10-K FY 2022 FINAL MOOG Inc - Flipbook - Page 8
Table of Contents
Business Ethics
Moog is fully dedicated to conducting ourselves by the letter and in the spirit of the many laws and standards that
apply to our business. Ethics are deeply embedded in our values and business processes. We regularly re-enforce
our commitment to ethics and integrity in employee communications, in our everyday actions and in processes and
controls. As a part of our on-going efforts to ensure our employees conduct business with the highest levels of ethics
and integrity, Moog has compliance training programs in multiple languages. We also maintain two ethics related
hotlines, through which individuals can anonymously raise concerns they have about business behavior they do not
feel comfortable discussing personally with business operations managers or human resources personnel. The
Company's general confidential ethics hotline is administered by internal company counsel designated as Moog's
ethics advocate. In addition, we maintain a separate hotline for cases wherein an employee believes that the
Company's financial statements are materially misstated as a result of intentional acts or material weaknesses in the
systems of internal control. This hotline is administered by the Company's corporate Secretary.
Customers. Our principal customers are Original Equipment Manufacturers ("OEMs"), and end users for whom we
provide aftermarket support. Aerospace and defense OEM customers collectively represented 58% of 2022 sales. The
majority of these sales are to a small number of large companies. Due to the long-term nature of many of the
programs, many of our relationships with aerospace and defense OEM customers are based on long-term
agreements. Our industrial OEM sales, which represented 30% of 2022 sales, are to a wide range of global
customers and are normally based on lead times of 90 days or less. We also provide aftermarket support, consisting
of spare and replacement parts and repair and overhaul services, for all of our products. Our major aftermarket
customers are the U.S. Government and commercial airlines. In 2022, aftermarket sales accounted for 12% of total
sales.
Significant customers in our three operating segments include:
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Aircraft Controls: Boeing, Lockheed Martin, Airbus, Northrup Grumman, Raytheon Technologies, Japan
Aerospace, General Dynamics, Honeywell, Bell Helicopter, Bombardier Aerospace and the U.S. Government.
Space and Defense Controls: Lockheed Martin, DRS Sustainment Systems, Northrup Grumman, L3 Harris
Technologies, Raytheon Technologies, Boeing, Aerojet Rocketdyne, General Dynamics, United Launch
Alliance, Honeywell and the U.S. Government.
Industrial Systems: CAE, Philips Healthcare, TurboChef Technologies, MacArtney, Flight Safety, Husky
Energy, Mitsubishi Hitachi Power Systems, Oceaneering, Nutricia and Arburg.
International Operations. Our operations outside the United States are conducted primarily through wholly-owned
foreign subsidiaries and are located predominantly in Europe and the Asia-Pacific region. See Note 21 - Segments, of
Item 8, Financial Statements and Supplementary Data of this report for information regarding sales by geographic
area and Exhibit 21 of Item 15, Exhibits and Financial Statement Schedules of this report for a list of subsidiaries. Our
international operations are subject to the usual risks inherent in international trade, including currency fluctuations,
local government contracting regulations, local governmental restrictions on foreign investment and repatriation of
profits, exchange controls, regulation of the import and distribution of foreign goods, as well as changing economic
and social conditions in countries in which our operations are conducted.
Environmental Matters. See the discussion in Note 23 - Commitments and Contingencies, of Item 8, Financial
Statements and Supplementary Data, of this report.
Website Access to Information. Our internet address is www.moog.com. The information contained on or connected
to our website is not incorporated by reference into this Annual Report on Form 10-K and should not be considered
part of this or any other report filed with the SEC. We make our annual reports on Form 10-K, quarterly reports on
Form 10-Q, current reports on Form 8-K and, if applicable, amendments to those reports, available on the investor
relations portion of our website. The reports are free of charge and are available as soon as reasonably practicable
after they are filed with the SEC. The SEC maintains a website at www.sec.gov that contains reports, proxy
statements and other information regarding SEC registrants, including Moog.
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