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Credit Facilities, Short-term Borrowings and Long-term Debt | 3 Months Ended
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Dec. 31, 2017
Debt Disclosure |
Credit Facilities, Short-term Borrowings and Long-term Debt | Note 1 3. Credit facilities, short-term borrowings and long-term debt Revolving credit facility Woodward maintains a $1,000,000 revolving credit facility established under a revolving credit agreement among Woodward, a syndicate of lenders and 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 $66,300 in principal amount of borrowings outstanding as of December 3 1, 2017, at an effective interest rate of 2.52%, and $32,600 in principal amount of borrowings outstanding as of September 30, 2017, at an ef fective interest rate of 2.29%. As of December 31, 2017 and September 30, 2017, all of the 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. Short-term borrowings Woodward 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 December 31, 2017 and September 30, 2017 on Woodward’s foreign lines of credit and foreign overdraft facilities. Long-term debt ﻿
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﻿ |  | December 31, |  | September 30,
﻿ |  | 2017 |  | 2017
﻿Series D notes – 6.39%, due October 2018; unsecured |  | $ | 100,000 |  | $ | 100,000
﻿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
﻿Series M notes – 1.12% due September 2026; unsecured |  |  | 48,015 |  |  | 47,270
﻿Series N notes – 1.31% due September 2028; unsecured |  |  | 92,428 |  |  | 90,995
﻿Series O notes – 1.57% due September 2031; unsecured |  |  | 51,616 |  |  | 50,815
﻿Unamortized debt issuance costs |  |  | (1,720) |  |  | (1,794)
﻿Total long-term debt |  |  | 583,339 |  |  | 580,286
﻿Less: Current portion of long-term debt |  |  | - |  |  | -
﻿Long-term debt, less current portion |  | $ | 583,339 |  | $ | 580,286
The Notes In October 2008, Woodward entered into a note purchase agreement relating to the S eries D Notes. The Series D Notes mature and are payable in October 2018. As of December 31, 2017, the entire amount of debt under the Series D Notes has been classified as long-term based on Woodward’s intent and ability to refinance this debt using cash proceeds from its existing revolving credit facility which, in turn, is expected to be repaid beyond the next twelve months. In April 2009, Woodward entered into a note purchase agreement relating to the S eries F Notes. On October 1, 2013, Woodward entered into a note purchase agreement 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 Series D Notes, the Series F Notes and the First Closing Notes, the “USD Notes”) on November 15, 2013. On September 23, 2016, Woodward and the BV Subsidiary each entered into note purchase agreements relating to the sale by Woodward and the BV Subsidiary of an aggregate principal amount of €160,000 of senior unsecured notes in a series of private placement transactions. Woodward issued €40,000 aggregate principal amount of Woodward’s Series M Senior Notes (the “Series M Notes”). The BV Subsidiary issued (a) €77,000 aggregate principal amount of the BV Subsidiary’s Series N Senior Notes (the “Series N Notes”) and (b) €43,000 aggregate principal amount of the BV Subsidiary’s Series O Senior Notes (the “Series O Notes” and together with the Series M Notes and the Se ries N Notes, the “2016 Notes,” and, together with the USD Notes, collectively, the “Notes”). Interest on the Series D 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 p aid. Interest on the Series F Notes is payable semi-annually on April 15 and October 15 of each year until all principal is paid. Interest on the 2016 Notes is payable semi-annually on March 23 and September 23 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 December 31, 2017, the Series J Notes bore interest at an effective rate of 2.69%. Debt Issuance Costs Unamortized debt issuance costs associated with the Notes of $1,720 as of December 31, 2017 and $1,794 as of September 30, 201 7 were recorded as a reduction in “Long-term debt, less current portion” in the Condensed Consolidated Balance Sheets. Unamortized debt issuance costs of $2,041 associated with the Revolving Credit Agreement as of December 3 1, 2017 and $2,259 as of September 30, 201 7 were recorded as “Other assets” in the Condensed Consolidated Balance Sheets. Amortization of debt issuance costs is included in operating activities in the Condensed Consolidated Statements of Cash Flows.

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- 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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