10-K FY 2022 FINAL MOOG Inc - Flipbook - Page 37
Table of Contents
Net debt to capitalization was 33% at October 1, 2022 and 36% at October 2, 2021. The decrease in net debt to
capitalization is primarily due to our net earnings, which has increased the total capitalization.
We declared and paid cash dividends of $1.03 per share on our Class A and Class B common stock in 2022.
The Board of Directors authorized a share repurchase program that authorizes repurchases for both Class A and
Class B common stock, and allows us to buy up to an aggregate 3 million common shares. Under this program, since
inception we have purchased approximately 730,000 shares for $55 million.
Today we believe we can create long term value for our shareholders by continuing to invest in our business through
both capital expenditures as well as investments in new market opportunities. We will also continue exploring
opportunities to make strategic acquisitions and return capital to shareholders.
Off Balance Sheet Arrangements
We do not have any material off balance sheet arrangements that have or are reasonably likely to have a material
future effect on our financial condition, results of operations or cash flows.
Contractual Obligations and Commercial Commitments
For further information on our contractual obligations and commitments as of October 1, 2022, see the notes
referenced below, of Item 8, Financial Statements and Supplementary Data, of this report.
Right-of-use lease liabilities - See Note 7 - Leases, for details on obligations and timing of expected future payments,
including a five-year maturity schedule.
Debt Obligations and Interest Payments - See Note 9 - Indebtedness, for details of our debt and timing of expected
future principal and interest payments. Our current and long-term interest obligation on fixed-rate debt is $21 million
and $89 million, respectively. Interest on variable-rate long-term debt, assuming the rate and outstanding balances do
not change from those at October 1, 2022, would be approximately $17 million annually.
Employee Benefit Plans - See Note 14 - Employee Benefit Plans, for details on our obligations and timing of expected
future payments under these plans. In 2023, we have no minimum funding requirements. However, we anticipate
making contributions to defined benefit pension plans of $12 million, of which approximately $5 million is for a nonqualified U.S. plan. We are unable to determine minimum funding requirements beyond 2022. We have made no
discretionary incremental contributions to our defined benefit plans in excess of minimum funding requirements. We
do not plan to make additional contributions for the foreseeable future.
Income Taxes - We are unable to determine if and when any unrecognized tax benefits, which are not material, will be
settled, nor can we estimate any potential changes to the unrecognized tax benefits. See Note 15 - Income Taxes, for
additional details of tax obligations.
Commitments - Our current and long-term obligations for non-cancelable purchase commitments are $936 million and
$178 million, respectively. See Note 23 - Commitments and Contingencies, for additional details.
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