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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Moog Inc | NYSE:MOG.B | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 160.80 | 165.00 | 165.00 | 165.00 | 74 | 22:00:00 |
☒
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
New York
|
|
16-0757636
|
|
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
|
|||
400 Jamison Rd
|
East Aurora,
|
New York
|
14052-0018
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Class A common stock
|
MOG.A
|
New York Stock Exchange
|
Class B common stock
|
MOG.B
|
New York Stock Exchange
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
|
Emerging growth company
|
☐
|
Item 1.
|
|
Business.
|
•
|
Aircraft Controls: Curtiss-Wright, Liebherr, Nabtesco, Parker-Hannifin, Raytheon Technology and Woodward.
|
•
|
Space and Defense Controls: Aerojet Rocketdyne, Airbus, ATA Engineering, Bradford Engineering, Chess Dynamics, Cobham, Curtiss-Wright, Electro-Miniatures, EBAD, Elbit, EOS, Fulcrum Concepts LLC, Glenair, Honeywell, IHI-Aerospace, JASC, Kearfott, Kollmorgan, Kongsberg, Marotta, Parker-Hannifin, RUAG, Rafael, Raytheon Technologies, PVP Advanced, Sargent Aerospace & Defense, Schleifring, SEAKR, Silent Sentinel, SL Montevideo, SwRI, Vacco, Valcor, ValveTech and Vincorian.
|
•
|
Industrial Systems: Allied Motion, Baumüller, Atos, Bosch Rexroth, Cardinal Health, Eaton, MTS Systems, Parker-Hannifin, Schleifring, Shinano Kenshi, Smiths Medical, Stemman, Woodward.
|
•
|
Aircraft Controls: Boeing, Lockheed Martin, Airbus, Northrup Grumman, Raytheon Technologies, Japan Aerospace, General Dynamics, Honeywell, BAE Systems Aerospace, Bombardier and the U.S. Government.
|
•
|
Space and Defense Controls: Lockheed Martin, Northrup Grumman, Raytheon, Boeing, General Dynamics, Aerojet Rocketdyne, United Launch Alliance, Raytheon Technologies, L3Harris Technologies and the U.S. Government.
|
•
|
Industrial Systems: McKesson, Phillips Healthcare, CAE, Nutricia, Integrated Medical Systems, Flight Safety, Mitsubishi Hitachi Power Systems TurboChef Technologies, MacArtney and Nestle.
|
Executive Officers
|
|
Age
|
|
Year First Elected Officer
|
|
|
|
|
|
John R. Scannell
|
|
|
|
|
Director; Chairman of the Board; Chief Executive Officer
|
|
57
|
|
2006
|
Jennifer Walter
|
|
|
|
|
Vice President; Chief Financial Officer
|
|
49
|
|
2008
|
Donald R. Fishback
|
|
|
|
|
Director; Vice President
|
|
64
|
|
1985
|
Maureen M. Athoe
|
|
|
|
|
Vice President
|
|
62
|
|
2015
|
R. Eric Burghardt
|
|
|
|
|
Vice President
|
|
61
|
|
2015
|
Patrick J. Roche
|
|
|
|
|
Vice President
|
|
57
|
|
2012
|
Mark J. Trabert
|
|
|
|
|
Vice President
|
|
61
|
|
2015
|
Paul Wilkinson
|
|
|
|
|
Vice President
|
|
40
|
|
2017
|
Item 1A.
|
|
Risk Factors.
|
•
|
develop products that are superior to our products,
|
•
|
develop products of comparable quality and performance that are more competitively priced than our products,
|
•
|
develop more efficient and effective manufacturing methods for their products and services, or
|
•
|
adapt more quickly than we do to technological innovations or evolving customer requirements.
|
Item 1B.
|
|
Unresolved Staff Comments.
|
Item 2.
|
|
Properties.
|
|
|
Square Feet
|
|||||||
|
|
Owned
|
|
Leased
|
|
Total
|
|||
Aircraft Controls
|
|
1,475,000
|
|
|
359,000
|
|
|
1,834,000
|
|
Space and Defense Controls
|
|
912,000
|
|
|
424,000
|
|
|
1,336,000
|
|
Industrial Systems
|
|
1,709,000
|
|
|
650,000
|
|
|
2,359,000
|
|
Corporate Headquarters
|
|
20,000
|
|
|
—
|
|
|
20,000
|
|
Total
|
|
4,116,000
|
|
|
1,433,000
|
|
|
5,549,000
|
|
•
|
Aircraft Controls - U.S., Philippines and United Kingdom.
|
•
|
Space and Defense Controls - U.S., United Kingdom and Ireland.
|
•
|
Industrial Systems - U.S., Germany, Czech Republic, Italy, Costa Rica, China, United Kingdom, Netherlands, Luxembourg, Philippines, Japan, Canada, India and Lithuania.
|
Item 3.
|
|
Legal Proceedings.
|
Item 4.
|
|
Mine Safety Disclosures.
|
Item 5.
|
|
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
|
Period
|
(a) Total
Number of Shares Purchased (1)(2) |
|
(b) Average
Price Paid Per Share |
|
(c) Total Number
of Shares Purchased as Part of Publicly Announced Plans or Programs (3) |
|
(d) Maximum
Number (or Approx. Dollar Value) of Shares that May Yet Be Purchased Under Plans or Programs (3) |
|||||
June 28, 2020 - August 1, 2020
|
83,866
|
|
|
$
|
52.92
|
|
|
—
|
|
|
765,320
|
|
August 2, 2020 - August 29, 2020
|
225,524
|
|
|
60.66
|
|
|
224,456
|
|
|
540,864
|
|
|
August 30, 2020 - October 3, 2020
|
380,305
|
|
|
61.93
|
|
|
374,673
|
|
|
166,191
|
|
|
Total
|
689,695
|
|
|
$
|
60.42
|
|
|
599,129
|
|
|
166,191
|
|
(1)
|
Reflects purchases by the Moog Inc. Stock Employee Compensation Trust Agreement ("SECT") of shares of Class B common stock from the Moog Inc. Retirement Savings Plan ("RSP") and the Employee Stock Purchase Plan ("ESPP") as follows: 7,610 shares at $53.16 per share during July; 984 shares at $57.57 per share during August and 1,113 shares at $64.02 per share during September. In connection with the issuance of shares to the Employee Stock Purchase Plan ('ESPP"), we purchased 76,256 Class B shares at $52.90 per share from the SECT during July.
|
(2)
|
In connection with the exercise of equity-based compensation awards, we accept delivery of shares to pay for the exercise price and withhold shares for tax withholding obligations. We accepted delivery of 84 shares at $58.73 per share in August and 4,519 shares at $64.55 per share in September in connection with the exercise of equity-based awards.
|
(3)
|
The Board of Directors has authorized a share repurchase program. This program has been amended from time to time to authorize additional repurchases up to an aggregate 13 million common shares. The program permits the purchase of shares of Class A or Class B common stock in open market or privately negotiated transactions at the discretion of management. In August, we purchased 224,456 Class A shares at an average price of $60.68. In September, we purchased 374,673 Class A shares at an average price of $61.90. The purchases identified with notes (1) and (2) in column (a) are not included in this program.
|
|
|
9/15
|
|
9/16
|
|
9/17
|
|
9/18
|
|
9/19
|
|
9/20
|
||||||||||||
Moog Inc. - Class A Common Stock
|
|
$
|
100.00
|
|
|
$
|
110.12
|
|
|
$
|
154.30
|
|
|
$
|
159.99
|
|
|
$
|
152.78
|
|
|
$
|
120.79
|
|
NYSE Composite - Total Return Index
|
|
100.00
|
|
|
112.35
|
|
|
131.16
|
|
|
144.02
|
|
|
146.94
|
|
|
147.15
|
|
||||||
S&P Aerospace & Defense Index
|
|
100.00
|
|
|
117.87
|
|
|
169.18
|
|
|
209.29
|
|
|
222.91
|
|
|
159.87
|
|
Item 6.
|
|
Selected Financial Data.
|
(dollars in thousands, except per share data)
|
2020
|
2019
|
2018
|
2017
|
2016
|
||||||||||
RESULTS FROM OPERATIONS
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
2,884,554
|
|
$
|
2,904,663
|
|
$
|
2,709,468
|
|
$
|
2,497,524
|
|
$
|
2,411,937
|
|
Net earnings
|
9,205
|
|
174,548
|
|
95,240
|
|
143,157
|
|
126,745
|
|
|||||
Net earnings per share
|
|
|
|
|
|
||||||||||
Basic
|
$
|
0.28
|
|
$
|
5.01
|
|
$
|
2.67
|
|
$
|
3.99
|
|
$
|
3.49
|
|
Diluted
|
$
|
0.28
|
|
$
|
4.96
|
|
$
|
2.64
|
|
$
|
3.95
|
|
$
|
3.47
|
|
Dividends declared per share
|
$
|
0.75
|
|
$
|
1.00
|
|
$
|
0.50
|
|
$
|
—
|
|
$
|
—
|
|
Weighted-average shares outstanding
|
|
|
|
|
|
||||||||||
Basic
|
33,257,684
|
|
34,854,614
|
|
35,661,638
|
|
35,852,448
|
|
36,277,445
|
|
|||||
Diluted
|
33,437,801
|
|
35,178,968
|
|
36,052,307
|
|
36,230,043
|
|
36,529,344
|
|
|||||
FINANCIAL POSITION
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
84,583
|
|
$
|
89,702
|
|
$
|
125,584
|
|
$
|
368,073
|
|
$
|
325,128
|
|
Working capital
|
902,933
|
|
901,315
|
|
797,919
|
|
997,005
|
|
938,295
|
|
|||||
Total assets
|
3,225,831
|
|
3,114,237
|
|
2,964,048
|
|
3,090,592
|
|
3,004,974
|
|
|||||
Indebtedness - total
|
930,332
|
|
833,233
|
|
862,824
|
|
957,037
|
|
1,006,393
|
|
|||||
Shareholders’ equity
|
1,243,083
|
|
1,322,481
|
|
1,224,986
|
|
1,214,304
|
|
988,411
|
|
|||||
Shareholders’ equity per common share outstanding
|
$
|
38.65
|
|
$
|
38.12
|
|
$
|
35.20
|
|
$
|
33.94
|
|
$
|
27.56
|
|
SUPPLEMENTAL FINANCIAL DATA
|
|
|
|
|
|||||||||||
Capital expenditures
|
$
|
88,284
|
|
$
|
118,422
|
|
$
|
94,517
|
|
$
|
75,798
|
|
$
|
67,208
|
|
Depreciation and amortization
|
86,972
|
|
85,260
|
|
88,572
|
|
90,167
|
|
98,732
|
|
|||||
Research and development
|
110,865
|
|
126,453
|
|
129,838
|
|
144,157
|
|
147,336
|
|
|||||
Total backlog
|
2,555,129
|
|
2,232,605
|
|
n/a
|
n/a
|
n/a
|
||||||||
Twelve-month backlog
|
1,658,344
|
|
1,502,028
|
|
1,481,230
|
|
1,211,797
|
|
1,224,878
|
|
|||||
RATIOS
|
|
|
|
|
|
||||||||||
Net return on sales
|
0.3
|
%
|
6.0
|
%
|
3.5
|
%
|
5.7
|
%
|
5.3
|
%
|
|||||
Return on shareholders’ equity
|
0.7
|
%
|
13.4
|
%
|
7.7
|
%
|
13.4
|
%
|
12.6
|
%
|
|||||
Current ratio
|
2.3
|
|
2.2
|
|
2.2
|
|
2.6
|
|
2.6
|
|
|||||
Net debt to capitalization
|
40
|
%
|
36
|
%
|
38
|
%
|
33
|
%
|
41
|
%
|
•
|
All periods include the effects of our share repurchase program. See the Consolidated Statements of Shareholders' Equity and Consolidated Statements of Cash Flow at Item 8, Financial Statements and Supplementary Data of this report.
|
•
|
All periods include the effects of acquisitions and divestitures. See Note 3, Acquisitions and Divestitures, at Item 8, Financial Statements and Supplementary Data of this report.
|
•
|
2020 includes long-lived asset impairment charges and the effect of a pension settlement in our qualified U.S. defined benefit pension plan. See the Consolidated Statements of Earnings, Note 1, Summary of Significant Accounting Policies and Note 14, Employee Benefit Plans, at Item 8, Financial Statements and Supplementary Data of this report.
|
•
|
2017 to 2020 includes the retrospective application of a change in accounting method for the determination of the market-related value of assets for a class of assets within our U.S. defined benefit pension plan. See Note 1, Summary of Significant Accounting Policies, at Item 8, Financial Statements and Supplementary Data of this report.
|
•
|
Net earnings and net earnings per share represents amounts attributable to common shareholders.
|
•
|
Twelve-month backlog is defined as confirmed orders we believe will be recognized as revenue within the next twelve months.
|
•
|
Net debt to capitalization is computed as net debt (total debt less cash and cash equivalents) divided by capitalization (the sum of net debt and shareholders’ equity).
|
Item 7.
|
|
Management's Discussion and Analysis of Financial Condition and Results of Operations.
|
•
|
Defense market - primary and secondary flight controls for military aircraft, stabilization and automatic ammunition loading controls for armored combat vehicles, tactical and strategic missile steering controls and gun aiming controls.
|
•
|
Commercial aircraft market - primary and secondary flight controls for commercial aircraft.
|
•
|
Space market - satellite positioning controls and thrust vector controls for space launch vehicles.
|
•
|
Industrial automation market - components and systems for injection and blow molding machinery, heavy industry applications for steel and aluminum production, metal forming presses, flight simulation motion control systems and material and automotive structural and fatigue testing systems.
|
•
|
Medical market - components and systems for enteral clinical nutrition and infusion therapy pumps, CT scan medical equipment, ultrasonic sensors and surgical handpieces and sleep apnea equipment.
|
•
|
Energy market - control and safety components for steam and gas power generation turbines and oil and gas exploration components and systems.
|
•
|
a strong leadership team that has positioned the Company for growth,
|
•
|
utilizing our global capabilities and strong engineering heritage to innovate,
|
•
|
maintaining our technological excellence by solving our customers’ most demanding technical problems in applications "When Performance Really Matters®,"
|
•
|
continuing to invest in talent development to strengthen employee performance, and
|
•
|
maximizing customer value by implementing lean enterprise principles.
|
|
|
|
|
|
|
2020 vs. 2019
|
2019 vs. 2018
|
||||||||||||||||||
(dollars and shares in millions, except per share data)
|
2020
|
|
2019
|
|
2018
|
$ Variance
|
% Variance
|
$ Variance
|
% Variance
|
||||||||||||||||
Net sales
|
$
|
2,885
|
|
|
$
|
2,905
|
|
|
$
|
2,709
|
|
|
$
|
(20
|
)
|
|
(1
|
%)
|
|
$
|
195
|
|
|
7
|
%
|
Gross margin
|
25.8
|
%
|
|
28.1
|
%
|
|
28.6
|
%
|
|
|
|
|
|
|
|
|
|
||||||||
Research and development expenses
|
$
|
111
|
|
|
$
|
126
|
|
|
$
|
130
|
|
|
$
|
(16
|
)
|
|
(12
|
%)
|
|
$
|
(3
|
)
|
|
(3
|
%)
|
Selling, general and administrative expenses as a percentage of sales
|
13.8
|
%
|
|
13.9
|
%
|
|
14.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
$
|
39
|
|
|
$
|
39
|
|
|
$
|
36
|
|
|
$
|
—
|
|
|
(1
|
%)
|
|
$
|
3
|
|
|
8
|
%
|
Restructuring expense
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
11
|
|
|
100
|
%
|
|
$
|
(29
|
)
|
|
(100
|
%)
|
Long-lived asset impairment
|
$
|
38
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
38
|
|
|
100
|
%
|
|
$
|
—
|
|
|
n/a
|
|
Pension settlement
|
$
|
121
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
121
|
|
|
100
|
%
|
|
$
|
—
|
|
|
n/a
|
|
Other
|
$
|
21
|
|
|
$
|
19
|
|
|
$
|
9
|
|
|
$
|
2
|
|
|
12
|
%
|
|
$
|
10
|
|
|
115
|
%
|
Effective tax rate
|
(69.9
|
)%
|
|
23.1
|
%
|
|
47.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net earnings attributable to Moog and noncontrolling interest
|
$
|
9
|
|
|
$
|
175
|
|
|
$
|
95
|
|
|
$
|
(165
|
)
|
|
(95
|
%)
|
|
$
|
79
|
|
|
83
|
%
|
Diluted average common shares outstanding
|
33
|
|
|
35
|
|
|
36
|
|
|
(2
|
)
|
|
(5
|
%)
|
|
(1
|
)
|
|
(2
|
%)
|
|||||
Diluted earnings per share
|
$
|
0.28
|
|
|
$
|
4.96
|
|
|
$
|
2.64
|
|
|
$
|
(4.68
|
)
|
|
(94
|
%)
|
|
$
|
2.32
|
|
|
88
|
%
|
Total backlog
|
$
|
2,555
|
|
|
$
|
2,233
|
|
|
n/a
|
|
|
$
|
323
|
|
|
14
|
%
|
|
n/a
|
|
|
n/a
|
|
||
Twelve-month backlog
|
$
|
1,658
|
|
|
$
|
1,502
|
|
|
$
|
1,212
|
|
|
$
|
156
|
|
|
10
|
%
|
|
$
|
290
|
|
|
19
|
%
|
|
|
|
|
|
|
|
2020 vs. 2019
|
|
2019 vs. 2018
|
||||||||||||||||
(dollars in millions)
|
2020
|
|
2019
|
|
2018
|
|
$ Variance
|
|
% Variance
|
|
$ Variance
|
|
% Variance
|
||||||||||||
Net sales - military aircraft
|
$
|
721
|
|
|
$
|
622
|
|
|
$
|
522
|
|
|
$
|
99
|
|
|
16
|
%
|
|
$
|
100
|
|
|
19
|
%
|
Net sales - commercial aircraft
|
485
|
|
|
681
|
|
|
603
|
|
|
(196
|
)
|
|
(29
|
%)
|
|
78
|
|
|
13
|
%
|
|||||
|
$
|
1,206
|
|
|
$
|
1,303
|
|
|
$
|
1,194
|
|
|
$
|
(97
|
)
|
|
(7
|
%)
|
|
$
|
109
|
|
|
9
|
%
|
Operating profit
|
$
|
35
|
|
|
$
|
123
|
|
|
$
|
130
|
|
|
$
|
(88
|
)
|
|
(72
|
%)
|
|
$
|
(7
|
)
|
|
(5
|
%)
|
Operating margin
|
2.9
|
%
|
|
9.4
|
%
|
|
10.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 vs. 2019
|
2019 vs. 2018
|
|||||||||||||||||
(dollars in millions)
|
2020
|
|
2019
|
|
2018
|
|
$ Variance
|
|
% Variance
|
|
$ Variance
|
|
% Variance
|
||||||||||||
Net sales
|
$
|
770
|
|
|
$
|
683
|
|
|
$
|
581
|
|
|
$
|
87
|
|
|
13
|
%
|
|
$
|
103
|
|
|
18
|
%
|
Operating profit
|
$
|
102
|
|
|
$
|
89
|
|
|
$
|
68
|
|
|
$
|
13
|
|
|
14
|
%
|
|
$
|
21
|
|
|
32
|
%
|
Operating margin
|
13.2
|
%
|
|
13.0
|
%
|
|
11.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 vs. 2019
|
|
2019 vs. 2018
|
||||||||||||||||
(dollars in millions)
|
2020
|
|
2019
|
|
2018
|
|
$ Variance
|
|
% Variance
|
|
$ Variance
|
|
% Variance
|
||||||||||||
Net sales
|
$
|
909
|
|
|
$
|
918
|
|
|
$
|
935
|
|
|
$
|
(10
|
)
|
|
(1
|
%)
|
|
$
|
(17
|
)
|
|
(2
|
%)
|
Operating profit
|
$
|
80
|
|
|
$
|
109
|
|
|
$
|
65
|
|
|
$
|
(29
|
)
|
|
(27
|
%)
|
|
$
|
44
|
|
|
68
|
%
|
Operating margin
|
8.8
|
%
|
|
11.9
|
%
|
|
6.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 vs. 2019
|
|
2019 vs. 2018
|
||||||||||||||||
(dollars in millions)
|
2020
|
|
2019
|
|
2018
|
|
$ Variance
|
|
% Variance
|
|
$ Variance
|
|
% Variance
|
||||||||||||
Net cash provided (used) by:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating activities
|
$
|
279
|
|
|
$
|
181
|
|
|
$
|
102
|
|
|
$
|
98
|
|
|
54
|
%
|
|
$
|
79
|
|
|
77
|
%
|
Investing activities
|
(146
|
)
|
|
(116
|
)
|
|
(142
|
)
|
|
(30
|
)
|
|
26
|
%
|
|
26
|
|
|
(18
|
%)
|
|||||
Financing activities
|
(143
|
)
|
|
(99
|
)
|
|
(222
|
)
|
|
(44
|
)
|
|
45
|
%
|
|
123
|
|
|
(55
|
%)
|
(dollars in millions)
|
|
Payments due by period
|
||||||||||||||||||
Contractual Obligations
|
|
Total
|
|
2021
|
|
2022-
2023 |
|
2024-
2025 |
|
After
2025 |
||||||||||
Long-term debt
|
|
$
|
939
|
|
|
$
|
—
|
|
|
$
|
76
|
|
|
$
|
362
|
|
|
$
|
500
|
|
Interest on long-term debt
|
|
153
|
|
|
21
|
|
|
43
|
|
|
42
|
|
|
47
|
|
|||||
Right-of-use lease liabilities
|
|
117
|
|
|
$
|
20
|
|
|
$
|
33
|
|
|
$
|
20
|
|
|
$
|
43
|
|
|
Purchase obligations
|
|
560
|
|
|
421
|
|
|
113
|
|
|
8
|
|
|
18
|
|
|||||
Total contractual obligations
|
|
$
|
1,768
|
|
|
$
|
463
|
|
|
$
|
265
|
|
|
$
|
433
|
|
|
$
|
607
|
|
(dollars in millions)
|
|
Commitments expiring by period
|
||||||||||||||||||
Other Commercial Commitments
|
|
Total
|
|
2021
|
|
2022-
2023 |
|
2024-
2025 |
|
After
2025 |
||||||||||
Standby letters of credit
|
|
$
|
41
|
|
|
$
|
17
|
|
|
$
|
24
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Item 7A.
|
|
Quantitative and Qualitative Disclosures about Market Risk.
|
Item 8.
|
|
Financial Statements and Supplementary Data.
|
|
|
Fiscal Years Ended
|
||||||||||
(dollars in thousands, except share and per share data)
|
|
October 3, 2020
|
|
September 28, 2019 (1)
|
|
September 29, 2018 (1)
|
||||||
Net sales
|
|
$
|
2,884,554
|
|
|
$
|
2,904,663
|
|
|
$
|
2,709,468
|
|
Cost of sales
|
|
2,118,150
|
|
|
2,088,831
|
|
|
1,923,179
|
|
|||
Inventory write-down
|
|
22,708
|
|
|
—
|
|
|
12,198
|
|
|||
Gross profit
|
|
743,696
|
|
|
815,832
|
|
|
774,091
|
|
|||
Research and development
|
|
110,865
|
|
|
126,453
|
|
|
129,838
|
|
|||
Selling, general and administrative
|
|
397,947
|
|
|
404,653
|
|
|
388,434
|
|
|||
Interest
|
|
38,897
|
|
|
39,269
|
|
|
36,238
|
|
|||
Long-lived asset impairment
|
|
37,839
|
|
|
—
|
|
|
—
|
|
|||
Restructuring
|
|
10,700
|
|
|
—
|
|
|
28,794
|
|
|||
Pension settlement
|
|
121,324
|
|
|
—
|
|
|
—
|
|
|||
Other
|
|
20,707
|
|
|
18,505
|
|
|
8,608
|
|
|||
Earnings before income taxes
|
|
5,417
|
|
|
226,952
|
|
|
182,179
|
|
|||
Income taxes (benefit)
|
|
(3,788
|
)
|
|
52,404
|
|
|
86,818
|
|
|||
Net earnings attributable to Moog and noncontrolling interest
|
|
$
|
9,205
|
|
|
$
|
174,548
|
|
|
$
|
95,361
|
|
|
|
|
|
|
|
|
||||||
Net earnings attributable to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
121
|
|
|||
|
|
|
|
|
|
|
||||||
Net earnings attributable to Moog
|
|
$
|
9,205
|
|
|
$
|
174,548
|
|
|
$
|
95,240
|
|
|
|
|
|
|
|
|
||||||
Net earnings per share attributable to Moog
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
0.28
|
|
|
$
|
5.01
|
|
|
$
|
2.67
|
|
Diluted
|
|
$
|
0.28
|
|
|
$
|
4.96
|
|
|
$
|
2.64
|
|
|
|
|
|
|
|
|
||||||
Dividends declared per share
|
|
$
|
0.75
|
|
|
$
|
1.00
|
|
|
$
|
0.50
|
|
|
|
|
|
|
|
|
||||||
Average common shares outstanding
|
|
|
|
|
|
|
||||||
Basic
|
|
33,257,684
|
|
|
34,854,614
|
|
|
35,661,638
|
|
|||
Diluted
|
|
33,437,801
|
|
|
35,178,968
|
|
|
36,052,307
|
|
|
|
Fiscal Years Ended
|
||||||||||
(dollars in thousands)
|
|
October 3,
2020 |
|
September 28, 2019 (1)
|
|
September 29, 2018 (1)
|
||||||
Net earnings attributable to Moog and noncontrolling interest
|
|
$
|
9,205
|
|
|
$
|
174,548
|
|
|
$
|
95,361
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustment
|
|
26,405
|
|
|
(29,984
|
)
|
|
(16,279
|
)
|
|||
Retirement liability adjustment
|
|
102,081
|
|
|
(12,806
|
)
|
|
28,024
|
|
|||
Change in accumulated income (loss) on derivatives
|
|
1,538
|
|
|
105
|
|
|
(121
|
)
|
|||
Other comprehensive income (loss), net of tax
|
|
130,024
|
|
|
(42,685
|
)
|
|
11,624
|
|
|||
Tax Cuts and Jobs Act, reclassification from AOCIL to retained earnings
|
|
—
|
|
|
—
|
|
|
(47,077
|
)
|
|||
Comprehensive income (loss)
|
|
139,229
|
|
|
131,863
|
|
|
59,908
|
|
|||
Comprehensive income attributable to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
91
|
|
|||
Comprehensive income (loss) attributable to Moog
|
|
$
|
139,229
|
|
|
$
|
131,863
|
|
|
$
|
59,817
|
|
(dollars in thousands, except per share data)
|
|
October 3, 2020
|
|
September 28, 2019 (1)
|
||||
ASSETS
|
|
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
84,583
|
|
|
$
|
89,702
|
|
Restricted cash
|
|
489
|
|
|
2,846
|
|
||
Receivables, net
|
|
855,535
|
|
|
954,355
|
|
||
Inventories, net
|
|
623,043
|
|
|
534,974
|
|
||
Prepaid expenses and other current assets
|
|
49,837
|
|
|
47,096
|
|
||
Total current assets
|
|
1,613,487
|
|
|
1,628,973
|
|
||
Property, plant and equipment, net
|
|
600,498
|
|
|
586,767
|
|
||
Operating lease right-of-use assets
|
|
68,393
|
|
|
—
|
|
||
Goodwill
|
|
821,856
|
|
|
784,240
|
|
||
Intangible assets, net
|
|
85,046
|
|
|
79,646
|
|
||
Deferred income taxes
|
|
18,924
|
|
|
19,992
|
|
||
Other assets
|
|
17,627
|
|
|
14,619
|
|
||
Total assets
|
|
$
|
3,225,831
|
|
|
$
|
3,114,237
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Current installments of long-term debt
|
|
$
|
350
|
|
|
$
|
249
|
|
Accounts payable
|
|
176,868
|
|
|
257,677
|
|
||
Accrued compensation
|
|
109,510
|
|
|
143,765
|
|
||
Contract advances
|
|
203,338
|
|
|
137,242
|
|
||
Accrued liabilities and other
|
|
220,488
|
|
|
188,725
|
|
||
Total current liabilities
|
|
710,554
|
|
|
727,658
|
|
||
Long-term debt, excluding current installments
|
|
929,982
|
|
|
832,984
|
|
||
Long-term pension and retirement obligations
|
|
183,366
|
|
|
160,034
|
|
||
Deferred income taxes
|
|
40,474
|
|
|
40,528
|
|
||
Other long-term liabilities
|
|
118,372
|
|
|
30,552
|
|
||
Total liabilities
|
|
1,982,748
|
|
|
1,791,756
|
|
||
Shareholders’ equity
|
|
|
|
|
||||
Common stock - par value $1.00
|
|
|
|
|
||||
Class A - Authorized 100,000,000 shares
|
|
43,799
|
|
|
43,795
|
|
||
Issued 43,799,229 and outstanding 29,414,083 shares at October 3, 2020
|
|
|
|
|
||||
Issued 43,794,935 and outstanding 32,268,275 shares at September 28, 2019
|
|
|
|
|
||||
Class B - Authorized 20,000,000 shares. Convertible to Class A on a one-for-one basis
|
|
7,481
|
|
|
7,485
|
|
||
Issued 7,480,484 and outstanding 2,751,894 shares at October 3, 2020
|
|
|
|
|
||||
Issued 7,484,778 and outstanding 2,426,819 shares at September 28, 2019
|
|
|
|
|
||||
Additional paid-in capital
|
|
472,645
|
|
|
510,546
|
|
||
Retained earnings
|
|
2,112,734
|
|
|
2,128,739
|
|
||
Treasury shares
|
|
(990,783
|
)
|
|
(769,569
|
)
|
||
Stock Employee Compensation Trust
|
|
(64,242
|
)
|
|
(111,492
|
)
|
||
Supplemental Retirement Plan Trust
|
|
(53,098
|
)
|
|
(71,546
|
)
|
||
Accumulated other comprehensive loss
|
|
(285,453
|
)
|
|
(415,477
|
)
|
||
Total shareholders’ equity
|
|
1,243,083
|
|
|
1,322,481
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
3,225,831
|
|
|
$
|
3,114,237
|
|
|
|
Fiscal Years Ended
|
||||||||||
(dollars in thousands)
|
|
October 3, 2020 (1)
|
|
September 28, 2019 (1)
|
|
September 29, 2018 (1)
|
||||||
COMMON STOCK
|
|
|
|
|
|
|
||||||
Beginning and end of year
|
|
$
|
51,280
|
|
|
$
|
51,280
|
|
|
$
|
51,280
|
|
ADDITIONAL PAID-IN CAPITAL
|
|
|
|
|
|
|
||||||
Beginning of year
|
|
510,546
|
|
|
502,257
|
|
|
492,246
|
|
|||
Issuance of treasury shares
|
|
142
|
|
|
(1,018
|
)
|
|
(4,321
|
)
|
|||
Equity-based compensation expense
|
|
5,661
|
|
|
6,464
|
|
|
5,804
|
|
|||
Redemption of noncontrolling interest
|
|
—
|
|
|
—
|
|
|
175
|
|
|||
Adjustment to market - SECT and SERP
|
|
(43,704
|
)
|
|
2,843
|
|
|
8,353
|
|
|||
End of year
|
|
472,645
|
|
|
510,546
|
|
|
502,257
|
|
|||
RETAINED EARNINGS
|
|
|
|
|
|
|
||||||
Beginning of year
|
|
2,128,739
|
|
|
1,974,125
|
|
|
1,849,697
|
|
|||
Net earnings
|
|
9,205
|
|
|
174,548
|
|
|
95,240
|
|
|||
Dividends
|
|
(25,210
|
)
|
|
(34,857
|
)
|
|
(17,889
|
)
|
|||
Adoption of ASC 606
|
|
—
|
|
|
14,923
|
|
|
—
|
|
|||
Tax Cuts and Jobs Act, reclassification from AOCIL
|
|
—
|
|
|
—
|
|
|
47,077
|
|
|||
End of year
|
|
2,112,734
|
|
|
2,128,739
|
|
|
1,974,125
|
|
|||
TREASURY SHARES AT COST
|
|
|
|
|
|
|
||||||
Beginning of year
|
|
(769,569
|
)
|
|
(738,494
|
)
|
|
(739,157
|
)
|
|||
Class A and B shares issued related to compensation
|
|
11,887
|
|
|
9,880
|
|
|
8,881
|
|
|||
Class A and B shares purchased
|
|
(233,101
|
)
|
|
(40,955
|
)
|
|
(8,218
|
)
|
|||
End of year
|
|
(990,783
|
)
|
|
(769,569
|
)
|
|
(738,494
|
)
|
|||
STOCK EMPLOYEE COMPENSATION TRUST (SECT)
|
|
|
|
|
|
|
||||||
Beginning of year
|
|
(111,492
|
)
|
|
(118,449
|
)
|
|
(89,919
|
)
|
|||
Issuance of shares
|
|
28,768
|
|
|
22,190
|
|
|
4,714
|
|
|||
Purchase of shares
|
|
(6,774
|
)
|
|
(15,288
|
)
|
|
(30,358
|
)
|
|||
Adjustment to market
|
|
25,256
|
|
|
55
|
|
|
(2,886
|
)
|
|||
End of year
|
|
(64,242
|
)
|
|
(111,492
|
)
|
|
(118,449
|
)
|
|||
SUPPLEMENTAL RETIREMENT PLAN (SERP) TRUST
|
|
|
|
|
|
|
||||||
Beginning of year
|
|
(71,546
|
)
|
|
(72,941
|
)
|
|
(12,474
|
)
|
|||
Issuance of shares
|
|
—
|
|
|
4,293
|
|
|
—
|
|
|||
Purchase of shares
|
|
—
|
|
|
—
|
|
|
(55,000
|
)
|
|||
Adjustment to market
|
|
18,448
|
|
|
(2,898
|
)
|
|
(5,467
|
)
|
|||
End of year
|
|
(53,098
|
)
|
|
(71,546
|
)
|
|
(72,941
|
)
|
|||
ACCUMULATED OTHER COMPREHENSIVE LOSS
|
|
|
|
|
|
|
||||||
Beginning of year
|
|
(415,477
|
)
|
|
(372,792
|
)
|
|
(337,369
|
)
|
|||
Other comprehensive income (loss)
|
|
130,024
|
|
|
(42,685
|
)
|
|
11,654
|
|
|||
Tax Cuts and Jobs Act, reclassification to retained earnings
|
|
—
|
|
|
—
|
|
|
(47,077
|
)
|
|||
End of year
|
|
(285,453
|
)
|
|
(415,477
|
)
|
|
(372,792
|
)
|
|||
TOTAL MOOG SHAREHOLDERS’ EQUITY
|
|
1,243,083
|
|
|
1,322,481
|
|
|
1,224,986
|
|
|||
NONCONTROLLING INTEREST
|
|
|
|
|
|
|
||||||
Beginning of year
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Noncontrolling interest of acquired entity
|
|
—
|
|
|
—
|
|
|
1,927
|
|
|||
Net earnings attributable to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
121
|
|
|||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|||
Acquisition of noncontrolling interest
|
|
—
|
|
|
—
|
|
|
(2,018
|
)
|
|||
End of year
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
TOTAL SHAREHOLDERS’ EQUITY
|
|
$
|
1,243,083
|
|
|
$
|
1,322,481
|
|
|
$
|
1,224,986
|
|
|
|
Fiscal Years Ended
|
|||||||
(share data)
|
|
October 3, 2020
|
|
September 28, 2019
|
|
September 29, 2018
|
|||
COMMON STOCK - CLASS A
|
|
|
|
|
|
|
|||
Beginning of year
|
|
43,794,935
|
|
|
43,784,489
|
|
|
43,704,286
|
|
Conversion of Class B to Class A
|
|
4,294
|
|
|
10,446
|
|
|
80,203
|
|
End of year
|
|
43,799,229
|
|
|
43,794,935
|
|
|
43,784,489
|
|
COMMON STOCK - CLASS B
|
|
|
|
|
|
|
|||
Beginning of year
|
|
7,484,778
|
|
|
7,495,224
|
|
|
7,575,427
|
|
Conversion of Class B to Class A
|
|
(4,294
|
)
|
|
(10,446
|
)
|
|
(80,203
|
)
|
End of year
|
|
7,480,484
|
|
|
7,484,778
|
|
|
7,495,224
|
|
TREASURY SHARES - CLASS A COMMON STOCK
|
|
|
|
|
|
|
|||
Beginning of year
|
|
(11,101,512
|
)
|
|
(10,872,575
|
)
|
|
(10,933,003
|
)
|
Class A shares issued related to compensation
|
|
31,943
|
|
|
109,005
|
|
|
104,842
|
|
Class A shares purchased
|
|
(2,890,429
|
)
|
|
(337,942
|
)
|
|
(44,414
|
)
|
End of year
|
|
(13,959,998
|
)
|
|
(11,101,512
|
)
|
|
(10,872,575
|
)
|
TREASURY SHARES - CLASS B COMMON STOCK
|
|
|
|
|
|
|
|||
Beginning of year
|
|
(3,345,489
|
)
|
|
(3,323,996
|
)
|
|
(3,333,927
|
)
|
Class B shares issued related to compensation
|
|
215,040
|
|
|
148,017
|
|
|
64,664
|
|
Class B shares purchased
|
|
(214,428
|
)
|
|
(169,510
|
)
|
|
(54,733
|
)
|
End of year
|
|
(3,344,877
|
)
|
|
(3,345,489
|
)
|
|
(3,323,996
|
)
|
SECT - CLASS A COMMON STOCK
|
|
|
|
|
|
|
|||
Beginning and end of period
|
|
(425,148
|
)
|
|
(425,148
|
)
|
|
(425,148
|
)
|
SECT - CLASS B COMMON STOCK
|
|
|
|
|
|
|
|||
Beginning of year
|
|
(886,300
|
)
|
|
(983,772
|
)
|
|
(654,753
|
)
|
Issuance of shares
|
|
408,641
|
|
|
270,675
|
|
|
57,277
|
|
Purchase of shares
|
|
(79,884
|
)
|
|
(173,203
|
)
|
|
(386,296
|
)
|
End of year
|
|
(557,543
|
)
|
|
(886,300
|
)
|
|
(983,772
|
)
|
SERP - CLASS B COMMON STOCK
|
|
|
|
|
|
|
|||
Beginning of year
|
|
(826,170
|
)
|
|
(876,170
|
)
|
|
(150,000
|
)
|
Issuance of shares
|
|
—
|
|
|
50,000
|
|
|
—
|
|
Purchase of shares
|
|
—
|
|
|
—
|
|
|
(726,170
|
)
|
End of year
|
|
(826,170
|
)
|
|
(826,170
|
)
|
|
(876,170
|
)
|
|
|
Fiscal Years Ended
|
||||||||||
(dollars in thousands)
|
|
October 3, 2020
|
|
September 28, 2019 (1)
|
|
September 29, 2018 (1)
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
||||||
Net earnings attributable to Moog and noncontrolling interest
|
|
$
|
9,205
|
|
|
$
|
174,548
|
|
|
$
|
95,361
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Depreciation
|
|
74,243
|
|
|
71,926
|
|
|
71,231
|
|
|||
Amortization
|
|
12,729
|
|
|
13,334
|
|
|
17,341
|
|
|||
Deferred income taxes
|
|
(40,845
|
)
|
|
(4,598
|
)
|
|
30,613
|
|
|||
Equity-based compensation expense
|
|
5,661
|
|
|
6,464
|
|
|
5,804
|
|
|||
Impairment of long-lived assets and inventory write-down
|
|
60,547
|
|
|
—
|
|
|
—
|
|
|||
Pension settlement
|
|
121,324
|
|
|
—
|
|
|
—
|
|
|||
Other
|
|
9,636
|
|
|
4,239
|
|
|
34,455
|
|
|||
Changes in assets and liabilities providing (using) cash:
|
|
|
|
|
|
|
||||||
Receivables
|
|
111,525
|
|
|
(79,887
|
)
|
|
(67,621
|
)
|
|||
Inventories
|
|
(99,015
|
)
|
|
(96,652
|
)
|
|
(32,451
|
)
|
|||
Accounts payable
|
|
(84,065
|
)
|
|
52,499
|
|
|
35,980
|
|
|||
Contract advances
|
|
65,680
|
|
|
(14,432
|
)
|
|
(10,998
|
)
|
|||
Accrued expenses
|
|
(3,516
|
)
|
|
19,758
|
|
|
10,631
|
|
|||
Accrued income taxes
|
|
(17,964
|
)
|
|
3,818
|
|
|
4,227
|
|
|||
Net pension and post retirement liabilities
|
|
33,305
|
|
|
32,529
|
|
|
(122,233
|
)
|
|||
Other assets and liabilities
|
|
20,727
|
|
|
(2,123
|
)
|
|
30,067
|
|
|||
Net cash provided by operating activities
|
|
279,177
|
|
|
181,423
|
|
|
102,407
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
||||||
Acquisitions of businesses, net of cash acquired
|
|
(54,265
|
)
|
|
—
|
|
|
(48,382
|
)
|
|||
Purchase of property, plant and equipment
|
|
(88,284
|
)
|
|
(118,422
|
)
|
|
(94,517
|
)
|
|||
Other investing transactions
|
|
(3,644
|
)
|
|
2,702
|
|
|
1,257
|
|
|||
Net cash used by investing activities
|
|
(146,193
|
)
|
|
(115,720
|
)
|
|
(141,642
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
||||||
Net short-term repayments
|
|
—
|
|
|
(3,653
|
)
|
|
3,618
|
|
|||
Proceeds from revolving lines of credit
|
|
1,151,550
|
|
|
971,658
|
|
|
568,550
|
|
|||
Payments on revolving lines of credit
|
|
(1,187,159
|
)
|
|
(998,726
|
)
|
|
(678,660
|
)
|
|||
Proceeds from long-term debt
|
|
15,128
|
|
|
—
|
|
|
15,000
|
|
|||
Payments on long-term debt
|
|
(74,470
|
)
|
|
(411
|
)
|
|
(25,922
|
)
|
|||
Proceeds from senior notes, net of issuance costs
|
|
491,769
|
|
|
—
|
|
|
—
|
|
|||
Payments on senior notes
|
|
(300,000
|
)
|
|
—
|
|
|
—
|
|
|||
Payments on finance lease obligations
|
|
(1,167
|
)
|
|
—
|
|
|
—
|
|
|||
Payment of dividends
|
|
(25,210
|
)
|
|
(34,857
|
)
|
|
(17,889
|
)
|
|||
Proceeds from sale of treasury stock
|
|
7,014
|
|
|
5,268
|
|
|
4,560
|
|
|||
Purchase of outstanding shares for treasury
|
|
(232,290
|
)
|
|
(40,955
|
)
|
|
(8,218
|
)
|
|||
Proceeds from sale of stock held by SECT
|
|
24,721
|
|
|
13,990
|
|
|
4,714
|
|
|||
Purchase of stock held by SECT
|
|
(6,774
|
)
|
|
(15,288
|
)
|
|
(30,358
|
)
|
|||
Proceeds from sale of SERP stock
|
|
—
|
|
|
4,293
|
|
|
—
|
|
|||
Purchase of stock held by SERP Trust
|
|
—
|
|
|
—
|
|
|
(55,000
|
)
|
|||
Other financing transactions
|
|
(5,878
|
)
|
|
—
|
|
|
(1,964
|
)
|
|||
Net cash used by financing activities
|
|
(142,766
|
)
|
|
(98,681
|
)
|
|
(221,569
|
)
|
|||
Effect of exchange rate changes on cash
|
|
2,306
|
|
|
(2,180
|
)
|
|
1,541
|
|
|||
Decrease in cash, cash equivalents and restricted cash
|
|
(7,476
|
)
|
|
(35,158
|
)
|
|
(259,263
|
)
|
|||
Cash, cash equivalents and restricted cash at beginning of year
|
|
92,548
|
|
|
127,706
|
|
|
386,969
|
|
|||
Cash, cash equivalents and restricted cash at end of year
|
|
$
|
85,072
|
|
|
$
|
92,548
|
|
|
$
|
127,706
|
|
Notes to Consolidated Financial Statements
(dollars in thousands, except per share data)
|
Standard
|
|
Description
|
|
Financial Statement Effect or Other Significant Matters
|
ASU no. 2016-13 Measurement of Credit Losses on Financial Instruments
|
|
The standard replaces the incurred loss model with the current expected credit loss (CECL) model to estimate credit losses for financial assets measured at amortized cost and certain off-balance sheet credit exposures. The CECL model requires a Company to estimate credit losses expected over the life of the financial assets based on historical experience, current conditions and reasonable and supportable forecasts. The provisions of the standard are effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The amendment requires a modified retrospective approach by recording a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption.
|
|
We evaluated the effect of this standard and determined that it will not have a material impact on our financial statements, disclosures, internal controls or processes.
|
Planned date of adoption:
Q1 2021 |
|
|
As Reported (With Change), October 3, 2020
|
|
Impact of Change
|
|
Without Change,
October 3, 2020 |
||||||
Other
|
|
$
|
20,707
|
|
|
$
|
11,502
|
|
|
$
|
32,209
|
|
Earnings (loss) before income taxes
|
|
5,417
|
|
|
(11,502
|
)
|
|
(6,085
|
)
|
|||
Income taxes (benefit)
|
|
(3,788
|
)
|
|
(2,714
|
)
|
|
(6,502
|
)
|
|||
Net earnings attributable to Moog and noncontrolling interest
|
|
$
|
9,205
|
|
|
$
|
(8,788
|
)
|
|
$
|
417
|
|
Net earnings attributable to Moog
|
|
$
|
9,205
|
|
|
$
|
(8,788
|
)
|
|
$
|
417
|
|
|
|
|
|
|
|
|
||||||
Net earnings per share attributable to Moog
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
0.28
|
|
|
$
|
(0.27
|
)
|
|
$
|
0.01
|
|
Diluted
|
|
$
|
0.28
|
|
|
$
|
(0.27
|
)
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
||||||
Retirement liability adjustment
|
|
$
|
102,081
|
|
|
$
|
8,788
|
|
|
$
|
110,869
|
|
Other comprehensive income, net of tax
|
|
$
|
130,024
|
|
|
$
|
8,788
|
|
|
$
|
138,812
|
|
Comprehensive income (loss)
|
|
$
|
139,229
|
|
|
$
|
—
|
|
|
$
|
139,229
|
|
Comprehensive income (loss) attributable to Moog
|
|
$
|
139,229
|
|
|
$
|
—
|
|
|
$
|
139,229
|
|
|
|
As Reported (With Change), October 3, 2020
|
|
Impact of Change
|
|
Without Change,
October 3, 2020 |
||||||
Shareholders’ equity
|
|
|
|
|
|
|
||||||
Retained earnings (loss)
|
|
$
|
2,112,734
|
|
|
$
|
(4,199
|
)
|
|
$
|
2,108,535
|
|
Accumulated other comprehensive income (loss)
|
|
(285,453
|
)
|
|
4,199
|
|
|
(281,254
|
)
|
|||
Total shareholders’ equity
|
|
$
|
1,243,083
|
|
|
$
|
—
|
|
|
$
|
1,243,083
|
|
|
|
As Previously Reported, September 28, 2019
|
|
Impact of Change
|
|
As Reported (With Change), September 28, 2019
|
||||||
Other
|
|
$
|
11,699
|
|
|
$
|
6,806
|
|
|
$
|
18,505
|
|
Earnings (loss) before income taxes
|
|
233,758
|
|
|
(6,806
|
)
|
|
226,952
|
|
|||
Income taxes (benefit)
|
|
54,010
|
|
|
(1,606
|
)
|
|
52,404
|
|
|||
Net earnings attributable to Moog and noncontrolling interest
|
|
$
|
179,748
|
|
|
$
|
(5,200
|
)
|
|
$
|
174,548
|
|
Net earnings attributable to Moog
|
|
$
|
179,748
|
|
|
$
|
(5,200
|
)
|
|
$
|
174,548
|
|
|
|
|
|
|
|
|
||||||
Net earnings per share attributable to Moog
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
5.16
|
|
|
$
|
(0.15
|
)
|
|
$
|
5.01
|
|
Diluted
|
|
$
|
5.11
|
|
|
$
|
(0.15
|
)
|
|
$
|
4.96
|
|
|
|
|
|
|
|
|
||||||
Retirement liability adjustment
|
|
$
|
(18,006
|
)
|
|
$
|
5,200
|
|
|
$
|
(12,806
|
)
|
Other comprehensive income (loss), net of tax
|
|
$
|
(47,885
|
)
|
|
$
|
5,200
|
|
|
$
|
(42,685
|
)
|
Comprehensive income (loss)
|
|
$
|
131,863
|
|
|
$
|
—
|
|
|
$
|
131,863
|
|
Comprehensive income (loss) attributable to Moog
|
|
$
|
131,863
|
|
|
$
|
—
|
|
|
$
|
131,863
|
|
|
|
As Previously Reported, September 28, 2019
|
|
Impact of Change
|
|
As Reported (With Change), September 28, 2019
|
||||||
Shareholders’ equity
|
|
|
|
|
|
|
||||||
Retained earnings (loss)
|
|
$
|
2,133,328
|
|
|
$
|
(4,589
|
)
|
|
$
|
2,128,739
|
|
Accumulated other comprehensive income (loss)
|
|
(420,066
|
)
|
|
4,589
|
|
|
(415,477
|
)
|
|||
Total shareholders’ equity
|
|
$
|
1,322,481
|
|
|
$
|
—
|
|
|
$
|
1,322,481
|
|
|
|
As Previously Reported, September 29, 2018
|
|
Impact of Change
|
|
As Reported (With Change), September 29, 2018
|
||||||
Other
|
|
$
|
6,950
|
|
|
$
|
1,658
|
|
|
$
|
8,608
|
|
Earnings (loss) before income taxes
|
|
183,837
|
|
|
(1,658
|
)
|
|
182,179
|
|
|||
Income taxes (benefit)
|
|
87,209
|
|
|
(391
|
)
|
|
86,818
|
|
|||
Net earnings attributable to Moog and noncontrolling interest
|
|
$
|
96,628
|
|
|
$
|
(1,267
|
)
|
|
$
|
95,361
|
|
Net earnings attributable to Moog
|
|
$
|
96,507
|
|
|
$
|
(1,267
|
)
|
|
$
|
95,240
|
|
|
|
|
|
|
|
|
||||||
Net earnings per share attributable to Moog
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
2.71
|
|
|
$
|
(0.04
|
)
|
|
$
|
2.67
|
|
Diluted
|
|
$
|
2.68
|
|
|
$
|
(0.04
|
)
|
|
$
|
2.64
|
|
|
|
|
|
|
|
|
||||||
Retirement liability adjustment
|
|
$
|
26,757
|
|
|
$
|
1,267
|
|
|
$
|
28,024
|
|
Other comprehensive income, net of tax
|
|
$
|
10,357
|
|
|
$
|
1,267
|
|
|
$
|
11,624
|
|
Comprehensive income (loss)
|
|
$
|
59,908
|
|
|
$
|
—
|
|
|
$
|
59,908
|
|
Comprehensive income (loss) attributable to Moog
|
|
$
|
59,817
|
|
|
$
|
—
|
|
|
$
|
59,817
|
|
|
|
As Previously Reported, September 29, 2018
|
|
Impact of Change
|
|
As Reported
(With Change), September 29, 2018 |
||||||
Shareholders’ equity
|
|
|
|
|
|
|
||||||
Retained earnings
|
|
$
|
1,973,514
|
|
|
$
|
611
|
|
|
$
|
1,974,125
|
|
Accumulated other comprehensive income (loss)
|
|
(372,181
|
)
|
|
(611
|
)
|
|
(372,792
|
)
|
|||
Total shareholders’ equity
|
|
$
|
1,224,986
|
|
|
$
|
—
|
|
|
$
|
1,224,986
|
|
|
|
As Previously Reported, September 30, 2017
|
|
Impact of Change
|
|
As Reported (With Change), September 30, 2017
|
||||||
Shareholders’ equity
|
|
|
|
|
|
|
||||||
Retained earnings
|
|
$
|
1,847,819
|
|
|
$
|
1,878
|
|
|
$
|
1,849,697
|
|
Accumulated other comprehensive income (loss)
|
|
(335,491
|
)
|
|
(1,878
|
)
|
|
(337,369
|
)
|
|||
Total shareholders’ equity
|
|
$
|
1,214,304
|
|
|
$
|
—
|
|
|
$
|
1,214,304
|
|
|
|
October 3,
2020 |
|
September 28,
2019 |
||||
Unbilled receivables
|
|
$
|
493,734
|
|
|
$
|
468,824
|
|
Contract advances
|
|
203,338
|
|
|
137,242
|
|
||
Net contract assets
|
|
$
|
290,396
|
|
|
$
|
331,582
|
|
|
|
October 3,
2020 |
|
September 28,
2019 |
||||
Accounts receivable
|
|
$
|
363,089
|
|
|
$
|
477,154
|
|
Unbilled receivables
|
|
493,734
|
|
|
468,824
|
|
||
Other
|
|
5,025
|
|
|
13,779
|
|
||
Less allowance for doubtful accounts
|
|
(6,313
|
)
|
|
(5,402
|
)
|
||
Receivables, net
|
|
$
|
855,535
|
|
|
$
|
954,355
|
|
|
|
October 3,
2020 |
|
September 28,
2019 |
||||
Raw materials and purchased parts
|
|
$
|
235,906
|
|
|
$
|
189,875
|
|
Work in progress
|
|
327,990
|
|
|
276,538
|
|
||
Finished goods
|
|
59,147
|
|
|
68,561
|
|
||
Inventories, net
|
|
$
|
623,043
|
|
|
$
|
534,974
|
|
|
|
October 3,
2020 |
|
September 28,
2019 |
||||
Land
|
|
$
|
37,463
|
|
|
$
|
33,111
|
|
Buildings and improvements
|
|
476,659
|
|
|
469,867
|
|
||
Machinery and equipment
|
|
782,194
|
|
|
775,378
|
|
||
Computer equipment and software
|
|
158,683
|
|
|
137,221
|
|
||
Property, plant and equipment, at cost
|
|
1,454,999
|
|
|
1,415,577
|
|
||
Less accumulated depreciation and amortization
|
|
(854,501
|
)
|
|
(828,810
|
)
|
||
Property, plant and equipment, net
|
|
$
|
600,498
|
|
|
$
|
586,767
|
|
|
Fiscal Year Ended October 3, 2020
|
||
Operating lease cost
|
$
|
27,493
|
|
|
|
||
Finance lease cost:
|
|
||
Amortization of right-of-use assets
|
$
|
1,175
|
|
Interest on lease liabilities
|
367
|
|
|
Total finance lease cost
|
$
|
1,542
|
|
|
October 3, 2020
|
||
Operating Leases
|
|
||
Operating lease right-of-use assets
|
$
|
68,393
|
|
|
|
||
Accrued liabilities and other
|
$
|
15,034
|
|
Other long-term liabilities
|
60,837
|
|
|
Total operating lease liabilities
|
$
|
75,871
|
|
|
|
||
Finance Leases
|
|
||
Property, plant, and equipment, at cost
|
$
|
13,930
|
|
Accumulated depreciation
|
(1,497
|
)
|
|
Property, plant, and equipment, net
|
$
|
12,433
|
|
|
|
||
Accrued liabilities and other
|
$
|
2,199
|
|
Other long-term liabilities
|
11,392
|
|
|
Total finance lease liabilities
|
$
|
13,591
|
|
|
|
||
Weighted average remaining lease term in years
|
|
||
Operating leases
|
7.4
|
|
|
Finance leases
|
12.3
|
|
|
|
|
||
Weighted average discount rate
|
|
||
Operating leases
|
4.7
|
%
|
|
Finance leases
|
4.8
|
%
|
|
|
October 3, 2020
|
||||||
|
|
Operating Leases
|
|
Finance Leases
|
||||
2021
|
|
$
|
17,495
|
|
|
$
|
2,487
|
|
2022
|
|
16,392
|
|
|
2,253
|
|
||
2023
|
|
12,651
|
|
|
2,146
|
|
||
2024
|
|
9,050
|
|
|
2,085
|
|
||
2025
|
|
7,388
|
|
|
1,839
|
|
||
Thereafter
|
|
34,056
|
|
|
8,694
|
|
||
Total lease payments
|
|
97,032
|
|
|
19,504
|
|
||
Less: imputed interest
|
|
(21,161
|
)
|
|
(5,913
|
)
|
||
Total
|
|
$
|
75,871
|
|
|
$
|
13,591
|
|
|
Aircraft
Controls |
Space and
Defense Controls |
Industrial
Systems |
Total
|
||||||||
Balance at September 30, 2017
|
$
|
181,375
|
|
$
|
259,951
|
|
$
|
332,942
|
|
$
|
774,268
|
|
Acquisitions
|
—
|
|
3,769
|
|
27,329
|
|
31,098
|
|
||||
Divestiture
|
—
|
|
(1,836
|
)
|
—
|
|
(1,836
|
)
|
||||
Foreign currency translation
|
(1,468
|
)
|
(152
|
)
|
(4,693
|
)
|
(6,313
|
)
|
||||
Balance at September 29, 2018
|
179,907
|
|
261,732
|
|
355,578
|
|
797,217
|
|
||||
Divestiture
|
—
|
|
—
|
|
(1,237
|
)
|
(1,237
|
)
|
||||
Foreign currency translation
|
(2,968
|
)
|
(48
|
)
|
(8,724
|
)
|
(11,740
|
)
|
||||
Balance at September 28, 2019
|
176,939
|
|
261,684
|
|
345,617
|
|
784,240
|
|
||||
Acquisition
|
—
|
|
—
|
|
25,237
|
|
25,237
|
|
||||
Divestiture
|
—
|
|
—
|
|
(635
|
)
|
(635
|
)
|
||||
Foreign currency translation
|
2,582
|
|
42
|
|
10,390
|
|
13,014
|
|
||||
Balance at October 3, 2020
|
$
|
179,521
|
|
$
|
261,726
|
|
$
|
380,609
|
|
$
|
821,856
|
|
|
|
October 3, 2020
|
September 28, 2019
|
||||||||||
|
Weighted-
Average Life (years) |
Gross Carrying
Amount |
Accumulated
Amortization |
Gross Carrying
Amount |
Accumulated
Amortization |
||||||||
Customer-related
|
11
|
$
|
140,048
|
|
$
|
(103,733
|
)
|
$
|
132,697
|
|
$
|
(100,091
|
)
|
Technology-related
|
9
|
77,060
|
|
(54,833
|
)
|
69,220
|
|
(52,192
|
)
|
||||
Program-related
|
23
|
38,963
|
|
(17,340
|
)
|
62,015
|
|
(35,680
|
)
|
||||
Marketing-related
|
8
|
25,581
|
|
(20,981
|
)
|
23,139
|
|
(19,899
|
)
|
||||
Other
|
10
|
4,134
|
|
(3,853
|
)
|
4,061
|
|
(3,624
|
)
|
||||
Intangible assets
|
12
|
$
|
285,786
|
|
$
|
(200,740
|
)
|
$
|
291,132
|
|
$
|
(211,486
|
)
|
|
2020
|
2019
|
2018
|
||||||
Acquired intangible asset amortization
|
$
|
12,524
|
|
$
|
13,079
|
|
$
|
17,037
|
|
|
2021
|
2022
|
2023
|
2024
|
2025
|
||||||||||
Estimated future amortization of acquired intangible assets
|
$
|
10,800
|
|
$
|
10,600
|
|
$
|
9,700
|
|
$
|
9,300
|
|
$
|
8,200
|
|
|
|
October 3,
2020 |
|
September 28,
2019 |
||||
U.S. revolving credit facility
|
|
$
|
362,136
|
|
|
$
|
395,712
|
|
SECT revolving credit facility
|
|
6,000
|
|
|
7,000
|
|
||
Senior notes 4.25%
|
|
500,000
|
|
|
—
|
|
||
Senior notes 5.25%
|
|
—
|
|
|
300,000
|
|
||
Securitization program
|
|
69,000
|
|
|
130,000
|
|
||
Other long-term debt
|
|
1,661
|
|
|
—
|
|
||
Obligations under capital leases
|
|
—
|
|
|
679
|
|
||
Senior debt
|
|
938,797
|
|
|
833,391
|
|
||
Less deferred debt issuance cost
|
|
(8,465
|
)
|
|
(158
|
)
|
||
Less current installments
|
|
(350
|
)
|
|
(249
|
)
|
||
Long-term debt
|
|
$
|
929,982
|
|
|
$
|
832,984
|
|
|
2021
|
2022
|
2023
|
2024
|
2025
|
Thereafter
|
||||||||||||
Long-term debt maturities
|
$
|
350
|
|
$
|
75,364
|
|
$
|
947
|
|
$
|
—
|
|
$
|
362,136
|
|
$
|
500,000
|
|
|
|
October 3, 2020
|
|
September 28, 2019
|
||||
Contract reserves
|
|
$
|
72,412
|
|
|
$
|
60,914
|
|
Employee benefits
|
|
40,734
|
|
|
37,040
|
|
||
Warranty accrual
|
|
27,707
|
|
|
28,061
|
|
||
Accrued income taxes
|
|
11,785
|
|
|
26,532
|
|
||
Other
|
|
67,850
|
|
|
36,178
|
|
||
Other accrued liabilities
|
|
$
|
220,488
|
|
|
$
|
188,725
|
|
|
|
2020
|
|
2019
|
|
2018
|
||||||
Warranty accrual at beginning of period
|
|
$
|
28,061
|
|
|
$
|
25,537
|
|
|
$
|
25,848
|
|
Additions from acquisitions
|
|
767
|
|
|
—
|
|
|
184
|
|
|||
Warranties issued during current period
|
|
14,820
|
|
|
20,024
|
|
|
15,705
|
|
|||
Adjustments to pre-existing warranties
|
|
(1,779
|
)
|
|
(952
|
)
|
|
(806
|
)
|
|||
Reductions for settling warranties
|
|
(14,656
|
)
|
|
(16,083
|
)
|
|
(15,101
|
)
|
|||
Foreign currency translation
|
|
494
|
|
|
(465
|
)
|
|
(293
|
)
|
|||
Warranty accrual at end of period
|
|
$
|
27,707
|
|
|
$
|
28,061
|
|
|
$
|
25,537
|
|
|
Statements of Earnings location
|
2020
|
|
2019
|
||||
Net gain (loss)
|
|
|
|
|
||||
Foreign currency contracts
|
Other
|
$
|
1,306
|
|
|
$
|
(2,347
|
)
|
|
Balance Sheets location
|
|
October 3, 2020
|
|
September 28, 2019
|
||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
||||
Foreign currency contracts
|
Other current assets
|
|
$
|
1,818
|
|
|
$
|
1,060
|
|
Foreign currency contracts
|
Other assets
|
|
169
|
|
|
261
|
|
||
Interest rate swaps
|
Other current assets
|
|
—
|
|
|
57
|
|
||
|
Total asset derivatives
|
|
$
|
1,987
|
|
|
$
|
1,378
|
|
Foreign currency contracts
|
Accrued liabilities and other
|
|
$
|
169
|
|
|
$
|
736
|
|
Foreign currency contracts
|
Other long-term liabilities
|
|
—
|
|
|
152
|
|
||
|
Total liability derivatives
|
|
$
|
169
|
|
|
$
|
888
|
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||||
Foreign currency contracts
|
Other current assets
|
|
$
|
1,044
|
|
|
$
|
93
|
|
Foreign currency contracts
|
Accrued liabilities and other
|
|
$
|
245
|
|
|
$
|
359
|
|
|
Balance Sheets location
|
|
October 3, 2020
|
|
September 28, 2019
|
||||
Foreign currency contracts
|
Other current assets
|
|
$
|
2,862
|
|
|
$
|
1,153
|
|
Foreign currency contracts
|
Other assets
|
|
169
|
|
|
261
|
|
||
Interest rate swaps
|
Other current assets
|
|
—
|
|
|
57
|
|
||
|
Total assets
|
|
$
|
3,031
|
|
|
$
|
1,471
|
|
Foreign currency contracts
|
Accrued liabilities and other
|
|
$
|
414
|
|
|
$
|
1,095
|
|
Foreign currency contracts
|
Other long-term liabilities
|
|
—
|
|
|
152
|
|
||
|
Total liabilities
|
|
$
|
414
|
|
|
$
|
1,247
|
|
|
Aircraft Controls
|
Space and Defense Controls
|
Industrial Systems
|
Corporate
|
Total
|
||||||||||
Balance at September 30, 2017
|
$
|
130
|
|
$
|
—
|
|
$
|
—
|
|
$
|
1,038
|
|
$
|
1,168
|
|
Charged to expense - 2018 plan
|
987
|
|
46
|
|
39,609
|
|
350
|
|
40,992
|
|
|||||
Non-cash charges - 2018 plan
|
(385
|
)
|
—
|
|
(26,676
|
)
|
—
|
|
(27,061
|
)
|
|||||
Adjustments to provision
|
—
|
|
119
|
|
2
|
|
(10
|
)
|
111
|
|
|||||
Cash payments - 2014 plan
|
—
|
|
—
|
|
—
|
|
(599
|
)
|
(599
|
)
|
|||||
Cash payments - 2015 plan
|
—
|
|
(101
|
)
|
—
|
|
(350
|
)
|
(451
|
)
|
|||||
Cash payments - 2016 plan
|
(99
|
)
|
—
|
|
(5,607
|
)
|
—
|
|
(5,706
|
)
|
|||||
Foreign currency translation
|
(7
|
)
|
—
|
|
(334
|
)
|
—
|
|
(341
|
)
|
|||||
Balance at September 29, 2018
|
626
|
|
64
|
|
6,994
|
|
429
|
|
8,113
|
|
|||||
Adjustments to provision
|
13
|
|
(21
|
)
|
275
|
|
17
|
|
284
|
|
|||||
Cash payments - 2016 plan
|
—
|
|
—
|
|
—
|
|
(446
|
)
|
(446
|
)
|
|||||
Cash payments - 2018 plan
|
(632
|
)
|
(16
|
)
|
(2,757
|
)
|
—
|
|
(3,405
|
)
|
|||||
Foreign currency translation
|
(7
|
)
|
—
|
|
(416
|
)
|
—
|
|
(423
|
)
|
|||||
Balance at September 28, 2019
|
—
|
|
27
|
|
4,096
|
|
—
|
|
4,123
|
|
|||||
Charged to expense - 2020 plan
|
3,340
|
|
185
|
|
7,175
|
|
—
|
|
10,700
|
|
|||||
Non-cash charges - 2020 plan
|
(234
|
)
|
—
|
|
—
|
|
—
|
|
(234
|
)
|
|||||
Adjustments to provision
|
—
|
|
(1
|
)
|
(892
|
)
|
—
|
|
(893
|
)
|
|||||
Cash payments - 2018 plan
|
—
|
|
(26
|
)
|
(705
|
)
|
—
|
|
(731
|
)
|
|||||
Cash payments - 2020 plan
|
(1,859
|
)
|
(185
|
)
|
(828
|
)
|
—
|
|
(2,872
|
)
|
|||||
Foreign currency translation
|
—
|
|
—
|
|
249
|
|
—
|
|
249
|
|
|||||
Balance at October 3, 2020
|
$
|
1,247
|
|
$
|
—
|
|
$
|
9,095
|
|
$
|
—
|
|
$
|
10,342
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Change in projected benefit obligation:
|
|
|
|
|
|
|
|
||||||||
Projected benefit obligation at prior year measurement date
|
$
|
1,065,937
|
|
|
$
|
915,274
|
|
|
$
|
249,575
|
|
|
$
|
207,645
|
|
Service cost
|
23,033
|
|
|
21,003
|
|
|
6,771
|
|
|
4,988
|
|
||||
Interest cost
|
30,597
|
|
|
36,924
|
|
|
2,785
|
|
|
4,393
|
|
||||
Contributions by plan participants
|
—
|
|
|
—
|
|
|
832
|
|
|
828
|
|
||||
Actuarial (gains) losses
|
97,438
|
|
|
130,377
|
|
|
(3,572
|
)
|
|
48,564
|
|
||||
Foreign currency exchange impact
|
—
|
|
|
—
|
|
|
16,256
|
|
|
(10,878
|
)
|
||||
Benefits paid
|
(40,246
|
)
|
|
(36,455
|
)
|
|
(5,278
|
)
|
|
(6,040
|
)
|
||||
Curtailments
|
—
|
|
|
—
|
|
|
81
|
|
|
—
|
|
||||
Settlements
|
(486,615
|
)
|
|
—
|
|
|
(2,999
|
)
|
|
—
|
|
||||
Other
|
(1,455
|
)
|
|
(1,186
|
)
|
|
(32
|
)
|
|
75
|
|
||||
Projected benefit obligation at measurement date
|
$
|
688,689
|
|
|
$
|
1,065,937
|
|
|
$
|
264,419
|
|
|
$
|
249,575
|
|
Change in plan assets:
|
|
|
|
|
|
|
|
||||||||
Fair value of assets at prior year measurement date
|
$
|
1,004,163
|
|
|
$
|
878,983
|
|
|
$
|
166,242
|
|
|
$
|
145,641
|
|
Actual return on plan assets
|
134,871
|
|
|
157,966
|
|
|
(5,088
|
)
|
|
24,623
|
|
||||
Employer contributions
|
5,154
|
|
|
4,855
|
|
|
7,017
|
|
|
7,464
|
|
||||
Contributions by plan participants
|
—
|
|
|
—
|
|
|
832
|
|
|
828
|
|
||||
Benefits paid
|
(40,246
|
)
|
|
(36,455
|
)
|
|
(5,278
|
)
|
|
(6,040
|
)
|
||||
Settlements
|
(486,615
|
)
|
|
—
|
|
|
(2,999
|
)
|
|
—
|
|
||||
Foreign currency exchange impact
|
—
|
|
|
—
|
|
|
10,071
|
|
|
(6,220
|
)
|
||||
Other
|
(1,455
|
)
|
|
(1,186
|
)
|
|
(32
|
)
|
|
(54
|
)
|
||||
Fair value of assets at measurement date
|
$
|
615,872
|
|
|
$
|
1,004,163
|
|
|
$
|
170,765
|
|
|
$
|
166,242
|
|
Funded status and amount recognized in assets and liabilities
|
$
|
(72,817
|
)
|
|
$
|
(61,774
|
)
|
|
$
|
(93,654
|
)
|
|
$
|
(83,333
|
)
|
Amount recognized in assets and liabilities:
|
|
|
|
|
|
|
|
||||||||
Long-term assets
|
$
|
30,887
|
|
|
$
|
35,429
|
|
|
$
|
3,862
|
|
|
$
|
2,575
|
|
Current and long-term pension liabilities
|
(103,704
|
)
|
|
(97,203
|
)
|
|
(97,516
|
)
|
|
(85,908
|
)
|
||||
Amount recognized in assets and liabilities
|
$
|
(72,817
|
)
|
|
$
|
(61,774
|
)
|
|
$
|
(93,654
|
)
|
|
$
|
(83,333
|
)
|
Amount recognized in AOCIL, before taxes:
|
|
|
|
|
|
|
|
||||||||
Prior service cost (credit)
|
$
|
—
|
|
|
$
|
133
|
|
|
$
|
56
|
|
|
$
|
82
|
|
Actuarial losses
|
184,156
|
|
|
324,145
|
|
|
60,721
|
|
|
56,411
|
|
||||
Amount recognized in AOCIL, before taxes
|
$
|
184,156
|
|
|
$
|
324,278
|
|
|
$
|
60,777
|
|
|
$
|
56,493
|
|
|
|
October 3, 2020
|
|
September 28, 2019
|
||||
Projected benefit obligation
|
|
$
|
312,995
|
|
|
$
|
278,405
|
|
Accumulated benefit obligation
|
|
277,404
|
|
|
208,625
|
|
||
Fair value of plan assets
|
|
111,776
|
|
|
95,294
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|
2020
|
|
2019
|
|
2018
|
||||||
Assumptions for net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Service cost discount rate
|
3.5
|
%
|
|
4.4
|
%
|
|
4.2
|
%
|
|
1.6
|
%
|
|
2.9
|
%
|
|
2.5
|
%
|
Interest cost discount rate
|
2.9
|
%
|
|
4.1
|
%
|
|
3.5
|
%
|
|
1.3
|
%
|
|
2.6
|
%
|
|
2.2
|
%
|
Return on assets
|
4.5
|
%
|
|
5.3
|
%
|
|
7.0
|
%
|
|
2.7
|
%
|
|
3.5
|
%
|
|
3.5
|
%
|
Rate of compensation increase
|
2.9
|
%
|
|
3.5
|
%
|
|
3.5
|
%
|
|
2.1
|
%
|
|
2.5
|
%
|
|
2.5
|
%
|
Assumptions for benefit obligations:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Discount rate
|
3.0
|
%
|
|
3.3
|
%
|
|
4.3
|
%
|
|
1.4
|
%
|
|
1.6
|
%
|
|
2.8
|
%
|
Rate of compensation increase
|
3.3
|
%
|
|
2.9
|
%
|
|
3.5
|
%
|
|
2.2
|
%
|
|
2.1
|
%
|
|
2.5
|
%
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||
|
Target
|
|
2020
Actual |
|
2019
Actual |
|
Target
|
|
2020
Actual |
|
2019
Actual |
Asset category:
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
35%-45%
|
|
37%
|
|
18%
|
|
20%-40%
|
|
24%
|
|
25%
|
Fixed Income
|
55%-65%
|
|
63%
|
|
82%
|
|
30%-45%
|
|
38%
|
|
36%
|
Other
|
—%
|
|
—%
|
|
—%
|
|
25%-40%
|
|
38%
|
|
39%
|
U.S. Plans, October 3, 2020
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Investments at fair value:
|
|
|
|
|
|
|
|
||||||||
Shares of registered investment companies:
|
|
|
|
|
|
|
|
||||||||
Equity funds
|
$
|
197,580
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
197,580
|
|
Fixed income funds
|
390,695
|
|
|
—
|
|
|
—
|
|
|
390,695
|
|
||||
Money market funds
|
—
|
|
|
6,281
|
|
|
—
|
|
|
6,281
|
|
||||
Total investments in fair value hierarchy
|
588,275
|
|
|
6,281
|
|
|
—
|
|
|
594,556
|
|
||||
Investments measured at NAV practical expedient (1)
|
|
|
|
|
|
|
21,316
|
|
|||||||
Total investments at fair value
|
$
|
588,275
|
|
|
$
|
6,281
|
|
|
$
|
—
|
|
|
$
|
615,872
|
|
Non-U.S. Plans, October 3, 2020
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Investments at fair value:
|
|
|
|
|
|
|
|
||||||||
Mutual funds:
|
|
|
|
|
|
|
|
||||||||
Equity funds
|
$
|
—
|
|
|
$
|
6,159
|
|
|
$
|
—
|
|
|
$
|
6,159
|
|
Fixed income funds
|
—
|
|
|
7,558
|
|
|
—
|
|
|
7,558
|
|
||||
Equity securities
|
8,689
|
|
|
—
|
|
|
—
|
|
|
8,689
|
|
||||
Fixed income securities
|
—
|
|
|
17,930
|
|
|
—
|
|
|
17,930
|
|
||||
Collective investment trusts
|
—
|
|
|
19,636
|
|
|
—
|
|
|
19,636
|
|
||||
Unit linked life insurance funds
|
—
|
|
|
53,607
|
|
|
—
|
|
|
53,607
|
|
||||
Money market funds
|
—
|
|
|
576
|
|
|
—
|
|
|
576
|
|
||||
Cash and cash equivalents
|
149
|
|
|
—
|
|
|
—
|
|
|
149
|
|
||||
Insurance contracts and other
|
—
|
|
|
—
|
|
|
56,461
|
|
|
56,461
|
|
||||
Total investments at fair value
|
$
|
8,838
|
|
|
$
|
105,466
|
|
|
$
|
56,461
|
|
|
$
|
170,765
|
|
U.S. Plans, September 28, 2019
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Investments at fair value:
|
|
|
|
|
|
|
|
||||||||
Shares of registered investment companies:
|
|
|
|
|
|
|
|
||||||||
Equity funds
|
$
|
144,898
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
144,898
|
|
Fixed income funds
|
823,008
|
|
|
—
|
|
|
—
|
|
|
823,008
|
|
||||
Money market funds
|
—
|
|
|
6,418
|
|
|
—
|
|
|
6,418
|
|
||||
Insurance contract
|
—
|
|
|
—
|
|
|
505
|
|
|
505
|
|
||||
Total investments in fair value hierarchy
|
967,906
|
|
|
6,418
|
|
|
505
|
|
|
974,829
|
|
||||
Investments measured at NAV practical expedient (1)
|
|
|
|
|
|
|
29,334
|
|
|||||||
Total investments at fair value
|
$
|
967,906
|
|
|
$
|
6,418
|
|
|
$
|
505
|
|
|
$
|
1,004,163
|
|
Non-U.S. Plans, September 28, 2019
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Investments at fair value:
|
|
|
|
|
|
|
|
||||||||
Mutual funds:
|
|
|
|
|
|
|
|
||||||||
Equity funds
|
$
|
—
|
|
|
$
|
6,372
|
|
|
$
|
—
|
|
|
$
|
6,372
|
|
Fixed income funds
|
—
|
|
|
7,657
|
|
|
—
|
|
|
7,657
|
|
||||
Equity securities
|
7,310
|
|
|
—
|
|
|
—
|
|
|
7,310
|
|
||||
Fixed income securities
|
—
|
|
|
18,740
|
|
|
—
|
|
|
18,740
|
|
||||
Collective investment trusts
|
—
|
|
|
18,118
|
|
|
—
|
|
|
18,118
|
|
||||
Unit linked life insurance funds
|
—
|
|
|
51,062
|
|
|
—
|
|
|
51,062
|
|
||||
Money market funds
|
—
|
|
|
386
|
|
|
—
|
|
|
386
|
|
||||
Cash and cash equivalents
|
384
|
|
|
—
|
|
|
—
|
|
|
384
|
|
||||
Insurance contracts and other
|
—
|
|
|
—
|
|
|
56,213
|
|
|
56,213
|
|
||||
Total investments at fair value
|
$
|
7,694
|
|
|
$
|
102,335
|
|
|
$
|
56,213
|
|
|
$
|
166,242
|
|
(1)
|
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total retirement plan assets.
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
Total
|
||||||
Balance at September 29, 2018
|
|
$
|
484
|
|
|
$
|
40,601
|
|
|
$
|
41,085
|
|
Return on assets
|
|
21
|
|
|
16,868
|
|
|
16,889
|
|
|||
Purchases from contributions to Plans
|
|
—
|
|
|
2,887
|
|
|
2,887
|
|
|||
Settlements paid in cash
|
|
—
|
|
|
(1,603
|
)
|
|
(1,603
|
)
|
|||
Foreign currency translation
|
|
—
|
|
|
(2,540
|
)
|
|
(2,540
|
)
|
|||
Balance at September 28, 2019
|
|
505
|
|
|
56,213
|
|
|
56,718
|
|
|||
Return on assets
|
|
4
|
|
|
(4,671
|
)
|
|
(4,667
|
)
|
|||
Purchases from contributions to Plans
|
|
—
|
|
|
2,508
|
|
|
2,508
|
|
|||
Settlements paid in cash
|
|
(509
|
)
|
|
(1,274
|
)
|
|
(1,783
|
)
|
|||
Foreign currency translation
|
|
—
|
|
|
3,685
|
|
|
3,685
|
|
|||
Balance at October 3, 2020
|
|
$
|
—
|
|
|
$
|
56,461
|
|
|
$
|
56,461
|
|
|
|
Fair Value
|
|
|
|
|
|
|
||||||||
|
|
October 3, 2020
|
|
September 28, 2019
|
|
Unfunded Commitments
|
|
Redemption Frequency
|
|
Redemption Notice Period
|
||||||
Limited partnerships (1)
|
|
$
|
21,316
|
|
|
$
|
29,334
|
|
|
$
|
4,888
|
|
|
Varies
|
|
10-45 days
|
Total
|
|
$
|
21,316
|
|
|
$
|
29,334
|
|
|
$
|
4,888
|
|
|
|
|
|
(1)
|
Investments in limited partnerships held by us invest primarily in emerging markets, equity and equity related securities. The strategy for the partnerships is to have exposure to certain markets or to securities that are judged to achieve superior earnings growth and/or judged undervalued relative to intrinsic value.
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|
2020
|
|
2019
|
|
2018
|
||||||||||||
Service cost
|
$
|
23,033
|
|
|
$
|
21,003
|
|
|
$
|
22,535
|
|
|
$
|
6,771
|
|
|
$
|
4,988
|
|
|
$
|
5,738
|
|
Interest cost
|
30,597
|
|
|
36,924
|
|
|
32,292
|
|
|
2,785
|
|
|
4,393
|
|
|
4,241
|
|
||||||
Expected return on plan assets
|
(44,084
|
)
|
|
(45,054
|
)
|
|
(53,744
|
)
|
|
(4,577
|
)
|
|
(5,182
|
)
|
|
(5,001
|
)
|
||||||
Amortization of prior service cost (credit)
|
133
|
|
|
187
|
|
|
187
|
|
|
(3
|
)
|
|
(18
|
)
|
|
(60
|
)
|
||||||
Amortization of actuarial loss
|
25,316
|
|
|
26,639
|
|
|
28,709
|
|
|
4,943
|
|
|
2,532
|
|
|
2,512
|
|
||||||
Curtailment loss
|
—
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|
—
|
|
|
—
|
|
||||||
Settlement loss
|
121,324
|
|
|
—
|
|
|
—
|
|
|
676
|
|
|
—
|
|
|
—
|
|
||||||
Total expense for defined benefit plans
|
$
|
156,319
|
|
|
$
|
39,699
|
|
|
$
|
29,979
|
|
|
$
|
10,695
|
|
|
$
|
6,713
|
|
|
$
|
7,430
|
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||
2021
|
|
$
|
8,587
|
|
|
$
|
6,206
|
|
2022
|
|
12,161
|
|
|
7,737
|
|
||
2023
|
|
16,205
|
|
|
9,304
|
|
||
2024
|
|
20,111
|
|
|
7,615
|
|
||
2025
|
|
23,617
|
|
|
7,964
|
|
||
Five years thereafter
|
|
167,235
|
|
|
45,256
|
|
|
|
2020
|
|
2019
|
|
2018
|
||||||
U.S. defined contribution plans
|
|
$
|
27,698
|
|
|
$
|
19,848
|
|
|
$
|
16,568
|
|
Non-U.S. defined contribution plans
|
|
5,965
|
|
|
5,270
|
|
|
4,821
|
|
|||
Total expense for defined contribution plans
|
|
$
|
33,663
|
|
|
$
|
25,118
|
|
|
$
|
21,389
|
|
|
|
October 3, 2020
|
|
September 28, 2019
|
||||
Change in Accumulated Postretirement Benefit Obligation (APBO):
|
|
|
|
|
||||
APBO at prior year measurement date
|
|
$
|
8,810
|
|
|
$
|
8,857
|
|
Service cost
|
|
55
|
|
|
68
|
|
||
Interest cost
|
|
211
|
|
|
315
|
|
||
Contributions by plan participants
|
|
629
|
|
|
644
|
|
||
Benefits paid
|
|
(668
|
)
|
|
(1,134
|
)
|
||
Actuarial (gains) losses
|
|
237
|
|
|
60
|
|
||
APBO at measurement date
|
|
$
|
9,274
|
|
|
$
|
8,810
|
|
Funded status
|
|
$
|
(9,274
|
)
|
|
$
|
(8,810
|
)
|
Accrued postretirement benefit liability
|
|
$
|
9,274
|
|
|
$
|
8,810
|
|
Amount recognized in AOCIL, before taxes:
|
|
|
|
|
||||
Prior service credit
|
|
$
|
—
|
|
|
$
|
259
|
|
Actuarial gains
|
|
3,297
|
|
|
4,142
|
|
||
Amount recognized in AOCIL, before taxes
|
|
$
|
3,297
|
|
|
$
|
4,401
|
|
|
|
2020
|
|
2019
|
|
2018
|
||||||
Service cost
|
|
$
|
55
|
|
|
$
|
68
|
|
|
$
|
84
|
|
Interest cost
|
|
211
|
|
|
315
|
|
|
281
|
|
|||
Amortization of prior service credit
|
|
(259
|
)
|
|
(471
|
)
|
|
(470
|
)
|
|||
Amortization of actuarial gain
|
|
(607
|
)
|
|
(713
|
)
|
|
(511
|
)
|
|||
Net periodic postretirement benefit cost (income)
|
|
$
|
(600
|
)
|
|
$
|
(801
|
)
|
|
$
|
(616
|
)
|
|
|
2020
|
|
2019
|
|
2018
|
||||||
Earnings before income taxes:
|
|
|
|
|
|
|
||||||
Domestic
|
|
$
|
1,126
|
|
|
$
|
136,308
|
|
|
$
|
135,589
|
|
Foreign
|
|
4,291
|
|
|
90,644
|
|
|
46,590
|
|
|||
Total
|
|
$
|
5,417
|
|
|
$
|
226,952
|
|
|
$
|
182,179
|
|
Federal statutory income tax rate
|
|
21.0
|
%
|
|
21.0
|
%
|
|
24.5
|
%
|
|||
Increase (decrease) in income taxes resulting from:
|
|
|
|
|
|
|
||||||
Impacts of Tax Act
|
|
(96.4
|
)%
|
|
0.4
|
%
|
|
16.9
|
%
|
|||
Revaluation of deferred taxes
|
|
(21.6
|
)%
|
|
(0.2
|
)%
|
|
(6.0
|
)%
|
|||
Withholding taxes
|
|
27.5
|
%
|
|
1.0
|
%
|
|
4.1
|
%
|
|||
Reversal of indefinite reinvestment assertion
|
|
(2.9
|
)%
|
|
0.6
|
%
|
|
5.7
|
%
|
|||
R&D and foreign tax credits
|
|
(102.8
|
)%
|
|
(2.1
|
)%
|
|
(4.3
|
)%
|
|||
Foreign tax rates
|
|
76.0
|
%
|
|
2.3
|
%
|
|
(0.7
|
)%
|
|||
Equity-based compensation
|
|
(6.5
|
)%
|
|
(0.7
|
)%
|
|
(0.7
|
)%
|
|||
Change in valuation allowance for deferred taxes
|
|
21.1
|
%
|
|
(0.7
|
)%
|
|
5.7
|
%
|
|||
State taxes, net of federal benefit
|
|
(1.9
|
)%
|
|
1.4
|
%
|
|
1.9
|
%
|
|||
Other
|
|
16.6
|
%
|
|
0.1
|
%
|
|
0.6
|
%
|
|||
Effective income tax rate
|
|
(69.9
|
)%
|
|
23.1
|
%
|
|
47.7
|
%
|
|
|
2020
|
|
2019
|
|
2018
|
||||||
Current:
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
14,789
|
|
|
$
|
23,302
|
|
|
$
|
19,985
|
|
Foreign
|
|
18,997
|
|
|
29,460
|
|
|
35,515
|
|
|||
State
|
|
3,271
|
|
|
4,240
|
|
|
705
|
|
|||
Total current
|
|
37,057
|
|
|
57,002
|
|
|
56,205
|
|
|||
Deferred:
|
|
|
|
|
|
|
||||||
Federal
|
|
(35,603
|
)
|
|
(5,666
|
)
|
|
23,229
|
|
|||
Foreign
|
|
(1,843
|
)
|
|
1,413
|
|
|
3,354
|
|
|||
State
|
|
(3,399
|
)
|
|
(345
|
)
|
|
4,030
|
|
|||
Total deferred
|
|
(40,845
|
)
|
|
(4,598
|
)
|
|
30,613
|
|
|||
Income taxes (benefit)
|
|
$
|
(3,788
|
)
|
|
$
|
52,404
|
|
|
$
|
86,818
|
|
|
|
October 3,
2020 |
|
September 28,
2019 |
||||
Deferred tax assets:
|
|
|
|
|
||||
Benefit accruals
|
|
$
|
78,703
|
|
|
$
|
114,077
|
|
Inventory reserves
|
|
31,571
|
|
|
26,364
|
|
||
Tax benefit carryforwards
|
|
14,146
|
|
|
14,196
|
|
||
Contract reserves not currently deductible
|
|
16,418
|
|
|
15,382
|
|
||
Lease liability
|
|
17,622
|
|
|
—
|
|
||
Other accrued expenses
|
|
12,510
|
|
|
4,918
|
|
||
Total gross deferred tax assets
|
|
170,970
|
|
|
174,937
|
|
||
Less valuation allowance
|
|
(14,784
|
)
|
|
(13,137
|
)
|
||
Total net deferred tax assets
|
|
$
|
156,186
|
|
|
$
|
161,800
|
|
Deferred tax liabilities:
|
|
|
|
|
||||
Differences in bases and depreciation of property, plant and equipment
|
|
$
|
152,926
|
|
|
$
|
121,353
|
|
Pension
|
|
24,810
|
|
|
60,983
|
|
||
Total gross deferred tax liabilities
|
|
177,736
|
|
|
182,336
|
|
||
Net deferred tax assets (liabilities)
|
|
$
|
(21,550
|
)
|
|
$
|
(20,536
|
)
|
|
|
2020
|
|
2019
|
|
2018
|
|||
Basic weighted-average shares outstanding
|
|
33,257,684
|
|
|
34,854,614
|
|
|
35,661,638
|
|
Dilutive effect of equity-based awards
|
|
180,117
|
|
|
324,354
|
|
|
390,669
|
|
Diluted weighted-average shares outstanding
|
|
33,437,801
|
|
|
35,178,968
|
|
|
36,052,307
|
|
|
|
2020
|
|
2019
|
|
2018
|
||||||
Stock appreciation rights
|
|
$
|
2,643
|
|
|
$
|
2,594
|
|
|
$
|
2,617
|
|
Performance-based restricted stock units
|
|
221
|
|
|
2,048
|
|
|
1,650
|
|
|||
Restricted stock awards
|
|
680
|
|
|
480
|
|
|
480
|
|
|||
Employee stock purchase plan
|
|
2,117
|
|
|
1,342
|
|
|
1,057
|
|
|||
Total compensation cost before income taxes
|
|
$
|
5,661
|
|
|
$
|
6,464
|
|
|
$
|
5,804
|
|
Income tax benefit
|
|
$
|
677
|
|
|
$
|
1,024
|
|
|
$
|
1,136
|
|
Stock Appreciation Rights
|
|
Number of Awards
|
|
Weighted-
Average Exercise Price |
|
Weighted-
Average Remaining Contractual Life |
|
Aggregate
Intrinsic Value |
|||||
Outstanding at September 28, 2019
|
|
935,156
|
|
|
$
|
62.60
|
|
|
|
|
|
||
Granted in 2020
|
|
136,700
|
|
|
85.95
|
|
|
|
|
|
|||
Exercised in 2020
|
|
(71,557
|
)
|
|
41.77
|
|
|
|
|
|
|||
Expired in 2020
|
|
(6,599
|
)
|
|
75.58
|
|
|
|
|
|
|||
Forfeited in 2020
|
|
(9,430
|
)
|
|
83.20
|
|
|
|
|
|
|
||
Outstanding at October 3, 2020
|
|
984,270
|
|
|
$
|
67.07
|
|
|
5.0 years
|
|
$
|
6,777
|
|
Exercisable at October 3, 2020
|
|
740,288
|
|
|
$
|
61.63
|
|
|
3.8 years
|
|
$
|
6,777
|
|
|
|
2020
|
|
2019
|
|
2018
|
||||||
Stock Appreciation Rights
|
|
|
|
|
|
|
||||||
Intrinsic value of SARs exercised
|
|
$
|
2,665
|
|
|
$
|
10,616
|
|
|
$
|
7,268
|
|
Total fair value of SARs vested
|
|
$
|
2,825
|
|
|
$
|
2,871
|
|
|
$
|
3,282
|
|
Stock Options
|
|
|
|
|
|
|
||||||
Intrinsic value of options exercised
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
932
|
|
Total fair value of options vested
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
51
|
|
Performance-Based Restricted Stock Units
|
|
Number of Awards
|
|
Weighted-
Average Grant Date Fair Value |
|||
Nonvested at September 28, 2019
|
|
65,019
|
|
|
$
|
81.20
|
|
Granted in 2020
|
|
34,129
|
|
|
85.95
|
|
|
Vested in 2020
|
|
(29,195
|
)
|
|
82.31
|
|
|
Forfeited in 2020
|
|
(5,112
|
)
|
|
82.36
|
|
|
Nonvested at October 3, 2020
|
|
64,841
|
|
|
$
|
83.11
|
|
|
|
Accumulated foreign currency translation (1)
|
|
Accumulated retirement liability
|
|
Accumulated gain (loss) on derivatives
|
|
Total
|
||||||||
AOCIL at September 29, 2018
|
|
$
|
(99,415
|
)
|
|
$
|
(272,928
|
)
|
|
$
|
(449
|
)
|
|
$
|
(372,792
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
(26,501
|
)
|
|
(35,606
|
)
|
|
41
|
|
|
(62,066
|
)
|
||||
Amounts reclassified from AOCIL
|
|
(3,483
|
)
|
|
22,800
|
|
|
64
|
|
|
19,381
|
|
||||
Other comprehensive income (loss)
|
|
(29,984
|
)
|
|
(12,806
|
)
|
|
105
|
|
|
(42,685
|
)
|
||||
AOCIL at September 28, 2019
|
|
(129,399
|
)
|
|
(285,734
|
)
|
|
(344
|
)
|
|
(415,477
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
|
26,898
|
|
|
(13,659
|
)
|
|
2,245
|
|
|
15,484
|
|
||||
Amounts reclassified from AOCIL
|
|
(493
|
)
|
|
115,740
|
|
|
(707
|
)
|
|
114,540
|
|
||||
Other comprehensive income (loss)
|
|
26,405
|
|
|
102,081
|
|
|
1,538
|
|
|
130,024
|
|
||||
AOCIL at October 3, 2020
|
|
$
|
(102,994
|
)
|
|
$
|
(183,653
|
)
|
|
$
|
1,194
|
|
|
$
|
(285,453
|
)
|
(1)
|
Net gains and losses on net investment hedges are recorded as cumulative translation adjustments in AOCIL to the extent that the instruments are effective in hedging the designated risk.
|
|
|
Statements of Earnings location
|
|
2020
|
|
2019
|
||||
Retirement liability:
|
|
|
|
|
|
|
||||
Prior service cost (credit)
|
|
|
|
$
|
(129
|
)
|
|
$
|
(302
|
)
|
Actuarial losses
|
|
|
|
29,652
|
|
|
30,488
|
|
||
Curtailment loss
|
|
|
|
100
|
|
|
—
|
|
||
Settlement loss
|
|
|
|
122,000
|
|
|
—
|
|
||
Reclassification from AOCIL into earnings (2)
|
|
151,623
|
|
|
30,186
|
|
||||
Tax effect
|
|
|
|
(35,883
|
)
|
|
(7,386
|
)
|
||
Net reclassification from AOCIL into earnings
|
|
$
|
115,740
|
|
|
$
|
22,800
|
|
||
Derivatives:
|
|
|
|
|
|
|
||||
Foreign currency contracts
|
|
Sales
|
|
$
|
(48
|
)
|
|
$
|
106
|
|
Foreign currency contracts
|
|
Cost of sales
|
|
(874
|
)
|
|
1,108
|
|
||
Interest rate swaps
|
|
Interest
|
|
(1
|
)
|
|
(1,141
|
)
|
||
Reclassification from AOCIL into earnings
|
|
(923
|
)
|
|
73
|
|
||||
Tax effect
|
|
|
|
216
|
|
|
(9
|
)
|
||
Net reclassification from AOCIL into earnings
|
|
$
|
(707
|
)
|
|
$
|
64
|
|
(2)
|
The reclassifications are included in the computation of non-service pension expense, which is included in Other on the Consolidated Statement of Earnings.
|
|
|
|
2020
|
|
2019
|
||||
Retirement liability:
|
|
|
|
|
|
||||
Net actuarial gain (loss) during period
|
|
|
$
|
(16,131
|
)
|
|
$
|
(44,001
|
)
|
Tax effect
|
|
|
2,472
|
|
|
8,395
|
|
||
Net deferral in AOCIL of retirement liability
|
|
|
$
|
(13,659
|
)
|
|
$
|
(35,606
|
)
|
Derivatives:
|
|
|
|
|
|
||||
Foreign currency contracts
|
|
|
$
|
2,965
|
|
|
$
|
639
|
|
Interest rate swaps
|
|
|
(47
|
)
|
|
(525
|
)
|
||
Net gain
|
|
|
2,918
|
|
|
114
|
|
||
Tax effect
|
|
|
(673
|
)
|
|
(73
|
)
|
||
Net deferral in AOCIL of derivatives
|
|
$
|
2,245
|
|
|
$
|
41
|
|
Market Type
|
|
2020
|
|
2019
|
|
2018
|
||||||
Net sales:
|
|
|
|
|
|
|
||||||
Military
|
|
$
|
721,024
|
|
|
$
|
622,126
|
|
|
$
|
571,886
|
|
Commercial
|
|
484,726
|
|
|
680,846
|
|
|
621,619
|
|
|||
Aircraft Controls
|
|
1,205,750
|
|
|
1,302,972
|
|
|
1,193,505
|
|
|||
Space
|
|
294,254
|
|
|
218,970
|
|
|
214,741
|
|
|||
Defense
|
|
475,860
|
|
|
464,498
|
|
|
366,136
|
|
|||
Space and Defense Controls
|
|
770,114
|
|
|
683,468
|
|
|
580,877
|
|
|||
Energy
|
|
127,693
|
|
|
120,771
|
|
|
163,888
|
|
|||
Industrial Automation
|
|
405,291
|
|
|
447,515
|
|
|
430,754
|
|
|||
Simulation and Test
|
|
102,600
|
|
|
122,935
|
|
|
127,321
|
|
|||
Medical
|
|
273,106
|
|
|
227,002
|
|
|
213,123
|
|
|||
Industrial Systems
|
|
908,690
|
|
|
918,223
|
|
|
935,086
|
|
|||
Net sales
|
|
$
|
2,884,554
|
|
|
$
|
2,904,663
|
|
|
$
|
2,709,468
|
|
Customer Type
|
|
2020
|
|
2019
|
|
2018
|
||||||
Net sales:
|
|
|
|
|
|
|
||||||
Commercial
|
|
$
|
484,726
|
|
|
$
|
680,846
|
|
|
$
|
621,619
|
|
U.S. Government (including OEM)
|
|
593,093
|
|
|
484,203
|
|
|
447,148
|
|
|||
Other
|
|
127,931
|
|
|
137,923
|
|
|
124,738
|
|
|||
Aircraft Controls
|
|
1,205,750
|
|
|
1,302,972
|
|
|
1,193,505
|
|
|||
Commercial
|
|
133,715
|
|
|
124,445
|
|
|
116,984
|
|
|||
U.S. Government (including OEM)
|
|
571,045
|
|
|
513,250
|
|
|
424,848
|
|
|||
Other
|
|
65,354
|
|
|
45,773
|
|
|
39,045
|
|
|||
Space and Defense Controls
|
|
770,114
|
|
|
683,468
|
|
|
580,877
|
|
|||
Commercial
|
|
877,148
|
|
|
888,132
|
|
|
904,439
|
|
|||
U.S. Government (including OEM)
|
|
23,184
|
|
|
20,452
|
|
|
25,886
|
|
|||
Other
|
|
8,358
|
|
|
9,639
|
|
|
4,761
|
|
|||
Industrial Systems
|
|
908,690
|
|
|
918,223
|
|
|
935,086
|
|
|||
Commercial
|
|
1,495,589
|
|
|
1,693,423
|
|
|
1,643,042
|
|
|||
U.S. Government (including OEM)
|
|
1,187,322
|
|
|
1,017,905
|
|
|
897,882
|
|
|||
Other
|
|
201,643
|
|
|
193,335
|
|
|
168,544
|
|
|||
Net sales
|
|
$
|
2,884,554
|
|
|
$
|
2,904,663
|
|
|
$
|
2,709,468
|
|
|
|
2020
|
|
2019
|
|
2018
|
||||||
Operating profit:
|
|
|
|
|
|
|
||||||
Aircraft Controls
|
|
$
|
34,670
|
|
|
$
|
122,701
|
|
|
$
|
129,772
|
|
Space and Defense Controls
|
|
101,667
|
|
|
88,990
|
|
|
67,615
|
|
|||
Industrial Systems
|
|
80,025
|
|
|
109,451
|
|
|
64,964
|
|
|||
Total operating profit
|
|
216,362
|
|
|
321,142
|
|
|
262,351
|
|
|||
Deductions from operating profit:
|
|
|
|
|
|
|
||||||
Interest expense
|
|
38,897
|
|
|
39,269
|
|
|
36,238
|
|
|||
Equity-based compensation expense
|
|
5,661
|
|
|
6,464
|
|
|
5,804
|
|
|||
Pension settlement
|
|
121,324
|
|
|
—
|
|
|
—
|
|
|||
Non-service pension expense
|
|
15,231
|
|
|
19,552
|
|
|
8,436
|
|
|||
Corporate and other expenses, net
|
|
29,832
|
|
|
28,905
|
|
|
29,694
|
|
|||
Earnings before income taxes
|
|
$
|
5,417
|
|
|
$
|
226,952
|
|
|
$
|
182,179
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
||||||
Aircraft Controls
|
|
$
|
39,782
|
|
|
$
|
41,144
|
|
|
$
|
40,795
|
|
Space and Defense Controls
|
|
18,039
|
|
|
18,014
|
|
|
17,900
|
|
|||
Industrial Systems
|
|
28,644
|
|
|
25,454
|
|
|
28,825
|
|
|||
Corporate
|
|
507
|
|
|
648
|
|
|
1,052
|
|
|||
Total depreciation and amortization
|
|
$
|
86,972
|
|
|
$
|
85,260
|
|
|
$
|
88,572
|
|
Identifiable assets:
|
|
|
|
|
|
|
||||||
Aircraft Controls
|
|
$
|
1,322,335
|
|
|
$
|
1,300,781
|
|
|
$
|
1,168,964
|
|
Space and Defense Controls
|
|
761,874
|
|
|
737,141
|
|
|
660,589
|
|
|||
Industrial Systems
|
|
1,102,222
|
|
|
1,040,659
|
|
|
1,077,022
|
|
|||
Corporate
|
|
39,400
|
|
|
35,656
|
|
|
57,473
|
|
|||
Total assets
|
|
$
|
3,225,831
|
|
|
$
|
3,114,237
|
|
|
$
|
2,964,048
|
|
Capital expenditures:
|
|
|
|
|
|
|
||||||
Aircraft Controls
|
|
$
|
47,954
|
|
|
$
|
68,595
|
|
|
$
|
46,705
|
|
Space and Defense Controls
|
|
22,505
|
|
|
23,903
|
|
|
22,452
|
|
|||
Industrial Systems
|
|
17,700
|
|
|
25,808
|
|
|
25,156
|
|
|||
Corporate
|
|
125
|
|
|
116
|
|
|
204
|
|
|||
Total capital expenditures
|
|
$
|
88,284
|
|
|
$
|
118,422
|
|
|
$
|
94,517
|
|
|
|
2020
|
|
2019
|
|
2018
|
||||||
Net sales:
|
|
|
|
|
|
|
||||||
United States
|
|
$
|
1,873,667
|
|
|
$
|
1,757,518
|
|
|
$
|
1,592,513
|
|
Germany
|
|
175,598
|
|
|
213,128
|
|
|
202,676
|
|
|||
Japan
|
|
159,025
|
|
|
166,690
|
|
|
158,686
|
|
|||
France
|
|
86,759
|
|
|
143,019
|
|
|
138,054
|
|
|||
Other
|
|
589,505
|
|
|
624,308
|
|
|
617,539
|
|
|||
Net sales
|
|
$
|
2,884,554
|
|
|
$
|
2,904,663
|
|
|
$
|
2,709,468
|
|
Property, plant and equipment, net:
|
|
|
|
|
|
|
||||||
United States
|
|
$
|
389,454
|
|
|
$
|
365,136
|
|
|
$
|
325,088
|
|
United Kingdom
|
|
58,888
|
|
|
56,253
|
|
|
61,438
|
|
|||
Philippines
|
|
37,270
|
|
|
61,910
|
|
|
63,870
|
|
|||
Other
|
|
114,886
|
|
|
103,468
|
|
|
102,469
|
|
|||
Property, plant and equipment, net
|
|
$
|
600,498
|
|
|
$
|
586,767
|
|
|
$
|
552,865
|
|
2020
|
1st Qtr.
|
|
2nd Qtr.
|
|
3rd Qtr.
|
|
4th Qtr.
|
|
Total
|
||||||||||
Net sales
|
$
|
754,843
|
|
|
$
|
765,277
|
|
|
$
|
657,539
|
|
|
$
|
706,895
|
|
|
$
|
2,884,554
|
|
Gross profit
|
211,257
|
|
|
208,054
|
|
|
151,984
|
|
|
172,401
|
|
|
743,696
|
|
|||||
Net earnings (loss) attributable to Moog
|
50,027
|
|
|
49,745
|
|
|
(12,590
|
)
|
|
(77,977
|
)
|
|
9,205
|
|
|||||
Net earnings (loss) per share attributable to Moog:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
1.45
|
|
|
$
|
1.49
|
|
|
$
|
(0.39
|
)
|
|
$
|
(2.40
|
)
|
|
$
|
0.28
|
|
Diluted
|
$
|
1.44
|
|
|
$
|
1.48
|
|
|
$
|
(0.39
|
)
|
|
$
|
(2.40
|
)
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2019
|
1st Qtr.
|
|
2nd Qtr.
|
|
3rd Qtr.
|
|
4th Qtr.
|
|
Total
|
||||||||||
Net sales
|
$
|
679,676
|
|
|
$
|
718,811
|
|
|
$
|
740,969
|
|
|
$
|
765,207
|
|
|
$
|
2,904,663
|
|
Gross profit
|
199,502
|
|
|
197,401
|
|
|
211,919
|
|
|
207,010
|
|
|
815,832
|
|
|||||
Net earnings attributable to Moog
|
42,769
|
|
|
41,059
|
|
|
46,165
|
|
|
44,555
|
|
|
174,548
|
|
|||||
Net earnings per share attributable to Moog:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
1.23
|
|
|
$
|
1.18
|
|
|
$
|
1.32
|
|
|
$
|
1.28
|
|
|
$
|
5.01
|
|
Diluted
|
$
|
1.22
|
|
|
$
|
1.17
|
|
|
$
|
1.31
|
|
|
$
|
1.27
|
|
|
$
|
4.96
|
|
|
/s/ JOHN R. SCANNELL
|
John R. Scannell
|
Chief Executive Officer
|
(Principal Executive Officer)
|
/s/ JENNIFER WALTER
|
Jennifer Walter
|
Vice President,
|
Chief Financial Officer
|
(Principal Financial Officer)
|
Item 9.
|
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
|
Item 9A.
|
|
Controls and Procedures.
|
Item 9B.
|
|
Other Information.
|
Item 11.
|
|
Executive Compensation.
|
Item 12.
|
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
Item 13.
|
|
Certain Relationships and Related Transactions, and Director Independence.
|
Item 14.
|
|
Principal Accountant Fees and Services.
|
Item 15.
|
|
Exhibits and Financial Statement Schedules.
|
1
|
Financial Statements
|
|
Consolidated Statements of Earnings
|
|
Consolidated Statements of Comprehensive Income (Loss)
|
|
Consolidated Balance Sheets
|
|
Consolidated Statements of Shareholders’ Equity
|
|
Consolidated Statements of Cash Flows
|
|
Notes to Consolidated Financial Statements
|
|
Reports of Independent Registered Public Accounting Firm
|
2
|
Financial Statement Schedules
|
|
II.
|
Valuation and Qualifying Accounts.
|
3
|
Exhibits
|
(3
|
)
|
Articles of Incorporation and By-Laws.
|
|
|
(i)
|
||
|
(ii)
|
||
(4
|
)
|
Instruments defining the rights of security holders, including indentures.
|
|
|
(a)
|
||
|
(b)
|
||
|
(c)
|
||
(10
|
)
|
Material contracts.
|
|
|
Credit and Securitization agreements.
|
||
|
(a)
|
||
|
(b)
|
||
|
(c)
|
||
|
(d)
|
||
|
(e)
|
||
|
(f)
|
||
|
(g)
|
||
|
Management contracts or compensatory plan or arrangement.
|
||
|
(h)
|
||
|
(i)
|
||
|
(j)
|
||
|
(k)
|
|
(l)
|
||
|
(m)
|
||
|
(n)
|
||
|
(o)
|
||
|
(p)
|
||
|
(q)
|
||
|
(r)
|
||
|
(s)
|
||
|
(t)
|
||
|
(u)
|
||
|
(v)
|
||
|
(w)
|
||
|
(x)
|
||
|
(y)
|
||
|
Other material contracts.
|
||
|
(z)
|
||
|
(aa)
|
||
|
(ab)
|
(21
|
)
|
|
Our subsidiaries.
(All of which are wholly owned by the Corporation, directly or indirectly, unless otherwise noted). The names of indirectly owned subsidiaries are indented under the names of their respective parent corporations.
|
Name
|
State/Country of Incorporation
|
Certus Unmanned Aerial Systems LLC (Joint Venture - 50%)
|
Delaware
|
Curlin Medical Inc.
|
Delaware
|
Moog MDG SRL
|
Costa Rica
|
Viltechmeda UAB
|
Lithuania
|
ZEVEX, Inc.
|
Delaware
|
Moog Asset Management LLC
|
Delaware
|
Moog Australia Pty., Ltd.
|
Australia
|
Moog do Brasil Controles Ltda.
|
Brazil
|
Moog Controls Corp.
|
Ohio
|
Moog Controls Hong Kong Ltd.
|
Hong Kong
|
Moog Control Systems (Shanghai) Co., Ltd.
|
People's Republic of China
|
Moog Industrial Controls (Shanghai) Co., Ltd.
|
People's Republic of China
|
Moog Controls (India) Pvt. Ltd. (56% Moog Inc.; 44% Moog Singapore Pte. Ltd.)
|
India
|
Moog Controls Ltd.
|
United Kingdom
|
Moog Reading Limited
|
United Kingdom
|
Tritech Holdings Limited
|
United Kingdom
|
Tritech International Limited
|
United Kingdom
|
Tritech do Brasil Servicos E Equipamentos Submarinos Ltda.
|
Brazil
|
Moog Fernau Ltd.
|
United Kingdom
|
Moog Norden AB
|
Sweden
|
Moog Wolverhampton Limited
|
United Kingdom
|
Moog Holding GmbH & Co. KG
|
Germany
|
Moog Brno s.r.o
|
Czech Republic
|
Moog B.V.
|
Netherlands
|
Moog GmbH
|
Germany
|
Moog Control Equipment (Shanghai) Co., Ltd.
|
People's Republic of China
|
Moog Italiana S.r.l.
|
Italy
|
Moog Luxembourg S.A.R.L.
|
Luxembourg
|
Moog Rekofa GmbH
|
Germany
|
Moog Rheingau GmbH
|
Germany
|
GAT Gesellschaft fur Antriebtechnik mbH
|
Germany
|
GAT Transmission Technology (Beijing) Co. Ltd.
|
People's Republic of China
|
Obshestwo s Ogranizennoi Otwetstwennostju MOOG
|
Russia
|
Moog Luxembourg Finance S.A.R.L.
|
Luxembourg
|
Focal Technologies Corporation
|
Nova Scotia
|
Moog International Financial Services Center S.a.r.l.
|
Luxembourg
|
Moog Verwaltungs GmbH
|
Germany
|
Moog Ireland Limited
|
Ireland
|
Moog Japan Ltd.
|
Japan
|
Moog Korea Ltd.
|
South Korea
|
Moog Receivables LLC
|
Delaware
|
Moog S.A.R.L. (95% Moog Inc.; 5% Moog GmbH)
|
France
|
Moog Singapore Pte. Ltd.
|
Singapore
|
Moog Aircraft Services Asia PTE LTD. (Joint Venture - 51%)
|
Singapore
|
Moog EM Solutions (India) Private Limited
|
India
|
Moog India Technology Center Pvt. Ltd.
|
India
|
Moog Motion Controls Private Limited
|
India
|
Moog Inc. Revised 2021 Management Short Term Incentive Plan, dated November 17, 2020 (Filed herewith)
|
|
|
|
Consent of Ernst & Young LLP. (Filed herewith)
|
|
|
|
Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith)
|
|
|
|
Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith)
|
|
|
|
Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Furnished herewith)
|
|
|
|
(101)
|
Interactive Data Files (submitted electronically herewith)
|
(101.INS)
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
(101.SCH)
|
XBRL Taxonomy Extension Schema Document
|
|
|
(101.CAL)
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
(101.DEF)
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
(101.LAB)
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
(101.PRE)
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Schedule II
|
||||||||||
|
|
|
|
Additions
|
|
|
|
Foreign
|
|
|
||||||||||
|
|
Balance at
|
|
charged to
|
|
|
|
exchange
|
|
Balance
|
||||||||||
|
|
beginning
|
|
costs and
|
|
|
|
impact
|
|
at end
|
||||||||||
Description
|
|
of year
|
|
expenses
|
|
Deductions*
|
|
and other
|
|
of year
|
||||||||||
Fiscal year ended September 29, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract reserves
|
|
$
|
46,314
|
|
|
$
|
36,830
|
|
|
$
|
34,241
|
|
|
$
|
(85
|
)
|
|
$
|
48,818
|
|
Allowance for doubtful accounts
|
|
4,351
|
|
|
2,213
|
|
|
1,468
|
|
|
(137
|
)
|
|
4,959
|
|
|||||
Reserve for inventory valuation
|
|
108,539
|
|
|
33,569
|
|
|
15,540
|
|
|
(1,252
|
)
|
|
125,316
|
|
|||||
Deferred tax valuation allowance
|
|
4,776
|
|
|
10,499
|
|
|
101
|
|
|
7
|
|
|
15,181
|
|
|||||
Fiscal year ended September 28, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract reserves
|
|
$
|
48,818
|
|
|
$
|
45,464
|
|
|
$
|
35,714
|
|
|
$
|
2,346
|
|
|
$
|
60,914
|
|
Allowance for doubtful accounts
|
|
4,959
|
|
|
1,522
|
|
|
891
|
|
|
(188
|
)
|
|
5,402
|
|
|||||
Reserve for inventory valuation
|
|
125,316
|
|
|
23,227
|
|
|
12,716
|
|
|
(1,642
|
)
|
|
134,185
|
|
|||||
Deferred tax valuation allowance
|
|
15,181
|
|
|
274
|
|
|
1,808
|
|
|
(510
|
)
|
|
13,137
|
|
|||||
Fiscal year ended October 3, 2020
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract reserves
|
|
$
|
60,914
|
|
|
$
|
76,747
|
|
|
$
|
66,885
|
|
|
$
|
1,636
|
|
|
$
|
72,412
|
|
Allowance for doubtful accounts
|
|
5,402
|
|
|
3,774
|
|
|
3,144
|
|
|
281
|
|
|
6,313
|
|
|||||
Reserve for inventory valuation
|
|
134,185
|
|
|
52,956
|
|
|
35,747
|
|
|
1,917
|
|
|
153,311
|
|
|||||
Deferred tax valuation allowance
|
|
13,137
|
|
|
2,003
|
|
|
860
|
|
|
504
|
|
|
14,784
|
|
By
|
/s/ JOHN R. SCANNELL
|
|
John R. Scannell
|
|
Chief Executive Officer
|
|
Date: November 17, 2020
|
/s/ JOHN R. SCANNELL
|
|
/s/ WILLIAM G. GISEL, JR.
|
John R. Scannell
|
|
William G. Gisel, Jr.
|
Chairman of the Board and Director
|
|
Director
|
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
/s/ JENNIFER WALTER
|
|
/s/ PETER J. GUNDERMANN
|
Jennifer Walter
|
|
Peter J. Gundermann
|
Vice President and Chief Financial Officer
|
|
Director
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
|
/s/ MICHAEL J. SWOPE
|
|
/s/ KRAIG H. KAYSER
|
Michael J. Swope
|
|
Kraig H. Kayser
|
Controller
|
|
Director
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
|
/s/ JANET M. COLETTI
|
|
/s/ R. BRADLEY LAWRENCE
|
Janet M. Coletti
|
|
R. Bradley Lawrence
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/ DONALD R. FISHBACK
|
|
/s/ BRIAN J. LIPKE
|
Donald R. Fishback
|
|
Brian J. Lipke
|
Director
|
|
Director
|
|
|
|
|
|
|
|
|
/s/ BRENDA L. REICHELDERFER
|
|
|
Brenda L. Reichelderfer
|
|
|
Director
|
|
|
|
|
|
|
|
|
|
1 Year Moog Chart |
1 Month Moog Chart |
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