Segment Information

3 Months Ended

Dec. 31, 2022

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 December 31,
	2022			2021
Segment external net sales:
Aerospace	$	395,685		$	336,435
Industrial		222,934			205,151
Total consolidated net sales	$	618,619		$	541,586
Segment earnings:
Aerospace	$	55,434		$	51,083
Industrial		11,402			23,693
Nonsegment expenses		(24,311	)		(29,365	)
Interest expense, net		(10,776	)		(7,665	)
Consolidated earnings before income taxes	$	31,749		$	37,746

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:

	December 31, 2022		September 30, 2022
Segment assets:
Aerospace	$	1,783,466	$	1,773,854
Industrial		1,466,976		1,380,446
Unallocated corporate property, plant and equipment, net		119,690		111,760
Other unallocated assets		524,676		540,386
Consolidated total assets	$	3,894,808	$	3,806,446