Segment Information

3 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

Note 22. 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,
	2023			2022
Segment external net sales:
Aerospace	$	460,756		$	395,685
Industrial		325,974			222,934
Total consolidated net sales	$	786,730		$	618,619
Segment earnings:
Aerospace	$	79,002		$	55,434
Industrial		66,881			11,402
Nonsegment expenses		(26,200	)		(24,311	)
Interest expense, net		(9,963	)		(10,776	)
Consolidated earnings before income taxes	$	109,720		$	31,749

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, 2023		September 30, 2023
Segment assets:
Aerospace	$	1,838,875	$	1,829,410
Industrial		1,574,497		1,490,341
Unallocated corporate property, plant, and equipment, net		122,740		104,962
Other unallocated assets		594,693		585,490
Consolidated total assets	$	4,130,805	$	4,010,203