Property, Plant, and Equipment, Net

3 Months Ended

Dec. 31, 2014

Note 9. Property, plant, and equipment



	December 31,		September 30,
	2014		2014
Land and land improvements	$	65,727	$	66,303
Buildings and improvements		255,406		197,587
Leasehold improvements		19,749		20,026
Machinery and production equipment		325,619		326,403
Computer equipment and software		103,862		103,852
Office furniture and equipment		21,105		20,992
Other		18,439		18,839
Construction in progress		221,458		223,958
		1,031,365		977,960
Less accumulated depreciation		(465,092)		(464,681)
Property, plant and equipment, net	$	566,273	$	513,279

Included in “Land and land improvements” and “Buildings and improvements” are assets held for sale of $2,280 at December 31, 2014 and $2,465 at September 30, 2014. The change in value is due to changes in foreign currency exchange rates between September 30, 2014 and December 31, 2014.

Woodward is developing a second campus in the greater-Rockford, Illinois area for its Aerospace segment in order to address the growth expected over the next ten years and beyond and to support a substantial number of recently awarded new system platforms, particularly on narrow-body aircraft. Included in “Construction in progress” are $102,763 at December 31, 2014 and $85,283 at September 30, 2014, of costs associated with the construction of the second campus and new equipment purchases, including capitalized interest of $3,947 at December 31, 2014 and $2,963 at September 30, 2014.

Woodward is also developing a new campus at its corporate headquarters in Fort Collins, Colorado to support the continued growth of its Energy segment by supplementing its existing Colorado manufacturing facilities and corporate headquarters. Included in “Construction in progress” are $49,058 at December 31, 2014 and $37,268 at September 30, 2014, of costs associated with the construction of the new campus, including capitalized interest of $2,331 at December 31, 2014 and $2,392 at September 30, 2014.

In addition, in September 2013, Woodward invested in a building site in Niles, Illinois. Woodward is building a new facility on this site for its Aerospace segment and has started to relocate some of its operations currently residing in nearby Skokie, Illinois to this new facility. Included in “Construction in progress” are $2,019 at December 31, 2014 and $55,629 at September 30, 2014 of costs, as approximately $63,000 of assets were placed in service in December 2014 and were recorded to “Buildings and improvements.”

For the three-months ended December 31, 2014 and December 31, 2013, Woodward had depreciation expense of the following:

For the three-months ended December 31, 2014 and December 31, 2013, Woodward capitalized interest that would have otherwise been included in interest expense of the following:

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

Three-Months Ended

December 31,

Depreciation expense