Segment Information

9 Months Ended

Jun. 30, 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 June 30,						Nine Months Ended June 30,
	2023			2022			2023			2022
Segment external net sales:
Aerospace	$	480,531		$	401,712		$	1,313,233		$	1,110,904
Industrial		320,132			212,620			824,263			631,853
Total consolidated net sales	$	800,663		$	614,332		$	2,137,496		$	1,742,757
Segment earnings:
Aerospace	$	83,075		$	56,566		$	211,823		$	167,458
Industrial		58,197			21,102			107,170			62,029
Nonsegment expenses		(23,875	)		(19,201	)		(106,493	)		(63,816	)
Interest expense, net		(11,659	)		(8,180	)		(34,772	)		(23,542	)
Consolidated earnings before income taxes	$	105,738		$	50,287		$	177,728		$	142,129

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, 2023		September 30, 2022
Segment assets:
Aerospace	$	1,819,068	$	1,773,854
Industrial		1,523,239		1,380,446
Unallocated corporate property, plant and equipment, net		104,417		111,760
Other unallocated assets		562,839		540,386
Consolidated total assets	$	4,009,563	$	3,806,446