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SEGMENTS | 12 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENTS | 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 and delivery systems, electronic components used in the generation, amplification, transmission and reception of microwave signals, and single and two-stage servo values. 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, specialized flight, wind tunnel and jet engine testing services and equipment and complex testing and instrumentation solutions. 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 Company’s segments are reported on the same basis used internally by our Chief Operating Decision Maker (“CODM”) for evaluating performance and for allocating resources. The Company’s CODM is collectively the President and Chief Executive Officer and Co-Chief Operating Officers. The primary measurement used internally by our CODM and management to review and assess the operating performance of each segment is EBITDA As Defined. Actual results are compared to plan, forecast and prior year on a monthly basis. 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 and integration-related expenses represent costs incurred to integrate acquired businesses into TD Group’s operations; facility relocation costs and other acquisition-related costs; transaction and valuation-related costs for acquisitions comprising deal fees, legal, financial and tax due diligence expenses; amortization expense of inventory step-up recorded in connection with the purchase accounting of acquired businesses. 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 accounting policies for each segment are the same as those described in the summary of significant accounting policies in Note 1 to 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 sets forth, for the periods indicated, certain financial information by reportable segment, which includes a reconciliation of EBITDA As Defined to consolidated income from continuing operations before income taxes (in millions):
|  | Fiscal Year Ended September 30, 2025
|  | Power & Control |  | Airframe |  | Non-aviation |  | Total
Net sales to external customers |  |  |  |  |  |  |  |
Commercial and non-aerospace OEM |  | $ | 926 |  |  | $ | 1,180 |  |  |  |  | $ | 2,106 |
Commercial and non-aerospace aftermarket |  | 1,360 |  |  | 1,444 |  |  |  |  | 2,804 |
Defense |  | 2,273 |  |  | 1,488 |  |  |  |  | 3,761 |
Non-aviation |  | — |  |  | — |  |  | 160 |  |  | 160 |
Net Sales |  | 4,559 |  |  | 4,112 |  |  | 160 |  |  | 8,831 |
Less: |  |  |  |  |  |  |  |
Other segment expenses (1) |  | 1,964 |  |  | 1,902 |  |  | 93 |  |  |
Total segment EBITDA As Defined |  | 2,595 |  |  | 2,210 |  |  | 67 |  |  | 4,872 |
Less: Unallocated corporate EBITDA As Defined |  |  |  |  |  |  |  | 112 |
Depreciation and amortization expense |  |  |  |  |  |  |  | 367 |
Interest expense-net |  |  |  |  |  |  |  | 1,572 |
Acquisition transaction and integration-related expenses |  |  |  |  |  |  |  | 42 |
Non-cash stock and deferred compensation expense |  |  |  |  |  |  |  | 157 |
Refinancing costs |  |  |  |  |  |  |  | 11 |
Other, net |  |  |  |  |  |  |  | (18) |
Income from continuing operations before income taxes |  |  |  |  |  |  |  | $ | 2,629 |
(1)Primarily represents cost of sales, selling expenses, general and administrative expenses, research and development, and miscellaneous income or expense. Excludes depreciation and amortization; non-cash stock and deferred compensation expense; foreign currency transaction losses; acquisition transaction and integration-related expenses and payroll withholding taxes related to dividend equivalent payments.
|  | September 30, 2025
|  | Power & Control |  | Airframe |  | Non-aviation |  | Corporate (1) |  | Total
Total assets |  | 9,859 |  |  | 10,267 |  |  | 202 |  |  | 2,581 |  |  | 22,909 |
Capital expenditures |  | 108 |  |  | 103 |  |  | 9 |  |  | 2 |  |  | 222 |
Depreciation and amortization |  | 180 |  |  | 181 |  |  | 6 |  |  | — |  |  | 367 |
(1)Corporate consists of our corporate offices and does not constitute an operating segment. These amounts are included to reconcile to total consolidated assets, capital expenditures and depreciation and amortization, respectively.
|  | Fiscal Year Ended September 30, 2024
|  | Power & Control |  | Airframe |  | Non-aviation |  | Total
Net sales to external customers |  |  |  |  |  |  |  |
Commercial and non-aerospace OEM |  | $ | 841 |  |  | $ | 1,280 |  |  |  |  | $ | 2,121 |
Commercial and non-aerospace aftermarket |  | 1,218 |  |  | 1,290 |  |  |  |  | 2,508 |
Defense |  | 1,907 |  |  | 1,239 |  |  |  |  | 3,146 |
Non-aviation |  | — |  |  | — |  |  | 165 |  |  | 165 |
Net Sales |  | 3,966 |  |  | 3,809 |  |  | 165 |  |  | $ | 7,940 |
Less: |  |  |  |  |  |  |  |
Other segment expenses (1) |  | 1,715 |  |  | 1,847 |  |  | 99 |  |  |
Total segment EBITDA As Defined |  | 2,251 |  |  | 1,962 |  |  | 66 |  |  | 4,279 |
Less: Unallocated corporate EBITDA As Defined |  |  |  |  |  |  |  | 106 |
Depreciation and amortization expense |  |  |  |  |  |  |  | 312 |
Interest expense-net |  |  |  |  |  |  |  | 1,286 |
Acquisition transaction and integration-related expenses |  |  |  |  |  |  |  | 70 |
Non-cash stock and deferred compensation expense |  |  |  |  |  |  |  | 217 |
Refinancing costs |  |  |  |  |  |  |  | 58 |
Other, net |  |  |  |  |  |  |  | 15 |
Income from continuing operations before income taxes |  |  |  |  |  |  |  | $ | 2,215 |
(1)Primarily represents cost of sales, selling expenses, general and administrative expenses, research and development, and miscellaneous income or expense. Excludes depreciation and amortization; non-cash stock and deferred compensation expense; foreign currency transaction losses; acquisition transaction and integration-related expenses and payroll withholding taxes related to dividend equivalent payments.
|  | September 30, 2024
|  | Power & Control |  | Airframe |  | Non-aviation |  | Corporate (1) |  | Total
Total assets |  | 9,180 |  |  | 10,045 |  |  | 193 |  |  | 6,168 |  |  | 25,586 |
Capital expenditures |  | 90 |  |  | 73 |  |  | 2 |  |  | — |  |  | 165 |
Depreciation and amortization |  | 133 |  |  | 172 |  |  | 6 |  |  | 1 |  |  | 312 |
(1)Corporate consists of our corporate offices and does not constitute an operating segment. These amounts are included to reconcile to total consolidated assets, capital expenditures and depreciation and amortization, respectively.
|  | Fiscal Year Ended September 30, 2023
|  | Power & Control |  | Airframe |  | Non-aviation |  | Total
Net sales to external customers |  |  |  |  |  |  |  |
Commercial and non-aerospace OEM |  | $ | 696 |  |  | $ | 989 |  |  |  |  | $ | 1,685 |
Commercial and non-aerospace aftermarket |  | 1,074 |  |  | 1,112 |  |  |  |  | 2,186 |
Defense |  | 1,569 |  |  | 993 |  |  |  |  | 2,562 |
Non-aviation |  | — |  |  | — |  |  | 152 |  |  | 152 |
Net Sales |  | 3,339 |  |  | 3,094 |  |  | 152 |  |  | $ | 6,585 |
Less: |  |  |  |  |  |  |  |
Other segment expenses (1) |  | 1,459 |  |  | 1,547 |  |  | 95 |  |  |
Total segment EBITDA As Defined |  | 1,880 |  |  | 1,547 |  |  | 57 |  |  | 3,484 |
Less: Unallocated corporate EBITDA As Defined |  |  |  |  |  |  |  | 89 |
Depreciation and amortization expense |  |  |  |  |  |  |  | 268 |
Interest expense-net |  |  |  |  |  |  |  | 1,164 |
Acquisition transaction and integration-related expenses |  |  |  |  |  |  |  | 18 |
Non-cash stock and deferred compensation expense |  |  |  |  |  |  |  | 157 |
Refinancing costs |  |  |  |  |  |  |  | 56 |
Other, net |  |  |  |  |  |  |  | 16 |
Income from continuing operations before income taxes |  |  |  |  |  |  |  | $ | 1,716 |
(1)Primarily represents cost of sales, selling expenses, general and administrative expenses, research and development, and miscellaneous income or expense. Excludes depreciation and amortization; non-cash stock and deferred compensation expense; foreign currency transaction losses; acquisition transaction and integration-related expenses and payroll withholding taxes related to dividend equivalent payments.
|  | September 30, 2023
|  | Power & Control |  | Airframe |  | Non-aviation |  | Corporate (1) |  | Total
Total assets |  | 7,356 |  |  | 8,972 |  |  | 193 |  |  | 3,449 |  |  | 19,970 |
Capital expenditures |  | 67 |  |  | 65 |  |  | 6 |  |  | 1 |  |  | 139 |
Depreciation and amortization |  | 110 |  |  | 152 |  |  | 5 |  |  | 1 |  |  | 268 |
(1)Corporate consists of our corporate offices and does not constitute an operating segment. These amounts are included to reconcile to total consolidated assets, capital expenditures and depreciation and amortization, respectively. Geographic Area Information Net sales are measured based on the geographic destination of sales. Long-lived assets consist of property, plant and equipment-net and operating lease right-of-use assets. Net sales and long-lived assets of individual countries outside of the United States are not material. The following table presents net sales by geographic area (in millions):
| Fiscal Years Ended September 30,
| 2025 |  | 2024 |  | 2023
Net sales |  |  |  |  |
United States | $ | 5,535 |  |  | $ | 5,032 |  |  | $ | 4,265 |
Foreign Countries | 3,296 |  |  | 2,908 |  |  | 2,320 |
| $ | 8,831 |  |  | $ | 7,940 |  |  | $ | 6,585 |
The following table presents long-lived assets by geographic area (in millions):
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2023
Long-lived assets |  |  |  |  |
United States | $ | 1,339 |  |  | $ | 1,273 |  |  | $ | 1,063 |
Foreign Countries | 305 |  |  | 276 |  |  | 256 |
| $ | 1,644 |  |  | $ | 1,549 |  |  | $ | 1,319 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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