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Segment Information | 12 Months Ended
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Sep. 30, 2024
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Segment external net sales: |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 2,028,618 |  |  | $ | 1,768,103 |  |  | $ | 1,519,322 |
Industrial |  |  | 1,295,631 |  |  |  | 1,146,463 |  |  |  | 863,468 |
Total consolidated net sales |  | $ | 3,324,249 |  |  | $ | 2,914,566 |  |  | $ | 2,382,790 |
Segment earnings: |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 385,360 |  |  | $ | 290,104 |  |  | $ | 230,933 |
Industrial |  |  | 229,857 |  |  |  | 161,622 |  |  |  | 82,788 |
Nonsegment expenses |  |  | (119,745 | ) |  |  | (130,811 | ) |  |  | (81,092 | )
Interest Expense, net |  |  | (41,501 | ) |  |  | (45,147 | ) |  |  | (32,731 | )
Consolidated earnings before income taxes |  | $ | 453,971 |  |  | $ | 275,768 |  |  | $ | 199,898 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Segment assets: |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 1,936,507 |  |  | $ | 1,829,410 |  |  | $ | 1,773,854 |
Industrial |  |  | 1,509,495 |  |  |  | 1,490,341 |  |  |  | 1,380,446 |
Unallocated corporate property, plant and equipment, net |  |  | 120,946 |  |  |  | 104,962 |  |  |  | 111,760 |
Other unallocated assets |  |  | 801,967 |  |  |  | 585,490 |  |  |  | 540,386 |
Consolidated total assets |  | $ | 4,368,915 |  |  | $ | 4,010,203 |  |  | $ | 3,806,446 |
Segment depreciation and amortization: |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 55,305 |  |  | $ | 59,880 |  |  | $ | 60,176 |
Industrial |  |  | 49,779 |  |  |  | 51,167 |  |  |  | 50,584 |
Unallocated corporate amounts |  |  | 11,086 |  |  |  | 8,696 |  |  |  | 9,868 |
Consolidated depreciation and amortization |  | $ | 116,170 |  |  | $ | 119,743 |  |  | $ | 120,628 |
Segment capital expenditures: |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 55,989 |  |  | $ | 56,913 |  |  | $ | 23,253 |
Industrial |  |  | 41,930 |  |  |  | 21,855 |  |  |  | 12,399 |
Unallocated corporate amounts |  |  | (1,639 | ) |  |  | (2,268 | ) |  |  | 17,216 |
Consolidated capital expenditures |  | $ | 96,280 |  |  | $ | 76,500 |  |  | $ | 52,868 |
We had no customers who accounted for approximately 10% or more of our consolidated net sales for the fiscal year ended September 30, 2024. RTX Corporation was our largest customer during the fiscal year ended September 30, 2024. All sales were made by Woodward’s Aerospace segment and totaled approximately 9% of net sales in fiscal year 2024, 10% of net sales in fiscal year 2023, and 11% of net sales in fiscal year 2022. Accounts receivable from RTX Corporation totaled approximately 6% of accounts receivable at September 30, 2024 and 4% of accounts receivable at September 30, 2023. 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, 2024 |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 107,978 |  |  | $ | 443,370 |  |  | $ | 551,348 |
Industrial |  |  | 9,039 |  |  |  | 10,273 |  |  |  | 19,312 |
Total net external sales |  | $ | 117,017 |  |  | $ | 453,643 |  |  | $ | 570,660 |
Percentage of total net sales |  |  | 3 | % |  |  | 14 | % |  |  | 17 | %
Fiscal year ended September 30, 2023 |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 99,848 |  |  | $ | 363,835 |  |  | $ | 463,683 |
Industrial |  |  | 7,524 |  |  |  | 14,840 |  |  |  | 22,364 |
Total net external sales |  | $ | 107,372 |  |  | $ | 378,675 |  |  | $ | 486,047 |
Percentage of total net sales |  |  | 4 | % |  |  | 13 | % |  |  | 17 | %
Fiscal year ended September 30, 2022 |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 93,266 |  |  | $ | 433,646 |  |  | $ | 526,912 |
Industrial |  |  | 4,759 |  |  |  | 6,052 |  |  |  | 10,811 |
Total net external sales |  | $ | 98,025 |  |  | $ | 439,698 |  |  | $ | 537,723 |
Percentage of total net sales |  |  | 4 | % |  |  | 19 | % |  |  | 23 | %

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- Definition The entire disclosure for reporting segments including data and tables. 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