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Segment Information
 6 Months Ended
Mar. 31, 2014
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

 

Six-Months Ended

 

 

March 31,

 

March 31,

 

 

2014

 

2013

 

2014

 

2013

Segment external net sales:

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$
261,021 

 

$
270,493 

 

$
490,893 

 

$
481,882 

Energy

 

 
221,446 

 

 
215,020 

 

 
420,616 

 

 
411,970 

Total consolidated net sales

 

$
482,467 

 

$
485,513 

 

$
911,509 

 

$
893,852 

Segment earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$
40,289 

 

$
41,223 

 

$
62,838 

 

$
72,791 

Energy

 

 
31,888 

 

 
24,235 

 

 
58,959 

 

 
48,143 

Total segment earnings

 

 
72,177 

 

 
65,458 

 

 
121,797 

 

 
120,934 

Nonsegment expenses

 

 
(9,293)

 

 
(8,174)

 

 
(19,966)

 

 
(18,725)

Interest expense, net

 

 
(6,128)

 

 
(6,948)

 

 
(12,131)

 

 
(13,336)

Consolidated earnings before income taxes

 

$
56,756 

 

$
50,336 

 

$
89,700 

 

$
88,873 

 

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, 2014

 

September 30, 2013

Segment assets:

 

 

 

 

 

 

Aerospace

 

$
1,362,822 

 

$
1,361,861 

Energy

 

 
586,551 

 

 
599,007 

Total segment assets

 

 
1,949,373 

 

 
1,960,868 

Unallocated corporate property, plant and equipment, net

 

 
62,944 

 

 
50,115 

Other unallocated assets

 

 
226,123 

 

 
207,535 

Consolidated total assets

 

$
2,238,440 

 

$
2,218,518