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Segment Information
 6 Months Ended
Mar. 31, 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.

Woodward has 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:





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three-Months Ended

 

Six-Months Ended



 

March 31,

 

March 31,



 

2016

 

2015

 

2016

 

2015

Segment external net sales:

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

 290,690 

 

$

 281,426 

 

$

 559,289 

 

$

 537,196 

Industrial

 

 

 188,692 

 

 

 211,796 

 

 

 365,203 

 

 

 443,672 

Total consolidated net sales

 

$

 479,382 

 

$

 493,222 

 

$

 924,492 

 

$

 980,868 

Segment earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

 50,578 

 

$

 45,628 

 

$

 94,064 

 

$

 81,421 

Industrial

 

 

 19,469 

 

 

 27,224 

 

 

 41,020 

 

 

 66,492 

Total segment earnings

 

 

 70,047 

 

 

 72,852 

 

 

 135,084 

 

 

 147,913 

Nonsegment expenses

 

 

 (9,888)

 

 

 (10,153)

 

 

 (40,508)

 

 

 (22,320)

Interest expense, net

 

 

 (5,793)

 

 

 (5,108)

 

 

 (12,254)

 

 

 (10,930)

Consolidated earnings before income taxes

 

$

 54,366 

 

$

 57,591 

 

$

 82,322 

 

$

 114,663 





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, 2016

 

September 30, 2015

Segment assets:

 

 

 

 

 

 

Aerospace

 

$

 1,585,195 

 

$

 1,566,421 

Industrial

 

 

 681,721 

 

 

 653,848 

Total segment assets

 

 

 2,266,916 

 

 

 2,220,269 

Unallocated corporate property, plant and equipment, net

 

 

 91,904 

 

 

 85,834 

Other unallocated assets

 

 

 210,596 

 

 

 207,813 

Consolidated total assets

 

$

 2,569,416 

 

$

 2,513,916