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Segment Information
 3 Months Ended
Dec. 31, 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

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

Segment external net sales:

 

 

 

 

 

 

 

 

Aerospace

 

$

321,667

 

 

$

473,925

 

Industrial

 

 

215,952

 

 

 

246,430

 

Total consolidated net sales

 

$

537,619

 

 

$

720,355

 

Segment earnings:

 

 

 

 

 

 

 

 

Aerospace

 

$

46,466

 

 

$

92,911

 

Industrial

 

 

32,888

 

 

 

28,230

 

Nonsegment expenses

 

 

(23,359

)

 

 

(51,071

)

Interest expense, net

 

 

(8,411

)

 

 

(8,522

)

Consolidated earnings before income taxes

 

$

47,584

 

 

$

61,548

 

 

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:

 

 

 

December 31, 2020

 

 

September 30, 2020

 

Segment assets:

 

 

 

 

 

 

 

 

Aerospace

 

$

1,717,820

 

 

$

1,752,516

 

Industrial

 

 

1,560,889

 

 

 

1,529,411

 

Unallocated corporate property, plant and equipment, net

 

 

103,830

 

 

 

106,380

 

Other unallocated assets

 

 

576,966

 

 

 

515,029

 

Consolidated total assets

 

$

3,959,505

 

 

$

3,903,336