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SEGMENTS
 9 Months Ended
Jun. 28, 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 Thirty-Nine Week Periods Ended
June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Net sales to external customers
Power & Control
Commercial and non-aerospace OEM$236 $227 $669 $609 
Commercial and non-aerospace aftermarket328 310 1,006 905 
Defense575 492 1,599 1,324 
Total Power & Control1,139 1,029 3,274 2,838 
Airframe
Commercial and non-aerospace OEM303 344 886 969 
Commercial and non-aerospace aftermarket367 328 1,057 943 
Defense388 302 1,064 883 
Total Airframe1,058 974 3,007 2,795 
Total Non-aviation40 43 113 121 
Net Sales$2,237 $2,046 $6,394 $5,754 
The following table reconciles EBITDA As Defined by segment to consolidated income from operations before income taxes (in millions):
Thirteen Week Periods Ended Thirty-Nine Week Periods Ended
June 28, 2025June 29, 2024June 28, 2025June 29, 2024
EBITDA As Defined
Power & Control$646 $591 $1,868 $1,626 
Airframe569 503 1,613 1,443 
Non-aviation17 18 45 48 
Total segment EBITDA As Defined1,232 1,112 3,526 3,117 
Less: Unallocated corporate EBITDA As Defined15 21 85 94 
Total Company EBITDA As Defined1,217 1,091 3,441 3,023 
Depreciation and amortization expense91 77 271 219 
Interest expense-net397 316 1,152 943 
Acquisition transaction and integration-related expenses9 27 32 43 
Non-cash stock and deferred compensation expense51 47 124 158 
Refinancing costs7 30 7 59 
Other, net27 (8)(21)(9)
Income from continuing operations before income taxes$635 $602 $1,876 $1,610 
The following table presents total assets by segment (in millions):
June 28, 2025September 30, 2024
Total assets
Power & Control$9,687 $9,180 
Airframe10,329 10,045 
Non-aviation195 193 
Corporate2,489 6,168 
$22,700 $25,586