XML 127 R113.htm IDEA: XBRL DOCUMENT v3.20.2
Credit Facilities, Short-term Borrowings and Long-term Debt (Narrative) (Details)
$ in Thousands
12 Months Ended
Nov. 15, 2020
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2020
EUR (€)
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2020
EUR (€)
May 31, 2018
USD ($)
Sep. 23, 2016
EUR (€)
Oct. 01, 2013
USD ($)
Debt Instrument [Line Items]                  
Line of credit facility, maximum borrowing capacity   $ 1,008,078              
Short-term borrowings       $ 220,000          
Amortization of debt financing costs recognized as interest expense   892   1,094 $ 1,256        
Unamortized debt issuance costs   $ 2,171   2,478          
The Notes [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Covenant Description   The Notes contain restrictive covenants customary for such financings, including, among other things, covenants that place limits on Woodward’s ability to incur liens on assets, incur additional debt (including a leverage or coverage based maintenance test), transfer or sell Woodward’s assets, merge or consolidate with other persons and enter into material transactions with affiliates. Under the financial covenants contained in the note purchase agreement governing each series of the Notes, Woodward’s priority debt may not exceed, at any time, 25% of its consolidated net worth.  Woodward’s Leverage Ratio cannot exceed 4.0 to 1.0 during any material acquisition period, or 3.5 to 1.0 at any other time on a rolling four quarter basis.  In the event that Woodward’s Leverage Ratio exceeds 3.5 to 1.0 during any material acquisition period, the interest rate on each series of Notes will increase.  For the Series G, H, I, J, K, L, M, N, and O notes, Woodward’s consolidated net worth must at all times equal or exceed $1,156,000 plus 50% of Woodward’s positive net income for each completed fiscal year beginning with the fiscal year ending September 30, 2016.  For the 2018 Notes, Woodward’s consolidated net worth must at all times equal or exceed $1,156,000 plus (i) 50% of Woodward’s positive net income for each completed fiscal year beginning with the fiscal year ending September 30, 2018 and (ii) 50% of the net cash proceeds received by Woodward on or after May 31, 2018 from the issuance of capital stock, other than issuances pursuant to employee stock option or ownership plans. The Notes contain restrictive covenants customary for such financings, including, among other things, covenants that place limits on Woodward’s ability to incur liens on assets, incur additional debt (including a leverage or coverage based maintenance test), transfer or sell Woodward’s assets, merge or consolidate with other persons and enter into material transactions with affiliates. Under the financial covenants contained in the note purchase agreement governing each series of the Notes, Woodward’s priority debt may not exceed, at any time, 25% of its consolidated net worth.  Woodward’s Leverage Ratio cannot exceed 4.0 to 1.0 during any material acquisition period, or 3.5 to 1.0 at any other time on a rolling four quarter basis.  In the event that Woodward’s Leverage Ratio exceeds 3.5 to 1.0 during any material acquisition period, the interest rate on each series of Notes will increase.  For the Series G, H, I, J, K, L, M, N, and O notes, Woodward’s consolidated net worth must at all times equal or exceed $1,156,000 plus 50% of Woodward’s positive net income for each completed fiscal year beginning with the fiscal year ending September 30, 2016.  For the 2018 Notes, Woodward’s consolidated net worth must at all times equal or exceed $1,156,000 plus (i) 50% of Woodward’s positive net income for each completed fiscal year beginning with the fiscal year ending September 30, 2018 and (ii) 50% of the net cash proceeds received by Woodward on or after May 31, 2018 from the issuance of capital stock, other than issuances pursuant to employee stock option or ownership plans.            
Percent of debt not exceed net worth   25.00% 25.00%            
Percent of the principal amount   100.00% 100.00%            
Unamortized debt issuance costs   $ 2,171   2,478          
The Notes [Member] | Minimum [Member]                  
Debt Instrument [Line Items]                  
Leverage ratio   3.5       3.5      
The Notes [Member] | Maximum [Member]                  
Debt Instrument [Line Items]                  
Leverage ratio   4.0       4.0      
Amended And Restated Revolving Credit Agreement [Member]                  
Debt Instrument [Line Items]                  
Line of Credit Facility, Percentage of Positive Net Income as Part of Amended and Restated Revolving Credit Agreement   50.00% 50.00%            
Line Of Credit Facility, Percentage of Net Cash Proceeds as Part of Amended And Restated   50.00% 50.00%            
Line Of Credit Facility, Minimum Consolidated Net Worth Covenant   $ 1,156,000              
Debt Instrument, Covenant Description   The Revolving Credit Agreement contains certain covenants customary with such agreements, which are generally consistent with the covenants applicable to Woodward’s long-term debt agreements, and contains customary events of default, including certain cross default provisions related to Woodward’s other outstanding debt arrangements in excess of $60,000, the occurrence of which would permit the lenders to accelerate the amounts due thereunder. In addition, the Revolving Credit Agreement includes the following financial covenants: (i) a maximum permitted leverage ratio of consolidated net debt to consolidated earnings before interest, taxes, depreciation, stock-based compensation, and amortization, plus any usual non-cash charges to the extent deducted in computing net income and transaction costs associated with permitted acquisitions (incurred within six-months of the permitted acquisition), minus any usual non-cash gains to the extent added in computing net income (“Leverage Ratio”) for Woodward and its consolidated subsidiaries of 3.5 to 1.0, which ratio, subject to certain restrictions, may increase to 4.0 to 1.0 for each period of four consecutive quarters during which a permitted acquisition occurs, and (ii) a minimum consolidated net worth of $1,156,000 plus (a) 50% of Woodward’s positive net income for the prior fiscal year and (b) 50% of Woodward’s net cash proceeds resulting from certain issuances of stock, subject to certain adjustments. The Revolving Credit Agreement contains certain covenants customary with such agreements, which are generally consistent with the covenants applicable to Woodward’s long-term debt agreements, and contains customary events of default, including certain cross default provisions related to Woodward’s other outstanding debt arrangements in excess of $60,000, the occurrence of which would permit the lenders to accelerate the amounts due thereunder. In addition, the Revolving Credit Agreement includes the following financial covenants: (i) a maximum permitted leverage ratio of consolidated net debt to consolidated earnings before interest, taxes, depreciation, stock-based compensation, and amortization, plus any usual non-cash charges to the extent deducted in computing net income and transaction costs associated with permitted acquisitions (incurred within six-months of the permitted acquisition), minus any usual non-cash gains to the extent added in computing net income (“Leverage Ratio”) for Woodward and its consolidated subsidiaries of 3.5 to 1.0, which ratio, subject to certain restrictions, may increase to 4.0 to 1.0 for each period of four consecutive quarters during which a permitted acquisition occurs, and (ii) a minimum consolidated net worth of $1,156,000 plus (a) 50% of Woodward’s positive net income for the prior fiscal year and (b) 50% of Woodward’s net cash proceeds resulting from certain issuances of stock, subject to certain adjustments.            
Amended And Restated Revolving Credit Agreement [Member] | Minimum [Member]                  
Debt Instrument [Line Items]                  
Outstanding borrowings   $ 60,000              
Leverage ratio   3.5       3.5      
Amended And Restated Revolving Credit Agreement [Member] | Maximum [Member]                  
Debt Instrument [Line Items]                  
Leverage ratio   4.0       4.0      
2013 Note Purchase Agreement [Member]                  
Debt Instrument [Line Items]                  
Face amount                 $ 250,000
2016 Note Purchase Agreements [Member]                  
Debt Instrument [Line Items]                  
Face amount | €           € 160,000,000   € 160,000,000  
Debt Discount Rate   50.00% 50.00%            
2016 Note Purchase Agreements [Member] | Minimum [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Periodic Payment, Principal | €     € 1,000,000            
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 M Notes [Member]                  
Debt Instrument [Line Items]                  
Face amount | €               € 43,000,000  
2018 Note Purchase Agreement [Member]                  
Debt Instrument [Line Items]                  
Face amount             $ 400,000    
Minimum Consolidated Net Worth Convenant   $ 1,156,000              
Percent Positive Net Income   50.00% 50.00%            
Series P Notes [Member]                  
Debt Instrument [Line Items]                  
Face amount             85,000    
Series P Notes [Member] | Cross Currency Interest Rate Swaps [Member]                  
Debt Instrument [Line Items]                  
Effective interest rate   1.82%       1.82%      
Series Q Notes [Member]                  
Debt Instrument [Line Items]                  
Face amount             85,000    
Series Q Notes [Member] | Cross Currency Interest Rate Swaps [Member]                  
Debt Instrument [Line Items]                  
Effective interest rate   2.15%       2.15%      
Series R Notes [Member]                  
Debt Instrument [Line Items]                  
Face amount             75,000    
Series R Notes [Member] | Cross Currency Interest Rate Swaps [Member]                  
Debt Instrument [Line Items]                  
Effective interest rate   2.42%       2.42%      
Series S Notes [Member]                  
Debt Instrument [Line Items]                  
Face amount             75,000    
Series S Notes [Member] | Cross Currency Interest Rate Swaps [Member]                  
Debt Instrument [Line Items]                  
Effective interest rate   2.55%       2.55%      
Series T Notes [Member]                  
Debt Instrument [Line Items]                  
Face amount             $ 80,000    
Series T Notes [Member] | Cross Currency Interest Rate Swaps [Member]                  
Debt Instrument [Line Items]                  
Effective interest rate   2.90%       2.90%      
Series J Notes [Member]                  
Debt Instrument [Line Items]                  
Effective interest rate   1.52%       1.52%      
Percent of debt not exceed net worth   0.00% 0.00%            
Series G H I J K L M N And O Notes [Member]                  
Debt Instrument [Line Items]                  
Minimum Consolidated Net Worth Convenant   $ 1,156,000              
Percent Positive Net Income   50.00% 50.00%            
USD Notes And 2018 Notes [Member] | Minimum [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Periodic Payment, Principal   $ 1,000              
Swapped Notes [Member]                  
Debt Instrument [Line Items]                  
Debt Discount Rate   50.00% 50.00%            
Revolving Credit Facility [Member]                  
Debt Instrument [Line Items]                  
Line of credit facility, maximum borrowing capacity   $ 1,000,000              
Line of credit facility, maximum borrowing capacity extension   1,500,000              
Outstanding borrowings   $ 0   $ 262,297          
Effective interest rate   3.01%   3.01%   3.01%      
Short-term borrowings   $ 0   $ 220,000          
Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable rate   0.875% 0.875%            
Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member]                  
Debt Instrument [Line Items]                  
Basis spread on variable rate   1.75% 1.75%            
Revolving Credit Facility [Member] | Series G and J Notes [Member] | Subsequent Event [Member]                  
Debt Instrument [Line Items]                  
Short-term borrowings $ 100,000                
Foreign Lines Of Credit And Overdraft Facilities [Member]                  
Debt Instrument [Line Items]                  
Line of credit facility, maximum borrowing capacity   $ 7,567              
Short-term borrowings   0   0          
Revolving Credit Agreement [Member]                  
Debt Instrument [Line Items]                  
Balance of unamortized debt issuance costs, line of credit   $ 2,242   $ 2,840