10-K FY 2022 FINAL MOOG Inc - Flipbook - Page 71
Table of Contents
Benefits expected to be paid to the participants of the plans are:
$
2023
2024
2025
2026
2027
Five years thereafter
U.S. Plans
16,407
20,225
23,757
27,184
30,192
195,782
Non-U.S. Plans
$
7,173
5,888
6,408
7,371
6,678
38,300
We presently anticipate contributing approximately $5,200 to the SERP Trust for the non-qualified plan and $6,500 to
the non-U.S. plans in 2023.
We provide postretirement health care benefits to certain domestic retirees, who were hired prior to October 1, 1989.
There are no plan assets. The changes in the accumulated benefit obligation of this unfunded plan for 2022 and 2021
are shown in the following table:
October 1,
2022
Change in Accumulated Postretirement Benefit Obligation (APBO):
APBO at prior year measurement date
Service cost
Interest cost
Contributions by plan participants
Benefits paid
Actuarial (gains) losses
APBO at measurement date
Funded status
Accrued postretirement benefit liability
Amount recognized in AOCIL, before taxes:
Actuarial gains
Amount recognized in AOCIL, before taxes
$
$
$
$
6,281
33
90
559
(478)
(2,811)
3,674
(3,674)
3,674
$
7,579
7,579
October 2,
2021
$
$
$
$
9,274
52
124
553
(464)
(3,258)
6,281
(6,281)
6,281
$
6,042
6,042
The cost of the postretirement benefit plan is as follows:
2022
Service cost
Interest cost
Amortization of prior service credit
Amortization of actuarial gain
Net periodic postretirement benefit income
$
$
33
90
—
(1,274)
(1,151)
2021
$
$
2020
52
124
—
(513)
(337)
$
$
55
211
(259)
(607)
(600)
As of the measurement date, the assumed discount rate used in the accounting for the postretirement benefit
obligation was 5.2% in 2022, 2.5% in 2021 and 2.3% in 2020. The assumed service cost discount rate and interest
cost discount rate used in the accounting for the net periodic postretirement benefit cost were 2.7% and 1.5%,
respectively in 2022, 2.5% and 1.4%, respectively in 2021 and 3.1% and 2.5%, respectively in 2020.
For measurement purposes, a 7.5% annual per capita rate of increase of medical and drug costs were assumed for
2023, gradually decreasing to 4.5% for 2035 and years thereafter.
Employee and management profit sharing reflects a discretionary payment based on our financial performance. Profit
share expense was $32,993, $34,257 and $21,968 in 2022, 2021 and 2020, respectively.
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