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Retirement Benefits | 6 Months Ended
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Mar. 31, 2023
Compensation And Retirement Disclosure [Abstract] |
Retirement Benefits | Note 20. Retirement benefits Woodward provides various retirement 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 matching contributions to eligible employee accounts, which are also deferred for employee personal income tax purposes. Certain non-U.S. employees are also eligible to participate in similar non-U.S. plans. Woodward’s U.S. employees receive an annual contribution of Woodward stock, equal to 5% of their eligible prior year wages, to their personal Woodward Retirement Savings Plan accounts. Woodward fulfilled its annual Woodward stock contribution obligation using shares held in treasury stock by issuing a total of 187 shares of common stock for a value of $19,307 in the second quarter of fiscal year 2023, compared to a total of 150 shares of common stock for a value of $17,168 in the second quarter of fiscal year 2022. The amount of expense associated with defined contribution plans was as follows:
|  | Three-Months Ended March 31, |  |  | Six-Months Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Company costs |  | $ | 11,838 |  |  | $ | 9,499 |  |  | $ | 21,940 |  |  | $ | 20,450 |
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 Germany. 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, their covered dependents, and beneficiaries in the United States. 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, 2022, 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 |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | 224 |  |  | $ | 388 |  |  | $ | 332 |  |  | $ | 609 |  |  | $ | 556 |  |  | $ | 997 |
Interest cost |  |  | 1,825 |  |  |  | 1,321 |  |  |  | 778 |  |  |  | 422 |  |  |  | 2,603 |  |  |  | 1,743 |
Expected return on plan assets |  |  | (2,075 | ) |  |  | (2,714 | ) |  |  | (573 | ) |  |  | (640 | ) |  |  | (2,648 | ) |  |  | (3,354 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  |  | 73 |  |  |  | 64 |  |  |  | (153 | ) |  |  | 146 |  |  |  | (80 | ) |  |  | 210 |
Prior service cost |  |  | 175 |  |  |  | 245 |  |  |  | 6 |  |  |  | 6 |  |  |  | 181 |  |  |  | 251 |
Net periodic retirement pension cost (benefit) |  | $ | 222 |  |  | $ | (696 | ) |  | $ | 390 |  |  | $ | 543 |  |  | $ | 612 |  |  | $ | (153 | )
Contributions paid |  | $ | — |  |  | $ | — |  |  | $ | 736 |  |  | $ | 811 |  |  | $ | 736 |  |  | $ | 811 |
|  | Six-Months Ended March 31, |
|  | United States |  |  | Other Countries |  |  | Total |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | 447 |  |  | $ | 777 |  |  | $ | 652 |  |  | $ | 1,230 |  |  | $ | 1,099 |  |  | $ | 2,007 |
Interest cost |  |  | 3,649 |  |  |  | 2,641 |  |  |  | 1,528 |  |  |  | 848 |  |  |  | 5,177 |  |  |  | 3,489 |
Expected return on plan assets |  |  | (4,149 | ) |  |  | (5,427 | ) |  |  | (1,124 | ) |  |  | (1,285 | ) |  |  | (5,273 | ) |  |  | (6,712 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  |  | 146 |  |  |  | 129 |  |  |  | (301 | ) |  |  | 292 |  |  |  | (155 | ) |  |  | 421 |
Prior service cost |  |  | 349 |  |  |  | 490 |  |  |  | 11 |  |  |  | 12 |  |  |  | 360 |  |  |  | 502 |
Net periodic retirement pension cost (benefit) |  | $ | 442 |  |  | $ | (1,390 | ) |  | $ | 766 |  |  | $ | 1,097 |  |  | $ | 1,208 |  |  | $ | (293 | )
Contributions paid |  | $ | — |  |  | $ | — |  |  | $ | 1,298 |  |  | $ | 1,499 |  |  | $ | 1,298 |  |  | $ | 1,499 |
The components of net periodic retirement pension costs other than the service cost and interest cost components are included in the line item “Other (income) expense, net”, and the interest component is included in the line item “Interest expense” in the Condensed Consolidated Statements of Earnings. The components of the net periodic other postretirement benefit costs recognized are as follows:
|  | Three-Months Ended March 31, |  |  | Six-Months Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 226 |  |  |  | 145 |  |  |  | 452 |  |  |  | 289 |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial gain |  |  | (124 | ) |  |  | (23 | ) |  |  | (248 | ) |  |  | (47 | )
Prior service cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net periodic other postretirement cost |  | $ | 102 |  |  | $ | 122 |  |  | $ | 204 |  |  | $ | 242 |
Contributions paid |  | $ | 444 |  |  | $ | 457 |  |  | $ | 885 |  |  | $ | 928 |
The components of net periodic other postretirement benefit costs other than the service cost and interest cost components are included in the line item “Other (income) expense, net”, and the interest cost component is included in the line item “Interest expense” in the Condensed Consolidated Statements of Earnings. 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 2023 may differ from the current estimate. Woodward estimates its remaining cash contributions in fiscal year 2023 will be as follows:
Retirement pension benefits: |  |  |
United States |  | $ | — |
United Kingdom |  |  | 481 |
Japan |  |  | — |
Germany |  |  | 401 |
Other postretirement benefits |  |  | 1,931 |

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