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Segment Information
 9 Months Ended
Jun. 30, 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

 

Nine-Months Ended

 

 

June 30,

 

June 30,

 

 

2014

 

2013

 

2014

 

2013

Segment external net sales:

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$
274,923 

 

$
272,218 

 

$
765,816 

 

$
754,100 

Energy

 

 
249,361 

 

 
211,541 

 

 
669,977 

 

 
623,511 

Total consolidated net sales

 

$
524,284 

 

$
483,759 

 

$
1,435,793 

 

$
1,377,611 

Segment earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$
39,357 

 

$
38,949 

 

$
102,195 

 

$
111,740 

Energy

 

 
40,203 

 

 
12,430 

 

 
99,162 

 

 
60,573 

Total segment earnings

 

 
79,560 

 

 
51,379 

 

 
201,357 

 

 
172,313 

Nonsegment expenses

 

 
(11,193)

 

 
(9,227)

 

 
(31,159)

 

 
(27,952)

Interest expense, net

 

 
(5,899)

 

 
(6,655)

 

 
(18,030)

 

 
(19,991)

Consolidated earnings before income taxes

 

$
62,468 

 

$
35,497 

 

$
152,168 

 

$
124,370 

 

 

 

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, 2014

 

September 30, 2013

Segment assets:

 

 

 

 

 

 

Aerospace

 

$
1,385,207 

 

$
1,361,861 

Energy

 

 
600,974 

 

 
599,007 

Total segment assets

 

 
1,986,181 

 

 
1,960,868 

Unallocated corporate property, plant and equipment, net

 

 
64,990 

 

 
50,115 

Other unallocated assets

 

 
271,902 

 

 
207,535 

Consolidated total assets

 

$
2,323,073 

 

$
2,218,518