10-K FY 2022 FINAL MOOG Inc - Flipbook - Page 24
Table of Contents
Divestitures
On September 30, 2022, we sold a sonar business based in the United Kingdom previously included in our Industrial
Systems segment. We received net proceeds of $12 million and recorded a loss of $15 million, net of transaction
costs. The loss is subject to adjustments associated with amounts currently held in escrow.
On September 20, 2022, we sold assets of a security business based in Northbrook, Illinois previously included in our
Space and Defense Controls segment. We received net proceeds of $10 million and recorded a loss of $4 million, net
of transaction costs. The loss is subject to adjustments associated with amounts currently held in escrow.
On December 3, 2021, we sold the assets of our Navigation Aids ("NAVAIDS") business based in Salt Lake City, Utah
previously included in our Aircraft Controls segment. We received net proceeds of $36 million and recorded a gain of
$16 million, net of transaction costs. The gain is subject to adjustments associated with amounts currently held in
escrow.
In the fourth quarter of 2021, we sold a non-core business of our Industrial Systems segment. We received net
proceeds of $11 million and recorded a loss of $2 million.
In the first quarter of 2021, we sold a non-core business of our Aircraft Controls segment for $2 million in net
consideration and recorded a minimal loss.
Equity Method Investments
On August 31, 2022, we contributed $1 million to Suffolk Technologies Fund 1, L.P., a limited partnership that invests
in startups to transform the construction, real estate and property maintenance industries in the U.S. As we are a
limited partner in this investment, we are accounting for it using the equity method. We have a remaining on-call
capital commitment of up to $7 million. This operation is included in our Industrial Systems segment.
On June 3, 2022, we increased our investment in NOVI LLC ("NOVI") by $1 million and now hold a 42.5% ownership
interest. NOVI specializes in applying machine learning algorithms to space situational awareness. We are accounting
for this investment using the equity method. This operation is included in our Space and Defense Controls segment.
For further information, refer to Note 3 - Acquisitions, Divestitures and Equity Method Investments, of Item 8, Financial
Statements and Supplementary Data, of this report
24