Segment Information

3 Months Ended

Dec. 31, 2016

Segment Information

Segment Information

Note 20.  Segment information

Woodward serves the aerospace, industrial and energy markets through its two reportable segments - Aerospace and Industrial.  When appropriate, Woodward’s reportable segments are aggregations of Woodward’s operating segments.  Woodward uses operating segment information internally to manage its business, including the assessment of operating segment performance and decisions for the allocation of resources between operating segments.

The accounting policies of the reportable segments are the same as those of the Company.  Woodward evaluates segment profit or loss based on internal performance measures for each segment in a given period.  In connection with that assessment, Woodward generally excludes matters such as certain charges for restructuring costs, interest income and expense, certain gains and losses from asset dispositions, or other non-recurring and/or non-operationally related expenses. 

A summary of consolidated net sales and earnings by segment follows:

	Three-Months Ended
	December 31,
	2016		2015
Segment external net sales:
Aerospace	$	266,680	$	268,599
Industrial		176,214		176,511
Total consolidated net sales	$	442,894	$	445,110
Segment earnings:
Aerospace	$	46,877	$	43,486
Industrial		17,998		21,551
Total segment earnings		64,875		65,037
Nonsegment expenses		(11,381)		(30,620)
Interest expense, net		(6,435)		(6,461)
Consolidated earnings before income taxes	$	47,059	$	27,956

Segment assets consist of accounts receivable, inventories, property, plant, and equipment, net, goodwill, and other intangibles, net.  A summary of consolidated total assets by segment follows:

	December 31, 2016		September 30, 2016
Segment assets:
Aerospace	$	1,611,306	$	1,637,522
Industrial		663,886		705,169
Total segment assets		2,275,192		2,342,691
Unallocated corporate property, plant and equipment, net		89,990		89,988
Other unallocated assets		211,033		209,683
Consolidated total assets	$	2,576,215	$	2,642,362