Segment Information

9 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

Note 23.  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						Nine-Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
Segment external net sales:
Aerospace	$	340,912		$	306,494		$	1,027,285		$	1,254,655
Industrial		215,763			217,332			648,330			709,746
Total consolidated net sales	$	556,675		$	523,826		$	1,675,615		$	1,964,401
Segment earnings:
Aerospace	$	53,167		$	41,096		$	168,641		$	251,645
Industrial		27,166			27,438			87,925			81,640
Nonsegment expenses		(13,546	)		(15,158	)		(47,331	)		(94,360	)
Interest expense, net		(8,089)			(8,360	)		(24,466	)		(25,162	)
Consolidated earnings before income taxes	$	58,698		$	45,016		$	184,769		$	213,763

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, 2021		September 30, 2020
Segment assets:
Aerospace	$	1,711,257	$	1,752,516
Industrial		1,533,123		1,529,411
Unallocated corporate property, plant and equipment, net		102,576		106,380
Other unallocated assets		741,699		515,029
Consolidated total assets	$	4,088,655	$	3,903,336