	September 30, 2019		Impairment Charges			Additions		Effects of Foreign Currency Translation		September 30, 2020
Aerospace	$	455,423	$	—		$	—	$	—	$	455,423
Industrial		342,430		(8,640	)		—		19,039		352,829
Consolidated	$	797,853	$	(8,640	)	$	—	$	19,039	$	808,252

	September 30, 2018		Impairment Charges		Additions		Effects of Foreign Currency Translation			September 30, 2019
Aerospace	$	455,423	$	—	$	—	$	—		$	455,423
Industrial		357,827		—		—		(15,397	)		342,430
Consolidated	$	813,250	$	—	$	—	$	(15,397	)	$	797,853

In the first quarter of fiscal year 2020, Woodward determined that the approved plan to divest of the disposal group (see Note 11, Sale of businesses) represented a triggering event requiring the long-lived assets attributable to the disposal group be assessed for impairment. Given the facts and circumstances at the time, Woodward determined that the remaining value of the goodwill of the disposal group was not recoverable and an $8,640 non-cash impairment charge was recorded during the fiscal year ended September 30, 2020.

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, 2020 during the quarter ended September 30, 2020. 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 ten 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, 2020 impairment test were discounted using weighted-average cost of capital assumptions ranging from 8.30% to 9.99%. 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 3.44%. 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, 2020 did not indicate impairment of any of Woodward’s reporting units. Woodward’s July 31, 2020 goodwill analysis indicated a premium of approximately 17% compared to the carrying value of one of its reporting units in the Aerospace segment, which is primarily comprised of the thrust reverser actuation systems (“TRAS”) business and was significantly impacted by the COVID-19 related declines in commercial OEM and aftermarket. Woodward is not aware of any facts, circumstances or triggering events that have arisen indicating that goodwill has been impaired or that the premium of approximately 17% has changed significantly for this reporting unit since Woodward’s July 31, 2020 analysis.