0001260221-22-000053 | 10-Q | XBRL Viewer

$ 4

$ (3,968)

58,612,028

BALANCE at Sep. 30, 2020

$ 1

$ 1,581

$ (4,359)

$ (401)

$ (794)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(4,198,226)

Changes in noncontrolling interest of consolidated subsidiaries, net

Compensation expense recognized for employee stock options

(5)

240,979

111

111

Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax

Pension and postretirement benefit plans adjustment

58,853,007

BALANCE at Jan. 02, 2021

$ 1

1,656

(4,314)

(277)

$ (794)

(4,198,226)

58,612,028

BALANCE at Sep. 30, 2020

$ 1

1,581

(4,359)

(401)

$ (794)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(4,198,226)

471

121

121

^[1]

Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax

^[2]

Pension and postretirement benefit plans adjustment

59,272,711

BALANCE at Jul. 03, 2021

$ 1

1,783

(3,906)

(222)

$ (794)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(4,198,226)

(3,721)

58,853,007

BALANCE at Jan. 02, 2021

$ 1

1,656

(4,314)

(277)

$ (794)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(4,198,226)

Changes in noncontrolling interest of consolidated subsidiaries, net

Compensation expense recognized for employee stock options

(5)

207,509

104

Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax

Pension and postretirement benefit plans adjustment

BALANCE (in shares) at Apr. 03, 2021

59,060,516

BALANCE at Apr. 03, 2021

$ 1

1,714

(4,215)

(234)

$ (794)

BALANCE (in shares) at Apr. 03, 2021

(4,198,226)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Changes in noncontrolling interest of consolidated subsidiaries, net

(3,521)

(1)

Compensation expense recognized for employee stock options

(8)

212,195

317

Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax

Pension and postretirement benefit plans adjustment

59,272,711

BALANCE at Jul. 03, 2021

$ 1

1,783

(3,906)

(222)

$ (794)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(4,198,226)

(3,132)

$ (2,910)

59,403,100

BALANCE at Sep. 30, 2021

$ (2,916)

$ 1

1,830

(3,705)

(248)

$ (794)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(4,198,226)

Changes in noncontrolling interest of consolidated subsidiaries, net

$ 1

Compensation expense recognized for employee stock options

(3)

215,817

163

(10)

(10)

Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax

Pension and postretirement benefit plans adjustment

$ 0

59,618,917

BALANCE at Jan. 01, 2022

$ 1

1,905

(3,545)

(200)

$ (794)

(4,198,226)

59,403,100

BALANCE at Sep. 30, 2021

$ (2,916)

$ 1

1,830

(3,705)

(248)

$ (794)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(4,198,226)

(1,490,413)

$ 600

(208)

(208)

^[1]

252

Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax

252

^[2]

Pension and postretirement benefit plans adjustment

$ (6)

59,906,055

BALANCE at Jul. 02, 2022

$ (2,976)

$ 1

2,041

(3,114)

(198)

$ (1,706)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(5,688,639)

$ (2,626)

59,618,917

BALANCE at Jan. 01, 2022

$ 1

1,905

(3,545)

(200)

$ (794)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(4,198,226)

Changes in noncontrolling interest of consolidated subsidiaries, net

(1)

Compensation expense recognized for employee stock options

(4)

191,403

(1,046,815)

(667)

$ (667)

199

(43)

(43)

170

Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax

170

Pension and postretirement benefit plans adjustment

BALANCE (in shares) at Apr. 02, 2022

59,810,320

BALANCE at Apr. 02, 2022

$ 1

1,984

(3,350)

(73)

$ (1,461)

BALANCE (in shares) at Apr. 02, 2022

(5,245,041)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Changes in noncontrolling interest of consolidated subsidiaries, net

(2,893)

Compensation expense recognized for employee stock options

(2)

95,735

(443,598)

(245)

$ (245)

238

(155)

(155)

Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax

Pension and postretirement benefit plans adjustment

$ (6)

59,906,055

BALANCE at Jul. 02, 2022

$ (2,976)

$ 1

$ 2,041

$ (3,114)

$ (198)

$ (1,706)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(5,688,639)

$ 8

ACQUISITIONS AND DIVESTITURES

$ (2,968)

[1]

Represents unrealized gains (losses) on derivatives designated and qualifying as cash flow hedges, net of tax expense (benefit), of $7.9 million and $0.4 million for the thirteen week periods ended July 2, 2022 and July 3, 2021, respectively, and $77.8 million and $(18.9) million for the thirty-nine week periods ended July 2, 2022 and July 3, 2021, respectively.

[2]

Defined pension plan and postretirement benefit plan activity represents pension liability adjustments, net of tax. For the thirteen and thirty-nine week periods ended July 2, 2022, pension liability adjustments, net of tax of $1.4 million, represents unrecognized actuarial losses reclassified to other expense (income) upon the settlement of the ERP. Refer to Note 15, “Retirement Benefits,” for additional information. There were no material pension liability adjustments, net of taxes, for the thirteen and thirty-nine week periods ended July 3, 2021.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
OPERATING ACTIVITIES:
NET INCOME	$ 602	$ 473
Income from discontinued operations, net of tax	(1)	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	85	87
Amortization of intangible assets and product certification costs	103	101
Amortization of debt issuance costs, original issue discount and premium	26	26
Amortization of inventory step-up	1	6
Amortization of loss contract reserves	(28)	(47)
Refinancing costs	0	36
GAIN ON SALE OF BUSINESSES—NET	(6)	(69)
Non-cash stock compensation expense	115	105
Deferred income taxes	(1)	(55)
Foreign currency exchange (gain) loss	(22)	20
Gain on insurance proceeds from fire	0	(21)
Loss on settlement of the Esterline Retirement Plan (the “ERP”)	21	0
Contribution to the unfunded portion of the ERP	(16)	0
Changes in assets/liabilities, net of effects from acquisitions and sales of businesses:
Trade accounts receivable	(91)	23
Inventories	(108)	40
Income taxes payable (receivable)	21	(21)
Other assets	(23)	(35)
Accounts payable	23	(19)
Accrued interest	(18)	(3)
Accrued and other liabilities	(8)	(23)
Net cash provided by operating activities	675	624
INVESTING ACTIVITIES:
Capital expenditures	(86)	(80)
Acquisition of businesses, net of cash acquired	(422)	(951)
Net proceeds from sale of businesses	3	259
Insurance proceeds for fixed assets damaged from fire	0	24
Net cash used in investing activities	(505)	(748)
FINANCING ACTIVITIES:
Proceeds from exercise of stock options	99	106
Dividend equivalent payments	(46)	(73)
Repurchases of common stock	(912)	0
Proceeds from issuance of senior subordinated notes, net	0	1,932
Repayments of senior subordinated notes, net	0	(1,982)
Proceeds from revolving credit facility	0	200
Repayment on revolving credit facility	(200)	(200)
Repayment on term loans	(56)	(56)
Financing costs and other, net	(1)	(1)
Net cash used in financing activities	(1,116)	(74)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(33)	10
NET DECREASE IN CASH AND CASH EQUIVALENTS	(979)	(188)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	4,787	4,717
CASH AND CASH EQUIVALENTS, END OF PERIOD	3,808	4,529
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	791	774
Cash paid during the period for income taxes, net of refunds	$ 138	$ 51

DESCRIPTION OF THE BUSINESS	9 Months Ended
DESCRIPTION OF THE BUSINESS	Jul. 02, 2022
Accounting Policies [Abstract]
DESCRIPTION OF THE BUSINESS	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.

UNAUDITED INTERIM FINANCIAL INFORMATION	9 Months Ended
UNAUDITED INTERIM FINANCIAL INFORMATION	Jul. 02, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
UNAUDITED INTERIM FINANCIAL INFOMRATION	UNAUDITED INTERIM FINANCIAL INFORMATIONThe 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 fiscal year ended September 30, 2021 included in TD Group’s Form 10-K filed on November 16, 2021. 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, 2021 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 2, 2022 are not necessarily indicative of the results to be expected for the full year. Certain reclassifications have been made to the prior year amounts to conform to the current year presentation, none of which are material.

ACQUISITIONS AND DIVESTITURES

9 Months Ended

Jul. 02, 2022

Business Combinations [Abstract]

Acquisitions

DART Aerospace – On March 14, 2022, the Company entered into a definitive agreement to acquire DART Aerospace (“DART”) for a total purchase price of $360 million. The acquisition was completed on May 25, 2022 and financed through existing cash on hand. DART operates from four primary facilities (Hawkesbury, Ontario, Canada; Portland, Oregon; Fort Collins, Colorado and Chihuahua, Mexico) and is a leading provider of highly engineered, unique helicopter mission equipment solutions that predominantly service civilian aircraft. The products are primarily proprietary with significant aftermarket content. DART's operating results are included within TransDigm's Airframe segment.

The Company accounted for the DART acquisition using the acquisition method and included the results of operations of the acquisition in its condensed consolidated financial statements from the effective date 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 2, 2022, the measurement period (not to exceed one year) is open; therefore, the assets acquired and liabilities assumed related to the DART acquisition are subject to adjustment until the end of the respective 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. The Company is in the process of obtaining a third-party valuation of certain intangible assets and tangible assets of DART. The fair values of acquired intangibles are determined based on estimates and assumptions that are deemed reasonable by the Company. Significant assumptions include the discount rates and certain assumptions that form the basis of the forecasted results of the acquired business including revenue, earnings before interest, taxes, depreciation and amortization (“EBITDA”), growth rates, royalty rates and technology obsolescence rates. 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 thirty-nine week periods ended July 2, 2022 or July 3, 2021 are not material and, accordingly, are not provided.

The allocation of the estimated fair value of assets acquired and liabilities assumed in the DART acquisition as of the May 25, 2022 acquisition date is summarized in the table below (in millions):


Assets acquired (excluding cash):
Trade accounts receivable	$	16
Inventories	33
Prepaid expenses and other	4
Property, plant and equipment	9
Goodwill	236		(1)
Other intangible assets	112		(1)
Other	8
Total assets acquired (excluding cash)	418
Liabilities assumed:
Accounts payable	4
Accrued and other current liabilities	11
Deferred income taxes	35
Other non-current liabilities	8
Total liabilities assumed	58
Net assets acquired	$	360

(1)The Company expects that none of the approximately $236 million of goodwill and $112 million of other intangible assets recognized for the acquisition will be deductible for tax purposes.

Extant Aerospace Acquisitions – For the thirty-nine week period ended July 2, 2022, the Company's Extant Aerospace subsidiary, which is included in TransDigm’s Power & Control segment, completed the acquisition of substantially all of the assets and technical data rights of certain product lines, which met the definition of a business, for a total purchase price of $61 million. The allocation of the purchase price is preliminary and will likely change in future periods as fair value estimates of the assets acquired and liabilities assumed are finalized. The Company expects that approximately $24 million of goodwill and approximately $20 million of other intangible assets recognized for the acquisitions will be deductible for tax purposes over 15 years. Pro forma net sales and results of operations for the Extant Aerospace acquisitions had they occurred at the beginning of the thirty-nine week periods ended July 2, 2022 or July 3, 2021 are not material and, accordingly, are not provided.

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 a total purchase price of $945 million. 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 within TransDigm's Airframe segment.

The Company accounted for the CAC acquisition using the acquisition method of accounting and third-party valuation appraisals and included the results of operations of the acquisition in its condensed consolidated financial statements from the effective dates of the acquisition. The total purchase price of CAC was allocated to the underlying assets acquired and liabilities assumed based upon the respective fair value at the dates of acquisition. To the extent the purchase price exceeded the fair value of the net identifiable tangible and intangible assets acquired, such excess was allocated to goodwill. 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 growth rates, EBITDA margins, 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.

The final allocation of the fair value of assets acquired and liabilities assumed in the CAC acquisition as of the acquisition dates, as well as measurement period adjustments recorded within the permissible one year measurement period, are summarized in the table below (in millions):


	Preliminary Allocation		Measurement Period Adjustments			Final Allocation
Assets acquired (excluding cash):
Trade accounts receivable	$	31	$	1		$	32
Inventories	27		2			29
Prepaid expenses and other	10		(3)			7
Property, plant and equipment	18		3			21
Goodwill	636		61			697		(1)
Other intangible assets	309		15			324		(1)
Other	34		(3)			31
Total assets acquired (excluding cash)	1,065		76			1,141
Liabilities assumed:
Accounts payable	15		3			18
Accrued and other current liabilities	38		6		(2)	44
Deferred income taxes	38		(7)			31
Other non-current liabilities	29		74		(2)	103
Total liabilities assumed	120		76			196
Net assets acquired	$	945	$	—		$	945

(1)Of the approximately $697 million of goodwill recognized for the acquisition, approximately $65 million is deductible for tax purposes. Of the approximately $324 million of other intangible assets recognized for the acquisition, approximately $105 million is deductible for tax purposes. The goodwill and intangible assets are 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 negative gross margins 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 loss contract reserves, totaling $80.6 million, will be released over an estimated three to five year period.

The acquisitions completed by the Company strengthen and expand 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, continually improving our cost structure, and providing highly engineered value-added products to customers). The purchase price paid reflect the current EBITDA and cash flows, as well as the future EBITDA and cash flows expected to be generated by the businesses, 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.

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 (“OpenGate”) for approximately $200 million in cash. During the second quarter of fiscal 2021, the Company determined ScioTeq and TREALITY met the criteria to be classified as held for sale. 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 in fiscal 2021 as a result of the ScioTeq and TREALITY and TAC divestitures was approximately $68 million, which was classified as a component of gain on sale of businesses-net within the condensed consolidated statements of income during the third quarter of fiscal 2021. During the second quarter of fiscal 2022, the Company received approximately $3 million in cash proceeds related to a final working capital settlement for the ScioTeq and TREALITY divestiture. These proceeds are classified as a component of gain on sale of businesses-net in the condensed consolidated statements of income.

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

Avista, Inc. – On November 17, 2020, TransDigm completed the divestiture of the Avista, Inc. business (“Avista”) to Belcan, LLC 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 in the first quarter of fiscal 2021 as a result of the divestiture was immaterial and classified as a component of gain on sale of businesses-net in the condensed consolidated statements of income.

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. During the first quarter of fiscal 2022, the Company received approximately $1 million in cash proceeds related to a final working capital settlement for the Souriau-Sunbank divestiture. These proceeds are classified as income from discontinued operations, net of tax, in the condensed consolidated statements of income.

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Jul. 02, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Accounting Standards Codification (“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. The Company adopted ASU 2019-12 on October 1, 2021. The adoption of this standard did not have a material impact 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 evaluating the impact of reference rate reform on our existing Credit Agreement and our interest rate swap and cap agreements. To the extent that, prior to December 31, 2022, the Company enters into any transactions for which the optional practical expedients permissible under ASC 848 are applied, the adoption of this standard is not expected to have a material impact on the Company's condensed consolidated financial statements and disclosures. The Company continues to monitor for future amendments, such as the current proposal by the FASB to defer the sunset date of reference rate reform relief to December 31, 2024.

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.

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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

9 Months Ended

Jul. 02, 2022

REVENUE RECOGNITION

TransDigm's sales are concentrated in the aerospace and defense 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, 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.

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 2, 2022		September 30, 2021
Contract assets, current (1)	$	107	$	72
Contract assets, non-current (2)	1		2
Total contract assets	108		74
Contract liabilities, current (3)	46		27
Contract liabilities, non-current (4)	8		5
Total contract liabilities	54		32
Net contract assets	$	54	$	42

(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 2, 2022, the revenue recognized that was previously included in contract liabilities was not material.

Refer to Note 14, “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 2, 2022 and September 30, 2021, the allowance for uncollectible accounts was $34 million and $30 million, respectively. The allowance for uncollectible accounts is assessed individually at each operating unit by the operating unit’s management team. The increase was primarily related to an increase in the estimate for credit losses on accounts receivable for certain customers impacted by the Russia and Ukraine conflict.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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EARNINGS PER SHARE (TWO-CLASS METHOD)

EARNINGS PER SHARE

9 Months Ended

Jul. 02, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	July 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Numerator for earnings per share:
Income from continuing operations	$	239	$	317	$	601	$	473
Less: Net income attributable to noncontrolling interests	(1)		—		(2)		(2)
Net income from continuing operations attributable to TD Group	238		317		599		471
Less: Special dividends declared or paid on participating securities, including dividend equivalent payments	—		—		(46)		(73)
Income from discontinued operations, net of tax	—		—		1		—
Net income applicable to TD Group common stockholders—basic and diluted	$	238	$	317	$	554	$	398
Denominator for basic and diluted earnings per share under the two-class method:
Weighted-average common shares outstanding	54.4		55.0		55.0		54.8
Vested options deemed participating securities	3.6		3.4		3.7		3.6
Total shares for basic and diluted earnings per share	58.0		58.4		58.7		58.4

Earnings per share from continuing operations—basic and diluted	$	4.10	$	5.43	$	9.42	$	6.83
Earnings per share from discontinued operations—basic and diluted	—		—		0.02		—
Earnings per share	$	4.10	$	5.43	$	9.44	$	6.83

STOCK REPURCHASE PROGRAM	9 Months Ended
STOCK REPURCHASE PROGRAM	Jul. 02, 2022
Equity [Abstract]
STOCK REPURCHASE PROGRAM	STOCK REPURCHASE PROGRAMOccasionally at management's discretion, the Company repurchases its common stock in the open market, depending on market conditions, stock price and other factors. On January 27, 2022, the Board of Directors of the Company (the “Board”) authorized a new stock repurchase program to permit repurchases of its outstanding common stock not to exceed $2,200 million in the aggregate (the “$2,200 million stock repurchase program”), replacing the $650 million stock repurchase program previously authorized by the Board on November 8, 2017, subject to any restrictions specified in the Second Amended and Restated Credit Agreement dated as of June 4, 2014 (the “Credit Agreement”), and/or Indentures governing the Company's existing Notes. There is no expiration date for this program. During the second and third quarters of fiscal 2022, the Company repurchased 1,490,413 shares of common stock at an average price of $612.13 per share, for a total amount of $912 million. The repurchased shares of common stock are classified as treasury stock in the statement of changes in stockholders' deficit. As of July 2, 2022, $1,288 million remains available for repurchase under the $2,200 million stock repurchase program.

INVENTORIES

9 Months Ended

Jul. 02, 2022

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 2, 2022		September 30, 2021
Raw materials and purchased component parts	$	939	$	850
Work-in-progress	369		322
Finished goods	209		207
Total	1,517		1,379
Reserves for excess and obsolete inventory	(197)		(194)
Inventories—Net	$	1,320	$	1,185

INTANGIBLE ASSETS

9 Months Ended

Jul. 02, 2022

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 2, 2022						September 30, 2021
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Trademarks & trade names	$	1,000	$	—	$	1,000	$	983	$	—	$	983
Technology	2,054		760		1,294		2,009		679		1,330
Order backlog	10		1		9		16		11		5
Customer relationships	560		98		462		545		78		467
Other	10		4		6		18		12		6
Total	$	3,634	$	863	$	2,771	$	3,571	$	780	$	2,791

The aggregate amortization expense on identifiable intangible assets is approximately $102 million and $101 million for the thirty-nine week periods ended July 2, 2022 and July 3, 2021, 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 2, 2022 are summarized in the table below (in millions):


	Gross Amount		Amortization Period
Intangible assets not subject to amortization:
Goodwill	$	260
Trademarks and trade names	27
	287
Intangible assets subject to amortization:
Technology	65		20 years
Order backlog	8		1 year
Customer relationships	32		20 years
	105
Total	$	392

The following is a summary of changes in the carrying value of goodwill by segment from September 30, 2021 through July 2, 2022 (in millions):


	Power & Control		Airframe		Non-aviation		Total
Balance at September 30, 2021	$	4,149	$	4,326	$	93	$	8,568
Goodwill acquired during the period	24		236		—		260
Purchase price allocation adjustments (1)	—		3		—		3
Currency translation adjustments and other	(31)		(72)		—		(103)
Balance at July 2, 2022	$	4,142	$	4,493	$	93	$	8,728

(1)Primarily related to opening balance sheet adjustments recorded from the acquisition of CAC up to the expiration of the one year measurement period in January 2022.

DEBT

9 Months Ended

Jul. 02, 2022

Debt Disclosure [Abstract]

DEBT

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


	July 2, 2022
	Gross Amount		Debt Issuance Costs		Original Issue (Discount) or Premium		Net Amount
Short-term borrowings—trade receivable securitization facility	$	350	$	—	$	—	$	350
Term loans	$	7,317	$	(32)	$	(14)	$	7,271
8.00% senior secured notes due 2025 (“2025 Secured Notes”)	1,100		(6)		—		1,094
6.375% senior subordinated notes due 2026 (“6.375% 2026 Notes”)	950		(4)		—		946
6.875% senior subordinated notes due 2026 (“6.875% 2026 Notes”)	500		(3)		(2)		495
6.25% secured notes due 2026 (“2026 Secured Notes”)	4,400		(38)		4		4,366
7.50% senior subordinated notes due 2027 (“7.50% 2027 Notes”)	549		(3)		—		546
5.50% senior subordinated notes due 2027 (“5.50% 2027 Notes”)	2,650		(16)		—		2,634
4.625% senior subordinated notes due 2029 (“4.625% 2029 Notes”)	1,200		(9)		—		1,191
4.875% senior subordinated notes due 2029 (“4.875% 2029 Notes”)	750		(6)		—		744
Government refundable advances	26		—		—		26
Finance lease obligations	146		—		—		146
	19,588		(117)		(12)		19,459
Less: current portion	77		—		—		77
Long-term debt	$	19,511	$	(117)	$	(12)	$	19,382


	September 30, 2021
	Gross Amount		Debt Issuance Costs		Original Issue (Discount) or Premium		Net Amount
Short-term borrowings—trade receivable securitization facility	$	350	$	(1)	$	—	$	349
Term loans	$	7,374	$	(39)	$	(17)	$	7,318
Revolving credit facility	200		—		—		200
2025 Secured Notes	1,100		(7)		—		1,093
6.375% 2026 Notes	950		(5)		—		945
6.875% 2026 Notes	500		(4)		(2)		494
2026 Secured Notes	4,400		(45)		4		4,359
7.50% 2027 Notes	550		(4)		—		546
5.50% 2027 Notes	2,650		(18)		—		2,632
4.625% 2029 Notes	1,200		(10)		—		1,190
4.875% 2029 Notes	750		(7)		—		743
Government refundable advances	29		—		—		29
Finance lease obligations	100		—		—		100
	19,803		(139)		(15)		19,649
Less: current portion	278		(1)		—		277
Long-term debt	$	19,525	$	(138)	$	(15)	$	19,372

Accrued interest, which is classified as a component of accrued and other current liabilities on the condensed consolidated balance sheets, was $173 million and $191 million as of July 2, 2022 and September 30, 2021, respectively.

Amendment No. 9 and Loan Modification Agreement – On December 29, 2021, the Company entered into Amendment No. 9 and Incremental Revolving Credit Assumption Agreement (herein, “Amendment No. 9”) to the Credit Agreement, which increases the capacity under the revolving credit facility from $760 million to $810 million. The terms and conditions that apply to Amendment No. 9 are the same as the terms and conditions that apply to the existing dollar revolving commitments and term loans under the Credit Agreement. As of July 2, 2022, the borrowings available under the revolving commitments were $779.4 million.

The Company capitalized $0.2 million representing debt issuance costs associated with Amendment No. 9 during the thirty-nine week period ended July 2, 2022.

Revolving Credit Facility – On October 6, 2021, the Company repaid $200 million previously drawn on the revolving credit facility, in addition to $0.1 million of accrued interest.

Subsequent Event - Trade Receivables Securitization Facility – On July 25, 2022, the Company amended the Securitization Facility to, among other things, extend the maturity date to July 25, 2023. The Securitization Facility is collateralized by substantially all of the Company's domestic operations' trade accounts receivable.

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 based on year-over-year commercial aviation revenue growth for certain product lines at CMC Electronics, which is a wholly-owned subsidiary of TransDigm. As of July 2, 2022 and September 30, 2021, the outstanding balance of these advances was $26 million and $29 million, respectively.

Obligations under Finance Leases – The Company leases certain buildings and equipment under finance leases. The present value of the minimum finance lease payments, net of the current portion, represents a balance of $146 million and $100 million at July 2, 2022 and September 30, 2021, respectively. The increase in the current fiscal year is attributable to certain lease renewals and amendments qualifying as lease modifications resulting in a change in classification from an operating lease to a finance lease. Refer to Note 17, “Leases,” for further disclosure of the Company's lease obligations.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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INCOME TAXES	9 Months Ended
INCOME TAXES	Jul. 02, 2022
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 2, 2022 and July 3, 2021, the effective income tax rate was 23.4% and (29.9)%, respectively. During the thirty-nine week periods ended July 2, 2022 and July 3, 2021, the effective income tax rate was 21.5% and (10.5)%, respectively. The Company’s lower effective tax rate for the thirteen and thirty-nine week periods ended July 3, 2021 was primarily due to a one time benefit from a tax election made on the Company's fiscal 2020 U.S. federal income tax return enabling the Company to utilize its net interest deduction limitation carryforward pursuant to IRC Section 163(j) resulting in the release of the valuation allowance applicable to such carryforward. The Company’s effective income tax rate for the thirteen and thirty-nine week periods ended July 2, 2022 was higher than the federal statutory tax rate of 21% primarily due to an increase in the valuation allowance applicable to the Company's net interest deduction limitation carryforward, partially offset by the discrete impact of excess tax benefits associated with share-based payments. 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 2017. The Company is currently under examination for its federal income taxes in Canada for fiscal years 2013 through 2019, and in Germany for fiscal years 2014 through 2017. In addition, the Company is subject to state income tax examinations for fiscal years 2015 and later. Unrecognized tax benefits at July 2, 2022 and September 30, 2021, the recognition of which would have an impact on the effective tax rate for each fiscal year, amounted to $18.3 million and $19.1 million, respectively. The Company classifies all income tax-related interest and penalties as income tax expense, which were not material for the thirty-nine week periods ended July 2, 2022 and July 3, 2021. As of July 2, 2022 and September 30, 2021, the Company accrued $4.9 million for the potential payment of interest and penalties. Within the next 12 months, it is reasonably possible that unrecognized tax benefits could be reduced by approximately $3.7 million. Any increase in the amount of unrecognized tax benefits within the next 12 months is not expected to be material.

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.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

FAIR VALUE MEASUREMENTS

9 Months Ended

Jul. 02, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTSThe 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 2, 2022				September 30, 2021
	Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	3,808	$	3,808	$	4,787	$	4,787
Interest rate swap agreements (1)	2	3		3		—		—
Interest rate swap agreements (2)	2	23		23		—		—
Interest rate cap agreements (2)	2	31		31		8		8
Liabilities:
Interest rate swap agreements (3)	2	—		—		100		100
Interest rate swap agreements (4)	2	—		—		180		180
Foreign currency forward exchange contracts (3)	2	4		4		4		4
Short-term borrowings - trade receivable securitization facility (5)	2	350		350		349		349
Long-term debt, including current portion:
Term loans (5)	2	7,271		6,951		7,318		7,268
Revolving credit facility (5)	2	—		—		200		200
2025 Secured Notes (5)	1	1,094		1,117		1,093		1,170
6.375% 2026 Notes (5)	1	946		881		945		981
6.875% 2026 Notes (5)	1	495		473		494		527
2026 Secured Notes (5)	1	4,366		4,246		4,359		4,593
7.50% 2027 Notes (5)	1	546		517		546		578
5.50% 2027 Notes (5)	1	2,634		2,246		2,632		2,730
4.625% 2029 Notes (5)	1	1,191		972		1,190		1,196
4.875% 2029 Notes (5)	1	744		611		743		751
Government refundable advances	2	26		26		29		29
Finance lease obligations	2	146		146		100		100

(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 10, “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 or disclosed 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 significant 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 2, 2022 and September 30, 2021.

DERIVATIVES AND HEDGING ACTIVITIES

9 Months Ended

Jul. 02, 2022

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.

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)

$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)

$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:

$700

3/31/2023

9/30/2025

Tranche F

Three month LIBOR rate of 1.25%

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 2, 2022				September 30, 2021
	Asset		Liability		Asset		Liability
Interest rate cap agreements	$	31	$	—	$	8	$	—
Interest rate swap agreements	26		—		—		280
Net derivatives as classified in the condensed consolidated balance sheets (1)	$	57	$	—	$	8	$	280

(1)Refer to Note 12, “Fair Value Measurements,” for the condensed consolidated balance sheets classification of our interest rate swap and cap agreements. The change in the fair value of the interest rate swap and cap agreements is attributable to the upward trend in LIBOR during the first nine months of fiscal 2022.

Based on the fair value amounts of the interest rate swap and cap agreements determined as of July 2, 2022, the estimated net amount of existing (gains) and losses and caplet amortization expected to be reclassified into interest expense-net within the next 12 months is approximately $(4.1) million.

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 2, 2022, the Company has outstanding foreign currency forward exchange contracts to sell U.S. dollars with notional amounts of $181.1 million. The maximum duration of the Company’s foreign currency cash flow hedge contracts at July 2, 2022 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 2, 2022, the losses reclassified on settlements of foreign currency forward exchange contracts designated as cash flow hedges into net sales was approximately $4.9 million. The losses were previously recorded as a component of accumulated other comprehensive loss in stockholders' deficit.

As of July 2, 2022, the Company expects to record a net loss of approximately $3.7 million on foreign currency forward exchange contracts designated as cash flow hedges to net sales over the next 12 months.

SEGMENTS

9 Months Ended

Jul. 02, 2022

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 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 and divestiture transaction-related expenses, and refinancing costs. COVID-19 pandemic 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 and divestiture-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 for both acquisitions and divestitures 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 condensed 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. Corporate consists of our corporate offices. Corporate office expenses consist primarily of compensation, benefits, professional services and other administrative costs incurred by the corporate offices. Corporate assets consist primarily of cash and cash equivalents. Corporate expenses and assets reconcile reportable segment data to the consolidated totals. An immaterial amount of corporate 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 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Net sales to external customers
Power & Control
Commercial and non-aerospace OEM	$	158	$	135	$	446	$	388
Commercial and non-aerospace aftermarket	219		139		623		419
Defense	360		354		1,026		1,063
Total Power & Control	737		628		2,095		1,870

Airframe
Commercial and non-aerospace OEM	193		158		513		441
Commercial and non-aerospace aftermarket	201		149		549		390
Defense	226		243		643		696
Total Airframe	620		550		1,705		1,527

Total Non-aviation	41		40		119		122

Net Sales	$	1,398	$	1,218	$	3,919	$	3,519

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 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
EBITDA As Defined
Power & Control	$	398	$	331	$	1,100	$	944
Airframe	292		233		791		618
Non-aviation	16		14		45		45
Total segment EBITDA As Defined	706		578		1,936		1,607
Less: Unallocated corporate expenses	10		19		42		55
Total Company EBITDA As Defined	696		559		1,894		1,552
Depreciation and amortization expense	61		65		188		188
Interest expense, net	269		263		799		798
Acquisition and divestiture transaction-related expenses and adjustments	5		6		13		24
Non-cash stock compensation expense	36		35		115		105
Refinancing costs	—		13		—		36
COVID-19 pandemic restructuring costs	—		1		—		40
Gain on sale of businesses, net	(3)		(68)		(6)		(69)
Other, net	16		—		19		2
Income from continuing operations before income taxes	$	312	$	244	$	766	$	428

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


	July 2, 2022		September 30, 2021
Total assets
Power & Control	$	6,982	$	6,980
Airframe	7,908		7,472
Non-aviation	228		229
Corporate	3,701		4,634
	$	18,819	$	19,315

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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RETIREMENT PLANS

9 Months Ended

Jul. 02, 2022

Retirement Benefits [Abstract]

RETIREMENT PLANS

The components of net periodic pension benefit cost (income) for the Company's U.S. and non-U.S. defined benefit pension plans consisted of the following (in millions):


	Thirteen Week Periods Ended								Thirty-Nine Week Periods Ended
	July 2, 2022				July 3, 2021				July 2, 2022				July 3, 2021
	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	$	—	$	1	$	—	$	3	$	2	$	4
Interest cost	1		1		2		1		4		3		5		3
Expected return on plan assets	(2)		(1)		(5)		(1)		(6)		(5)		(14)		(5)
Amortization of net loss	—		—		—		—		—		1		—		1
Settlement charge	21		—		—		—		21		—		—		—
Net periodic pension benefit cost (income)	$	20	$	1	$	(3)	$	1	$	19	$	2	$	(7)	$	3

Net periodic pension benefit cost (income) for the Company’s U.S. and non-U.S. postretirement pension plans was less than $1 million for the thirteen and thirty-nine week periods ended July 2, 2022 and July 3, 2021, respectively. The components of net periodic pension benefit cost (income), other than service cost, are included in other expense (income) in the condensed consolidated statements of income.

Effective June 30, 2021, the Company terminated the Esterline Technologies Retirement Plan (the “ERP”) in accordance with IRS regulations. Pension obligations were to be distributed through a combination of lump sum payments to eligible plan participants and the purchase of a group annuity contract. Approximately $107 million in lump sum payments (using existing plan assets) were made during the thirty-nine week period ended July 2, 2022. During the third quarter of fiscal 2022, the Company transferred the remaining benefit obligations of approximately $188 million to an insurance company in order to purchase a group annuity contract which will begin paying plan benefits in September 2022. The Company made a final cash contribution of approximately $16 million during the third quarter of fiscal 2022 as part of the group annuity purchase. A settlement charge of approximately $21 million, which includes $6 million in unrecognized actuarial losses previously recorded as a component of accumulated other comprehensive loss, net of tax, was recorded as a component of other expense (income) in the condensed consolidated statements of income in the third quarter of fiscal 2022.

The entire disclosure for retirement benefits.

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ACCUMULATED OTHER COMPREHENSIVE LOSS

ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Jul. 02, 2022

Equity [Abstract]

The following table presents the total changes by component in accumulated other comprehensive loss (“AOCI”), net of taxes, for the thirty-nine week periods ended July 2, 2022 and July 3, 2021 (in millions):


	Unrealized gains (losses) on derivatives designated and qualifying as cash flow hedges (1)		Pension and postretirement benefit plans activity (2)		Foreign currency translation adjustment		Total
Balance at September 30, 2021	$	(229)	$	(18)	$	(1)	$	(248)
Current-period other comprehensive income (loss) before reclassification	257		—		(208)		49
Amounts reclassified from AOCI	(5)		6		—		1
Net current-period other comprehensive income (loss)	252		6		(208)		50
Balance at July 2, 2022	$	23	$	(12)	$	(209)	$	(198)

Balance at September 30, 2020	$	(302)	$	(8)	$	(91)	$	(401)
Net current-period other comprehensive income	58		—		121		179
Balance at July 3, 2021	$	(244)	$	(8)	$	30	$	(222)

(1)Represents unrealized gains (losses) on derivatives designated and qualifying as cash flow hedges, net of tax expense (benefit), of $7.9 million and $0.4 million for the thirteen week periods ended July 2, 2022 and July 3, 2021, respectively, and $77.8 million and $(18.9) million for the thirty-nine week periods ended July 2, 2022 and July 3, 2021, respectively.

(2)Defined pension plan and postretirement benefit plan activity represents pension liability adjustments, net of tax. For the thirteen and thirty-nine week periods ended July 2, 2022, pension liability adjustments, net of tax of $1.4 million, represents unrecognized actuarial losses reclassified to other expense (income) upon the settlement of the ERP. Refer to Note 15, “Retirement Benefits,” for additional information. There were no material pension liability adjustments, net of taxes, for the thirteen and thirty-nine week periods ended July 3, 2021.

The following table presents a summary of reclassifications out of AOCI for the thirty-nine week period ended July 2, 2022. Reclassifications out of AOCI for the thirty-nine week period ended July 3, 2021 were not material (in millions):


Description of reclassifications out of AOCI	Amount Reclassified
Amortization from redesignated interest rate swap and cap agreements (1)	$	2
Losses from settlement of foreign currency forward exchange contracts (2)	(5)
Settlement charges from termination of the ERP (3)	6
Deferred tax expense on reclassifications out of AOCI	(2)
Amounts reclassified into earnings, net of tax	$	1

(1)This component of AOCI is included in interest expense-net. Refer to Note 13, “Derivatives and Hedging Activities,” for additional information.

(2)This component of AOCI is included in net sales. Refer to Note 13, “Derivatives and Hedging Activities,” for additional information.

(3)This component of AOCI is included in other expense (income). Refer to Note 15, “Retirement Plans,” for additional information.

LEASES

9 Months Ended

Jul. 02, 2022

Leases [Abstract]

Leases

LEASESThe Company leases certain manufacturing facilities, offices, land, equipment and vehicles. Such leases, some of which are noncancellable 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 are as follows (in millions):


		Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	Classification	July 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Operating lease cost	Cost of sales or selling and administrative expenses	$	6	$	9	$	18	$	23
Finance lease cost
Amortization of leased assets	Cost of sales	2		1		4		3
Interest on lease liabilities	Interest expense - net	3		2		7		4
Total lease cost		$	11	$	12	$	29	$	30

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


	Thirty-Nine Week Periods Ended
	July 2, 2022		July 3, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	18	$	23
Operating cash outflows from finance leases	6		4
Financing cash outflows from finance leases	2		1

Lease assets obtained in exchange for new lease obligations:
Operating leases	$	18	$	39
Financing leases	34		25

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


	Classification	July 2, 2022		September 30, 2021
Operating Leases
Operating lease right-of-use assets	Other assets	$	89	$	94

Current operating lease liabilities	Accrued and other current liabilities	18		20
Long-term operating lease liabilities	Other non-current liabilities	75		79
Total operating lease liabilities		$	93	$	99

Finance Leases
Finance lease right-of-use assets, net	Property, plant and equipment - net	$	133	$	104

Current finance lease liabilities	Current portion of long-term debt	2		2
Long-term finance lease liabilities	Long-term debt	144		98
Total finance lease liabilities		$	146	$	100

As of July 2, 2022, the Company has the following remaining lease term and weighted average discount rates:


Weighted-average remaining lease term
Operating leases			8.1 years
Finance leases			20.2 years

Weighted-average discount rate
Operating leases			6.0%
Finance leases			7.1%

Maturities of lease liabilities at July 2, 2022 are as follows (in millions):


	Operating Leases		Finance Leases
2022	$	6	$	3
2023	20		12
2024	17		13
2025	15		13
2026	12		13
Thereafter	49		243
Total future minimum lease payments	119		297
Less: imputed interest	26		151
Present value of lease liabilities reported	$	93	$	146

Leases

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


		Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	Classification	July 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Operating lease cost	Cost of sales or selling and administrative expenses	$	6	$	9	$	18	$	23
Finance lease cost
Amortization of leased assets	Cost of sales	2		1		4		3
Interest on lease liabilities	Interest expense - net	3		2		7		4
Total lease cost		$	11	$	12	$	29	$	30

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


	Thirty-Nine Week Periods Ended
	July 2, 2022		July 3, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	18	$	23
Operating cash outflows from finance leases	6		4
Financing cash outflows from finance leases	2		1

Lease assets obtained in exchange for new lease obligations:
Operating leases	$	18	$	39
Financing leases	34		25

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


	Classification	July 2, 2022		September 30, 2021
Operating Leases
Operating lease right-of-use assets	Other assets	$	89	$	94

Current operating lease liabilities	Accrued and other current liabilities	18		20
Long-term operating lease liabilities	Other non-current liabilities	75		79
Total operating lease liabilities		$	93	$	99

Finance Leases
Finance lease right-of-use assets, net	Property, plant and equipment - net	$	133	$	104

Current finance lease liabilities	Current portion of long-term debt	2		2
Long-term finance lease liabilities	Long-term debt	144		98
Total finance lease liabilities		$	146	$	100

As of July 2, 2022, the Company has the following remaining lease term and weighted average discount rates:


Weighted-average remaining lease term
Operating leases			8.1 years
Finance leases			20.2 years

Weighted-average discount rate
Operating leases			6.0%
Finance leases			7.1%

Maturities of lease liabilities at July 2, 2022 are as follows (in millions):


	Operating Leases		Finance Leases
2022	$	6	$	3
2023	20		12
2024	17		13
2025	15		13
2026	12		13
Thereafter	49		243
Total future minimum lease payments	119		297
Less: imputed interest	26		151
Present value of lease liabilities reported	$	93	$	146

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Jul. 02, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES During the ordinary course of business, the Company is from time to time threatened with, or may become a party to, legal actions and other proceedings. While the Company is currently involved in certain legal proceedings, it believes the results of these proceedings will not have a material adverse effect on its financial condition, results of operations, or cash flows. DoD OIG Audit – TransDigm’s subsidiaries are periodically subject to pricing reviews and government buying agencies that purchase some of our subsidiaries’ products are periodically subject to audits by the Department of Defense (“DoD”) Office of Inspector General (“OIG”) with respect to prices paid for such products. In 2019, the DoD OIG received a congressional letter requesting a comprehensive review of TransDigm’s contracts with the DoD from January 2017 through June 2019 to identify whether TransDigm earned excess profits. This subsequently resulted in an audit by the DoD OIG in which the objective was to determine whether TransDigm’s business model impacted the DoD’s ability to pay fair and reasonable prices for spare parts. In December 2021, the OIG completed the audit and issued the related audit report. Despite the audit report making clear there was no wrongdoing by TransDigm, its businesses, or the DoD, the report recommended that TransDigm voluntarily refund at least $20.8 million in excess profit on 150 contracts subject to the audit. TransDigm disagrees with many of the implications contained in the report, and objects to the use of arbitrary standards and analysis which render many areas of the report inaccurate and misleading. These include: (1) The report expressly acknowledges that it used arbitrary standards that are not applicable to the audited contracts and warns that its arbitrary standards should not be used in the future. The use of inapplicable standards results in flawed analysis and is misleading; (2) The report ignores significant real costs incurred by the business and contrary to law reports these costs as excess profit; (3) Despite data demonstrating that the DoD paid lower prices compared to the commercial prices for similar parts, the report did not conduct a price analysis and instead implies that the DoD negotiated prices were too high. No loss contingency related to the voluntary refund request has been recorded as of July 2, 2022 as the Company has concluded that based on the current facts and circumstances, it's uncertain as to whether or not the requested voluntary refund will be made.

SUBSEQUENT EVENT	9 Months Ended
SUBSEQUENT EVENT	Jul. 02, 2022
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTOn August 9, 2022, the Company announced that TD Group's Board of Directors authorized and declared a special cash dividend of $18.50 on each outstanding share of common stock and cash dividend equivalent payments on vested options outstanding under its stock incentive plans. The record date and payment date for the special dividend is August 19, 2022 and August 26, 2022, respectively. The total estimated cash payment, to be funded by existing cash on hand, related to the special dividend and dividend equivalent payments in the fourth quarter of fiscal 2022 is approximately $1,068 million.

ACQUISITIONS AND DIVESTITURES (Tables)

Jan. 05, 2021

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The allocation of the estimated fair value of assets acquired and liabilities assumed in the DART acquisition as of the May 25, 2022 acquisition date is summarized in the table below (in millions):


Assets acquired (excluding cash):
Trade accounts receivable	$	16
Inventories	33
Prepaid expenses and other	4
Property, plant and equipment	9
Goodwill	236		(1)
Other intangible assets	112		(1)
Other	8
Total assets acquired (excluding cash)	418
Liabilities assumed:
Accounts payable	4
Accrued and other current liabilities	11
Deferred income taxes	35
Other non-current liabilities	8
Total liabilities assumed	58
Net assets acquired	$	360

(1)The Company expects that none of the approximately $236 million of goodwill and $112 million of other intangible assets recognized for the acquisition will be deductible for tax purposes.


	Preliminary Allocation		Measurement Period Adjustments			Final Allocation
Assets acquired (excluding cash):
Trade accounts receivable	$	31	$	1		$	32
Inventories	27		2			29
Prepaid expenses and other	10		(3)			7
Property, plant and equipment	18		3			21
Goodwill	636		61			697		(1)
Other intangible assets	309		15			324		(1)
Other	34		(3)			31
Total assets acquired (excluding cash)	1,065		76			1,141
Liabilities assumed:
Accounts payable	15		3			18
Accrued and other current liabilities	38		6		(2)	44
Deferred income taxes	38		(7)			31
Other non-current liabilities	29		74		(2)	103
Total liabilities assumed	120		76			196
Net assets acquired	$	945	$	—		$	945

REVENUE RECOGNITION (Tables)

9 Months Ended

Jul. 02, 2022

Revenue from Contract with Customer [Abstract]

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


	July 2, 2022		September 30, 2021
Contract assets, current (1)	$	107	$	72
Contract assets, non-current (2)	1		2
Total contract assets	108		74
Contract liabilities, current (3)	46		27
Contract liabilities, non-current (4)	8		5
Total contract liabilities	54		32
Net contract assets	$	54	$	42

(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.

EARNINGS PER SHARE (Tables)

9 Months Ended

Jul. 02, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	July 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Numerator for earnings per share:
Income from continuing operations	$	239	$	317	$	601	$	473
Less: Net income attributable to noncontrolling interests	(1)		—		(2)		(2)
Net income from continuing operations attributable to TD Group	238		317		599		471
Less: Special dividends declared or paid on participating securities, including dividend equivalent payments	—		—		(46)		(73)
Income from discontinued operations, net of tax	—		—		1		—
Net income applicable to TD Group common stockholders—basic and diluted	$	238	$	317	$	554	$	398
Denominator for basic and diluted earnings per share under the two-class method:
Weighted-average common shares outstanding	54.4		55.0		55.0		54.8
Vested options deemed participating securities	3.6		3.4		3.7		3.6
Total shares for basic and diluted earnings per share	58.0		58.4		58.7		58.4

Earnings per share from continuing operations—basic and diluted	$	4.10	$	5.43	$	9.42	$	6.83
Earnings per share from discontinued operations—basic and diluted	—		—		0.02		—
Earnings per share	$	4.10	$	5.43	$	9.44	$	6.83

INVENTORIES (Tables)

9 Months Ended

Jul. 02, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following (in millions):


	July 2, 2022		September 30, 2021
Raw materials and purchased component parts	$	939	$	850
Work-in-progress	369		322
Finished goods	209		207
Total	1,517		1,379
Reserves for excess and obsolete inventory	(197)		(194)
Inventories—Net	$	1,320	$	1,185

INTANGIBLE ASSETS (Tables)

9 Months Ended

Jul. 02, 2022

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 2, 2022						September 30, 2021
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Trademarks & trade names	$	1,000	$	—	$	1,000	$	983	$	—	$	983
Technology	2,054		760		1,294		2,009		679		1,330
Order backlog	10		1		9		16		11		5
Customer relationships	560		98		462		545		78		467
Other	10		4		6		18		12		6
Total	$	3,634	$	863	$	2,771	$	3,571	$	780	$	2,791

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

Intangible assets acquired during the thirty-nine week period ended July 2, 2022 are summarized in the table below (in millions):


	Gross Amount		Amortization Period
Intangible assets not subject to amortization:
Goodwill	$	260
Trademarks and trade names	27
	287
Intangible assets subject to amortization:
Technology	65		20 years
Order backlog	8		1 year
Customer relationships	32		20 years
	105
Total	$	392

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, 2021 through July 2, 2022 (in millions):


	Power & Control		Airframe		Non-aviation		Total
Balance at September 30, 2021	$	4,149	$	4,326	$	93	$	8,568
Goodwill acquired during the period	24		236		—		260
Purchase price allocation adjustments (1)	—		3		—		3
Currency translation adjustments and other	(31)		(72)		—		(103)
Balance at July 2, 2022	$	4,142	$	4,493	$	93	$	8,728

(1)Primarily related to opening balance sheet adjustments recorded from the acquisition of CAC up to the expiration of the one year measurement period in January 2022.

DEBT (Tables)

9 Months Ended

Jul. 02, 2022

Debt Disclosure [Abstract]

Schedule of Debt

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


	July 2, 2022
	Gross Amount		Debt Issuance Costs		Original Issue (Discount) or Premium		Net Amount
Short-term borrowings—trade receivable securitization facility	$	350	$	—	$	—	$	350
Term loans	$	7,317	$	(32)	$	(14)	$	7,271
8.00% senior secured notes due 2025 (“2025 Secured Notes”)	1,100		(6)		—		1,094
6.375% senior subordinated notes due 2026 (“6.375% 2026 Notes”)	950		(4)		—		946
6.875% senior subordinated notes due 2026 (“6.875% 2026 Notes”)	500		(3)		(2)		495
6.25% secured notes due 2026 (“2026 Secured Notes”)	4,400		(38)		4		4,366
7.50% senior subordinated notes due 2027 (“7.50% 2027 Notes”)	549		(3)		—		546
5.50% senior subordinated notes due 2027 (“5.50% 2027 Notes”)	2,650		(16)		—		2,634
4.625% senior subordinated notes due 2029 (“4.625% 2029 Notes”)	1,200		(9)		—		1,191
4.875% senior subordinated notes due 2029 (“4.875% 2029 Notes”)	750		(6)		—		744
Government refundable advances	26		—		—		26
Finance lease obligations	146		—		—		146
	19,588		(117)		(12)		19,459
Less: current portion	77		—		—		77
Long-term debt	$	19,511	$	(117)	$	(12)	$	19,382


	September 30, 2021
	Gross Amount		Debt Issuance Costs		Original Issue (Discount) or Premium		Net Amount
Short-term borrowings—trade receivable securitization facility	$	350	$	(1)	$	—	$	349
Term loans	$	7,374	$	(39)	$	(17)	$	7,318
Revolving credit facility	200		—		—		200
2025 Secured Notes	1,100		(7)		—		1,093
6.375% 2026 Notes	950		(5)		—		945
6.875% 2026 Notes	500		(4)		(2)		494
2026 Secured Notes	4,400		(45)		4		4,359
7.50% 2027 Notes	550		(4)		—		546
5.50% 2027 Notes	2,650		(18)		—		2,632
4.625% 2029 Notes	1,200		(10)		—		1,190
4.875% 2029 Notes	750		(7)		—		743
Government refundable advances	29		—		—		29
Finance lease obligations	100		—		—		100
	19,803		(139)		(15)		19,649
Less: current portion	278		(1)		—		277
Long-term debt	$	19,525	$	(138)	$	(15)	$	19,372

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Jul. 02, 2022

Fair Value Disclosures [Abstract]

Carrying Amounts and Fair Values of Financial Instruments


		July 2, 2022				September 30, 2021
	Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	3,808	$	3,808	$	4,787	$	4,787
Interest rate swap agreements (1)	2	3		3		—		—
Interest rate swap agreements (2)	2	23		23		—		—
Interest rate cap agreements (2)	2	31		31		8		8
Liabilities:
Interest rate swap agreements (3)	2	—		—		100		100
Interest rate swap agreements (4)	2	—		—		180		180
Foreign currency forward exchange contracts (3)	2	4		4		4		4
Short-term borrowings - trade receivable securitization facility (5)	2	350		350		349		349
Long-term debt, including current portion:
Term loans (5)	2	7,271		6,951		7,318		7,268
Revolving credit facility (5)	2	—		—		200		200
2025 Secured Notes (5)	1	1,094		1,117		1,093		1,170
6.375% 2026 Notes (5)	1	946		881		945		981
6.875% 2026 Notes (5)	1	495		473		494		527
2026 Secured Notes (5)	1	4,366		4,246		4,359		4,593
7.50% 2027 Notes (5)	1	546		517		546		578
5.50% 2027 Notes (5)	1	2,634		2,246		2,632		2,730
4.625% 2029 Notes (5)	1	1,191		972		1,190		1,196
4.875% 2029 Notes (5)	1	744		611		743		751
Government refundable advances	2	26		26		29		29
Finance lease obligations	2	146		146		100		100

(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 10, “Debt,” for gross carrying amounts.

DERIVATIVES AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Jul. 02, 2022

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)

$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)

$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:

$700

3/31/2023

9/30/2025

Tranche F

Three month LIBOR rate of 1.25%

Schedule of Interest Rate Derivatives [Table Text Block]


	July 2, 2022				September 30, 2021
	Asset		Liability		Asset		Liability
Interest rate cap agreements	$	31	$	—	$	8	$	—
Interest rate swap agreements	26		—		—		280
Net derivatives as classified in the condensed consolidated balance sheets (1)	$	57	$	—	$	8	$	280

SEGMENTS (Tables)

9 Months Ended

Jul. 02, 2022

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 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Net sales to external customers
Power & Control
Commercial and non-aerospace OEM	$	158	$	135	$	446	$	388
Commercial and non-aerospace aftermarket	219		139		623		419
Defense	360		354		1,026		1,063
Total Power & Control	737		628		2,095		1,870

Airframe
Commercial and non-aerospace OEM	193		158		513		441
Commercial and non-aerospace aftermarket	201		149		549		390
Defense	226		243		643		696
Total Airframe	620		550		1,705		1,527

Total Non-aviation	41		40		119		122

Net Sales	$	1,398	$	1,218	$	3,919	$	3,519

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 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
EBITDA As Defined
Power & Control	$	398	$	331	$	1,100	$	944
Airframe	292		233		791		618
Non-aviation	16		14		45		45
Total segment EBITDA As Defined	706		578		1,936		1,607
Less: Unallocated corporate expenses	10		19		42		55
Total Company EBITDA As Defined	696		559		1,894		1,552
Depreciation and amortization expense	61		65		188		188
Interest expense, net	269		263		799		798
Acquisition and divestiture transaction-related expenses and adjustments	5		6		13		24
Non-cash stock compensation expense	36		35		115		105
Refinancing costs	—		13		—		36
COVID-19 pandemic restructuring costs	—		1		—		40
Gain on sale of businesses, net	(3)		(68)		(6)		(69)
Other, net	16		—		19		2
Income from continuing operations before income taxes	$	312	$	244	$	766	$	428

Total Assets by Segment

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


	July 2, 2022		September 30, 2021
Total assets
Power & Control	$	6,982	$	6,980
Airframe	7,908		7,472
Non-aviation	228		229
Corporate	3,701		4,634
	$	18,819	$	19,315

RETIREMENT BENEFITS (Tables)

9 Months Ended

Jul. 02, 2022

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

The components of net periodic pension benefit cost (income) for the Company's U.S. and non-U.S. defined benefit pension plans consisted of the following (in millions):


	Thirteen Week Periods Ended								Thirty-Nine Week Periods Ended
	July 2, 2022				July 3, 2021				July 2, 2022				July 3, 2021
	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	$	—	$	1	$	—	$	3	$	2	$	4
Interest cost	1		1		2		1		4		3		5		3
Expected return on plan assets	(2)		(1)		(5)		(1)		(6)		(5)		(14)		(5)
Amortization of net loss	—		—		—		—		—		1		—		1
Settlement charge	21		—		—		—		21		—		—		—
Net periodic pension benefit cost (income)	$	20	$	1	$	(3)	$	1	$	19	$	2	$	(7)	$	3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

9 Months Ended

Jul. 02, 2022

Equity [Abstract]

Schedule of Reclassifications out of Accumulated Other Comprehensive Loss


	Unrealized gains (losses) on derivatives designated and qualifying as cash flow hedges (1)		Pension and postretirement benefit plans activity (2)		Foreign currency translation adjustment		Total
Balance at September 30, 2021	$	(229)	$	(18)	$	(1)	$	(248)
Current-period other comprehensive income (loss) before reclassification	257		—		(208)		49
Amounts reclassified from AOCI	(5)		6		—		1
Net current-period other comprehensive income (loss)	252		6		(208)		50
Balance at July 2, 2022	$	23	$	(12)	$	(209)	$	(198)

Balance at September 30, 2020	$	(302)	$	(8)	$	(91)	$	(401)
Net current-period other comprehensive income	58		—		121		179
Balance at July 3, 2021	$	(244)	$	(8)	$	30	$	(222)

Schedule of Components of Accumulated Other Comprehensive Loss, Net of Taxes


Description of reclassifications out of AOCI	Amount Reclassified
Amortization from redesignated interest rate swap and cap agreements (1)	$	2
Losses from settlement of foreign currency forward exchange contracts (2)	(5)
Settlement charges from termination of the ERP (3)	6
Deferred tax expense on reclassifications out of AOCI	(2)
Amounts reclassified into earnings, net of tax	$	1

(1)This component of AOCI is included in interest expense-net. Refer to Note 13, “Derivatives and Hedging Activities,” for additional information.

(2)This component of AOCI is included in net sales. Refer to Note 13, “Derivatives and Hedging Activities,” for additional information.

(3)This component of AOCI is included in other expense (income). Refer to Note 15, “Retirement Plans,” for additional information.

LEASES (Tables)

9 Months Ended

Jul. 02, 2022

Leases [Abstract]

Lease, Cost [Table Text Block]

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


		Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	Classification	July 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Operating lease cost	Cost of sales or selling and administrative expenses	$	6	$	9	$	18	$	23
Finance lease cost
Amortization of leased assets	Cost of sales	2		1		4		3
Interest on lease liabilities	Interest expense - net	3		2		7		4
Total lease cost		$	11	$	12	$	29	$	30

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 2, 2022		July 3, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	18	$	23
Operating cash outflows from finance leases	6		4
Financing cash outflows from finance leases	2		1

Lease assets obtained in exchange for new lease obligations:
Operating leases	$	18	$	39
Financing leases	34		25

Leases, Supplemental Balance Sheet Information [Table Text Block]

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


	Classification	July 2, 2022		September 30, 2021
Operating Leases
Operating lease right-of-use assets	Other assets	$	89	$	94

Current operating lease liabilities	Accrued and other current liabilities	18		20
Long-term operating lease liabilities	Other non-current liabilities	75		79
Total operating lease liabilities		$	93	$	99

Finance Leases
Finance lease right-of-use assets, net	Property, plant and equipment - net	$	133	$	104

Current finance lease liabilities	Current portion of long-term debt	2		2
Long-term finance lease liabilities	Long-term debt	144		98
Total finance lease liabilities		$	146	$	100

As of July 2, 2022, the Company has the following remaining lease term and weighted average discount rates:


Weighted-average remaining lease term
Operating leases			8.1 years
Finance leases			20.2 years

Weighted-average discount rate
Operating leases			6.0%
Finance leases			7.1%

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

Maturities of lease liabilities at July 2, 2022 are as follows (in millions):


	Operating Leases		Finance Leases
2022	$	6	$	3
2023	20		12
2024	17		13
2025	15		13
2026	12		13
Thereafter	49		243
Total future minimum lease payments	119		297
Less: imputed interest	26		151
Present value of lease liabilities reported	$	93	$	146

Finance Lease, Liability, Maturity [Table Text Block]

Maturities of lease liabilities at July 2, 2022 are as follows (in millions):


	Operating Leases		Finance Leases
2022	$	6	$	3
2023	20		12
2024	17		13
2025	15		13
2026	12		13
Thereafter	49		243
Total future minimum lease payments	119		297
Less: imputed interest	26		151
Present value of lease liabilities reported	$	93	$	146

DESCRIPTION OF THE BUSINESS - Narratives (Details)	Jul. 02, 2022
Accounting Policies [Abstract]
Ownership Percentage by Parent	100.00%

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

3 Months Ended

9 Months Ended

May 25, 2022

Jun. 30, 2021

Apr. 27, 2021

Jan. 29, 2021

Jan. 05, 2021

Nov. 17, 2020

Dec. 20, 2019

Jul. 02, 2022

Jul. 03, 2021

Jul. 02, 2022

Jul. 03, 2021

Sep. 30, 2021

Payments to Acquire Businesses, Net of Cash Acquired

$ 422

$ 951

Gain on sale of businesses, net

$ 8,728

8,728

$ 8,568

$ 68

INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX

$ 0

$ 1

$ 0

Minimum

Air Transportation Equipment Estimated Useful Life

25 years

Maximum

Air Transportation Equipment Estimated Useful Life

30 years

DART Aerospace

Payments to Acquire Businesses, Net of Cash Acquired

$ 360

^[1]

236

^[1]

$ 112

Extant Aerospace

Payments to Acquire Businesses, Net of Cash Acquired

$ 61

Cobham

Payments to Acquire Businesses, Net of Cash Acquired

$ 945

636

697

^[2]

697

^[2]

$ 309

$ 324

^[2]

324

^[2]

ScioTeq and TREALITY

200

Souriau Sunbank

INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX

$ 920

Racal

$ 20

Avista

$ 8

TAC

Scioteq, Treality, and TAC

$ 40

Gain on sale of businesses, net

$ 68

INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX

$ 3

[1]	The Company expects that none of the approximately $236 million of goodwill and $112 million of other intangible assets recognized for the acquisition will be deductible for tax purposes.
[2]	Of the approximately $697 million of goodwill recognized for the acquisition, approximately $65 million is deductible for tax purposes. Of the approximately $324 million of other intangible assets recognized for the acquisition, approximately $105 million is deductible for tax purposes. The goodwill and intangible assets are deductible over 15 years.

ACQUISITIONS AND DIVESTITURES - Allocation of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions

Jul. 02, 2022

May 25, 2022

Sep. 30, 2021

$ 8,728

$ 8,568

DART Aerospace

Trade accounts receivable

$ 16

Inventories

Prepaid expenses and other

Property, plant and equipment

^[1]

236

Total assets acquired (excluding cash)

^[1]

112

Other

418

Liabilities assumed:

Accounts payable

Accrued and other current liabilities

Deferred income taxes

Other non-current liabilities

Total liabilities assumed

Net assets acquired

$ 360

[1]	The Company expects that none of the approximately $236 million of goodwill and $112 million of other intangible assets recognized for the acquisition will be deductible for tax purposes.

ACQUISITIONS AND DIVESTITURES - Allocation of Estimated Fair Value of Assets Acquired and Liabilities Assumed - CAC Acquisition (Details) - USD ($)

9 Months Ended

Jan. 05, 2021

Jul. 02, 2022

Sep. 30, 2021

Goodwill, Purchase Accounting Adjustments

$ 8,728,000,000

$ 8,568,000,000

^[1]

3,000,000

Cobham

Trade accounts receivable

$ 31,000,000

32,000,000

Inventories

27,000,000

29,000,000

Prepaid expenses and other

10,000,000

7,000,000

Property, plant and equipment

18,000,000

21,000,000

636,000,000

697,000,000

^[2]

Total assets acquired (excluding cash)

309,000,000

324,000,000

^[2]

Other

34,000,000

31,000,000

1,065,000,000

1,141,000,000

BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentCurrentAssets,Receivable

1,000,000

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

2,000,000

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

(3,000,000)

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

3,000,000

Goodwill, Purchase Accounting Adjustments

61,000,000

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

15,000,000

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Other Assets

(3,000,000)

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Total Assets Acquired

76,000,000

Liabilities assumed:

Accounts payable

15,000,000

18,000,000

Accrued and other current liabilities

38,000,000

44,000,000

Deferred income taxes

38,000,000

31,000,000

Other non-current liabilities

29,000,000

103,000,000

Total liabilities assumed

120,000,000

196,000,000

Business Combination Provisional Information Initial Accounting Incomplete Adjustment accounts payable

3,000,000

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

^[3]

6,000,000

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Accounts Payable

(7,000,000)

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

^[3]

74,000,000

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Total Liabilities Assumed

76,000,000

Net assets acquired

945,000,000

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Net Assets Acquired

$ 0

Business acquisition, Goodwill, Tax Deductible Amount

65,000,000

Business acquisition, Intangibles, Tax Deductible Amount

$ 105,000,000

Tax benefit recognition period (in years)

15 years

Loss Contingency, Estimate of Possible Loss

$ 80,600,000

[1]	Primarily related to opening balance sheet adjustments recorded from the acquisition of CAC up to the expiration of the one year measurement period in January 2022.
[2]	Of the approximately $697 million of goodwill recognized for the acquisition, approximately $65 million is deductible for tax purposes. Of the approximately $324 million of other intangible assets recognized for the acquisition, approximately $105 million is deductible for tax purposes. The goodwill and intangible assets are deductible over 15 years.
[3]	Primarily relates to the recording of loss contract reserves associated with acquired ongoing long-term contracts with customers that were incurring negative gross margins 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 loss contract reserves, totaling $80.6 million, will be released over an estimated three to five year period.

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

Jul. 02, 2022

Sep. 30, 2021

Schedule of Contract Assets and Liabilities [Line Items]

Contract with Customer, Asset, after Allowance for Credit Loss

$ 108

$ 74

Contract with Customer, Liability

Net Contract Asset

Prepaid Expenses and Other Current Assets

Schedule of Contract Assets and Liabilities [Line Items]

Contract with Customer, Asset, Net, Current

^[1]

107

Other Noncurrent Assets

Schedule of Contract Assets and Liabilities [Line Items]

Contract with Customer, Asset, Net, Noncurrent

^[2]

Accrued and Other Current Liabilities

Schedule of Contract Assets and Liabilities [Line Items]

Contract with Customer, Liability, Current

^[3]

Other Noncurrent Liabilities

Schedule of Contract Assets and Liabilities [Line Items]

Contract with Customer, Liability, Noncurrent

^[4]

$ 8

$ 5

[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) - USD ($) $ in Millions	Jul. 02, 2022	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 34	$ 30

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. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Numerator for earnings per share:
Income from continuing operations	$ 239	$ 317	$ 601	$ 473
Less: Net income attributable to noncontrolling interests	1	0	2	2
Net income from continuing operations attributable to TD Group	238	317	599	471
Less: Special dividends declared or paid on participating securities, including dividend equivalent payments	0	0	(46)	(73)
Income from discontinued operations, net of tax	0	0	1	0
Net income applicable to TD Group common stockholders—basic and diluted	$ 238	$ 317	$ 554	$ 398
Denominator for basic and diluted earnings per share under the two-class method:
Weighted-average common shares outstanding	54.4	55.0	55.0	54.8
Vested options deemed participating securities	3.6	3.4	3.7	3.6
Total shares for basic and diluted earnings per share	58.0	58.4	58.7	58.4
Earnings per share from continuing operations—basic and diluted	$ 4.10	$ 5.43	$ 9.42	$ 6.83
Earnings per share from discontinued operations—basic and diluted	0	0	0.02	0
Earnings per share	$ 4.10	$ 5.43	$ 9.44	$ 6.83

STOCK REPURCHASE PROGRAM (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Apr. 02, 2022	Jul. 02, 2022	Jul. 03, 2021	Jan. 27, 2022	Nov. 08, 2017
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount					$ 2,200	$ 650
Treasury Stock Acquired, Average Cost Per Share			$ 612.13
Repurchases of common stock			$ 912	$ 0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 1,288		$ 1,288
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchases under repurchase program	443,598	1,046,815	1,490,413

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Millions	Jul. 02, 2022	Sep. 30, 2021
Inventory Disclosure [Abstract]
Raw materials and purchased component parts	$ 939	$ 850
Work-in-progress	369	322
Finished goods	209	207
Total	1,517	1,379
Reserves for excess and obsolete inventory	(197)	(194)
Inventories—Net	$ 1,320	$ 1,185

INTANGIBLE ASSETS - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	Jul. 02, 2022	Sep. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 3,634	$ 3,571
Intangible Assets, Accumulated Amortization	863	780
Total	2,771	2,791
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,054	2,009
Accumulated Amortization	760	679
Net	1,294	1,330
Order backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10	16
Accumulated Amortization	1	11
Net	9	5
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	560	545
Accumulated Amortization	98	78
Net	462	467
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10	18
Accumulated Amortization	4	12
Net	6	6
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill), Gross	1,000	983
Indefinite-Lived Intangible Assets, Accumulated Amortization	0	0
Intangible Assets (Excluding Goodwill), Net	$ 1,000	$ 983

INTANGIBLE ASSETS - Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination (Details) $ in Millions	9 Months Ended
	Jul. 02, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	$ 287
Finite-lived Intangible Assets Acquired	105
Intangible Assets Acquired	392
Technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 65
Amortization Period	20 years
Order backlog
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 8
Amortization Period	1 year
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 32
Amortization Period	20 years
Goodwill
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	$ 260
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	$ 27

INTANGIBLE ASSETS - Summary of Changes in Carrying Value of Goodwill (by Segment) (Details)

9 Months Ended

Jul. 02, 2022

USD ($)

$ 8,568,000,000

260,000,000

3,000,000

^[1]

(103,000,000)

Power And Control [Member]

8,728,000,000

4,149,000,000

24,000,000

^[1]

(31,000,000)

4,142,000,000

Airframe [Member]

4,326,000,000

236,000,000

3,000,000

^[1]

(72,000,000)

Non-Aviation Related Business [Member]

4,493,000,000

93,000,000

^[1]

$ 93,000,000

[1]	Primarily related to opening balance sheet adjustments recorded from the acquisition of CAC up to the expiration of the one year measurement period in January 2022.

INTANGIBLE ASSETS - Aggregate Amortization Expense on Identifiable Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
AMORTIZATION OF INTANGIBLE ASSETS	$ 33	$ 36	$ 102	$ 101

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

Jul. 02, 2022

Dec. 29, 2021

Sep. 30, 2021

$ 19,588.0

$ 19,803.0

Debt Instrument, Unamortized Discount (Premium), Net

(117.0)

(139.0)

(12.0)

(15.0)

Short-term borrowings—trade receivable securitization facility

350.0

349.0

Current portion of long-term debt

19,459.0

19,649.0

77.0

277.0

Long-term Debt, Gross and Lease Obligation

19,511.0

19,525.0

Deferred Finance Costs, Excluding Current Maturities

(117.0)

(138.0)

Debt Instrument, Unamortized Discount, Excluding Current Maturities

(12.0)

(15.0)

LONG-TERM DEBT

19,382.0

19,372.0

Revolving Credit Facility [Member]

146.0

100.0

Debt Issuance Costs, Gross

0.2

Line of Credit Facility, Maximum Borrowing Capacity

$ 810.0

760.0

Line of Credit Facility, Remaining Borrowing Capacity

779.4

Term loans

7,317.0

7,374.0

Debt Instrument, Unamortized Discount (Premium), Net

(32.0)

(39.0)

(14.0)

(17.0)

Revolving Credit Facility [Member]

^[1]

$ 7,271.0

7,318.0

200.0

Debt Instrument, Unamortized Discount (Premium), Net

0.0

0.0

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

$ 200.0

6.375%

$ 950.0

Debt Instrument, Unamortized Discount (Premium), Net

(4.0)

(5.0)

0.0

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

^[1]

$ 946.0

$ 945.0

6.875%

$ 500.0

Debt Instrument, Unamortized Discount (Premium), Net

(3.0)

(4.0)

(2.0)

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

^[1]

$ 495.0

$ 494.0

7.50%

$ 549.0

$ 550.0

Debt Instrument, Unamortized Discount (Premium), Net

(3.0)

(4.0)

0.0

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

^[1]

$ 546.0

5.50%

$ 2,650.0

Debt Instrument, Unamortized Discount (Premium), Net

(16.0)

(18.0)

0.0

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

^[1]

$ 2,634.0

2,632.0

4.625%

$ 1,200.0

1,200.0

Debt Instrument, Unamortized Discount (Premium), Net

(9.0)

(10.0)

0.0

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

^[1]

$ 1,191.0

1,190.0

4.875%

$ 750.0

750.0

Debt Instrument, Unamortized Discount (Premium), Net

(6.0)

(7.0)

0.0

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

^[1]

$ 744.0

743.0

8.00%

$ 1,100.0

1,100.0

Debt Instrument, Unamortized Discount (Premium), Net

(6.0)

(7.0)

0.0

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

^[1]

$ 1,094.0

1,093.0

6.25%

$ 4,400.0

4,400.0

Debt Instrument, Unamortized Discount (Premium), Net

(38.0)

(45.0)

4.0

Government Refundable Advances [Member]

^[1]

4,366.0

4,359.0

Debt Instrument, Unamortized Discount (Premium), Net

0.0

0.0

Government refundable advances

26.0

29.0

26.0

29.0

Debt Instrument, Unamortized Discount (Premium), Net

0.0

0.0

146.0

100.0

146.0

100.0

Less: current portion

Debt Instrument, Unamortized Discount (Premium), Net

0.0

(1.0)

0.0

Debt Instrument, Unamortized Discount

0.0

Long-term Debt, Current Maturities, Gross

77.0

278.0

Current portion of long-term debt

77.0

277.0

Asset-backed Securities

Debt Instrument, Unamortized Discount (Premium), Net

0.0

(1.0)

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 10, “Debt,” for gross carrying amounts.

DEBT - Additional Debt Instruments (Details) - USD ($)		9 Months Ended
DEBT - Additional Debt Instruments (Details) - USD ($)	Oct. 06, 2021	Jul. 02, 2022	Jul. 03, 2021	Sep. 30, 2021
Debt Instrument [Line Items]
Repayments of Lines of Credit		$ 200,000,000	$ 200,000,000
Finance Lease Obligations		146,000,000		$ 100,000,000
Accrued and Other Current Liabilities
Debt Instrument [Line Items]
Interest Payable		173,000,000		191,000,000
Government Refundable Advances [Member]
Debt Instrument [Line Items]
Government refundable advances		26,000,000		29,000,000
Finance Lease Obligations
Debt Instrument [Line Items]
Finance Lease Obligations		$ 146,000,000		$ 100,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Repayments of Lines of Credit	$ 200,000,000
Interest Payable	$ 100,000

INCOME TAXES - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INCOME TAXES - Narratives (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021	Sep. 30, 2021
Effective income tax rate	23.40%	(29.90%)	21.50%	(10.50%)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Tax rate effect	$ 18.3		$ 18.3		$ 19.1
Reduction in tax position in next 12 months	3.7		3.7
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 4.9		$ 4.9

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

Jul. 02, 2022

Sep. 30, 2021

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

Cash and cash equivalents

$ 3,808

$ 4,787

Short-term borrowings—trade receivable securitization facility

350

349

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

19,459

19,649

Other Noncurrent Assets

Interest Rate Swap Assets

^[1]

Interest Rate Cap Agreements

^[1]

Accrued Liabilities

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

Interest rate swap agreements

^[2]

100

Foreign Currency Contract, Liability

^[2]

Other Noncurrent Liabilities

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

Interest rate swap agreements

^[3]

180

Other Current Assets

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

Interest Rate Swap Assets

^[4]

Term loans

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

Government Refundable Advances [Member]

^[5]

7,271

7,318

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

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

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

146

100

Level 1

Cash and cash equivalents, Fair Value

3,808

4,787

Level 2 | Other Noncurrent Assets

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

Interest Rate Cap Agreements

^[1]

Level 2 | Accrued Liabilities

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

Interest rate swap agreements, Fair Value

^[2]

100

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]

180

Level 2 | Term loans

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

Long-term debt, including current portion, Fair Value

^[5]

6,951

7,268

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 | Finance Lease Obligations

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

Long-term debt, including current portion, Fair Value

146

100

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

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

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

^[5]

1,094

1,093

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

Long-term debt, including current portion, Fair Value

^[5]

1,117

1,170

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

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

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

^[5]

946

945

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

Long-term debt, including current portion, Fair Value

^[5]

881

981

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

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

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

^[5]

495

494

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

Long-term debt, including current portion, Fair Value

^[5]

473

527

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

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

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

^[5]

4,366

4,359

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

Long-term debt, including current portion, Fair Value

^[5]

4,246

4,593

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

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

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

^[5]

546

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

Long-term debt, including current portion, Fair Value

^[5]

517

578

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

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

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

^[5]

2,634

2,632

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

Long-term debt, including current portion, Fair Value

^[5]

2,246

2,730

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

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

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

^[5]

1,191

1,190

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

Long-term debt, including current portion, Fair Value

^[5]

972

1,196

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

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

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

^[5]

744

743

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

Long-term debt, including current portion, Fair Value

^[5]

611

751

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]

Revolving Credit Facility [Member] | Level 2

^[5]

200

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

Long-term debt, including current portion, Fair Value

^[5]

$ 0

$ 200

[1]	Included in other assets 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 prepaid expenses and other 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 10, “Debt,” for gross carrying amounts.

DERIVATIVES AND HEDGING ACTIVITIES - Summary of Outstanding Interest Rate Swap and Cap Agreements (Details) $ in Millions	Jul. 02, 2022 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, 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 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

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

Jul. 02, 2022

Sep. 30, 2021

Derivative Liability, Fair Value, Gross Liability

^[1]

$ 57

$ 8

^[1]

280

Interest Rate Swap

Derivative Liability, Fair Value, Gross Liability

280

Interest Rate Cap

Derivative Liability, Fair Value, Gross Liability

$ 0

[1]

Refer to Note 12, “Fair Value Measurements,” for the condensed consolidated balance sheets classification of our interest rate swap and cap agreements. The change in the fair value of the interest rate swap and cap agreements is attributable to the upward trend in LIBOR during the first nine months of fiscal 2022.

DERIVATIVES AND HEDGING ACTIVITIES - Narratives (Details) - USD ($)
$ in Millions

9 Months Ended

Jul. 02, 2022

Sep. 30, 2021

Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer

12 months

Interest Rate Swap and Cap Agreements

^[1]

$ 57.0

$ 8.0

Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred

(4.1)

Foreign Exchange Forward Exchange Contracts

Derivative, Notional Amount

181.1

Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Net Sales upon Settlement

4.9

Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Earnings, net of Tax, Next 12 months (Estimated)

(3.7)

Interest rate cap agreements beginning June 30, 2016 [Member] | Tranche F

Derivative, Notional Amount

$ 700.0

Derivative, Cap Interest Rate

1.25%

Interest rate swap June 28, 2016 [Member] | Tranche F

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 Cap

$ 31.0

$ 8.0

[1]

SEGMENTS - Narratives (Details)	9 Months Ended
SEGMENTS - Narratives (Details)	Jul. 02, 2022 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. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Segment Reporting Information [Line Items]
NET SALES	$ 1,398	$ 1,218	$ 3,919	$ 3,519
Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	737	628	2,095	1,870
Operating Segments \| Airframe [Member]
Segment Reporting Information [Line Items]
NET SALES	620	550	1,705	1,527
Operating Segments \| Non-Aviation Related Business [Member]
Segment Reporting Information [Line Items]
NET SALES	41	40	119	122
Commercial OEM [Member] \| Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	158	135	446	388
Commercial OEM [Member] \| Operating Segments \| Airframe [Member]
Segment Reporting Information [Line Items]
NET SALES	193	158	513	441
Commercial Aftermarket [Member] \| Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	219	139	623	419
Commercial Aftermarket [Member] \| Operating Segments \| Airframe [Member]
Segment Reporting Information [Line Items]
NET SALES	201	149	549	390
Defense [Member] \| Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	360	354	1,026	1,063
Defense [Member] \| Operating Segments \| Airframe [Member]
Segment Reporting Information [Line Items]
NET SALES	$ 226	$ 243	$ 643	$ 696

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).

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=123359005&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

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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. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	$ 696	$ 559	$ 1,894	$ 1,552
Interest expense, net	269	263	799	798
Non-cash stock compensation expense			115	105
Refinancing costs	0	13	0	36
GAIN ON SALE OF BUSINESSES—NET	(3)	(68)	(6)	(69)
Income from continuing operations before income taxes	312	244	766	428
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	706	578	1,936	1,607
Operating Segments \| Power & Control
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	398	331	1,100	944
Operating Segments \| Airframe [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	292	233	791	618
Operating Segments \| Non-Aviation Related Business [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	16	14	45	45
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	10	19	42	55
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization expense	61	65	188	188
Interest expense, net	(269)	(263)	(799)	(798)
Acquisition and divestiture transaction-related expenses and adjustments	5	6	13	24
Non-cash stock compensation expense	36	35	115	105
Refinancing costs	0	13	0	36
COVID-19 pandemic restructuring costs	0	1	0	40
Other, net	$ 16	$ 0	$ 19	$ 2

SEGMENTS - Schedule of Total Assets by Segment (Details) - USD ($) $ in Millions	Jul. 02, 2022	Sep. 30, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 18,819	$ 19,315
Operating Segments \| Power & Control
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	6,982	6,980
Operating Segments \| Airframe [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	7,908	7,472
Operating Segments \| Non-Aviation Related Business [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	228	229
Corporate, Non-Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 3,701	$ 4,634

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.

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Accumulated Other Comprehensive Income (Loss) [Line Items]

RETIREMENT PLANS - Components of Net Periodic Pension (Benefit) Cost (Both US and Non-US Plans) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Settlement charge			$ (21,000,000)	$ 0
Contribution to the unfunded portion of the ERP			(16,000,000)	0
Defined Benefit Plan, Plan Assets, Benefits Paid			107,000,000
Defined Benefit Plan, Benefit Obligation	$ 188,000,000		188,000,000
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	6,000,000
Pension Plan [Member] \| UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0	$ 0	0	2,000,000
Interest cost	1,000,000	2,000,000	4,000,000	5,000,000
Expected return on plan assets	(2,000,000)	(5,000,000)	(6,000,000)	(14,000,000)
Amortization of net loss	0	0	0	0
Settlement charge	(21,000,000)	0	(21,000,000)	0
Net periodic pension benefit cost (income)	20,000,000	(3,000,000)	19,000,000	(7,000,000)
Pension Plan [Member] \| Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	1,000,000	1,000,000	3,000,000	4,000,000
Interest cost	1,000,000	1,000,000	3,000,000	3,000,000
Expected return on plan assets	(1,000,000)	(1,000,000)	(5,000,000)	(5,000,000)
Amortization of net loss	0	0	1,000,000	1,000,000
Settlement charge	0	0	0	0
Net periodic pension benefit cost (income)	$ 1,000,000	$ 1,000,000	2,000,000	$ 3,000,000
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic pension benefit cost (income)			$ 1,000,000

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

3 Months Ended

9 Months Ended

Jul. 02, 2022

Apr. 02, 2022

Jan. 01, 2022

Jul. 03, 2021

Apr. 03, 2021

Jan. 02, 2021

Jul. 02, 2022

Jul. 03, 2021

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

$ (248.0)

$ (401.0)

$ (248.0)

$ (401.0)

49.0

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

1.0

Other Comprehensive Income (Loss), Net of Tax

$ (125.0)

$ 12.0

50.0

179.0

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax

(198.0)

(222.0)

(198.0)

(222.0)

7.9

0.4

77.8

(18.9)

Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)

(6.0)

Pension and postretirement benefit plans activity (2)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)

1.4

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

Accumulated Other Comprehensive Income (Loss) [Line Items]

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

^[1]

(229.0)

(302.0)

(229.0)

(302.0)

^[1]

257.0

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

^[1]

(5.0)

Pension and postretirement benefit plans activity (2)

^[1]

23.0

(244.0)

23.0

(244.0)

Accumulated Other Comprehensive Income (Loss) [Line Items]

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

^[2]

(18.0)

(8.0)

(18.0)

(8.0)

^[2]

0.0

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

^[2]

6.0

(12.0)

^[2]

(8.0)

(12.0)

^[2]

(8.0)

Accumulated Other Comprehensive Income (Loss) [Line Items]

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

(1.0)

(91.0)

(1.0)

(91.0)

(208.0)

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

0.0

Accumulated Other Comprehensive Loss

(209.0)

30.0

(209.0)

30.0

Accumulated Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax

24.0

$ 170.0

58.0

2.0

$ 43.0

13.0

252.0

^[1]

58.0

^[1]

Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax

6.0

0.0

6.0

^[2]

0.0

^[2]