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Segment Information | 12 Months Ended
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Sep. 30, 2016
Segment Information |
Segment Information | Note 20. Segment information Woodward serves the aerospace, industrial and energy markets through its two reportable segments - Aerospace and Industrial. 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. In the first quarter of fiscal year 2016, Woodward changed the name of its Energy segment to Industrial. The term “energy” is largely viewed as “oil and gas” and therefore was not representative of the broader markets Woodward serves in this segment. 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 certain charges for restructuring costs, 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: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | Year Ended September 30,
﻿ | 2016 |  | 2015 |  | 2014
﻿Segment external net sales: |  |  |  |  |  |  |  |
﻿Aerospace | $ | 1,233,176 |  | $ | 1,160,883 |  | $ | 1,084,025
﻿Industrial |  | 789,902 |  |  | 877,420 |  |  | 917,215
﻿Total consolidated net sales | $ | 2,023,078 |  | $ | 2,038,303 |  | $ | 2,001,240
﻿Segment earnings: |  |  |  |  |  |  |  |
﻿Aerospace | $ | 232,166 |  | $ | 187,747 |  | $ | 159,200
﻿Industrial |  | 82,237 |  |  | 126,641 |  |  | 134,278
﻿Total segment earnings |  | 314,403 |  |  | 314,388 |  |  | 293,478
﻿Nonsegment expenses |  | (63,166) |  |  | (49,362) |  |  | (43,701)
﻿Interest expense, net |  | (24,751) |  |  | (24,077) |  |  | (22,533)
﻿Consolidated earnings before income taxes | $ | 226,486 |  | $ | 240,949 |  | $ | 227,244
﻿ |  |  |  |  |  |  |  |
Segment assets consist of accounts receivable, inventories, property, plant, and equipment, net, goodwill, and other intangibles, net. A summary of consolidated total assets, consolidated depreciation and amortization and consolidated capital expenditures follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | Year Ended September 30,
﻿ | 2016 |  | 2015 |  | 2014
﻿Segment assets: |  |  |  |  |  |  |  |
﻿Aerospace | $ | 1,637,522 |  | $ | 1,566,421 |  | $ | 1,440,355
﻿Industrial |  | 705,169 |  |  | 653,848 |  |  | 610,345
﻿Total segment assets |  | 2,342,691 |  |  | 2,220,269 |  |  | 2,050,700
﻿Unallocated corporate property, plant and equipment, net |  | 89,988 |  |  | 85,834 |  |  | 72,992
﻿Other unallocated assets |  | 209,683 |  |  | 206,301 |  |  | 234,911
﻿Consolidated total assets | $ | 2,642,362 |  | $ | 2,512,404 |  | $ | 2,358,603
﻿ |  |  |  |  |  |  |  |
﻿Segment depreciation and amortization: |  |  |  |  |  |  |  |
﻿Aerospace | $ | 40,825 |  | $ | 46,488 |  | $ | 46,895
﻿Industrial |  | 20,412 |  |  | 20,768 |  |  | 22,672
﻿Total segment depreciation and amortization |  | 61,237 |  |  | 67,256 |  |  | 69,567
﻿Unallocated corporate amounts |  | 7,799 |  |  | 7,979 |  |  | 7,786
﻿Consolidated depreciation and amortization | $ | 69,036 |  | $ | 75,235 |  | $ | 77,353
﻿ |  |  |  |  |  |  |  |
﻿Segment capital expenditures: |  |  |  |  |  |  |  |
﻿Aerospace | $ | 90,749 |  | $ | 150,021 |  | $ | 134,307
﻿Industrial |  | 62,065 |  |  | 113,292 |  |  | 55,780
﻿Total segment capital expenditures |  | 152,814 |  |  | 263,313 |  |  | 190,087
﻿Unallocated corporate amounts |  | 22,878 |  |  | 23,299 |  |  | 17,019
﻿Consolidated capital expenditures | $ | 175,692 |  | $ | 286,612 |  | $ | 207,106
Sales to General Electric were made by both of Woodward’s reportable segments and totaled approximately 17% of net sales in fiscal year 2016, 18% of net sales in fiscal year 2015, and 15% of net sales in fiscal year 2014. Accounts receivable from General Electric totaled approximately 14% of accounts receivable at September 30, 2016 and 15% of accounts receivable at September 30, 2015. U.S. Government related sales from Woodward’s reportable segments were as follows: ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | Direct U.S. Government Sales |  | Indirect U.S. Government Sales |  | Total U.S. Government Related Sales
﻿Year ended September 30, 2016 |  |  |  |  |  |  |  |
﻿Aerospace | $ | 103,026 |  | $ | 310,952 |  | $ | 413,978
﻿Industrial |  | 6,550 |  |  | 9,845 |  |  | 16,395
﻿Total net external sales | $ | 109,576 |  | $ | 320,797 |  | $ | 430,373
﻿Percentage of total net sales |  | 5% |  |  | 16% |  |  | 21%
﻿ |  |  |  |  |  |  |  |
﻿Year ended September 30, 2015 |  |  |  |  |  |  |  |
﻿Aerospace | $ | 92,322 |  | $ | 258,391 |  | $ | 350,713
﻿Industrial |  | 4,836 |  |  | 8,839 |  |  | 13,675
﻿Total net external sales | $ | 97,158 |  | $ | 267,230 |  | $ | 364,388
﻿Percentage of total net sales |  | 5% |  |  | 13% |  |  | 18%
﻿ |  |  |  |  |  |  |  |
﻿Year ended September 30, 2014 |  |  |  |  |  |  |  |
﻿Aerospace | $ | 76,982 |  | $ | 254,806 |  | $ | 331,788
﻿Industrial |  | 2,517 |  |  | 5,588 |  |  | 8,105
﻿Total net external sales | $ | 79,499 |  | $ | 260,394 |  | $ | 339,893
﻿Percentage of total net sales |  | 4% |  |  | 13% |  |  | 17%
﻿ |  |  |  |  |  |  |  |
Accounts receivable from the U.S. Government totaled approximately 2% of accounts receivable at September 30, 2016 and 3% of accounts receivable at September 30, 2015. The customers who account for approximately 10% or more of sales to each of Woodward’s reportable segments for the fiscal year ended September 30, 2016 follow: ﻿ ﻿
﻿ |  |
﻿ |  |
﻿ |  | Customer
﻿Aerospace |  | Boeing, United Technologies
﻿Industrial |  | General Electric
Net sales by geographical area, as determined by the location of the customer invoiced, were as follows: ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | Year Ended September 30,
﻿ | 2016 |  | 2015 |  | 2014
﻿United States | $ | 1,118,833 |  | $ | 1,054,895 |  | $ | 1,025,149
﻿Europe (1) |  | 537,901 |  |  | 569,322 |  |  | 519,721
﻿Asia |  | 228,683 |  |  | 241,875 |  |  | 299,755
﻿Other countries |  | 137,661 |  |  | 172,211 |  |  | 156,615
﻿Consolidated net sales | $ | 2,023,078 |  | $ | 2,038,303 |  | $ | 2,001,240
﻿ |  |  |  |  |  |  |  |
| (1) |  | As a percentage of consolidated net sales, net sales to customers in Germany accounted for 10% for the year ended September 30, 2016, 10% for the year ended September 30, 2015 and 9% for the year ended September 30, 2014.
Property, plant, and equipment, net by geographical area, as determined by the physical location of the assets, were as follows: ﻿ ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ | At September 30,
﻿ | 2016 |  | 2015
﻿United States | $ | 826,225 |  | $ | 704,686
﻿Germany |  | 24,468 |  |  | 25,634
﻿Other countries |  | 25,657 |  |  | 25,780
﻿Consolidated property, plant and equipment, net | $ | 876,350 |  | $ | 756,100
﻿

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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