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Segment Information
 6 Months Ended
Mar. 31, 2012
Segment Information - WWD  
Segment Information

Note 20. Segment information

Woodward serves two significant markets – the aerospace market and the energy market. In order to better serve these markets, Woodward completed a realignment of its reportable segments in September 2011 and now reports its financial results through two reportable segments – Aerospace and Energy. The Aerospace segment combines the aircraft propulsion portion of the former Turbine Systems business group, now referred to as the Aircraft Turbine Systems business group, with the Airframe Systems business group. The Energy segment combines the industrial turbine portion of the former Turbine Systems business group, now referred to as the Industrial Turbomachinery Systems business group, with the Engine Systems and Electrical Power Systems business groups.

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 Ending     Six-Months Ending  
     March 31,     March 31,  
     2012     2011     2012     2011  

Segment external net sales:

         

Aerospace

    $ 224,337      $ 204,945      $ 417,563      $ 386,089   

Energy

      244,456        213,921        459,126        397,852   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total consolidated net sales

    $ 468,793      $ 418,866      $ 876,689      $ 783,941   
  

 

 

    

 

 

    

 

 

    

 

 

  

Segment earnings:

         

Aerospace

    $ 33,681      $ 33,241      $ 60,741      $ 53,155   

Energy

      34,334        26,941        61,059        51,444   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total segment earnings

      68,015        60,182        121,800        104,599   

Nonsegment expenses

      (7,509 )      (7,481 )      (14,936 )      (14,045 ) 

Interest expense, net

      (6,468 )      (6,214 )      (12,650 )      (12,592 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated earnings before income taxes

    $ 54,038      $ 46,487      $ 94,214      $ 77,962   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

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,
2012		      September 30,
2011		  

Segment assets:

      

Aerospace

    $ 1,035,470       $ 1,036,797   

Energy

      604,689         569,929   
  

 

 

     

 

 

  

Total segment assets

      1,640,159         1,606,726   

Unallocated corporate property, plant and equipment, net

      12,137         8,556   

Other unallocated assets

      164,044         166,152   
  

 

 

     

 

 

  

Consolidated total assets

    $ 1,816,340       $ 1,781,434