0001260221-21-000110 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jul. 03, 2021	Jul. 29, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 03, 2021
Document Transition Report	false
Entity File Number	001-32833
Entity Registrant Name	TransDigm Group Incorporated
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-2101738
Entity Address, Address Line One	1301 East 9th Street,
Entity Address, Address Line Two	Suite 3000,
Entity Address, City or Town	Cleveland,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44114
City Area Code	216
Local Phone Number	706-2960
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	TDG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		55,112,432
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001260221
Document Fiscal Year Focus	2021
Amendment Flag	false
Current Fiscal Year End Date	--09-30

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jul. 03, 2021	Sep. 30, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 4,529	$ 4,717
Trade accounts receivable—Net	694	720
Inventories—Net	1,225	1,283
Prepaid expenses and other	275	240
Total current assets	6,723	6,960
PROPERTY, PLANT AND EQUIPMENT—Net	777	752
GOODWILL	8,591	7,889
OTHER INTANGIBLE ASSETS—Net	2,838	2,610
DEFERRED INCOME TAXES	0	17
OTHER	160	167
TOTAL ASSETS	19,089	18,395
CURRENT LIABILITIES:
Current portion of long-term debt	276	276
Short-term borrowings—trade receivable securitization facility	350	349
Accounts payable	206	218
Accrued and other current liabilities	804	773
Total current liabilities	1,636	1,616
Long-term Debt and Lease Obligation	19,384	19,384
DEFERRED INCOME TAXES	420	430
OTHER NON-CURRENT LIABILITIES	781	933
Total liabilities	22,221	22,363
TD GROUP STOCKHOLDERS’ DEFICIT:
Common stock - $.01 par value; authorized 224,400,000 shares; issued 59,272,711 and 58,612,028 at July 3, 2021 and September 30, 2020, respectively	1	1
Additional paid-in capital	1,783	1,581
Accumulated deficit	(3,906)	(4,359)
Accumulated other comprehensive loss	(222)	(401)
Treasury stock, at cost; 4,198,226 shares at July 3, 2021 and September 30, 2020, respectively	794	794
Total TD Group stockholders’ deficit	(3,138)	(3,972)
NONCONTROLLING INTERESTS	6	4
Total stockholders’ deficit	(3,132)	(3,968)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 19,089	$ 18,395

Condensed Consolidated Balance Sheets Parenthetical - $ / shares	Jul. 03, 2021	Sep. 30, 2020
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	224,400,000	224,400,000
Common Stock, Shares, Issued	59,272,711	58,612,028
Treasury Stock, Shares	4,198,226	4,198,226

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
NET SALES	$ 1,218	$ 1,022	$ 3,519	$ 3,930
COST OF SALES	563	531	1,731	1,819
GROSS PROFIT	655	491	1,788	2,111
SELLING AND ADMINISTRATIVE EXPENSES	172	163	531	544
AMORTIZATION OF INTANGIBLE ASSETS	36	42	101	128
INCOME FROM OPERATIONS	447	286	1,156	1,439
INTEREST EXPENSE—NET	263	262	798	762
REFINANCING COSTS	13	1	36	27
OTHER INCOME	(5)	(11)	(37)	(14)
GAIN ON SALE OF BUSINESSES—NET	(68)	0	(69)	0
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	244	34	428	664
INCOME TAX (BENEFIT) PROVISION	(73)	39	(45)	112
INCOME (LOSS) FROM CONTINUING OPERATIONS	317	(5)	473	552
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX	0	(1)	0	66
NET INCOME (LOSS)	317	(6)	473	618
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	(2)	(1)
NET INCOME (LOSS) ATTRIBUTABLE TO TD GROUP	317	(6)	471	617
NET INCOME (LOSS) APPLICABLE TO TD GROUP COMMON STOCKHOLDERS	$ 317	$ (6)	$ 398	$ 432
Earnings (Loss) per share attributable to TD Group common stockholders:
Earnings (Loss) per share from continuing operations—basic and diluted	$ 5.43	$ (0.09)	$ 6.83	$ 6.38
(Loss) Earnings per share from discontinued operations—basic and diluted	0	(0.01)	0	1.15
Earnings (Loss) per share	5.43	(0.10)	6.83	7.53
Cash dividends paid per common share	$ 0	$ 0	$ 0	$ 32.50
Weighted-average shares outstanding:
Basic and diluted	58.4	57.3	58.4	57.4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Net income (loss)	$ 317	$ (6)	$ 473	$ 618
Less: Net income attributable to noncontrolling interests	0	0	(2)	(1)
NET INCOME (LOSS) ATTRIBUTABLE TO TD GROUP	317	(6)	471	617
Other comprehensive income (loss), net of tax:
Foreign currency translation gain	10	27	121	19
Unrealized gain (loss) on derivatives	2	(14)	58	(136)
Pensions and other postretirement benefits	0	0	0	6
Other comprehensive income (loss), net of tax, attributable to TD Group	12	13	179	(111)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO TD GROUP	$ 329	$ 7	$ 650	$ 506

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Condensed Consolidated Statement of Changes in Stockholders' Deficit - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock	Non-controlling Interests
NONCONTROLLING INTERESTS							$ 10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders’ deficit	$ (2,884)
BALANCE (in shares) at Sep. 30, 2019		57,623,311
BALANCE (in shares) at Sep. 30, 2019						(4,161,326)
BALANCE at Sep. 30, 2019		$ 1	$ 1,379	$ (3,120)	$ (379)	$ (775)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Changes in noncontrolling interest of consolidated subsidiaries, net	(6)						(6)
Special dividends and vested dividend equivalents declared	(1,864)			(1,864)
Accrued unvested dividend equivalents and other	(19)			(19)
Compensation expense recognized for employee stock options	23		23
Exercise of employee stock options		169,470
Exercise of employee stock options	20		20
NET INCOME (LOSS) ATTRIBUTABLE TO TD GROUP	304			304
Foreign currency translation adjustments, net of tax	98				98
Unrealized gain on derivatives, net of tax	23				23
Pensions and other postretirement benefits adjustments, net of tax	6				6
BALANCE (in shares) at Dec. 28, 2019		57,792,781
BALANCE (in shares) at Dec. 28, 2019						(4,161,326)
BALANCE at Dec. 28, 2019		$ 1	1,422	(4,699)	(252)	$ (775)
BALANCE (in shares) at Sep. 30, 2019		57,623,311
BALANCE (in shares) at Sep. 30, 2019						(4,161,326)
BALANCE at Sep. 30, 2019		$ 1	1,379	(3,120)	(379)	$ (775)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
NET INCOME (LOSS) ATTRIBUTABLE TO TD GROUP	617
Foreign currency translation adjustments, net of tax	19
Unrealized gain on derivatives, net of tax	(136)
Pensions and other postretirement benefits adjustments, net of tax	6
BALANCE (in shares) at Jun. 27, 2020		58,380,866
BALANCE (in shares) at Jun. 27, 2020						(4,198,226)
BALANCE at Jun. 27, 2020		$ 1	1,527	(4,427)	(490)	$ (794)
NONCONTROLLING INTERESTS							4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders’ deficit	(4,299)
BALANCE (in shares) at Dec. 28, 2019		57,792,781
BALANCE (in shares) at Dec. 28, 2019						(4,161,326)
BALANCE at Dec. 28, 2019		$ 1	1,422	(4,699)	(252)	$ (775)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Changes in noncontrolling interest of consolidated subsidiaries, net	0						0
Accrued unvested dividend equivalents and other	(21)			(21)
Compensation expense recognized for employee stock options	17		17
Exercise of employee stock options		440,793
Exercise of employee stock options	49		49
NET INCOME (LOSS) ATTRIBUTABLE TO TD GROUP	319			319
Foreign currency translation adjustments, net of tax	(106)				(106)
Unrealized gain on derivatives, net of tax	(145)				(145)
Pensions and other postretirement benefits adjustments, net of tax	0				0
BALANCE (in shares) at Mar. 28, 2020		58,233,574
BALANCE (in shares) at Mar. 28, 2020						(4,198,226)
BALANCE at Mar. 28, 2020		$ 1	1,488	(4,401)	(503)	$ (794)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury Stock, Shares, Acquired						(36,900)
Treasury Stock, Value, Acquired, Cost Method	(19)					$ (19)
NONCONTROLLING INTERESTS							4
Total stockholders’ deficit	(4,205)
Changes in noncontrolling interest of consolidated subsidiaries, net	0						0
Accrued unvested dividend equivalents and other	(20)			(20)
Compensation expense recognized for employee stock options	19		19
Exercise of employee stock options		147,292
Exercise of employee stock options	20		20
NET INCOME (LOSS) ATTRIBUTABLE TO TD GROUP	(6)			6
Foreign currency translation adjustments, net of tax	27				27
Unrealized gain on derivatives, net of tax	(14)				(14)
Pensions and other postretirement benefits adjustments, net of tax	0				0
BALANCE (in shares) at Jun. 27, 2020		58,380,866
BALANCE (in shares) at Jun. 27, 2020						(4,198,226)
BALANCE at Jun. 27, 2020		$ 1	1,527	(4,427)	(490)	$ (794)
NONCONTROLLING INTERESTS							4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders’ deficit	(4,179)
NONCONTROLLING INTERESTS	4						4
Total stockholders’ deficit	$ (3,968)
BALANCE (in shares) at Sep. 30, 2020	58,612,028	58,612,028
BALANCE (in shares) at Sep. 30, 2020	(4,198,226)					(4,198,226)
BALANCE at Sep. 30, 2020	$ (3,972)	$ 1	1,581	(4,359)	(401)	$ (794)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Changes in noncontrolling interest of consolidated subsidiaries, net	3						3
Accrued unvested dividend equivalents and other	(5)			(5)
Compensation expense recognized for employee stock options	43		43
Exercise of employee stock options		240,979
Exercise of employee stock options	32		32
NET INCOME (LOSS) ATTRIBUTABLE TO TD GROUP	50			50
Foreign currency translation adjustments, net of tax	111				111
Unrealized gain on derivatives, net of tax	13				13
Pensions and other postretirement benefits adjustments, net of tax	$ 0				0
BALANCE (in shares) at Jan. 02, 2021		58,853,007
BALANCE (in shares) at Jan. 02, 2021						(4,198,226)
BALANCE at Jan. 02, 2021		$ 1	1,656	(4,314)	(277)	$ (794)
BALANCE (in shares) at Sep. 30, 2020	58,612,028	58,612,028
BALANCE (in shares) at Sep. 30, 2020	(4,198,226)					(4,198,226)
BALANCE at Sep. 30, 2020	$ (3,972)	$ 1	1,581	(4,359)	(401)	$ (794)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
NET INCOME (LOSS) ATTRIBUTABLE TO TD GROUP	471
Foreign currency translation adjustments, net of tax	121
Unrealized gain on derivatives, net of tax	58
Pensions and other postretirement benefits adjustments, net of tax	$ 0
BALANCE (in shares) at Jul. 03, 2021	59,272,711	59,272,711
BALANCE (in shares) at Jul. 03, 2021	(4,198,226)					(4,198,226)
BALANCE at Jul. 03, 2021	$ (3,138)	$ 1	1,783	(3,906)	(222)	$ (794)
NONCONTROLLING INTERESTS							7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders’ deficit	(3,721)
BALANCE (in shares) at Jan. 02, 2021		58,853,007
BALANCE (in shares) at Jan. 02, 2021						(4,198,226)
BALANCE at Jan. 02, 2021		$ 1	1,656	(4,314)	(277)	$ (794)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Changes in noncontrolling interest of consolidated subsidiaries, net	0						0
Accrued unvested dividend equivalents and other	(5)			(5)
Compensation expense recognized for employee stock options	21		21
Exercise of employee stock options		207,509
Exercise of employee stock options	37		37
NET INCOME (LOSS) ATTRIBUTABLE TO TD GROUP	104			104
Foreign currency translation adjustments, net of tax	0				0
Unrealized gain on derivatives, net of tax	43				43
Pensions and other postretirement benefits adjustments, net of tax	0				0
BALANCE (in shares) at Apr. 03, 2021		59,060,516
BALANCE (in shares) at Apr. 03, 2021						(4,198,226)
BALANCE at Apr. 03, 2021		$ 1	1,714	(4,215)	(234)	$ (794)
NONCONTROLLING INTERESTS							7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders’ deficit	(3,521)
Changes in noncontrolling interest of consolidated subsidiaries, net	(1)						(1)
Accrued unvested dividend equivalents and other	(8)			(8)
Compensation expense recognized for employee stock options	32		32
Exercise of employee stock options		212,195
Exercise of employee stock options	37		37
NET INCOME (LOSS) ATTRIBUTABLE TO TD GROUP	317			317
Foreign currency translation adjustments, net of tax	10				10
Unrealized gain on derivatives, net of tax	2				2
Pensions and other postretirement benefits adjustments, net of tax	$ 0				0
BALANCE (in shares) at Jul. 03, 2021	59,272,711	59,272,711
BALANCE (in shares) at Jul. 03, 2021	(4,198,226)					(4,198,226)
BALANCE at Jul. 03, 2021	$ (3,138)	$ 1	$ 1,783	$ (3,906)	$ (222)	$ (794)
NONCONTROLLING INTERESTS	6						$ 6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders’ deficit	$ (3,132)

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
OPERATING ACTIVITIES:
NET INCOME (LOSS)	$ 473	$ 618
Income from discontinued operations, net of tax	0	(66)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	87	83
Amortization of intangible assets and product certification costs	101	128
Amortization of debt issuance costs, original issue discount and premium	26	25
Amortization of inventory step-up	6	0
Amortization of loss contract reserves	(47)	(32)
Refinancing costs	36	27
GAIN ON SALE OF BUSINESSES—NET	(69)	0
Non-cash stock compensation expense	105	59
Deferred income taxes	14	(17)
Foreign currency exchange loss	20	5
Gain on insurance proceeds from fire	(21)	0
Changes in assets/liabilities, net of effects from acquisitions and sales of businesses:
Trade accounts receivable	23	347
Inventories	40	(126)
Income taxes receivable	(90)	(49)
Other assets	(35)	6
Accounts payable	(19)	(48)
Accrued interest	(3)	109
Accrued and other liabilities	(23)	(78)
Net cash provided by operating activities	624	991
INVESTING ACTIVITIES:
Capital expenditures	(80)	(62)
Acquisition of businesses, net of cash acquired	(951)	0
Net proceeds from sale of businesses	259	904
Insurance proceeds for fixed assets damaged from fire	24	0
Net cash (used in) provided by investing activities	(748)	842
FINANCING ACTIVITIES:
Proceeds from exercise of stock options	106	89
Dividend equivalent payments	(73)	(1,928)
Treasury stock purchases	0	(19)
Proceeds from revolving credit facility	200	200
Repayment on revolving credit facility	(200)	0
Repayment on term loans	56	38
Redemption of 6.50% senior subordinated notes due 2024, net	1,220	0
Redemption of 6.50% senior subordinated notes due 2025, net	(762)	0
Redemption of 6.00% senior subordinated notes due 2022, net	0	1,168
Proceeds from 5.50% senior subordinated notes due 2027, net	0	2,625
Proceeds from 8.00% senior secured notes due 2025, net	0	1,092
Proceeds from 6.25% senior secured notes due 2026, net	0	401
Proceeds from 4.625% senior subordinated notes due 2029, net	1,189	0
Proceeds from 4.875% senior subordinated notes due 2029, net	743	0
Financing costs and other, net	(1)	(9)
Net cash (used in) provided by financing activities	(74)	1,245
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	10	4
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(188)	3,082
Cash and cash equivalents	4,529	4,549
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	774	638
Cash paid during the period for income taxes, net of refunds	$ 51	$ 194

DESCRIPTION OF THE BUSINESS AND IMPACT OF COVID-19 PANDEMIC	9 Months Ended
	Jul. 03, 2021
Accounting Policies [Abstract]
DESCRIPTION OF THE BUSINESS AND IMPACT OF COVID-19	DESCRIPTION OF THE BUSINESS AND IMPACT OF COVID-19 PANDEMIC Description of the Business TransDigm Group Incorporated (“TD Group”), through its wholly-owned subsidiary, TransDigm Inc., is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly every commercial and military aircraft in service today. TransDigm Inc., along with TransDigm Inc.’s direct and indirect wholly-owned operating subsidiaries (collectively, with TD Group, the “Company” or “TransDigm”), offers a broad range of proprietary aerospace products. TD Group has no significant assets or operations other than its 100% ownership of TransDigm Inc. TD Group’s common stock is listed on the New York Stock Exchange, or the NYSE, under the trading symbol “TDG.” TransDigm's major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, batteries and chargers, engineered latching and locking devices, engineered rods, engineered connectors and elastomer sealing solutions, databus and power controls, cockpit security components and systems, specialized and advanced cockpit displays, engineered audio, radio and antenna systems, specialized lavatory components, seat belts and safety restraints, engineered and customized interior surfaces and related components, advanced sensor products, switches and relay panels, thermal protection and insulation, lighting and control technology, parachutes, high performance hoists, winches and lifting devices, and cargo loading, handling and delivery systems. Impact of COVID-19 Pandemic - Restructuring Costs The commercial aerospace industry continues to be significantly disrupted, both domestically and internationally, by the COVID-19 pandemic resulting in ongoing business challenges. While global vaccination efforts are underway and commercial air travel demand has shown slight signs of recovery in recent months, the continued impact of COVID-19, including any increases in infection rates, new variants and renewed governmental action to slow the spread of COVID-19 cannot be estimated. Material actions to reduce costs in response to the impact that the pandemic has had on operating results include: (1) reducing the Company's workforce to align operations with customer demand through a reduction in force or through a realignment of certain business units; (2) implementing unpaid furloughs and salary reductions; (3) delaying non-essential capital projects and (4) minimizing discretionary spending. For the thirteen week period ended July 3, 2021, COVID-19 restructuring costs of less than $1 million were incurred, all of which was recorded in selling and administrative expenses on the condensed consolidated statements of income (loss). For the thirty-nine week period ended July 3, 2021, COVID-19 restructuring costs of approximately $36 million were incurred, of which $26 million was recorded in cost of sales and $10 million was recorded in selling and administrative expenses on the condensed consolidated statements of income (loss). For the thirteen and thirty-nine week periods ended June 27, 2020, COVID-19 restructuring costs of approximately $24 million were incurred, of which $19 million was recorded in cost of sales and $5 million was recorded in selling and administrative expenses on the condensed consolidated statement of income (loss). These costs are primarily related to the Company's actions to reduce its workforce and consolidate certain facilities to align with customer demand. Additionally, for the thirteen and thirty-nine week periods ended July 3, 2021, the Company incurred approximately $1 million and $4 million, respectively, in incremental costs related to the pandemic that are not expected to recur once the pandemic has subsided and are clearly separable from normal operations (e.g., additional cleaning and disinfecting of facilities by contractors above and beyond normal requirements, personal protective equipment). For the thirteen and thirty-nine week periods ended June 27, 2020, the Company incurred approximately $3 million in incremental costs related to the pandemic. As of July 3, 2021 and September 30, 2020, the restructuring accrual associated with the costs incurred in response to the COVID-19 pandemic was approximately $26 million and $13 million, respectively. This accrual is recorded as a component of accrued and other current liabilities on the condensed consolidated balance sheets. The increase in the accrual is primarily driven by costs to reduce its workforce that have been incurred but not paid; partially offset by payments against the accrual. The Company expects to incur additional restructuring and incremental costs related to the COVID-19 pandemic though at a reduced level in comparison to fiscal 2020 and the first half of fiscal 2021. The Company continues to analyze its cost structure and may implement additional cost reduction measures as necessary due to the ongoing business challenges resulting from the COVID-19 pandemic.

UNAUDITED INTERIM FINANCIAL INFORMATION	9 Months Ended
UNAUDITED INTERIM FINANCIAL INFORMATION	Jul. 03, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
UNAUDITED INTERIM FINANCIAL INFOMRATION	UNAUDITED INTERIM FINANCIAL INFORMATION The financial information included herein is unaudited; however, the information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s condensed consolidated financial statements for the interim periods presented. These financial statements and notes should be read in conjunction with the financial statements and related notes for the year ended September 30, 2020 included in TD Group’s Form 10-K filed on November 12, 2020. As disclosed therein, the Company’s annual consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). The September 30, 2020 condensed consolidated balance sheet was derived from TD Group’s audited financial statements. The results of operations for the thirty-nine week period ended July 3, 2021 are not necessarily indicative of the results to be expected for the full year. Certain reclassifications have been made to the prior year financial statements to conform to current year presentation.

ACQUISITIONS AND DIVESTITURES

9 Months Ended

Jul. 03, 2021

Business Combinations [Abstract]

ACQUISITIONS AND DIVESTITURES

Acquisitions

Cobham Aero Connectivity – On November 24, 2020, the Company entered into a definitive agreement to acquire all the outstanding stock of Chelton Limited, Chelton Avionics Holdings, Inc. and Mastsystem Int'l Oy, collectively, Cobham Aero Connectivity (“CAC”), for an enterprise value of $965 million, inclusive of tax benefits. The acquisition was substantially completed on January 5, 2021 and financed through existing cash on hand. The Company completed the remainder of the acquisition of CAC on February 12, 2021, also through existing cash on hand. CAC operates from two primary facilities (Marlow, United Kingdom and Prescott, Arizona) and is a leading provider of highly engineered antennas and radios for the aerospace end market. The products are primarily proprietary with significant aftermarket content and have a strong presence across major defense platforms as well as select commercial applications. CAC's operating results are included in TransDigm's Airframe segment.

The acquisition strengthens and expands the Company’s position to design, produce and supply highly engineered proprietary aerospace components in niche markets with significant aftermarket content and provide opportunities to create value through the application of our three core value-driven operating strategies (obtaining profitable new business, improving our cost structure, and providing highly engineered value-added products to customers). The purchase price paid for the acquisition reflects the current earnings before interest, taxes, depreciation and amortization ("EBITDA") and cash flows, as well as the future EBITDA and cash flows expected to be generated by the business, which are driven in most cases by the recurring aftermarket consumption over the life of a particular aircraft, estimated to be approximately 25 to 30 years.

The Company accounted for the CAC acquisition using the acquisition method and included the results of operations of the acquisition in its condensed consolidated financial statements from the effective dates of the acquisition. The Company made an initial allocation of the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. As of July 3, 2021, the measurement period (not to exceed one year) is open; therefore, the assets acquired and liabilities assumed related to the CAC acquisition are subject to adjustment until the end of the measurement period. The allocation of the purchase price is preliminary and will likely change in future periods, perhaps materially, as fair value estimates of the assets acquired and liabilities assumed are finalized during the allowable one year measurement period. The Company is in the process of obtaining a third-party valuation of certain intangible assets, tangible assets and liabilities of CAC. The fair values of acquired intangibles and certain liabilities, such as loss contract reserves, are determined based on estimates and assumptions that are deemed reasonable by the Company. Significant assumptions used to determine the fair values of acquired intangible assets include the discount rates and certain assumptions that form the basis of the forecasted results of the acquired business including revenue, EBITDA, growth rates, royalty rates and technology obsolescence rates. Significant assumptions used to determine the fair value of the loss contract reserves using the discounted cash flow model include discount rates and forecasted costs to be incurred under the long-term contracts and at-market bid prices for respective contracts. These assumptions are forward looking and could be affected by future economic and market conditions. Pro forma net sales and results of operations for the acquisition had it occurred at the beginning of the applicable thirty-nine week period ended July 3, 2021 or June 27, 2020 are not material and, accordingly, are not provided.

The preliminary allocation of the estimated fair value of assets acquired and liabilities assumed in the CAC acquisition as of the acquisition date, as well as measurement period adjustments recorded as of July 3, 2021, are summarized in the table below (in millions):


	Preliminary		Measurement Period			Adjusted Preliminary
	Allocation		Adjustments			Allocation
Assets acquired (excluding cash):
Trade accounts receivable	$	31	$	1		$	32
Inventories	27		3			30
Prepaid expenses and other	10		(4)			6
Property, plant and equipment	18		3			21
Goodwill	636		58			694		(1)
Other intangible assets	309		16			325		(1)
Other	34		—			34
Total assets acquired	1,065		77			1,142
Liabilities assumed:
Accounts payable	15		3			18
Accrued and other current liabilities	38		12		(2)	50
Deferred income taxes	38		(10)			28
Other non-current liabilities	29		72		(2)	101
Total liabilities assumed	120		77			197
Net assets acquired	$	945	$	—		$	945

(1)The Company expects that of the approximately $694 million of goodwill recognized for the acquisition, approximately $57 million will be deductible for tax purposes. The Company also expects that of the approximately $325 million of other intangible assets recognized for the acquisition, approximately $108 million will be deductible for tax purposes. The goodwill and intangible assets will be deductible over 15 years.

(2)Primarily relates to the recording of loss contract reserves associated with acquired ongoing long-term contracts with customers that were incurring gross margin losses as of the date of acquisition. Based on our review of these contracts, we concluded that the terms of certain contracts were unfavorable when compared to market terms as of the acquisition date. The reserves are preliminarily estimated to be released over a three to five year period.

Divestitures

ScioTeq and TREALITY Simulation Visual Systems – On June 30, 2021, TransDigm completed the divestiture of its ScioTeq and TREALITY Simulation Visual Systems businesses (“ScioTeq and TREALITY”) to OpenGate Capital for approximately $200 million in cash. ScioTeq and TREALITY were acquired by TransDigm as part of its acquisition of Esterline Technologies Corporation ("Esterline") in March 2019 and were included in TransDigm’s Airframe segment.

Technical Airborne Components – On April 27, 2021, TransDigm completed the divestiture of the Technical Airborne Components business (“TAC”) to Searchlight Capital Partners for approximately $40 million in cash. TAC was included in TransDigm’s Airframe segment.

The net gain on sale recognized during the third quarter of fiscal 2021 as a result of the ScioTeq and TREALITY and TAC divestitures was approximately $68 million and is classified as a component of gain on sale of businesses-net within the condensed consolidated statements of income (loss).

Racal Acoustics – On January 29, 2021, TransDigm completed the divestiture of the Racal Acoustics business (“Racal”) to Invisio Communications AB ("Invisio") for approximately $20 million in cash. The gain on sale recognized as a result of the divestiture is immaterial and is classified as a component of gain on sale of businesses-net within the condensed consolidated statements of income (loss). Racal was acquired by TransDigm as part of its acquisition of Esterline in March 2019 and was included in TransDigm's Non-aviation segment.

Avista Inc. – On November 17, 2020, TransDigm completed the divestiture of the Avista, Inc. business ("Avista") to Belcan, LLC ("Belcan") for approximately $8 million in cash. Avista was acquired by TransDigm as part of its acquisition of Esterline in March 2019 and was included in TransDigm's Airframe segment. The gain on sale recognized as a result of the divestiture is immaterial and is classified as a component of gain on sale of businesses-net within the condensed consolidated statements of income (loss). During the fourth quarter of fiscal 2020, the Company determined Avista met the criteria to be classified as held for sale. Therefore, the assets and liabilities of Avista, which were not material, have been presented as held for sale included in other assets, accrued and other current liabilities and other non-current liabilities in the condensed consolidated balance sheet as of September 30, 2020.

Souriau-Sunbank Connection Technologies – On December 20, 2019, TransDigm completed the divestiture of the Souriau-Sunbank Connection Technologies business (“Souriau-Sunbank”) to Eaton Corporation plc (“Eaton”) for approximately $920 million. Souriau-Sunbank was acquired by TransDigm as part of its acquisition of Esterline in March 2019 and was included in TransDigm's Non-aviation segment.

Refer to Note 18, "Discontinued Operations," for additional details on the Company's divestitures for fiscal years 2021 and 2020.

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Jul. 03, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU 2016-13, "Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (ASU 2016-13)," which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. The Company adopted ASU 2016-13 on October 1, 2020. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. Refer to Note 5, "Revenue Recognition," for additional disclosures. In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment,” to eliminate Step 2 from the goodwill impairment test in order to simplify the subsequent measurement of goodwill. The guidance was effective for the Company on October 1, 2020. The adoption of this standard did not have a material impact on our condensed consolidated financial statements and disclosures. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (ASC 740) - Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of ASC 740 by clarifying and amending existing guidance. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments is permitted, including adoption in any interim period for which financial statements have not yet been issued. Depending on the amendment, adoption may be applied on the retrospective, modified retrospective or prospective basis. The Company is currently evaluating the impact of adopting this standard on our condensed consolidated financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform." Certain amendments were provided for in ASU 2021-01, "Reference Rate Reform (ASC 848): Scope," which was issued in January 2021. This ASU provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate ("LIBOR"). The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The amendments in this ASU are effective through December 31, 2022. The Company is currently evaluating the impact of adopting this standard on our condensed consolidated financial statements and disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)

+ Details

REVENUE RECOGNITION

9 Months Ended

Jul. 03, 2021

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

TransDigm's sales are concentrated in the aerospace industry. The Company’s customers include: distributors of aerospace components, commercial airlines, large commercial transport and regional and business aircraft OEMs, various armed forces of the United States and friendly foreign governments, defense OEMs, system suppliers, and various other industrial customers.

The majority of the Company's revenue is recorded at a point in time. Revenue is recognized from the sale of products when control transfers to the customer, which is demonstrated by our right to payment, a transfer of title, a transfer of the risk and rewards of ownership, or the customer acceptance, but most frequently upon shipment where the customer obtains physical possession of the goods.

In some contracts, control transfers to the customer over time, primarily in contracts where the customer is required to pay for the cost of both the finished and unfinished goods at the time of cancellation plus a reasonable profit relative to the work performed for products that were customized for the customer. Therefore, we recognize revenue over time for those agreements that have a right to margin and where the products being produced have no alternative use.

Based on our production cycle, it is generally expected that goods related to the revenue will be shipped and billed within the current year. For revenue recognized over time, we estimate the amount of revenue attributable to a contract earned at a given point during the production cycle based on certain costs, such as materials and labor incurred to date, plus the expected profit, which is a cost-to-cost input method.

We consider the contractual consideration payable by the customer and assess variable consideration that may affect the total transaction price. Variable consideration is included in the estimated transaction price when there is a basis to reasonably estimate the amount, including whether the estimate should be constrained in order to avoid a significant reversal of revenue in a future period. These estimates are based on historical experience, anticipated performance under the terms of the contract and our best judgment at the time.

When contracts are modified to account for changes in contract specifications and requirements, the Company considers whether the modification either creates new or changes the existing enforceable rights and obligations. Contract modifications that are for goods or services that are not distinct from the existing contract, due to the significant integration with the original good or service provided, are accounted for as if they were part of that existing contract. The effect of a contract modification to an existing contract on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue on a cumulative catch-up basis. When the modifications include additional performance obligations that are distinct and at relative stand-alone selling price, they are accounted for as a new contract and performance obligation, which are recognized prospectively.

The Company’s payment terms vary by the type and location of the customer and the products or services offered. The Company does not offer any payment terms that would meet the requirements for consideration as a significant financing component.

Shipping and handling fees and costs incurred in connection with products sold are recorded in cost of sales in the condensed consolidated statements of income (loss), and are not considered a performance obligation to our customers.

The Company pays sales commissions that relate to contracts for products or services that are satisfied at a point in time or over a period of one year or less and are expensed as incurred. These costs are reported as a component of selling and administrative expenses in the condensed consolidated statements of income (loss).

Contract Assets and Liabilities - Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing or reimbursable costs related to a specific contract. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. We receive payments from customers based on the terms established in our contracts. The following table summarizes our contract assets and liabilities balances (in millions):


	July 3, 2021		September 30, 2020		Change
Contract assets, current (1)	$	65	$	36	$	29
Contract assets, non-current (2)	3		6		(3)
Total contract assets	68		42		26
Contract liabilities, current (3)	33		18		15
Contract liabilities, non-current (4)	5		9		(4)
Total contract liabilities	38		27		11
Net contract assets	$	30	$	15	$	15

(1)Included in prepaid expenses and other on the condensed consolidated balance sheets.

(2)Included in other non-current assets on the condensed consolidated balance sheets.

(3)Included in accrued and other current liabilities on the condensed consolidated balance sheets.

(4)Included in other non-current liabilities on the condensed consolidated balance sheets.

For the thirteen and thirty-nine week periods ended July 3, 2021, the revenue recognized that was previously included in contract liabilities was not material.

Refer to Note 13, “Segments,” for disclosures related to the disaggregation of revenue.

Allowance for Credit Losses - The Company's allowance for credit losses is the allowance for uncollectible accounts. The allowance for uncollectible accounts reduces the trade accounts receivable balance to the estimated net realizable value equal to the amount that is expected to be collected.

The Company’s method for developing its allowance for credit losses is based on historical write-off experience, the aging of receivables, an assessment of the creditworthiness of customers, economic conditions and other external market information. All provisions for allowances for uncollectible accounts are included in selling and administrative expenses.

As of July 3, 2021 and September 30, 2020, the allowance for uncollectible accounts was $37 million. The allowance for uncollectible accounts is assessed individually at each operating unit by the operating unit’s management team.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 13
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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+ Details

EARNINGS PER SHARE

9 Months Ended

Jul. 03, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE (TWO-CLASS METHOD)

EARNINGS (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted earnings (loss) per share (in millions, except per share data) using the two-class method:


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Numerator for earnings (loss) per share:
Income (loss) from continuing operations	$	317	$	(5)	$	473	$	552
Less: Net income attributable to noncontrolling interests	—		—		(2)		(1)
Net income (loss) from continuing operations attributable to TD Group	317		(5)		471		551
Less: Special dividends declared or paid on participating securities, including dividend equivalent payments	—		—		(73)		(185)
(Loss) income from discontinued operations, net of tax	—		(1)		—		66
Net income (loss) applicable to TD Group common stockholders - basic and diluted	$	317	$	(6)	$	398	$	432
Denominator for basic and diluted earnings (loss) per share under the two-class method:
Weighted-average common shares outstanding	55.0		54.1		54.8		53.9
Vested options deemed participating securities	3.4		3.2		3.6		3.5
Total shares for basic and diluted earnings (loss) per share	58.4		57.3		58.4		57.4

Earnings (Loss) per share from continuing operations—basic and diluted	$	5.43	$	(0.09)	$	6.83	$	6.38
(Loss) Earnings per share from discontinued operations—basic and diluted	—		(0.01)		—		1.15
Earnings (Loss) per share	$	5.43	$	(0.10)	$	6.83	$	7.53

INVENTORIES

9 Months Ended

Jul. 03, 2021

Inventory Disclosure [Abstract]

INVENTORIES

Inventories are stated at the lower of cost or net realizable value. Cost of inventories is generally determined by the average cost and the first-in, first-out ("FIFO") methods and includes material, labor and overhead related to the manufacturing process.

Inventories consist of the following (in millions):


	July 3, 2021		September 30, 2020
Raw materials and purchased component parts	$	872	$	881
Work-in-progress	347		358
Finished goods	203		222
Total	1,422		1,461
Reserves for excess and obsolete inventory	(197)		(178)
Inventories - Net	$	1,225	$	1,283

INTANGIBLE ASSETS

9 Months Ended

Jul. 03, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

Other intangible assets - net in the condensed consolidated balance sheets consist of the following (in millions):


	July 3, 2021						September 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Trademarks & trade names	$	985	$	—	$	985	$	958	$	—	$	958
Technology	2,018		656		1,362		1,842		589		1,253
Order backlog (1)	14		7		7		93		93		—
Customer relationships	549		72		477		443		52		391
Other	18		11		7		18		10		8
Total	$	3,584	$	746	$	2,838	$	3,354	$	744	$	2,610

(1)Fully amortized order backlog associated with the Esterline acquisition was written down from the gross carrying amount and accumulated amortization in the second quarter of fiscal 2021 due to being fully amortized. There was no impact on the net balance.

The aggregate amortization expense on identifiable intangible assets for the thirty-nine week periods ended July 3, 2021 and June 27, 2020 was approximately $101 million and $128 million, respectively.

As disclosed in Note 3, "Acquisitions and Divestitures," the estimated fair value of the net identifiable tangible and intangible assets acquired is based on the acquisition method of accounting and is subject to adjustment upon completion of the third-party valuation. Material adjustments may occur. The fair value of the net identifiable tangible and intangible assets acquired will be finalized within the measurement period (not to exceed one year). Intangible assets acquired during the thirty-nine week period ended July 3, 2021 are summarized in the table below (in millions):


	Gross Amount		Amortization Period
Intangible assets not subject to amortization:
Goodwill	$	698
Trademarks and trade names	35
	733
Intangible assets subject to amortization:
Technology	176		20 years
Order backlog	15		1 year
Customer relationships	100		20 years
	291
Total	$	1,024

The following is a summary of changes in the carrying value of goodwill by segment from September 30, 2020 through July 3, 2021 (in millions):


	Power & Control		Airframe		Non- aviation		Total
Balance at September 30, 2020	$	4,141	$	3,647	$	101	$	7,889
Goodwill acquired during the period	4		694		—		698
Goodwill divested during the period	(4)		(32)		(8)		(44)

Currency translation adjustments	9		39		—		48
Balance at July 3, 2021	$	4,150	$	4,348	$	93	$	8,591

Given the continued adverse global economic and market conditions attributable to the COVID-19 pandemic, particularly as it pertains to the commercial aerospace sector, the Company continues to monitor for any indicators of impairment of goodwill and indefinite-lived intangible assets. For certain reporting units that have higher commercial aerospace content and potentially present a higher risk for impairment, the Company performed a quantitative impairment test using an income approach in the prior year annual impairment assessment. In the second quarter of fiscal 2021, the Company reviewed the key assumptions used within the models to identify if any changes were necessary. Key assumptions reviewed included revenue growth rates and EBITDA margins, available industry data and management’s determination of the prospective financial information with consideration of the estimated length of time for the commercial aerospace sector to rebound to pre-pandemic levels. As a result of the interim impairment testing performed as of April 3, 2021, no goodwill or indefinite-lived intangible assets were determined to be impaired. We updated our assessment during the third quarter of fiscal 2021 and validated that the assumptions used in the analyses performed as of April 3, 2021 and the resulting conclusions remain appropriate as of July 3, 2021.

DEBT

9 Months Ended

Jul. 03, 2021

Debt Disclosure [Abstract]

DEBT

The Company’s debt consists of the following (in millions):


	July 3, 2021
	Gross Amount		Debt Issuance Costs		Original Issue Discount or Premium		Net Amount
Short-term borrowings—trade receivable securitization facility	$	350	$	—	$	—	$	350
Term loans	$	7,391	$	(41)	$	(18)	$	7,332
Revolving credit facility	200		—		—		200


8.00% Senior Secured Notes due 2025 (2025 Secured Notes)	1,100		(8)		—		1,092
6.375% Senior Subordinated Notes due 2026 (6.375% 2026 Notes)	950		(5)		—		945
6.875% Senior Subordinated Notes due 2026 (6.875% 2026 Notes)	500		(4)		(2)		494
6.25% Senior Secured Notes due 2026 (2026 Secured Notes)	4,400		(47)		4		4,357
7.50% Senior Subordinated Notes due 2027 (7.50% 2027 Notes)	550		(4)		—		546
5.50% Senior Subordinated Notes due 2027 (5.50% 2027 Notes)	2,650		(19)		—		2,631
4.625% Senior Subordinated Notes due 2029 (4.625% 2029 Notes)	1,200		(11)		—		1,189
4.875% Senior Subordinated Notes due 2029 (4.875% 2029 Notes)	750		(7)		—		743
Government refundable advances	30		—		—		30
Finance lease obligations	101		—		—		101
	19,822		(146)		(16)		19,660
Less: current portion	277		(1)		—		276
Long-term debt	$	19,545	$	(145)	$	(16)	$	19,384


	September 30, 2020
	Gross Amount		Debt Issuance Costs		Original Issue Discount or Premium		Net Amount
Short-term borrowings—trade receivable securitization facility	$	350	$	(1)	$	—	$	349
Term loans	$	7,449	$	(48)	$	(23)	$	7,378
Revolving credit facility	200		—		—		200
2024 Notes	1,200		(5)		—		1,195
2025 Notes	750		(3)		3		750
2025 Secured Notes	1,100		(9)		—		1,091
6.375% 2026 Notes	950		(6)		—		944
6.875% 2026 Notes	500		(4)		(3)		493
2026 Secured Notes	4,400		(55)		5		4,350
7.50% 2027 Notes	550		(5)		—		545
5.50% 2027 Notes	2,650		(21)		—		2,629
Government refundable advances	28		—		—		28
Finance lease obligations	57		—		—		57
	19,834		(156)		(18)		19,660
Less: current portion	277		(1)		—		276
Long-term debt	$	19,557	$	(155)	$	(18)	$	19,384

Accrued interest, which is classified as a component of accrued and other current liabilities, was $175.0 million and $177.6 million as of July 3, 2021 and September 30, 2020, respectively.

Issuance of 4.625% Senior Subordinated Notes due 2029 – On January 14, 2021, the Company entered into a purchase agreement in connection with a private offering of $1,200 million of 4.625% Senior Subordinated Notes due 2029 (the “4.625% 2029 Notes”) at an issue price of 100% of the principal amount. The 4.625% 2029 Notes were issued pursuant to an indenture, dated January 20, 2021, among TransDigm, Inc., as issuer, TransDigm Group, TransDigm UK and the other subsidiaries of TransDigm, Inc. named therein, as guarantors.

The 4.625% 2029 Notes bear interest at the rate of 4.625% per annum, which accrues from January 14, 2021 and is payable in arrears on January 15th and July 15th of each year, commencing on July 15, 2021. The 4.625% 2029 Notes mature on January 15, 2029, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the indenture.

The Company capitalized $11.3 million representing debt issuance costs associated with the 4.625% 2029 Notes during the thirty-nine week period ended July 3, 2021.

Repurchase of 6.50% Senior Subordinated Notes due 2024 – On January 14, 2021, the Company announced a cash tender offer for any and all of its outstanding 6.50% Senior Subordinated Notes due 2024 (the "2024 Notes"). On February 16, 2021, the Company redeemed the principal amount of $1,200 million, plus accrued interest of approximately $6.3 million and early redemption premium of $19.5 million.

The Company recorded refinancing costs of $23.6 million, consisting of the $19.5 million early redemption premium and the write off of $4.1 million in unamortized debt issuance costs during the thirty-nine week period ended July 3, 2021 in conjunction with the redemption of the 2024 Notes.

Issuance of 4.875% Senior Subordinated Notes due 2029 – On April 12, 2021, the Company entered into a purchase agreement in connection with a private offering of $750 million in 4.875% Senior Subordinated Notes due 2029 (the “4.875% 2029 Notes”) at an issue price of 100% of the principal amount. The 4.875% 2029 Notes were issued pursuant to an indenture, dated April 21, 2021, among TransDigm, Inc., as issuer, TransDigm Group, TransDigm UK and the other subsidiaries of TransDigm, Inc. named therein, as guarantors.

The 4.875% 2029 Notes bear interest at a rate of 4.875% per annum, which accrues from April 12, 2021 and is payable in arrears on May 1st and November 1st of each year, commencing on November 1, 2021. The 4.875% 2029 Notes mature on May 1, 2029, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the indenture.

The Company capitalized $7.1 million representing debt issuance costs associated with the 4.875% 2029 Notes during the thirty-nine week period ended July 3, 2021.

Repurchase of 6.50% Senior Subordinated Notes due 2025 – On April 12, 2021, the Company announced a cash tender offer for any and all of its outstanding 6.50% Senior Subordinated Notes due 2025 (the "2025 Notes"). On May 14, 2021, the Company redeemed the principal amount of $750 million, plus accrued interest of approximately $24.4 million and an early redemption premium of $12.2 million.

The Company recorded refinancing costs of $12.1 million, consisting of the $12.2 million early redemption premium and the write off of $2.1 million in unamortized debt issuance costs; offset by the write off of $2.2 million in unamortized premiums during the thirty-nine week period ended July 3, 2021 in conjunction with the redemption of the 2025 Notes.

Amendment No. 8 and Loan Modification Agreement – On May 24, 2021, the Company entered into Amendment No. 8 and Loan Modification Agreement (herein, "Amendment No. 8") to the Second Amended and Restated Credit Agreement dated as of June 4, 2014 (the "Credit Agreement").

Amendment No. 8, among other things, (i) extends the maturity date of the revolving credit commitments and revolving loans under its existing Credit Agreement to May 24, 2026, and (ii) the LIBOR interest rate per annum applicable to the revolving loans under its existing Credit Agreement is 2.50%, a decrease from the 3.00% rate that applied previously to the amendment. The other terms and conditions that apply to the revolving loans are substantially the same as the terms and conditions that applied to the revolving loans immediately prior to Amendment No. 8.

The refinancing costs incurred in conjunction with Amendment No. 8 during the thirty-nine week period ended July 3, 2021 were not material.

Subsequent Event - Trade Receivables Securitization Facility – On July 27, 2021, the Company amended the Securitization Facility to, among other things, (i) extend the maturity date to July 26, 2022, and (ii) bear interest at a rate of 1.20% plus three month LIBOR, compared to the interest rate of 1.35% plus 0.50% or three month LIBOR, whichever is greater, that applied prior to the amendment. The Securitization Facility is collateralized by substantially all of the Company’s domestic operations’ trade accounts receivable. As of July 3, 2021, the Company has borrowed $350 million under the Securitization Facility, which is fully drawn. The refinancing costs incurred in conjunction with the amendment to the Securitization Facility during the thirty-nine week period ended July 3, 2021 were not material.

Government Refundable Advances – Government refundable advances consist of payments received from the Canadian government to assist in research and development related to commercial aviation. The requirement to repay this advance is solely based on year-over-year commercial aviation revenue growth at CMC Electronics, which is a subsidiary of TransDigm. The balance was $30 million at July 3, 2021 and $28 million at September 30, 2020.

Obligations under Finance Leases – The Company leases certain buildings and equipment under finance leases. The present value of the minimum capital lease payments, net of the current portion, represents a balance of $101 million at July 3, 2021 and $57 million at September 30, 2020. Refer to Note 16, "Leases," for further disclosure on the Company's finance lease obligations.

INCOME TAXES	9 Months Ended
INCOME TAXES	Jul. 03, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES At the end of each reporting period, TD Group makes an estimate of its annual effective income tax rate. The estimate used in the year-to-date period may change in subsequent periods. During the thirteen week periods ended July 3, 2021 and June 27, 2020, the effective income tax rate was (30.0)% and 113.5%, respectively. During the thirty-nine week periods ended July 3, 2021 and June 27, 2020, the effective income tax rate was (10.5)% and 16.9%, respectively. The Company’s lower effective tax rate for the thirteen and thirty-nine week periods ended July 3, 2021, which was lower than the federal statutory tax rate of 21%, was primarily due to a tax election made on the Company’s recently filed U.S. federal income tax return enabling the Company to utilize its net interest deduction limitation carryforward pursuant to IRC Section 163(j). The associated effective tax rate benefit was primarily the result of the release of the valuation allowance applicable to such carryforward. The Company recognized approximately $69.0 million due to the release of the valuation allowance, of which approximately $51.0 million was recognized as a discrete benefit during the thirteen week period ended July 3, 2021. Also contributing to the Company’s lower effective tax rate was the discrete impact of excess tax benefits associated with share-based compensation. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state, local and foreign jurisdictions. The Company is no longer subject to U.S. federal examinations for years before fiscal 2015. The Company is currently under examination for its federal income taxes in the U.S. in Canada for fiscal years 2013 through 2015, in France for fiscal years 2015 through 2019 and in Germany for fiscal years 2014 through 2017. The Company expects the examinations in France to be completed during the current fiscal year. In addition, the Company is subject to state income tax examinations for fiscal years 2015 and later. At July 3, 2021 and September 30, 2020, TD Group had $24.2 million and $40.9 million, respectively, in unrecognized tax benefits, the recognition of which would have an effect of approximately $19.0 million and $35.7 million on the effective tax rate at July 3, 2021 and September 30, 2020, respectively. Unrecognized tax benefits were reduced during the thirteen week period ended July 3, 2021 as a result of the partial settlement of tax examinations. The Company believes the tax positions that comprise the unrecognized tax benefits will be reduced by approximately $3.8 million over the next 12 months. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Jul. 03, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following summarizes the carrying amounts and fair values of financial instruments (in millions):


		July 3, 2021				September 30, 2020
	Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	4,529	$	4,529	$	4,717	$	4,717
Foreign currency forward exchange contracts and other (1)	2	1		1		—		—



Interest rate cap agreements (2)	2	8		8		—		—
Liabilities:
Interest rate swap agreements (3)	2	110		110		56		56
Interest rate swap agreements (4)	2	194		194		328		328
Foreign currency forward exchange contracts and other (3)	2	—		—		1		1

Short-term borrowings - trade receivable securitization facility (5)	2	350		350		349		349
Long-term debt, including current portion:
Term loans (5)	2	7,332		7,260		7,378		7,004
Revolving credit facility (5)	2	200		200		200		200

2024 Notes (5)	1	—		—		1,195		1,194
2025 Notes (5)	1	—		—		750		743
2025 Secured Notes (5)	1	1,092		1,186		1,091		1,194
6.375% 2026 Notes (5)	1	945		982		944		948
6.875% 2026 Notes (5)	1	494		528		493		500
2026 Secured Notes (5)	1	4,357		4,637		4,350		4,604
7.50% 2027 Notes (5)	1	546		585		545		569
5.50% 2027 Notes (5)	1	2,631		2,769		2,629		2,554
4.625% 2029 Notes (5)	1	1,189		1,200		—		—
4.875% 2029 Notes (5)	1	743		756		—		—
Government refundable advances	2	30		30		28		28
Finance lease obligations	2	101		101		57		57

(1)Included in prepaid expenses and other on the condensed consolidated balance sheets.

(2)Included in other assets on the condensed consolidated balance sheets.

(3)Included in accrued and other current liabilities on the condensed consolidated balance sheets.

(4)Included in other non-current liabilities on the condensed consolidated balance sheets.

(5)The carrying amount of the debt instrument is presented net of debt issuance costs, premium and discount. Refer to Note 9, "Debt," for gross carrying amounts.

The Company values its financial instruments using an industry standard market approach, in which prices and other relevant information are generated by market transactions involving identical or comparable assets or liabilities. No financial instruments were recognized using unobservable inputs (i.e., Level 3).

Interest rate swaps were measured at fair value using quoted market prices for the swap interest rate indexes over the term of the swap discounted to present value versus the fixed rate of the contract. The interest rate caps were measured at fair value using implied volatility rates of each individual caplet and the yield curve for the related periods.

The Company’s derivative contracts consist of foreign currency exchange contracts and interest rate swap and cap agreements. These derivative contracts are over-the-counter, and their fair value is determined using modeling techniques that include market inputs such as interest rates, yield curves, and currency exchange rates. These contracts are categorized as Level 2 in the fair value hierarchy.

The estimated fair value of the Company’s term loans was based on information provided by the agent under the Company’s senior secured credit facility. The estimated fair values of the Company’s notes were based upon quoted market prices. There has not been any impact to the fair value of derivative liabilities due to the Company's own credit risk. Similarly, there has not been any impact to the fair value of derivative assets based on the Company's evaluation of counterparties' credit risks.

The fair value of cash and cash equivalents, trade accounts receivable-net and accounts payable approximated carrying value due to the short-term nature of these instruments at July 3, 2021 and September 30, 2020.

DERIVATIVES AND HEDGING ACTIVITIES

9 Months Ended

Jul. 03, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING ACTIVITIES

The Company is exposed to, among other things, the impact of changes in foreign currency exchange rates and interest rates in the normal course of business. The Company’s risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes derivative financial instruments to offset a portion of these risks. The Company uses derivative financial instruments only to the extent necessary to hedge identified business risks and does not enter into such transactions for trading purposes. The Company generally does not require collateral or other security with counterparties to these financial instruments and is therefore subject to credit risk in the event of nonperformance; however, the Company monitors credit risk and currently does not anticipate nonperformance by other parties. These derivative financial instruments do not subject the Company to undue risk, as gains and losses on these instruments generally offset gains and losses on the underlying assets, liabilities, or anticipated transactions that are being hedged. The Company has agreements with each of its swap and cap counterparties that contain a provision whereby if the Company defaults on the credit facility the Company could also be declared in default on its swaps and caps, resulting in an acceleration of payment under the swaps and caps.

All derivative financial instruments are recorded at fair value in the condensed consolidated balance sheets. For a derivative that has not been designated as an accounting hedge, the change in the fair value is recognized immediately through earnings. For a derivative that has been designated as an accounting hedge of an existing asset or liability (a fair value hedge), the change in the fair value of both the derivative and underlying asset or liability is recognized immediately through earnings. For a derivative designated as an accounting hedge of an anticipated transaction (a cash flow hedge), the change in the fair value is recorded on the condensed consolidated balance sheets in accumulated other comprehensive loss to the extent the derivative is effective in mitigating the exposure related to the anticipated transaction. The change in the fair value related to the ineffective portion of the hedge, if any, is immediately recognized in earnings. The amount recorded within accumulated other comprehensive loss is reclassified into earnings in the same period during which the underlying hedged transaction affects earnings.

Interest Rate Swap and Cap Agreements – Interest rate swap and cap agreements are used to manage interest rate risk associated with floating-rate borrowings under our credit facility. The interest rate swap and cap agreements utilized by the Company effectively modify the Company’s exposure to interest rate risk by converting a portion of the Company’s floating-rate debt to a fixed rate basis through the expiration date of the interest rate swap and cap agreements, thereby reducing the impact of interest rate changes on future interest expense. These agreements involve the receipt of floating rate amounts in exchange for fixed rate interest payments over the term of the agreements without an exchange of the underlying principal amount. These derivative instruments qualify as effective cash flow hedges under U.S. GAAP. For these cash flow hedges, the effective portion of the gain or loss from the financial instruments was initially reported as a component of accumulated other comprehensive loss in stockholders’ deficit and subsequently reclassified into earnings in the same line as the hedged item in the same period or periods during which the hedged item affected earnings. As the interest rate swap and cap agreements are used to manage interest rate risk, any gains or losses from the derivative instruments that are reclassified into earnings are recognized in interest expense-net in the condensed consolidated statements of income (loss).

The following table summarizes the Company's interest rate swap agreements:

Aggregate Notional Amount
(in millions)

Start Date

End Date

Related Term Loans

Conversion of Related Variable Rate Debt to
Fixed Rate of:

$500

6/29/2018

3/31/2025

Tranche E

5.25% (3.0% plus the 2.25% margin percentage)

$750

6/30/2020

6/30/2022

Tranche E

4.75% (2.5% plus the 2.25% margin percentage)

$1,500

6/30/2022

3/31/2025

Tranche E

5.35% (3.1% plus the 2.25% margin percentage)

$700

3/31/2023

9/30/2025

Tranche F

3.55% (1.3% plus the 2.25% margin percentage)

$1,400

6/30/2021

3/31/2023

Tranche F

5.25% (3.0% plus the 2.25% margin percentage)

$500

12/30/2016

12/31/2021

Tranche G

4.15% (1.9% plus the 2.25% margin percentage)

$400

9/30/2017

9/30/2022

Tranche G

4.15% (1.9% plus the 2.25% margin percentage)

$900

12/31/2021

6/28/2024

Tranche G

5.35% (3.1% plus the 2.25% margin percentage)

$400

9/30/2022

6/28/2024

Tranche G

5.25% (3.0% plus the 2.25% margin percentage)

The following table summarizes the Company's interest rate cap agreements:

Aggregate Notional Amount
(in millions)

Start Date

End Date

Related Term Loans

Offsets Variable Rate Debt Attributable to
Fluctuations Above:

$750

6/30/2020

6/30/2022

Tranche E

Three month LIBOR rate of 2.50%

$700

3/31/2023

9/30/2025

Tranche F

Three month LIBOR rate of 1.25%

$400

12/30/2016

12/31/2021

Tranche G

Three month LIBOR rate of 2.50%

Certain derivative asset and liability balances are offset where master netting agreements provide for the legal right of setoff. For classification purposes, we record the net fair value of each type of derivative position that is expected to settle in less than one year with each counterparty as a net current asset or liability and each type of long-term position as a net non-current asset or liability. The amounts shown in the table below represent the gross amounts of recognized assets and liabilities, the amounts offset in the condensed consolidated balance sheets and the net amounts of assets and liabilities presented therein (in millions):


	July 3, 2021				September 30, 2020
	Asset		Liability		Asset		Liability
Interest rate cap agreements	$	8	$	—	$	—	$	—
Interest rate swap agreements	—		(304)		—		(384)


Net derivatives as classified in the balance sheet (1)	$	8	$	(304)	$	—	$	(384)

(1)Refer to Note 11, "Fair Value Measurements," for the condensed consolidated balance sheets classification of our interest rate swap agreements.

Based on the fair values of the interest rate swap and cap agreements determined as of July 3, 2021, the estimated net amount of existing gains and losses and caplet amortization expected to be reclassified into interest expense within the next 12 months is approximately $33.0 million.

On June 18, 2021, the Company entered into two interest rate cap agreements and one interest rate swap agreement. The agreements each have an effective date of March 31, 2023 and mature on September 30, 2025. The two interest rate cap agreements will offset the variable interest rates on the Company's floating rate debt exposures based on an aggregate notional amount of $700 million. The two interest rate caps offset the variability in expected future cash flows on the Company's variable rate debt attributable to fluctuations above the three month LIBOR of 1.25%. The interest rate swap agreement hedges the variable interest rates on the Company's floating rate debt exposures for a fixed rate based on a notional amount of $700 million. The interest rate swap agreement converts the variable interest rate on the aggregate notional amount of the Company's floating rate debt to a fixed rate of 3.55% (1.3% plus the 2.25% margin percentage) over the term of the interest rate swap agreement.

Foreign Currency Forward Exchange Contracts – The Company transacts business in various foreign currencies, which subjects the Company’s cash flows and earnings to exposure related to changes in foreign currency exchange rates. These exposures arise primarily from purchases or sales of products and services from third parties. Foreign currency forward exchange contracts provide for the purchase or sale of foreign currencies at specified future dates at specified exchange rates, and are used to offset changes in the fair value of certain assets or liabilities or forecasted cash flows resulting from transactions denominated in foreign currencies. At July 3, 2021, the Company had outstanding foreign currency forward exchange contracts to sell U.S. dollars with notional amounts of $165.2 million. The maximum duration of the Company’s foreign currency cash flow hedge contracts at July 3, 2021 is 15 months. These notional values consist of contracts for the Canadian dollar and the European euro and are stated in U.S. dollar equivalents at spot exchange rates at the respective trade dates. Amounts related to foreign currency forward exchange contracts included in accumulated other comprehensive loss in stockholders' deficit are reclassified into net sales when the hedged transaction settles.

During the thirty-nine week period ended July 3, 2021, the gains reclassified on foreign currency forward exchange contracts designated as cash flow hedges into net sales in the condensed consolidated statements of income (loss) was immaterial. The gains were previously recorded as a component of accumulated other comprehensive loss in stockholders' deficit. As of July 3, 2021, the unrealized gains classified in other comprehensive income that the Company expects to reclassify into net sales over the next 12 months are less than $1 million.

During the thirty-nine week period ended July 3, 2021, the gains recorded as a component of other income related to the ineffective portion of the foreign currency forward exchange contracts designated as cash flow hedges were immaterial.

SEGMENTS

9 Months Ended

Jul. 03, 2021

Segment Reporting [Abstract]

SEGMENTS

The Company’s businesses are organized and managed in three reporting segments: Power & Control, Airframe and Non-aviation.

The Power & Control segment includes operations that primarily develop, produce and market systems and components that predominately provide power to or control power of the aircraft utilizing electronic, fluid, power and mechanical motion control technologies. Major product offerings include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, batteries and chargers, databus and power controls, advanced sensor products, switches and relay panels, high performance hoists, winches and lifting devices, and cargo loading, handling and delivery systems. Primary customers of this segment are engine and power system and subsystem suppliers, airlines, third party maintenance suppliers, military buying agencies and repair depots. Products are sold in the original equipment and aftermarket market channels.

The Airframe segment includes operations that primarily develop, produce and market systems and components that are used in non-power airframe applications utilizing airframe and cabin structure technologies. Major product offerings include engineered latching and locking devices, engineered rods, engineered connectors and elastomer sealing solutions, cockpit security components and systems, specialized and advanced cockpit displays, engineered audio, radio and antenna systems, specialized lavatory components, seat belts and safety restraints, engineered and customized interior surfaces and related components, thermal protection and insulation, lighting and control technology and parachutes. Primary customers of this segment are airframe manufacturers and cabin system suppliers and subsystem suppliers, airlines, third party maintenance suppliers, military buying agencies and repair depots. Products are sold in the original equipment and aftermarket market channels.

The Non-aviation segment includes operations that primarily develop, produce and market products for non-aviation markets. Major product offerings include headsets for high-noise, medium-noise, and dismounted applications, seat belts and safety restraints for ground transportation applications, mechanical/electro-mechanical actuators and controls for space applications, hydraulic/electromechanical actuators and fuel valves for land based gas turbines, and refueling systems for heavy equipment used in mining, construction and other industries and turbine controls for the energy and oil and gas markets. Primary customers of this segment are off-road vehicle suppliers and subsystem suppliers, child restraint system suppliers, satellite and space system suppliers, manufacturers of heavy equipment used in mining, construction and other industries and turbine original equipment manufacturers, gas pipeline builders and electric utilities.

The primary measurement used by management to review and assess the operating performance of each segment is EBITDA As Defined. The Company defines EBITDA As Defined as earnings before interest, taxes, depreciation and amortization plus certain non-operating items recorded as corporate expenses including non-cash compensation charges incurred in connection with the Company’s stock incentive plans, restructuring costs related to the Company's cost reduction measures in response to the COVID-19 pandemic, foreign currency gains and losses, acquisition-integration costs, acquisition transaction-related expenses, and refinancing costs. COVID-19 restructuring costs represent actions taken by the Company to reduce its workforce to align with customer demand, as well as incremental costs related to the pandemic that are not expected to recur once the pandemic has subsided and are clearly separable from normal operations (e.g., additional cleaning and disinfecting of facilities by contractors above and beyond normal requirements, personal protective equipment). Acquisition-related costs represent accounting adjustments to inventory associated with acquisitions of businesses and product lines that were charged to cost of sales when the inventory was sold; costs incurred to integrate acquired businesses and product lines into the Company’s operations, facility relocation costs and other acquisition-related costs; transaction-related costs comprising deal fees; legal, financial and tax diligence expenses and valuation costs that are required to be expensed as incurred and other acquisition accounting adjustments.

EBITDA As Defined is not a measurement of financial performance under U.S. GAAP. Although the Company uses EBITDA As Defined to assess the performance of its business and for various other purposes, the use of this non-GAAP financial measure as an analytical tool has limitations, and it should not be considered in isolation or as a substitute for analysis of the Company’s results of operations as reported in accordance with U.S. GAAP.

The Company’s segments are reported on the same basis used internally for evaluating performance and for allocating resources. The accounting policies for each segment are the same as those described in the summary of significant accounting policies in the Company’s consolidated financial statements. Intersegment sales and transfers are recorded at values based on market prices, which creates intercompany profit on intersegment sales or transfers that is eliminated in consolidation. Intersegment sales were immaterial for the periods presented below. Certain corporate-level expenses are allocated to the operating segments.

The following table presents net sales by reportable segment (in millions):


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Net sales to external customers
Power & Control
Commercial and Non-Aerospace OEM	$	135	$	118	$	388	$	493
Commercial and Non-Aerospace Aftermarket	139		112		419		557
Defense	354		326		1,063		1,006
Total Power & Control	628		556		1,870		2,056

Airframe
Commercial and Non-Aerospace OEM	158		155		441		628
Commercial and Non-Aerospace Aftermarket	149		107		390		571
Defense	243		172		696		563
Total Airframe	550		434		1,527		1,762

Total Non-aviation	40		32		122		112

Net Sales	$	1,218	$	1,022	$	3,519	$	3,930

The following table reconciles EBITDA As Defined by segment to consolidated income from continuing operations before income taxes (in millions):


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
EBITDA As Defined
Power & Control	$	331	$	270	$	944	$	1,036
Airframe	233		166		618		767
Non-aviation	14		12		45		39
Total segment EBITDA As Defined	578		448		1,607		1,842
Less: Unallocated corporate expenses	19		24		55		62
Total Company EBITDA As Defined	559		424		1,552		1,780
Depreciation and amortization expense	65		70		188		211
Interest expense, net	263		262		798		762
Acquisition-related costs	6		3		24		19
Non-cash stock compensation expense	35		21		105		59
Refinancing costs	13		1		36		27
COVID-19 pandemic restructuring costs	1		30		40		30
Gain on sale of businesses, net	(68)		—		(69)		—
Other, net	—		3		2		8
Income from continuing operations before income taxes	$	244	$	34	$	428	$	664

The following table presents total assets by segment (in millions):


	July 3, 2021		September 30, 2020
Total assets
Power & Control	$	6,983	$	7,005
Airframe	7,510		6,575
Non-aviation	220		251
Corporate	4,376		4,564

Total assets	$	19,089	$	18,395

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

RETIREMENT PLANS

9 Months Ended

Jul. 03, 2021

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Pension and Other Postretirement Benefits Disclosure [Text Block]

RETIREMENT PLANS

The components of net periodic pension (benefit) cost for the Company's defined benefit plans were as follows (in millions):


	Thirteen Week Periods Ended								Thirty-Nine Week Periods Ended
	July 3, 2021				June 27, 2020				July 3, 2021				June 27, 2020
	U.S. Pension Plans		Non-U.S. Pension Plans		U.S. Pension Plans		Non-U.S. Pension Plans		U.S. Pension Plans		Non-U.S. Pension Plans		U.S. Pension Plans		Non-U.S. Pension Plans
Service cost	$	—	$	1	$	2	$	1	$	2	$	4	$	6	$	3
Interest cost	2		1		3		1		5		3		8		4
Expected return on plan assets	(5)		(1)		(5)		(2)		(14)		(5)		(14)		(6)
Amortization	—		—		—		1		—		1		1		1
Net periodic pension (benefit) cost	$	(3)	$	1	$	—	$	1	$	(7)	$	3	$	1	$	2

The net periodic pension (benefit) cost for the Company's post-retirement pension plans was immaterial for the thirteen and thirty-nine week periods ended July 3, 2021 and June 27, 2020. The components of the defined benefit plans net periodic pension (benefit) cost, other than service cost, are included in other (income) expense in the Company's condensed consolidated statements of income (loss).

On December 31, 2020, the Company approved an amendment and provided notice to participants, in accordance with regulatory requirements, of its intent to freeze the Esterline Retirement Plan (the "Plan"). The amendment, among other things, froze the Plan to all future benefit accruals and participation by new or rehired employees on or after January 1, 2021. On March 30, 2021, the Company approved an amendment of its intent to terminate the Plan effective June 30, 2021 and provided notice to participants, in accordance with regulatory requirements. The Company anticipates the termination process will take approximately 18 to 24 months to complete. Upon settlement of the pension obligations, the Company will reclassify unrecognized actuarial gains or losses, currently recorded in accumulated other comprehensive loss in the condensed consolidated balance sheets, to the Company's condensed consolidated statements of income (loss) as settlement gains or charges in the fourth quarter of fiscal 2021.

- Definition

The entire disclosure for retirement benefits.

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Jul. 03, 2021

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table presents the components of accumulated other comprehensive loss, net of taxes, for the thirty-nine week periods ended July 3, 2021 and June 27, 2020 (in millions):


	Unrealized (losses) gains on derivatives designated and qualifying as cash flow hedges (1)		Defined benefit pension plan activity (2)		Currency translation adjustment		Total
Balance at September 30, 2020	$	(302)	$	(8)	$	(91)	$	(401)

Current-period other comprehensive income, net of tax, attributable to TD Group	58		—		121		179

Balance at July 3, 2021	$	(244)	$	(8)	$	30	$	(222)

Balance at September 30, 2019	$	(172)	$	(40)	$	(167)	$	(379)

Current-period other comprehensive (loss) income, net of tax, attributable to TD Group	(136)		6		19		(111)

Balance at June 27, 2020	$	(308)	$	(34)	$	(148)	$	(490)

(1)Represents unrealized (losses) gains on derivatives designated and qualifying as cash flow hedges, net of taxes of $0.4 million and $(6.0) million for the thirteen week periods ended July 3, 2021 and June 27, 2020, respectively, and $18.9 million and $(40.0) million for the thirty-nine week periods ended July 3, 2021 and June 27, 2020, respectively.

(2)There were no material pension liability adjustments, net of taxes, for the thirteen and thirty-nine week periods ended July 3, 2021 and June 27, 2020.

Reclassifications out of accumulated other comprehensive loss for the thirteen and thirty-nine week periods ended July 3, 2021 and June 27, 2020 were not material.

LEASES

9 Months Ended

Jul. 03, 2021

Leases [Abstract]

LEASES

The Company leases certain manufacturing facilities, offices, land, equipment and vehicles. Such leases, some of which are noncancelable and, in many cases, include renewals, expire at various dates. Such options to renew are included in the lease term when it is reasonably certain that the option will be exercised. The Company’s lease agreements typically do not contain any significant residual value guarantees or restrictive covenants, and payments within certain lease agreements are adjusted periodically for changes in an index or rate.

The Company determines if an arrangement is a lease at inception. Operating lease assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The discount rate implicit within our leases is generally not determinable and therefore we determine the discount rate based on our incremental borrowing rate. The incremental borrowing rate for our leases is determined based on the lease term and the currency in which lease payments are made. The length of a lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. The Company made an accounting policy election to not recognize lease assets or liabilities for leases with a term of 12 months or less. Additionally, when accounting for leases, the Company combines payments for leased assets, related services and other components of a lease.

The components of lease expense for the are as follows (in millions):


		Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	Classification	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Operating lease cost	Cost of sales or selling and administrative expenses	$	9	$	7	$	23	$	21
Finance lease cost
Amortization of leased assets	Cost of sales	1		1		3		2
Interest on lease liabilities	Interest expense - net	2		1		4		3
Total lease cost		$	12	$	9	$	30	$	26

Supplemental cash flow information related to leases is as follows (in millions):


	Thirty-Nine Week Periods Ended
	July 3, 2021		June 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	23	$	21
Operating cash outflows from finance leases	4		3
Financing cash outflows from finance leases	1		1

Lease assets obtained in exchange for new lease obligations:
Operating leases	$	39	$	21
Financing leases	25		—

Supplemental balance sheet information related to leases is as follows (in millions):


	Classification	July 3, 2021		September 30, 2020
Operating Leases
Operating lease right-of-use assets	Other assets	$	98	$	102

Current operating lease liabilities	Accrued and other current liabilities	20		22
Long-term operating lease liabilities	Other non-current liabilities	82		86
Total operating lease liabilities		$	102	$	108

Finance Leases
Finance lease right-of-use assets, net	Property, plant and equipment - net	$	107	$	68

Current finance lease liabilities	Accrued and other current liabilities	2		2
Long-term finance lease liabilities	Other non-current liabilities	99		55
Total finance lease liabilities		$	101	$	57

As of July 3, 2021, the Company has the following remaining lease term and weighted average discount rates:


Weighted-average remaining lease term
Operating leases			8.3 years
Finance leases			21.9 years

Weighted-average discount rate
Operating leases			6.0%
Finance leases			7.2%

Maturities of lease liabilities at July 3, 2021 are as follows (in millions):


	Operating Leases		Finance Leases
2021	$	7	$	2
2022	23		9
2023	18		9
2024	15		9
2025	13		9
Thereafter	55		180
Total future minimum lease payments	131		218
Less: imputed interest	29		117
Present value of lease liabilities reported	$	102	$	101

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Jul. 03, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	COMMITMENTS AND CONTINGENCIES On August 8, 2019, a fire caused significant damage to the Niort, France operating facility of the Leach International Europe subsidiary, which is reported within the Company’s Power & Control segment. The facility as well as certain machinery, equipment and inventory sustained damage. The Company suspended operations at the Niort facility as a result of the fire; however, had transferred certain operations to temporary facilities until operations were fully restored at the rebuilt facility. The new facility was completed in December 2020 and was fully operational as of March 2021. The Company’s insurance covers damage to the facility, equipment, inventory, and other assets, at replacement cost, as well as business interruption losses and other incremental costs resulting from the disruption of operations caused by the fire, subject to a $1 million deductible and certain sub-limits based on the nature of the covered item. Anticipated insurance recoveries related to losses and incremental costs incurred are recognized when receipt is probable. Anticipated insurance recoveries in excess of net book value of the damaged property and inventory were not recorded until all contingencies relating to the claim had been resolved. During the second quarter of fiscal 2021, the property insurance portion of the claim was settled for approximately $54 million, net of the $1 million deductible. For the thirty-nine week period ended July 3, 2021, approximately $24 million in cash has been received to fully resolve the property claim. The proceeds are included in net cash used for investing activities within the condensed consolidated statement of cash flows based on the nature of the reimbursement. As all contingencies related to the property claim were resolved during the second quarter of fiscal 2021, a gain of approximately $21 million has been recorded to other income for the thirty-nine week period ended July 3, 2021. The gain represents the insurance proceeds received in excess of the carrying value of the damaged fixed assets and inventory. For the thirty-nine week period ended June 27, 2020, approximately $27 million in cash was received as an initial advance under the property insurance claim. The proceeds were included in net cash provided by operating activities within the condensed consolidated statement of cash flows based on the nature of the reimbursement. Discussions are ongoing with the insurance carrier regarding the business interruption losses and other incremental costs resulting from the disruption of operations caused by the fire. The timing of and amount of insurance recoveries for these losses and incremental costs is expected to be substantially resolved by the end of fiscal 2021. Incremental costs incurred relating to the fire for the thirteen and thirty-nine week periods ended July 3, 2021 and June 27, 2020 were not material.

DISCONTINUED OPERATIONS

9 Months Ended

Jul. 03, 2021

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

Prior Year Divestitures

On December 20, 2019, TransDigm completed the divestiture of Souriau-Sunbank to Eaton for approximately $920 million. Souriau-Sunbank was acquired by TransDigm as part of its acquisition of Esterline in March 2019 and was included in TransDigm’s Non-aviation segment. The divestiture represented a strategic shift in TransDigm’s business and, in accordance with U.S. GAAP, qualified as discontinued operations.

Operating Results Summary

(Loss) Income from discontinued operations, net of tax, for the thirteen and thirty-nine week periods ended June 27, 2020 was $(1) million and $66 million, respectively. The following is the summarized operating results for Souriau-Sunbank for the thirteen and thirty-nine week periods ended June 27, 2020 (in millions):


	Thirteen Week Period Ended		Thirty-Nine Week Period Ended
	June 27, 2020		June 27, 2020
Net sales	$	—	$	79
(Loss) Income from discontinued operations before income taxes	(1)		12
Income tax expense	—		5
(Loss) Income from discontinued operations, net of tax	(1)		7
Gain from sale of discontinued operations, net of tax	—		59
(Loss) Income from discontinued operations, net of tax	$	(1)	$	66

Current Year Divestitures

No divestitures occurring in the thirty-nine week period ended July 3, 2021 met the criteria to qualify as discontinued operations under U.S. GAAP as none represented a strategic shift that has or will have a major effect on TransDigm's operations and financial results. Refer to Note 3, "Acquisitions and Divestitures," for additional disclosures on the Company's fiscal 2021 divestitures.

ACQUISITIONS AND DIVESTITURES (Tables)

Jan. 05, 2021

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition


	Preliminary		Measurement Period			Adjusted Preliminary
	Allocation		Adjustments			Allocation
Assets acquired (excluding cash):
Trade accounts receivable	$	31	$	1		$	32
Inventories	27		3			30
Prepaid expenses and other	10		(4)			6
Property, plant and equipment	18		3			21
Goodwill	636		58			694		(1)
Other intangible assets	309		16			325		(1)
Other	34		—			34
Total assets acquired	1,065		77			1,142
Liabilities assumed:
Accounts payable	15		3			18
Accrued and other current liabilities	38		12		(2)	50
Deferred income taxes	38		(10)			28
Other non-current liabilities	29		72		(2)	101
Total liabilities assumed	120		77			197
Net assets acquired	$	945	$	—		$	945

REVENUE RECOGNITION (Tables)

9 Months Ended

Jul. 03, 2021

Schedule of Contract Assets and Liabilities [Line Items]

Contract with Customer, Asset and Liability [Table Text Block]

The following table summarizes our contract assets and liabilities balances (in millions):


	July 3, 2021		September 30, 2020		Change
Contract assets, current (1)	$	65	$	36	$	29
Contract assets, non-current (2)	3		6		(3)
Total contract assets	68		42		26
Contract liabilities, current (3)	33		18		15
Contract liabilities, non-current (4)	5		9		(4)
Total contract liabilities	38		27		11
Net contract assets	$	30	$	15	$	15

(1)Included in prepaid expenses and other on the condensed consolidated balance sheets.

(2)Included in other non-current assets on the condensed consolidated balance sheets.

(3)Included in accrued and other current liabilities on the condensed consolidated balance sheets.

(4)Included in other non-current liabilities on the condensed consolidated balance sheets.

Accounts Receivable, Allowance for Credit Loss

EARNINGS PER SHARE (Tables)

9 Months Ended

Jul. 03, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share (in millions, except per share data) using the two-class method:


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Numerator for earnings (loss) per share:
Income (loss) from continuing operations	$	317	$	(5)	$	473	$	552
Less: Net income attributable to noncontrolling interests	—		—		(2)		(1)
Net income (loss) from continuing operations attributable to TD Group	317		(5)		471		551
Less: Special dividends declared or paid on participating securities, including dividend equivalent payments	—		—		(73)		(185)
(Loss) income from discontinued operations, net of tax	—		(1)		—		66
Net income (loss) applicable to TD Group common stockholders - basic and diluted	$	317	$	(6)	$	398	$	432
Denominator for basic and diluted earnings (loss) per share under the two-class method:
Weighted-average common shares outstanding	55.0		54.1		54.8		53.9
Vested options deemed participating securities	3.4		3.2		3.6		3.5
Total shares for basic and diluted earnings (loss) per share	58.4		57.3		58.4		57.4

Earnings (Loss) per share from continuing operations—basic and diluted	$	5.43	$	(0.09)	$	6.83	$	6.38
(Loss) Earnings per share from discontinued operations—basic and diluted	—		(0.01)		—		1.15
Earnings (Loss) per share	$	5.43	$	(0.10)	$	6.83	$	7.53

INVENTORIES (Tables)

9 Months Ended

Jul. 03, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following (in millions):


	July 3, 2021		September 30, 2020
Raw materials and purchased component parts	$	872	$	881
Work-in-progress	347		358
Finished goods	203		222
Total	1,422		1,461
Reserves for excess and obsolete inventory	(197)		(178)
Inventories - Net	$	1,225	$	1,283

INTANGIBLE ASSETS (Tables)

9 Months Ended

Jul. 03, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Subject to Amortization

Other intangible assets - net in the condensed consolidated balance sheets consist of the following (in millions):


	July 3, 2021						September 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Trademarks & trade names	$	985	$	—	$	985	$	958	$	—	$	958
Technology	2,018		656		1,362		1,842		589		1,253
Order backlog (1)	14		7		7		93		93		—
Customer relationships	549		72		477		443		52		391
Other	18		11		7		18		10		8
Total	$	3,584	$	746	$	2,838	$	3,354	$	744	$	2,610

Schedule of Acquired Indefinite-lived Intangible Assets by Major Class

Intangible assets acquired during the thirty-nine week period ended July 3, 2021 are summarized in the table below (in millions):


	Gross Amount		Amortization Period
Intangible assets not subject to amortization:
Goodwill	$	698
Trademarks and trade names	35
	733
Intangible assets subject to amortization:
Technology	176		20 years
Order backlog	15		1 year
Customer relationships	100		20 years
	291
Total	$	1,024

Summary of Changes in Carrying Value of Goodwill

The following is a summary of changes in the carrying value of goodwill by segment from September 30, 2020 through July 3, 2021 (in millions):


	Power & Control		Airframe		Non- aviation		Total
Balance at September 30, 2020	$	4,141	$	3,647	$	101	$	7,889
Goodwill acquired during the period	4		694		—		698
Goodwill divested during the period	(4)		(32)		(8)		(44)

Currency translation adjustments	9		39		—		48
Balance at July 3, 2021	$	4,150	$	4,348	$	93	$	8,591

DEBT (Tables)

9 Months Ended

Jul. 03, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s debt consists of the following (in millions):


	July 3, 2021
	Gross Amount		Debt Issuance Costs		Original Issue Discount or Premium		Net Amount
Short-term borrowings—trade receivable securitization facility	$	350	$	—	$	—	$	350
Term loans	$	7,391	$	(41)	$	(18)	$	7,332
Revolving credit facility	200		—		—		200


8.00% Senior Secured Notes due 2025 (2025 Secured Notes)	1,100		(8)		—		1,092
6.375% Senior Subordinated Notes due 2026 (6.375% 2026 Notes)	950		(5)		—		945
6.875% Senior Subordinated Notes due 2026 (6.875% 2026 Notes)	500		(4)		(2)		494
6.25% Senior Secured Notes due 2026 (2026 Secured Notes)	4,400		(47)		4		4,357
7.50% Senior Subordinated Notes due 2027 (7.50% 2027 Notes)	550		(4)		—		546
5.50% Senior Subordinated Notes due 2027 (5.50% 2027 Notes)	2,650		(19)		—		2,631
4.625% Senior Subordinated Notes due 2029 (4.625% 2029 Notes)	1,200		(11)		—		1,189
4.875% Senior Subordinated Notes due 2029 (4.875% 2029 Notes)	750		(7)		—		743
Government refundable advances	30		—		—		30
Finance lease obligations	101		—		—		101
	19,822		(146)		(16)		19,660
Less: current portion	277		(1)		—		276
Long-term debt	$	19,545	$	(145)	$	(16)	$	19,384


	September 30, 2020
	Gross Amount		Debt Issuance Costs		Original Issue Discount or Premium		Net Amount
Short-term borrowings—trade receivable securitization facility	$	350	$	(1)	$	—	$	349
Term loans	$	7,449	$	(48)	$	(23)	$	7,378
Revolving credit facility	200		—		—		200
2024 Notes	1,200		(5)		—		1,195
2025 Notes	750		(3)		3		750
2025 Secured Notes	1,100		(9)		—		1,091
6.375% 2026 Notes	950		(6)		—		944
6.875% 2026 Notes	500		(4)		(3)		493
2026 Secured Notes	4,400		(55)		5		4,350
7.50% 2027 Notes	550		(5)		—		545
5.50% 2027 Notes	2,650		(21)		—		2,629
Government refundable advances	28		—		—		28
Finance lease obligations	57		—		—		57
	19,834		(156)		(18)		19,660
Less: current portion	277		(1)		—		276
Long-term debt	$	19,557	$	(155)	$	(18)	$	19,384

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Jul. 03, 2021

Fair Value Disclosures [Abstract]

Carrying Amounts and Fair Values of Financial Instruments

The following summarizes the carrying amounts and fair values of financial instruments (in millions):


		July 3, 2021				September 30, 2020
	Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	4,529	$	4,529	$	4,717	$	4,717
Foreign currency forward exchange contracts and other (1)	2	1		1		—		—



Interest rate cap agreements (2)	2	8		8		—		—
Liabilities:
Interest rate swap agreements (3)	2	110		110		56		56
Interest rate swap agreements (4)	2	194		194		328		328
Foreign currency forward exchange contracts and other (3)	2	—		—		1		1

Short-term borrowings - trade receivable securitization facility (5)	2	350		350		349		349
Long-term debt, including current portion:
Term loans (5)	2	7,332		7,260		7,378		7,004
Revolving credit facility (5)	2	200		200		200		200

2024 Notes (5)	1	—		—		1,195		1,194
2025 Notes (5)	1	—		—		750		743
2025 Secured Notes (5)	1	1,092		1,186		1,091		1,194
6.375% 2026 Notes (5)	1	945		982		944		948
6.875% 2026 Notes (5)	1	494		528		493		500
2026 Secured Notes (5)	1	4,357		4,637		4,350		4,604
7.50% 2027 Notes (5)	1	546		585		545		569
5.50% 2027 Notes (5)	1	2,631		2,769		2,629		2,554
4.625% 2029 Notes (5)	1	1,189		1,200		—		—
4.875% 2029 Notes (5)	1	743		756		—		—
Government refundable advances	2	30		30		28		28
Finance lease obligations	2	101		101		57		57

(1)Included in prepaid expenses and other on the condensed consolidated balance sheets.

(2)Included in other assets on the condensed consolidated balance sheets.

(3)Included in accrued and other current liabilities on the condensed consolidated balance sheets.

(4)Included in other non-current liabilities on the condensed consolidated balance sheets.

(5)The carrying amount of the debt instrument is presented net of debt issuance costs, premium and discount. Refer to Note 9, "Debt," for gross carrying amounts.

DERIVATIVES AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Jul. 03, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The following table summarizes the Company's interest rate swap agreements:

Aggregate Notional Amount
(in millions)

Start Date

End Date

Related Term Loans

Conversion of Related Variable Rate Debt to
Fixed Rate of:

$500

6/29/2018

3/31/2025

Tranche E

5.25% (3.0% plus the 2.25% margin percentage)

$750

6/30/2020

6/30/2022

Tranche E

4.75% (2.5% plus the 2.25% margin percentage)

$1,500

6/30/2022

3/31/2025

Tranche E

5.35% (3.1% plus the 2.25% margin percentage)

$700

3/31/2023

9/30/2025

Tranche F

3.55% (1.3% plus the 2.25% margin percentage)

$1,400

6/30/2021

3/31/2023

Tranche F

5.25% (3.0% plus the 2.25% margin percentage)

$500

12/30/2016

12/31/2021

Tranche G

4.15% (1.9% plus the 2.25% margin percentage)

$400

9/30/2017

9/30/2022

Tranche G

4.15% (1.9% plus the 2.25% margin percentage)

$900

12/31/2021

6/28/2024

Tranche G

5.35% (3.1% plus the 2.25% margin percentage)

$400

9/30/2022

6/28/2024

Tranche G

5.25% (3.0% plus the 2.25% margin percentage)

The following table summarizes the Company's interest rate cap agreements:

Aggregate Notional Amount
(in millions)

Start Date

End Date

Related Term Loans

Offsets Variable Rate Debt Attributable to
Fluctuations Above:

$750

6/30/2020

6/30/2022

Tranche E

Three month LIBOR rate of 2.50%

$700

3/31/2023

9/30/2025

Tranche F

Three month LIBOR rate of 1.25%

$400

12/30/2016

12/31/2021

Tranche G

Three month LIBOR rate of 2.50%

Schedule of Interest Rate Derivatives [Table Text Block]


	July 3, 2021				September 30, 2020
	Asset		Liability		Asset		Liability
Interest rate cap agreements	$	8	$	—	$	—	$	—
Interest rate swap agreements	—		(304)		—		(384)


Net derivatives as classified in the balance sheet (1)	$	8	$	(304)	$	—	$	(384)

(1)Refer to Note 11, "Fair Value Measurements," for the condensed consolidated balance sheets classification of our interest rate swap agreements.

SEGMENTS (Tables)

9 Months Ended

Jul. 03, 2021

Segment Reporting [Abstract]

Net Sales by Reportable Segments

The following table presents net sales by reportable segment (in millions):


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Net sales to external customers
Power & Control
Commercial and Non-Aerospace OEM	$	135	$	118	$	388	$	493
Commercial and Non-Aerospace Aftermarket	139		112		419		557
Defense	354		326		1,063		1,006
Total Power & Control	628		556		1,870		2,056

Airframe
Commercial and Non-Aerospace OEM	158		155		441		628
Commercial and Non-Aerospace Aftermarket	149		107		390		571
Defense	243		172		696		563
Total Airframe	550		434		1,527		1,762

Total Non-aviation	40		32		122		112

Net Sales	$	1,218	$	1,022	$	3,519	$	3,930

EBITDA Defined by Segment to Consolidated Income Before Taxes

The following table reconciles EBITDA As Defined by segment to consolidated income from continuing operations before income taxes (in millions):


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
EBITDA As Defined
Power & Control	$	331	$	270	$	944	$	1,036
Airframe	233		166		618		767
Non-aviation	14		12		45		39
Total segment EBITDA As Defined	578		448		1,607		1,842
Less: Unallocated corporate expenses	19		24		55		62
Total Company EBITDA As Defined	559		424		1,552		1,780
Depreciation and amortization expense	65		70		188		211
Interest expense, net	263		262		798		762
Acquisition-related costs	6		3		24		19
Non-cash stock compensation expense	35		21		105		59
Refinancing costs	13		1		36		27
COVID-19 pandemic restructuring costs	1		30		40		30
Gain on sale of businesses, net	(68)		—		(69)		—
Other, net	—		3		2		8
Income from continuing operations before income taxes	$	244	$	34	$	428	$	664

Total Assets by Segment

The following table presents total assets by segment (in millions):


	July 3, 2021		September 30, 2020
Total assets
Power & Control	$	6,983	$	7,005
Airframe	7,510		6,575
Non-aviation	220		251
Corporate	4,376		4,564

Total assets	$	19,089	$	18,395

RETIREMENT BENEFITS (Tables)

9 Months Ended

Jul. 03, 2021

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Net Benefit Costs [Table Text Block]

The components of net periodic pension (benefit) cost for the Company's defined benefit plans were as follows (in millions):


	Thirteen Week Periods Ended								Thirty-Nine Week Periods Ended
	July 3, 2021				June 27, 2020				July 3, 2021				June 27, 2020
	U.S. Pension Plans		Non-U.S. Pension Plans		U.S. Pension Plans		Non-U.S. Pension Plans		U.S. Pension Plans		Non-U.S. Pension Plans		U.S. Pension Plans		Non-U.S. Pension Plans
Service cost	$	—	$	1	$	2	$	1	$	2	$	4	$	6	$	3
Interest cost	2		1		3		1		5		3		8		4
Expected return on plan assets	(5)		(1)		(5)		(2)		(14)		(5)		(14)		(6)
Amortization	—		—		—		1		—		1		1		1
Net periodic pension (benefit) cost	$	(3)	$	1	$	—	$	1	$	(7)	$	3	$	1	$	2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

9 Months Ended

Jul. 03, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table presents the components of accumulated other comprehensive loss, net of taxes, for the thirty-nine week periods ended July 3, 2021 and June 27, 2020 (in millions):


	Unrealized (losses) gains on derivatives designated and qualifying as cash flow hedges (1)		Defined benefit pension plan activity (2)		Currency translation adjustment		Total
Balance at September 30, 2020	$	(302)	$	(8)	$	(91)	$	(401)

Current-period other comprehensive income, net of tax, attributable to TD Group	58		—		121		179

Balance at July 3, 2021	$	(244)	$	(8)	$	30	$	(222)

Balance at September 30, 2019	$	(172)	$	(40)	$	(167)	$	(379)

Current-period other comprehensive (loss) income, net of tax, attributable to TD Group	(136)		6		19		(111)

Balance at June 27, 2020	$	(308)	$	(34)	$	(148)	$	(490)

(2)There were no material pension liability adjustments, net of taxes, for the thirteen and thirty-nine week periods ended July 3, 2021 and June 27, 2020

LEASES (Tables)

9 Months Ended

Jul. 03, 2021

Leases [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense for the are as follows (in millions):


		Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	Classification	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Operating lease cost	Cost of sales or selling and administrative expenses	$	9	$	7	$	23	$	21
Finance lease cost
Amortization of leased assets	Cost of sales	1		1		3		2
Interest on lease liabilities	Interest expense - net	2		1		4		3
Total lease cost		$	12	$	9	$	30	$	26

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

Supplemental cash flow information related to leases is as follows (in millions):


	Thirty-Nine Week Periods Ended
	July 3, 2021		June 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	23	$	21
Operating cash outflows from finance leases	4		3
Financing cash outflows from finance leases	1		1

Lease assets obtained in exchange for new lease obligations:
Operating leases	$	39	$	21
Financing leases	25		—

Leases, Supplemental Balance Sheet Information [Table Text Block]

Supplemental balance sheet information related to leases is as follows (in millions):


	Classification	July 3, 2021		September 30, 2020
Operating Leases
Operating lease right-of-use assets	Other assets	$	98	$	102

Current operating lease liabilities	Accrued and other current liabilities	20		22
Long-term operating lease liabilities	Other non-current liabilities	82		86
Total operating lease liabilities		$	102	$	108

Finance Leases
Finance lease right-of-use assets, net	Property, plant and equipment - net	$	107	$	68

Current finance lease liabilities	Accrued and other current liabilities	2		2
Long-term finance lease liabilities	Other non-current liabilities	99		55
Total finance lease liabilities		$	101	$	57

As of July 3, 2021, the Company has the following remaining lease term and weighted average discount rates:


Weighted-average remaining lease term
Operating leases			8.3 years
Finance leases			21.9 years

Weighted-average discount rate
Operating leases			6.0%
Finance leases			7.2%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Maturities of lease liabilities at July 3, 2021 are as follows (in millions):


	Operating Leases		Finance Leases
2021	$	7	$	2
2022	23		9
2023	18		9
2024	15		9
2025	13		9
Thereafter	55		180
Total future minimum lease payments	131		218
Less: imputed interest	29		117
Present value of lease liabilities reported	$	102	$	101

Finance Lease, Liability, Maturity [Table Text Block]

Maturities of lease liabilities at July 3, 2021 are as follows (in millions):


	Operating Leases		Finance Leases
2021	$	7	$	2
2022	23		9
2023	18		9
2024	15		9
2025	13		9
Thereafter	55		180
Total future minimum lease payments	131		218
Less: imputed interest	29		117
Present value of lease liabilities reported	$	102	$	101

DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Jul. 03, 2021

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal Groups, Including Discontinued Operations [Table Text Block]

The following is the summarized operating results for Souriau-Sunbank for the thirteen and thirty-nine week periods ended June 27, 2020 (in millions):


	Thirteen Week Period Ended		Thirty-Nine Week Period Ended
	June 27, 2020		June 27, 2020
Net sales	$	—	$	79
(Loss) Income from discontinued operations before income taxes	(1)		12
Income tax expense	—		5
(Loss) Income from discontinued operations, net of tax	(1)		7
Gain from sale of discontinued operations, net of tax	—		59
(Loss) Income from discontinued operations, net of tax	$	(1)	$	66

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

DESCRIPTION OF THE BUSINESS AND IMPACT OF COVID-19 PANDEMIC - Narratives (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jul. 03, 2021	Jul. 03, 2021	Jun. 27, 2020	Sep. 30, 2020
Transdigm Inc [Member]
Accounting Policies [Abstract]
Percentage of ownership in subsidiary	100.00%	100.00%
Restructuring Cost and Reserve [Line Items]
Percentage of ownership in subsidiary	100.00%	100.00%
COVID-19 [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 1	$ 36	$ 24
Restructuring and Related Cost, Cost Incurred to Date	26	26		$ 13
COVID-19 [Member] \| Unusual or Infrequent Item, or Both [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 1	4	3
COVID-19 [Member] \| Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Costs		26	19
COVID-19 [Member] \| Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Costs		$ 10	$ 5

ACQUISITIONS AND DIVESTITURES - Narratives (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Jun. 30, 2021

Apr. 27, 2021

Jan. 29, 2021

Jan. 05, 2021

Nov. 17, 2020

Dec. 20, 2019

Jul. 03, 2021

Jun. 27, 2020

Jul. 03, 2021

Jun. 27, 2020

Sep. 30, 2020

Business Acquisition [Line Items]

Payments to Acquire Businesses, Net of Cash Acquired

$ 951

$ 0

GOODWILL

$ 8,591

8,591

$ 7,889

Gain on sale of businesses, net

$ 0

$ 69

$ 0

Minimum [Member]

Business Acquisition [Line Items]

Air Transportation Equipment Estimated Useful Life

25 years

Maximum [Member]

Business Acquisition [Line Items]

Air Transportation Equipment Estimated Useful Life

30 years

Cobham [Member]

Business Acquisition [Line Items]

Payments to Acquire Businesses, Net of Cash Acquired

$ 965

Current assets, excluding cash acquired

$ 32

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Current Assets, Prepaid Expenses and Other

(4)

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Property, Plant, and Equipment

Property, plant, and equipment

Purchase price allocation adjustments

GOODWILL

636

694

^[1]

694

^[1]

Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill

309

325

^[1]

325

^[1]

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Other Assets

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Total Assets Acquired

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets

1,065

1,142

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Accrued and Other Current Liabilities

^[2]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Current

Other noncurrent liabilities

101

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities

120

197

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 945

945

Tax benefit recognition period (in years)

15 years

Business acquisition, Intangibles, Tax Deductible Amount

$ 108

Business acquisition, Goodwill, Tax Deductible Amount

$ 57

BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentCurrentAssets,Receivable

Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Accounts Payable

(10)

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Other Non-Current Liabilities

^[2]

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Total Liabilities Assumed

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Net Assets Acquired

Business Combination Provisional Information Initial Accounting Incomplete Adjustment accounts payable

$ 3

Souriau Sunbank [Member]

Business Acquisition [Line Items]

Divestiture, Sale Price

$ 920

Racal [Member]

Business Acquisition [Line Items]

Divestiture, Sale Price

$ 20

Avista [Member]

Business Acquisition [Line Items]

Divestiture, Sale Price

$ 8

ScioTeq and TREALITY

Business Acquisition [Line Items]

Divestiture, Sale Price

$ 200

TAC

Business Acquisition [Line Items]

Divestiture, Sale Price

$ 40

[1]

The Company expects that of the approximately $694 million of goodwill recognized for the acquisition, approximately $57 million will be deductible for tax purposes. The Company also expects that of the approximately $325 million of other intangible assets recognized for the acquisition, approximately $108 million will be deductible for tax purposes. The goodwill and intangible assets will be deductible over 15 years.

[2]

Primarily relates to the recording of loss contract reserves associated with acquired ongoing long-term contracts with customers that were incurring gross margin losses as of the date of acquisition. Based on our review of these contracts, we concluded that the terms of certain contracts were unfavorable when compared to market terms as of the acquisition date. The reserves are preliminarily estimated to be released over a three to five year period.

REVENUE RECOGNITION - Contract Assets and Liabilities (Details) - USD ($)
$ in Millions

9 Months Ended

Jul. 03, 2021

Sep. 30, 2020

Schedule of Contract Assets and Liabilities [Line Items]

Contract with Customer, Asset, Net, Current

^[1]

$ 65

$ 36

Contract with Customer, Asset, Current, Increase or Decrease

^[1]

Contract with Customer, Asset, Net, Noncurrent

^[2]

Contract with customer, Asset, Non-current, Increase or Decrease

^[2]

(3)

Contract with Customer, Asset, after Allowance for Credit Loss

Contract assets, Increase or Decrease

Contract with Customer, Liability, Current

^[3]

Contract liabilities, Current, Increase or Decrease

^[3]

Contract with Customer, Liability, Noncurrent

^[4]

Contract liabilities, Non-current, Increase or Decrease

^[4]

(4)

Contract with Customer, Liability

Contract Liabilities, Increase or Decrease

Net Contract Asset

$ 15

Net Contract Asset, Increase or Decrease

$ 15

[1]	Included in prepaid expenses and other on the condensed consolidated balance sheets.
[2]	Included in other non-current assets on the condensed consolidated balance sheets.
[3]	Included in accrued and other current liabilities on the condensed consolidated balance sheets.
[4]	Included in other non-current liabilities on the condensed consolidated balance sheets.

REVENUE RECOGNITION - Allowance for Credit Losses (Details) $ in Millions	Jul. 03, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 37

EARNINGS PER SHARE - Computation of Basic and Diluted EPS (two-class method) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ 317	$ (5)	$ 473	$ 552
Net Income (Loss) Attributable to Noncontrolling Interest	0	0	2	1
Net income (loss) from continuing operations attributable to TD Group	317	(5)	471	551
Numerator for earnings (loss) per share:
Less: Special dividends declared or paid on participating securities, including dividend equivalent payments	0	0	(73)	(185)
Income from discontinued operations, net of tax	0	1	0	(66)
Net income (loss) applicable to TD Group common stockholders - basic and diluted	$ 317	$ (6)	$ 398	$ 432
Denominator for basic and diluted earnings per share under the two-class method, in shares:
Weighted-average common shares outstanding	55.0	54.1	54.8	53.9
Vested options deemed participating securities	3.4	3.2	3.6	3.5
Basic and diluted (in shares)	58.4	57.3	58.4	57.4
Earnings (Loss) per share from continuing operations—basic and diluted	$ 5.43	$ (0.09)	$ 6.83	$ 6.38
(Loss) Earnings per share from discontinued operations—basic and diluted	0	(0.01)	0	1.15
Basic and diluted earnings per share (in dollars per share)	$ 5.43	$ (0.10)	$ 6.83	$ 7.53

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Millions	Jul. 03, 2021	Sep. 30, 2020
Inventory Disclosure [Abstract]
Raw materials and purchased component parts	$ 872	$ 881
Work-in-progress	347	358
Finished goods	203	222
Total	1,422	1,461
Reserves for excess and obsolete inventory	(197)	(178)
Inventories - Net	$ 1,225	$ 1,283

INTANGIBLE ASSETS - Intangible Assets Subject to Amortization (Details) - USD ($)
$ in Millions

9 Months Ended

Jul. 03, 2021

Sep. 30, 2020

Finite-Lived Intangible Assets [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

$ 3,584

$ 3,354

Intangible Assets, Accumulated Amortization

746

744

Total

2,838

2,610

Goodwill acquired during the period

698

Technology

Finite-Lived Intangible Assets [Line Items]

Gross Carrying Amount

2,018

1,842

Accumulated Amortization

656

589

Net

1,362

1,253

Order backlog (1)

Finite-Lived Intangible Assets [Line Items]

Gross Carrying Amount

^[1]

Accumulated Amortization

^[1]

Net

^[1]

Customer relationships

Finite-Lived Intangible Assets [Line Items]

Gross Carrying Amount

549

443

Accumulated Amortization

Net

477

391

Other

Finite-Lived Intangible Assets [Line Items]

Gross Carrying Amount

Accumulated Amortization

Net

Goodwill [Member]

Finite-Lived Intangible Assets [Line Items]

Goodwill acquired during the period

698

Trademarks and trade names

Finite-Lived Intangible Assets [Line Items]

Indefinite-Lived Intangible Assets (Excluding Goodwill), Gross

985

958

Indefinite-Lived Intangible Assets, Accumulated Amortization

Intangible Assets (Excluding Goodwill), Net

$ 985

$ 958

[1]	ully amortized order backlog associated with the Esterline acquisition was written down from the gross carrying amount and accumulated amortization in the second quarter of fiscal 2021 due to being fully amortized. There was no impact on the net balance.

INTANGIBLE ASSETS - Summary of Changes in Carrying Value of Goodwill (by Segment) (Details) $ in Millions	9 Months Ended
	Jul. 03, 2021 USD ($)
Goodwill [Roll Forward]
Balance at September 30, 2020	$ 7,889
Goodwill acquired during the period	698
Goodwill divested during the period	(44)
Currency translation adjustments	48
Balance at July 3, 2021	8,591
Power & Control
Goodwill [Roll Forward]
Balance at September 30, 2020	4,141
Goodwill acquired during the period	4
Goodwill divested during the period	(4)
Currency translation adjustments	9
Balance at July 3, 2021	4,150
Airframe
Goodwill [Roll Forward]
Balance at September 30, 2020	3,647
Goodwill acquired during the period	694
Goodwill divested during the period	(32)
Currency translation adjustments	39
Balance at July 3, 2021	4,348
Non- aviation
Goodwill [Roll Forward]
Balance at September 30, 2020	101
Goodwill acquired during the period	0
Goodwill divested during the period	(8)
Currency translation adjustments	0
Balance at July 3, 2021	$ 93

INTANGIBLE ASSETS - Aggregate Amortization Expense on Identifiable Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Finite-Lived Intangible Assets [Line Items]
AMORTIZATION OF INTANGIBLE ASSETS	$ 36	$ 42	$ 101	$ 128

INTANGIBLE ASSETS - Summary of Intangible Assets Acquired (Details) $ in Millions	9 Months Ended
	Jul. 03, 2021 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill acquired during the period	$ 698
Indefinite-lived Intangible Assets Acquired	733
Finite-lived Intangible Assets Acquired	291
intangible Assets, Acquired During the Period	$ 1,024
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Finite-lived Intangible Assets Acquired	$ 176
Order backlog (1)
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Finite-lived Intangible Assets Acquired	$ 15
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Finite-lived Intangible Assets Acquired	$ 100
Goodwill [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill acquired during the period	698
Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	$ 35

DEBT - Schedule of Debt (Details) - USD ($)
$ in Millions

9 Months Ended

Jul. 03, 2021

Sep. 30, 2020

Debt Instrument [Line Items]

Gross Amount

$ 19,822.0

$ 19,834.0

Debt Issuance Costs

(146.0)

(156.0)

Debt Instrument, Unamortized Discount (Premium), Net

(16.0)

(18.0)

Short-term borrowings—trade receivable securitization facility

350.0

349.0

Long-term Debt

19,660.0

Current portion of long-term debt

276.0

Long-term Debt, Gross and Lease Obligation

19,545.0

19,557.0

Deferred Finance Costs, Excluding Current Maturities

(145.0)

(155.0)

Debt Instrument, Unamortized Discount, Excluding Current Maturities

(16.0)

(18.0)

Long-term Debt and Lease Obligation

19,384.0

Term loans

Debt Instrument [Line Items]

Gross Amount

7,391.0

7,449.0

Debt Issuance Costs

(41.0)

(48.0)

Debt Instrument, Unamortized Discount (Premium), Net

(18.0)

(23.0)

Long-term Debt

^[1]

7,332.0

7,378.0

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Gross Amount

200.0

Debt Issuance Costs

0.0

Debt Instrument, Unamortized Discount (Premium), Net

0.0

Long-term Debt

200.0

Senior Subordinated Notes | 6.50% Senior Subordinated Notes Due 2024 [Member]

Debt Instrument [Line Items]

Gross Amount

1,200.0

Debt Issuance Costs

(5.0)

Debt Instrument, Unamortized Discount (Premium), Net

0.0

Long-term Debt

^[1]

0.0

1,195.0

Debt Issuance Costs, Gross

11.3

Debt Instrument, Repurchased Face Amount

1,200.0

Debt Instrument, Repurchase Amount

6.3

Early Redemption Premium

$ 19.5

Senior Subordinated Notes | Senior Subordinated Notes Due 2025 6.50% [Member]

Debt Instrument [Line Items]

Interest rate

6.50%

Gross Amount

750.0

Debt Issuance Costs

(3.0)

Debt Instrument, Unamortized Discount (Premium), Net

3.0

Long-term Debt

^[1]

$ 0.0

$ 750.0

Debt Instrument, Repurchased Face Amount

750.0

Debt Instrument, Repurchase Amount

$ 24.4

Senior Subordinated Notes | Senior Subordinated Notes Due 2026 6.375% [Member]

Debt Instrument [Line Items]

Interest rate

6.375%

Gross Amount

$ 950.0

Debt Issuance Costs

(5.0)

(6.0)

Debt Instrument, Unamortized Discount (Premium), Net

0.0

Long-term Debt

^[1]

$ 945.0

$ 944.0

Senior Subordinated Notes | Senior subordinated notes due 2026 6.875% [Member]

Debt Instrument [Line Items]

Interest rate

6.875%

Gross Amount

$ 500.0

Debt Issuance Costs

(4.0)

Debt Instrument, Unamortized Discount (Premium), Net

(2.0)

(3.0)

Long-term Debt

^[1]

$ 494.0

$ 493.0

Senior Subordinated Notes | Senior Subordinated Notes $550M Due 2027 7.50% [Member]

Debt Instrument [Line Items]

Interest rate

7.50%

Gross Amount

$ 550.0

Debt Issuance Costs

(4.0)

(5.0)

Debt Instrument, Unamortized Discount (Premium), Net

0.0

Long-term Debt

^[1]

$ 546.0

$ 545.0

Senior Subordinated Notes | Senior Subordinated Notes $2650M Due 2027 5.50% [Member]

Debt Instrument [Line Items]

Interest rate

5.50%

Gross Amount

$ 2,650.0

Debt Issuance Costs

(19.0)

(21.0)

Debt Instrument, Unamortized Discount (Premium), Net

0.0

Long-term Debt

^[1]

$ 2,631.0

2,629.0

Senior Subordinated Notes | Senior Subordinated Notes $1200M Due 2029 4.625%

Debt Instrument [Line Items]

Interest rate

4.625%

Gross Amount

$ 1,200.0

Debt Issuance Costs

(11.0)

Debt Instrument, Unamortized Discount (Premium), Net

0.0

Long-term Debt

^[1]

$ 1,189.0

0.0

Senior Subordinated Notes | Senior Subordinated Notes $750M due 2029 4.875%

Debt Instrument [Line Items]

Interest rate

4.875%

Gross Amount

$ 750.0

Debt Issuance Costs

(7.0)

Debt Instrument, Unamortized Discount (Premium), Net

0.0

Long-term Debt

^[1]

743.0

0.0

Debt Issuance Costs, Gross

7.1

Early Redemption Premium

$ 12.2

Secured Debt [Member] | Senior Secured Notes $1.1B due 2025 8% [Member]

Debt Instrument [Line Items]

Interest rate

8.00%

Gross Amount

$ 1,100.0

1,100.0

Debt Issuance Costs

(8.0)

(9.0)

Debt Instrument, Unamortized Discount (Premium), Net

0.0

Long-term Debt

^[1]

$ 1,092.0

1,091.0

Secured Debt [Member] | Senior Secured Notes $4.4B Due 2026 6.25% [Member]

Debt Instrument [Line Items]

Interest rate

6.25%

Gross Amount

$ 4,400.0

4,400.0

Debt Issuance Costs

(47.0)

(55.0)

Debt Instrument, Unamortized Discount (Premium), Net

4.0

5.0

Long-term Debt

^[1]

4,357.0

4,350.0

Government Refundable Advances [Member]

Debt Instrument [Line Items]

Debt Issuance Costs

0.0

Debt Instrument, Unamortized Discount (Premium), Net

0.0

Long-term Debt

30.0

28.0

Government refundable advances

30.0

28.0

Government Refundable Advances [Member] | Government Refundable Advances [Member]

Debt Instrument [Line Items]

Debt Issuance Costs

0.0

Debt Instrument, Unamortized Discount (Premium), Net

0.0

Government refundable advances

28.0

Capital Lease Obligations [Member]

Debt Instrument [Line Items]

Debt Issuance Costs

0.0

Debt Instrument, Unamortized Discount (Premium), Net

0.0

Long-term Debt

101.0

57.0

Capital Lease Obligations

101.0

57.0

Capital Lease Obligations [Member] | Capital Lease Obligations [Member]

Debt Instrument [Line Items]

Debt Issuance Costs

0.0

Debt Instrument, Unamortized Discount (Premium), Net

0.0

Capital Lease Obligations

57.0

Less: current portion

Debt Instrument [Line Items]

Debt Issuance Costs

(1.0)

Debt Instrument, Unamortized Discount (Premium), Net

0.0

Debt Instrument, Unamortized Discount

0.0

Long-term Debt, Current Maturities, Gross

277.0

Current portion of long-term debt

276.0

Asset-backed Securities

Debt Instrument [Line Items]

Debt Issuance Costs

0.0

(1.0)

Debt Instrument, Unamortized Discount (Premium), Net

0.0

Short-term borrowings—trade receivable securitization facility, Gross

350.0

Short-term borrowings—trade receivable securitization facility

^[1]

$ 350.0

$ 349.0

[1]	The carrying amount of the debt instrument is presented net of debt issuance costs, premium and discount. Refer to Note 9, "Debt," for gross carrying amounts.

DEBT - Additional Debt Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Interest Payable, Current	$ 175.0		$ 175.0		$ 177.6
Gross Amount	19,822.0		19,822.0		19,834.0
REFINANCING COSTS	13.0	$ 1.0	36.0	$ 27.0
Term loans
Debt Instrument [Line Items]
Gross Amount	7,391.0		7,391.0		7,449.0
Senior Subordinated Notes \| Senior Subordinated Notes $1200M Due 2029 4.625%
Debt Instrument [Line Items]
Gross Amount	$ 1,200.0		$ 1,200.0
Debt Instrument, Redemption Price, Percentage			100.00%
Interest rate	4.625%		4.625%
Senior Subordinated Notes \| Senior Subordinated Notes $750M due 2029 4.875%
Debt Instrument [Line Items]
Gross Amount	$ 750.0		$ 750.0
Debt Instrument, Redemption Price, Percentage			100.00%
Interest rate	4.875%		4.875%
Debt Issuance Costs, Gross	$ 7.1		$ 7.1
Early Redemption Premium			12.2
Senior Subordinated Notes \| 6.50% Senior Subordinated Notes Due 2024 [Member]
Debt Instrument [Line Items]
Gross Amount					1,200.0
Debt Instrument, Repurchased Face Amount	1,200.0		1,200.0
Debt Issuance Costs, Gross	11.3		11.3
Debt Instrument, Repurchase Amount	$ 6.3		6.3
Early Redemption Premium			19.5
Refinancing Costs Recorded in Connection with the 2024 Notes Redemption			23.6
Write off of Deferred Debt Issuance Cost			$ 4.1
Senior Subordinated Notes \| Senior Subordinated Notes Due 2025 6.50% [Member]
Debt Instrument [Line Items]
Gross Amount					750.0
Interest rate	6.50%		6.50%
Debt Instrument, Repurchased Face Amount	$ 750.0		$ 750.0
Debt Instrument, Repurchase Amount	24.4		24.4
Write off of Deferred Debt Issuance Cost			2.1
Refinancing Costs Recorded in Connection with the 2025 Notes Redemption			12.1
Write Off of Unamortized Premium			2.2
Government Refundable Advances [Member]
Debt Instrument [Line Items]
Government refundable advances	30.0		30.0		28.0
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Capital Lease Obligations	$ 101.0		$ 101.0		$ 57.0

INCOME TAXES - Narratives (Details) - USD ($)	3 Months Ended		9 Months Ended
INCOME TAXES - Narratives (Details) - USD ($)	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Sep. 30, 2020
Effective income tax rate	(30.00%)	113.50%	(10.50%)	16.90%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Unrecognized tax benefits	$ 24,200,000		$ 24,200,000		$ 40,900,000
Tax rate effect	19,000,000.0		19,000,000.0		$ 35,700,000
Reduction in tax position in next 12 months	3,800,000		$ 3,800,000
Discrete Tax Benefit	51,000,000.0
Release of Valuation Allowance	$ 69,000,000.0

FAIR VALUE MEASUREMENTS - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($)
$ in Millions

Jul. 03, 2021

Sep. 30, 2020

Jun. 27, 2020

Sep. 30, 2019

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Cash and cash equivalents

$ 4,529

$ 4,717

$ 4,549

$ 1,467

Short-term borrowings—trade receivable securitization facility

350

349

Long-term Debt

19,660

Prepaid Expenses and Other Current Assets

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Foreign Currency Contract, Asset

^[1]

Accrued Liabilities

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Interest rate swap agreements

^[2]

110

Foreign Currency Contract, Liability

^[2]

Other Noncurrent Liabilities

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Interest rate swap agreements

^[3]

194

328

Other Noncurrent Assets

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Interest Rate Cap Agreements

^[4]

Term loans

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Debt

^[5]

7,332

7,378

Government Refundable Advances [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Debt

Capital Lease Obligations [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Debt

101

Level 1

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Cash and cash equivalents, Fair Value

4,529

4,717

Level 2 | Prepaid Expenses and Other Current Assets

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Foreign Currency Contract, Asset

^[1]

Level 2 | Accrued Liabilities

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Interest rate swap agreements, Fair Value

^[2]

110

Foreign Currency Contract, Liability

^[2]

Level 2 | Other Noncurrent Liabilities

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Interest rate swap agreements, Fair Value

^[3]

194

328

Level 2 | Other Noncurrent Assets

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Interest Rate Cap Agreements

^[4]

Level 2 | Term loans

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term debt, including current portion, Fair Value

^[5]

7,260

7,004

Level 2 | Government Refundable Advances [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term debt, including current portion, Fair Value

Level 2 | Capital Lease Obligations [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term debt, including current portion, Fair Value

101

6.50% Senior Subordinated Notes Due 2024 [Member] | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Debt

^[5]

1,195

6.50% Senior Subordinated Notes Due 2024 [Member] | Level 1 | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term debt, including current portion, Fair Value

^[5]

1,194

Senior Secured Notes $1.1B due 2025 8% [Member] | Secured Debt [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Debt

^[5]

1,092

1,091

Senior Secured Notes $1.1B due 2025 8% [Member] | Level 1 | Secured Debt [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term debt, including current portion, Fair Value

^[5]

1,186

1,194

Senior Subordinated Notes Due 2026 6.375% [Member] | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Debt

^[5]

945

944

Senior Subordinated Notes Due 2026 6.375% [Member] | Level 1 | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term debt, including current portion, Fair Value

^[5]

982

948

Senior subordinated notes due 2026 6.875% [Member] | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Debt

^[5]

494

493

Senior subordinated notes due 2026 6.875% [Member] | Level 1 | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term debt, including current portion, Fair Value

^[5]

528

500

Senior Secured Notes $4.4B Due 2026 6.25% [Member] | Secured Debt [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Debt

^[5]

4,357

4,350

Senior Secured Notes $4.4B Due 2026 6.25% [Member] | Level 1 | Secured Debt [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term debt, including current portion, Fair Value

^[5]

4,637

4,604

Senior Subordinated Notes $550M Due 2027 7.50% [Member] | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Debt

^[5]

546

545

Senior Subordinated Notes $550M Due 2027 7.50% [Member] | Level 1 | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term debt, including current portion, Fair Value

^[5]

585

569

Senior Subordinated Notes $2650M Due 2027 5.50% [Member] | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Debt

^[5]

2,631

2,629

Senior Subordinated Notes $2650M Due 2027 5.50% [Member] | Level 1 | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term debt, including current portion, Fair Value

^[5]

2,769

2,554

Senior Subordinated Notes $1200M Due 2029 4.625% | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Debt

^[5]

1,189

Senior Subordinated Notes $1200M Due 2029 4.625% | Level 1 | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term debt, including current portion, Fair Value

^[5]

1,200

Senior Subordinated Notes Due 2025 6.50% [Member] | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Debt

^[5]

750

Senior Subordinated Notes Due 2025 6.50% [Member] | Level 1 | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term debt, including current portion, Fair Value

^[5]

743

Senior Subordinated Notes $750M due 2029 4.875% | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Debt

^[5]

743

Senior Subordinated Notes $750M due 2029 4.875% | Level 1 | Senior Subordinated Notes

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term debt, including current portion, Fair Value

^[5]

756

Asset-backed Securities

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Short-term borrowings—trade receivable securitization facility

^[5]

350

349

Asset-backed Securities | Level 2

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Short-term borrowings - trade receivable securitization facility, Fair Value

^[5]

350

349

Revolving Credit Facility [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term Debt

^[5]

200

Revolving Credit Facility [Member] | Level 2

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Long-term debt, including current portion, Fair Value

^[5]

$ 200

[1]	Included in prepaid expenses and other on the condensed consolidated balance sheets.
[2]	Included in accrued and other current liabilities on the condensed consolidated balance sheets.
[3]	Included in other non-current liabilities on the condensed consolidated balance sheets.
[4]	Included in other assets on the condensed consolidated balance sheets.
[5]	The carrying amount of the debt instrument is presented net of debt issuance costs, premium and discount. Refer to Note 9, "Debt," for gross carrying amounts.

DERIVATIVES AND HEDGING ACTIVITIES - Summary of Outstanding Interest Rate Swap and Cap Agreements (Details) $ in Millions	Jul. 03, 2021 USD ($)
Tranche F \| Interest rate swap June 28, 2016 [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	3.55%
Derivative, Variable Interest Rate	1.30%
Derivative, Basis Spread on Variable Rate	2.25%
Derivative, Notional Amount	$ 700
Tranche F \| Interest rate swap beginning June 30, 2021 [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	5.25%
Derivative, Variable Interest Rate	3.00%
Derivative, Basis Spread on Variable Rate	2.25%
Derivative, Notional Amount	$ 1,400
Tranche F \| Interest rate cap agreements beginning June 30, 2016 [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 700
Derivative, Cap Interest Rate	1.25%
Tranche E \| Interest rate swap beginning June 29, 2018 [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	5.25%
Derivative, Variable Interest Rate	3.00%
Derivative, Basis Spread on Variable Rate	2.25%
Derivative, Notional Amount	$ 500
Tranche E \| Interest rate swap beginning June 30, 2020 [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	4.75%
Derivative, Variable Interest Rate	2.50%
Derivative, Basis Spread on Variable Rate	2.25%
Derivative, Notional Amount	$ 750
Tranche E \| Interest rate swap beginning June 30, 2022 [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	5.35%
Derivative, Variable Interest Rate	3.10%
Derivative, Basis Spread on Variable Rate	2.25%
Derivative, Notional Amount	$ 1,500
Tranche E \| Interest rate cap beginning June 30, 2020 [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 750
Derivative, Cap Interest Rate	2.50%
Tranche G [Member] \| Interest rate swap beginning December 30, 2016
Derivative [Line Items]
Derivative, Fixed Interest Rate	4.15%
Derivative, Variable Interest Rate	1.90%
Derivative, Basis Spread on Variable Rate	2.25%
Derivative, Notional Amount	$ 500
Tranche G [Member] \| Interest rate swap beginning September 30, 2017 [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	4.15%
Derivative, Variable Interest Rate	1.90%
Derivative, Basis Spread on Variable Rate	2.25%
Derivative, Notional Amount	$ 400
Tranche G [Member] \| Interest rate swap beginning December 31, 2021 [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	5.35%
Derivative, Variable Interest Rate	3.10%
Derivative, Basis Spread on Variable Rate	2.25%
Derivative, Notional Amount	$ 900
Tranche G [Member] \| Interest rate swap beginning September 30, 2022 [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	5.25%
Derivative, Variable Interest Rate	3.00%
Derivative, Basis Spread on Variable Rate	2.25%
Derivative, Notional Amount	$ 400
Tranche G [Member] \| Interest rate cap beginning December 30, 2016
Derivative [Line Items]
Derivative, Notional Amount	$ 400
Derivative, Cap Interest Rate	2.50%

DERIVATIVES AND HEDGING ACTIVITIES - Summary of Balance Sheet Presentation of Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions

Jul. 03, 2021

Sep. 30, 2020

Derivative [Line Items]

Derivative Asset, Fair Value, Gross Asset

^[1]

$ 8

$ 0

Derivative Liability, Fair Value, Gross Liability

^[1]

304

384

Interest Rate Swap

Derivative [Line Items]

Derivative Asset, Fair Value, Gross Asset

^[1]

Derivative Liability, Fair Value, Gross Liability

^[1]

304

384

Interest Rate Cap

Derivative [Line Items]

Derivative Asset, Fair Value, Gross Asset

Derivative Liability, Fair Value, Gross Liability

$ 0

[1]	Refer to Note 11, "Fair Value Measurements," for the condensed consolidated balance sheets classification of our interest rate swap agreements.

DERIVATIVES AND HEDGING ACTIVITIES - Narratives (Details) $ in Millions	9 Months Ended
	Jul. 03, 2021 USD ($)
Interest Rate Swap and Cap
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ 33.0
Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer	12 months
Derivative, Notional Amount	$ 165.2
Interest rate cap agreements beginning June 30, 2016 [Member] \| Tranche F
Derivative [Line Items]
Derivative, Notional Amount	$ 700.0
Derivative, Cap Interest Rate	1.25%
Interest rate swap June 28, 2016 [Member] \| Tranche F
Derivative [Line Items]
Derivative, Notional Amount	$ 700.0
Derivative, Fixed Interest Rate	3.55%
Derivative, Variable Interest Rate	1.30%
Derivative, Basis Spread on Variable Rate	2.25%
Interest rate swap beginning December 30, 2016 \| Tranche G [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 500.0
Derivative, Fixed Interest Rate	4.15%
Derivative, Variable Interest Rate	1.90%
Derivative, Basis Spread on Variable Rate	2.25%
Interest rate cap beginning June 30, 2020 [Member] \| Tranche E
Derivative [Line Items]
Derivative, Notional Amount	$ 750.0
Derivative, Cap Interest Rate	2.50%
Interest rate cap beginning December 30, 2016 \| Tranche G [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 400.0
Derivative, Cap Interest Rate	2.50%

SEGMENTS - Narratives (Details)	9 Months Ended
SEGMENTS - Narratives (Details)	Jul. 03, 2021 Segment
Segment Reporting [Abstract]
Number of reporting segments	3

SEGMENTS - Schedule of Net Sales by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Segment Reporting Information [Line Items]
NET SALES	$ 1,218	$ 1,022	$ 3,519	$ 3,930
Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	628	556	1,870	2,056
Operating Segments \| Airframe
Segment Reporting Information [Line Items]
NET SALES	550	434	1,527	1,762
Operating Segments \| Non- aviation
Segment Reporting Information [Line Items]
NET SALES	40	32	122	112
Commercial OEM [Member] \| Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	135	118	388	493
Commercial OEM [Member] \| Operating Segments \| Airframe
Segment Reporting Information [Line Items]
NET SALES	158	155	441	628
Commercial Aftermarket [Member] \| Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	139	112	419	557
Commercial Aftermarket [Member] \| Operating Segments \| Airframe
Segment Reporting Information [Line Items]
NET SALES	149	107	390	571
Defense [Member] \| Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	354	326	1,063	1,006
Defense [Member] \| Operating Segments \| Airframe
Segment Reporting Information [Line Items]
NET SALES	$ 243	$ 172	$ 696	$ 563

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
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-Topic 942
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-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

SEGMENTS - Reconciliation of EBITDA Defined by Segment to Consolidated Income from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	$ 559	$ 424	$ 1,552	$ 1,780
Interest expense, net	263	262	798	762
Non-cash stock compensation expense			105	59
Refinancing costs	13	1	36	27
Gain on sale of businesses, net	68	0	69	0
Income from continuing operations before income taxes	244	34	428	664
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	578	448	1,607	1,842
Operating Segments \| Power & Control
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	331	270	944	1,036
Operating Segments \| Airframe
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	233	166	618	767
Operating Segments \| Non- aviation
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	14	12	45	39
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	19	24	55	62
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization expense	65	70	188	211
Interest expense, net	(263)	(262)	(798)	(762)
Acquisition-related costs	6	3	24	19
Non-cash stock compensation expense	35	21	105	59
Refinancing costs	13	1	36	27
COVID-19 pandemic restructuring costs	1	30	40	30
Gain on sale of businesses, net	(68)	0	(69)	0
Other, net	$ 0	$ 3	$ 2	$ 8

SEGMENTS - Schedule of Total Assets by Segment (Details) - USD ($) $ in Millions	Jul. 03, 2021	Sep. 30, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 19,089	$ 18,395
Operating Segments \| Power & Control
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	6,983	7,005
Operating Segments \| Airframe
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	7,510	6,575
Operating Segments \| Non- aviation
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	220	251
Corporate, Non-Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 4,376	$ 4,564

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
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-Name Accounting Standards Codification
-Topic 944
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-Section S99
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

RETIREMENT PLANS - Components of Net Periodic Pension (Benefit) Cost (Both US and Non-US Plans) (Details) - Pension Plan [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Service Cost	$ 0	$ 2	$ 2	$ 6
Defined Benefit Plan, Interest Cost	2	3	5	8
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(5)	(5)	(14)	(14)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	0	0	1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	(3)	0	(7)	1
Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Service Cost	1	1	4	3
Defined Benefit Plan, Interest Cost	1	1	3	4
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(1)	(2)	(5)	(6)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	1	1	1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 1	$ 1	$ 3	$ 2

ACCUMULATED OTHER COMPREHENSIVE LOSS - Tax Impact Related to Components of OCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Loss, Derivatives Qualifying as Hedges, Tax	$ 0.4	$ (6.0)	$ 18.9	$ (40.0)

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Accumulated Other Comprehensive Loss, Net of Taxes (Details) - USD ($)
$ in Millions

9 Months Ended

Jul. 03, 2021

Jun. 27, 2020

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance at beginning of period

$ (401)

$ (379)

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

179

(111)

Balance at end of period

(222)

(490)

Unrealized (losses) gains on derivatives designated and qualifying as cash flow hedges (1)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance at beginning of period

(302)

^[1]

(172)

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

^[1]

(136)

Balance at end of period

(244)

^[1]

(308)

Defined benefit pension plan activity (2)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance at beginning of period

(8)

^[2]

(40)

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

^[2]

Balance at end of period

(8)

^[2]

(34)

Currency translation adjustment

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance at beginning of period

(91)

(167)

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

121

Balance at end of period

$ 30

$ (148)

[1]	nrealized (losses) gains on derivatives designated and qualifying as cash flow hedges, net of taxes of $0.4 million and $(6.0) million for the thirteen week periods ended July 3, 2021 and June 27, 2020, respectively, and $18.9 million and $(40.0) million for the thirty-nine week periods ended July 3, 2021 and June 27, 2020, respectively
[2]	There were no material pension liability adjustments, net of taxes, for the thirteen and thirty-nine week periods ended July 3, 2021 and June 27, 2020.

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

LEASES - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Lessee, Lease, Description [Line Items]
Lease, Cost	$ 12	$ 9	$ 30	$ 26
Operating Expense [Member]
Leases [Abstract]
Operating Lease, Cost	9	7	23	21
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	9	7	23	21
Cost of Sales [Member]
Leases [Abstract]
Finance Lease, Right-of-Use Asset, Amortization	1	1	3	2
Lessee, Lease, Description [Line Items]
Finance Lease, Right-of-Use Asset, Amortization	1	1	3	2
Interest Expense [Member]
Leases [Abstract]
Finance Lease, Interest Expense	2	1	4	3
Lessee, Lease, Description [Line Items]
Finance Lease, Interest Expense	$ 2	$ 1	$ 4	$ 3

LEASES - Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Millions	9 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Leases [Abstract]
Operating Lease, Payments	$ 23	$ 21
Finance Lease, Interest Payment on Liability	4	3
Finance Lease, Principal Payments	1	1
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	39	21
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 25	$ 0

LEASES - Supplemental Balance Sheet Information Related to Leases, Including the Remaining Lease Term and Weighted Average Discount Rates (Details) - USD ($) $ in Millions	Jul. 03, 2021	Sep. 30, 2020
Leases [Abstract]
Operating Lease, Liability	$ 102	$ 108
Finance Lease, Liability	$ 101	57
Operating Lease, Weighted Average Remaining Lease Term	8 years 3 months 18 days
Finance Lease, Weighted Average Remaining Lease Term	21 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	6.00%
Finance Lease, Weighted Average Discount Rate, Percent	7.20%
Other Assets
Leases [Abstract]
Operating Lease, Right-of-Use Asset	$ 98	102
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	98	102
Accrued Liabilities
Leases [Abstract]
Operating Lease, Liability, Current	20	22
Finance Lease, Liability, Current	2	2
Lessee, Lease, Description [Line Items]
Operating Lease, Liability, Current	20	22
Finance Lease, Liability, Current	2	2
Other Noncurrent Liabilities
Leases [Abstract]
Operating Lease, Liability, Noncurrent	82	86
Finance Lease, Liability, Noncurrent	99	55
Lessee, Lease, Description [Line Items]
Operating Lease, Liability, Noncurrent	82	86
Finance Lease, Liability, Noncurrent	99	55
Property, Plant and Equipment [Member]
Leases [Abstract]
Finance Lease, Right-of-Use Asset	107	68
Lessee, Lease, Description [Line Items]
Finance Lease, Right-of-Use Asset	$ 107	$ 68

LEASES - Maturities Schedule of Operating and Financing Leases (Details) - USD ($) $ in Millions	Jul. 03, 2021	Sep. 30, 2020
Leases [Abstract]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 7
Capital Leases, Future Minimum Payments Due, Next Twelve Months	2
Finance Lease, Liability, to be Paid, Year One	9
Lessee, Operating Lease, Liability, to be Paid, Year One	23
Operating Leases, Future Minimum Payments, Due in Two Years	18
Capital Leases, Future Minimum Payments Due in Two Years	9
Operating Leases, Future Minimum Payments, Due in Three Years	15
Capital Leases, Future Minimum Payments Due in Three Years	9
Operating Leases, Future Minimum Payments, Due Thereafter	55
Capital Leases, Future Minimum Payments Due Thereafter	180
Operating Leases, Future Minimum Payments Due	131
Capital Leases, Future Minimum Payments Due	218
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	29
Capital Leases, Future Minimum Payments, Interest Included in Payments	117
Operating Lease, Liability	102	$ 108
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments	101	$ 57
Lessee, Lease, Description [Line Items]
Operating Leases, Future Minimum Payments, Due in Four Years	13
Capital Leases, Future Minimum Payments Due in Four Years	$ 9

COMMITMENTS AND CONTINGENCIES - Narratives (Details) - USD ($)	9 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Commitments and Contingencies Disclosure [Abstract]
Insurance deductible	$ 1,000,000
Insurance proceeds for fixed assets damaged from fire	24,000,000	$ 0
Proceeds from Insurance Settlement, Operating Activities		27,000,000
Unusual or Infrequent Item, or Both, Insurance Proceeds	54,000,000
Gain on insurance proceeds from fire	$ 21,000,000	$ 0

DISCONTINUED OPERATIONS - Summary of Operating Results for Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 1,218	$ 1,022	$ 3,519	$ 3,930
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	$ 0	(1)	$ 0	66
Souriau Sunbank [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		0		79
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax		(1)		12
Discontinued Operation, Tax Effect of Discontinued Operation		0		5
Income (loss) from discontinued operations before gain or loss on disposal net of tax		(1)		7
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		0		59
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent		$ (1)		$ 66

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
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+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

+ References

+ Details

DISCONTINUED OPERATIONS - Narratives (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Dec. 20, 2019	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX		$ 0	$ (1)	$ 0	$ 66
Souriau Sunbank [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture, Sale Price	$ 920
Income (loss) from discontinued operations before gain or loss on disposal net of tax			(1)		7
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax			0		59
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX			$ (1)		$ 66

- Definition

+ References + Details