XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Credit Facilities, Short-term Borrowings and Long-term Debt | 9 Months Ended
--- | ---
Jun. 30, 2016
Debt Disclosure |
Credit Facilities, Short-term Borrowings and Long-term Debt | Note 13. Credit facilities, short-term borrowings and long-term debt Short-term borrowings A Chinese subsidiary of Woodward has a local uncommitted credit facility with the Hong Kong and Shanghai Banking Company under which it has the ability to borrow up to either $22,700, or the local currency equivalent of $22,700. Any cash borrowings under the local Chinese credit facility are secured by a parent guarantee from Woodward. The Chinese subsidiary may utilize the local facility for cash borrowings to support its operating cash needs. Local currency borrowings on the Chinese credit facility are charged interest at the prevailing interest rate offered by the People’s Bank of China on the date of borrowing, plus a margin equal to 15% of that prevailing rate. U.S. dollar borrowings on the credit facility are charged interest at the lender’s cost of borrowing rate at the date of borrowing, plus 3%. The local credit facility expires in September 2016. The Chinese subsidiary had no outstanding cash borrowings against the local credit facility at June 30, 2016 and September 30, 2015. A Brazilian subsidiary of Woodward has a local uncommitted credit facility with the Banco J.P. Morgan S.A. under which it has the ability to borrow up to 52,000 Brazilian Real. Any cash borrowings under the local Brazilian credit facility are secured by a parent guarantee from Woodward. The Brazilian subsidiary may utilize the local facility to support its operating cash needs. Local currency borrowings on the Brazilian credit facility are charged interest at the lender’s cost of borrowing rate at the date of borrowing, plus 1.75%. The local credit facility expires on July 26, 2016. The Brazilian subsidiary had no outstanding cash borrowings at June 30, 2016 and $2,430 of outstanding cash borrowings at September 30, 2015 against the local credit facility. Woodward also has other foreign lines of credit and foreign overdraft facilities at various financial institutions, which are generally reviewed annually for renewal and are subject to the usual terms and conditions applied by the financial institutions. Pursuant to the terms of the related facility agreements, Woodward’s foreign performance guarantee facilities are limited in use to providing performance guarantees to third parties. There were no borrowings outstanding as of June 30, 2016 and September 30, 2015 on Woodward’s other foreign lines of credit and foreign overdraft facilities. Long-term debt
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | June 30, |  | September 30,
﻿ |  | 2016 |  | 2015
﻿Revolving credit facility - Floating rate (LIBOR plus 0.85% - 1.65%), due April 2020, unsecured |  | $ | 392,000 |  | $ | 350,000
﻿Series C notes – 5.92%, due October 2015; unsecured |  |  | - |  |  | 50,000
﻿Series D notes – 6.39%, due October 2018; unsecured |  |  | 100,000 |  |  | 100,000
﻿Series E notes – 7.81%, due April 2016; unsecured |  |  | - |  |  | 57,000
﻿Series F notes – 8.24%, due April 2019; unsecured |  |  | 43,000 |  |  | 43,000
﻿Series G notes – 3.42%, due November 2020; unsecured |  |  | 50,000 |  |  | 50,000
﻿Series H notes – 4.03%, due November 2023; unsecured |  |  | 25,000 |  |  | 25,000
﻿Series I notes – 4.18%, due November 2025; unsecured |  |  | 25,000 |  |  | 25,000
﻿Series J notes – Floating rate (LIBOR plus 1.25%), due November 2020; unsecured |  |  | 50,000 |  |  | 50,000
﻿Series K notes – 4.03%, due November 2023; unsecured |  |  | 50,000 |  |  | 50,000
﻿Series L notes – 4.18%, due November 2025; unsecured |  |  | 50,000 |  |  | 50,000
﻿Total debt |  |  | 785,000 |  |  | 850,000
﻿Less: short-term portion of long-term debt |  |  | (100,000) |  |  | -
﻿Long-term debt, excluding short-term portion |  | $ | 685,000 |  | $ | 850,000
Revolving credit facility Woodward maintains a $1,000,000 revolving credit facility established under a revolving credit agreement between Woodward and a syndicate of lenders led by Wells Fargo Bank, National Association, as administrative agent (the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for the option to increase available borrowings to up to $1,200,000, subject to lenders’ participation. Borrowings under the Revolving Credit Agreement generally bear interest at LIBOR plus 0.85% to 1.65%. The Revolving Credit Agreement matures in April 2020. Under the Revolving Credit Agreement, there were $392,000 in principal amount of borrowings outstanding as of June 30, 2016, at an effective interest rate of 1.51%. Under the Revolving Credit Agreement, there were $350,000 in principal amount of borrowings outstanding as of September 30, 2015, at an effective interest rate of 1.44%. As of June 30, 2016, $100,000 of the $392,000 of borrowings under the Revolving Credit Agreement were classified as short-term based on Woodward’s intent and ability to pay this amount in the next twelve months. As of September 30, 2015, the entire outstanding balance on the Revolving Credit Agreement was classified as long-term debt. In April 2015, in connection with amendments made to the Revolving Credit Agreement, Woodward incurred $2,3 5 9 in financing costs. These costs were deferred and are being amortized using the straight-line method over the life of the Revolving Credit Agreement. The Notes In October 2008, Woodward entered into a note purchase agreement (the “2008 Note Purchase Agreement”) relating to the Series B, C, and D Notes (the “2008 Notes”). In April 2009, Woodward entered into a note purchase agreement (the “2009 Note Purchase Agreement”) relating to the Series E and F Notes (the “2009 Notes”). On October 1, 2013, Woodward entered into a note purchase agreement (the “2013 Note Purchase Agreement” and, together with the 2008 Note Purchase Agreement and the 2009 Note Purchase Agreement, the “Note Purchase Agreements”) relating to the sale by Woodward of an aggregate principal amount of $250,000 of its senior unsecured notes in a series of private placement transactions. Woodward issued the Series G, H and I Notes (the “First Closing Notes”) on October 1, 2013. Woodward issued the Series J, K and L Notes (the “Second Closing Notes” and, together with the 2008 Notes, 2009 Notes and First Closing Notes, the “Notes”) on November 15, 2013. Interest on the 2008 Notes, the First Closing Notes, and the Series K and L Notes is payable semi-annually on April 1 and October 1 of each year until all principal is paid. Interest on the 2009 Notes is payable semi-annually on April 15 and October 15 of each year until all principal is paid. Interest on the Series J Notes is payable quarterly on January 1, April 1, July 1 and October 1 of each year until all principal is paid. As of June 30, 2016, the Series J Notes bore interest at an effective rate of 1.88%. On October 1, 2015, Woodward paid the entire principal balance of $50,000 on the Series C notes using borrowings under the Revolving Credit Agreement. On April 4, 2016, Woodward paid the entire principal balance of $57,000 on the Series E notes using borrowings under the Revolving Credit Agreement. ﻿

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

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration