Segment Information

9 Months Ended

Jun. 30, 2015

Segment Information

Segment Information

Note 21.  Segment information

Woodward serves the aerospace market and the energy market through its two reportable segments - Aerospace and Energy.  Woodward’s reportable segments are aggregations of Woodward’s operating segments.  Woodward uses reportable segment information internally to manage its business, including the assessment of business segment performance and decisions for the allocation of resources between 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 excludes matters such as charges for restructuring costs, interest income and expense, and certain gains and losses from asset dispositions. 

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

	Three-Months Ended				Nine-Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
Segment external net sales:
Aerospace	$	288,480	$	274,923	$	825,676	$	765,816
Energy		206,330		249,361		650,002		669,977
Total consolidated net sales	$	494,810	$	524,284	$	1,475,678	$	1,435,793
Segment earnings:
Aerospace	$	46,362	$	39,357	$	127,783	$	102,195
Energy		30,619		40,203		97,111		99,162
Total segment earnings		76,981		79,560		224,894		201,357
Nonsegment expenses		(13,564)		(11,193)		(35,884)		(31,159)
Interest expense, net		(5,858)		(5,899)		(16,788)		(18,030)
Consolidated earnings before income taxes	$	57,559	$	62,468	$	172,222	$	152,168

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, 2015		September 30, 2014
Segment assets:
Aerospace	$	1,529,882	$	1,440,355
Energy		628,995		610,345
Total segment assets		2,158,877		2,050,700
Unallocated corporate property, plant and equipment, net		78,429		72,992
Other unallocated assets		274,430		273,510
Consolidated total assets	$	2,511,736	$	2,397,202