INTANGIBLE ASSETS

9 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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

(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.

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.