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v3.25.1

DEBT | 6 Months Ended
--- | ---
Mar. 29, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT The Company’s debt consists of the following (in millions):
| March 29, 2025
| Gross Amount |  | Debt Issuance Costs |  | Original Issue Discount |  | Net Amount
Short-term borrowings—trade receivable securitization facility | $ | 650 |  |  | $ | (1) |  |  | $ | — |  |  | $ | 649 |
Term loans | $ | 8,680 |  |  | $ | (23) |  |  | $ | (31) |  |  | $ | 8,626 |
5.50% senior subordinated notes due 2027 (“5.50% 2027 Notes”) | 2,650 |  |  | (8) |  |  | — |  |  | 2,642 |
6.75% secured notes due 2028 (“2028 Secured Notes”) | 2,100 |  |  | (13) |  |  | (7) |  |  | 2,080 |
4.625% senior subordinated notes due 2029 (“4.625% 2029 Notes”) | 1,200 |  |  | (5) |  |  | — |  |  | 1,195 |
6.375% secured notes due 2029 (“2029 Secured Notes”) | 2,750 |  |  | (20) |  |  | (1) |  |  | 2,729 |
4.875% senior subordinated notes due 2029 (“4.875% 2029 Notes”) | 750 |  |  | (4) |  |  | — |  |  | 746 |
6.875% secured notes due 2030 (“2030 Secured Notes”) | 1,450 |  |  | (11) |  |  | — |  |  | 1,439 |
7.125% secured notes due 2031 (“2031 Secured Notes”) | 1,000 |  |  | (8) |  |  | (6) |  |  | 986 |
6.625% secured notes due 2032 (“2032 Secured Notes”) | 2,200 |  |  | (18) |  |  | — |  |  | 2,182 |
6.00% secured notes due 2033 (“2033 Secured Notes”) | 1,500 |  |  | (13) |  |  | — |  |  | 1,487 |
Government refundable advances | 11 |  |  | — |  |  | — |  |  | 11 |
Finance lease obligations | 277 |  |  | — |  |  | — |  |  | 277 |
| 24,568 |  |  | (123) |  |  | (45) |  |  | 24,400 |
Less: current portion | 94 |  |  | — |  |  | — |  |  | 94 |
Long-term debt | $ | 24,474 |  |  | $ | (123) |  |  | $ | (45) |  |  | $ | 24,306 |
| September 30, 2024
| Gross Amount |  | Debt Issuance Costs |  | Original Issue Discount |  | Net Amount
Short-term borrowings—trade receivable securitization facility | $ | 487 |  |  | $ | (1) |  |  | $ | — |  |  | $ | 486 |
Term loans | $ | 8,702 |  |  | $ | (25) |  |  | $ | (35) |  |  | $ | 8,642 |
5.50% 2027 Notes | 2,650 |  |  | (9) |  |  | — |  |  | 2,641 |
2028 Secured Notes | 2,100 |  |  | (15) |  |  | (8) |  |  | 2,077 |
4.625% 2029 Notes | 1,200 |  |  | (6) |  |  | — |  |  | 1,194 |
2029 Secured Notes | 2,750 |  |  | (22) |  |  | (1) |  |  | 2,727 |
4.875% 2029 Notes | 750 |  |  | (4) |  |  | — |  |  | 746 |
2030 Secured Notes | 1,450 |  |  | (12) |  |  | — |  |  | 1,438 |
2031 Secured Notes | 1,000 |  |  | (9) |  |  | (7) |  |  | 984 |
2032 Secured Notes | 2,200 |  |  | (20) |  |  | — |  |  | 2,180 |
2033 Secured Notes | 1,500 |  |  | (14) |  |  | — |  |  | 1,486 |
Government refundable advances | 17 |  |  | — |  |  | — |  |  | 17 |
Finance lease obligations | 262 |  |  | — |  |  | — |  |  | 262 |
| 24,581 |  |  | (136) |  |  | (51) |  |  | 24,394 |
Less: current portion | 99 |  |  | (1) |  |  | — |  |  | 98 |
Long-term debt | $ | 24,482 |  |  | $ | (135) |  |  | $ | (51) |  |  | $ | 24,296 |
Accrued interest, which is classified as a component of accrued and other current liabilities on the condensed consolidated balance sheets, was $312 million and $185 million as of March 29, 2025 and September 30, 2024, respectively. 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 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 drew the remaining $163 million available under the Securitization Facility in the first quarter of fiscal 2025. At March 29, 2025 and September 30, 2024, the applicable interest rate was 5.75% and 6.73%, respectively. 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 March 29, 2025 and September 30, 2024, the outstanding balance of these advances was $11 million and $17 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 $277 million and $262 million at March 29, 2025 and September 30, 2024, respectively. Refer to Note 14, “Leases,” for further disclosure of the Company's lease obligations.

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- 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 -SubTopic 10 -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: 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