Segment Information

6 Months Ended

Mar. 31, 2022

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,
	2022			2021			2022			2021
Segment external net sales:
Aerospace	$	372,757		$	364,706		$	709,192		$	686,373
Industrial		214,082			216,615			419,233			432,567
Total consolidated net sales	$	586,839		$	581,321		$	1,128,425		$	1,118,940
Segment earnings:
Aerospace	$	59,809		$	69,008		$	110,892		$	115,474
Industrial		17,234			27,871			40,927			60,759
Nonsegment expenses		(15,250	)		(10,426	)		(44,615	)		(33,785	)
Interest expense, net		(7,697	)		(7,966	)		(15,362	)		(16,377	)
Consolidated earnings before income taxes	$	54,096		$	78,487		$	91,842		$	126,071

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, 2022		September 30, 2021
Segment assets:
Aerospace	$	1,740,309	$	1,698,833
Industrial		1,456,062		1,453,423
Unallocated corporate property, plant and equipment, net		105,989		106,014
Other unallocated assets		588,184		832,734
Consolidated total assets	$	3,890,544	$	4,091,004