Financial Performance - The twelve-month backlog as of September 28, 2024, was $2.5 billion, reflecting a 3% increase compared to September 30, 2023[18]. - Net sales to the five largest customers represented approximately 29% of total sales in 2024[48]. - Sales under U.S. Government contracts constituted 38% of total sales in 2024, primarily within the Space and Defense and Military Aircraft segments[49]. - Aerospace and defense OEM customers accounted for 60% of total sales in 2024, while industrial market sales represented 27%[47]. Research and Development - Research and development expenses amounted to $113 million, representing approximately 3% of sales in 2024[22]. - The patent portfolio includes significant patents related to medical devices, which provide future revenue opportunities[21]. Employee and Workforce - The company hired over 1,700 new employees and rehired over 100 employees globally in 2024[27]. - The average voluntary attrition rate over the last five years was approximately 6%[37]. Environmental and Community Initiatives - The company aims to reduce its combined Scope 1 and 2 emissions by 40% from the 2022 baseline by 2030[44]. - The company expanded its Community giving platform and launched a pilot of paid Volunteer Time Off in 2024[44]. Financial Liabilities and Currency Exposure - As of September 28, 2024, the company had $377 million in borrowings subject to variable interest rates, with an average of $477 million during 2024, indicating a potential increase in interest expense of $5 million if rates rose by one percentage point[251]. - The company sold $125 million in receivables under the Receivables Purchase Agreement (RPA) subject to variable interest rates, with an average of $119 million during 2024, which could lead to an additional $1 million in interest expense if rates increased by one percentage point[252]. - The company has foreign currency contracts with notional amounts of $174 million outstanding as of September 28, 2024, with a net fair value of $1 million as a net asset[253]. - A hypothetical 10% increase in the value of the U.S. dollar against all currencies would decrease the fair value of foreign currency contracts by approximately $16 million, while a 10% decrease would increase it by about $19 million[253]. - If average annual foreign exchange rates weakened or strengthened against the U.S. dollar by 10%, the company's net earnings in 2024 would have decreased or increased by $9 million from foreign currency translation[254].
Moog(MOG_A) - 2024 Q4 - Annual Report