10-K FY 2022 FINAL MOOG Inc - Flipbook - Page 70
Table of Contents
(1)
Certain investments that are measured at fair value using the NAV 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.
The following is a roll forward of the consolidated plan assets classified as Level 3 within the fair value hierarchy:
NonU.S. Plans
$
56,461
2,882
1,914
(59,180)
914
2,991
36
1,430
(1,801)
(650)
$
2,006
Balance at October 3, 2020
Return on assets
Purchases from contributions to Plans
Settlements paid in cash
Foreign currency translation
Balance at October 2, 2021
Return on assets
Purchases from contributions to Plans
Settlements paid in cash
Foreign currency translation
Balance at October 1, 2022
The following table summarizes investments measured at fair value based on NAV per share as of October 1, 2022:
Fair Value
Collective investment trusts
Limited partnerships (1)
Total
(1)
October 1,
2022
$
119,470
16,430
$
135,900
October 2,
2021
$
128,941
23,423
$
152,364
Unfunded
Commitments
$
—
4,444
$
4,444
Redemption
Frequency
Daily
Varies
Redemption
Notice Period
5 days
10-45 days
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.
The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or
reflective of future fair values. Furthermore, although we believe the valuation methods are appropriate and consistent
with other market participants, the use of different methodologies or assumptions to determine the fair value of certain
financial instruments could result in a different fair value measurement at the reporting date.
Expense for all defined benefit plans is as follows:
U.S. Plans
Service cost
Interest cost
Expected return on plan assets
Amortization of prior service cost
Amortization of actuarial loss
Curtailment gain
Settlement (gain) loss
Total expense for defined benefit plans
2022
$ 19,827
18,246
(29,803)
—
15,586
—
—
$ 23,856
2021
$ 22,488
17,103
(30,543)
—
13,721
—
—
$ 22,769
Non-U.S. Plans
2020
$ 23,033
30,597
(44,084)
133
25,316
—
121,324
$ 156,319
2022
4,248
2,413
(3,401)
58
3,877
—
280
$ 7,475
$
2021
5,290
2,277
(4,102)
45
5,568
(5,830)
(44)
$ 3,204
$
2020
6,771
2,785
(4,577)
(3)
4,943
100
676
$ 10,695
$
On September 16, 2020, we entered into an agreement to purchase a single premium non-participating group annuity
contract and transferred the future benefit obligations and annuity administration for certain retirees and beneficiaries
in our qualified U.S defined benefit pension plan. This settlement resulted in a one-time settlement charge of
$121,324.
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