Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Mar. 25, 2022	Apr. 22, 2022
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	Mar. 25, 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	--09-30
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		322,173,819
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 4,007	$ 3,738	$ 7,825	$ 7,260
Cost of sales	2,670	2,528	5,258	4,904
Gross margin	1,337	1,210	2,567	2,356
Selling, general, and administrative expenses	416	401	779	762
Research, development, and engineering expenses	185	174	360	336
Acquisition and integration costs	10	6	18	14
Restructuring and other charges, net	21	17	33	184
Operating income	705	612	1,377	1,060
Interest income	4	8	6	11
Interest expense	(18)	(13)	(30)	(28)
Other income, net	5	4	20	3
Income from continuing operations before income taxes	696	611	1,373	1,046
Income tax expense	(136)	(106)	(246)	(166)
Income from continuing operations	560	505	1,127	880
Income (loss) from discontinued operations, net of income taxes		1	(1)	7
Net income	$ 560	$ 506	$ 1,126	$ 887
Basic earnings per share:
Income from continuing operations (in dollars per share)	$ 1.72	$ 1.53	$ 3.46	$ 2.66
Income from discontinued operations (in dollars per share)				0.02
Net income (in dollars per share)	1.72	1.53	3.45	2.68
Diluted earnings per share:
Income from continuing operations (in dollars per share)	1.71	1.51	3.44	2.64
Income from discontinued operations (in dollars per share)				0.02
Net income (in dollars per share)	$ 1.71	$ 1.51	$ 3.43	$ 2.66
Weighted-average number of shares outstanding:
Basic (in shares)	325	331	326	331
Diluted (in shares)	327	334	328	333

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 560	$ 506	$ 1,126	$ 887
Other comprehensive income:
Currency translation	(9)	21	9	132
Adjustments to unrecognized pension and postretirement benefit costs, net of income taxes	4	6	8	12
Gains on cash flow hedges, net of income taxes	46	28	47	57
Other comprehensive income	41	55	64	201
Comprehensive income	601	561	1,190	1,088
Less: comprehensive (income) loss attributable to noncontrolling interests	1	4	7	(2)
Comprehensive income attributable to TE Connectivity Ltd.	$ 602	$ 565	$ 1,197	$ 1,086

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 25, 2022	Sep. 24, 2021
Current assets:
Cash and cash equivalents	$ 749	$ 1,203
Accounts receivable, net of allowance for doubtful accounts of $50 and $41, respectively	3,068	2,928
Inventories	2,999	2,511
Prepaid expenses and other current assets	601	621
Total current assets	7,417	7,263
Property, plant, and equipment, net	3,817	3,778
Goodwill	5,463	5,590
Intangible assets, net	1,441	1,549
Deferred income taxes	2,466	2,499
Other assets	847	783
Total assets	21,451	21,462
Current liabilities:
Short-term debt	610	503
Accounts payable	1,986	1,911
Accrued and other current liabilities	2,450	2,242
Total current liabilities	5,046	4,656
Long-term debt	3,441	3,589
Long-term pension and postretirement liabilities	1,103	1,139
Deferred income taxes	185	181
Income taxes	318	302
Other liabilities	809	847
Total liabilities	10,902	10,714
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests	107	114
Shareholders' equity:
Common shares, CHF 0.57 par value, 336,099,881 shares authorized and issued	148	148
Accumulated earnings	12,160	11,709
Treasury shares, at cost, 13,281,156 and 9,060,919 shares, respectively	(1,769)	(1,055)
Accumulated other comprehensive loss	(97)	(168)
Total shareholders' equity	10,442	10,634
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	$ 21,451	$ 21,462

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Mar. 25, 2022 USD ($) shares	Mar. 25, 2022 SFr / shares	Sep. 24, 2021 USD ($) shares	Sep. 24, 2021 SFr / shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars) \| $	$ 50		$ 41
Common shares, par value (in currency per share) \| SFr / shares		SFr 0.57		SFr 0.57
Common shares, shares authorized	336,099,881		336,099,881
Common shares, shares issued	336,099,881		336,099,881
Treasury shares	13,281,156		9,060,919

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Common Shares	Treasury Shares	Contributed Surplus	Accumulated Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Sep. 25, 2020	$ 149	$ (669)		$ 10,348	$ (445)	$ 9,383
Balance (in shares) at Sep. 25, 2020	339	(8)
Increase (Decrease) in Shareholders' Equity:
Net income				887		887
Other comprehensive income					199	199
Share-based compensation expense			$ 49			49
Dividends				(661)		(661)
Exercise of share options		$ 119				119
Exercise of share options (in shares)		2
Restricted share award vestings and other activity		$ 84	(49)	(33)		2
Repurchase of common shares		$ (309)				$ (309)
Repurchase of common shares (in shares)		(3)				(3)
Balance at Mar. 26, 2021	$ 149	$ (775)		10,541	(246)	$ 9,669
Balance (in shares) at Mar. 26, 2021	339	(9)
Balance at Dec. 25, 2020	$ 149	$ (655)		10,672	(305)	9,861
Balance (in shares) at Dec. 25, 2020	339	(8)
Increase (Decrease) in Shareholders' Equity:
Net income				506		506
Other comprehensive income					59	59
Share-based compensation expense			30			30
Dividends				(661)		(661)
Exercise of share options		$ 44				44
Exercise of share options (in shares)		1
Restricted share award vestings and other activity		$ 18	(30)	24		12
Repurchase of common shares		$ (182)				(182)
Repurchase of common shares (in shares)		(2)
Balance at Mar. 26, 2021	$ 149	$ (775)		10,541	(246)	9,669
Balance (in shares) at Mar. 26, 2021	339	(9)
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				1,126		1,126
Other comprehensive income					71	71
Share-based compensation expense			60			60
Dividends				(722)		(722)
Exercise of share options		$ 30				30
Restricted share award vestings and other activity		$ 8	(60)	47		(5)
Restricted share award vestings and other activity (in shares)		1
Repurchase of common shares		$ (752)				$ (752)
Repurchase of common shares (in shares)		(5)				(5)
Balance at Mar. 25, 2022	$ 148	$ (1,769)		12,160	(97)	$ 10,442
Balance (in shares) at Mar. 25, 2022	336	(13)
Balance at Dec. 24, 2021	$ 148	$ (1,274)		12,285	(139)	11,020
Balance (in shares) at Dec. 24, 2021	336	(10)
Increase (Decrease) in Shareholders' Equity:
Net income				560		560
Other comprehensive income					42	42
Share-based compensation expense			28			28
Dividends				(722)		(722)
Exercise of share options		$ 8				8
Restricted share award vestings and other activity		3	$ (28)	37		12
Repurchase of common shares		$ (506)				(506)
Repurchase of common shares (in shares)		(3)
Balance at Mar. 25, 2022	$ 148	$ (1,769)		$ 12,160	$ (97)	$ 10,442
Balance (in shares) at Mar. 25, 2022	336	(13)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Cash flows from operating activities:
Net income	$ 1,126	$ 887
(Income) loss from discontinued operations, net of income taxes	1	(7)
Income from continuing operations	1,127	880
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	392	380
Deferred income taxes	42	(48)
Non-cash lease cost	64	59
Provision for losses on accounts receivable and inventories	68	22
Share-based compensation expense	60	49
Other	4	(20)
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable, net	(57)	(567)
Inventories	(411)	(212)
Prepaid expenses and other current assets	36	(30)
Accounts payable	15	510
Accrued and other current liabilities	(305)	125
Income taxes	27	34
Other	(117)	38
Net cash provided by operating activities	945	1,220
Cash flows from investing activities:
Capital expenditures	(351)	(284)
Proceeds from sale of property, plant, and equipment	63	58
Acquisition of businesses, net of cash acquired	(102)	(107)
Other	7	10
Net cash used in investing activities	(383)	(323)
Cash flows from financing activities:
Proceeds from issuance of debt	588	661
Repayment of debt	(558)	(280)
Proceeds from exercise of share options	30	119
Repurchase of common shares	(708)	(259)
Payment of common share dividends to shareholders	(326)	(318)
Other	(38)	(24)
Net cash used in financing activities	(1,012)	(101)
Effect of currency translation on cash	(4)	7
Net increase (decrease) in cash, cash equivalents, and restricted cash	(454)	803
Cash, cash equivalents, and restricted cash at beginning of period	1,203	945
Cash, cash equivalents, and restricted cash at end of period	$ 749	$ 1,748

Basis of Presentation

6 Months Ended

Mar. 25, 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 24, 2021.

Unless otherwise indicated, references in the Condensed Consolidated Financial Statements to fiscal 2022 and fiscal 2021 are to our fiscal years ending September 30, 2022 and ended September 24, 2021, respectively.

Restructuring and Other Charges, Net

6 Months Ended

Mar. 25, 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				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Restructuring charges, net	$	22	$	11	$	43	$	160
(Gain) loss on divestitures and impairment of held for sale businesses		(1)		4		(10)		21
Other charges, net		—		2		—		3
Restructuring and other charges, net	$	21	$	17	$	33	$	184

Net restructuring and related charges by segment were as follows:


	For the				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Transportation Solutions	$	10	$	10	$	15	$	128
Industrial Solutions		10		—		18		20
Communications Solutions		2		1		10		12
Restructuring charges, net		22		11		43		160
Plus: charges included in cost of sales⁽¹⁾		—		—		12		—
Restructuring and related charges, net	$	22	$	11	$	55	$	160

(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 24,				Changes in		Cash		Non-Cash		Currency		March 25,
	2021		Charges		Estimate		Payments		Items		Translation		2022

	(in millions)
Fiscal 2022 Actions:
Employee severance	$	—	$	35	$	—	$	(1)	$	—	$	—	$	34
Property, plant, and equipment and inventories		—		18		—		—		(18)		—		—
Total		—		53		—		(1)		(18)		—		34
Fiscal 2021 Actions:
Employee severance		152		2		—		(49)		—		(7)		98
Facility and other exit costs		2		2		—		(3)		—		—		1
Property, plant, and equipment		—		2		—		—		(2)		—		—
Total		154		6		—		(52)		(2)		(7)		99
Pre-Fiscal 2021 Actions:
Employee severance		135		—		(15)		(26)		—		(5)		89
Facility and other exit costs		15		7		—		(7)		—		(1)		14
Property, plant, and equipment		—		4		—		—		(4)		—		—
Total		150		11		(15)		(33)		(4)		(6)		103
Total Activity	$	304	$	70	$	(15)	$	(86)	$	(24)	$	(13)	$	236

Fiscal 2022 Actions

During fiscal 2022, we initiated a restructuring program associated with footprint consolidation and cost structure improvements across all segments. During the six months ended March 25, 2022, we recorded restructuring and related charges of $53 million in connection with this program. We expect to complete all restructuring actions commenced during the six months ended March 25, 2022 by the end of fiscal 2024 and to incur additional charges of approximately $12 million.

Fiscal 2021 Actions

During fiscal 2021, we initiated a restructuring program across all segments to optimize our manufacturing footprint and improve the cost structure of the organization. In connection with this program, during the six months ended March 25, 2022 and March 26, 2021, we recorded net restructuring charges of $6 million and $153 million, respectively. We expect to complete all restructuring actions commenced during fiscal 2021 by the end of fiscal 2023 and to incur additional charges of approximately $8 million related to employee severance and facility exit costs.

The following table summarizes expected, incurred, and remaining charges for the fiscal 2021 program by segment as of March 25, 2022:


	Total		Cumulative		Remaining
	Expected		Charges		Expected
	Charges		Incurred		Charges

	(in millions)
Transportation Solutions	$	132	$	129	$	3
Industrial Solutions		54		51		3
Communications Solutions		27		25		2
Total	$	213	$	205	$	8

Pre-Fiscal 2021 Actions

During the six months ended March 25, 2022 and March 26, 2021, we recorded net restructuring credits of $4 million and charges of $7 million, respectively, related to pre-fiscal 2021 actions. We expect additional charges related to pre-fiscal 2021 actions to be insignificant.

Total Restructuring Reserves

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


	March 25,		September 24,
	2022		2021

	(in millions)
Accrued and other current liabilities	$	181	$	236
Other liabilities		55		68
Restructuring reserves	$	236	$	304

Acquisitions

6 Months Ended

Mar. 25, 2022

Acquisitions

Acquisitions

3. Acquisitions

During the six months ended March 25, 2022, we acquired one business for a cash purchase price of $127 million, net of cash acquired. The acquisition was reported as part of our Communications Solutions segment from the date of acquisition.

We acquired one business for a cash purchase price of $106 million, net of cash acquired, during the six months ended March 26, 2021. The acquisition was reported as part of our Industrial Solutions segment from the date of acquisition.

Inventories

6 Months Ended

Mar. 25, 2022

Inventories

Inventories

4. Inventories

Inventories consisted of the following:


	March 25,		September 24,
	2022		2021

	(in millions)
Raw materials	$	429	$	320
Work in progress		1,176		991
Finished goods		1,394		1,200
Inventories	$	2,999	$	2,511

Goodwill

6 Months Ended

Mar. 25, 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 24, 2021⁽¹⁾	$	1,549	$	3,446	$	595	$	5,590
Acquisition		—		—		74		74
Purchase price adjustments		—		(101)		—		(101)
Currency translation and other		(31)		(59)		(10)		(100)
March 25, 2022⁽¹⁾	$	1,518	$	3,286	$	659	$	5,463

(1)	At March 25, 2022 and September 24, 2021, 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 six months ended March 25, 2022, we recognized goodwill in the Communications Solutions segment in connection with a recent acquisition. Also during the six months ended March 25, 2022, we recognized purchase price adjustments in the Industrial Solutions segment in connection with prior year acquisitions, including two acquisitions that closed late in the fourth quarter of fiscal 2021. See Note 3 for additional information regarding acquisitions.

Intangible Assets, Net

6 Months Ended

Mar. 25, 2022

Intangible Assets, Net

Intangible Assets, Net

6. Intangible Assets, Net

Intangible assets consisted of the following:


	March 25, 2022						September 24, 2021
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount

	(in millions)
Customer relationships	$	1,741	$	(699)	$	1,042	$	1,766	$	(660)	$	1,106
Intellectual property		1,254		(868)		386		1,262		(832)		430
Other		19		(6)		13		19		(6)		13
Total	$	3,014	$	(1,573)	$	1,441	$	3,047	$	(1,498)	$	1,549

Intangible asset amortization expense was $49 million and $48 million for the quarters ended March 25, 2022 and March 26, 2021, respectively, and $97 million and $96 million for the six months ended March 25, 2022 and March 26, 2021, respectively.

At March 25, 2022, the aggregate amortization expense on intangible assets is expected to be as follows:


	(in millions)
Remainder of fiscal 2022	$	99
Fiscal 2023		197
Fiscal 2024		165
Fiscal 2025		150
Fiscal 2026		143
Fiscal 2027		123
Thereafter		564
Total	$	1,441

Debt

6 Months Ended

Mar. 25, 2022

Debt

Debt

7. Debt

During the quarter ended March 25, 2022, Tyco Electronics Group S.A. (“TEGSA”), our wholly-owned subsidiary, issued $600 million aggregate principal amount of 2.50% senior notes due in February 2032. The notes are TEGSA’s unsecured senior obligations and rank equally in right of payment with all existing and any future senior indebtedness of TEGSA and senior to any subordinated indebtedness that TEGSA may incur. The notes are fully and unconditionally guaranteed as to payment on an unsecured basis by TE Connectivity Ltd.

During the quarter ended March 25, 2022, we reclassified €550 million of 1.10% senior notes due in March 2023 from long-term debt to short-term debt on the Condensed Consolidated Balance Sheet.

During the six months ended March 25, 2022, TEGSA completed an early redemption of $500 million aggregate principal amount of 3.50% senior notes due in February 2022.

The fair value of our debt, based on indicative valuations, was approximately $4,137 million and $4,465 million at March 25, 2022 and September 24, 2021, 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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-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Leases

6 Months Ended

Mar. 25, 2022

Leases

Leases

8. Leases

The components of lease cost were as follows:


	For the				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Operating lease cost	$	33	$	29	$	64	$	59
Variable lease cost		13		13		25		24
Total lease cost	$	46	$	42	$	89	$	83

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


	For the
	Six Months Ended
	March 25,		March 26,
	2022		2021

	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases⁽¹⁾	$	61	$	59

Right-of-use assets, including modifications of existing leases, obtained in exchange for operating lease liabilities		77		38

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

Commitments and Contingencies

6 Months Ended

Mar. 25, 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 are 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 both our internal assessment and the resulting investigations by the agencies remain ongoing. 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. While 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 March 25, 2022, we concluded that we would incur investigation and remediation costs at these sites in the reasonably possible range of $18 million to $45 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 March 25, 2022, we had outstanding letters of credit, letters of guarantee, and surety bonds of $120 million, excluding those related to our 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 $117 million as of March 25, 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

6 Months Ended

Mar. 25, 2022

Financial Instruments

Financial Instruments

10. Financial Instruments

Foreign Currency Exchange Rate Risk

We utilize cross-currency swap contracts to reduce our exposure to foreign currency exchange rate risk associated with certain intercompany loans. The aggregate notional value of these contracts was €300 million and €700 million at March 25, 2022 and September 24, 2021, respectively. Certain contracts were terminated in the six months ended March 25,

2022; the remaining contracts mature in the fourth quarter of fiscal 2022. Under the terms of these contracts, which have been designated as cash flow hedges, we make interest payments in euros at 3.50% per annum and receive interest in U.S. dollars at a weighted-average rate of 5.28% per annum. Upon maturity, we will pay the notional value of the contracts in euros and receive U.S. dollars from our counterparties. In connection with the cross-currency swap contracts, both counterparties to each contract are required to provide cash collateral.

These cross-currency swap contracts were recorded on the Condensed Consolidated Balance Sheets as follows:


	March 25,		September 24,
	2022		2021

	(in millions)
Prepaid expenses and other current assets	$	11	$	—
Other liabilities		—		20

At March 25, 2022 and September 24, 2021, collateral received from or paid to our counterparties approximated the net derivative position. Collateral is recorded in accrued and other current liabilities when the contracts are in a net asset position, or prepaid expenses and other current assets when the contracts are in a net liability position on the Condensed Consolidated Balance Sheets. The impacts of these cross-currency swap contracts were as follows:


	For the				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Losses recorded in other comprehensive income (loss)	$	(2)	$	—	$	(5)	$	(4)
Gains (losses) excluded from the hedging relationship⁽¹⁾		10		28		39		(12)

(1)	Gains and losses excluded from the hedging relationship are recognized prospectively in selling, general, and administrative expenses and are offset by losses and gains generated as a result of re-measuring certain intercompany loans to the U.S. 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 $3,166 million and $3,798 million at March 25, 2022 and September 24, 2021, 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 $1,691 million and $1,430 million at March 25, 2022 and September 24, 2021, respectively. Under the terms of these contracts, we receive interest in U.S. dollars at a weighted-average rate of 1.55% per annum and pay no interest. Upon the maturity of these contracts at various dates through fiscal 2025, 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:


	March 25,		September 24,
	2022		2021

	(in millions)
Prepaid expenses and other current assets	$	16	$	3
Other assets		46		18
Accrued and other current liabilities		2		13
Other liabilities		2		18

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


		For the			For the
		Quarters Ended			Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Foreign currency exchange gains (losses) on intercompany loans and external borrowings⁽¹⁾	$	80	$	133	$	188	$	(35)
Gains (losses) on cross-currency swap contracts designated as hedges of net investment⁽¹⁾		33		58		70		(27)

(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 the six months ended March 25, 2022, we terminated forward starting interest rate swap contracts with an aggregate notional value of $450 million as a result of the issuance of our 2.50% senior notes due in 2032. At fiscal year end 2021, these forward starting interest rate swap contracts were recorded on the Condensed Consolidated Balance Sheet as follows; there were no such balances at March 25, 2022:


	September 24,
	2021
	(in millions)
Prepaid expenses and other current assets	$	7
Accrued and other current liabilities		38

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

For the

Quarters Ended

Six Months Ended

March 25,

March 26,

March 25,

March 26,

2022

2021

2022

2021

(in millions)

Gains recorded in other comprehensive income (loss)

$

11

$

34

$

13

$

47

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 $599 million and $512 million at March 25, 2022 and September 24, 2021, respectively, and were designated as cash flow hedges. These commodity swap contracts were recorded on the Condensed Consolidated Balance Sheets as follows:


	March 25,		September 24,
	2022		2021

	(in millions)
Prepaid expenses and other current assets	$	39	$	23
Other assets		5		—
Accrued and other current liabilities		1		18
Other liabilities		—		4

The impacts of these commodity swap contracts were as follows:


	For the				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Gains recorded in other comprehensive income (loss)	$	46	$	17	$	61	$	54
Gains reclassified from accumulated other comprehensive income (loss) into cost of sales		5		24		20		39

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

6 Months Ended

Mar. 25, 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
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Operating expense:
Service cost	$	10	$	12	$	2	$	3
Other (income) expense:
Interest cost		8		7		6		8
Expected return on plan assets		(14)		(13)		(12)		(13)
Amortization of net actuarial loss		7		7		1		2
Amortization of prior service credit		(2)		(2)		—		—
Net periodic pension benefit cost (credit)	$	9	$	11	$	(3)	$	—


	Non-U.S. Plans				U.S. Plans
	For the				For the
	Six Months Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Operating expense:
Service cost	$	20	$	24	$	4	$	6
Other (income) expense:
Interest cost		17		14		13		16
Expected return on plan assets		(29)		(27)		(24)		(26)
Amortization of net actuarial loss		13		15		2		4
Amortization of prior service credit		(3)		(3)		—		—
Net periodic pension benefit cost (credit)	$	18	$	23	$	(5)	$	—

During the six months ended March 25, 2022, we contributed $18 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

6 Months Ended

Mar. 25, 2022

Income Taxes

Income Taxes

12. Income Taxes

We recorded income tax expense of $136 million and $106 million for the quarters ended March 25, 2022 and March 26, 2021, respectively. The income tax expense for the quarter ended March 25, 2022 included $27 million of income tax expense related to the write-down of certain deferred tax assets to the lower tax rate enacted in the canton of Schaffhausen on December 27, 2021. In addition, the income tax expense for the quarter ended March 25, 2022 included a $19 million income tax benefit related to the tax impacts of an intercompany transaction. Our estimated annual effective tax rate for fiscal 2022 includes a total income tax benefit of approximately $75 million related to this transaction, with a portion recognized in the first six months of fiscal 2022 and the remainder to be recognized in the remaining quarters of fiscal 2022.

We recorded income tax expense of $246 million and $166 million for the six months ended March 25, 2022 and March 26, 2021, respectively. The income tax expense for the six months ended March 25, 2022 included a $36 million income tax benefit related to the tax impacts of the intercompany transaction discussed above and $27 million of income tax expense related to the write-down of certain deferred tax assets to the lower tax rate enacted in the canton of Schaffhausen. In addition, the income tax expense for the six months ended March 25, 2022 included $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 six months ended March 25, 2022. The income tax expense for the six months ended March 26, 2021 included a $29 million income tax benefit related to an Internal Revenue Service approved change in the tax method of depreciating or amortizing certain assets.

During the quarter ended March 25, 2022, we completed additional intercompany transactions that resulted in a non-U.S. subsidiary recording an increase in deferred tax assets for tax loss and credit carryforwards of approximately $4.0 billion. We do not expect this subsidiary to generate sufficient future taxable income to realize these deferred tax assets; therefore, we recognized a corresponding increase to the valuation allowance. Accordingly, there was no impact to the Condensed Consolidated Statement of Operations for the quarter ended March 25, 2022 or Condensed Consolidated Balance Sheet as of March 25, 2022.

Although it is difficult to predict the timing or results of our worldwide examinations, we estimate that approximately $100 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 March 25, 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.

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+ Details

Earnings Per Share

6 Months Ended

Mar. 25, 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		For the
	Quarters Ended		Six Months Ended
	March 25,	March 26,	March 25,	March 26,
	2022	2021	2022	2021

	(in millions)
Basic	325	331	326	331
Dilutive impact of share-based compensation arrangements	2	3	2	2
Diluted	327	334	328	333

For the quarter and six months ended March 25, 2022, one million 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.

Shareholders' Equity

6 Months Ended

Mar. 25, 2022

Shareholders' Equity

Shareholder' Equity

14. Shareholders’ Equity

Common Shares Held in Treasury

In March 2022, our shareholders approved the cancellation of approximately five million shares purchased under our share repurchase program during the period beginning September 26, 2020 and ending September 24, 2021. The capital reduction by cancellation of these shares is subject to a notice period and filing with the commercial register in Switzerland and is not yet reflected on the Condensed Consolidated Balance Sheet.

Dividends

We paid cash dividends to shareholders as follows:

For the

Quarters Ended

Six Months Ended

March 25,

March 26,

March 25,

March 26,

2022

2021

2022

2021

Dividends paid per common share

$

0.50

$

0.48

$

1.00

$

0.96

In March 2022, our shareholders approved a dividend payment to shareholders of $2.24 per share, payable in four equal quarterly installments of $0.56 per share beginning in the third quarter of fiscal 2022 and ending in the second quarter of fiscal 2023.

Upon shareholders’ approval of a dividend payment, we record a liability with a corresponding charge to shareholders’ equity. At March 25, 2022 and September 24, 2021, the unpaid portion of the dividends recorded in accrued and other current liabilities on the Condensed Consolidated Balance Sheets totaled $723 million and $327 million, respectively.

Share Repurchase Program

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


	For the
	Six Months Ended
	March 25,		March 26,
	2022		2021

	(in millions)
Number of common shares repurchased		5		3
Repurchase value	$	752	$	309

At March 25, 2022, we had $839 million of availability remaining under our share repurchase authorization.

Share Plans

6 Months Ended

Mar. 25, 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

Six Months Ended

March 25,

March 26,

March 25,

March 26,

2022

2021

2022

2021

(in millions)

Share-based compensation expense

$

28

$

30

$

60

$

49

As of March 25, 2022, there was $180 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 24, 2021, we granted the following share-based awards as part of our annual incentive plan grant:


		Grant-Date
	Shares	Fair Value
	(in millions)
Share options	0.8	$	37.67
Restricted share awards	0.3		158.00
Performance share awards	0.1		158.00

As of March 25, 2022, we had 11 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		29	%
Risk-free interest rate		1.1	%
Expected annual dividend per share	$	2.00
Expected life of options (in years)		5.1

Segment and Geographic Data

6 Months Ended

Mar. 25, 2022

Segment and Geographic Data

Segment and Geographic Data

16. Segment and Geographic Data

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


	For the				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Transportation Solutions:
Automotive	$	1,653	$	1,630	$	3,173	$	3,259
Commercial transportation		394		382		759		713
Sensors		267		275		540		539
Total Transportation Solutions		2,314		2,287		4,472		4,511
Industrial Solutions:
Industrial equipment		472		339		934		634
Aerospace, defense, oil, and gas		261		267		503		517
Energy		184		185		372		357
Medical		158		161		325		317
Total Industrial Solutions		1,075		952		2,134		1,825
Communications Solutions:
Data and devices		385		278		734		512
Appliances		233		221		485		412
Total Communications Solutions		618		499		1,219		924
Total	$	4,007	$	3,738	$	7,825	$	7,260

(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				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Europe/Middle East/Africa (“EMEA”):
Transportation Solutions	$	899	$	922	$	1,670	$	1,816
Industrial Solutions		446		393		898		751
Communications Solutions		88		75		179		139
Total EMEA		1,433		1,390		2,747		2,706
Asia–Pacific:
Transportation Solutions		883		875		1,811		1,751
Industrial Solutions		197		171		406		334
Communications Solutions		331		290		664		544
Total Asia–Pacific		1,411		1,336		2,881		2,629
Americas:
Transportation Solutions		532		490		991		944
Industrial Solutions		432		388		830		740
Communications Solutions		199		134		376		241
Total Americas		1,163		1,012		2,197		1,925
Total	$	4,007	$	3,738	$	7,825	$	7,260

(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				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Transportation Solutions	$	409	$	398	$	804	$	706
Industrial Solutions		148		111		271		187
Communications Solutions		148		103		302		167
Total	$	705	$	612	$	1,377	$	1,060

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Restructuring and Other Charges, Net (Tables)

6 Months Ended

Mar. 25, 2022

Restructuring and Other Charges, Net

Schedule of net restructuring and other charges


	For the				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Restructuring charges, net	$	22	$	11	$	43	$	160
(Gain) loss on divestitures and impairment of held for sale businesses		(1)		4		(10)		21
Other charges, net		—		2		—		3
Restructuring and other charges, net	$	21	$	17	$	33	$	184

Net restructuring and related charges by segment


	For the				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Transportation Solutions	$	10	$	10	$	15	$	128
Industrial Solutions		10		—		18		20
Communications Solutions		2		1		10		12
Restructuring charges, net		22		11		43		160
Plus: charges included in cost of sales⁽¹⁾		—		—		12		—
Restructuring and related charges, net	$	22	$	11	$	55	$	160

(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 24,				Changes in		Cash		Non-Cash		Currency		March 25,
	2021		Charges		Estimate		Payments		Items		Translation		2022

	(in millions)
Fiscal 2022 Actions:
Employee severance	$	—	$	35	$	—	$	(1)	$	—	$	—	$	34
Property, plant, and equipment and inventories		—		18		—		—		(18)		—		—
Total		—		53		—		(1)		(18)		—		34
Fiscal 2021 Actions:
Employee severance		152		2		—		(49)		—		(7)		98
Facility and other exit costs		2		2		—		(3)		—		—		1
Property, plant, and equipment		—		2		—		—		(2)		—		—
Total		154		6		—		(52)		(2)		(7)		99
Pre-Fiscal 2021 Actions:
Employee severance		135		—		(15)		(26)		—		(5)		89
Facility and other exit costs		15		7		—		(7)		—		(1)		14
Property, plant, and equipment		—		4		—		—		(4)		—		—
Total		150		11		(15)		(33)		(4)		(6)		103
Total Activity	$	304	$	70	$	(15)	$	(86)	$	(24)	$	(13)	$	236

Restructuring reserves included on Consolidated Balance Sheets


	March 25,		September 24,
	2022		2021

	(in millions)
Accrued and other current liabilities	$	181	$	236
Other liabilities		55		68
Restructuring reserves	$	236	$	304

Fiscal 2021 Actions

Restructuring and Other Charges, Net

Schedule of expected, incurred and remaining charges by segment

The following table summarizes expected, incurred, and remaining charges for the fiscal 2021 program by segment as of March 25, 2022:


	Total		Cumulative		Remaining
	Expected		Charges		Expected
	Charges		Incurred		Charges

	(in millions)
Transportation Solutions	$	132	$	129	$	3
Industrial Solutions		54		51		3
Communications Solutions		27		25		2
Total	$	213	$	205	$	8

Inventories (Tables)

6 Months Ended

Mar. 25, 2022

Inventories

Schedule of inventories


	March 25,		September 24,
	2022		2021

	(in millions)
Raw materials	$	429	$	320
Work in progress		1,176		991
Finished goods		1,394		1,200
Inventories	$	2,999	$	2,511

Goodwill (Tables)

6 Months Ended

Mar. 25, 2022

Goodwill

Changes in the carrying amount of goodwill by segment


	Transportation		Industrial		Communications
	Solutions		Solutions		Solutions		Total

	(in millions)
September 24, 2021⁽¹⁾	$	1,549	$	3,446	$	595	$	5,590
Acquisition		—		—		74		74
Purchase price adjustments		—		(101)		—		(101)
Currency translation and other		(31)		(59)		(10)		(100)
March 25, 2022⁽¹⁾	$	1,518	$	3,286	$	659	$	5,463

(1)	At March 25, 2022 and September 24, 2021, accumulated impairment losses for the Transportation Solutions, Industrial Solutions, and Communications Solutions segments were $3,091 million, $669 million, and $489 million, respectively.

Intangible Assets, Net (Tables)

6 Months Ended

Mar. 25, 2022

Intangible Assets, Net

Schedule of finite-lived intangible assets


	March 25, 2022						September 24, 2021
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount

	(in millions)
Customer relationships	$	1,741	$	(699)	$	1,042	$	1,766	$	(660)	$	1,106
Intellectual property		1,254		(868)		386		1,262		(832)		430
Other		19		(6)		13		19		(6)		13
Total	$	3,014	$	(1,573)	$	1,441	$	3,047	$	(1,498)	$	1,549

Schedule of finite-lived intangible assets, future amortization expense

At March 25, 2022, the aggregate amortization expense on intangible assets is expected to be as follows:


	(in millions)
Remainder of fiscal 2022	$	99
Fiscal 2023		197
Fiscal 2024		165
Fiscal 2025		150
Fiscal 2026		143
Fiscal 2027		123
Thereafter		564
Total	$	1,441

Leases (Tables)

6 Months Ended

Mar. 25, 2022

Leases

Schedule of components of lease cost


	For the				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Operating lease cost	$	33	$	29	$	64	$	59
Variable lease cost		13		13		25		24
Total lease cost	$	46	$	42	$	89	$	83

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


	For the
	Six Months Ended
	March 25,		March 26,
	2022		2021

	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases⁽¹⁾	$	61	$	59

Right-of-use assets, including modifications of existing leases, obtained in exchange for operating lease liabilities		77		38

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

Financial Instruments (Tables)

6 Months Ended

Mar. 25, 2022

Net investment hedges

Schedule of impacts of hedging program


		For the			For the
		Quarters Ended			Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Foreign currency exchange gains (losses) on intercompany loans and external borrowings⁽¹⁾	$	80	$	133	$	188	$	(35)
Gains (losses) on cross-currency swap contracts designated as hedges of net investment⁽¹⁾		33		58		70		(27)

(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

Summary of fair value of derivative instruments


	March 25,		September 24,
	2022		2021

	(in millions)
Prepaid expenses and other current assets	$	11	$	—
Other liabilities		—		20

Schedule of impacts of hedging program


	For the				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Losses recorded in other comprehensive income (loss)	$	(2)	$	—	$	(5)	$	(4)
Gains (losses) excluded from the hedging relationship⁽¹⁾		10		28		39		(12)

(1)	Gains and losses excluded from the hedging relationship are recognized prospectively in selling, general, and administrative expenses and are offset by losses and gains generated as a result of re-measuring certain intercompany loans to the U.S. dollar.

Cross-currency swap contracts | Net investment hedges

Summary of fair value of derivative instruments


	March 25,		September 24,
	2022		2021

	(in millions)
Prepaid expenses and other current assets	$	16	$	3
Other assets		46		18
Accrued and other current liabilities		2		13
Other liabilities		2		18

Forward starting interest rate swaps | Cash flow hedges

Summary of fair value of derivative instruments


	September 24,
	2021
	(in millions)
Prepaid expenses and other current assets	$	7
Accrued and other current liabilities		38

Schedule of impacts of hedging program

For the

Quarters Ended

Six Months Ended

March 25,

March 26,

March 25,

March 26,

2022

2021

2022

2021

(in millions)

Gains recorded in other comprehensive income (loss)

$

11

$

34

$

13

$

47

Commodity swap contracts | Cash flow hedges

Summary of fair value of derivative instruments


	March 25,		September 24,
	2022		2021

	(in millions)
Prepaid expenses and other current assets	$	39	$	23
Other assets		5		—
Accrued and other current liabilities		1		18
Other liabilities		—		4

Schedule of impacts of hedging program


	For the				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Gains recorded in other comprehensive income (loss)	$	46	$	17	$	61	$	54
Gains reclassified from accumulated other comprehensive income (loss) into cost of sales		5		24		20		39

Retirement Plans (Tables)

6 Months Ended

Mar. 25, 2022

Retirement Plans

Net periodic pension benefit cost


	Non-U.S. Plans				U.S. Plans
	For the				For the
	Quarters Ended				Quarters Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Operating expense:
Service cost	$	10	$	12	$	2	$	3
Other (income) expense:
Interest cost		8		7		6		8
Expected return on plan assets		(14)		(13)		(12)		(13)
Amortization of net actuarial loss		7		7		1		2
Amortization of prior service credit		(2)		(2)		—		—
Net periodic pension benefit cost (credit)	$	9	$	11	$	(3)	$	—


	Non-U.S. Plans				U.S. Plans
	For the				For the
	Six Months Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Operating expense:
Service cost	$	20	$	24	$	4	$	6
Other (income) expense:
Interest cost		17		14		13		16
Expected return on plan assets		(29)		(27)		(24)		(26)
Amortization of net actuarial loss		13		15		2		4
Amortization of prior service credit		(3)		(3)		—		—
Net periodic pension benefit cost (credit)	$	18	$	23	$	(5)	$	—

Earnings Per Share (Tables)

6 Months Ended

Mar. 25, 2022

Earnings Per Share

Schedule of weighted-average shares outstanding, basic and diluted


	For the		For the
	Quarters Ended		Six Months Ended
	March 25,	March 26,	March 25,	March 26,
	2022	2021	2022	2021

	(in millions)
Basic	325	331	326	331
Dilutive impact of share-based compensation arrangements	2	3	2	2
Diluted	327	334	328	333

Shareholders' Equity (Tables)

6 Months Ended

Mar. 25, 2022

Shareholders' Equity

Schedule of cash dividends to shareholders

For the

Quarters Ended

Six Months Ended

March 25,

March 26,

March 25,

March 26,

2022

2021

2022

2021

Dividends paid per common share

$

0.50

$

0.48

$

1.00

$

0.96

Schedule of common shares repurchased


	For the
	Six Months Ended
	March 25,		March 26,
	2022		2021

	(in millions)
Number of common shares repurchased		5		3
Repurchase value	$	752	$	309

Share Plans (Tables)

6 Months Ended

Mar. 25, 2022

Share Plans

Share-based compensation expense

For the

Quarters Ended

Six Months Ended

March 25,

March 26,

March 25,

March 26,

2022

2021

2022

2021

(in millions)

Share-based compensation expense

$

28

$

30

$

60

$

49

Summary of share-based award activity

During the quarter ended December 24, 2021, we granted the following share-based awards as part of our annual incentive plan grant:


		Grant-Date
	Shares	Fair Value
	(in millions)
Share options	0.8	$	37.67
Restricted share awards	0.3		158.00
Performance share awards	0.1		158.00

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		29	%
Risk-free interest rate		1.1	%
Expected annual dividend per share	$	2.00
Expected life of options (in years)		5.1

Segment and Geographic Data (Tables)

6 Months Ended

Mar. 25, 2022

Segment and Geographic Data

Schedule of net sales by segment and industry end market


	For the				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Transportation Solutions:
Automotive	$	1,653	$	1,630	$	3,173	$	3,259
Commercial transportation		394		382		759		713
Sensors		267		275		540		539
Total Transportation Solutions		2,314		2,287		4,472		4,511
Industrial Solutions:
Industrial equipment		472		339		934		634
Aerospace, defense, oil, and gas		261		267		503		517
Energy		184		185		372		357
Medical		158		161		325		317
Total Industrial Solutions		1,075		952		2,134		1,825
Communications Solutions:
Data and devices		385		278		734		512
Appliances		233		221		485		412
Total Communications Solutions		618		499		1,219		924
Total	$	4,007	$	3,738	$	7,825	$	7,260

(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				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Europe/Middle East/Africa (“EMEA”):
Transportation Solutions	$	899	$	922	$	1,670	$	1,816
Industrial Solutions		446		393		898		751
Communications Solutions		88		75		179		139
Total EMEA		1,433		1,390		2,747		2,706
Asia–Pacific:
Transportation Solutions		883		875		1,811		1,751
Industrial Solutions		197		171		406		334
Communications Solutions		331		290		664		544
Total Asia–Pacific		1,411		1,336		2,881		2,629
Americas:
Transportation Solutions		532		490		991		944
Industrial Solutions		432		388		830		740
Communications Solutions		199		134		376		241
Total Americas		1,163		1,012		2,197		1,925
Total	$	4,007	$	3,738	$	7,825	$	7,260

(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				For the
	Quarters Ended				Six Months Ended
	March 25,		March 26,		March 25,		March 26,
	2022		2021		2022		2021

	(in millions)
Transportation Solutions	$	409	$	398	$	804	$	706
Industrial Solutions		148		111		271		187
Communications Solutions		148		103		302		167
Total	$	705	$	612	$	1,377	$	1,060

Restructuring and Other Charges, Net - Restructuring and Other Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Restructuring and other charges, net
Restructuring charges, net	$ 22	$ 11	$ 43	$ 160
(Gain) loss on divestitures and impairment of held for sale businesses	(1)	4	(10)	21
Other charges, net		2		3
Restructuring and other charges, net	21	17	33	184
Operating expenses
Restructuring and other charges, net
Restructuring charges, net	22	11	55	160
Restructuring charges, net
Restructuring and other charges, net
Restructuring charges, net	22	11	43	160
Restructuring charges, net \| Transportation Solutions
Restructuring and other charges, net
Restructuring charges, net	10	10	15	128
Restructuring charges, net \| Industrial Solutions
Restructuring and other charges, net
Restructuring charges, net	10		18	20
Restructuring charges, net \| Communications Solutions
Restructuring and other charges, net
Restructuring charges, net	$ 2	$ 1	10	$ 12
Cost of sales
Restructuring and other charges, net
Restructuring charges, net			$ 12

Restructuring and Other Charges, Net - Restructuring Reserve Activity (Details) $ in Millions	6 Months Ended
	Mar. 25, 2022 USD ($)
Restructuring reserve
Restructuring reserve at the beginning of the period	$ 304
Charges	70
Changes in Estimate	(15)
Cash Payments	(86)
Non-Cash Items	(24)
Currency Translation	(13)
Restructuring reserve at the end of the period	236
Fiscal 2022 Actions
Restructuring reserve
Charges	53
Cash Payments	(1)
Non-Cash Items	(18)
Restructuring reserve at the end of the period	34
Fiscal 2022 Actions \| Employee severance
Restructuring reserve
Charges	35
Cash Payments	(1)
Restructuring reserve at the end of the period	34
Fiscal 2022 Actions \| Property, plant, and equipment and inventories
Restructuring reserve
Charges	18
Non-Cash Items	(18)
Restructuring reserve at the end of the period	0
Fiscal 2021 Actions
Restructuring reserve
Restructuring reserve at the beginning of the period	154
Charges	6
Cash Payments	(52)
Non-Cash Items	(2)
Currency Translation	(7)
Restructuring reserve at the end of the period	99
Fiscal 2021 Actions \| Employee severance
Restructuring reserve
Restructuring reserve at the beginning of the period	152
Charges	2
Cash Payments	(49)
Currency Translation	(7)
Restructuring reserve at the end of the period	98
Fiscal 2021 Actions \| Facility and other exit costs
Restructuring reserve
Restructuring reserve at the beginning of the period	2
Charges	2
Cash Payments	(3)
Restructuring reserve at the end of the period	1
Fiscal 2021 Actions \| Property, plant, and equipment
Restructuring reserve
Charges	2
Non-Cash Items	(2)
Restructuring reserve at the end of the period	0
Pre-Fiscal 2021 Actions
Restructuring reserve
Restructuring reserve at the beginning of the period	150
Charges	11
Changes in Estimate	(15)
Cash Payments	(33)
Non-Cash Items	(4)
Currency Translation	(6)
Restructuring reserve at the end of the period	103
Pre-Fiscal 2021 Actions \| Employee severance
Restructuring reserve
Restructuring reserve at the beginning of the period	135
Changes in Estimate	(15)
Cash Payments	(26)
Currency Translation	(5)
Restructuring reserve at the end of the period	89
Pre-Fiscal 2021 Actions \| Facility and other exit costs
Restructuring reserve
Restructuring reserve at the beginning of the period	15
Charges	7
Cash Payments	(7)
Currency Translation	(1)
Restructuring reserve at the end of the period	14
Pre-Fiscal 2021 Actions \| Property, plant, and equipment
Restructuring reserve
Charges	4
Non-Cash Items	(4)
Restructuring reserve at the end of the period	$ 0

Restructuring and Other Charges, Net - Actions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Restructuring Charges
Charges Incurred	$ 22	$ 11	$ 43	$ 160
Fiscal 2022 Actions
Restructuring Charges
Remaining Expected Charges	12		12
Charges Incurred			53
Fiscal 2021 Actions
Restructuring Charges
Total Expected Charges	213		213
Cumulative Charges Incurred	205		205
Remaining Expected Charges	8		8
Charges Incurred			6	153
Fiscal 2021 Actions \| Transportation Solutions
Restructuring Charges
Total Expected Charges	132		132
Cumulative Charges Incurred	129		129
Remaining Expected Charges	3		3
Fiscal 2021 Actions \| Industrial Solutions
Restructuring Charges
Total Expected Charges	54		54
Cumulative Charges Incurred	51		51
Remaining Expected Charges	3		3
Fiscal 2021 Actions \| Communications Solutions
Restructuring Charges
Total Expected Charges	27		27
Cumulative Charges Incurred	25		25
Remaining Expected Charges	$ 2		2
Pre-Fiscal 2021 Actions
Restructuring Charges
Charges Incurred			$ (4)	$ 7

Restructuring and Other Charges, Net - Restructuring Reserve Balances (Details) - USD ($) $ in Millions	Mar. 25, 2022	Sep. 24, 2021
Restructuring reserves included on the Consolidated Balance Sheets
Accrued and other current liabilities	$ 181	$ 236
Other liabilities	55	68
Restructuring reserves	$ 236	$ 304

Acquisitions (Details) $ in Millions	6 Months Ended
Acquisitions (Details) $ in Millions	Mar. 25, 2022 USD ($) item	Mar. 26, 2021 USD ($) item
Acquisitions
Net cash paid	$ 102	$ 107
2022 Acquisitions
Acquisitions
Number of businesses acquired \| item	1
Net cash paid	$ 127
2021 Acquisitions
Acquisitions
Number of businesses acquired \| item		1
Net cash paid		$ 106

Inventories (Details) - USD ($) $ in Millions	Mar. 25, 2022	Sep. 24, 2021
Inventories
Raw materials	$ 429	$ 320
Work in progress	1,176	991
Finished goods	1,394	1,200
Inventories	$ 2,999	$ 2,511

Goodwill (Details) $ in Millions	3 Months Ended	6 Months Ended
Goodwill (Details) $ in Millions	Sep. 24, 2021 USD ($) item	Mar. 25, 2022 USD ($)
Goodwill:
Goodwill, beginning balance		$ 5,590
Acquisition		74
Purchase price adjustments		(101)
Currency translation and other		(100)
Goodwill, ending balance	$ 5,590	5,463
Transportation Solutions
Goodwill:
Goodwill, beginning balance		1,549
Currency translation and other		(31)
Goodwill, ending balance	1,549	1,518
Accumulated impairment losses	3,091	3,091
Industrial Solutions
Goodwill:
Goodwill, beginning balance		3,446
Purchase price adjustments		(101)
Currency translation and other		(59)
Goodwill, ending balance	3,446	3,286
Accumulated impairment losses	$ 669	669
Number of businesses acquired \| item	2
Communications Solutions
Goodwill:
Goodwill, beginning balance		595
Acquisition		74
Currency translation and other		(10)
Goodwill, ending balance	$ 595	659
Accumulated impairment losses	$ 489	$ 489

Intangible Assets, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Intangible Assets, Net (Details) - USD ($) $ in Millions	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021	Sep. 24, 2021
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 3,014		$ 3,014		$ 3,047
Accumulated Amortization	(1,573)		(1,573)		(1,498)
Net Carrying Amount	1,441		1,441		1,549
Finite-lived intangible assets, amortization expense	49	$ 48	97	$ 96
Aggregate amortization expense on intangible assets
Remainder of fiscal 2022	99		99
Fiscal 2023	197		197
Fiscal 2024	165		165
Fiscal 2025	150		150
Fiscal 2026	143		143
Fiscal 2027	123		123
Thereafter	564		564
Net Carrying Amount	1,441		1,441		1,549
Customer relationships
Finite-Lived Intangible Assets
Gross Carrying Amount	1,741		1,741		1,766
Accumulated Amortization	(699)		(699)		(660)
Net Carrying Amount	1,042		1,042		1,106
Aggregate amortization expense on intangible assets
Net Carrying Amount	1,042		1,042		1,106
Intellectual property
Finite-Lived Intangible Assets
Gross Carrying Amount	1,254		1,254		1,262
Accumulated Amortization	(868)		(868)		(832)
Net Carrying Amount	386		386		430
Aggregate amortization expense on intangible assets
Net Carrying Amount	386		386		430
Other
Finite-Lived Intangible Assets
Gross Carrying Amount	19		19		19
Accumulated Amortization	(6)		(6)		(6)
Net Carrying Amount	13		13		13
Aggregate amortization expense on intangible assets
Net Carrying Amount	$ 13		$ 13		$ 13

Debt - Summary (Details) € in Millions, $ in Millions	6 Months Ended
Debt - Summary (Details) € in Millions, $ in Millions	Mar. 25, 2022 USD ($)	Mar. 26, 2021 USD ($)	Mar. 25, 2022 EUR (€)	Mar. 25, 2022 USD ($)	Sep. 24, 2021 USD ($)
Debt
Fair value of debt				$ 4,137	$ 4,465
Repayment of debt	$ 558	$ 280
Short-term debt				610	503
Long-term debt				$ 3,441	$ 3,589
2.50% senior notes due 2032
Debt
Debt instrument, interest rate (as a percent)			2.50%	2.50%
Debt instrument principal amount				$ 600
3.50% senior notes due 2022
Debt
Debt instrument, interest rate (as a percent)			3.50%	3.50%
Repayment of debt	$ 500
Reclassification
Debt
Debt instrument, interest rate (as a percent)			1.10%	1.10%
Short-term debt \| €			€ 550
Long-term debt \| €			€ (550)

Leases - Components of Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Leases
Operating lease cost	$ 33	$ 29	$ 64	$ 59
Variable lease cost	13	13	25	24
Total lease cost	$ 46	$ 42	$ 89	$ 83

Leases - Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 25, 2022	Mar. 26, 2021
Leases
Payments for operating leases	$ 61	$ 59
Right-of-use assets, including modifications of existing leases, obtained in exchange for operating lease liabilities	$ 77	$ 38

Commitments and Contingencies (Details) $ in Millions	Mar. 25, 2022 USD ($)
Loss Contingencies
Accrual environmental loss contingency, estimate of probable loss	$ 21
Minimum
Loss Contingencies
Accrual environmental loss contingency, estimate of probable loss	18
Maximum
Loss Contingencies
Accrual environmental loss contingency, estimate of probable loss	45
Outstanding letters of credit, letters of guarantee and surety bonds
Guarantees
Guarantor obligations, maximum exposure	120
Discontinued Operations, Disposed of by Sale \| Subsea Communications
Guarantees
Guarantor obligations, maximum exposure	$ 117

Financial Instruments (Details) € in Millions	3 Months Ended		6 Months Ended		12 Months Ended
Financial Instruments (Details) € in Millions	Mar. 25, 2022 USD ($)	Mar. 26, 2021 USD ($)	Mar. 25, 2022 USD ($)	Mar. 26, 2021 USD ($)	Sep. 24, 2021 USD ($)	Mar. 25, 2022 EUR (€)	Mar. 25, 2022 USD ($)	Sep. 24, 2021 EUR (€)	Sep. 24, 2021 USD ($)
Cash flow hedges \| Cross-currency swap contracts
Financial Instruments
Notional amount \| €						€ 300		€ 700
Interest paid in foreign currency, fixed interest rate						3.50%	3.50%
Interest received in U.S. dollars, weighted-average fixed interest rate						5.28%	5.28%
Gains (losses) recorded in other comprehensive income (loss)	$ (2,000,000)		$ (5,000,000)	$ (4,000,000)
Gains (losses) excluded from the hedging relationship	10,000,000	$ 28,000,000	39,000,000	(12,000,000)
Cash flow hedges \| Forward starting interest rate swaps
Financial Instruments
Notional amount							$ 0		$ 450,000,000
Gains (losses) recorded in other comprehensive income (loss)	11,000,000	34,000,000	13,000,000	47,000,000
Debt instrument, interest rate (as a percent)						2.50%	2.50%
Cash flow hedges \| Commodity swap contracts
Financial Instruments
Notional amount							$ 599,000,000		512,000,000
Gains (losses) recorded in other comprehensive income (loss)	46,000,000	17,000,000	61,000,000	54,000,000
Gains (losses) reclassified from accumulated other comprehensive income (loss) into cost of sales	5,000,000	24,000,000	20,000,000	39,000,000
Net investment hedges \| Intercompany loans and external borrowings
Financial Instruments
Notional amount of non-derivative instruments			3,166,000,000		$ 3,798,000,000
Foreign currency exchange gains (losses) on intercompany loans and external borrowings	80,000,000	133,000,000	188,000,000	(35,000,000)
Net investment hedges \| Cross-currency swap contracts
Financial Instruments
Notional amount							$ 1,691,000,000		1,430,000,000
Interest paid in foreign currency, fixed interest rate						0.00%	0.00%
Interest received in U.S. dollars, weighted-average fixed interest rate						1.55%	1.55%
Gains (losses) on cross-currency swap contracts designated as hedges of net investment	$ 33,000,000	$ 58,000,000	$ 70,000,000	$ (27,000,000)
Prepaid expenses and other current assets \| Cash flow hedges \| Cross-currency swap contracts
Financial Instruments
Fair Value of Asset Positions							$ 11,000,000
Prepaid expenses and other current assets \| Cash flow hedges \| Forward starting interest rate swaps
Financial Instruments
Fair Value of Asset Positions									7,000,000
Prepaid expenses and other current assets \| Cash flow hedges \| Commodity swap contracts
Financial Instruments
Fair Value of Asset Positions							39,000,000		23,000,000
Prepaid expenses and other current assets \| Net investment hedges \| Cross-currency swap contracts
Financial Instruments
Fair Value of Asset Positions							16,000,000		3,000,000
Other assets \| Cash flow hedges \| Commodity swap contracts
Financial Instruments
Fair Value of Asset Positions							5,000,000
Other assets \| Net investment hedges \| Cross-currency swap contracts
Financial Instruments
Fair Value of Asset Positions							46,000,000		18,000,000
Accrued and other current liabilities \| Cash flow hedges \| Forward starting interest rate swaps
Financial Instruments
Fair Value of Liability Positions									38,000,000
Accrued and other current liabilities \| Cash flow hedges \| Commodity swap contracts
Financial Instruments
Fair Value of Liability Positions							1,000,000		18,000,000
Accrued and other current liabilities \| Net investment hedges \| Cross-currency swap contracts
Financial Instruments
Fair Value of Liability Positions							2,000,000		13,000,000
Other liabilities \| Cash flow hedges \| Cross-currency swap contracts
Financial Instruments
Fair Value of Liability Positions									20,000,000
Other liabilities \| Cash flow hedges \| Commodity swap contracts
Financial Instruments
Fair Value of Liability Positions									4,000,000
Other liabilities \| Net investment hedges \| Cross-currency swap contracts
Financial Instruments
Fair Value of Liability Positions							$ 2,000,000		$ 18,000,000

Retirement Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Non-U.S. Plans
Net Periodic Postretirement Benefit Cost (Credit)
Service cost	$ 10	$ 12	$ 20	$ 24
Interest cost	8	7	17	14
Expected return on plan assets	(14)	(13)	(29)	(27)
Amortization of net actuarial loss	7	7	13	15
Amortization of prior service credit	(2)	(2)	(3)	(3)
Net periodic pension benefit cost (credit)	9	11	18	23
Defined benefit plan, contributions by employer			18
U.S. Plans
Net Periodic Postretirement Benefit Cost (Credit)
Service cost	2	3	4	6
Interest cost	6	8	13	16
Expected return on plan assets	(12)	(13)	(24)	(26)
Amortization of net actuarial loss	1	$ 2	2	$ 4
Net periodic pension benefit cost (credit)	$ (3)		$ (5)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021	Sep. 30, 2022
Income tax expense	$ 136	$ 106	$ 246	$ 166
Income tax benefit associated with intercompany transactions	19		36
Income Tax Charges Associated With Write Down Of Certain Deferred Tax Assets To Lower Tax Rate	27		27
Income tax expense associated with income tax audit of pre-acquisition period of acquired entity			12
Income tax benefit associated with indemnification receivable and other income			11
Income tax benefit from change in the tax method of depreciating or amortizing certain assets				$ 29
Increase in deferred tax assets for tax loss and credit carryforwards from intercompany transaction with non-U.S. subsidiary	4,000
Increase in deferred tax assets valuation allowance for tax loss and credit carryforwards from intercompany transaction with non-U.S. subsidiary	4,000
Unrecognized income tax benefits, approximate amount that could be resolved in next twelve months	$ 100		$ 100
Expected
Income tax benefit associated with intercompany transactions					$ 75

Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
Earnings Per Share (Details) - shares shares in Millions	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Earnings Per Share
Antidilutive share options	1		1
Earnings Per Share
Basic (in shares)	325	331	326	331
Dilutive impact of share-based compensation arrangements (in shares)	2	3	2	2
Diluted (in shares)	327	334	328	333

Shareholders' Equity (Details) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2022 installment $ / shares shares	Mar. 25, 2022 USD ($) $ / shares	Mar. 26, 2021 USD ($) $ / shares	Mar. 25, 2022 USD ($) $ / shares shares	Mar. 26, 2021 USD ($) $ / shares shares	Sep. 24, 2021 USD ($)
Shareholders' Equity
Cancellation of treasury shares (in shares) \| shares	5
Dividends paid per common share \| $ / shares		$ 0.50	$ 0.48	$ 1.00	$ 0.96
Dividend or cash distribution approved (in currency per share) \| $ / shares	$ 2.24
Number of quarterly dividend installments \| installment	4
Cash distribution quarterly installment payable (in dollars per share) \| $ / shares	$ 0.56
Unpaid portion of the dividend payment recorded in accrued and other current liabilities \| $		$ 723		$ 723		$ 327
Number of common shares repurchased \| shares				5	3
Repurchase value \| $		506	$ 182	$ 752	$ 309
Amount available for repurchase, at end of period \| $		$ 839		$ 839

Share Plans (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Mar. 25, 2022	Dec. 24, 2021	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Share Based Compensation Arrangements:
Share-based compensation expense	$ 28		$ 30	$ 60	$ 49
Shares available for issuance	11.0			11.0
Share Based Compensation Expenses Not Recognized
Share-based compensation, share-based awards, total compensation expense not yet recognized	$ 180			$ 180
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		0.8
Options granted, grant-date fair value (in dollars per share)		$ 37.67
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology
Expected share price volatility (as a percent)		29.00%
Risk-free interest rate (as a percent)		1.10%
Expected annual dividend per share		$ 2.00
Expected life of options (in years)		5 years 1 month 6 days
Restricted share awards
Share Based Compensation Arrangements:
Shares granted		0.3
Shares granted, grant-date fair value (in dollars per share)		$ 158.00
Performance share awards
Share Based Compensation Arrangements:
Shares granted		0.1
Shares granted, grant-date fair value (in dollars per share)		$ 158.00

Segment and Geographic Data - Net Sales by Segment and Industry End Market (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Segment and Geographic Data
Net sales	$ 4,007	$ 3,738	$ 7,825	$ 7,260
Transportation Solutions
Segment and Geographic Data
Net sales	2,314	2,287	4,472	4,511
Transportation Solutions \| Automotive
Segment and Geographic Data
Net sales	1,653	1,630	3,173	3,259
Transportation Solutions \| Commercial transportation
Segment and Geographic Data
Net sales	394	382	759	713
Transportation Solutions \| Sensors
Segment and Geographic Data
Net sales	267	275	540	539
Industrial Solutions
Segment and Geographic Data
Net sales	1,075	952	2,134	1,825
Industrial Solutions \| Industrial equipment
Segment and Geographic Data
Net sales	472	339	934	634
Industrial Solutions \| Aerospace, defense, oil, and gas
Segment and Geographic Data
Net sales	261	267	503	517
Industrial Solutions \| Energy
Segment and Geographic Data
Net sales	184	185	372	357
Industrial Solutions \| Medical
Segment and Geographic Data
Net sales	158	161	325	317
Communications Solutions
Segment and Geographic Data
Net sales	618	499	1,219	924
Communications Solutions \| Data and devices
Segment and Geographic Data
Net sales	385	278	734	512
Communications Solutions \| Appliances
Segment and Geographic Data
Net sales	$ 233	$ 221	$ 485	$ 412

Segment and Geographic Data - Net Sales by Geographic Region and Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Segment and Geographic Data
Net sales	$ 4,007	$ 3,738	$ 7,825	$ 7,260
Transportation Solutions
Segment and Geographic Data
Net sales	2,314	2,287	4,472	4,511
Industrial Solutions
Segment and Geographic Data
Net sales	1,075	952	2,134	1,825
Communications Solutions
Segment and Geographic Data
Net sales	618	499	1,219	924
Total Europe/Middle East/Africa
Segment and Geographic Data
Net sales	1,433	1,390	2,747	2,706
Total Europe/Middle East/Africa \| Transportation Solutions
Segment and Geographic Data
Net sales	899	922	1,670	1,816
Total Europe/Middle East/Africa \| Industrial Solutions
Segment and Geographic Data
Net sales	446	393	898	751
Total Europe/Middle East/Africa \| Communications Solutions
Segment and Geographic Data
Net sales	88	75	179	139
Total Asia-Pacific
Segment and Geographic Data
Net sales	1,411	1,336	2,881	2,629
Total Asia-Pacific \| Transportation Solutions
Segment and Geographic Data
Net sales	883	875	1,811	1,751
Total Asia-Pacific \| Industrial Solutions
Segment and Geographic Data
Net sales	197	171	406	334
Total Asia-Pacific \| Communications Solutions
Segment and Geographic Data
Net sales	331	290	664	544
Total Americas
Segment and Geographic Data
Net sales	1,163	1,012	2,197	1,925
Total Americas \| Transportation Solutions
Segment and Geographic Data
Net sales	532	490	991	944
Total Americas \| Industrial Solutions
Segment and Geographic Data
Net sales	432	388	830	740
Total Americas \| Communications Solutions
Segment and Geographic Data
Net sales	$ 199	$ 134	$ 376	$ 241

- 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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123351226&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123351226&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 http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Segment and Geographic Data - Operating Income by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 25, 2022	Mar. 26, 2021	Mar. 25, 2022	Mar. 26, 2021
Segment and Geographic Data
Operating income	$ 705	$ 612	$ 1,377	$ 1,060
Transportation Solutions
Segment and Geographic Data
Operating income	409	398	804	706
Industrial Solutions
Segment and Geographic Data
Operating income	148	111	271	187
Communications Solutions
Segment and Geographic Data
Operating income	$ 148	$ 103	$ 302	$ 167