TE Connectivity Ltd. Files 10-Q for Period Ending March 29, 2024

TL;DR

<b>TE Connectivity Ltd. has submitted its quarterly 10-Q filing for the period ending March 29, 2024, detailing key financial statement components and referencing various interest rate benchmarks.</b>

AI Summary

TE Connectivity Ltd. (TEL) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. TE Connectivity Ltd. filed a 10-Q report for the period ending March 29, 2024. The filing includes financial data for the periods ending March 29, 2024, September 30, 2023, and March 31, 2023. Key financial statement members such as Common Stock, Treasury Stock, Retained Earnings, and Accumulated Other Comprehensive Income are detailed. The company's fiscal year ends on September 27. The filing references various interest rate benchmarks including Term SOFR, Bank of America base rate, and federal funds effective rate.

Why It Matters

For investors and stakeholders tracking TE Connectivity Ltd., this filing contains several important signals. This 10-Q filing provides investors with an updated view of TE Connectivity's financial health and performance for the most recent quarter, crucial for investment decisions. The inclusion of specific financial statement members and interest rate references offers transparency into the company's balance sheet structure and its exposure to fluctuating interest rate environments.

Risk Assessment

Risk Level: — TE Connectivity Ltd. shows moderate risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not indicate any unusual or significant negative events.

Analyst Insight

Monitor TE Connectivity's subsequent filings for trends in its financial statement components and any changes in its exposure to interest rate fluctuations.

Key Numbers

• 2024-03-29 — Period End Date (10-Q filing period)
• 2024-04-26 — Filing Date (Date the 10-Q was filed)
• 550000000 — Amount (Referenced in relation to financial instruments or debt)

Key Players & Entities

• TE Connectivity Ltd. (company) — Filer name
• Tyco Electronics Ltd. (company) — Former company name
• 2024-03-29 (date) — Period of report
• 2024-04-26 (date) — Filing date
• SOFR (other) — Interest rate benchmark
• Bank of America (company) — Reference for base rate

FAQ

Industry Context

TE Connectivity operates in the electronics components and connectivity solutions industry, serving diverse markets including automotive, industrial, and consumer electronics.

Regulatory Implications

As a publicly traded company, TE Connectivity is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to ensure transparency for investors.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's debt structure and its sensitivity to interest rate changes based on the benchmarks mentioned.
3. Compare TE Connectivity's financial disclosures in this 10-Q with its previous filings and industry peers.

Key Dates

• 2024-03-29: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-04-26: Filing Date — Date the 10-Q was officially submitted to the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial performance and position.)

SOFR

Secured Overnight Financing Rate, a benchmark interest rate. (Indicates the company's exposure to changes in short-term interest rates.)

Treasury Stock

Shares of a company that it has repurchased or bought back from the market. (Reflects the company's capital allocation strategy and potential impact on EPS.)

Year-Over-Year Comparison

This filing represents the quarterly update for the period ending March 29, 2024, providing the latest financial information since the previous reporting period.

Filing Documents

• tel-20240329x10q.htm (10-Q) — 3351KB
• tel-20240329xex22d1.htm (EX-22.1) — 5KB
• tel-20240329xex31d1.htm (EX-31.1) — 16KB
• tel-20240329xex31d2.htm (EX-31.2) — 19KB
• tel-20240329xex32d1.htm (EX-32.1) — 10KB
• tel-20240329x10q003.jpg (GRAPHIC) — 6KB
• 0001558370-24-005841.txt (&nbsp;) — 11187KB
• tel-20240329.xsd (EX-101.SCH) — 48KB
• tel-20240329_cal.xml (EX-101.CAL) — 67KB
• tel-20240329_def.xml (EX-101.DEF) — 222KB
• tel-20240329_lab.xml (EX-101.LAB) — 480KB
• tel-20240329_pre.xml (EX-101.PRE) — 355KB
• tel-20240329x10q_htm.xml (XML) — 2327KB

Financial Statements

Financial Statements 1 Condensed Consolidated Statements of Operations for the Quarters and Six Months Ended March 29, 2024 and March 31, 2023 (unaudited) 1 Condensed Consolidated Statements of Comprehensive Income for the Quarters and Six Months Ended March 29, 2024 and March 31, 2023 (unaudited) 2 Condensed Consolidated Balance Sheets as of March 29, 2024 and September 29, 2023 (unaudited) 3 Condensed Consolidated Statements of Equity for the Quarters and Six Months Ended March 29, 2024 and March 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 29, 2024 and March 31, 2023 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 5. Other Information 41 Item 6. Exhibits 42

Signatures

Signatures 43 i Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TE CONNECTIVITY LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) For the For the Quarters Ended Six Months Ended March 29, March 31, March 29, March 31, 2024 2023 2024 2023 (in millions, except per share data) Net sales $ 3,967 $ 4,160 $ 7,798 $ 8,001 Cost of sales 2,604 2,876 5,111 5,530 Gross margin 1,363 1,284 2,687 2,471 Selling, general, and administrative expenses 444 435 868 827 Research, development, and engineering expenses 184 185 357 358 Acquisition and integration costs 3 8 11 17 Restructuring and other charges, net 40 119 61 230 Operating income 692 537 1,390 1,039 Interest income 19 12 41 21 Interest expense ( 19 ) ( 20 ) ( 37 ) ( 41 ) Other expense, net ( 5 ) ( 4 ) ( 8 ) ( 9 ) Income from continuing operations before income taxes 687 525 1,386 1,010 Income tax (expense) benefit ( 146 ) ( 100 ) 959 ( 187 ) Income from continuing operations 541 425 2,345 823 Income (loss) from discontinued operations, net of income taxes — 8 ( 1 ) 7 Net income $ 541 $ 433 $ 2,344 $ 830 Basic earnings per share: Income from continuing operations $ 1.76 $ 1.34 $ 7.59 $ 2.60 Income (loss) from discontinued operations — 0.03 — 0.02 Net income 1.76 1.37 7.59 2.62 Diluted earnings per share: Income from continuing operations $ 1.75 $ 1.34 $ 7.54 $ 2.58 Income (loss) from discontinued operations — 0.03 — 0.02 Net income 1.75 1.36 7.54 2.60 Weighted-average number of shares outstanding: Basic 308 316 309 317 Diluted 310 318 311 319 See Notes to Condensed Consolidated Financial Statements. 1 Table of Contents TE CONNECTIVITY LTD. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) For the For the Quarters Ended Six Months Ended March 29, Mar