XML 36 R29.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Retirement Benefits | 6 Months Ended
--- | ---
Mar. 31, 2024
Retirement Benefits [Abstract] |
Retirement Benefits | Note 19. 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 "Retirement Savings Plan"). The Retirement Savings 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 159 shares of common stock for a value of $21,887 in the second quarter of fiscal year 2024, compared to a total of 187 shares of common stock for a value of $19,307 in the second quarter of fiscal year 2023. The amount of expense associated with defined contribution plans was as follows:
|  | Three Months Ended March 31, |  |  | Six Months Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Company costs |  | $ | 12,902 |  |  | $ | 11,838 |  |  | $ | 24,077 |  |  | $ | 21,940 |
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, 2023, 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 |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Service cost |  | $ | 194 |  |  | $ | 224 |  |  | $ | 312 |  |  | $ | 332 |  |  | $ | 506 |  |  | $ | 556 |
Interest cost |  |  | 1,900 |  |  |  | 1,825 |  |  |  | 803 |  |  |  | 778 |  |  |  | 2,703 |  |  |  | 2,603 |
Expected return on plan assets |  |  | (2,271 | ) |  |  | (2,075 | ) |  |  | (602 | ) |  |  | (573 | ) |  |  | (2,873 | ) |  |  | (2,648 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  |  | 56 |  |  |  | 73 |  |  |  | (171 | ) |  |  | (153 | ) |  |  | (115 | ) |  |  | (80 | )
Prior service cost |  |  | 175 |  |  |  | 175 |  |  |  | 5 |  |  |  | 6 |  |  |  | 180 |  |  |  | 181 |
Net periodic retirement pension cost |  | $ | 54 |  |  | $ | 222 |  |  | $ | 347 |  |  | $ | 390 |  |  | $ | 401 |  |  | $ | 612 |
Contributions paid |  | $ | — |  |  | $ | — |  |  | $ | 746 |  |  | $ | 736 |  |  | $ | 746 |  |  | $ | 736 |
|  | Six Months Ended March 31, |
|  | United States |  |  | Other Countries |  |  | Total |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Service cost |  | $ | 388 |  |  | $ | 447 |  |  | $ | 621 |  |  | $ | 652 |  |  | $ | 1,009 |  |  | $ | 1,099 |
Interest cost |  |  | 3,799 |  |  |  | 3,649 |  |  |  | 1,596 |  |  |  | 1,528 |  |  |  | 5,395 |  |  |  | 5,177 |
Expected return on plan assets |  |  | (4,542 | ) |  |  | (4,149 | ) |  |  | (1,194 | ) |  |  | (1,124 | ) |  |  | (5,736 | ) |  |  | (5,273 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  |  | 113 |  |  |  | 146 |  |  |  | (339 | ) |  |  | (301 | ) |  |  | (226 | ) |  |  | (155 | )
Prior service cost |  |  | 349 |  |  |  | 349 |  |  |  | 11 |  |  |  | 11 |  |  |  | 360 |  |  |  | 360 |
Net periodic retirement pension cost |  | $ | 107 |  |  | $ | 442 |  |  | $ | 695 |  |  | $ | 766 |  |  | $ | 802 |  |  | $ | 1,208 |
Contributions paid |  | $ | — |  |  | $ | — |  |  | $ | 1,339 |  |  | $ | 1,298 |  |  | $ | 1,339 |  |  | $ | 1,298 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Interest cost |  | $ | 225 |  |  | $ | 226 |  |  | $ | 451 |  |  | $ | 452 |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial gain |  |  | (139 | ) |  |  | (124 | ) |  |  | (278 | ) |  |  | (248 | )
Net periodic other postretirement cost |  | $ | 86 |  |  | $ | 102 |  |  | $ | 173 |  |  | $ | 204 |
Contributions paid |  | $ | 413 |  |  | $ | 444 |  |  | $ | 825 |  |  | $ | 885 |
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 2024 may differ from the current estimate. Woodward estimates its remaining cash contributions in fiscal year 2024 will be as follows:
Retirement pension benefits: |  |  |
United States |  | $ | — |
United Kingdom |  |  | 558 |
Japan |  |  | — |
Germany |  |  | 493 |
Other postretirement benefits |  |  | 1,851 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480794/715-70-50-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration