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Retirement Benefits | 6 Months Ended
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Mar. 31, 2014
Retirement Benefits - General |
Retirement Benefits | Note 18. Retirement benefits Woodward provides various benefits to eligible members of the Company, including contributions to various defined contribution plans, pension benefits associated with defined benefit plans, postretirement medical benefits and postretirement life insurance benefits. Eligibility requirements and benefit levels vary depending on employee location. Defined contribution plans Most of the Company’s U.S. employees are eligible to participate in the U.S. defined contribution plan. The U.S. defined contribution plan allows employees to defer part of their annual income for income tax purposes into their personal 401(k) accounts. The Company makes contributions to eligible employee accounts, which are also deferred for employee personal income tax purposes. Certain foreign employees are also eligible to participate in foreign plans. Most of Woodward’s U.S. employees with at least two years of service receive an annual contribution of Woodward stock, equal to 5% of their eligible prior year wages, to their personal Woodward Retirement Savings Plan accounts. In the second quarter of fiscal years 2014 and 2013, Woodward fulfilled its annual Woodward stock contribution obligation using shares held in treasury stock by issuing 260 shares of common stock for a total value of $11,193 and 250 shares of common stock for a total value of $9,780, respectively. The amount of expense associated with defined contribution plans was as follows:
|  | Three-Months Ended |  | Six-Months Ended
|  | March 31, |  | March 31,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Company costs |  | $ | 5,393 |  | $ | 4,449 |  | $ | 10,682 |  | $ | 9,373
Defined benefit plans Woodward has defined benefit plans that provide pension benefits for certain retired employees in the United States, the United Kingdom, Japan, and Switzerland. Woodward also provides other postretirement benefits to its employees including postretirement medical benefits and life insurance benefits. Postretirement medical benefits are provided to certain current and retired employees and their covered dependants and beneficiaries in the United States and the United Kingdom. Life insurance benefits are provided to certain retirees in the United States under frozen plans, which are no longer available to current employees. A September 30 measurement date is utilized to value plan assets and obligations for all of Woodward’s defined benefit pension and other postretirement benefit plans. U.S. GAAP requires that, for obligations outstanding as of September 30, 2013, the funded status reported in interim periods shall be the same asset or liability recognized in the previous year end statement of financial position adjusted for (a) subsequent accruals of net periodic benefit cost that exclude the amortization of amounts previously recognized in other comprehensive income (for example, subsequent accruals of service cost, interest cost, and return on plan assets) and (b) contributions to a funded plan or benefit payments. The components of the net periodic retirement pension costs recognized are as follows:
|  | Three-Months Ended March 31,
|  | United States |  | Other Countries |  | Total
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013
Service cost |  | $ | 872 |  | $ | 1,107 |  | $ | 262 |  | $ | 262 |  | $ | 1,134 |  | $ | 1,369
Interest cost |  |  | 1,603 |  |  | 1,392 |  |  | 605 |  |  | 525 |  |  | 2,208 |  |  | 1,917
Expected return on plan assets |  |  | (2,433) |  |  | (2,045) |  |  | (770) |  |  | (648) |  |  | (3,203) |  |  | (2,693)
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  |  | 82 |  |  | 343 |  |  | 163 |  |  | 115 |  |  | 245 |  |  | 458
Prior service cost (benefit) |  |  | 18 |  |  | 18 |  |  | (1) |  |  | (2) |  |  | 17 |  |  | 16
Net periodic retirement pension (benefit) cost |  | $ | 142 |  | $ | 815 |  | $ | 259 |  | $ | 252 |  | $ | 401 |  | $ | 1,067
Contributions paid |  | $ | 200 |  | $ | 1,500 |  | $ | 596 |  | $ | 443 |  | $ | 796 |  | $ | 1,943
|  | Six-Months Ended March 31,
|  | United States |  | Other Countries |  | Total
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013
Service cost |  | $ | 1,744 |  | $ | 2,214 |  | $ | 521 |  | $ | 543 |  | $ | 2,265 |  | $ | 2,757
Interest cost |  |  | 3,213 |  |  | 2,784 |  |  | 1,200 |  |  | 1,073 |  |  | 4,413 |  |  | 3,857
Expected return on plan assets |  |  | (4,867) |  |  | (4,090) |  |  | (1,527) |  |  | (1,327) |  |  | (6,394) |  |  | (5,417)
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  |  | 165 |  |  | 687 |  |  | 324 |  |  | 239 |  |  | 489 |  |  | 926
Prior service cost (benefit) |  |  | 37 |  |  | 37 |  |  | (2) |  |  | (4) |  |  | 35 |  |  | 33
Net periodic retirement pension (benefit) cost |  | $ | 292 |  | $ | 1,632 |  | $ | 516 |  | $ | 524 |  | $ | 808 |  | $ | 2,156
Contributions paid |  | $ | 300 |  | $ | 3,000 |  | $ | 2,167 |  | $ | 2,257 |  | $ | 2,467 |  | $ | 5,257
The components of the net periodic other postretirement benefit costs recognized are as follows:
|  | Three-Months Ended |  | Six-Months Ended
|  | March 31, |  | March 31,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Service cost |  | $ | 12 |  | $ | 18 |  | $ | 24 |  | $ | 36
Interest cost |  |  | 358 |  |  | 311 |  |  | 716 |  |  | 622
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  |  | (50) |  |  | (17) |  |  | (100) |  |  | (34)
Prior service cost (benefit) |  |  | (39) |  |  | (39) |  |  | (79) |  |  | (79)
Net periodic other postretirement (benefit) cost |  | $ | 281 |  | $ | 273 |  | $ | 561 |  | $ | 545
Contributions paid |  | $ | 862 |  | $ | 587 |  | $ | 1,368 |  | $ | 1,343
The amount of cash contributions made to these plans in any year is dependent upon a number of factors, including minimum funding requirements in the jurisdictions in which Woodward operates and arrangements made with trustees of certain foreign plans. As a result, the actual funding in fiscal year 2014 may differ from the current estimate. Woodward estimates its remaining cash contributions in fiscal year 2014 will be as follows:
Retirement pension benefits: |  |  |
United States |  | $ | 200
United Kingdom |  |  | 927
Japan |  |  | -
Switzerland |  |  | 66
Other postretirement benefits |  |  | 2,586
Multiemployer defined benefit plans Woodward operates two multiemployer defined benefit plans for certain employees in the Netherlands and Japan. The amounts of contributions associated with the multiemployer plans were as follows:
|  | Three-Months Ended |  | Six-Months Ended
|  | March 31, |  | March 31,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Company contributions |  | $ | 185 |  | $ | 201 |  | $ | 375 |  | $ | 411

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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