XML 70 R56.htm IDEA: XBRL DOCUMENT
v3.20.2

Stockholders' Equity (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Dividends Declared and Paid | Dividends declared and paid during 2020, 2019 and 2018 fiscal years were:
|  | Year Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Dividends declared and paid |  | $ | 37,664 |  |  | $ | 39,066 |  |  | $ | 34,003 |
Dividend per share amount |  |  | 0.6050 |  |  |  | 0.6300 |  |  |  | 0.5525 |
Stock-based Compensation Expense Recognized | Stock-based compensation expense recognized was as follows:
|  | Year Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Employee stock-based compensation expense |  | $ | 22,903 |  |  | $ | 18,146 |  |  | $ | 18,229 |
Stock Options [Member] |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Schedule of Assumptions Used in Estimate of Fair Value of Stock Option Awards | The fair value of options granted is estimated as of the grant date using the Black-Scholes-Merton option-valuation model using the assumptions in the following table. Woodward calculates the expected term, which represents the average period of time that stock options granted are expected to be outstanding, based upon historical experience of plan participants. Expected volatility is based on historical volatility using daily stock price observations. The estimated dividend yield is based upon Woodward’s historical dividend practice and the market value of its common stock. The risk-free rate is based on the U.S. treasury yield curve, for periods within the contractual life of the stock option, at the time of grant.
|  | Year Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Weighted-average exercise price per share |  | $ | 90.52 |  |  | 79.84 |  |  | 78.91 |
Weighted-average grant date market value of Woodward stock |  | $ | 90.52 |  |  | 79.84 |  |  | 78.91 |
Expected term (years) |  |  |  | 6.4 |  |  | - |  |  | 8.7 |  |  |  | 6.5 |  |  | - |  |  | 8.7 |  |  |  | 6.4 |  |  | - |  |  | 8.7 |
Estimated volatility |  |  |  | 25.7 | % |  | - |  |  | 35.1 | % |  |  | 25.7 | % |  | - |  |  | 31.0 | % |  |  | 29.1 | % |  | - |  |  | 32.7 | %
Estimated dividend yield |  |  |  | 0.4 | % |  | - |  |  | 0.9 | % |  |  | 0.6 | % |  |  |  |  | 0.8 | % |  |  | 0.6 | % |  | - |  |  | 0.8 | %
Risk-free interest rate |  |  |  | 0.4 | % |  | - |  |  | 1.7 | % |  |  | 1.5 | % |  | - |  |  | 3.1 | % |  |  | 2.1 | % |  | - |  |  | 2.8 | %
Weighted Average Grant Date Fair Value of Options Granted | The weighted average grant date fair value of options granted follows:
|  | Year Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Weighted-average grant date fair value of options |  | $ | 25.41 |  |  | $ | 24.12 |  |  | $ | 25.66 |
Summary of Activity for Stock Option Awards | The following is a summary of the activity for stock option awards during the fiscal year ended September 30, 2020:
|  | Number |  |  | Weighted- Average Exercise Price Per Share |
Balance at September 30, 2019 |  |  | 5,387 |  |  | $ | 53.73 |
Options granted |  |  | 912 |  |  |  | 90.52 |
Options exercised |  |  | (756 | ) |  |  | 33.26 |
Options forfeited |  |  | (94 | ) |  |  | 95.55 |
Options expired |  |  | (6 | ) |  |  | 72.79 |
Balance at September 30, 2020 |  |  | 5,443 |  |  |  | 62.00 |
Changes in Non-vested Stock Options | Changes in non-vested stock options during the fiscal year ended September 30, 2020 were as follows:
|  | Number |  |  | Weighted- Average Grant Date Fair Value Per Share |
Balance at September 30, 2019 |  |  | 2,068 |  |  | $ | 23.43 |
Options granted |  |  | 912 |  |  |  | 25.41 |
Options vested |  |  | (808 | ) |  |  | 21.57 |
Options forfeited |  |  | (94 | ) |  |  | 26.84 |
Balance at September 30, 2020 |  |  | 2,078 |  |  |  | 24.69 |
Stock Options Vested, or Expected to Vest and Exercisable | Information about stock options that have vested, or are expected to vest, and are exercisable at September 30, 2020 was as follows:
|  | Number |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Life in Years |  |  | Aggregate Intrinsic Value |
Options outstanding |  |  | 5,443 |  |  | $ | 62.00 |  |  |  | 6.0 |  |  | $ | 114,139 |
Options vested and exercisable |  |  | 3,365 |  |  |  | 49.63 |  |  |  | 4.6 |  |  |  | 103,059 |
Options vested and expected to vest |  |  | 5,362 |  |  |  | 61.72 |  |  |  | 5.9 |  |  |  | 113,399 |
Other Stock Option Information | Other information follows:
|  | Year Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Total fair value of stock options vested |  | $ | 17,423 |  |  | $ | 15,863 |  |  | $ | 13,944 |
Total intrinsic value of options exercised |  |  | 50,059 |  |  |  | 70,866 |  |  |  | 16,690 |
Cash received from exercises of stock options |  |  | 24,969 |  |  |  | 36,044 |  |  |  | 9,132 |
Excess tax benefit realized from exercise of stock options |  |  | 9,399 |  |  |  | 13,416 |  |  |  | 3,524 |
Restricted Stock Units (RSUs) [Member] |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Activity for Restricted Stock Units | A summary of the activity for restricted stock units in the fiscal year ended September 30, 2020:
|  | Number |  |  | Weighted- Average Grant Date Fair Value per Unit |
Balance at September 30, 2019 |  |  | 9 |  |  | $ | 91.55 |
Units granted |  |  | — |  |  | n/a |
Units vested |  |  | (7 | ) |  |  | 87.30 |
Units forfeited |  |  | — |  |  | n/a |
Balance at September 30, 2020 |  |  | 2 |  |  |  | 103.53 |

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in stock options. + References No definition available. + Details
Name: | us-gaap_ScheduleOfStockOptionsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAndExercisableTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all or some of the information related to dividends declared and paid as of the financial reporting date. + References No definition available. + Details
Name: | wwd_ScheduleOfDividendsDeclaredAndPaidTableTextBlock
Namespace Prefix: | wwd_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the total fair value of options vested, the total intrinsic value of options exercised, cash received from exercises of stock options, and excess tax benefits realized from exercises of options. + References No definition available. + Details
Name: | wwd_ScheduleOfOtherStockOptionInformationTableTextBlock
Namespace Prefix: | wwd_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |