0001260221-24-000069 | 10-Q | XBRL Viewer

ACQUISITIONS

9 Months Ended

Jun. 29, 2024

Raptor Scientific – On May 24, 2024, the Company entered into a definitive agreement to acquire all the outstanding stock of Raptor Scientific for a total purchase price of approximately $655 million in cash, including certain tax benefits. The acquisition was completed on July 31, 2024 and financed through existing cash on hand. Raptor Scientific is a leading global manufacturer of complex test and measurement solutions primarily serving the aerospace and defense end markets. Its products are highly engineered, proprietary components with significant aftermarket content and a strong presence across major aerospace and defense platforms.

CPI's Electron Device Business – On June 6, 2024, the Company completed the acquisition of all the outstanding stock of the Electron Device Business of Communications & Power Industries (“CPI's Electron Device Business”) for approximately $1,385 million in cash. The acquisition was financed through existing cash on hand, inclusive of a portion of the cash proceeds from the new long-term debt issued during the first quarter of fiscal 2024 (refer to Note 7, “Debt,” for further disclosure of the aforementioned debt issuances). CPI’s Electron Device Business is a leading global manufacturer of electronic components and subsystems primarily serving the aerospace and defense market. Its products are highly engineered, proprietary components with significant aftermarket content and a strong presence across major aerospace and defense platforms. The operating results of CPI’s Electron Device Business are included within TransDigm's Power & Control segment as of the June 6, 2024 acquisition date.

As of June 29, 2024, the measurement period (not to exceed one year) is open; therefore, the assets acquired and liabilities assumed related to the acquisition of CPI's Electron Device Business are subject to adjustment until the end of the respective measurement period.

The Company accounted for the acquisition of CPI's Electron Device Business 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. The Company is in the process of obtaining a third-party valuation of certain intangible assets and property, plant and equipment of CPI's Electron Device Business. Pro forma net sales and results of operations for the acquisition, had it occurred at the beginning of the thirty-nine week periods ended June 29, 2024 or July 1, 2023 are not material and, accordingly, are not provided.

The allocation of the estimated fair value of assets acquired and liabilities assumed in the acquisition of CPI's Electron Device Business as of the June 6, 2024 acquisition date is summarized in the table below (in millions):




Assets acquired (excluding cash):
Trade accounts receivable	$	40
Inventories	81
Prepaid expenses and other	64
Property, plant and equipment	137
Goodwill	844		(1)
Other intangible assets	368		(1)
Other non-current assets	15
Total assets acquired (excluding cash)	1,549
Liabilities assumed:
Accounts payable	18
Accrued and other current liabilities	45
Deferred income taxes	89
Other non-current liabilities	12
Total liabilities assumed	164
Net assets acquired	$	1,385

(1)Based on the preliminary allocation of the net assets acquired, the Company expects that the $844 million of goodwill and $368 million of other intangible assets recognized for the acquisition will not be deductible for tax purposes.

SEI Industries LTD – On May 21, 2024, the Company acquired all the outstanding stock of SEI Industries LTD (“SEI”) for approximately $170 million in cash, including certain tax benefits. The acquisition was financed through existing cash on hand. SEI, located in Delta, British Columbia, Canada, is a leading provider of highly engineered products for aerial firefighting and other liquid transportation solutions, such as remote refueling, for both the commercial and defense aerospace end markets. The products are primarily proprietary with significant aftermarket content. SEI's operating results are presented within TransDigm's Airframe segment as of the May 21, 2024 acquisition date.

The Company accounted for the SEI 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 liabilities assumed are finalized. The Company is in the process of obtaining a third-party valuation of certain intangible assets of SEI. Pro forma net sales and results of operations for the acquisition, had it occurred at the beginning of the thirty-nine week periods ended June 29, 2024 or July 1, 2023 are not material and, accordingly, are not provided.

The allocation of the estimated fair value of assets acquired and liabilities assumed in the SEI acquisition as of the May 21, 2024 acquisition date is summarized in the table below (in millions):




Assets acquired (excluding cash):
Trade accounts receivable	$	2
Inventories	11
Prepaid expenses and other	—
Property, plant and equipment	1
Goodwill	109		(1)
Other intangible assets	68		(1)
Other non-current assets	—
Total assets acquired (excluding cash)	191
Liabilities assumed:
Accounts payable	1
Accrued and other current liabilities	1
Deferred income taxes	19
Other non-current liabilities	—
Total liabilities assumed	21
Net assets acquired	$	170

(1)Based on the preliminary allocation of the net assets acquired, the Company expects that the $109 million of goodwill and $68 million of other intangible assets recognized for the acquisition will not be deductible for tax purposes.

FPT Industries LLC – On March 1, 2024, the Company acquired all the outstanding stock of FPT Industries LLC (“FPT”) for approximately $57 million in cash. The acquisition was financed through existing cash on hand. FPT, which has facilities in the United Kingdom and Alabama, designs and manufactures an extensive range of specialist fuel tanks and flotation systems for both the commercial and defense aerospace end markets. The products are primarily proprietary with significant aftermarket content. FPT's operating results are presented within TransDigm's Airframe segment as of the March 1, 2024 acquisition date.

The Company accounted for the FPT 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 allocation of the purchase price remains preliminary and will likely change, though not materially, 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 $9 million of the approximately $35 million of goodwill recognized for the acquisition will be deductible for tax purposes over 15 years. The Company expects that none of the approximately $19 million of other intangible assets recognized for the acquisition will be deductible for tax purposes.

Pro forma net sales and results of operations for the acquisition, had it occurred at the beginning of the thirty-nine week periods ended June 29, 2024 or July 1, 2023 are not material and, accordingly, are not provided.

Calspan Corporation – On May 8, 2023, the Company acquired all the outstanding stock of Calspan Corporation (“Calspan”) for approximately $730 million in cash, which includes a $1 million working capital settlement paid in the first quarter of fiscal 2024 and certain tax benefits. The acquisition was financed through existing cash on hand. Calspan 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 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 Calspan 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 Company utilized both the cost and market approaches to value property, plant and equipment, which consider external transactions and other comparable transactions, estimated replacement and reproduction costs, and estimated useful lives and consideration for physical, functional and economic obsolescence. The fair values of acquired intangibles are determined based on an income approach, using 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 Calspan acquisition had it occurred at the beginning of the thirty-nine week period ended July 1, 2023 are not material and, accordingly, are not provided.

The final allocation of the fair value of assets acquired and liabilities assumed in the Calspan acquisition as of the May 8, 2023 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	$	39	$	—	$	39
Inventories	2		—		2
Prepaid expenses and other	40		(3)		37
Property, plant and equipment	105		234		339
Goodwill	367		(87)		280		(1)
Other intangible assets	243		(142)		101		(1)
Other non-current assets	7		—		7
Total assets acquired (excluding cash)	803		2		805
Liabilities assumed:
Accounts payable	10		(1)		9
Accrued and other current liabilities	50		4		54
Deferred income taxes	8		(3)		5
Other non-current liabilities	6		1		7
Total liabilities assumed	74		1		75
Net assets acquired	$	729	$	1	$	730

(1)Of the approximately $280 million of goodwill recognized for the acquisition, approximately $222 million is deductible for tax purposes. Of the approximately $101 million of other intangible assets recognized for the acquisition, approximately $86 million is deductible for tax purposes. The goodwill and intangible assets are deductible over 15 years.

(2)Measurement period adjustments primarily related to the adjustments in the fair values of the acquired property, plant and equipment and other intangible assets from the third-party valuation. A substantial portion of the measurement period adjustments to property, plant and equipment relates to the fair value of the transonic wind tunnel. The offset to the measurement period adjustments was to goodwill.

The fiscal 2024 acquisitions of CPI's Electron Device Business, SEI and FPT and fiscal 2023 acquisition of Calspan completed by the Company strengthen and expand the Company’s position to design, produce and supply highly engineered proprietary aerospace components in niche markets with significant aftermarket content and provide opportunities to create value through the application of our three core value-driven operating strategy (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 As Defined and cash flows, as well as the future EBITDA As Defined 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.

Extant Aerospace Acquisitions – For the thirty-nine week period ended June 29, 2024, the Company's Extant Aerospace subsidiary, which is included within TransDigm’s Power & Control segment, completed a series of acquisitions of substantially all of the assets and technical data rights of certain product lines (collectively, referred to herein as the “Extant Aerospace product line acquisitions”), each meeting the definition of a business, for a total purchase price of $72 million. The Company accounted for the acquisitions using the acquisition method of accounting and included the results of operations of the acquisitions in its condensed consolidated financial statements from the effective date of each acquisition. The allocation of the purchase price remains preliminary and will likely change, though not materially, 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 $32 million of goodwill and $18 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, 2023, 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 $24 million. The Company accounted for the acquisitions using the acquisition method of accounting and included the results of operations of the acquisitions in its condensed consolidated financial statements from the effective date of each acquisition. The Company expects that all of the approximately $12 million of goodwill and $6 million of other intangible assets recognized for the acquisitions is deductible for tax purposes over 15 years.

Pro forma net sales and results of operations for the Extant Aerospace product line acquisitions, had they occurred at the beginning of the thirty-nine week periods ended June 29, 2024 or July 1, 2023 are not material and, accordingly, are not provided.

SEGMENTS

9 Months Ended

Jun. 29, 2024

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/electromechanical 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, cargo loading, handling, delivery systems and electronic components used in the generation, amplification, transmission and reception of microwave signals. 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/electromechanical 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 transaction-related expenses, and refinancing costs. Acquisition transaction-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 acquisitions comprising deal fees; legal, financial and tax diligence expenses and valuation costs that are required to be expensed as incurred and other acquisition accounting adjustments.

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

The Company’s segments are reported on the same basis used internally for evaluating performance and for allocating resources. The accounting policies for each segment are the same as those described in the summary of significant accounting policies in the Company’s consolidated financial statements. Intersegment sales and transfers are recorded at values based on market prices, which creates intercompany profit on intersegment sales or transfers that is eliminated in consolidation. Intersegment sales were immaterial for the periods presented below. 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
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Net sales to external customers
Power & Control
Commercial and non-aerospace OEM	$	229	$	180	$	608	$	499
Commercial and non-aerospace aftermarket	317		270		903		787
Defense	477		411		1,310		1,116
Total Power & Control	1,023		861		2,821		2,402

Airframe
Commercial and non-aerospace OEM	323		254		901		682
Commercial and non-aerospace aftermarket	348		308		1,010		815
Defense	303		273		884		707
Total Airframe	974		835		2,795		2,204

Total Non-aviation	49		48		138		127

Net Sales	$	2,046	$	1,744	$	5,754	$	4,733

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


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
EBITDA As Defined
Power & Control	$	587	$	487	$	1,615	$	1,341
Airframe	503		417		1,443		1,101
Non-aviation	22		21		59		52
Total segment EBITDA As Defined	1,112		925		3,117		2,494
Less: Unallocated corporate EBITDA As Defined	21		10		94		62
Total Company EBITDA As Defined	1,091		915		3,023		2,432
Depreciation and amortization expense	77		70		219		199
Interest expense-net	316		291		943		872
Acquisition transaction-related expenses and adjustments	27		6		43		12
Non-cash stock and deferred compensation expense	47		53		158		131
Refinancing costs	30		32		59		41
Other, net	(8)		(6)		(9)		11
Income from operations before income taxes	$	602	$	469	$	1,610	$	1,166

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


	June 29, 2024		September 30, 2023
Total assets
Power & Control	$	9,090	$	7,315
Airframe	9,344		8,972
Non-aviation	233		234
Corporate	3,161		3,449
	$	21,828	$	19,970

- Definition

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

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+ Details

SEGMENTS - Schedule of Total Assets by Segment (Details) - USD ($) $ in Millions	Jun. 29, 2024	Sep. 30, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 21,828	$ 19,970
Operating Segments \| Power & Control
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	9,090	7,315
Operating Segments \| Airframe
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	9,344	8,972
Operating Segments \| Non-aviation
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	233	234
Corporate, Non-Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 3,161	$ 3,449

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

REVENUE RECOGNITION - Allowance for Credit Losses (Details) $ in Millions	Sep. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ (31)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 29, 2024	Sep. 30, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 3,360	$ 3,472
Trade accounts receivable—Net	1,300	1,230
Inventories—Net	1,878	1,616
Prepaid expenses and other	523	420
Total current assets	7,061	6,738
PROPERTY, PLANT AND EQUIPMENT—NET	1,431	1,255
GOODWILL	10,018	8,988
OTHER INTANGIBLE ASSETS—NET	3,116	2,747
OTHER NON-CURRENT ASSETS	202	242
TOTAL ASSETS	21,828	19,970
CURRENT LIABILITIES:
Current portion of long-term debt	78	71
Short-term borrowings—trade receivable securitization facility	450	349
Accounts payable	320	305
Accrued and other current liabilities	1,003	854
Total current liabilities	1,851	1,579
LONG-TERM DEBT	21,364	19,330
DEFERRED INCOME TAXES	708	627
OTHER NON-CURRENT LIABILITIES	415	412
Total liabilities	24,338	21,948
TD GROUP STOCKHOLDERS’ DEFICIT:
Common stock - $.01 par value; authorized 224,400,000 shares; issued 61,774,108 and 60,995,513 at June 29, 2024 and September 30, 2023, respectively	1	1
Additional paid-in capital	2,749	2,440
Accumulated deficit	(3,416)	(2,621)
Accumulated other comprehensive loss	(146)	(98)
Treasury stock, at cost; 5,688,639 shares at June 29, 2024 and September 30, 2023, respectively	1,706	1,706
Total TD Group stockholders’ deficit	(2,518)	(1,984)
NONCONTROLLING INTERESTS	8	6
Total stockholders’ deficit	(2,510)	(1,978)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 21,828	$ 19,970

LEASES - Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Leases [Abstract]
Operating Lease, Payments	$ 15	$ 16
Finance Lease, Interest Payment on Liability	10	7
Finance Lease, Principal Payments	4	4
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	6	14
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 65	$ 48

LEASES

9 Months Ended

Jun. 29, 2024

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 twelve 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	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Operating lease cost	Cost of sales or selling and administrative expenses	$	5	$	5	$	15	$	15
Finance lease cost:
Amortization of leased assets	Cost of sales	3		2		9		7
Interest on lease liabilities	Interest expense-net	5		3		11		10
Total lease cost		$	13	$	10	$	35	$	32

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


	Thirty-Nine Week Periods Ended
	June 29, 2024		July 1, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	15	$	16
Operating cash outflows from finance leases	10		7
Financing cash outflows from finance leases	4		4

Lease assets obtained in exchange for new lease obligations:
Operating leases	$	6	$	14
Financing leases	65		48

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


	Classification	June 29, 2024		September 30, 2023
Operating Leases
Operating lease right-of-use assets	Other non-current assets	$	63	$	64

Current operating lease liabilities	Accrued and other current liabilities	16		16
Long-term operating lease liabilities	Other non-current liabilities	38		51
Total operating lease liabilities		$	54	$	67

Finance Leases
Finance lease right-of-use assets, net	Property, plant and equipment-net	$	286	$	176

Current finance lease liabilities	Current portion of long-term debt	6		5
Long-term finance lease liabilities	Long-term debt	265		188
Total finance lease liabilities		$	271	$	193

As of June 29, 2024, the Company has the following remaining lease term and weighted average discount rates:


Weighted-average remaining lease term
Operating leases			4.9 years
Finance leases			21.2 years

Weighted-average discount rate
Operating leases			5.9%
Finance leases			7.0%

Maturities of lease liabilities at June 29, 2024 are as follows (in millions):


	Operating Leases		Finance Leases
2024	$	5	$	5
2025	19		21
2026	13		21
2027	10		22
2028	6		23
Thereafter	12		460
Total future minimum lease payments	65		552
Less: imputed interest	11		281
Present value of lease liabilities reported	$	54	$	271

Leases

LEASES

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


		Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	Classification	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Operating lease cost	Cost of sales or selling and administrative expenses	$	5	$	5	$	15	$	15
Finance lease cost:
Amortization of leased assets	Cost of sales	3		2		9		7
Interest on lease liabilities	Interest expense-net	5		3		11		10
Total lease cost		$	13	$	10	$	35	$	32

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


	Thirty-Nine Week Periods Ended
	June 29, 2024		July 1, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	15	$	16
Operating cash outflows from finance leases	10		7
Financing cash outflows from finance leases	4		4

Lease assets obtained in exchange for new lease obligations:
Operating leases	$	6	$	14
Financing leases	65		48

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


	Classification	June 29, 2024		September 30, 2023
Operating Leases
Operating lease right-of-use assets	Other non-current assets	$	63	$	64

Current operating lease liabilities	Accrued and other current liabilities	16		16
Long-term operating lease liabilities	Other non-current liabilities	38		51
Total operating lease liabilities		$	54	$	67

Finance Leases
Finance lease right-of-use assets, net	Property, plant and equipment-net	$	286	$	176

Current finance lease liabilities	Current portion of long-term debt	6		5
Long-term finance lease liabilities	Long-term debt	265		188
Total finance lease liabilities		$	271	$	193

As of June 29, 2024, the Company has the following remaining lease term and weighted average discount rates:


Weighted-average remaining lease term
Operating leases			4.9 years
Finance leases			21.2 years

Weighted-average discount rate
Operating leases			5.9%
Finance leases			7.0%

Maturities of lease liabilities at June 29, 2024 are as follows (in millions):


	Operating Leases		Finance Leases
2024	$	5	$	5
2025	19		21
2026	13		21
2027	10		22
2028	6		23
Thereafter	12		460
Total future minimum lease payments	65		552
Less: imputed interest	11		281
Present value of lease liabilities reported	$	54	$	271

REVENUE RECOGNITION

9 Months Ended

Jun. 29, 2024

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 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. A substantial portion of the Company's revenue is 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 a limited number of 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 twelve 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):


	June 29, 2024		September 30, 2023
Contract assets, current (1)	$	268	$	191
Contract assets, non-current (2)	—		1
Total contract assets	268		192
Contract liabilities, current (3)	153		79
Contract liabilities, non-current (4)	7		8
Total contract liabilities	160		87
Net contract assets	$	108	$	105

(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 June 29, 2024 compared to September 30, 2023 is primarily due to the acquisition of CPI's Electron Device Business (completed during the third quarter of fiscal 2024) 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 June 29, 2024 compared to September 30, 2023 is primarily due to the acquisition of CPI's Electron Device Business and also receipt of advance payments. For the thirty-nine week period ended June 29, 2024, the revenue recognized that was included in the contract liability balance at the beginning of the fiscal year was not material.

Refer to Note 11, “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 June 29, 2024 and September 30, 2023, the allowance for uncollectible accounts was $31 million. The allowance for uncollectible accounts is assessed individually at each operating unit by the operating unit’s management team.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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

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-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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+ Details

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The financial information included herein is unaudited; however, the information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s condensed consolidated financial statements for the interim periods presented. These financial statements and notes should be read in conjunction with the financial statements and related notes for the fiscal year ended September 30, 2023 included in TD Group’s Annual Report on Form 10-K filed on November 9, 2023. 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, 2023 condensed consolidated balance sheet was derived from TD Group’s audited financial statements. The results of operations for the thirty-nine week period ended June 29, 2024 are not necessarily indicative of the results to be expected for the full year.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior year amounts to conform to the current year presentation, none of which are material.
New Accounting Pronouncements Issued	New Accounting Pronouncements Issued In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” to amend certain disclosure and presentation requirements for a variety of topics within the ASC. These amendments align the requirements in the ASC to the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company does not expect that the application of this standard will have an impact on our condensed consolidated financial statements and disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” ASU 2023-07 expands disclosures about a public business entity's reportable segments and provides for more detailed information about a reportable segment's expenses. Additionally, ASU 2023-07 requires all segment profit or loss and assets disclosures to be provided on an annual and interim basis. This standard is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning one year later. Early adoption is permitted. The Company is currently evaluating this standard to determine its impact on our disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires a public business entity to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. The ASU also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. The standard makes several other changes to income tax disclosure requirements. This standard is effective for annual periods beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. The Company is currently evaluating this standard to determine its impact on our disclosures.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
OPERATING ACTIVITIES:
NET INCOME	$ 1,248	$ 885
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	108	93
Amortization of intangible assets and product certification costs	111	106
Amortization of debt issuance costs, original issue discount and premium	31	30
Amortization of inventory step-up	8	2
Amortization of loss contract reserves	(24)	(27)
Refinancing costs	59	41
Gain on sale of businesses, net	(11)	0
Non-cash stock and deferred compensation expense	158	131
Deferred income taxes	0	(1)
Foreign currency exchange losses	3	21
Gain on settlement of the Esterline Retirement Plan (the “ERP”)	0	(8)
Cash refund for the ERP settlement, net	0	8
Changes in assets/liabilities, net of effects from acquisitions and sales of businesses:
Trade accounts receivable	(22)	(134)
Inventories	(140)	(244)
Income taxes (receivable) payable	(120)	70
Other assets	(27)	(16)
Accounts payable	(9)	(4)
Accrued interest	118	29
Accrued and other liabilities	(18)	(69)
Net cash provided by operating activities	1,473	913
INVESTING ACTIVITIES:
Capital expenditures	(124)	(102)
Acquisition of businesses, net of cash acquired	(1,686)	(750)
Other investing transactions	71	0
Net cash used in investing activities	(1,739)	(852)
FINANCING ACTIVITIES:
Proceeds from exercise of stock options	213	179
Dividends and dividend equivalent payments	(2,038)	(38)
Repayments of senior subordinated notes, net	(550)	0
Proceeds from issuance of senior secured notes, net	5,887	2,068
Repayments of senior secured notes	(4,400)	(1,122)
Proceeds from term loans, net	5,332	6,238
Proceeds from trade receivable securitization facility, net	100	0
Repayment on term loans	(4,385)	(7,318)
Financing costs and other, net	(7)	(18)
Net cash provided by (used in) financing activities	152	(11)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	2	20
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(112)	70
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		3,001
CASH AND CASH EQUIVALENTS, END OF PERIOD	3,360	3,071
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest, net	777	808
Cash paid during the period for income taxes, net of refunds	$ 472	$ 231

DERIVATIVES AND HEDGING ACTIVITIES - Narratives (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Jun. 29, 2024
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	$ (35.0)	$ 31.0	$ (22.0)	$ 3.0
Interest rate collar beginning March 31, 2025 and Maturing September 30, 2026 \| Minimum
Derivative [Line Items]
Derivative, Variable Interest Rate		2.00%		2.50%
Interest rate collar beginning March 31, 2025 and Maturing September 30, 2026 \| Maximum
Derivative [Line Items]
Derivative, Variable Interest Rate		3.50%		4.50%
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				$ (54.0)
Foreign Exchange Forward Exchange Contracts
Derivative [Line Items]
Derivative, Notional Amount				43.0
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Earnings, net of Tax, Next 12 months (Estimated)				$ 2.0

INVENTORIES

9 Months Ended

Jun. 29, 2024

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):


	June 29, 2024		September 30, 2023
Raw materials and purchased component parts	$	1,313	$	1,144
Work-in-progress	508		455
Finished goods	285		226
Total	2,106		1,825
Reserves for excess and obsolete inventory	(228)		(209)
Inventories—Net	$	1,878	$	1,616

LEASES - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Lessee, Lease, Description [Line Items]
Lease, Cost	$ 13	$ 10	$ 35	$ 32
Cost of sales or selling and administrative expenses
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	5	5	15	15
Cost of sales
Lessee, Lease, Description [Line Items]
Finance Lease, Right-of-Use Asset, Amortization	3	2	9	7
Interest expense-net
Lessee, Lease, Description [Line Items]
Finance Lease, Interest Expense	$ 5	$ 3	$ 11	$ 10

DEBT - Additional Debt Instruments (Details) - USD ($) $ in Millions							3 Months Ended		9 Months Ended
	Jun. 04, 2024	Apr. 22, 2024	Mar. 28, 2024	Mar. 22, 2024	Feb. 27, 2024	Nov. 28, 2023	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Jul. 31, 2024	Jul. 12, 2024	Jul. 11, 2024	Mar. 21, 2024	Feb. 26, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Accrued interest							$ 243.0		$ 243.0							$ 125.0
Debt Instrument, Unamortized Discount (Premium), Net							49.0		49.0							56.0
Long Term Debt, Principal Amount, Guaranteed					$ 200.0	$ 200.0
REFINANCING COSTS							30.0	$ 32.0	59.0	$ 41.0
Finance lease obligations							271.0		271.0							193.0
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate					2.25%										2.50%
Debt Issuance Costs, Gross							1.0		1.0
Line of Credit Facility, Maximum Borrowing Capacity					$ 910.0										$ 810.0
Line of Credit Facility, Remaining Borrowing Capacity							839.0		839.0
Write off of Deferred Debt Issuance Cost									3.0
Asset-backed Securities
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net							0.0		0.0							$ 0.0
Tranche J Term Loans
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 997.0					$ 1,000.0
Interest rate	2.50%					3.25%
Original Issue Discount Rate						0.25%
Debt Instrument, Unamortized Discount (Premium), Net						$ 3.0
Debt Instrument, Periodic Payment, Principal	$ 9.0					3.0
Debt Issuance Costs, Gross							10.0		10.0
Long-term debt, refinanced, amount							997.0
Senior Secured Notes $1,000M due 2031 7.125%
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 1,000.0
Interest rate						7.125%
Debt Issuance Costs, Gross							$ 10.0		$ 10.0
Debt Instrument, Redemption Price, Percentage						99.25%
Debt Instrument, Unamortized Discount						$ 8.0
Securitization Facility
Debt Instrument [Line Items]
Interest rate							1.60%		1.60%
Debt instrument, extension term							1 year		1 year
Long-Term Line of Credit							$ 100.0		$ 100.0
Line of Credit Facility, Maximum Borrowing Capacity							$ 450.0		$ 450.0
Debt, Weighted Average Interest Rate							6.91%		6.91%							6.95%
Securitization Facility \| Subsequent Event
Debt Instrument [Line Items]
Interest rate												1.45%	1.60%
Long-Term Line of Credit											$ 38.0
Line of Credit Facility, Maximum Borrowing Capacity												$ 650.0	$ 450.0
Senior Secured Notes $2,200M due 2029 6.375%
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 2,200.0
Interest rate					6.375%
Debt Issuance Costs, Gross							$ 21.0		$ 21.0
Debt Instrument, Redemption Price, Percentage					100.00%
Senior Secured Notes $2,200M due 2032 6.625%
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 2,200.0
Interest rate					6.625%
Debt Issuance Costs, Gross							20.0		20.0
Tranche I Term Loans
Debt Instrument [Line Items]
Debt Instrument, Face Amount	2,644.0			$ 4,525.0
Interest rate				2.75%										3.25%
Debt Instrument, Periodic Payment, Principal	$ 5.0			$ 11.0
Long-term debt, refinanced, amount							2,644.0
Tranche H Term Loans
Debt Instrument [Line Items]
Debt Instrument, Repurchase Amount				1,708.0
Tranche K Term Loans
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 1,708.0
Interest rate				2.75%
Debt Instrument, Unamortized Discount (Premium), Net				$ 4.0
Debt Instrument, Periodic Payment, Principal				$ 4.0
Debt Instrument, Redemption Price, Percentage				0.25%
Tranche I And K Term Loans
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net							2.0		2.0
REFINANCING COSTS									6.0
Senior Secured Notes $4.4B Due 2026 6.25%
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100.00%
Write off of Deferred Debt Issuance Cost									21.0
REFINANCING COSTS									19.0
Debt Instrument, Repurchased Face Amount			$ 4,400.0
Debt Instrument, Unamortized Premium. Write-Off									(2.0)
Senior Secured Notes $500M due 2029 6.375%
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 550.0
Interest rate				6.375%
Debt Issuance Costs, Gross							5.0		5.0
Debt Instrument, Redemption Price, Percentage				99.75%
Debt Instrument, Unamortized Discount				$ 1.0
Senior Subordinated Notes $550M Due 2027 7.50%
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount		$ 550.0
Government refundable advances
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net							0.0		0.0							$ 0.0
Government refundable advances							16.0		16.0							21.0
Finance Lease Obligations
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net							0.0		0.0							0.0
Finance lease obligations							271.0		271.0							$ 193.0
Senior Subordinated Notes \| Senior Subordinated Notes $550M Due 2027 7.50%
Debt Instrument [Line Items]
Interest rate																7.50%
Debt Instrument, Unamortized Discount (Premium), Net																$ 0.0
Debt Instrument, Redemption Price, Percentage		100.00%
Write off of Deferred Debt Issuance Cost									2.0
Tranche I And J Term Loans
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net							12.0		12.0
Debt Issuance Costs, Gross							$ 3.0		3.0
Write off of Deferred Debt Issuance Cost									$ 14.0

LEASES - Supplemental Balance Sheet Information Related to Leases, Including the Remaining Lease Term and Weighted Average Discount Rates (Details) - USD ($) $ in Millions	Jun. 29, 2024	Sep. 30, 2023
Leases [Abstract]
Operating Lease, Right-of-Use Asset	$ 63	$ 64
Operating Lease, Liability, Current	16	16
Operating Lease, Liability, Noncurrent	38	51
Operating Lease, Liability	54	67
Finance Lease, Right-of-Use Asset	286	176
Finance Lease, Liability, Current	6	5
Finance Lease, Liability, Noncurrent	265	188
Finance Lease, Liability	$ 271	$ 193
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

DEBT

9 Months Ended

Jun. 29, 2024

Debt Disclosure [Abstract]

DEBT

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


	June 29, 2024
	Gross Amount		Debt Issuance Costs		Original Issue Discount		Net Amount
Short-term borrowings—trade receivable securitization facility	$	450	$	—	$	—	$	450
Term loans	$	7,220	$	(14)	$	(33)	$	7,173

5.50% senior subordinated notes due 2027 (“5.50% 2027 Notes”)	2,650		(10)		—		2,640
6.75% secured notes due 2028 (“2028 Secured Notes”)	2,100		(16)		(8)		2,076
4.625% senior subordinated notes due 2029 (“4.625% 2029 Notes”)	1,200		(6)		—		1,194
4.875% senior subordinated notes due 2029 (“4.875% 2029 Notes”)	750		(4)		—		746
6.375% secured notes due 2029 (“2029 Secured Notes”)	2,750		(24)		(1)		2,725
6.875% secured notes due 2030 (“2030 Secured Notes”)	1,450		(13)		—		1,437
7.125% secured notes due 2031 (“2031 Secured Notes”)	1,000		(9)		(7)		984
6.625% secured notes due 2032 (“2032 Secured Notes”)	2,200		(20)		—		2,180
Government refundable advances	16		—		—		16
Finance lease obligations	271		—		—		271
	21,607		(116)		(49)		21,442
Less: current portion	78		—		—		78
Long-term debt	$	21,529	$	(116)	$	(49)	$	21,364


	September 30, 2023
	Gross Amount		Debt Issuance Costs		Original Issue (Discount) Premium		Net Amount
Short-term borrowings—trade receivable securitization facility	$	350	$	(1)	$	—	$	349
Term loans	$	6,249	$	(22)	$	(48)	$	6,179

6.25% secured notes due 2026 (“2026 Secured Notes”)	4,400		(25)		2		4,377
7.50% senior subordinated notes due 2027 (“7.50% 2027 Notes”)	550		(2)		—		548
5.50% 2027 Notes	2,650		(12)		—		2,638
2028 Secured Notes	2,100		(19)		(10)		2,071
4.625% 2029 Notes	1,200		(7)		—		1,193
4.875% 2029 Notes	750		(5)		—		745
2030 Secured Notes	1,450		(14)		—		1,436
Government refundable advances	21		—		—		21
Finance lease obligations	193		—		—		193
	19,563		(106)		(56)		19,401
Less: current portion	71		—		—		71
Long-term debt	$	19,492	$	(106)	$	(56)	$	19,330

Accrued interest, which is classified as a component of accrued and other current liabilities on the condensed consolidated balance sheets, was $243 million and $125 million as of June 29, 2024 and September 30, 2023, respectively.

First Quarter of Fiscal 2024 Activity

Amendment No. 13 and Incremental Term Loan Assumption Agreement – On November 28, 2023, the Company entered into Amendment No. 13 and Incremental Term Loan Assumption Agreement (herein, “Amendment No. 13”) to the Second Amended and Restated Credit Agreement dated as of June 4, 2014 (the “Credit Agreement”). Under the terms of Amendment No. 13, the Company, among other things, issued $1,000 million in Tranche J term loans maturing February 28, 2031. The Tranche J term loans bore interest at a rate of adjusted Term Secured Overnight Financing Rate (“Term SOFR”) plus 3.25%. The Tranche J term loans were issued at a discount of 0.25%, or approximately $3 million. The Tranche J term loans were fully drawn on November 28, 2023 and the other terms and conditions that apply to the Tranche J term loans were substantially the same as the terms and conditions that apply to the term loans immediately prior to Amendment No. 13. Principal payments commenced on March 31, 2024, in which $3 million was to be paid on a quarterly basis up to the maturity date.

The Company capitalized $10 million in debt issuance costs associated with the Tranche J term loans during the thirty-nine week period ended June 29, 2024.

In the third quarter of fiscal 2024, the remaining $997 million of existing Tranche J term loans were refinanced. Refer to the section below, “Amendment No. 16 Loan Modification Agreement and Refinancing Facility Agreement” for further information.

Issuance of $1,000 million of Senior Secured Notes due 2031 – On November 28, 2023, the Company entered into a purchase agreement in connection with a private offering of $1,000 million in aggregate principal amount of 7.125% senior secured notes due 2031 (the “2031 Secured Notes”) at an issue price of 99.25% of the principal amount, which represents an approximately $8 million discount. The 2031 Secured Notes were issued pursuant to an indenture, dated as of November 28, 2023, amongst TransDigm Inc., as issuer, TransDigm Group and the other subsidiaries of TransDigm Inc. named therein, as guarantors. The 2031 Secured Notes are guaranteed, on a senior secured basis, by TransDigm Group and each of TransDigm Inc.’s direct and indirect restricted subsidiaries that is a borrower or guarantor under TransDigm’s senior secured credit facilities or that issues or guarantees any capital markets indebtedness of TransDigm or any of the guarantors in an aggregate principal amount of at least $200 million. The 2031 Secured Notes and guarantees rank equally in right of payment with all of TransDigm’s and the guarantors’ existing and future senior indebtedness, senior in right of payment to any of TransDigm’s and the guarantors’ existing and future indebtedness that is, by its terms, expressly subordinated in right of payment to the 2031 Secured Notes and guarantees, and structurally subordinated to all of the liabilities of TransDigm’s non-guarantor subsidiaries. The Company used the proceeds of the offering of the 2031 Secured Notes, along with the proceeds from the Tranche J term loans further described above, together with cash on hand, primarily to fund the acquisition of CPI's Electron Device Business completed during the third quarter of fiscal 2024 (see Note 2, “Acquisitions,” for further information).

The 2031 Secured Notes bear interest at a rate of 7.125% per annum, which accrues from November 28, 2023 and is payable in arrears on June 1st and December 1st of each year, commencing on June 1, 2024. The 2031 Secured Notes mature on December 1, 2031, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the indenture.

The Company capitalized $10 million in debt issuance costs associated with the 2031 Secured Notes during the thirty-nine week period ended June 29, 2024.

Second Quarter of Fiscal 2024 Activity

Amendment No. 14 and Incremental Revolving Credit Assumption Agreement – On February 27, 2024, the Company entered into Amendment No. 14 and Incremental Revolving Credit Assumption Agreement (herein, “Amendment No. 14”) to the Credit Agreement. Under the terms of Amendment No. 14, the Company, among other things, refinanced its revolving credit facility to (i) extend the maturity date from May 2026 to February 2029; (ii) increased the total commitments capacity thereunder from $810 million to $910 million; and (iii) decreased the applicable interest rate to Term SOFR plus 2.25% compared to Term SOFR plus 2.50% applicable prior to Amendment No. 14. As of June 29, 2024, the borrowings available under the revolving commitments were $839 million.

The Company capitalized $1 million in debt issuance costs and wrote-off $3 million in unamortized debt issuance costs associated with Amendment No. 14 during the thirty-nine week period ended June 29, 2024.

Issuance of $4,400 million of Senior Secured Notes due 2029 and 2032 – On February 27, 2024, the Company entered into two separate purchase agreements in connection with private offerings of $2,200 million in aggregate principal amount of 6.375% senior secured notes due 2029 (the “$2,200 million 2029 Secured Notes”) at an issue price of 100% of the principal amount and $2,200 million in aggregate principal amount of 6.625% senior secured notes due 2032 (the “2032 Secured Notes”) at an issue price of 100% of the principal amount. The proceeds were used to repurchase all outstanding 6.25% secured notes due 2026 (the “2026 Secured Notes”) further described below.

The $2,200 million 2029 Secured Notes and 2032 Secured Notes bear interest at the rate of 6.375% per annum and 6.625% per annum, respectively, which accrues from February 27, 2024 and is payable in arrears on March 1st and September 1st of each year, commencing on September 1, 2024. The $2,200 million 2029 Secured Notes mature on March 1, 2029 and the 2032 Secured Notes mature on March 1, 2032, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the applicable indenture.

The $2,200 million 2029 Secured Notes and 2032 Secured Notes were issued pursuant to an indenture, dated as of February 27, 2024 in each case, amongst TransDigm Inc., as issuer, TD Group and the subsidiaries of TransDigm party thereto, as guarantors. The secured notes are guaranteed, on a senior secured basis, by TD Group and each of TransDigm’s direct and indirect restricted subsidiaries that is a borrower or guarantor under TransDigm’s senior secured credit facilities or that issues or guarantees any capital markets indebtedness of TransDigm or any of the guarantors in an aggregate principal amount of at least $200 million. The secured notes and the related guarantees rank equally in right of payment with all of TransDigm’s and the guarantors’ existing and future senior indebtedness, senior in right of payment to any of TransDigm’s and the guarantors’ existing and future indebtedness that is, by its terms, expressly subordinated in right of payment to the $2,200 million 2029 Secured Notes and 2032 Secured Notes and related guarantees, and structurally subordinated to all of the liabilities of TransDigm’s non-guarantor subsidiaries.

The Company capitalized approximately $20 million and $21 million in debt issuance costs associated with the $2,200 million 2029 Secured Notes and the 2032 Secured Notes, respectively, during the thirty-nine week period ended June 29, 2024.

Amendment No. 15 Loan Modification Agreement and Refinancing Facility Agreement – On March 22, 2024, the Company entered into Amendment No. 15 Loan Modification Agreement and Incremental Term Loan Assumption Agreement (herein, “Amendment No. 15”) to the Credit Agreement. Under the terms of Amendment No. 15, the Company, among other things, (i) repriced all of its $4,525 million in existing Tranche I term loans maturing August 24, 2028 to bear interest at Term SOFR plus 2.75% compared to Term SOFR plus 3.25% applicable prior to Amendment No. 15; and (ii) repaid in full its existing approximately $1,708 million in Tranche H term loans maturing February 22, 2027 and replaced such loans with approximately $1,708 million in new Tranche K term loans maturing March 22, 2030. The Tranche K term loans were issued at a discount of 0.25%, or approximately $4 million, and bear interest at Term SOFR plus 2.75%. The Tranche K term loans were fully drawn on March 22, 2024.

The other terms and conditions that apply to the Tranche I and Tranche K term loans are substantially the same as the terms and conditions that applied to the term loans immediately prior to Amendment No. 15. Principal payments for the Tranche I term loans and Tranche K term loans commenced on June 30, 2024, in which $11 million (subsequently revised in Amendment No. 16 detailed below) and $4 million will be paid on a quarterly basis up to the maturity date of each respective tranche of term loans.

The Company expensed approximately $6 million in refinancing costs associated with the refinancing during the thirty-nine week period ended June 29, 2024. Additionally, the Company wrote-off $2 million of original issue discount associated with Amendment No. 15 during the thirty-nine week period ended June 29, 2024.

In the third quarter of fiscal 2024, $2,644 million of existing Tranche I term loans were refinanced. Refer to the section below, “Amendment No. 16 Loan Modification Agreement and Refinancing Facility Agreement” for further information.

Redemption of $4,400 million of Senior Secured Notes due 2026 – On March 28, 2024, the Company redeemed all $4,400 million aggregate principal amount of its outstanding 2026 Secured Notes at a redemption price of 100% 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 $2,200 million 2029 Secured Notes and the 2032 Secured Notes, together with cash on hand.

The Company recorded refinancing costs of $19 million, consisting primarily of the write-off of $21 million in unamortized debt issuance costs, slightly offset by the write-off of unamortized premium of $2 million during the thirty-nine week period ended June 29, 2024 in conjunction with the redemption of the 2026 Secured Notes.

Issuance of $550 million of Senior Secured Notes due 2029 – On March 22, 2024, the Company entered into a purchase agreement in connection with a private offering of $550 million in aggregate principal amount consisting of 6.375% senior secured notes due 2029 (the “$550 million 2029 Secured Notes”) at an issue price of 99.75% of the principal amount, which represents an approximately $1 million discount. The $550 million 2029 Secured Notes are an additional issuance of the Company's existing $2,200 million 2029 Secured Notes (as further described above) and were issued under a supplemental indenture dated as of March 22, 2024, pursuant to which the Company previously issued the $2,200 million 2029 Secured Notes. The $550 million 2029 Secured Notes are the same class and series as, and otherwise identical to, the $2,200 million 2029 Secured Notes other than with respect to the date of issuance and issue price (collectively, the $550 million 2029 Secured Notes and the $2,200 million 2029 Secured Notes are referred to herein as the “2029 Secured Notes”).

The Company capitalized $5 million in debt issuance costs associated with the $550 million 2029 Secured Notes during the thirty-nine week period ended June 29, 2024.

Third Quarter of Fiscal 2024 Activity

Redemption of $550 million of Senior Subordinated Notes due 2027 – On April 22, 2024, the Company redeemed all $550 million aggregate principal of its outstanding 7.50% senior subordinated notes due 2027 (the “7.50% 2027 Notes”) at a redemption price of 100% 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 $550 million 2029 Secured Notes, together with cash on hand.

The Company wrote off $2 million in unamortized debt issuance costs during the thirty-nine week period ended June 29, 2024 in conjunction with the redemption of the 7.50% 2027 Notes.

Amendment No. 16 Loan Modification Agreement and Refinancing Facility Agreement – On June 4, 2024, the Company entered into Amendment No. 16 Loan Modification Agreement and Refinancing Facility Agreement (herein, “Amendment No. 16”) to the Credit Agreement. Under the terms of Amendment No. 16, the Company, among other things, (i) repriced all of its $997 million in existing Tranche J term loans to bear interest at Term SOFR plus 2.50% compared to Term SOFR plus 3.25% applicable prior to Amendment No. 16; and (ii) amended and extended $2,644 million of existing Tranche I term loans maturing August 24, 2028 and converting such loans into Tranche J term loans maturing February 28, 2031.

The other terms and conditions that apply to the Tranche I and Tranche J term loans are substantially the same as the terms and conditions that applied to the term loans immediately prior to Amendment No. 16. Principal payments for Tranche I and Tranche J term loans commence on June 30, 2024 and September 30, 2024 respectively, in which $5 million and $9 million will be paid on a quarterly basis up to the maturity date of each respective tranche of term loans.

The Company capitalized $3 million in debt issuance costs associated with the refinancing during the thirty-nine week period ended June 29, 2024. Additionally, the Company wrote-off $14 million in unamortized debt issuance costs and $12 million of original issue discount associated with Amendment No. 16 during the thirty-nine week period ended June 29, 2024.

Trade Receivable Securitization Facility – The Company’s trade receivable securitization facility (the “Securitization Facility”) effectively increases the Company’s borrowing capacity depending on the amount of the domestic operations’ trade accounts receivable. The Securitization Facility includes the right for the Company to exercise annual one year extensions as long as there have been no termination events as defined by the agreement. The Company uses the proceeds from the Securitization Facility as an alternative to other forms of debt, effectively reducing borrowing costs. The Securitization Facility is collateralized by substantially all of the Company’s domestic operations’ trade accounts receivable.

On December 28, 2023, the Company drew $100 million available under the Securitization Facility. The Company has borrowed $450 million under the Securitization Facility, which is fully drawn as of June 29, 2024, and bears interest at a rate of Term SOFR plus 1.60%. At June 29, 2024 and September 30, 2023, the applicable interest rate was 6.91% and 6.95%, respectively.

Subsequent Event – Trade Receivable Securitization Facility – On July 12, 2024, the Company amended the Securitization Facility to, among other things, (i) increase the borrowing capacity from $450 million to $650 million; and (ii) extend the maturity date to July 11, 2025 at an interest rate of Term SOFR plus 1.45% compared to an interest rate of Term SOFR plus 1.60% that applied prior to the amendment. The Company subsequently drew $38 million available under the Securitization Facility in July 2024.

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 June 29, 2024 and September 30, 2023, the outstanding balance of these advances was $16 million and $21 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 $271 million and $193 million at June 29, 2024 and September 30, 2023, respectively. The increase in the current fiscal year is attributable to the leases assumed from the acquisition of CPI's Electron Device Business (acquired in the third quarter of fiscal 2024) and 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 13, “Leases,” for further disclosure of the Company's lease obligations.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Jun. 29, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
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	1350 Euclid Avenue,
Entity Address, Address Line Two	Suite 1600,
Entity Address, City or Town	Cleveland,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44115
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		56,111,393
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001260221
Current Fiscal Year End Date	--09-30

INTANGIBLE ASSETS - Aggregate Amortization Expense on Identifiable Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
AMORTIZATION OF INTANGIBLE ASSETS	$ 38	$ 37	$ 110	$ 105

DERIVATIVES AND HEDGING ACTIVITIES - Summary of Outstanding Interest Rate Swap, Cap and Collar Agreements (Details) $ in Millions	Jun. 29, 2024 USD ($)
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%
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, Floor Interest Rate	2.00%
Derivative, Cap Interest Rate	3.50%
2.00-3.50% Interest rate collar, effective September 30, 2025 and maturing September 30, 2026
Derivative [Line Items]
Derivative, Notional Amount	$ 500
Derivative, Floor Interest Rate	2.00%
Derivative, Cap Interest Rate	3.50%
2.50-4.50% Interest rate collar, effective September 30, 2025 and maturing September 30, 2027
Derivative [Line Items]
Derivative, Notional Amount	$ 1,338
Derivative, Floor Interest Rate	2.50%
Derivative, Cap Interest Rate	4.50%
2.50-4.50% Interest rate collar, effective September 30, 2026 and maturing September 30, 2027
Derivative [Line Items]
Derivative, Notional Amount	$ 1,550
Derivative, Floor Interest Rate	2.50%
Derivative, Cap Interest Rate	4.50%

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

3 Months Ended

9 Months Ended

Jun. 29, 2024

Mar. 30, 2024

Dec. 30, 2023

Jul. 01, 2023

Jun. 29, 2024

Jul. 01, 2023

Statement of Comprehensive Income [Abstract]

Net income

$ 461

$ 352

$ 1,248

$ 885

Less: Net income attributable to noncontrolling interests

(1)

(2)

NET INCOME ATTRIBUTABLE TO TD GROUP

461

$ 403

$ 382

351

1,246

883

Other comprehensive (loss) income, net of tax:

Foreign currency translation adjustment

(7)

(60)

211

Unrealized (losses) gains on derivatives

(21)

(53)

(72)

Pension and post-retirement benefit plans adjustment

$ 0

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

(28)

(48)

^[1]

237

^[1]

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO TD GROUP

$ 433

$ 417

$ 1,198

$ 1,120

[1]

Presented net of reclassifications out of AOCL into earnings, specifically net sales and interest expense-net, for realized (losses) gains on derivatives designated and qualifying as cash flow hedges of $(2) million (net of taxes of $(0.7) million) and $84 million (net of taxes of $26 million), respectively, for the thirty-nine week period ended June 29, 2024

COMMITMENTS AND CONTINGENCIES - Narratives (Details) $ in Millions	Jun. 29, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Recommended Voluntary Refund	$ 21.0

INVENTORIES (Tables)

9 Months Ended

Jun. 29, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following (in millions):


	June 29, 2024		September 30, 2023
Raw materials and purchased component parts	$	1,313	$	1,144
Work-in-progress	508		455
Finished goods	285		226
Total	2,106		1,825
Reserves for excess and obsolete inventory	(228)		(209)
Inventories—Net	$	1,878	$	1,616

ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Jun. 29, 2024

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table presents the total changes by component in accumulated other comprehensive loss (“AOCL”), net of taxes, for the thirty-nine week periods ended June 29, 2024 and July 1, 2023 (in millions):


	Unrealized gains (losses) on derivatives (1)		Pension and post-retirement benefit plans adjustment (2)		Foreign currency translation adjustment (3)		Total
Balance at September 30, 2023	$	143	$	2	$	(243)	$	(98)


Net current-period other comprehensive (loss) income (4)	(72)		—		24		(48)
Balance at June 29, 2024	$	71	$	2	$	(219)	$	(146)

Balance at September 30, 2022	$	123	$	(10)	$	(380)	$	(267)


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

(1)Represents unrealized gains (losses) on derivatives designated and qualifying as cash flow hedges, net of taxes, of $3 million and $(11) million for the thirteen week periods ended June 29, 2024 and July 1, 2023, respectively, and $20 million and $(10) million for the thirty-nine week periods ended June 29, 2024 and July 1, 2023, respectively.

(2)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 June 29, 2024 and July 1, 2023, respectively.

(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 AOCL into earnings, specifically net sales and interest expense-net, for realized (losses) gains on derivatives designated and qualifying as cash flow hedges of $(2) million (net of taxes of $(0.7) million) and $84 million (net of taxes of $26 million), respectively, for the thirty-nine week period ended June 29, 2024 and $(1) million (net of taxes of $(0.3) million) and $42 million (net of taxes of $13 million), respectively, for the thirty-nine week period ended July 1, 2023.

DERIVATIVES AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Jun. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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:

$500

3/31/2023

3/31/2025

6.25% (3.00% plus the 3.25% margin percentage)

$1,500

3/31/2023

3/31/2025

6.35% (3.10% plus the 3.25% margin percentage)

$700

3/31/2023

9/30/2025

4.55% (1.30% 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)

$1,338

9/30/2025

9/30/2027

Three-month Term SOFR rate of 2.50% (floor) and 4.50% (cap)

$1,550

9/30/2026

9/30/2027

Three-month Term SOFR rate of 2.50% (floor) and 4.50% (cap)

Schedule of Interest Rate Derivatives


	June 29, 2024				September 30, 2023
	Asset		Liability		Asset		Liability
Interest rate cap agreement	$	33	$	1	$	53	$	1
Interest rate collar agreements	23		—		17		—
Interest rate swap agreements	67		1		144		3
Net derivatives as classified in the condensed consolidated balance sheets (1)	$	123	$	2	$	214	$	4

(1)Refer to Note 9, “Fair Value Measurements,” for the condensed consolidated balance sheets classification of the Company's interest rate swap, cap and collar agreements.

INTANGIBLE ASSETS (Tables)

9 Months Ended

Jun. 29, 2024

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):


	June 29, 2024						September 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Trademarks and trade names	$	1,086	$	—	$	1,086	$	1,019	$	—	$	1,019
Technology	2,358		967		1,391		2,124		888		1,236
Order backlog	16		4		12		7		6		1
Customer relationships	784		162		622		623		136		487
Other	10		5		5		9		5		4
Total	$	4,254	$	1,138	$	3,116	$	3,782	$	1,035	$	2,747

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 June 29, 2024 are summarized in the table below (in millions):


	Gross Amount		Amortization Period
Intangible assets not subject to amortization:
Goodwill	$	1,020
Trademarks and trade names	70
	1,090
Intangible assets subject to amortization:
Technology	235		20 years
Order backlog	12		1 year
Customer relationships	156		20 years
	403
Total	$	1,493

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, 2023 through June 29, 2024 (in millions):


	Power & Control		Airframe		Non-aviation		Total
Balance at September 30, 2023	$	4,194	$	4,701	$	93	$	8,988
Goodwill acquired during the period (Note 2)	876		144		—		1,020
Purchase price allocation adjustments (1)	—		35		—		35

Currency translation adjustments and other	(2)		(23)		—		(25)
Balance at June 29, 2024	$	5,068	$	4,857	$	93	$	10,018

(1)Related to the opening balance sheet adjustments recorded from the acquisition of Calspan completed during the third quarter of fiscal 2023, within the allowable measurement period (not to exceed one year). Refer to Note 2, “Acquisitions,” for further information.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

ACQUISITIONS - FPT Industries LLC (Details) - USD ($) $ in Millions		9 Months Ended
	Mar. 01, 2024	Jun. 29, 2024	Jul. 01, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired		$ 1,686	$ 750
GOODWILL		$ 10,018		$ 8,988
FPT Industries LLC
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired	$ 57
Amount of goodwill expected to be tax deductible	9
GOODWILL	$ 35
Goodwill and intangible assets, expected tax deductible amount, period of deduction	15 years
Business acquisition, intangible assets, expected tax deductible amount	$ 19

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

ACQUISITIONS - Extant Aerospace Acquisitions (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Dec. 30, 2023	Jun. 29, 2024	Jul. 01, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired		$ 1,686	$ 750
Extant Aerospace
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired	$ 24	72
Amount of goodwill expected to be tax deductible		32		$ 12
Business acquisition, intangible assets, expected tax deductible amount		$ 18		$ 6
Goodwill and intangible assets, deductible for tax purposes, term	15 years	15 years

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

9 Months Ended

Jun. 29, 2024

Equity [Abstract]

Schedule of Reclassifications out of Accumulated Other Comprehensive Loss


	Unrealized gains (losses) on derivatives (1)		Pension and post-retirement benefit plans adjustment (2)		Foreign currency translation adjustment (3)		Total
Balance at September 30, 2023	$	143	$	2	$	(243)	$	(98)


Net current-period other comprehensive (loss) income (4)	(72)		—		24		(48)
Balance at June 29, 2024	$	71	$	2	$	(219)	$	(146)

Balance at September 30, 2022	$	123	$	(10)	$	(380)	$	(267)


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

FAIR VALUE MEASUREMENTS

9 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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

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


		June 29, 2024				September 30, 2023
	Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	3,360	$	3,360	$	3,472	$	3,472
Interest rate swap agreements (1)	2	61		61		103		103
Interest rate swap agreements (2)	2	6		6		41		41
Interest rate cap agreements (2)	2	33		33		53		53
Interest rate collar agreements (2)	2	23		23		17		17
Liabilities:
Interest rate swap agreements (3)	2	1		1		—		—
Foreign currency forward exchange contracts (3)	2	2		2		5		5
Interest rate swap agreements (4)	2	—		—		3		3
Interest rate cap agreements (4)	2	1		1		1		1
Short-term borrowings - trade receivable securitization facility (5)	2	450		450		349		349
Long-term debt, including current portion:
Term loans (5)	2	7,173		7,250		6,179		6,212
2026 Secured Notes (5)	1	—		—		4,377		4,329
7.50% 2027 Notes (5)	1	—		—		548		549
5.50% 2027 Notes (5)	1	2,640		2,597		2,638		2,484
2028 Secured Notes (5)	1	2,076		2,124		2,071		2,069
4.625% 2029 Notes (5)	1	1,194		1,118		1,193		1,047
4.875% 2029 Notes (5)	1	746		703		745		654
2029 Secured Notes (5)	1	2,725		2,764		—		—
2030 Secured Notes (5)	1	1,437		1,479		1,436		1,423
2031 Secured Notes (5)	1	984		1,031		—		—
2032 Secured Notes (5)	1	2,180		2,222		—		—
Government refundable advances	2	16		16		21		21
Finance lease obligations	2	271		271		193		193

(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 7, “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 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 June 29, 2024 and September 30, 2023.

SEGMENTS - Narratives (Details)	9 Months Ended
SEGMENTS - Narratives (Details)	Jun. 29, 2024 Segment
Segment Reporting [Abstract]
Number of reporting segments	3

ACQUISITIONS (Tables)

9 Months Ended

Jun. 29, 2024

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition




Assets acquired (excluding cash):
Trade accounts receivable	$	40
Inventories	81
Prepaid expenses and other	64
Property, plant and equipment	137
Goodwill	844		(1)
Other intangible assets	368		(1)
Other non-current assets	15
Total assets acquired (excluding cash)	1,549
Liabilities assumed:
Accounts payable	18
Accrued and other current liabilities	45
Deferred income taxes	89
Other non-current liabilities	12
Total liabilities assumed	164
Net assets acquired	$	1,385

The allocation of the estimated fair value of assets acquired and liabilities assumed in the SEI acquisition as of the May 21, 2024 acquisition date is summarized in the table below (in millions):




Assets acquired (excluding cash):
Trade accounts receivable	$	2
Inventories	11
Prepaid expenses and other	—
Property, plant and equipment	1
Goodwill	109		(1)
Other intangible assets	68		(1)
Other non-current assets	—
Total assets acquired (excluding cash)	191
Liabilities assumed:
Accounts payable	1
Accrued and other current liabilities	1
Deferred income taxes	19
Other non-current liabilities	—
Total liabilities assumed	21
Net assets acquired	$	170


	Preliminary		Measurement Period		Final
	Allocation		Adjustments (2)		Allocation
Assets acquired (excluding cash):
Trade accounts receivable	$	39	$	—	$	39
Inventories	2		—		2
Prepaid expenses and other	40		(3)		37
Property, plant and equipment	105		234		339
Goodwill	367		(87)		280		(1)
Other intangible assets	243		(142)		101		(1)
Other non-current assets	7		—		7
Total assets acquired (excluding cash)	803		2		805
Liabilities assumed:
Accounts payable	10		(1)		9
Accrued and other current liabilities	50		4		54
Deferred income taxes	8		(3)		5
Other non-current liabilities	6		1		7
Total liabilities assumed	74		1		75
Net assets acquired	$	729	$	1	$	730

INTANGIBLE ASSETS - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	Jun. 29, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 4,254	$ 3,782
Intangible Assets, Accumulated Amortization	1,138	1,035
Total	3,116	2,747
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,358	2,124
Accumulated Amortization	967	888
Net	1,391	1,236
Order backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	16	7
Accumulated Amortization	4	6
Net	12	1
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	784	623
Accumulated Amortization	162	136
Net	622	487
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10	9
Accumulated Amortization	5	5
Net	5	4
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill), Gross	1,086	1,019
Intangible Assets (Excluding Goodwill), Net	$ 1,086	$ 1,019

REVENUE RECOGNITION (Tables)

9 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

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


	June 29, 2024		September 30, 2023
Contract assets, current (1)	$	268	$	191
Contract assets, non-current (2)	—		1
Total contract assets	268		192
Contract liabilities, current (3)	153		79
Contract liabilities, non-current (4)	7		8
Total contract liabilities	160		87
Net contract assets	$	108	$	105

(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.

SEGMENTS - Schedule of Net Sales by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting Information [Line Items]
NET SALES	$ 2,046	$ 1,744	$ 5,754	$ 4,733
Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	1,023	861	2,821	2,402
Operating Segments \| Airframe
Segment Reporting Information [Line Items]
NET SALES	974	835	2,795	2,204
Operating Segments \| Non-aviation
Segment Reporting Information [Line Items]
NET SALES	49	48	138	127
Commercial and non-aerospace OEM \| Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	229	180	608	499
Commercial and non-aerospace OEM \| Operating Segments \| Airframe
Segment Reporting Information [Line Items]
NET SALES	323	254	901	682
Commercial and non-aerospace aftermarket \| Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	317	270	903	787
Commercial and non-aerospace aftermarket \| Operating Segments \| Airframe
Segment Reporting Information [Line Items]
NET SALES	348	308	1,010	815
Defense \| Operating Segments \| Power & Control
Segment Reporting Information [Line Items]
NET SALES	477	411	1,310	1,116
Defense \| Operating Segments \| Airframe
Segment Reporting Information [Line Items]
NET SALES	$ 303	$ 273	$ 884	$ 707

- Definition

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

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

ACQUISITIONS - Calspan Corporation (Details) - USD ($) $ in Millions		5 Months Ended	9 Months Ended
	May 08, 2023	Sep. 30, 2023	Jun. 29, 2024	Jul. 01, 2023
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired			$ 1,686	$ 750
Assets acquired (excluding cash):
GOODWILL		$ 8,988	10,018
Goodwill, Purchase Accounting Adjustments			$ 35
Minimum
Liabilities assumed:
Air Transportation Equipment Estimated Useful Life			25 years
Maximum
Liabilities assumed:
Air Transportation Equipment Estimated Useful Life			30 years
Calspan Corporation
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired	$ 730
Business Combination, Working Capital Settlement	1
Assets acquired (excluding cash):
Trade accounts receivable	39		$ 39
BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentCurrentAssets,Receivable		0
Inventories	2		2
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory		0
Prepaid expenses and other	40		37
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Current Assets, Prepaid Expenses and Other		(3)
Property, plant and equipment	105		339
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Property, Plant, and Equipment		234
GOODWILL	367		280
Goodwill, Purchase Accounting Adjustments		(87)
Other intangible assets	243		101
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles		(142)
Other non-current assets	7		7
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Other Assets		0
Total assets acquired (excluding cash)	803		805
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Total Assets Acquired		2
Liabilities assumed:
Accounts payable	10		9
Business Combination Provisional Information Initial Accounting Incomplete Adjustment accounts payable		(1)
Accrued and other current liabilities	50		54
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Accrued and Other Current Liabilities		4
Deferred income taxes	8		5
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Accounts Payable		(3)
Other non-current liabilities	6		7
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Other Non-Current Liabilities		1
Total liabilities assumed	74		75
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Total Liabilities Assumed		1
Net assets acquired	$ 729		730
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Net Assets Acquired		$ 1
Amount of goodwill expected to be tax deductible			222
Business acquisition, intangible assets, expected tax deductible amount			$ 86
Goodwill and intangible assets, expected tax deductible amount, period of deduction			15 years

INTANGIBLE ASSETS

9 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

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


	June 29, 2024						September 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Trademarks and trade names	$	1,086	$	—	$	1,086	$	1,019	$	—	$	1,019
Technology	2,358		967		1,391		2,124		888		1,236
Order backlog	16		4		12		7		6		1
Customer relationships	784		162		622		623		136		487
Other	10		5		5		9		5		4
Total	$	4,254	$	1,138	$	3,116	$	3,782	$	1,035	$	2,747

The aggregate amortization expense on identifiable intangible assets is approximately $38 million and $37 million for the thirteen week periods ended June 29, 2024 and July 1, 2023, respectively. The aggregate amortization expense on identifiable intangible assets is approximately $110 million and $105 million for the thirty-nine week periods ended June 29, 2024 and July 1, 2023, respectively.

As disclosed in Note 2, “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 June 29, 2024 are summarized in the table below (in millions):


	Gross Amount		Amortization Period
Intangible assets not subject to amortization:
Goodwill	$	1,020
Trademarks and trade names	70
	1,090
Intangible assets subject to amortization:
Technology	235		20 years
Order backlog	12		1 year
Customer relationships	156		20 years
	403
Total	$	1,493

The following is a summary of changes in the carrying value of goodwill by segment from September 30, 2023 through June 29, 2024 (in millions):


	Power & Control		Airframe		Non-aviation		Total
Balance at September 30, 2023	$	4,194	$	4,701	$	93	$	8,988
Goodwill acquired during the period (Note 2)	876		144		—		1,020
Purchase price allocation adjustments (1)	—		35		—		35

Currency translation adjustments and other	(2)		(23)		—		(25)
Balance at June 29, 2024	$	5,068	$	4,857	$	93	$	10,018

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 2024 and concluded that no triggering events occurred that required an interim evaluation.

ACQUISITIONS - SEI Industries LTD (Details) - USD ($) $ in Millions		9 Months Ended
	May 21, 2024	Jun. 29, 2024	Jul. 01, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired		$ 1,686	$ 750
Assets acquired (excluding cash):
GOODWILL		$ 10,018		$ 8,988
SEI Industries LTD
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired	$ 170
Assets acquired (excluding cash):
Trade accounts receivable	2
Inventories	11
Prepaid expenses and other	0
Property, plant and equipment	1
GOODWILL	109
Other intangible assets	68
Other non-current assets	0
Total assets acquired (excluding cash)	191
Liabilities assumed:
Accounts payable	1
Accrued and other current liabilities	1
Deferred income taxes	19
Other non-current liabilities	0
Total liabilities assumed	21
Net assets acquired	170
Goodwill, expected not tax deductible amount	109
Intangible assets, expected not tax deductible amount	$ 68

ACQUISITIONS - CPI Electron Device Business (Details) - USD ($) $ in Millions		9 Months Ended
	Jun. 06, 2024	Jun. 29, 2024	Jul. 01, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired		$ 1,686	$ 750
Assets acquired (excluding cash):
GOODWILL		$ 10,018		$ 8,988
CPI Electron Device Business
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired	$ 1,385
Assets acquired (excluding cash):
Trade accounts receivable	40
Inventories	81
Prepaid expenses and other	64
Property, plant and equipment	137
GOODWILL	844
Other intangible assets	368
Other non-current assets	15
Total assets acquired (excluding cash)	1,549
Liabilities assumed:
Accounts payable	18
Accrued and other current liabilities	45
Deferred income taxes	89
Other non-current liabilities	12
Total liabilities assumed	164
Net assets acquired	1,385
Goodwill, expected not tax deductible amount	844
Intangible assets, expected not tax deductible amount	$ 368

INTANGIBLE ASSETS - Summary of Changes in Carrying Value of Goodwill (by Segment) (Details)	9 Months Ended
	Jun. 29, 2024 USD ($)
Goodwill [Roll Forward]
Balance at September 30, 2023	$ 8,988,000,000
Goodwill acquired during the period	1,020,000,000
Purchase price allocation adjustments	35,000,000
Currency translation adjustments and other	(25,000,000)
Balance at June 29, 2024	10,018,000,000
Power & Control
Goodwill [Roll Forward]
Balance at September 30, 2023	4,194,000,000
Goodwill acquired during the period	876,000,000
Purchase price allocation adjustments	0
Currency translation adjustments and other	(2,000,000)
Balance at June 29, 2024	5,068,000,000
Airframe
Goodwill [Roll Forward]
Balance at September 30, 2023	4,701,000,000
Goodwill acquired during the period	144,000,000
Purchase price allocation adjustments	35,000,000
Currency translation adjustments and other	(23,000,000)
Balance at June 29, 2024	4,857,000,000
Non-aviation
Goodwill [Roll Forward]
Balance at September 30, 2023	93,000,000
Goodwill acquired during the period	0
Purchase price allocation adjustments	0
Currency translation adjustments and other	0
Balance at June 29, 2024	$ 93,000,000

- Definition

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL	Jun. 29, 2024 $ / shares shares
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Common stock, shares authorized (in shares)	224,400,000
Common stock, shares issued (in shares)	61,774,108
Treasury stock, shares outstanding (in shares)	5,688,639

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

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

NONCONTROLLING INTERESTS

$ 7.0

Total stockholders’ deficit

$ (3,766.0)

BALANCE (in shares) at Sep. 30, 2022

60,049,685

BALANCE at Sep. 30, 2022

$ 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)

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

Changes in noncontrolling interest of consolidated subsidiaries, net

1.0

Accrued unvested dividend equivalents and other

(1.0)

Compensation expense recognized for employee stock options

24.0

Exercise of employee stock options

121,490

Exercise of employee stock options

27.0

NET INCOME ATTRIBUTABLE TO TD GROUP

228.0

Net income attributable to TD Group

137.0

Foreign currency translation adjustment

137.0

Unrealized loss on derivatives, net of tax

22.0

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

0.0

Pension and post-retirement 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

$ 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)

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

NET INCOME ATTRIBUTABLE TO TD GROUP

883.0

Net income attributable to TD Group

^[1],[2]

211.0

Foreign currency translation adjustment

211.0

Unrealized loss on derivatives, net of tax

^[1],[3]

26.0

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

^[1],[4]

0.0

Pension and post-retirement benefit plans adjustment

0.0

BALANCE (in shares) at Jul. 01, 2023

60,832,816

BALANCE at Jul. 01, 2023

$ 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)

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

NONCONTROLLING INTERESTS

8.0

Total stockholders’ deficit

(3,328.0)

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)

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

Accrued unvested dividend equivalents and other

(1.0)

Compensation expense recognized for employee stock options

28.0

Exercise of employee stock options

400,474

Exercise of employee stock options

92.0

NET INCOME ATTRIBUTABLE TO TD GROUP

304.0

Net income attributable to TD Group

43.0

Foreign currency translation adjustment

43.0

Unrealized loss on derivatives, net of tax

(31.0)

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

0.0

Pension and post-retirement 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]

NONCONTROLLING INTERESTS

8.0

Total stockholders’ deficit

(2,893.0)

Changes in noncontrolling interest of consolidated subsidiaries, net

(1.0)

Accrued unvested dividend equivalents and other

(1.0)

Compensation expense recognized for employee stock options

31.0

Exercise of employee stock options

261,167

Exercise of employee stock options

60.0

NET INCOME ATTRIBUTABLE TO TD GROUP

351.0

Net income attributable to TD Group

31.0

Foreign currency translation adjustment

31.0

Unrealized loss on derivatives, net of tax

35.0

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

0.0

Pension and post-retirement benefit plans adjustment

0.0

BALANCE (in shares) at Jul. 01, 2023

60,832,816

BALANCE at Jul. 01, 2023

$ 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)

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

NONCONTROLLING INTERESTS

7.0

Total stockholders’ deficit

(2,387.0)

NONCONTROLLING INTERESTS

6.0

Total stockholders’ deficit

$ (1,978.0)

BALANCE (in shares) at Sep. 30, 2023

60,995,513

BALANCE at Sep. 30, 2023

$ (1,984.0)

$ 1.0

2,440.0

(2,621.0)

(98.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Sep. 30, 2023

5,688,639

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

Changes in noncontrolling interest of consolidated subsidiaries, net

1.0

Special dividends and dividend equivalents

(2,020.0)

Accrued unvested dividend equivalents and other

(7.0)

Compensation expense recognized for employee stock options

26.0

Exercise of employee stock options

216,150

Exercise of employee stock options

52.0

NET INCOME ATTRIBUTABLE TO TD GROUP

382.0

Net income attributable to TD Group

91.0

Foreign currency translation adjustment

91.0

Unrealized loss on derivatives, net of tax

(53.0)

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

0.0

Pension and post-retirement benefit plans adjustment

$ 0.0

BALANCE (in shares) at Dec. 30, 2023

61,211,663

BALANCE at Dec. 30, 2023

$ 1.0

2,518.0

(4,266.0)

(60.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Dec. 30, 2023

5,688,639

BALANCE (in shares) at Sep. 30, 2023

60,995,513

BALANCE at Sep. 30, 2023

$ (1,984.0)

$ 1.0

2,440.0

(2,621.0)

(98.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Sep. 30, 2023

5,688,639

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

NET INCOME ATTRIBUTABLE TO TD GROUP

1,246.0

Net income attributable to TD Group

^[1],[2]

24.0

Foreign currency translation adjustment

24.0

Unrealized loss on derivatives, net of tax

(3.0)

(72.0)

^[1],[3]

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

^[1],[4]

0.0

Pension and post-retirement benefit plans adjustment

$ 0.0

BALANCE (in shares) at Jun. 29, 2024

61,774,108

BALANCE at Jun. 29, 2024

$ (2,518.0)

$ 1.0

2,749.0

(3,416.0)

(146.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Jun. 29, 2024

(5,688,639)

5,688,639

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

NONCONTROLLING INTERESTS

7.0

Total stockholders’ deficit

$ (3,506.0)

BALANCE (in shares) at Dec. 30, 2023

61,211,663

BALANCE at Dec. 30, 2023

$ 1.0

2,518.0

(4,266.0)

(60.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Dec. 30, 2023

5,688,639

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

Accrued unvested dividend equivalents and other

(7.0)

Compensation expense recognized for employee stock options

33.0

Exercise of employee stock options

410,748

Exercise of employee stock options

113.0

NET INCOME ATTRIBUTABLE TO TD GROUP

403.0

Net income attributable to TD Group

(60.0)

Foreign currency translation adjustment

(60.0)

Unrealized loss on derivatives, net of tax

2.0

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

0.0

Pension and post-retirement benefit plans adjustment

0.0

BALANCE (in shares) at Mar. 30, 2024

61,622,411

BALANCE at Mar. 30, 2024

$ 1.0

2,664.0

(3,870.0)

(118.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Mar. 30, 2024

5,688,639

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

NONCONTROLLING INTERESTS

7.0

Total stockholders’ deficit

(3,022.0)

Changes in noncontrolling interest of consolidated subsidiaries, net

1.0

Accrued unvested dividend equivalents and other

(7.0)

Compensation expense recognized for employee stock options

37.0

Exercise of employee stock options

151,697

Exercise of employee stock options

48.0

NET INCOME ATTRIBUTABLE TO TD GROUP

461.0

Net income attributable to TD Group

(7.0)

Foreign currency translation adjustment

(7.0)

Unrealized loss on derivatives, net of tax

(21.0)

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

0.0

Pension and post-retirement benefit plans adjustment

$ 0.0

BALANCE (in shares) at Jun. 29, 2024

61,774,108

BALANCE at Jun. 29, 2024

$ (2,518.0)

$ 1.0

$ 2,749.0

$ (3,416.0)

$ (146.0)

$ (1,706.0)

BALANCE, Treasury Stock (in shares) at Jun. 29, 2024

(5,688,639)

5,688,639

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

NONCONTROLLING INTERESTS

$ 8.0

Total stockholders’ deficit

$ (2,510.0)

[1]	Presented net of reclassifications out of AOCL into earnings, specifically net sales and interest expense-net, for realized (losses) gains on derivatives designated and qualifying as cash flow hedges of $(2) million (net of taxes of $(0.7) million) and $84 million (net of taxes of $26 million), respectively, for the thirty-nine week period ended June 29, 2024
[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 $3 million and $(11) million for the thirteen week periods ended June 29, 2024 and July 1, 2023, respectively, an
[4]	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 June 29, 2024 and July 1, 2023, respectively.

EARNINGS PER SHARE

9 Months Ended

Jun. 29, 2024

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
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator for earnings per share:
Net income	$	461	$	352	$	1,248	$	885
Less: Net income attributable to noncontrolling interests	—		(1)		(2)		(2)
Net income attributable to TD Group	461		351		1,246		883
Less: Dividends paid on participating securities (1)	—		—		(101)		(38)

Net income applicable to TD Group common stockholders—basic and diluted	$	461	$	351	$	1,145	$	845
Denominator for basic and diluted earnings per share under the two-class method:
Weighted-average common shares outstanding	56.0		55.0		55.7		54.7
Vested options deemed participating securities	1.9		2.2		2.1		2.4
Total shares for basic and diluted earnings per share	57.9		57.2		57.8		57.1


Earnings per share—basic and diluted	$	7.96	$	6.14	$	19.81	$	14.80

(1)Represents dividend equivalent payments of approximately $101 million, of which $18 million was accrued as of September 30, 2023 and the remaining $83 million was associated with the November 2023 $35.00 dividend declaration, and $38 million, respectively, for the thirty-nine week periods ended June 29, 2024 and July 1, 2023.

EARNINGS PER SHARE (Tables)

9 Months Ended

Jun. 29, 2024

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
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator for earnings per share:
Net income	$	461	$	352	$	1,248	$	885
Less: Net income attributable to noncontrolling interests	—		(1)		(2)		(2)
Net income attributable to TD Group	461		351		1,246		883
Less: Dividends paid on participating securities (1)	—		—		(101)		(38)

Net income applicable to TD Group common stockholders—basic and diluted	$	461	$	351	$	1,145	$	845
Denominator for basic and diluted earnings per share under the two-class method:
Weighted-average common shares outstanding	56.0		55.0		55.7		54.7
Vested options deemed participating securities	1.9		2.2		2.1		2.4
Total shares for basic and diluted earnings per share	57.9		57.2		57.8		57.1


Earnings per share—basic and diluted	$	7.96	$	6.14	$	19.81	$	14.80

LEASES (Tables)

9 Months Ended

Jun. 29, 2024

Leases [Abstract]

Lease, Cost

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


		Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	Classification	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Operating lease cost	Cost of sales or selling and administrative expenses	$	5	$	5	$	15	$	15
Finance lease cost:
Amortization of leased assets	Cost of sales	3		2		9		7
Interest on lease liabilities	Interest expense-net	5		3		11		10
Total lease cost		$	13	$	10	$	35	$	32

Schedule of Cash Flow, Supplemental Disclosures

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


	Thirty-Nine Week Periods Ended
	June 29, 2024		July 1, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	15	$	16
Operating cash outflows from finance leases	10		7
Financing cash outflows from finance leases	4		4

Lease assets obtained in exchange for new lease obligations:
Operating leases	$	6	$	14
Financing leases	65		48

Leases, Supplemental Balance Sheet Information

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


	Classification	June 29, 2024		September 30, 2023
Operating Leases
Operating lease right-of-use assets	Other non-current assets	$	63	$	64

Current operating lease liabilities	Accrued and other current liabilities	16		16
Long-term operating lease liabilities	Other non-current liabilities	38		51
Total operating lease liabilities		$	54	$	67

Finance Leases
Finance lease right-of-use assets, net	Property, plant and equipment-net	$	286	$	176

Current finance lease liabilities	Current portion of long-term debt	6		5
Long-term finance lease liabilities	Long-term debt	265		188
Total finance lease liabilities		$	271	$	193

As of June 29, 2024, the Company has the following remaining lease term and weighted average discount rates:


Weighted-average remaining lease term
Operating leases			4.9 years
Finance leases			21.2 years

Weighted-average discount rate
Operating leases			5.9%
Finance leases			7.0%

Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities at June 29, 2024 are as follows (in millions):


	Operating Leases		Finance Leases
2024	$	5	$	5
2025	19		21
2026	13		21
2027	10		22
2028	6		23
Thereafter	12		460
Total future minimum lease payments	65		552
Less: imputed interest	11		281
Present value of lease liabilities reported	$	54	$	271

Finance Lease, Liability, Maturity

Maturities of lease liabilities at June 29, 2024 are as follows (in millions):


	Operating Leases		Finance Leases
2024	$	5	$	5
2025	19		21
2026	13		21
2027	10		22
2028	6		23
Thereafter	12		460
Total future minimum lease payments	65		552
Less: imputed interest	11		281
Present value of lease liabilities reported	$	54	$	271

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		12 Months Ended
	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Sep. 30, 2023
Numerator for earnings per share:
Net income	$ 461		$ 352	$ 1,248	$ 885
Less: Net income attributable to noncontrolling interests	0		1	2	2
Net income attributable to TD Group	461		351	1,246	883
Less: Dividends paid on participating securities (1)	0		0	(101)	(38)
Net income applicable to TD Group common stockholders—basic and diluted	$ 461		$ 351	$ 1,145	$ 845
Denominator for basic and diluted earnings per share under the two-class method:
Weighted-average common shares outstanding - basic (in shares)	56.0		55.0	55.7	54.7
Weighted-average common shares outstanding - diluted (in shares)				55.7	54.7
Vested options deemed participating securities	1.9		2.2	2.1	2.4
Weighted-average shares outstanding - basic (in shares)	57.9		57.2	57.8	57.1
Weighted-average shares outstanding - diluted (in shares)	57.9		57.2	57.8	57.1
Earnings per share - basic (in usd per share)	$ 7.96		$ 6.14	$ 19.81	$ 14.80
Earnings per share - diluted (in usd per share)	$ 7.96		$ 6.14	$ 19.81	$ 14.80
Total Payments Of Dividend Equivalents				$ 101	$ 38
Dividend equivalent payments		$ 83				$ 18
Dividend declared (in usd per share)		$ 35.00

INCOME TAXES	9 Months Ended
INCOME TAXES	Jun. 29, 2024
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 June 29, 2024 and July 1, 2023, the effective income tax rate was 23.4% and 24.9%, respectively. During the thirty-nine week periods ended June 29, 2024 and July 1, 2023, the effective income tax rate was 22.5% and 24.1%, respectively. The Company’s lower effective income tax rate for the thirteen and thirty-nine week periods ended June 29, 2024, was primarily due to a less significant impact on the rate from the valuation allowance applicable to the Company's net interest deduction limitation carryforward. The Company's effective income tax rate for the thirteen and thirty-nine week periods ended June 29, 2024 was higher than the federal statutory tax rate of 21% primarily due to an increase in the valuation allowance applicable to the Company's net interest deduction limitation carryforward, partially offset by the discrete impact of excess tax benefits associated with share-based payments. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state, local and foreign jurisdictions. The Company is no longer subject to U.S. federal examinations for years before fiscal 2018. The Company is currently under examination for its federal income taxes in Canada for fiscal years 2013 through 2019, in France for fiscal years 2020 through 2022, and in Germany for fiscal years 2018 through 2019. In addition, the Company is subject to state income tax examinations for fiscal years 2015 and later. Unrecognized tax benefits at June 29, 2024 and September 30, 2023, the recognition of which would have an impact on the effective tax rate for each fiscal year, amounted to $14 million and $17 million, respectively. The Company classifies all income tax-related interest and penalties as income tax expense, which were not significant for the thirteen and thirty-nine week periods ended June 29, 2024 and July 1, 2023. As of June 29, 2024 and September 30, 2023, the Company accrued $5 million for the potential payment of interest and penalties. Within the next twelve months, it is reasonably possible that unrecognized tax benefits could be reduced by approximately $3 million resulting primarily from the resolution of tax examinations. Any increase in the amount of unrecognized tax benefits within the next twelve months is not expected to be material.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: 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 14: 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

+ Details

SEGMENTS - Reconciliation of EBITDA Defined by Segment to Consolidated Income from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	$ 1,091	$ 915	$ 3,023	$ 2,432
Interest expense-net	316	291	943	872
Non-cash stock and deferred compensation expense			158	131
Refinancing costs	30	32	59	41
Other, net	(14)	(9)	(24)	(12)
Income from operations before income taxes	602	469	1,610	1,166
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	1,112	925	3,117	2,494
Operating Segments \| Power & Control
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	587	487	1,615	1,341
Operating Segments \| Airframe
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	503	417	1,443	1,101
Operating Segments \| Non-aviation
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	22	21	59	52
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
EBITDA As Defined	21	10	94	62
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization expense	77	70	219	199
Interest expense-net	(316)	(291)	(943)	(872)
Acquisition transaction-related expenses and adjustments	27	6	43	12
Non-cash stock and deferred compensation expense	47	53	158	131
Refinancing costs	30	32	59	41
Other, net	$ (8)	$ (6)	$ (9)	$ 11

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES During the ordinary course of business, the Company is from time to time threatened with, or may become a party to, legal actions and other proceedings. While the Company is currently involved in certain legal proceedings, it believes the results of these proceedings will not have a material adverse effect on its financial condition, results of operations, or cash flows. DOD OIG Audit – TransDigm’s subsidiaries are periodically subject to pricing reviews and government buying agencies that purchase some of our subsidiaries’ products are periodically subject to audits by the Department of Defense (“DOD”) Office of Inspector General (“OIG”) with respect to prices paid for such products. In 2019, the DOD OIG received a congressional letter requesting a comprehensive review of TransDigm’s contracts with the DOD from January 2017 through June 2019 to identify whether TransDigm earned excess profits. This subsequently resulted in an audit by the DOD OIG in which the objective was to determine whether TransDigm’s business model impacted the DOD’s ability to pay fair and reasonable prices for spare parts. In December 2021, the OIG completed the audit and issued the related audit report. Despite the audit report making clear there was no wrongdoing by TransDigm, its businesses, or the DOD, the report recommended that TransDigm voluntarily refund at least $21 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 June 29, 2024 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.

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

Jun. 29, 2024

Sep. 30, 2023

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

Cash and cash equivalents

$ 3,360

$ 3,472

Short-term borrowings—trade receivable securitization facility

450

349

Long-term Debt

21,442

19,401

Other Current Assets

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

Interest Rate Swap Assets

^[1]

103

Other Noncurrent Assets

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

Interest Rate Swap Assets

^[2]

Interest Rate Cap Agreements

^[2]

Interest Rate Collar Assets

^[2]

Accrued Liabilities

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

Interest rate swap agreements

Foreign Currency Contract, Liability

^[3]

Other Noncurrent Liabilities

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

Interest rate swap agreements

^[4]

Interest Rate Cap Liabilities Carrying Amount

^[4]

Term loans

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

Long-term Debt

^[5]

7,173

6,179

Government refundable advances

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

Long-term Debt

Finance Lease Obligations

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

Long-term Debt

271

193

Level 1

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

Cash and cash equivalents, Fair Value

3,360

3,472

Level 2 | Other Current Assets

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

Interest Rate Swap Assets

^[1]

103

Level 2 | Other Noncurrent Assets

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

Interest Rate Swap Assets

^[2]

Interest Rate Cap Agreements

^[2]

Interest Rate Collar Assets

^[2]

Level 2 | Accrued Liabilities

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

Interest rate swap agreements

Foreign Currency Contract, Liability

^[3]

Level 2 | Other Noncurrent Liabilities

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

Interest rate swap agreements

^[4]

Interest Rate Cap Liabilities Carrying Amount

^[4]

Level 2 | Term loans

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

Long-term debt, including current portion, Fair Value

^[5]

7,250

6,212

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

271

193

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

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

Long-term Debt

^[5]

4,377

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

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

Long-term debt, including current portion, Fair Value

^[5]

4,329

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

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

Long-term Debt

^[5]

548

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

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

Long-term debt, including current portion, Fair Value

^[5]

549

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

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

Long-term Debt

^[5]

2,640

2,638

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

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

Long-term debt, including current portion, Fair Value

^[5]

2,597

2,484

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

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

Long-term Debt

^[5]

2,076

2,071

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

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

Long-term debt, including current portion, Fair Value

^[5]

2,124

2,069

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

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

Long-term Debt

^[5]

1,194

1,193

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

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

Long-term debt, including current portion, Fair Value

^[5]

1,118

1,047

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

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

Long-term Debt

^[5]

746

745

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

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

Long-term debt, including current portion, Fair Value

^[5]

703

654

Senior Secured Notes $1,450M due 2030 | Secured Debt

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

Long-term Debt

^[5]

1,437

1,436

Senior Secured Notes $1,450M due 2030 | Level 1 | Secured Debt

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

Long-term debt, including current portion, Fair Value

^[5]

1,479

1,423

Senior Secured Notes $1,000M due 2031 7.125% | Secured Debt

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

Long-term Debt

^[5]

984

Senior Secured Notes $1,000M due 2031 7.125% | Level 1 | Secured Debt

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

Long-term debt, including current portion, Fair Value

^[5]

1,031

Senior Secured Notes $2,750M due 2029 6.375% | Secured Debt

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

Long-term Debt

^[5]

2,725

Senior Secured Notes $2,750M due 2029 6.375% | Level 1 | Secured Debt

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

Long-term debt, including current portion, Fair Value

^[5]

2,764

Senior Secured Notes $2,200M due 2032 6.625% | Secured Debt

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

Long-term Debt

^[5]

2,180

Senior Secured Notes $2,200M due 2032 6.625% | Level 1 | Secured Debt

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

Long-term debt, including current portion, Fair Value

^[5]

2,222

Asset-backed Securities

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

Short-term borrowings—trade receivable securitization facility

^[5]

450

349

Asset-backed Securities | Level 2

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

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

^[5]

$ 450

$ 349

[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 7, “Debt,” for gross carrying amounts.

SEGMENTS (Tables)

9 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Net Sales by Reportable Segments


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Net sales to external customers
Power & Control
Commercial and non-aerospace OEM	$	229	$	180	$	608	$	499
Commercial and non-aerospace aftermarket	317		270		903		787
Defense	477		411		1,310		1,116
Total Power & Control	1,023		861		2,821		2,402

Airframe
Commercial and non-aerospace OEM	323		254		901		682
Commercial and non-aerospace aftermarket	348		308		1,010		815
Defense	303		273		884		707
Total Airframe	974		835		2,795		2,204

Total Non-aviation	49		48		138		127

Net Sales	$	2,046	$	1,744	$	5,754	$	4,733

EBITDA Defined by Segment to Consolidated Income Before Taxes

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


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
EBITDA As Defined
Power & Control	$	587	$	487	$	1,615	$	1,341
Airframe	503		417		1,443		1,101
Non-aviation	22		21		59		52
Total segment EBITDA As Defined	1,112		925		3,117		2,494
Less: Unallocated corporate EBITDA As Defined	21		10		94		62
Total Company EBITDA As Defined	1,091		915		3,023		2,432
Depreciation and amortization expense	77		70		219		199
Interest expense-net	316		291		943		872
Acquisition transaction-related expenses and adjustments	27		6		43		12
Non-cash stock and deferred compensation expense	47		53		158		131
Refinancing costs	30		32		59		41
Other, net	(8)		(6)		(9)		11
Income from operations before income taxes	$	602	$	469	$	1,610	$	1,166

Total Assets by Segment

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


	June 29, 2024		September 30, 2023
Total assets
Power & Control	$	9,090	$	7,315
Airframe	9,344		8,972
Non-aviation	233		234
Corporate	3,161		3,449
	$	21,828	$	19,970

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 29, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Raw materials and purchased component parts	$ 1,313	$ 1,144
Work-in-progress	508	455
Finished goods	285	226
Total	2,106	1,825
Reserves for excess and obsolete inventory	(228)	(209)
Inventories—Net	$ 1,878	$ 1,616

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Carrying Amounts and Fair Values of Financial Instruments


		June 29, 2024				September 30, 2023
	Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	3,360	$	3,360	$	3,472	$	3,472
Interest rate swap agreements (1)	2	61		61		103		103
Interest rate swap agreements (2)	2	6		6		41		41
Interest rate cap agreements (2)	2	33		33		53		53
Interest rate collar agreements (2)	2	23		23		17		17
Liabilities:
Interest rate swap agreements (3)	2	1		1		—		—
Foreign currency forward exchange contracts (3)	2	2		2		5		5
Interest rate swap agreements (4)	2	—		—		3		3
Interest rate cap agreements (4)	2	1		1		1		1
Short-term borrowings - trade receivable securitization facility (5)	2	450		450		349		349
Long-term debt, including current portion:
Term loans (5)	2	7,173		7,250		6,179		6,212
2026 Secured Notes (5)	1	—		—		4,377		4,329
7.50% 2027 Notes (5)	1	—		—		548		549
5.50% 2027 Notes (5)	1	2,640		2,597		2,638		2,484
2028 Secured Notes (5)	1	2,076		2,124		2,071		2,069
4.625% 2029 Notes (5)	1	1,194		1,118		1,193		1,047
4.875% 2029 Notes (5)	1	746		703		745		654
2029 Secured Notes (5)	1	2,725		2,764		—		—
2030 Secured Notes (5)	1	1,437		1,479		1,436		1,423
2031 Secured Notes (5)	1	984		1,031		—		—
2032 Secured Notes (5)	1	2,180		2,222		—		—
Government refundable advances	2	16		16		21		21
Finance lease obligations	2	271		271		193		193

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

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION As used in this Quarterly Report on Form 10-Q, unless the context otherwise requires, the terms “Company”, “TD Group”, “TransDigm”, “we” or “us” refer to TransDigm Group Incorporated and its subsidiaries. Principles of Consolidation The financial information included herein is unaudited; however, the information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s condensed consolidated financial statements for the interim periods presented. These financial statements and notes should be read in conjunction with the financial statements and related notes for the fiscal year ended September 30, 2023 included in TD Group’s Annual Report on Form 10-K filed on November 9, 2023. 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, 2023 condensed consolidated balance sheet was derived from TD Group’s audited financial statements. The results of operations for the thirty-nine week period ended June 29, 2024 are not necessarily indicative of the results to be expected for the full year. Reclassifications Certain reclassifications have been made to the prior year amounts to conform to the current year presentation, none of which are material. New Accounting Pronouncements Issued In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” to amend certain disclosure and presentation requirements for a variety of topics within the ASC. These amendments align the requirements in the ASC to the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company does not expect that the application of this standard will have an impact on our condensed consolidated financial statements and disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” ASU 2023-07 expands disclosures about a public business entity's reportable segments and provides for more detailed information about a reportable segment's expenses. Additionally, ASU 2023-07 requires all segment profit or loss and assets disclosures to be provided on an annual and interim basis. This standard is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning one year later. Early adoption is permitted. The Company is currently evaluating this standard to determine its impact on our disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires a public business entity to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. The ASU also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. The standard makes several other changes to income tax disclosure requirements. This standard is effective for annual periods beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. The Company is currently evaluating this standard to determine its impact on our disclosures.

ACQUISITIONS - Raptor Scientific (Details) - USD ($) $ in Millions		9 Months Ended
	May 24, 2024	Jun. 29, 2024	Jul. 01, 2023
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired		$ 1,686	$ 750
Raptor Scientific
Business Acquisition [Line Items]
Acquisition of businesses, net of cash acquired	$ 655

DERIVATIVES AND HEDGING ACTIVITIES

9 Months Ended

Jun. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING ACTIVITIES

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

During the second quarter of fiscal 2023, 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 2.00%, and the counterparties will pay us if the three-month Term SOFR rate exceeds the ceiling rate of 3.50%. 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.

During the third quarter of fiscal 2024, we entered into forward starting interest rate collar agreements. 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 2.50%, and the counterparties will pay us if the three-month Term SOFR rate exceeds the ceiling rate of 4.50%. 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 June 29, 2024 (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:

$500

3/31/2023

3/31/2025

6.25% (3.00% plus the 3.25% margin percentage)

$1,500

3/31/2023

3/31/2025

6.35% (3.10% plus the 3.25% margin percentage)

$700

3/31/2023

9/30/2025

4.55% (1.30% 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)

$1,338

9/30/2025

9/30/2027

Three-month Term SOFR rate of 2.50% (floor) and 4.50% (cap)

$1,550

9/30/2026

9/30/2027

Three-month Term SOFR rate of 2.50% (floor) and 4.50% (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):


	June 29, 2024				September 30, 2023
	Asset		Liability		Asset		Liability
Interest rate cap agreement	$	33	$	1	$	53	$	1
Interest rate collar agreements	23		—		17		—
Interest rate swap agreements	67		1		144		3
Net derivatives as classified in the condensed consolidated balance sheets (1)	$	123	$	2	$	214	$	4

(1)Refer to Note 9, “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 June 29, 2024, the estimated net amount of existing (gains) losses and caplet amortization expected to be reclassified into interest expense-net within the next twelve months is approximately $(54) 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 June 29, 2024, the Company has outstanding foreign currency forward exchange contracts to sell U.S. dollars with notional amounts of $43 million. The maximum duration of the Company’s foreign currency cash flow hedge contracts at June 29, 2024 is three 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. On July 25, 2024, the Company entered into additional foreign currency forward exchange contracts to sell U.S. dollars with notional amounts of $120 million with a maximum duration of fourteen months.

During the thirty-nine week period ended June 29, 2024, the losses reclassified on settlements of foreign currency forward exchange contracts designated as cash flow hedges into net sales was approximately $3 million. The losses were previously recorded as a component of accumulated other comprehensive loss in stockholders' deficit. As of June 29, 2024, the Company expects to record a net loss of approximately $2 million on foreign currency forward exchange contracts designated as cash flow hedges to net sales over the next twelve months.

LEASES - Maturities Schedule of Operating and Financing Leases (Details) - USD ($) $ in Millions	Jun. 29, 2024	Sep. 30, 2023
Leases [Abstract]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 5
Finance Leases, Future Minimum Payments Due, Next Twelve Months	5
Lessee, Operating Lease, Liability, to be Paid, Year One	19
Finance Lease, Liability, to be Paid, Year One	21
Operating Leases, Future Minimum Payments, Due in Two Years	13
Finance Leases, Future Minimum Payments Due in Two Years	21
Operating Leases, Future Minimum Payments, Due in Three Years	10
Finance Leases, Future Minimum Payments Due in Three Years	22
Operating Leases, Future Minimum Payments, Due in Four Years	6
Finance Leases, Future Minimum Payments Due in Four Years	23
Operating Leases, Future Minimum Payments, Due Thereafter	12
Finance Leases, Future Minimum Payments Due Thereafter	460
Operating Leases, Future Minimum Payments Due	65
Finance Leases, Future Minimum Payments Due	552
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	11
Finance Leases, Future Minimum Payments, Interest Included in Payments	281
Operating Lease, Liability	54	$ 67
Finance lease obligations	$ 271	$ 193

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

3 Months Ended

9 Months Ended

Jun. 29, 2024

Mar. 30, 2024

Dec. 30, 2023

Jul. 01, 2023

Apr. 01, 2023

Dec. 31, 2022

Jun. 29, 2024

Jul. 01, 2023

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

Balance at beginning of period

$ (98.0)

$ (267.0)

$ (98.0)

$ (267.0)

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

$ 35.0

$ (31.0)

22.0

(3.0)

Other Comprehensive Income (Loss), Net of Tax

$ (28.0)

66.0

(48.0)

^[1]

237.0

^[1]

Balance at end of period

(146.0)

(30.0)

(146.0)

(30.0)

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

(3.0)

11.0

(20.0)

10.0

Cash Flow Hedging | Designated as Hedging Instrument | Net Sales

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

Derivative, Gain (Loss) on Derivative, Net

(2.0)

(1.0)

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

(0.7)

(0.3)

Cash Flow Hedging | Designated as Hedging Instrument | Interest Expense, Net

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

Derivative, Gain (Loss) on Derivative, Net

84.0

42.0

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

26.0

13.0

Unrealized gains (losses) on derivatives (1)

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

Balance at beginning of period

^[2]

143.0

123.0

143.0

123.0

Balance at end of period

^[2]

71.0

149.0

71.0

149.0

Pension and post-retirement benefit plans adjustment (2)

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

Balance at beginning of period

^[3]

2.0

(10.0)

2.0

(10.0)

Balance at end of period

^[3]

2.0

(10.0)

2.0

(10.0)

Foreign currency translation adjustment (3)

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

Balance at beginning of period

^[4]

(243.0)

(380.0)

(243.0)

(380.0)

Balance at end of period

^[4]

(219.0)

(169.0)

(219.0)

(169.0)

Accumulated Other Comprehensive Loss

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

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

(21.0)

$ 2.0

(53.0)

35.0

(31.0)

22.0

(72.0)

^[1],[2]

26.0

^[1],[2]

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

0.0

^[1],[3]

0.0

^[1],[3]

Foreign currency translation adjustment

$ (7.0)

$ (60.0)

$ 91.0

$ 31.0

$ 43.0

$ 137.0

$ 24.0

^[1],[4]

$ 211.0

^[1],[4]

[1]	Presented net of reclassifications out of AOCL into earnings, specifically net sales and interest expense-net, for realized (losses) gains on derivatives designated and qualifying as cash flow hedges of $(2) million (net of taxes of $(0.7) million) and $84 million (net of taxes of $26 million), respectively, for the thirty-nine week period ended June 29, 2024
[2]	Represents unrealized gains (losses) on derivatives designated and qualifying as cash flow hedges, net of taxes, of $3 million and $(11) million for the thirteen week periods ended June 29, 2024 and July 1, 2023, respectively, an
[3]	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 June 29, 2024 and July 1, 2023, respectively.
[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.

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

Jun. 29, 2024

Sep. 30, 2023

Debt Instrument [Line Items]

Gross Amount

$ 21,607,000,000

$ 19,563,000,000

Debt Issuance Costs

(116,000,000)

(106,000,000)

Original Issue (Discount) Premium

(49,000,000)

(56,000,000)

Short-term borrowings—trade receivable securitization facility

450,000,000

349,000,000

Long-term Debt

21,442,000,000

19,401,000,000

Finance lease obligations

271,000,000

193,000,000

Current portion of long-term debt

78,000,000

71,000,000

Long-term Debt, Gross and Lease Obligation

21,529,000,000

19,492,000,000

Deferred Finance Costs, Excluding Current Maturities

(116,000,000)

(106,000,000)

Debt Instrument, Unamortized Discount, Excluding Current Maturities

(49,000,000)

(56,000,000)

LONG-TERM DEBT

21,364,000,000

19,330,000,000

Term loans

Debt Instrument [Line Items]

Gross Amount

7,220,000,000

6,249,000,000

Debt Issuance Costs

(14,000,000)

(22,000,000)

Original Issue (Discount) Premium

(33,000,000)

(48,000,000)

Long-term Debt

^[1]

7,173,000,000

$ 6,179,000,000

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

Debt Instrument [Line Items]

Interest rate

7.50%

Gross Amount

$ 550,000,000

Debt Issuance Costs

(2,000,000)

Original Issue (Discount) Premium

Long-term Debt

^[1]

$ 0

$ 548,000,000

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

Debt Instrument [Line Items]

Interest rate

5.50%

Gross Amount

$ 2,650,000,000

Debt Issuance Costs

(10,000,000)

(12,000,000)

Original Issue (Discount) Premium

Long-term Debt

^[1]

$ 2,640,000,000

$ 2,638,000,000

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

Debt Instrument [Line Items]

Interest rate

4.625%

Gross Amount

$ 1,200,000,000

Debt Issuance Costs

(6,000,000)

(7,000,000)

Original Issue (Discount) Premium

Long-term Debt

^[1]

$ 1,194,000,000

$ 1,193,000,000

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

Debt Instrument [Line Items]

Interest rate

4.875%

Gross Amount

$ 750,000,000

Debt Issuance Costs

(4,000,000)

(5,000,000)

Original Issue (Discount) Premium

Long-term Debt

^[1]

746,000,000

$ 745,000,000

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

Debt Instrument [Line Items]

Interest rate

6.25%

Gross Amount

$ 4,400,000,000

Debt Issuance Costs

(25,000,000)

Original Issue (Discount) Premium

2,000,000

Long-term Debt

^[1]

$ 0

4,377,000,000

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

Debt Instrument [Line Items]

Interest rate

6.75%

Gross Amount

$ 2,100,000,000

Debt Issuance Costs

(16,000,000)

Original Issue (Discount) Premium

(8,000,000)

Long-term Debt

^[1]

$ 2,076,000,000

2,071,000,000

Secured Debt | Senior Secured Notes $2,750M due 2029 6.375%

Debt Instrument [Line Items]

Interest rate

6.375%

Gross Amount

$ 2,750,000,000

Debt Issuance Costs

(24,000,000)

Original Issue (Discount) Premium

(1,000,000)

Long-term Debt

^[1]

$ 2,725,000,000

Secured Debt | Senior Secured Notes $1,450M due 2030 6.875%

Debt Instrument [Line Items]

Interest rate

6.875%

Gross Amount

$ 1,450,000,000

Debt Issuance Costs

(13,000,000)

Original Issue (Discount) Premium

Long-term Debt

$ 1,437,000,000

Secured Debt | Senior Secured Notes $1,000M due 2031 7.125%

Debt Instrument [Line Items]

Interest rate

7.125%

Gross Amount

$ 1,000,000,000

Debt Issuance Costs

(9,000,000)

Original Issue (Discount) Premium

(7,000,000)

Long-term Debt

^[1]

984,000,000

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

Debt Instrument [Line Items]

Gross Amount

2,100,000,000

Debt Issuance Costs

(19,000,000)

Original Issue (Discount) Premium

(10,000,000)

Long-term Debt

2,071,000,000

Secured Debt | Senior Secured Notes $1,450M due 2030

Debt Instrument [Line Items]

Gross Amount

1,450,000,000

Debt Issuance Costs

(14,000,000)

Original Issue (Discount) Premium

Long-term Debt

^[1]

$ 1,437,000,000

1,436,000,000

Secured Debt | Senior Secured Notes $2,200M due 2032 6.625%

Debt Instrument [Line Items]

Interest rate

6.625%

Gross Amount

$ 2,200,000,000

Debt Issuance Costs

(20,000,000)

Original Issue (Discount) Premium

Long-term Debt

^[1]

2,180,000,000

Government refundable advances

Debt Instrument [Line Items]

Debt Issuance Costs

Original Issue (Discount) Premium

Long-term Debt

16,000,000

21,000,000

Government refundable advances

16,000,000

21,000,000

Finance Lease Obligations

Debt Instrument [Line Items]

Debt Issuance Costs

Original Issue (Discount) Premium

Long-term Debt

271,000,000

193,000,000

Finance lease obligations

271,000,000

193,000,000

Less: current portion

Debt Instrument [Line Items]

Debt Issuance Costs

Original Issue (Discount) Premium

Long-term Debt, Current Maturities, Gross

78,000,000

71,000,000

Current portion of long-term debt

78,000,000

71,000,000

Asset-backed Securities

Debt Instrument [Line Items]

Debt Issuance Costs

(1,000,000)

Original Issue (Discount) Premium

Short-term borrowings—trade receivable securitization facility, Gross

450,000,000

350,000,000

Short-term borrowings—trade receivable securitization facility

^[1]

$ 450,000,000

$ 349,000,000

[1]	The carrying amount of the debt instrument is presented net of debt issuance costs, premium and discount. Refer to Note 7, “Debt,” for gross carrying amounts.

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

Jun. 29, 2024

Sep. 30, 2023

Schedule of Contract Assets and Liabilities [Line Items]

Contract with Customer, Asset, after Allowance for Credit Loss

$ 268

$ 192

Contract with Customer, Liability

160

Net Contract Asset

108

105

Prepaid Expenses and Other Current Assets

Schedule of Contract Assets and Liabilities [Line Items]

Contract with Customer, Asset, Net, Current

268

191

^[1]

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

153

^[3]

Other Noncurrent Liabilities

Schedule of Contract Assets and Liabilities [Line Items]

Contract with Customer, Liability, Noncurrent

$ 7

$ 8

^[4]

[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.

DEBT (Tables)

9 Months Ended

Jun. 29, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


	June 29, 2024
	Gross Amount		Debt Issuance Costs		Original Issue Discount		Net Amount
Short-term borrowings—trade receivable securitization facility	$	450	$	—	$	—	$	450
Term loans	$	7,220	$	(14)	$	(33)	$	7,173

5.50% senior subordinated notes due 2027 (“5.50% 2027 Notes”)	2,650		(10)		—		2,640
6.75% secured notes due 2028 (“2028 Secured Notes”)	2,100		(16)		(8)		2,076
4.625% senior subordinated notes due 2029 (“4.625% 2029 Notes”)	1,200		(6)		—		1,194
4.875% senior subordinated notes due 2029 (“4.875% 2029 Notes”)	750		(4)		—		746
6.375% secured notes due 2029 (“2029 Secured Notes”)	2,750		(24)		(1)		2,725
6.875% secured notes due 2030 (“2030 Secured Notes”)	1,450		(13)		—		1,437
7.125% secured notes due 2031 (“2031 Secured Notes”)	1,000		(9)		(7)		984
6.625% secured notes due 2032 (“2032 Secured Notes”)	2,200		(20)		—		2,180
Government refundable advances	16		—		—		16
Finance lease obligations	271		—		—		271
	21,607		(116)		(49)		21,442
Less: current portion	78		—		—		78
Long-term debt	$	21,529	$	(116)	$	(49)	$	21,364


	September 30, 2023
	Gross Amount		Debt Issuance Costs		Original Issue (Discount) Premium		Net Amount
Short-term borrowings—trade receivable securitization facility	$	350	$	(1)	$	—	$	349
Term loans	$	6,249	$	(22)	$	(48)	$	6,179

6.25% secured notes due 2026 (“2026 Secured Notes”)	4,400		(25)		2		4,377
7.50% senior subordinated notes due 2027 (“7.50% 2027 Notes”)	550		(2)		—		548
5.50% 2027 Notes	2,650		(12)		—		2,638
2028 Secured Notes	2,100		(19)		(10)		2,071
4.625% 2029 Notes	1,200		(7)		—		1,193
4.875% 2029 Notes	750		(5)		—		745
2030 Secured Notes	1,450		(14)		—		1,436
Government refundable advances	21		—		—		21
Finance lease obligations	193		—		—		193
	19,563		(106)		(56)		19,401
Less: current portion	71		—		—		71
Long-term debt	$	19,492	$	(106)	$	(56)	$	19,330

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
NET SALES	$ 2,046	$ 1,744	$ 5,754	$ 4,733
COST OF SALES	826	715	2,341	1,983
GROSS PROFIT	1,220	1,029	3,413	2,750
SELLING AND ADMINISTRATIVE EXPENSES	248	209	715	578
AMORTIZATION OF INTANGIBLE ASSETS	38	37	110	105
INCOME FROM OPERATIONS	934	783	2,588	2,067
INTEREST EXPENSE—NET	316	291	943	872
REFINANCING COSTS	30	32	59	41
OTHER INCOME	(14)	(9)	(24)	(12)
INCOME FROM OPERATIONS BEFORE INCOME TAXES	602	469	1,610	1,166
INCOME TAX PROVISION	141	117	362	281
NET INCOME	461	352	1,248	885
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	(1)	(2)	(2)
NET INCOME ATTRIBUTABLE TO TD GROUP	461	351	1,246	883
Supplemental Income Statement Elements [Abstract]
NET INCOME APPLICABLE TO TD GROUP COMMON STOCKHOLDERS	$ 461	$ 351	$ 1,145	$ 845
Earnings per share attributable to TD Group common stockholders:
Earnings per share - basic (in usd per share)	$ 7.96	$ 6.14	$ 19.81	$ 14.80
Earnings per share - diluted (in usd per share)	7.96	6.14	19.81	14.80
Cash dividends paid per common share (in usd per share)	$ 0	$ 0	$ 35.00	$ 0
Weighted-average shares outstanding:
Weighted-average shares outstanding - basic (in shares)	57.9	57.2	57.8	57.1
Weighted-average shares outstanding - diluted (in shares)	57.9	57.2	57.8	57.1

INTANGIBLE ASSETS - Finite and Indefinite-Lived Intangible Assets (Details) $ in Millions	9 Months Ended
	Jun. 29, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	$ 1,090
Finite-lived Intangible Assets Acquired	403
Intangible Assets Acquired	1,493
Technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 235
Finite-Lived Intangible Assets, Remaining Amortization Period	20 years
Order backlog
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 12
Finite-Lived Intangible Assets, Remaining Amortization Period	1 year
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 156
Finite-Lived Intangible Assets, Remaining Amortization Period	20 years
Goodwill
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	$ 1,020
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets Acquired	$ 70

LEASES - Weighted-Average Term and Discount Rate Remaining (Details)	Jun. 29, 2024
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	4 years 10 months 24 days
Finance Lease, Weighted Average Remaining Lease Term	21 years 2 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	5.90%
Finance Lease, Weighted Average Discount Rate, Percent	7.00%

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

Jun. 29, 2024

Sep. 30, 2023

Derivative [Line Items]

Derivative Asset, Fair Value, Gross Asset

^[1]

$ 123

$ 214

Derivative Liability, Fair Value, Gross Liability

^[1]

Interest Rate Cap

Derivative [Line Items]

Derivative Asset, Fair Value, Gross Asset

Derivative Liability, Fair Value, Gross Liability

Interest Rate Collar

Derivative [Line Items]

Derivative Asset, Fair Value, Gross Asset

Derivative Liability, Fair Value, Gross Liability

Interest Rate Swap

Derivative [Line Items]

Derivative Asset, Fair Value, Gross Asset

144

Derivative Liability, Fair Value, Gross Liability

$ 1

$ 3

[1]	Refer to Note 9, “Fair Value Measurements,” for the condensed consolidated balance sheets classification of the Company's interest rate swap, cap and collar agreements.

INCOME TAXES - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INCOME TAXES - Narratives (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023	Jul. 05, 2025	Jun. 29, 2024	Jul. 01, 2023	Sep. 30, 2023
Income Tax Contingency [Line Items]
Effective income tax rate	23.40%	24.90%		22.50%	24.10%
Tax rate effect	$ 14.0			$ 14.0		$ 17.0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 5.0			$ 5.0
Forecast
Income Tax Contingency [Line Items]
Unrecognized tax benefits, expected reduction			$ 3.0