity Securities [Member} | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	20,654	$ 20,504
Net Assets Held for Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net assets held for sale (Note 10)	9,667
Net Assets Held for Sale [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net assets held for sale (Note 10)	$ 9,667

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable from municipalities, Carrying Cost	$ 12,130	$ 12,346
Investments in short-term time deposits, Carrying Cost	88	13,509
Long-term debt, Carrying Cost	973,165	867,377
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable from municipalities, Estimated Fair Value	13,100	13,100
Investments in short-term time deposits, Estimated Fair Value	90	13,468
Long-term debt, Estimated Fair Value	$ 1,016,377	$ 928,618

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2019USD ($)	May 31, 2018USD ($)loan	Sep. 23, 2016EUR (€)
Total Accumulated Other Comprehensive (Loss) Earnings [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Remaining unrecognzied gains (losses) associated with derivative instruments included in AOCI	$ 33,394		$ 33,394		$ (5,004)
Fixed-Rate Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Derivatives in Cash Flow Hedging Relationships [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, number of instruments | loan						5
Derivative, notional amount						$ 400,000
Fixed-Rate Cross Currency Interest Rate Contract [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount						400,000
Floating-Rate Cross Currency Interest Rate Contract [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount						$ 167,420
2016 Note Purchase Agreements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Issuance date			Sep. 23, 2016
Face amount | €							€ 160,000,000
Series M Notes [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	$ 650	$ 925	$ (395)	$ 1,574
Face amount | €							€ 40,000,000

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities (Impact of Derivative Instruments on Earnings) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Income) Expense Recognized in Earnings on Derivative	$ (7,659)	$ (11,045)	$ 3,590	$ (19,008)
Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative	(45,298)	(9,609)	(34,004)	(28,172)
Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings	(7,262)	(10,895)	4,394	(18,721)
Floating-Rate Cross Currency Interest Rate Contract [Member] | Selling, General and Administrative Expenses [Member] | Derivatives in Fair Value Hedging Relationships [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Income) Expense Recognized in Earnings on Derivative	(2,043)	(3,033)	233	(5,422)
Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative	(1,523)	(3,030)	2,075	(5,535)
Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings	(1,646)	(2,883)	1,037	(5,135)
Fixed-Rate Cross Currency Interest Rate Contract [Member] | Selling, General and Administrative Expenses [Member] | Derivatives in Cash Flow Hedging Relationships [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Income) Expense Recognized in Earnings on Derivative	(5,598)	(7,994)	3,393	(13,550)
Amount of (Gain) Loss Recognized in Accumulated OCI on Derivative	(43,775)	(6,579)	(36,079)	(22,637)
Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings	(5,598)	(7,994)	3,393	(13,550)
Treasury Lock [Member] | Interest Expense [Member] | Derivatives in Cash Flow Hedging Relationships [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Income) Expense Recognized in Earnings on Derivative	(18)	(18)	(36)	(36)
Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings	$ (18)	$ (18)	$ (36)	$ (36)

Supplemental Statement of Cas_3

Supplemental Statement of Cash Flows Information (Schedule of Supplemental Statement of Cash Flows Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Supplemental Statement of Cash Flows Information
Interest paid, net of amounts capitalized			$ 14,146	$ 22,173
Income taxes paid			65,283	44,661
Income tax refunds received			11,012	1,294
Non-cash activities:
Purchases of property, plant and equipment on account			2,325	8,081
Impact of the adoption of ASC 606				38,700
Impact of the adoption of ASC 842 (Note 5)			255
Impact of the adoption of ASU 2016-16				1,005
Common shares issued from treasury to settle benefit obligations (Note 21)	$ 14,748	$ 14,846	$ 14,748	14,846
Purchases of treasury stock on account				$ 4,204

Impairment of Assets Held for_3

Impairment of Assets Held for Sale (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Jan. 31, 2020
Impairment of assets held for sale	$ 37,902
Disposal Groups [Member]
Non-cash impairment charge	24,092
Total assets held for sale, net of valuation allowance	23,941
Total liabilities held for sale	14,274
Impairment of assets held for sale	37,902
Disposal Groups [Member] | Level 3 [Member]
Net assets held for sale	$ 9,667
Disposal Groups [Member] | AURELIUS Group [Member]
Purchase price			$ 23,400
Promissory note			$ 6,000
Disposal Groups [Member] | AURELIUS Group [Member] | Germany, Poland And Bulgaria [Member]
Sales		$ 80,000

Impairment of Assets Held for_4

Impairment of Assets Held for Sale (Valuation Allowance against Assets and Liabilities Held for Sale) (Details) - Disposal Groups [Member] $ in Thousands	Mar. 31, 2020USD ($)
Assets:
Accounts receivable	$ 21,680
Inventories	15,313
Other current assets	704
Other assets	54
Total assets	37,751
Valuation, allowance	(13,810)
Total assets, net	23,941
Liabilities:
Accounts payable	7,866
Accrued liabilities	5,407
Other liabilities	1,001
Total liabilities	$ 14,274

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Sep. 30, 2019
Inventories
Raw materials		$ 143,165	$ 134,878
Work in progress		131,479	133,885
Component parts	[1]	303,149	287,128
Finished goods		81,765	59,051
Customer supplied inventory		13,884	13,396
On-hand inventory for which control has transferred to the customer		(142,536)	(111,502)
Inventory, net		$ 530,906	$ 516,836
[1]	Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.

Property, Plant, and Equipmen_2

Property, Plant, and Equipment (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Line Items]
Net (gain) loss on sales of assets	[1]	$ (10)	$ 121	$ (13,557)	$ 200
Impairment of assets held for sale				37,902
Duarte Facility [Member]
Property, Plant and Equipment [Line Items]
Net (gain) loss on sales of assets				(13,522)
Disposal Groups [Member]
Property, Plant and Equipment [Line Items]
Impairment of assets held for sale				37,902
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Duarte Facility [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment remaining		$ 2,520		2,520
Plant, Property and Equipment [Member] | Disposal Groups [Member]
Property, Plant and Equipment [Line Items]
Impairment of assets held for sale				$ 13,813
[1]	Included in net (gain) loss on sale of assets for the six-months ended March 31, 2020 was the pre-tax gain on sale of Duarte real property in the amount of $ 13,522 recognized in the first quarter of fiscal year 2020.

Property, Plant, and Equipmen_3

Property, Plant, and Equipment (Schedule of Property Plant and Equipment, Net) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Sep. 30, 2019
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 1,651,495	$ 1,672,227
Less accumulated depreciation	(632,417)	(613,452)
Property, plant, and equipment, net	1,019,078	1,058,775
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	89,142	94,976
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	576,123	587,541
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	17,957	17,446
Machinery and Production Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	746,128	731,159
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	122,488	124,201
Office furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	39,734	39,934
Other [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	19,767	19,346
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 40,156	$ 57,624

Property, Plant, and Equipmen_4

Property, Plant, and Equipment (Schedule of Depreciation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Property, Plant, and Equipment
Depreciation expense	$ 23,177	$ 20,164	$ 45,723	$ 41,333

Goodwill (Narrative) (Details)

Goodwill (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2019	Mar. 31, 2020
Goodwill [Line Items]
Impairment charge	$ 0	$ 8,777
Aerospace [Member]
Goodwill [Line Items]
Impairment charge
Industrial [Member]
Goodwill [Line Items]
Impairment charge		8,777
Disposal Groups [Member]
Goodwill [Line Items]
Impairment charge		$ 8,777

Goodwill (Schedule of Goodwill)

Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2019	Mar. 31, 2020
Goodwill [Line Items]
Goodwill, Beginning Balance		$ 797,853
Impairment Charges	$ 0	(8,777)
Effects of Foreign Currency Translation		2,948
Goodwill, Ending Balance	797,853	792,024
Aerospace [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance		455,423
Impairment Charges
Effects of Foreign Currency Translation
Goodwill, Ending Balance	455,423	455,423
Industrial [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance		342,430
Impairment Charges		(8,777)
Effects of Foreign Currency Translation		2,948
Goodwill, Ending Balance	$ 342,430	$ 336,601

Intangible Assets, Net (Narrati

Intangible Assets, Net (Narrative) (Details) $ in Thousands	6 Months Ended
	Mar. 31, 2020USD ($)
Disposal Groups [Member]
Intangible Assets, Net [Line Items]
Impairment of intangible assets, Indefinite-lived	$ 392

Intangible Assets, Net (Schedul

Intangible Assets, Net (Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Sep. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross, Total	$ 971,480	$ 983,266
Accumulated Amortization of Finite-Lived Intangible	(375,290)	(371,274)
Net Carrying Amount - Finite-Lived Intangible	532,156
Intangible Assets, Net, Total	596,190	611,992
Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	64,034	63,467
Customer Relationships And Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value - Finite-Lived Intangible	687,770	689,366
Accumulated Amortization of Finite-Lived Intangible	(236,847)	(225,981)
Net Carrying Amount - Finite-Lived Intangible	450,923	463,385
Intellectual Property [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value - Finite-Lived Intangible	15,703	19,201
Accumulated Amortization of Finite-Lived Intangible	(15,513)	(18,705)
Net Carrying Amount - Finite-Lived Intangible	190	496
Process Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value - Finite-Lived Intangible	162,908	169,191
Accumulated Amortization of Finite-Lived Intangible	(81,929)	(84,839)
Net Carrying Amount - Finite-Lived Intangible	80,979	84,352
Backlog [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value - Finite-Lived Intangible	40,860	40,500
Accumulated Amortization of Finite-Lived Intangible	(40,860)	(40,500)
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value - Finite-Lived Intangible	205	1,541
Accumulated Amortization of Finite-Lived Intangible	(141)	(1,249)
Net Carrying Amount - Finite-Lived Intangible	64	292
Aerospace [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross, Total	358,054	358,054
Accumulated Amortization of Finite-Lived Intangible	(251,191)	(241,908)
Intangible Assets, Net, Total	106,863	116,146
Aerospace [Member] | Customer Relationships And Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value - Finite-Lived Intangible	281,683	281,683
Accumulated Amortization of Finite-Lived Intangible	(189,258)	(181,995)
Net Carrying Amount - Finite-Lived Intangible	92,425	99,688
Aerospace [Member] | Process Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value - Finite-Lived Intangible	76,371	76,371
Accumulated Amortization of Finite-Lived Intangible	(61,933)	(59,913)
Net Carrying Amount - Finite-Lived Intangible	14,438	16,458
Industrial [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross, Total	613,426	625,212
Accumulated Amortization of Finite-Lived Intangible	(124,099)	(129,366)
Intangible Assets, Net, Total	489,327	495,846
Industrial [Member] | Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	64,034	63,467
Industrial [Member] | Customer Relationships And Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value - Finite-Lived Intangible	406,087	407,683
Accumulated Amortization of Finite-Lived Intangible	(47,589)	(43,986)
Net Carrying Amount - Finite-Lived Intangible	358,498	363,697
Industrial [Member] | Intellectual Property [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value - Finite-Lived Intangible	15,703	19,201
Accumulated Amortization of Finite-Lived Intangible	(15,513)	(18,705)
Net Carrying Amount - Finite-Lived Intangible	190	496
Industrial [Member] | Process Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value - Finite-Lived Intangible	86,537	92,820
Accumulated Amortization of Finite-Lived Intangible	(19,996)	(24,926)
Net Carrying Amount - Finite-Lived Intangible	66,541	67,894
Industrial [Member] | Backlog [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value - Finite-Lived Intangible	40,860	40,500
Accumulated Amortization of Finite-Lived Intangible	(40,860)	(40,500)
Industrial [Member] | Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value - Finite-Lived Intangible	205	1,541
Accumulated Amortization of Finite-Lived Intangible	(141)	(1,249)
Net Carrying Amount - Finite-Lived Intangible	$ 64	$ 292

Intangible Assets, Net (Sched_2

Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Intangible Assets, Net [Abstract]
Amortization expense	$ 9,848	$ 16,693	$ 19,753	$ 34,165

Intangible Assets, Net (Sched_3

Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Intangible Assets, Net [Abstract]
2020 (remaining)	$ 19,284
2021	40,133
2022	38,025
2023	36,974
2024	33,197
Thereafter	364,543
Total Finite-Lived Intangible Assets, Net	$ 532,156

Credit Facilities, Short-term_3

Credit Facilities, Short-term Borrowings and Long-term Debt (Narrative) (Details)	6 Months Ended
	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	May 31, 2018USD ($)	Sep. 23, 2016EUR (€)	Oct. 01, 2013USD ($)
Debt Instrument [Line Items]
Balance of unamortized debt issuance costs	$ 2,299,000	$ 2,478,000
Short-term borrowings	100,000,000	220,000,000
The Notes [Member]
Debt Instrument [Line Items]
Balance of unamortized debt issuance costs	$ 2,299,000	2,478,000
2013 Note Purchase Agreement [Member]
Debt Instrument [Line Items]
Face amount					$ 250,000,000
2016 Note Purchase Agreements [Member]
Debt Instrument [Line Items]
Issuance date	Sep. 23, 2016
Face amount | €				€ 160,000,000
Series M Notes [Member]
Debt Instrument [Line Items]
Face amount | €				40,000,000
Series N Notes [Member]
Debt Instrument [Line Items]
Face amount | €				77,000,000
Series O Notes [Member]
Debt Instrument [Line Items]
Face amount | €				€ 43,000,000
2018 Note Purchase Agreement [Member]
Debt Instrument [Line Items]
Face amount			$ 400,000,000
Series P Notes [Member]
Debt Instrument [Line Items]
Face amount		85,000,000	85,000,000
Series Q Notes [Member]
Debt Instrument [Line Items]
Face amount			85,000,000
Series R Notes [Member]
Debt Instrument [Line Items]
Face amount			75,000,000
Series S Notes [Member]
Debt Instrument [Line Items]
Face amount			75,000,000
Series T Notes [Member]
Debt Instrument [Line Items]
Face amount			$ 80,000,000
Notes Payable to Banks [Member] | Series J Notes [Member]
Debt Instrument [Line Items]
Maturity date	Nov. 15, 2020
Effective interest rate	2.94%
Notes Payable to Banks [Member] | Series J Notes [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Notes Payable to Banks [Member] | Series M Notes [Member]
Debt Instrument [Line Items]
Maturity date	Sep. 23, 2026
Notes Payable to Banks [Member] | Series N Notes [Member]
Debt Instrument [Line Items]
Maturity date	Sep. 23, 2028
Notes Payable to Banks [Member] | Series O Notes [Member]
Debt Instrument [Line Items]
Maturity date	Sep. 23, 2031
Notes Payable to Banks [Member] | Series P Notes [Member]
Debt Instrument [Line Items]
Maturity date	May 30, 2025
Notes Payable to Banks [Member] | Series Q Notes [Member]
Debt Instrument [Line Items]
Maturity date	May 30, 2027
Notes Payable to Banks [Member] | Series R Notes [Member]
Debt Instrument [Line Items]
Maturity date	May 30, 2029
Notes Payable to Banks [Member] | Series S Notes [Member]
Debt Instrument [Line Items]
Maturity date	May 30, 2030
Notes Payable to Banks [Member] | Series T Notes [Member]
Debt Instrument [Line Items]
Maturity date	May 30, 2033
Foreign Lines of Credit And Overdraft Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	$ 0	0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date	Jun. 19, 2024
Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.875%
Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Balance of unamortized debt issuance costs, line of credit	$ 2,541,000	$ 2,840,000
Cross Currency Interest Rate Swaps [Member] | Series P Notes [Member]
Debt Instrument [Line Items]
Effective interest rate	1.82%
Cross Currency Interest Rate Swaps [Member] | Series Q Notes [Member]
Debt Instrument [Line Items]
Effective interest rate	2.15%
Cross Currency Interest Rate Swaps [Member] | Series R Notes [Member]
Debt Instrument [Line Items]
Effective interest rate	2.42%
Cross Currency Interest Rate Swaps [Member] | Series S Notes [Member]
Debt Instrument [Line Items]
Effective interest rate	2.55%
Cross Currency Interest Rate Swaps [Member] | Series T Notes [Member]
Debt Instrument [Line Items]
Effective interest rate	2.90%

Credit Facilities, Short-term_4

Credit Facilities, Short-term Borrowings and Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (2,299)	$ (2,478)
Long-term debt	970,866	864,899
Less: Current portion of long-term debt	101,643
Long-term debt, less current portion	$ 869,223	864,899
Series G Notes [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	3.42%
Maturity date	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%
Maturity date	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%
Maturity date	Nov. 15, 2025
Long-term debt	$ 25,000	25,000
Series J Notes [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Variable interest rate	2.94%
Maturity date	Nov. 15, 2020
Long-term debt	$ 50,000	50,000
Series J Notes [Member] | Notes Payable to Banks [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Series K Notes [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	4.03%
Maturity date	Nov. 15, 2023
Long-term debt	$ 50,000	50,000
Series L Notes [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Variable interest rate	4.18%
Maturity date	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%
Maturity date	Sep. 23, 2026
Long-term debt	$ 44,162	43,770
Series N Notes [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	1.31%
Maturity date	Sep. 23, 2028
Long-term debt	$ 85,011	84,257
Series O Notes [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	1.57%
Maturity date	Sep. 23, 2031
Long-term debt	$ 47,474	47,053
Series P Notes [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	4.27%
Maturity date	May 30, 2025
Long-term debt	$ 85,000	85,000
Series Q Notes [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	4.35%
Maturity date	May 30, 2027
Long-term debt	$ 85,000	85,000
Series R Notes [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	4.41%
Maturity date	May 30, 2029
Long-term debt	$ 75,000	75,000
Series S Notes [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	4.46%
Maturity date	May 30, 2030
Long-term debt	$ 75,000	75,000
Series T Notes [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	4.61%
Maturity date	May 30, 2033
Long-term debt	$ 80,000	80,000
Finance Leases [Member]
Debt Instrument [Line Items]
Long-term debt	$ 3,617
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date	Jun. 19, 2024
Long-term debt	$ 142,901	$ 42,297
Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.875%
Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%

Accrued Liabilities (Narrative)

Accrued Liabilities (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Duarte Relocation Restructuring Charge Reserve
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 17,013

Accrued Liabilities (Accrued Li

Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Accrued Liabilities [Abstract]
Salaries and other member benefits		$ 37,514		$ 115,649
Warranties		21,770	$ 18,927	27,309	$ 21,680	$ 20,156	$ 20,130
Interest payable		13,735		13,808
Accrued retirement benefits		3,596		3,587
Current portion of loss reserve on contractual lease commitments	[1]			1,245
Restructuring charges				507
Taxes, other than income		15,740		15,708
Net current contract liabilities (Note 3)		25,601		27,891
Liabilities held for sale (Note 10)		14,273
Other		22,330		22,423
Accrued liabilities		$ 154,559		$ 228,127
[1]	See Note 17, Other liabilities , for more information on loss reserve on contractual lease commitments.

Accrued Liabilities (Changes in

Accrued Liabilities (Changes in Accrued Product Warranties) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Accrued Liabilities [Abstract]
Warranties, beginning of period	$ 18,927	$ 20,156	$ 27,309	$ 20,130
Impact from adoption of ASC 606				594
Expense, net of recoveries		3,695	3,782	5,767
Expense, net of recoveries	8,115
Reductions for settlement of previous warranty liabilities	(5,177)	(2,012)	(9,454)	(4,549)
Foreign currency exchange rate changes	(95)	(159)	133	(262)
Warranties, end of period	$ 21,770	$ 21,680	$ 21,770	$ 21,680

Accrued Liabilities (Changes _2

Accrued Liabilities (Changes in Restructuring Reserve Activity) (Details) - Employee Severance [Member] - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges, beginning of period	$ 507	$ 16,522
Charges (reductions)
Cash receipts (payments)	(464)	(2,897)
Non-cash activity	(43)
Restructuring charges, end of period		13,625
Duarte Relocation Restructuring Charge Reserve
Restructuring Cost and Reserve [Line Items]
Restructuring charges, beginning of period	440	12,504
Charges (reductions)
Cash receipts (payments)	(440)	(648)
Non-cash activity
Restructuring charges, end of period		11,856
Industrial Turbomachinery Business Realignment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges, beginning of period	67	4,018
Charges (reductions)
Cash receipts (payments)	(24)	(2,249)
Non-cash activity	$ (43)
Restructuring charges, end of period		$ 1,769

Other Liabilities (Schedule of

Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Oct. 01, 2019	Sep. 30, 2019
Other Liabilities [Line Items]
Net accrued retirement benefits, less amounts recognized within accrued liabilities		$ 109,294		$ 111,257
Total unrecognized tax benefits		12,030		10,644
Noncurrent income taxes payable		18,322		20,251
Deferred economic incentives	[1]	9,451		11,535
Loss reserve on contractual lease commitments	[2]			1,754
Net noncurrent contract liabilities	[3]	352,440		337,165
Other		33,084		13,482
Other liabilities		534,621		$ 506,088
Finance lease liability		$ 3,617
Loss Reserve On Contractual Lease Commitments [Member]
Other Liabilities [Line Items]
Finance lease liability			$ 2,688
[1]	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.
[2]	In connection with the construction of a new production facility in Niles, Illinois, Woodward vacated a lease facility in Skokie, Illinois, and recorded a loss reserve on the estimated remaining contractual lease commitment, net of anticipated sublease income. As of September 30, 2019, the current portion of the accrued loss reserve on contractual lease commitments was included in “accrued liabilities” (see Note 16, Accrued liabilities ). Woodward adopted ASC 842 on October 1, 2019, which requires that any pre-adoption liabilities related to exit or disposal cost obligations reduce the amount of the ROU asset recognized upon adoption. Accordingly, as of October 1, 2019, Woodward recognized a finance lease liability of $ 2,688 consisting of the future lease component payments, with no corresponding ROU asset recognized, and reduced the current and noncurrent portions of the loss reserve on contractual lease commitments to zero. The amount of the finance lease liability will be reduced in an amount equal to the lease payments made over the remaining term of the lease, which ends in 2022. Future non-lease component payments on the lease and future sublease income received will be recognized in the periods in which they are earned.
[3]	See Note 3, Revenue , for more information on net noncurrent contract liabilities.

Other (Income) Expense, Net (Sc

Other (Income) Expense, Net (Schedule of Other (Income) Expense, Net) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Equity interest in the earnings of the JV (Note 6)		$ (4,681)	$ (3,006)	$ (7,893)	$ (4,471)
Net (gain) loss on sales of assets	[1]	(10)	121	(13,557)	200
Rent income		(324)	(77)	(575)	(144)
Net (gain) loss on investments in deferred compensation program		3,021	(1,656)	1,776	73
Other components of net periodic pension and other postretirement benefit, excluding service cost and interest expense		(2,926)	(3,251)	(5,973)	(6,494)
Other		(143)	(170)	(266)	(382)
Other (income) expense, net		$ (5,063)	$ (8,039)	(26,488)	$ (11,218)
Duarte Facility [Member]
Net (gain) loss on sales of assets				$ (13,522)
[1]	Included in net (gain) loss on sale of assets for the six-months ended March 31, 2020 was the pre-tax gain on sale of Duarte real property in the amount of $ 13,522 recognized in the first quarter of fiscal year 2020.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2020	Sep. 30, 2019
Income Taxes [Line Items]
Gross unrecognized tax benefits	$ 11,613	$ 10,305
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	5,022
Accrued interest and penalties	$ 541	$ 437
Domestic Tax Authority [Member]
Income Taxes [Line Items]
Year remaining open to tax examination	2017
Internal Revenue Service (IRS) [Member]
Income Taxes [Line Items]
Year under examination	2017
State and Local Jurisdiction [Member]
Income Taxes [Line Items]
Year remaining open to tax examination	2015
Foreign Jurisdiction [Member]
Income Taxes [Line Items]
Year remaining open to tax examination	2016

Income Taxes (Tax Expense and E

Income Taxes (Tax Expense and Effective Tax Rate) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Income Taxes [Abstract]
Earnings before income taxes	$ 107,199	$ 90,168	$ 168,747	$ 151,683
Income tax expense	$ 15,881	$ 12,589	$ 24,056	$ 24,984
Effective tax rate	14.80%	14.00%	14.30%	16.50%

Retirement Benefits (Narrative)

Retirement Benefits (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Percentage of annual contribution equal to eligible prior year wages			5.00%
Common shares issued from treasury stock for benefit plans, shares	124	158
Common shares issued from treasury stock for benefit plans	$ 14,748	$ 14,846	$ 14,748	$ 14,846
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of years of service			2 years
Treasury Stock at Cost [Member]
Defined Benefit Plan Disclosure [Line Items]
Common shares issued from treasury stock for benefit plans, shares	124	158	124	158
Common shares issued from treasury stock for benefit plans	$ 5,328	$ 5,673	$ 5,328	$ 5,673
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
UK High Court Ruling Amendment					$ 601

Retirement Benefits (Schedule o

Retirement Benefits (Schedule of Amount of Expense Associated with Defined Contribution Plans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Retirement Benefits [Abstract]
Company costs	$ 8,910	$ 9,086	$ 17,614	$ 17,457

Retirement Benefits (Schedule_2

Retirement Benefits (Schedule of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,123	$ 874	$ 2,248	$ 1,749
Interest cost	1,716	2,081	3,435	4,157
Expected return on plan assets	(3,794)	(3,669)	(7,713)	(7,327)
Amortization of: Net actuarial loss	617	228	1,236	453
Amortization of: Prior service cost (benefit)	240	178	480	355
Net periodic retirement pension (benefit) cost	(98)	(308)	(314)	(613)
Contributions paid	601	509	1,732	1,063
Other Postretirement Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost		2	1	3
Interest cost	196	289	391	577
Amortization of: Net actuarial loss	11	14	23	28
Amortization of: Prior service cost (benefit)		(2)	1	(3)
Net periodic retirement pension (benefit) cost	207	303	416	605
Contributions paid - other postretirement plans	176	704	521	1,077
United States [Member] | Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	415	362	830	725
Interest cost	1,397	1,596	2,795	3,192
Expected return on plan assets	(3,086)	(2,997)	(6,173)	(5,993)
Amortization of: Net actuarial loss	357	155	715	309
Amortization of: Prior service cost (benefit)	234	178	468	355
Net periodic retirement pension (benefit) cost	(683)	(706)	(1,365)	(1,412)
Other Countries [Member] | Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	708	512	1,418	1,024
Interest cost	319	485	640	965
Expected return on plan assets	(708)	(672)	(1,540)	(1,334)
Amortization of: Net actuarial loss	260	73	521	144
Amortization of: Prior service cost (benefit)	6		12
Net periodic retirement pension (benefit) cost	585	398	1,051	799
Contributions paid	$ 601	$ 509	$ 1,732	$ 1,063

Retirement Benefits (Schedule_3

Retirement Benefits (Schedule of Estimated Remaining Cash Contributions) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Other Postretirement Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in the currect fiscal year	$ 2,716
United States [Member] | Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in the currect fiscal year
United Kingdom | Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in the currect fiscal year	199
Japan | Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in the currect fiscal year
Germany [Member] | Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in the currect fiscal year	$ 481

Retirement Benefits (Schedule_4

Retirement Benefits (Schedule of Amounts of Contributions Associated with Multiemployer Defined Benefit Plans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Multiemployer Plans [Abstract]
Company contributions	$ 128	$ 61	$ 198	$ 138

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	Jan. 29, 2020	Mar. 31, 2020	Mar. 31, 2019	Nov. 30, 2019	Sep. 30, 2019	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for repurchases of common stock		$ 13,346	$ 39,049
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements		$ 15,590
Forfeiture rate, Board of Directors		0.00%
Forfeiture rate, non-Board of Directors		9.00%
Unrecognized compensation cost is expected to be recognized over a weighted-average period		2 years 2 months 12 days
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested contractual term, in years		10 years
Vesting period, in years		4 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, in years		2 years
2017 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares available for future grants	1,000
Share-based Payment Arrangement, Tranche One [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate		25.00%
Share-based Payment Arrangement, Tranche One [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate		50.00%
2017 Authorization [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase period in years		3 years
Shares of common stock repurchased			456
Payments for repurchases of common stock			$ 43,253
2017 Authorization [Member] | 2017 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants		2,185			1,783
2019 Authorization [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase period in years		3 years
Shares of common stock repurchased		124
Payments for repurchases of common stock		$ 13,346
Maximum [Member] | 2017 Authorization [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program authorized amount						$ 500,000
Maximum [Member] | 2019 Authorization [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program authorized amount				$ 500,000

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards) (Details) - Stock Options [Member] - $ / shares	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average exercise price per share	$ 127.84	$ 77.12	$ 104.91	$ 79.12
Weighted-average grant date market value of Woodward stock	$ 127.84	$ 77.12	$ 104.91	$ 79.12
Expected term	6 years 6 months	6 years 6 months
Estimated volatility	25.70%
Estimated dividend yield	0.90%
Risk-free interest rate	1.70%	2.60%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term			6 years 4 months 24 days	6 years 6 months
Estimated volatility		25.80%	25.70%	25.70%
Estimated dividend yield		0.70%	0.60%	0.70%
Risk-free interest rate			1.60%	2.60%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term			8 years 8 months 12 days	8 years 8 months 12 days
Estimated volatility		26.00%	30.10%	31.00%
Estimated dividend yield		0.80%	0.90%	0.80%
Risk-free interest rate			1.70%	3.10%

Stockholders' Equity (Summary o

Stockholders' Equity (Summary of Activity for Stock Option Awards) (Details) - Stock Options [Member] - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, beginning balance	5,766	5,387
Weighted Average Exercise Price Per Share, beginning balance	$ 59.97	$ 53.73
Options granted, Number of options	3	629
Options granted, Weighted Average Exercise Price Per Share	$ 127.84	$ 104.91
Options exercised, Number of options	(137)	(363)
Options exercised, Weighted Average Exercise Price Per Share	$ 37.72	$ 35.05
Options forfeited, Number of options	(9)	(30)
Options forfeited, Weighted Average Exercise Price Per Share	$ 86.77	$ 83.20
Number of options, ending balance	5,623	5,623
Weighted Average Exercise Price Per Share, ending balance	$ 60.50	$ 60.50

Stockholders' Equity (Changes i

Stockholders' Equity (Changes in Non-vested Stock Options) (Details) - Stock Options [Member] - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, beginning balance	1,905	2,068
Weighted-Average Grant Date Fair Value Per Share, beginning balance	$ 25.90	$ 23.43
Options granted, Number of options	3	629
Options granted, Weighted-Average Grant Date Fair Value Per Share	$ 33.44	$ 28.57
Options vested, Number of options	(32)	(800)
Options vested, Weighted-Average Grant Date Fair Value Per Share	$ 23.79	$ 21.52
Options forfeited, Number of options	(9)	(30)
Options forfeited, Weighted-Average Grant Date Fair Value Per Share	$ 25.68	$ 25.34
Number of Options, ending balance	1,867	1,867
Weighted-Average Grant Date Fair Value Per Share, ending balance	$ 25.95	$ 25.95

Stockholders' Equity (Stock Opt

Stockholders' Equity (Stock Options Vested, or Expected to Vest and Exercisable) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, Number of options	5,623	5,766	5,387
Options outstanding, Weighted-Average Exercise Price	$ 60.50	$ 59.97	$ 53.73
Options outstanding, Weighted-Average Remaining Life in Years	6 years
Options outstanding, Aggregate Intrinsic Value	$ 56,006
Options vested and exercisable, Number of options	3,755
Options vested and exercisable, Weighted-Average Exercise Price Per Share	$ 47.67
Options vested and exercisable, Weighted-Average Remaining Life in Years	4 years 9 months 18 days
Options vested and exercisable, Aggregate Intrinsic Value	$ 56,006
Options vested and expected to vest, Number of options	5,515
Options vested and expected to vest, Weighted-Average Exercise Price Per Share	$ 59.92
Options vested and expected to vest, Weighted-Average Remaining Life in Years	5 years 10 months 24 days
Options vested and expected to vest, Aggregate Intrinsic Value	$ 56,006

Stockholders' Equity (Summary_2

Stockholders' Equity (Summary of Activity for Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units, beginning balance	9	9
Weighted-Average Grant Date Fair Value Per Unit, beginning balance	$ 91.55	$ 91.55
Units granted, Number
Units granted, Weighted-Average Grant Date Fair Value Per Unit
Units vested, Number
Units vested, Weighted-Average Grant Date Fair Value Per Unit
Units forfeited, Number
Units forfeited, Weighted-Average Grant Date Fair Per Unit
Number of units, ending balance	9	9
Weighted-Average Grant Date Fair Value Per Unit, ending balance	$ 91.55	$ 91.55

Segment Information (Narrative)

Segment Information (Narrative) (Details)	6 Months Ended
	Mar. 31, 2020segment
Segment Information [Abstract]
Number of Reportable Segments	2

Segment Information (Summary of

Segment Information (Summary of Consolidated Net Sales and Earnings by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Consolidated net sales	$ 720,220	$ 758,844	$ 1,440,575	$ 1,411,655
Interest expense, net	(8,280)	(11,186)	(16,802)	(22,693)
Consolidated earnings before income taxes	107,199	90,168	168,747	151,683
Aerospace [Member]
Segment Reporting Information [Line Items]
Consolidated net sales	474,236	482,954	948,161	875,841
Industrial [Member]
Segment Reporting Information [Line Items]
Consolidated net sales	245,984	275,890	492,414	535,814
Operating Segments [Member] | Aerospace [Member]
Segment Reporting Information [Line Items]
Consolidated net sales	474,236	482,954	948,161	875,841
Segment earnings (loss)	117,638	101,722	210,549	174,576
Operating Segments [Member] | Industrial [Member]
Segment Reporting Information [Line Items]
Consolidated net sales	245,984	275,890	492,414	535,814
Segment earnings (loss)	25,972	27,128	54,202	56,297
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
Segment earnings (loss)	$ (28,131)	$ (27,496)	$ (79,202)	$ (56,497)

Segment Information (Summary _2

Segment Information (Summary of Consolidated Total Assets by Segment) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Consolidated total assets	$ 4,060,276	$ 3,956,526
Property, plant and equipment, net	1,019,078	1,058,775
Other assets	295,273	198,517
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	105,881	114,887
Other assets	520,933	379,541
Aerospace [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Consolidated total assets	1,892,325	1,900,657
Industrial [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Consolidated total assets	$ 1,541,137	$ 1,561,441

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands

Jun. 30, 2020

Apr. 29, 2020

Mar. 31, 2020

Dec. 31, 2019

Mar. 31, 2019

Mar. 31, 2020

Mar. 31, 2019

Sep. 30, 2020

Apr. 06, 2020

Apr. 03, 2020

Jan. 31, 2020

Jan. 29, 2020

Sep. 30, 2019

Subsequent Event [Line Items]

Common stock, par value

$ 0.001455

$ 0.001455

$ 0.001455

Preferred stock, par value

$ 0.003

$ 0.003

$ 0.003

Net sales

$ 720,220

$ 758,844

$ 1,440,575

$ 1,411,655

Termination Plan [Member] | Forecast [Member]

Subsequent Event [Line Items]

Percentage of reduction total workforce

15.00%

Minimum [Member]

Subsequent Event [Line Items]

Dividend per share

$ 0.1625

Maximum [Member]

Subsequent Event [Line Items]

Dividend per share

$ 0.28

Subsequent Event [Member]

Subsequent Event [Line Items]

Dividend, declared date

Apr. 29, 2020

Dividend per share

$ 0.08125

$ 0.08125

Dividend, payable date

Jun. 1, 2020

Dividend, record date

May 18, 2020

Subsequent Event [Member] | Termination Plan [Member]

Subsequent Event [Line Items]

Restructuring and related charges

$ 18,000

Percentage of reduction total workforce

11.00%

Percentage of further incremental reduction of the workforce

4.00%

Chief Executive Officer [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Percentage of salary reduced by

25.00%

All Other Officers [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Percentage of salary reduced by

10.00%

Directors [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Percentage of reduction base retainers by

25.00%

Common Stock [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Common stock, par value

$ 0.001455

Preferred Stock [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Preferred stock, par value

0.003

Preferred stock, exercise price

$ 480

Termination Agreement [Member]

Subsequent Event [Line Items]

Transaction-related costs

$ 15,965

Disposal Groups [Member]

Subsequent Event [Line Items]

Divestiture, completed closing date

Apr. 30, 2020

AURELIUS Group [Member] | Disposal Groups [Member]

Subsequent Event [Line Items]

Purchase price

$ 23,400

Uncategorized Items - wwd-20200

Label	Element	Value
Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity	us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity	$ 1,000,000,000
Line Of Credit Facility Maximum Borrowing Capacity Extension	wwd_LineOfCreditFacilityMaximumBorrowingCapacityExtension	1,500,000,000
Revolving Credit Facility [Member] | Revolving Credit Agreement [Member]
Outstanding borrowings	us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding	262,297,000
Outstanding borrowings	us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding	$ 242,901,000
Variable interest rate	us-gaap_DebtInstrumentInterestRateEffectivePercentage	2.01%
Variable interest rate	us-gaap_DebtInstrumentInterestRateEffectivePercentage	3.01%
Debt Instrument, Maturity Date	us-gaap_DebtInstrumentMaturityDate	Jun. 19, 2024
Short-term Debt	us-gaap_ShortTermBorrowings	$ 100,000,000
Short-term Debt	us-gaap_ShortTermBorrowings	$ 220,000,000
Revolving Credit Facility [Member] | Revolving Credit Agreement [Member] | Maximum [Member] | London Interbank Offered Rate L I B O R [Member]
Variable interest rate	us-gaap_DebtInstrumentInterestRateEffectivePercentage	1.75%
Revolving Credit Facility [Member] | Revolving Credit Agreement [Member] | Minimum [Member] | London Interbank Offered Rate L I B O R [Member]
Variable interest rate	us-gaap_DebtInstrumentInterestRateEffectivePercentage	0.875%