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Segment Information | 12 Months Ended
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Sep. 30, 2021
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:
|  | Year Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Segment external net sales: |  |  |  |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 1,404,117 |  |  | $ | 1,590,963 |  |  | $ | 1,880,520 |
Industrial |  |  | 841,715 |  |  |  | 904,702 |  |  |  | 1,019,677 |
Total consolidated net sales |  | $ | 2,245,832 |  |  | $ | 2,495,665 |  |  | $ | 2,900,197 |
Segment earnings: |  |  |  |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 234,356 |  |  | $ | 310,137 |  |  | $ | 389,126 |
Industrial |  |  | 108,672 |  |  |  | 100,321 |  |  |  | 93,521 |
Nonsegment expenses |  |  | (64,442 | ) |  |  | (94,530 | ) |  |  | (119,447 | )
Interest Expense, net |  |  | (32,787 | ) |  |  | (34,047 | ) |  |  | (42,588 | )
Consolidated earnings before income taxes |  | $ | 245,799 |  |  | $ | 281,881 |  |  | $ | 320,612 |
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, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 1,698,833 |  |  | $ | 1,752,516 |  |  | $ | 1,900,657 |
Industrial |  |  | 1,453,423 |  |  |  | 1,529,411 |  |  |  | 1,561,441 |
Unallocated corporate property, plant and equipment, net |  |  | 106,014 |  |  |  | 106,380 |  |  |  | 114,887 |
Other unallocated assets |  |  | 832,734 |  |  |  | 515,029 |  |  |  | 379,541 |
Consolidated total assets |  | $ | 4,091,004 |  |  | $ | 3,903,336 |  |  | $ | 3,956,526 |
Segment depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 62,075 |  |  | $ | 63,530 |  |  | $ | 60,710 |
Industrial |  |  | 56,885 |  |  |  | 57,444 |  |  |  | 71,173 |
Unallocated corporate amounts |  |  | 10,564 |  |  |  | 10,184 |  |  |  | 10,121 |
Consolidated depreciation and amortization |  | $ | 129,524 |  |  | $ | 131,158 |  |  | $ | 142,004 |
Segment capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 17,303 |  |  | $ | 26,148 |  |  | $ | 56,525 |
Industrial |  |  | 15,164 |  |  |  | 10,631 |  |  |  | 30,195 |
Unallocated corporate amounts |  |  | 5,222 |  |  |  | 10,308 |  |  |  | 12,346 |
Consolidated capital expenditures |  | $ | 37,689 |  |  | $ | 47,087 |  |  | $ | 99,066 |
Sales to Boeing were made by Woodward’s Aerospace segment and totaled approximately 13% of net sales in fiscal year 2021, 14% of net sales in fiscal year 2020, and 15% of net sales in fiscal year 2019. Sales to GE were made by both of Woodward’s reportable segments and totaled approximately 11% of net sales in fiscal year 2021 and 2020, and 14% of net sales in fiscal year 2019. Accounts receivable from Boeing totaled approximately 14% of accounts receivable at September 30, 2021 and 13% of accounts receivable at September 30, 2020. Accounts receivable from GE totaled approximately 10% of accounts receivable at September 30, 2021 and 9% of accounts receivable at and September 30, 2020. 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 |
Fiscal year ended September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 116,832 |  |  | $ | 526,118 |  |  | $ | 642,950 |
Industrial |  |  | 7,732 |  |  |  | 2,442 |  |  |  | 10,174 |
Total net external sales |  | $ | 124,564 |  |  | $ | 528,560 |  |  | $ | 653,124 |
Percentage of total net sales |  |  | 6 | % |  |  | 23 | % |  |  | 29 | %
Fiscal year ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 149,416 |  |  | $ | 536,424 |  |  | $ | 685,840 |
Industrial |  |  | 5,867 |  |  |  | 17,473 |  |  |  | 23,340 |
Total net external sales |  | $ | 155,283 |  |  | $ | 553,897 |  |  | $ | 709,180 |
Percentage of total net sales |  |  | 6 | % |  |  | 22 | % |  |  | 28 | %
Fiscal year ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 118,334 |  |  | $ | 545,306 |  |  | $ | 663,640 |
Industrial |  |  | 4,491 |  |  |  | 13,810 |  |  |  | 18,301 |
Total net external sales |  | $ | 122,825 |  |  | $ | 559,116 |  |  | $ | 681,941 |
Percentage of total net sales |  |  | 4 | % |  |  | 19 | % |  |  | 23 | %

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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