Segment Information

6 Months Ended

Mar. 31, 2024

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 March 31,						Six Months Ended March 31,
	2024			2023			2024			2023
Segment external net sales:
Aerospace	$	497,512		$	437,017		$	958,268		$	832,702
Industrial		337,831			281,197			663,805			504,131
Total consolidated net sales	$	835,343		$	718,214		$	1,622,073		$	1,336,833
Segment earnings:
Aerospace	$	98,451		$	73,314		$	177,453		$	128,748
Industrial		65,244			37,571			132,125			48,973
Nonsegment expenses		(32,834	)		(58,307	)		(59,034	)		(82,618	)
Interest expense, net		(10,237	)		(12,337	)		(20,200	)		(23,113	)
Consolidated earnings before income taxes	$	120,624		$	40,241		$	230,344		$	71,990

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, 2024		September 30, 2023
Segment assets:
Aerospace	$	1,890,089	$	1,829,410
Industrial		1,563,424		1,490,341
Unallocated corporate property, plant, and equipment, net		120,202		104,962
Other unallocated assets		792,544		585,490
Consolidated total assets	$	4,366,259	$	4,010,203