14 unchanged sentences
Rule 10b5-1 Trading Arrangements
−Removed: In the quarter ended September 29, 2023, 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:
−Removed: ● In the quarter ended September 29, 2023, Terrence R.
−Removed: Curtin , Chief Executive Officer and Executive Director , adopted a plan for the sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) .
−Removed: Curtin’s plan was adopted August 17, 2023 and expires December 29, 2023 , and provides for the potential sale of up to (i) 50% of the net common shares that vest in December 2023 pursuant to the performance stock unit award granted to Mr.
−Removed: Curtin in November 2020, with such sale to occur no earlier than December 18, 2023 and (ii) potential sale of the remaining net common shares that vest in December 2023 pursuant to the performance stock unit award granted to Mr.
−Removed: Curtin in November 2020, with such sale to occur no earlier than December 19, 2023 .
−Removed: ● In the quarter ended September 29, 2023, Aaron K.
−Removed: Stucki , President, Communications Solutions , adopted a plan for the sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5 - 1(c).
−Removed: Stucki’s plan was adopted August 22, 2023 and expires January 31, 2025 , and provides for the potential exercise and related sale of (i) stock options representing up to 5,000 common shares, with such sale to occur no earlier than November 21, 2023, (ii) stock options representing up to 8,750 common shares, with such sale to occur no earlier than November 21, 2023, and (iii) stock options representing up to 5,000 common shares, with such sale to occur no earlier than November 21, 2023 .
−Removed: 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.
−Removed: Actual sale transactions will be disclosed publicly in filings with the SEC in accordance with applicable securities laws, rules, and regulations.
+Added: 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.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
11 unchanged sentences
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.
+Added: Insider Trading Policies and Procedures
+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 New York Stock Exchange.
+Added: Copies of such policies and procedures can be found in Exhibits 19.1 and 19.2.
EXECUTIVE COMPENSATION
4 unchanged sentences
Equity Compensation Plan Information
−Removed: The following table provides information as of fiscal year end 2023 with respect to common shares issuable under our equity compensation plans:
+Added: The following table provides information as of fiscal year end 2024 with respect to 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 Ltd.
−Removed: 2007 Stock and Incentive Plan, amended and restated as of September 17, 2020 (the “2007 Plan”), and the Tyco Electronics Limited Savings Related Share Plan.
+Added: (1) Includes securities issuable upon exercise of outstanding options and rights under the TE Connectivity plc.
+Added: 2024 Stock and Incentive Plan, amended and restated as of September 30, 2024 (the “2024 Plan”), the TE Connectivity plc.
+Added: 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.
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 2007 Plan provides for a maximum of 69,843,452 common shares to be issued as Awards, subject to adjustment as provided under the terms of the 2007 Plan.
+Added: 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.
+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 TE Connectivity 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 common shares.
+Added: Previously granted awards under the plans will continue to be settled in TE Connectivity 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 2007 Plan, the Tyco Electronics Limited Savings Related Plan, and the Employee Stock Purchase Plan.
+Added: (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.
The 2024 Plan applies a weighting of 1.80 to outstanding nonvested restricted, performance, deferred share units, and other share-based awards.
−Removed: The remaining shares issuable under the 2007 Plan and the Tyco Electronics Limited Savings Plan are increased by forfeitures and cancellations, among other factors.
−Removed: Amounts include 869,176 shares remaining available for issuance under our Tyco Electronics Limited Savings Related Share Plan and 3,445,482 shares remaining available for issuance under our Employee Stock Purchase Plan.
+Added: The remaining shares issuable under the 2024 Plan and the TE Connectivity plc Savings Related Share Plan are increased by forfeitures and cancellations, among other factors.
+Added: Amounts include 856,441 shares remaining available for issuance under our TE Connectivity plc Savings Related Share Plan and 3,032,664 shares remaining available for issuance under our TE Connectivity plc Employee Stock Purchase Plan.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
2 unchanged sentences
The information in our 2025 Proxy Statement under the caption “Agenda Item No.
−Removed: 7—Election of Auditors—Agenda Item No.
−Removed: 7.1” is incorporated herein by reference.
+Added: 2—Ratification of Auditors” is incorporated herein by reference.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
12 unchanged sentences
September 17, 2018
−Removed: Articles of Association of TE Connectivity Ltd., as amended and restated
+Added: Merger Agreement between TE Connectivity Ltd.
+Added: and TE Connectivity plc
Current Report on Form 8-K
March 18, 2024
−Removed: Organizational Regulations of TE Connectivity Ltd., as amended and restated
+Added: Memorandum and Articles of Association of TE Connectivity plc, dated as of September 30, 2024
Current Report on Form 8-K
−Removed: December 12, 2022
+Added: September 30, 2024
Description of Registrant’s Securities
5 unchanged sentences
December 14, 2007
−Removed: Tenth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated July 31, 2014
−Removed: Current Report on Form 8-K
−Removed: July 31, 2014
Thirteenth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated January 28, 2016
7 unchanged sentences
February 14, 2020
−Removed: Incorporated by Reference Herein
−Removed: Date Filed with the SEC
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
1 unchanged sentence
February 16, 2021
+Added: Incorporated by Reference Herein
+Added: Date Filed with the SEC
Eighteenth 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 4, 2022
4 unchanged sentences
February 13, 2023
−Removed: Amended and Restated Five-Year Senior Credit Agreement, dated as of November 14, 2018, 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: Twentieth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated August 2, 2024
Current Report on Form 8-K
−Removed: November 14, 2018
−Removed: First Amendment to Amended and Restated Credit Agreement, dated as of June 1, 2021, 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: August 2, 2024
+Added: Twenty First Supplemental Indenture among Tyco Electronics Group S.A., TE Connectivity Ltd., TE Connectivity plc, TE Connectivity Switzerland Ltd., and Deutsche Bank Trust Company Americas, dated September 24, 2024
Current Report on Form 8-K
−Removed: Second Amendment to Amended and Restated Credit Agreement, dated as of October 14, 2022, 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
−Removed: Annual Report on Form 10-K for the fiscal year ended September 30, 2022
−Removed: November 15, 2022
−Removed: TE Connectivity Ltd.
−Removed: Annual Incentive Plan (as amended and restated)
−Removed: Annual Report on Form 10-K for the fiscal year ended September 24, 2021
−Removed: November 9, 2021
−Removed: TE Connectivity Ltd.
−Removed: 2007 Stock and Incentive Plan (amended and restated as of September 17, 2020)
−Removed: Annual Report on Form 10-K for the fiscal year ended September 24, 2021
−Removed: November 9, 2021
−Removed: TE Connectivity Ltd.
−Removed: Employee Stock Purchase Plan (amended and restated as of September 22, 2021)
−Removed: Annual Report on Form 10-K for the fiscal year ended September 24, 2021
−Removed: November 9, 2021
−Removed: Incorporated by Reference Herein
−Removed: Date Filed with the SEC
+Added: September 30, 2024
+Added: 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: Current Report on Form 8-K
+Added: April 25, 2024
+Added: Assumption and Joinder Agreement, dated September 24, 2024, by TE Connectivity plc, TE Connectivity Switzerland Ltd.
+Added: , 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: Current Report on Form 8-K
+Added: September 30, 2024
+Added: TE Connectivity Annual Incentive Plan (as amended and restated)
+Added: TE Connectivity plc 2007 Stock and Incentive Plan (Amended and Restated as of September 30, 2024)
+Added: Current Report on Form 8-K
+Added: September 30, 2024
+Added: TE Connectivity plc 2010 Stock and Incentive Plan (Amended and Restated as of September 30, 2024)
+Added: Current Report on Form 8-K
+Added: September 30, 2024
+Added: TE Connectivity plc 2024 Stock and Incentive Plan (Amended and Restated as of September 30, 2024)
+Added: Current Report on Form 8-K
+Added: September 30, 2024
+Added: TE Connectivity plc Employee Stock Purchase Plan (Amended and Restated as of September 30, 2024)
+Added: Current Report on Form 8-K
+Added: September 30, 2024
Form of Option Award Terms and Conditions
1 unchanged sentence
January 24, 2011
+Added: Incorporated by Reference Herein
+Added: 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: Form of Option Award Terms and Conditions for Option Grants Beginning in November 2024
+Added: Current Report on Form 8-K
+Added: September 30, 2024
Form of Restricted Stock Unit Award Terms and Conditions for RSU Grants Beginning in November 2020
4 unchanged sentences
November 15, 2022
−Removed: Form of Performance Stock Unit Award Terms and Conditions for Performance Cycles Starting in and After Fiscal Year 2019
−Removed: Annual Report on Form 10-K for the fiscal year ended September 27, 2019
−Removed: November 12, 2019
+Added: Form of Restricted Stock Unit Award Terms and Conditions for RSU Grants Beginning in November 2024
+Added: Current Report on Form 8-K
+Added: September 30, 2024
Form of Performance Stock Unit Award Terms and Conditions for Performance Cycles Starting in and After Fiscal Year 2021
4 unchanged sentences
November 15, 2022
+Added: Form of Performance Stock Unit Award Terms and Conditions for Performance Cycles Starting in and After Fiscal Year 2024
+Added: Current Report on Form 8-K
+Added: September 30, 2024
TE Connectivity Change in Control Severance Plan for Certain U.S.
−Removed: Executives (amended and restated as of December 17, 2014)
−Removed: Annual Report on Form 10-K for the fiscal year ended September 25, 2015
−Removed: November 10, 2015
+Added: Executives (amended and restated as of September 30, 2024)
TE Connectivity Severance Plan for U.S.
Executives (amended and restated as of September 30, 2024)
−Removed: Annual Report on Form 10-K for the fiscal year ended September 28, 2018
−Removed: November 13, 2018
Incorporated by Reference Herein
Date Filed with the SEC
−Removed: Tyco Electronics Ltd.
−Removed: Deferred Compensation Plan for Directors
−Removed: Annual Report on Form 10-K for the fiscal year ended September 28, 2007
−Removed: December 14, 2007
TE Connectivity Supplemental Savings and Retirement Plan (amended and restated as of January 1, 2022)
−Removed: TE Connectivity Ltd.
−Removed: Savings Related Share Plan (amended and restated as of March 14, 2018)
−Removed: Current Report on Form 8-K
−Removed: March 14, 2018
−Removed: Form of Indemnification Agreement
−Removed: Annual Report on Form 10-K for the fiscal year ended September 30, 2016
−Removed: November 15, 2016
−Removed: TE Connectivity Ltd.
−Removed: 2010 Stock and Incentive Plan (amended and restated as of March 9, 2017)
−Removed: Annual Report on Form 10-K for the fiscal year ended September 29, 2017
+Added: Annual Report on Form 10-K for the fiscal year end September 29, 2023
November 13, 2023
+Added: TE Connectivity plc Savings Related Share Plan (Amended and Restated as of September 30, 2024)
+Added: Current Report on Form 8-K
+Added: September 30, 2024
+Added: Form of Deed of Indemnification for directors and executive officers of TE Connectivity plc
+Added: Current Report on Form 8-K
+Added: September 30, 2024
+Added: Form of Indemnification for directors and executive officers of TE Connectivity plc
+Added: Current Report on Form 8-K
+Added: September 30, 2024
Employment Agreement between Terrence R.
−Removed: Curtin and Tyco Electronics Corporation dated December 15, 2015
+Added: Curtin and Tyco Electronics Corporation dated December 15, 2015, as amended
Employment Agreement between Steven T.
−Removed: Merkt and Tyco Electronics Corporation dated December 15, 2015
+Added: Merkt and Tyco Electronics Corporation dated December 15, 2015, as amended
Employment Agreement between Heath A.
−Removed: Mitts and Tyco Electronics Corporation dated September 30, 2016
−Removed: Current Report on Form 8-K
−Removed: October 3, 2016
+Added: Mitts and Tyco Electronics Corporation dated September 30, 2016, as amended
Employment Agreement between John S.
−Removed: Jenkins and Tyco Electronics Corporation dated December 15, 2015
+Added: Jenkins and Tyco Electronics Corporation dated December 15, 2015, as amended
Employment Agreement between Shad Kroeger and TE Connectivity Corporation dated February 23, 2018
1 unchanged sentence
January 28, 2021
−Removed: Employment Agreement between Aaron Stucki and TE Connectivity Corporation dated October 1, 2020
−Removed: Quarterly Report on Form 10-Q for the quarterly period ended December 30, 2022
−Removed: January 27, 2023
+Added: Employment Agreement between Aaron Stucki and TE Connectivity Corporation dated October 1, 2020, as amended
Credit Support Agreement dated November 2, 2018 by and between Tyco Electronics Group S.A.
2 unchanged sentences
November 12, 2019
−Removed: Subsidiaries of TE Connectivity Ltd.
+Added: TE Insider Trading and Communications with the Public Policy
+Added: TE Connectivity plc Policy Relating to Open Market Securities Repurchases and Compliance with Insider Trading Securities Laws
+Added: Subsidiaries of TE Connectivity plc
Guaranteed Securities
6 unchanged sentences
Certification by the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
−Removed: TE Connectivity Ltd.
−Removed: Incentive-Based Compensation Recovery Policy
+Added: TE Connectivity plc Incentive-Based Compensation Recovery Policy
Inline XBRL Instance Document (2)
15 unchanged sentences
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
−Removed: TE CONNECTIVITY LTD.
+Added: TE CONNECTIVITY PLC
Executive Vice President
21 unchanged sentences
November 12, 2024
+Added: Sam Eldessouky
November 12, 2024
−Removed: Syaru Shirley Lin
November 12, 2024
+Added: Syaru Shirley Lin
November 12, 2024
15 unchanged sentences
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
−Removed: To the Shareholders and the Board of Directors of TE Connectivity Ltd.
+Added: To the shareholders and the Board of Directors of TE Connectivity plc
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of TE Connectivity Ltd.
−Removed: and subsidiaries (the "Company") as of September 29, 2023 and September 30, 2022, 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 29, 2023, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements").
+Added: 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").
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 27, 2024 and September 29, 2023, and the results of its operations and its cash flows for each of the three years in the period ended September 27, 2024, in conformity with accounting principles generally accepted in the United States of America.
35 unchanged sentences
• We evaluated whether the taxable income in prior carryback years was of the appropriate character and available under the tax law.
−Removed: • With the assistance of our income tax specialists, we evaluated (1) the appropriateness of qualifying tax planning strategies, including that they were prudent, feasible and would more likely than not result in the realization of deferred tax assets and (2) management’s assessment that sufficient taxable income will be generated in the future to realize a portion of the deferred tax assets prior to expiration.
+Added: • With the assistance of our income tax and other specialists, we evaluated (1) the appropriateness of qualifying tax planning strategies, including that they were prudent, feasible and would more likely than not result in the realization of deferred tax assets and (2) management’s assessment that sufficient taxable income will be generated in the future to realize a portion of the deferred tax assets prior to expiration.
/s/ Deloitte & Touche LLP
3 unchanged sentences
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
−Removed: To the Shareholders and the Board of Directors of TE Connectivity Ltd.
+Added: To the shareholders and the Board of Directors of TE Connectivity plc
Opinion on Internal Control over Financial Reporting
36 unchanged sentences
Income from continuing operations before income taxes
−Removed: Income tax expense
+Added: Income tax (expense) benefit
Income from continuing operations
−Removed: Income from discontinued operations, net of income taxes
+Added: Income (loss) from discontinued operations, net of income taxes
Basic earnings per share:
Income from continuing operations
−Removed: Income from discontinued operations
+Added: Income (loss) from discontinued operations
Diluted earnings per share:
Income from continuing operations
−Removed: Income from discontinued operations
+Added: Income (loss) from discontinued operations
Weighted-average number of shares outstanding:
43 unchanged sentences
Treasury shares, at cost, 16,656,681 and 10,487,742 shares, respectively
−Removed: Accumulated other comprehensive loss
+Added: Accumulated other comprehensive income (loss)
Total shareholders' equity
11 unchanged sentences
Balance at fiscal year end 2021
−Removed: Other comprehensive income
+Added: Other comprehensive loss
Share-based compensation expense
4 unchanged sentences
Balance at fiscal year end 2022
−Removed: Other comprehensive loss
+Added: Other comprehensive income
Share-based compensation expense
17 unchanged sentences
Cash flows from operating activities:
−Removed: Income from discontinued operations, net of income taxes
+Added: (Income) loss from discontinued operations, net of income taxes
Income from continuing operations
34 unchanged sentences
See Notes to Consolidated Financial Statements.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Basis of Presentation
4 unchanged sentences
(“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, proven in the harshest environments, enable advancements in transportation, industrial applications, medical technology, energy, data communications, and the home.
−Removed: We operate through three reportable segments:
+Added: 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.
+Added: We operated through three reportable segments during fiscal 2024:
● Transportation Solutions —The Transportation Solutions segment is a leader in connectivity and sensor technologies.
13 unchanged sentences
For fiscal years in which there are 53 weeks, the fourth fiscal quarter includes 14 weeks.
+Added: Change in Place of Incorporation
+Added: During fiscal 2024, our board of directors and shareholders approved a change in our jurisdiction of incorporation from Switzerland to Ireland.
+Added: 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.
+Added: 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.
+Added: The merger and change in jurisdiction of incorporation were completed on September 30, 2024.
+Added: See Note 21 for additional information regarding the change in place of incorporation.
Summary of Significant Accounting Policies
8 unchanged sentences
generally this occurs with the transfer of control.
−Removed: We transfer control and recognize revenue when we ship product to our customers, the customers accept and have legal title for the
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
−Removed: product, and we have a right to payment for such product.
+Added: We transfer control and recognize revenue when we ship product to our customers, the customers accept and have legal title for the product, and we have a right to payment for such product.
Revenue is measured as the amount of consideration that we expect to receive in exchange for those products and excludes taxes assessed by governmental authorities and collected from customers concurrent with the sale of products.
8 unchanged sentences
We do not account for warranties as separate performance obligations.
−Removed: Amounts accrued for warranty claims were $ 25 million at both fiscal year end 2023 and 2022.
+Added: Amounts accrued for warranty claims were $ 34 million and $ 25 million at fiscal year end 2024 and 2023, respectively.
Although products are generally sold at fixed prices, certain distributors and customers receive incentives or awards, such as sales rebates, return allowances, scrap allowances, and other rights, which are accounted for as variable consideration.
14 unchanged sentences
Intangible assets with determinable lives primarily include intellectual property, consisting of patents, trademarks, and unpatented technology, and customer relationships.
−Removed: Recoverability estimates range from 1 to 50 years and costs are generally
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
−Removed: amortized on a straight-line basis.
+Added: 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.
26 unchanged sentences
Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, debt, and derivative financial instruments.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
We account for derivative financial instrument contracts on the Consolidated Balance Sheets at fair value.
11 unchanged sentences
With respect to counterparty net asset positions recognized at fiscal year end 2024, we have assessed the likelihood of counterparty default as remote.
−Removed: We currently provide guarantees from a wholly-owned subsidiary to the counterparties to our commodity swap derivatives and, prior to maturity, exchanged cash collateral with the counterparties to certain of our cross-currency swap contracts.
+Added: We currently provide guarantees from a wholly-owned subsidiary to the counterparties to our commodity swap derivatives.
The likelihood of performance on the guarantees has been assessed as remote.
15 unchanged sentences
● Cash and cash equivalents— Cash and cash equivalents are valued at book value, which we consider to be equivalent to unadjusted quoted prices (level 1).
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
● Accounts receivable— Accounts receivable are valued based on the net value expected to be realized.
25 unchanged sentences
The right to control the use of an asset includes the right to obtain substantially all of the economic benefits of the identified asset and the right to direct the use of the identified asset.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Lease right-of-use (“ROU”) assets and lease liabilities are recognized at the commencement date of the lease based on the present value of remaining lease payments over the lease term.
31 unchanged sentences
When a loss is probable but a reasonable estimate cannot be made, or when a loss is at least reasonably possible, disclosure is provided.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
−Removed: Recently Issued Accounting Pronouncement
−Removed: In September 2022, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No.
−Removed: 2022-04 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.
+Added: Recently Issued Accounting Pronouncements
+Added: In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
+Added: 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):
+Added: Disaggregation of Income Statement Expenses, to improve disclosures about the nature of expenses in commonly presented financial statement captions.
+Added: The amendments are effective for our fiscal 2028 Annual Report and subsequent interim periods;
+Added: however, early adoption is permitted.
+Added: The amendments can be applied either prospectively or retrospectively to all periods presented in the financial statements.
+Added: We are currently assessing the impact that adoption will have on our Consolidated Financial Statements.
+Added: In March 2024, the U.S.
+Added: Securities and Exchange Commission (“SEC”) issued its final climate disclosure rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors , which require all registrants to provide certain climate-related information in their registration statements and annual reports.
+Added: The rules require disclosure of, among other things, material climate-related risks, activities to mitigate or adapt to such risks, governance and oversight of such risks, material climate targets and goals, and Scope 1 and/or Scope 2 greenhouse gas emissions, on a phased-in basis, when those emissions are material.
+Added: In addition, the final rules require certain disclosures in the notes to the financial statements, including the effects of severe weather events and other natural conditions.
+Added: The rules are effective for us on a phased-in timeline starting in fiscal 2026;
+Added: 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.
+Added: Court of Appeals for the Eighth Circuit.
+Added: We are currently assessing the impact of the rules on our Consolidated Financial Statements.
+Added: In December 2023, the FASB issued ASU No.
+Added: 2023-09, Income Taxes (Topic 740):
+Added: 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: The amendments are effective for us in fiscal 2026;
+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 2023, the FASB issued ASU No.
+Added: 2023-07, Segment Reporting (Topic 280):
+Added: Improvements to Reportable Segment Disclosures , which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses.
+Added: The amendments are effective for our fiscal 2025 Annual Report and subsequent interim periods;
+Added: however, early adoption is permitted.
+Added: The amendments should be applied retrospectively to all periods presented in the financial statements.
+Added: We are currently assessing the impact that adoption will have on our Consolidated Financial Statements.
+Added: Recently Adopted Accounting Pronouncement
+Added: In September 2022, the FASB issued ASU No.
+Added: 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50):
+Added: 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.
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: This update is effective for us in the first quarter of fiscal 2024.
−Removed: We do not expect adoption to have a material impact on our Consolidated Financial Statements.
+Added: We adopted this update in the first quarter of fiscal 2024.
+Added: Adoption did not have a material impact on our Consolidated Financial Statements.
+Added: See Note 12 for additional information regarding our supply chain finance program.
Restructuring and Other Charges, Net
2 unchanged sentences
Restructuring charges, net
−Removed: Impairment of held for sale businesses and loss on divestitures, net
+Added: (Gain) loss on divestitures and impairment of held for sale businesses, net
+Added: Costs related to change in place of incorporation
Other charges, net
10 unchanged sentences
(1) Charges included in cost of sales were attributable to inventory-related charges within the Industrial Solutions segment.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Activity in our restructuring reserves was as follows:
3 unchanged sentences
Employee severance
−Removed: Facility and other exit costs
Property, plant, and equipment
5 unchanged sentences
Employee severance
+Added: Facility and other exit costs
Property, plant, and equipment
2 unchanged sentences
Facility and other exit costs
−Removed: Property, plant, and equipment
Total fiscal 2024 activity
3 unchanged sentences
Facility and other exit costs
−Removed: Property, plant, and equipment and other non-cash charges
+Added: Property, plant, and equipment
Fiscal 2022 Actions:
11 unchanged sentences
Facility and other exit costs
−Removed: Property, plant, and equipment
+Added: Property, plant, and equipment and other non-cash charges
Pre-Fiscal 2022 Actions:
3 unchanged sentences
Total fiscal 2022 activity
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Fiscal 2024 Actions
+Added: 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: In connection with this program, we recorded restructuring charges of $ 86 million during fiscal 2024.
+Added: 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: Fiscal 2023 Actions
During fiscal 2023, we initiated a restructuring program associated with cost structure improvements across all segments.
−Removed: In connection with this program, during fiscal 2023, we recorded restructuring charges of $ 247 million.
−Removed: We expect to complete all restructuring actions commenced during fiscal 2023 by the end of fiscal 2026 and to incur additional charges of approximately $ 33 million related primarily to employee severance and facility exit costs.
−Removed: The following table summarizes expected, incurred, and remaining charges for the fiscal 2023 program by segment as of fiscal year end 2023:
+Added: In connection with this program, during fiscal 2024 and 2023, we recorded net restructuring charges of $ 22 million and $ 247 million, respectively.
+Added: We expect additional charges related to fiscal 2023 actions will be insignificant.
+Added: The following table summarizes cumulative charges incurred for the fiscal 2023 program by segment as of fiscal year end 2024:
(in millions)
4 unchanged sentences
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 2023 and 2022, we recorded net restructuring charges of $ 12 million and restructuring and related charges of $ 161 million, respectively.
−Removed: We expect additional charges related to fiscal 2022 actions to be insignificant.
−Removed: Fiscal 2021 Actions
−Removed: During fiscal 2021, we initiated a restructuring program across all segments to optimize our manufacturing footprint and improve the cost structure of the organization.
−Removed: In connection with this program, during fiscal 2023, 2022, and 2021, we recorded net restructuring credits of $ 5 million, charges of $ 2 million, and charges of $ 195 million, respectively.
+Added: 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.
We expect that any additional charges related to fiscal 2022 actions will be insignificant.
+Added: The following table summarizes cumulative charges incurred for the fiscal 2022 program by segment as of fiscal year end 2024:
+Added: (in millions)
+Added: Transportation Solutions
+Added: Industrial Solutions
+Added: Communications Solutions
Pre-Fiscal 2022 Actions
−Removed: During fiscal 2023, 2022, and 2021, we recorded net restructuring charges of $ 6 million, credits of $ 10 million, and charges of $ 13 million, respectively, related to pre-fiscal 2021 actions.
+Added: 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.
We expect that any additional charges related to restructuring actions commenced prior to fiscal 2022 will be insignificant.
6 unchanged sentences
Restructuring reserves
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
−Removed: During fiscal 2023, we sold three businesses for net cash proceeds of $ 48 million.
+Added: During fiscal 2024, we sold one business for net cash proceeds of $ 59 million.
+Added: In connection with the divestiture, we recorded a pre-tax gain on sale of $ 10 million.
+Added: Additionally, during fiscal 2023, we recorded a pre-tax impairment charge of $ 68 million when the business was reclassified to held for sale.
+Added: The business sold was reported in our Transportation Solutions segment.
+Added: 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.
+Added: Additionally, during fiscal 2022, we recorded pre-tax impairment charges of $ 14 million when the businesses were reclassified to held for sale.
The businesses sold were reported in our Industrial Solutions segment.
−Removed: Additionally, during fiscal 2023, we recorded a pre-tax impairment charge of $ 68 million in connection with a held for sale business in our Transportation Solutions segment.
−Removed: We sold two businesses for net cash proceeds of $ 16 million and recognized a net pre-tax gain on sales of $ 10 million during fiscal 2022.
+Added: 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.
The businesses sold were reported in our Transportation Solutions and Industrial Solutions segments.
−Removed: Additionally, during fiscal 2022, we recorded pre-tax impairment charges of $ 14 million in connection with held for sale businesses in our Industrial Solutions segment.
−Removed: During fiscal 2021, we sold two businesses which were reported in our Industrial Solutions segment.
−Removed: 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 $ 21 million.
−Removed: During fiscal 2023, we acquired one business for a cash purchase price of $ 110 million, net of cash acquired.
−Removed: The acquisition was reported as part of our Industrial Solutions segment from the date of acquisition.
+Added: Change in Place of Incorporation
+Added: During fiscal 2024, we incurred costs of $ 20 million related to our change in place of incorporation from Switzerland to Ireland.
+Added: See Notes 1 and 21 for additional information regarding the change.
+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: As a result of the transaction, we recognized a noncontrolling interest with a fair value of $ 5 million as of the acquisition date.
+Added: The acquired business has been reported as part of our Industrial Solutions segment from the date of acquisition.
+Added: Our valuation of identifiable intangible assets, assets acquired, and liabilities assumed is currently in process;
+Added: therefore, the current allocation is subject to adjustment upon finalization of the valuations.
+Added: The amount of these potential adjustments could be significant.
+Added: 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.
+Added: We acquired one business for a cash purchase price of $ 110 million, net of cash acquired, during fiscal 2023.
+Added: The acquired business has been reported as part of our Industrial Solutions segment from the date of acquisition.
We acquired three businesses for a combined cash purchase price of $ 245 million, net of cash acquired, during fiscal 2022.
−Removed: The acquisitions were reported as part of our Communications Solutions segment from the date of acquisition.
−Removed: During fiscal 2021, we acquired four businesses for a combined cash purchase price of $ 422 million, net of cash acquired.
−Removed: The acquisitions were reported as part of our Industrial Solutions segment from the date of acquisition.
+Added: The acquired businesses have been reported as part of our Communications Solutions segment from the date of acquisition.
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.
−Removed: See Note 7 for additional information.
−Removed: Pending Acquisition
−Removed: In August 2023, we entered into a definitive agreement under which we agreed to launch a public tender offer to acquire all 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 fair value of approximately CHF 320 million (equivalent to approximately $ 350 million).
−Removed: The tender offer commenced in September 2023.
−Removed: As of November 10, 2023, the completion of the initial offer period, the offer has been accepted for approximately 89 % of Schaffner’s outstanding shares.
−Removed: The offer is subject to customary closing conditions, including regulatory approvals, and is expected to be settled in the first quarter of fiscal 2024.
Inventories consisted of the following:
4 unchanged sentences
Finished goods
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Property, Plant, and Equipment, Net
15 unchanged sentences
Balance at fiscal year end 2022 (1)
−Removed: Purchase price adjustments
Currency translation and other
3 unchanged sentences
(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 2023 and 2022, we recognized goodwill of $ 75 million and $ 141 million, respectively, in connection with new acquisitions.
−Removed: Also during fiscal 2022, we recognized purchase price adjustments in connection with prior year acquisitions, including two acquisitions that closed late in the fourth quarter of fiscal 2021.
+Added: During fiscal 2024 and 2023, we recognized goodwill of $ 180 million and $ 75 million, respectively, in the Industrial Solutions segment connection with new acquisitions.
See Note 4 for additional information regarding acquisitions.
We completed our annual goodwill impairment test in the fourth quarter of fiscal 2024 and determined that no impairment existed.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Intangible Assets, Net
19 unchanged sentences
Accrued and other current liabilities
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Debt was as follows:
3 unchanged sentences
Commercial paper, at a weighted-average interest rate of 4.95 % and 5.50 %, respectively
−Removed: 1.10 % euro-denominated senior notes due 2023
3.45 % senior notes due 2024
4 unchanged sentences
0.00 % euro-denominated senior notes due 2029
+Added: 4.625 % senior notes due 2030
2.50 % senior notes due in 2032
4 unchanged sentences
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 has a five-year unsecured senior revolving credit facility (“Credit Facility”) with a maturity date of June 2026 and total commitments of $ 1.5 billion.
−Removed: The Credit Facility contains provisions that allow for incremental commitments of up to $ 500 million, an option to temporarily increase the financial ratio covenant following a qualified acquisition, and borrowings in designated currencies.
−Removed: TEGSA had no borrowings under the Credit Facility at fiscal year end 2023 or 2022.
−Removed: Borrowings under the Credit Facility bear interest at a rate per annum equal to, at the option of TEGSA, (1) the term secured overnight financing rate (“Term SOFR”) (as defined in the Credit Facility), (2) an alternate base rate equal to the highest of (i) Bank of America , N.A.’s base rate, (ii) the federal funds effective rate plus 1 / 2 of 1%, and (iii) the Term SOFR for a one-month interest period plus 1 %, (3) an alternative currency daily rate , or (4) an alternative currency term rate , plus, in each case, an applicable margin based upon the senior, unsecured, long-term debt rating of TEGSA.
+Added: 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”).
+Added: The Credit Facility matures in April 2029.
+Added: TEGSA had no borrowings under the Credit Facility at fiscal year end 2024 or the Replaced Credit Facility at fiscal year end 2023.
+Added: 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.
+Added: dollars, (a) the term secured overnight financing rate (“Term SOFR”) (as defined in the Credit Facility) or (b) an alternate base rate equal to the highest of (i) Bank of America , N.A.’s base rate, (ii) the federal funds effective rate plus 1 / 2 of 1%, (iii) the Term SOFR for a one-month interest period plus 1 %, and (iv) 1 %, and (2) with respect to revolving loans determined in an alternative currency, (a) an alternative currency daily rate or (b) an alternative currency term rate , as applicable, plus, in each case, an applicable margin based upon the senior, unsecured, long-term debt rating of TEGSA.
TEGSA is required to pay an annual facility fee.
5 unchanged sentences
Borrowings under the commercial paper program are backed by the Credit Facility.
−Removed: TEGSA’s payment obligations under its senior notes, commercial paper, and Credit Facility are fully and unconditionally guaranteed on an unsecured basis by its parent, TE Connectivity Ltd.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: 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.
+Added: 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.
At fiscal year end 2024, principal payments required for debt are as follows:
22 unchanged sentences
(1) These payments are included in cash flows from operating activities, primarily in changes in accrued and other current liabilities.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
At fiscal year end 2024, the maturities of operating lease liabilities were as follows:
11 unchanged sentences
State Department’s Directorate of Defense Trade Controls (“DDTC”).
−Removed: We are cooperating with the BIS and DDTC on these matters, and the resulting investigations are ongoing.
We have also been contacted by the U.S.
−Removed: Department of Justice concerning aspects of these matters.
−Removed: We are unable to predict the timing and final outcome of the agencies’ investigations.
+Added: Department of Justice concerning certain aspects of the BIS matters.
+Added: 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.
+Added: We are cooperating with the DDTC in its ongoing investigation.
+Added: We are unable to predict the timing and final outcome of the agency’s investigation.
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 investigations into these matters have yet to be completed and the final outcome of such investigations and related fines and penalties may differ from amounts currently reserved.
+Added: 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
3 unchanged sentences
We believe that any potential payment of such estimated amounts will not have a material adverse effect on our results of operations, financial position, or cash flows.
−Removed: In disposing of assets or businesses, we often provide representations, warranties, and/or indemnities to cover various risks including unknown damage to assets, environmental risks involved in the sale of real estate, liability for investigation and remediation of environmental contamination at waste disposal sites and manufacturing facilities, and
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
−Removed: unidentified tax liabilities and legal fees related to periods prior to disposition.
+Added: In disposing of assets or businesses, we often provide representations, warranties, and/or indemnities to cover various risks including unknown damage to assets, environmental risks involved in the sale of real estate, liability for investigation and remediation of environmental contamination at waste disposal sites and manufacturing facilities, and unidentified tax liabilities and legal fees related to periods prior to disposition.
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 2023, we had outstanding letters of credit, letters of guarantee, and surety bonds of $ 198 million, including letters of credit of $ 29 million associated with our divesture of the Subsea Communications business.
−Removed: In addition, at fiscal year end 2023, we had $ 27 million of performance guarantees associated with that divestiture.
+Added: 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.
+Added: In addition, at fiscal year end 2024, we had $ 23 million of performance guarantees associated with the divestiture.
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;
however, based on historical experience, we do not anticipate having to perform on these guarantees.
+Added: Supply Chain Finance Program
+Added: We have an agreement with a financial institution that allows participating suppliers the ability to finance payment obligations.
+Added: The financial institution has separate arrangements with the suppliers and provides them with the option to request early payment for invoices.
+Added: We do not determine the terms or conditions of the arrangement between the financial institution and suppliers.
+Added: 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.
+Added: 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.
Financial Instruments and Fair Value Measurements
7 unchanged sentences
additionally, all related collateral positions were settled.
−Removed: During fiscal 2023, we did not enter into any cross-currency swap contracts and there were no amounts outstanding.
+Added: During fiscal 2024 and 2023, we did not enter into any cross-currency swap contracts and there were no amounts outstanding.
The impacts of our cross-currency swap contracts were as follows:
1 unchanged sentence
Losses recorded in other comprehensive income (loss)
−Removed: Gains (losses) excluded from the hedging relationship (1)
+Added: Gains excluded from the hedging relationship (1)
Gains reclassified from other comprehensive income (loss) into selling, general, and administrative expenses
−Removed: (1) Gains and losses excluded from the hedging relationship are recognized prospectively in selling, general, and administrative expenses and are offset by losses and gains generated as a result of re-measuring certain intercompany loans to the U.S.
+Added: (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
8 unchanged sentences
We are not required to provide collateral for these contracts.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
These cross-currency swap contracts were recorded on the Consolidated Balance Sheets as follows:
15 unchanged sentences
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 2023, we did not enter into any forward starting interest rate swap contracts and there were no amounts outstanding.
+Added: During fiscal 2024 and 2023, we did not enter into any forward starting interest rate swap contracts and there were no amounts outstanding.
The impacts of our forward starting interest rate swap contracts were as follows:
5 unchanged sentences
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 $ 459 million and $ 566 million at fiscal year end 2023 and 2022, respectively, and were designated as cash flow hedges.
+Added: These contracts had an aggregate notional value of $ 488 million and $ 459 million at fiscal
+Added: year end 2024 and 2023, respectively, and were designated as cash flow hedges.
These commodity swap contracts were recorded on the Consolidated Balance Sheets as follows:
4 unchanged sentences
Other liabilities
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The impacts of our commodity swap contracts were as follows:
18 unchanged sentences
Amortization of prior service credit
−Removed: Settlement and curtailment losses (gains)
+Added: Settlement and curtailment gains and other
Net periodic pension benefit cost (credit)
3 unchanged sentences
Rates of compensation increases
−Removed: (1) During fiscal 2021, we recognized a settlement charge of $ 28 million , which was recorded in net other income (expense) on the Consolidated Statement of Operations, in connection with the transfer of certain U.S.
−Removed: pension plan liabilities to an insurance company through the purchase of a group annuity contract.
−Removed: TE CONNECTIVITY LTD.
−Removed: 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.
4 unchanged sentences
Interest cost
−Removed: Actuarial gains
+Added: Actuarial (gains) losses
Benefits and administrative expenses paid
16 unchanged sentences
Net actuarial loss
−Removed: Prior service (cost) credit
+Added: Prior service credit
Weighted-average assumptions used to determine pension benefit obligation at fiscal year end:
1 unchanged sentence
Rates of compensation increases
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The pre-tax amounts recognized in accumulated other comprehensive income (loss) for all non-U.S.
5 unchanged sentences
Amortization of prior service credit
−Removed: (1) Includes amounts reflected as settlement and curtailment losses (gains) in the above net periodic pension benefit cost (credit) table.
−Removed: In fiscal 2022, unrecognized actuarial gains recorded in accumulated other comprehensive income (loss) were primarily the result of higher discount rates, partially offset by unfavorable asset performance for our non-U.S.
+Added: 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.
defined benefit pension plans as compared to fiscal 2023.
17 unchanged sentences
Equity securities
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Our common shares are not a direct investment of our pension funds;
2 unchanged sentences
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 minimum required contributions of $ 43 million and $ 27 million to our non-U.S.
+Added: We expect to make the
+Added: minimum required contributions of approximately $ 50 million and $ 20 million to our non-U.S.
pension plans, respectively, in fiscal 2025.
25 unchanged sentences
Fair value of plan assets
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Fiscal Year End 2023
9 unchanged sentences
Fair value is calculated as the closing price of the underlying investments, an observable market condition, divided by the number of shares of the fund outstanding.
−Removed: (3) Other investments are composed of insurance contracts, derivatives, short-term investments, structured products such as collateralized obligations and mortgage- and asset-backed securities, real estate investments, and hedge funds.
+Added: (3) Other investments are composed of insurance contracts, derivatives, short-term investments, and structured products such as collateralized obligations and mortgage- and asset-backed securities.
Insurance contracts are valued using cash surrender value, or face value of the contract if a cash surrender value is unavailable (level 2), as these values represent the amount that the plan would receive on termination of the underlying contract.
Derivatives, short-term investments, and structured products are marked to fair value using models that are supported by observable market-based data (level 2).
−Removed: Real estate investments include investments in commingled real estate funds and are valued at net asset value which is calculated using unobservable inputs that are supported by little or no market activity (level 3).
−Removed: Hedge funds are valued at their net asset value which is calculated using unobservable inputs that are supported by little or no market activity (level 3).
(4) Items to reconcile to fair value of plan assets include certain investments containing no significant redemption restrictions that were measured at net asset value (“NAV”) using the NAV practical expedient available in ASC 820 and amounts receivable or payable for unsettled transactions and cash balances, both of which are considered to be carried at book value.
11 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 and $ 13 million at fiscal year end 2023 and 2022, respectively, and the underfunded status of the
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
−Removed: 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 $ 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.
Activity during fiscal 2024, 2023, and 2022 was not significant.
−Removed: Income Tax Expense
−Removed: Significant components of the income tax expense were as follows:
+Added: Income Tax Expense (Benefit)
+Added: Significant components of the income tax expense (benefit) were as follows:
(in millions)
1 unchanged sentence
Deferred income tax expense (benefit):
−Removed: Income tax expense
+Added: Income tax expense (benefit)
components of income from continuing operations before income taxes were as follows:
2 unchanged sentences
The reconciliation between U.S.
−Removed: federal income taxes at the statutory rate and income tax expense was as follows:
+Added: federal income taxes at the statutory rate and income tax expense (benefit) was as follows:
(in millions)
1 unchanged sentence
federal income tax expense at the statutory rate (1)
−Removed: Adjustments to reconcile to the income tax expense:
−Removed: state income tax benefit, net
+Added: Adjustments to reconcile to the income tax expense (benefit):
+Added: state income tax expense (benefit), net
Tax law changes
4 unchanged sentences
Excess tax benefits from share-based payments
−Removed: Income tax expense
+Added: Income tax expense (benefit)
federal statutory rate was 21 % for fiscal 2024, 2023, and 2022.
(2) Excludes items which are separately presented.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: 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
+Added: tax credit not expected to be realized.
+Added: 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.
The income tax expense for fiscal 2023 included a $ 49 million income tax benefit related to a decrease in the valuation allowance for certain U.S.
3 unchanged sentences
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.
−Removed: The income tax expense for fiscal 2021 included a $ 353 million income tax benefit related to changes in valuation allowances, of which $ 327 million related to the net reduction in valuation allowances associated primarily with certain tax planning actions as well as improved current and expected future operating profit and taxable income.
−Removed: In addition, the income tax expense for fiscal 2021 included a $ 29 million income tax benefit related to an Internal Revenue Service approved change in the tax method of depreciating or amortizing certain assets and $ 23 million of income tax expense associated with the tax impacts of an intercompany transaction.
Deferred Tax Assets and Liabilities
19 unchanged sentences
Net deferred tax assets
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Our tax loss and credit carryforwards (tax effected) at fiscal year end 2024 were as follows:
10 unchanged sentences
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 2023, we completed tax returns for certain non-U.S.
−Removed: entities which resulted in the recognition of additional deferred tax assets for tax loss carryforwards of $ 313 million.
−Removed: As we do not expect these subsidiaries to generate sufficient future taxable income to realize the deferred tax assets, we recognized a corresponding increase to the valuation allowance.
+Added: 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.
+Added: subsidiary intercompany transaction with a corresponding increase to deferred tax assets.
+Added: 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.
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.
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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 2023, we had approximately $ 2.6 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 Ltd., our Swiss parent company, but we consider to be permanently reinvested.
+Added: 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.
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.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Uncertain Tax Positions
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subsidiary income tax returns are currently in the process of examination by taxing authorities.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
As of fiscal year end 2024, under applicable statutes, the following tax years remained subject to examination in the major tax jurisdictions indicated:
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2020 through 2024
+Added: 2022 through 2024
United Kingdom
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Antidilutive share options
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Shareholders’ Equity and Redeemable Noncontrolling Interest
Common Shares
−Removed: We are organized under the laws of Switzerland.
−Removed: The rights of holders of our shares are governed by Swiss law, our Swiss articles of association, and our Swiss organizational regulations.
−Removed: The par value of our common shares is stated in Swiss francs (“CHF”);
−Removed: however, we use the U.S.
+Added: 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.
+Added: The par value of our common shares was stated in Swiss francs (“CHF”);
+Added: however, we used the U.S.
dollar as our reporting currency on the Consolidated Financial Statements.
−Removed: Subject to certain conditions specified in our articles of association, we are authorized to increase our conditional share capital by issuing new shares in aggregate not exceeding 50 % of our authorized shares.
−Removed: As part of the Swiss corporate law reform, effective as of January 1, 2023, the concept of a capital band was introduced.
−Removed: Under a capital band, the articles of association may authorize the board of directors for a maximum period of five years to increase the ordinary share capital registered in the commercial register to a maximum of 150% and/or reduce it to a minimum of 50% of the share capital existing at the time of the introduction of the capital band.
−Removed: In March 2023, our shareholders approved, for a period of one year ending March 15, 2024, 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.
+Added: 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.
+Added: 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.
+Added: During fiscal 2024, there were no increases or decreases in our share capital and, following our change in place of incorporation, these authorizations ended.
Common Shares Held in Treasury
−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.
+Added: At fiscal year end 2024, approximately 17 million common shares were held in treasury, all of which were owned by one of our subsidiaries.
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 2023, 2022, and 2021, our shareholders approved the cancellation of eight and a half million, five million, and three million shares, respectively, purchased under our share repurchase program.
+Added: 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.
These capital reductions by cancellation of shares were subject to a notice period, filing with the commercial register in Switzerland, and other requirements.
+Added: At the beginning of fiscal 2025, all treasury shares were cancelled in connection with our change in place of incorporation.
Contributed Surplus
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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).
+Added: In connection with our change in place of incorporation, we expect future dividends to be made from accumulated earnings as defined under Irish GAAP.
We paid cash dividends to shareholders of $ 2.48 , $ 2.30 , and $ 2.12 per share in fiscal 2024, 2023, and 2022, respectively.
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 must be approved by our shareholders.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: Dividends on our shares were required to be approved by our shareholders.
Our shareholders approved the following dividends on our common shares:
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Second quarter of fiscal 2025
+Added: 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.
+Added: 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.
+Added: 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.
+Added: Shareholder approval is no longer required.
Upon shareholders’ approval of a dividend payment, we record a liability with a corresponding charge to shareholders’ equity.
1 unchanged sentence
Share Repurchase Program
−Removed: In fiscal 2022, our board of directors authorized increases of $ 1.5 billion in our share repurchase program.
+Added: In fiscal 2024, our board of directors authorized an increase of $ 1.5 billion in our share repurchase program.
Common shares repurchased under the share repurchase program were as follows:
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At fiscal year end 2024, we had $ 245 million of availability remaining under our share repurchase authorization.
+Added: See additional information regarding our share repurchase program in Note 21.
Redeemable Noncontrolling Interest
−Removed: We own 72 % of our First Sensor AG (“First Sensor”) subsidiary.
+Added: We own approximately 72 % of our First Sensor AG (“First Sensor”) subsidiary.
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.
As the exercise of the put right by First Sensor noncontrolling interest shareholders is not within our control, our First Sensor noncontrolling interest balance is recorded as redeemable noncontrolling interest outside of equity on the Consolidated Balance Sheets as of fiscal year end 2024 and 2023.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Accumulated Other Comprehensive Income (Loss)
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Other comprehensive income (loss), net of tax:
−Removed: Other comprehensive income 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 income attributable to noncontrolling interests
−Removed: Balance at fiscal year end 2021
−Removed: Other comprehensive income (loss), net of tax:
Other comprehensive income (loss) before reclassifications
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Balance at fiscal year end 2023
+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) benefit
+Added: Other comprehensive income (loss), net of tax
+Added: other comprehensive income attributable to noncontrolling interests
+Added: Balance at fiscal year end 2024
(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: Our equity compensation plans, of which the TE Connectivity Ltd.
−Removed: 2007 Stock and Incentive Plan, amended and restated as of September 17, 2020 (the “2007 Plan”), is the primary plan, provide for the award of annual performance bonuses and long-term performance awards, including share options;
+Added: During fiscal 2024, shareholders approved our 2024 Stock and Incentive Plan (the “2024 Plan”).
+Added: The 2024 Plan replaced our 2007 Stock and Incentive Plan, as amended and restated (the “2007 Plan”), as the source of awards granted.
+Added: No further awards will be granted under the 2007 Plan and all remaining shares available under the 2007 Plan have been cancelled.
+Added: 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;
restricted, performance, and deferred share units;
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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: A total of 8 million shares remained available for issuance under the 2007 Plan as of fiscal year end 2023.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: We had 20 million shares available for issuance under the 2024 Plan as of fiscal year end 2024.
Share-Based Compensation Expense
−Removed: Share-based compensation expense, which was included primarily in selling, general, and administrative expenses on the Consolidated Statements of Operations, was as follows:
+Added: Share-based compensation expense, which was included in selling, general, and administrative expenses on the Consolidated Statements of Operations, was as follows:
(in millions)
23 unchanged sentences
Performance share awards generally vest after a period of three years as determined by the management development and compensation committee of our board of directors.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Performance share award activity was as follows:
23 unchanged sentences
As of fiscal year end 2024, there was $ 24 million of unrecognized compensation expense related to nonvested share options granted under our share option plans, which is expected to be recognized over a weighted-average period of 1.6 years.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Share-Based Compensation Assumptions
15 unchanged sentences
Segment and Geographic Data
−Removed: Effective for fiscal 2023, we realigned certain product lines from the Industrial Solutions segment to the Communications Solutions segment.
−Removed: We continue to operate through three reportable segments:
+Added: During fiscal 2024, we operated through three reportable segments:
Transportation Solutions, Industrial Solutions, and Communications Solutions.
−Removed: See Note 1 for a description of the segments in which we operate.
−Removed: The following segment information reflects our current segment reporting structure.
−Removed: Prior period segment results have been restated to conform to the current segment reporting structure.
−Removed: As a result of the realignment, $ 30 million of net sales and $ 13 million of operating income for fiscal 2022 were reflected in the Communications Solutions segment.
+Added: See Note 1 for a description of our fiscal 2024 segments.
+Added: Also see Note 21 for information regarding our new segment structure effective for fiscal 2025.
Segment performance is evaluated based on net sales and operating income.
4 unchanged sentences
Corporate assets are allocated to the segments based on segment assets.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Net sales by segment and industry end market (1) were as follows:
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Total Americas
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Operating income by segment was as follows:
23 unchanged sentences
(1) Segment assets are composed of accounts receivable, inventories, and net property, plant, and equipment.
−Removed: TE CONNECTIVITY LTD.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
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.
+Added: Subsequent Events
+Added: Change in Place of Incorporation
+Added: 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.
+Added: Our 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 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: Share Repurchase Program
+Added: On October 30, 2024, our board of directors authorized an increase of $ 2.5 billion in our share repurchase program.
+Added: New Segment Structure Effective for Fiscal 2025
+Added: Effective for the first quarter of fiscal 2025, we will reorganize our management and segments to align the organization around our fiscal 2025 strategy.
+Added: Our businesses in the Communications Solutions segment will be moved into the Industrial Solutions segment.
+Added: Also, the appliances and industrial equipment businesses will be combined to form the automation and connected living business.
+Added: In addition, we will realign certain product lines and businesses from the Industrial Solutions and Communications Solutions segments to the Transportation Solutions segment.
+Added: The following represents the new segment structure:
+Added: ● Transportation Solutions —This segment will contain our automotive, commercial transportation, and sensors businesses.
+Added: ● Industrial Solutions —This segment will contain our aerospace, defense, and marine;
+Added: digital data networks (historically referred to as data and devices);
+Added: and automation and connected living businesses.
+Added: 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.
TE CONNECTIVITY LTD.
11 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.