Retirement Benefits

9 Months Ended

Jun. 30, 2011

Retirement Benefits

Retirement Benefits

Note 16. 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. A September 30 measurement date is utilized to value plan assets and obligations for all Woodward defined benefit pension and other postretirement benefit plans.

U.S. GAAP requires that, for obligations outstanding as of September 30, 2010, 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 Ending June 30,
	United States						United Kingdom						Japan						Switzerland
	2011			2010			2011			2010			2011			2010			2011
Service cost	$	858		$	911		$	118		$	92		$	107		$	97		$	48
Interest cost		1,412			1,222			527			483			45			58			12
Expected return on plan assets		(1,673	)		(1,189	)		(572	)		(505	)		(65	)		(59	)		(12	)
Amortization of:
Transition obligation		—			—			—			—			—			21			—
Net actuarial loss		78			173			165			127			62			54			—
Prior service cost (benefit)		19			(65	)		—			—			(2	)		(2	)		—
Settlement loss		—			—			—			—			—			50			—
Curtailment loss		—			165			—			—			—			—			—
Net periodic retirement pension cost	$	694		$	1,217		$	238		$	197		$	147		$	219		$	48
Contributions	$	1,290		$	940		$	466		$	392		$	—		$	—		$	36

	Nine-Months Ending June 30,
	United States						United Kingdom						Japan						Switzerland
	2011			2010			2011			2010			2011			2010			2011
Service cost	$	2,575		$	2,735		$	350		$	292		$	321		$	292		$	48
Interest cost		4,235			3,667			1,556			1,518			133			178			12
Expected return on plan assets		(5,020	)		(3,569	)		(1,688	)		(1,591	)		(195	)		(179	)		(12	)
Amortization of:
Transition obligation		—			—			—			—			—			64			—
Net actuarial loss		234			437			487			398			185			165			—
Prior service cost (benefit)		56			(195	)		—			—			(6	)		(6	)		—
Settlement loss		—			—			—			—			—			50			—
Curtailment loss		—			165			—			—			—			—			—
Net periodic retirement pension cost	$	2,080		$	3,240		$	705		$	617		$	438		$	564		$	48
Contributions	$	1,290		$	940		$	1,406		$	1,318		$	2,250		$	913		$	36

The components of the net periodic other postretirement benefit costs recognized are as follows:

	Three-Months Ending						Nine-Months Ending
	June 30,						June 30,
	2011			2010			2011			2010
Service cost	$	23		$	30		$	69		$	90
Interest cost		494			519			1,481			1,560
Amortization of:
Net actuarial loss		32			48			96			142
Prior service benefit		(218	)		(313	)		(653	)		(937	)
Net periodic other postretirement cost	$	331		$	284		$	993		$	855
Contributions	$	879		$	609		$	2,473		$	2,075

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 2011 may differ from the current estimate. Woodward estimates its remaining cash contributions in fiscal 2011 will be as follows:

Retirement pension benefits:
United States	$	1,290
United Kingdom		430
Japan		—
Switzerland		47
Other postretirement benefits		178