
	September 30, 2022		Additions		Effects of Foreign Currency Translation		September 30, 2023
Aerospace	$	455,423	$	—	$	—	$	455,423
Industrial		317,136		—		18,909		336,045
Consolidated	$	772,559	$	—	$	18,909	$	791,468


	September 30, 2021		Additions		Effects of Foreign Currency Translation			September 30, 2022
Aerospace	$	455,423	$	—	$	—		$	455,423
Industrial		349,910		8,526		(41,300	)		317,136
Consolidated	$	805,333	$	8,526	$	(41,300	)	$	772,559

On August 31, 2022, Woodward completed the acquisition of PM Control (see Note 10, Acquisitions) which resulted in the recognition of $8,526 in goodwill in the Company's Industrial segment.

Woodward tests goodwill for impairment at the reporting unit level on an annual basis or at any time there is an indication goodwill may be impaired, commonly referred to as triggering events. Woodward completed its annual goodwill impairment test as of July 31, 2023 during the quarter ended September 30, 2023. The fair value of each of Woodward’s reporting units was determined using a discounted cash flow method. This method represents a Level 3 input and incorporates various estimates and assumptions, the most significant being projected revenue growth rates, earnings margins, future tax rates, and the present value, based on an estimated weighted-average cost of capital (or the discount rate) and terminal growth rate, of forecasted cash flows. Management projects revenue growth rates, earnings margins, and cash flows based on each reporting unit’s current operational results, expected performance, and operational strategies over a five-year period. These projections are adjusted to reflect current economic conditions and demand for certain products and require considerable management judgment.

Forecasted cash flows used in the July 31, 2023 impairment test were discounted using weighted-average cost of capital assumptions ranging from 9.66% to 17.99%. The terminal values of the forecasted cash flows were calculated using the Gordon Growth Model and assumed an annual compound growth rate after five years of 4.59%. These inputs, which are unobservable in the market, represent management’s best estimate of what market participants would use in determining the present value of the Company’s forecasted cash flows. Changes in these estimates and assumptions can have a significant impact on the fair value of forecasted cash flows. Woodward evaluated the reasonableness of the reporting units’ resulting fair values utilizing a market multiple method. The results of Woodward’s goodwill impairment test performed as of July 31, 2023 did not indicate impairment of any of Woodward’s reporting units.