11-K 1 a11k_12-31x2021.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, 2021
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, 2021 and 2020
and for the Year Ended December 31, 2021

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


2

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, 2021 and 2020, the related statement of changes in net assets available for benefits for the year ended December 31, 2021, 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, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021, 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, 2021 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 26, 2022

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


3


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

 
 		 
   December 31,
20212020
Assets
      
Investments, at fair value (Note 3)
$1,301,650,443 $1,137,857,037 
Receivables:
      
   Company contributions (Note 1)
659,741611,652
   Participant contributions
1,334,9221,207,045
  Notes receivable from participants
13,942,93813,827,222
   Total receivables
15,937,60115,645,919
   Total assets
1,317,588,0441,153,502,956
Liabilities
      
Administrative expenses payable
364,012 156,173 
Net assets available for benefits$1,317,224,032 $1,153,346,783 

See accompanying notes to the financial statements.
4

Aerojet Rocketdyne Retirement Savings Plan
Statement of Changes in Net Assets Available for Benefits

   Year Ended
December 31, 2021
Additions
   
Contributions:
   
Participants
$54,497,642 
Company (Note 1)
22,884,736
Rollovers
13,911,954 
Total contributions
91,294,332 
Investment income:
   
Dividends and interest
25,804,170
Net appreciation in fair value of investments
145,410,574 
Total investment income
171,214,744 
Interest income on notes receivable from participants
700,201 
Total additions
263,209,277 
Deductions
   
Benefits paid to participants
98,556,420
Administrative expenses (Note 1)
775,608 
Total deductions
99,332,028 
Net increase during the year
163,877,249 
Net assets available for benefits
   
Beginning of year
1,153,346,783
End of year
$1,317,224,032 

See accompanying notes to the financial statements.
5



Aerojet Rocketdyne Retirement Savings Plan
Notes to Financial Statements
December 31, 2021 and 2020

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.

Effective April 5, 2020, the Plan adopted the distribution provision of the Coronavirus Aid, Relief, and Economic Security ("CARES") Act that was signed into law on March 27, 2020. A CARES Act distribution allowed the Plan's participants to take a Coronavirus ("COVID-19") related distribution up to $0.1 million from the Plan beginning on or after January 1, 2020 and before December 31, 2020. In addition, effective April 21, 2020, the Plan adopted the temporary loan repayment deferral provision of the CARES Act. The deferral provision adopted by the Plan allowed qualified Plan participants with Plan loan repayments to defer such repayments until December 31, 2020.

On December 20, 2020, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") 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, adjusted from $56.00 following the payment of a one-time cash dividend of $5.00 per share paid in March 2021(the "Pre-Closing Dividend") 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.

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 limitations and nondiscrimination testing. Investments are participant-directed. Participants may elect to direct both employee contributions and the Company’s matching contributions into any of the Plan’s investment alternatives except
6

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 employee 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 contribution, the Company’s 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 employee contributions, the Company’s contributions, and rollover contributions, if any, are 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, 2021, and 2020 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.


7

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 participant 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 appreciation 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, 2021, and 2020. No allowance for credit losses has been recorded as of December 31, 2021, or 2020. 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.


8

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, 2021, and 2020.
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 an exchange 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.

9

As of December 31, 2021, and 2020, 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, 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 
December 31, 2020
Registered investment companies$776,654,903 $— $— $776,654,903 
Common stock43,433,399— — 43,433,399 
Short-term securities1,699,275— — 1,699,275 
Participant-directed brokerage accounts72,120,164163,104— 72,283,268 
Total investments at fair value$893,907,741 $163,104 $— $894,070,845 
Investments measured at NAV
CCTs   243,786,192 
Total investments$1,137,857,037 

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, 2021, the Plan made sales of $4.7
10

million of the Company’s common stock. The Plan made purchases of $4.0 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, 2021, and 2020, the Plan held 806,475 and 821,824 shares of the Company’s common stock, respectively, through the Company Stock Fund, representing 3% and 4%, respectively, of the total net assets of the Plan. In December 2020, the Company’s Board of Directors declared the one-time Pre-Closing Dividend in cash of $5.00 per share. On March 24, 2021, the Company paid the Pre-Closing Dividend to holders of record as of March 10, 2021.

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 as of March 3, 2022.

During the year ended December 31, 2021, the Plan received revenue credits of $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 Statements of Net Assets Available for Benefits.

On March 11, 2020, the World Health Organization declared the COVID-19 a pandemic. The extent to which the Plan's future financial results could be impacted by the COVID-19 pandemic depends on future developments that are highly uncertain and cannot be predicted at this time. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of the Plan's assets or liabilities at this time. These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.










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, 2021
(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$161,590,021
*
Fidelity Mid-Cap Stock K6 FundRegistered investment company44,768,693
*
Fidelity Low Priced Stock K6 FundRegistered investment company43,827,985
Brown Advisory Small-Cap Growth Fund Institutional SharesRegistered investment company35,737,047
PIMCO Total Return Fund Institutional ClassRegistered investment company34,593,559
   
Vanguard Extended Market Index Fund Institutional SharesRegistered investment company33,624,903
American Beacon Large Cap Value Fund Institutional ClassRegistered investment company31,782,057
*
Fidelity Diversified International K6 FundRegistered investment company30,995,096
   
Vanguard Total Bond Market Index Fund Institutional SharesRegistered investment company26,802,235
   
Vanguard Total International Stock Index Fund Institutional SharesRegistered investment company14,059,371
*
Fidelity Growth Company Commingled PoolCommon/collective trust fund181,569,333

Capital Group 2030 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund124,131,192

Capital Group 2020 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund92,286,321
*
Fidelity Managed Income Portfolio II - Class 2Common/collective trust stable value fund82,720,963

Capital Group 2040 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund64,817,998

Capital Group 2025 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund41,803,303

Capital Group 2050 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund38,137,150

Capital Group 2035 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund21,850,742
Victory Small Cap Value Collective Fund 75Common/collective trust fund16,337,857

Capital Group 2045 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund14,254,485

Capital Group 2010 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund13,759,797

Capital Group 2055 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund13,171,912

Capital Group 2060 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund9,967,720

Capital Group 2015 Target Date Retirement Trust℠ (US) Class TD2Common/collective trust fund3,159,161
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 fund1,308
*
Fidelity Treasury Money Market Fund
Money market fund1,218,939
*
Fidelity Institutional Cash Portfolio
Money market fund709,967
Participant-directed Brokerage Accounts
*
Brokerage Link
Various investments86,260,557
*
Aerojet Rocketdyne Holdings, Inc. Common Stock
Common Stock; 806,475 shares37,710,771
*
Notes Receivable from Participants
Annual interest rates from 4.25% to 6.5% maturing through 203113,942,938
   
Total investments$1,315,593,381 
____________
*    Indicates a party-in-interest to the Plan.
**    Column (d), cost, has been omitted, as all investments are participant-directed.



14


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 26, 2022By:/s/ Daniel L. Boehle
Daniel L. Boehle
Vice President and Chief Financial Officer

16