UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________
FORM 11-K
___________________________________________
(Mark One)
ý ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended September 30, 2015
OR
¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to _________
Commission File Number: 1-5129
___________________________________________
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
MOOG INC. RETIREMENT SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
MOOG INC.
EAST AURORA, NEW YORK 14052-0018
REQUIRED INFORMATION
___________________________________________
The following financial statements shall be furnished for the plan:
| |
1. | An audited statement of financial conditions as of the end of the latest two fiscal years of the plan (or such lesser period as the plan has been in existence). |
| |
2. | An audited statement of income and changes in plan equity for each of the latest three fiscal years of the plan (or such lesser period as the plan has been in existence). |
| |
3. | The statements required by Items 1 and 2 shall be prepared in accordance with the applicable provisions of Article 6A of Regulation S-X (17 CFR 210.6A-01 - .6A05) |
| |
4. | In lieu of the requirements of Item 1-3 above, plans subject to ERISA may file plan financial statements and schedules prepared in accordance with the financial reporting requirements of ERISA. The the extent required by ERISA, the plan financial statements shall be examined by an independent accountant, except that the "limited scope exemption" contained in Section 103 (a)(3)(C) of ERISA shall not be available. |
Note: A written consent of the accountant is required with respect to the plan annual financial statements which have been imported by reference in a registration statement on Form S-8 under the Securities Act of 1933. The consent should be filed as an exhibit to this annual report. Such consent shall be currently dated and manually signed.
Moog Inc. Retirement Savings Plan
Financial Statements and Supplemental Schedule
Years Ended September 30, 2015 and 2014
Table of Contents
|
| | |
| |
Report of Independent Registered Public Accounting Firm | 1 |
|
| |
Financial Statements | |
Statements of Net Assets Available for Benefits | 2 |
|
Statements of Changes in Net Assets Available for Benefits | 3 |
|
Notes to Financial Statements | 4-12 |
|
Supplemental Schedule | |
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) | 13 |
|
| |
Report of Independent Registered Public Accounting Firm
The Plan Administrator
Moog Inc. Retirement Savings Plan
We have audited the accompanying statements of net assets available for benefits of the Moog Inc. Retirement Savings Plan (the Plan) as of September 30, 2015 and 2014, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Moog Inc. Retirement Savings Plan as of September 30, 2015 and 2014, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
The supplemental information in the accompanying schedule, Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of September 30, 2015, has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated in all material respects in relation to the financial statements as a whole.
/s/ FREED MAXICK, CPAs, PC
March 11, 2016
Moog Inc. Retirement Savings Plan
Statements of Net Assets Available for Benefits
|
| | | | | | | |
| September 30, |
| 2015 | | 2014 |
Assets | | | |
| | | |
Investments at fair value: | | | |
Common collective trusts | $ | 378,228,497 |
| | $ | 393,021,744 |
|
Shares of registered investment companies | 114,782,524 |
| | 92,591,322 |
|
Employer securities | 104,051,859 |
| | 153,010,604 |
|
| 597,062,880 |
| | 638,623,670 |
|
| | | |
Receivables: | | | |
Notes receivable from participants | 5,853,875 |
| | 6,123,543 |
|
Participant contributions | 1,468,210 |
| | 1,613,908 |
|
Employer contributions | 376,731 |
| | 382,839 |
|
| 7,698,816 |
| | 8,120,290 |
|
| | | |
Net assets available for benefits, at fair value | 604,761,696 |
| | 646,743,960 |
|
| | | |
Adjustment from fair value to contract value for fully benefit responsive investment contracts | (306,082 | ) | | (112,661 | ) |
| | | |
Net assets available for benefits | $ | 604,455,614 |
| | $ | 646,631,299 |
|
| | | |
See accompanying Notes to Financial Statements. | | | |
Moog Inc. Retirement Savings Plan
Statements of Changes in Net Assets Available for Benefits
|
| | | | | | | |
| Year Ended September 30, |
| 2015 | | 2014 |
Additions: | | | |
Participant contributions | $ | 36,759,501 |
| | $ | 34,245,546 |
|
Employer contributions | 13,388,587 |
| | 12,961,646 |
|
Participant rollovers | 4,098,626 |
| | 1,508,233 |
|
Net appreciation in fair value of investments | — |
| | 54,964,422 |
|
Transfer from other plans | — |
| | 9,581,417 |
|
Interest and dividend income | 3,987,452 |
| | 9,062,955 |
|
| 58,234,166 |
| | 122,324,219 |
|
| | | |
Deductions: | | | |
Distributions | 59,682,045 |
| | 52,388,303 |
|
Net depreciation in fair value of investments | 40,364,503 |
| | — |
|
Administrative expenses | 363,303 |
| | 349,517 |
|
| 100,409,851 |
| | 52,737,820 |
|
| | | |
Net (decrease) increase | (42,175,685 | ) | | 69,586,399 |
|
Net assets available for benefits at beginning of year | 646,631,299 |
| | 577,044,900 |
|
Net assets available for benefits at end of year | $ | 604,455,614 |
| | $ | 646,631,299 |
|
| | | |
See accompanying Notes to Financial Statements. | | | |
Moog Inc. Retirement Savings Plan
Notes to Financial Statements
September 30, 2015 and 2014
1. Description of Plan
The following is a brief description of the Moog Inc. Retirement Savings Plan (the Plan) and is provided for general information purposes only. Participants should refer to the Plan Document and the Summary Plan Description for complete information.
General
The Plan is a defined contribution plan sponsored by Moog Inc. (the Company or the Plan Sponsor). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).
Eligibility
As of September 30, 2015, all domestic employees of the Company are eligible to participate in the Plan immediately upon hire, except for employees of certain acquired businesses, some of which maintain their own defined contribution plans.
Plan Mergers and Transfers
For the Plan year ended September 30, 2014, the Company transferred assets and merged the associated plan of Broad Reach Engineering into the Plan.
Notes receivable from participants
Notes receivable from participants (loans) are valued at their unpaid principal balance plus any accrued but unpaid interest. Loans are limited to the lesser of $50,000 or one-half of the participant's account balance with a minimum loan of $1,000, payable over a term not to exceed five years. Interest is charged at a rate established by the Plan and is normally fixed at origination at prime plus 1%. The loans are secured by the balance in the participant's account. Principal and interest are paid ratably through payroll deductions.
Contributions and Investments
The Plan allows for voluntary pretax contributions to the Plan in the form of a 1% to 40% salary reduction subject to the Internal Revenue Code (IRC) limits and permits an automatic deferral of 3% of eligible employee compensation to the Plan, unless the employee elects not to make such a contribution to the Plan. The Plan also allows for Roth Elective Deferrals. Participants may designate all or a portion of automatic deferrals as Roth Elective Deferrals. The Plan permits participants age 50 and older to make “catch-up” contributions as provided by the Economic Growth and Tax Relief Reconciliation Act of 2001. Contributions are directed by the participant among the available investment options.
The Plan currently offers fourteen registered investment company funds, a stable asset income fund, target date funds and Company stock as investment options for participants.
The Company's matching contribution is 25% of the first 2% of eligible pay that employees contribute. The Company Match is invested pursuant to participant allocation elections, which may include Company common stock.
1. Description of Plan (continued)
All new employees hired on or after January 1, 2008 are not eligible to participate in the Company's defined benefit pension plan. Instead, the Company makes a contribution (Retirement Contributions) for those employees to an employee-directed investment fund in the Plan. The Retirement Contributions are based on a percentage of the employee's eligible compensation and age, and are in addition to the Company Match on voluntary employee contributions.
All employees hired before January 1, 2008 elected either to remain in the defined benefit pension plan and continue to accrue benefits or to elect to stop accruing future benefits in the defined benefit pension plan as of April 1, 2008. Employees who elected to stop accruing future benefits receive the Retirement Contribution in the Plan.
The Plan also provides that the Company may make discretionary contributions; however, for the plan years ended September 30, 2015 and 2014, the Company has not elected to make any discretionary contributions.
Rollovers represent amounts contributed to the Plan by participants from prior employer plans.
Participant accounts
Separate accounts are maintained for each plan participant. Each participant's account is credited with the participant's contribution, Retirement Contributions, Company Match and discretionary contributions, if applicable. Plan earnings, losses and fees of the participant's investment selections are reported in the participant's account as defined by the Plan. Participant accounts are fully and immediately vested in the participant's contributions and Company Match. The Retirement Contributions vest 100% after three years of credited service, which is defined as 1,000 hours of service in a plan year. Forfeitures are used to first reduce future Retirement Contributions, secondly to offset Plan expenses and lastly reallocated to remaining participants. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account. Participants may transfer all or part of their accounts, including investments in Company stock, among the other investment options in the Plan.
Distributions
Subject to certain limitations, participants may withdraw all or part of their account balance upon attainment of age 59½. Distribution of a participant's account balance is also permitted in the event of death, disability, termination of employment or immediate financial hardship, as defined in the Plan Document. Distributions are required to begin at age 70½. Distributions are made in cash except for the Company Match, which can be distributed in cash or shares. Participants have the option to also receive the balances from their contributions in employer securities in either cash or shares. For distributions of Moog Class B Stock from the employer securities funds and matching account balances (for shares purchased after January 1, 1999), the shares of stock will carry a restrictive legend and the Company will have a right of first refusal at the time of sale, transfer or pledging of those shares.
Administrative Expenses
Certain costs of administering the Plan are borne by the Company, while others are borne by the Plan. Fees borne by the Plan include loan origination fees, investment management fees and recordkeeping fees. Loan origination fees are charged to the participant's account balance at the time the loan is processed. Investment management fees are allocated to all participants invested in the fund that charges the fee on a pro rata basis of account balances. Recordkeeping fees are only charged to participants that meet the minimum balance criteria.
2. Summary of Significant Accounting Policies
Basis of Accounting
The financial statements are presented on the accrual basis of accounting.
Investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the plan. The Statements of Net Assets Available for Benefits present the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The Statements of Changes in Net Assets Available for Benefits are prepared on a contract value basis.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Valuation of Investments and Income Recognition
Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements.
Purchases and sales of securities are recorded on a trade date basis. Net appreciation (depreciation) includes the Plan's gains and losses on investments bought and sold as well as held during the year. Dividends are recorded on the ex-dividend date. Interest income is recorded on an accrual basis.
Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
Payment of Benefits
Benefits are recorded when paid.
2. Summary of Significant Accounting Policies (continued)
Recent Accounting Pronouncements
In May 2015, the FASB issued ASU No. 2015-07, "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent)." This ASU removes the requirement to make certain disclosures as well as categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per practical expedient. The provisions of this ASU are effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted, and retrospective application is required. This amendment is applicable to us beginning in fiscal year 2017. Other than requiring a change to our disclosures, the adoption of this standard is not expected to have a material impact on our financial statements.
In July 2015, the FASB issued ASU No. 2015-12, "Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient." Part I of this ASU eliminates the requirements to measure fully benefit-responsive investment contracts at fair value. Contract value will be the only required measure for fully benefit-responsive investment contracts. Part II of this ASU eliminates the requirements to disclose (i) individual investments that represent five percent or more of net assets available for benefits and (ii) the net appreciation or depreciation in fair value of investments by general type. In addition, the disclosure of information about fair value measurements shall be provided by general type of investment. Part III of this ASU is not applicable to the Plan. The provisions of this ASU are effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted, and retrospective application is required for Parts I and II. This amendment is applicable to us beginning in fiscal year 2017. Other than requiring a change to our disclosures, the adoption of Part I and Part II of this standard are not expected to have a material impact on our financial statements.
3. Fair Value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate fair value. The definition of the fair value hierarchy is as follows:
Level 1 - Quoted prices in active markets for identical assets and liabilities.
Level 2 - Observable inputs other than quoted prices in active markets for similar assets and liabilities.
Level 3 - Inputs for which significant valuation assumptions are unobservable in a market and therefore value is based on the best available data, some of which is internally developed and considers risk premiums that a market participant would require.
The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes to the methodologies used at September 30, 2015 and 2014.
The Plan's assets are invested in shares of registered investment companies, employer securities and common collective trust funds. Shares of registered investment companies are valued at net asset values of shares held by the Plan at year-end. Certain assets of the Plan are invested in employer securities through a unitized stock fund, which includes common stock of Moog Inc. (Class A and Class B) and investments in a money market fund for liquidity purposes. Common stocks traded on national exchanges are valued at the last reported sales price. Money market funds are stated at cost, which approximates fair value. Common collective trust funds consist of pools of investments used by institutional investors to obtain exposure to equity and fixed income markets. Common collective trust funds held by the Plan invest in target date funds and a stable asset income fund. The investment objective of the Plan's target date funds is to maximize asset returns for an investor's retirement consistent with expected risk parameters given their investment time horizon. The investment objective of the Plan's stable asset income fund is to provide capital preservation, liquidity and current income at levels that are typically higher than those provided by money market funds. Shares held in common collective trusts are reported at the net unit value of units held at year end. The unit value is determined by the total value of fund assets divided by the total number of units of the fund owned. The common collective trusts have no unfunded commitments as of September 30, 2015 and 2014, respectively, and there are no significant restrictions on redemptions. See Note 7 for additional information pertaining to the stable asset income fund.
3. Fair Value (continued)
The following table presents the fair values and classification of the Plan's investments measured on a recurring basis as of September 30, 2015 and 2014:
|
| | | | | | | | | | | | | | | | |
| | Assets at Fair Value as of September 30, 2015: |
| | Level 1 | | Level 2 | | Level 3 | | Total |
Shares of registered investment companies: | | | | | | | | |
Domestic: | | | | | | | | |
Large cap stocks | | $ | 57,302,537 |
| | $ | — |
| | $ | — |
| | $ | 57,302,537 |
|
Other | | 42,832,285 |
| | — |
| | — |
| | 42,832,285 |
|
International | | 14,647,702 |
| | — |
| | — |
| | 14,647,702 |
|
Employer securities | | 104,051,859 |
| | — |
| | — |
| | 104,051,859 |
|
Common collective trusts: | | | | | | | | |
Target date funds | | — |
| | 337,822,272 |
| | — |
| | 337,822,272 |
|
Stable asset income fund | | — |
| | 40,406,225 |
| | — |
| | 40,406,225 |
|
Total investments at fair value | | $ | 218,834,383 |
| | $ | 378,228,497 |
| | $ | — |
| | $ | 597,062,880 |
|
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | Assets at Fair Value as of September 30, 2014: |
| | Level 1 | | Level 2 | | Level 3 | | Total |
Shares of registered investment companies: | | | | | | | | |
Domestic: | | | | | | | | |
Large cap stocks | | $ | 48,583,650 |
| | $ | — |
| | $ | — |
| | $ | 48,583,650 |
|
Other | | 28,592,081 |
| | — |
| | — |
| | 28,592,081 |
|
International | | 15,415,591 |
| | — |
| | — |
| | 15,415,591 |
|
Employer securities | | 153,010,604 |
| | — |
| | — |
| | 153,010,604 |
|
Common collective trusts: | | | | | | | | |
Target date funds | | — |
| | 364,723,467 |
| | — |
| | 364,723,467 |
|
Stable asset income fund | | — |
| | 28,298,277 |
| | — |
| | 28,298,277 |
|
Total investments at fair value | | $ | 245,601,926 |
| | $ | 393,021,744 |
| | $ | — |
| | $ | 638,623,670 |
|
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
4. Investments
Net (depreciation) appreciation in fair value of investments, including investments bought, sold, as well as held during the year, is summarized as follows:
|
| | | | | | | | | | |
| | Year Ended September 30, |
| | 2015 | | 2014 |
| | | | | | |
Employer securities | | $ | (27,331,957 | ) | | | $ | 23,853,415 |
| |
Common collective trusts | | (7,609,409 | ) | | | (10,068,356 | ) | |
Shares of registered investment companies | | (5,423,137 | ) | | | 39,801,954 |
| |
Common stock | | — |
| | | 1,377,409 |
| |
Net (depreciation) appreciation | | $ | (40,364,503 | ) | | | $ | 54,964,422 |
| |
| | | | | | |
Investments that represent 5% or more of fair value of the Plan's net assets are as follows:
|
| | | | | | | | | | |
| | Year Ended September 30, |
| | 2015 | | 2014 |
| | | | | | |
Common collective trusts | | | | | | |
BlackRock Lifepath Index 2020 | | $ | 94,113,803 |
| | | $ | 110,708,110 |
| |
BlackRock Lifepath Index 2025 | | 75,315,295 |
| | | 77,721,613 |
| |
BlackRock Lifepath Index 2030 | | 50,358,198 |
| | | 50,234,151 |
| |
BlackRock Lifepath Index Retirement | | 40,275,403 |
| | | 52,305,164 |
| |
JPMorgan Stable Asset Income Fund (fair value) | | 40,406,225 |
| | | 28,297,277 |
| * |
JPMorgan Stable Asset Income Fund (contract value) | | 40,100,143 |
| | | 28,185,616 |
| * |
| | | | | | |
Employer securities | | | | | | |
Moog Inc. Class A Common Stock | | 24,860,384 |
| * | | 37,436,756 |
| |
Moog Inc. Class B Common Stock | | 79,191,475 |
| | | 115,573,848 |
| |
| | | | | | |
* Amount does not meet the 5% threshold and is disclosed for comparative purposes only.
5. Income Tax Status
The Internal Revenue Service has determined and informed the Plan Sponsor by a letter dated June 29, 2012, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC); therefore, the related trust is exempt from taxation. The Plan is required to operate in conformity with the IRC to maintain its qualification. Although the Plan has been amended since receiving this favorable determination letter, the Plan administrator and the Plan's tax counsel believe that the Plan is being operated in compliance with the applicable requirements of the IRC and, therefore, believe that the Plan, as amended, is qualified and the related trust is tax-exempt. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income examination for years prior to 2012.
6. Plan Termination
Although it has not expressed intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. If such termination were to occur, the Company will instruct the trustee to either continue the management of the trust's assets or liquidate the trust and distribute the assets to the participants in accordance with the Plan Document.
7. The Stable Asset Income Fund
The Stable Asset Income Fund (the Fund) primarily invests in a fully benefit-responsive synthetic Guaranteed Investment Contract (GIC). As described in Note 2, contract value is the relevant measurement attribute for this Fund.
The Fund's objective is to seek to provide capital preservation, liquidity and current income at levels that are typically higher than those provided by money market funds. The Fund invests in a highly diversified fixed income strategy by investing in other collective trust funds, a separate account and fixed income securities, which may include U.S. treasury and agency securities, mortgage-backed securities, asset-backed securities, commercial mortgage-backed securities, private mortgages, corporate debt and short-term investments. The Fund has entered into wrap contracts with insurance companies and financial institutions under which they provide a guarantee with respect to the availability of funds to make distributions.
Certain events limit the ability of the Plan to transact at contract value. Such events are limited to events outside the normal operation of the Plan. Events include, but are not limited to (1) plan termination, (2) changes of employer, (3) plan qualification status and (4) bankruptcy. The wrap contracts can be terminated at a value other than contract value under limited circumstances, such as certain breaches by the Fund of its obligations, representations or warranties under the term of the contract or if the performance of the contract constitutes a prohibited transaction under ERISA or other applicable law.
8. Related Party Transactions
Participants of the Plan may elect to invest in Moog Inc. common stock within the Moog Inc. Common Stock Funds. Moog Inc. is the Plan Sponsor. Additionally, prior to September 30, 2014, Plan investments included accounts with JPMorgan, the predecessor Plan trustee. These transactions qualify as party-in-interest transactions for the plan year ended September 30, 2014. Net investment losses from investments sponsored by Moog Inc. and participant loans amounted to $27,091,695 for the plan year ended September 30, 2015. Net investment gains from investments sponsored by JPMorgan, Moog Inc. and participant loans amounted to $22,073,603 for the plan year ended September 30, 2014.
9. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of September 30, 2015 and 2014:
|
| | | | | | | | |
| | 2015 | | 2014 |
| | | | |
Net assets available for benefits per the financial statements | | $ | 604,455,614 |
| | $ | 646,631,299 |
|
Differences in: | | | | |
Investments | | 5,853,875 |
| | 6,123,543 |
|
Notes receivable from participants | | (5,853,875 | ) | | (6,123,543 | ) |
Adjustment from contract value to fair value for fully benefit responsive investment contracts | | 306,082 |
| | 112,661 |
|
Net assets available for benefits per Form 5500 | | $ | 604,761,696 |
| | $ | 646,743,960 |
|
| | | | |
The following is a reconciliation of the decrease in net assets per the financial statements to the Form 5500 for the year ended September 30, 2015:
|
| | | | |
| | 2015 |
| | |
Net decrease in assets available for benefits per the financial statements | | $ | (42,175,685 | ) |
Differences in: | | |
Adjustment from contract value to fair value for fully benefit responsive investment contracts | | 193,421 |
|
Net loss per Form 5500 | | $ | (41,982,264 | ) |
| | |
|
| | | | |
EIN #16-0757636 Plan #002 |
| | |
Schedule H, Line 4i – Schedule of Assets |
(Held at End of Year) |
September 30, 2015 |
| | |
Identity of Issuer | Description | Fair Value |
| | |
JPMorgan Stable Asset Income Fund | Stable Asset Income Fund | $ | 40,406,225 |
|
BlackRock Lifepath Index Retirement | Target Date Fund | 40,275,403 |
|
BlackRock Lifepath Index 2020 | Target Date Fund | 94,113,803 |
|
BlackRock Lifepath Index 2025 | Target Date Fund | 75,315,295 |
|
BlackRock Lifepath Index 2030 | Target Date Fund | 50,358,198 |
|
BlackRock Lifepath Index 2035 | Target Date Fund | 30,041,565 |
|
BlackRock Lifepath Index 2040 | Target Date Fund | 18,977,519 |
|
BlackRock Lifepath Index 2045 | Target Date Fund | 14,248,103 |
|
BlackRock Lifepath Index 2050 | Target Date Fund | 10,650,577 |
|
BlackRock Lifepath Index 2055 | Target Date Fund | 3,841,809 |
|
Common collective trusts | | 378,228,497 |
|
| | |
Vanguard Institutional Index Fund | Mutual Fund | 27,721,429 |
|
Vanguard Windsor Fund | Mutual Fund | 16,137,953 |
|
JPMorgan Large Cap Growth Fund | Mutual Fund | 13,443,155 |
|
American Euro Pacific Growth | Mutual Fund | 12,678,224 |
|
Vanguard Small Cap Index Fund | Mutual Fund | 8,731,189 |
|
Vanguard Mid Cap Index Fund | Mutual Fund | 7,155,048 |
|
T Rowe Price Diversified Small Cap Growth | Mutual Fund | 6,808,659 |
|
Pimco Total Return Fund | Mutual Fund | 5,993,362 |
|
Pimco Real Return Fund | Mutual Fund | 4,102,253 |
|
Vanguard Total Bond Market Index Fund | Mutual Fund | 3,684,479 |
|
JPMorgan Small Cap Growth Fund | Mutual Fund | 2,647,358 |
|
Goldman Sachs Growth Opportunities | Mutual Fund | 2,154,304 |
|
Vanguard Total International Stock Index | Mutual Fund | 1,969,478 |
|
Invesco American Value | Mutual Fund | 1,555,633 |
|
Shares of registered investment companies | | 114,782,524 |
|
| | |
*Moog Inc. | Class A Common Stock | 24,860,384 |
|
*Moog Inc. | Class B Common Stock | 79,191,475 |
|
Employer securities | | 104,051,859 |
|
| | |
*Participant loans | Loans maturing at various dates through February 18, 2022 and bearing interest at rates ranging from 3.25% to 7.00% | 5,853,875 |
|
Total Investments | | $ | 602,916,755 |
|
| | |
*Denotes a party-in-interest | | |
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
MOOG INC. RETIREMENT SAVINGS PLAN
Date: March 11, 2016 /s/ Gary A. Szakmary Gary A. Szakmary
Plan Administrator
EXHIBIT INDEX
Exhibit Description
23.1 Consent of Freed Maxick, CPAs, PC
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statements (No. 333-160162, No. 333-152746, No. 333-135222, No. 333-85657, No. 33-57131, No. 33-62968, No. 33-33958 and No. 33-20069) on Form S-8 of Moog Inc. of our report dated March 11, 2016 relating to the financial statements and supplemental schedule of Moog Inc. Retirement Savings Plan, appearing in this Annual Report on Form 11-K of the Moog Inc. Retirement Savings Plan for the year ended September 30, 2015.
/s/ FREED MAXICK, CPAs, PC
Buffalo, New York
March 11, 2016
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