Woodward (WWD) 10-Q 21 Jul 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2015	Jul. 17, 2015
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	WOODWARD, INC.
Entity Central Index Key	108,312
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		63,580,865

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Earnings
Net sales	$ 494,810	$ 524,284	$ 1,475,678	$ 1,435,793
Costs and expenses:
Cost of goods sold	351,421	372,571	1,050,783	1,028,065
Selling, general and administrative expenses	39,305	40,468	117,598	113,079
Research and development costs	33,555	34,990	97,912	100,219
Amortization of intangible assets	7,224	8,357	22,026	25,498
Interest expense	6,077	5,972	17,355	18,219
Interest income	(219)	(73)	(567)	(189)
Other (income) expense, net (Note 16)	(112)	(469)	(1,651)	(1,266)
Total costs and expenses	437,251	461,816	1,303,456	1,283,625
Earnings before income taxes	57,559	62,468	172,222	152,168
Income tax expense	13,806	16,467	40,830	37,986
Net earnings	$ 43,753	$ 46,001	$ 131,392	$ 114,182
Earnings per share (Note 3):
Basic earnings per share	$ 0.68	$ 0.70	$ 2.02	$ 1.71
Diluted earnings per share	$ 0.66	$ 0.69	$ 1.98	$ 1.68
Weighted Average Common Shares Outstanding (Note 3):
Basic	64,781	65,845	65,088	66,736
Diluted	66,227	67,147	66,504	68,030
Cash dividends per share paid to Woodward common stockholders	$ 0.10	$ 0.08	$ 0.28	$ 0.24

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Comprehensive earnings
Net earnings	$ 43,753	$ 46,001	$ 131,392	$ 114,182
Other comprehensive earnings:
Foreign currency translation adjustments	6,990	(72)	(27,955)	4,159
Taxes on changes on foreign currency translation adjustments	240	74	1,500	368
Foreign currency translation adjustments, net of tax	7,230	2	(26,455)	4,527
Reclassification of net realized losses on derivatives to earnings	25	24	74	73
Taxes on changes on derivative transactions	(10)	(9)	(28)	(27)
Derivative adjustments, net of tax	15	15	46	46
Minimum retirement benefit liability adjustments (Note 18):
Net gain (loss) arising during the period	0	1,193	0	1,193
Curtailment arising during the period	0	(915)	0	(915)
Amortization of prior service cost (benefit)	56	(22)	169	(66)
Amortization of net loss	128	199	385	588
Foreign currency exchange rate changes on minimum retirement benefit liabilities	(604)	(263)	454	(483)
Taxes on changes on minimum retirement benefit liability adjustments, net of foreign currency exchange rate changes	141	31	(368)	(14)
Minimum retirement benefit liability adjustments, net of tax	(279)	223	640	303
Total comprehensive earnings	$ 50,719	$ 46,241	$ 105,623	$ 119,058

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Current assets:
Cash and cash equivalents	$ 87,384	$ 115,287
Accounts receivable, less allowance for uncollectible amounts of $5,127 and $7,078, respectively	274,902	346,858
Inventories	485,903	451,944
Income taxes receivable	24,529	6,574
Deferred income tax assets	49,653	40,774
Other current assets	47,003	47,207
Total current assets	969,374	1,008,644
Property, plant and equipment, net	688,336	513,279
Goodwill	558,439	559,724
Intangible assets, net	232,617	254,772
Deferred income tax assets	10,306	6,292
Other assets	52,664	54,491
Total assets	2,511,736	2,397,202
Current liabilities:
Short-term borrowings	3,186	0
Accounts payable	188,280	160,683
Income taxes payable	8,483	6,130
Deferred income tax liabilities	428	472
Accrued liabilities	114,320	172,731
Total current liabilities	314,697	340,016
Long-term debt, less current portion	875,000	710,000
Deferred income tax liabilities	99,227	85,031
Other liabilities	95,541	101,211
Total liabilities	$ 1,384,465	$ 1,236,258
Commitments and contingencies (Note 20)
Stockholders' equity:
Preferred stock, par value $0.003 per share, 10,000 shares authorized, no shares issued	$ 0	$ 0
Common stock, par value $0.001455 per share, 150,000 shares authorized, 72,960 shares issued	106	106
Additional paid-in capital	127,737	112,491
Accumulated other comprehensive earnings (losses)	(29,302)	(3,533)
Deferred compensation	4,314	3,915
Retained earnings	1,451,575	1,338,468
Stockholders' equity excluding treasury stock	1,554,430	1,451,447
Treasury stock at cost, 9,380 shares and 7,397 shares, respectively	(422,845)	(286,588)
Treasury stock held for deferred compensation, at cost, 173 shares and 198 shares, respectively	(4,314)	(3,915)
Total stockholders' equity	1,127,271	1,160,944
Total liabilities and stockholders' equity	$ 2,511,736	$ 2,397,202

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Current assets:
Allowance, accounts receivable	$ 5,127	$ 7,078
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	9,380,000	7,397,000
Treasury stock held for deferred compensation, shares	173,000	198,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net earnings	$ 131,392	$ 114,182
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	55,754	57,680
Net (gain) loss on sales of assets	(766)	116
Stock-based compensation	11,086	8,739
Excess tax benefits from stock-based compensation	(4,170)	(2,638)
Deferred income taxes	1,623	(5,749)
Loss on derivatives reclassified from accumulated comprehensive earnings into earnings	74	73
Changes in operating assets and liabilities, net of business acquisitions:
Accounts receivable	65,345	57,151
Inventories	(44,630)	(38,860)
Accounts payable and accrued liabilities	(41,868)	(6,434)
Current income taxes	(10,897)	16,130
Retirement benefit obligations	(3,365)	(2,676)
Other	7,742	(13,824)
Net cash provided by operating activities	167,320	183,890
Cash flows from investing activities:
Payments for purchase of property, plant and equipment	(190,865)	(104,530)
Proceeds from sale of assets	2,486	258
Net cash used in investing activities	(188,379)	(104,272)
Cash flows from financing activities:
Cash dividends paid	(18,285)	(16,021)
Proceeds from sales of treasury stock	7,936	8,380
Payments for repurchases of common stock	(157,118)	(141,488)
Excess tax benefits from stock compensation	4,170	2,638
Borrowings on revolving lines of credit and short-term borrowings	869,970	356,071
Payments on revolving lines of credit and short-term borrowings	(701,610)	(191,069)
Proceeds from issuance of long-term debt	0	250,000
Payments of long-term debt	0	(300,000)
Payments of debt financing costs	(2,359)	(1,297)
Net cash provided by (used in) financing activities	2,704	(32,786)
Effect of exchange rate changes on cash and cash equivalents	(9,548)	454
Net change in cash and cash equivalents	(27,903)	47,286
Cash and cash equivalents at beginning of period	115,287	48,556
Cash and cash equivalents at end of period	$ 87,384	$ 95,842

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ 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 in Equity [Member]	Retained Earnings [Member]	Treasury Stock at Cost [Member]	Treasury Stock Held for Deferred Compensaton [Member]	Total
Balances at Sep. 30, 2013	$ 106	$ 101,147	$ 15,115	$ 25,742	$ 43	$ (10,670)	$ 4,007	$ 1,193,887	$ (167,710)	$ (4,007)	$ 1,142,545
Balance, Common Stock, shares at Sep. 30, 2013	72,960,000
Balance, Treasury Stock, shares at Sep. 30, 2013									(4,883,000)
Balance, Treasury stock held for deferred compensation, Shares at Sep. 30, 2013										(232,000)
Net earnings								114,182			114,182
Other Comprehensive Income (Loss), Net of Tax			4,876	4,527	46	303					4,876
Cash dividends paid								(16,021)			(16,021)
Purchases of treasury stock									$ (143,073)		(143,073)
Purchases of treasury stock, shares									(3,309,000)
Sales of treasury stock		(4,949)							$ 14,042		9,093
Sales of treasury stock, shares									455,000
Common shares issued from treasury stock for benefit plans		2,837							$ 8,356		11,193
Common shares issued from treasury stock for benefit plans, shares									260,000
Tax benefit attributable to exercise of stock options		2,463									2,463
Stock-based compensation		8,739									8,739
Purchases of stock by deferred compensation plan							324			$ (324)
Purchases of stock by deferred compensation plan, shares										(7,000)
Distribution of stock from deferred compensation plan							(453)			$ 453
Distribution of stock from deferred compensation plan, shares										41,000
Balances at Jun. 30, 2014	$ 106	110,237	19,991	30,269	89	(10,367)	3,878	1,292,048	$ (288,385)	$ (3,878)	1,133,997
Balance, Common Stock, shares at Jun. 30, 2014	72,960,000
Balance, Treasury Stock, shares at Jun. 30, 2014									(7,477,000)
Balance, Treasury stock held for deferred compensation, Shares at Jun. 30, 2014										(198,000)
Balances at Sep. 30, 2014	$ 106	112,491	(3,533)	10,819	105	(14,457)	3,915	1,338,468	$ (286,588)	$ (3,915)	$ 1,160,944
Balance, Preferred Stock, shares at Sep. 30, 2014											0
Balance, Common Stock, shares at Sep. 30, 2014	72,960,000										72,960,000
Balance, Treasury Stock, shares at Sep. 30, 2014									(7,397,000)		(7,397,000)
Balance, Treasury stock held for deferred compensation, Shares at Sep. 30, 2014										(198,000)	(198,000)
Net earnings								131,392			$ 131,392
Other Comprehensive Income (Loss), Net of Tax			(25,769)	(26,455)	46	640					(25,769)
Cash dividends paid								(18,285)			(18,285)
Purchases of treasury stock									$ (157,118)		(157,118)
Purchases of treasury stock, shares									(2,670,000)
Sales of treasury stock		(4,841)							$ 12,777		7,936
Sales of treasury stock, shares									428,000
Common shares issued from treasury stock for benefit plans		4,490							$ 8,084		12,574
Common shares issued from treasury stock for benefit plans, shares									259,000
Tax benefit attributable to exercise of stock options		4,511									4,511
Stock-based compensation		11,086									11,086
Purchases of stock by deferred compensation plan							876			$ (876)
Purchases of stock by deferred compensation plan, shares										(18,000)
Distribution of stock from deferred compensation plan							(477)			$ 477
Distribution of stock from deferred compensation plan, shares										43,000
Balances at Jun. 30, 2015	$ 106	$ 127,737	$ (29,302)	$ (15,636)	$ 151	$ (13,817)	$ 4,314	$ 1,451,575	$ (422,845)	$ (4,314)	$ 1,127,271
Balance, Preferred Stock, shares at Jun. 30, 2015											0
Balance, Common Stock, shares at Jun. 30, 2015	72,960,000										72,960,000
Balance, Treasury Stock, shares at Jun. 30, 2015									(9,380,000)		(9,380,000)
Balance, Treasury stock held for deferred compensation, Shares at Jun. 30, 2015										(173,000)	(173,000)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 30, 2015
Basis of Presentation
Basis of Presentation	WOODWARD, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In thousands, except per share amounts) (Unaudited) Note 1. Basis of Presentation The Condensed Consolidated Financial Statements of Woodward, Inc. (“Woodward” or the “Company”) as of June 30, 2015 and for the three and nine-months ended June 30, 2015 and June 30, 2014, 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 June 30, 2015, and the statements of earnings, comprehensive earnings, cash flows, and changes in stockholders’ equity for the periods presented herein. The Condensed Consolidated Balance Sheet as of September 30, 2014 was derived from Woodward’s Annual Report on Form 10-K for the fiscal year then ended. The results of operations for the three and nine-months ended June 30, 2015 are not necessarily indicative of the operating results to be expected for other interim periods or for the full fiscal year. Dollar and share amounts contained in these Condensed Consolidated Financial Statements are in thousands, except per share amounts. The Condensed Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in Woodward’s most recent Annual Report on Form 10-K filed with the SEC and other financial information filed with the SEC. Management is required to use estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported revenues and expenses recognized during the reporting period, and certain financial statement disclosures, in the preparation of the Condensed Consolidated Financial Statements included herein. Significant estimates in these Condensed Consolidated Financial Statements include allowances for uncollectible amounts, net realizable value of inventories, customer rebates earned, warranty reserves, useful lives of property and identifiable intangible assets, the evaluation of impairments of property, valuation of identifiable intangible assets and goodwill, the provision for income tax and related valuation reserves, the valuation of assets and liabilities acquired in business combinations, assumptions used in the determination of the funded status and annual expense of pension and postretirement employee benefit plans, the valuation of stock compensation instruments granted to employees and board members, and contingencies. Actual results could vary materially from Woodward’s estimates.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Jun. 30, 2015
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 2. Recent accounting pronouncements From time to time, the Financial Accounting Standards Board (“FASB”) or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through issuance of an Accounting Standards Update (“ASU”). In April 2015, the FASB issued ASU 2015-03, “Simplifying the Present ation of Debt Issuance Costs.” Under ASU 2015-03 Woodward will present debt issuance costs in the balance sheet as a reduction from the related debt liability rather than as an asset. Amortization of such costs will continue to be reported as interest expense. ASU 2015-03 is effective for fiscal years − and interim per iods within those fiscal years − beginning after December 15, 2015 (fiscal year 2017 for Woodward), but early adoption is allowed. Woodward has not determined in which period it will adopt the new guidance. Retrospective adoption is required. Woodward had unamortized debt issuance costs of $ 5,834 as of June 30 , 2015 and $4,276 as of September 30 2014 . These costs will be reclassified from other assets to long-term debt upon adoption. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” The purpose of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The amendments (i) remove inconsistencies and weaknesses in revenue requirements, (ii) provide a more robust framework for addressing revenue issues, (iii) improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets, (iv) provide more useful information to users of financial statements through improved disclosure requirements, and (v) simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. In July 2015, the FASB delayed the effective date for the adoption of ASU 2014-09 by one year, and as a result, ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017 (fiscal year 2019 for Woodward), including interim periods within the reporting period. Early adoption is not permitted. An entity should adopt the amendments using one of the following methods: retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. Woodward has not determined what transition method it will use and is currently assessing the impact that this guidance may have on its Consolidated Financial Statements.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jun. 30, 2015
Earnings Per Share
Earnings Per Share	Note 3. Earnings per share Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share reflects the weighted-average number of shares outstanding after consideration of the dilutive effect of stock options and restricted stock. The following is a reconciliation of net earnings to basic earnings per share and diluted earnings per share: Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net earnings $ $ $ $ Denominator: Basic shares outstanding Dilutive effect of stock options and restricted stock Diluted shares outstanding Income per common share: Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $ On June 2, 2015 , Woodward entered into an accelerated share repurchase agreement (the “ ASR Agreement ”) with Goldman, Sachs & Co. (“Goldman”) under which Woodward repurchase d shares of its common stock for an aggregate purchase price of $125,000 . Upon execution of the ASR Agreement, Goldman initially delivered to Woodward 2,048 shares of common stock . The number of shares of common stock to be ultimately repurchased by Woodward under the ASR program , which is expected to be completed before December 31, 2015 , will be based generally on the average daily volume-weighted average price of Woodward stock during the term of the ASR Agreement . The 2 , 048 shares of common stock delivered by Goldman to Woodward upon execution of the ASR Agreement are reflected in the calculation of basic shares outstanding used in the calculation of earnings per share. The following stock option grants were outstanding during the three and nine-months ended June 30, 2015 and 201 4 , but were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive: Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Options - Weighted-average option price $ n/a $ $ $ The weighted-average shares of common stock outstanding for basic and diluted earnings per share included the weighted-average treasury stock shares held for deferred compensation obligations of the following: Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Weighted-average treasury stock shares held for deferred compensation obligations

Joint Venture

Joint Venture	9 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Joint Venture	Note 4. Joint venture On May 20, 2015 , Woodward and General Electric Company (“GE”) , acting through its GE Aviation business unit , entered into a binding agreement to form a strategic joint venture between Woodward and GE (the “JV”). The JV will design, develop, source, supply and service the fuel system (including components from the fu el inlet up to the fuel nozzle) for specified existing and all future GE commercial aircraft engines that produce thrust in excess of 50,000 pounds. Upon formation of the JV, Woodward will assign certain contractual rights to the JV in exchange for a payment from GE of $250,000 (subject to certain normal and customary adjustments). In addition, GE will pay Woodward fifteen annual payments of approximately $4,900 each per year. Because the contractual rights have no cost basis in Woodward’s financial records, Woodward expects to account for the fair value of the proceeds received as a deferred gain that will be recognized over the economic lives of the assigned contractual rights. Closing is subject to obtaining regulatory approvals in various global jurisdictions. Woodward will own 50% of the JV, which will be jointly managed by Woodward and GE , and any significant decisions and/or actions of the JV will require mutual consent of both Woodward and GE. Woodward expects to account for the JV using the equity method, as neither Woodward nor GE will exercise operating control over the JV.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	9 Months Ended
	Jun. 30, 2015
Financial Instruments and Fair Value Measurments
Financial Instruments and Fair Value Measurements	Note 5 . Financial instruments and fair value measurements Financial assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are categorized based upon a fair value hierarchy established by U.S. GAAP, which prioritizes the inputs used to measure fair value into the following levels: Level 1: Inputs based on quoted market prices in active markets for identical assets or liabilities at the measurement date. Level 2: Quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data. Level 3: Inputs reflect management’s best estimates and assumptions of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments. The table below presents information about Woodward’s financial assets that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques Woodward utilized to determine such fair value. Woodward had no financial liabilities required to be measured at fair value on a recurring basis as of June 30 , 201 5 or September 30, 201 4 . At June 30, 2015 At September 30, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets: Cash $ $ - $ - $ $ $ - $ - $ Investments in money market funds - - - - Investments in reverse repurchase agreements - - - - Equity securities - - - - Total financial assets $ $ - $ - $ $ $ - $ - $ Investments in money market funds: Woodward sometimes invests excess cash in money market funds not insured by the Federal Depository Insurance Corporation (“FDIC”). Woodward believes that the investments in money market funds are on deposit with creditworthy financial institutions and that the funds are highly liquid. The investments in money market funds are reported at fair value, with realized gains from interest income realized in earnings and are included in “Cash and cash equivalents.” The fair values of Woodward’s investments in money market funds are based on the quoted market prices for the net asset value of the various money market funds. Investments in reverse repurchase agreements: Woodward sometimes invests excess cash in reverse repurchase agreements. Under the terms of Woodward’s reverse repurchase agreements, Woodward purchases an interest in a pool of securities and is granted a security interest in those securities by the counterparty to the reverse repurchase agreement. At an agreed upon date, generally the next business day, the counterparty repurchases Woodward’s interest in the pool of securities at a price equal to what Woodward paid to the counterparty plus a rate of return determined daily per the terms of the reverse repurchase agreement. Woodward believes that the investments in these reverse repurchase agreements are with creditworthy financial institutions and that the funds invested are highly liquid. The investments in reverse repurchase agreements are reported at fair value, with realized gains from interest income realized in earnings, and are included in “Cash and cash equivalents.” Since the investments are generally overnight, the carrying value is considered to be equal to the fair value as the amount is deemed to be a cash deposit with no risk of change in value as of the end of each fiscal quarter. Equity securities: Woodward holds marketable equity securities, through investments in various mutual funds, related to its deferred compensation program. Based on Woodward’s intentions regarding these instruments, marketable equity securities are classified as trading securities. The trading securities are reported at fair value, with realized gains and losses recognized in “Other (income) expense, net.” The trading securities are included in “Other assets.” The fair values of Woodward’s trading securities are based on the quoted market prices for the net asset value of the various mutual funds. Accounts receivable, accounts payable and short-term debt are not remeasured to fair value, as the carrying cost of each approximates its respective fair value. The estimated fair values and carrying costs of other financial instruments that are not required to be remeasured at fair value in the Condensed Consolidated Balance Sheets were as follows: At June 30, 2015 At September 30, 2014 Fair Value Hierarchy Level Estimated Fair Value Carrying Cost Estimated Fair Value Carrying Cost Assets: Notes receivable from municipalities 2 Liabilities: Long-term debt, including current portion 2 In fiscal years 2014 and 2013, Woodward received long-term notes from a municipality within the state of Illinois in connection with certain economic incentives related to Woodward’s development of a second campus in the greater-Rockford, Illinois area for its Aerospace segment. The fair value of the long-term notes was estimated based on a model that discounted future principal and interest payments received at an interest rate available to the Company at the end of the period for similarly rated municipal notes of similar maturity, which is a level 2 input as defined by the U.S. GAAP fair value hierarchy. The interest rates used to estimate the fair value of the long-term notes were 3.3 % at June 30 , 201 5 and 3.2% at September 30, 201 4 . In fiscal year 2013, Woodward received a long-term note from a municipality within the state of Colorado in connection with certain economic incentives related to Woodward’s development of a new campus at its corporate headquarters in Fort Collins, Colorado. The fair value of the long-term note was estimated based on a model that discounted future principal and interest payments received at an interest rate available to the Company at the end of the period for similarly rated municipal notes of similar maturity, which is a level 2 input as defined by the U.S. GAAP fair value hierarchy. The interest rates used to estimate the fair value of the long-term note were 3.3% at June 30 , 201 5 and 3.2% at September 30, 2014. The fair value of long-term debt was estimated based on a model that discounted future principal and interest payments at interest rates available to the Company at the end of the period for similar debt of the same maturity, which is a level 2 input as defined by the U.S. GAAP fair value hierarchy. The weighted-average interest rates used to estimate the fair value of long-term debt were 2.6 % at June 30 , 201 5 and 2.4 % at September 30, 201 4 .

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities	Note 6 . Derivative instruments and hedging activities Woodward is exposed to global market risks, including the effect of changes in interest rates, foreign currency exchange rates, changes in certain commodity prices and fluctuations in various producer indices. From time to time, Woodward enters into derivative instruments for risk management purposes only, including derivatives designated as accounting hedges and/or those utilized as economic hedges. Woodward uses interest rate related derivative instruments to manage its exposure to fluctuations of interest rates. Woodward does not enter into or issue derivatives for trading or speculative purposes. By using derivative and/or hedging instruments to manage its risk exposure, Woodward is subject, from time to time, to credit risk and market risk on those derivative instruments. Credit risk arises from the potential failure of the counterparty to perform under the terms of the derivative and/or hedging instrument. When the fair value of a derivative contract is positive, the counterparty owes Woodward, which creates credit risk for Woodward. Woodward mitigates this credit risk by entering into transactions with only creditworthy counterparties. Market risk arises from the potential adverse effects on the value of derivative and/or hedging instruments that result from a change in interest rates, commodity prices, or foreign currency exchange rates. Woodward minimizes this market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. In June 2015, Woodward designated an intercompany loan of 160,000 RMB between two wholly owned subsidiaries as a hedge of a foreign currency exposure of the net investment of the borrower in the lender. A foreign exchange gain on the loan of $ 11 , net of taxes, is included in foreign currency translation adjustments within total comprehensive earnings for the three and nine- months ended June 30, 2015. Woodward did not enter into any derivatives or hedging transactions during the three or nine-months ended June 30 , 2014. The remaining unrecognized gains and losses in Woodward’s Condensed Consolidated Balance Sheets associated with derivative instruments that were previously entered into by Woodward, which are classified in accumulated other comprehensive losses (“accumulated OCI”), were net gains of $244 as of June 30 , 2015 and $ 170 as of September 30, 2014. The following table discloses the impact of derivative instruments in cash flow hedging relationships on Woodward’s Condensed Consolidated Statements of Earnings, recognized in interest expense: Three-Months Ended June 30, Nine-Months Ended June 30, 2015 2014 2015 2014 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 Based on the carrying value of the realized but unrecognized gains and losses on terminated derivative instruments designated as cash flow hedges as of June 30 , 2015, Woodward expects to reclassify $ 64 of net unrecognized losses on terminated derivative instruments from accumulated other comprehensive earnings to earnings during the next twelve months.

Supplemental Statements of Cash

Supplemental Statements of Cash Flows Information	9 Months Ended
	Jun. 30, 2015
Supplemental Statements of Cash Flows Information
Supplemental Statements of Cash Flows Information	Note 7 . Supplemental statement of cash flows information Nine-Months Ended June 30, 2015 2014 Interest paid, net of amounts capitalized $ $ Income taxes paid Income tax refunds received Non-cash activities: Purchases of property, plant and equipment on account Common shares issued from treasury for benefit plans (Note 18) Notes receivable from municipalities for economic development incentives - Cashless exercise of stock options - Settlement of receivable through cashless acquisition of treasury shares in connection with the cashless exercise of stock options -

Accounts Receivable

Accounts Receivable	9 Months Ended
	Jun. 30, 2015
Accounts Receivable Disclosure
Accounts Receivable	Note 8 . Accounts receivable Almost all of Woodward’s sales are made on credit and result in accounts receivable, which are recorded at the amount invoiced. In the normal course of business, not all accounts receivable are collected and, therefore, an allowance for losses of accounts receivable is provided equal to the amount that Woodward believes ultimately will not be collected. In establishing the amount of the allowance, customer-specific information is considered related to delinquent accounts, past loss experience, bankruptcy filings, deterioration in the customer’s operating results or financial position, and current economic conditions. Accounts receivable losses are deducted from the allowance, and the related accounts receivable balances are written off when the receivables are deemed uncollectible. Recoveries of accounts receivable previously written off are recognized when received. Consistent with business practice common in China, Woodward’s Chinese subsidiary accepts from Chinese customers, in settlement of certain customer accounts receivable, bankers’ acceptance notes issued by creditworthy Chinese banks. Bankers’ acceptance notes are financial instruments issued by Chinese financial institutions as part of financing arrangements between the financial institution and a customer of the financial institution. Bankers’ acceptance notes represent a commitment by the issuing financial institution to pay a certain amount of money at a specified future maturity date to the legal owner of the bankers’ acceptance note as of the maturity date. The maturity date of bankers’ acceptance notes varies, but it is Woodward’s policy to only accept bankers’ acceptance notes with maturity dates no more than 180 days from the date of Woodward’s receipt of such draft. The issuing financial institution is the obligor, not Woodward’s customers. Upon Woodward’s acceptance of a bankers’ acceptance note from a customer, such customer has no further obligation to pay Woodward for the related accounts receivable balance. Woodward only accepts bankers’ acceptance notes issued by creditworthy banks as to which the credit risk associated with the bankers acceptance note is assessed to be minimal. The composition of Woodward’s accounts receivable at June 30 , 2015 and September 30, 2014 follows: June 30, September 30, 2015 2014 Accounts receivable from: Customers $ $ Other (Chinese financial institutions) Allowance for uncollectible customer amounts $ $

Inventories

Inventories	9 Months Ended
	Jun. 30, 2015
Inventories
Inventories	Note 9 . Inventories June 30, September 30, 2015 2014 Raw materials $ $ Work in progress Component parts (1) Finished goods $ $ (1) Component parts include items that can be sold separately as finished goods or included in the manufacture of other products.

Property, Plant, and Equipment,

Property, Plant, and Equipment, Net	9 Months Ended
	Jun. 30, 2015
Property, Plant, and Equipment, Net
Property, Plant and Equipment, Net	Note 10 . Property, plant, and equipment June 30, September 30, 2015 2014 Land and land improvements $ $ Buildings and improvements Leasehold improvements Machinery and production equipment Computer equipment and software Office furniture and equipment Other Construction in progress Less accumulated depreciation Property, plant and equipment, net $ $ Included in “Land and land improvements” and “Buildings and improvements” are assets held for sale of $692 at June 30 , 2015 and $2,465 at September 30, 2014. During the quarter ended March 31, 2015, Woodward completed the sale of certain of the assets held for sale. Woodward is developing a second campus in the greater-Rockford, Illinois area for its Aerospace segment in order to address the growth expected over the next ten years and beyond and to support a substantial number of recently awarded new system platforms, particularly on narrow-body aircraft. Included in “Construction in progress” are costs of $27,633 at June 30 , 2015 and $85,283 at September 30, 2014, associated with the construction of the second campus and new equipment purchases, including capitalized interest of $430 at June 30, 2015 and $2,963 at September 30, 2014. Approximately $120,000 of assets were placed in service during the nine -months ended June 30 , 2015, and were recorded to “Buildings and improvements.” Woodward is also developing a new campus at its corporate headquarters in Fort Collins, Colorado to support the continued growth of its Energy segment by supplementing its existing Colorado manufacturing facilities and corporate headquarters. Included in “Construction in progress” are costs of $117,882 at June 30 , 2015 and $37,268 at September 30, 2014, associated with the construction of the new campus, including capitalized interest of $3,996 at June 30 , 2015 and $2,392 at September 30, 2014. In addition, in September 2013, Woodward invested in a building site in Niles, Illinois. Woodward has completed a new facility on this site for its Aerospace segment and is relocating most of its operations formerly residing in nearby Skokie, Illinois to this new facility. Included in “Construction in progress” are costs of $4,960 at June 30 , 2015 and $55,629 at September 30, 2014 , associated with the construction of the building in Niles and new equipment purchases . Approximately $ 72,00 0 of assets were placed in service during the nine -months ended June 30 , 2015, and were recorded to “Buildings and improvements” and “Office furniture and equipment.” For the three and nine -months ended June 30 , 2015 and June 30 , 2014, Woodward had depreciation expense of the following: Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Depreciation expense $ $ $ $ For the three and nine -months ended June 30 , 2015 and June 30 , 2014, Woodward capitalized interest that would have otherwise been included in interest expense of the following: Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Capitalized interest $ $ $ $

Goodwill

Goodwill	9 Months Ended
	Jun. 30, 2015
Goodwill Disclosure
Goodwill	Note 11 . Goodwill September 30, 2014 Effects of Foreign Currency Translation June 30, 2015 Aerospace $ $ - $ Energy Consolidated $ $ $ Woodward tests goodwill for impairment at the reporting unit level on an annual basis and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Based on the relevant U.S. GAAP authoritative guidance, Woodward aggregates components of a single operating segment into a reporting unit, if appropriate. The impairment tests consist of comparing the implied fair value of each reporting unit with its carrying amount including goodwill. If the carrying amount of the reporting unit exceeds its implied fair value, Woodward compares the implied fair value of goodwill with the recorded carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value of goodwill, an impairment loss would be recognized to reduce the carrying amount to its implied fair value. Woodward completed its annual goodwill impairment test as of July 31, 2014 during the quarter ended September 30, 2014. At that date, Woodward determined it was appropriate to aggregate certain components of the same operating segment into a single aggregated reporting unit. The fair value of each of Woodward’s reporting units was determined using a discounted cash flow method. This method represents a Level 3 input and incorporates various estimates and assumptions, the most significant being projected revenue growth rates, earnings margins, future tax rates, and the present value, based on an estimated weighted-average cost of capital (or the discount rate) and terminal growth rate, of forecasted cash flows. Management projects revenue growth rates, earnings margins and cash flows based on each reporting unit’s current operational results, expected performance and operational strategies over a five or ten-year period. These projections are adjusted to reflect current economic conditions and demand for certain products, and require considerable management judgment. Forecasted cash flows used in the July 31, 2014 impairment test were discounted using weighted-average cost of capital assumptions ranging from 8.93% to 11.04% . The terminal values of the forecasted cash flows were calculated using the Gordon Growth Model and assumed an annual compound growth rate after five or ten years of 4.20% . These inputs , which are unobservable in the market, represent management’s best estimate of what market participants would use in determining the present value of the Company’s forecasted cash flows. Changes in these estimates and assumptions can have a significant impact on the fair value of forecasted cash flows. Woodward evaluated the reasonableness of the reporting units’ resulting fair values utilizing a market multiple method. The results of Woodward’s goodwill impairment tests performed as of July 31, 2014 indicated the estimated fair value of each reporting unit was substantially in excess of its carrying value, and accordingly, no impairment existed. During the three and nine-months ended June 30, 2015 there were no events or changes in operation that triggered a need to assess goodwill for possible impairment. As part of the Company’s ongoing efforts to assess goodwill for possible indications of impairment, Woodward continues to consider a wide variety of factors, including but not limited to the global economic environment and its potential impact on Woodward’s business.

Intangible Assets, Net

Intangible Assets, Net	9 Months Ended
	Jun. 30, 2015
Intangible Assets, Net
Intangible Assets, Net	Note 12 . Intangible assets, net June 30, 2015 September 30, 2014 Gross Carrying Value Accumulated Amortization Net Carrying Amount Gross Carrying Value Accumulated Amortization Net Carrying Amount Customer relationships and contracts: Aerospace $ $ $ $ $ $ Energy Total $ $ $ $ $ $ Intellectual property: Aerospace $ - $ - $ - $ - $ - $ - Energy Total $ $ $ $ $ $ Process technology: Aerospace $ $ $ $ $ $ Energy Total $ $ $ $ $ $ Other intangibles: Aerospace $ $ $ $ $ $ Energy Total $ $ $ $ $ $ Total intangibles: Aerospace $ $ $ $ $ $ Energy Consolidated Total $ $ $ $ $ $ For the three and nine-months ended June 30, 2015 and June 30, 2014, Woodward recorded amortization expense associated with intangibles of the following : Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Amortization expense $ $ $ $ Future amortization expense associated with intangibles is expected to be: Year Ending September 30: 2015 (remaining) $ 2016 2017 2018 2019 Thereafter $

Credit Facilities, Short-term B

Credit Facilities, Short-term Borrowings and Long-term Debt	9 Months Ended
	Jun. 30, 2015
Debt Disclosure
Credit Facilities, Short-term Borrowings and Long-term Debt	Note 1 3 . Credit facilities, short-term borrowings and long-term debt Short-term borrowings A Chinese subsidiary of Woodward has a local credit facility with the Hong Kong and Shanghai Banking Company under which it has the ability to borrow up to either $22,700 , or the local currency equivalent of $22,700. Any cash borrowings under the local Chinese credit facility are secured by a parent guarantee from Woodward. The Chinese subsidiary may utilize the local facility for cash borrowings to support its operating cash needs. Local currency borrowings on the Chinese credit facility are charged interest at the prevailing interest rate offered by the People’s Bank of China on the date of borrowing, plus a margin equal to 25% of that prevailing rate . U.S. dollar borrowings on the credit facility are charged interest at the lender’s cost of borrowing rate at the date of borrowing, plus 3% . The Chinese subsidiary had no outstanding cash borrowings against the local credit facility at June 30 , 2015 and September 30, 2014. In the second quarter of fiscal year 2015, a Brazilian subsidiary of Woodward arranged a local uncommitted credit facility with the Banco J.P. Morgan S.A. under which it has the ability to borrow up to 26,000 Brazilian Real. Any cash borrowings under the local Brazilian credit facility will be secured by a parent guarantee from Woodward. The Brazilian subsidiary may utilize the local facility to support its operating cash needs. Local currency borrowings on the Brazilian credit facility are charged interest at the lender’s cost of borrowing rate at the date of borrowing, plus 1.75% . The Brazilian subsidiary had $3,186 outstanding cash borrowings against the local credit facility at June 30 , 2015. Woodward also has other foreign lines of credit and foreign overdraft facilities at various financial institutions, which are generally reviewed annually for renewal and are subject to the usual terms and conditions applied by the financial institutions. Pursuant to the terms of the related facility agreements, Woodward’s foreign performance guarantee facilities are limited in use to providing performance guarantees to third parties. There were no borro wings outstanding as of June 30 , 2015 and September 30, 2014 on Woodward’s other foreign lines of credit and foreign overdraft facilities. Long -term debt June 30, September 30, 2015 2014 Revolving credit facility - Floating rate ( LIBOR plus 0.85% - 1.65% ), due April 2020 , unsecured Series C notes – 5.92%, due October 2015; unsecured Series D notes – 6.39%, due October 2018; unsecured Series E notes – 7.81%, due April 2016; unsecured Series F notes – 8.24%, due April 2019; unsecured Series G notes – 3.42%, due November 2020; unsecured Series H notes – 4.03%, due November 2023; unsecured Series I notes – 4.18%, due November 2025; unsecured Series J notes – Floating rate ( LIBOR plus 1.25% ), due November 2020; unsecured Series K notes – 4.03%, due November 2023; unsecured Series L notes – 4.18%, due November 2025; unsecured Total long-term debt $ $ Revolving credit facility Woodward maintains a revolving credit facility established under a revolving credit agreement between Woodward and a syndicate of lenders led by Wells Fargo Bank, National Association, as administrative agent (the “Revolving Credit Agreement”). On April 28, 2015 , Woodward amended the Revolving Credit Agreement to increase its borrowing capacity from $600,000 to $1,000,000 (the “Amended Revolving Credit Agreement”). The terms and conditions of the Amended Revolving Credit Agreement are similar to the prior credit agreement. The Amended Revolving Credit Agreement matures in April 2020 . The Amended Revolving Credit Agreement provides for the option to increase available borrowings to up to $1,200,000 , su bject to lenders’ participation . Borrowings under the Amended Revolving Credit Agreement generally bear interest at LIBOR plus 0.85% to 1.65% . Under the Amended Revolving Credit Agreement, there were $375,000 in principal amount of borrowings outstanding as of June 30 , 2015, at an effective interest rate of 1.24% . Under the prior Revolving Credit Agreement, there were $210,000 in principal amount of borrowings outstanding as of September 30, 2014, at an effective interest rate of 1.21% . As of June 30 , 2015 and September 30, 2014, the entire outstanding balance on both the Amended Revolving Credit Agreement and the prior Revolving Credit Agreement was classified as long-term debt. The Amended Revolving Credit Agreement contains certain covenants customary with such agreements, which are generally consistent with the covenants applicable to Woodward’s long-term debt agreements, and contains customary events of default, including certain cross default provisions related to Woodward’s other outstanding debt arrangements in excess of $60,000 , the occurrence of which would permit the lenders to accelerate the amounts due thereunder. In addition, the Amended Revolving Credit Agreement includes the following financial covenants: (i) a maximum permitted leverage ratio of consolidated net debt to consolidated earnings before interest, taxes, depreciation, stock-based compensation, and amortization, plus any usual non-cash charges to the extent deducted in computing net income minus any usual non-cash gains to the extent added in computing net income (“Leverage Ratio”) for Woodward and its consolidated subsidiaries of 3.5 to 1.0 , which ratio, subject to certain restrictions, may increase to 4.0 to 1.0 for the fiscal quarter (and the immediately following fiscal quarter) during which a permitted acquisition occurs and to 3.75 to 1.0 for the following two succeeding fiscal quarters, and (ii) a minimum consolidated net worth of $800,000 plus (a) 50% of Woodward’s positive net income for the prior fiscal year and (b) 50% of Woodward’s net cash proceeds resulting from certain issuances of stock, subject to certain adjustments. Woodward’s obligations under the Amended Revolving Credit Agreement are guaranteed by Woodward FST, Inc., Woodward MPC, Inc., and Woodward HRT, Inc., each of which is a wholly owned subsidiary of Woodward. In connection with the Amended Revolving Credit Agreement, Woodward incurred $2,359 in financial costs, which are deferred and are being amortized using the straight-line method over the life of the agreement. As of April 28, 2015, Woodward also had $2,014 remaining of deferred financing costs incurred in connection with the Revolving Credit Agreement, which have been combined with the financing costs associated with the Amended Revolving Credit Agreement and are being amortized using the straight-line method over the lift of the Amended Revolving Credit Agreement. The Notes In October 2008 , Woodward entered into a note purchase agreement (the “2008 Note Purchase Agreement”) relating to the Series B, C, and D Notes (the “2008 Notes”). In April 2009 , Woodward entered into a note purchase agreement (the “2009 Note Purchase Agreement”) relating to the Series E and F Notes (the “2009 Notes”). On October 1, 2013 , Woodward entered into a note purchase agreement (the “2013 Note Purchase Agreement” and, together with the 2008 Note Purchase Agreement and the 2009 Note Purchase Agreement, the “Note Purchase Agreements”) relating to the sale by Woodward of an aggregate principal amount of $250,000 of its senior unsecured notes in a series of private placement transactions. Woodward issued the Series G, H and I Notes (the “First Closing Notes”) on October 1, 2013 . Woodward issued the Series J, K and L Notes (the “Second Closing Notes” and, together with the 2008 Notes, 2009 Notes and First Closing Notes, the “Notes”) on November 15, 2013. Interest on the 2008 Notes, the First Closing Notes, and the Series K and L Notes is payable semi-annually on April 1 and October 1 of each year until all principal is paid. Interest on the 2009 Notes is payable semi-annually on April 15 and October 15 of each year until all principal is paid. Interest on the Series J Notes is payable quarterly on January 1, April 1, July 1 and October 1 of each year until all principal is paid. As of June 30 , 2015, the Series J Notes bore interest at an effective rate of 1.53% . Principal payment of the Series C Notes is due on October 1, 2015. This payment is classified as long-term based on Woodward’s intent and ability to refinance this debt for a longer term either through the issuance of new long-term debt or payment of the principal amount with its existing revolving line of credit, which does not mature until July 20 20 . In connection with the 2013 Note Purchase Agreement, in fiscal year 2014, Woodward incurred $1,297 in financing costs, which are deferred and will be amortized using the straight-line method over the life of the agreement.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Jun. 30, 2015
Accrued Liabilities
Accrued Liabilities	N ote 1 4 . Accrued liabilities June 30, September 30, 2015 2014 Salaries and other member benefits $ $ Warranties Interest payable Current portion of acquired performance obligations and unfavorable contracts (1) Accrued retirement benefits Deferred revenues Taxes, other than income Other $ $ (1) In connection with Woodward’s acquisition of GE Aviation Systems LLC’s (the “Seller”) thrust reverse actuation systems business located in Duarte, California (the “Duarte Business”) in fiscal year 2013, Woodward assumed current and long-term performance obligations for contractual commitments that are expected to result in future economic losses. In addition, Woodward assumed current and long-term performance obligations for services to be provided to the Seller, offset by current and long-term assets related to contractual payments due from the Seller. The current portion of both obligations is included in Accrued liabilities. Warranties Provisions of Woodward’s sales agreements include product warranties customary to these types of agreements. Accruals are established for specifically identified warranty issues that are probable to result in future costs. Warranty costs are accrued on a non-specific basis whenever past experience indicates a normal and predictable pattern exists. Changes in accrued product warranties were as follows: Nine-Months Ended June 30, 2015 2014 Warranties, beginning of period $ $ Expense Reductions for settling warranties Foreign currency exchange rate changes Warranties, end of period $ $

Other Liabilities

Other Liabilities	9 Months Ended
	Jun. 30, 2015
Other Liabilities
Other Liabilities	Note 1 5 . Other liabilities June 30, September 30, 2015 2014 Net accrued retirement benefits, less amounts recognized within accrued liabilities $ $ Total unrecognized tax benefits, net of offsetting adjustments Acquired performance obligations and unfavorable contracts (1) Deferred economic incentives (2) Other $ $ (1) In connection with Woodward’s acquisition of the Duarte Business in fiscal year 2013, Woodward assumed current and long-term performance obligations for contractual commitments that are expected to result in future economic losses. In addition, Woodward assumed current and long-term performance obligations for services to be provided to the Seller, offset by current and long-term assets related to contractual payments due from the Seller. The long-term portion of both obligations is included in “Other liabilities ” as of September 30, 2014 . As of June 30, 2015, “Other liabilities” includes the long-term portion of the acquired unfavorable contracts as only a current portion of the acquired performance obligations remains. (2) Woodward receives certain economic incentives from various state and local authorities related to capital expansion projects. Such amounts are initially recorded as deferred credits and will be recognized as a reduction to non-income tax expense over the economic lives of the related capital expansion projects.

Other (Income) Expense, Net

Other (Income) Expense, Net	9 Months Ended
	Jun. 30, 2015
Other (Income) Expense, Net
Other (Income) Expense, Net	Note 1 6. Other (income) expense, net Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Net (gain) loss on sales of assets $ $ $ $ Rent income Net gain on investments in deferred compensation program Other $ $ $ $

Income Taxes

Income Taxes	9 Months Ended
	Jun. 30, 2015
Income Taxes
Income Taxes	Note 17 . Income taxes U.S. GAAP requires that the interim period tax provision be determined as follows: · At the end of each quarter, Woodward estimates the tax that will be provided for the current fiscal year stated as a percentage of estimated “ordinary income.” The term ordinary income refers to earnings from continuing operations before income taxes, excluding significant unusual or infrequently occurring items. The estimated annual effective rate is applied to the year-to-date ordinary income at the end of each quarter to compute the estimated year-to-date tax applicable to ordinary income. The tax expense or benefit related to ordinary income in each quarter is the difference between the most recent year-to-date and the prior quarter year-to-date computations. · The tax effects of significant unusual or infrequently occurring items are recognized as discrete items in the interim period in which the events occur. The impact of changes in tax laws or rates on deferred tax amounts, the effects of changes in judgment about beginning of the year valuation allowances, and changes in tax reserves resulting from the finalization of tax audits or reviews are examples of significant unusual or infrequently occurring items that are recognized as discrete items in the interim period in which the event occurs. The determination of the annual effective tax rate is based upon a number of significant estimates and judgments, including the estimated annual pretax income of Woodward in each tax jurisdiction in which it operates, and the development of tax planning strategies during the year. In addition, as a global commercial enterprise, Woodward’s tax expense can be impacted by changes in tax rates or laws, the finalization of tax audits and reviews, changes in the estimate of the amount of undistributed foreign earnings that Woodward considers indefinitely reinvested, as well as other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions. The following table sets forth the tax expense and the effective tax rate for Woodward’s income from operations: Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Earnings before income taxes $ $ $ $ Income tax expense Effective tax rate The decrease in the year-over-year effective tax rate for the three-months ended June 30, 2015, is primarily attributable to a favorable net valuation increase in deferred tax assets in the current quarter that was partially offset by smaller net favorable resolutions of foreign tax matters in the current quarter compared to the prior year’s quarter. The decrease in the effective tax rate for the nine-months ended June 30, 2015 included both the quarterly decrease and the retroactive extension of the U.S. research and experimentation tax credit for calendar year 2014, which was enacted in December 2014, and was partially offset by smaller net favorable resolutions of foreign tax matters in the current year compared to the prior year . Gross unrecognized tax benefits were $23,769 as of June 30, 2015 and $22,687 as of September 30, 2014. Included in the balance of unrecognized tax benefits were $14,249 as of June 30, 2015 and $12,807 as of September 30, 2014, of tax benefits that, if recognized, would affect the effective tax rate. At this time, Woodward estimates that it is reasonably possible that the liability for unrecognized tax benefits will decrease by as much as $3,105 in the next twelve months due to the completion of reviews by tax authorities and the expiration of certain statutes of limitations. Woodward accrues for potential interest and penalties related to unrecognized tax benefits in tax expense. Woodward had accrued gross interest and penalties of $1,468 as of June 30, 2015 and $1,158 as of September 30, 2014. Woodward’s tax returns are subject to audits by U.S., state, and foreign tax authorities, and these audits are at various stages of completion at any given time. Reviews of tax matters by authorities and lapses of the applicable statutes of limitations may result in changes to tax expense. With a few exceptions, Woodward’s fiscal years remaining open to examination in the United States include fiscal years 201 2 and thereafter, and fiscal years remaining open to examination in significant foreign jurisdictions include 2005 and thereafter.

Retirement Benefits

Retirement Benefits	9 Months Ended
	Jun. 30, 2015
Retirement Benefits - General
Retirement Benefits	Note 1 8 . Retirement benefits Woodward provides various 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 contributions to eligible employee accounts, which are also deferred for employee personal income tax purposes. Certain foreign employees are also eligible to participate in foreign plans. Most of Woodward’s U.S. employees with at least two years of service receive an annual contribution of Woodward stock, equal to 5% of their eligible prior year wages, to their personal Woodward Retirement Savings Plan accounts. In the second quarter of fiscal years 2015 and 2014, Woodward fulfilled its annual Woodward stock contribution obligation using shares held in treasury stock by issuing 259 shares of common stock for a total value of $12,574 in fiscal year 2015, and 260 shares of common stock for a total value of $11,193 in fiscal year 2014. The amount of expense associated with defined contribution plans was as follows: Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Company costs $ $ $ $ Defined benefit plans Woodward has defined benefit plans that provide pension benefits for certain retired employees in the United States, the United Kingdom, and Japan. During the third quarter of fiscal year 2014, Woodward terminated its defined benefit pension plan in Switzerland due to workforce reductions related to the closure of Woodward’s Swiss facility in connection with the realignment of the renewable power business that occurred in the third quarter of fiscal year 2013. Woodward also provides other postretirement benefits to its employees including postretirement medical benefits and life insurance benefits. Postretirement medical benefits are provided to certain current and retired employees and their covered dependents and beneficiaries in the United States and the United Kingdom. Life insurance benefits are provided to certain retirees in the United States under frozen plans, which are no longer available to current employees. A September 30 measurement date is utilized to value plan assets and obligations for all of Woodward’s defined benefit pension and other postretirement benefit plans. U.S. GAAP requires that, for obligations outstanding as of September 30, 2014, the funded status reported in interim periods shall be the same asset or liability recognized in the previous year end statement of financial position adjusted for (a) subsequent accruals of net periodic benefit cost that exclude the amortization of amounts previously recognized in other comprehensive income (for example, subsequent accruals of service cost, interest cost, and return on plan assets) and (b) contributions to a funded plan or benefit payments. Effective June 30, 2015, the Company terminated the defined benefit pension plan for employees at its Duarte, California manufacturing facility. The plan, which was established in fiscal year 2013 in connection with the December 2012 acquisition of the Duarte business, was amended in fiscal year 2014 to cease all future benefit accruals under the plan and was closed to new entrants. Cash payout of benefits will occur after regulatory approval of the plan termination. In exchange for the freeze and termination of the plan, which were agreed upon through negotiations with the applicable employee union, the employees were provided replacement benefits through full participation in the Woodward U.S. defined contribution plan. Woodward does not expect future cash payouts to the beneficiaries of the terminated plan to be significantly different from the approximately $80 liability reflected in Woodward’s statement of financial position as of June 30, 2015. The components of the net periodic retirement pension costs recognized are as follows: Three-Months Ended June 30, United States Other Countries Total 2015 2014 2015 2014 2015 2014 Service cost $ $ $ $ $ $ Interest cost Expected return on plan assets Amortization of: Net actuarial (gain) loss Prior service cost (benefit) - Curtailment (gain) loss - - - - Net periodic retirement pension (benefit) cost $ $ $ $ $ $ Contributions paid $ - $ $ $ $ $ Nine-Months Ended June 30, United States Other Countries Total 2015 2014 2015 2014 2015 2014 Service cost $ $ $ $ $ $ Interest cost Expected return on plan assets Amortization of: Net actuarial (gain) loss Prior service cost (benefit) - Curtailment (gain) loss - - - - Net periodic retirement pension (benefit) cost $ $ $ $ $ $ Contributions paid $ - $ $ $ $ $ The components of the net periodic other postretirement benefit costs recognized are as follows: Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Amortization of: Net actuarial (gain) loss Prior service cost (benefit) Net periodic other postretirement (benefit) cost $ $ $ $ Contributions paid $ $ $ $ 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 2015 may differ from the current estimate. Woodward estimates its remaining cash contributions in fiscal year 2015 will be as follows: Retirement pension benefits: United States $ United Kingdom Japan - Other postretirement benefits Multiemployer defined benefit plans Woodward operates two multiemployer defined benefit plans for certain employees in the Netherlands and Japan. The company has been notified by the Japanese plan administrator that the plan for employees in Japan is being reorganized. Woodward anticipates that assets of the Japanese plan will be converted into a similar plan and is currently evaluating the potential cost of such conversion. The amounts of contributions associated with the multiemployer plans were as follows: Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Company contributions $ $ $ $

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Jun. 30, 2015
Stock-Based Compensation
Stock-Based Compensation	Note 1 9. Stock-based compensation Stock options Woodward’s 2006 Omnibus Incentive Plan (the “2006 Plan”), which has been approved by Woodward’s stockholders, provides for the grant of up to 7,410 stock options to its employees and directors. Woodward believes that these stock options align the interests of its employees and directors with those of its stockholders. Stock option awards are granted with an exercise price equal to the market price of Woodward’s stock at the date of grant, a ten - year term, and generally a four -year vesting schedule at a rate of 25 % per year. The fair value of options granted was estimated on the date of grant using the Black-Scholes-Merton option-valuation model using the assumptions in the following table. Woodward calculates the expected term, which represents the period of time that stock options granted are expected to be outstanding, based upon historical experience of plan participants. Expected volatility is based on historical volatility using daily stock price observations. The estimated dividend yield is based upon Woodward’s historical dividend practice and the market value of its common stock. The risk-free rate is based on the U.S. treasury yield curve, for periods within the contractual life of the stock option, at the time of grant. Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Expected term (years) n/a n/a - 8.8 - 8.6 Estimated volatility n/a n/a 36.5% 38.5% Estimated dividend yield n/a n/a 0.7% 0.8% Risk-free interest rate n/a n/a - 2.3% - 2.5% The following is a summary of the activity for stock option awards during the three and six-months ended June 30 , 201 5 : Three-Months Ended Nine-Months Ended June 30, 2015 June 30, 2015 Number of options Weighted-Average Exercise Price per Share Number of options Weighted-Average Exercise Price per Share Options, beginning balance $ $ Options granted - n/a Options exercised Options forfeited Options, ending balance Changes in non-vested stock options during the three and nine-months ended June 30 , 201 5 were as follows: Three-Months Ended Nine-Months Ended June 30, 2015 June 30, 2015 Number of options Weighted-Average Exercise Price per Share Number of options Weighted-Average Exercise Price per Share Options, beginning balance $ $ Options granted - n/a Options vested Options forfeited Options, ending balance Information about stock options that have vested, or are expected to vest, and are exercisable at June 30, 2015 was as follows: Number Weighted- Average Exercise Price Weighted- Average Remaining Life in Years Aggregate Intrinsic Value Options outstanding 4,784 $ 5.8 $ Options vested and exercisable 3,055 4.3 Options vested and expected to vest 4,682 5.7 Restricted Stock In the first quarter of fiscal year 2014, Woodward granted an award of 24 shares of restricted stock to its Chief Executive Officer and President, Thomas A. Gendron. Subject to Mr. Gendron’s continued employment by the Company, these shares of restricted stock will vest 100% following the end of the Company’s fiscal year 2017 if a specified cumulative earnings per share (“EPS”) target is met or exceeded for fiscal years 2014 through 2017 . If this EPS target is not met, all shares of restricted stock will be forfeited by Mr. Gendron. The shares of restricted stock were awarded to Mr. Gendron pursuant to a form restricted stock agreement approved by Woodward’s Compensation Committee . Woodward recognizes stock compensation expense on a straight-line basis over the requisite service period. A summary of the activity for restricted stock awards in the three and nine-months ended June 30, 2015 follows: Three-Months Ended Nine-Months Ended June 30, 2015 June 30, 2015 Number Fair Value per Share Number Fair Value per Share Beginning balance $ $ Shares granted - n/a - n/a Shares vested - n/a - n/a Shares forfeited - n/a - n/a Ending balance At June 30 , 201 5 , there was approximately $12,201 of total unrecognized compensation cost related to non-vested stock-based compensation arrangements, both stock options and restricted stock awards, granted under the 2002 Plan (for which no further grants will be made) and the 2006 Plan. The pre-vesting forfeiture rates for purposes of determining stock-based compensation cost recognized were estimated to be 0% for members of Woodward’s board of directors and 9% for all others. The remaining unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 1.5 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure
Commitments and Contingencies	Note 20 . Commitments and contingencies Woodward is currently involved in claims, pending or threatened litigation or other legal proceedings, investigations and/or regulatory proceedings arising in the normal course of business, including, among others, those relating to product liability claims, employment matters, worker’s compensation claims, contractual disputes, product warranty claims and alleged violations of various laws and regulations. Woodward accrue s for known individual matters where it believe s that it is probable the matter will result in a loss when ultimately resolved using estimates of the most likely amount of loss. Legal costs are expensed as incurred and are classified in “Selling, general and administrative expenses” on the Condensed Consolidated Statements of Earnings. Woodward is partially self-insured in the United States for healthcare and worker’s compensation up to predetermined amounts, above which third party insurance applies. Management regularly reviews the probable outcome of these claims and proceedings, the expenses expected to be incurred, the availability and limits of the insurance coverage, and the established accruals for liabilities. While the outcome of pending claims, legal and regulatory proceedings , and investigations cannot be predicted with certainty, managemen t believes that any liabilities that may result from these claims, proceedings and investigations will not have a material effect on Woodward's liquidity, financial condition, or results of operations. In the event of a change in control of Woodward, as defined in change-in-control agreements with its current corporate officers, W oodward may be required to pay termination benefits to such officers.

Segment Information

Segment Information	9 Months Ended
	Jun. 30, 2015
Segment Information
Segment Information	Note 2 1 . Segment information Woodward serves the aerospace market and the energy market through its two reportable segments - Aerospace and Energy. Woodward’s reportable segments are aggregations of Woodward’s operating segments. Woodward uses reportable segment information internally to manage its business, including the assessment of business segment performance and decisions for the allocation of resources between 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 excludes matters such as charges for restructuring costs, interest income and expense, and certain gains and losses from asset dispositions. A summary of consolidated net sales and earnings by segment follows: Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Segment external net sales: Aerospace $ $ $ $ Energy Total consolidated net sales $ $ $ $ Segment earnings: Aerospace $ $ $ $ Energy Total segment earnings Nonsegment expenses Interest expense, net Consolidated earnings before income taxes $ $ $ $ Segment assets consist of accounts receivable, inventories, property, plant, and equipment, net, goodwill, and other intangibles, net. A summary of consolidated total assets by segment follows: June 30, 2015 September 30, 2014 Segment assets: Aerospace $ $ Energy Total segment assets Unallocated corporate property, plant and equipment, net Other unallocated assets Consolidated total assets $ $

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jun. 30, 2015
Earnings Per Share
Reconciliation of Net Earnings to Net Earnings Per Share Basic and Diluted	Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net earnings $ $ $ $ Denominator: Basic shares outstanding Dilutive effect of stock options and restricted stock Diluted shares outstanding Income per common share: Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $
Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share	Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Options - Weighted-average option price $ n/a $ $ $
Schedule of Treasury Stock Shares Held for Deferred Compensation Included in Basic and Diluted Shares Outstanding	Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Weighted-average treasury stock shares held for deferred compensation obligations

Financial Instruments and Fai30

Financial Instruments and Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2015
Financial Instruments and Fair Value Measurments
Financial Assets that are Measured at Fair Value on a Recurring Basis	At June 30, 2015 At September 30, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets: Cash $ $ - $ - $ $ $ - $ - $ Investments in money market funds - - - - Investments in reverse repurchase agreements - - - - Equity securities - - - - Total financial assets $ $ - $ - $ $ $ - $ - $
Estimated Fair Values of Financial Instruments	At June 30, 2015 At September 30, 2014 Fair Value Hierarchy Level Estimated Fair Value Carrying Cost Estimated Fair Value Carrying Cost Assets: Notes receivable from municipalities 2 Liabilities: Long-term debt, including current portion 2

Derivative Instruments and He31

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities
Impact of Derivative Instruments on Earnings	Three-Months Ended June 30, Nine-Months Ended June 30, 2015 2014 2015 2014 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

Supplemental Statements of Ca32

Supplemental Statements of Cash Flows Information (Tables)	9 Months Ended
	Jun. 30, 2015
Supplemental Statements of Cash Flows Information
Schedule of Cash Flow Supplemental Disclosures	Nine-Months Ended June 30, 2015 2014 Interest paid, net of amounts capitalized $ $ Income taxes paid Income tax refunds received Non-cash activities: Purchases of property, plant and equipment on account Common shares issued from treasury for benefit plans (Note 18) Notes receivable from municipalities for economic development incentives - Cashless exercise of stock options - Settlement of receivable through cashless acquisition of treasury shares in connection with the cashless exercise of stock options -

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
	Jun. 30, 2015
Accounts Receivable Disclosure
Schedule of Accounts Receivable	June 30, September 30, 2015 2014 Accounts receivable from: Customers $ $ Other (Chinese financial institutions) Allowance for uncollectible customer amounts $ $

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jun. 30, 2015
Inventories
Schedule of Inventories	June 30, September 30, 2015 2014 Raw materials $ $ Work in progress Component parts (1) Finished goods $ $

Property, Plant, and Equipmen35

Property, Plant, and Equipment, Net (Tables)	9 Months Ended
	Jun. 30, 2015
Property, Plant, and Equipment, Net
Schedule of Property Plant and Equipment, Net	June 30, September 30, 2015 2014 Land and land improvements $ $ Buildings and improvements Leasehold improvements Machinery and production equipment Computer equipment and software Office furniture and equipment Other Construction in progress Less accumulated depreciation Property, plant and equipment, net $ $
Schedule of Depreciation Expense	Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Depreciation expense $ $ $ $
Schedule of Capitalized Interest	Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Capitalized interest $ $ $ $

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Jun. 30, 2015
Goodwill Disclosure
Schedule of Goodwill	September 30, 2014 Effects of Foreign Currency Translation June 30, 2015 Aerospace $ $ - $ Energy Consolidated $ $ $

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
	Jun. 30, 2015
Intangible Assets, Net
Schedule of Finite-Lived Intangible Assets by Major Class	June 30, 2015 September 30, 2014 Gross Carrying Value Accumulated Amortization Net Carrying Amount Gross Carrying Value Accumulated Amortization Net Carrying Amount Customer relationships and contracts: Aerospace $ $ $ $ $ $ Energy Total $ $ $ $ $ $ Intellectual property: Aerospace $ - $ - $ - $ - $ - $ - Energy Total $ $ $ $ $ $ Process technology: Aerospace $ $ $ $ $ $ Energy Total $ $ $ $ $ $ Other intangibles: Aerospace $ $ $ $ $ $ Energy Total $ $ $ $ $ $ Total intangibles: Aerospace $ $ $ $ $ $ Energy Consolidated Total $ $ $ $ $ $
Schedule of Finite-Lived Intangible Assets Amortization Expense	Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Amortization expense $ $ $ $
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Year Ending September 30: 2015 (remaining) $ 2016 2017 2018 2019 Thereafter $

Credit Facilities, Short-term38

Credit Facilities, Short-term Borrowings and Long-term Debt (Tables)	9 Months Ended
	Jun. 30, 2015
Debt Disclosure
Schedule of Long-term Debt Instruments [Table Text Block]	June 30, September 30, 2015 2014 Revolving credit facility - Floating rate ( LIBOR plus 0.85% - 1.65% ), due April 2020 , unsecured Series C notes – 5.92%, due October 2015; unsecured Series D notes – 6.39%, due October 2018; unsecured Series E notes – 7.81%, due April 2016; unsecured Series F notes – 8.24%, due April 2019; unsecured Series G notes – 3.42%, due November 2020; unsecured Series H notes – 4.03%, due November 2023; unsecured Series I notes – 4.18%, due November 2025; unsecured Series J notes – Floating rate ( LIBOR plus 1.25% ), due November 2020; unsecured Series K notes – 4.03%, due November 2023; unsecured Series L notes – 4.18%, due November 2025; unsecured Total long-term debt $ $

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Jun. 30, 2015
Accrued Liabilities
Accrued Liabilities	June 30, September 30, 2015 2014 Salaries and other member benefits $ $ Warranties Interest payable Current portion of acquired performance obligations and unfavorable contracts (1) Accrued retirement benefits Deferred revenues Taxes, other than income Other $ $
Warranties	Nine-Months Ended June 30, 2015 2014 Warranties, beginning of period $ $ Expense Reductions for settling warranties Foreign currency exchange rate changes Warranties, end of period $ $

Other Liabilities (Tables)

Other Liabilities (Tables)	9 Months Ended
	Jun. 30, 2015
Other Liabilities
Schedule of Other Liabilities	June 30, September 30, 2015 2014 Net accrued retirement benefits, less amounts recognized within accrued liabilities $ $ Total unrecognized tax benefits, net of offsetting adjustments Acquired performance obligations and unfavorable contracts (1) Deferred economic incentives (2) Other $ $

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	9 Months Ended
	Jun. 30, 2015
Other (Income) Expense, Net
Schedule of Other (Income) Expense, Net	Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Net (gain) loss on sales of assets $ $ $ $ Rent income Net gain on investments in deferred compensation program Other $ $ $ $

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Jun. 30, 2015
Income Taxes
Tax Expense and Effective Tax Rate	Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Earnings before income taxes $ $ $ $ Income tax expense Effective tax rate

Retirement Benefits (Tables)

Retirement Benefits (Tables)	9 Months Ended
	Jun. 30, 2015
Schedule of Estimated Remaining Cash Contributions	Retirement pension benefits: United States $ United Kingdom Japan - Other postretirement benefits
Pension Plans, Defined Benefit [Member]
Schedule of Net Periodic Benefit Costs	Three-Months Ended June 30, United States Other Countries Total 2015 2014 2015 2014 2015 2014 Service cost $ $ $ $ $ $ Interest cost Expected return on plan assets Amortization of: Net actuarial (gain) loss Prior service cost (benefit) - Curtailment (gain) loss - - - - Net periodic retirement pension (benefit) cost $ $ $ $ $ $ Contributions paid $ - $ $ $ $ $ Nine-Months Ended June 30, United States Other Countries Total 2015 2014 2015 2014 2015 2014 Service cost $ $ $ $ $ $ Interest cost Expected return on plan assets Amortization of: Net actuarial (gain) loss Prior service cost (benefit) - Curtailment (gain) loss - - - - Net periodic retirement pension (benefit) cost $ $ $ $ $ $ Contributions paid $ - $ $ $ $ $
Multiemployer Plan [Member]
Schedule of Costs of Retirement Plans	Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Company contributions $ $ $ $
Defined Contribution Plan [Member]
Schedule of Costs of Retirement Plans	Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Company costs $ $ $ $
Other Postretirement Benefit Plans, Defined Benefit [Member]
Schedule of Net Periodic Benefit Costs	Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Amortization of: Net actuarial (gain) loss Prior service cost (benefit) Net periodic other postretirement (benefit) cost $ $ $ $ Contributions paid $ $ $ $

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Jun. 30, 2015
Stock-Based Compensation
Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards	Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Expected term (years) n/a n/a - 8.8 - 8.6 Estimated volatility n/a n/a 36.5% 38.5% Estimated dividend yield n/a n/a 0.7% 0.8% Risk-free interest rate n/a n/a - 2.3% - 2.5%
Activity for Stock Option Awards	Three-Months Ended Nine-Months Ended June 30, 2015 June 30, 2015 Number of options Weighted-Average Exercise Price per Share Number of options Weighted-Average Exercise Price per Share Options, beginning balance $ $ Options granted - n/a Options exercised Options forfeited Options, ending balance
Changes in Nonvested Stock Options	Three-Months Ended Nine-Months Ended June 30, 2015 June 30, 2015 Number of options Weighted-Average Exercise Price per Share Number of options Weighted-Average Exercise Price per Share Options, beginning balance $ $ Options granted - n/a Options vested Options forfeited Options, ending balance
Stock Options Vested, Or Expected to Vest and Are Exercisable	Number Weighted- Average Exercise Price Weighted- Average Remaining Life in Years Aggregate Intrinsic Value Options outstanding 4,784 $ 5.8 $ Options vested and exercisable 3,055 4.3 Options vested and expected to vest 4,682 5.7
Changes in Restricted Stock Awards	Three-Months Ended Nine-Months Ended June 30, 2015 June 30, 2015 Number Fair Value per Share Number Fair Value per Share Beginning balance $ $ Shares granted - n/a - n/a Shares vested - n/a - n/a Shares forfeited - n/a - n/a Ending balance

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Jun. 30, 2015
Segment Information
Consolidated Net Sales and Earnings by Segment	Three-Months Ended Nine-Months Ended June 30, June 30, 2015 2014 2015 2014 Segment external net sales: Aerospace $ $ $ $ Energy Total consolidated net sales $ $ $ $ Segment earnings: Aerospace $ $ $ $ Energy Total segment earnings Nonsegment expenses Interest expense, net Consolidated earnings before income taxes $ $ $ $
Consolidated Total Assets by Segment	June 30, 2015 September 30, 2014 Segment assets: Aerospace $ $ Energy Total segment assets Unallocated corporate property, plant and equipment, net Other unallocated assets Consolidated total assets $ $

Recent Accounting Pronounceme46

Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Recent Accounting Pronouncements
Balance of unamortized debt issuance costs	$ 5,834	$ 4,276

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Payments for Repurchase of Common Stock		$ 157,118	$ 141,488
Goldman Sachs Accelerated Share Repurchase Program [Member]
Accelerated Share Repurchase Program, Execution Date	Jun. 2, 2015
Payments for Repurchase of Common Stock	$ 125,000
Purchases of treasury stock, shares	2,048
Stock Repurchase Program Expiration Date	Dec. 31, 2015
Dilutive effect of Accelerated Stock Repurchase shares	2,048

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		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share
Net earnings	$ 43,753	$ 46,001	$ 131,392	$ 114,182
Basic shares outstanding	64,781	65,845	65,088	66,736
Dilutive effect of stock options and restricted stock	1,446	1,302	1,416	1,294
Diluted shares outstanding	66,227	67,147	66,504	68,030
Basic earnings per share	$ 0.68	$ 0.70	$ 2.02	$ 1.71
Diluted earnings per share	$ 0.66	$ 0.69	$ 1.98	$ 1.68

Earnings Per Share (Anti-diluti

Earnings Per Share (Anti-dilutive Stock Options Excluded from Computation of Earnings Per Share) (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share
Options	0	677	699	236
Weighted-average option price		$ 40.99	$ 46.55	$ 41.05

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		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share
Weighted-average treasury stock shares held for deferred compensation obligations	182	206	194	220

Joint Venture (Narrative) (Deta

Joint Venture (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Proceeds from Sale of Productive Assets		$ 2,486	$ 258
Woodward and General Electric Joint Venture [Member]
Agreement to Form Joint Venture, Execution Date	May 20, 2015
Woodward and General Electric Joint Venture [Member] | Scenario, Forecast [Member]
Proceeds from Sale of Productive Assets	$ 250,000
Proceeds from Sale of Productive Assets, Annual Payments	$ 4,900
Equity Method Investment, Ownership Percentage	50.00%	50.00%

Financial Instruments and Fai52

Financial Instruments and Fair Value Measurements (Narrative) (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jun. 30, 2015	Sep. 30, 2014
Financial liability on recurring basis	$ 0	$ 0
Long Term Note Receivable From Municipality Within The State Of Illinois [Member]
Interest rate used to estimate fair value	3.30%	3.20%
Long Term Note Receivable From Municipality Within The State Of Colorado [Member]
Interest rate used to estimate fair value	3.30%	3.20%
Borrowings [Member]
Interest rate used to estimate fair value	2.60%	2.40%

Financial Instruments and Fai53

Financial Instruments and Fair Value Measurements (Financial Assets that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Equity securities	$ 10,399	$ 9,645
Total financial assets	97,783	124,932
Fair Value, Inputs, Level 1 [Member]
Equity securities	10,399	9,645
Total financial assets	97,783	124,932
Fair Value, Inputs, Level 2 [Member]
Equity securities	0	0
Total financial assets	0	0
Fair Value, Inputs, Level 3 [Member]
Equity securities	0	0
Total financial assets	0	0
Cash [Member]
Cash and cash equivalents	77,855	92,590
Cash [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	77,855	92,590
Cash [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents	0	0
Cash [Member] | Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents	0	0
Investments in Money Market Funds [Member]
Cash and cash equivalents	4,117	11,210
Investments in Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	4,117	11,210
Investments in Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents	0	0
Investments in Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents	0	0
Investments in Reverse Repurchase Agreements [Member]
Cash and cash equivalents	5,412	11,487
Investments in Reverse Repurchase Agreements [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	5,412	11,487
Investments in Reverse Repurchase Agreements [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents	0	0
Investments in Reverse Repurchase Agreements [Member] | Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents	$ 0	$ 0

Financial Instruments and Fai54

Financial Instruments and Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Notes receivable from municipalities, Carrying Cost	$ 15,631	$ 15,228
Short-term borrowings, Carrying Cost	(3,186)	0
Long-term debt, including current portion, Carrying Cost	(875,000)	(710,000)
Fair Value, Inputs, Level 2 [Member]
Notes receivable from municipalities, Estimated Fair Value	15,723	15,988
Long-term debt, including current portion, Estimated Fair Value	$ (901,979)	$ (752,513)

Derivative Instruments and He55

Derivative Instruments and Hedging Activities (Narrative) (Details) ¥ in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015CNY (¥)	Jun. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Net unrecognized losses on terminated derivative instruments expected to be reclassified to earnings			$ 64
Term of gain or loss recognition in interest expense on terminated derivatives recorded in OCI			12 months
Description of Net Investment Hedge Activity			In June 2015, Woodward designated an intercompany loan of 160,000 RMB between two wholly owned subsidiaries as a hedge of a foreign currency exposure of the net investment of the borrower in the lender. A foreign exchange gain on the loan of $11, net of taxes, is included in foreign currency translation adjustments within total comprehensive earnings for the three and nine-months ended June 30, 2015.
Intercompany Loan [Member]
Foreign exchange gain/loss on loan to hedge foreign currency exposure	$ 11
Value of Net Investment Hedging Instruments Used | ¥					¥ 160,000
Interest Expense [Member] | Derivatives in Cash Flow Hedging Relationships [Member]
Amount of Gain/Loss Recognized in Accumulated OCI on Derivative	$ 0	$ 0	$ 0	$ 0
Total Accumulated Other Comprehensive (Loss) Earnings [Member]
Unrecognized gains (loss)						$ 244	$ 170

Derivative Instruments and He56

Derivative Instruments and Hedging Activities (Impact of Derivative Instruments on Earnings) (Details) - Interest Expense [Member] - Derivatives in Cash Flow Hedging Relationships [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Amount of (Income) Expense Recognized in Earnings on Derivative	$ 25	$ 24	$ 74	$ 73
Amount of Gain/Loss Recognized in Accumulated OCI on Derivative	0	0	0	0
Amount of (Gain) Loss Reclassified from Accumulated OCI into Earnings	$ 25	$ 24	$ 74	$ 73

Supplemental Statements of Ca57

Supplemental Statements of Cash Flows Information (Schedule of Cash Flow Supplemental Disclosures) (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental Statements of Cash Flows Information
Interest paid, net of amounts capitalized	$ 30,090	$ 26,619
Income taxes paid	48,801	36,345
Income tax refunds received	426	1,617
Purchases of property, plant and equipment on account	39,122	19,193
Common shares issued from treasury for benefit plans (Note 18)	12,574	11,193
Notes receivable from municipalities for economic development incentives	0	6,596
Cashless exercise of stock options	0	715
Settlement of receivable through cashless acquisition of treasury shares in connection with the cashless exercise of stock options	$ 0	$ 871

Accounts Receivable (Schedule o

Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Accounts receivable	$ 274,902	$ 346,858
Allowance for uncollectible customer amounts	(5,127)	(7,078)
Trade Accounts Receivable [Member]
Accounts Receivable, Gross	266,422	291,584
Accounts Receivable from Chinese Financial Institution [Member]
Accounts Receivable, Gross	$ 13,607	$ 62,352

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Inventories
Raw Materials	$ 70,878	$ 60,442
Work in progress	99,493	93,836
Component Parts	263,410	247,299
Finished Goods	52,122	50,367
Inventory, net	$ 485,903	$ 451,944

Property, Plant, and Equipmen60

Property, Plant, and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2015	Sep. 30, 2014
Construction in progress	$ 216,021	$ 223,958
Property, Plant and Equipment, Net	688,336	513,279
Second Campus Rockford Illinois [Member]
Construction in progress	27,633	85,283
Capitalized interest	430	2,963
New Campus Fort Collins Colorado [Member]
Construction in progress	117,882	37,268
Capitalized interest	3,996	2,392
Building Site Niles Illinois [Member]
Construction in progress	4,960	55,629
Building and Building Improvements [Member] | Second Campus Rockford Illinois [Member]
Contruction in progress placed into service	120,000
Buildings and improvements and Office furniture and equipment [Member] | Building Site Niles Illinois [Member]
Contruction in progress placed into service	72,000
Assets Held-for-sale [Member] | Land and Building [Member]
Property, Plant and Equipment, Net	$ 692	$ 2,465

Property, Plant, and Equipmen61

Property, Plant, and Equipment, Net (Property, Plant, and Equipment - Net) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014
Property, Plant, and Equipment, Net
Land and Land Improvements	$ 63,626		$ 63,626		$ 66,303
Buildings and improvements	375,068		375,068		197,587
Leasehold improvements	17,696		17,696		20,026
Machinery and production equipment	338,531		338,531		326,403
Computer equipment and software	105,715		105,715		103,852
Office furniture and equipment	23,906		23,906		20,992
Other	18,466		18,466		18,839
Construction in progress	216,021		216,021		223,958
Property, Plant and Equipment, Gross, Total	1,159,029		1,159,029		977,960
Less accumulated depreciation	(470,693)		(470,693)		(464,681)
Property, Plant and Equipment, Net, Total	688,336		688,336		$ 513,279
Depreciation expense	11,280	$ 10,489	33,727	$ 32,183
Capitalized interest	$ 2,544	$ 1,676	$ 7,310	$ 3,965

Goodwill (Narrative) (Details)

Goodwill (Narrative) (Details) - 3 months ended Sep. 30, 2014 - USD ($)	Total
Impairment	$ 0
Assumed annual compound growth rate after five or ten years	4.20%
Minimum [Member]
Weighted average cost of capital assumption	8.93%
Maximum [Member]
Weighted average cost of capital assumption	11.04%

Goodwill (Goodwill) (Details)

Goodwill (Goodwill) (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2015USD ($)
Goodwill, Beginning Balance	$ 559,724
Effects of Currency Translation	(1,285)
Goodwill, Ending Balance	558,439
Aerospace [Member]
Goodwill, Beginning Balance	455,423
Effects of Currency Translation	0
Goodwill, Ending Balance	455,423
Energy [Member]
Goodwill, Beginning Balance	104,301
Effects of Currency Translation	(1,285)
Goodwill, Ending Balance	$ 103,016

Intangible Assets, Net (Schedul

Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets by Major Class) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014
Gross Carrying Value	$ 453,609		$ 453,609		$ 454,187
Accumulated Amortization	(220,992)		(220,992)		(199,415)
Net Carrying Amount	232,617		232,617		254,772
Amortization expense	7,224	$ 8,357	22,026	$ 25,498
Process Technology [Member]
Gross Carrying Value	99,885		99,885		99,683
Accumulated Amortization	(50,401)		(50,401)		(44,860)
Net Carrying Amount	49,484		49,484		54,823
Customer Relationships [Member]
Gross Carrying Value	323,791		323,791		323,931
Accumulated Amortization	(144,192)		(144,192)		(129,313)
Net Carrying Amount	179,599		179,599		194,618
Intellectual Property [Member]
Gross Carrying Value	19,473		19,473		19,954
Accumulated Amortization	(16,616)		(16,616)		(15,938)
Net Carrying Amount	2,857		2,857		4,016
Other Intangibles [Member]
Gross Carrying Value	10,460		10,460		10,619
Accumulated Amortization	(9,783)		(9,783)		(9,304)
Net Carrying Amount	677		677		1,315
Aerospace [Member]
Gross Carrying Value	367,930		367,930		367,930
Accumulated Amortization	(156,434)		(156,434)		(137,465)
Net Carrying Amount	211,496		211,496		230,465
Aerospace [Member] | Process Technology [Member]
Gross Carrying Value	76,605		76,605		76,605
Accumulated Amortization	(35,989)		(35,989)		(31,719)
Net Carrying Amount	40,616		40,616		44,886
Aerospace [Member] | Customer Relationships [Member]
Gross Carrying Value	282,225		282,225		282,225
Accumulated Amortization	(111,495)		(111,495)		(97,281)
Net Carrying Amount	170,730		170,730		184,944
Aerospace [Member] | Intellectual Property [Member]
Gross Carrying Value	0		0		0
Accumulated Amortization	0		0		0
Net Carrying Amount	0		0		0
Aerospace [Member] | Other Intangibles [Member]
Gross Carrying Value	9,100		9,100		9,100
Accumulated Amortization	(8,950)		(8,950)		(8,465)
Net Carrying Amount	150		150		635
Energy [Member]
Gross Carrying Value	85,679		85,679		86,257
Accumulated Amortization	(64,558)		(64,558)		(61,950)
Net Carrying Amount	21,121		21,121		24,307
Energy [Member] | Process Technology [Member]
Gross Carrying Value	23,280		23,280		23,078
Accumulated Amortization	(14,412)		(14,412)		(13,141)
Net Carrying Amount	8,868		8,868		9,937
Energy [Member] | Customer Relationships [Member]
Gross Carrying Value	41,566		41,566		41,706
Accumulated Amortization	(32,697)		(32,697)		(32,032)
Net Carrying Amount	8,869		8,869		9,674
Energy [Member] | Intellectual Property [Member]
Gross Carrying Value	19,473		19,473		19,954
Accumulated Amortization	(16,616)		(16,616)		(15,938)
Net Carrying Amount	2,857		2,857		4,016
Energy [Member] | Other Intangibles [Member]
Gross Carrying Value	1,360		1,360		1,519
Accumulated Amortization	(833)		(833)		(839)
Net Carrying Amount	$ 527		$ 527		$ 680

Intangible Assets, Net (Sched65

Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Intangible Assets, Net
2015 (remaining)	$ 7,230
2,016	27,568
2,017	25,861
2,018	25,037
2,019	23,201
Thereafter	123,720
Finite-Lived Intangible Assets, Net, Total	$ 232,617	$ 254,772

Credit Facilities, Short-term66

Credit Facilities, Short-term Borrowings (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2015	Sep. 30, 2014
Short-term borrowings	$ 3,186	$ 0
Foreign Lines of Credit And Overdraft Facilities [Member]
Outstanding borrowings	$ 0
Revolving Credit Facility [Member]
Variable Rate Basis	LIBOR
Revolving Credit Facility [Member] | Minimum [Member]
Basis Spread On Variable Rate	0.85%
Revolving Credit Facility [Member] | Maximum [Member]
Basis Spread On Variable Rate	1.65%
Amended Revolving Credit Agreement [Member]
Variable Rate Basis	LIBOR

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Dec. 31, 2013	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015	Sep. 30, 2014
Debt financing costs			$ 2,359	$ 1,297
Balance of unamortized debt issuance costs	$ 5,834		$ 5,834			$ 4,276
2008 Note Purchase Agreement [Member]
Issuance Date			Oct. 1, 2008
2009 Note Purchase Agreement [Member]
Issuance Date			Apr. 1, 2009
2013 Note Purchase Agreement [Member]
Issuance Date			Oct. 1, 2013
Face Amount	$ 250,000		$ 250,000
Debt financing costs		$ 1,297
Series J Notes [Member]
Variable Rate Basis			LIBOR
Basis Spread On Variable Rate			1.25%
Variable interest rate	1.53%		1.53%
First Closing Notes [Member]
Issuance Date			Oct. 1, 2013
Second Closing Notes [Member]
Issuance Date			Nov. 15, 2013
Foreign Lines of Credit And Overdraft Facilities [Member]
Outstanding borrowings	$ 0		$ 0
Revolving Credit Facility [Member]
Variable Rate Basis			LIBOR
Revolving Credit Facility [Member] | Minimum [Member]
Basis Spread On Variable Rate			0.85%
Revolving Credit Facility [Member] | Maximum [Member]
Basis Spread On Variable Rate			1.65%
Chinese Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	22,700		$ 22,700			22,700
Outstanding borrowings	$ 0		$ 0
Chinese Credit Facility, RMB Denominated Loan [Member]
Variable Rate Basis			interest at the prevailing interest rate offered by the People's Bank of China on the date of borrowing, plus a margin equal to 25% of that prevailing rate
Chinese Credit Facility, USD Denominated Loan [Member]
Variable Rate Basis			interest at the lender's cost of borrowing rate at the date of borrowing, plus 3%
Revolving Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 600,000
Outstanding borrowings						$ 210,000
Credit facility effective interest rate on outstanding borrowing						1.21%
Amended Revolving Credit Agreement [Member]
Variable interest rate	1.24%		1.24%
Debt Covenant, Leverage Ratio, Maximum
Debt Covenant, Minimum Consolidated Net Worth Calculation, Base Value	$ 800,000		$ 800,000
Debt Covenant, Minimum Consolidated Net Worth Calculation, Percentage of Net Income	50.00%		50.00%
Debt Covenant, Minimum Consolidated Net Worth Calculation, Percentage of Net Proceeds of Issuance of Capital Stock	50.00%		50.00%
Debt Covenant, Leverage Ratio During Material Acquisition Period, Maximum
Line of Credit Facility, Initiation Date	Apr. 28, 2015
Line of Credit Facility, Expiration Date			Apr. 28, 2020
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000		$ 1,000,000
Outstanding borrowings	$ 375,000		$ 375,000
Credit facility effective interest rate on outstanding borrowing	1.24%		1.24%
Amended Revolving Credit Agreement [Member] | Minimum [Member]
Basis Spread On Variable Rate			0.85%
Amended Revolving Credit Agreement [Member] | Maximum [Member]
Basis Spread On Variable Rate			1.65%

Long-term Debt (Schedule of Lon

Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2015	Sep. 30, 2014
Long-term debt balance	$ 875,000	$ 710,000
Short-term Debt	3,186	0
Series C Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 50,000	$ 50,000
Interest rate	5.92%	5.92%
Maturity date	Oct. 1, 2015	Oct. 1, 2015
Series D Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 100,000	$ 100,000
Interest rate	6.39%	6.39%
Maturity date	Oct. 1, 2018	Oct. 1, 2018
Series E Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 57,000	$ 57,000
Interest rate	7.81%	7.81%
Maturity date	Apr. 3, 2016	Apr. 3, 2016
Series F Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 43,000	$ 43,000
Interest rate	8.24%	8.24%
Maturity date	Apr. 3, 2019	Apr. 3, 2019
Series J Notes [Member]
Variable interest rate	1.53%
Variable Rate Basis	LIBOR
Basis Spread On Variable Rate	1.25%
Series J Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 50,000	$ 50,000
Basis Spread On Variable Rate	1.25%	1.25%
Maturity date	Nov. 15, 2020	Nov. 15, 2020
Series G Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 50,000	$ 50,000
Interest rate	3.42%	3.42%
Maturity date	Nov. 15, 2020	Nov. 15, 2020
Series H Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 25,000	$ 25,000
Interest rate	4.03%	4.03%
Maturity date	Nov. 15, 2023	Nov. 15, 2023
Series I Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 25,000	$ 25,000
Interest rate	4.18%	4.18%
Maturity date	Nov. 15, 2025	Nov. 15, 2025
Series K Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 50,000	$ 50,000
Interest rate	4.03%	4.03%
Maturity date	Nov. 15, 2023	Nov. 15, 2023
Series L Notes [Member] | Notes Payable to Banks [Member]
Long-term debt balance	$ 50,000	$ 50,000
Interest rate	4.18%	4.18%
Maturity date	Nov. 15, 2025	Nov. 15, 2025
Revolving Credit Facility [Member]
Long-term debt balance	$ 375,000	$ 210,000
Variable Rate Basis	LIBOR
Revolving Credit Facility [Member] | Minimum [Member]
Basis Spread On Variable Rate	0.85%
Revolving Credit Facility [Member] | Maximum [Member]
Basis Spread On Variable Rate	1.65%
Revolving Credit Agreement [Member]
Credit facility effective interest rate on outstanding borrowing		1.21%
Amended Revolving Credit Agreement [Member]
Variable interest rate	1.24%
Credit facility effective interest rate on outstanding borrowing	1.24%
Maturity date	Apr. 1, 2020
Amended Revolving Credit Agreement [Member] | Minimum [Member]
Basis Spread On Variable Rate	0.85%
Amended Revolving Credit Agreement [Member] | Maximum [Member]
Basis Spread On Variable Rate	1.65%
Chinese Credit Facility, RMB Denominated Loan [Member]
Variable Rate Basis	interest at the prevailing interest rate offered by the People's Bank of China on the date of borrowing, plus a margin equal to 25% of that prevailing rate
Chinese Credit Facility, USD Denominated Loan [Member]
Variable Rate Basis	interest at the lender's cost of borrowing rate at the date of borrowing, plus 3%

Accrued Liabilities (Accrued Li

Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2013
Accrued Liabilities
Salaries and other member benefits	$ 56,609	$ 95,031
Warranties	13,690	16,916	$ 16,796	$ 15,224
Interest payable	6,241	12,487
Current portion of acquired performance obligations and unfavorable contracts	8,417	16,432
Accrued retirement benefits	2,261	2,286
Deferred revenues	10,040	6,108
Taxes, other than income	6,535	8,557
Other	10,527	14,914
Accrued liabilities	$ 114,320	$ 172,731

Accrued Liabilities (Warranties

Accrued Liabilities (Warranties) (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accrued Liabilities
Warranties, beginning of period	$ 16,916	$ 15,224
Warranty Expense	6,651	7,006
Reductions for settling warranties	(9,245)	(5,552)
Foreign currency exchange rate changes	(632)	118
Warranties, end of period	$ 13,690	$ 16,796

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Other Liabilities
Net accrued retirement benefits, less amounts recognized within accrued liabilities	$ 38,039	$ 38,850
Total unrecognized tax benefits, net of offsetting adjustments	16,013	14,707
Acquired performance obligations and unfavorable contracts	4,712	12,792
Deferred economic incentives	19,107	18,408
Other	17,670	16,454
Other liabilities	$ 95,541	$ 101,211

Other (Income) Expense, Net (De

Other (Income) Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other (Income) Expense, Net
Net (gain) loss on sales of assets	$ (48)	$ (20)	$ (766)	$ 116
Rent income	(105)	(124)	(365)	(418)
Net gain on investments in deferred compensation program	10	(306)	(480)	(879)
Other	31	(19)	(40)	(85)
Other (income) expense, net	$ (112)	$ (469)	$ (1,651)	$ (1,266)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Income Taxes
Estimated decrease in liability for unrecognized tax benefits	$ 3,105
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	14,249	$ 12,807
Accrued interest and penalties	1,468	1,158
Unrecognized Tax Benefits	$ 23,769	$ 22,687

Income Taxes (Tax Expense and E

Income Taxes (Tax Expense and Effective Tax Rate) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Taxes
Earnings before income taxes	$ 57,559	$ 62,468	$ 172,222	$ 152,168
Income tax expense	$ 13,806	$ 16,467	$ 40,830	$ 37,986
Effective tax rate	24.00%	26.40%	23.70%	25.00%

Retirement Benefits (Narrative)

Retirement Benefits (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Value of Company Stock Contributed to Defined Contribution Benefit Plans	$ 12,574	$ 11,193	$ 12,574	$ 11,193
Treasury Stock Issued During Period, Shares, Employee Benefit Plans	259	260
Business Acquisition, Acquiree - Duarte Business [Member]
Pension and Other Postretirement Defined Benefit Plans Liabilities			80
Treasury Stock at Cost [Member]
Value of Company Stock Contributed to Defined Contribution Benefit Plans			$ 8,084	$ 8,356
Treasury Stock Issued During Period, Shares, Employee Benefit Plans			259	260

Retirement Benefits (Schedule o

Retirement Benefits (Schedule of Costs of Retirement Plans) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Multiemployer Plan [Member]
Company Contributions	$ 142	$ 180	$ 452	$ 555
Defined Contribution Plan [Member]
Company Costs	$ 7,908	$ 5,537	$ 23,034	$ 16,219

Retirement Benefits (Schedule77

Retirement Benefits (Schedule of Net Perioodic Benefit Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension Plans, Defined Benefit [Member]
Service cost	$ 697	$ 1,135	$ 2,103	$ 3,400
Interest cost	2,016	2,218	6,070	6,631
Expected return on plan assets	(3,413)	(3,213)	(10,268)	(9,607)
Amortization of: Net actuarial (gain) loss	146	249	439	738
Amortization of: Prior service (benefit) cost	96	18	288	53
Curtailment (gain) loss	0	(915)	0	(915)
Net periodic retirement pension (beneift) cost	(458)	(508)	(1,368)	300
Contributions paid	143	276	1,365	2,743
United States Pension Plans of US Entity, Defined Benefit [Member]
Service cost	504	872	1,513	2,616
Interest cost	1,489	1,602	4,475	4,815
Expected return on plan assets	(2,662)	(2,432)	(7,994)	(7,299)
Amortization of: Net actuarial (gain) loss	99	83	297	248
Amortization of: Prior service (benefit) cost	96	19	288	56
Curtailment (gain) loss	0	0	0	0
Net periodic retirement pension (beneift) cost	(474)	144	(1,421)	436
Contributions paid	0	100	0	400
Foreign Pension Plans, Defined Benefit [Member]
Service cost	193	263	590	784
Interest cost	527	616	1,595	1,816
Expected return on plan assets	(751)	(781)	(2,274)	(2,308)
Amortization of: Net actuarial (gain) loss	47	166	142	490
Amortization of: Prior service (benefit) cost	0	(1)	0	(3)
Curtailment (gain) loss	0	(915)	0	(915)
Net periodic retirement pension (beneift) cost	16	(652)	53	(136)
Contributions paid	143	176	1,365	2,343
Other Postretirement Benefit Plans, Defined Benefit [Member]
Service cost	7	11	22	35
Interest cost	308	358	925	1,074
Amortization of: Net actuarial (gain) loss	(18)	(50)	(54)	(150)
Amortization of: Prior service (benefit) cost	(40)	(40)	(119)	(119)
Net periodic retirement pension (beneift) cost	257	279	774	840
Contributions paid	$ 570	$ 481	$ 1,471	$ 1,849

Retirement Benefits (Schedule78

Retirement Benefits (Schedule of estimated remaining cash contributions) (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2015USD ($)
United States Pension Plans of US Entity, Defined Benefit [Member]
Estimated future employer contributions in the currect fiscal year	$ 21
United Kingdom Plan, Defined Benefit [Member]
Estimated future employer contributions in the currect fiscal year	274
Japan Plan, Defined Benefit [Member]
Estimated future employer contributions in the currect fiscal year	0
Other Postretirement Benefit Plans, Defined Benefit [Member]
Estimated future employer contributions in the currect fiscal year	$ 2,307

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Dec. 31, 2013	Jun. 30, 2015
Number of stock shares authorized for grants	7,410		7,410
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 12,201		$ 12,201
Unrecognized compensation cost is expected to be recognized over a weighted-average period			1 year 6 months
Forfeiture rate, Board of Directors	0.00%		0.00%
Forfeiture rate, non-Board of Directors	9.00%		9.00%
Stock Options [Member]
Vesting period, in years			4 years
Vesting rate			25.00%
Vested contractual term, in years			10 years
Restricted Stock Award [Member]
Vesting period, in years			4 years
Shares granted, Number of Shares	0	24	0
Service period for restricted stock award			4 years

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards) (Details)	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Estimated volatility	36.50%	38.50%
Estimated dividend yield	0.70%	0.80%
Minimum [Member]
Expected term	6 years 2 months 12 days	5 years 9 months 18 days
Risk-free interest rate	2.00%	1.70%
Maximum [Member]
Expected term	8 years 9 months 18 days	8 years 7 months 6 days
Risk-free interest rate	2.30%	2.50%

Stock-Based Compensation (Activ

Stock-Based Compensation (Activity for Stock Option Awards) (Details) - Jun. 30, 2015 - $ / shares shares in Thousands	Total	Total
Stock-Based Compensation
Number of options, beginning balance	5,111	4,501
Weighted Average Exercise Price Per Share, beginning balance	$ 30.86	$ 28.08
Options granted, Number of options	0	751
Options granted, Weighted Average Exercise Price Per Share		$ 46.55
Options exercised, Number of options	(320)	(428)
Options exercised, Weighted Average Exercise Price Per Share	$ 17.19	$ 18.55
Options forfeited, Number of options	(7)	(40)
Options forfeited, Weighted Average Exercise Price Per Share	$ 41.11	$ 37.80
Number of options, ending balance	4,784	4,784
Weighted Average Exercise Price Per Share, ending balance	$ 31.76	$ 31.76

Stock-Based Compensation (Chang

Stock-Based Compensation (Changes in Nonvested Stock Options) (Details) - Jun. 30, 2015 - $ / shares shares in Thousands	Total	Total
Stock-Based Compensation
Number of Options, beginning balance	1,747	1,679
Weighted-Average Exercise Price Per Share, beginning balance	$ 40.50	$ 34.83
Options granted, Number of options	0	751
Options granted, Weighted-Average Exercise Price Per Share		$ 46.55
Options vested, Number of options	(10)	(661)
Options vested, Weighted-Average Exercise Price Per Share	$ 34.04	$ 33.06
Options forfeited, Number of options	(7)	(39)
Options forfeited, Weighted-Average Exercise Price Per Share	$ 41.11	$ 37.80
Number of Options, ending balance	1,730	1,730
Weighted-Average Exercise Price Per Share, ending balance	$ 40.53	$ 40.53

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock Options Vested, Or Expected to Vest and Are Exercisable) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014
Stock-Based Compensation
Options outstanding, Number of options	4,784	5,111	4,501
Options outstanding, Weighted-Average Exercise Price	$ 31.76	$ 30.86	$ 28.08
Options outstanding, Weighted-Average Remaining Life in Years	5 years 9 months 18 days
Options outstanding, Aggregate Intrinsic Value	$ 111,163
Options vested and exercisable, Number of options	3,055
Options vested and exercisable, Weighted-Average Exercise Price Per Share	$ 26.79
Options vested and exercisable, Weighted-Average Remaining Life in Years	4 years 3 months 18 days
Options vested and exercisable, Aggregate Intrinsic Value	$ 86,162
Options vested and expected to vest, Number of options	4,682
Options vested and expected to vest, Weighted-Average Exercise Price Per Share	$ 31.50
Options vested and to expected vest, Weighted-Average Remaining Life in Years	5 years 8 months 12 days
Options vested and expected to vest, Aggregate Intrinsic Value	$ 109,961

Stock-Based Compensation (Cha84

Stock-Based Compensation (Changes in Restricted Stock Awards) (Details) - Restricted Stock Award [Member] - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Dec. 31, 2013	Jun. 30, 2015
Number of shares, beginning balance	24		24
Weighted-Average Grant Date Fair Value Per Share, beginning balance	$ 39.43		$ 39.43
Shares granted, Number of Shares	0	24	0
Shares vested, Number of Shares	0		0
Shares forfeited, Number of Shares	0		0
Number of shares, ending balance	24		24
Weighted-Average Grant Date Fair Value Per Share, ending balance	$ 39.43		$ 39.43

Segment Information (Consolidat

Segment Information (Consolidated Net Sales and Earnings by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net sales	$ 494,810	$ 524,284	$ 1,475,678	$ 1,435,793
Interest expense, net	(5,858)	(5,899)	(16,788)	(18,030)
Consolidated earnings before income taxes	57,559	62,468	172,222	152,168
Total of Reporting Segments [Member]
Net sales	494,810	524,284	1,475,678	1,435,793
Segment earnings (loss)	76,981	79,560	224,894	201,357
Aerospace [Member]
Net sales	288,480	274,923	825,676	765,816
Segment earnings (loss)	46,362	39,357	127,783	102,195
Energy [Member]
Net sales	206,330	249,361	650,002	669,977
Segment earnings (loss)	30,619	40,203	97,111	99,162
Unallocated Corporate [Member]
Segment earnings (loss)	$ (13,564)	$ (11,193)	$ (35,884)	$ (31,159)

Segment Information (Consolid86

Segment Information (Consolidated Total Assets by Segment) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Assets	$ 2,511,736	$ 2,397,202
Property, plant and equipment, net	688,336	513,279
Aerospace [Member]
Assets	1,529,882	1,440,355
Energy [Member]
Assets	628,995	610,345
Unallocated Corporate [Member]
Assets	274,430	273,510
Property, plant and equipment, net	78,429	72,992
Total of Reporting Segments [Member]
Assets	$ 2,158,877	$ 2,050,700

Uncategorized Items - wwd-20150

Label	Element	Value
Amended Revolving Credit Agreement [Member]
Line of Credit Facility, Option To Increase Maximum Borrowing Capacity	wwd_LineOfCreditFacilityOptionToIncreaseMaximumBorrowingCapacity	$ 1,200,000
Debt Covenant, Leverage Ratio Next Two Succeeding Fiscal Quarters Following Material Acquisition, Maximum	wwd_DebtCovenantRatioOfConsolidatedNetDebtToDebtCovenantEbitdaNextTwoSucceedingFiscalQuartersFollowingMaterialAcquisitionMaximum	3.75 to 1.0
Deferred Finance Costs, Gross	us-gaap_DeferredFinanceCostsGross	$ 2,359
Line of Credit Facility, Covenant Terms, Cross Default Provision	wwd_LineOfCreditFacilityCovenantTermsCrossDefaultProvision	$ 60,000
Brazil Credit Facility Brl Denominated Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity	us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity	$ 26,000
Outstanding borrowings	us-gaap_LineOfCreditFacilityFairValueOfAmountOutstanding	$ 3,186
Debt Instrument, Description of Variable Rate Basis	us-gaap_DebtInstrumentDescriptionOfVariableRateBasis	interest at the lender's cost of borrowing rate at the date of borrowing, plus 1.75%
Revolving Credit Agreement [Member]
Deferred Finance Costs, Gross	us-gaap_DeferredFinanceCostsGross	$ 2,014