Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Dec. 30, 2022	Jan. 20, 2023
Document and Entity Information
Entity Registrant Name	TE CONNECTIVITY LTD.
Entity Central Index Key	0001385157
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 30, 2022
Document Transition Report	false
Entity File Number	001-33260
Entity Incorporation, State or Country Code	V8
Entity Tax Identification Number	98-0518048
Entity Address, Address Line One	Mühlenstrasse 26
Entity Address, City or Town	Schaffhausen
Entity Address, Country	CH
Entity Address, Postal Zip Code	CH-8200
Country Region	+41
City Area Code	(0)52
Local Phone Number	633 66 61
Title of 12(b) Security	Common Shares, Par Value CHF 0.57
Trading Symbol	TEL
Security Exchange Name	NYSE
Amendment Flag	false
Current Fiscal Year End Date	--09-29
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		316,456,616
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Dec. 30, 2022	Dec. 24, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 3,841	$ 3,818
Cost of sales	2,654	2,588
Gross margin	1,187	1,230
Selling, general, and administrative expenses	392	363
Research, development, and engineering expenses	173	175
Acquisition and integration costs	9	8
Restructuring and other charges, net	111	12
Operating income	502	672
Interest income	9	2
Interest expense	(21)	(12)
Other income (expense), net	(5)	15
Income from continuing operations before income taxes	485	677
Income tax expense	(87)	(110)
Income from continuing operations	398	567
Loss from discontinued operations, net of income taxes	(1)	(1)
Net income	$ 397	$ 566
Basic earnings per share:
Income from continuing operations (in dollars per share)	$ 1.26	$ 1.73
Net income (in dollars per share)	1.25	1.73
Diluted earnings per share:
Income from continuing operations (in dollars per share)	1.25	1.72
Net income (in dollars per share)	$ 1.24	$ 1.72
Weighted-average number of shares outstanding:
Basic (in shares)	317	327
Diluted (in shares)	319	330

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Dec. 30, 2022	Dec. 24, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 397	$ 566
Other comprehensive income:
Currency translation	305	18
Adjustments to unrecognized pension and postretirement benefit costs, net of income taxes	2	4
Gains on cash flow hedges, net of income taxes	69	1
Other comprehensive income	376	23
Comprehensive income	773	589
Less: comprehensive (income) loss attributable to noncontrolling interests	(9)	6
Comprehensive income attributable to TE Connectivity Ltd.	$ 764	$ 595

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 30, 2022	Sep. 30, 2022
Current assets:
Cash and cash equivalents	$ 793	$ 1,088
Accounts receivable, net of allowance for doubtful accounts of $45	2,910	2,865
Inventories	2,927	2,676
Prepaid expenses and other current assets	688	639
Total current assets	7,318	7,268
Property, plant, and equipment, net	3,781	3,567
Goodwill	5,511	5,258
Intangible assets, net	1,357	1,288
Deferred income taxes	2,591	2,498
Other assets	795	903
Total assets	21,353	20,782
Current liabilities:
Short-term debt	820	914
Accounts payable	1,751	1,593
Accrued and other current liabilities	1,849	2,125
Total current liabilities	4,420	4,632
Long-term debt	3,398	3,292
Long-term pension and postretirement liabilities	728	695
Deferred income taxes	228	244
Income taxes	319	304
Other liabilities	792	718
Total liabilities	9,885	9,885
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests	104	95
Shareholders' equity:
Common shares, CHF 0.57 par value, 330,830,781 shares authorized and issued	146	146
Accumulated earnings	13,200	12,832
Treasury shares, at cost, 14,065,031 and 12,749,540 shares, respectively	(1,854)	(1,681)
Accumulated other comprehensive loss	(128)	(495)
Total shareholders' equity	11,364	10,802
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	$ 21,353	$ 20,782

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Dec. 30, 2022 USD ($) shares	Dec. 30, 2022 SFr / shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2022 SFr / shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars) \| $	$ 45		$ 45
Common shares, par value (in currency per share) \| SFr / shares		SFr 0.57		SFr 0.57
Common shares, shares authorized	330,830,781		330,830,781
Common shares, shares issued	330,830,781		330,830,781
Treasury shares	14,065,031		12,749,540

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Common Shares	Treasury Shares	Contributed Surplus	Accumulated Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Sep. 24, 2021	$ 148	$ (1,055)		$ 11,709	$ (168)	$ 10,634
Balance (in shares) at Sep. 24, 2021	336	(9)
Increase (Decrease) in Shareholders' Equity:
Net income				566		566
Other comprehensive income					29	29
Share-based compensation expense			$ 32			32
Exercise of share options		$ 22				22
Restricted share award vestings and other activity		$ 5	(32)	10		(17)
Restricted share award vestings and other activity (in shares)		1
Repurchase of common shares		$ (246)				$ (246)
Repurchase of common shares (in shares)		(2)				(2)
Balance at Dec. 24, 2021	$ 148	$ (1,274)		12,285	(139)	$ 11,020
Balance (in shares) at Dec. 24, 2021	336	(10)
Balance at Sep. 30, 2022	$ 146	$ (1,681)		12,832	(495)	10,802
Balance (in shares) at Sep. 30, 2022	331	(13)
Increase (Decrease) in Shareholders' Equity:
Net income				397		397
Other comprehensive income					367	367
Share-based compensation expense			32			32
Exercise of share options		$ 11				11
Restricted share award vestings and other activity		$ 49	$ (32)	(29)		(12)
Restricted share award vestings and other activity (in shares)		1
Repurchase of common shares		$ (233)				$ (233)
Repurchase of common shares (in shares)		(2)				(2)
Balance at Dec. 30, 2022	$ 146	$ (1,854)		$ 13,200	$ (128)	$ 11,364
Balance (in shares) at Dec. 30, 2022	331	(14)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Dec. 30, 2022	Dec. 24, 2021
Cash flows from operating activities:
Net income	$ 397	$ 566
Loss from discontinued operations, net of income taxes	1	1
Income from continuing operations	398	567
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	187	198
Deferred income taxes	(35)	4
Non-cash lease cost	34	31
Provision for losses on accounts receivable and inventories	51	33
Share-based compensation expense	32	32
Other	49	(9)
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable, net	(54)	148
Inventories	(324)	(264)
Prepaid expenses and other current assets	(86)	52
Accounts payable	149	15
Accrued and other current liabilities	(39)	(285)
Income taxes	25	34
Other	194	(24)
Net cash provided by operating activities	581	532
Cash flows from investing activities:
Capital expenditures	(183)	(172)
Proceeds from sale of property, plant, and equipment	1	54
Acquisition of businesses, net of cash acquired	(109)	(100)
Proceeds from divestiture of businesses, net of cash retained by businesses sold		16
Other	26	3
Net cash used in investing activities	(265)	(199)
Cash flows from financing activities:
Net increase (decrease) in commercial paper	(139)	479
Repayment of debt	(4)	(555)
Proceeds from exercise of share options	11	22
Repurchase of common shares	(287)	(304)
Payment of common share dividends to shareholders	(178)	(163)
Other	(24)	(31)
Net cash used in financing activities	(621)	(552)
Effect of currency translation on cash	10	(2)
Net decrease in cash, cash equivalents, and restricted cash	(295)	(221)
Cash, cash equivalents, and restricted cash at beginning of fiscal period	1,088	1,203
Cash, cash equivalents, and restricted cash at end of fiscal period	$ 793	$ 982

Basis of Presentation

3 Months Ended

Dec. 30, 2022

Basis of Presentation

Basis of Presentation

1. Basis of Presentation

The unaudited Condensed Consolidated Financial Statements of TE Connectivity Ltd. (“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 30, 2022.

Unless otherwise indicated, references in the Condensed Consolidated Financial Statements to fiscal 2023 and fiscal 2022 are to our fiscal years ending September 29, 2023 and ended September 30, 2022, respectively.

Restructuring and Other Charges, Net

3 Months Ended

Dec. 30, 2022

Restructuring and Other Charges, Net

Restructuring and Other Charges, Net

2. Restructuring and Other Charges, Net

Net restructuring and other charges consisted of the following:


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Restructuring charges, net	$	104	$	21
Impairment of held for sale businesses and (gain) loss on divestitures, net		6		(9)
Other charges, net		1		—
Restructuring and other charges, net	$	111	$	12

Net restructuring and related charges by segment were as follows:


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Transportation Solutions	$	74	$	5
Industrial Solutions		6		8
Communications Solutions		24		8
Restructuring charges, net		104		21
Plus: charges included in cost of sales⁽¹⁾		—		12
Restructuring and related charges, net	$	104	$	33

(1)

Charges included in cost of sales were attributable to inventory-related charges within the Industrial Solutions segment.

Activity in our restructuring reserves was as follows:


	Balance at												Balance at
	September 30,				Changes in		Cash		Non-Cash		Currency		December 30,
	2022		Charges		Estimate		Payments		Items		Translation		2022

	(in millions)
Fiscal 2023 Actions:
Employee severance	$	—	$	101	$	—	$	(6)	$	—	$	1	$	96
Property, plant, and equipment		—		4		—		—		(4)		—		—
Total		—		105		—		(6)		(4)		1		96
Fiscal 2022 Actions:
Employee severance		108		4		(7)		(13)		—		5		97
Facility and other exit costs		1		3		—		(2)		—		—		2
Total		109		7		(7)		(15)		—		5		99
Pre-Fiscal 2022 Actions:
Employee severance		112		—		1		(11)		—		7		109
Facility and other exit costs		7		—		(2)		(2)		—		1		4
Total		119		—		(1)		(13)		—		8		113
Total Activity	$	228	$	112	$	(8)	$	(34)	$	(4)	$	14	$	308

Fiscal 2023 Actions

During fiscal 2023, we initiated a restructuring program associated with cost structure improvements primarily in the Transportation Solutions and Communications Solutions segments. During the quarter ended December 30, 2022, we recorded restructuring charges of $105 million in connection with this program. We expect to complete all restructuring actions commenced during the quarter ended December 30, 2022 by the end of fiscal 2024, and we expect additional charges related to the actions commenced during the quarter ended December 30, 2022 to be insignificant.

Fiscal 2022 Actions

During fiscal 2022, we initiated a restructuring program associated with footprint consolidation and cost structure improvements across all segments. In connection with this program, during the quarter ended December 24, 2021, we recorded restructuring and related charges of $33 million. We expect to complete all restructuring actions commenced during fiscal 2022 by the end of fiscal 2024 and to incur additional charges of approximately $21 million related primarily to employee severance and facility exit costs.

The following table summarizes charges incurred for the fiscal 2022 program by segment as of December 30, 2022:


	Total		Cumulative		Remaining
	Expected		Charges		Expected
	Charges		Incurred		Charges
			(in millions)
Transportation Solutions	$	97	$	86	$	11
Industrial Solutions		55		52		3
Communications Solutions		30		23		7
Total	$	182	$	161	$	21

Pre-Fiscal 2022 Actions

During the quarter ended December 30, 2022, we recorded restructuring credits of $1 million related to pre-fiscal 2022 actions. We expect that any additional charges related to restructuring actions commenced prior to 2022 will be insignificant.

Total Restructuring Reserves

Restructuring reserves included on the Condensed Consolidated Balance Sheets were as follows:


	December 30,		September 30,
	2022		2022

	(in millions)
Accrued and other current liabilities	$	268	$	182
Other liabilities		40		46
Restructuring reserves	$	308	$	228

Acquisitions

3 Months Ended

Dec. 30, 2022

Acquisitions

Acquisitions

3. Acquisitions

On December 30, 2022, we acquired one business for a cash purchase price of $109 million, net of cash acquired. Due to the timing of the transaction, which was reported as part of our Industrial Solutions segment, we preliminarily allocated the purchase price to goodwill and identifiable intangible assets. 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.

We acquired one business for a cash purchase price of $125 million, net of cash acquired, during the quarter ended December 24, 2021. The acquisition was reported as part of our Communications Solutions segment from the date of acquisition. Also during the quarter ended December 24, 2021, we finalized the purchase price allocation of certain fiscal 2021 acquisitions, which included the recognition of $25 million of cash acquired.

Inventories

3 Months Ended

Dec. 30, 2022

Inventories

Inventories

4. Inventories

Inventories consisted of the following:


	December 30,		September 30,
	2022		2022

	(in millions)
Raw materials	$	486	$	390
Work in progress		1,283		1,066
Finished goods		1,158		1,220
Inventories	$	2,927	$	2,676

Goodwill

3 Months Ended

Dec. 30, 2022

Goodwill

Goodwill

5. Goodwill

The changes in the carrying amount of goodwill by segment were as follows:


	Transportation		Industrial		Communications
	Solutions		Solutions		Solutions		Total

	(in millions)
September 30, 2022⁽¹⁾	$	1,439	$	3,118	$	701	$	5,258
Acquisition		—		79		—		79
Currency translation and other		48		104		22		174
December 30, 2022⁽¹⁾	$	1,487	$	3,301	$	723	$	5,511

(1)	At December 30, 2022 and September 30, 2022, accumulated impairment losses for the Transportation Solutions, Industrial Solutions, and Communications Solutions segments were $3,091 million, $669 million, and $489 million, respectively.

During the quarter ended December 30, 2022, we recognized goodwill in the Industrial Solutions segment in connection with a recent acquisition. See Note 3 for additional information regarding acquisitions.

Intangible Assets, Net

3 Months Ended

Dec. 30, 2022

Intangible Assets, Net

Intangible Assets, Net

6. Intangible Assets, Net

Intangible assets consisted of the following:


	December 30, 2022						September 30, 2022
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount

	(in millions)
Customer relationships	$	1,781	$	(751)	$	1,030	$	1,642	$	(687)	$	955
Intellectual property		1,218		(902)		316		1,174		(852)		322
Other		17		(6)		11		16		(5)		11
Total	$	3,016	$	(1,659)	$	1,357	$	2,832	$	(1,544)	$	1,288

Intangible asset amortization expense was $46 million and $48 million for the quarters ended December 30, 2022 and December 24, 2021, respectively.

At December 30, 2022, the aggregate amortization expense on intangible assets is expected to be as follows:


	(in millions)
Remainder of fiscal 2023	$	148
Fiscal 2024		167
Fiscal 2025		152
Fiscal 2026		146
Fiscal 2027		127
Fiscal 2028		95
Thereafter		522
Total	$	1,357

Debt

3 Months Ended

Dec. 30, 2022

Debt

Debt

7. Debt

As of December 30, 2022, Tyco Electronics Group S.A. (“TEGSA”), our wholly-owned subsidiary, had $231 million of commercial paper outstanding at a weighted-average interest rate of 4.70%. TEGSA had $370 million of commercial paper outstanding at a weighted-average interest rate of 3.45% at September 30, 2022.

The fair value of our debt, based on indicative valuations, was approximately $4,046 million and $3,990 million at December 30, 2022 and September 30, 2022, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Leases

3 Months Ended

Dec. 30, 2022

Leases

Leases

8. Leases

The components of lease cost were as follows:


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Operating lease cost	$	34	$	31
Variable lease cost		12		12
Total lease cost	$	46	$	43

Cash flow information, including significant non-cash transactions, related to leases was as follows:


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases⁽¹⁾	$	32	$	34

Right-of-use assets, including modifications of existing leases, obtained in exchange for operating lease liabilities		35		36

(1)	These payments are included in cash flows from operating activities, primarily in changes in accrued and other current liabilities.

Commitments and Contingencies

3 Months Ended

Dec. 30, 2022

Commitments and Contingencies

Commitments and Contingencies

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.

Trade Compliance Matters

We have been investigating our past compliance with relevant U.S. trade controls and have made voluntary disclosures of apparent trade controls violations to the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) and the U.S. State Department’s Directorate of Defense Trade Controls (“DDTC”). 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. Department of Justice concerning aspects of these matters. We are unable to predict the timing and final outcome of the agencies’ investigations. 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. 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.

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 December 30, 2022, we concluded that we would incur investigation and remediation costs at these sites in the reasonably possible range of $17 million to $44 million, and we accrued $20 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 December 30, 2022, we had outstanding letters of credit, letters of guarantee, and surety bonds of $170 million, excluding those related to our former Subsea Communications (“SubCom”) business which are discussed below.

During fiscal 2019, we sold our SubCom business. In connection with the sale, we contractually agreed to continue to honor performance guarantees and letters of credit related to the SubCom business’ projects that existed as of the date of sale. These performance guarantees and letters of credit had a combined value of approximately $59 million as of December 30, 2022 and are expected to expire at various dates through fiscal 2027. We have contractual recourse against the SubCom business if we are required to perform on any SubCom guarantees; however, based on historical experience, we do not anticipate having to perform.

Financial Instruments

3 Months Ended

Dec. 30, 2022

Financial Instruments

Financial Instruments

10. Financial Instruments

Foreign Currency Exchange Rate Risk

We may utilize cross-currency swap contracts to reduce our exposure to foreign currency exchange rate risk associated with certain intercompany loans. As of fiscal year end 2022, all such cross-currency swap contracts had been terminated or matured and were settled; additionally, all related collateral positions were settled.

The impacts of these cross-currency swap contracts were as follows:


	For the
	Quarter Ended
	December 24,
	2021
	(in millions)
Losses recorded in other comprehensive income (loss)	$	(3)
Gains excluded from the hedging relationship⁽¹⁾		29

(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. dollar.

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 $2,247 million and $1,658 million at December 30, 2022 and September 30, 2022, 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 $2,237 million and $1,873 million at December 30, 2022 and September 30, 2022, respectively. Under the terms of these contracts, we receive interest in U.S. dollars at a weighted-average rate of 1.73% per annum and pay no interest. Upon the maturity of these contracts at various dates through fiscal 2027, 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:


	December 30,		September 30,
	2022		2022

	(in millions)
Prepaid expenses and other current assets	$	36	$	55
Other assets		66		172
Accrued and other current liabilities		3		—
Other liabilities		14		—

The impacts of our hedge of net investment programs were as follows:


		For the
		Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Foreign currency exchange gains (losses) on intercompany loans and external borrowings⁽¹⁾	$	(165)	$	108
Gains (losses) on cross-currency swap contracts designated as hedges of net investment⁽¹⁾		(137)		37

(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.

Interest Rate Risk Management

We may utilize forward starting interest rate swap contracts to manage interest rate exposure in periods prior to the anticipated issuance of fixed rate debt. 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.

The impacts of these forward starting interest rate swap contracts were as follows:


	For the
	Quarter Ended
	December 24,
	2021
	(in millions)
Gains recorded in other comprehensive income (loss)	$	2

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 $542 million and $566 million at December 30, 2022 and September 30, 2022, respectively, and were designated as cash flow hedges. These commodity swap contracts were recorded on the Condensed Consolidated Balance Sheets as follows:


	December 30,		September 30,
	2022		2022

	(in millions)
Prepaid expenses and other current assets	$	13	$	2
Other assets		2		—
Accrued and other current liabilities		27		77
Other liabilities		1		7

The impacts of these commodity swap contracts were as follows:


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Gains recorded in other comprehensive income (loss)	$	47	$	15
Gains (losses) reclassified from accumulated other comprehensive income (loss) into cost of sales		(29)		15

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.

Retirement Plans

3 Months Ended

Dec. 30, 2022

Retirement Plans

Retirement Plans

11. Retirement Plans

The net periodic pension benefit cost (credit) 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
	December 30,		December 24,		December 30,		December 24,
	2022		2021		2022		2021

	(in millions)
Operating expense:
Service cost	$	7	$	10	$	2	$	2
Other (income) expense:
Interest cost		14		9		9		7
Expected returns on plan assets		(11)		(15)		(9)		(12)
Amortization of net actuarial loss		1		6		1		1
Amortization of prior service credit		(1)		(1)		—		—
Net periodic pension benefit cost (credit)	$	10	$	9	$	3	$	(2)

During the quarter ended December 30, 2022, we contributed $10 million to our non-U.S. pension plans.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Income Taxes

3 Months Ended

Dec. 30, 2022

Income Taxes

Income Taxes

12. Income Taxes

We recorded income tax expense of $87 million and $110 million for the quarters ended December 30, 2022 and December 24, 2021, respectively. The income tax expense for the quarter ended December 24, 2021 included a $17 million income tax benefit related to the tax impacts of an intercompany transaction and $12 million of income tax expense related to an income tax audit of an acquired entity. 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 the quarter ended December 24, 2021.

Although it is difficult to predict the timing or results of our worldwide examinations, we estimate that, as of December 30, 2022, approximately $20 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 December 30, 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Earnings Per Share

3 Months Ended

Dec. 30, 2022

Earnings Per Share

Earnings Per Share

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
	Quarters Ended
	December 30,	December 24,
	2022	2021

	(in millions)
Basic	317	327
Dilutive impact of share-based compensation arrangements	2	3
Diluted	319	330

The following share options were not included in the computation of diluted earnings per share because the instruments’ underlying exercise prices were greater than the average market prices of our common shares and inclusion would be antidilutive:


	For the
	Quarters Ended
	December 30,	December 24,
	2022	2021

	(in millions)
Antidilutive share options	2	1

Shareholders' Equity

3 Months Ended

Dec. 30, 2022

Shareholders' Equity

Shareholder' Equity

14. Shareholders’ Equity

Dividends

We paid cash dividends to shareholders as follows:


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021
Dividends paid per common share	$	0.56	$	0.50

Upon shareholders’ approval of a dividend payment, we record a liability with a corresponding charge to shareholders’ equity. At December 30, 2022 and September 30, 2022, the unpaid portion of the dividends recorded in accrued and other current liabilities on the Condensed Consolidated Balance Sheets totaled $177 million and $356 million, respectively.

Share Repurchase Program

Common shares repurchased under the share repurchase program were as follows:


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Number of common shares repurchased		2		2
Repurchase value	$	233	$	246

At December 30, 2022, we had $1.4 billion of availability remaining under our share repurchase authorization.

Share Plans

3 Months Ended

Dec. 30, 2022

Share Plans

Share Plans

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
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Share-based compensation expense	$	32	$	32

As of December 30, 2022, there was $210 million of unrecognized compensation expense related to share-based awards, which is expected to be recognized over a weighted-average period of 2.0 years.

During the quarter ended December 30, 2022, we granted the following share-based awards as part of our annual incentive plan grant:


		Grant-Date
	Shares	Fair Value
	(in millions)
Share options	0.9	$	35.79
Restricted share awards	0.4		124.52
Performance share awards	0.2		124.52

As of December 30, 2022, we had 8 million shares available for issuance under the TE Connectivity Ltd. 2007 Stock and Incentive Plan, amended and restated as of September 17, 2020.

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		4.0	%
Expected annual dividend per share	$	2.24
Expected life of options (in years)		5.1

Segment and Geographic Data

3 Months Ended

Dec. 30, 2022

Segment and Geographic Data

Segment and Geographic Data

16. Segment and Geographic Data

Effective for fiscal 2023, we realigned certain product lines from the Industrial Solutions segment to the Communications Solutions segment. We continue to operate through three reporting segments: Transportation Solutions, Industrial Solutions, and Communications Solutions. The following segment information reflects our current segment reporting structure. Prior period segment results have been restated to conform to the current segment reporting structure. As a result of the restatement, which was not significant, $7 million and $30 million of net sales and $3 million and $13 million of operating income for the first quarter and full year of fiscal 2022, respectively, were transferred from the Industrial Solutions segment to the Communications Solutions segment.

Net sales by segment⁽¹⁾ and industry end market⁽²⁾ were as follows:


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Transportation Solutions:
Automotive	$	1,649	$	1,520
Commercial transportation		348		365
Sensors		262		273
Total Transportation Solutions		2,259		2,158
Industrial Solutions:
Industrial equipment		434		455
Aerospace, defense, and marine		264		242
Energy		189		188
Medical		173		167
Total Industrial Solutions		1,060		1,052
Communications Solutions:
Data and devices		329		356
Appliances		193		252
Total Communications Solutions		522		608
Total	$	3,841	$	3,818

(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
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Asia–Pacific:
Transportation Solutions	$	924	$	928
Industrial Solutions		189		205
Communications Solutions		294		337
Total Asia–Pacific		1,407		1,470
Europe/Middle East/Africa (“EMEA”):
Transportation Solutions		812		771
Industrial Solutions		444		450
Communications Solutions		70		93
Total EMEA		1,326		1,314
Americas:
Transportation Solutions		523		459
Industrial Solutions		427		397
Communications Solutions		158		178
Total Americas		1,108		1,034
Total	$	3,841	$	3,818

(1)

Net sales to external customers are attributed to individual countries based on the legal entity that records the sale.

Operating income by segment was as follows:


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Transportation Solutions	$	282	$	395
Industrial Solutions		156		120
Communications Solutions		64		157
Total	$	502	$	672

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Restructuring and Other Charges, Net (Tables)

3 Months Ended

Dec. 30, 2022

Restructuring and Other Charges, Net

Schedule of net restructuring and other charges


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Restructuring charges, net	$	104	$	21
Impairment of held for sale businesses and (gain) loss on divestitures, net		6		(9)
Other charges, net		1		—
Restructuring and other charges, net	$	111	$	12

Net restructuring and related charges by segment


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Transportation Solutions	$	74	$	5
Industrial Solutions		6		8
Communications Solutions		24		8
Restructuring charges, net		104		21
Plus: charges included in cost of sales⁽¹⁾		—		12
Restructuring and related charges, net	$	104	$	33

(1)

Charges included in cost of sales were attributable to inventory-related charges within the Industrial Solutions segment.

Summary of activity in restructuring reserves


	Balance at												Balance at
	September 30,				Changes in		Cash		Non-Cash		Currency		December 30,
	2022		Charges		Estimate		Payments		Items		Translation		2022

	(in millions)
Fiscal 2023 Actions:
Employee severance	$	—	$	101	$	—	$	(6)	$	—	$	1	$	96
Property, plant, and equipment		—		4		—		—		(4)		—		—
Total		—		105		—		(6)		(4)		1		96
Fiscal 2022 Actions:
Employee severance		108		4		(7)		(13)		—		5		97
Facility and other exit costs		1		3		—		(2)		—		—		2
Total		109		7		(7)		(15)		—		5		99
Pre-Fiscal 2022 Actions:
Employee severance		112		—		1		(11)		—		7		109
Facility and other exit costs		7		—		(2)		(2)		—		1		4
Total		119		—		(1)		(13)		—		8		113
Total Activity	$	228	$	112	$	(8)	$	(34)	$	(4)	$	14	$	308

Restructuring reserves included on Consolidated Balance Sheets


	December 30,		September 30,
	2022		2022

	(in millions)
Accrued and other current liabilities	$	268	$	182
Other liabilities		40		46
Restructuring reserves	$	308	$	228

Fiscal 2022 Actions

Restructuring and Other Charges, Net

Schedule of expected, incurred and remaining charges by segment

The following table summarizes charges incurred for the fiscal 2022 program by segment as of December 30, 2022:


	Total		Cumulative		Remaining
	Expected		Charges		Expected
	Charges		Incurred		Charges
			(in millions)
Transportation Solutions	$	97	$	86	$	11
Industrial Solutions		55		52		3
Communications Solutions		30		23		7
Total	$	182	$	161	$	21

Inventories (Tables)

3 Months Ended

Dec. 30, 2022

Inventories

Schedule of inventories


	December 30,		September 30,
	2022		2022

	(in millions)
Raw materials	$	486	$	390
Work in progress		1,283		1,066
Finished goods		1,158		1,220
Inventories	$	2,927	$	2,676

Goodwill (Tables)

3 Months Ended

Dec. 30, 2022

Goodwill

Changes in the carrying amount of goodwill by segment


	Transportation		Industrial		Communications
	Solutions		Solutions		Solutions		Total

	(in millions)
September 30, 2022⁽¹⁾	$	1,439	$	3,118	$	701	$	5,258
Acquisition		—		79		—		79
Currency translation and other		48		104		22		174
December 30, 2022⁽¹⁾	$	1,487	$	3,301	$	723	$	5,511

(1)	At December 30, 2022 and September 30, 2022, accumulated impairment losses for the Transportation Solutions, Industrial Solutions, and Communications Solutions segments were $3,091 million, $669 million, and $489 million, respectively.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Intangible Assets, Net (Tables)

3 Months Ended

Dec. 30, 2022

Intangible Assets, Net

Schedule of finite-lived intangible assets


	December 30, 2022						September 30, 2022
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount

	(in millions)
Customer relationships	$	1,781	$	(751)	$	1,030	$	1,642	$	(687)	$	955
Intellectual property		1,218		(902)		316		1,174		(852)		322
Other		17		(6)		11		16		(5)		11
Total	$	3,016	$	(1,659)	$	1,357	$	2,832	$	(1,544)	$	1,288

Schedule of finite-lived intangible assets, future amortization expense

At December 30, 2022, the aggregate amortization expense on intangible assets is expected to be as follows:


	(in millions)
Remainder of fiscal 2023	$	148
Fiscal 2024		167
Fiscal 2025		152
Fiscal 2026		146
Fiscal 2027		127
Fiscal 2028		95
Thereafter		522
Total	$	1,357

Leases (Tables)

3 Months Ended

Dec. 30, 2022

Leases

Schedule of components of lease cost


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Operating lease cost	$	34	$	31
Variable lease cost		12		12
Total lease cost	$	46	$	43

Schedule of Cash Flow information, including significant non-cash transactions, related to leases


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases⁽¹⁾	$	32	$	34

Right-of-use assets, including modifications of existing leases, obtained in exchange for operating lease liabilities		35		36

(1)	These payments are included in cash flows from operating activities, primarily in changes in accrued and other current liabilities.

Financial Instruments (Tables)

3 Months Ended

Dec. 30, 2022

Net investment hedges

Schedule of impacts of hedging program


		For the
		Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Foreign currency exchange gains (losses) on intercompany loans and external borrowings⁽¹⁾	$	(165)	$	108
Gains (losses) on cross-currency swap contracts designated as hedges of net investment⁽¹⁾		(137)		37

(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.

Cross-currency swap contracts | Cash flow hedges

Schedule of impacts of hedging program


	For the
	Quarter Ended
	December 24,
	2021
	(in millions)
Losses recorded in other comprehensive income (loss)	$	(3)
Gains excluded from the hedging relationship⁽¹⁾		29

(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. dollar.

Cross-currency swap contracts | Net investment hedges

Summary of fair value of derivative instruments


	December 30,		September 30,
	2022		2022

	(in millions)
Prepaid expenses and other current assets	$	36	$	55
Other assets		66		172
Accrued and other current liabilities		3		—
Other liabilities		14		—

Forward starting interest rate swaps | Cash flow hedges

Schedule of impacts of hedging program


	For the
	Quarter Ended
	December 24,
	2021
	(in millions)
Gains recorded in other comprehensive income (loss)	$	2

Commodity swap contracts | Cash flow hedges

Summary of fair value of derivative instruments


	December 30,		September 30,
	2022		2022

	(in millions)
Prepaid expenses and other current assets	$	13	$	2
Other assets		2		—
Accrued and other current liabilities		27		77
Other liabilities		1		7

Schedule of impacts of hedging program


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Gains recorded in other comprehensive income (loss)	$	47	$	15
Gains (losses) reclassified from accumulated other comprehensive income (loss) into cost of sales		(29)		15

Retirement Plans (Tables)

3 Months Ended

Dec. 30, 2022

Retirement Plans

Net periodic pension benefit cost


	Non-U.S. Plans				U.S. Plans
	For the				For the
	Quarters Ended				Quarters Ended
	December 30,		December 24,		December 30,		December 24,
	2022		2021		2022		2021

	(in millions)
Operating expense:
Service cost	$	7	$	10	$	2	$	2
Other (income) expense:
Interest cost		14		9		9		7
Expected returns on plan assets		(11)		(15)		(9)		(12)
Amortization of net actuarial loss		1		6		1		1
Amortization of prior service credit		(1)		(1)		—		—
Net periodic pension benefit cost (credit)	$	10	$	9	$	3	$	(2)

Earnings Per Share (Tables)

3 Months Ended

Dec. 30, 2022

Weighted-average number of shares outstanding:

Schedule of weighted-average shares outstanding, basic and diluted


	For the
	Quarters Ended
	December 30,	December 24,
	2022	2021

	(in millions)
Basic	317	327
Dilutive impact of share-based compensation arrangements	2	3
Diluted	319	330

Schedule of antidilutive securities excluded from computation of earnings per share


	For the
	Quarters Ended
	December 30,	December 24,
	2022	2021

	(in millions)
Antidilutive share options	2	1

Shareholders' Equity (Tables)

3 Months Ended

Dec. 30, 2022

Shareholders' Equity

Schedule of cash dividends to shareholders


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021
Dividends paid per common share	$	0.56	$	0.50

Schedule of common shares repurchased


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Number of common shares repurchased		2		2
Repurchase value	$	233	$	246

Share Plans (Tables)

3 Months Ended

Dec. 30, 2022

Share Plans

Share-based compensation expense


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Share-based compensation expense	$	32	$	32

Summary of share-based award activity

During the quarter ended December 30, 2022, we granted the following share-based awards as part of our annual incentive plan grant:


		Grant-Date
	Shares	Fair Value
	(in millions)
Share options	0.9	$	35.79
Restricted share awards	0.4		124.52
Performance share awards	0.2		124.52

Weighted-average 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		4.0	%
Expected annual dividend per share	$	2.24
Expected life of options (in years)		5.1

Segment and Geographic Data (Tables)

3 Months Ended

Dec. 30, 2022

Segment and Geographic Data

Schedule of net sales by segment


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Transportation Solutions:
Automotive	$	1,649	$	1,520
Commercial transportation		348		365
Sensors		262		273
Total Transportation Solutions		2,259		2,158
Industrial Solutions:
Industrial equipment		434		455
Aerospace, defense, and marine		264		242
Energy		189		188
Medical		173		167
Total Industrial Solutions		1,060		1,052
Communications Solutions:
Data and devices		329		356
Appliances		193		252
Total Communications Solutions		522		608
Total	$	3,841	$	3,818

(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 segment and geographic region


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Asia–Pacific:
Transportation Solutions	$	924	$	928
Industrial Solutions		189		205
Communications Solutions		294		337
Total Asia–Pacific		1,407		1,470
Europe/Middle East/Africa (“EMEA”):
Transportation Solutions		812		771
Industrial Solutions		444		450
Communications Solutions		70		93
Total EMEA		1,326		1,314
Americas:
Transportation Solutions		523		459
Industrial Solutions		427		397
Communications Solutions		158		178
Total Americas		1,108		1,034
Total	$	3,841	$	3,818

(1)

Net sales to external customers are attributed to individual countries based on the legal entity that records the sale.

Schedule of operating income by segment


	For the
	Quarters Ended
	December 30,		December 24,
	2022		2021

	(in millions)
Transportation Solutions	$	282	$	395
Industrial Solutions		156		120
Communications Solutions		64		157
Total	$	502	$	672

Restructuring and Other Charges, Net - Restructuring and Other Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 30, 2022	Dec. 24, 2021
Restructuring and other charges, net
Restructuring charges, net	$ 104	$ 21
Impairment of held for sale businesses and (gain) loss on divestitures, net	6	(9)
Other charges, net	1
Restructuring and other charges, net	111	12
Operating expenses
Restructuring and other charges, net
Restructuring charges, net	104	33
Restructuring charges, net
Restructuring and other charges, net
Restructuring charges, net	104	21
Restructuring charges, net \| Transportation Solutions
Restructuring and other charges, net
Restructuring charges, net	74	5
Restructuring charges, net \| Industrial Solutions
Restructuring and other charges, net
Restructuring charges, net	6	8
Restructuring charges, net \| Communications Solutions
Restructuring and other charges, net
Restructuring charges, net	$ 24	8
Cost of sales
Restructuring and other charges, net
Restructuring charges, net		$ 12

Restructuring and Other Charges, Net - Restructuring Reserve Activity (Details) $ in Millions	3 Months Ended
	Dec. 30, 2022 USD ($)
Restructuring reserve
Restructuring reserve at the beginning of the period	$ 228
Charges	112
Changes in Estimate	(8)
Cash Payments	(34)
Non-Cash Items	(4)
Currency Translation	14
Restructuring reserve at the end of the period	308
Fiscal 2023 Actions
Restructuring reserve
Charges	105
Cash Payments	(6)
Non-Cash Items	(4)
Currency Translation	1
Restructuring reserve at the end of the period	96
Fiscal 2023 Actions \| Employee severance
Restructuring reserve
Charges	101
Cash Payments	(6)
Currency Translation	1
Restructuring reserve at the end of the period	96
Fiscal 2023 Actions \| Property, plant, and equipment
Restructuring reserve
Charges	4
Non-Cash Items	(4)
Restructuring reserve at the end of the period	0
Fiscal 2022 Actions
Restructuring reserve
Restructuring reserve at the beginning of the period	109
Charges	7
Changes in Estimate	(7)
Cash Payments	(15)
Currency Translation	5
Restructuring reserve at the end of the period	99
Fiscal 2022 Actions \| Employee severance
Restructuring reserve
Restructuring reserve at the beginning of the period	108
Charges	4
Changes in Estimate	(7)
Cash Payments	(13)
Currency Translation	5
Restructuring reserve at the end of the period	97
Fiscal 2022 Actions \| Facility and other exit costs
Restructuring reserve
Restructuring reserve at the beginning of the period	1
Charges	3
Cash Payments	(2)
Restructuring reserve at the end of the period	2
Pre-Fiscal 2022 Actions
Restructuring reserve
Restructuring reserve at the beginning of the period	119
Changes in Estimate	(1)
Cash Payments	(13)
Currency Translation	8
Restructuring reserve at the end of the period	113
Pre-Fiscal 2022 Actions \| Employee severance
Restructuring reserve
Restructuring reserve at the beginning of the period	112
Changes in Estimate	1
Cash Payments	(11)
Currency Translation	7
Restructuring reserve at the end of the period	109
Pre-Fiscal 2022 Actions \| Facility and other exit costs
Restructuring reserve
Restructuring reserve at the beginning of the period	7
Changes in Estimate	(2)
Cash Payments	(2)
Currency Translation	1
Restructuring reserve at the end of the period	$ 4

Restructuring and Other Charges, Net - Actions (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 30, 2022	Dec. 24, 2021
Restructuring Charges
Charges Incurred	$ 104	$ 21
Fiscal 2022 Actions
Restructuring Charges
Total Expected Charges	182
Cumulative Charges Incurred	161
Remaining Expected Charges	21
Charges Incurred		$ 33
Fiscal 2022 Actions \| Transportation Solutions
Restructuring Charges
Total Expected Charges	97
Cumulative Charges Incurred	86
Remaining Expected Charges	11
Fiscal 2022 Actions \| Industrial Solutions
Restructuring Charges
Total Expected Charges	55
Cumulative Charges Incurred	52
Remaining Expected Charges	3
Fiscal 2022 Actions \| Communications Solutions
Restructuring Charges
Total Expected Charges	30
Cumulative Charges Incurred	23
Remaining Expected Charges	7
Fiscal 2023 Actions
Restructuring Charges
Charges Incurred	105
Pre-Fiscal 2022 Actions
Restructuring Charges
Charges Incurred	$ (1)

Restructuring and Other Charges, Net - Restructuring Reserve Balances (Details) - USD ($) $ in Millions	Dec. 30, 2022	Sep. 30, 2022
Restructuring reserves included on the Consolidated Balance Sheets
Accrued and other current liabilities	$ 268	$ 182
Other liabilities	40	46
Restructuring reserves	$ 308	$ 228

Acquisitions (Details) $ in Millions		3 Months Ended
Acquisitions (Details) $ in Millions	Dec. 30, 2022 USD ($) item	Dec. 30, 2022 USD ($)	Dec. 24, 2021 USD ($) item
Acquisitions
Net cash paid		$ 109	$ 100
2023 Acquisitions
Acquisitions
Number of businesses acquired \| item	1
Net cash paid	$ 109
2022 Acquisitions
Acquisitions
Number of businesses acquired \| item			1
Net cash paid			$ 125
2021 Acquisitions
Acquisitions
Customary net working capital settlement amount			$ 25

Inventories (Details) - USD ($) $ in Millions	Dec. 30, 2022	Sep. 30, 2022
Inventories
Raw materials	$ 486	$ 390
Work in progress	1,283	1,066
Finished goods	1,158	1,220
Inventories	$ 2,927	$ 2,676

Goodwill (Details) $ in Millions	3 Months Ended
Goodwill (Details) $ in Millions	Dec. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Goodwill:
Goodwill, beginning balance	$ 5,258
Acquisition	79
Currency translation and other	174
Goodwill, ending balance	5,511
Transportation Solutions
Goodwill:
Goodwill, beginning balance	1,439
Currency translation and other	48
Goodwill, ending balance	1,487
Accumulated impairment losses	3,091	$ 3,091
Industrial Solutions
Goodwill:
Goodwill, beginning balance	3,118
Acquisition	79
Currency translation and other	104
Goodwill, ending balance	3,301
Accumulated impairment losses	669	669
Communications Solutions
Goodwill:
Goodwill, beginning balance	701
Currency translation and other	22
Goodwill, ending balance	723
Accumulated impairment losses	$ 489	$ 489

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Intangible Assets, Net (Details) - USD ($) $ in Millions	3 Months Ended
Intangible Assets, Net (Details) - USD ($) $ in Millions	Dec. 30, 2022	Dec. 24, 2021	Sep. 30, 2022
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 3,016		$ 2,832
Accumulated Amortization	(1,659)		(1,544)
Net Carrying Amount	1,357		1,288
Finite-lived intangible assets, amortization expense	46	$ 48
Aggregate amortization expense on intangible assets
Remainder of fiscal 2023	148
Fiscal 2024	167
Fiscal 2025	152
Fiscal 2026	146
Fiscal 2027	127
Fiscal 2028	95
Thereafter	522
Net Carrying Amount	1,357		1,288
Customer relationships
Finite-Lived Intangible Assets
Gross Carrying Amount	1,781		1,642
Accumulated Amortization	(751)		(687)
Net Carrying Amount	1,030		955
Aggregate amortization expense on intangible assets
Net Carrying Amount	1,030		955
Intellectual property
Finite-Lived Intangible Assets
Gross Carrying Amount	1,218		1,174
Accumulated Amortization	(902)		(852)
Net Carrying Amount	316		322
Aggregate amortization expense on intangible assets
Net Carrying Amount	316		322
Other
Finite-Lived Intangible Assets
Gross Carrying Amount	17		16
Accumulated Amortization	(6)		(5)
Net Carrying Amount	11		11
Aggregate amortization expense on intangible assets
Net Carrying Amount	$ 11		$ 11

Debt - Summary (Details) - USD ($) $ in Millions	Dec. 30, 2022	Sep. 30, 2022
Debt
Fair value of debt	$ 4,046	$ 3,990
Commercial paper
Debt
Commercial paper	$ 231	$ 370
Weighted-average interest rate (as a percent)	4.70%	3.45%

Leases - Components of Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 30, 2022	Dec. 24, 2021
Leases
Operating lease cost	$ 34	$ 31
Variable lease cost	12	12
Total lease cost	$ 46	$ 43

Leases - Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 30, 2022	Dec. 24, 2021
Leases
Payments for operating leases	$ 32	$ 34
Right-of-use assets, including modifications of existing leases, obtained in exchange for operating lease liabilities	$ 35	$ 36

Commitments and Contingencies (Details) $ in Millions	Dec. 30, 2022 USD ($)
Loss Contingencies
Accrual environmental loss contingency, estimate of probable loss	$ 20
Minimum
Loss Contingencies
Accrual environmental loss contingency, estimate of probable loss	17
Maximum
Loss Contingencies
Accrual environmental loss contingency, estimate of probable loss	44
Outstanding letters of credit, letters of guarantee and surety bonds
Guarantees
Guarantor obligations, maximum exposure	170
Discontinued Operations, Disposed of by Sale \| Subsea Communications
Guarantees
Guarantor obligations, maximum exposure	$ 59

Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Financial Instruments (Details) - USD ($) $ in Millions	Dec. 30, 2022	Dec. 24, 2021	Sep. 30, 2022
Cash flow hedges \| Cross-currency swap contracts
Financial Instruments
Gains (losses) recorded in other comprehensive income (loss)		$ (3)
Gains (losses) excluded from the hedging relationship		29
Cash flow hedges \| Forward starting interest rate swaps
Financial Instruments
Gains (losses) recorded in other comprehensive income (loss)		2
Debt instrument, interest rate (as a percent)			2.50%
Cash flow hedges \| Commodity swap contracts
Financial Instruments
Notional amount	$ 542		$ 566
Gains (losses) recorded in other comprehensive income (loss)	47	15
Gains (losses) reclassified from accumulated other comprehensive income (loss) into cost of sales	(29)	15
Net investment hedges \| Intercompany loans and external borrowings
Financial Instruments
Notional amount of non-derivative instruments	2,247		1,658
Foreign currency exchange gains (losses) on intercompany loans and external borrowings	(165)	108
Net investment hedges \| Cross-currency swap contracts
Financial Instruments
Notional amount	$ 2,237		1,873
Interest paid in foreign currency, fixed interest rate	0.00%
Interest received in U.S. dollars, weighted-average fixed interest rate	1.73%
Gains (losses) on cross-currency swap contracts designated as hedges of net investment	$ (137)	$ 37
Prepaid expenses and other current assets \| Cash flow hedges \| Commodity swap contracts
Financial Instruments
Fair Value of Asset Positions	13		2
Prepaid expenses and other current assets \| Net investment hedges \| Cross-currency swap contracts
Financial Instruments
Fair Value of Asset Positions	36		55
Other assets \| Cash flow hedges \| Commodity swap contracts
Financial Instruments
Fair Value of Asset Positions	2
Other assets \| Net investment hedges \| Cross-currency swap contracts
Financial Instruments
Fair Value of Asset Positions	66		172
Accrued and other current liabilities \| Cash flow hedges \| Commodity swap contracts
Financial Instruments
Fair Value of Liability Positions	27		77
Accrued and other current liabilities \| Net investment hedges \| Cross-currency swap contracts
Financial Instruments
Fair Value of Liability Positions	3
Other liabilities \| Cash flow hedges \| Commodity swap contracts
Financial Instruments
Fair Value of Liability Positions	1		$ 7
Other liabilities \| Net investment hedges \| Cross-currency swap contracts
Financial Instruments
Fair Value of Liability Positions	$ 14

Retirement Plans (Details) - USD ($) $ in Millions	3 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	Dec. 30, 2022	Dec. 24, 2021
Non-U.S. Plans
Net Periodic Postretirement Benefit Cost (Credit)
Service cost	$ 7	$ 10
Interest cost	14	9
Expected return on plan assets	(11)	(15)
Amortization of net actuarial loss	1	6
Amortization of prior service credit	(1)	(1)
Net periodic pension benefit cost (credit)	10	9
Defined benefit plan, contributions by employer	10
U.S. Plans
Net Periodic Postretirement Benefit Cost (Credit)
Service cost	2	2
Interest cost	9	7
Expected return on plan assets	(9)	(12)
Amortization of net actuarial loss	1	1
Net periodic pension benefit cost (credit)	$ 3	$ (2)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 30, 2022	Dec. 24, 2021
Income Taxes
Income tax expense	$ 87	$ 110
Income tax benefit associated with intercompany transactions		17
Income tax expense associated with income tax audit of pre-acquisition period of acquired entity		12
Other income associated with indemnification receivable		$ 11
Unrecognized income tax benefits, approximate amount that could be resolved in next twelve months	$ 20

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Earnings Per Share (Details) - shares shares in Millions	3 Months Ended
Earnings Per Share (Details) - shares shares in Millions	Dec. 30, 2022	Dec. 24, 2021
Weighted-average number of shares outstanding:
Basic (in shares)	317	327
Dilutive impact of share-based compensation arrangements (in shares)	2	3
Diluted (in shares)	319	330
Share options
Antidilutive shares excluded from computation of earnings per share
Antidilutive share options	2	1

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Dec. 30, 2022	Dec. 24, 2021	Sep. 30, 2022
Shareholders' Equity
Dividends paid per common share	$ 0.56	$ 0.50
Unpaid portion of the dividend payment recorded in accrued and other current liabilities	$ 177		$ 356
Number of common shares repurchased	2	2
Repurchase value	$ 233	$ 246
Amount available for repurchase, at end of period	$ 1,400

Share Plans (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Dec. 30, 2022	Dec. 24, 2021
Share Based Compensation Arrangements:
Share-based compensation expense	$ 32	$ 32
Shares available for issuance	8.0
Share Based Compensation Expenses Not Recognized
Share-based compensation, share-based awards, total compensation expense not yet recognized	$ 210
Share-based compensation, share-based awards, total compensation expense not yet recognized, expected period for recognition	2 years
Share options
Share Based Compensation Arrangements:
Share options granted	0.9
Options granted, grant-date fair value (in dollars per share)	$ 35.79
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology
Expected share price volatility (as a percent)	31.00%
Risk-free interest rate (as a percent)	4.00%
Expected annual dividend per share	$ 2.24
Expected life of options (in years)	5 years 1 month 6 days
Restricted share awards
Share Based Compensation Arrangements:
Shares granted	0.4
Shares granted, grant-date fair value (in dollars per share)	$ 124.52
Performance share awards
Share Based Compensation Arrangements:
Shares granted	0.2
Shares granted, grant-date fair value (in dollars per share)	$ 124.52

Segment and Geographic Data - Net Sales by Segment and Industry End Market (Details) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 30, 2022 USD ($) segment	Dec. 24, 2021 USD ($)	Sep. 30, 2022 USD ($)
Segment and Geographic Data
Number of reportable segments \| segment	3
Net sales	$ 3,841	$ 3,818
Transportation Solutions
Segment and Geographic Data
Net sales	2,259	2,158
Transportation Solutions \| Automotive
Segment and Geographic Data
Net sales	1,649	1,520
Transportation Solutions \| Commercial transportation
Segment and Geographic Data
Net sales	348	365
Transportation Solutions \| Sensors
Segment and Geographic Data
Net sales	262	273
Industrial Solutions
Segment and Geographic Data
Net sales	1,060	1,052
Industrial Solutions \| Adjustments
Segment and Geographic Data
Net sales		(7)	$ (30)
Industrial Solutions \| Industrial equipment
Segment and Geographic Data
Net sales	434	455
Industrial Solutions \| Aerospace, defense, and marine
Segment and Geographic Data
Net sales	264	242
Industrial Solutions \| Energy
Segment and Geographic Data
Net sales	189	188
Industrial Solutions \| Medical
Segment and Geographic Data
Net sales	173	167
Communications Solutions
Segment and Geographic Data
Net sales	522	608
Communications Solutions \| Adjustments
Segment and Geographic Data
Net sales		7	$ 30
Communications Solutions \| Data and devices
Segment and Geographic Data
Net sales	329	356
Communications Solutions \| Appliances
Segment and Geographic Data
Net sales	$ 193	$ 252

Segment and Geographic Data - Net Sales by Geographic Region and Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 30, 2022	Dec. 24, 2021
Segment and Geographic Data
Net sales	$ 3,841	$ 3,818
Transportation Solutions
Segment and Geographic Data
Net sales	2,259	2,158
Industrial Solutions
Segment and Geographic Data
Net sales	1,060	1,052
Communications Solutions
Segment and Geographic Data
Net sales	522	608
Total Asia-Pacific
Segment and Geographic Data
Net sales	1,407	1,470
Total Asia-Pacific \| Transportation Solutions
Segment and Geographic Data
Net sales	924	928
Total Asia-Pacific \| Industrial Solutions
Segment and Geographic Data
Net sales	189	205
Total Asia-Pacific \| Communications Solutions
Segment and Geographic Data
Net sales	294	337
Total Europe/Middle East/Africa
Segment and Geographic Data
Net sales	1,326	1,314
Total Europe/Middle East/Africa \| Transportation Solutions
Segment and Geographic Data
Net sales	812	771
Total Europe/Middle East/Africa \| Industrial Solutions
Segment and Geographic Data
Net sales	444	450
Total Europe/Middle East/Africa \| Communications Solutions
Segment and Geographic Data
Net sales	70	93
Total Americas
Segment and Geographic Data
Net sales	1,108	1,034
Total Americas \| Transportation Solutions
Segment and Geographic Data
Net sales	523	459
Total Americas \| Industrial Solutions
Segment and Geographic Data
Net sales	427	397
Total Americas \| Communications Solutions
Segment and Geographic Data
Net sales	$ 158	$ 178

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Segment and Geographic Data - Operating Income (Loss) by Segment (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 30, 2022	Dec. 24, 2021	Sep. 30, 2022
Segment and Geographic Data
Operating income (loss)	$ 502	$ 672
Transportation Solutions
Segment and Geographic Data
Operating income (loss)	282	395
Industrial Solutions
Segment and Geographic Data
Operating income (loss)	156	120
Industrial Solutions \| Adjustments
Segment and Geographic Data
Operating income (loss)		(3)	$ (13)
Communications Solutions
Segment and Geographic Data
Operating income (loss)	$ 64	157
Communications Solutions \| Adjustments
Segment and Geographic Data
Operating income (loss)		$ 3	$ 13