10-K FY 2022 FINAL MOOG Inc - Flipbook - Page 64
Table of Contents
Note 13 - Restructuring
In 2022, we initiated restructuring actions in relation to portfolio shaping activities in our Space and Defense and
Industrial Systems segments and for slower than expected commercial aircraft business recovery in our Aircraft
Controls segment. These actions have and will result in workforce reductions, principally in the U.S., China, Europe
and the U.K.. The 2022 restructuring charge consists of non-cash charges related to an inventory write-down of
$1,692 and equipment of $538 as well as severance and other costs of $8,971.
In 2020, we initiated restructuring actions in relation to impacts of the COVID-19 pandemic. The actions resulted in
workforce reductions, primarily in the Philippines, Europe and the U.S. We have recorded a total of $10,466 for
severance.
Restructuring activity for severance and other costs by segment and reconciliation to consolidated amounts is as
follows:
Aircraft
Controls
Balance at September 28, 2019
Charged to expense - 2020 plan
Non-cash charges - 2020 plan
Adjustments to provision
Cash payments - 2020 plan
Cash payments - 2018 plan
Foreign currency translation
Balance at October 3, 2020
Adjustments to provision
Cash payments - 2020 plan
Cash payments - 2018 plan
Foreign currency translation
Balance at October 2, 2021
Charged to expense - 2022 plan
Non-cash charges - 2022 plan
Cash payments - 2022 plan
Cash payments - 2020 plan
Cash payments - 2018 plan
Foreign currency translation
Balance at October 1, 2022
$
$
—
3,340
(234)
—
(1,859)
—
—
1,247
(457)
(611)
—
—
179
3,996
—
(3,767)
(179)
—
—
229
Space and
Defense
Industrial
Controls
Systems
$
27 $
4,096 $
185
7,175
—
—
(1)
(892)
(185)
(828)
(26)
(705)
—
249
—
9,095
—
(711)
—
(2,423)
—
(524)
—
49
—
5,486
3,755
3,450
(2,230)
—
(1,297)
(613)
—
(443)
—
(432)
—
(770)
$
228 $
6,678 $
Total
4,123
10,700
(234)
(893)
(2,872)
(731)
249
10,342
(1,168)
(3,034)
(524)
49
5,665
11,201
(2,230)
(5,677)
(622)
(432)
(770)
7,135
As of October 1, 2022, the restructuring accrual consists of $2,919 for the 2022 plan, $2,918 for the 2020 plan and
$1,298 for the 2018 plan. Restructuring is expected to be paid within a year, except portions classified as long-term
liabilities based on the nature of the reserve.
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