Segment Information

6 Months Ended

Mar. 31, 2021

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						Six-Months Ended
	March 31,						March 31,
	2021			2020			2021			2020
Segment external net sales:
Aerospace	$	364,706		$	474,236		$	686,373		$	948,161
Industrial		216,615			245,984			432,567			492,414
Total consolidated net sales	$	581,321		$	720,220		$	1,118,940		$	1,440,575
Segment earnings:
Aerospace	$	69,008		$	117,638		$	115,474		$	210,549
Industrial		27,871			25,972			60,759			54,202
Nonsegment expenses		(10,426	)		(28,131	)		(33,785	)		(79,202	)
Interest expense, net		(7,966	)		(8,280	)		(16,377	)		(16,802	)
Consolidated earnings before income taxes	$	78,487		$	107,199		$	126,071		$	168,747

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, 2021		September 30, 2020
Segment assets:
Aerospace	$	1,735,452	$	1,752,516
Industrial		1,529,109		1,529,411
Unallocated corporate property, plant and equipment, net		103,949		106,380
Other unallocated assets		652,262		515,029
Consolidated total assets	$	4,020,772	$	3,903,336