0001260221-23-000058 | 10-Q | XBRL Viewer

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

$ (267.0)

$ (248.0)

$ (267.0)

$ (248.0)

(2.4)

Other Comprehensive Income (Loss), Net of Tax

$ 66.0

$ (125.0)

237.0

^[1]

50.0

^[1]

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

(30.0)

(198.0)

^[1]

(30.0)

(198.0)

^[1]

(10.9)

7.9

(9.7)

77.8

Cash Flow Hedging | Designated as Hedging Instrument

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Derivative, Gain (Loss) on Derivative, Net

41.9

(64.7)

Derivative, Gain (Loss) on Derivative, Tax Expense (Benefit)

12.9

19.9

Pension and postretirement benefit plans adjustment (2)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

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

1.4

Unrealized gains (losses) on derivatives (1)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

^[2]

123.0

(229.0)

123.0

(229.0)

Pension and postretirement benefit plans adjustment (2)

^[2]

149.0

23.0

^[1]

149.0

23.0

^[1]

AOCI Attributable to Parent, Net of Tax [Roll Forward]

^[3]

(10.0)

(18.0)

(10.0)

(18.0)

Foreign currency translation adjustment (3)

^[3]

(10.0)

(12.0)

^[1]

(10.0)

(12.0)

^[1]

AOCI Attributable to Parent, Net of Tax [Roll Forward]

^[4]

(380.0)

(1.0)

(380.0)

(1.0)

Accumulated Other Comprehensive Loss

^[4]

(169.0)

(209.0)

^[1]

(169.0)

(209.0)

^[1]

AOCI Attributable to Parent, Net of Tax [Roll Forward]

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

35.0

$ (31.0)

22.0

24.0

$ 170.0

58.0

26.0

^[1],[2]

252.0

^[1],[2]

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

0.0

6.0

0.0

^[1],[3]

6.0

^[1],[3]

$ 31.0

$ 43.0

$ 137.0

$ (155.0)

$ (43.0)

$ (10.0)

$ 211.0

^[1],[4]

$ (208.0)

^[1],[4]

[1]	Presented net of reclassifications out of AOCI into earnings, specifically interest expense - net, for realized gains (losses) on derivatives designated and qualifying as cash flow hedges of $41.9 million (net of taxes of $12.9 million) and $(64.7) million (net of taxes of $(19.9) million) for the thirty-nine week periods ended July 1, 2023 and July 2, 2022, respectively.
[2]	Represents unrealized gains (losses) on derivatives designated and qualifying as cash flow hedges, net of taxes, of $10.9 million and $7.9 million for the thirteen week periods ended July 1, 2023 and July 2, 2022, respectively, and $9.7 million and $77.8 million for the thirty-nine week periods ended July 1, 2023 and July 2, 2022, respectively.
[3]	For the thirteen and thirty-nine week periods ended July 2, 2022, pension liability adjustments, net of taxes, of $1.4 million represents unrecognized actuarial losses reclassified to other (income) expense upon the settlement of the ERP. There were no material pension liability adjustments, net of taxes, related to activity on the defined pension plan and postretirement benefit plan for the thirteen and thirty-nine week periods ended July 1, 2023.
[4]	Represents gains (losses) resulting from foreign currency translation of financial statements, including gains (losses) from certain intercompany transactions, into U.S. dollars at the rates of exchange in effect at the balance sheet dates.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
OPERATING ACTIVITIES:
NET INCOME	$ 885	$ 602
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX	0	(1)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	93	85
Amortization of intangible assets and product certification costs	106	103
Amortization of debt issuance costs, original issue discount and premium	30	26
Amortization of inventory step-up	2	1
Amortization of loss contract reserves	(27)	(28)
Refinancing costs	41	0
Gain on sale of businesses, net	0	(6)
Non-cash stock and deferred compensation expense	131	129
Deferred income taxes	(1)	(1)
Foreign currency exchange losses (gains)	21	(22)
(Gain) loss on settlement of the Esterline Retirement Plan (the “ERP”)	(8)	21
Cash refund (contribution) for the ERP settlement, net	8	(16)
Changes in assets/liabilities, net of effects from acquisitions and sales of businesses:
Trade accounts receivable	(134)	(91)
Inventories	(244)	(108)
Income taxes payable	70	21
Other assets	(16)	(23)
Accounts payable	(4)	23
Accrued interest	29	(18)
Accrued and other liabilities	(69)	(22)
Net cash provided by operating activities	913	675
INVESTING ACTIVITIES:
Capital expenditures	(102)	(86)
Acquisition of businesses, net of cash acquired	(750)	(422)
Net proceeds from sale of businesses	0	3
Net cash used in investing activities	(852)	(505)
FINANCING ACTIVITIES:
Proceeds from exercise of stock options	179	99
Dividend equivalent payments	(38)	(46)
Repurchases of common stock	0	(912)
Proceeds from issuance of senior secured notes, net	2,068	0
Repayments of senior secured notes, net	(1,122)	0
Repayment on revolving credit facility	0	(200)
Proceeds from term loans, net	6,238	0
Repayment on term loans	(7,318)	(56)
Financing costs and other, net	(18)	(1)
Net cash used in financing activities	(11)	(1,116)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	20	(33)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	70	(979)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		4,787
CASH AND CASH EQUIVALENTS, END OF PERIOD	3,071	3,808
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest, net	808	786
Cash paid during the period for income taxes, net of refunds	$ 231	$ 138

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

Jul. 01, 2023

Sep. 30, 2022

$ 19,580,000,000

$ 19,567,000,000

(105,000,000)

(110,000,000)

Short-term borrowings—trade receivable securitization facility

(60,000,000)

(12,000,000)

350,000,000

Finance lease obligations

19,415,000,000

19,445,000,000

195,000,000

146,000,000

Current portion of long-term debt

67,000,000

76,000,000

Long-term Debt, Gross and Lease Obligation

19,513,000,000

19,490,000,000

Deferred Finance Costs, Excluding Current Maturities

(105,000,000)

(109,000,000)

Debt Instrument, Unamortized Discount, Excluding Current Maturities

(60,000,000)

(12,000,000)

LONG-TERM DEBT

19,348,000,000

19,369,000,000

Term loans

6,263,000,000

7,298,000,000

(23,000,000)

(29,000,000)

(51,000,000)

(13,000,000)

Senior Subordinated Notes | Senior Subordinated Notes Due 2026 6.375%

^[1]

$ 6,189,000,000

$ 7,256,000,000

6.375%

$ 950,000,000

(3,000,000)

(4,000,000)

Senior Subordinated Notes | Senior subordinated notes due 2026 6.875%

^[1]

$ 947,000,000

$ 946,000,000

6.875%

$ 500,000,000

(3,000,000)

(1,000,000)

(2,000,000)

Senior Subordinated Notes | Senior Subordinated Notes $550M Due 2027 7.50%

^[1]

$ 496,000,000

$ 495,000,000

7.50%

$ 550,000,000

(3,000,000)

Senior Subordinated Notes | Senior Subordinated Notes $2650M Due 2027 5.50%

^[1]

$ 547,000,000

5.50%

$ 2,650,000,000

(13,000,000)

(15,000,000)

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

^[1]

$ 2,637,000,000

2,635,000,000

4.625%

$ 1,200,000,000

1,200,000,000

(8,000,000)

(9,000,000)

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

^[1]

$ 1,192,000,000

1,191,000,000

4.875%

$ 750,000,000

750,000,000

(5,000,000)

(6,000,000)

Secured Debt | Senior Secured Notes $1,100M due 2025 8.00%

^[1]

$ 745,000,000

744,000,000

8.00%

1,100,000,000

(6,000,000)

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

^[1]

$ 0

1,094,000,000

6.25%

$ 4,400,000,000

4,400,000,000

(28,000,000)

(35,000,000)

3,000,000

Secured Debt | Senior Secured Notes $2,100M due 2028 6.75%

^[1]

$ 4,375,000,000

4,368,000,000

6.75%

$ 2,100,000,000

(19,000,000)

(11,000,000)

Government refundable advances

^[1]

2,070,000,000

Government refundable advances

22,000,000

23,000,000

22,000,000

23,000,000

Finance Lease Obligations

Finance lease obligations

195,000,000

146,000,000

195,000,000

146,000,000

Less: current portion

(1,000,000)

Long-term Debt, Current Maturities, Gross

67,000,000

77,000,000

Current portion of long-term debt

67,000,000

76,000,000

Asset-backed Securities

Short-term borrowings—trade receivable securitization facility, Gross

350,000,000

Short-term borrowings—trade receivable securitization facility

^[1]

$ 350,000,000

[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.

ACQUISITIONS - Calspan Allocation (Details) - USD ($)
$ in Millions

May 08, 2023

Jul. 01, 2023

Sep. 30, 2022

$ 9,141

$ 8,641

Calspan

Trade accounts receivable

$ 39

Inventories

Prepaid expenses and other

Property, plant and equipment

105

Total assets acquired (excluding cash)

^[1]

367

Other intangible assets

^[1]

243

Other non-current assets

803

Accounts payable

Accrued and other current liabilities

Deferred income taxes

Other non-current liabilities

Total liabilities assumed

Net assets acquired

$ 729

Goodwill and Intangible Assets, Deductible For Tax Purposes, Percent

80.00%

Goodwill and Intangible Assets, Deductible For Tax Purposes, Term

15 years

[1]

Based on the preliminary allocation of the net assets acquired, the Company expects that at least 80% of both the approximately $367 million of goodwill and $243 million of other intangible assets recognized for the acquisition will be deductible for tax purposes. The goodwill and intangible assets will be deductible over 15 years.

RETIREMENT PLANS - Components of Net Periodic Pension (Benefit) Cost (Both US and Non-US Plans) (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Jul. 01, 2023

Jul. 02, 2022

Jul. 01, 2023

Jul. 02, 2022

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

Settlement (gain) loss

$ (8)

$ 21

Pension Plan [Member] | UNITED STATES

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

Service cost

$ 0

Interest cost

Expected return on plan assets

(2)

(6)

Amortization of net loss

Settlement (gain) loss

^[1]

(9)

(8)

Net periodic pension benefit cost (income)

(9)

(8)

Pension Plan [Member] | Non-U.S. Pension Plans

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

Service cost

Interest cost

Expected return on plan assets

(2)

(1)

(6)

(5)

Amortization of net loss

Settlement (gain) loss

^[1]

Net periodic pension benefit cost (income)

$ 1

$ 2

Other Postretirement Benefits Plan

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

Net periodic pension benefit cost (income)

$ 1

[1]

Effective June 30, 2021, the Company terminated the Esterline Retirement Plan (the “ERP”) in accordance with regulatory requirements. During the third quarter of fiscal 2022, the Company transferred the remaining benefit obligations to an insurance company in order to purchase a group annuity contract. In connection with the transfer, a settlement loss of approximately $21 million was recorded as a component of other (income) expense in the condensed consolidated statements of income for the thirteen and thirty-nine week periods ended July 2, 2022. Upon the finalization of the group annuity purchase funding in fiscal 2023, a settlement (gain) of approximately $(9) million and $(8) million was recorded as a component of other (income) expense in the condensed consolidated statements of income for the thirteen and thirty-nine week periods ended July 1, 2023.

DERIVATIVES AND HEDGING ACTIVITIES - Summary of Outstanding Interest Rate Swap, Cap and Collar Agreements (Details) $ in Millions	Jul. 01, 2023 USD ($)
6.25% Interest rate swap, effective March 31, 2023 and maturing June 28, 2024
Derivative [Line Items]
Derivative, Notional Amount	$ 400
Derivative, Fixed Interest Rate	6.25%
Derivative, Variable Interest Rate	3.00%
Derivative, Basis Spread on Variable Rate	3.25%
6.35% Interest rate swap, effective March 31, 2023 and maturing June 28, 2024
Derivative [Line Items]
Derivative, Notional Amount	$ 900
Derivative, Fixed Interest Rate	6.35%
Derivative, Variable Interest Rate	3.10%
Derivative, Basis Spread on Variable Rate	3.25%
6.25% Interest rate swap, effective March 31, 2023 and maturing March 31, 2025
Derivative [Line Items]
Derivative, Notional Amount	$ 500
Derivative, Fixed Interest Rate	6.25%
Derivative, Variable Interest Rate	3.00%
Derivative, Basis Spread on Variable Rate	3.25%
6.35% Interest rate swap, effective March 31, 2023 and maturing March 31, 2025
Derivative [Line Items]
Derivative, Notional Amount	$ 1,500
Derivative, Fixed Interest Rate	6.35%
Derivative, Variable Interest Rate	3.10%
Derivative, Basis Spread on Variable Rate	3.25%
4.55% Interest rate swap, effective March 31, 2023 and maturing September 30, 2025
Derivative [Line Items]
Derivative, Notional Amount	$ 700
Derivative, Fixed Interest Rate	4.55%
Derivative, Variable Interest Rate	1.30%
Derivative, Basis Spread on Variable Rate	3.25%
1.25% Interest rate cap, effective March 31, 2023 and maturing September 30, 2025
Derivative [Line Items]
Derivative, Notional Amount	$ 700
Derivative, Cap Interest Rate	1.25%
Interest Rate Collar
Derivative [Line Items]
Derivative, Cap Interest Rate	3.50%
Derivative, Floor Interest Rate	2.00%
2.00-3.50% Interest rate collar, effective March 31, 2025 and maturing September 30, 2026
Derivative [Line Items]
Derivative, Notional Amount	$ 1,100
Derivative, Cap Interest Rate	3.50%
Derivative, Floor Interest Rate	2.00%
2.00-3.50% Interest rate collar, effective September 30, 2025 and maturing September 30, 2026
Derivative [Line Items]
Derivative, Notional Amount	$ 500
Derivative, Cap Interest Rate	3.50%
Derivative, Floor Interest Rate	2.00%

INTANGIBLE ASSETS (Tables)

9 Months Ended

Jul. 01, 2023

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 1, 2023						September 30, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Trademarks & trade names	$	1,055	$	—	$	1,055	$	990	$	—	$	990
Technology	2,195		864		1,331		2,054		780		1,274
Order backlog	17		7		10		7		3		4
Customer relationships	674		130		544		580		104		476
Other	10		5		5		9		3		6
Total	$	3,951	$	1,006	$	2,945	$	3,640	$	890	$	2,750

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

Intangible assets acquired during the thirty-nine week period ended July 1, 2023 are summarized in the table below (in millions):


	Gross Amount		Amortization Period
Intangible assets not subject to amortization:
Goodwill	$	373
Trademarks and trade names	53
	426
Intangible assets subject to amortization:
Technology	108		20 years
Order backlog	10		1.5 years
Customer relationships	76		20 years
	194
Total	$	620

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, 2022 through July 1, 2023 (in millions):


	Power & Control		Airframe		Non-aviation		Total
Balance at September 30, 2022	$	4,155	$	4,393	$	93	$	8,641
Goodwill acquired during the period (Note 3)	6		367		—		373
Purchase price allocation adjustments (1)	4		3		—		7
Currency translation adjustments and other	33		87		—		120
Balance at July 1, 2023	$	4,198	$	4,850	$	93	$	9,141

(1)Primarily related to opening balance sheet adjustments recorded from the series of acquisitions completed during fiscal year 2022 by the Company's Extant Aerospace subsidiary (Power & Control) and the acquisition of DART (Airframe). Refer to Note 3, “Acquisitions,” for further information.

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

Schedule of Net Benefit Costs [Table Text Block]

LEASES - Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Millions	9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Leases [Abstract]
Operating Lease, Payments	$ 16	$ 18
Finance Lease, Interest Payment on Liability	7	6
Finance Lease, Principal Payments	4	2
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	14	18
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 48	$ 34

RETIREMENT BENEFITS (Tables)

9 Months Ended

Jul. 01, 2023

Retirement Benefits [Abstract]

The Company maintains certain non-contributory defined benefit pension plans (collectively, referred to as the “pension plans”) covering eligible employees in the U.S. and in other certain countries such as Canada, France, Germany and the United Kingdom and also sponsors other post-retirement pension plans for its employees in the U.S. and in Canada (collectively, referred to as the “post-retirement pension plans”)

The components of net periodic pension benefit cost (income) for the pension plans consisted of the following (in millions):


	Thirteen Week Periods Ended								Thirty-Nine Week Periods Ended
	July 1, 2023				July 2, 2022				July 1, 2023				July 2, 2022
	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	$	—	$	2	$	—	$	3
Interest cost	—		2		1		1		—		6		4		3
Expected return on plan assets	—		(2)		(2)		(1)		—		(6)		(6)		(5)
Amortization of net loss	—		—		—		—		—		1		—		1
Settlement (gain) loss (1)	(9)		—		21		—		(8)		—		21		—
Net periodic pension benefit cost (income)	$	(9)	$	1	$	20	$	1	$	(8)	$	3	$	19	$	2

(1)Effective June 30, 2021, the Company terminated the Esterline Retirement Plan (the “ERP”) in accordance with regulatory requirements. During the third quarter of fiscal 2022, the Company transferred the remaining benefit obligations to an insurance company in order to purchase a group annuity contract. In connection with the transfer, a settlement loss of approximately $21 million was recorded as a component of other (income) expense in the condensed consolidated statements of income for the thirteen and thirty-nine week periods ended July 2, 2022. Upon the finalization of the group annuity purchase funding in fiscal 2023, a settlement (gain) of approximately $(9) million and $(8) million was recorded as a component of other (income) expense in the condensed consolidated statements of income for the thirteen and thirty-nine week periods ended July 1, 2023.

LEASES - Supplemental Balance Sheet Information Related to Leases, Including the Remaining Lease Term and Weighted Average Discount Rates (Details) - USD ($) $ in Millions	Jul. 01, 2023	Sep. 30, 2022
Leases [Abstract]
Operating Lease, Right-of-Use Asset	$ 66	$ 85
Operating Lease, Liability, Current	16	18
Operating Lease, Liability, Noncurrent	53	71
Operating Lease, Liability	69	89
Finance Lease, Right-of-Use Asset	180	137
Finance Lease, Liability, Current	5	2
Finance Lease, Liability, Noncurrent	190	144
Finance Lease, Liability	$ 195	$ 146
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	OTHER NON-CURRENT ASSETS	OTHER NON-CURRENT ASSETS
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities	Accrued and other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	OTHER NON-CURRENT LIABILITIES	OTHER NON-CURRENT LIABILITIES
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	PROPERTY, PLANT AND EQUIPMENT—NET	PROPERTY, PLANT AND EQUIPMENT—NET
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	LONG-TERM DEBT	LONG-TERM DEBT

INTANGIBLE ASSETS

9 Months Ended

Jul. 01, 2023

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 1, 2023						September 30, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Trademarks & trade names	$	1,055	$	—	$	1,055	$	990	$	—	$	990
Technology	2,195		864		1,331		2,054		780		1,274
Order backlog	17		7		10		7		3		4
Customer relationships	674		130		544		580		104		476
Other	10		5		5		9		3		6
Total	$	3,951	$	1,006	$	2,945	$	3,640	$	890	$	2,750

The aggregate amortization expense on identifiable intangible assets is approximately $37 million and $33 million for the thirteen week periods ended July 1, 2023 and July 2, 2022, respectively, and $105 million and $102 million for the thirty-nine week periods ended July 1, 2023 and July 2, 2022, respectively.

As disclosed in Note 3, “Acquisitions,” 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 for certain acquisitions. 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 1, 2023 are summarized in the table below (in millions):


	Gross Amount		Amortization Period
Intangible assets not subject to amortization:
Goodwill	$	373
Trademarks and trade names	53
	426
Intangible assets subject to amortization:
Technology	108		20 years
Order backlog	10		1.5 years
Customer relationships	76		20 years
	194
Total	$	620

The following is a summary of changes in the carrying value of goodwill by segment from September 30, 2022 through July 1, 2023 (in millions):


	Power & Control		Airframe		Non-aviation		Total
Balance at September 30, 2022	$	4,155	$	4,393	$	93	$	8,641
Goodwill acquired during the period (Note 3)	6		367		—		373
Purchase price allocation adjustments (1)	4		3		—		7
Currency translation adjustments and other	33		87		—		120
Balance at July 1, 2023	$	4,198	$	4,850	$	93	$	9,141

The Company performs its annual impairment test for goodwill and other intangible assets as of the first day of the fourth fiscal quarter of each year, or more frequently, if events or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We have assessed the changes in events and circumstances through the third quarter of fiscal 2023 and concluded that no triggering events occurred that required interim quantitative testing.

INCOME TAXES - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INCOME TAXES - Narratives (Details) - USD ($) $ in Millions	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	24.90%	23.40%	24.10%	21.50%
Tax rate effect	$ 14.9		$ 14.9		$ 16.6
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 5.2		$ 5.2		$ 4.5

RETIREMENT PLANS

9 Months Ended

Jul. 01, 2023

Retirement Benefits [Abstract]

RETIREMENT PLANS

The components of net periodic pension benefit cost (income) for the pension plans consisted of the following (in millions):


	Thirteen Week Periods Ended								Thirty-Nine Week Periods Ended
	July 1, 2023				July 2, 2022				July 1, 2023				July 2, 2022
	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	$	—	$	2	$	—	$	3
Interest cost	—		2		1		1		—		6		4		3
Expected return on plan assets	—		(2)		(2)		(1)		—		(6)		(6)		(5)
Amortization of net loss	—		—		—		—		—		1		—		1
Settlement (gain) loss (1)	(9)		—		21		—		(8)		—		21		—
Net periodic pension benefit cost (income)	$	(9)	$	1	$	20	$	1	$	(8)	$	3	$	19	$	2

Net periodic pension benefit cost for the post-retirement pension plans was less than $1 million for the thirteen and thirty-nine week periods ended July 1, 2023 and July 2, 2022, respectively. The components of net periodic pension benefit cost other than service cost are included in other (income) expense in the condensed consolidated statements of income.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 715
-SubTopic 20
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-Section S99
-Paragraph 2
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Jul. 01, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTSIn 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, and ASU 2022-06, “Reference Rate Reform (ASC 848): Deferral of the Sunset Date.” ASU 2021-01 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. As a result of ASU 2022-06 deferring the sunset date, ASC 848 is effective through December 31, 2024. During the second quarter of fiscal 2023, the Company entered into LIBOR to Term Secured Overnight Financing Rate (“Term SOFR”) basis interest rate swap and cap agreements to effectively convert its existing swaps and caps from LIBOR-based to Term SOFR-based. The practical expedients permissible under ASC 848 were applied and resulted in the Company preserving the presentation of its existing swaps and caps as qualifying cash flow hedges. Refer to Note 13, “Derivatives and Hedging Activities,” for further disclosure of the hedging transactions entered into during the second quarter of fiscal 2023. The application of this standard did not have a material impact on the Company's condensed consolidated financial statements and disclosures.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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STOCK REPURCHASE PROGRAM (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended
	Dec. 31, 2022	Jul. 02, 2022	Apr. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	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
Payment for Repurchase of Common Stock	$ 912
Repurchases of common stock				$ 0	$ 912
Stock Repurchase Program, Remaining Authorized Repurchase Amount				$ 1,288
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Treasury Stock, Shares, Acquired	1,490,413	443,598	1,046,815

SEGMENTS - Schedule of Net Sales by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Segment Reporting Information [Line Items]
NET SALES	$ 1,744	$ 1,398	$ 4,733	$ 3,919
Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	861	737	2,402	2,095
Operating Segments \| Airframe
Segment Reporting Information [Line Items]
NET SALES	835	620	2,204	1,705
Operating Segments \| Non-aviation
Segment Reporting Information [Line Items]
NET SALES	48	41	127	119
Commercial and non-aerospace OEM \| Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	179	155	497	443
Commercial and non-aerospace OEM \| Operating Segments \| Airframe
Segment Reporting Information [Line Items]
NET SALES	254	194	691	514
Commercial and non-aerospace aftermarket \| Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	272	221	793	625
Commercial and non-aerospace aftermarket \| Operating Segments \| Airframe
Segment Reporting Information [Line Items]
NET SALES	307	202	810	551
Defense \| Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	410	361	1,112	1,027
Defense \| Operating Segments \| Airframe
Segment Reporting Information [Line Items]
NET SALES	$ 274	$ 224	$ 703	$ 640

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).

Schedule of Contract Assets and Liabilities [Line Items]

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

Jul. 01, 2023

Sep. 30, 2022

Contract with Customer, Asset, after Allowance for Credit Loss

$ 186

$ 120

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]

185

119

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

$ 9

[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.

ACQUISITIONS

9 Months Ended

Jul. 01, 2023

Business Combinations [Abstract]

ACQUISITIONS

Calspan Corporation – On March 14, 2023, the Company entered into a definitive agreement to acquire all the outstanding stock of Calspan Corporation (“Calspan”) for a total purchase price of $729 million. The acquisition was completed on May 8, 2023 and financed through existing cash on hand. Calspan operates from seven primary facilities within the United States and is a leading independent provider of proprietary highly engineered testing and technology development services and systems primarily for the aerospace and defense industry. Calspan’s state of the art transonic wind tunnel is used across a range of important aftermarket-focused development activities for both the commercial and defense aerospace end markets. The services and systems are primarily proprietary with significant aftermarket content. Calspan's operating results are included within TransDigm's Airframe segment.

The Company accounted for the Calspan acquisition using the acquisition method of accounting and included the results of operations of the acquisition in its condensed consolidated financial statements from the effective date of the acquisition. The purchase price was allocated to identifiable assets and liabilities based on information available at the date of acquisition. 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, particularly intangible assets and property, plant and equipment, and liabilities assumed are finalized. As of July 1, 2023, the measurement period (not to exceed one year) is open; therefore, the assets acquired and liabilities assumed related to the Calspan acquisition are subject to adjustment until the end of the respective measurement period. The Company is in the process of obtaining a third-party valuation of certain intangible assets and property, plant and equipment of Calspan. 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 1, 2023 or July 2, 2022 are not material and, accordingly, are not provided.

The allocation of the estimated fair value of assets acquired and liabilities assumed in the Calspan acquisition as of the May 8, 2023 acquisition date is summarized in the table below (in millions):




Assets acquired (excluding cash):
Trade accounts receivable	$	39
Inventories	2
Prepaid expenses and other	40
Property, plant and equipment	105
Goodwill	367		(1)
Other intangible assets	243		(1)
Other non-current assets	7
Total assets acquired (excluding cash)	803
Liabilities assumed:
Accounts payable	10
Accrued and other current liabilities	50
Deferred income taxes	8
Other non-current liabilities	6
Total liabilities assumed	74
Net assets acquired	$	729

(1)Based on the preliminary allocation of the net assets acquired, the Company expects that at least 80% of both the approximately $367 million of goodwill and $243 million of other intangible assets recognized for the acquisition will be deductible for tax purposes. The goodwill and intangible assets will be deductible over 15 years.

DART Aerospace – On May 25, 2022, the Company acquired all the outstanding stock of DART Aerospace (“DART”) for a total purchase price of $359 million in cash, net of a working capital settlement received in the fourth quarter of fiscal 2022 of approximately $1 million. The acquisition was financed through existing cash on hand. DART operates from four primary facilities 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 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 date of the acquisition. The total purchase price of DART was allocated to the underlying assets acquired and liabilities assumed based upon the respective fair value at the date 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 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 period ended July 2, 2022 are not material and, accordingly, are not provided.

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


	Preliminary		Measurement Period		Final
	Allocation		Adjustments (2)		Allocation
Assets acquired (excluding cash):
Trade accounts receivable	$	16	$	(2)	$	14
Inventories	33		(1)		32
Prepaid expenses and other	4		—		4
Property, plant and equipment	9		—		9
Goodwill	236		(31)		205		(1)
Other intangible assets	112		36		148		(1)
Other non-current assets	8		9		17
Total assets acquired (excluding cash)	418		11		429
Liabilities assumed:
Accounts payable	4		—		4
Accrued and other current liabilities	11		3		14
Deferred income taxes	35		—		35
Other non-current liabilities	8		9		17
Total liabilities assumed	58		12		70
Net assets acquired	$	360	$	(1)	$	359

(1)None of the approximately $205 million of goodwill and $148 million of other intangible assets recognized for the acquisition is deductible for tax purposes.

(2)Measurement period adjustments primarily relate to the adjustments in the fair values of the acquired other intangible assets from the third-party valuation. The principal offset was to goodwill.

Extant Aerospace Acquisitions – For the thirty-nine week period ended July 1, 2023, the Company's Extant Aerospace subsidiary, which is included within TransDigm’s Power & Control segment, completed an acquisition of substantially all of the assets and technical data rights of a certain product line, which met the definition of a business, for a total purchase price of $11 million. The allocation of the purchase price remains preliminary and will likely change in future periods up to the expiration of the respective one year measurement period as fair value estimates of the assets acquired and liabilities assumed are finalized. The Company expects that all of the approximately $6 million of goodwill and all of the approximately $4 million of other intangible assets recognized for the acquisition will be deductible for tax purposes over 15 years.

For the fiscal year ended September 30, 2022, the Company's Extant Aerospace subsidiary, completed a series of acquisitions of substantially all of the assets and technical data rights of certain product lines, each meeting the definition of a business, for a total purchase price of $88 million, of which $10 million was paid using existing cash on hand in the first quarter of fiscal 2023. The allocation of the purchase prices for certain acquisitions remains preliminary and will likely change in future periods up to the expiration of the respective one year measurement period as fair value estimates of the assets acquired and liabilities assumed are finalized. The Company expects that all of the approximately $61 million of goodwill and all of the approximately $37 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 1, 2023 or July 2, 2022 are not material and, accordingly, are not provided.

The Calspan, DART and Extant Aerospace product line acquisitions 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 prices 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.

INTANGIBLE ASSETS - Finite and Indefinite-Lived Intangible Assets (Details) $ in Millions	9 Months Ended
	Jul. 01, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	$ 426
Finite-lived Intangible Assets Acquired	194
Intangible Assets Acquired	620
Technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 108
Finite-Lived Intangible Assets, Remaining Amortization Period	20 years
Order backlog
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 10
Finite-Lived Intangible Assets, Remaining Amortization Period	1 year 6 months
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 76
Finite-Lived Intangible Assets, Remaining Amortization Period	20 years
Goodwill
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	$ 373
Trademarks & trade names
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	$ 53

REVENUE RECOGNITION (Tables)

9 Months Ended

Jul. 01, 2023

Revenue from Contract with Customer [Abstract]

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

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


	July 1, 2023		September 30, 2022
Contract assets, current (1)	$	185	$	119
Contract assets, non-current (2)	1		1
Total contract assets	186		120
Contract liabilities, current (3)	79		45
Contract liabilities, non-current (4)	8		9
Total contract liabilities	87		54
Net contract assets	$	99	$	66

(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.

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

Jul. 01, 2023

Sep. 30, 2022

^[1]

$ 220

$ 195

^[1]

Interest Rate Cap

Interest Rate Collar

Interest Rate Swap

155

145

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

$ 4

$ 0

[1]	Refer to Note 12, “Fair Value Measurements,” for the condensed consolidated balance sheets classification of the Company's interest rate swap, cap and collar agreements.

DESCRIPTION OF THE BUSINESS	9 Months Ended
DESCRIPTION OF THE BUSINESS	Jul. 01, 2023
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, cargo loading, handling and delivery systems and specialized flight, wind tunnel and jet engine testing services and equipment.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($)
$ in Millions

Total

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Loss

Treasury Stock

Noncontrolling Interests

$ 6.0

BALANCE (in shares) at Sep. 30, 2021

$ (2,910.0)

59,403,100

BALANCE at Sep. 30, 2021

$ 1.0

$ 1,830.0

$ (3,705.0)

$ (248.0)

$ (794.0)

BALANCE, Treasury Stock (in shares) at Sep. 30, 2021

(4,198,226)

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

Changes in noncontrolling interest of consolidated subsidiaries, net

1.0

Compensation expense recognized for employee stock options

(3.0)

35.0

215,817

40.0

163.0

(10.0)

(10.0)

58.0

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

58.0

0.0

Pension and postretirement benefit plans adjustment

0.0

BALANCE (in shares) at Jan. 01, 2022

59,618,917

BALANCE at Jan. 01, 2022

$ 1.0

1,905.0

(3,545.0)

(200.0)

$ (794.0)

BALANCE, Treasury Stock (in shares) at Jan. 01, 2022

(4,198,226)

BALANCE (in shares) at Sep. 30, 2021

59,403,100

BALANCE at Sep. 30, 2021

$ 1.0

1,830.0

(3,705.0)

(248.0)

$ (794.0)

BALANCE, Treasury Stock (in shares) at Sep. 30, 2021

(4,198,226)

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

600.0

^[1],[2]

(208.0)

(208.0)

^[1],[3]

252.0

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

252.0

^[1],[4]

6.0

Pension and postretirement benefit plans adjustment

(6.0)

BALANCE (in shares) at Jul. 02, 2022

59,906,055

BALANCE at Jul. 02, 2022

$ 1.0

2,041.0

(3,114.0)

(198.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Jul. 02, 2022

(5,688,639)

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

7.0

BALANCE (in shares) at Jan. 01, 2022

(2,626.0)

59,618,917

BALANCE at Jan. 01, 2022

$ 1.0

1,905.0

(3,545.0)

(200.0)

$ (794.0)

BALANCE, Treasury Stock (in shares) at Jan. 01, 2022

(4,198,226)

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

Changes in noncontrolling interest of consolidated subsidiaries, net

(1.0)

Compensation expense recognized for employee stock options

(4.0)

39.0

191,403

Stock repurchases under repurchase program (in shares)

40.0

(1,046,815)

Stock repurchases under repurchase program

(667.0)

$ (667.0)

199.0

(43.0)

(43.0)

170.0

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

170.0

0.0

Pension and postretirement benefit plans adjustment

0.0

BALANCE (in shares) at Apr. 02, 2022

59,810,320

BALANCE at Apr. 02, 2022

$ 1.0

1,984.0

(3,350.0)

(73.0)

$ (1,461.0)

BALANCE, Treasury Stock (in shares) at Apr. 02, 2022

(5,245,041)

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

6.0

Changes in noncontrolling interest of consolidated subsidiaries, net

(2,893.0)

2.0

Compensation expense recognized for employee stock options

(2.0)

38.0

95,735

Stock repurchases under repurchase program (in shares)

19.0

(443,598)

Stock repurchases under repurchase program

(245.0)

$ (245.0)

238.0

(155.0)

(155.0)

24.0

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

24.0

6.0

Pension and postretirement benefit plans adjustment

(6.0)

BALANCE (in shares) at Jul. 02, 2022

59,906,055

BALANCE at Jul. 02, 2022

$ 1.0

2,041.0

(3,114.0)

(198.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Jul. 02, 2022

(5,688,639)

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

8.0

(2,968.0)

7.0

BALANCE (in shares) at Sep. 30, 2022

$ (3,766.0)

60,049,685

BALANCE at Sep. 30, 2022

$ (3,773.0)

$ 1.0

2,113.0

(3,914.0)

(267.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Sep. 30, 2022

(5,688,639)

5,688,639

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

Changes in noncontrolling interest of consolidated subsidiaries, net

$ 1.0

1.0

Compensation expense recognized for employee stock options

(1.0)

24.0

121,490

Stock repurchases under repurchase program (in shares)

27.0

(1,490,413)

228.0

137.0

137.0

22.0

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

22.0

0.0

Pension and postretirement benefit plans adjustment

$ 0.0

BALANCE (in shares) at Dec. 31, 2022

60,171,175

BALANCE at Dec. 31, 2022

$ 1.0

2,164.0

(3,687.0)

(108.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Dec. 31, 2022

5,688,639

BALANCE (in shares) at Sep. 30, 2022

60,049,685

BALANCE at Sep. 30, 2022

$ (3,773.0)

$ 1.0

2,113.0

(3,914.0)

(267.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Sep. 30, 2022

(5,688,639)

5,688,639

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

$ 883.0

^[1],[2]

211.0

211.0

(2.4)

26.0

^[1],[3]

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

26.0

^[1],[4]

0.0

Pension and postretirement benefit plans adjustment

$ 0.0

BALANCE (in shares) at Jul. 01, 2023

60,832,816

BALANCE at Jul. 01, 2023

$ (2,394.0)

$ 1.0

2,375.0

(3,034.0)

(30.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Jul. 01, 2023

(5,688,639)

5,688,639

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

8.0

BALANCE (in shares) at Dec. 31, 2022

$ (3,328.0)

60,171,175

BALANCE at Dec. 31, 2022

$ 1.0

2,164.0

(3,687.0)

(108.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Dec. 31, 2022

5,688,639

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

Compensation expense recognized for employee stock options

(1.0)

28.0

400,474

92.0

304.0

43.0

43.0

(31.0)

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

(31.0)

0.0

Pension and postretirement benefit plans adjustment

0.0

BALANCE (in shares) at Apr. 01, 2023

60,571,649

BALANCE at Apr. 01, 2023

$ 1.0

2,284.0

(3,384.0)

(96.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Apr. 01, 2023

5,688,639

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

8.0

Changes in noncontrolling interest of consolidated subsidiaries, net

(2,893.0)

(1.0)

Compensation expense recognized for employee stock options

(1.0)

31.0

261,167

60.0

351.0

31.0

31.0

35.0

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

35.0

0.0

Pension and postretirement benefit plans adjustment

$ 0.0

BALANCE (in shares) at Jul. 01, 2023

60,832,816

BALANCE at Jul. 01, 2023

$ (2,394.0)

$ 1.0

$ 2,375.0

$ (3,034.0)

$ (30.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Jul. 01, 2023

(5,688,639)

5,688,639

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

$ 7.0

$ (2,387.0)

[1]	Presented net of reclassifications out of AOCI into earnings, specifically interest expense - net, for realized gains (losses) on derivatives designated and qualifying as cash flow hedges of $41.9 million (net of taxes of $12.9 million) and $(64.7) million (net of taxes of $(19.9) million) for the thirty-nine week periods ended July 1, 2023 and July 2, 2022, respectively.
[2]	Represents gains (losses) resulting from foreign currency translation of financial statements, including gains (losses) from certain intercompany transactions, into U.S. dollars at the rates of exchange in effect at the balance sheet dates.
[3]	Represents unrealized gains (losses) on derivatives designated and qualifying as cash flow hedges, net of taxes, of $10.9 million and $7.9 million for the thirteen week periods ended July 1, 2023 and July 2, 2022, respectively, and $9.7 million and $77.8 million for the thirty-nine week periods ended July 1, 2023 and July 2, 2022, respectively.
[4]	For the thirteen and thirty-nine week periods ended July 2, 2022, pension liability adjustments, net of taxes, of $1.4 million represents unrecognized actuarial losses reclassified to other (income) expense upon the settlement of the ERP. There were no material pension liability adjustments, net of taxes, related to activity on the defined pension plan and postretirement benefit plan for the thirteen and thirty-nine week periods ended July 1, 2023.

INTANGIBLE ASSETS - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	Jul. 01, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 3,951	$ 3,640
Intangible Assets, Accumulated Amortization	1,006	890
Total	2,945	2,750
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,195	2,054
Accumulated Amortization	864	780
Net	1,331	1,274
Order backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	17	7
Accumulated Amortization	7	3
Net	10	4
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	674	580
Accumulated Amortization	130	104
Net	544	476
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10	9
Accumulated Amortization	5	3
Net	5	6
Trademarks & trade names
Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill), Gross	1,055	990
Intangible Assets (Excluding Goodwill), Net	$ 1,055	$ 990

INCOME TAXES	9 Months Ended
INCOME TAXES	Jul. 01, 2023
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 1, 2023 and July 2, 2022, the effective income tax rate was 24.9% and 23.4%, respectively. During the thirty-nine week periods ended July 1, 2023 and July 2, 2022, the effective income tax rate was 24.1% and 21.5%, respectively. The Company’s higher effective income tax rate for the thirteen and thirty-nine week period ended July 1, 2023, which was also higher than the federal statutory tax rate of 21%, was 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 1, 2023 and September 30, 2022, the recognition of which would have an impact on the effective tax rate for each fiscal year, amounted to $14.9 million and $16.6 million, respectively. The Company classifies all income tax-related interest and penalties as income tax expense, which were not material for the thirteen and thirty-nine week periods ended July 1, 2023 and July 2, 2022. As of July 1, 2023 and September 30, 2022, the Company accrued $5.2 million and $4.5 million, respectively, for the potential payment of interest and penalties. Within the next 12 months, the Company does not anticipate a material increase or decrease in the amount of unrecognized tax benefits.

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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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

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

9 Months Ended

Jul. 01, 2023

USD ($)

$ 8,641,000,000

373,000,000

7,000,000

^[1]

120,000,000

9,141,000,000

Power & Control

4,155,000,000

6,000,000

4,000,000

^[1]

33,000,000

4,198,000,000

Airframe

4,393,000,000

367,000,000

3,000,000

^[1]

87,000,000

4,850,000,000

Non-aviation

93,000,000

^[1]

$ 93,000,000

[1]	Primarily related to opening balance sheet adjustments recorded from the series of acquisitions completed during fiscal year 2022 by the Company's Extant Aerospace subsidiary (Power & Control) and the acquisition of DART (Airframe). Refer to Note 3, “Acquisitions,” for further information.

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

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

COMMITMENTS AND CONTINGENCIES - Narratives (Details) $ in Millions	Jul. 01, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Recommended Voluntary Refund	$ 20.8

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

Jul. 01, 2023

Sep. 30, 2022

Cash and cash equivalents

$ 3,071

$ 3,001

Short-term borrowings—trade receivable securitization facility

350

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

19,415

19,445

Other Current Assets

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

^[1]

110

Other Noncurrent Assets

Interest Rate Cap Agreements

^[2]

^[2]

Interest Rate Collar Assets

^[2]

Accrued Liabilities

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

Foreign Currency Contract, Liability

^[3]

Other Noncurrent Liabilities

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

Interest Rate Cap Liabilities Carrying Amount

^[4]

Interest rate swap agreements

^[4]

Term loans

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

Government refundable advances

^[5]

6,189

7,256

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

Finance Lease Obligations

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

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

195

146

Level 1

Cash and cash equivalents, Fair Value

3,071

3,001

Level 2 | Other Current Assets

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

Level 2 | Other Noncurrent Assets

^[1]

110

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

Interest Rate Cap Agreements

^[2]

^[2]

Interest Rate Collar Assets

^[2]

Level 2 | Accrued Liabilities

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

Foreign Currency Contract, Liability

^[3]

Level 2 | Other Noncurrent Liabilities

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

Interest Rate Cap Liabilities Carrying Amount

^[4]

Interest rate swap agreements

^[4]

Level 2 | Term loans

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

Long-term debt, including current portion, Fair Value

^[5]

6,223

6,976

Level 2 | Government refundable advances

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

195

146

Senior Secured Notes $1,100M due 2025 8.00% | Secured Debt

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

Senior Secured Notes $1,100M due 2025 8.00% | Level 1 | Secured Debt

^[5]

1,094

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

Long-term debt, including current portion, Fair Value

^[5]

1,115

Senior Subordinated Notes Due 2026 6.375% | Senior Subordinated Notes

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

Senior Subordinated Notes Due 2026 6.375% | Level 1 | Senior Subordinated Notes

^[5]

947

946

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

Long-term debt, including current portion, Fair Value

^[5]

935

884

Senior subordinated notes due 2026 6.875% | Senior Subordinated Notes

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

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

^[5]

496

495

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

Long-term debt, including current portion, Fair Value

^[5]

496

473

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

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

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

^[5]

4,375

4,368

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

Long-term debt, including current portion, Fair Value

^[5]

4,378

4,257

Senior Subordinated Notes $550M Due 2027 7.50% | Senior Subordinated Notes

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

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

^[5]

547

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

Long-term debt, including current portion, Fair Value

^[5]

550

524

Senior Subordinated Notes $2650M Due 2027 5.50% | Senior Subordinated Notes

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

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

^[5]

2,637

2,635

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

Long-term debt, including current portion, Fair Value

^[5]

2,498

2,286

Senior Secured Notes $2,100M due 2028 6.75% | Secured Debt

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

Senior Secured Notes $2,100M due 2028 6.75% | Level 1 | Secured Debt

^[5]

2,070

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

Long-term debt, including current portion, Fair Value

^[5]

2,108

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]

1,192

1,191

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

Long-term debt, including current portion, Fair Value

^[5]

1,065

966

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]

745

744

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

Long-term debt, including current portion, Fair Value

^[5]

668

606

Asset-backed Securities

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

Short-term borrowings—trade receivable securitization facility

^[5]

350

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

[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.
[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.

DESCRIPTION OF THE BUSINESS - Narratives (Details)	Jul. 01, 2023
Accounting Policies [Abstract]
Ownership Percentage by Parent	100.00%

ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Jul. 01, 2023

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

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 1, 2023 and July 2, 2022 (in millions):


	Unrealized gains (losses) on derivatives (1)		Pension and postretirement benefit plans adjustment (2)		Foreign currency translation adjustment (3)		Total
Balance at September 30, 2022	$	123	$	(10)	$	(380)	$	(267)


Net current-period other comprehensive income (4)	26		—		211		237
Balance at July 1, 2023	$	149	$	(10)	$	(169)	$	(30)

Balance at September 30, 2021	$	(229)	$	(18)	$	(1)	$	(248)


Net current-period other comprehensive income (loss) (4)	252		6		(208)		50
Balance at July 2, 2022	$	23	$	(12)	$	(209)	$	(198)

(1)Represents unrealized gains (losses) on derivatives designated and qualifying as cash flow hedges, net of taxes, of $10.9 million and $7.9 million for the thirteen week periods ended July 1, 2023 and July 2, 2022, respectively, and $9.7 million and $77.8 million for the thirty-nine week periods ended July 1, 2023 and July 2, 2022, respectively.

(2)For the thirteen and thirty-nine week periods ended July 2, 2022, pension liability adjustments, net of taxes, of $1.4 million represents unrecognized actuarial losses reclassified to other (income) expense upon the settlement of the ERP. There were no material pension liability adjustments, net of taxes, related to activity on the defined pension plan and postretirement benefit plan for the thirteen and thirty-nine week periods ended July 1, 2023.

(3)Represents gains (losses) resulting from foreign currency translation of financial statements, including gains (losses) from certain intercompany transactions, into U.S. dollars at the rates of exchange in effect at the balance sheet dates.

(4)Presented net of reclassifications out of AOCI into earnings, specifically interest expense - net, for realized gains (losses) on derivatives designated and qualifying as cash flow hedges of $41.9 million (net of taxes of $12.9 million) and $(64.7) million (net of taxes of $(19.9) million) for the thirty-nine week periods ended July 1, 2023 and July 2, 2022, respectively.

REVENUE RECOGNITION

9 Months Ended

Jul. 01, 2023

Revenue from Contract with Customer [Abstract]

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 original equipment manufacturers (“OEMs”), various armed forces of the United States (“U.S.”) and friendly foreign governments, defense OEMs, system suppliers, and various other industrial customers.

The Company recognizes revenue from contracts with customers using the five step model prescribed in ASC 606. The Company's revenue is primarily recorded at a point in time basis. Revenue is recognized from the sale of products or services when obligations under the terms of the contract are satisfied and control of promised goods or services have transferred to the customer. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the goods or services. Revenue is measured at the amount of consideration the Company expects to be paid in exchange for goods or services.

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 12 months. 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 (Deferred revenue) 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 1, 2023		September 30, 2022
Contract assets, current (1)	$	185	$	119
Contract assets, non-current (2)	1		1
Total contract assets	186		120
Contract liabilities, current (3)	79		45
Contract liabilities, non-current (4)	8		9
Total contract liabilities	87		54
Net contract assets	$	99	$	66

(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.

The increase in the Company's total contract assets at July 1, 2023 compared to September 30, 2022 is primarily due to the Calspan acquisition and also the timing and status of work in process and/or milestones of certain contracts. The increase in the Company's total contract liabilities at July 1, 2023 compared to September 30, 2022 is primarily due to the Calspan acquisition and also receipt of advance payments. For the thirty-nine week period ended July 1, 2023, 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 and supportable forward-looking information. The allowance also incorporates a provision for the estimated impact of disputes with customers. All provisions for allowances for uncollectible accounts are included in selling and administrative expenses. The determination of the amount of the allowance for uncollectible accounts is subject to judgment and estimation by management. If circumstances change or economic conditions deteriorate or improve, the allowance for uncollectible accounts could increase or decrease.

As of July 1, 2023 and September 30, 2022, the allowance for uncollectible accounts was $34 million and $35 million, respectively. The allowance for uncollectible accounts is assessed individually at each operating unit by the operating unit’s management team.

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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

Schedule of Reclassifications out of Accumulated Other Comprehensive Loss

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Income Statement [Abstract]
NET SALES	$ 1,744	$ 1,398	$ 4,733	$ 3,919
COST OF SALES	715	582	1,983	1,706
GROSS PROFIT	1,029	816	2,750	2,213
SELLING AND ADMINISTRATIVE EXPENSES	209	184	578	537
AMORTIZATION OF INTANGIBLE ASSETS	37	33	105	102
INCOME FROM OPERATIONS	783	599	2,067	1,574
INTEREST EXPENSE—NET	291	269	872	799
REFINANCING COSTS	32	0	41	0
OTHER (INCOME) EXPENSE	(9)	18	(12)	9
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	469	312	1,166	766
INCOME TAX PROVISION	117	73	281	165
INCOME FROM CONTINUING OPERATIONS	352	239	885	601
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX	0	0	0	1
NET INCOME	352	239	885	602
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(1)	(1)	(2)	(2)
NET INCOME ATTRIBUTABLE TO TD GROUP	351	238	883	600
NET INCOME APPLICABLE TO TD GROUP COMMON STOCKHOLDERS	$ 351	$ 238	$ 845	$ 554
Earnings per share attributable to TD Group common stockholders:
Earnings per share from continuing operations - basic (in usd per share)	$ 6.14	$ 4.10	$ 14.80	$ 9.42
Earnings per share from continuing operations - diluted (in usd per share)	6.14	4.10	14.80	9.42
Earnings per share from discontinued operations - basic (in usd per share)	0	0	0	0.02
Earnings per share from discontinued operations - diluted (in usd per share)	0	0	0	0.02
Earnings per share - basic (in usd per share)	6.14	4.10	14.80	9.44
Earnings per share - diluted (in usd per share)	$ 6.14	$ 4.10	$ 14.80	$ 9.44
Weighted-average shares outstanding:
Weighted-average shares outstanding - basic (in shares)	57.2	58.0	57.1	58.7
Weighted-average shares outstanding - diluted (in shares)	57.2	58.0	57.1	58.7

ACQUISITIONS - Calspan Corporation (Details) - USD ($) $ in Millions		9 Months Ended
	May 08, 2023	Jul. 01, 2023	Jul. 02, 2022
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 750	$ 422
Calspan Corporation
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 729

LEASES

9 Months Ended

Jul. 01, 2023

Leases [Abstract]

Leases

LEASES

The 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 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Operating lease cost	Cost of sales or selling and administrative expenses	$	5	$	6	$	15	$	18
Finance lease cost
Amortization of leased assets	Cost of sales	2		2		7		4
Interest on lease liabilities	Interest expense - net	3		3		10		7
Total lease cost		$	10	$	11	$	32	$	29

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


	Thirty-Nine Week Periods Ended
	July 1, 2023		July 2, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	16	$	18
Operating cash outflows from finance leases	7		6
Financing cash outflows from finance leases	4		2

Lease assets obtained in exchange for new lease obligations:
Operating leases	$	14	$	18
Financing leases	48		34

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


	Classification	July 1, 2023		September 30, 2022
Operating Leases
Operating lease right-of-use assets	Other non-current assets	$	66	$	85

Current operating lease liabilities	Accrued and other current liabilities	16		18
Long-term operating lease liabilities	Other non-current liabilities	53		71
Total operating lease liabilities		$	69	$	89

Finance Leases
Finance lease right-of-use assets, net	Property, plant and equipment - net	$	180	$	137

Current finance lease liabilities	Current portion of long-term debt	5		2
Long-term finance lease liabilities	Long-term debt	190		144
Total finance lease liabilities		$	195	$	146

As of July 1, 2023, the Company has the following remaining lease term and weighted average discount rates:


Weighted-average remaining lease term
Operating leases			5.7 years
Finance leases			20.2 years

Weighted-average discount rate
Operating leases			6.0%
Finance leases			7.0%

Maturities of lease liabilities at July 1, 2023 are as follows (in millions):


	Operating Leases		Finance Leases
2023	$	5	$	4
2024	19		16
2025	17		17
2026	13		17
2027	10		17
Thereafter	19		315
Total future minimum lease payments	83		386
Less: imputed interest	14		191
Present value of lease liabilities reported	$	69	$	195

Leases

LEASES

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


		Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	Classification	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Operating lease cost	Cost of sales or selling and administrative expenses	$	5	$	6	$	15	$	18
Finance lease cost
Amortization of leased assets	Cost of sales	2		2		7		4
Interest on lease liabilities	Interest expense - net	3		3		10		7
Total lease cost		$	10	$	11	$	32	$	29

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


	Thirty-Nine Week Periods Ended
	July 1, 2023		July 2, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	16	$	18
Operating cash outflows from finance leases	7		6
Financing cash outflows from finance leases	4		2

Lease assets obtained in exchange for new lease obligations:
Operating leases	$	14	$	18
Financing leases	48		34

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


	Classification	July 1, 2023		September 30, 2022
Operating Leases
Operating lease right-of-use assets	Other non-current assets	$	66	$	85

Current operating lease liabilities	Accrued and other current liabilities	16		18
Long-term operating lease liabilities	Other non-current liabilities	53		71
Total operating lease liabilities		$	69	$	89

Finance Leases
Finance lease right-of-use assets, net	Property, plant and equipment - net	$	180	$	137

Current finance lease liabilities	Current portion of long-term debt	5		2
Long-term finance lease liabilities	Long-term debt	190		144
Total finance lease liabilities		$	195	$	146

As of July 1, 2023, the Company has the following remaining lease term and weighted average discount rates:


Weighted-average remaining lease term
Operating leases			5.7 years
Finance leases			20.2 years

Weighted-average discount rate
Operating leases			6.0%
Finance leases			7.0%

Maturities of lease liabilities at July 1, 2023 are as follows (in millions):


	Operating Leases		Finance Leases
2023	$	5	$	4
2024	19		16
2025	17		17
2026	13		17
2027	10		17
Thereafter	19		315
Total future minimum lease payments	83		386
Less: imputed interest	14		191
Present value of lease liabilities reported	$	69	$	195

REVENUE RECOGNITION - Allowance for Credit Losses (Details) - USD ($) $ in Millions	Jul. 01, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 34	$ 35

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

9 Months Ended

Jul. 01, 2023

Equity [Abstract]


	Unrealized gains (losses) on derivatives (1)		Pension and postretirement benefit plans adjustment (2)		Foreign currency translation adjustment (3)		Total
Balance at September 30, 2022	$	123	$	(10)	$	(380)	$	(267)


Net current-period other comprehensive income (4)	26		—		211		237
Balance at July 1, 2023	$	149	$	(10)	$	(169)	$	(30)

Balance at September 30, 2021	$	(229)	$	(18)	$	(1)	$	(248)


Net current-period other comprehensive income (loss) (4)	252		6		(208)		50
Balance at July 2, 2022	$	23	$	(12)	$	(209)	$	(198)

LEASES (Tables)

9 Months Ended

Jul. 01, 2023

Leases [Abstract]

Lease, Cost

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


		Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	Classification	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Operating lease cost	Cost of sales or selling and administrative expenses	$	5	$	6	$	15	$	18
Finance lease cost
Amortization of leased assets	Cost of sales	2		2		7		4
Interest on lease liabilities	Interest expense - net	3		3		10		7
Total lease cost		$	10	$	11	$	32	$	29

Schedule of Cash Flow, Supplemental Disclosures

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


	Thirty-Nine Week Periods Ended
	July 1, 2023		July 2, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	16	$	18
Operating cash outflows from finance leases	7		6
Financing cash outflows from finance leases	4		2

Lease assets obtained in exchange for new lease obligations:
Operating leases	$	14	$	18
Financing leases	48		34

Leases, Supplemental Balance Sheet Information

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


	Classification	July 1, 2023		September 30, 2022
Operating Leases
Operating lease right-of-use assets	Other non-current assets	$	66	$	85

Current operating lease liabilities	Accrued and other current liabilities	16		18
Long-term operating lease liabilities	Other non-current liabilities	53		71
Total operating lease liabilities		$	69	$	89

Finance Leases
Finance lease right-of-use assets, net	Property, plant and equipment - net	$	180	$	137

Current finance lease liabilities	Current portion of long-term debt	5		2
Long-term finance lease liabilities	Long-term debt	190		144
Total finance lease liabilities		$	195	$	146

As of July 1, 2023, the Company has the following remaining lease term and weighted average discount rates:


Weighted-average remaining lease term
Operating leases			5.7 years
Finance leases			20.2 years

Weighted-average discount rate
Operating leases			6.0%
Finance leases			7.0%

Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities at July 1, 2023 are as follows (in millions):


	Operating Leases		Finance Leases
2023	$	5	$	4
2024	19		16
2025	17		17
2026	13		17
2027	10		17
Thereafter	19		315
Total future minimum lease payments	83		386
Less: imputed interest	14		191
Present value of lease liabilities reported	$	69	$	195

Finance Lease, Liability, Maturity

Maturities of lease liabilities at July 1, 2023 are as follows (in millions):


	Operating Leases		Finance Leases
2023	$	5	$	4
2024	19		16
2025	17		17
2026	13		17
2027	10		17
Thereafter	19		315
Total future minimum lease payments	83		386
Less: imputed interest	14		191
Present value of lease liabilities reported	$	69	$	195

EARNINGS PER SHARE (Tables)

9 Months Ended

Jul. 01, 2023

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 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Numerator for earnings per share:
Income from continuing operations	$	352	$	239	$	885	$	601
Less: Net income attributable to noncontrolling interests	(1)		(1)		(2)		(2)
Net income from continuing operations attributable to TD Group	351		238		883		599
Less: Dividends paid on participating securities	—		—		(38)		(46)
Income from discontinued operations, net of tax	—		—		—		1
Net income applicable to TD Group common stockholders—basic and diluted	$	351	$	238	$	845	$	554
Denominator for basic and diluted earnings per share under the two-class method:
Weighted-average common shares outstanding	55.0		54.4		54.7		55.0
Vested options deemed participating securities	2.2		3.6		2.4		3.7
Total shares for basic and diluted earnings per share	57.2		58.0		57.1		58.7

Earnings per share from continuing operations—basic and diluted	$	6.14	$	4.10	$	14.80	$	9.42
Earnings per share from discontinued operations—basic and diluted	—		—		—		0.02
Earnings per share	$	6.14	$	4.10	$	14.80	$	9.44

SEGMENTS - Narratives (Details)	9 Months Ended
SEGMENTS - Narratives (Details)	Jul. 01, 2023 Segment
Segment Reporting [Abstract]
Number of reporting segments	3

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Jul. 01, 2023 shares	Jul. 01, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 2, 2023, Sarah Wynne, the Company’s Chief Financial Officer, terminated a “Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K) for the sale of 5,420 shares of common stock issuable upon the exercise of vested options. On June 8, 2023, Ms. Wynne entered into a new Rule 10b5-1 trading arrangement for the sale of 5,420 shares of common stock issuable upon the exercise of vested options intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, which Rule 10b5-1 trading arrangement is scheduled to terminate no later than October 31, 2024.
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	true
Non-Rule 10b5-1 Arrangement Terminated	false
Termination Date	June 2, 2023
Sarah Wynne [Member]
Trading Arrangements, by Individual
Name	Sarah Wynne
Title	Chief Financial Officer
Adoption Date	June 8, 2023
Arrangement Duration	511 days
Aggregate Available	5,420	5,420

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Jul. 01, 2023

Fair Value Disclosures [Abstract]

Carrying Amounts and Fair Values of Financial Instruments

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


		July 1, 2023				September 30, 2022
	Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	3,071	$	3,071	$	3,001	$	3,001

Interest rate swap agreements (1)	2	110		110		77		77
Interest rate swap agreements (2)	2	45		45		68		68
Interest rate cap agreement (2)	2	55		55		50		50
Interest rate collar agreements (2)	2	10		10		—		—
Liabilities:
Foreign currency forward exchange contracts (3)	2	1		1		11		11
Interest rate cap agreement (4)	2	1		1		—		—
Interest rate swap agreements (4)	2	4		4		—		—
Short-term borrowings - trade receivable securitization facility (5)	2	350		350		350		350
Long-term debt, including current portion:
Term loans (5)	2	6,189		6,223		7,256		6,976
2025 Secured Notes (5)	1	—		—		1,094		1,115
6.375% 2026 Notes (5)	1	947		935		946		884
6.875% 2026 Notes (5)	1	496		496		495		473
2026 Secured Notes (5)	1	4,375		4,378		4,368		4,257
7.50% 2027 Notes (5)	1	547		550		547		524
5.50% 2027 Notes (5)	1	2,637		2,498		2,635		2,286
2028 Secured Notes (5)	1	2,070		2,108		—		—
4.625% 2029 Notes (5)	1	1,192		1,065		1,191		966
4.875% 2029 Notes (5)	1	745		668		744		606
Government refundable advances	2	22		22		23		23
Finance lease obligations	2	195		195		146		146

(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.

(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.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 01, 2023	Sep. 30, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 3,071	$ 3,001
Trade accounts receivable—Net	1,159	967
Inventories—Net	1,603	1,332
Prepaid expenses and other	419	349
Total current assets	6,252	5,649
PROPERTY, PLANT AND EQUIPMENT—NET	983	807
GOODWILL	9,141	8,641
OTHER INTANGIBLE ASSETS—NET	2,945	2,750
OTHER NON-CURRENT ASSETS	234	260
TOTAL ASSETS	19,555	18,107
CURRENT LIABILITIES:
Current portion of long-term debt	67	76
Short-term borrowings—trade receivable securitization facility	350	350
Accounts payable	292	279
Accrued and other current liabilities	824	721
Total current liabilities	1,533	1,426
LONG-TERM DEBT	19,348	19,369
DEFERRED INCOME TAXES	619	596
OTHER NON-CURRENT LIABILITIES	442	482
Total liabilities	21,942	21,873
TD GROUP STOCKHOLDERS’ DEFICIT:
Common stock - $.01 par value; authorized 224,400,000 shares; issued 60,832,816 and 60,049,685 at July 1, 2023 and September 30, 2022, respectively	1	1
Additional paid-in capital	2,375	2,113
Accumulated deficit	(3,034)	(3,914)
Accumulated other comprehensive loss	(30)	(267)
Treasury stock, at cost; 5,688,639 shares at July 1, 2023 and September 30, 2022	1,706	1,706
Total TD Group stockholders’ deficit	(2,394)	(3,773)
NONCONTROLLING INTERESTS	7	7
Total stockholders’ deficit	(2,387)	(3,766)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 19,555	$ 18,107

EARNINGS PER SHARE

9 Months Ended

Jul. 01, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE (TWO-CLASS METHOD)

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 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Numerator for earnings per share:
Income from continuing operations	$	352	$	239	$	885	$	601
Less: Net income attributable to noncontrolling interests	(1)		(1)		(2)		(2)
Net income from continuing operations attributable to TD Group	351		238		883		599
Less: Dividends paid on participating securities	—		—		(38)		(46)
Income from discontinued operations, net of tax	—		—		—		1
Net income applicable to TD Group common stockholders—basic and diluted	$	351	$	238	$	845	$	554
Denominator for basic and diluted earnings per share under the two-class method:
Weighted-average common shares outstanding	55.0		54.4		54.7		55.0
Vested options deemed participating securities	2.2		3.6		2.4		3.7
Total shares for basic and diluted earnings per share	57.2		58.0		57.1		58.7

Earnings per share from continuing operations—basic and diluted	$	6.14	$	4.10	$	14.80	$	9.42
Earnings per share from discontinued operations—basic and diluted	—		—		—		0.02
Earnings per share	$	6.14	$	4.10	$	14.80	$	9.44

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Millions	Jul. 01, 2023	Sep. 30, 2022
Inventory Disclosure [Abstract]
Raw materials and purchased component parts	$ 1,133	$ 959
Work-in-progress	453	359
Finished goods	228	210
Total	1,814	1,528
Reserves for excess and obsolete inventory	(211)	(196)
Inventories—Net	$ 1,603	$ 1,332

DEBT - Additional Debt Instruments (Details) - USD ($)			3 Months Ended		9 Months Ended
DEBT - Additional Debt Instruments (Details) - USD ($)	Mar. 09, 2023	Feb. 24, 2023	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Jul. 25, 2023	Dec. 14, 2022	Sep. 30, 2022
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net			$ 60,000,000		$ 60,000,000				$ 12,000,000
Finance lease obligations			195,000,000		195,000,000				146,000,000
REFINANCING COSTS			32,000,000	$ 0	41,000,000	$ 0
Accrued and Other Current Liabilities
Debt Instrument [Line Items]
Interest Payable			199,000,000		199,000,000				170,000,000
Government refundable advances
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net			0		0				0
Government refundable advances			22,000,000		22,000,000				23,000,000
Finance Lease Obligations
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net			0		0				0
Finance lease obligations			195,000,000		195,000,000				$ 146,000,000
Tranche G Term Loans
Debt Instrument [Line Items]
Debt Instrument, Repurchase Amount								$ 1,725,000,000
Write off of Deferred Debt Issuance Cost					200,000
Write Off of Original Issue Discount					100,000
Tranche G Term Loans \| London Interbank Offered Rate LIBOR
Debt Instrument [Line Items]
Interest rate								2.25%
Tranche H Term Loans
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 1,725,000,000
Original Issue Discount Rate								2.00%
Debt Instrument, Unamortized Discount (Premium), Net								$ 34,500,000
REFINANCING COSTS					4,600,000
Tranche H Term Loans \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate								3.25%
Senior Secured Notes $1,100M due 2028 6.75%
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 1,100,000,000
Interest rate	6.75%
Debt Issuance Costs, Gross			11,500,000		11,500,000
Debt Instrument, Unamortized Discount	$ 11,000,000
Debt Instrument, Issuance Price, Percentage	99.00%
Tranche E
Debt Instrument [Line Items]
Debt Instrument, Repurchase Amount		$ 2,149,000,000
Tranche E \| London Interbank Offered Rate LIBOR
Debt Instrument [Line Items]
Interest rate		2.25%
Tranche F
Debt Instrument [Line Items]
Debt Instrument, Repurchase Amount		$ 3,410,000,000
Tranche F \| London Interbank Offered Rate LIBOR
Debt Instrument [Line Items]
Interest rate		2.25%
Tranche I
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 4,559,000,000
Debt Instrument, Unamortized Discount (Premium), Net		$ 11,400,000
Write off of Deferred Debt Issuance Cost					100,000
Write Off of Original Issue Discount					100,000
Debt Instrument, Redemption Price, Percentage		0.25%
REFINANCING COSTS					9,200,000
Tranche I \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate		3.25%
Senior Secured Notes $1,000 due 2028 6.75%
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 1,000,000,000
Interest rate		6.75%
Debt Instrument, Redemption Price, Percentage		100.00%
Debt Issuance Costs, Gross			9,800,000		9,800,000
Senior Secured Notes $1,100M due 2025 8.00%
Debt Instrument [Line Items]
Debt Instrument, Repurchase Amount			1,700,000		1,700,000
Debt Instrument, Face Amount		$ 1,100,000,000
Write off of Deferred Debt Issuance Cost					4,800,000
Debt Instrument, Repurchased Face Amount			1,100,000,000		1,100,000,000
Redemption Premium					22,000,000
REFINANCING COSTS					27,000,000.0
Securitization Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			350,000,000		350,000,000
Line of Credit Facility, Amount Drawn			$ 350,000,000		$ 350,000,000
Securitization Facility \| Subsequent Event
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							$ 450,000,000
Securitization Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate			1.30%		1.30%
Securitization Facility \| Secured Overnight Financing Rate (SOFR) \| Subsequent Event
Debt Instrument [Line Items]
Interest rate							1.60%

SEGMENTS - Schedule of Total Assets by Segment (Details) - USD ($) $ in Millions	Jul. 01, 2023	Sep. 30, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 19,555	$ 18,107
Operating Segments \| Power & Control
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	7,292	6,994
Operating Segments \| Airframe
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	8,991	7,781
Operating Segments \| Non-aviation
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	237	238
Corporate, Non-Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 3,035	$ 3,094

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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Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING ACTIVITIES

9 Months Ended

Jul. 01, 2023

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, cap and collar counterparties that contain a provision whereby if the Company defaults on the Credit Agreement, the Company could also be declared in default on its swaps, cap and collars resulting in an acceleration of payment under the swaps, cap and collars.

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, Cap and Collar Agreements – Interest rate swap, cap and collar agreements are used to manage interest rate risk associated with floating rate borrowings (such as our term loans - see Note 10, “Debt”) under our Credit Agreement. 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. The 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 from the effective date through the maturity date of the respective interest rate swap, cap and collar agreements, thereby reducing the impact of interest rate movements on future interest expense.

Prior to amending the Credit Agreement (as disclosed in Note 10, “Debt”), the Company was exposed to floating rates of LIBOR via the term loans' benchmark interest rate. During the second quarter of fiscal 2023, in connection with the amendment of the Credit Agreement impacting the term loans, we entered into LIBOR to Term SOFR basis interest rate swap and cap transactions to effectively convert our existing swaps and cap from LIBOR-based to Term SOFR-based. The basis swaps and cap offset the LIBOR exposure of the existing swaps and cap and effectively fix the Term SOFR rate for the notional amount.

We also entered into forward starting interest rate collar agreements during the second quarter of fiscal 2023. The interest rate collar agreements establish a range where we will pay the counterparties if the three-month Term SOFR rate falls below the established floor rate of 2.0%, and the counterparties will pay us if the three-month Term SOFR rate exceeds the ceiling rate of 3.5%. The collar will settle quarterly from the effective date through the maturity date. No payments or receipts will be exchanged on the interest rate collar contracts unless interest rates rise above or fall below the contracted ceiling or floor rates.

The tables below summarize the key terms of the swaps, cap and collars as of July 1, 2023 (aggregated by effective date).

Interest rate swap agreements:

Aggregate Notional Amount (in millions)

Effective Date

Maturity Date

Conversion of Related Variable Rate Debt subject to Term SOFR to Fixed Rate of:

$400

3/31/2023

6/28/2024

6.25% (3.0% plus the 3.25% margin percentage)

$900

3/31/2023

6/28/2024

6.35% (3.1% plus the 3.25% margin percentage)

$500

3/31/2023

3/31/2025

6.25% (3.0% plus the 3.25% margin percentage)

$1,500

3/31/2023

3/31/2025

6.35% (3.1% plus the 3.25% margin percentage)

$700

3/31/2023

9/30/2025

4.55% (1.3% plus the 3.25% margin percentage)

Interest rate cap agreement:

Aggregate Notional Amount (in millions)

Effective Date

Maturity Date

Offsets Variable Rate Debt Attributable to Fluctuations Above:

$700

3/31/2023

9/30/2025

Three-month Term SOFR rate of 1.25%

Interest rate collar agreements:

Aggregate Notional Amount (in millions)

Effective Date

Maturity Date

Offsets Variable Rate Debt Attributable to Fluctuations Below and Above:

$1,100

3/31/2025

9/30/2026

Three-month Term SOFR rate of 2.00% (floor) and 3.50% (cap)

$500

9/30/2025

9/30/2026

Three-month Term SOFR rate of 2.00% (floor) and 3.50% (cap)

These derivative instruments qualify as effective cash flow hedges under U.S. GAAP. For the LIBOR to Term SOFR basis interest rate swap and cap agreements referenced above, we applied the practical expedients permissible under ASC 848 to continue hedge accounting for our existing swaps and cap as effective cash flow hedges. For our cash flow hedges, the effective portion of the gain or loss from the financial instruments is 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 affects earnings. As the interest rate swap, cap and collar 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. Cash flows related to the derivative contracts are included in cash flows from operating activities on the condensed consolidated statements of cash flows.

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 1, 2023				September 30, 2022
	Asset		Liability		Asset		Liability
Interest rate cap agreement	$	55	$	1	$	50	$	—
Interest rate collar agreements	10		—		—		—
Interest rate swap agreements	155		4		145		—
Net derivatives as classified in the condensed consolidated balance sheets (1)	$	220	$	5	$	195	$	—

(1)Refer to Note 12, “Fair Value Measurements,” for the condensed consolidated balance sheets classification of the Company's interest rate swap, cap and collar agreements.

Based on the fair value amounts determined as of July 1, 2023, 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 $(107.3) 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 1, 2023, the Company has outstanding foreign currency forward exchange contracts to sell U.S. dollars with notional amounts of $218.4 million. The maximum duration of the Company’s foreign currency cash flow hedge contracts at July 1, 2023 is 15 months. These notional values consist of contracts for the Canadian dollar and the 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 1, 2023, the losses reclassified on settlements of foreign currency forward exchange contracts designated as cash flow hedges into net sales was approximately $2.4 million. The losses were previously recorded as a component of accumulated other comprehensive loss in stockholders' deficit.

As of July 1, 2023, the Company expects to record a net loss of approximately $0.9 million on foreign currency forward exchange contracts designated as cash flow hedges to net sales over the next 12 months.

DERIVATIVES AND HEDGING ACTIVITIES - Narratives (Details) $ in Millions	9 Months Ended
	Jul. 01, 2023 USD ($)
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer	12 months
Losses reclassified from cash flow hedges into net sales	$ 2.4
Interest Rate Collar
Derivative [Line Items]
Derivative, Floor Interest Rate	2.00%
Derivative, Cap Interest Rate	3.50%
Interest Rate Swap and Cap Agreements
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ (107.3)
Foreign Exchange Forward Exchange Contracts
Derivative [Line Items]
Derivative, Notional Amount	218.4
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Earnings, net of Tax, Next 12 months (Estimated)	$ 0.9

ACQUISITIONS - Extant, Dart, & Calspan (Details)	9 Months Ended
ACQUISITIONS - Extant, Dart, & Calspan (Details)	Jul. 01, 2023
Minimum
Business Acquisition [Line Items]
Air Transportation Equipment Estimated Useful Life	25 years
Maximum
Business Acquisition [Line Items]
Air Transportation Equipment Estimated Useful Life	30 years

ACQUISITIONS (Tables)

9 Months Ended

Jul. 01, 2023

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The allocation of the estimated fair value of assets acquired and liabilities assumed in the Calspan acquisition as of the May 8, 2023 acquisition date is summarized in the table below (in millions):




Assets acquired (excluding cash):
Trade accounts receivable	$	39
Inventories	2
Prepaid expenses and other	40
Property, plant and equipment	105
Goodwill	367		(1)
Other intangible assets	243		(1)
Other non-current assets	7
Total assets acquired (excluding cash)	803
Liabilities assumed:
Accounts payable	10
Accrued and other current liabilities	50
Deferred income taxes	8
Other non-current liabilities	6
Total liabilities assumed	74
Net assets acquired	$	729


	Preliminary		Measurement Period		Final
	Allocation		Adjustments (2)		Allocation
Assets acquired (excluding cash):
Trade accounts receivable	$	16	$	(2)	$	14
Inventories	33		(1)		32
Prepaid expenses and other	4		—		4
Property, plant and equipment	9		—		9
Goodwill	236		(31)		205		(1)
Other intangible assets	112		36		148		(1)
Other non-current assets	8		9		17
Total assets acquired (excluding cash)	418		11		429
Liabilities assumed:
Accounts payable	4		—		4
Accrued and other current liabilities	11		3		14
Deferred income taxes	35		—		35
Other non-current liabilities	8		9		17
Total liabilities assumed	58		12		70
Net assets acquired	$	360	$	(1)	$	359

(1)None of the approximately $205 million of goodwill and $148 million of other intangible assets recognized for the acquisition is deductible for tax purposes.

(2)Measurement period adjustments primarily relate to the adjustments in the fair values of the acquired other intangible assets from the third-party valuation. The principal offset was to goodwill.

ACQUISITIONS - DART Aerospace (Details) - USD ($)
$ in Millions

9 Months Ended

13 Months Ended

May 25, 2022

Jul. 01, 2023

Jul. 02, 2022

Jul. 01, 2023

Sep. 30, 2022

Payments to Acquire Businesses, Net of Cash Acquired

$ 750

$ 422

Assets acquired (excluding cash):

Goodwill, Purchase Accounting Adjustments

9,141

$ 9,141

$ 8,641

^[1]

DART Aerospace

Payments to Acquire Businesses, Net of Cash Acquired

$ 359

Working Capital Settlement Received

$ 1

Assets acquired (excluding cash):

Trade accounts receivable

BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentCurrentAssets,Receivable

^[2]

(2)

Inventories

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

^[2]

(1)

Prepaid expenses and other

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

^[2]

Property, plant and equipment

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

^[2]

Goodwill, Purchase Accounting Adjustments

236

205

^[3]

205

^[3]

^[2]

(31)

Other intangible assets

112

148

^[3]

148

^[3]

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

^[2]

Other non-current assets

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Other Assets

^[2]

Total assets acquired (excluding cash)

418

429

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Total Assets Acquired

^[2]

Liabilities assumed:

Accounts payable

Business Combination Provisional Information Initial Accounting Incomplete Adjustment accounts payable

^[2]

Accrued and other current liabilities

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

^[2]

Deferred income taxes

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Accounts Payable

^[2]

Other non-current liabilities

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

^[2]

Total liabilities assumed

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Total Liabilities Assumed

^[2]

Net assets acquired

$ 360

$ 359

359

Business Combination Provisional Information Initial Accounting Incomplete Adjustment Net Assets Acquired

^[2]

$ (1)

[1]	Primarily related to opening balance sheet adjustments recorded from the series of acquisitions completed during fiscal year 2022 by the Company's Extant Aerospace subsidiary (Power & Control) and the acquisition of DART (Airframe). Refer to Note 3, “Acquisitions,” for further information.
[2]	Measurement period adjustments primarily relate to the adjustments in the fair values of the acquired other intangible assets from the third-party valuation. The principal offset was to goodwill.
[3]	None of the approximately $205 million of goodwill and $148 million of other intangible assets recognized for the acquisition is deductible for tax purposes.

INVENTORIES

9 Months Ended

Jul. 01, 2023

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 1, 2023		September 30, 2022
Raw materials and purchased component parts	$	1,133	$	959
Work-in-progress	453		359
Finished goods	228		210
Total	1,814		1,528
Reserves for excess and obsolete inventory	(211)		(196)
Inventories—Net	$	1,603	$	1,332

ACQUISITIONS - Extant Aerospace Acquisitions (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 750	$ 422
GOODWILL	9,141		$ 8,641
Extant Aerospace
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	11		88
GOODWILL	6		61
Other intangible assets	4		$ 37
Tax benefit recognition period (in years)			15 years
Payments To Acquire Business, Cash On Hand	$ 10
Goodwill and Intangible Assets, Deductible For Tax Purposes, Term	15 years

Net Sales by Reportable Segments

+ References + Details

SEGMENTS (Tables)

9 Months Ended

Jul. 01, 2023

Segment Reporting [Abstract]

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


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Net sales to external customers
Power & Control
Commercial and non-aerospace OEM	$	179	$	155	$	497	$	443
Commercial and non-aerospace aftermarket	272		221		793		625
Defense	410		361		1,112		1,027
Total Power & Control	861		737		2,402		2,095

Airframe
Commercial and non-aerospace OEM	254		194		691		514
Commercial and non-aerospace aftermarket	307		202		810		551
Defense	274		224		703		640
Total Airframe	835		620		2,204		1,705

Total Non-aviation	48		41		127		119

Net Sales	$	1,744	$	1,398	$	4,733	$	3,919

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 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
EBITDA As Defined
Power & Control	$	487	$	398	$	1,341	$	1,100
Airframe	417		292		1,101		791
Non-aviation	21		16		52		45
Total segment EBITDA As Defined	925		706		2,494		1,936
Less: Unallocated corporate EBITDA As Defined	10		10		62		42
Total Company EBITDA As Defined	915		696		2,432		1,894
Depreciation and amortization expense	70		61		199		188
Interest expense, net	291		269		872		799
Acquisition and divestiture transaction-related expenses	6		5		12		13
Non-cash stock and deferred compensation expense	53		47		131		129
Refinancing costs	32		—		41		—
Other, net	(6)		2		11		(1)
Income from continuing operations before income taxes	$	469	$	312	$	1,166	$	766

Total Assets by Segment

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


	July 1, 2023		September 30, 2022
Total assets
Power & Control	$	7,292	$	6,994
Airframe	8,991		7,781
Non-aviation	237		238
Corporate	3,035		3,094
	$	19,555	$	18,107

UNAUDITED INTERIM FINANCIAL INFORMATION	9 Months Ended
UNAUDITED INTERIM FINANCIAL INFORMATION	Jul. 01, 2023
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, 2022 included in TD Group’s Form 10-K filed on November 10, 2022. 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, 2022 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 1, 2023 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.

SEGMENTS

9 Months Ended

Jul. 01, 2023

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, parachutes and specialized flight, wind tunnel and jet engine testing services and equipment. 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 or deferred compensation plans, foreign currency gains and losses, acquisition-integration costs, acquisition and divestiture transaction-related expenses, and refinancing costs. 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 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 is 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 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Net sales to external customers
Power & Control
Commercial and non-aerospace OEM	$	179	$	155	$	497	$	443
Commercial and non-aerospace aftermarket	272		221		793		625
Defense	410		361		1,112		1,027
Total Power & Control	861		737		2,402		2,095

Airframe
Commercial and non-aerospace OEM	254		194		691		514
Commercial and non-aerospace aftermarket	307		202		810		551
Defense	274		224		703		640
Total Airframe	835		620		2,204		1,705

Total Non-aviation	48		41		127		119

Net Sales	$	1,744	$	1,398	$	4,733	$	3,919

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 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
EBITDA As Defined
Power & Control	$	487	$	398	$	1,341	$	1,100
Airframe	417		292		1,101		791
Non-aviation	21		16		52		45
Total segment EBITDA As Defined	925		706		2,494		1,936
Less: Unallocated corporate EBITDA As Defined	10		10		62		42
Total Company EBITDA As Defined	915		696		2,432		1,894
Depreciation and amortization expense	70		61		199		188
Interest expense, net	291		269		872		799
Acquisition and divestiture transaction-related expenses	6		5		12		13
Non-cash stock and deferred compensation expense	53		47		131		129
Refinancing costs	32		—		41		—
Other, net	(6)		2		11		(1)
Income from continuing operations before income taxes	$	469	$	312	$	1,166	$	766

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


	July 1, 2023		September 30, 2022
Total assets
Power & Control	$	7,292	$	6,994
Airframe	8,991		7,781
Non-aviation	237		238
Corporate	3,035		3,094
	$	19,555	$	18,107

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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Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Jul. 01, 2023

Schedule of Notional Amounts of Outstanding Derivative Positions

Interest rate swap agreements:

Aggregate Notional Amount (in millions)

Effective Date

Maturity Date

Conversion of Related Variable Rate Debt subject to Term SOFR to Fixed Rate of:

$400

3/31/2023

6/28/2024

6.25% (3.0% plus the 3.25% margin percentage)

$900

3/31/2023

6/28/2024

6.35% (3.1% plus the 3.25% margin percentage)

$500

3/31/2023

3/31/2025

6.25% (3.0% plus the 3.25% margin percentage)

$1,500

3/31/2023

3/31/2025

6.35% (3.1% plus the 3.25% margin percentage)

$700

3/31/2023

9/30/2025

4.55% (1.3% plus the 3.25% margin percentage)

Interest rate cap agreement:

Aggregate Notional Amount (in millions)

Effective Date

Maturity Date

Offsets Variable Rate Debt Attributable to Fluctuations Above:

$700

3/31/2023

9/30/2025

Three-month Term SOFR rate of 1.25%

Interest rate collar agreements:

Aggregate Notional Amount (in millions)

Effective Date

Maturity Date

Offsets Variable Rate Debt Attributable to Fluctuations Below and Above:

$1,100

3/31/2025

9/30/2026

Three-month Term SOFR rate of 2.00% (floor) and 3.50% (cap)

$500

9/30/2025

9/30/2026

Three-month Term SOFR rate of 2.00% (floor) and 3.50% (cap)

Schedule of Interest Rate Derivatives


	July 1, 2023				September 30, 2022
	Asset		Liability		Asset		Liability
Interest rate cap agreement	$	55	$	1	$	50	$	—
Interest rate collar agreements	10		—		—		—
Interest rate swap agreements	155		4		145		—
Net derivatives as classified in the condensed consolidated balance sheets (1)	$	220	$	5	$	195	$	—

(1)Refer to Note 12, “Fair Value Measurements,” for the condensed consolidated balance sheets classification of the Company's interest rate swap, cap and collar agreements.

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. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	$ 915	$ 696	$ 2,432	$ 1,894
Interest expense, net	291	269	872	799
Non-cash stock and deferred compensation expense			131	129
Refinancing costs	32	0	41	0
Income from continuing operations before income taxes	469	312	1,166	766
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	925	706	2,494	1,936
Operating Segments \| Power & Control
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	487	398	1,341	1,100
Operating Segments \| Airframe
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	417	292	1,101	791
Operating Segments \| Non-aviation
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	21	16	52	45
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	10	10	62	42
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization expense	70		199	188
Interest expense, net	(291)	(269)	(872)	(799)
Acquisition and divestiture transaction-related expenses	6		12	13
Non-cash stock and deferred compensation expense	53	47	131	129
Refinancing costs	32	$ 0	41	0
Other, net	$ (6)		$ 11	$ (1)

FAIR VALUE MEASUREMENTS

9 Months Ended

Jul. 01, 2023

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 1, 2023				September 30, 2022
	Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	3,071	$	3,071	$	3,001	$	3,001

Interest rate swap agreements (1)	2	110		110		77		77
Interest rate swap agreements (2)	2	45		45		68		68
Interest rate cap agreement (2)	2	55		55		50		50
Interest rate collar agreements (2)	2	10		10		—		—
Liabilities:
Foreign currency forward exchange contracts (3)	2	1		1		11		11
Interest rate cap agreement (4)	2	1		1		—		—
Interest rate swap agreements (4)	2	4		4		—		—
Short-term borrowings - trade receivable securitization facility (5)	2	350		350		350		350
Long-term debt, including current portion:
Term loans (5)	2	6,189		6,223		7,256		6,976
2025 Secured Notes (5)	1	—		—		1,094		1,115
6.375% 2026 Notes (5)	1	947		935		946		884
6.875% 2026 Notes (5)	1	496		496		495		473
2026 Secured Notes (5)	1	4,375		4,378		4,368		4,257
7.50% 2027 Notes (5)	1	547		550		547		524
5.50% 2027 Notes (5)	1	2,637		2,498		2,635		2,286
2028 Secured Notes (5)	1	2,070		2,108		—		—
4.625% 2029 Notes (5)	1	1,192		1,065		1,191		966
4.875% 2029 Notes (5)	1	745		668		744		606
Government refundable advances	2	22		22		23		23
Finance lease obligations	2	195		195		146		146

(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.

(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).

The Company’s derivatives consist of interest rate swap, cap and collar agreements and foreign currency exchange contracts. The fair values of the interest rate swap, cap and collar agreements were derived by taking the net present value of the expected cash flows using observable market inputs (Level 2) such as LIBOR or SOFR rate curves, futures, volatilities and basis spreads (when applicable). The fair values of the foreign currency exchange contracts were derived by using Level 2 inputs based on observable spot and forward exchange rates in active markets. 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 material impact to the fair value of derivative assets based on the Company's evaluation of counterparties' credit risks.

The estimated fair value of the Company’s term loans was based on information provided by the agent under the Company’s Credit Agreement. The estimated fair values of the Company’s notes were based upon quoted market prices.

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 1, 2023 and September 30, 2022.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Jul. 02, 2022	Apr. 02, 2022	Jan. 01, 2022	Jul. 01, 2023	Jul. 02, 2022
Pay vs Performance Disclosure
NET INCOME ATTRIBUTABLE TO TD GROUP	$ 351	$ 304	$ 228	$ 238	$ 199	$ 163	$ 883	$ 600

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

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-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Statement of Comprehensive Income [Abstract]

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Jul. 01, 2023

Jul. 02, 2022

Jul. 01, 2023

Jul. 02, 2022

Net income

$ 352

$ 239

$ 885

$ 602

Less: Net income attributable to noncontrolling interests

(1)

(2)

Other comprehensive income (loss), net of tax:

351

238

883

600

(155)

211

(208)

Pension and postretirement benefit plans adjustment

252

(6)

Other comprehensive income (loss), net of tax, attributable to TD Group

(125)

237

^[1]

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO TD GROUP

$ 417

$ 113

$ 1,120

$ 650

[1]

Presented net of reclassifications out of AOCI into earnings, specifically interest expense - net, for realized gains (losses) on derivatives designated and qualifying as cash flow hedges of $41.9 million (net of taxes of $12.9 million) and $(64.7) million (net of taxes of $(19.9) million) for the thirty-nine week periods ended July 1, 2023 and July 2, 2022, respectively.

LEASES - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Lessee, Lease, Description [Line Items]
Lease, Cost	$ 10	$ 11	$ 32	$ 29
Cost of sales or selling and administrative expenses
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	5	6	15	18
Cost of sales
Lessee, Lease, Description [Line Items]
Finance Lease, Right-of-Use Asset, Amortization	2	2	7	4
Interest expense - net
Lessee, Lease, Description [Line Items]
Finance Lease, Interest Expense	$ 3	$ 3	$ 10	$ 7

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Jul. 01, 2023
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. Litigation Claims – On November 1, 2021, a purported stockholder of the Company filed a derivative complaint, captioned Sciabacucchi v Howley, et al. C.A. No. 2021-0938-LWW (the “Derivative Action”), in the Delaware Court of Chancery (the “Court”). The complaint, which names certain directors of the Company (the “Director Defendants”) as defendants, alleges that the Director Defendants awarded and received excessive compensation. The Director Defendants have denied, and continue to deny, any and all allegations of wrongdoing or liability asserted in the Derivative Action. Nonetheless, solely to eliminate the uncertainty, distraction, disruption, burden, risk and expense of further litigation, the Company and the Director Defendants entered into a Stipulation and Agreement of Compromise, Settlement and Release (the “Stipulation”) with the plaintiff on August 19, 2022. Pursuant to the terms of the Stipulation, the Director Defendants have agreed to implement and maintain certain changes to the Company’s compensation policies and practices such as to the extent dividend equivalent payments are declared payable to any Company director, those DEPs will not be paid in cash, but instead will be paid via a reduction to the strike price of options that are issued to that director. Other corporate governance enhancements were also agreed to by the Company. The Company is also responsible for the payment of plaintiff’s attorneys’ fees. The proposed settlement as set forth in the Stipulation, other than the amount of the attorneys’ fees, was approved by the Court on November 10, 2022. On July 3, 2023, the settlement amount of the attorneys' fees was approved. The settlement (i) fully resolves the Derivative Action by dismissing all asserted claims with prejudice and (ii) releases all claims related to the allegations in the Derivative Action. The settlement did not have a material adverse impact on the Company’s financial statements. 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 1, 2023 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.

LEASES - Maturities Schedule of Operating and Financing Leases (Details) - USD ($) $ in Millions	Jul. 01, 2023	Sep. 30, 2022
Leases [Abstract]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 5
Finance Leases, Future Minimum Payments Due, Next Twelve Months	4
Lessee, Operating Lease, Liability, to be Paid, Year One	19
Finance Lease, Liability, to be Paid, Year One	16
Operating Leases, Future Minimum Payments, Due in Two Years	17
Finance Leases, Future Minimum Payments Due in Two Years	17
Operating Leases, Future Minimum Payments, Due in Three Years	13
Finance Leases, Future Minimum Payments Due in Three Years	17
Operating Leases, Future Minimum Payments, Due in Four Years	10
Finance Leases, Future Minimum Payments Due in Four Years	17
Operating Leases, Future Minimum Payments, Due Thereafter	19
Finance Leases, Future Minimum Payments Due Thereafter	315
Operating Leases, Future Minimum Payments Due	83
Finance Leases, Future Minimum Payments Due	386
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	14
Finance Leases, Future Minimum Payments, Interest Included in Payments	191
Operating Lease, Liability	69	$ 89
Finance lease obligations	$ 195	$ 146

Cover Page - shares	9 Months Ended
Cover Page - shares	Jul. 01, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2023
Document Transition Report	false
Entity File Number	001-32833
Entity Registrant Name	TransDigm Group Incorporated
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-2101738
Entity Address, Address Line One	1301 East 9th Street,
Entity Address, Address Line Two	Suite 3000,
Entity Address, City or Town	Cleveland,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44114
City Area Code	216
Local Phone Number	706-2960
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	TDG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		55,183,160
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001260221
Current Fiscal Year End Date	--09-30

CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - $ / shares	Jul. 01, 2023	Sep. 30, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	224,400,000	224,400,000
Common stock, shares issued (in shares)	60,832,816	60,049,685
Treasury stock, shares outstanding (in shares)	5,688,639	5,688,639

DEBT (Tables)

9 Months Ended

Jul. 01, 2023

Debt Disclosure [Abstract]

Schedule of Debt

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


	July 1, 2023
	Gross Amount		Debt Issuance Costs		Original Issue (Discount) or Premium		Net Amount
Short-term borrowings—trade receivable securitization facility	$	350	$	—	$	—	$	350
Term loans	$	6,263	$	(23)	$	(51)	$	6,189

6.375% senior subordinated notes due 2026 (“6.375% 2026 Notes”)	950		(3)		—		947
6.875% senior subordinated notes due 2026 (“6.875% 2026 Notes”)	500		(3)		(1)		496
6.25% secured notes due 2026 (“2026 Secured Notes”)	4,400		(28)		3		4,375
7.50% senior subordinated notes due 2027 (“7.50% 2027 Notes”)	550		(3)		—		547
5.50% senior subordinated notes due 2027 (“5.50% 2027 Notes”)	2,650		(13)		—		2,637
6.75% secured notes due 2028 (“2028 Secured Notes”)	2,100		(19)		(11)		2,070
4.625% senior subordinated notes due 2029 (“4.625% 2029 Notes”)	1,200		(8)		—		1,192
4.875% senior subordinated notes due 2029 (“4.875% 2029 Notes”)	750		(5)		—		745
Government refundable advances	22		—		—		22
Finance lease obligations	195		—		—		195
	19,580		(105)		(60)		19,415
Less: current portion	67		—		—		67
Long-term debt	$	19,513	$	(105)	$	(60)	$	19,348


	September 30, 2022
	Gross Amount		Debt Issuance Costs		Original Issue (Discount) or Premium		Net Amount
Short-term borrowings—trade receivable securitization facility	$	350	$	—	$	—	$	350
Term loans	$	7,298	$	(29)	$	(13)	$	7,256
8.00% secured notes due 2025 (“2025 Secured Notes”)	1,100		(6)		—		1,094
6.375% 2026 Notes	950		(4)		—		946
6.875% 2026 Notes	500		(3)		(2)		495
2026 Secured Notes	4,400		(35)		3		4,368
7.50% 2027 Notes	550		(3)		—		547
5.50% 2027 Notes	2,650		(15)		—		2,635
4.625% 2029 Notes	1,200		(9)		—		1,191
4.875% 2029 Notes	750		(6)		—		744
Government refundable advances	23		—		—		23
Finance lease obligations	146		—		—		146
	19,567		(110)		(12)		19,445
Less: current portion	77		(1)		—		76
Long-term debt	$	19,490	$	(109)	$	(12)	$	19,369

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. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Numerator for earnings per share:
Income from continuing operations	$ 352	$ 239	$ 885	$ 601
Less: Net income attributable to noncontrolling interests	1	1	2	2
Net income from continuing operations attributable to TD Group	351	238	883	599
Less: Dividends paid on participating securities	0	0	(38)	(46)
Income from discontinued operations, net of tax	0	0	0	1
Net income applicable to TD Group common stockholders—basic and diluted	$ 351	$ 238	$ 845	$ 554
Denominator for basic and diluted earnings per share under the two-class method:
Weighted-Average Common Shares Outstanding, Basic And Diluted	55.0	54.4	54.7	55.0
Vested options deemed participating securities	2.2	3.6	2.4	3.7
Weighted-average shares outstanding - basic (in shares)	57.2	58.0	57.1	58.7
Weighted-average shares outstanding - diluted (in shares)	57.2	58.0	57.1	58.7
Earnings per share from continuing operations - basic (in usd per share)	$ 6.14	$ 4.10	$ 14.80	$ 9.42
Earnings per share from continuing operations - diluted (in usd per share)	6.14	4.10	14.80	9.42
Earnings per share from discontinued operations - diluted (in usd per share)	0	0	0	0.02
Earnings per share from discontinued operations - basic (in usd per share)	0	0	0	0.02
Earnings per share - basic (in usd per share)	6.14	4.10	14.80	9.44
Earnings per share - diluted (in usd per share)	$ 6.14	$ 4.10	$ 14.80	$ 9.44

INTANGIBLE ASSETS - Aggregate Amortization Expense on Identifiable Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
AMORTIZATION OF INTANGIBLE ASSETS	$ 37	$ 33	$ 105	$ 102

DEBT

9 Months Ended

Jul. 01, 2023

Debt Disclosure [Abstract]

DEBT

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


	July 1, 2023
	Gross Amount		Debt Issuance Costs		Original Issue (Discount) or Premium		Net Amount
Short-term borrowings—trade receivable securitization facility	$	350	$	—	$	—	$	350
Term loans	$	6,263	$	(23)	$	(51)	$	6,189

6.375% senior subordinated notes due 2026 (“6.375% 2026 Notes”)	950		(3)		—		947
6.875% senior subordinated notes due 2026 (“6.875% 2026 Notes”)	500		(3)		(1)		496
6.25% secured notes due 2026 (“2026 Secured Notes”)	4,400		(28)		3		4,375
7.50% senior subordinated notes due 2027 (“7.50% 2027 Notes”)	550		(3)		—		547
5.50% senior subordinated notes due 2027 (“5.50% 2027 Notes”)	2,650		(13)		—		2,637
6.75% secured notes due 2028 (“2028 Secured Notes”)	2,100		(19)		(11)		2,070
4.625% senior subordinated notes due 2029 (“4.625% 2029 Notes”)	1,200		(8)		—		1,192
4.875% senior subordinated notes due 2029 (“4.875% 2029 Notes”)	750		(5)		—		745
Government refundable advances	22		—		—		22
Finance lease obligations	195		—		—		195
	19,580		(105)		(60)		19,415
Less: current portion	67		—		—		67
Long-term debt	$	19,513	$	(105)	$	(60)	$	19,348


	September 30, 2022
	Gross Amount		Debt Issuance Costs		Original Issue (Discount) or Premium		Net Amount
Short-term borrowings—trade receivable securitization facility	$	350	$	—	$	—	$	350
Term loans	$	7,298	$	(29)	$	(13)	$	7,256
8.00% secured notes due 2025 (“2025 Secured Notes”)	1,100		(6)		—		1,094
6.375% 2026 Notes	950		(4)		—		946
6.875% 2026 Notes	500		(3)		(2)		495
2026 Secured Notes	4,400		(35)		3		4,368
7.50% 2027 Notes	550		(3)		—		547
5.50% 2027 Notes	2,650		(15)		—		2,635
4.625% 2029 Notes	1,200		(9)		—		1,191
4.875% 2029 Notes	750		(6)		—		744
Government refundable advances	23		—		—		23
Finance lease obligations	146		—		—		146
	19,567		(110)		(12)		19,445
Less: current portion	77		(1)		—		76
Long-term debt	$	19,490	$	(109)	$	(12)	$	19,369

Accrued interest, which is classified as a component of accrued and other current liabilities on the condensed consolidated balance sheets, was $199 million and $170 million as of July 1, 2023 and September 30, 2022, respectively.

Amendment No. 10, Loan Modification Agreement and Refinancing Facility Agreement – On December 14, 2022, the Company entered into Amendment No. 10, Loan Modification Agreement and Refinancing Facility Agreement (herein, “Amendment No. 10”) to the Second Amended and Restated Credit Agreement dated as of June 4, 2014 (the “Credit Agreement”). Under the terms of Amendment No. 10, the Company, among other things, repaid in full its existing approximately $1,725 million in Tranche G term loans maturing August 22, 2024 and replaced such loans with approximately $1,725 million in Tranche H term loans maturing February 22, 2027. The Tranche H term loans bear interest at Term SOFR plus 3.25% compared to the former Tranche G term loans which bore interest at LIBOR plus 2.25%. The Tranche H term loans were issued at a discount of 2.00%, or approximately $34.5 million. The Tranche H term loans were fully drawn on December 14, 2022 and the other terms and conditions that apply to the Tranche H term loans are substantially the same as the terms and conditions that applied to the term loans immediately prior to Amendment No. 10.

The Company expensed $4.6 million of refinancing costs associated with the refinancing during the thirty-nine week period ended July 1, 2023. Additionally, the Company wrote-off $0.2 million in unamortized debt issuance costs and $0.1 million of original issue discount related to the Tranche G terms loans during the thirty-nine week period ended July 1, 2023.

Amendment No. 11, Loan Modification Agreement and Refinancing Facility Agreement – On February 24, 2023, the Company entered into Amendment No. 11, Loan Modification Agreement and Refinancing Facility Agreement (herein, “Amendment No. 11”) to the Credit Agreement. Under the terms of Amendment No. 11, the Company, among other things, repaid in full its existing approximately $2,149 million in Tranche E term loans maturing May 30, 2025 and approximately $3,410 million in Tranche F term loans maturing December 9, 2025 and replaced such loans with approximately $4,559 million in Tranche I term loans maturing August 24, 2028 and the $1,000 million 2028 Secured Notes further described below. The Tranche I term loans bear interest at Term SOFR plus 3.25% compared to the former Tranche E and Tranche F term loans which bore interest at LIBOR plus 2.25%. The Tranche I term loans were issued at a discount of 0.25%, or approximately $11.4 million. The Tranche I term loans were fully drawn on February 24, 2023 and the other terms and conditions that apply to the Tranche I term loans are substantially the same as the terms and conditions that applied to the term loans immediately prior to Amendment No. 11.

The Company expensed $9.2 million of refinancing costs associated with the refinancing during the thirty-nine week period ended July 1, 2023. Additionally, the Company wrote-off $0.1 million in unamortized debt issuance costs and $0.1 million of original issue discount related to the Tranche I terms loans during the thirty-nine week period ended July 1, 2023.

Amendment No. 12 to the Second Amended and Restated Credit Agreement – On June 16, 2023, the Company entered into Amendment No. 12 to the Second Amended and Restated Credit Agreement (herein, “Amendment No. 12”). Under the terms of Amendment No. 12, the Company, among other things, removed the option to utilize LIBOR as a benchmark rate for any revolving loans and all future loans under the Credit Agreement and replaced such rate with Term SOFR for all dollar denominated loans and with Euro Interbank Offered Rate (“EURIBOR”) for all euro denominated revolving loans.

Issuance of $1,000 million Senior Secured Notes due 2028 – On February 24, 2023, the Company entered into a purchase agreement in connection with a private offering of $1,000 million in aggregate principal amount of 6.75% senior secured notes due 2028 (the “$1,000 million 2028 Secured Notes”) at an issue price of 100% of the principal amount. The $1,000 million 2028 Secured Notes were issued pursuant to an indenture, dated as of February 24, 2023, amongst TransDigm, as issuer, TransDigm Group, TransDigm UK and the other subsidiaries of TransDigm named therein, as guarantors. The $1,000 million 2028 Secured Notes are secured by a first-priority security interest in substantially all the assets of TransDigm, TransDigm Group, TransDigm UK and each other guarantor on an equal and ratable basis with any other existing and future senior secured debt, including indebtedness under the Company's senior secured credit facilities and 2026 Secured Notes. The proceeds were used, along with the proceeds from the Tranche I term loans further described above, to repurchase the Tranche E and Tranche F term loans.

The $1,000 million 2028 Secured Notes bear interest at a rate of 6.75% per annum, which accrues from February 24, 2023 and is payable semiannually in arrears on February 15th and August 15th of each year, commencing on August 15, 2023. The $1,000 million 2028 Secured Notes mature on August 15, 2028, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the indenture.

The Company capitalized $9.8 million in debt issuance costs associated with the $1,000 million 2028 Secured Notes during the thirty-nine week period ended July 1, 2023.

Issuance of $1,100 million Senior Secured Notes due 2028 – On March 9, 2023, the Company entered into a purchase agreement in connection with a private offering of $1,100 million in aggregate principal amount of 6.75% senior secured notes due 2028 (the “$1,100 million 2028 Secured Notes”) at an issue price of 99% of the principal amount, which represents an approximately $11.0 million discount. The $1,100 million 2028 Secured Notes are an additional issuance of the Company's existing $1,000 million 2028 Secured Notes (collectively, the “2028 Secured Notes”), and were issued under the indenture dated as of February 24, 2023 pursuant to which the Company previously issued $1,000 million 2028 Secured Notes and a supplemental indenture dated as of March 9, 2023. The $1,100 million 2028 Secured Notes are the same class and series as, and otherwise identical to, the $1,000 million 2028 Secured Notes other than with respect to the date of issuance and issue price.

The $1,100 million 2028 Secured Notes bear interest at a rate of 6.75% per annum, which accrues from February 24, 2023 and is payable semiannually in arrears on February 15th and August 15th of each year, commencing on August 15, 2023. The $1,100 million 2028 Secured Notes mature on August 15, 2028, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the indentures.

The Company capitalized $11.5 million in debt issuance costs associated with the $1,100 million 2028 Secured Notes during the thirty-nine week period ended July 1, 2023.

Redemption of Senior Secured Notes due 2025 – On April 10, 2023, the Company redeemed all $1,100 million aggregate principal amount of its outstanding 2025 Secured Notes at a redemption price of 102.00% of the principal amount thereof, plus accrued and unpaid interest thereon to, but not including, the redemption date, using the net proceeds of the offering of the $1,100 million 2028 Secured Notes, together with cash on hand. In connection with the redemption of the 2025 Secured Notes, the Company paid accrued interest of approximately $1.7 million and an early redemption premium of $22.0 million associated with the 2025 Secured Notes.

The Company recorded refinancing costs of $27.0 million, consisting primarily of the $22.0 million early redemption premium and the write off of $4.8 million in unamortized debt issuance costs during the thirty-nine week period ended July 1, 2023 in conjunction with the redemption of the 2025 Secured Notes.

Subsequent Event – Trade Receivables Securitization Facility – On July 25, 2023, the Company amended the Trade Receivables Securitization Facility (“Securitization Facility”) to, among other things, increase the borrowing capacity from $350 million to $450 million and extend the maturity date to July 25, 2024 at an interest rate of Term SOFR plus 1.60%, compared to an interest rate of Term SOFR plus 1.30% that applied prior to the amendment. The total drawn on the Securitization Facility remains at $350 million. 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 1, 2023 and September 30, 2022, the outstanding balance of these advances was $22 million and $23 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 $195 million and $146 million at July 1, 2023 and September 30, 2022, respectively. The increase in the current fiscal year is attributable to certain new leases of facilities and amendments to previous agreements 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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
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