XML 101 R89.htm IDEA: XBRL DOCUMENT v3.10.0.1
Credit Facilities, Short-term Borrowings and Long-term Debt (Narrative) (Details)
3 Months Ended 12 Months Ended
Oct. 01, 2018
USD ($)
Dec. 31, 2018
EUR (€)
Sep. 30, 2018
USD ($)
Dec. 31, 2018
USD ($)
May 31, 2018
USD ($)
Sep. 23, 2016
EUR (€)
Oct. 01, 2013
USD ($)
Debt Instrument [Line Items]              
Principal amount     $ 1,092,397,000 $ 1,024,872,000      
Face Amount | €   € 160,000,000          
Balance of unamortized debt issuance costs     2,895,000 2,787,000      
Short-term borrowings     153,635,000 160,000,000      
Minimum [Member] | LIBOR [Member]              
Debt Instrument [Line Items]              
Basis spread on variable rate   0.85%          
Maximum [Member] | LIBOR [Member]              
Debt Instrument [Line Items]              
Basis spread on variable rate   1.65%          
The Notes [Member]              
Debt Instrument [Line Items]              
Balance of unamortized debt issuance costs     2,895,000 $ 2,787,000      
Debt Instrument, Description   In October 2008, Woodward entered into a note purchase agreement relating to the Series D Notes, due in October 2018. On October 1, 2018, Woodward paid the entire principal balance of $100,000 on the Series D Notes using proceeds from borrowings under its revolving credit facility. In April 2009, Woodward entered into a note purchase agreement relating to the Series F Notes. The Series F Notes mature and are payable in April 2019. As of December 31, 2018, the entire amount of debt under the Series F Notes has been classified as long-term based on Woodward's intent and ability to refinance this debt prior to maturity using cash proceeds from its revolving credit facility which, in turn, is expected to be repaid beyond the next twelve months.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, collectively the "USD Notes") on November 15, 2013. On September 23, 2016, Woodward and the BV Subsidiary each entered into note purchase agreements (the "2016 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 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 Series N Notes, the "2016 Notes").On May 31, 2018, Woodward entered into a note purchase agreement (the "2018 Note Purchase Agreement") relating to the sale by Woodward of an aggregate principal amount of $400,000 of senior unsecured notes comprised of (a) $85,000 aggregate principal amount of its Series P Senior Notes due May 30, 2025 and bearing interest at a rate of 4.27% per annum (the "Series P Notes"), (b) $85,000 aggregate principal amount of its Series Q Senior Notes due May 30, 2027 and bearing interest at a rate of 4.35% per annum (the "Series Q Notes"), (c) $75,000 aggregate principal amount of its Series R Senior Notes due May 30, 2029 and bearing interest at a rate of 4.41% per annum (the "Series R Notes"), (d) $75,000 aggregate principal amount of its Series S Senior Notes due May 30, 2030 and bearing interest at a rate of 4.46% per annum (the "Series S Notes"), and (e) $80,000 aggregate principal amount of its Series T Senior Notes due May 30, 2033 and bearing interest at a rate of 4.61% per annum (the "Series T Notes", and together with the Series P Notes, the Series Q Notes, the Series R Notes, and the Series S Notes, the "2018 Notes," and, together with the USD Notes and 2016 Notes, the "Notes"), in a series of private placement transactions. In connection with the issuance of the 2018 Notes, the Company entered into cross currency swap transactions in respect of each tranche of the 2018 Notes, which effectively reduced the interest rates on the Series P Notes to 1.82% per annum, the Series Q Notes to 2.15% per annum, the Series R Notes to 2.42% per annum, the Series S Notes to 2.55% per annum and the Series T Notes to 2.90% per annum (see Note 8, Derivative instruments and hedging activities). Interest on 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 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, 2018, the Series J Notes bore interest at an effective rate of 3.89%. Commencing on November 30, 2018, interest on the 2018 Notes is payable semi-annually on May 30 and November 30 of each year until all principal is paid.          
2013 Note Purchase Agreement [Member]              
Debt Instrument [Line Items]              
Face Amount             $ 250,000,000
Series J Notes [Member]              
Debt Instrument [Line Items]              
Effective interest rate   3.89%   3.89%      
Series D Notes [Member]              
Debt Instrument [Line Items]              
Payments of debt $ 100,000,000            
2016 Note Purchase Agreements [Member]              
Debt Instrument [Line Items]              
Issuance Date   Sep. 23, 2016          
Series M Notes [Member]              
Debt Instrument [Line Items]              
Face Amount | €   € 40,000,000       € 40,000,000  
Series N Notes [Member]              
Debt Instrument [Line Items]              
Face Amount | €           77,000,000  
Series O Notes [Member]              
Debt Instrument [Line Items]              
Face Amount | €           € 43,000,000  
2018 Note Purchase Agreement [Member]              
Debt Instrument [Line Items]              
Face Amount         $ 400,000,000    
Series P Notes [Member]              
Debt Instrument [Line Items]              
Face Amount     85,000,000        
Notes Payable to Banks [Member] | Series J Notes [Member]              
Debt Instrument [Line Items]              
Principal amount     $ 50,000,000 $ 50,000,000      
Maturity date   Nov. 15, 2020 Nov. 15, 2020        
Notes Payable to Banks [Member] | Series J Notes [Member] | LIBOR [Member]              
Debt Instrument [Line Items]              
Basis spread on variable rate   1.25% 1.25%        
Notes Payable to Banks [Member] | Series D Notes [Member]              
Debt Instrument [Line Items]              
Principal amount     $ 100,000,000        
Interest rate   6.39% 6.39% 6.39%      
Maturity date   Oct. 01, 2018 Oct. 01, 2018        
Notes Payable to Banks [Member] | Series F Notes [Member]              
Debt Instrument [Line Items]              
Principal amount     $ 43,000,000 $ 43,000,000      
Interest rate   8.24% 8.24% 8.24%      
Maturity date   Apr. 03, 2019 Apr. 03, 2019        
Notes Payable to Banks [Member] | Series M Notes [Member]              
Debt Instrument [Line Items]              
Principal amount     $ 46,437,000 $ 45,795,000      
Interest rate   1.12% 1.12% 1.12%      
Maturity date   Sep. 23, 2026 Sep. 23, 2026        
Notes Payable to Banks [Member] | Series N Notes [Member]              
Debt Instrument [Line Items]              
Principal amount     $ 89,393,000 $ 88,154,000      
Interest rate   1.31% 1.31% 1.31%      
Maturity date   Sep. 23, 2028 Sep. 23, 2028        
Notes Payable to Banks [Member] | Series O Notes [Member]              
Debt Instrument [Line Items]              
Principal amount     $ 49,921,000 $ 49,229,000      
Interest rate   1.57% 1.57% 1.57%      
Maturity date   Sep. 23, 2031 Sep. 23, 2031        
Notes Payable to Banks [Member] | Series P Notes [Member]              
Debt Instrument [Line Items]              
Principal amount     $ 85,000,000 $ 85,000,000      
Interest rate   4.27%   4.27%      
Maturity date   May 30, 2025          
Notes Payable to Banks [Member] | Series Q Notes [Member]              
Debt Instrument [Line Items]              
Principal amount     85,000,000 $ 85,000,000      
Interest rate   4.35%   4.35%      
Maturity date   May 30, 2027          
Notes Payable to Banks [Member] | Series R Notes [Member]              
Debt Instrument [Line Items]              
Principal amount     75,000,000 $ 75,000,000      
Interest rate   4.41%   4.41%      
Maturity date   May 30, 2029          
Notes Payable to Banks [Member] | Series S Notes [Member]              
Debt Instrument [Line Items]              
Principal amount     75,000,000 $ 75,000,000      
Interest rate   4.46%   4.46%      
Maturity date   May 30, 2030          
Notes Payable to Banks [Member] | Series T Notes [Member]              
Debt Instrument [Line Items]              
Principal amount     80,000,000 $ 80,000,000      
Interest rate   4.61%   4.61%      
Maturity date   May 30, 2033          
Other Foreign Short-term Borrowings [Member]              
Debt Instrument [Line Items]              
Short-term borrowings     3,635,000        
Foreign Lines of Credit And Overdraft Facilities [Member]              
Debt Instrument [Line Items]              
Short-term borrowings     0 $ 0      
Revolving Credit Facility [Member]              
Debt Instrument [Line Items]              
Principal amount     $ 116,541,000 $ 151,481,000      
Maturity date   Apr. 01, 2020 Apr. 01, 2020        
Effective interest rate   3.69% 3.48% 3.69%      
Outstanding borrowings     $ 266,541,000 $ 311,481,000      
Short-term borrowings       160,000,000      
Debt Instrument, Description   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 up to $1,200,000, subject to lenders' participation. Borrowings under the Revolving Credit Agreement can be made by Woodward and certain of its foreign subsidiaries in U.S dollars or in foreign currencies other than the U.S. dollar and generally bear interest at LIBOR plus 0.85% to 1.65%. The Revolving Credit Agreement matures in April 2020.          
Revolving Credit Agreement [Member]              
Debt Instrument [Line Items]              
Variable rate basis   LIBOR          
Balance of unamortized debt issuance costs, line of credit     1,385,000 $ 1,166,000      
Short-term borrowings     $ 150,000,000        
Cross Currency Interest Rate Contract [Member] | Series P Notes [Member]              
Debt Instrument [Line Items]              
Effective interest rate   1.82%   1.82%      
Cross Currency Interest Rate Contract [Member] | Series Q Notes [Member]              
Debt Instrument [Line Items]              
Effective interest rate   2.15%   2.15%      
Cross Currency Interest Rate Contract [Member] | Series R Notes [Member]              
Debt Instrument [Line Items]              
Effective interest rate   2.42%   2.42%      
Cross Currency Interest Rate Contract [Member] | Series S Notes [Member]              
Debt Instrument [Line Items]              
Effective interest rate   2.55%   2.55%      
Cross Currency Interest Rate Contract [Member] | Series T Notes [Member]              
Debt Instrument [Line Items]              
Effective interest rate   2.90%   2.90%