Related Party Transactions

3 Months Ended

Dec. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

John Scannell, Moog's Non-Executive Chairman of the Board of Directors, is a member of the Board of Directors of M&T Bank Corporation and M&T Bank. We currently engage with M&T Bank in the ordinary course of business for financing routine purchases and lease transactions, which for the three months ended December 30, 2023 and December 31, 2022 totaled $3,707 and $3,417. At December 30, 2023, we held outstanding leases with a total remaining obligation of $12,085. At December 30, 2023, outstanding deposits on our behalf for future equipment leases totaled $2,840. M&T Bank also maintains an interest of approximately 12% in our U.S. revolving credit facility. Further details of the U.S. revolving credit facility can be found in Note 10 - Indebtedness. Wilmington Trust, a subsidiary of M&T Bank, is the trustee of the pension assets for our qualified U.S. defined benefit plan.