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SEGMENTS
 6 Months Ended
Mar. 29, 2025
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 Twenty-Six Week Periods Ended
March 29, 2025March 30, 2024March 29, 2025March 30, 2024
Net sales to external customers
Power & Control
Commercial and non-aerospace OEM$238 $203 $433 $382 
Commercial and non-aerospace aftermarket337 295 678 595 
Defense533 422 1,023 833 
Total Power & Control1,108 920 2,134 1,810 
Airframe
Commercial and non-aerospace OEM305 331 583 625 
Commercial and non-aerospace aftermarket356 313 690 615 
Defense341 315 676 581 
Total Airframe1,002 959 1,949 1,821 
Total Non-aviation40 40 73 77 
Net Sales$2,150 $1,919 $4,156 $3,708 
The following table reconciles EBITDA As Defined by segment to consolidated income from operations before income taxes (in millions):
Thirteen Week Periods Ended Twenty-Six Week Periods Ended
March 29, 2025March 30, 2024March 29, 2025March 30, 2024
EBITDA As Defined
Power & Control$636 $523 $1,222 $1,035 
Airframe529 510 1,045 940 
Non-aviation16 16 28 30 
Total segment EBITDA As Defined1,181 1,049 2,295 2,005 
Less: Unallocated corporate EBITDA As Defined19 28 71 72 
Total Company EBITDA As Defined1,162 1,021 2,224 1,933 
Depreciation and amortization expense89 74 179 143 
Interest expense-net378 326 756 626 
Acquisition transaction and integration-related expenses9 14 22 16 
Non-cash stock and deferred compensation expense48 60 73 111 
Refinancing costs— 28 — 28 
Other, net16 — (47)1 
Income from continuing operations before income taxes$622 $519 $1,241 $1,008 
The following table presents total assets by segment (in millions):
March 29, 2025September 30, 2024
Total assets
Power & Control$9,462 $9,180 
Airframe10,092 10,045 
Non-aviation190 193 
Corporate2,161 6,168 
$21,905 $25,586