Segment Information

3 Months Ended

Dec. 31, 2019

Note 23. Segment information

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

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

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



	Three-Months Ended
	December 31,
	2019		2018
Segment external net sales:
Aerospace	$	473,925	$	392,887
Industrial		246,430		259,924
Total consolidated net sales	$	720,355	$	652,811
Segment earnings:
Aerospace	$	92,911	$	72,854
Industrial		28,230		29,169
Nonsegment expenses		(51,071)		(29,001)
Interest expense, net		(8,522)		(11,507)
Consolidated earnings before income taxes	$	61,548	$	61,515

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



	December 31, 2019		September 30, 2019
Segment assets:
Aerospace	$	1,905,846	$	1,900,657
Industrial		1,520,687		1,561,441
Unallocated corporate property, plant and equipment, net		108,669		114,887
Other unallocated assets		471,967		379,541
Consolidated total assets	$	4,007,169	$	3,956,526