11-K 1 a11k_12-31x2022.htm 11-K Document







UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 11-K

(Mark One)

þ Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2022
or

¨ Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the transition period from                      to                     
Commission File Number 1-01520


A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Aerojet Rocketdyne Retirement Savings Plan

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Aerojet Rocketdyne Holdings, Inc.
222 N. Pacific Coast Highway, Suite 500
El Segundo, California 90245







Aerojet Rocketdyne Retirement Savings Plan
Financial Statements and Supplemental Schedule
As of December 31, 2022 and 2021
and for the Year Ended December 31, 2022

Table of Contents

Report of Independent Registered Public Accounting Firm
Financial Statements:
Statements of Net Assets Available for Benefits
Statement of Changes in Net Assets Available for Benefits
Notes to Financial Statements
Supplemental Schedule:
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
Exhibit Index
Signature





Report of Independent Registered Public Accounting Firm

To the Participants and Plan Administrator
Aerojet Rocketdyne Retirement Savings Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Aerojet Rocketdyne Retirement Savings Plan (the “Plan”) as of December 31, 2022 and 2021, the related statement of changes in net assets available for benefits for the year ended December 31, 2022, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available for benefits for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Opinion on the Supplemental Schedule

The supplemental schedule in the accompanying schedule of assets (held at end of year) as of December 31, 2022 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is presented for the purpose of additional analysis and is not a required part of the financial statements but include supplemental schedule 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 schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule 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 schedule presented in the supplemental schedule. In forming our opinion on the supplemental schedule in the accompanying schedule, we evaluated whether the supplemental schedule, 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 schedule in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ Moss Adams LLP
Campbell, California
May 30, 2023

We have served as the Plan’s auditor since 2017.


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Aerojet Rocketdyne Retirement Savings Plan
Statements of Net Assets Available for Benefits

 
 
 
   December 31,
20222021
Assets
      
Investments, at fair value (Note 3)
$1,080,234,447 $1,301,650,443 
Receivables:
      
   Company contributions (Note 1)
715,768659,741
   Participant contributions
1,428,1981,334,922
  Notes receivable from participants
13,994,25213,942,938
   Total receivables
16,138,21815,937,601
   Total assets
1,096,372,6651,317,588,044
Liabilities
      
Administrative expenses payable
259,294 364,012 
Net assets available for benefits$1,096,113,371 $1,317,224,032 

See accompanying notes to the financial statements.
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Aerojet Rocketdyne Retirement Savings Plan
Statement of Changes in Net Assets Available for Benefits

   Year Ended
December 31, 2022
Additions
   
Contributions:
   
Participants
$56,842,833 
Company (Note 1)
23,748,590
Rollovers
9,449,612 
Total contributions
90,041,035 
Investment loss:
   
Dividends and interest
17,345,118
Net depreciation in fair value of investments
(222,144,194)
Total investment loss
(204,799,076)
Interest income on notes receivable from participants
631,301 
Total additions, net
(114,126,740)
Deductions
   
Benefits paid to participants
106,213,540
Administrative expenses (Note 1)
770,381 
Total deductions
106,983,921 
Net decrease during the year
(221,110,661)
Net assets available for benefits
   
Beginning of year
1,317,224,032
End of year
$1,096,113,371 

See accompanying notes to the financial statements.
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Aerojet Rocketdyne Retirement Savings Plan
Notes to Financial Statements
December 31, 2022 and 2021

1. Description of the Plan

The following description of the Aerojet Rocketdyne Retirement Savings Plan (the "Plan") provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

General

Aerojet Rocketdyne Holdings, Inc. (the "Company" or the "Plan Administrator") established the Plan effective July 1, 1989. The Plan is a defined contribution plan covering all eligible employees of the Company and its subsidiaries. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended.

The Plan consists of distinct provisions for the following two groups: (i) represented employees in Sacramento, California, represented employees in Canoga Park, California, represented employees in West Palm Beach, Florida, and all non-represented employees and (ii) represented employees in Carlstadt, New Jersey.

On December 20, 2020, the Company entered into an Agreement and Plan of Merger with Lockheed Martin Corporation ("Lockheed Martin") and Mizar Sub, Inc., a wholly-owned subsidiary of Lockheed Martin, pursuant to which each share of common stock of the Company would have been automatically converted into the right to receive cash in an amount equal to $51.00 per share, and the Company would have become a wholly-owned subsidiary of Lockheed Martin. On January 25, 2022, the Federal Trade Commission ("FTC") filed a complaint against the Company and Lockheed Martin in the FTC’s administrative court and a complaint in U.S. federal court seeking a preliminary injunction to stop the deal pending an administrative trial (the "FTC Litigation"). On February 13, 2022, Lockheed Martin notified the Company that it had elected to terminate the Merger Agreement. On February 14, 2022, pursuant to the parties’ joint motion, the FTC Litigation was dismissed.

On December 17, 2022, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement"), with L3Harris and Aquila Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of L3Harris ("Merger Sub"), pursuant to which, subject to the terms and conditions thereof, Merger Sub will merge with and into the Company (the "Merger") with the Company being the surviving corporation and a wholly-owned subsidiary of L3Harris. Subject to the terms and conditions set forth in the Merger Agreement, each share of the Company's common stock outstanding as of immediately prior to the effective time of the Merger will be canceled and converted into the right to receive $58.00 in cash, without interest, plus, if the closing occurs after September 17, 2023, $0.0025 for each calendar day elapsed after such date up to and including the closing date. Closing of the Merger is anticipated to occur in 2023, subject to various customary conditions, including regulatory clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The impact on the Plan due to the Merger is unknown at this time,

Contributions

Represented Employees in Sacramento, California, Represented Employees in Canoga Park, California, Represented Employees in West Palm Beach, Florida, and all Non-Represented Employees

Participants may elect to contribute to the Plan, on a pre-tax or after-tax basis, or as after-tax Roth Contributions, from 1% up to 50% of their eligible compensation as defined by the Plan. Contributions must be made in 1% increments. Pre-tax contributions and Roth Contributions are subject to annual limits specified under the Internal Revenue Code (the "Code"). Roth Contributions are aggregated with pre-tax contributions for the purpose of applying the annual limit. The Company makes matching contributions in cash equal to 100% of the first 3% of the participant’s eligible compensation contributed and 50% of the next 3% of the eligible compensation contributed. The Company, from time to time, may make discretionary contributions to the accounts of a designated class of participants, subject to satisfying applicable Code
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limitations and nondiscrimination testing. Investments are participant-directed. Participants may elect to direct both their contributions and the Company’s matching contributions into any of the Plan’s investment alternatives except for the Aerojet Rocketdyne Holdings Stock Fund (the "Company Stock Fund"). Participants may also make rollover contributions to the Plan of amounts distributed from other qualified plans.

Represented Employees in Carlstadt, New Jersey

Participants may elect to contribute to the Plan, on a pre-tax or after-tax basis, or as after-tax Roth Contributions, from 1% up to 50% of their eligible compensation as defined by the Plan. Contributions must be made in 1% increments. Pre-tax contributions and Roth Contributions are subject to annual limits specified under the Code. Roth Contributions are aggregated with pre-tax contributions for the purpose of applying the annual limit. The Company makes matching contributions in cash equal to 100% of the first 3% of the participant's eligible compensation contributed and 50% of the next 3% of the eligible compensation contributed but no less than $100 per month per participant. The Company, from time to time, may make discretionary contributions to the accounts of a designated class of participants, subject to satisfying applicable Code limitations and nondiscrimination testing. Investments are participant-directed. Participants may elect to direct both their contributions and the Company’s contributions into any of the Plan’s investment alternatives except for the Company Stock Fund. Participants may also make rollover contributions to the Plan of amounts distributed from other qualified plans.

Participant Accounts

Each participant’s account is credited with the participant's contributions, the Company’s matching contributions, and net earnings or losses associated with the participant’s investment election. Each participant’s account is also charged with an allocation of certain administrative expenses. Allocations of expenses are generally based on each participant’s account balance in proportion to all participants’ account balances.

Vesting

A participant’s interest in the participant's contributions, the Company’s matching contributions, and rollover contributions, if any, is vested at all times.

Forfeited Accounts

Forfeited accounts are used to either reduce the cash payment of the Company’s matching contributions, or to offset administrative expenses. Unallocated forfeited accounts as of December 31, 2022, and 2021 totaled less than $0.1 million.

Notes Receivable from Participants

Eligible participants may borrow from their Plan accounts a minimum loan amount of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance, reduced by the participant’s highest aggregate loan balance in the previous 12 months. Eligible participants may have up to 2 loans outstanding at any given time. Account balances attributable to the Company’s matching contributions are not available for loans, but are included in computing the maximum loan amount. Loan terms range from 1 year to 5 years or up to 10 years for the purchase of a primary residence. The loans are secured by the balance in the participant’s account and bear interest at a fixed rate of 1% above the prevailing prime rate at time of issuance. Principal and interest are paid ratably through payroll deductions. The outstanding balance of a loan may be paid at any time before the end of the term of the loan. Upon termination of employment with the Company, participants may elect to continue making loan payments through automatic direct debits from his or her personal bank account if a total distribution has not been taken from the Plan account. A default will be deemed to have occurred if any loan payment has not been made within 90 days of when the payment is due to be paid by the participant. Participants who do not elect to repay an outstanding loan through direct debits have 90 days to repay outstanding loan balances. After 90 days, outstanding loan balances are treated as a distribution from the Plan and may have tax consequences to the participant.

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In-Service Withdrawals

For the Company’s matching contributions made prior to January 1, 2004, participants who are active employees of the Company can elect a voluntary in-service withdrawal of their Plan shares in each investment fund. In-service withdrawals are not allowed for the Company’s matching contributions made after December 31, 2003. In-service withdrawals for the participant's contributions are allowed in certain circumstances in accordance with the Plan.

Payment of Benefits

Distribution of the vested value of the participant’s account will be made available, in the form of full or partial lump sum payments, upon reaching age 59½, termination of employment, financial hardship, or death.

Administrative Expenses

Expenses incurred in connection with the purchase or sale of securities are charged to participants originating such transactions. The cost of recordkeeping services provided by an affiliate of Fidelity Investments ("Fidelity") is fixed based on the number of accounts in the Plan. All recordkeeping fees and other expenses chargeable to the Plan are allocated based on each participant’s account balance in proportion to all participants’ account balances. All other expenses, such as loan set up fees, loan maintenance fees, short term fees, and overnight fees, relating to participants’ transactions are deducted from those participants’ accounts as transactions occur.

2. Summary of Significant Accounting Policies

Basis of Accounting

The financial statements of the Plan have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").

Investment Valuation and Income Recognition

The Plan’s investments are stated at fair value (see Note 3).

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net depreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance. The accrued, but unpaid interest was not material and was not reflected in notes receivable from participants as of December 31, 2022, and 2021. No allowance for credit losses has been recorded as of December 31, 2022, or 2021. Delinquent notes receivable from participants are recorded as a distribution based upon the terms of the Plan documents.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Plan Administrator, who is a fiduciary of the Plan, to make estimates, assumptions, and valuations that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Benefit Payments

Benefit payments are recorded when paid.


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3. Fair Value

The accounting standards establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. There have been no changes in the methodologies used at December 31, 2022, and 2021.
Registered Investment Companies
The shares of registered investment companies are invested in mutual funds which are valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value ("NAV") and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded and are classified as Level 1 investments.
Common Stock
The Company’s common stock held in the Company Stock Fund is stated at fair value as quoted on a recognized securities exchange and valued at the last reported sales price on the last business day of the Plan year and is classified as a Level 1 investment.
Short-term Securities
Short-term securities are comprised of money market funds which are valued at quoted market prices in exchanges and active markets, and are classified as Level 1 investments.
Participant-directed Brokerage Accounts
Participant-directed brokerage accounts are invested in a variety of securities, including, but not limited to, registered investment companies, common stocks, exchange-traded funds ("ETFs"), cash, and corporate bonds. Registered investment companies, common stocks, and ETFs are classified as Level 1 investments. Cash is primarily held in Fidelity cash reserves and certificates of deposit, and is classified as a Level 1 investment. Corporate bonds are valued using pricing models maximizing the use of observable inputs for similar securities and are classified as Level 2 investments.
Common/collective Trusts ("CCTs")
CCTs are fair valued at the reported NAV of units of a collective trust as a practical expedient and are included as a reconciling item to the fair value tables below. There is no restriction in place with respect to the daily redemption of the CCTs held by the Plan and there are no unfunded commitments.

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As of December 31, 2022, and 2021, the Plan’s investments measured at fair value were as follows:
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Other Observable Inputs
(Level 2)
Unobservable
Inputs
(Level 3)
Total
December 31, 2022
Registered investment companies$374,749,957 $— $— $374,749,957 
Common stock39,576,962— — 39,576,962 
Short-term securities1,840,850— — 1,840,850 
Participant-directed brokerage accounts66,465,9571,020,409— 67,486,366 
Total investments at fair value$482,633,726 $1,020,409 $— $483,654,135 
Investments measured at NAV
CCTs   596,580,312 
Total investments$1,080,234,447 
December 31, 2021
Registered investment companies$457,780,967 $— $— $457,780,967 
Common stock37,710,771— — 37,710,771 
Short-term securities1,928,906— — 1,928,906 
Participant-directed brokerage accounts86,099,966160,591— 86,260,557 
Total investments at fair value$583,520,610 $160,591 $— $583,681,201 
Investments measured at NAV
CCTs   717,969,242 
Total investments$1,301,650,443 

4. Income Tax Status

The Plan received a determination letter from the Internal Revenue Service (the "IRS") dated June 27, 2017, stating the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Although the Plan has been amended since receiving the determination letter, the Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax exempt. GAAP requires the Plan Administrator to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by the IRS and/or Department of Labor.

5. Plan Termination

Although it has not expressed any intent to do so, the Company has the right to terminate the Plan subject to the provisions of ERISA.

6. Related Party Transactions

Aerojet Rocketdyne Holdings, Inc. Common Stock

Transactions in shares of the Company’s common stock qualify as party-in-interest transactions under the provisions of ERISA for which a statutory exemption exists. During the year ended December 31, 2022, the Plan made sales of $4.5
10


million of the Company’s common stock. The Plan made purchases of $0.1 million of the Company’s common stock during the Plan year to maintain the target cash percentage of the Company Stock Fund. Effective April 15, 2009, the Company Stock Fund was closed to new investments. At December 31, 2022, and 2021, the Plan held 707,616 and 806,475 shares of the Company’s common stock, respectively, through the Company Stock Fund, representing 4% and 3%, respectively, of the total net assets of the Plan.

Funds Managed by Fidelity

Certain Plan investments are shares of funds managed by Fidelity, the holding company of Fidelity Management Trust Company ("Fidelity Trust"). Fidelity Trust is the Trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions. Fees paid by the Plan to Fidelity for investment management services were deducted from the NAV of shares of funds held by the Plan. The funds’ operating expense ratios ranged from 0.30% to 0.60% based on the funds' investment performance report compiled for the fourth quarter of 2022.

During the year ended December 31, 2022, the Plan received revenue credits of less than $0.1 million from the funds managed by Fidelity. All revenue credits are allocated back to participant accounts quarterly based on the ratio of each participant’s average daily balance in a fund generating revenue credits during the quarter to the total average daily balances for all eligible participants in such fund during the quarter. The allocation is used to purchase whole and fractional shares of investments in the eligible participant accounts.

7. 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 balances will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statement of Net Assets Available for Benefits.











11


Supplemental

Schedule

12


Aerojet Rocketdyne Retirement Savings Plan
EIN 34-0244000, Plan #334
Schedule H, Line 4i — Schedule of Assets (Held At End of Year)**
December 31, 2022
(a)
Party
in
interest
(b)
Identity of Issue, Borrower, Lessor,
   or Similar Party
(c)
Description of
Investment including
Maturity Date, Rate of
Interest, Collateral,
Par, or Maturity Value
(e)
   Current Value
   Vanguard Institutional Index Fund Institutional Plus SharesRegistered investment company$131,453,548
*
Fidelity Mid-Cap Stock K6 FundRegistered investment company41,011,386
*
Fidelity Low Priced Stock K6 FundRegistered investment company41,222,955
Brown Advisory Small-Cap Growth Fund Institutional SharesRegistered investment company27,508,094
PIMCO Total Return Fund Institutional ClassRegistered investment company25,305,355
   Vanguard Extended Market Index Fund Institutional SharesRegistered investment company23,587,931
American Beacon Large Cap Value Fund Institutional ClassRegistered investment company29,172,223
*
Fidelity Diversified International K6 FundRegistered investment company22,581,631
   Vanguard Total Bond Market Index Fund Institutional SharesRegistered investment company20,831,116
   Vanguard Total International Stock Index Fund Institutional SharesRegistered investment company12,075,718
*
Fidelity Growth Company Commingled PoolCommon/collective trust fund114,160,710
*
Fidelity Managed Income Portfolio II - Class 2Common/collective trust stable value fund87,145,351

Victory Small Cap Value Collective Fund 75Common/collective trust fund15,011,769
Capital Group 2010 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund11,668,906

Capital Group 2015 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund2,949,418

Capital Group 2020 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund70,877,426

Capital Group 2025 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund37,216,398

Capital Group 2030 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund108,182,490
Capital Group 2035 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund19,219,061

Capital Group 2040 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund56,174,725

Capital Group 2045 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund14,564,332

Capital Group 2050 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund34,284,578

Capital Group 2055 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund13,838,403

Capital Group 2060 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund10,885,931
13


(a)
Party
in
interest
(b)
Identity of Issue, Borrower, Lessor,
   or Similar Party
(c)
Description of
Investment including
Maturity Date, Rate of
Interest, Collateral,
Par, or Maturity Value
(e)
   Current Value
Capital Group 2065 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund400,814
*
Fidelity Treasury Money Market Fund
Money market fund1,126,228
*
Fidelity Institutional Cash Portfolio
Money market fund714,622
Participant-directed Brokerage Accounts
*
Brokerage Link
Various investments67,486,366
*
Aerojet Rocketdyne Holdings, Inc. Common Stock
Common Stock; 707,616 shares39,576,962
*
Notes Receivable from Participants
Annual interest rates from 4.25% to 8.0% maturing through 203213,994,252
   Total investments$1,094,228,699 
____________
*    Indicates a party-in-interest to the Plan.
**    Column (d), cost, has been omitted, as all investments are participant-directed.



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EXHIBIT INDEX


15



Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, Aerojet Rocketdyne Holdings, Inc., as Plan Administrator, has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

AEROJET ROCKETDYNE RETIREMENT SAVINGS PLAN
Date: May 30, 2023By:/s/ Daniel L. Boehle
Daniel L. Boehle
Vice President and Chief Financial Officer

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