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v3.22.2.2
Credit Facilities, Short-term Borrowings and Long-term Debt (Narrative) (Details)
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12 Months Ended |
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USD ($)
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USD ($)
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USD ($)
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EUR (€)
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USD ($)
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EUR (€)
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Debt Instrument [Line Items] |
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Line of credit facility, maximum borrowing capacity |
$ 1,027,684,000
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Outstanding borrowings |
66,800,000
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Short-term debt |
66,800,000
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Amortization of debt financing costs recognized as interest expense |
917,000
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$ 922,000
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$ 892,000
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Unamortized debt issuance costs |
$ 1,438,000
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1,856,000
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The Notes [Member] |
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Debt Instrument [Line Items] |
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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. The minimum consolidated net worth, prior year positive net income, and net cash proceeds resulting from certain issuances of stock for satisfaction of Woodward’s leverage ratio are consistent between the Notes and Revolving Credit Agreement.
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Percent of debt not exceed net worth |
25.00%
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Unamortized debt issuance costs |
$ 1,438,000
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1,856,000
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The Notes [Member] | Minimum [Member] |
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Debt Instrument [Line Items] |
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Leverage ratio |
3.5
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3.5
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The Notes [Member] | Maximum [Member] |
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Debt Instrument [Line Items] |
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Leverage ratio |
4.0
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4.0
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Amended And Restated Revolving Credit Agreement [Member] |
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Debt Instrument [Line Items] |
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Line of Credit Facility, Percentage of Positive Net Income as Part of Amended and Restated Revolving Credit Agreement |
50.00%
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Line Of Credit Facility, Percentage of Net Cash Proceeds as Part of Amended And Restated |
50.00%
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Line Of Credit Facility, Minimum Consolidated Net Worth Covenant |
$ 1,156,000,000
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Debt Instrument, Covenant Description |
The revolving credit agreements described in this Note 15 all contain (or contained, as applicable) 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 material debt arrangements, 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.
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Amended And Restated Revolving Credit Agreement [Member] | Minimum [Member] |
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Debt Instrument [Line Items] |
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Leverage ratio |
3.5
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3.5
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Amended And Restated Revolving Credit Agreement [Member] | Maximum [Member] |
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Debt Instrument [Line Items] |
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Leverage ratio |
4.0
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4.0
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2016 Note Purchase Agreements [Member] |
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Debt Instrument [Line Items] |
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Face amount | € |
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€ 160,000,000
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€ 160,000,000
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Series M Notes [Member] |
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Debt Instrument [Line Items] |
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Face amount | € |
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€ 40,000,000
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40,000,000
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Series N Notes [Member] |
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Debt Instrument [Line Items] |
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Face amount | € |
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77,000,000
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Series M Notes [Member] |
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Debt Instrument [Line Items] |
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Face amount | € |
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€ 43,000,000
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2018 Note Purchase Agreement [Member] |
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Debt Instrument [Line Items] |
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Face amount |
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$ 400,000,000
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Series P Notes [Member] |
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Debt Instrument [Line Items] |
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Face amount |
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85,000,000
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Series P Notes [Member] | Cross Currency Interest Rate Swaps [Member] |
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Debt Instrument [Line Items] |
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Effective interest rate |
1.82%
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1.82%
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Series P Notes [Member] | 2020 Floating-Rate Cross-Currency Swap and 2020 Fixed-Rate Cross-Currency Swaps [Member] |
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Debt Instrument [Line Items] |
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Effective interest rate |
3.44%
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3.44%
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Series Q Notes [Member] |
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Debt Instrument [Line Items] |
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Face amount |
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85,000,000
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Series Q Notes [Member] | Cross Currency Interest Rate Swaps [Member] |
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Debt Instrument [Line Items] |
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Effective interest rate |
2.15%
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2.15%
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Series Q Notes [Member] | 2020 Floating-Rate Cross-Currency Swap and 2020 Fixed-Rate Cross-Currency Swaps [Member] |
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Debt Instrument [Line Items] |
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Effective interest rate |
3.44%
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3.44%
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Series R Notes [Member] |
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Debt Instrument [Line Items] |
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Face amount |
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75,000,000
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Series R Notes [Member] | Cross Currency Interest Rate Swaps [Member] |
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Debt Instrument [Line Items] |
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Effective interest rate |
2.42%
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2.42%
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Series R Notes [Member] | 2020 Floating-Rate Cross-Currency Swap and 2020 Fixed-Rate Cross-Currency Swaps [Member] |
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Debt Instrument [Line Items] |
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Effective interest rate |
3.45%
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3.45%
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Series S Notes [Member] |
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Debt Instrument [Line Items] |
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Face amount |
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75,000,000
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Series S Notes [Member] | Cross Currency Interest Rate Swaps [Member] |
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Debt Instrument [Line Items] |
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Effective interest rate |
2.55%
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2.55%
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Series S Notes [Member] | 2020 Floating-Rate Cross-Currency Swap and 2020 Fixed-Rate Cross-Currency Swaps [Member] |
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Debt Instrument [Line Items] |
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Effective interest rate |
3.50%
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3.50%
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Series T Notes [Member] |
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Debt Instrument [Line Items] |
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Face amount |
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$ 80,000,000
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Series T Notes [Member] | Cross Currency Interest Rate Swaps [Member] |
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Debt Instrument [Line Items] |
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Effective interest rate |
2.90%
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2.90%
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Series T Notes [Member] | 2020 Floating-Rate Cross-Currency Swap and 2020 Fixed-Rate Cross-Currency Swaps [Member] |
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Debt Instrument [Line Items] |
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Effective interest rate |
3.62%
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3.62%
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Revolving Credit Facility [Member] |
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Debt Instrument [Line Items] |
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Line of credit facility, maximum borrowing capacity |
$ 1,000,000,000
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Line of credit facility, maximum borrowing capacity extension |
1,500,000,000
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Principal amount borrowing outstanding |
$ 66,800,000
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Effective interest rate |
0.0424
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Outstanding borrowings |
$ 66,800,000
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0
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Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] |
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Debt Instrument [Line Items] |
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Basis spread on variable rate |
0.875%
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Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] |
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Debt Instrument [Line Items] |
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Basis spread on variable rate |
1.75%
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Foreign Lines of Credit and Overdraft Facilities [Member] |
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Debt Instrument [Line Items] |
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Line of credit facility, maximum borrowing capacity |
$ 27,266,000
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Short-term debt |
0
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0
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Revolving Credit Agreement [Member] |
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Debt Instrument [Line Items] |
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Balance of unamortized debt issuance costs, line of credit |
$ 1,046,000
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$ 1,644,000
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