Segment Information

6 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

Note 23. Segment information

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

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

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

	Three-Months Ended March 31,						Six-Months Ended March 31,
	2023			2022			2023			2022
Segment external net sales:
Aerospace	$	437,017		$	372,757		$	832,702		$	709,192
Industrial		281,197			214,082			504,131			419,233
Total consolidated net sales	$	718,214		$	586,839		$	1,336,833		$	1,128,425
Segment earnings:
Aerospace	$	73,314		$	59,809		$	128,748		$	110,892
Industrial		37,571			17,234			48,973			40,927
Nonsegment expenses		(58,307	)		(15,250	)		(82,618	)		(44,615	)
Interest expense, net		(12,337	)		(7,697	)		(23,113	)		(15,362	)
Consolidated earnings before income taxes	$	40,241		$	54,096		$	71,990		$	91,842

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:

	March 31, 2023		September 30, 2022
Segment assets:
Aerospace	$	1,817,510	$	1,773,854
Industrial		1,510,413		1,380,446
Unallocated corporate property, plant and equipment, net		106,055		111,760
Other unallocated assets		577,555		540,386
Consolidated total assets	$	4,011,533	$	3,806,446