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v3.22.2.2
Revenue (Tables)
|
12 Months Ended |
|
Revenue From Contract With Customer [Abstract] |
|
Revenue Derived from Product Sales |
|
|
Year Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Manufactured products |
|
|
84 |
% |
|
|
86 |
% |
|
|
86 |
% |
MRO |
|
|
14 |
% |
|
|
13 |
% |
|
|
12 |
% |
Services |
|
|
2 |
% |
|
|
1 |
% |
|
|
2 |
% |
|
Schedule of Revenue Recognition Time |
The amount of revenue recognized as point in time or over time follows:
|
|
For the Year Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
Aerospace |
|
|
Industrial |
|
|
Consolidated |
|
|
Aerospace |
|
|
Industrial |
|
|
Consolidated |
|
|
Aerospace |
|
|
Industrial |
|
|
Consolidated |
|
Point in time |
|
$ |
593,233 |
|
|
$ |
509,737 |
|
|
$ |
1,102,970 |
|
|
$ |
481,422 |
|
|
$ |
527,233 |
|
|
$ |
1,008,655 |
|
|
$ |
590,817 |
|
|
$ |
592,157 |
|
|
$ |
1,182,974 |
|
Over time |
|
|
926,089 |
|
|
|
353,731 |
|
|
|
1,279,820 |
|
|
|
922,695 |
|
|
|
314,482 |
|
|
|
1,237,177 |
|
|
|
1,000,146 |
|
|
|
312,545 |
|
|
|
1,312,691 |
|
Total net sales |
|
$ |
1,519,322 |
|
|
$ |
863,468 |
|
|
$ |
2,382,790 |
|
|
$ |
1,404,117 |
|
|
$ |
841,715 |
|
|
$ |
2,245,832 |
|
|
$ |
1,590,963 |
|
|
$ |
904,702 |
|
|
$ |
2,495,665 |
|
|
Summary of Amounts Recognized Related to Changes in Estimated Total Lifetime Sales for Material Rights and Costs to Fulfill Contracts With Customers |
Amounts recognized related to changes in estimated total lifetime sales for material rights and costs to fulfill contracts with customers follows:
|
|
Year Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Revenue |
|
$ |
1,514 |
|
|
$ |
2,671 |
|
|
$ |
6,784 |
|
Cost of goods sold |
|
|
667 |
|
|
|
1,961 |
|
|
|
6,638 |
|
|
Summary of Amounts Recognized Related to Amortization of Costs to Fulfill Contracts and Contract Liabilities Not Related to Changes in Estimate |
Amounts recognized related to amortization of costs to fulfill contracts and contract liabilities, which were not related to changes in estimate, follows:
|
|
Year Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Revenue |
|
$ |
4,107 |
|
|
$ |
4,455 |
|
|
$ |
1,664 |
|
Cost of goods sold |
|
|
3,077 |
|
|
|
3,466 |
|
|
|
1,241 |
|
|
Schedule of Accounts Receivable |
Accounts receivable consisted of the following:
|
|
September 30, 2022 |
|
|
September 30, 2021 |
|
Billed receivables |
|
|
|
|
|
|
|
|
Trade accounts receivable |
|
$ |
359,364 |
|
|
$ |
298,951 |
|
Other (Chinese financial institutions) |
|
|
9,405 |
|
|
|
23,168 |
|
Total billed receivables |
|
|
368,769 |
|
|
|
322,119 |
|
Current unbilled receivables (contract assets) |
|
|
245,117 |
|
|
|
204,596 |
|
Total accounts receivable |
|
|
613,886 |
|
|
|
526,715 |
|
Less: Allowance for uncollectible amounts |
|
|
(3,922 |
) |
|
|
(3,664 |
) |
Total accounts receivable, net |
|
$ |
609,964 |
|
|
$ |
523,051 |
|
|
Schedule of Uncollectible Amounts And Change in Expected Allowance for Credit Losses for Trade Accounts Receivable and Unbilled Receivables |
The allowance for uncollectible amounts and change in expected credit losses for trade accounts receivable and unbilled receivables (contract assets) consisted of the following:
|
|
Year Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Balance, beginning |
|
$ |
3,664 |
|
|
$ |
8,359 |
|
|
$ |
8,936 |
|
Charged to costs and expenses, or sales allowance |
|
|
1,866 |
|
|
|
2,382 |
|
|
|
4,735 |
|
Deductions |
|
|
(1,587 |
) |
|
|
(7,255 |
) |
|
|
(5,342 |
) |
Other (deductions)/additions1 |
|
|
(21 |
) |
|
|
178 |
|
|
|
30 |
|
Balance, ending |
|
$ |
3,922 |
|
|
$ |
3,664 |
|
|
$ |
8,359 |
|
|
(1) |
Includes effects of foreign exchange rate changes during the period. |
|
Schedule of Contract Liability |
Contract liabilities consisted of the following:
|
|
September 30, 2022 |
|
|
September 30, 2021 |
|
|
|
Current |
|
|
Noncurrent |
|
|
Current |
|
|
Noncurrent |
|
Deferred revenue from material rights from GE joint venture formation |
|
$ |
5,754 |
|
|
$ |
234,516 |
|
|
$ |
4,771 |
|
|
$ |
234,237 |
|
Deferred revenue from advanced invoicing and/or prepayments from customers |
|
|
4,120 |
|
|
|
38 |
|
|
|
4,192 |
|
|
|
290 |
|
Liability related to customer supplied inventory |
|
|
12,442 |
|
|
|
— |
|
|
|
14,169 |
|
|
|
— |
|
Deferred revenue from material rights related to engineering and development funding |
|
|
8,347 |
|
|
|
161,791 |
|
|
|
6,395 |
|
|
|
151,797 |
|
Net contract liabilities |
|
$ |
30,663 |
|
|
$ |
396,345 |
|
|
$ |
29,527 |
|
|
$ |
386,324 |
|
|
Schedule of Disaggregation of Revenue |
Revenue by primary market for the Aerospace reportable segment was as follows:
|
|
Year Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Commercial OEM |
|
$ |
499,438 |
|
|
$ |
386,543 |
|
|
$ |
434,306 |
|
Commercial aftermarket |
|
|
420,881 |
|
|
|
306,547 |
|
|
|
399,843 |
|
Defense OEM |
|
|
422,016 |
|
|
|
509,815 |
|
|
|
526,264 |
|
Defense aftermarket |
|
|
176,987 |
|
|
|
201,212 |
|
|
|
230,550 |
|
Total Aerospace segment net sales |
|
$ |
1,519,322 |
|
|
$ |
1,404,117 |
|
|
$ |
1,590,963 |
|
Revenue by primary market for the Industrial reportable segment was as follows:
|
|
Year Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Reciprocating engines |
|
$ |
636,866 |
|
|
$ |
639,946 |
|
|
$ |
632,555 |
|
Industrial turbines |
|
|
226,602 |
|
|
|
201,769 |
|
|
|
222,366 |
|
Renewables1 |
|
|
— |
|
|
|
— |
|
|
|
49,781 |
|
Total Industrial segment net sales |
|
$ |
863,468 |
|
|
$ |
841,715 |
|
|
$ |
904,702 |
|
The customers who account for approximately 10% or more of net sales of each of Woodward’s reportable segments are as follows:
|
|
For the Year Ended September 30, |
|
|
2022 |
|
2021 |
Aerospace |
|
Raytheon Technologies, The Boeing Company, GE |
|
The Boeing Company, Raytheon Technologies, GE |
Industrial |
|
Rolls-Royce PLC,
Wärtsilä, Caterpillar |
|
Rolls-Royce PLC,
Weichai Westport, GE |
Net sales by geographic area, as determined based on the location of the customer, were as follows:
|
|
Year Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
Aerospace |
|
|
Industrial |
|
|
Consolidated |
|
|
Aerospace |
|
|
Industrial |
|
|
Consolidated |
|
|
Aerospace |
|
|
Industrial |
|
|
Consolidated |
|
United States |
|
$ |
1,105,860 |
|
|
$ |
205,740 |
|
|
$ |
1,311,600 |
|
|
$ |
1,103,373 |
|
|
$ |
174,750 |
|
|
$ |
1,278,123 |
|
|
$ |
1,231,004 |
|
|
$ |
195,450 |
|
|
$ |
1,426,454 |
|
Germany |
|
|
57,840 |
|
|
|
174,216 |
|
|
|
232,056 |
|
|
|
31,005 |
|
|
|
152,691 |
|
|
|
183,696 |
|
|
|
52,635 |
|
|
|
181,330 |
|
|
|
233,965 |
|
Europe, excluding Germany |
|
|
128,719 |
|
|
|
234,795 |
|
|
|
363,514 |
|
|
|
95,984 |
|
|
|
195,957 |
|
|
|
291,941 |
|
|
|
122,938 |
|
|
|
214,033 |
|
|
|
336,971 |
|
China |
|
|
49,407 |
|
|
|
86,972 |
|
|
|
136,379 |
|
|
|
35,286 |
|
|
|
178,983 |
|
|
|
214,269 |
|
|
|
38,359 |
|
|
|
171,526 |
|
|
|
209,885 |
|
Asia, excluding China |
|
|
23,334 |
|
|
|
128,855 |
|
|
|
152,189 |
|
|
|
23,363 |
|
|
|
114,137 |
|
|
|
137,500 |
|
|
|
27,068 |
|
|
|
113,001 |
|
|
|
140,069 |
|
Other countries |
|
|
154,162 |
|
|
|
32,890 |
|
|
|
187,052 |
|
|
|
115,106 |
|
|
|
25,197 |
|
|
|
140,303 |
|
|
|
118,959 |
|
|
|
29,362 |
|
|
|
148,321 |
|
Total net sales |
|
$ |
1,519,322 |
|
|
$ |
863,468 |
|
|
$ |
2,382,790 |
|
|
$ |
1,404,117 |
|
|
$ |
841,715 |
|
|
$ |
2,245,832 |
|
|
$ |
1,590,963 |
|
|
$ |
904,702 |
|
|
$ |
2,495,665 |
|
|
X |
- DefinitionTabular disclosure of allowance for credit loss on financing receivable.
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- DefinitionSummary of amounts recognized related to amortization of costs to fulfill contracts and contract liabilities not related to changes in estimate.
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