TE Connectivity Files 2024 10-K

Ticker: TEL · Form: 10-K · Filed: 2024-11-12T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, financials, restructuring, asset-disposal

TL;DR

TE Connectivity filed its 2024 10-K, covering financial performance and asset disposals.

AI Summary

TE Connectivity plc filed its 2024 10-K report on November 12, 2024, detailing its fiscal year ending September 27, 2024. The company, formerly known as Tyco Electronics Ltd., is headquartered in Galway, Ireland. The filing includes information on restructuring and asset impairment charges, as well as gains or losses on disposal of assets.

Why It Matters

This annual report provides investors with a comprehensive overview of TE Connectivity's financial performance, strategic initiatives, and risk factors for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

Key Players & Entities

FAQ

What were the significant restructuring and asset impairment charges for TE Connectivity in fiscal year 2024?

The filing mentions 'Restructuring and Asset Impairment Charges Credits and Disposal Group Not Discontinued Operation Gain Loss On Disposal' as a section, indicating these were factors in the fiscal year, but specific dollar amounts are not provided in this excerpt.

What is TE Connectivity's primary business as indicated by its SIC code?

TE Connectivity's Standard Industrial Classification (SIC) code is 5065, which corresponds to 'Wholesale - Electronic Parts & Equipment, NEC'.

When did TE Connectivity change its name from Tyco Electronics Ltd.?

The company changed its name from Tyco Electronics Ltd. on January 4, 2007.

Where is TE Connectivity's business address?

TE Connectivity's business address is Parkmore Business Park West, Parkmore, Galway, L2, H91VN2T, Ireland.

What is the SEC file number for TE Connectivity's 10-K filing?

The SEC file number for this 10-K filing is 001-33260.

Filing Stats: 4,351 words · 17 min read · ~15 pages · Grade level 14.9 · Accepted 2024-11-12 12:05:13

Key Financial Figures

Filing Documents

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity 21 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. Reserved 25 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 45 Item 9A.

Controls and Procedures

Controls and Procedures 45 Item 9B. Other Information 45 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 45 Part III Item 10. Directors, Executive Officers and Corporate Governance 46 Item 11.

Executive Compensation

Executive Compensation 46 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 46 Item 13. Certain Relationships and Related Transactions, and Director Independence 47 Item 14. Principal Accountant Fees and Services 47 Part IV Item 15. Exhibits and Financial Statement Schedules 48 Item 16. Form 10-K Summary 52

Signatures

Signatures 53 Index to Consolidated Financial Statements 55 i Table of Contents SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS We have made forward-looking statements in this Annual Report that are based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include, among others, the information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, acquisitions, divestitures, the effects of competition, and the effects of future legislation or regulations. Forward-looking statements also include statements addressing our environmental, social, governance, and sustainability plans and goals. Such statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," "plan," "intend," "anticipate," "aspire," "estimate," "predict," "potential," "goal," "target," "continue," "may," and "should," or the negative of these terms or similar expressions. Forward-looking statements involve risks, uncertainties, and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. We do not have any intention or obligation to update forward-looking statements after we file this report except as required by law. The risk factors discussed in "Part I. Item 1A. Risk Factors" and other risks described in this Annual Report could cause our results to differ materially from those expres

BUSINESS

ITEM 1. BUSINESS General We are a global industrial technology leader creating a safer, sustainable, productive, and connected future. 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. References in this report to "TE Connectivity," the "Company," "we," "us," or "our" refer to TE Connectivity Ltd. before September 30, 2024 and to TE Connectivity plc on or after September 30, 2024. We became an independent, publicly traded company in 2007; however, through our predecessor companies, we trace our foundations in the connectivity business back to 1941. 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. In fiscal 2024, our board of directors and shareholders approved a change in our jurisdiction of incorporation from Switzerland to Ireland. 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. 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. The merger and change in jurisdiction of incorporation were completed on September 30, 2024. 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. See Notes 1 and 21 to the Consolidated Financial Statements for additional information regarding the change in place of incorporation. We have a 52- or 53-week fiscal year that ends on the last Friday of September. Fi

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