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Goodwill | 12 Months Ended
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Sep. 30, 2014
Goodwill Disclosure |
Goodwill | Note 10. Goodwill
|  | September 30, 2013 |  | Additions |  | Effects of Foreign Currency Translation |  | September 30, 2014
Aerospace |  | $ | 455,107 |  | $ | - |  | $ | 316 |  | $ | 455,423
Energy |  |  | 106,351 |  |  | - |  |  | (2,050) |  |  | 104,301
Consolidated |  | $ | 561,458 |  | $ | - |  | $ | (1,734) |  | $ | 559,724
|  | September 30, 2012 |  | Additions |  | Effects of Foreign Currency Translation |  | September 30, 2013
Aerospace |  | $ | 356,773 |  | $ | 98,310 |  | $ | 23 |  | $ | 455,107
Energy |  |  | 104,601 |  |  | - |  |  | 1,750 |  |  | 106,351
Consolidated |  | $ | 461,374 |  | $ | 98,310 |  | $ | 1,773 |  | $ | 561,458
On December 28, 2012, Woodward completed the acquisition of the Duarte Business (Note 4, Business acquisitions), which resulted in the recognition of $98,310 in goodwill. The operations of the Duarte Business have been integrated into Woodward’s Aerospace segment. Woodward tests goodwill for impairment at the reporting unit level on an annual basis and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Based on the relevant U.S. GAAP authoritative guidance, Woodward aggregates components of a single operating segment into a reporting unit, if appropriate. The impairment tests consist of comparing the implied fair value of each reporting unit with its carrying amount including goodwill. If the carrying amount of the reporting unit exceeds its implied fair value, Woodward compares the implied fair value of goodwill with the recorded carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value of goodwill, an impairment loss would be recognized to reduce the carrying amount to its implied fair value. Woodward completed its annual goodwill impairment test as of July 31, 2014 during the quarter ended September 30, 2014. At that date, Woodward determined it was appropriate to aggregate certain components of the same operating segment into a single aggregated reporting unit. The fair value of each of Woodward’s reporting units was determined using a discounted cash flow method. This method represents a Level 3 input and incorporates various estimates and assumptions, the most significant being projected revenue growth rates, earnings margins, future tax rates, and the present value, based on an estimated weighted-average cost of capital (or the discount rate) and terminal growth rate, of forecasted cash flows. Management projects revenue growth rates, earnings margins and cash flows based on each reporting unit’s current operational results, expected performance and operational strategies over a five or ten-year period. These projections are adjusted to reflect current economic conditions and demand for certain products, and require considerable management judgment. Forecasted cash flows used in the July 31, 2014 impairment test were discounted using weighted-average cost of capital assumptions ranging from 8.93% to 11.04%. The terminal values of the forecasted cash flows were calculated using the Gordon Growth Model and assumed an annual compound growth rate after five or ten years of 4.20%. These inputs, which are unobservable in the market, represent management’s best estimate of what market participants would use in determining the present value of the Company’s forecasted cash flows. Changes in these estimates and assumptions can have a significant impact on the fair value of forecasted cash flows. Woodward evaluated the reasonableness of the reporting unit’s resulting fair values utilizing a market multiple method. The results of Woodward’s goodwill impairment tests performed as of July 31, 2014 indicated the estimated fair value of each reporting unit was substantially in excess of its carrying value, and accordingly, no impairment existed.

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