Segment Information

9 Months Ended

Jun. 30, 2017

Segment Information

Segment Information

Note 21.  Segment information

Woodward serves the aerospace, industrial and energy 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 costs, 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,
	2017		2016		2017		2016
Segment external net sales:
Aerospace	$	355,992	$	308,582	$	943,198	$	867,871
Industrial		192,630		199,082		548,699		564,285
Total consolidated net sales	$	548,622	$	507,664	$	1,491,897	$	1,432,156
Segment earnings:
Aerospace	$	67,173	$	57,726	$	172,277	$	151,790
Industrial		20,870		21,963		55,957		62,983
Nonsegment expenses		(12,945)		(10,369)		(43,090)		(50,877)
Interest expense, net		(6,411)		(5,912)		(19,162)		(18,166)
Consolidated earnings before income taxes	$	68,687	$	63,408	$	165,982	$	145,730

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, 2017		September 30, 2016
Segment assets:
Aerospace	$	1,699,831	$	1,637,522
Industrial		662,650		705,169
Unallocated corporate property, plant and equipment, net		97,953		89,988
Other unallocated assets		218,889		209,683
Consolidated total assets	$	2,679,323	$	2,642,362