3 unchanged sentences
Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 26, 2025.
+Added: Richards Manufacturing Acquisition
+Added: We acquired Richards Manufacturing on April 1, 2025.
+Added: For additional information regarding the acquisition, see Note 4 to the Consolidated Financial Statements.
+Added: SEC guidance permits management to omit an assessment of an acquired business’ internal control over financial reporting from management’s assessment of internal control over financial reporting for a period not to exceed one year from the date of acquisition.
+Added: We are in the process of integrating the Richards Manufacturing operations within our internal control structure.
+Added: Accordingly, we have excluded Richards Manufacturing from our annual assessment of internal control over financial reporting as of September 26, 2025.
Management’s Report on Internal Control Over Financial Reporting
2 unchanged sentences
Based on this evaluation, management concluded our internal control over financial reporting was effective as of September 26, 2025.
+Added: As discussed above, management has excluded Richards Manufacturing from the assessment of internal control over financial reporting.
+Added: Richards Manufacturing represented 8% of total assets and 1% of total net sales on the Consolidated Financial Statements as of and for the fiscal year ended September 26, 2025.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
5 unchanged sentences
Rule 10b5-1 Trading Arrangements
−Removed: In the quarter ended September 27, 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement for the purchase or sale of our securities, within the meaning of Item 408 of Regulation S-K.
+Added: In the quarter ended September 26, 2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement for the purchase or sale of our securities, within the meaning of Item 408 of Regulation S-K except the following:
+Added: ● In the quarter ended September 26, 2025, Terrence R.
+Added: Curtin , Chief Executive Officer and Director , adopted a plan for the sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5 - 1(c).
+Added: Curtin’s plan was adopted August 20, 2025 and expires January 9, 2026 , and provides for the potential sale of up to (i) 50% of the net ordinary shares that vest in December 2025 pursuant to the performance stock unit award granted to Mr.
+Added: Curtin in November 2022, with such sale to occur no earlier than December 18, 2025 and (ii) potential sale of the remaining net ordinary shares that vest in December 2025 pursuant to the performance stock unit award granted to Mr.
+Added: Curtin in November 2022, with such sale to occur no earlier than December 19, 2025.
+Added: ● In the quarter ended September 26, 2025, Heath A.
+Added: Mitts , Chief Financial Officer and Director , adopted a plan for the sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
+Added: Mitts’s plan was adopted August 21, 2025 and expires December 31, 2025 , and provides for the potential sale of up to (i) 50% of the net ordinary shares that vest in December 2025 pursuant to the performance stock unit award granted to Mr.
+Added: Mitts in November 2022, with such sale to occur no earlier than December 18, 2025 and (ii) potential sale of the remaining net ordinary shares that vest in December 2025 pursuant to the performance stock unit award granted to Mr.
+Added: Mitts in November 2022, with such sale to occur no earlier than December 19, 2025.
+Added: The trading plans described above were entered into during an open insider trading window and were in compliance with our insider trading policies and procedures.
+Added: Actual sale transactions will be disclosed publicly in filings with the SEC in accordance with applicable securities laws, rules, and regulations.
+Added: Appointment of Director
+Added: On November 10, 2025, our board of directors appointed Kenneth Washington as a director of the Company, and the number of directors constituting the full board was increased from 12 to 13.
+Added: Washington’s appointment to the board is effective November 17, 2025.
+Added: Washington was appointed to serve on the management, development, and compensation committee of the board and will receive compensation for services as a non-employee director consistent with the compensation generally provided to our other non-employee directors.
+Added: There are no arrangements or understandings between the new director and any other person pursuant to which he was selected as a director, and there are no transactions involving the Company and the new director that we would be required to report pursuant to Item 404(a) of Regulation S-K.
+Added: Washington will enter into standard indemnification agreements with us and TE Connectivity Corporation, our wholly-owned subsidiary.
+Added: Our form of deed of indemnification and form of indemnification agreement with TE Connectivity Corporation were filed as Exhibit 10.2 and Exhibit 10.3, respectively, to our Form 8-K filed with the SEC on September 30, 2024.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
9 unchanged sentences
Our Guide to Ethical Conduct also meets the requirements of a code of business conduct and ethics under the listing standards of the NYSE.
−Removed: Our Guide to Ethical Conduct is posted on our website at www.te.com under the heading “Corporate Responsibility—Disclosures.” We also will provide a copy of our Guide to Ethical Conduct to shareholders upon request.
+Added: Our Guide to Ethical Conduct is posted on our website at www.te.com under the heading “About TE—Corporate Responsibility—Corporate Responsibility Disclosures—Ethics and Compliance.” We also will provide a copy of our Guide to Ethical Conduct to shareholders upon request.
We intend to disclose any amendments to our Guide to Ethical Conduct, as well as any waivers for executive officers or directors, on our website.
Insider Trading Policies and Procedures
−Removed: We have adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of our securities by directors, officers, and employees, or by us, that are reasonably designed to promote compliance with insider trading laws, rules, and regulations, and the listing standards of the New York Stock Exchange.
+Added: We have adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of our securities by directors, officers, and employees, or by us, that are reasonably designed to promote compliance with insider trading laws, rules, and regulations, and the listing standards of the NYSE.
Copies of such policies and procedures can be found in Exhibits 19.1 and 19.2.
EXECUTIVE COMPENSATION
−Removed: Information concerning executive compensation may be found under the captions “Compensation Discussion and Analysis,” “Management Development and Compensation Committee Report,” “Compensation Committee Interlocks and Insider Participation,” “Executive Officer Compensation,” and “Compensation of Non-Employee Directors” in our 2025 Proxy Statement.
+Added: Information concerning executive compensation may be found under the captions “Compensation Discussion and Analysis,” “Management Development and Compensation Committee Report,” “Compensation Committee Interlocks and Insider Participation,” “Executive Officer Compensation,” “CEO Pay Ratio,” and “Compensation of Non-Employee Directors” in our 2026 Proxy Statement.
Such information is incorporated herein by reference.
2 unchanged sentences
Equity Compensation Plan Information
−Removed: The following table provides information as of fiscal year end 2024 with respect to shares issuable under our equity compensation plans:
+Added: The following table provides information as of fiscal year end 2025 with respect to ordinary shares issuable under our equity compensation plans:
Number of securities
16 unchanged sentences
Equity compensation plans not approved by security holders (2)
−Removed: (1) Includes securities issuable upon exercise of outstanding options and rights under the TE Connectivity plc.
−Removed: 2024 Stock and Incentive Plan, amended and restated as of September 30, 2024 (the “2024 Plan”), the TE Connectivity plc.
−Removed: 2007 Stock and Incentive Plan, amended and restated as of September 30, 2024 (the “2007 Plan”), and the TE Connectivity plc Savings Related Share Plan, amended and restated as of September 30, 2024.
+Added: (1) Includes securities issuable upon exercise of outstanding options and rights under the TE Connectivity plc 2024 Stock and Incentive Plan, amended and restated as of September 30, 2024 (the “2024 Plan”);
+Added: the TE Connectivity plc 2007 Stock and Incentive Plan, amended and restated as of September 30, 2024 (the “2007 Plan”);
+Added: and the TE Connectivity plc Savings Related Share Plan, amended and restated as of September 30, 2024.
The 2024 Plan provides for the award of annual performance bonuses and long-term performance awards, including share options;
1 unchanged sentence
and other share-based awards (collectively, “Awards”) to board members, officers, and non-officer employees.
−Removed: The 2024 Plan provides for a maximum of 19,939,500 shares to be issued as Awards, subject to adjustment as provided under the terms of the plan.
−Removed: No additional grants will be made from the 2007 Plan and previously granted awards under the 2007 Plan will continue to be settled in TE Connectivity shares.
+Added: The 2024 Plan provides for a maximum of 19,939,500 ordinary shares to be issued as Awards, subject to adjustment as provided under the terms of the plan.
+Added: No additional grants will be made from the 2007 Plan and previously granted awards under the 2007 Plan will continue to be settled in our ordinary shares.
(2) In connection with an acquisition in fiscal 2011, we assumed equity awards issued under plans sponsored by the acquired business and the remaining pool of shares available for grant under the plans.
1 unchanged sentence
Those plans have since expired, and no additional grants will be made from them.
−Removed: Previously granted awards under the plans will continue to be settled in TE Connectivity shares.
+Added: Previously granted awards under the plans will continue to be settled in our ordinary shares.
(3) Does not take into account restricted, performance, or deferred share unit awards that do not have exercise prices.
−Removed: (4) Includes securities remaining available for future issuance under the 2024 Plan, the TE Connectivity plc Savings Related Share Plan, and the TE Connectivity plc Employee Stock Purchase Plan, amended and restated as of September 30, 2024.
+Added: (4) Includes securities remaining available for future issuance under the 2024 Plan;
+Added: the TE Connectivity plc Savings Related Share Plan, amended and restated as of September 30, 2024;
+Added: and the TE Connectivity plc Employee Stock Purchase Plan, amended and restated as of September 30, 2024.
The 2024 Plan applies a weighting of 1.80 to outstanding nonvested restricted, performance, deferred share units, and other share-based awards.
5 unchanged sentences
The information in our 2026 Proxy Statement under the caption “Agenda Item No.
−Removed: 2—Ratification of Auditors” is incorporated herein by reference.
+Added: 2—Appointment of Auditors and Authority to Set Remuneration” is incorporated herein by reference.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
8 unchanged sentences
Date Filed with the SEC
−Removed: Stock Purchase Agreement, dated as of September 16, 2018, by and between Tyco Electronics Group S.A.
−Removed: and Crown Subsea AcquisitionCo LLC (1)
−Removed: Current Report on Form 8-K
−Removed: September 17, 2018
Merger Agreement between TE Connectivity Ltd.
2 unchanged sentences
March 18, 2024
−Removed: Memorandum and Articles of Association of TE Connectivity plc, dated as of September 30, 2024
+Added: Transaction Agreement, dated February 11, 2025, by and among OCM Power V AIV Holdings (Delaware), L.P., OCM Power VI AIV Holdings (Delaware), L.P., OCM Power V Relay CTB, LLC, OCM Power VI Relay CTB, LLC , Relay Holding, LLC, TE Connectivity Corporation, Stella I LLC, TE Connectivity PLC, and OCM Power V AIV Holdings (Delaware), L.P.
+Added: Quarterly Report on Form 10-Q for the quarterly period ended March 28, 2025
+Added: April 28, 2025
+Added: Memorandum and Articles of Association of TE Connectivity plc, dated September 30, 2024
Current Report on Form 8-K
13 unchanged sentences
August 3, 2017
−Removed: Sixteenth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated February 14, 2020
−Removed: Current Report on Form 8-K
−Removed: February 14, 2020
Seventeenth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated February 16, 2021
15 unchanged sentences
September 30, 2024
−Removed: Second Amended and Restated Five-Year Senior Credit Agreement, dated as of April 24, 2024, by and among Tyco Electronics Group S.A., as borrower, TE Connectivity Ltd., as parent guarantor, the lenders party thereto, and Bank of America, N.A., as administrative agent
+Added: Amended and Restated Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated January 31, 2025
Current Report on Form 8-K
+Added: January 31, 2025
+Added: First Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated January 31, 2025
+Added: Current Report on Form 8-K
+Added: January 31, 2025
+Added: Second Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated May 6, 2025
+Added: Current Report on Form 8-K
+Added: Third Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated May 9, 2025
+Added: Current Report on Form 8-K
+Added: Fourth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated May 9, 2025
+Added: Current Report on Form 8-K
+Added: Incorporated by Reference Herein
+Added: Date Filed with the SEC
+Added: Second Amended and Restated Five-Year Senior Credit Agreement, dated April 24, 2024, by and among Tyco Electronics Group S.A., as borrower, TE Connectivity Ltd., as parent guarantor, the lenders party thereto, and Bank of America, N.A., as administrative agent
+Added: Current Report on Form 8-K
April 25, 2024
Assumption and Joinder Agreement, dated September 24, 2024, by TE Connectivity plc, TE Connectivity Switzerland Ltd.
−Removed: , and Bank of America, N.A., as administrative agent under that certain Second Amended and Restated Credit Agreement, dated as of April 24, 2024
+Added: , and Bank of America, N.A., as administrative agent under that certain Second Amended and Restated Credit Agreement, dated April 24, 2024
Current Report on Form 8-K
1 unchanged sentence
TE Connectivity Annual Incentive Plan (as Amended and Restated)
+Added: Annual Report on Form 10-K for the fiscal year ended September 27, 2024
+Added: November 12, 2024
TE Connectivity plc 2007 Stock and Incentive Plan (Amended and Restated as of September 30, 2024)
13 unchanged sentences
January 24, 2011
−Removed: Incorporated by Reference Herein
−Removed: Date Filed with the SEC
Form of Option Award Terms and Conditions for Option Grants Beginning in November 2017
10 unchanged sentences
November 15, 2022
+Added: Incorporated by Reference Herein
+Added: Date Filed with the SEC
Form of Option Award Terms and Conditions for Option Grants Beginning in November 2024
2 unchanged sentences
Form of Restricted Stock Unit Award Terms and Conditions for RSU Grants Beginning in November 2021
−Removed: Quarterly Report on Form 10-Q for the quarterly period ended December 25, 2020
−Removed: January 28, 2021
−Removed: Form of Restricted Stock Unit Award Terms and Conditions for RSU Grants Beginning in November 2021
Annual Report on Form 10-K for the fiscal year ended September 30, 2022
4 unchanged sentences
Form of Performance Stock Unit Award Terms and Conditions for Performance Cycles Starting in and After Fiscal Year 2022
−Removed: Quarterly Report on Form 10-Q for the quarterly period ended December 25, 2020
−Removed: January 28, 2021
−Removed: Form of Performance Stock Unit Award Terms and Conditions for Performance Cycles Starting in and After Fiscal Year 2022
Annual Report on Form 10-K for the fiscal year ended September 30, 2022
5 unchanged sentences
Executives (Amended and Restated as of September 30, 2024)
+Added: Annual Report on Form 10-K for the fiscal year ended September 27, 2024
+Added: November 12, 2024
TE Connectivity Severance Plan for U.S.
Executives (Amended and Restated as of September 30, 2024)
−Removed: Incorporated by Reference Herein
−Removed: Date Filed with the SEC
−Removed: TE Connectivity Supplemental Savings and Retirement Plan (amended and restated as of January 1, 2022)
−Removed: Annual Report on Form 10-K for the fiscal year end September 29, 2023
+Added: Annual Report on Form 10-K for the fiscal year ended September 27, 2024
November 12, 2024
+Added: TE Connectivity Supplemental Savings and Retirement Plan (Amended and Restated as of January 1, 2025)
TE Connectivity plc Savings Related Share Plan (Amended and Restated as of September 30, 2024)
9 unchanged sentences
Curtin and Tyco Electronics Corporation dated December 15, 2015, as amended
−Removed: Employment Agreement between Steven T.
−Removed: Merkt and Tyco Electronics Corporation dated December 15, 2015, as amended
+Added: Annual Report on Form 10-K for the fiscal year ended September 27, 2024
+Added: November 12, 2024
Employment Agreement between Heath A.
Mitts and Tyco Electronics Corporation dated September 30, 2016, as amended
+Added: Annual Report on Form 10-K for the fiscal year ended September 27, 2024
+Added: November 12, 2024
Employment Agreement between John S.
Jenkins and Tyco Electronics Corporation dated December 15, 2015, as amended
+Added: Annual Report on Form 10-K for the fiscal year ended September 27, 2024
+Added: November 12, 2024
Employment Agreement between Shad Kroeger and TE Connectivity Corporation dated February 23, 2018
1 unchanged sentence
January 28, 2021
+Added: Incorporated by Reference Herein
+Added: Date Filed with the SEC
Employment Agreement between Aaron Stucki and TE Connectivity Corporation dated October 1, 2020, as amended
−Removed: Credit Support Agreement dated November 2, 2018 by and between Tyco Electronics Group S.A.
−Removed: and Crown Subsea Communications Holding, Inc.
Annual Report on Form 10-K for the fiscal year ended September 27, 2024
1 unchanged sentence
TE Insider Trading and Communications with the Public Policy
+Added: Annual Report on Form 10-K for the fiscal year ended September 27, 2024
+Added: November 12, 2024
TE Connectivity plc Policy Relating to Open Market Securities Repurchases and Compliance with Insider Trading Securities Laws
+Added: Annual Report on Form 10-K for the fiscal year ended September 27, 2024
+Added: November 12, 2024
Subsidiaries of TE Connectivity plc
3 unchanged sentences
Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
−Removed: Incorporated by Reference Herein
−Removed: Date Filed with the SEC
Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
1 unchanged sentence
TE Connectivity plc Incentive-Based Compensation Recovery Policy
+Added: Annual Report on Form 10-K for the fiscal year ended September 27, 2024
+Added: November 12, 2024
Inline XBRL Instance Document (2)
8 unchanged sentences
Furnished herewith
−Removed: (1) The schedules to the Stock Purchase Agreement have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S-K.
−Removed: We will furnish copies of such schedules to the SEC upon its request;
−Removed: provided, however, that we may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any schedule so furnished.
+Added: (1) The schedules to this agreement have been omitted pursuant to Item 601(a)(5) and Item 601(b)(2) of Regulation S-K.
+Added: We will furnish copies of any of the omitted schedules to the SEC upon its request;
+Added: however, we may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any schedule so furnished.
(2) The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
16 unchanged sentences
(Principal Financial Officer)
−Removed: /s/ Robert J.
+Added: /s/ Reuben M.
Senior Vice President and
17 unchanged sentences
Attorney-in-fact
−Removed: TE CONNECTIVITY LTD.
+Added: TE CONNECTIVITY PLC
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
10 unchanged sentences
Opinion on the Financial Statements
−Removed: We have audited the accompanying consolidated balance sheets of TE Connectivity Ltd.
−Removed: and subsidiaries (the "Company") as of September 27, 2024 and September 29, 2023, the related consolidated statements of operations, comprehensive income (loss), shareholders’ equity, and cash flows, for each of the three years in the period ended September 27, 2024, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements").
+Added: We have audited the accompanying consolidated balance sheets of TE Connectivity plc (formerly TE Connectivity Ltd.) and subsidiaries (the "Company") as of September 26, 2025 and September 27, 2024, the related consolidated statements of operations, comprehensive income, shareholders’ equity, and cash flows, for each of the three years in the period ended September 26, 2025, and the related notes and the schedule listed in the Index at Item 15(a)2 (collectively referred to as the "financial statements").
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 26, 2025 and September 27, 2024, and the results of its operations and its cash flows for each of the three years in the period ended September 26, 2025, in conformity with accounting principles generally accepted in the United States of America.
43 unchanged sentences
Opinion on Internal Control over Financial Reporting
−Removed: We have audited the internal control over financial reporting of TE Connectivity Ltd.
−Removed: and subsidiaries (the “Company”) as of September 27, 2024, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
+Added: We have audited the internal control over financial reporting of TE Connectivity plc and subsidiaries (the “Company”) as of September 26, 2025, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 26, 2025, based on criteria established in Internal Control—Integrated Framework (2013) issued by COSO.
+Added: As described in Management’s Report on Internal Control Over Financial Reporting, management excluded from its assessment the internal control over financial reporting at Richards Manufacturing Co., which was acquired on April 1, 2025, and whose financial statements constitute 8% of total assets and 1% of total net sales of the consolidated financial statement amounts as of and for the fiscal year ended September 26, 2025.
+Added: Accordingly, our audit did not include the internal control over financial reporting at Richards Manufacturing Co.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the fiscal year ended September 26, 2025, of the Company and our report dated November 10, 2025, expressed an unqualified opinion on those financial statements.
18 unchanged sentences
November 10, 2025
−Removed: TE CONNECTIVITY LTD.
+Added: TE CONNECTIVITY PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
9 unchanged sentences
Interest expense
−Removed: Other income (expense), net
+Added: Other expense, net
Income from continuing operations before income taxes
9 unchanged sentences
Weighted-average number of shares outstanding:
−Removed: See Notes to Consolidated Financial Statements.
−Removed: TE CONNECTIVITY LTD.
+Added: See accompanying Notes to Consolidated Financial Statements.
+Added: TE CONNECTIVITY PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
1 unchanged sentence
(in millions)
−Removed: Other comprehensive income (loss):
+Added: Other comprehensive income:
Currency translation
Adjustments to unrecognized pension and postretirement benefit costs, net of income taxes
−Removed: Gains (losses) on cash flow hedges, net of income taxes
−Removed: Other comprehensive income (loss)
+Added: Gains on cash flow hedges, net of income taxes
+Added: Other comprehensive income
Comprehensive income
−Removed: comprehensive (income) loss attributable to noncontrolling interests
−Removed: Comprehensive income attributable to TE Connectivity Ltd.
−Removed: See Notes to Consolidated Financial Statements.
−Removed: TE CONNECTIVITY LTD.
+Added: comprehensive income attributable to noncontrolling interests
+Added: Comprehensive income attributable to TE Connectivity plc
+Added: See accompanying Notes to Consolidated Financial Statements.
+Added: TE CONNECTIVITY PLC
CONSOLIDATED BALANCE SHEETS
24 unchanged sentences
Shareholders' equity:
−Removed: Common shares, CHF 0.57 par value, 316,574,781 shares authorized and issued , and 322,470,281 shares authorized and issued , respectively
+Added: Preferred shares, $ 1.00 par value, 2 shares authorized, none outstanding as of September 26, 2025
+Added: Ordinary class A shares, € 1.00 par value, 25,000 shares authorized, none outstanding as of September 26, 2025
+Added: Ordinary shares, $ 0.01 par value, 1,500,000,000 shares authorized, 302,889,075 shares issued and common shares, CHF 0.57 par value, 316,574,781 shares authorized and issued , respectively
Accumulated earnings
−Removed: Treasury shares, at cost, 16,656,681 and 10,487,742 shares, respectively
−Removed: Accumulated other comprehensive income (loss)
+Added: Ordinary shares and common shares held in treasury, at cost, 8,330,931 and 16,656,681 shares, respectively
+Added: Accumulated other comprehensive income
Total shareholders' equity
Total liabilities, redeemable noncontrolling interests, and shareholders' equity
−Removed: See Notes to Consolidated Financial Statements.
−Removed: TE CONNECTIVITY LTD.
+Added: See accompanying Notes to Consolidated Financial Statements.
+Added: TE CONNECTIVITY PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Fiscal Years Ended September 26, 2025, September 27, 2024, and September 29, 2023
−Removed: Common Shares
−Removed: Treasury Shares
+Added: Ordinary Shares
+Added: Ordinary Shares
+Added: Held in Treasury
Comprehensive
3 unchanged sentences
Balance at fiscal year end 2022
−Removed: Other comprehensive loss
+Added: Other comprehensive income
Share-based compensation expense
11 unchanged sentences
Balance at fiscal year end 2024
+Added: Change in place of incorporation
+Added: Cancellation of treasury shares
Other comprehensive income
2 unchanged sentences
Restricted share award vestings and other activity
−Removed: Repurchase of common shares
−Removed: Cancellation of treasury shares
+Added: Repurchase of ordinary shares
Balance at fiscal year end 2025
−Removed: See Notes to Consolidated Financial Statements.
−Removed: TE CONNECTIVITY LTD.
+Added: See accompanying Notes to Consolidated Financial Statements.
+Added: TE CONNECTIVITY PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
24 unchanged sentences
Cash flows from financing activities:
−Removed: Net increase (decrease) in commercial paper
+Added: Net decrease in commercial paper
Proceeds from issuance of debt
1 unchanged sentence
Proceeds from exercise of share options
−Removed: Repurchase of common shares
−Removed: Payment of common share dividends to shareholders
+Added: Repurchase of ordinary/common shares
+Added: Payment of ordinary/common share dividends to shareholders
Net cash used in financing activities
6 unchanged sentences
Income taxes paid, net of refunds
−Removed: See Notes to Consolidated Financial Statements.
+Added: See accompanying Notes to Consolidated Financial Statements.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Basis of Presentation
−Removed: The Consolidated Financial Statements reflect the consolidated operations of TE Connectivity Ltd.
−Removed: and its subsidiaries and have been prepared in United States (“U.S.”) dollars in accordance with accounting principles generally accepted in the U.S.
+Added: The Consolidated Financial Statements reflect the consolidated operations of TE Connectivity plc and its subsidiaries and have been prepared in United States (“U.S.”) dollars in accordance with accounting principles generally accepted in the U.S.
Description of the Business
−Removed: TE Connectivity Ltd.
−Removed: (“TE Connectivity” or the “Company,” which may be referred to as “we,” “us,” or “our”) is a global industrial technology leader creating a safer, sustainable, productive, and connected future.
−Removed: Our broad range of connectivity and sensor solutions enable the distribution of power, signal, and data to advance next-generation transportation, renewable energy, automated factories, data centers, medical technology, and more.
−Removed: We operated through three reportable segments during fiscal 2024:
+Added: TE Connectivity plc (“TE Connectivity” or the “Company,” which may be referred to as “we,” “us,” or “our”) is a global industrial technology leader creating a safer, sustainable, productive, and connected future.
+Added: As a trusted innovation partner, our broad range of connectivity and sensor solutions enable the distribution of power, signal, and data to advance next-generation transportation, energy networks, automated factories, data centers enabling artificial intelligence, and more.
+Added: We operate through two reportable segments:
● Transportation Solutions —The Transportation Solutions segment is a leader in connectivity and sensor technologies.
1 unchanged sentence
● Industrial Solutions —The Industrial Solutions segment is a leading supplier of products that connect and distribute power, data, and signals.
−Removed: Our products are used in the industrial equipment;
+Added: Our products are used in the digital data networks;
+Added: automation and connected living;
aerospace, defense, and marine;
and medical markets.
−Removed: ● Communications Solutions —The Communications Solutions segment is a leading supplier of electronic components for the data and devices and the appliances markets.
+Added: See Note 20 for additional information regarding our segments and new segment structure.
Use of Estimates
4 unchanged sentences
Fiscal 2025, 2024, and 2023 were each 52 weeks in length.
−Removed: Fiscal 2022 was 53 weeks in length.
−Removed: For fiscal years in which there are 53 weeks, the fourth fiscal quarter includes 14 weeks.
+Added: For fiscal years in which there are 53 weeks, the fourth fiscal quarter includes 14 weeks, with the next occurrence taking place in fiscal 2028.
Change in Place of Incorporation
During fiscal 2024, our board of directors and shareholders approved a change in our jurisdiction of incorporation from Switzerland to Ireland.
−Removed: In connection with the change, we entered into a merger agreement with our wholly-owned subsidiary, TE Connectivity plc, a public limited company incorporated under Irish law.
−Removed: Under the merger agreement, we were merged with and into TE Connectivity plc, which was the surviving entity, in order to effect our change in jurisdiction of incorporation from Switzerland to Ireland.
−Removed: The merger and change in jurisdiction of incorporation were completed on September 30, 2024.
−Removed: See Note 21 for additional information regarding the change in place of incorporation.
+Added: In connection with the change, TE Connectivity Ltd., our former parent entity, entered into a merger agreement with TE Connectivity plc, its then wholly-owned subsidiary and a public limited company incorporated under Irish law.
+Added: Under the merger agreement, TE Connectivity Ltd.
+Added: merged with and into TE Connectivity plc, which was the surviving entity, in order to effect our change in jurisdiction of incorporation from Switzerland to Ireland.
+Added: The merger was completed on September 30, 2024, thereby changing our jurisdiction of incorporation from Switzerland to Ireland.
+Added: Shareholders received one ordinary share of TE Connectivity plc for each common share of TE Connectivity Ltd.
+Added: held immediately prior to the merger.
+Added: Effective for fiscal 2025, we are organized under the laws of Ireland.
+Added: We have not had and do not anticipate any material changes in our operations or financial results as a result of the merger and change in place of incorporation.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Summary of Significant Accounting Policies
28 unchanged sentences
Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which are 10 to 20 years for land improvements, 5 to 40 years for buildings and improvements, and 1 to 15 years for machinery and equipment.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
We periodically evaluate, when events and circumstances warrant, the net realizable value of property, plant, and equipment and other long-lived assets, relying on several factors including operating results, business plans, economic projections, and anticipated future cash flows.
5 unchanged sentences
Intangible assets include both indeterminable-lived residual goodwill and determinable-lived identifiable intangible assets.
−Removed: Intangible assets with determinable lives primarily include intellectual property, consisting of patents, trademarks, and unpatented technology, and customer relationships.
+Added: Intangible assets with determinable lives primarily include customer relationships and intellectual property, consisting of patents, trademarks, and unpatented technology.
Recoverability estimates range from 1 to 50 years and costs are generally amortized on a straight-line basis.
Evaluations of the remaining useful lives of determinable-lived intangible assets are performed on a periodic basis and when events and circumstances warrant.
−Removed: At fiscal year end 2024, we had five reporting units, all of which contained goodwill.
−Removed: There were two reporting units in both the Transportation Solutions and Industrial Solutions segments and one reporting unit in the Communications Solutions segment.
+Added: At fiscal year end 2025, we had four reporting units, all of which contained goodwill.
+Added: There were two reporting units in both the Transportation Solutions and Industrial Solutions segments.
When changes occur in the composition of one or more reporting units, goodwill is reassigned to the reporting units affected based on their relative fair values.
16 unchanged sentences
A valuation allowance is provided to offset deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The calculation of our tax liabilities includes estimates for uncertainties in the application of complex tax regulations across multiple global jurisdictions where we conduct our operations.
10 unchanged sentences
Changes in the fair value of instruments designated as fair value hedges affect the carrying value of the asset or liability hedged, with changes in both the derivative instrument and the hedged asset or liability being recognized currently in earnings.
+Added: Changes in the fair value of instruments designated as hedges of net investment are recorded in currency translation, a component of accumulated other comprehensive income (loss).
We determine the fair value of our financial instruments using methods and assumptions that are based on market conditions and risks existing at each balance sheet date.
15 unchanged sentences
● Level 2— Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
● Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.
26 unchanged sentences
the cumulative impact of a change in estimate regarding the attainment of performance criteria is recorded in the period in which that change is made.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Earnings Per Share
−Removed: Basic earnings per share is computed by dividing net income by the basic weighted-average number of common shares outstanding.
−Removed: Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding adjusted for the potentially dilutive impact of share-based compensation arrangements.
−Removed: We account for leases in accordance with of ASC 842, Leases .
+Added: Basic earnings per share is computed by dividing net income by the basic weighted-average number of ordinary shares outstanding.
+Added: Diluted earnings per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding adjusted for the potentially dilutive impact of share-based compensation arrangements.
+Added: We account for leases in accordance with ASC 842, Leases .
We have facility, land, vehicle, and equipment leases that expire at various dates.
28 unchanged sentences
To the extent our actual results differ from our estimates and assumptions, we may be required to revise the estimated liabilities, requiring the recognition of additional restructuring costs or the reduction of liabilities already recognized.
−Removed: At the end of each reporting period, we evaluate the remaining accrued balances to ensure these balances are properly stated and the utilization of the reserves are for their intended purpose in accordance with developed exit plans.
+Added: At the end of each reporting period, we evaluate the
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: remaining accrued balances to ensure these balances are properly stated and the utilization of the reserves are for their intended purpose in accordance with developed exit plans.
Contingent Liabilities
5 unchanged sentences
Recently Issued Accounting Pronouncements
−Removed: In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
+Added: In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
+Added: 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40):
+Added: Targeted Improvements to the Accounting for Internal-Use Software , to simplify accounting for internal-use software costs.
+Added: The update will allow for capitalization of costs when management authorizes and commits to funding a project and it is probable that the project will be completed and the software will be used as intended.
+Added: The amendments are effective for us in fiscal 2029;
+Added: however, early adoption is permitted.
+Added: We are currently assessing the impact that adoption will have on our Consolidated Financial Statements.
+Added: In November 2024, the FASB issued ASU No.
2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):
9 unchanged sentences
The rules are effective for us on a phased-in timeline starting in fiscal 2026;
−Removed: however, in April 2024, the SEC issued an order to voluntarily stay its final climate rules pending the completion of judicial review thereof by the U.S.
−Removed: Court of Appeals for the Eighth Circuit.
−Removed: We are currently assessing the impact of the rules on our Consolidated Financial Statements.
+Added: however, in April 2024, the SEC issued an order to voluntarily stay its final climate rules.
+Added: We continue to monitor developments pertaining to the rules and any potential impacts on our Consolidated Financial Statements.
In December 2023, the FASB issued ASU No.
2023-09, Income Taxes (Topic 740):
−Removed: Improvement to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures through improvements to disclosures related primarily to the rate reconciliation and income taxes paid information.
+Added: Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures through improvements to disclosures related primarily to the rate reconciliation and income taxes paid information.
The amendments are effective for us in fiscal 2026.
−Removed: however, early adoption is permitted.
We are currently assessing the impact that adoption will have on our Consolidated Financial Statements.
+Added: Recently Adopted Accounting Pronouncement
In November 2023, the FASB issued ASU No.
1 unchanged sentence
Improvements to Reportable Segment Disclosures , which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses.
−Removed: The amendments are effective for our fiscal 2025 Annual Report and subsequent interim periods;
−Removed: however, early adoption is permitted.
−Removed: The amendments should be applied retrospectively to all periods presented in the financial statements.
−Removed: We are currently assessing the impact that adoption will have on our Consolidated Financial Statements.
−Removed: Recently Adopted Accounting Pronouncement
−Removed: In September 2022, the FASB issued ASU No.
−Removed: 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50):
−Removed: Disclosure of Supplier Finance Program Obligations , to enhance transparency and introduce new disclosures related to an entity’s use of supplier finance programs in connection with the purchase of goods and services.
−Removed: The ASU requires us, as a buyer in a supplier finance program, to disclose the key terms of the program, the amount of obligations outstanding, the balance sheet presentation of such amounts, and a rollforward of the obligation activity during the annual period.
−Removed: We adopted this update in the first quarter of fiscal 2024.
+Added: We adopted this update, on a retrospective basis, for our fiscal 2025 Annual Report.
Adoption did not have a material impact on our Consolidated Financial Statements.
−Removed: See Note 12 for additional information regarding our supply chain finance program.
+Added: See Note 20 for additional information regarding our reportable segments.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Restructuring and Other Charges, Net
2 unchanged sentences
Restructuring charges, net
−Removed: (Gain) loss on divestitures and impairment of held for sale businesses, net
+Added: (Gain) loss on divestitures and impairment of held for sale business, net
Costs related to change in place of incorporation
2 unchanged sentences
Restructuring Charges, Net
−Removed: Net restructuring and related charges by segment were as follows:
+Added: Net restructuring charges by segment were as follows:
(in millions)
1 unchanged sentence
Industrial Solutions
−Removed: Communications Solutions
Restructuring charges, net
−Removed: charges included in cost of sales (1)
−Removed: Restructuring and related charges, net
−Removed: (1) Charges included in cost of sales were attributable to inventory-related charges within the Industrial Solutions segment.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Activity in our restructuring reserves was as follows:
6 unchanged sentences
Employee severance
−Removed: Facility and other exit costs
Property, plant, and equipment
2 unchanged sentences
Facility and other exit costs
−Removed: Property, plant, and equipment
Pre-Fiscal 2023 Actions:
5 unchanged sentences
Employee severance
−Removed: Facility and other exit costs
Property, plant, and equipment
12 unchanged sentences
Facility and other exit costs
−Removed: Property, plant, and equipment and other non-cash charges
+Added: Property, plant, and equipment
Pre-Fiscal 2023 Actions:
3 unchanged sentences
Total fiscal 2023 activity
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Fiscal 2025 Actions
−Removed: During fiscal 2024, we initiated a restructuring program to optimize our manufacturing footprint and improve the cost structure of the organization, primarily in the Industrial Solutions and Transportation Solutions segments.
+Added: During fiscal 2025, we initiated a restructuring program associated with footprint consolidation and cost structure improvements in both of our segments.
In connection with this program, we recorded restructuring charges of $ 96 million during fiscal 2025.
−Removed: We expect to complete all restructuring actions commenced during fiscal 2024 by the end of fiscal 2025 and anticipate that additional charges related to fiscal 2024 actions will be insignificant.
+Added: We expect to complete all restructuring actions commenced during fiscal 2025 by the end of fiscal 2032 and to incur additional charges of approximately $ 13 million related primarily to facility exit costs in the Industrial Solutions segment.
Fiscal 2024 Actions
−Removed: During fiscal 2023, we initiated a restructuring program associated with cost structure improvements across all segments.
+Added: During fiscal 2024, we initiated a restructuring program to optimize our manufacturing footprint and improve the cost structure of the organization.
In connection with this program, during fiscal 2025 and 2024, we recorded net restructuring charges of $ 1 million and $ 86 million, respectively.
We expect additional charges related to fiscal 2024 actions will be insignificant.
−Removed: The following table summarizes cumulative charges incurred for the fiscal 2023 program by segment as of fiscal year end 2024:
−Removed: (in millions)
−Removed: Transportation Solutions
−Removed: Industrial Solutions
−Removed: Communications Solutions
Fiscal 2023 Actions
−Removed: During fiscal 2022, we initiated a restructuring program associated with footprint consolidation and cost structure improvements across all segments.
−Removed: In connection with this program, during fiscal 2024, 2023, and 2022, we recorded net restructuring charges of $ 25 million, net restructuring charges of $ 12 million, and restructuring and related charges of $ 161 million, respectively.
+Added: During fiscal 2023, we initiated a restructuring program associated with cost structure improvements across our segments.
+Added: In connection with this program, during fiscal 2025, 2024, and 2023, we recorded net restructuring credits of $ 21 million, charges of $ 22 million, and charges of $ 247 million, respectively.
We expect that any additional charges related to fiscal 2023 actions will be insignificant.
+Added: Credits in fiscal 2025 are primarily administrative adjustments to multi-wave actions that spanned the fiscal 2023 and pre-fiscal 2023 periods.
The following table summarizes cumulative charges incurred for the fiscal 2023 program by segment as of fiscal year end 2025:
2 unchanged sentences
Industrial Solutions
−Removed: Communications Solutions
Pre-Fiscal 2023 Actions
−Removed: During fiscal 2024, 2023, and 2022, we recorded net restructuring charges of $ 11 million, charges of $ 1 million, and credits of $ 8 million, respectively, related to pre-fiscal 2022 actions.
+Added: During fiscal 2025, 2024, and 2023, we recorded net restructuring charges of $ 37 million, $ 36 million, and $ 13 million, respectively, related to pre-fiscal 2023 actions.
We expect that any additional charges related to restructuring actions commenced prior to fiscal 2023 will be insignificant.
+Added: Charges in fiscal 2025 are primarily administrative adjustments to multi-wave actions that spanned the fiscal 2023 and pre-fiscal 2023 periods.
Total Restructuring Reserves
5 unchanged sentences
Restructuring reserves
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
During fiscal 2024, we sold one business for net cash proceeds of $ 59 million.
1 unchanged sentence
Additionally, during fiscal 2023, we recorded a pre-tax impairment charge of $ 68 million when the business was reclassified to held for sale.
−Removed: The business sold was reported in our Transportation Solutions segment.
+Added: Prior to divestiture, the business was reported in our Transportation Solutions segment.
We sold three businesses for net cash proceeds of $ 48 million during fiscal 2023.
In connection with the divestitures, we recorded pre-tax impairment charges and a net pre-tax loss on sales, which totaled to a net charge of $ 9 million.
−Removed: Additionally, during fiscal 2022, we recorded pre-tax impairment charges of $ 14 million when the businesses were reclassified to held for sale.
−Removed: The businesses sold were reported in our Industrial Solutions segment.
−Removed: During fiscal 2022, we sold two businesses for net cash proceeds of $ 16 million and recognized a net pre-tax gain on sales of $ 10 million.
−Removed: The businesses sold were reported in our Transportation Solutions and Industrial Solutions segments.
+Added: Prior to divestiture, the businesses were reported in our Industrial Solutions segment.
Change in Place of Incorporation
−Removed: During fiscal 2024, we incurred costs of $ 20 million related to our change in place of incorporation from Switzerland to Ireland.
−Removed: See Notes 1 and 21 for additional information regarding the change.
−Removed: During the quarter ended December 29, 2023, we acquired approximately 98.7 % of the outstanding shares of Schaffner Holding AG (“Schaffner”), a leader in electromagnetic solutions based in Switzerland, for CHF 505.00 per share in cash for a purchase price of CHF 294 million (equivalent to $ 339 million), net of cash acquired.
−Removed: As a result of the transaction, we recognized a noncontrolling interest with a fair value of $ 5 million as of the acquisition date.
−Removed: The acquired business has been reported as part of our Industrial Solutions segment from the date of acquisition.
+Added: During fiscal 2025 and 2024, we incurred costs of $ 11 million and $ 20 million, respectively, related to our change in place of incorporation from Switzerland to Ireland.
+Added: See Note 1 for additional information regarding the change.
+Added: Richards Manufacturing Co.
+Added: On April 1, 2025, we acquired 100 % of Richards Manufacturing Co.
+Added: (“Richards Manufacturing”), a U.S.-based producer of overhead and underground electrical and gas distribution products, for cash of approximately $ 2.3 billion, net of cash acquired.
+Added: The acquired business has been reported as part of the energy business within our Industrial Solutions segment from the date of acquisition.
+Added: The Richards Manufacturing acquisition was accounted for under the provisions of ASC 805, Business Combinations .
+Added: We have preliminarily allocated the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values.
+Added: We are in the process of completing the valuation of identifiable intangible assets, fixed assets, and pre-acquisition contingencies and, therefore, the fair values set forth below are subject to adjustment upon finalizing the valuations.
+Added: The amount of these potential adjustments could be significant.
+Added: We expect to complete the purchase price allocation during the third quarter of fiscal 2026.
+Added: The following table summarizes the preliminary allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed at the date of acquisition, in accordance with the acquisition method of accounting:
+Added: (in millions)
+Added: Cash and cash equivalents
+Added: Accounts receivable
+Added: Other current assets
+Added: Property, plant, and equipment
+Added: Intangible assets
+Added: Other noncurrent assets
+Added: Total assets acquired
+Added: Accounts payable
+Added: Other current liabilities
+Added: Deferred income taxes
+Added: Other noncurrent liabilities
+Added: Total liabilities assumed
+Added: Net assets acquired
+Added: Cash and cash equivalents acquired
+Added: Net cash paid
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: The fair values assigned to intangible assets were preliminarily determined through the use of the income approach, specifically the relief from royalty and the multi-period excess earnings methods.
+Added: Both valuation methods rely on management judgment, including expected future cash flows resulting from existing customer relationships, customer attrition rates, contributory effects of other assets utilized in the business, peer group cost of capital and royalty rates, and other factors.
+Added: The valuation of tangible assets was derived using a combination of the income, market, and cost approaches.
+Added: Significant judgments used in valuing tangible assets include estimated selling prices, costs to complete, and reasonable profit.
+Added: Useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to future cash flows.
+Added: Intangible assets acquired consisted of the following:
+Added: Weighted-Average
+Added: (in millions)
+Added: Customer relationships
+Added: Developed technology
+Added: Trade names and trademarks
+Added: The acquired intangible assets are being amortized on a straight-line basis over their expected useful lives.
+Added: Goodwill of $ 1,028 million was recognized in the transaction, representing the excess of the purchase price over the fair value of the tangible and intangible assets acquired and liabilities assumed.
+Added: This goodwill is attributable primarily to cost savings and other synergies related to operational efficiencies including the consolidation of manufacturing, marketing, and general and administrative functions.
+Added: The goodwill has been allocated to the Industrial Solutions segment and approximately $ 600 million is deductible primarily for U.S.
+Added: tax purposes through fiscal 2040.
+Added: During fiscal 2025, Richards Manufacturing contributed net sales of $ 179 million and operating income of $ 5 million to our Consolidated Statement of Operations.
+Added: The operating income included acquisition costs of $ 25 million, charges of $ 7 million associated with the amortization of acquisition-related fair value adjustments related to acquired inventories, and integration costs of $ 3 million.
+Added: Pro Forma Financial Information
+Added: The following unaudited pro forma financial information reflects our consolidated results of operations had the Richards Manufacturing acquisition occurred at the beginning of fiscal 2024:
+Added: (in millions, except
+Added: per share data)
+Added: Diluted earnings per share
+Added: The pro forma financial information is based on our preliminary allocation of the purchase price and therefore subject to adjustment upon finalizing the purchase price allocation.
+Added: The significant pro forma adjustments, which are described below, are net of income tax expense (benefit) at the statutory rate.
+Added: Pro forma results for fiscal 2025 were adjusted to exclude $ 19 million of acquisition costs.
+Added: Pro forma results for fiscal 2025 were also adjusted to include $ 39 million of interest expense based on pro forma changes in our capital structure and $ 17 million of charges related to the amortization of the fair value of acquired intangible assets.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: Pro forma results for fiscal 2024 were adjusted to include $ 56 million of interest expense based on pro forma changes in our capital structure, $ 34 million of charges related to the amortization of the fair value of acquired intangible assets, $ 19 million of acquisition costs, and $ 8 million of charges related to the fair value adjustment to acquisition-date inventories.
+Added: Pro forma results do not include any anticipated synergies or other anticipated benefits of the acquisition.
+Added: Accordingly, the unaudited pro forma financial information is not necessarily indicative of either future results of operations or results that might have been achieved had the Richards Manufacturing acquisition occurred at the beginning of fiscal 2024.
+Added: Other Acquisitions
+Added: We acquired two additional businesses for a combined cash purchase price of $ 321 million, net of cash acquired, during fiscal 2025.
+Added: The acquired businesses have been reported as part of our Industrial Solutions segment from the date of acquisition.
Our valuation of identifiable intangible assets, assets acquired, and liabilities assumed is currently in process;
1 unchanged sentence
The amount of these potential adjustments could be significant.
+Added: During the quarter ended December 29, 2023, we acquired approximately 98.7 % of the outstanding shares of Schaffner Holding AG (“Schaffner”), a leader in electromagnetic solutions based in Switzerland, for CHF 505.00 per share in cash for a purchase price of CHF 294 million (equivalent to $ 339 million), net of cash acquired.
+Added: The acquired business has been reported as part of our Industrial Solutions segment from the date of acquisition.
During the quarter ended June 28, 2024, we completed a squeeze-out of the remaining minority shareholders for $ 5 million and the Schaffner shares were delisted from the SIX Swiss Exchange.
1 unchanged sentence
The acquired business has been reported as part of our Industrial Solutions segment from the date of acquisition.
−Removed: We acquired three businesses for a combined cash purchase price of $ 245 million, net of cash acquired, during fiscal 2022.
−Removed: The acquired businesses have been reported as part of our Communications Solutions segment from the date of acquisition.
−Removed: During fiscal 2022, we finalized the purchase price allocation of certain fiscal 2021 acquisitions, which included the recognition of $ 25 million of cash acquired, and the associated goodwill was reduced.
Inventories consisted of the following:
15 unchanged sentences
Property, plant, and equipment, net
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Depreciation expense was $ 648 million, $ 660 million, and $ 607 million in fiscal 2025, 2024, and 2023, respectively.
1 unchanged sentence
Transportation
−Removed: Communications
(in millions)
2 unchanged sentences
Balance at fiscal year end 2024 (2)
−Removed: Currency translation and other
+Added: Acquisitions and purchase accounting adjustments
+Added: Currency translation
Balance at fiscal year end 2025 (2)
−Removed: (1) At fiscal year end 2024, 2023, and 2022, accumulated impairment losses for the Transportation Solutions, Industrial Solutions, and Communications Solutions segments were $ 3,091 million, $ 669 million, and $ 489 million, respectively.
−Removed: During fiscal 2024 and 2023, we recognized goodwill of $ 180 million and $ 75 million, respectively, in the Industrial Solutions segment connection with new acquisitions.
+Added: (1) In connection with the reorganization of our segments, goodwill was reallocated to reporting units using a relative fair value approach.
+Added: See Notes 1 and 20 for additional information regarding our new segment structure.
+Added: (2) At fiscal year end 2025, 2024, and 2023, accumulated impairment losses for the Transportation Solutions and Industrial Solutions segments were $ 3,091 million and $ 1,158 million, respectively.
+Added: During fiscal 2025, we completed the acquisition of Richards Manufacturing and recognized $ 1,028 million of goodwill which benefits the Industrial Solutions segment.
+Added: During fiscal 2025 and 2024, we recognized goodwill of $ 199 million and $ 180 million, respectively, in the Industrial Solutions segment in connection with other acquisitions.
See Note 4 for additional information regarding acquisitions.
1 unchanged sentence
Intangible Assets, Net
−Removed: Intangible assets consisted of the following:
+Added: Net intangible assets consisted of the following:
+Added: Fiscal Year End
(in millions)
1 unchanged sentence
Intellectual property
+Added: During fiscal 2025, the gross carrying amount of intangible assets increased by $ 1,120 million as a result of the acquisition of Richards Manufacturing.
Intangible asset amortization expense was $ 190 million, $ 166 million, and $ 187 million for fiscal 2025, 2024, and 2023, respectively.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
At fiscal year end 2025, the aggregate amortization expense on intangible assets is expected to be as follows:
10 unchanged sentences
Deferred revenue
−Removed: Share repurchase program payable
Interest payable
4 unchanged sentences
Principal debt:
−Removed: Commercial paper, at a weighted-average interest rate of 4.95 % and 5.50 %, respectively
+Added: Commercial paper, at a weighted-average interest rate of 4.95 % at fiscal year end 2024
+Added: 0.00 % euro-denominated senior notes due 2025
4.50 % senior notes due 2026
+Added: 3.70 % senior notes due 2026
+Added: 3.125 % senior notes due 2027
2.50 % euro-denominated senior notes due 2028
+Added: 0.00 % euro-denominated senior notes due 2029
4.625 % senior notes due 2030
3 unchanged sentences
5.00 % senior notes due 2035
−Removed: 2.50 % senior notes due in 2032
7.125 % senior notes due 2037
Unamortized discounts, premiums, and debt issuance costs, net
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
During fiscal 2025, Tyco Electronics Group S.A.
−Removed: (“TEGSA”), our wholly-owned subsidiary, issued $ 350 million aggregate principal amount of 4.625 % senior notes due in February 2030.
−Removed: The notes are TEGSA’s unsecured senior obligations and rank equally in right of payment with all existing and any future senior indebtedness of TEGSA and senior to any subordinated indebtedness that TEGSA may incur.
−Removed: TEGSA entered into a new five-year unsecured senior revolving credit facility (“Credit Facility”) in April 2024 with aggregate commitments of $ 1.5 billion, which refinanced and replaced in full TEGSA’s existing $ 1.5 billion five-year unsecured senior revolving credit facility (the “Replaced Credit Facility”).
−Removed: The Credit Facility matures in April 2029.
−Removed: TEGSA had no borrowings under the Credit Facility at fiscal year end 2024 or the Replaced Credit Facility at fiscal year end 2023.
+Added: (“TEGSA”), our wholly-owned subsidiary, issued € 500 million aggregate principal amount of 2.50 % senior notes due in May 2028, $ 450 million aggregate principal amount of 4.50 % senior notes due in February 2031, € 750 million aggregate principal amount of 3.25 % senior notes due in January 2033, and $ 450 million aggregate principal amount of 5.00 % senior notes due in May 2035.
+Added: The notes issued during fiscal 2025 are TEGSA’s unsecured senior obligations and rank equally in right of payment with all existing and any future senior indebtedness of TEGSA and senior to any subordinated indebtedness that TEGSA may incur.
+Added: TEGSA has a five-year unsecured senior revolving credit facility (“Credit Facility”) with a maturity date of April 2029 and aggregate commitments of $ 1.5 billion.
+Added: The Credit Facility contains provisions that allow for incremental commitments of up to $ 500 million and borrowings in designated currencies.
+Added: TEGSA had no borrowings under the Credit Facility at fiscal year end 2025 or 2024.
Borrowings under the Credit Facility bear interest at a rate per annum equal to, at the option of TEGSA, (1) with respect to revolving loans denominated in U.S.
2 unchanged sentences
Based on the applicable credit ratings of TEGSA, this fee ranges from 5.0 to 12.5 basis points of the lenders’ commitments under the Credit Facility.
−Removed: The Credit Facility contains a financial ratio covenant providing that if, as of the last day of each fiscal quarter, our ratio of Consolidated Total Debt to Consolidated EBITDA (as defined in the Credit Facility) for the then most recently concluded period of four consecutive fiscal quarters exceeds 3.75 to 1.0, an Event of Default (as defined in the Credit Facility) is triggered.
+Added: The Credit Facility contains a financial ratio covenant providing that if, as of the last day of each fiscal quarter, our ratio of Consolidated Total Debt to Consolidated EBITDA (as defined in the Credit Facility) for the then most recently concluded period of four consecutive fiscal quarters exceeds 3.75 (or temporarily 4.25 following a qualified acquisition) to 1.0, an Event of Default (as defined in the Credit Facility) is triggered.
The Credit Facility and our other debt agreements contain other customary covenants.
2 unchanged sentences
Borrowings under the commercial paper program are backed by the Credit Facility.
−Removed: During fiscal 2024, TEGSA’s payment obligations under its senior notes, commercial paper, and Credit Facility were fully and unconditionally guaranteed on an unsecured basis by its then parent, TE Connectivity Ltd., and, as of September 24, 2024, also by TE Connectivity Ltd.’s wholly-owned subsidiary, TE Connectivity Switzerland Ltd.
−Removed: of our change in place of incorporation, such guarantees are provided by TE Connectivity plc and its wholly-owned subsidiary, TE Connectivity Switzerland Ltd., in fiscal 2025.
−Removed: At fiscal year end 2024, principal payments required for debt are as follows:
+Added: Payment obligations under TEGSA’s senior notes, commercial paper, and Credit Facility are fully and unconditionally guaranteed on an unsecured basis by TEGSA’s parent, TE Connectivity Switzerland Ltd., and its parent, TE Connectivity plc.
+Added: At fiscal year end 2025, principal payments required for debt were as follows:
(in millions)
The fair value of our debt, based on indicative valuations, was approximately $ 5,725 million and $ 4,190 million at fiscal year end 2025 and 2024, respectively.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The components of lease cost were as follows:
23 unchanged sentences
Present value of lease liabilities
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Commitments and Contingencies
Legal Proceedings
−Removed: In the normal course of business, we are subject to various legal proceedings and claims, including patent infringement claims, product liability matters, employment disputes, disputes on agreements, other commercial disputes, environmental matters, antitrust claims, and tax matters, including non-income tax matters such as value added tax, sales and use tax, real estate tax, and transfer tax.
+Added: In the normal course of business, we are subject to various legal proceedings and claims, including patent infringement claims, product liability matters, employment disputes, disputes on agreements, other commercial disputes, environmental matters, antitrust claims, trade compliance matters, and tax matters, including non-income tax matters such as value added tax, sales and use tax, real estate tax, and transfer tax.
Although it is not feasible to predict the outcome of these proceedings, based upon our experience, current information, and applicable law, we do not expect that the outcome of these proceedings, either individually or in the aggregate, will have a material effect on our results of operations, financial position, or cash flows.
−Removed: Trade Compliance Matters
−Removed: We have been investigating our past compliance with relevant U.S.
−Removed: trade controls and have made voluntary disclosures of apparent trade controls violations to the U.S.
−Removed: Department of Commerce’s Bureau of Industry and Security (“BIS”) and the U.S.
−Removed: State Department’s Directorate of Defense Trade Controls (“DDTC”).
−Removed: We have also been contacted by the U.S.
−Removed: Department of Justice concerning certain aspects of the BIS matters.
−Removed: During the quarter ended September 27, 2024, we concluded our open matters with BIS, with our settlement including the payment of a penalty of approximately $ 6 million.
−Removed: We are cooperating with the DDTC in its ongoing investigation.
−Removed: We are unable to predict the timing and final outcome of the agency’s investigation.
−Removed: An unfavorable outcome may include fines or penalties imposed in response to our disclosures, but we are not yet able to reasonably estimate the extent of any such fines or penalties.
−Removed: Although we have reserved for potential fines and penalties relating to these matters based on our current understanding of the facts, the investigation into these matters has yet to be completed and the final outcome of such investigation and related fines and penalties may differ from amounts currently reserved.
Environmental Matters
5 unchanged sentences
We do not expect that these uncertainties will have a material adverse effect on our results of operations, financial position, or cash flows.
−Removed: At fiscal year end 2024, we had outstanding letters of credit, letters of guarantee, and surety bonds of $ 186 million, including letters of credit of $ 22 million associated with our divestiture of the Subsea Communications business.
−Removed: In addition, at fiscal year end 2024, we had $ 23 million of performance guarantees associated with the divestiture.
−Removed: We contractually agreed to continue to honor letters of credit and performance guarantees related to the business’ projects that existed as of the date of sale;
−Removed: however, based on historical experience, we do not anticipate having to perform on these guarantees.
+Added: At fiscal year end 2025, we had outstanding letters of credit, letters of guarantee, and surety bonds of $ 219 million.
Supply Chain Finance Program
3 unchanged sentences
Our obligation to suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts under the arrangement and we are not required to post collateral with the financial institution.
−Removed: The outstanding payment obligations under our supply chain finance program, which are included in accounts payable on our Consolidated Balance Sheets, were $ 105 million and $ 109 million at fiscal year end 2024 and 2023, respectively.
+Added: Outstanding payment obligations under our supply chain finance program are included in accounts payable on our Consolidated Balance Sheets.
+Added: The changes in our payment obligations were as follows:
+Added: (in millions)
+Added: Balance at beginning of fiscal year
+Added: Invoices confirmed during the fiscal year
+Added: Invoices paid during the fiscal year
+Added: Balance at end of fiscal year
Financial Instruments and Fair Value Measurements
We use derivative and non-derivative financial instruments to manage certain exposures to foreign currency, interest rate, investment, and commodity risks.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Foreign Currency Exchange Rate Risk
2 unchanged sentences
We expect that significantly all of the balance in accumulated other comprehensive income (loss) associated with the cash flow hedge-designated instruments addressing foreign exchange risks will be reclassified into the Consolidated Statement of Operations within the next twelve months .
−Removed: During fiscal 2015, we entered into cross-currency swap contracts, which were designated as cash flow hedges, to reduce our exposure to foreign currency exchange rate risk associated with certain intercompany loans.
−Removed: As of fiscal year end 2022, all such cross-currency swap contracts had been terminated or matured and were settled;
−Removed: additionally, all related collateral positions were settled.
−Removed: During fiscal 2024 and 2023, we did not enter into any cross-currency swap contracts and there were no amounts outstanding.
−Removed: The impacts of our cross-currency swap contracts were as follows:
−Removed: (in millions)
−Removed: Losses recorded in other comprehensive income (loss)
−Removed: Gains excluded from the hedging relationship (1)
−Removed: Gains reclassified from other comprehensive income (loss) into selling, general, and administrative expenses
−Removed: (1) Gains excluded from the hedging relationship are recognized prospectively in selling, general, and administrative expenses and are offset by losses generated as a result of re-measuring certain intercompany loans to the U.S.
Hedge of Net Investment
16 unchanged sentences
(in millions)
−Removed: Foreign currency exchange gains (losses) on intercompany loans and external borrowings (1)
−Removed: Gains (losses) on cross-currency swap contracts designated as hedges of net investment (1)
+Added: Foreign currency exchange losses on intercompany loans and external borrowings (1)
+Added: Losses on cross-currency swap contracts designated as hedges of net investment (1)
(1) Recorded as currency translation, a component of accumulated other comprehensive income (loss), and offset by changes attributable to the translation of the net investment.
2 unchanged sentences
Such borrowings can result in interest rate exposure.
−Removed: To manage the interest rate exposure, we use interest rate swap contracts to convert a portion of fixed rate debt into variable rate debt.
−Removed: We may utilize forward starting interest rate swap contracts to manage interest rate exposure in periods prior to the anticipated issuance of fixed rate debt.
−Removed: During fiscal 2022, we terminated forward starting interest rate swap contracts as a result of the issuance of our 2.50 % senior notes due in 2032.
−Removed: During fiscal 2024 and 2023, we did not enter into any forward starting interest rate swap contracts and there were no amounts outstanding.
−Removed: The impacts of our forward starting interest rate swap contracts were as follows:
−Removed: (in millions)
−Removed: Gains recorded in other comprehensive income (loss)
+Added: To manage the interest rate exposure, we may use interest rate swap contracts to convert a portion of fixed rate debt into variable rate debt.
+Added: Also, we may utilize forward starting interest rate swap contracts to manage interest rate exposure in periods prior to the anticipated issuance of fixed rate debt.
We also utilize investment swap contracts to manage earnings exposure on certain nonqualified deferred compensation liabilities.
1 unchanged sentence
As part of managing the exposure to certain commodity price fluctuations, we utilize commodity swap contracts.
−Removed: The objective of these contracts is to minimize impacts to cash flows and profitability due to changes in prices of commodities used in production.
−Removed: These contracts had an aggregate notional value of $ 488 million and $ 459 million at fiscal
−Removed: year end 2024 and 2023, respectively, and were designated as cash flow hedges.
+Added: The objective of these contracts is to minimize impacts to cash flows and profitability due to changes in prices of
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: commodities used in production.
+Added: These contracts had an aggregate notional value of $ 569 million and $ 488 million at fiscal year end 2025 and 2024, respectively, and were designated as cash flow hedges.
These commodity swap contracts were recorded on the Consolidated Balance Sheets as follows:
3 unchanged sentences
Accrued and other current liabilities
−Removed: Other liabilities
The impacts of our commodity swap contracts were as follows:
(in millions)
−Removed: Gains (losses) recorded in other comprehensive income (loss)
+Added: Gains recorded in other comprehensive income (loss)
Gains (losses) reclassified from accumulated other comprehensive income (loss) into cost of sales
15 unchanged sentences
Amortization of prior service credit
−Removed: Settlement and curtailment gains and other
+Added: Settlement and curtailment losses (gains) and other
Net periodic pension benefit cost (credit)
3 unchanged sentences
Rates of compensation increases
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The following table represents the changes in benefit obligation and plan assets and the net amount recognized on the Consolidated Balance Sheets for all non-U.S.
23 unchanged sentences
Net actuarial loss
−Removed: Prior service credit
+Added: Prior service (cost) credit
Weighted-average assumptions used to determine pension benefit obligation at fiscal year end:
1 unchanged sentence
Rates of compensation increases
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The pre-tax amounts recognized in accumulated other comprehensive income (loss) for all non-U.S.
3 unchanged sentences
Amortization of net actuarial loss
−Removed: Current year prior service credit (cost) recorded in accumulated other comprehensive income (loss)
+Added: Current year prior service cost recorded in accumulated other comprehensive income (loss)
Amortization of prior service credit
+Added: In fiscal 2025, unrecognized actuarial gains recorded in accumulated other comprehensive income (loss) were primarily the result of higher discount rates and favorable asset performance for our U.S.
+Added: defined benefit pension plans, partially offset by unfavorable asset performance for our non-U.S.
+Added: defined benefit pension plans as compared to fiscal 2024.
In fiscal 2024, unrecognized actuarial losses recorded in accumulated other comprehensive income (loss) were primarily the result of lower discount rates, partially offset by favorable asset performance for our non-U.S.
18 unchanged sentences
Equity securities
−Removed: Our common shares are not a direct investment of our pension funds;
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: Our ordinary shares are not a direct investment of our pension funds;
however, the pension funds may indirectly include our shares.
−Removed: The aggregate amount of our common shares would not be considered material relative to the total pension fund assets.
+Added: The aggregate amount of our ordinary shares would not be considered material relative to the total pension fund assets.
Our funding policy is to make contributions in accordance with the laws and customs of the various countries in which we operate as well as to make discretionary voluntary contributions from time to time.
−Removed: We expect to make the
−Removed: minimum required contributions of approximately $ 50 million and $ 20 million to our non-U.S.
+Added: We expect to make the minimum required contributions of approximately $ 55 million and $ 15 million to our non-U.S.
pension plans, respectively, in fiscal 2026.
25 unchanged sentences
Fair value of plan assets
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Fiscal Year End 2024
25 unchanged sentences
In addition to providing pension and 401(k) benefits, we also provide certain health care coverage continuation for qualifying retirees from the date of retirement to age 65 or lifetime, as applicable.
−Removed: The accumulated postretirement benefit obligation was $ 11 million at both fiscal year end 2024 and 2023, and the underfunded status of the postretirement benefit plans was included primarily in long-term pension and postretirement liabilities on the Consolidated Balance Sheets.
+Added: The accumulated postretirement benefit obligation was $ 10 million and $ 11 million at fiscal year end 2025 and 2024, respectively, and the underfunded status of the postretirement benefit plans was included primarily in long-term pension and postretirement liabilities on the Consolidated Balance Sheets.
Activity during fiscal 2025, 2024, and 2023 was not significant.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Income Tax Expense (Benefit)
1 unchanged sentence
(in millions)
−Removed: Current income tax expense (benefit):
+Added: Current income tax expense:
Deferred income tax expense (benefit):
11 unchanged sentences
Tax law changes
−Removed: net earnings (2)
+Added: net (earnings) loss (2)
Change in accrued income tax liabilities
5 unchanged sentences
(2) Excludes items which are separately presented.
−Removed: The income tax benefit for fiscal 2024 included a $ 636 million net income tax benefit associated with a $ 972 million ten-year tax credit obtained by a Swiss subsidiary reduced by a $ 336 million valuation allowance related to the amount of the
−Removed: tax credit not expected to be realized.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: The income tax expense for fiscal 2025 included $ 574 million of income tax expense related to a net increase in the valuation allowance for certain deferred tax assets associated with a ten-year tax credit obtained by a Swiss subsidiary in fiscal 2024.
+Added: See “Global Minimum Tax” below for additional information regarding the impact of guidance issued by the Organisation for Economic Co-operation and Development (“OECD”) in January 2025 on the ten-year tax credit obtained by a Swiss subsidiary.
+Added: In addition, the income tax expense for fiscal 2025 included $ 44 million of income tax expense related to an increase in the valuation allowance for certain U.S.
+Added: tax loss and credit carryforwards.
+Added: The income tax benefit for fiscal 2024 included a $ 636 million net income tax benefit associated with the $ 972 million ten-year tax credit obtained by a Swiss subsidiary discussed above, reduced by a $ 336 million valuation allowance related to the amount of the tax credit that was not expected to be realized.
In addition, the income tax benefit for fiscal 2024 included a $ 262 million income tax benefit related to the revaluation of deferred tax assets as a result of a corporate tax rate increase in Switzerland, as well as a $ 118 million income tax benefit associated with the tax impacts of a legal entity restructuring with related costs of $ 4 million recorded in selling, general, and administrative expenses for other non-income taxes.
1 unchanged sentence
tax loss and credit carryforwards.
−Removed: The income tax expense for fiscal 2022 included a $ 124 million income tax benefit related to the tax impacts of certain intercompany transactions, a $ 64 million income tax benefit related primarily to a lapse of a statute of limitation, and a $ 51 million income tax benefit related to the release of a valuation allowance associated primarily with improved current and expected future operating profit and taxable income.
−Removed: In addition, the income tax expense for fiscal 2022 included $ 27 million of income tax expense related to the write-down of certain deferred tax assets to the lower corporate tax rate enacted in the canton of Schaffhausen and $ 12 million of income tax expense related to an income tax audit of an acquired entity.
−Removed: As we are entitled to indemnification of pre-acquisition period tax obligations under the terms of the purchase agreement, we recorded an associated indemnification receivable and other income of $ 11 million during fiscal 2022.
Deferred Tax Assets and Liabilities
5 unchanged sentences
Accrued liabilities and reserves
−Removed: Tax loss and credit carryforwards
+Added: Tax loss, credit, and other tax attribute carryforwards
Intangible assets
11 unchanged sentences
Net deferred tax assets
−Removed: Our tax loss and credit carryforwards (tax effected) at fiscal year end 2024 were as follows:
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: Our tax loss, credit, and other tax attribute carryforwards (tax effected) at fiscal year end 2025 were as follows:
Expiration Period
(in millions)
−Removed: Net operating loss carryforwards
−Removed: Tax credit carryforwards
−Removed: Net operating loss carryforwards
−Removed: Tax credit carryforwards
−Removed: Net operating loss carryforwards
−Removed: Tax credit carryforwards
−Removed: Capital loss carryforwards
−Removed: Total tax loss and credit carryforwards
−Removed: The valuation allowance for deferred tax assets of $ 8,285 million and $ 7,416 million at fiscal year end 2024 and 2023, respectively, related principally to the uncertainty of the utilization of certain deferred tax assets, primarily tax loss and credit carryforwards in various jurisdictions.
−Removed: During fiscal 2024, the valuation allowance increased primarily, as discussed above, by $ 336 million related to the portion of a tax credit obtained by a Swiss subsidiary not expected to be realized and by $ 281 million for a non-U.S.
−Removed: subsidiary intercompany transaction with a corresponding increase to deferred tax assets.
−Removed: In addition, a $ 247 million increase in the valuation allowance was associated with net write-downs of investments in subsidiaries in certain jurisdictions, with a corresponding increase to tax loss and credit carryforwards.
+Added: Net operating loss
+Added: Net operating loss
+Added: Net operating loss
+Added: Notional interest deduction
+Added: Total tax loss, credit, and other tax attribute carryforwards
+Added: The valuation allowance for deferred tax assets of $ 8,821 million and $ 8,285 million at fiscal year end 2025 and 2024, respectively, related principally to the uncertainty of the utilization of certain deferred tax assets, primarily tax loss, credit, and other tax attribute carryforwards in various jurisdictions.
+Added: During fiscal 2025, the valuation allowance increased primarily, as discussed above, by $ 574 million related to the portion of a tax credit obtained by a Swiss subsidiary in fiscal 2024 not expected to be realized as a result of new guidance issued by the OECD in January 2025.
We believe that we will generate sufficient future taxable income to realize the income tax benefits related to the remaining net deferred tax assets on the Consolidated Balance Sheet.
We have provided income taxes for earnings that are currently distributed as well as the taxes associated with several subsidiaries’ earnings that are expected to be distributed in the future.
−Removed: No additional provision has been made for Swiss or non-Swiss income taxes on the undistributed earnings of subsidiaries or for unrecognized deferred tax liabilities for temporary differences related to basis differences in investments in subsidiaries, as such earnings are expected to be permanently reinvested, the investments are essentially permanent in duration, or we have concluded that no additional tax liability will arise as a result of the distribution of such earnings.
+Added: No additional provision has been made for Irish or non-Irish income taxes on the undistributed earnings of subsidiaries or for unrecognized deferred tax liabilities for temporary differences related to basis differences in investments in subsidiaries, as such earnings are expected to be permanently reinvested, the investments are essentially permanent in duration, or we have concluded that no additional tax liability will arise as a result of the distribution of such earnings.
As of fiscal year end 2025, certain subsidiaries had approximately $ 37.7 billion of cumulative undistributed earnings that have been retained indefinitely and reinvested in our global manufacturing operations, including working capital;
4 unchanged sentences
It is not practicable to estimate the additional income taxes related to permanently reinvested earnings or the basis differences related to investments in subsidiaries.
−Removed: As of fiscal year end 2024, we had approximately $ 4.7 billion of cash, cash equivalents, and intercompany deposits, principally in our subsidiaries, that we have the ability to distribute to TEGSA, our Luxembourg subsidiary, which is the obligor of substantially all of our debt, and to TE Connectivity plc, our now parent company, but we consider to be permanently reinvested.
+Added: As of fiscal year end 2025, we had approximately $ 3.5 billion of cash, cash equivalents, and intercompany deposits, principally in our subsidiaries, that we have the ability to distribute to TEGSA, our Luxembourg subsidiary, which is the obligor of substantially all of our debt, and to TE Connectivity plc, our Irish parent company, but we consider to be permanently reinvested.
We estimate that an immaterial amount of tax expense would be recognized on the Consolidated Financial Statements if our intention to permanently reinvest these amounts were to change.
Our current plans do not demonstrate a need to repatriate cash, cash equivalents, and intercompany deposits that are designated as permanently reinvested in order to fund our operations, including investing and financing activities.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Uncertain Tax Positions
5 unchanged sentences
Additions for tax positions related to the current year
−Removed: Current year acquisitions
Reductions due to lapse of applicable statutes of limitations
10 unchanged sentences
subsidiary income tax returns are currently in the process of examination by taxing authorities.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
As of fiscal year end 2025, under applicable statutes, the following tax years remained subject to examination in the major tax jurisdictions indicated:
24 unchanged sentences
We are not aware of any other matters that would result in significant changes to the amount of unrecognized income tax benefits reflected on the Consolidated Balance Sheet as of fiscal year end 2025.
+Added: Other Income Tax Matters
+Added: Global Minimum Tax
+Added: The OECD and participating countries continue to enact the 15% global minimum tax.
+Added: The global minimum tax is a significant structural change to the international taxation framework and more than 50 countries have thus far enacted some or all elements of the tax.
+Added: Ireland has implemented elements of the OECD’s global minimum tax rules, which were effective for us beginning in fiscal 2025.
+Added: In January 2025, the OECD released new guidance for the global minimum tax rules which impacted the realizability of certain deferred tax assets associated with a ten-year tax credit obtained by a Swiss subsidiary in fiscal 2024.
+Added: The January 2025 OECD guidance was enacted into law in Switzerland and as a result, as discussed above, during fiscal 2025, we recorded income tax expense of $ 574 million related to a net increase in the valuation allowance for deferred tax assets representing the amount of the Swiss subsidiary’s tax credits not expected to be realized.
+Added: We anticipate further legislative activity and administrative guidance.
+Added: We continue to closely monitor the evolving global minimum tax framework and assess the implications in the jurisdictions in which we operate.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: One Big Beautiful Bill Act (“OBBBA”)
+Added: On July 4, 2025, the OBBBA was enacted.
+Added: The OBBBA includes significant changes to U.S.
+Added: tax law, including modifications to international tax provisions, making bonus depreciation permanent, enabling domestic research cost expensing, and adjusting the business interest expense limitation.
+Added: We do not believe the implications of the OBBBA will have a material impact on our Consolidated Financial Statements.
Earnings Per Share
2 unchanged sentences
Dilutive impact of share-based compensation arrangements
−Removed: The following share options were not included in the computation of diluted earnings per share because the instruments’ underlying exercise prices were greater than the average market prices of our common shares and inclusion would be antidilutive:
+Added: The following share options were not included in the computation of diluted earnings per share because the instruments’ underlying exercise prices were greater than the average market prices of our shares and inclusion would be antidilutive:
(in millions)
1 unchanged sentence
Shareholders’ Equity and Redeemable Noncontrolling Interest
−Removed: Common Shares
−Removed: During fiscal 2024, we were organized under the laws of Switzerland and the rights of holders of our shares were governed by Swiss law, our Swiss articles of association, and our Swiss organizational regulations.
−Removed: The par value of our common shares was stated in Swiss francs (“CHF”);
−Removed: however, we used the U.S.
−Removed: dollar as our reporting currency on the Consolidated Financial Statements.
−Removed: Subject to certain conditions specified in our Swiss articles of association, we were authorized to increase our conditional share capital by issuing new shares in aggregate not exceeding 50 % of our authorized shares.
−Removed: Additionally, in March 2024, our shareholders reapproved and extended, for a period of one year ending March 13, 2025, our board of directors’ authorization to issue additional new shares to a maximum of 120 % and/or reduce shares to a minimum of 80 % of the existing share capital, subject to certain conditions specified in our articles of association.
−Removed: During fiscal 2024, there were no increases or decreases in our share capital and, following our change in place of incorporation, these authorizations ended.
−Removed: Common Shares Held in Treasury
+Added: Ordinary Shares
+Added: Effective for fiscal 2025, we are organized under the laws of Ireland.
+Added: The rights of holders of our shares are governed by Irish law and our Irish articles of association.
+Added: The par value of our ordinary shares is stated in U.S.
+Added: As discussed in Note 1, pursuant to the terms of a merger agreement between TE Connectivity Ltd.
+Added: and TE Connectivity plc, shareholders received one ordinary share in the share capital of TE Connectivity plc for each common share of TE Connectivity Ltd.
+Added: held immediately prior to the merger and change in place of incorporation.
+Added: Our articles of association authorize our board of directors to allot and issue shares up to the maximum of our authorized but unissued share capital for a period of five years from September 30, 2024.
+Added: This authorization will need to be renewed by shareholder resolution upon its expiration and at periodic intervals thereafter.
+Added: The authorized but unissued share capital may be increased or reduced by way of an ordinary resolution of shareholders.
+Added: The shares comprising the authorized share capital may be divided into shares of such par value as the resolution shall prescribe.
+Added: Ordinary Shares Held in Treasury
+Added: At fiscal year end 2025, approximately 8 million ordinary shares were held in treasury.
At fiscal year end 2024, approximately 17 million common shares were held in treasury, all of which were owned by one of our subsidiaries.
−Removed: At fiscal year end 2023, approximately 10 million common shares were held in treasury, of which 4 million were owned by one of our subsidiaries.
Shares held both directly by us and by our subsidiary are presented as treasury shares on the Consolidated Balance Sheets.
−Removed: In fiscal 2024, 2023, and 2022, our shareholders approved the cancellation of six million, eight and a half million, and five million shares, respectively, purchased under our share repurchase program.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: All treasury shares held as of September 27, 2024 were cancelled at the beginning of fiscal 2025 following our change in place of incorporation.
+Added: See Note 1 for additional information regarding our change in place of incorporation.
+Added: In fiscal 2024 and 2023, our shareholders approved the cancellation of six million and eight and a half million shares, respectively, purchased under our share repurchase program.
These capital reductions by cancellation of shares were subject to a notice period, filing with the commercial register in Switzerland, and other requirements.
−Removed: At the beginning of fiscal 2025, all treasury shares were cancelled in connection with our change in place of incorporation.
+Added: Authorized Share Capital
+Added: In connection with our merger and change in place of incorporation, we converted 25,000 ordinary shares to ordinary class A shares and issued certain preferred shares to facilitate the merger.
+Added: The ordinary class A shares and preferred shares were re-acquired and cancelled following the merger.
+Added: No preferred shares and no ordinary class A shares were outstanding at September 26, 2025.
+Added: Our authorized share capital consisted of 1,500,000,000 ordinary shares with a par value of $ 0.01 per share, two preferred shares with a par value of $ 1.00 per share, and 25,000 ordinary class A shares with a par value of € 1.00 per share as of September 26, 2025.
+Added: The authorized share capital includes 25,000 ordinary class A shares with a par value of € 1.00 per share in order to satisfy statutory requirements for the incorporation of all Irish public limited companies.
Contributed Surplus
1 unchanged sentence
To the extent that the contributed surplus balance continues to be zero, the impact of future transactions that normally would have been recorded as a reduction of contributed surplus will be recorded in accumulated earnings.
−Removed: Contributed surplus established for Swiss tax and statutory purposes (“Swiss Contributed Surplus”) is not impacted by our GAAP treatment.
−Removed: Swiss Contributed Surplus, subject to certain conditions, is a freely distributable reserve.
−Removed: As of fiscal year end 2024 and 2023, Swiss Contributed Surplus was CHF 2,862 million and CHF 3,562 million, respectively (equivalent to $ 1,657 million and $ 2,454 million, respectively).
−Removed: In connection with our change in place of incorporation, we expect future dividends to be made from accumulated earnings as defined under Irish GAAP.
−Removed: We paid cash dividends to shareholders of $ 2.48 , $ 2.30 , and $ 2.12 per share in fiscal 2024, 2023, and 2022, respectively.
−Removed: Under Swiss law, subject to certain conditions, dividends paid from reserves from capital contributions (equivalent to Swiss Contributed Surplus) are exempt from Swiss withholding tax.
−Removed: Dividends on our shares were required to be approved by our shareholders.
−Removed: Our shareholders approved the following dividends on our common shares:
−Removed: Approval Date
−Removed: Annual Payment Per Share
−Removed: Payment Timing
−Removed: $ 2.00 , payable in four quarterly installments of $ 0.50
−Removed: Third quarter of fiscal 2021
−Removed: Fourth quarter of fiscal 2021
−Removed: First quarter of fiscal 2022
−Removed: Second quarter of fiscal 2022
−Removed: $ 2.24 , payable in four quarterly installments of $ 0.56
−Removed: Third quarter of fiscal 2022
−Removed: Fourth quarter of fiscal 2022
−Removed: First quarter of fiscal 2023
−Removed: Second quarter of fiscal 2023
−Removed: $ 2.36 , payable in four quarterly installments of $ 0.59
−Removed: Third quarter of fiscal 2023
−Removed: Fourth quarter of fiscal 2023
−Removed: First quarter of fiscal 2024
−Removed: Second quarter of fiscal 2024
−Removed: $ 2.60 , payable in four quarterly installments of $ 0.65
−Removed: Third quarter of fiscal 2024
−Removed: Fourth quarter of fiscal 2024
−Removed: First quarter of fiscal 2025
−Removed: Second quarter of fiscal 2025
−Removed: The third and fourth installments of the dividends approved by our shareholders in March 2024 are expected to occur in fiscal 2025, subsequent to our merger with TE Connectivity plc and change in jurisdiction of incorporation.
−Removed: In accordance with the merger agreement, TE Connectivity plc has assumed these liabilities and is obligated to pay the dividend installments that were unpaid at the time of the merger.
−Removed: As a result of our change in place of incorporation, beginning in our third quarter of fiscal 2025, future dividends on our ordinary shares, if any, will be declared on a quarterly basis by our board of directors as provided by Irish law.
−Removed: Shareholder approval is no longer required.
−Removed: Upon shareholders’ approval of a dividend payment, we record a liability with a corresponding charge to shareholders’ equity.
−Removed: At fiscal year end 2024 and 2023, the unpaid portion of the dividends recorded in accrued and other current liabilities on the Consolidated Balance Sheets totaled $ 390 million and $ 368 million, respectively.
+Added: As an Irish company, dividends are made from accumulated realized profits as defined under Irish company law.
+Added: As of fiscal year end 2025, Irish accumulated realized profits were approximately $ 47 billion.
+Added: We paid cash dividends to shareholders of $ 2.72 , $ 2.48 , and $ 2.30 per ordinary/common share in fiscal 2025, 2024, and 2023, respectively.
+Added: Following our change in place of incorporation, dividends on our ordinary shares, if any, may be declared on a quarterly basis by our board of directors, as provided by Irish law.
+Added: Shareholder approval is no longer required for interim dividends.
+Added: In September 2025 , our board of directors declared a regular quarterly cash dividend of $ 0.71 per ordinary share, payable on December 12, 2025 , to shareholders of record on November 21, 2025 .
+Added: At fiscal year end 2025 and 2024, dividends payable to shareholders of $ 209 million and $ 390 million, respectively, were recorded in accrued and other current liabilities on the Consolidated Balance Sheets.
Share Repurchase Program
In fiscal 2025, our board of directors authorized an increase of $ 2.5 billion in our share repurchase program.
−Removed: Common shares repurchased under the share repurchase program were as follows:
+Added: Shares repurchased under the share repurchase program were as follows:
(in millions)
−Removed: Number of common shares repurchased
+Added: Number of ordinary/common shares repurchased
Repurchase value
−Removed: At fiscal year end 2024, we had $ 245 million of availability remaining under our share repurchase authorization.
−Removed: See additional information regarding our share repurchase program in Note 21.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: At fiscal year end 2025, we had $ 1.4 billion of availability remaining under our share repurchase authorization.
Redeemable Noncontrolling Interest
−Removed: We own approximately 72 % of our First Sensor AG (“First Sensor”) subsidiary.
+Added: We owned approximately 71 % of our First Sensor AG (“First Sensor”) subsidiary as of fiscal year end 2025.
The noncontrolling interest holders can elect either (1) to remain First Sensor shareholders and receive recurring annual compensation of € 0.56 per First Sensor share or (2) to put their First Sensor shares in exchange for compensation of € 33.27 per First Sensor share.
10 unchanged sentences
Balance at fiscal year end 2022
−Removed: Other comprehensive income (loss), net of tax:
−Removed: Other comprehensive income (loss) before reclassifications
−Removed: Amounts reclassified from accumulated other comprehensive income (loss)
−Removed: Income tax (expense) benefit
−Removed: Other comprehensive income (loss), net of tax
−Removed: other comprehensive loss attributable to noncontrolling interests
−Removed: Balance at fiscal year end 2022
Other comprehensive income, net of tax:
12 unchanged sentences
Balance at fiscal year end 2024
+Added: Other comprehensive income (loss), net of tax:
+Added: Other comprehensive income (loss) before reclassifications
+Added: Amounts reclassified from accumulated other comprehensive income (loss)
+Added: Income tax expense
+Added: Other comprehensive income (loss), net of tax
+Added: other comprehensive income attributable to noncontrolling interests
+Added: Balance at fiscal year end 2025
(1) Includes hedges of net investment foreign currency exchange gains or losses which offset foreign currency exchange losses or gains attributable to the translation of the net investments .
−Removed: During fiscal 2024, shareholders approved our 2024 Stock and Incentive Plan (the “2024 Plan”).
−Removed: The 2024 Plan replaced our 2007 Stock and Incentive Plan, as amended and restated (the “2007 Plan”), as the source of awards granted.
−Removed: No further awards will be granted under the 2007 Plan and all remaining shares available under the 2007 Plan have been cancelled.
−Removed: Our equity compensation plans, of which the 2024 Plan is the primary plan, provide for the award of annual performance bonuses and long-term performance awards, including share options;
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: Our equity compensation plans, of which the 2024 Stock and Incentive Plan, amended and restated as of September 30, 2024 (the “2024 Plan”), is the primary plan, provide for the award of annual performance bonuses and long-term performance awards, including share options;
restricted, performance, and deferred share units;
and other share-based awards (collectively, “Awards”) and allow for the use of unissued shares or treasury shares to be used to satisfy such Awards.
−Removed: As of fiscal year end 2024, the 2024 Plan provided for a maximum of 20 million shares to be issued as Awards, subject to adjustment as provided under the terms of the plan.
−Removed: We had 20 million shares available for issuance under the 2024 Plan as of fiscal year end 2024.
+Added: As of fiscal year end 2025, the 2024 Plan provided for a maximum of 20 million ordinary shares to be issued as Awards, subject to adjustment as provided under the terms of the plan.
+Added: A total of 18 million of the shares remained available for issuance under the 2024 Plan as of fiscal year end 2025.
Share-Based Compensation Expense
19 unchanged sentences
As of fiscal year end 2025, there was $ 91 million of unrecognized compensation expense related to nonvested restricted share awards, which is expected to be recognized over a weighted-average period of 1.7 years.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Performance Share Awards
12 unchanged sentences
Share Options
−Removed: Share options are granted to purchase our common shares at prices which are equal to or greater than the market price of the common shares on the date the option is granted.
+Added: Share options are granted to purchase our shares at prices which are equal to or greater than the market price of the shares on the date the option is granted.
Conditions of vesting are determined at the time of grant.
7 unchanged sentences
Outstanding at fiscal year end 2024
+Added: ( 1,903,343 )
Outstanding at fiscal year end 2025
2 unchanged sentences
The weighted-average exercise price of share option awards granted during fiscal 2025, 2024, and 2023 was $ 153.11 , $ 131.86 , and $ 124.56 , respectively.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The total intrinsic value of options exercised during fiscal 2025, 2024, and 2023 was $ 157 million, $ 59 million, and $ 30 million, respectively.
18 unchanged sentences
Segment and Geographic Data
−Removed: During fiscal 2024, we operated through three reportable segments:
−Removed: Transportation Solutions, Industrial Solutions, and Communications Solutions.
−Removed: See Note 1 for a description of our fiscal 2024 segments.
−Removed: Also see Note 21 for information regarding our new segment structure effective for fiscal 2025.
−Removed: Segment performance is evaluated based on net sales and operating income.
−Removed: Generally, we consider all expenses to be of an operating nature and, accordingly, allocate them to each reportable segment.
−Removed: Costs specific to a segment are charged to the segment.
−Removed: Corporate expenses, such as headquarters administrative costs, are allocated to the segments based on segment operating income.
+Added: Effective for fiscal 2025, we reorganized our management and segments to align the organization around our current strategy.
+Added: Our businesses in the former Communications Solutions segment have been moved into the Industrial Solutions segment.
+Added: Also, the appliances and industrial equipment businesses have been combined to form the automation and connected living business.
+Added: In addition, we realigned certain product lines and businesses from the Industrial Solutions and former Communications Solutions segments to the Transportation Solutions segment.
+Added: We now operate through two reportable segments:
+Added: Transportation Solutions and Industrial Solutions.
+Added: Our segments are organized based on several factors, including differences in markets, products, and customers.
+Added: See Note 1 for a description of our segments.
+Added: The following segment information reflects the new segment reporting structure.
+Added: Prior period segment results have been recast to conform to the new segment structure.
+Added: Segment performance is evaluated by our chief operating decision maker (“CODM”), the Chief Executive Officer, based primarily on net sales and operating income.
+Added: On a regular basis, the CODM considers segment results in combination with budget-to-actual variances, segment performance reviews, trends and forecasts, and the overall economic environment to assess segment performance, make decisions, and determine how to allocate capital and other resources to the segments.
+Added: Costs specific to a segment are charged to the segment, and corporate expenses, such as headquarters administrative costs, are allocated to the segments based on each segment’s share of total operating income.
Intersegment sales are not material.
−Removed: Corporate assets are allocated to the segments based on segment assets.
+Added: Corporate assets are allocated to the segments based on each segment’s share of total segment assets.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: No single customer accounted for a significant amount of our net sales in fiscal 2025, 2024, or 2023.
+Added: As we are not organized by product or service, it is not practicable to disclose net sales by product or service.
Net sales by segment and industry end market were as follows:
4 unchanged sentences
Industrial Solutions:
−Removed: Industrial equipment
+Added: Digital data networks
+Added: Automation and connected living
Aerospace, defense, and marine
Total Industrial Solutions
−Removed: Communications Solutions:
−Removed: Data and devices
−Removed: Total Communications Solutions
−Removed: (1) Industry end market information is presented consistently with our internal management reporting and may be revised periodically as management deems necessary.
Net sales by geographic region and segment were as follows:
(in millions)
−Removed: Europe/Middle East/Africa (“EMEA”):
−Removed: Transportation Solutions
−Removed: Industrial Solutions
−Removed: Communications Solutions
Asia–Pacific:
1 unchanged sentence
Industrial Solutions
−Removed: Communications Solutions
Total Asia–Pacific
+Added: Europe/Middle East/Africa (“EMEA”):
Transportation Solutions
Industrial Solutions
−Removed: Communications Solutions
−Removed: Total Americas
−Removed: Operating income by segment was as follows:
−Removed: (in millions)
Transportation Solutions
Industrial Solutions
−Removed: Communications Solutions
−Removed: No single customer accounted for a significant amount of our net sales in fiscal 2024, 2023, or 2022.
−Removed: As we are not organized by product or service, it is not practicable to disclose net sales by product or service.
−Removed: Depreciation and amortization and capital expenditures were as follows:
−Removed: Depreciation and
−Removed: Capital Expenditures
+Added: Total Americas
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: The following table presents operating results and other data by reportable segment:
+Added: Transportation
(in millions)
−Removed: Transportation Solutions
−Removed: Industrial Solutions
−Removed: Communications Solutions
−Removed: Segment assets and a reconciliation of segment assets to total assets were as follows:
+Added: As of or for the fiscal year ended September 26, 2025
+Added: Cost of sales
+Added: Selling, general, and administrative expenses
+Added: Research, development, and engineering expenses
+Added: Other segment items (1)
+Added: Operating income
+Added: Capital expenditures
Segment assets (2)
+Added: As of or for the fiscal year ended September 27, 2024
+Added: Cost of sales
+Added: Selling, general, and administrative expenses
+Added: Research, development, and engineering expenses
+Added: Other segment items (1)
+Added: Operating income
+Added: Capital expenditures
+Added: Segment assets (2)
+Added: As of or for the fiscal year ended September 29, 2023
+Added: Cost of sales
+Added: Selling, general, and administrative expenses
+Added: Research, development, and engineering expenses
+Added: Other segment items (1)
+Added: Operating income
+Added: Capital expenditures
+Added: Segment assets (2)
+Added: (1) Other segment items consist of acquisition and integration costs and net restructuring and other charges .
+Added: (2) Segment assets are composed of accounts receivable, inventories, and net property, plant, and equipment.
+Added: TE CONNECTIVITY PLC
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: The following table presents a reconciliation of segment assets to total assets:
Fiscal Year End
(in millions)
−Removed: Transportation Solutions
−Removed: Industrial Solutions
−Removed: Communications Solutions
Total segment assets
Other current assets
−Removed: Other non-current assets
−Removed: (1) Segment assets are composed of accounts receivable, inventories, and net property, plant, and equipment.
+Added: Other noncurrent assets
Net sales and net property, plant, and equipment by geographic region were as follows:
10 unchanged sentences
Net sales to external customers are attributed to individual countries based on the legal entity that records the sale .
−Removed: Subsequent Events
−Removed: Change in Place of Incorporation
−Removed: Our merger with TE Connectivity plc, our wholly-owned subsidiary, was completed on September 30, 2024, thereby changing our jurisdiction of incorporation from Switzerland to Ireland.
−Removed: Our shareholders received one ordinary share of TE Connectivity plc for each common share of TE Connectivity Ltd.
−Removed: held immediately prior to the merger.
−Removed: Effective for fiscal 2025, we are organized under the laws of Ireland.
−Removed: We do not anticipate any material changes in our operations or financial results as a result of the merger and change in place of incorporation.
−Removed: Share Repurchase Program
−Removed: On October 30, 2024, our board of directors authorized an increase of $ 2.5 billion in our share repurchase program.
−Removed: New Segment Structure Effective for Fiscal 2025
−Removed: Effective for the first quarter of fiscal 2025, we will reorganize our management and segments to align the organization around our fiscal 2025 strategy.
−Removed: Our businesses in the Communications Solutions segment will be moved into the Industrial Solutions segment.
−Removed: Also, the appliances and industrial equipment businesses will be combined to form the automation and connected living business.
−Removed: In addition, we will realign certain product lines and businesses from the Industrial Solutions and Communications Solutions segments to the Transportation Solutions segment.
−Removed: The following represents the new segment structure:
−Removed: ● Transportation Solutions —This segment will contain our automotive, commercial transportation, and sensors businesses.
−Removed: ● Industrial Solutions —This segment will contain our aerospace, defense, and marine;
−Removed: digital data networks (historically referred to as data and devices);
−Removed: and automation and connected living businesses.
−Removed: In the Consolidated Financial Statements, results for fiscal 2024 and prior periods are reported on the basis under which we managed our business in fiscal 2024 and do not reflect the fiscal 2025 segment reorganization.
−Removed: TE CONNECTIVITY LTD.
+Added: TE CONNECTIVITY PLC
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS
10 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.