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SEGMENTS
 3 Months Ended
Dec. 28, 2024
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
The Company’s businesses are organized and managed in three reporting segments: Power & Control, Airframe and Non-aviation. Refer to Note 15, “Segments,” in Part IV, Item 15. Exhibits and Financial Statement Schedules, of our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, filed on November 7, 2024, for further information on the composition of the Company's segments.
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 option 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 and adjustments 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 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
December 28, 2024December 30, 2023
Net sales to external customers
Power & Control
Commercial and non-aerospace OEM$195 $179 
Commercial and non-aerospace aftermarket341 300 
Defense491 411 
Total Power & Control1,027 890 
Airframe
Commercial and non-aerospace OEM278 294 
Commercial and non-aerospace aftermarket333 302 
Defense335 266 
Total Airframe946 862 
Total Non-aviation33 37 
Net Sales$2,006 $1,789 
The following table reconciles EBITDA As Defined by segment to consolidated income from operations before income taxes (in millions):
Thirteen Week Periods Ended
December 28, 2024December 30, 2023
EBITDA As Defined
Power & Control$585 $512 
Airframe516 431 
Non-aviation12 14 
Total segment EBITDA As Defined1,113 957 
Less: Unallocated corporate EBITDA As Defined52 45 
Total Company EBITDA As Defined1,061 912 
Depreciation and amortization expense90 71 
Interest expense-net378 300 
Acquisition transaction and integration-related expenses13 2 
Non-cash stock and deferred compensation expense25 51 
Other, net(64)— 
Income from continuing operations before income taxes$619 $488 
The following table presents total assets by segment (in millions):
December 28, 2024September 30, 2024
Total assets
Power & Control$9,172 $9,180 
Airframe9,905 10,045 
Non-aviation186 193 
Corporate2,252 6,168 
$21,515 $25,586