10-K FY 2022 FINAL MOOG Inc - Flipbook - Page 59
Table of Contents
Note 8 - Goodwill and Intangible Assets
The changes in the carrying amount of goodwill are as follows:
Balance September 28, 2019
$
Acquisition
Aircraft
Controls
176,939 $
Space and
Defense
Industrial
Controls
Systems
261,684 $
345,617 $
—
Divestiture
—
25,237
25,237
—
—
Foreign currency translation
2,582
42
10,390
13,014
Balance at October 3, 2020
179,521
261,726
380,609
821,856
29,123
—
—
29,123
Acquisition
Divestitures
(312)
(635)
Total
784,240
(635)
—
(3,092)
(3,404)
Foreign currency translation
2,447
41
1,542
4,030
Balance at October 2, 2021
210,779
261,767
379,059
851,605
Acquisition
Divestitures
Foreign currency translation
Balance at October 1, 2022
5,344
(6,961)
(9,643)
199,519 $
—
(2,205)
(155)
259,407 $
—
(4,137)
(28,528)
346,394 $
5,344
(13,303)
(38,326)
805,320
$
Goodwill in our Space and Defense Controls segment is net of a $4,800 accumulated impairment loss at October 1,
2022. Goodwill in our Medical Devices reporting unit, included in our Industrial Systems segment, is net of a $38,200
accumulated impairment loss at October 1, 2022.
The components of intangible assets are as follows:
Customer-related
Technology-related
Program-related
Marketing-related
Other
Intangible assets
WeightedAverage
Life (years)
11
9
23
8
10
12
October 1, 2022
October 2, 2021
Gross
Gross
Carrying
Accumulated
Accumulated
Carrying
Amount
Amortization
Amount
Amortization
$
135,899 $
(88,179) $
163,215 $
(108,844)
69,856
(52,951)
82,716
(58,119)
35,305
(18,817)
40,211
(19,707)
21,925
(17,833)
28,590
(22,212)
1,693
(1,488)
1,963
(1,718)
$
264,678 $
(179,268) $
316,695 $
(210,600)
All acquired intangible assets other than goodwill are being amortized. Customer-related intangible assets primarily
consist of customer relationships. Technology-related intangible assets primarily consist of technology, patents,
intellectual property and software. Program-related intangible assets consist of long-term programs represented by
current contracts and probable follow on work. Marketing-related intangible assets primarily consist of trademarks,
trade names and non-compete agreements.
In 2022, we recorded $2,125 in impairment charges on long-lived assets in our Industrial Systems segment. These
charges relate to intangibles assets associated with a product line we are no longer pursuing. In 2021, we recorded
$1,144 in impairment charges on long-lived assets in our Space and Defense Controls segment, relating to
intangibles assets that experienced a decline in value. In 2020, we recorded a $8,723 write down of intangible assets
in our Aircraft Controls and Industrial Systems segments based on expected cash flows over the remaining life of the
assets in relation to the impairment charges associated with the COVID-19 pandemic. These charges are included in
asset impairment in the Consolidated Statements of Earnings.
Amortization of acquired intangible assets is as follows:
2022
Acquired intangible asset amortization
$
59
13,106 $
2021
13,454 $
2020
12,524