Related Party Transactions

6 Months Ended

Mar. 30, 2024

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 and six months ended March 30, 2024 totaled $2,822 and $6,529, respectively. Financing and lease transactions for the three and six months ended April 1, 2023 totaled $3,637 and $7,054, respectively. At March 30, 2024, we held outstanding leases with a total remaining obligation of $15,461. At March 30, 2024, outstanding deposits on our behalf for future equipment leases totaled $3,043. 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.