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Segment Information
 9 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Segment Information

Note 23.  Segment information

Woodward serves the aerospace and industrial markets through its two reportable segments – Aerospace and Industrial.  When appropriate, 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.  

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 generally excludes matters such as certain charges for restructuring, 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

 

 

Nine-Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Segment external net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

306,494

 

 

$

498,775

 

 

$

1,254,655

 

 

$

1,374,616

 

Industrial

 

 

217,332

 

 

 

253,230

 

 

 

709,746

 

 

 

789,044

 

Total consolidated net sales

 

$

523,826

 

 

$

752,005

 

 

$

1,964,401

 

 

$

2,163,660

 

Segment earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

$

41,096

 

 

$

103,238

 

 

$

251,645

 

 

$

277,814

 

Industrial

 

 

27,438

 

 

 

26,240

 

 

 

81,640

 

 

 

82,537

 

Nonsegment expenses

 

 

(15,158

)

 

 

(26,714

)

 

 

(94,360

)

 

 

(83,211

)

Interest expense, net

 

 

(8,360

)

 

 

(10,450

)

 

 

(25,162

)

 

 

(33,143

)

Consolidated earnings before income taxes

 

$

45,016

 

 

$

92,314

 

 

$

213,763

 

 

$

243,997

 

 

Segment assets consist of accounts receivable, inventories, property, plant, and equipment, net, goodwill, and other intangibles, net.  A summary of consolidated total assets follows:

 

 

 

June 30, 2020

 

 

September 30, 2019

 

Segment assets:

 

 

 

 

 

 

 

 

Aerospace

 

$

1,807,013

 

 

$

1,900,657

 

Industrial

 

 

1,531,655

 

 

 

1,561,441

 

Unallocated corporate property, plant and equipment, net

 

 

104,285

 

 

 

114,887

 

Other unallocated assets

 

 

463,716

 

 

 

379,541

 

Consolidated total assets

 

$

3,906,669

 

 

$

3,956,526