TE Connectivity plc 10-Q

ITEM 1. FINANCIAL STATEMENTS TE CONNECTIVITY PLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ 2025 2024 2025 2024 ​ ​ (in millions, except per share data) ​ Net sales ​ $ 4,534 ​ $ 3,979 ​ $ 12,513 ​ $ 11,777 ​ Cost of sales ​ 2,934 ​ 2,593 ​ 8,094 ​ 7,704 ​ Gross margin ​ 1,600 ​ 1,386 ​ 4,419 ​ 4,073 ​ Selling, general, and administrative expenses ​ 491 ​ ​ 431 ​ 1,372 ​ ​ 1,299 ​ Research, development, and engineering expenses ​ 211 ​ ​ 189 ​ 602 ​ ​ 546 ​ Acquisition and integration costs ​ 27 ​ ​ 5 ​ 41 ​ ​ 16 ​ Restructuring and other charges, net ​ 14 ​ ​ 6 ​ 109 ​ ​ 67 ​ Operating income ​ ​ 857 ​ ​ 755 ​ ​ 2,295 ​ ​ 2,145 ​ Interest income ​ ​ 17 ​ ​ 20 ​ ​ 62 ​ ​ 61 ​ Interest expense ​ ( 28 ) ​ ​ ( 18 ) ​ ( 48 ) ​ ​ ( 55 ) ​ Other expense, net ​ — ​ ​ ( 3 ) ​ ( 2 ) ​ ​ ( 11 ) ​ Income from continuing operations before income taxes ​ 846 ​ 754 ​ ​ 2,307 ​ 2,140 ​ Income tax (expense) benefit ​ ( 208 ) ​ ​ ( 181 ) ​ ( 1,128 ) ​ ​ 778 ​ Income from continuing operations ​ 638 ​ 573 ​ 1,179 ​ 2,918 ​ Loss from discontinued operations, net of income taxes ​ — ​ ​ — ​ — ​ ​ ( 1 ) ​ Net income ​ $ 638 ​ $ 573 ​ $ 1,179 ​ $ 2,917 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from continuing operations ​ $ 2.16 ​ $ 1.87 ​ $ 3.96 ​ $ 9.47 ​ Net income ​ 2.16 ​ 1.87 ​ 3.96 ​ 9.47 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from continuing operations ​ $ 2.14 ​ $ 1.86 ​ $ 3.93 ​ $ 9.41 ​ Net income ​ 2.14 ​ 1.86 ​ 3.93 ​ 9.41 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 296 ​ ​ 306 ​ 298 ​ ​ 308 ​ Diluted ​ 298 ​ ​ 308 ​ 300 ​ ​ 310 ​ See accompanying Notes to Condensed Consolidated Financial Statements. ​ 1 Table of Contents TE CONNECTIVITY PLC CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Nine Months Ended ​ ​ June 27, June 28, June 27, June 28, ​ 2025 2024 2025 2024 ​ ​ (in millions) ​ Net income ​ $ 638 ​ $ 573 ​ $ 1,179 ​ $ 2,917 ​ Other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency translation ​ 89 ​ ​ ( 45 ) ​ ​ ( 56 ) ​ ​ 5 ​ Adjustments to unrecognized pension and postretirement benefit costs, net of income taxes ​ 1 ​ ​ — ​ ​ ( 6 ) ​ ​ ( 12 ) ​ Gains (losses) on cash flow hedges, net of income taxes ​ ( 8 ) ​ ​ 15 ​ ​ 21 ​ ​ 53 ​ Other comprehensive income (loss) ​ 82 ​ ( 30 ) ​ ( 41 ) ​ 46 ​ Comprehensive income ​ ​ 720 ​ ​ 543 ​ ​ 1,138 ​ ​ 2,963 ​ Less: comprehensive (income) loss attributable to noncontrolling interests ​ ​ ( 11 ) ​ ​ 1 ​ ​ ( 7 ) ​ ​ ( 1 ) ​ Comprehensive income attributable to TE Connectivity plc ​ $ 709 ​ $ 544 ​ $ 1,131 ​ $ 2,962 ​ See accompanying Notes to Condensed Consolidated Financial Statements. ​ 2 Table of Contents TE CONNECTIVITY PLC CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ September 27, ​ ​ 2025 2024 ​ ​ (in millions, except share ​ ​ ​ data) ​ Assets ​ ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 672 ​ $ 1,319 ​ Accounts receivable, net of allowance for doubtful accounts of $ 43 and $ 32 , respectively ​ 3,431 ​ 3,055 ​ Inventories ​ 2,832 ​ 2,517 ​ Prepaid expenses and other current assets ​ 670 ​ 740 ​ Total current assets ​ 7,605 ​ 7,631 ​ Property, plant, and equipment, net ​ 4,213 ​ 3,903 ​ Goodwill ​ 7,251 ​ 5,801 ​ Intangible assets, net ​ 2,286 ​ 1,174 ​ Deferred income taxes ​ 2,624 ​ 3,497 ​ Other assets ​ 887 ​ 848 ​ Total assets ​ $ 24,866 ​ $ 22,854 ​ Liabilities, redeemable noncontrolling interests, and shareholders' equity ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ Short-term debt ​ $ 851 ​ $ 871 ​ Accounts payable ​ 2,024 ​ 1,728 ​ Accrued and other current liabilities ​ 2,113 ​ 2,147 ​ Total current liabilities ​ 4,988 ​ 4,746 ​ Long-term debt ​ 4,846 ​ 3,332 ​ Long-term pension and postretirement liabilities ​ 817 ​ 810 ​ Deferred income taxes ​ 223 ​ 199 ​ Income taxes ​ 426 ​ 411 ​ Other liabilities ​ 1,042 ​ 870 ​ Total liabilities ​ 12,342 ​ 10,368 ​ Commitments and contingencies (Note 9) ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests ​ ​ 143 ​ ​ 131 ​ Shareholders' equity: ​ ​ ​ ​ ​ ​ ​ Preferred shares, $ 1.00 par value, 2 shares authorized, none outstanding as of June 27, 2025 ​ ​ — ​ ​ — ​ Ordinary class A shares, € 1.00 par value, 25,000 shares authorized, none outstanding as of June 27, 2025 ​ ​ — ​ ​ — ​ Ordinary shares, $ 0.01 par value, 1,500,000,000 shares authorized, 301,987,708 shares issued and common shares, CHF 0.57 par value, 316,574,781 shares authorized and issued , respectively ​ 3 ​ ​ 139 ​ Accumulated earnings ​ 13,337 ​ 14,533 ​ Ordinary shares and common shares held in treasury, at cost, 6,147,743 and 16,656,681 shares, respectively ​ ( 916 ) ​ ( 2,322 ) ​ Accumulated other comprehensive income (loss) ​ ( 43 ) ​ 5 ​ Total shareholders' equity ​ 12,381 ​ 12,355 ​ Total liabilities, redeemable noncontrolling interests, and shareholders' equity ​ $ 24,866 ​ $ 22,854 ​ See accompanying Notes to Condensed Consolidated Financial Statements. ​ ​ 3 Table of Contents TE CONNECTIVITY PLC CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Quarter Ended June 27, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Ordinary Shares ​ ​ ​ ​ ​ ​ Other ​ Total ​ ​ ​ Ordinary Shares ​ Held in Treasury ​ Contributed ​ Accumulated ​ Comprehensive ​ Shareholders' ​ ​ Shares Amount Shares Amount Surplus Earnings Income (Loss) Equity ​ ​ (in millions) ​ Balance at March 28, 2025 301 ​ $ 3 ( 4 ) ​ $ ( 615 ) ​ $ — ​ $ 12,811 ​ $ ( 114 ) ​ $ 12,085 ​ Net income — ​ — — ​ — ​ — ​ 638 ​ — ​ 638 ​ Other comprehensive income — ​ — — ​ — ​ — ​ — ​ 71 ​ 71 ​ Share-based compensation expense — ​ — — ​ — ​ 36 ​ — ​ — ​ 36 ​ Dividends — ​ — — ​ — ​ — ​ ( 210 ) ​ — ​ ( 210 ) ​ Exercise of share options — ​ — — ​ — ​ 44 ​ — ​ — ​ 44 ​ Restricted share award vestings and other activity 1 ​ — — ​ — ​ ( 80 ) ​ 98 ​ — ​ 18 ​ Repurchase of ordinary shares — ​ — ( 2 ) ​ ( 301 ) ​ — ​ — ​ — ​ ( 301 ) ​ Balance at June 27, 2025 ​ 302 ​ $ 3 ( 6 ) ​ $ ( 916 ) ​ $ — ​ $ 13,337 ​ $ ( 43 ) ​ $ 12,381 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended June 27, 2025 ​ ​ ​ ​ ​ ​ ​ ​ Common/ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Common/ ​ Ordinary Shares ​ ​ ​ ​ ​ ​ Other ​ Total ​ ​ ​ Ordinary Shares ​ Held in Treasury ​ Contributed ​ Accumulated ​ Comprehensive ​ Shareholders' ​ ​ Shares Amount Shares Amount Surplus Earnings Income (Loss) Equity ​ ​ (in millions) ​ Balance at September 27, 2024 316 ​ $ 139 ( 17 ) ​ $ ( 2,322 ) ​ $ — ​ $ 14,533 ​ $ 5 ​ $ 12,355 ​ Change in place of incorporation ​ — ​ ​ ( 136 ) ​ — ​ ​ — ​ ​ — ​ ​ 136 ​ ​ — ​ ​ — ​ Cancellation of treasury shares ​ ( 17 ) ​ — 17 ​ 2,322 ​ — ​ ( 2,322 ) ​ — ​ — ​ Net income — ​ — — ​ — ​ — ​ 1,179 ​ — ​ 1,179 ​ Other comprehensive loss — ​ — — ​ — ​ — ​ — ​ ( 48 ) ​ ( 48 ) ​ Share-based compensation expense — ​ — — ​ — ​ 105 ​ — ​ — ​ 105 ​ Dividends ​ — ​ — — ​ — ​ — ​ ​ ( 419 ) ​ — ​ ( 419 ) ​ Exercise of share options 1 ​ — — ​ — ​ 103 ​ — ​ — ​ 103 ​ Restricted share award vestings and other activity 2 ​ — — ​ — ​ ( 208 ) ​ 230 ​ — ​ 22 ​ Repurchase of ordinary shares — ​ — ( 6 ) ​ ( 916 ) ​ — ​ — ​ — ​ ( 916 ) ​ Balance at June 27, 2025 ​ 302 ​ $ 3 ( 6 ) ​ $ ( 916 ) ​ $ — ​ $ 13,337 ​ $ ( 43 ) ​ $ 12,381 ​ ​ ​ ​ 4 Table of Contents TE CONNECTIVITY PLC CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED) (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Quarter Ended June 28, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Shares ​ ​ ​ ​ ​ ​ Other ​ Total ​ ​ ​ Common Shares ​ Held in Treasury ​ Contributed ​ Accumulated ​ Comprehensive ​ Shareholders' ​ ​ Shares Amount Shares Amount Surplus Earnings Income (Loss) Equity ​ ​ (in millions) ​ Balance at March 29, 2024 316 ​ $ 139 ( 10 ) ​ $ ( 1,295 ) ​ $ — ​ $ 13,689 ​ $ ( 84 ) ​ $ 12,449 ​ Net income ​ — ​ — — ​ — ​ — ​ 573 ​ — ​ 573 ​ Other comprehensive loss — ​ — — ​ — ​ — ​ — ​ ( 29 ) ​ ( 29 ) ​ Share-based compensation expense — ​ — — ​ — ​ 31 ​ — ​ — ​ 31 ​ Dividends — ​ — — ​ — ​ — ​ 6 ​ — ​ 6 ​ Exercise of share options — ​ — 1 ​ 19 ​ — ​ — ​ — ​ 19 ​ Restricted share award vestings and other activity — ​ — — ​ 38 ​ ( 31 ) ​ ( 15 ) ​ — ​ ( 8 ) ​ Repurchase of common shares — ​ — ( 3 ) ​ ( 409 ) ​ — ​ — ​ — ​ ( 409 ) ​ Balance at June 28, 2024 ​ 316 ​ $ 139 ( 12 ) ​ $ ( 1,647 ) ​ $ — ​ $ 14,253 ​ $ ( 113 ) ​ $ 12,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended June 28, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Shares ​ ​ ​ ​ ​ ​ Other ​ Total ​ ​ ​ Common Shares ​ Held in Treasury ​ Contributed ​ Accumulated ​ Comprehensive ​ Shareholders' ​ ​ Shares Amount Shares Amount Surplus Earnings Income (Loss) Equity ​ ​ (in millions) ​ Balance at September 29, 2023 322 ​ $ 142 ( 10 ) ​ $ ( 1,380 ) ​ $ — ​ $ 12,947 ​ $ ( 158 ) ​ $ 11,551 ​ Net income ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 2,917 ​ ​ — ​ ​ 2,917 ​ Other comprehensive income — ​ — — ​ — ​ — ​ — ​ 45 ​ 45 ​ Share-based compensation expense — ​ — — ​ — ​ 100 ​ — ​ — ​ 100 ​ Dividends — ​ — — ​ — ​ — ​ ( 789 ) ​ — ​ ( 789 ) ​ Exercise of share options — ​ — 1 ​ 52 ​ — ​ — ​ — ​ 52 ​ Restricted share award vestings and other activity — ​ — — ​ 169 ​ ( 100 ) ​ ( 78 ) ​ — ​ ( 9 ) ​ Repurchase of common shares — ​ — ( 9 ) ​ ( 1,235 ) ​ — ​ — ​ — ​ ( 1,235 ) ​ Cancellation of treasury shares ​ ( 6 ) ​ ( 3 ) 6 ​ 747 ​ — ​ ( 744 ) ​ — ​ — ​ Balance at June 28, 2024 ​ 316 ​ $ 139 ( 12 ) ​ $ ( 1,647 ) ​ $ — ​ $ 14,253 ​ $ ( 113 ) ​ $ 12,632 ​ See accompanying Notes to Condensed Consolidated Financial Statements. ​ ​ 5 Table of Contents TE CONNECTIVITY PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ ​ 2025 2024 ​ ​ (in millions) ​ Cash flows from operating activities: ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 1,179 ​ $ 2,917 ​ Loss from discontinued operations, net of income taxes ​ — ​ 1 ​ Income from continuing operations ​ 1,179 ​ 2,918 ​ Adjustments to reconcile income from continuing operations to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 594 ​ 594 ​ Deferred income taxes ​ 772 ​ ( 1,190 ) ​ Non-cash lease cost ​ ​ 106 ​ ​ 100 ​ Provision for losses on accounts receivable and inventories ​ 62 ​ 70 ​ Share-based compensation expense ​ 105 ​ 100 ​ Other ​ 60 ​ 53 ​ Changes in assets and liabilities, net of the effects of acquisitions and divestitures: ​ ​ ​ ​ ​ ​ ​ Accounts receivable, net ​ ( 391 ) ​ 82 ​ Inventories ​ ( 299 ) ​ ( 127 ) ​ Prepaid expenses and other current assets ​ 31 ​ 12 ​ Accounts payable ​ 298 ​ 99 ​ Accrued and other current liabilities ​ ( 76 ) ​ ( 324 ) ​ Income taxes ​ 172 ​ 28 ​ Other ​ 105 ​ 20 ​ Net cash provided by operating activities ​ 2,718 ​ 2,435 ​ Cash flows from investing activities: ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ( 665 ) ​ ( 467 ) ​ Proceeds from sale of property, plant, and equipment ​ 7 ​ 12 ​ Acquisition of businesses, net of cash acquired ​ ( 2,628 ) ​ ( 339 ) ​ Proceeds from divestiture of business, net of cash retained by business sold ​ ​ — ​ ​ 59 ​ Other ​ ( 12 ) ​ ( 9 ) ​ Net cash used in investing activities ​ ( 3,298 ) ​ ( 744 ) ​ Cash flows from financing activities: ​ ​ ​ ​ ​ ​ ​ Net decrease in commercial paper ​ ( 255 ) ​ ( 21 ) ​ Proceeds from issuance of debt ​ 2,231 ​ — ​ Repayment of debt ​ ( 580 ) ​ ( 2 ) ​ Proceeds from exercise of share options ​ 101 ​ 52 ​ Repurchase of ordinary/common shares ​ ( 910 ) ​ ( 1,301 ) ​ Payment of ordinary/common share dividends to shareholders ​ ( 594 ) ​ ( 564 ) ​ Other ​ ( 56 ) ​ ( 39 ) ​ Net cash used in financing activities ​ ( 63 ) ​ ( 1,875 ) ​ Effect of currency translation on cash ​ ( 4 ) ​ ( 8 ) ​ Net decrease in cash, cash equivalents, and restricted cash ​ ( 647 ) ​ ( 192 ) ​ Cash, cash equivalents, and restricted cash at beginning of period ​ 1,319 ​ 1,661 ​ Cash, cash equivalents, and restricted cash at end of period ​ $ 672 ​ $ 1,469 ​ See accompanying Notes to Condensed Consolidated Financial Statements. ​ ​ 6 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. Basis of Presentation and Accounting Pronouncement The unaudited Condensed Consolidated Financial Statements of TE Connectivity plc (“TE Connectivity” or the “Company,” which may be referred to as “we,” “us,” or “our”) have been prepared in United States (“U.S.”) dollars, in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and the instructions to Form 10-Q under the Securities Exchange Act of 1934. In management’s opinion, the unaudited Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of interim results. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire fiscal year or any subsequent interim period. The year-end balance sheet data was derived from audited financial statements, but does not include all of the information and disclosures required by GAAP. These financial statements should be read in conjunction with our audited Consolidated Financial Statements contained in our Annual Report on Form 10-K for the fiscal year ended September 27, 2024. Unless otherwise indicated, references in the Condensed Consolidated Financial Statements to fiscal 2025 and fiscal 2024 are to our fiscal years ending September 26, 2025 and ended September 27, 2024, respectively. Change in Place of Incorporation The merger between TE Connectivity Ltd., our former parent entity, and TE Connectivity plc, its wholly-owned subsidiary, was completed on September 30, 2024. TE Connectivity plc, a public limited company incorporated under Irish law, was the surviving entity and, as a result, our jurisdiction of incorporation changed from Switzerland to Ireland. Shareholders received one ordinary share of TE Connectivity plc for each common share of TE Connectivity Ltd. held immediately prior to the merger and change in place of incorporation. Effective for fiscal 2025, we are organized under the laws of Ireland. 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. New Segment Structure Effective for fiscal 2025, we reorganized our management and segments to align the organization around our current strategy. Our businesses in the former Communications Solutions segment have been moved into the Industrial Solutions segment. Also, the appliances and industrial equipment businesses have been combined to form the automation and connected living business. In addition, we realigned certain product lines and businesses from the Industrial Solutions and former Communications Solutions segments to the Transportation Solutions segment. The following represents the new segment structure: ● Transportation Solutions —This segment contains our automotive, commercial transportation, and sensors businesses. ● Industrial Solutions —This segment contains our aerospace, defense, and marine; medical; energy; digital data networks (historically referred to as data and devices); and automation and connected living businesses. 7 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Recently Issued Accounting Pronouncement In March 2024, the U.S. 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. 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. 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. The rules are effective for us on a phased-in timeline starting in fiscal 2026; 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. Court of Appeals for the Eighth Circuit. Also, the SEC has informed the Eighth Circuit that although the SEC has ended its defense of the climate disclosure rules, it would like the Court to rule on the merits of the pending challenges to the adopted climate disclosure rules. We continue to monitor developments pertaining to the rules and any potential impacts on our Consolidated Financial Statements. 2. Restructuring and Other Charges, Net Net restructuring and other charges consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ 2025 2024 2025 2024 ​ ​ (in millions) ​ Restructuring charges, net ​ $ 10 ​ $ 16 ​ $ 97 ​ $ 57 ​ Gain on divestiture ​ ​ ( 1 ) ​ ​ ( 21 ) ​ ​ ( 1 ) ​ ​ ( 10 ) ​ Costs related to change in place of incorporation ​ ​ — ​ ​ 3 ​ ​ 11 ​ ​ 11 ​ Other charges, net ​ 5 ​ 8 ​ 2 ​ 9 ​ Restructuring and other charges, net ​ $ 14 ​ $ 6 ​ $ 109 ​ $ 67 ​ ​ Restructuring Charges, Net Net restructuring charges by segment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ 2025 2024 2025 2024 ​ ​ (in millions) ​ Transportation Solutions ​ $ 7 ​ $ 9 ​ $ 66 ​ $ 26 ​ Industrial Solutions ​ 3 ​ 7 ​ 31 ​ 31 ​ Restructuring charges, net ​ $ 10 ​ $ 16 ​ $ 97 ​ $ 57 ​ ​ 8 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Activity in our restructuring reserves was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Balance at ​ ​ September 27, ​ ​ ​ ​ Changes in ​ Cash ​ Non-Cash ​ Translation ​ June 27, ​ ​ 2024 Charges Estimate Payments Items and Other 2025 ​ ​ (in millions) ​ Fiscal 2025 Actions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee severance ​ $ — ​ $ 77 ​ $ — ​ $ ( 15 ) ​ $ — ​ $ 5 ​ $ 67 ​ Property, plant, and equipment ​ ​ — ​ ​ 3 ​ ​ — ​ ​ — ​ ​ ( 3 ) ​ ​ — ​ ​ — ​ Total ​ ​ — ​ ​ 80 ​ ​ — ​ ​ ( 15 ) ​ ​ ( 3 ) ​ ​ 5 ​ ​ 67 ​ Fiscal 2024 Actions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee severance ​ ​ 72 ​ ​ 2 ​ ​ ( 2 ) ​ ​ ( 35 ) ​ ​ — ​ ​ 1 ​ ​ 38 ​ Property, plant, and equipment ​ ​ — ​ ​ 1 ​ ​ 2 ​ ​ — ​ ​ ( 3 ) ​ ​ — ​ ​ — ​ Total ​ ​ 72 ​ ​ 3 ​ ​ — ​ ​ ( 35 ) ​ ​ ( 3 ) ​ ​ 1 ​ ​ 38 ​ Pre-Fiscal 2024 Actions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee severance ​ ​ 186 ​ ​ 11 ​ ​ ( 6 ) ​ ​ ( 85 ) ​ ​ — ​ ​ ( 3 ) ​ ​ 103 ​ Facility and other exit costs ​ ​ 15 ​ ​ 8 ​ ​ — ​ ​ ( 14 ) ​ ​ — ​ ​ — ​ ​ 9 ​ Property, plant, and equipment ​ ​ — ​ ​ 1 ​ ​ — ​ ​ — ​ ​ ( 1 ) ​ ​ — ​ ​ — ​ Total ​ ​ 201 ​ ​ 20 ​ ​ ( 6 ) ​ ​ ( 99 ) ​ ​ ( 1 ) ​ ​ ( 3 ) ​ ​ 112 ​ Total Activity ​ $ 273 ​ $ 103 ​ $ ( 6 ) ​ $ ( 149 ) ​ $ ( 7 ) ​ $ 3 ​ $ 217 ​ ​ Fiscal 2025 Actions During fiscal 2025, we initiated a restructuring program associated with footprint consolidation and cost structure improvements in both of our segments. During the nine months ended June 27, 2025, we recorded restructuring charges of $ 80 million in connection with this program. We expect to complete all restructuring actions commenced during the nine months ended June 27, 2025 by the end of fiscal 2032 and to incur additional charges of approximately $ 15 million related primarily to facility exit costs in the Industrial Solutions segment. Fiscal 2024 Actions 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 the nine months ended June 27, 2025 and June 28, 2024, we recorded restructuring charges of $ 3 million and $ 24 million, respectively. We expect to complete all restructuring actions commenced during fiscal 2024 by the end of fiscal 2025 and anticipate that additional charges related to actions commenced during fiscal 2024 will be insignificant. Pre-Fiscal 2024 Actions During the nine months ended June 27, 2025 and June 28, 2024, we recorded net restructuring charges of $ 14 million and $ 33 million, respectively, related to pre-fiscal 2024 actions. We expect to incur additional charges of approximately $ 10 million in connection with the restructuring actions commenced prior to fiscal 2024. ​ 9 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Total Restructuring Reserves Restructuring reserves included on the Condensed Consolidated Balance Sheets were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ September 27, ​ ​ 2025 2024 ​ ​ (in millions) ​ Accrued and other current liabilities ​ $ 185 ​ $ 233 ​ Other liabilities ​ 32 ​ 40 ​ Restructuring reserves ​ $ 217 ​ $ 273 ​ ​ Divestiture During the nine months ended June 28, 2024, we sold one business for net cash proceeds of $ 59 million. In connection with the divestiture, we recorded a pre-tax gain on sale of $ 10 million in the nine months ended June 28, 2024. The business sold was reported in our Transportation Solutions segment. Change in Place of Incorporation During both the nine months ended June 27, 2025 and June 28, 2024, we incurred costs of $ 11 million related to our change in place of incorporation from Switzerland to Ireland. See Note 1 for additional information regarding the change. ​ 3. Acquisitions Richards Manufacturing Co. On April 1, 2025, we acquired 100 % of Richards Manufacturing Co. (“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. The transaction is subject to customary post-closing adjustments. The acquired business has been reported as part of the energy business within our Industrial Solutions segment from the date of acquisition. The Richards Manufacturing acquisition was accounted for under the provisions of Accounting Standards Codification 805, Business Combinations . We have preliminarily allocated the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. 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. The amount of these potential adjustments could be significant. We expect to complete the purchase price allocation during the third quarter of fiscal 2026. ​ 10 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) 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: ​ ​ ​ ​ ​ ​ ​ (in millions) Cash and cash equivalents ​ $ 41 ​ Accounts receivable ​ ​ 47 ​ Inventories ​ ​ 167 ​ Other current assets ​ 6 ​ Property, plant, and equipment ​ ​ 62 ​ Goodwill ​ 1,142 ​ Intangible assets ​ ​ 1,120 ​ Other noncurrent assets ​ 4 ​ Total assets acquired ​ 2,589 ​ Accounts payable ​ ​ 18 ​ Other current liabilities ​ ​ 15 ​ Deferred income taxes ​ 204 ​ Other noncurrent liabilities ​ 4 ​ Total liabilities assumed ​ 241 ​ Net assets acquired ​ 2,348 ​ Cash and cash equivalents acquired ​ ( 41 ) ​ Net cash paid ​ $ 2,307 ​ ​ 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. 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. The valuation of tangible assets was derived using a combination of the income, market, and cost approaches. Significant judgments used in valuing tangible assets include estimated selling prices, costs to complete, and reasonable profit. 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. Intangible assets acquired consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ Amortization ​ ​ ​ Amount Period ​ ​ (in millions) ​ (in years) ​ Customer relationships ​ $ 1,000 ​ 20 ​ Developed technology ​ 90 ​ 16 ​ Trade names and trademarks ​ 30 ​ 10 ​ Total ​ $ 1,120 ​ 19 ​ ​ The acquired intangible assets are being amortized on a straight-line basis over their expected useful lives. Goodwill of $ 1,142 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. 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. The goodwill has been allocated to the Industrial Solutions segment and is not deductible for tax purposes. However, prior to being acquired by us, Richards Manufacturing completed certain acquisitions that resulted in goodwill with an estimated value of $ 156 million that is deductible primarily for U.S. tax purposes, which we will deduct through 2036. ​ 11 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) During the quarter ended June 27, 2025, Richards Manufacturing contributed net sales of $ 73 million and an operating loss of $ 8 million to our Condensed Consolidated Statement of Operations. The operating loss included acquisition costs of $ 21 million, charges of $ 3 million associated with the amortization of acquisition-related fair value adjustments related to acquired inventories, and integration costs of $ 1 million. Pro Forma Financial Information 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pro Forma for the ​ Pro Forma for the ​ ​ ​ Quarters Ended ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ ​ 2025 2024 ​ 2025 2024 ​ ​ ​ (in millions, except per share data) ​ Net sales ​ $ 4,534 ​ $ 4,077 ​ $ 12,695 ​ $ 12,030 ​ Net income ​ ​ 650 ​ 575 ​ ​ 1,182 ​ 2,887 ​ Diluted earnings per share ​ $ 2.18 ​ $ 1.87 ​ $ 3.94 ​ $ 9.31 ​ ​ 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. The significant pro forma adjustments, which are described below, are net of income tax expense (benefit) at the statutory rate. Pro forma results for the quarter ended June 27, 2025 were adjusted to exclude $ 16 million of acquisition costs. Pro forma results for the quarter ended June 27, 2025 were also adjusted to include $ 6 million of interest expense based on pro forma changes in our capital structure. Pro forma results for the quarter ended June 28, 2024 were adjusted to include $ 14 million of interest expense based on pro forma changes in our capital structure and $ 8 million of charges related to the amortization of the fair value of acquired intangible assets. Pro forma results for the nine months ended June 27, 2025 were adjusted to exclude $ 18 million of acquisition costs. Pro forma results for the nine months ended June 27, 2025 were also adjusted to include $ 34 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. Pro forma results for the nine months ended June 28, 2024 were adjusted to include $ 43 million of interest expense based on pro forma changes in our capital structure, $ 25 million of charges related to the amortization of the fair value of acquired intangible assets, $ 18 million of acquisition costs, and $ 8 million of charges related to the fair value adjustment to acquisition-date inventories. Pro forma results do not include any anticipated synergies or other anticipated benefits of the acquisition. 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. ​ 12 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Other Acquisitions During the nine months ended June 27, 2025, we acquired two additional businesses for a combined cash purchase price of $ 321 million, net of cash acquired. 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; therefore, the current allocation is subject to adjustment upon finalization of the valuations. The amount of these potential adjustments could be significant. 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. 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. 4. Inventories Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ September 27, ​ ​ 2025 2024 ​ ​ (in millions) ​ Raw materials ​ $ 441 ​ $ 328 ​ Work in progress ​ 1,167 ​ 1,063 ​ Finished goods ​ 1,224 ​ 1,126 ​ Inventories ​ $ 2,832 ​ $ 2,517 ​ ​ ​ 5. Goodwill The changes in the carrying amount of goodwill by segment were as follows (1) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transportation Industrial ​ ​ ​ ​ Solutions ​ Solutions ​ Total ​ ​ ​ (in millions) ​ September 27, 2024 (2) ​ $ 1,584 ​ $ 4,217 ​ $ 5,801 ​ Acquisitions and purchase accounting adjustments ​ ​ — ​ ​ 1,345 ​ ​ 1,345 ​ Currency translation ​ 27 ​ 78 ​ 105 ​ June 27, 2025 (2) ​ $ 1,611 ​ $ 5,640 ​ $ 7,251 ​ (1) In connection with the reorganization of our segments, goodwill was reallocated to reporting units using a relative fair value approach. See Note 1 for additional information regarding our new segment structure. (2) At June 27, 2025 and September 27, 2024, accumulated impairment losses for the Transportation Solutions and Industrial Solutions segments were $ 3,091 million and $ 1,158 million, respectively. ​ 13 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) During the quarter ended June 27, 2025, we completed the acquisition of Richards Manufacturing and recognized $ 1,142 million of goodwill which benefits the Industrial Solutions segment. Also, during the nine months ended June 27, 2025, we recognized goodwill in the Industrial Solutions segment in connection with other recent acquisitions. See Note 3 for additional information regarding acquisitions. 6. Intangible Assets, Net Net intangible assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, 2025 ​ September 27, 2024 ​ ​ Gross ​ ​ Net Gross ​ ​ Net ​ ​ ​ Carrying ​ Accumulated ​ Carrying ​ Carrying ​ Accumulated ​ Carrying ​ ​ ​ Amount ​ Amortization ​ Amount ​ Amount ​ Amortization ​ Amount ​ ​ (in millions) ​ Customer relationships ​ $ 3,036 ​ $ ( 1,077 ) ​ $ 1,959 ​ $ 1,901 ​ $ ( 948 ) ​ $ 953 ​ Intellectual property ​ ​ 790 ​ ​ ( 478 ) ​ ​ 312 ​ ​ 686 ​ ​ ( 481 ) ​ ​ 205 ​ Other ​ 23 ​ ( 8 ) ​ 15 ​ 23 ​ ( 7 ) ​ 16 ​ Total ​ $ 3,849 ​ $ ( 1,563 ) ​ $ 2,286 ​ $ 2,610 ​ $ ( 1,436 ) ​ $ 1,174 ​ ​ During the nine months ended June 27, 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 $ 52 million and $ 41 million for the quarters ended June 27, 2025 and June 28, 2024, respectively, and $ 132 million and $ 126 million for the nine months ended June 27, 2025 and June 28, 2024, respectively. At June 27, 2025, the aggregate amortization expense on intangible assets is expected to be as follows: ​ ​ ​ ​ ​ ​ (in millions) Remainder of fiscal 2025 ​ $ 58 ​ Fiscal 2026 ​ ​ 228 ​ Fiscal 2027 ​ 209 ​ Fiscal 2028 ​ 172 ​ Fiscal 2029 ​ 165 ​ Fiscal 2030 ​ 157 ​ Thereafter ​ 1,297 ​ Total ​ $ 2,286 ​ ​ 7. Debt During the quarter ended June 27, 2025, Tyco Electronics Group S.A. (“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, and $ 450 million aggregate principal amount of 5.00 % senior notes due in May 2035. In connection with the issuance of these senior notes, we voluntarily elected to terminate the $ 1.5 billion 364-day credit agreement, dated as of March 14, 2025. The net proceeds from these senior notes were used for general corporate purposes, including the repayment of indebtedness incurred in connection with the acquisition of Richards Manufacturing. See Note 3 for additional information regarding this acquisition. ​ 14 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) During the nine months ended June 27, 2025, TEGSA issued € 750 million aggregate principal amount of 3.25 % senior notes due in January 2033. The notes issued during the quarter and nine months ended June 27, 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. During the nine months ended June 27, 2025, TEGSA repaid, at maturity, € 550 million of 0.00 % senior notes due in February 2025. During the nine months ended June 27, 2025, we reclassified $ 500 million of 4.50 % senior notes and $ 350 million of 3.70 % senior notes, both due in February 2026, from long-term debt to short-term debt on the Condensed Consolidated Balance Sheet. At September 27, 2024, TEGSA had $ 255 million of commercial paper outstanding at a weighted-average interest rate of 4.95 %. TEGSA had no commercial paper outstanding at June 27, 2025. Payment obligations under TEGSA’s senior notes, commercial paper, and five-year unsecured senior revolving 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. The fair value of our debt, based on indicative valuations, was approximately $ 5,679 million and $ 4,190 million at June 27, 2025 and September 27, 2024, respectively. 8. Leases The components of lease cost were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ 2025 2024 2025 2024 ​ (in millions) Operating lease cost ​ $ 37 ​ $ 33 ​ $ 106 ​ $ 100 ​ Variable lease cost ​ ​ 14 ​ ​ 13 ​ ​ 43 ​ ​ 38 ​ Total lease cost ​ $ 51 ​ $ 46 ​ $ 149 ​ $ 138 ​ ​ Cash flow information, including significant non-cash transactions, related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ ​ 2025 2024 ​ (in millions) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Payments for operating leases (1) ​ $ 108 ​ $ 105 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets, including modifications of existing leases, obtained in exchange for operating lease liabilities ​ ​ 125 ​ ​ 144 ​ (1) These payments are included in cash flows from operating activities, primarily in changes in accrued and other current liabilities. ​ 15 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) 9. Commitments and Contingencies Legal Proceedings 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. 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. Environmental Matters We are involved in various stages of investigation and cleanup related to environmental remediation matters at a number of sites. The ultimate cost of site cleanup is difficult to predict given the uncertainties regarding the extent of the required cleanup, the interpretation of applicable laws and regulations, and alternative cleanup methods. As of June 27, 2025, we concluded that we would incur investigation and remediation costs at these sites in the reasonably possible range of $ 18 million to $ 44 million, and we accrued $ 21 million as the probable loss, which was the best estimate within this range. 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. Guarantees 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. At June 27, 2025, we had outstanding letters of credit, letters of guarantee, and surety bonds of $ 217 million. Supply Chain Finance Program We have an agreement with a financial institution that allows participating suppliers the ability to finance payment obligations. The financial institution has separate arrangements with the suppliers and provides them with the option to request early payment for invoices. We do not determine the terms or conditions of the arrangement between the financial institution and suppliers. 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. The outstanding payment obligations under our supply chain finance program, which are included in accounts payable on our Condensed Consolidated Balance Sheets, were $ 95 million and $ 105 million at June 27, 2025 and September 27, 2024, respectively. ​ 16 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) 10. Financial Instruments Foreign Currency Exchange Rate Risk As part of managing the exposure to changes in foreign currency exchange rates, we utilize cross-currency swap contracts and foreign currency forward contracts, a portion of which are designated as cash flow hedges. The objective of these contracts is to minimize impacts to cash flows and profitability due to changes in foreign currency exchange rates on intercompany and other cash transactions. 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 Condensed Consolidated Statement of Operations within the next twelve months. Hedge of Net Investment We hedge our net investment in certain foreign operations using intercompany loans and external borrowings denominated in the same currencies. The aggregate notional value of these hedges was $ 4,206 million and $ 2,417 million at June 27, 2025 and September 27, 2024, respectively. We also use a cross-currency swap program to hedge our net investment in certain foreign operations. The aggregate notional value of the contracts under this program was $ 5,665 million and $ 5,367 million at June 27, 2025 and September 27, 2024, respectively. Under the terms of these contracts, we receive interest in U.S. dollars at a weighted-average rate of 2.0 % per annum and pay no interest. Upon the maturity of these contracts at various dates through fiscal 2029, we will pay the notional value of the contracts in the designated foreign currency and receive U.S. dollars from our counterparties. We are not required to provide collateral for these contracts. These cross-currency swap contracts were recorded on the Condensed Consolidated Balance Sheets as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ September 27, ​ ​ 2025 2024 ​ ​ (in millions) ​ Prepaid expenses and other current assets ​ $ 16 ​ $ 31 ​ Other assets ​ 9 ​ 11 ​ Accrued and other current liabilities ​ ​ 108 ​ ​ 51 ​ Other liabilities ​ ​ 251 ​ ​ 99 ​ ​ The impacts of our hedge of net investment programs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ ​ Quarters Ended ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ 2025 2024 2025 2024 ​ ​ (in millions) ​ Foreign currency exchange gains (losses) on intercompany loans and external borrowings (1) ​ $ ( 228 ) ​ $ 29 ​ $ ( 189 ) ​ $ 7 ​ Gains (losses) on cross-currency swap contracts designated as hedges of net investment (1) ​ ( 336 ) ​ 48 ​ ( 158 ) ​ 10 ​ (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. 17 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Commodity Hedges As part of managing the exposure to certain commodity price fluctuations, we utilize commodity swap contracts. The objective of these contracts is to minimize impacts to cash flows and profitability due to changes in prices of commodities used in production. These contracts had an aggregate notional value of $ 527 million and $ 488 million at June 27, 2025 and September 27, 2024, respectively, and were designated as cash flow hedges. These commodity swap contracts were recorded on the Condensed Consolidated Balance Sheets as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ September 27, ​ ​ 2025 2024 ​ ​ (in millions) ​ Prepaid expenses and other current assets ​ $ 74 ​ $ 52 ​ Other assets ​ 7 ​ 4 ​ Accrued and other current liabilities ​ ​ 2 ​ ​ 1 ​ Other liabilities ​ ​ 2 ​ ​ — ​ ​ The impacts of our commodity swap contracts were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ 2025 2024 2025 2024 ​ ​ (in millions) ​ Gains recorded in other comprehensive income (loss) ​ $ 7 ​ $ 23 ​ $ 59 $ 62 ​ Gains reclassified from accumulated other comprehensive income (loss) into cost of sales ​ ​ 16 ​ ​ 8 ​ ​ 38 ​ ​ 4 ​ ​ We expect that significantly all of the balance in accumulated other comprehensive income (loss) associated with commodity hedges will be reclassified into the Condensed Consolidated Statement of Operations within the next twelve months. 11. Retirement Plans The net periodic pension benefit cost for all non-U.S. and U.S. defined benefit pension plans was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-U.S. Plans ​ U.S. Plans ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Quarters Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ 2025 2024 2025 2024 ​ ​ (in millions) ​ Operating expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 7 ​ $ 6 ​ $ 1 ​ $ 2 ​ Other (income) expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 16 ​ 16 ​ 9 ​ 10 ​ Expected returns on plan assets ​ ( 14 ) ​ ( 12 ) ​ ( 11 ) ​ ( 10 ) ​ Amortization of net actuarial loss ​ 2 ​ 1 ​ 1 ​ 1 ​ Amortization of prior service credit ​ ( 1 ) ​ ( 1 ) ​ — ​ — ​ Net periodic pension benefit cost ​ $ 10 ​ $ 10 ​ $ — ​ $ 3 ​ ​ 18 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-U.S. Plans ​ U.S. Plans ​ ​ ​ For the ​ For the ​ ​ ​ Nine Months Ended ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ 2025 2024 2025 2024 ​ ​ (in millions) ​ Operating expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 23 ​ $ 20 ​ $ 5 ​ $ 6 ​ Other (income) expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 47 ​ 46 ​ 25 ​ 29 ​ Expected returns on plan assets ​ ( 44 ) ​ ( 37 ) ​ ( 33 ) ​ ( 29 ) ​ Amortization of net actuarial loss ​ 6 ​ 3 ​ 3 ​ 3 ​ Amortization of prior service credit ​ ( 3 ) ​ ( 3 ) ​ — ​ — ​ Net periodic pension benefit cost ​ $ 29 ​ $ 29 ​ $ — ​ $ 9 ​ ​ During the nine months ended June 27, 2025, we contributed $ 36 million and $ 15 million to our non-U.S. and U.S. pension plans, respectively. 12. Income Taxes We recorded income tax expense of $ 208 million and $ 181 million for the quarters ended June 27, 2025 and June 28, 2024, respectively. We recorded income tax expense of $ 1,128 million and an income tax benefit of $ 778 million for the nine months ended June 27, 2025 and June 28, 2024, respectively. The income tax expense for the nine months ended June 27, 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. 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. In addition, the income tax expense for nine months ended June 27, 2025 included $ 13 million of income tax expense related to the revaluation of deferred tax assets as a result of a decrease in the corporate tax rate in a non-U.S. jurisdiction. The income tax benefit for the nine months ended June 28, 2024 included an $ 874 million net income tax benefit associated with the same ten-year tax credit obtained by a Swiss subsidiary mentioned above and 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. In addition, the income tax benefit for the nine months ended June 28, 2024 included 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. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted. The OBBBA includes significant changes to U.S. tax law, including modifications to international tax provisions, making bonus depreciation permanent, enabling domestic research cost expensing, and adjusting the business interest expense limitation. We are in the process of evaluating the impact of the OBBBA on our Consolidated Financial Statements. Although it is difficult to predict the timing or results of our worldwide examinations, we estimate that, as of June 27, 2025, approximately $ 30 million of unrecognized income tax benefits, excluding the impact relating to accrued interest and penalties, could be resolved within the next twelve months. 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 Condensed Consolidated Balance Sheet as of June 27, 2025. 19 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Global Minimum Tax The OECD and participating countries continue to enact the 15% global minimum tax. 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 of the elements of the global minimum tax. Ireland has implemented elements of the OECD’s global minimum tax rules which were effective for us beginning in fiscal 2025. 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. The January 2025 OECD guidance was enacted into law in Switzerland and as a result, as discussed above, during the nine months ended June 27, 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. We anticipate further legislative activity and administrative guidance throughout fiscal 2025. We continue to monitor evolving tax legislation in the jurisdictions within which we operate. 13. Earnings Per Share The weighted-average number of shares outstanding used in the computations of basic and diluted earnings per share were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ 2025 2024 2025 2024 ​ ​ (in millions) ​ Basic ​ 296 ​ 306 ​ 298 ​ 308 ​ Dilutive impact of share-based compensation arrangements ​ 2 ​ 2 ​ 2 ​ 2 ​ Diluted ​ 298 ​ 308 ​ 300 ​ 310 ​ ​ 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 ordinary/common shares and inclusion would be antidilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ 2025 2024 2025 2024 ​ ​ (in millions) ​ Antidilutive share options 1 ​ 1 ​ 1 ​ 1 ​ ​ 20 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) ​ 14. Shareholders’ Equity Ordinary Shares Effective for fiscal 2025, we are organized under the laws of Ireland. The rights of holders of our shares are governed by Irish law and our Irish articles of association. The par value of our ordinary shares is stated in U.S. dollars. As discussed in Note 1, pursuant to the terms of a merger agreement between TE Connectivity Ltd. 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. held immediately prior to the merger and change in place of incorporation. 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. This authorization will need to be renewed by ordinary resolution upon its expiration and at periodic intervals thereafter. The authorized but unissued share capital may be increased or reduced by way of an ordinary resolution of shareholders. The shares comprising the authorized share capital may be divided into shares of such par value as the resolution shall prescribe. Ordinary Shares Held in Treasury All treasury shares held as of September 27, 2024 were cancelled at the beginning of fiscal 2025 in connection with our change in place of incorporation. See Note 1 for additional information regarding our change in place of incorporation. Authorized Share Capital 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. The ordinary class A shares and preferred shares were re-acquired and cancelled following the merger. No preferred shares and no ordinary class A shares were outstanding at June 27, 2025. 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 June 27, 2025. 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 As a result of cumulative equity transactions, including dividend activity and treasury share cancellations, our contributed surplus balance was reduced to zero with residual activity recorded against accumulated earnings as reflected on the Condensed Consolidated Statement of Shareholders’ Equity. 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. 21 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Dividends We paid cash dividends to shareholders as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ Quarters Ended ​ Nine Months Ended ​ June 27, June 28, June 27, June 28, ​ 2025 2024 2025 2024 Dividends paid per ordinary/common share ​ $ 0.71 ​ $ 0.65 ​ $ 2.01 ​ $ 1.83 ​ ​ In June 2025 , our board of directors declared a regular quarterly dividend of $ 0.71 per ordinary share, payable on September 12, 2025 , to shareholders of record on August 22, 2025 . As a result of our change in place of incorporation, dividends on our ordinary shares, if any, are now declared on a quarterly basis by our board of directors, as provided by Irish law. Shareholder approval is no longer required. As an Irish company, dividends will be made from accumulated earnings as defined under accounting practices generally accepted in Ireland (“Irish GAAP”). Share Repurchase Program During the nine months ended June 27, 2025, our board of directors authorized an increase of $ 2.5 billion in our share repurchase program. Ordinary/common shares repurchased under the share repurchase program were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ ​ 2025 2024 ​ ​ (in millions) ​ Number of ordinary/common shares repurchased ​ 6 ​ 9 ​ Repurchase value $ 916 $ 1,235 ​ ​ At June 27, 2025, we had $ 1.8 billion of availability remaining under our share repurchase authorization. ​ 15. Share Plans Share-based compensation expense, which was included in selling, general, and administrative expenses on the Condensed Consolidated Statements of Operations, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ 2025 2024 2025 2024 ​ ​ (in millions) ​ Share-based compensation expense $ 36 $ 31 ​ $ 105 $ 100 ​ ​ As of June 27, 2025, there was $ 172 million of unrecognized compensation expense related to share-based awards, which is expected to be recognized over a weighted-average period of 1.7 years. 22 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) During the quarter ended December 27, 2024, we granted the following share-based awards as part of our annual incentive plan grant: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant-Date ​ ​ Shares Fair Value ​ ​ (in millions) ​ ​ ​ ​ Share options ​ 0.7 ​ $ 46.45 ​ Restricted share awards ​ 0.4 ​ 153.25 ​ Performance share awards ​ 0.1 ​ ​ 153.25 ​ ​ As of June 27, 2025, we had 18 million shares available for issuance under the TE Connectivity plc 2024 Stock and Incentive Plan, amended and restated as of September 30, 2024. Share-Based Compensation Assumptions The assumptions we used in the Black-Scholes-Merton option pricing model for the options granted as part of our annual incentive plan grant were as follows: ​ ​ ​ ​ ​ ​ Expected share price volatility 31 % Risk-free interest rate ​ 4.5 % ​ Expected annual dividend per share ​ $ 2.60 ​ ​ Expected life of options (in years) ​ 5.3 ​ ​ ​ ​ 16. Segment and Geographic Data Effective for fiscal 2025, we reorganized our management and segments to align the organization around our current strategy. See Note 1 for additional information regarding our new segment structure. The following segment information reflects the new segment reporting structure. Prior period segment results have been recast to conform to the new segment structure. ​ 23 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Net sales by segment (1) and industry end market (2) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ 2025 2024 2025 2024 ​ ​ (in millions) ​ Transportation Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Automotive ​ $ 1,805 ​ $ 1,748 ​ $ 5,262 ​ $ 5,316 ​ Commercial transportation ​ 377 ​ 363 ​ 1,046 ​ 1,103 ​ Sensors ​ 236 ​ 240 ​ 667 ​ 732 ​ Total Transportation Solutions ​ ​ 2,418 ​ ​ 2,351 ​ ​ 6,975 ​ ​ 7,151 ​ Industrial Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Automation and connected living ​ ​ 571 ​ ​ 519 ​ ​ 1,562 ​ ​ 1,483 ​ Aerospace, defense, and marine ​ 374 ​ 345 ​ 1,082 ​ 977 ​ Digital data networks ​ ​ 606 ​ ​ 329 ​ ​ 1,501 ​ ​ 881 ​ Energy ​ 384 ​ 226 ​ 879 ​ 665 ​ Medical ​ ​ 181 ​ ​ 209 ​ ​ 514 ​ ​ 620 ​ Total Industrial Solutions ​ ​ 2,116 ​ ​ 1,628 ​ ​ 5,538 ​ ​ 4,626 ​ Total ​ $ 4,534 ​ $ 3,979 ​ $ 12,513 ​ $ 11,777 ​ (1) Intersegment sales were not material. (2) 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 (1) and segment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ 2025 2024 2025 2024 ​ ​ (in millions) ​ Europe/Middle East/Africa (“EMEA”): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ $ 886 ​ $ 882 ​ $ 2,425 ​ $ 2,725 ​ Industrial Solutions ​ 659 ​ 584 ​ 1,762 ​ 1,704 ​ Total EMEA ​ 1,545 ​ 1,466 ​ 4,187 ​ 4,429 ​ Asia–Pacific: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ ​ 1,016 ​ ​ 901 ​ ​ 3,110 ​ ​ 2,803 ​ Industrial Solutions ​ 644 ​ 432 ​ 1,695 ​ 1,166 ​ Total Asia–Pacific ​ 1,660 ​ 1,333 ​ 4,805 ​ 3,969 ​ Americas: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ ​ 516 ​ ​ 568 ​ ​ 1,440 ​ ​ 1,623 ​ Industrial Solutions ​ 813 ​ 612 ​ 2,081 ​ 1,756 ​ Total Americas ​ 1,329 ​ 1,180 ​ 3,521 ​ 3,379 ​ Total ​ $ 4,534 ​ $ 3,979 ​ $ 12,513 ​ $ 11,777 ​ (1) Net sales to external customers are attributed to individual countries based on the legal entity that records the sale. 24 Table of Contents TE CONNECTIVITY PLC NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Operating income by segment was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Nine Months Ended ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ 2025 2024 2025 2024 ​ ​ (in millions) ​ Transportation Solutions ​ $ 462 ​ $ 506 ​ $ 1,353 ​ $ 1,470 ​ Industrial Solutions ​ ​ 395 ​ ​ 249 ​ ​ 942 ​ ​ 675 ​ Total ​ $ 857 ​ $ 755 ​ $ 2,295 ​ $ 2,145 ​ ​ Segment assets and a reconciliation of segment assets to total assets were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Assets ​ ​ ​ June 27, ​ September 27, ​ ​ 2025 2024 ​ ​ (in millions) ​ Transportation Solutions ​ $ 6,113 ​ $ 5,758 ​ Industrial Solutions ​ 4,363 ​ 3,717 ​ Total segment assets (1) ​ 10,476 ​ 9,475 ​ Other current assets ​ 1,342 ​ 2,059 ​ Other non-current assets ​ 13,048 ​ 11,320 ​ Total assets ​ $ 24,866 ​ $ 22,854 ​ (1) Segment assets are composed of accounts receivable, inventories, and net property, plant, and equipment. ​ ​ ​ 25 Table of Contents