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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K


(Mark One)
☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended September 27, 2024
For the fiscal year ended September 26, 2025
or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

001-33260

(Commission File Number)

TE CONNECTIVITY PLC

(Exact name of registrant as specified in its charter)

Ireland(Jurisdiction of Incorporation)	98-1779916(I.R.S. Employer Identification No.)	+353 91 378 040(Registrant’s telephone number)
Parkmore Business Park West, Parkmore, H91VN2T Ballybrit, Galway, Ireland (Address and postal code of principal executive offices)
Parkmore Business Park West, Parkmore, Ballybrit, Galway, H91VN2T, Ireland (Address and postal code of principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Ordinary Shares, Par Value $0.01	TEL	New York Stock Exchange
0.00% Senior Notes due 2025*	TEL/25	New York Stock Exchange
2.50% Senior Notes due 2028*	TEL/28	New York Stock Exchange
0.00% Senior Notes due 2029*	TEL/29	New York Stock Exchange
3.25% Senior Notes due 2033*	TEL/33	New York Stock Exchange

*Issued by Tyco Electronics Group S.A., an indirect wholly-owned subsidiary of TE Connectivity plc

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☒

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The aggregate market value of the ~~common~~registrant’s ordinary shares ~~of TE Connectivity Ltd., the predecessor of the registrant,~~ held by non-affiliates was $4442.52 billion as of March 2928, ~~2024~~2025, the last business day of the registrant’s most recently completed second fiscal quarter. Directors and executive officers of the registrant are considered affiliates for purposes of this calculation but should not necessarily be deemed affiliates for any other purpose.

The number of ordinary shares outstanding as of November 76, ~~2024~~2025 was ~~299~~294,~~162~~189,~~134~~246.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s Proxy Statement to be filed in connection with the registrant’s ~~2025~~2026 annual general meeting of shareholders are incorporated by reference into Part III of this Form 10-K.

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TE CONNECTIVITY PLC

TABLE OF CONTENTS


		Page
	Part I
Item 1.	Business	1
Item 1A.	Risk Factors	87
Item 1B.	Unresolved Staff Comments	21
Item 1C.	Cybersecurity	21
Item 2.	Properties	2322
Item 3.	Legal Proceedings	23
Item 4.	Mine Safety Disclosures	23

	Part II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	24
Item 6.	Reserved	25
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 8.	Financial Statements and Supplementary Data	44
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	4544
Item 9A.	Controls and Procedures	4544
Item 9B.	Other Information	45
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	4546

	Part III
Item 10.	Directors, Executive Officers and Corporate Governance	4647
Item 11.	Executive Compensation	4647
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	4647
Item 13.	Certain Relationships and Related Transactions, and Director Independence	4748
Item 14.	Principal Accountant Fees and Services	4748

	Part IV
Item 15.	Exhibits and Financial Statement Schedules	4849
Item 16.	Form 10-K Summary	5254
Signatures		5355
Index to Consolidated Financial Statements		5557

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SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS

We have made forward-looking statements in this Annual Report that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include, among others, the information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, acquisitions, divestitures, the effects of competition, and the effects of future legislation or regulations. Forward-looking statements also include statements addressing our environmental, social, governance, and sustainability plans and goals. Such statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “plan,” “intend,” “anticipate,” “aspire,” “estimate,” “predict,” “potential,” “goal,” “target,” “continue,” “may,” and “should,” or the negative of these terms or similar expressions.

Forward-looking statements involve risks, uncertainties, and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. We do not have any intention or obligation to update forward-looking statements after we file this report except as required by law.

The risk factors discussed in “Part I. Item 1A. Risk Factors” and other risks described in this Annual Report could cause our results to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business.

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PART I

“TE Connectivity” and “TE Connectivity (logo)” are trademarks. This report further contains other trademarks of ours and additional trade names and trademarks of other companies that are not owned by TE Connectivity. We do not intend our use or display of other companies’ trade names or trademarks to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies.

ITEM 1. BUSINESS

General

We are a global industrial technology leader creating a safer, sustainable, productive, and connected future. ~~Our~~As a trusted innovation partner, our broad range of connectivity and sensor solutions enable the distribution of power, signal, and data to advance next-generation transportation, ~~renewable~~ energy networks, automated factories, data centers, ~~medical~~enabling ~~technology~~artificial intelligence, and more. References in this report to “TE Connectivity,” the “Company,” “we,” “us,” or “our” refer to TE Connectivity Ltd. before September 30, 2024 and to TE Connectivity plc on or after September 30, 2024.

We became an independent, publicly traded company in 2007; however, through our predecessor companies, we trace our foundations in the connectivity business back to 1941. During fiscal 2024, we were organized under the laws of Switzerland and the rights of holders of our shares were governed by Swiss law, our Swiss articles of association, and our Swiss organizational regulations.

InDuring fiscal 2024, our board of directors and shareholders approved a change in our jurisdiction of incorporation from Switzerland to Ireland. In connection with the change, weTE Connectivity Ltd., our former parent entity, entered into a merger agreement with ~~our~~TE Connectivity plc, its then wholly-owned subsidiary, TEand ~~Connectivity plc,~~ a public limited company incorporated under Irish law. Under the merger agreement, weTE ~~were~~Connectivity Ltd. merged with and into TE Connectivity plc, which was the surviving entity, in order to effect our change in jurisdiction of incorporation from Switzerland to Ireland. The merger ~~and~~was ~~change~~completed inon September 30, 2024, thereby changing our jurisdiction of incorporation ~~were~~from ~~completed~~Switzerland onto ~~September 30, 2024~~Ireland. Effective for fiscal 2025, we are organized under the laws of Ireland. We have not had and do not anticipate any material changes in our operations or financial results as a result of the merger and change in place of incorporation. ~~See Notes 1 and 21 to the Consolidated Financial Statements for additional information regarding the change in place of incorporation.~~

We ~~have~~acquired aRichard ~~52-~~Manufacturing ~~or 53-week fiscal year that ends on the last Friday of September~~Co. ~~Fiscal~~(“Richards ~~2024,~~Manufacturing”) ~~2023,~~in ~~and~~fiscal ~~2022 ended on September 27, 2024, September 29, 2023, and September 30, 2022, respectively~~2025. ~~Fiscal~~See ~~2024~~Note ~~and~~4 ~~2023~~to ~~were~~the ~~each~~Consolidated 52Financial ~~weeks~~Statements infor ~~length.~~additional ~~Fiscal~~information ~~2022~~regarding ~~was 53 weeks in length. For fiscal years in which there are 53 weeks,~~ the ~~fourth fiscal quarter includes 14 weeks~~acquisition.

We have a 52- or 53-week fiscal year that ends on the last Friday of September. Fiscal 2025, 2024, and 2023 ended on September 26, 2025, September 27, 2024, and September 29, 2023, respectively. Fiscal 2025, 2024, and 2023 were each 52 weeks in length. For fiscal years in which there are 53 weeks, the fourth fiscal quarter includes 14 weeks, with the next occurrence taking place in fiscal 2028.

Segments

~~During~~Effective for fiscal ~~2024~~2025, we ~~operated~~reorganized ~~through~~our ~~three~~management ~~reportable~~and segments: ~~Transportation~~to ~~Solutions,~~align ~~Industrial~~the ~~Solutions,~~organization ~~and~~around ~~Communications~~our ~~Solutions~~current strategy. WePrior ~~believe~~period ~~our~~segment ~~three~~results ~~segments~~have ~~served~~been arecast ~~combined~~to ~~market~~conform ofto ~~approximately~~the ~~$190~~new ~~billion~~segment asstructure. ofSee ~~fiscal~~additional ~~year~~information ~~end~~regarding ~~2024~~our segments in Notes 1 and 20 to the Consolidated Financial Statements.

We now operate through two reportable segments: Transportation Solutions and Industrial Solutions. We believe our two segments served a combined market of approximately $200 billion as of fiscal year end 2025.

Our net sales by segment as a percentage of our total net sales were as follows:


	Fiscal
	~~2024~~2025		~~2023~~2024		~~2022~~2023
Transportation Solutions	6054	%	60	%	5660	%
Industrial Solutions	2846		2840		2840
Communications Solutions	12		12		16
Total	100	%	100	%	100	%

Below is a description of our reportable segments and the primary products, markets, and competitors of each segment.

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Transportation Solutions

The Transportation Solutions segment is a leader in connectivity and sensor technologies. The primary products sold by the Transportation Solutions segment include terminals and connector systems and components, sensors, ~~relays~~heat shrink tubing, ~~antennas~~relays, and application tooling. The Transportation Solutions segment’s products, which must withstand harsh conditions, are used in the following end markets:

●

Automotive (75% of segment’s net sales)—We are one of the leading providers of advanced automobile connectivity solutions. The automotive industry uses our products in automotive technologies for body and chassis systems, convenience applications, driver information, infotainment solutions, miniaturization solutions, motor and powertrain applications, and safety and security systems. Hybrid and electronic mobility solutions include in-vehicle technologies, battery technologies, and charging solutions.

●

Commercial transportation (15% of segment’s net sales)—We deliver reliable connectivity products designed to withstand harsh environmental conditions for on- and off-highway vehicles and recreational transportation, including heavy trucks, construction, agriculture, buses, and other vehicles.

●

Sensors (10% of segment’s net sales)—We offer a portfolio of intelligent, efficient, and high-performing sensor solutions that are used by customers across multiple industries, including automotive, industrial equipment, commercial transportation, medical solutions, aerospace and defense, and consumer applications.

The Transportation Solutions segment’s major competitors include Yazaki, Aptiv, Sumitomo, Sensata, Honeywell, Molex, and Amphenol.

Industrial Solutions

The Industrial Solutions segment is a leading supplier of products that connect and distribute power, data, and signals. The primary products sold by the Industrial Solutions segment include terminals and connector systems and components, interventional medical components, ~~relays,~~ heat shrink tubing, ~~and~~relays, wire and cable, and filters. The Industrial Solutions segment’s products are used in the following end markets:

● ~~Industrial~~Digital ~~equipment~~data networks (3028% of segment’s net sales)—~~Our~~We deliver products ~~are used in factory~~ and ~~warehouse~~solutions ~~automation~~that ~~and~~are ~~process~~used ~~control~~in ~~systems~~a ~~such~~variety asof ~~industrial~~equipment ~~controls,~~architectures ~~robotics,~~within ~~human~~the ~~machine interface~~networking, ~~industrial~~data ~~communication~~center, and ~~power~~wireless ~~distribution~~infrastructure industries. ~~Our~~Additionally, ~~building~~we ~~automation~~deliver ~~and~~a ~~smart~~range ~~city~~of ~~infrastructure~~connectivity ~~products~~solutions ~~are~~for ~~used~~the toInternet ~~connect~~of ~~lighting~~Things, ~~and~~smartphones, ~~offer~~tablet ~~solutions~~computers, invirtual ~~HVAC~~reality, ~~elevators/escalators,~~ and ~~security.~~artificial ~~Our~~intelligence/machine ~~rail~~learning ~~products~~applications ~~are~~to ~~used~~help inour ~~high-speed~~customers ~~trains,~~meet ~~metros,~~their ~~light~~current ~~rail~~challenges ~~vehicles, locomotives,~~ and ~~signaling~~future ~~switching equipment~~innovations.

● ~~Aerospace,~~Automation ~~defense,~~ and ~~marine~~connected living (3027% of segment’s net sales)—WeOur ~~design,~~products ~~develop,~~are ~~and~~used ~~manufacture~~in afactory ~~comprehensive~~and ~~portfolio~~warehouse ofautomation ~~critical~~and ~~electronic~~process ~~components~~control ~~and~~ systems ~~for~~such ~~the~~as ~~harsh~~industrial ~~operating~~controls, ~~conditions~~robotics, ofhuman ~~the~~machine ~~commercial aerospace~~interface, ~~defense~~industrial communication, and ~~marine~~power ~~industries~~distribution. Our ~~products~~building automation and ~~systems~~smart city infrastructure products are ~~designed~~used to connect lighting and ~~manufactured~~offer tosolutions ~~operate~~in ~~effectively~~HVAC, elevators/escalators, and security. Our rail products are used in ~~harsh~~high-speed ~~conditions~~trains, ~~ranging~~metros, ~~from~~light ~~the~~rail ~~depths~~vehicles, oflocomotives, ~~the~~and ~~ocean~~signaling switching equipment. Additionally, we provide both standard products and custom-designed solutions to meet the ~~far~~daily ~~reaches~~demands of ~~space~~home appliances, including washers, dryers, refrigerators, air conditioners, dishwashers, cooking appliances, water heaters, air purifiers, floor care devices, and microwaves.

● ~~Energy~~Aerospace, defense, and marine (2119% of segment’s net sales)—~~Our~~We ~~products~~design, ~~are~~develop, ~~used~~and bymanufacture ~~electric~~a ~~power~~comprehensive ~~utilities,~~portfolio ~~OEMs,~~of critical electronic components and ~~engineering~~systems ~~procurement~~for ~~construction~~the ~~companies~~harsh ~~serving~~operating conditions of the ~~electrical~~commercial ~~power~~aerospace, ~~grid~~defense, and ~~renewables~~marine industries. ~~They~~Our ~~include~~products aand ~~wide~~systems ~~range~~are ofdesigned ~~insulation,~~and ~~protection,~~manufactured ~~and~~to ~~connection~~operate ~~solutions~~effectively ~~for~~in ~~electrical~~harsh ~~power~~conditions ~~generation,~~ranging ~~transmission,~~from ~~distribution,~~the ~~and~~depths ~~industrial~~of ~~markets~~the ocean to the far reaches of space.

● ~~Medical~~Energy (1917% of segment’s net sales)—Our products are used inby ~~imaging,~~electric ~~diagnostic~~power utilities, ~~surgical~~OEMs, and ~~minimally~~engineering ~~invasive~~procurement ~~interventional~~construction ~~applications.~~companies Weserving ~~specialize~~the inelectrical ~~the~~power ~~design~~grid and ~~manufacture~~renewables ofindustries. ~~advanced~~They ~~surgical,~~include ~~imaging,~~a ~~and~~wide ~~interventional~~range ~~device~~of ~~solutions.~~insulation, ~~Key~~protection, ~~markets~~and ~~served~~connection ~~include~~solutions ~~cardiovascular,~~for ~~peripheral~~electrical ~~vascular,~~power ~~structural heart~~generation, ~~endoscopy~~transmission, ~~electrophysiology~~distribution, and ~~neurovascular~~industrial ~~therapies~~markets.

The Industrial Solutions segment competes primarily against Amphenol, Hubbell, Carlisle Companies, Integer Holdings, Esterline, Molex, and Omron.

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~~Communications~~● ~~Solutions~~Medical (9% of segment’s net sales)—Our products are used in imaging, diagnostic, surgical, and minimally invasive interventional applications. We specialize in the design and manufacture of advanced surgical, imaging, and interventional device solutions. Key markets served include cardiovascular, peripheral vascular, structural heart, endoscopy, electrophysiology, and neurovascular therapies.

The ~~Communications~~Industrial Solutions segment iscompetes aprimarily ~~leading~~against ~~supplier~~Amphenol, ofHubbell, ~~electronic~~Carlisle ~~components~~Companies, ~~for~~Integer ~~the~~Holdings, ~~data~~Molex, ~~and devices and the appliances markets. The primary products sold by the Communications Solutions segment include terminals and connector systems and components~~Omron, ~~antennas~~JST, and ~~heat~~Korea ~~shrink~~Electric ~~tubing.~~Terminal ~~The Communications Solutions segment’s products are used in the following end markets:~~(KET).

· Data and devices (65% of segment’s net sales)—We deliver products and solutions that are used in a variety of equipment architectures within the networking equipment, data center equipment, and wireless infrastructure industries. Additionally, we deliver a range of connectivity solutions for the Internet of Things, smartphones, tablet computers, virtual reality and artificial intelligence/machine learning applications to help our customers meet their current challenges and future innovations.

· Appliances (35% of segment’s net sales)—We provide solutions to meet the daily demands of home appliances. Our products are used in many household appliances, including washers, dryers, refrigerators, air conditioners, dishwashers, cooking appliances, water heaters, air purifiers, floor care devices, and microwaves. Our expansive range of standard products is supplemented by an array of custom-designed solutions.

The Communications Solutions segment’s major competitors include Amphenol, Molex, JST, and Korea Electric Terminal (KET).

New Segment Structure Effective for Fiscal 2025

Effective for the first quarter of fiscal 2025, we will reorganize our management and segments to align the organization around our fiscal 2025 strategy. In this Annual Report, results for fiscal 2024 and prior periods are reported on the basis under which we managed our business in fiscal 2024 and do not reflect the fiscal 2025 segment reorganization. See Note 21 to the Consolidated Financial Statements for additional information regarding our new segment structure.

Customers

As an industry leader, we have established close working relationships with many of our customers. These relationships allow us to better anticipate and respond to customer needs when designing new products and new technical solutions. By working with our customers in developing new products and technologies, we believe we can identify and act on trends and leverage knowledge about next-generation technology across our products.

Our approach to our customers is driven by our dedication to further develop our product families and ensure that we are globally positioned to best provide our customers with sales and engineering support. We believe that as electronic component technologies continue to proliferate, our broad product portfolio and engineering capability give us a potential competitive advantage when addressing the needs of our global customers.

We manufacture and sell a broad portfolio of products to customers in various industries. Our customers include many of the leaders in their respective industries, and our relationships with them typically date back many years. We believe that our diversified customer base provides us an opportunity to leverage our skills and experience across markets and reduce our exposure to individual end markets, thereby reducing the variability of our financial performance. Additionally, we believe that the diversity of our customer base reduces the level of cyclicality in our results and distinguishes us from our competitors.

No single customer accounted for a significant amount of our net sales in fiscal ~~2024~~2025, ~~2023~~2024, or ~~2022~~2023.

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Sales and Distribution

We maintain a strong local presence in each of the geographic regions in which we operate. Our net sales by geographic region⁽¹⁾as a percentage of our total net sales were as follows:


	Fiscal
	~~2024~~2025		~~2023~~2024		~~2022~~2023
Europe/Middle East/Africa (“EMEA”)	37	%	39	%	35	%
Asia–Pacific	38	%	34	%	32	%
Asia–Pacific	34		32		35
Europe/Middle East/Africa (“EMEA”)	33		37		39
Americas	29		29		3029
Total	100	%	100	%	100	%

(1)

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

We sell our products into approximately 130 countries primarily through direct selling efforts to manufacturers. In fiscal ~~2024~~2025, our direct sales represented approximately 8075% of total net sales. We also sell our products indirectly via third-party distributors.

We maintain distribution centers around the world. Products are generally delivered to the distribution centers by our manufacturing facilities and then subsequently delivered to the customer. In some instances, however, products are delivered directly from our manufacturing facility to the customer. Our global coverage positions us near our customers’ locations and allows us to assist them in consolidating their supply base and lowering their production costs. We contract with a wide range of transport providers to deliver our products globally via road, rail, sea, and air. We believe our balanced sales distribution lowers our exposure to any particular geography and improves our financial profile.

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Seasonality and Backlog

Typically, we experience a slight seasonal pattern to our business. Overall, the third and fourth fiscal quarters are usually the strongest quarters of our fiscal year, whereas the first fiscal quarter is negatively affected by holidays and the second fiscal quarter may be affected by adverse winter weather conditions in some of our markets.

Certain of our end markets experience some seasonality. Our sales in the automotive market are dependent upon global automotive production, and seasonal declines in European production may negatively impact net sales in the fourth fiscal quarter. Also, our sales in the energy market typically increase in the third and fourth fiscal quarters as customer activity increases.

Customer orders and demand may fluctuate as a result of economic and market conditions~~, including supply chain disruptions and inflationary cost pressures~~. Backlog by reportable segment was as follows:


	Fiscal Year End
	~~2024~~2025		~~2023~~2024
	(in millions)
Transportation Solutions	$	2,~~543~~278	$	2,~~981~~478
Industrial Solutions		23,~~518~~910		23,~~448~~561
Communications Solutions		978		617
Total	$	6,188	$	6,039
Total	$	6,039	$	6,046

We expect that the majority of our backlog at fiscal year end ~~2024~~2025 will be filled during fiscal ~~2025~~2026. Backlog is not necessarily indicative of future net sales as unfilled orders may be cancelled prior to shipment of goods.

Competition

The industries in which we operate are highly competitive, and we compete with thousands of companies that range from large multinational corporations to local manufacturers. Competition is generally based on breadth of product offering, product innovation, price, quality, delivery, and service. We have experienced, and expect to continue to experience, downward pressure on prices. However, as a result of increased costs and tariffs, certain of our businesses implemented price increases in recent years.

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Raw Materials

We use a wide variety of raw materials in the manufacture of our products. The principal raw materials that we use include plastic resins for molding; precious metals such as gold, silver, and palladium for plating; and other metals such as copper, aluminum, brass, and steel for manufacturing cable, contacts, and other parts that are used for cable and component bodies and inserts. Many of these raw materials are produced in a limited number of countries around the world or are only available from a limited number of suppliers. The prices of these materials are driven by global supply and demand. In recent years, raw material prices and availability have been affected by worldwide economic conditions, including supply chain disruptions, trade wars, and inflationary cost pressures.

Intellectual Property

Patents and other proprietary rights are important to our business. We also rely upon trade secrets, manufacturing know-how, continuing technological innovations, and licensing opportunities to maintain and improve our competitive position. We review third-party proprietary rights, including patents and patent applications, as available, in an effort to develop an effective intellectual property strategy, avoid infringement of third-party proprietary rights, identify licensing opportunities, and monitor the intellectual property claims of others.

We own a large portfolio of patents that relate principally to electrical, optical, and electronic products. We also own a portfolio of trademarks and are a licensee of various patents and trademarks. Patents for individual products extend for varying periods according to the date of patent filing or grant and the legal term of patents in the various countries where patent protection is obtained. Trademark rights may potentially extend for longer periods of time and are dependent upon national laws and use of the trademarks.

While we consider our patents and trademarks to be valued assets, we do not believe that our competitive position or our operations are dependent upon or would be materially impacted by any single patent or group of related patents.

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Human Capital Management

We have employees located throughout the world. As of fiscal year end ~~2024~~2025, we employed approximately 8793,000 people worldwide, including 13,000 contract employees. Approximately 3534,000 were in the ~~EMEA~~Asia–Pacific region, 2634,000 were in the ~~Asia–Pacific~~EMEA region, and 2625,000 were in the Americas region. Of our total employees, approximately 5155,000 were employed in manufacturing. Our strong employee base, along with their commitment to uncompromising values, provides the foundation of our ~~company’s~~ success.

~~Our~~We are governed by our core values— of integrity, accountability, inclusion, teamwork, and innovation~~—govern us~~. They guide our decisions and our actions, both individually and as an organization. Additionally, our employees are responsible for upholding our purpose—to create a safer, sustainable, productive, and connected future. We track and report internally on key talent metrics including workforce demographics, critical role pipeline data, global diversity data, and engagement and inclusion indices. As part of its charter, the management development and compensation committee of our board of directors oversees our policies and practices related to the management of human capital resources including talent management, culture, global diversity, and inclusion.

We embrace diversity and inclusion. A truly innovative workforce needs to be diverse and leverage the skills and perspectives of a wealth of backgrounds and experiences. We are committed to a work environment where all employees are engaged, feel differences are valued and mutually-respected, and believe that all opinions count. To drive our business outcomes globally, we believe we must build a workforce and supplier network that represents our global markets and the customers we serve. As such, our people reflect our customers and markets. Our employees are in over 50 countries representing approximately 145 nationalities, and our total employee population is approximately 40% women. Additionally, during fiscal 2024, we achieved our fiscal 2026 goal of having at least 30% of leadership roles filled by women. Our employee resource groups (“ERGs”) are company-sponsored, voluntary, employee-led groups that focus on diverse talent segments or shared experiences of employees. These groups apply those perspectives to create value for our company as a whole. The ERGs provide a space where employees can foster connections and develop in a supportive environment. As of fiscal year end 2024, we had eight ERGs—ALIGN (lesbian, gay, bisexual, transgender, and queer employees (LGBTQ+) and their allies), Women in Networking, TE Young Professionals, African Heritage, Asian Heritage, Latin Heritage, THRIVE (employees with mental, emotional, and physical disabilities and their allies), and TE Veterans. Our ERGs have over 10,500 members worldwide. Inclusion

We are committed to leveraging the skills and perspectives of a wealth of backgrounds and experiences, and building a workforce and supplier network that represents our global markets and the customers we serve. We strive to maintain a work environment where all employees are engaged, feel their differences are valued and mutually-respected, and believe that all opinions count. Our people reflect our customers and markets. Our employees work in over 50 countries and represent approximately 150 nationalities, and our total employee population is over 40% women.

Our employee resource groups (“ERGs”) are company-sponsored, employee-led groups that focus on shared identities or experiences of employees. These groups apply those perspectives to create value for our company as a whole. The ERGs provide a space where employees can foster connections and develop in a supportive environment. As of fiscal year end 2025, we had eight ERGs—African Heritage, ALIGN (lesbian, gay, bisexual, transgender, and queer employees (LGBTQ+) and their allies), Asian Heritage, Latin Heritage, TE Veterans, TE Young Professionals, THRIVE (employees with mental, emotional, and physical disabilities and their allies), and Women in Networking—with over 12,000 members worldwide. Our ERGs welcome any employee interested in supporting their mission and participation is optional.

Employee Engagement

Our annual employee engagement survey explores how employees feel about their experience at our company and enables us to develop tailored actions to enhance the working environment. Focused on measuring engagement, inclusion, well-being, and leadership effectiveness, this fully digital, enterprise-wide survey is available to all employees in 22 languages. In fiscal 2025, we had a participation rate of 88% and year over year improvement in all four indices of engagement, inclusion, well-being, and leadership effectiveness. Our engagement and inclusion scores were once again favorable when compared to external global manufacturing benchmarks.

Training and Development

We provide employees with a range of development programs, opportunities, skills, and resources, empowering them to unleash their potential. Also, we emphasize employee development and training to support engagement and retention. Our LEARN@TE platform supplements our talent development strategies. It is an online portal that enables employees to access instructor-led classroom or virtual courses and self-directed web-based courses. Strategy, execution, and talent (“SET”) leadership expectations, which focus on how we drive strategy, effectively execute, and build talent, are expectations of all employees and are embedded in all of our leadership programs. We integrate these behavioral expectations into the way we assess and select talent, manage performance, and develop and reward our people.

We are committed to identifying and developing our next generation of leaders. We have a robust talent and succession planning process, and we offer programs to support the development of leaders at all levels and those in critical roles, general management, engineering, and operations. We are focused on recruiting top candidates, developing employees at all levels, and providing opportunities for career advancement. On an annual basis, we conduct an organization and leadership review process with our Chief Executive Officer and all segment, business unit, and function leaders focusing on our high-performing and high-potential talent, globally diverse talent, and the succession for our most critical roles. Also, our

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~~During~~board fiscal 2024, we conducted our fifth annual employee engagement survey, which was a fully digital, enterprise-wide survey available in 21 languages and focused on measuring engagement, inclusion, wellbeing, and leadership effectiveness. We had a participation rate of ~~87%~~directors inreviews ~~fiscal 2024~~ and ~~year~~assesses ~~over~~management ~~year~~development ~~improvement~~plans infor ~~all~~senior ~~four~~executives ~~indices of engagement, inclusion, wellbeing,~~ and ~~leadership~~the ~~effectiveness.~~succession ~~Our~~plans ~~engagement~~relating ~~and inclusion scores were once again favorable when compared~~ to ~~Glint~~those ~~Inc~~positions.~~’s external global manufacturing benchmark. By fiscal 2025, we aspire to be in the top tier of this benchmark on engagement and inclusion.~~

We ~~continue~~believe toour ~~emphasize~~management ~~employee~~team ~~development~~has ~~and~~the ~~training~~experience tonecessary ~~support engagement and retention. To empower employees~~ to ~~unleash~~effectively ~~their~~execute ~~potential,~~our westrategy ~~provide~~and aadvance ~~range~~our ofproduct ~~development programs~~ and ~~opportunities,~~technology ~~skills, and resources they need to be successful~~leadership. Our ~~LEARN@TE~~Chief ~~platform~~Executive ~~supplements~~Officer ~~our~~and ~~talent~~segment ~~development~~leaders ~~strategies.~~average Itover is25 anyears ~~online~~of ~~portal~~industry ~~that~~experience. ~~enables~~They ~~employees~~are tosupported ~~access~~by ~~instructor-led~~an ~~classroom~~experienced orand ~~virtual~~talented ~~courses~~management ~~and~~team ~~self-directed~~who ~~web-based~~is ~~courses.~~dedicated ~~Strategy,~~to ~~execution,~~maintaining and ~~talent~~expanding ~~(“SET”)~~our ~~leadership~~position ~~expectations,~~as ~~which~~a ~~focus~~global onleader ~~how~~in wethe ~~drive~~industry. ~~strategy,~~For ~~effectively~~discussion ~~execute,~~of ~~and~~the ~~build~~risks ~~talent,~~relating ~~have been rolled out~~ to ~~all~~the ~~employees~~attraction and ~~are~~retention ~~embedded in all~~ of ~~our~~management ~~leadership programs. We integrate these behavioral expectations into the way we assess~~ and ~~select~~executive ~~talent,~~management ~~manage performance~~employees, ~~and~~see ~~develop~~“Part ~~and~~1. ~~reward~~Item ~~our people~~1A. Risk Factors.”

We are committed to identifying and developing our next generation of leaders. We have a robust talent and succession planning process and have established specialized programs to support the development of our talent pipeline for critical roles in general managementHealth, ~~engineering~~Safety, and operations, as well as the diversity of our talent. We are focused on both the recruitment of diverse candidates and the development of our diverse employees to provide the opportunity to advance their careers and move into leadership positions within the company. On an annual basis, we conduct an organization and leadership review process with our chief executive officer and all segment, business unit, and function leaders focusing on our highWell-performing and high-potential talent, diverse talent, and the succession for our most critical roles. Also, our board of directors reviews and assesses management development plans for senior executives and the succession plans relating to those positions.being

We are committed to the ~~safety~~health, ~~health~~safety, well-being, and human rights of our employees, ensuring that all of our people can thrive both at work and beyond. Our approach goes beyond compliance. We ~~continuously~~strive ~~evaluate~~to ~~opportunities~~create an environment where everyone feels safe, respected, and supported, while providing the tools and resources needed to ~~raise~~balance ~~safety~~work and ~~health~~personal ~~standards~~lives ~~through~~and ~~our~~take ownership of their well-being. Our environmental, health, and safety teams. ~~Our~~continuously ~~All~~seek inways onto ~~Safety~~raise ~~initiative~~the ~~asks~~standards ~~employees~~of tosafety, ~~complete~~health, ~~training~~well-being, and human rights across our organization. Our “Mission Zero” strategy engages all employees to review our safety policies, complete training, and sign a personal commitment to uphold a safe work environment. We aspire to be an ~~incident~~injury-free workplace and, as such, we have compliance audits and internal processes in place to stay ahead of workplace hazards. WeIn fiscal 2025, we reduced our Occupational Safety and Health Administration (“OSHA”) total recordable incident rate—a rate equivalent to the number of incidents per 100 employees or 200,000 work hours—to 0.11 in fiscal 2024. We remain focused on the protection of global human rights and have instituted several policies to guide us including our global human rights policy and our human trafficking and modern slavery policy. During fiscal 202406, wewith ~~created~~no aemployee ~~Human~~or ~~Rights~~contractor Steering Committee of cross-functional leaders to assess and mitigate the areas of greatest risk for our operations and value chain, and we have developed a roadmap to strengthen our human rights approachfatalities. ~~We apply high standards of human rights and require that our suppliers do the same.~~

We ~~believe~~remain ~~our~~focused ~~management~~on ~~team~~the ~~has~~protection ~~the~~of ~~experience~~global ~~necessary~~human torights ~~effectively~~and ~~execute~~have ~~our~~instituted ~~strategy~~several ~~and~~policies ~~advance~~to guide us including our ~~product~~global ~~and~~human ~~technology~~rights ~~leadership.~~policy ~~Our~~and ~~chief~~our ~~executive~~human ~~officer~~trafficking and ~~segment~~modern ~~leaders~~slavery ~~average~~policy. ~~over~~Our 25Human ~~years~~Rights Committee of ~~industry~~cross-functional ~~experience.~~leaders, ~~They~~which ~~are~~was ~~supported~~established byin anfiscal ~~experienced~~2024, assesses and ~~talented~~mitigates ~~management~~the ~~team~~areas ~~who~~of isgreatest ~~dedicated~~risk tofor ~~maintaining and expanding~~ our ~~position~~operations asand avalue ~~global~~chain, ~~leader~~and inwe ~~the~~have ~~industry.~~developed ~~For~~a ~~discussion~~roadmap ofto ~~the~~strengthen ~~risks~~our ~~relating~~human torights ~~the~~approach. ~~attraction~~We ~~and~~apply ~~retention~~high standards of ~~management~~human rights and ~~executive~~require ~~management~~that ~~employees,~~our ~~see~~suppliers ~~“Part~~do 1.the ~~Item 1A~~same. ~~Risk Factors.”~~

Government Regulation and Supervision

The import and export of products are subject to regulation by the various jurisdictions where we conduct business. A small portion of our products, including defense-related products, may require governmental import and export licenses, whose issuance may be influenced by geopolitical and other events. We have a trade compliance organization and other systems in place to apply for licenses and otherwise comply with such regulations. Any failure to maintain compliance with domestic and foreign trade regulation could limit our ability to import and export raw materials and finished goods into or from the relevant jurisdiction.

See Note 12 to the Consolidated Financial Statements for additional information regarding trade compliance matters. Also, see “Part I. Item 1A. Risk Factors” for discussion of the risks and uncertainties associated with trade regulations.

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Environmental

Our operations are subject to numerous environmental, health, and safety laws and regulations, including those regulating the discharge of materials into the environment, greenhouse gas (“GHG”) emissions, hazardous materials in products, and chemical usage. We are committed to complying with these laws and to the protection of our employees and the environment. We maintain a global environmental, health, and safety program that includes appropriate policies and standards; staff dedicated to environmental, health, and safety issues; periodic compliance auditing; training; and other measures. We also have a program for compliance with the European Union (“EU”) Restriction of Hazardous Substances (“RoHS”) and Waste Electrical and Electronic Equipment (“WEEE”) Directives; the China Administrative Measures for the Restriction of Hazardous Substances in Electrical and Electronic Products (“China RoHS”) regulation; the EU Registration, Evaluation, Authorization, and Restriction of Chemicals (“REACH”) regulation; and similar laws.

Compliance with these laws has increased our costs of doing business in a variety of ways and may continue to do so in the future. For example, laws regarding product content and chemical registration require extensive and costly data collection, management, and reporting, and laws regulating GHG emissions may increase our costs for energy and certain materials and products. We also have projects underway at a number of current and former manufacturing sites to investigate and remediate environmental contamination resulting from past operations. Based upon our experience, available information, and applicable laws, as of fiscal year end ~~2024~~2025, we concluded that we would incur investigation and remediation costs at these sites in the reasonably possible range of $1718 million to $4344 million, and we accrued $2123 million as the probable loss, which was the best estimate within this range. We do not anticipate any material capital expenditures during fiscal ~~2025~~2026 for environmental control facilities or other costs of compliance with laws or regulations relating to GHG emissions.

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Sustainability

We look to build on our strong foundation of environmental sustainability in our operations. Our One Connected World strategy guides how we balance investor and customer expectations and drive improved environmental sustainability. We support a safer, sustainable, productive, and connected future through the products that come out of our facilities.

Our sustainability initiatives began several years ago and have continued to evolve. From fiscal 2020 to ~~2024~~2025, we achieved more than a 2025% reduction in energy use intensity, more than a 2025% reduction in total water withdrawal, and more than aan 7080% reduction in absolute GHG emissions for Scopes 1 and 2. We have challenged ourselves to find new ways to continue to drive sustainability improvements. We have also committed to near-term, company-wide GHG emissions reductions in line with climate science and Science Based Targets initiative (“SBTi”) objectives. These reduction goals were validated by SBTi and we are currently listed on their “Companies Taking Action” target dashboard which shows companies and financial institutions that have set science-based targets, or have committed to developing such targets. Our mid-term goals and long-term ambitions, certain of which have already been achieved, include the following:


		Targeted Fiscal Year
	Baseline Fiscal Year	of Achievement
70%+ reduction in absolute GHG emissions for Scopes 1 and 2	2020	2030
30% reduction in absolute GHG emissions for Scope 3	2022	2032
15% reduction in water withdrawals at target sites with extremely high and high water stress	2021	2025
15% reduction in hazardous waste disposed	2021	2025
80% renewable electricity use in our operations	n/a	2025

We have challenged ourselves to find new ways to continue to drive sustainability improvements. We have also committed to near-term, company-wide GHG emissions reductions in line with climate science and Science Based Targets initiative (“SBTi”) objectives. These reduction goals were validated by the SBTi and we are currently listed on its “Companies Taking Action” target dashboard which shows companies and financial institutions that have set science-based targets, or have committed to developing such targets.

Our mid-term goals and long-term ambitions, many of which have already been achieved, include the following:


		Targeted Fiscal Year
	Baseline Fiscal Year	of Achievement	Achieved
70%+ reduction in absolute GHG emissions for Scopes 1 and 2	2020	2030	X
30% reduction in absolute GHG emissions for Scope 3	2022	2032
15% reduction in water withdrawals at target sites with extremely high and high water stress	2021	2025	X
15% reduction in hazardous waste disposed	2021	2025	X
80% renewable electricity use in our operations	n/a	2025	X

We continue to assess our goals and ambitions and periodically update our environmental commitments.

While sustainability is embedded in our operations, we are exploring opportunities with our direct suppliers and logistics service providers to strengthen the environmental sustainability of our supply chain. ~~The majority of our GHG emissions are from the goods and services we use in our operations.~~ In addition to improving the sustainability of our operations and working with our suppliers to reduce their GHG emissions, we help our customers produce smaller, lighter, and more energy-efficient products, reducing the environmental impact of the products ~~our~~throughout ~~customers make through the life of~~ their ~~products~~lives. ~~We support a safer, sustainable, productive, and connected future through the products that come out of our facilities.~~

Additional information regarding our sustainability initiatives and progress is available in our annual Corporate Responsibility Report located on our website at www.te.com under the heading “About TE—Corporate Responsibility.” The contents of our Corporate Responsibility Report are not incorporated by reference in this Annual Report on Form 10-K.

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Available Information

All periodic and current reports, registration filings, and other filings that we are required to file with the United States Securities and Exchange Commission (“SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”) are available free of charge through our internet website at www.te.com. Such documents are available as soon as reasonably practicable after electronic filing or furnishing of the material with the SEC. The information on our website is not incorporated by reference in this Annual Report on Form 10-K.

ITEM 1A. RISK FACTORS

Our operations and financial results are subject to various risks and uncertainties, including those described below, that could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our securities. These risks are not the only ones facing us. Our business is also subject to general risks that affect many other companies. Additional risks not currently known to us or that we currently believe are immaterial may also impair our business operations, financial condition, and liquidity.

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Risks Relating to the Macroeconomic Environment and Our Global Presence

Conditions in global or regional economies, capital and money markets, and banking systems, and cyclical industry demand may adversely affect our results of operations, financial position, and cash flows.

Our business and operating results have been and will continue to be affected by economic conditions regionally or globally, including new or increased tariffs and other barriers to trade, including escalation of trade and tariff tensions between the United States (“U.S.”), China, the EU, and other countries, changes to fiscal and monetary policy, inflation, slower growth or recession, higher interest rates, labor disruptions, the cost and availability of consumer and business credit, end demand from consumer and industrial markets, significant bank failures, government shutdowns, and concerns as to sovereign debt levels including credit rating downgrades and defaults on sovereign debt. Any of these economic factors could cause our customers to experience deterioration of their businesses, cash flow, financial condition, and ability to obtain financing. As a result, existing or potential customers may delay or cancel plans to purchase our products and may not be able to fulfill their obligations to us in a timely fashion or in full. Further, our vendors may experience similar problems, which may impact their ability to fulfill our orders or meet agreed service and quality levels. If regional or global economic conditions deteriorate, our results of operations, financial position, and cash flows could be materially adversely affected. Also, deterioration in economic conditions, expectations for future revenue, projected future cash flows, or other factors have triggered and could trigger additional recognition of impairment charges for our goodwill or other long-lived assets. Impairment charges, if any, may be material to our results of operations and financial position.

Foreign currency exchange rates may adversely affect our results.

Our Consolidated Financial Statements are prepared in U.S. dollars; however, a significant portion of our business is conducted outside the U.S. Changes in the relative values of currencies may have a significant effect on our results of operations, financial position, and cash flows.

We are exposed to the effects of changes in foreign currency exchange rates on our costs and revenue. Approximately 60% of our net sales for fiscal ~~2024~~2025 were invoiced in currencies other than the U.S. dollar, and we expect non-U.S. dollar revenue to continue to represent a significant portion of our future net sales. We have elected not to hedge this foreign currency exposure. Therefore, when the U.S. dollar strengthens in relation to the currencies of the countries where we sell our products, such as the euro or Asian currencies, our U.S. dollar reported revenue and income will decrease. InAlthough the value of the U.S. dollar fluctuated in fiscal 2025, in recent years, the strength of the U.S. dollar has generally increased as compared to other currencies, which has had, and may continue to have, an adverse effect on our operating results as reported in U.S. dollars.

We manage certain cash, intercompany, and other balance sheet currency exposures in part by entering into financial derivative contracts. In addition to the risk of non-performance by the counterparty to these contracts, our efforts to manage these risks might not be successful.

We have suffered and could continue to suffer business interruptions, including impacts resulting from pandemics, severe weather events, and natural catastrophic events, including those caused or intensified by climate change, and other macroeconomic factors.

Our operations and those of our suppliers and customers, and the supply chains that support their operations, have been and may be in the future vulnerable to interruption by natural disasters such as hurricanes, earthquakes, tsunamis, typhoons, tornados, or floods, which may be exacerbated by the effects of climate change; other disasters such as fires, explosions, acts of terrorism, or war, including the continuing military conflicts in certain parts of the world; disease or other adverse health developments; or failures of management information or other systems due to internal or external causes. These events could cause some of our operations to suffer from supply chain disruptions and potential delays in fulfilling customer orders or order cancellations altogether, lost business and sales, changing costs or availability of insurance, and/or property damage or harm to our people, each and all of which could have an adverse effect on our business operations, financial condition, and results of operations. In addition, such interruptions could result in a widespread crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could affect demand for our end customers’ products. If a business interruption occurs and we are unsuccessful in our continuing efforts to minimize the impact of these events, our business, results of operations, financial position, and cash flows could be materially adversely affected.

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We have suffered and could continue to suffer business interruptions, including impacts resulting from pandemics, weather conditions, and natural catastrophic events, including those caused or intensified by climate change and global warming, and other macroeconomic factors.

Our operations and those of our suppliers and customers, and the supply chains that support their operations, have been and may be in the future vulnerable to interruption by natural disasters such as hurricanes, earthquakes, tsunamis, typhoons, tornados, or floods, which may be exacerbated by the effects of climate change; other disasters such as fires, explosions, acts of terrorism, or war, including the continuing military conflicts in certain parts of the world; disease or other adverse health developments, including impacts resulting from the COVID-19 pandemic; or failures of management information or other systems due to internal or external causes. These events could cause some of our operations to suffer from supply chain disruptions and potential delays in fulfilling customer orders or order cancellations altogether, lost business and sales, changing costs or availability of insurance, and/or property damage or harm to our people, each and all of which could have an adverse effect on our business operations, financial condition, and results of operations. In addition, such interruptions could result in a widespread crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could affect demand for our end customers’ products. If a business interruption occurs and we are unsuccessful in our continuing efforts to minimize the impact of these events, our business, results of operations, financial position, and cash flows could be materially adversely affected.

We could be adversely affected by a decline in the market value of our pension plans’ investment portfolios or a reduction in returns on plan assets.

Concerns about deterioration in the global economy, together with concerns about tariffs, credit, inflation, or deflation, have caused and could continue to cause significant volatility in the price of all securities, including fixed income and equity securities, which has reduced and could further reduce the value of our pension plans’ investment portfolios. In addition, the expected returns on plan assets may not be achieved. A decrease in the value of our pension plans’ investment portfolios or a reduction in returns on plan assets could require us to significantly increase funding of such obligations, which would have an adverse effect on our results of operations, financial position, and cash flows.

Disruption in credit markets and volatility in equity markets may affect our ability to access sufficient funding.

The global equity markets have been volatile and at times credit markets have been disrupted, which has reduced the availability of investment capital and credit. Downgrades of sovereign debt credit ratings have similarly affected the availability and cost of capital. As a result, we may be unable to access adequate funding to operate and grow our business. Our inability to access adequate funding or to generate sufficient cash from operations may require us to reconsider certain projects and capital expenditures. The extent of any impact will depend on several factors, including our operating cash flows, the duration of tight credit conditions and volatile equity markets, our credit ratings and credit capacity, the cost of financing, and other general economic and business conditions.

Global political, economic, and military instability could negatively affect sales or profitability.

Our workforce; manufacturing, research, administrative, and sales facilities; markets; customers; and suppliers are located throughout the world. As a result, we are exposed to risks that could negatively affect sales or profitability, including:

changes in global trade policies, including sanctions, tariffs, trade barriers, and trade disputes;

regulations related to customs and import/export matters;

variations in lengths of payment cycles and challenges in collecting accounts receivable;

tax law and regulatory changes, examinations by taxing authorities, changes to the terms of income tax treaties, and difficulties in the tax-efficient repatriation of cash generated or held in a number of jurisdictions;

employment regulations and local labor conditions, including increases in employment costs, particularly in low-cost regions in which we currently operate;

difficulties protecting intellectual property;

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instability in economic or political conditions, including elections, sovereign debt levels, government shutdowns, Eurozone uncertainty, inflation, recession, and actual or anticipated military or political conflicts, including the continuing military conflicts in certain parts of the world; and

the impact of each of the foregoing on our outsourcing and procurement arrangements.

We have sizeable operations in China, including 1819 principal manufacturing sites. In addition, approximately 2025% of our net sales in fiscal ~~2024~~2025 were made to customers in China. Economic conditions in China have been, and may continue to be, volatile and uncertain. In addition, the legal and regulatory system in China continues to evolve and is subject to change. There also continues to be significant uncertainty about the relationship between the U.S. and China, including with respect to geopolitics, trade policies, treaties, government regulations, and tariffs. The current political climate has intensified concerns about trade tensions between the U.S. and China in connection with each country’s recent or proposed tariffs on the other country’s products. Accordingly, our operations and transactions with customers in China could be adversely affected by changes to market conditions, changes to the regulatory environment, increased trade barriers, tariffs, or restrictions, or interpretation of Chinese law.

In addition, any further downgrade by rating agencies of long-term U.S. sovereign debt or downgrades or defaults of sovereign debt of other nations may negatively affect global financial markets and economic conditions, which could negatively affect our business, financial condition, and liquidity.

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Global legislative and regulatory actions and proposals could cause a material change in our worldwide effective corporate tax rate and our global cash taxes.

Various legislative and regulatory proposals have been directed at multinational companies with operations in lower-tax jurisdictions. There has been heightened focus on adoption of such legislation and on other initiatives, such as:

the Organisation for Economic Co-operation and Development (“OECD”) and participating countries continue to enact the 15% global minimum tax. The global minimum tax is a significant structural change to the international taxation framework and more than 50 countries have thus far enacted some or all elements of the tax. Ireland has implemented elements of the OECD’s global minimum tax rules, which were effective for us beginning in fiscal 2025. We anticipate further legislative activity and administrative guidance. We continue to closely monitor the evolving global minimum tax framework and assess the implications in the jurisdictions in which we operate.

EU, U.S., and other countries’ initiatives to promote tax transparency and to prevent aggressive tax planning.

The impact of these proposals may materially increase cash taxes, increase our worldwide corporate effective tax rate, cause double taxation, and increase audit risk. We cannot predict the outcome of any specific legislative proposals or initiatives, and we cannot provide assurance that any such legislation or initiative will not apply to us.

U.S. federal tax laws could result in adverse consequences to U.S. persons treated as owning 10% or more of our shares.

Although we are an Irish company, application of certain U.S. tax law ownership attribution rules may cause non-U.S. subsidiaries to be treated as Controlled Foreign Corporations (“CFCs”) for U.S. federal income tax purposes. AUnder the current rules, a U.S. person that is treated for U.S. federal income tax purposes as owning, directly, indirectly, or constructively, 10% or more of our shares may be required to annually report and include in its U.S. taxable income its pro rata share of certain types of income earned by our subsidiaries that are treated as CFCs, whether or not we make any distributions to such U.S. shareholder. Under recently enacted legislation, the current attribution rules cease to apply for tax years of foreign corporations beginning after December 31, 2025, and, as a result, based on our current ownership structure, our non-U.S. subsidiaries will not be treated as CFCs as of our tax year beginning September 26, 2026. A U.S. person that owns 10% or more of our shares should consult a tax adviser regarding the potential implications. The risk of U.S. federal income tax reporting and compliance obligations with respect to our subsidiaries that are treated as CFCs may deter our current shareholders from increasing their investment in us, and others from investing in us, which could impact the demand for, and value of, our shares.

We are subject to, and may continue to be subject to, incremental costs, risks, and regulations associated with efforts to combat the negative effects of climate change.

There is increased public awareness regarding climate change. This increased focus has led to international treaties and agreements and legislative and regulatory efforts. We may also be subject to larger, global climate change initiatives, laws, regulations, or orders, such as any laws or regulations to implement the Paris Climate Agreement, which seek to reduce GHG emissions. In addition to government requirements, our customers are also increasingly imposing climate-related requirements on their suppliers, including us. Any failure, or perceived failure, to comply with these requirements may result in reduced demand for our products, reputational harm, or other adverse impacts to our business.

Any future regulations relating to GHG emissions and/or other climate change-related laws and regulations, beyond initiatives we already have in process, could subject us to additional and/or unforeseen compliance costs and limitations, increased energy and raw material costs, and incremental capital expenditure requirements. Also, there may be additional mandatory climate-related reporting obligations, and potentially GHG emissions reduction requirements, which would likely result in increased corporate and operational general and administrative efforts and associated costs and expenses.

Any future regulatory changes in any of the countries in which we operate could result in transition risks to us, including, but not limited to: (i) the nature and timing of any requirement to lower GHG emissions and adopt more energy-efficient energy use, which could result in changes or disruptions to the way we operate, (ii) financial risks where the compliance with such regulations requires unforeseen capital expenditures and becomes costly or financially burdensome, (iii) legal risks associated with the failure to adapt to or comply with future climate change-related regulations, (iv) risks of climate litigation associated with our disclosures and/or operations; (v) risks associated with the implementation of any new technologies required to comply with such regulations, which could impede our ability to innovate new products, meet customer and market demand, or compete on pricing and quality in the market, and/or (vi) reputational risks associated with

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technologies required to comply with such regulations, which could impede our ability to innovate new products, meet customer and market demand, or compete on pricing and quality in the market, and/or (vi) reputational risks associated with our customers’ and investors’ perceptions of us and their preferences for maintaining relationships with companies with lower emissions, all of which could harm our reputation in the marketplace.

Increasing scrutiny and expectations regarding environmental, social, and governance (“ESG”) matters could result in additional costs or risks or otherwise adversely impact our business.

Companies across industries are facing increasing scrutiny from a variety of stakeholders related to their ESG and sustainability practices. Expectations regarding voluntary and potential mandatory ESG initiatives and disclosures may result in increased costs, changes in demand for certain products, enhanced compliance or disclosure obligations, or other adverse impacts to our business, financial condition, or results of operations. Further, our ability to achieve our current and future ESG goals is uncertain and remains subject to numerous risks, including ~~evolving~~increasing regulatory requirements and stakeholder expectations, our ability to recruit, develop, and retain a diverse workforce, the availability of suppliers and other business partners that can meet our ESG expectations, the growth of our business, cost considerations, and the development and availability of cost-effective technologies or resources that support our goals. An inability to receive or maintain favorable ESG ratings could negatively impact our reputation or impede our ability to compete as effectively to attract and retain employees or customers, which may adversely impact our operations. Unfavorable ESG ratings could also lead to negative investor sentiment towards us or our industry, which could negatively impact the price of our shares as well as our access to and cost of capital.

Risks Relating to the Industry in Which We Operate

We are dependent on the automotive and other industries and significant periodic downturns have had material adverse effects on our results of operations, financial position, and cash flows.

We are dependent on end market dynamics to sell our products, and our operating results could be adversely affected by cyclical and reduced demand in these markets. Periodic downturns in our customers’ industries can significantly reduce demand for certain of our products, which has in the past and could have in the future a material adverse effect on our results of operations, financial position, and cash flows.

Approximately 4441% of our net sales for fiscal ~~2024~~2025 were to customers in the automotive ~~industry~~end market. The automotive industry is dominated by large manufacturers that can exert significant price pressure on their suppliers. Additionally, the automotive industry has historically experienced significant downturns during periods of deteriorating global or regional economic or credit conditions. As a supplier of automotive electronics products, our sales of these products and our profitability have been and could continue to be negatively affected by significant declines in global or regional economic or credit conditions and changes in the operations, products, business models, part-sourcing requirements, financial condition, and market share of automotive manufacturers, as well as potential consolidations among automotive manufacturers. Further, work stoppages or slowdowns experienced by our customers in the automotive industry, or changes in consumer preferences, could result in slowdowns or closures of assembly plants where our products are included in assembled vehicles.

During fiscal ~~2024~~2025, approximately 913% of our net sales were to customers in ~~both~~ the ~~commercial~~digital ~~transportation~~data ~~and~~networks end market, approximately 12% of our net sales were to customers in the ~~industrial~~automation ~~equipment~~and connected living end ~~markets.~~market, ~~The~~and ~~commercial~~approximately ~~transportation~~9% ~~industry~~of isour ~~impacted~~net bysales were to customers in the ~~economic~~aerospace, ~~environment~~defense, and marine end market. ~~conditions~~Demand in the ~~heavy~~digital ~~truck~~data networks market can fluctuate significantly, ~~construction~~depending on the underlying demand in the networking, ~~agriculture~~data center, and ~~recreational~~wireless ~~vehicle~~infrastructure ~~markets~~industries. The overall market trends of increased data connectivity and continued movement to artificial intelligence (“AI”) and cloud applications have had a favorable impact on demand. Demand in the ~~industrial~~automation ~~equipment~~and ~~industry~~connected living end market is dependent upon economic conditions, including customer investment in factory and warehouse automation, process control systems, and building automation and smart city infrastructure, as well as market conditions in the ~~rail~~home ~~transportation,~~appliances ~~lighting,~~market. The aerospace and ~~other~~defense ~~major~~industry ~~industrial~~has ~~markets~~undergone wesignificant ~~serve~~fluctuations in demand as a result of economic and political conditions.

We encounter competition in substantially all areas of the electronic components industry, which has and could in the future negatively impact our prices, margins, and market share.

We operate in highly competitive markets for electronic components and expect that both direct and indirect competition will increase in the future. Our overall competitive position depends on various factors including the price, quality, and performance of our products; the level of customer service; the development of new technology; our ability to participate in emerging markets; and customers’ expectations relating to socially responsible operations. The competition we experience across product lines from other companies ranges in size from large, diversified manufacturers to small, highly specialized manufacturers. The electronic components industry has become increasingly concentrated and globalized in recent years, and our major competitors have significant financial resources and technological capabilities. A number of these competitors compete with us primarily on price and in some instances may have the benefit of lower production costs for certain products. We cannot provide assurance that additional competitors will not enter our markets or that we will be able

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quality, and performance of our products; the level of customer service; the development of new technology; our ability to participate in emerging markets; and customers’ expectations relating to socially responsible operations. The competition we experience across product lines from other companies ranges in size from large, diversified manufacturers to small, highly specialized manufacturers. The electronic components industry has become increasingly concentrated and globalized in recent years, and our major competitors have significant financial resources and technological capabilities. A number of these competitors compete with us primarily on price and in some instances may have the benefit of lower production costs for certain products. We cannot provide assurance that additional competitors will not enter our markets or that we will be able to compete successfully against existing or new competitors. Increased competition has and may in the future result in price reductions, reduced margins, or loss of market share, any of which could materially and adversely affect our results of operations, financial position, and cash flows.

We are dependent on market acceptance of our new product introductions and product innovations for future revenue and failure of such introductions or innovations in a timely manner could cause our operating results to suffer.

Substantially all markets in which we operate are impacted by technological change or change in consumer tastes and preferences, which are rapid in certain end markets. Our operating results depend substantially upon our ability to continually design, develop, introduce, and sell new and innovative products; to modify existing products; and to customize products to meet customer requirements driven by such change. There are numerous risks inherent in these processes, including the risk that we will be unable to anticipate the direction of technological change or that we will be unable to develop and market profitable new products and applications in time to satisfy customer demands.

The pace of technological change continues to accelerate and our ability to react effectively to such change may present significant competitive risks.

The pace of technological change is increasing at an exponential rate. The continued creation, development, and advancement of new technologies such as ~~artificial intelligence (“~~AI”), blockchain, quantum computing, data analytics, 3-D printing, robotics, sensor technology, data storage, neural networks, and augmented reality, as well as other technologies in the future that are not ~~foreseen~~foreseeable today, continue to transform our processes, products, and services.

In order to remain competitive, we will need to stay abreast of such technologies, require our employees to continue to learn and adapt to new technologies, be able to integrate them into our current and future business models, products, services, and processes, and also guard against existing and new competitors disrupting their business using such technologies. Our strategy, value creation model, operating model, and innovation ecosystem have important technological elements and certain of our products and offerings are based on technological advances, including AI, machine learning, advanced analytics, and the Internet of Things. ~~Increasing~~Meeting evolving industry requirements, including the increasing use of AI and machine learning technologies (including the need to run complex AI-based applications on devices), and introducing new products to the market in a timely manner and at prices that are acceptable to our customers are important factors in determining our competitiveness and success. Further, increasing use of AI may expose us to social and ethical issues, which may result in reputational harm and liability. In addition, we will need to compete for talent in a competitive market that is familiar with such technologies including upskilling our workforce. There can be no assurance we will continue to compete effectively with our industry peers due to technological changes, which could result in a material adverse effect on our business and results of operations.

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Risks and uncertainties related to the development and use of AI could harm our business, damage our reputation, or give rise to legal or regulatory action.

AI technologies are complex and rapidly evolving, and we face significant competition, including from our own clients, who may develop their own internal AI-related capabilities, which can lead to reduced demand for our products. The development, adoption, and use of AI technologies is still in the early stages and involve significant risks and uncertainties, which may expose us to legal, reputational, and financial harm. AI algorithms and training methodologies may be flawed, and datasets may be overbroad, insufficient, or contain biased information. Moreover, the use of AI may give rise to risks related to harmful content, accuracy, bias, intellectual property infringement or misappropriation, defamation, data privacy, cybersecurity, and health and safety, among others, and also bring the possibility of new or enhanced governmental or regulatory scrutiny, litigation, or other legal liability, or ethical concerns that could adversely affect our business, reputation, or financial results.

Pressure to lower our prices has and may in the future result in price erosion.

We have experienced, and may in the future experience, pressure to lower our prices. Although pricing actions initiated in recent years have positively impacted our net sales, we have historically experienced price erosion averaging from 1% to 2% each year. To maintain our margins, we must continue to reduce our costs by similar amounts. We cannot provide assurance that pressure to reduce our prices will not have a material adverse effect on our margins, results of operations, financial position, and cash flows.

We may be negatively affected as our customers and vendors continue to consolidate.

Many of the industries to which we sell our products, as well as many of the industries from which we buy materials, have become more concentrated in recent years, including the automotive, digital data networks, and ~~devices~~aerospace and defense industries. Consolidation of customers may lead to decreased product purchases from us. In addition, as our customers buy in larger volumes, their volume buying power has increased, enabling them to negotiate more favorable pricing and ~~aerospace~~find alternative sources from which to purchase. Our materials suppliers similarly have increased their ability to negotiate favorable pricing. These trends have and may continue to adversely affect the margins on our products, particularly for commodity components.

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defense industries. Consolidation of customers may lead to decreased product purchases from us. In addition, as our customers buy in larger volumes, their volume buying power has increased, enabling them to negotiate more favorable pricing and find alternative sources from which to purchase. Our materials suppliers similarly have increased their ability to negotiate favorable pricing. These trends have and may continue to adversely affect the margins on our products, particularly for commodity components.

The life cycles of certain of our products can be very short and may not result in material revenue and may cause us to write off excess or obsolete inventory or equipment.

The life cycles of certain of our products can be very short relative to their development cycle. As a result, the resources devoted to product sales and marketing may not result in material revenue and, from time to time, we may need to write off excess or obsolete inventory or equipment. If we were to incur significant engineering expenses and investments in inventory and equipment that we were not able to recover and we were not able to compensate for those expenses, our gross margin, results of operations, financial position, and cash flows could be materially and adversely affected.

We may incur material losses and costs as a result of product liability, warranty, and product recall claims that may be brought against us.

We face exposure to product liability and warranty claims in the event that our products actually or allegedly fail to perform as expected, or the use of our products results, or is alleged to result, in death, bodily injury, and/or property damage. Further, if any of our products are, or are alleged to be, defective, we may be required to participate in a recall campaign, and a customer or other party may hold us responsible for some or all of the costs of these campaigns. Actual or alleged defects in our products may therefore cause us to incur significant warranty, support and repair, replacement, or other costs as part of a product recall or otherwise, suffer substantial negative publicity, face challenges in our ability to timely deliver products to our customers, write-off the value of related inventory, and divert the attention of our engineering and management personnel. Additionally, actual or alleged defects in our products could result in damage to our reputation and to our ability to win future business. Consequently, our costs and loss of revenue associated with product liability, warranty, and recall claims could be material to our financial position and results of operations.

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Risks Relating to Our Operations

Our results are sensitive to raw material availability, quality, and cost and shortages, deteriorations in quality, or price increases could lead to a materially negative impact on our results of operations, financial position, and cash flows.

We are a large buyer of resins, chemicals, additives, and metals, including copper, gold, silver, palladium, aluminum, brass, steel, and zinc. Many of these raw materials are produced in a limited number of countries around the world or are only available from a limited number of suppliers. The prices of many of these raw materials continue to fluctuate, and in many cases increase, and fluctuations may persist in the future. In addition, feedstock for resins and resins themselves, as well as certain other commodities, are increasingly subject to varied and unrelated force majeure events worldwide further impacting price and availability. In recent years, raw material prices and availability have been affected by worldwide economic conditions, including supply chain disruptions, ~~and~~ inflationary cost pressures, and tariff and trade policies. If we have difficulty obtaining raw materials, the quality of available raw materials deteriorates, or there are significant price increases for these raw materials, it could have a substantial impact on the price we pay for raw materials. To the extent we cannot compensate for cost increases through productivity improvements or price increases to our customers, our margins may decline, materially affecting our results of operations, financial position, and cash flows. In addition, we use financial instruments to hedge the volatility of certain commodities prices. The success of our hedging program depends on accurate forecasts of planned consumption of the hedged commodity materials. We could experience unanticipated hedge gains or losses if these forecasts are inaccurate.

The SEC requires annual disclosure and reporting requirements for those companies which use tin, tantalum, tungsten, or gold (“conflict minerals” or “3TG”) mined from the Democratic Republic of the Congo (“DRC”) and adjoining countries (together with the DRC, the “Covered Countries”) in their products. These requirements, as well as new and additional regulations like the EU’s Conflict Minerals Regulation, could affect the sourcing, pricing, and availability of 3TG used in the manufacture of certain of our products, and may result in only a limited pool of suppliers which can demonstrate that they do not source any 3TG from the Covered Countries. Accordingly, we cannot provide assurance that we will be able to obtain non-conflict 3TG in sufficient quantities or at competitive prices. Further, since our supply chain is complex, we may face reputational challenges with our customers and other stakeholders if we are unable to meet customer non-conflict 3TG standards or sufficiently verify the origins and chain of custody for all conflict minerals used in our products through our due diligence procedures.

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Poor quality of components and products manufactured by third parties could harm our business.

We may rely on third-party suppliers for the components used in our products, and we may rely on third-party manufacturers to manufacture certain of our assemblies and finished products. Our results of operations, financial position, and cash flows could be adversely affected if such third parties lack sufficient quality control or if there are significant changes in their financial or business condition. If these third parties fail to deliver quality products, parts, and components on time and at reasonable prices, we could have difficulties fulfilling our orders, sales and profits could decline, and our commercial reputation could be damaged.

Our future success is significantly dependent on our ability to attract and retain management and executive management employees.

Our success depends to a significant extent upon our continued ability to retain our management and executive management employees and hire new management and executive management employees to replace, succeed, or add to members of our management team. Our management team has significant industry experience and would be difficult to replace. Competition for management talent is intense, and any difficulties we may have to retain or hire members of management to achieve our objectives may have an adverse effect on our results of operations, financial position, and cash flows.

Cybersecurity incidents and other disruptions affecting our information technology infrastructure or violations of data privacy laws have and could interfere with our operations, compromise confidential information, and expose us to liability which could materially adversely impact our business and reputation.

Cybersecurity attacks, threats, and breaches and other disruptions to our information technology infrastructure and/or the information technology infrastructure of our third-party suppliers or business partners could interfere with our operations; compromise information belonging to us, our employees, customers, and suppliers; and expose us to liabilities or penalties which could adversely impact our business and reputation. In the normal course of business, we rely on information technology networks and systems, some of which are managed by third parties, to process, transmit, and store electronic information, and to manage or support a variety of business processes and activities. Additionally, we collect and store certain data, including proprietary business information and customer and employee data, and may have access to confidential or personal information in certain of our businesses that is subject to privacy and security laws, regulations, and customer-imposed controls. Specifically, we are subject to the laws of various states and countries where we operate or do business related to solicitation, collection, processing, transferring, storing, or use of consumer, customer, supplier, or employee information or related data, including the EU’s General Data Protection Regulation, the California Consumer Privacy Act, and China’s Personal Information Protection Law. In addition, certain countries in which we operate or do business have enacted or are considering enacting laws that impose additional data transfer restrictions. If countries in which we operate or do business were to adopt data localization or data residency laws, we could be required to implement new or expand existing data storage protocols, build new storage facilities, and/or devote additional resources to comply with the requirements of such laws, any of which could have significant implications to business operations and costs.

In addition to our own systems, we have outsourced, and expect to continue to outsource, certain information technology services—including cloud computing services and storage systems, system development, and information technology support services—which have in the past, and in the future may, subject our information technology and other sensitive information to additional risk.

Our information technology networks and infrastructure, and the technology networks and infrastructure of our third-party suppliers and business partners, are vulnerable to damage, disruptions or shutdowns due to attack by malicious actors with significant financial and technological resources, breaches, employee error or malfeasance, power outages, malware (such as computer viruses and ransomware), social engineering (i.e., phishing attacks), theft of system credentials, other increasingly sophisticated attacks, telecommunication or utility failures, systems failures, natural disasters, or other catastrophic events, which may require us to notify regulators, customers, or employees, and enlist identity theft protection in the event of a privacy breach. We continue to monitor and develop our systems to protect the integrity and functionality of our information technology infrastructure and access to and the security of our intellectual property and our employees’, customers’, and suppliers’ data. Cybersecurity breaches and other disruptions to our information technology infrastructure or the information technology infrastructure of our third-party suppliers and business partners, or violations of applicable laws, could result in legal claims or proceedings, liability or penalties, disruption in operations, and damage to our reputation, which could materially adversely affect our business. While we have experienced, and expect to continue to experience, attacks and threats to our information technology networks and infrastructure, including attempted cyber intrusions, to date

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~~none~~technology networks and systems, some of ~~these~~which ~~attacks~~are managed by third parties, to process, transmit, and ~~threats~~store ~~have~~electronic ~~had~~information, aand ~~material~~to ~~impact~~manage onor ~~our~~support a variety of business orprocesses ~~operations~~and activities. ~~Further~~Additionally, ~~some~~we collect and store certain data, including proprietary business information and customer and employee data, and may have access to confidential or personal information in certain of our ~~employees~~businesses ~~have~~that ~~fully~~is subject to privacy and security laws, regulations, and customer-~~remote~~imposed controls. Specifically, we are subject to the laws of various states and countries where we operate or ~~hybrid~~do ~~work~~business ~~arrangements~~related to solicitation, collection, processing, transferring, storing, or use of consumer, customer, supplier, or employee information or related data, including the EU’s General Data Protection Regulation, the California Consumer Privacy Act, and China’s Personal Information Protection Law. In addition, certain countries in which ~~may~~we ~~increase~~operate ~~our~~or ~~vulnerability~~do business have enacted or are considering enacting laws that impose additional data transfer restrictions. If countries in which we operate or do business were to ~~cyber~~adopt data localization or data residency laws, we could be required to implement new or expand existing data storage protocols, build new storage facilities, and/or ~~other~~devote ~~information~~additional ~~technology~~resources ~~risks~~to comply with the requirements of such laws, any of which could have significant implications to business operations and costs.

Covenants in our debt instruments may adversely affect us.

Our five-year unsecured senior revolving credit facility (“Credit Facility”) contains financial and other covenants, such as a limit on the ratio of Consolidated Total Debt to Consolidated EBITDA (as defined in the Credit Facility) and limits on the amount of subsidiary debt and incurrence of liens. Our outstanding notes’ indentures contain customary covenants including limits on incurrence of liens, sale and lease-back transactions, and our ability to consolidate, merge, and sell assets.

Although none of these covenants are presently restrictive to our operations, our continued ability to meet the Credit Facility financial covenant can be affected by events beyond our control, and we cannot provide assurance that we will continue to comply with the covenant. A breach of any of our covenants could result in a default under our Credit Facility or indentures. Upon the occurrence of certain defaults under our Credit Facility and indentures, the lenders or trustee could elect to declare all amounts outstanding thereunder to be immediately due and payable, and our lenders could terminate commitments to extend further credit under our Credit Facility. If the lenders or trustee accelerate the repayment of borrowings, we cannot provide assurance that we will have sufficient assets or access to lenders or capital markets to repay or fund the repayment of any amounts outstanding under our Credit Facility and our other affected indebtedness. Acceleration of any debt obligation under any of our material debt instruments may permit the holders or trustee of our other material debt to accelerate payment of debt obligations to the creditors thereunder.

The indentures governing our outstanding senior notes contain covenants that may require us to offer to buy back the notes for a price equal to 101% of the principal amount, plus accrued and unpaid interest to the repurchase date, upon a change of control triggering event (as defined in the indentures). We cannot provide assurance that we will have sufficient funds available or access to funding to repurchase tendered notes in that event, which could result in a default under the ~~notes. Any future debt that we incur may contain covenants regarding repurchases in the event of a change of control triggering event.~~

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notes. Any future debt that we incur may contain covenants regarding repurchases in the event of a change of control triggering event.

The market price of our shares may fluctuate widely.

The market price of our shares may fluctuate widely, depending upon many factors, including:

our quarterly or annual earnings;

quarterly or annual sales or earnings guidance that we may provide or changes thereto;

actual or anticipated fluctuations in our operating results;

volatility in financial markets and market fluctuations caused by global and regional economic conditions and investors’ concerns about potential risks to future economic growth;

changes in earnings estimates by securities analysts or our ability to meet those estimates;

changes in accounting standards, policies, guidance, interpretations, or principles;

tax legislative and regulatory actions and proposals in the U.S., the EU, and other jurisdictions;

announcements by us or our competitors of significant acquisitions or dispositions; and

the operating and stock price performance of comparable companies and companies that serve end markets important to our business.

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Risks Relating to Strategic Transactions

Future acquisitions may not be successful.

We regularly evaluate the possible acquisition of strategic businesses, product lines, or technologies which have the potential to strengthen our market position or enhance our existing product offerings, and we have completed a number of acquisitions in recent years. We anticipate that we will continue to pursue acquisition opportunities as part of our growth strategy. We cannot provide assurance that we will identify or successfully complete transactions with acquisition candidates in the future. We also cannot provide assurance that completed acquisitions will be successful. Likewise, from time to time, we experience difficulty and unanticipated expenses associated with purchasing and integrating acquisitions, and acquisitions do not always perform and deliver the financial benefits expected. We have also experienced challenges at times following the acquisition of a new company or business, including, but not limited to, managing the operations, manufacturing facilities, and technology; maintaining and increasing the customer base; or retaining key employees, suppliers, or distributors. If an acquired business fails to operate as anticipated or cannot be successfully integrated with our existing business, our results of operations, financial position, and cash flows could be materially and adversely affected.

Future acquisitions could require us to issue additional debt or equity that may not be available on acceptable terms and could be dilutive.

If we were to make a substantial acquisition with cash, the acquisition may need to be financed in part through funding from banks, public offerings or private placements of debt or equity securities, or other arrangements. This acquisition financing might decrease our ratio of earnings to fixed charges and adversely affect other leverage measures. We cannot provide assurance that sufficient acquisition financing would be available to us on acceptable terms if and when required. If we were to complete an acquisition partially or wholly funded by issuing equity securities or equity-linked securities, the issued securities may have a dilutive effect on the interests of the holders of our shares.

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Divestitures of some of our businesses or product lines may have a material adverse effect on our results of operations, financial position, and cash flows.

We continue to evaluate the strategic fit of specific businesses and products which may result in additional divestitures. Divestitures may result in significant write-offs, including those related to goodwill and other intangible assets, which could have a material adverse effect on our results of operations and financial position. Divestitures could involve additional risks, including difficulties in the separation of operations, services, products, and personnel; the diversion of management’s attention from other business concerns; the disruption of our business; and the potential loss of key employees. There can be no assurance that we will be successful in addressing these or any other significant risks encountered.

Risks Relating to Intellectual Property, Litigation, and Regulations

Our ability to compete effectively depends, in part, on our ability to maintain the proprietary nature of our products and technology.

The electronics industry is characterized by litigation regarding patent and other intellectual property rights. Within this industry, companies have become more aggressive in asserting and defending patent claims against competitors. There can be no assurance that we will not be subject to future litigation alleging infringement or invalidity of certain of our intellectual property rights or that we will not have to pursue litigation to protect our property rights. Depending on the importance of the technology, product, patent, trademark, or trade secret in question, an unfavorable outcome regarding one of these matters may have a material adverse effect on our results of operations, financial position, and cash flows.

Litigation, regulatory actions, and compliance issues have and could subject us to fines, penalties, judgments, remediation costs, and/or other requirements that could cause a material adverse effect on our results of operations, financial position, and cash flows.

In the normal course of business, we are or may be, from time to time, the subject of government or private litigation as a result of a number of factors and from various sources, including (i) reviews, requests for information, investigations, and proceedings (both formal and informal) by state and federal governmental agencies and (ii) litigation alleging the infringement of intellectual property rights, anti-competitive behavior, securities law violations, product liability, breach of contract, and employment-related claims. In certain circumstances, patent infringement and antitrust laws permit successful plaintiffs to recover treble damages. The defense of these lawsuits may divert our management’s attention, and we may incur significant expenses in defending these lawsuits. In addition, we may be required to pay damage awards or settlements, or become subject to injunctions or other equitable remedies, that could cause a material adverse effect on our results of operations, financial position, and cash flows.

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plaintiffs to recover treble damages. The defense of these lawsuits may divert our management’s attention, and we may incur significant expenses in defending these lawsuits. In addition, we may be required to pay damage awards or settlements, or become subject to injunctions or other equitable remedies, that could cause a material adverse effect on our results of operations, financial position, and cash flows.

If any of our operations are found not to comply with applicable antitrust or competition laws or applicable trade regulations, our business may suffer.

Our operations are subject to applicable antitrust and competition laws in the jurisdictions in which we conduct our business, in particular the U.S. and the EU. These laws prohibit, among other things, anticompetitive agreements and practices. If any of our commercial agreements and practices with respect to the electronic components or other markets are found to violate or infringe such laws, we may be subject to civil and other penalties. We may also be subject to third-party claims for damages. Further, agreements that infringe these antitrust and competition laws may be void and unenforceable, in whole or in part, or require modification to be lawful and enforceable. If we are unable to enforce our commercial agreements, whether at all or in material part, our results of operations, financial position, and cash flows could be adversely affected.

We also must comply with applicable trade regulations in the jurisdictions where we operate. A small portion of our products, including defense-related products, may require governmental import and export licenses, the issuance of which may be influenced by geopolitical and other events. Any failure to maintain compliance with trade regulations could limit our ability to import and export raw materials and finished goods into or from the relevant jurisdiction, which could negatively impact our results of operations, financial position, and cash flows. In this regard, 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 have also been contacted by the U.S. Department of Justice concerning certain aspects of the BIS matters. During the fourth quarter of fiscal 2024, we concluded our open matters with BIS, with our settlement including the payment of a penalty of approximately $6 million. We are cooperating with the DDTC in its ongoing investigation. We are unable to predict the timing and final outcome of the agency’s investigation. 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 investigation into these matters has yet to be completed and the final outcome of such investigation and related fines and penalties may differ from amounts currently reserved.

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We could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act, the United Kingdom’s Bribery Act, and similar worldwide anti-bribery laws.

The U.S. Foreign Corrupt Practices Act, the United Kingdom’s Bribery Act, and similar worldwide anti-bribery laws generally prohibit companies and their intermediaries from making improper payments to government officials for the purpose of obtaining or retaining business. Our policies mandate compliance with these anti-bribery laws. We operate in many parts of the world that have experienced governmental corruption to some degree, and in certain circumstances, strict compliance with anti-bribery laws may conflict with local customs and practices. Despite our training and compliance program, we cannot provide assurance that our internal control policies and procedures ~~always~~ will always protect us from reckless or criminal acts committed by our employees or agents. Violations of these laws, or allegations of such violations, could disrupt our business and result in a material adverse effect on our results of operations, financial position, and cash flows.

Our operations expose us to the risk of material environmental liabilities, litigation, government enforcement actions, and reputational risk.

We are subject to numerous federal, state, and local environmental protection and health and safety laws and regulations in the various countries where we operate and where our products are sold. These laws and regulations govern, among other things:

the generation, storage, use, and transportation and disposal of hazardous materials;

emissions or discharges of substances into the environment;

investigation and remediation of hazardous substances or materials at various sites;

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GHG emissions;

product hazardous material content;

the health and safety of our employees; and

the importation of regulated or banned chemicals.

We may not have been, or we may not always be, in compliance with all environmental and health and safety laws and regulations. If we violate these laws, we could be fined, criminally charged, or otherwise sanctioned by regulators, including temporary closures of facilities. In addition, environmental and health and safety laws are becoming more stringent, resulting in increased costs and compliance requirements.

Certain environmental laws assess liability on current or previous owners or operators of real property for the costs of investigation, reporting, removal, and remediation of hazardous substances or materials at their properties or at properties at which they have disposed of or mishandled hazardous substances. Liability for investigation, reporting, removal, and remediation costs under certain regulatory regimes, such as U.S. federal and state laws, is retroactive, strict, and joint and several. In addition to cleanup actions brought by governmental authorities, private parties could bring personal injury or other claims due to the presence of, or exposure to, hazardous substances. We have received notifications from the U.S. Environmental Protection Agency, other environmental agencies, and third parties that conditions at a number of currently and formerly-owned or operated sites where we and others have disposed of or mishandled hazardous substances require investigation, cleanup, and other possible remedial action and require that we reimburse the government or otherwise pay for the costs of investigation and remediation and for natural resource damage claims from such sites. We also have independently investigated various sites and determined that further investigation and/or remediation is necessary.

While we plan for future capital and operating expenditures to maintain compliance with environmental laws, we cannot provide assurance that our costs of complying with current or future environmental protection and health and safety laws, or our liabilities arising from past or future releases of, or exposures to, hazardous substances will not exceed our estimates or adversely affect our results of operations, financial position, and cash flows or that we will not be subject to additional environmental claims for personal injury, property damage, damage to natural resources, and/or cleanup in the future based on our past, present, or future business activities.

Our products are subject to various requirements related to chemical usage, hazardous material content, recycling, and other circular economy initiatives.

The EU, China, U.S., and other jurisdictions in which our products are sold have enacted or are proposing to enact laws addressing environmental and other impacts from product disposal, use of hazardous materials in products, use of chemicals in manufacturing, recycling of products at the end of their useful life, circular economy initiatives, and other related matters. These laws include but are not limited to the EU RoHS, End-of-Life Vehicle, and WEEE Directives; the EU REACH regulation; and the China RoHS regulation. These laws prohibit the use of certain substances in the manufacture of our products and directly and indirectly impose a variety of requirements for modification of manufacturing processes, registration, chemical testing, labeling, and other matters. These laws continue to proliferate and expand in these and other jurisdictions to address other materials and other aspects of our product manufacturing and sale. These laws could make the manufacture or sale of our products more expensive or impossible, could limit our ability to sell our products in certain jurisdictions, and could result in liability for product recalls, penalties, or other claims.

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Our products are subject to various requirements related to chemical usage, hazardous material content, recycling, and other circular economy initiatives.

Risks Relating to Our Irish Jurisdiction of Incorporation

The laws of Ireland differ from the laws in effect in the U.S. and may afford less protection to holders of our securities.

It may not be possible to enforce court judgments obtained in the U.S. against us in Ireland, based on the civil liability provisions of the U.S. federal or state securities laws. In addition, there is some uncertainty as to whether the courts of Ireland would recognize or enforce judgments of U.S. courts obtained against us or our directors or officers based on the civil liabilities provisions of the U.S. federal or state securities laws or hear actions against us or those persons based on those laws. We have been advised that the U.S. currently does not have a treaty with Ireland providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters. Therefore, a final judgment for the payment of money rendered by any U.S. federal or state court based on civil liability, whether or not based solely on U.S. federal or state securities laws, would not automatically be enforceable in Ireland.

As an Irish company, we are governed by the Irish Companies Act 2014, which differs in some material respects from laws generally applicable to U.S. corporations and shareholders, including, among others, differences relating to interested director and officer transactions and shareholder lawsuits. Likewise, the duties of directors and officers of an Irish company generally are owed to the company only. Shareholders of Irish companies generally do not have a personal right of action against directors or officers of the company and may exercise such rights of action on behalf of the company only in limited circumstances. Accordingly, holders of our securities may have more difficulty protecting their interests than would holders of securities of a corporation incorporated in a jurisdiction of the U.S.

As an Irish public limited company, certain decisions related to our capital structure will require the approval of shareholders, which may limit our flexibility to manage our capital structure.

Irish law generally provides that a board of directors may allot and issue shares (or rights to subscribe for or convert into shares) without being required first to offer those shares to existing shareholders on a pro-rata basis, if authorized to do so by a company’s constitution or by ~~an ordinary~~ resolution of shareholders. Such authorization may be granted in respect of up to the entirety of a company’s authorized but unissued share capital and for a maximum period of five years ~~from September 30~~, ~~2024,~~ at which point it must be renewed by another ~~ordinary~~shareholder resolution. Our articles of association authorize our directors to allot shares up to the maximum of our authorized but unissued share capital for a period of five years from September 30, 2024. ~~This~~These ~~authorization~~authorizations will need to be renewed ~~by ordinary resolution~~ upon its expiration and at periodic intervals thereafter. Under Irish law, anthese ~~allotment~~authorities ~~authority~~ may be given for up to five years at each renewal, but governance considerations may result in renewals for shorter periods or in respect of less than the maximum permitted number of shares being sought or approved.

Additionally, under Irish law, we may only pay dividends and, generally, make share repurchases and redemptions from distributable profits. Distributable profits may be created through our earnings or other methods (including certain intragroup reorganizations involving the capitalization of our undistributable profits and their subsequent reduction). While it is our intention to maintain a sufficient level of distributable profits in order to pay dividends on our ordinary shares and make share repurchases, there is no assurance that we will maintain the necessary level of distributable profits to do so.

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Provisions of our articles of association could delay or prevent a third-party’s effort to acquire us.

Our articles of association could delay, defer, or prevent a third party from acquiring us, despite the possible benefit to our shareholders, or otherwise adversely affect the price of our ordinary shares. In addition to our articles of association, several mandatory provisions of Irish law could prevent or delay an acquisition of us. We are also subject to various provisions of Irish law relating to mandatory bids, voluntary bids, requirements to make a cash offer, and minimum price requirements, as well as substantial acquisition rules and rules requiring the disclosure of interests in our shares in certain circumstances.

These provisions, whether alone or together, may discourage potential takeover attempts, discourage bids for our ordinary shares at a premium over the market price, or adversely affect the market price of, and the voting and other rights of the holders of, our ordinary shares. These provisions, whether alone or together, could also discourage proxy contests and make it more difficult for our shareholders to elect directors other than the candidates nominated by our board.

Transfers of our ordinary shares may be subject to Irish stamp duty.

For the majority of transfers of our ordinary shares, there will not be any Irish stamp duty. A transfer of our ordinary shares from a seller who holds shares beneficially (i.e., through Depository Trust Company (“DTC”)) to a buyer who holds the acquired shares beneficially (i.e., through DTC), which is effected by the debit/credit of book-entry interests representing the shares through DTC, will not be subject to Irish stamp duty. However, a transfer of our ordinary shares by a seller who holds shares directly (i.e., not through DTC) to any buyer, or by a seller who holds the shares beneficially to a buyer who holds the acquired shares directly, may be subject to Irish stamp duty (currently at the rate of 1% of the price paid or the market value of the shares acquired, if higher) ~~generally payable by the buyer~~. A shareholder who directly holds shares may transfer those shares into his or her own broker account to be held through DTC without giving rise to Irish stamp duty provided that the shareholder has confirmed to our transfer agent that there is no change in the beneficial ownership of the shares as a result of the transfer and the transfer into DTC is not effected in contemplation of a sale of such shares by the beneficial owner to a third party. Because of the potential Irish stamp duty on transfers of our ordinary shares, we strongly recommend that any person who wishes to acquire our ordinary shares acquire such shares through DTC.

We do not intend to pay any stamp duty levied on transfers of our shares on behalf of a buyer. However, our memorandum and articles of association allow us in our absolute discretion, to pay (or to cause one of our affiliates to pay) any such stamp duty payable. In the event of any such payment, we will be entitled to (i) seek reimbursement from the buyer, (ii) set-off the amount of the stamp duty against future dividends on such shares, and (iii) claim a first and paramount lien on our ordinary shares acquired by such buyer and any dividends paid on such shares. Our directors have discretion to decline to register an instrument of transfer in the name of a buyer unless the instrument of transfer has been properly stamped (in circumstances where stamping is required).

Dividends you receive may be subject to Irish dividend withholding tax.

In certain circumstances, as an Irish tax resident company, we may be required to deduct Irish dividend withholding tax (currently at the rate of 25%) from dividends paid to our shareholders. Whether we will be required to deduct Irish dividend withholding tax from dividends paid to a shareholder will depend largely on whether the shareholder qualifies for an exemption from dividend withholding tax under Irish law and has provided a valid Dividend Withholding Tax (“DWT”) Form to his or her broker (in the case of the ordinary shares held beneficially), or to our transfer agent (in the case of the ordinary shares held directly).

Dividends received by investors could be subject to Irish income tax.

Dividends paid in respect of our ordinary shares generally are not subject to Irish income tax where the beneficial owner of these dividends is exempt from dividend withholding tax, unless the beneficial owner of the dividend has some connection with Ireland other than his or her shareholding in TE Connectivity plc.

TE shareholders who receive their dividends subject to Irish dividend withholding tax generally will have no further liability to Irish income tax on the dividend unless the beneficial owner of the dividend has some connection with Ireland other than his or her shareholding in TE Connectivity plc.

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Our ordinary shares received by means of a gift or inheritance could be subject to Irish capital acquisitions tax.

Irish capital acquisitions tax (“CAT”) could apply to a gift or inheritance of our ordinary shares irrespective of the place of residence, ordinary residence, or domicile of the parties. This is because our ordinary shares will be regarded as property situated in Ireland. The person who receives the gift or inheritance has primary liability for CAT. Gifts and inheritances passing between spouses are exempt from CAT. Children currently have a tax-free threshold of €400,000 per lifetime in respect of taxable gifts or inheritances received from their parents.

Global legislative and regulatory actions and proposals could cause a material change in our worldwide effective corporate tax rate and our global cash taxes.

· the Organisation for Economic Co-operation and Development (“OECD”) and participating countries continue to work toward the enactment of a 15% global minimum corporate tax. More than 30 countries have thus far enacted global minimum tax legislation. Both Ireland and Switzerland have implemented elements of the OECD’s global minimum tax rules, effective as of January 1, 2024. The global minimum tax is a significant structural change to the international taxation framework, which will affect us beginning in fiscal 2025. We anticipate further legislative activity and administrative guidance throughout fiscal 2025. We are currently monitoring these developments and evaluating the impact, which could be material to our cash taxes and worldwide corporate effective tax rate.

· EU and other countries’ initiatives to promote tax transparency and to prevent aggressive tax planning, including the European Anti-Tax Avoidance Directive.

· tax policy changes in the U.S., such as additional federal tax reform measures and new tax regulations.

Legislation in the U.S. could adversely impact our results of operations, financial position, and cash flows.

Various U.S. federal and state legislative proposals have been introduced in recent years that may negatively impact the growth of our business by denying government contracts to U.S. companies that have moved to lower-tax jurisdictions.

We expect the U.S. Congress to continue to consider implementation and/or expansion of policies that would restrict the federal and state governments from contracting with entities that have corporate locations abroad. We cannot predict the likelihood that, or final form in which, any such proposed legislation might become law, the nature of regulations that may be promulgated under any future legislative enactments, the effect such enactments and increased regulatory scrutiny may have on our business, or the outcome of any specific legislative proposals. Therefore, we cannot provide assurance that any such legislative action will not apply to us. In addition, we are unable to predict whether the final form of any potential legislation discussed above also would affect our indirect sales to U.S. federal or state governments or the willingness of our non-governmental customers to do business with us. As a result of these uncertainties, we are unable to assess the potential impact of any proposed legislation in this area and cannot provide assurance that the impact will not be materially adverse to us.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Cybersecurity Risk Management and Strategy

Our cybersecurity risk management strategy and processes are designed to identify, assess, and manage risks to the confidentiality, integrity, and availability of our information technology environment, systems, and information. The cybersecurity risk management process is managed centrally and is led by our Chief Information Security Officer (“CISO”) who reports to our Chief Information Officer. Our cybersecurity program takes a risk-based approach and is integrated with our global ~~chief~~enterprise risk management program. Our cybersecurity risk strategy is aligned with cyber/information security ~~officer~~frameworks and industry standards, including the National Institute of Standards and Technology Cybersecurity Framework.

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(“CISO”) who reports to our global chief information officer. Our cybersecurity program takes a risk-based approach and is integrated with our global enterprise risk management program. Our cybersecurity risk strategy is aligned with cyber/information security frameworks and industry standards, including the National Institute of Standards and Technology Cybersecurity Framework.

Our cybersecurity program includes the following risk management practices:

●

a formal cybersecurity risk assessment is performed annually in collaboration with our enterprise risk management function, resulting in updates to plans and actions that are incorporated into improvement projects;

● our cybersecurity program maturity is benchmarked annually against global industry standards and norms. The result serves as a guide to identifying evolving risks, prioritizing improvements, and enhancing the program;

● cybersecurity threats are evaluated throughout the year by our around-the-clock security operations center, utilizing a variety of third-party subscription and threat intelligence data sources, and data collected via internal monitoring and scanning processes;

●

annual security awareness trainings are required to be completed by employees, and monthly phishing campaigns and additional function-specific cybersecurity trainings are also conducted;

● security and risk metrics are reviewed monthly and reported to leadership ~~quarterly~~regularly;

●

external penetration tests are conducted annually by independent third parties and appropriate actions are taken to strengthen controls;

● a cybersecurity incident response charter and plan, and playbooks are maintained by the cybersecurity incident response team. The plan and playbooks are utilized during table-top exercises and trainings. Participants may include information technology, business, corporate function, and external resources depending on the table-top scenario; and21

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●

a cybersecurity incident response plan and governance charter are maintained by the cybersecurity incident response team. The cybersecurity incident response plan and supporting playbooks are utilized during table-top exercises and trainings. Participants may include information technology, business, corporate function, and external resources depending on the table-top scenario; and

●

third-party supplier security reviews are conducted based on risk. Reviews may include the assessment of security architecture, connections between our systems and the third party, data security controls, and user access controls.

To date, we do not believe that any risks from cybersecurity threats, nor any previous cybersecurity incidents, have materially affected our business strategy, results of operations, or financial condition. However, the sophistication of ~~cyber~~cybersecurity threats continues to increase, and the preventative actions we have taken and continue to take to reduce the risk of ~~cyber~~cybersecurity incidents and protect our systems and information may not successfully protect against future ~~cyber~~cybersecurity incidents, which could materially affect our business strategy, results of operations, or financial condition. For additional information on certain risks associated with cybersecurity, refer to the risk factors related to cybersecurity and information technology systems in “Part I, Item 1A. Risk Factors.”

Cybersecurity Program Governance

Our cybersecurity program is governed by the information security committee (“ISC”), composed of our leaders from information technology, enterprise risk, legal, compliance, strategy, human resources, finance, internal audit, and various business units. On a quarterly basis, the CISO reports to the ISC on topics such as risk mitigation project status, audit results, security metrics, cyber incidents investigated and impact, if any, and significant changes that contribute toward protecting the enterprise from cybersecurity threats.

Our CISO has over 20 years of experience in information security leadership roles and over 89 years as our CISO. ~~Nearly~~He ~~half~~holds many industry certifications, including Certified Information Systems Security Professional (“CISSP”), and is an active member in professional organizations. Also, certain members of our board of directors have completed cybersecurity program trainings, or have ~~cybersecurity~~relevant ~~and information security~~ industry experience.

Cybersecurity incidents are evaluated by a cross-functional ~~management~~ team based on defined ~~quantitative and qualitative~~ criteria and regularly communicated to leadership pursuant to criteria set forth in our incident response plan and related processes. We have engaged cybersecurity and information technology third-party consultants to assist in ~~performing~~cybersecurity ~~forensic~~incident ~~and~~response ~~technical~~including ~~analyses~~forensics and ~~advising~~technical ~~leadership as needed~~analysis.

The cybersecurity committee of our board of directors has oversight responsibility for cybersecurity risks. The CISO provides updates at least twice a year to the cybersecurity committee regarding matters related to information technology and cybersecurity risks including the state of our cybersecurity programs, emerging cybersecurity developments and threats, and our strategy to mitigate cybersecurity risk. Additionally, the full board of directors receives updates on cybersecurity risks twice a year as part of the enterprise risk management meetings.

ITEM 2. PROPERTIES

Our principal executive office is located in Galway, Ireland. As of fiscal year end 2025, we owned approximately 17 million square feet and leased approximately 11 million square feet of aggregate floor space, used primarily for manufacturing, warehousing, and office space. We believe our facilities are suitable for the conduct of our business and adequate for our current needs.

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~~The~~assembly. ~~cybersecurity~~We ~~committee~~consider ofthe ~~our~~productive ~~board~~capacity of ~~directors~~our ~~has~~manufacturing ~~oversight~~facilities ~~responsibility for cybersecurity risks~~sufficient. ~~The~~As ~~CISO~~of ~~provides~~fiscal ~~updates at least twice a~~ year toend ~~the cybersecurity committee regarding matters related to information technology and cybersecurity risks including the state of our cybersecurity programs~~2025, ~~emerging cybersecurity developments and threats, and~~ our ~~strategy~~principal tocenters ~~mitigate cybersecurity risk. Additionally, the full board~~ of ~~directors~~manufacturing ~~receives~~output ~~updates~~by onsegment ~~our~~and ~~cybersecurity~~geographic ~~program~~region ~~twice~~were ~~a year~~ as ~~part of the enterprise risk management meetings.~~follows:

ITEM 2. PROPERTIES


	Transportation	Industrial
	Solutions	Solutions	Total

	(number of manufacturing facilities)
Asia–Pacific	10	16	26
EMEA	20	18	38
Americas	9	32	41
Total	39	66	105

During fiscal 2024, our principal executive office was located in Schaffhausen, Switzerland. In connection with our change in place of incorporation, Galway, Ireland became the new location of our principal executive office in fiscal 2025. As of fiscal year end 2024, we owned approximately 17 million square feet and leased approximately 10 million square feet of aggregate floor space, used primarily for manufacturing, warehousing, and office space. We believe our facilities are suitable for the conduct of our business and adequate for our current needs.

We manufacture our products in over 25 countries worldwide. Our manufacturing sites focus on various aspects of our manufacturing processes, including our primary processes of stamping, plating, molding, extrusion, beaming, and assembly. We consider the productive capacity of our manufacturing facilities sufficient. As of fiscal year end 2024, our principal centers of manufacturing output by segment and geographic region were as follows:


	Transportation	Industrial	Communications
	Solutions	Solutions	Solutions	Total
	(number of manufacturing facilities)
EMEA	20	18	1	39
Asia–Pacific	10	9	8	27
Americas	7	25	2	34
Total	37	52	11	100

ITEM 3. LEGAL PROCEEDINGS

In the normal course of business, we are subject to various legal proceedings and claims, including product liability matters, employment disputes, disputes on agreements, other commercial disputes, environmental matters, antitrust claims, trade compliance matters, and tax matters, including non-income tax matters such as value added tax, sales and use tax, real estate tax, and transfer tax. In addition, we operate in an industry susceptible to significant patent legal claims. At any given time in the normal course of business, we are involved as either a plaintiff or defendant in a number of patent infringement actions. If infringement of a third party’s patent were to be determined against us, we might be required to make significant royalty or other payments or might be subject to an injunction or other limitation on our ability to manufacture or sell one or more products. If a patent owned by or licensed to us were determined to be invalid or unenforceable, we might be required to reduce the value of the patent on our Consolidated Balance Sheet and to record a corresponding charge, which could be significant in amount.

Management believes that these legal proceedings and claims likely will be resolved over an extended period of time. Although it is not feasible to predict the outcome of these proceedings, based upon our experience, current information, and applicable law, we do not expect that the outcome of these proceedings, either individually or in the aggregate, will have a material effect on our results of operations, financial position, or cash flows.

Environmental Matters

Item 103 of Regulation S-K requires the disclosure of certain environmental matters in which a governmental authority is a party to the proceedings and when such proceedings involve the potential for monetary sanctions that we reasonably believe will exceed a specified threshold. In accordance with the SEC guidance on this item, we have chosen a reporting threshold for such proceedings of $1 million. Applying this threshold, there are no environmental matters to disclose.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information and Holders

Our ordinary shares are listed and traded on the New York Stock Exchange (“NYSE”) under the symbol “TEL.” As of November 85, ~~2024~~2025, there were 15,~~324~~032 shareholders of record of our ordinary shares.

Performance Graph

The following graph compares the cumulative total shareholder return on our ordinary shares against the cumulative return on the S&P 500 Index and the Dow Jones U.S. Electrical Components & Equipment Index. The graph assumes the investment of $100 in our ordinary shares and in each index at fiscal year end ~~2019~~2020 and assumes the reinvestment of all dividends and distributions. The graph shows the cumulative total return for the last five fiscal years. The comparisons in the graph are based upon historical data and are not indicative of, nor intended to forecast, future returns.


	Fiscal Year End
	2020⁽¹⁾		2021		2022		2023		2024		2025
TE Connectivity plc	$	100.00	$	153.36	$	119.27	$	135.95	$	169.31	$	247.03
S&P 500 Index		100.00		137.09		112.06		136.28		185.02		217.04
Dow Jones U.S. Electrical Components & Equipment Index		100.00		145.18		120.37		152.54		208.32		288.00


	Fiscal Year End
	2019(1)		2020		2021		2022		2023		2024
TE Connectivity	$	100.00	$	105.07	$	161.14	$	125.33	$	142.85	$	177.91
S&P 500 Index		100.00		113.50		155.59		127.18		154.68		210.00
Dow Jones U.S. Electrical Components & Equipment Index		100.00		104.82		152.18		126.17		159.89		218.36

(1)	$100 invested on September 25, 2020 in our ordinary shares and in indexes. Indexes calculated on month-end basis.

(1) $100 invested on September 27, 2019 in our common shares and in indexes. Indexes calculated on month-end basis.

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Dividends

AtFollowing ~~the~~our ~~Annual~~change ~~General~~in ~~Meeting~~place of incorporation, dividends on ~~March~~our 13ordinary shares, ~~2024~~if any, ~~shareholders~~may ~~approved~~be declared on a ~~dividend~~quarterly ~~payment~~basis by our board of $2directors, as provided by Irish law.60 ~~per~~Shareholder ~~share~~approval is no longer required for interim dividends. In exercising its discretion to approve such dividends, ~~payable~~our inboard ~~four~~of ~~equal~~directors ~~quarterly~~will ~~installments~~consider our results of ~~$0.65~~operations, ~~per~~financial ~~share.~~condition, ~~The~~cash ~~third~~requirements, ~~and~~future ~~fourth~~business ~~installments~~prospects, ~~are~~statutory ~~expected~~requirements toof ~~occur~~applicable inlaw, ~~our~~contractual ~~first~~restrictions, restrictions imposed by Irish law, and ~~second~~other ~~quarters~~factors ofthat ~~fiscal~~they ~~2025~~may deem relevant.

As a result of our change in place of incorporation, beginning in our third quarter of fiscal 2025, future dividends on our ordinary shares, if any, will be declared on a quarterly basis by our board of directors as provided by Irish law. Shareholder approval is no longer required. In exercising their discretion to approve such dividends, our board of directors will consider our results of operations, financial condition, cash requirements, future business prospects, statutory requirements of applicable law, contractual restrictions, restrictions imposed by Irish law, and other factors that they may deem relevant.

Issuer Purchases of Equity Securities

The following table presents information about our purchases of our ~~common~~ordinary shares during the quarter ended September 2726, ~~2024~~2025:


					Maximum
				Total Number of	Approximate
				Shares Purchased	Dollar Value
				as Part of	of Shares that May
	Total Number	Average Price		Publicly Announced	Yet Be Purchased
	of Shares	Paid Per		Plans or	Under the Plans
Period	Purchased(1)	Share~~(1)~~		Programs(2)	or Programs(2)
June 29–July 26, 2024	798,713	$	153.63	798,713	$	876,909,949
June 28–July 25, 2025	471,167	$	178.09	471,167	$	1,745,026,697
July 27–August 30, 2024	2,490,228		148.83	2,480,852		507,682,852
July 26–August 29, 2025	853,749		204.43	853,749		1,570,495,167
August 31–September 27, 2024	1,797,756		146.33	1,797,756		244,622,761
August 30–September 26, 2025	858,272		211.73	858,272		1,388,770,904
Total	52,~~086~~183,~~697~~188		~~148~~201.7062	52,~~077~~183,~~321~~188

(1) ~~These~~During ~~columns~~the ~~include~~quarter ~~the~~ended ~~following~~September ~~transactions~~26, ~~which~~2025, ~~occurred~~all ~~during~~purchases were open market purchases of ordinary shares, summarized on a trade-date basis, made in conjunction with the ~~quarter~~share ~~ended~~repurchase program originally announced in September ~~27,~~2007. ~~2024:~~This table does not include ordinary shares that we withheld in order to satisfy tax withholding requirements for the vesting and release of restricted stock units.

(i2) ~~the~~Our ~~acquisition~~share repurchase program authorizes us to purchase a portion of ~~9,376~~our ~~common~~outstanding ordinary shares from ~~individuals~~time into ~~order~~time tothrough ~~satisfy~~open ~~tax~~market ~~withholding~~or ~~requirements~~private intransactions, ~~connection~~depending ~~with~~on ~~the~~business ~~vesting~~and ofmarket ~~restricted~~conditions. The share ~~awards~~repurchase ~~issued~~program ~~under~~does ~~equity~~not ~~compensation~~have ~~plans;~~an ~~and~~expiration date. See Note 17 to the Consolidated Financial Statements for additional information regarding our share repurchase program.

(ii) open market purchases totaling 5,077,321 common shares, summarized on a trade-date basis, in conjunction with the share repurchase program announced in September 2007.

(2) Our share repurchase program authorizes us to purchase a portion of our outstanding common shares from time to time through open market or private transactions, depending on business and market conditions. The share repurchase program does not have an expiration date. On October 30, 2024, our board of directors authorized an increase of $2.5 billion in our share repurchase program. See Note 17 to the Consolidated Financial Statements for additional information regarding our share repurchase program.

ITEM 6. RESERVED

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the accompanying notes included elsewhere in this Annual Report. The following discussion may contain forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed below and elsewhere in this Annual Report, particularly in “Part I. Item 1A. Risk Factors” and “Forward-Looking Information.”

Our Consolidated Financial Statements have been prepared in U.S. dollars, in accordance with accounting principles generally accepted in the U.S. (“GAAP”).

Discussion of our financial condition and results of operations for fiscal 2025 compared to fiscal 2024 is presented below. The “Segment Results” section also discusses fiscal 2024 compared to fiscal 2023 because of the change in our segment structure discussed below. Discussion of our financial condition and consolidated results of operations for fiscal 2024 compared to fiscal 2023 can be found in “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended September 27, 2024.

The following discussion includes organic net sales growth (decline) which is a non-GAAP financial measure. See “Non-GAAP Financial Measure” for additional information regarding this measure.

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Discussion of our financial condition and results of operations for fiscal 2024 compared to fiscal 2023 is presented below. Discussion of our financial condition and results of operations for fiscal 2023 compared to fiscal 2022 can be found in “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended September 29, 2023.

The following discussion includes organic net sales growth (decline) which is a non-GAAP financial measure. See “Non-GAAP Financial Measure” for additional information regarding this measure.

Change in Place of Incorporation

During fiscal 2024, our board of directors and shareholders approved a change in our jurisdiction of incorporation from Switzerland to Ireland. In connection with the change, we entered into a merger agreement with our wholly-owned subsidiary, TE Connectivity plc, a public limited company incorporated under Irish law. Under the merger agreement, we were merged with and into TE Connectivity plc, which was the surviving entity, in order to effect our change in jurisdiction of incorporation from Switzerland to Ireland. The merger and change in jurisdiction of incorporation were completed on September 30, 2024. Our shareholders received one ordinary share of TE Connectivity plc for each common share of TE Connectivity Ltd. held immediately prior to the merger. Effective for fiscal 2025, we are organized under the laws of Ireland. We do not anticipate any material changes in our operations or financial results as a result of the merger and change in place of incorporation. See Notes 1 and 21 to the Consolidated Financial Statements for additional information regarding the change in place of incorporation.

Overview

~~Summary~~Change ofin ~~Fiscal~~Place ~~2024~~of ~~Performance~~Incorporation

●During ~~Our~~ fiscal 2024, ~~net~~our ~~sales~~board ~~decreased~~of ~~1.2%~~directors ~~from~~and ~~fiscal~~shareholders ~~2023~~approved ~~levels~~a ~~due~~change in our jurisdiction of incorporation from Switzerland to ~~sales~~Ireland. ~~declines~~In inconnection with the ~~Transportation~~change, ~~Solutions~~TE ~~and~~Connectivity ~~Industrial~~Ltd., ~~Solutions~~our ~~segments~~former parent entity, ~~partially~~entered ~~offset~~into bya ~~sales~~merger ~~growth~~agreement inwith TE Connectivity plc, its then wholly-owned subsidiary and a public limited company incorporated under Irish law. Under the ~~Communications~~merger ~~Solutions~~agreement, ~~segment~~TE Connectivity Ltd. Onmerged anwith ~~organic~~and ~~basis~~into TE Connectivity plc, ~~our~~which ~~net~~was ~~sales~~the ~~were~~surviving ~~flat~~entity, in ~~fiscal~~order to effect our change in jurisdiction of incorporation from Switzerland to Ireland. The merger was completed on September 30, 2024, asthereby ~~compared~~changing our jurisdiction of incorporation from Switzerland to Ireland. Effective for fiscal ~~2023~~2025, we are organized under the laws of Ireland. We have not had and do not anticipate any material changes in our operations or financial results as a result of the merger and change in place of incorporation.

New Segment Structure

Effective for fiscal 2025, we reorganized our management and segments to align the organization around our current strategy. We now operate through two reportable segments: Transportation Solutions and Industrial Solutions. Prior period segment results have been recast to conform to the new segment structure. See additional information regarding our segments in Notes 1 and 20 to the Consolidated Financial Statements.

Summary of Fiscal 2025 Performance

●

Our fiscal 2025 net sales increased 8.9% from fiscal 2024 due to sales growth in the Industrial Solutions segment, partially offset by sales declines in the Transportation Solutions segment. Richards Manufacturing, which was acquired in April 2025, contributed net sales of $179 million. On an organic basis, our net sales increased 6.4% in fiscal 2025 as compared to fiscal 2024.

●

Our net sales by segment were as follows:

● Transportation Solutions—Our net sales decreased 21.0% in fiscal 2025 due primarily to sales declines in the sensors ~~end market~~ and, ~~to a lesser degree, the~~ commercial transportation end ~~market~~markets.

● Industrial Solutions—Our net sales ~~decreased~~increased 123.57% in fiscal 2025 as a result of sales ~~declines~~growth in the ~~industrial~~digital ~~equipment~~data networks; energy; automation and connected living; and aerospace, defense, and marine end ~~market~~markets, partially offset by sales ~~growth~~declines in ~~all~~the ~~other~~medical end ~~markets~~market.

● ~~Communications~~We ~~Solutions—Our~~paid ~~net~~cash ~~sales~~dividends ~~increased~~to 3shareholders of $2.7%72 ~~due~~per toordinary ~~sales~~share ~~growth~~in fiscal 2025. Also, in ~~the~~September ~~data~~2025, ~~and~~our ~~devices~~board ~~end~~of ~~market~~directors declared a regular quarterly cash dividend of $0.71 per ordinary share, ~~partially~~payable ~~offset~~on byDecember ~~sales~~12, ~~declines~~2025, into ~~the~~shareholders ~~appliances~~of ~~end~~record ~~market~~on November 21, 2025.

● ~~During~~Net ~~fiscal~~cash ~~2024,~~provided ~~our~~by ~~shareholders~~operating ~~approved~~activities awas ~~dividend payment of~~ $~~2.60 per share~~4,139 ~~payable~~million in ~~four equal quarterly installments of $0.65 per share beginning in the third quarter of~~ fiscal ~~2024 and ending in the second quarter of fiscal~~ 2025.

● Net cash provided by operating activities was $3,477 million in fiscal 2024.

Economic Conditions

Our business and operating results have been and will continue to be affected by worldwide economic conditions. The global economy has been impacted in recent years by supply chain disruptions, ~~and~~ inflationary cost pressures, and, most recently, tariff and trade policies. We are monitoring the current environment and its potential effects on our customers and the end markets we serve.

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In recent years, we have experienced inflationary cost pressures including increased costs for transportation, energy, and raw materials. However, we have been able to mitigate increased costs and supply chain disruptions through productivity and/or price increases. Also, we have taken and continue to focus on actions to manage costs, including restructuring and other cost reduction initiatives such as reducing discretionary spending and travel. Additionally, we are managing our capital resources and monitoring capital availability to ensure that we have sufficient resources to fund our future capital needs. See further discussion in “Liquidity and Capital Resources.”

We ~~continue~~are toactively ~~monitor~~monitoring ~~military~~developments ~~conflicts~~ in ~~certain~~tariff ~~parts~~and oftrade ~~the~~policies ~~world~~and asthe ~~well~~potential asimpacts ~~escalating~~on ~~tensions~~our inbusiness. ~~surrounding~~In ~~countries~~addition, ~~and~~we ~~associated~~are ~~sanctions.~~using ~~These~~pricing ~~did~~actions ~~not~~and ~~have~~sourcing achanges ~~significant~~to ~~impact~~largely onmitigate ~~our~~the ~~business,~~impacts ~~financial~~of ~~condition,~~new ortariffs ~~results~~and ofchanges ~~operations~~in ~~during~~existing ~~fiscal~~tariff ~~2024 and 2023~~rates.

We continue to monitor military conflicts in certain parts of the world as well as escalating tensions in surrounding countries and associated sanctions. These did not have a significant impact on our business, financial condition, or results of operations during fiscal 2025 and 2024.

Outlook

In the first quarter of fiscal ~~2025~~2026, we expect our net sales to be approximately $34.95 billion as compared to $3.8 billion in the first quarter of fiscal ~~2024. As discussed below, we will have a new segment structure effective for fiscal~~ 2025. ~~Under~~This ~~the~~increase ~~new~~reflects ~~structure, net~~ sales ~~increases~~growth in both the Industrial Solutions ~~segment~~and ~~are~~Transportation ~~expected~~Solutions tosegments. beThe ~~partially~~Industrial ~~offset~~Solutions bysegment ~~sales~~will ~~declines~~benefit infrom the ~~Transportation~~acquisition ~~Solutions~~of ~~segment~~Richards Manufacturing. We expect diluted earnings per share from continuing operations to be approximately $12.6433 per share in the first quarter of fiscal ~~2025~~2026. This outlook reflects the positive impact of foreign currency exchange rates on net sales and earnings per share of approximately $32113 million and $0.0402 per share, respectively, in the first quarter of fiscal ~~2025~~2026 as compared to the same period of fiscal ~~2024~~2025 and includes the impact of currently enacted tariffs. Also, this outlook is based on foreign currency exchange rates and commodity prices that are consistent with current levels.

Acquisitions

As discussed above, on April 1, 2025, we acquired 100% of Richards Manufacturing, a U.S.-based producer of overhead and underground electrical and gas distribution products, for cash of approximately $2.3 billion, net of cash acquired. The acquired business has been reported as part of the energy business within our Industrial Solutions segment from the date of acquisition.

During fiscal 2025, we acquired two additional businesses for a combined cash purchase price of $321 million, net of cash acquired. The acquired businesses have been reported as part of our Industrial Solutions segment from the date of acquisition.

During the first quarter of fiscal 2024, we acquired approximately 98.7% of the outstanding shares of Schaffner Holding AG (“Schaffner”), a leader in electromagnetic solutions based in Switzerland, for CHF 505.00 per share in cash for a purchase price of CHF 294 million (equivalent to $339 million), net of cash acquired. The acquired business has been reported as part of our Industrial Solutions segment from the date of acquisition. During the third quarter of fiscal 2024, we completed a squeeze-out of the remaining minority shareholders for $5 million and the Schaffner shares were delisted from the SIX Swiss Exchange.

We acquired one business for a cash purchase price of $110 million, net of cash acquired, during fiscal 2023. The acquired business has been reported as part of our Industrial Solutions segment from the date of acquisition.

See Note 4 to the Consolidated Financial Statements for additional information regarding acquisitions.

Divestitures

During fiscal 2024, we sold one business for net cash proceeds of $59 million. In connection with the divestiture, we recorded a pre-tax gain on sale of $10 million. ~~Additionally,~~Prior ~~during~~to ~~fiscal 2023~~divestiture, ~~we recorded a pre-tax impairment charge of $68 million when~~ the business was ~~reclassified to held for sale. The business sold was~~ reported in our Transportation Solutions segment.

During fiscal 2023, we sold three businesses for net cash proceeds of $48 million. In connection with the divestitures, we recorded pre-tax impairment charges and a net pre-tax loss on sales, which totaled to a net charge of $9 million. The businesses sold were reported in our Industrial Solutions segment.

See Note 3 to the Consolidated Financial Statements for additional information regarding divestitures.

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Results of Operations

Net Sales

The following table presents our net sales and the percentage of total net sales by segment:


	Fiscal
	~~2024~~2025				~~2023~~2024
	($ in millions)
Transportation Solutions	$	9,~~398~~388	6054	%	$	9,~~588~~481	60	%
Industrial Solutions		47,~~481~~874	2846			46,~~551~~364	2840
Communications Solutions		1,966	12			1,895	12
Total	$	17,262	100	%	$	15,845	100	%
Total	$	15,845	100	%	$	16,034	100	%

The following table provides an analysis of the change in our net sales by segment:


	Change in Net Sales for Fiscal ~~2024~~2025 versus Fiscal ~~2023~~2024
	Net Sales				Organic Net Sales						Acquisitions
	Growth (Decline)				Growth (Decline)				Translation		(~~Divestitures~~Divestiture)
	($ in millions)
Transportation Solutions	$	(~~190~~93)	(21.0)	%	$	29(98)	0(1.30)	%	$	~~(60)~~17	$	(~~159~~12)
Industrial Solutions		~~(70)~~1,510	(123.5)7			~~(150)~~1,116	(317.3)6			~~(23)~~34		~~103~~360
Communications Solutions		71	3.7			91	4.8			(20)		—
Total	$	1,417	8.9	%	$	1,018	6.4	%	$	51	$	348
Total	$	(189)	(1.2)	%	$	(30)	(0.2)	%	$	(103)	$	(56)

Net sales ~~decreased~~increased $~~189~~1,417 million, or 18.29%, in fiscal ~~2024~~2025 as compared to fiscal ~~2023~~2024. The ~~decrease~~increase in net sales resulted primarily from ~~the~~organic ~~negative~~net ~~impact~~sales growth of ~~foreign~~6.4% ~~currency~~and ~~translation~~the net positive impact of 02.72% ~~due~~from toacquisitions ~~the~~and ~~weakening~~a ofdivestiture. ~~certain~~Richards ~~foreign~~Manufacturing, ~~currencies~~which ~~and~~was ~~the~~acquired ~~net~~on ~~negative~~April ~~impact~~1, 2025, contributed net sales of ~~0.3%~~$179 ~~from~~million ~~divestitures~~in ~~and~~fiscal ~~acquisitions~~2025. In fiscal ~~2024~~2025, net pricing actions positively affected organic net sales by $~~105~~51 million. See further discussion of net sales below under “Segment Results.”

Net Sales by Geographic Region. Our business operates in three geographic regions—~~EMEA,~~ Asia–Pacific, EMEA, and the Americas—and our results of operations are influenced by changes in foreign currency exchange rates. Increases or decreases in the value of the U.S. dollar, compared to other currencies, will directly affect our reported results as we translate those currencies into U.S. dollars at the end of each fiscal period. We sell our products into approximately 130 countries, and approximately 60% of our net sales were invoiced in currencies other than the U.S. dollar in fiscal ~~2024~~2025. The percentage of net sales in fiscal ~~2024~~2025 by major currencies invoiced was as follows:


Currencies	Percentage
U.S. dollar	4143	%
Euro	3027
Chinese renminbi	1820
Japanese yen	4
All others	76
Total	100	%

The following table presents our net sales and the percentage of total net sales by geographic region:


	Fiscal
	~~2024~~2025				~~2023~~2024
	($ in millions)
EMEA	$	5,899	37	%	$	6,208	39	%
Asia–Pacific	$	6,552	38	%	$	5,367	34	%
Asia–Pacific		5,367	34			5,156	32
EMEA		5,742	33			5,899	37
Americas		4,~~579~~968	29			4,~~670~~579	29
Total	$	1517,~~845~~262	100	%	$	1615,~~034~~845	100	%

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The following table provides an analysis of the change in our net sales by geographic region:


	Change in Net Sales for Fiscal ~~2024~~2025 versus Fiscal ~~2023~~2024
	Net Sales				Organic Net Sales						Acquisitions
	Growth (Decline)				Growth (Decline)				Translation		(~~Divestitures~~Divestiture)
	($ in millions)
EMEA	$	(309)	(5.0)	%	$	(339)	(5.5)	%	$	67	$	(37)
Asia–Pacific	$	1,185	22.1	%	$	1,170	21.8	%	$	—	$	15
Asia–Pacific		211	4.1			336	6.5			(132)		7
EMEA		(157)	(2.7)			(271)	(4.6)			93		21
Americas		~~(91)~~389	(18.9)5			~~(27)~~119	(02.6)			(3842)		~~(26)~~312
Total	$	~~(189)~~1,417	(18.2)9	%	$	~~(30)~~1,018	(06.2)4	%	$	~~(103)~~51	$	~~(56)~~348

Cost of Sales and Gross Margin

The following table presents cost of sales and gross margin information:


	Fiscal
	~~2024~~2025			~~2023~~2024			Change
	($ in millions)
Cost of sales	$	1011,~~389~~183		$	10,~~979~~389		$	~~(590)~~794
As a percentage of net sales		6564.68	%		6865.56	%

Gross margin	$	56,~~456~~079		$	5,~~055~~456		$	~~401~~623
As a percentage of net sales		3435.42	%		3134.54	%

In fiscal ~~2024~~2025, gross margin increased $~~401~~623 million as compared to fiscal ~~2023~~2024 primarily as a result of ~~improved~~higher ~~manufacturing~~volume ~~productivity~~ and ~~the~~improved ~~positive~~manufacturing ~~impact of pricing actions~~productivity.

We use a wide variety of raw materials in the manufacture of our products. Cost of sales and gross margin are subject to variability in raw material prices, which continue to fluctuate for many of the raw materials we use. The following table presents the average prices incurred related to copper, gold, silver, and palladium:


		Fiscal
	Measure	~~2024~~2025		~~2023~~2024
Copper	Lb.	$	34.9125	$	43.0991
Gold	Troy oz.		2,~~027~~560		12,~~860~~027
Silver	Troy oz.		2429.5901		2324.3359
Palladium	Troy oz.		1,~~409~~065		21,~~162~~409

In fiscal ~~2024~~2025, we purchased approximately ~~182~~191 million pounds of copper, 98103,000 troy ounces of gold, 21.06 million troy ounces of silver, and 1013,~~000~~700 troy ounces of palladium. We expect to purchase approximately ~~190~~185 million pounds of copper, 95105,000 troy ounces of gold, 21.07 million troy ounces of silver, and 1112,000 troy ounces of palladium in fiscal ~~2025~~2026.

Operating Expenses

The following table presents operating expense information:


	Fiscal
	~~2024~~2025			~~2023~~2024			Change
	($ in millions)
Selling, general, and administrative expenses	$	1,~~732~~866		$	1,~~670~~732		$	62134
As a percentage of net sales		10.98	%		10.49	%

Restructuring and other charges, net	$	166		$	340		$	(174)
Acquisition and integration costs	$	47		$	21		$	26
Restructuring and other charges, net		126			166			(40)

Selling, General, and Administrative Expenses. In fiscal ~~2024~~2025, selling, general, and administrative expenses increased $62134 million as compared to fiscal ~~2023~~2024 due primarily to ~~the~~increased ~~impact~~selling ofexpenses ~~inflation~~to support higher sales levels, higher incentive compensation costs, and incremental expenses attributable to recently acquired businesses, partially offset by savings attributable to ~~prior~~ restructuring actions and the release of reserves associated with trade compliance matters.

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Acquisition and Integration Costs. In fiscal 2025, we incurred acquisition and integration costs of $47 million, of which $28 million related to the acquisition of Richards Manufacturing.

Restructuring and Other Charges, Net. We are committed to continuous productivity improvements, and we evaluate opportunities to simplify our global manufacturing footprint, migrate facilities to lower-cost regions, reduce fixed costs, and eliminate excess capacity. These initiatives are designed to help us maintain our competitiveness in the industry, improve our operating leverage, and position us for future growth.

During fiscal ~~2024~~2025 and ~~2023~~2024, we initiated restructuring programs toassociated ~~optimize~~with ~~our manufacturing~~ footprint consolidation and ~~improve the~~ cost structure improvements in both of ~~the~~our ~~organization~~segments. We incurred net restructuring charges of $~~144~~113 million and $~~260~~144 million in fiscal ~~2024~~2025 and ~~2023~~2024, respectively. Annualized cost savings related to actions initiated in fiscal ~~2024~~2025 are expected to be approximately $8580 million and weare ~~expect~~expected ~~the~~to ~~majority of these savings will~~ be fully realized by the end of fiscal ~~2027~~2026. Cost savings will be reflected primarily in cost of sales and selling, general, and administrative expenses. For fiscal ~~2025~~2026, we expect total restructuring charges to be approximately $100 million and total spending, which will be funded with cash from operations, to be approximately $~~200~~100 million.

During fiscal 2024, we recorded a gain on divestiture of $10 million. ~~We recorded net charges of $77 million related to pre-tax impairment of held for sale businesses and loss (gain) on divestitures in fiscal 2023.~~

During fiscal 2025 and 2024, we incurred costs of $11 million and $20 million, respectively, related to our change in place of incorporation from Switzerland to Ireland. See ~~Notes~~Note 1 ~~and 21~~ to the Consolidated Financial Statements for additional information regarding the change.

See Note 3 to the Consolidated Financial Statements for additional information regarding net restructuring and other charges.

Operating Income

The following table presents operating income and operating margin information:


	Fiscal
	~~2024~~2025			~~2023~~2024			Change
	($ in millions)
Operating income	$	23,~~796~~211		$	2,~~304~~796		$	~~492~~415
Operating margin		1718.6	%		1417.46	%

Operating income included the following:


	Fiscal
	~~2024~~2025		~~2023~~2024
	(in millions)
Acquisition and integration costs	$	21	$	33
Acquisition-related charges:
Restructuring and other charges, net		166		340
Acquisition and integration costs	$	47	$	21
Taxes (non-income tax) recorded in selling, general, and administrative expenses		4		—
Charges associated with the amortization of acquisition-related fair value adjustments		10		—
Total	$	191	$	373
		57		21
Restructuring and other charges, net		126		166
Taxes (non-income tax) recorded in selling, general, and administrative expenses		—		4
Total	$	183	$	191

See discussion of operating income below under “Segment Results.”

Non-Operating Items

The following table presents select non-operating information:


	Fiscal
	2024			2023			Change
	($ in millions)
Interest income	$	87		$	60		$	27

Income tax expense (benefit)		(397)			364			(761)
Effective tax rate		(14.2)	%		16.0	%

Interest Income. Interest income increased $27 million in fiscal 2024 from fiscal 2023 due to higher interest rates as well as an increase in our average cash balances held and invested.

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Non-Operating Items

The following table presents select non-operating information:


	Fiscal
	2025			2024			Change

	($ in millions)
Income tax expense (benefit)	$	1,361		$	(397)		$	1,758
Effective tax rate		42.5	%		(14.2)	%

Income Taxes. See Note 15 to the Consolidated Financial Statements for discussion of items impacting income tax expense and the effective tax rate.

The ~~Organisation for Economic Co-operation and Development (“~~OECD”) and participating countries continue to ~~work~~enact ~~toward~~ the ~~enactment of a~~ 15% global minimum ~~corporate~~ tax. ~~More~~The global minimum tax is a significant structural change to the international taxation framework and more than 3050 countries have thus far enacted ~~global~~some ~~minimum~~or ~~tax~~all ~~legislation.~~elements ~~Both~~of ~~Ireland~~the ~~and~~tax. ~~Switzerland~~Ireland ~~have~~has implemented elements of the OECD’s global minimum tax rules, which were effective asfor ofus beginning in fiscal 2025. In January 12025, ~~2024.~~the ~~The~~OECD released new guidance for the global minimum tax isrules awhich ~~significant~~impacted ~~structural~~the ~~change~~realizability toof ~~the~~certain ~~international~~deferred ~~taxation~~tax ~~framework,~~assets ~~which~~associated ~~will~~with ~~affect~~a usten-year ~~beginning~~tax credit obtained by a Swiss subsidiary in fiscal ~~2025~~2024. We anticipate further legislative activity and administrative guidance ~~throughout fiscal 2025~~. We ~~are~~continue ~~currently~~to ~~monitoring~~closely ~~these~~monitor ~~developments and evaluating~~ the ~~impact,~~evolving ~~which~~global ~~could~~minimum betax ~~material~~framework toand ~~our~~assess ~~cash~~the ~~taxes~~implications ~~and~~in ~~worldwide~~the ~~corporate~~jurisdictions ~~effective~~in ~~tax~~which ~~rate~~we operate.

The valuation allowance for deferred tax assets was $8,~~285~~821 million and $78,~~416~~285 million at fiscal year end ~~2024~~2025 and ~~2023~~2024, respectively. See Note 15 to the Consolidated Financial Statements for further information regarding the valuation allowance for deferred tax assets.

As of fiscal year end ~~2024~~2025, certain subsidiaries had approximately $3937.07 billion of cumulative undistributed earnings that have been retained indefinitely and reinvested in our global manufacturing operations, including working capital; property, plant, and equipment; intangible assets; and research and development activities. See Note 15 to the Consolidated Financial Statements for additional information regarding undistributed earnings.

Segment Results

Transportation Solutions

Net Sales. The following table presents the Transportation Solutions segment’s net sales and the percentage of total net sales by industry end market~~(1)~~:


	Fiscal
	~~2024~~2025				~~2023~~2024				2023
	($ in millions)
Automotive	$	67,~~956~~052	75	%	$	67,~~951~~039	7275	%	$	7,038	73	%
Commercial transportation		1,~~456~~425	15			1,~~525~~456	1615			1,525	16
Sensors		~~986~~911	10			~~1,112~~986	1210			1,112	11
Total	$	9,~~398~~388	100	%	$	9,~~588~~481	100	%	$	9,675	100	%

(1) Industry end market information is presented consistently with our internal management reporting and may be revised periodically as management deems necessary.

The following table provides an analysis of the change in the Transportation Solutions segment’s net sales by industry end market:


	Change in Net Sales for Fiscal ~~2024~~2025 versus Fiscal ~~2023~~2024												Change in Net Sales for Fiscal 2024 versus Fiscal 2023
	Net Sales				Organic Net Sales								Net Sales				Organic Net Sales
	Growth (Decline)				Growth (Decline)				Translation		Divestiture		Growth (Decline)				Growth (Decline)				Translation		Divestiture
	($ in millions)
Automotive	$	513	0.12	%	$	~~210~~14	3.0.2	%	$	~~(46)~~11	$	(~~159~~12)	$	1	0.0	%	$	209	2.9	%	$	(49)	$	(159)
Commercial transportation		(6931)	(42.51)			(6233)	(42.13)			~~(7)~~2		—		(69)	(4.5)			(62)	(4.1)			(7)		—
Sensors		(~~126~~75)	(117.36)			(~~119~~79)	(~~10.~~8.0)			~~(7)~~4		—		(126)	(11.3)			(119)	(10.8)			(7)		—
Total	$	(~~190~~93)	(21.0)	%	$	29(98)	0(1.30)	%	$	~~(60)~~17	$	(~~159~~12)	$	(194)	(2.0)	%	$	28	0.3	%	$	(63)	$	(159)

Net sales in the Transportation Solutions segment decreased $~~190~~93 million, or 21.0%, in fiscal ~~2024~~2025 from fiscal ~~2023~~2024 primarily as a result of ~~the~~organic ~~negative~~net ~~impact~~sales ofdeclines ~~a divestiture~~ of 1.~~7% and the negative impact of foreign currency translation of~~ 0.6%. Our organic net sales by industry end market were as follows:

● Automotive—Our organic net sales increased 3.0% in fiscal 2024 as a result of growth of 14.2% in the Asia–Pacific region, partially offset by declines of 4.8% in the Americas region and 4.5% in the EMEA region. Our organic net sales growth in the Asia–Pacific region was due to vehicle production growth as well as increased content per vehicle. In the Americas and EMEA regions, our organic net sales were impacted by slight declines

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● Automotive—Our organic net sales were flat in fiscal 2025 with growth of 11.3% in the Asia–Pacific region largely offset by declines of 10.5% in the EMEA region and 5.0% in the Americas region. Our organic net sales growth in the Asia–Pacific region resulted from increased content per vehicle ~~production~~as ~~levels~~well ~~compared~~as tovehicle ~~prior~~production ~~year~~growth. In the EMEA and Americas regions, our organic net sales were impacted by a shift in platform mix consistent with consumer demand and declines in vehicle production levels compared to prior year.

●

Commercial transportation—Our organic net sales decreased 2.3% in fiscal 2025 as a result of declines in the Americas and EMEA regions, partially offset by growth in the Asia–Pacific region.

●

Sensors—Our organic net sales decreased 8.0% in fiscal 2025 due to market weakness in both transportation and industrial applications.

In the Transportation Solutions segment, net sales decreased $194 million, or 2.0%, in fiscal 2024 from fiscal 2023 due primarily to the negative impact of a divestiture of 1.6% and the negative impact of foreign currency translation of 0.7%. Our organic net sales by industry end market were as follows:

●

Automotive—Our organic net sales increased 2.9% in fiscal 2024 as a result of growth of 14.2% in the Asia–Pacific region, partially offset by declines of 5.1% in the Americas region and 4.3% in the EMEA region. Our organic net sales growth in the Asia–Pacific region was due to vehicle production growth as well as increased content per vehicle. In the Americas and EMEA regions, our organic net sales were impacted by slight declines in vehicle production levels compared to prior year and a shift in platform mix consistent with consumer demand.

●

Commercial transportation—Our organic net sales decreased 4.1% in fiscal 2024 as a result of declines in the EMEA and Americas regions, partially offset by growth in the Asia–Pacific region.

●

Sensors—Our organic net sales decreased 10.8% in fiscal 2024 due primarily to market weakness in industrial applications and our strategic exit of certain lower margin and lower growth product lines.

Operating Income. The following table presents the Transportation Solutions segment’s operating income and operating margin information:


	~~Fiscal~~										Fiscal		Fiscal
	~~2024~~			~~2023~~			~~Change~~				2025		2024
	~~($ in millions)~~Fiscal										versus		versus
Operating income	$	1,847		$	1,451		$	396
	2025			2024				2023			2024		2023
Operating margin		19.7	%		15.1	%
	($ in millions)
Operating income	$	1,818		$	1,880			$	1,487		$	(62)	$	393
Operating margin		19.4	%		19.8	%			15.4	%

Operating income in the Transportation Solutions segment ~~increased~~decreased $~~396~~62 million in fiscal ~~2024~~2025 as compared to fiscal ~~2023~~2024. Excluding the items below, operating income ~~increased~~decreased in fiscal ~~2024~~2025 primarily as a result of net price erosion. In fiscal 2024, operating income in the Transportation Solutions segment increased $393 million from fiscal 2023. Excluding the items below, operating income increased in fiscal 2024 due primarily to improved manufacturing productivity.


	Fiscal
	~~2024~~2025		~~2023~~2024		2023
	(in millions)
Acquisition and integration costs	$	—	$	3—	$	3
Restructuring and other charges, net		6775		~~211~~67		211
Taxes (non-income tax) recorded in selling, general, and administrative expenses		3—		—3		—
Total	$	7075	$	~~214~~70	$	214

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Industrial Solutions

Net Sales. The following table presents the Industrial Solutions segment’s net sales and the percentage of total net sales by industry end market~~(1)~~:


	Fiscal
	~~2024~~2025				~~2023~~2024				2023
	($ in millions)
Industrial equipment	$	1,385	30	%	$	1,706	38	%
Digital data networks	$	2,208	28	%	$	1,274	20	%	$	1,162	18	%
Aerospace, defense, and marine		1,344	30			1,178	26
Automation and connected living		2,147	27			1,994	32			2,352	37
Energy		919	21			883	19
Aerospace, defense, and marine		1,483	19			1,344	21			1,178	19
Medical		833	19			784	17
Energy		1,344	17			919	14			883	14
Total	$	4,481	100	%	$	4,551	100	%
Medical		692	9			833	13			784	12
Total	$	7,874	100	%	$	6,364	100	%	$	6,359	100	%

(1) Industry end market information is presented consistently with our internal management reporting and may be revised periodically as management deems necessary.

The following table provides an analysis of the change in the Industrial Solutions segment’s net sales by industry end market:


	Change in Net Sales for Fiscal ~~2024~~2025 versus Fiscal ~~2023~~2024												Change in Net Sales for Fiscal 2024 versus Fiscal 2023
	Net Sales				Organic Net Sales						~~Acquisitions~~		Net Sales				Organic Net Sales						Acquisitions
	Growth (Decline)				Growth (Decline)				Translation		~~(Divestiture)~~Acquisitions		Growth (Decline)				Growth (Decline)				Translation		(Divestiture)
	($ in millions)
Industrial equipment	$	(321)	(18.8)	%	$	(425)	(24.9)	%	$	3	$	101
Digital data networks	$	934	73.3	%	$	924	72.6	%	$	10	$	—	$	112	9.6	%	$	118	10.2	%	$	(6)	$	—
Aerospace, defense, and marine		166	14.1			181	15.4			3		(18)
Automation and connected living		153	7.7			70	3.5			11		72		(358)	(15.2)			(451)	(19.1)			(8)		101
Energy		36	4.1			43	4.9			(27)		20
Aerospace, defense, and marine		139	10.3			127	9.5			12		—		166	14.1			181	15.4			3		(18)
Medical		49	6.3			51	6.5			(2)		—
Energy		425	46.2			137	15.0			—		288		36	4.1			43	4.9			(27)		20
Total	$	(70)	(1.5)	%	$	(150)	(3.3)	%	$	(23)	$	103
Medical		(141)	(16.9)			(142)	(17.1)			1		—		49	6.3			51	6.5			(2)		—
Total	$	1,510	23.7	%	$	1,116	17.6	%	$	34	$	360	$	5	0.1	%	$	(58)	(0.9)	%	$	(40)	$	103

32In the Industrial Solutions segment, net sales increased $1,510 million, or 23.7%, in fiscal 2025 from fiscal 2024 due primarily to organic net sales growth of 17.6% and the positive impact of 5.7% from acquisitions. Richards Manufacturing contributed net sales of $179 million in fiscal 2025. Our organic net sales by industry end market were as follows:

●

Digital data networks—Our organic net sales increased 72.6% in fiscal 2025 due primarily to growth in AI and cloud applications.

●

Automation and connected living—Our organic net sales increased 3.5% in fiscal 2025 as a result of strength in the appliances market, partially offset by weakness in factory automation applications.

●

Aerospace, defense, and marine—Our organic net sales increased 9.5% in fiscal 2025 due primarily to growth in the defense and the commercial aerospace markets.

●

Energy—Our organic net sales increased 15.0% in fiscal 2025 due to growth in the Americas region driven by renewable energy applications as well as growth in the EMEA and Asia–Pacific regions.

●

Medical—Our organic net sales decreased 17.1% in fiscal 2025 primarily as a result of reduced demand resulting from inventory corrections in the supply chain.

Net sales in the Industrial Solutions segment were flat in fiscal 2024 compared to fiscal 2023 as the net positive impact of 1.6% from acquisitions and a divestiture was largely offset by organic net sales declines of 0.9% and the negative impact of foreign currency translation of 0.6%. Our organic net sales by industry end market were as follows:

●

Digital data networks—Our organic net sales increased 10.2% in fiscal 2024 due to growth in AI applications, partially offset by reduced demand resulting from inventory corrections in the supply chain in the first half of the year.

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In● ~~the~~Automation ~~Industrial~~and ~~Solutions~~connected ~~segment,~~living—Our organic net sales decreased ~~$70 million, or 1~~19.51%, in fiscal 2024 ~~from fiscal 2023~~ due ~~primarily~~ to ~~organic net sales~~ declines ofin ~~3.3%,~~factory ~~partially~~automation ~~offset~~applications byand the ~~net~~appliances ~~positive impact of 2.3% from acquisitions and a divestiture. In fiscal 2024, pricing actions positively affected organic net sales by $179 million. Our organic net sales by industry end~~ market ~~were as follows:~~.

● Industrial equipment—Our organic net sales decreased 24.9% in fiscal 2024 as a result of declines across all regions and reduced demand resulting from inventory corrections in the supply chain.

●

Aerospace, defense, and marine—Our organic net sales increased 15.4% in fiscal 2024 due to growth in all markets.

●

Energy—Our organic net sales increased 4.9% in fiscal 2024 due to growth in the Americas and EMEA regions, partially offset by declines in the Asia–Pacific region.

●

Medical—Our organic net sales increased 6.5% in fiscal 2024 primarily as a result of growth in interventional medical applications.

Operating Income. The following table presents the Industrial Solutions segment’s operating income and operating margin information:


	~~Fiscal~~									Fiscal		Fiscal
	~~2024~~			~~2023~~			~~Change~~			2025		2024
	~~($ in millions)~~Fiscal									versus		versus
Operating income	$	588		$	602		$	(14)
	2025			2024			2023			2024		2023
Operating margin		13.1	%		13.2	%
	($ in millions)
Operating income	$	1,393		$	916		$	817		$	477	$	99
Operating margin		17.7	%		14.4	%		12.8	%

Operating income in the Industrial Solutions segment ~~decreased~~increased $14477 million in fiscal ~~2024~~2025 from fiscal ~~2023~~2024. Excluding the items below, operating income ~~decreased~~increased in fiscal ~~2024~~2025 primarily as a result of ~~lower~~higher volume and ~~higher~~the positive impact of net pricing actions. In fiscal 2024, operating ~~costs~~income in the Industrial Solutions segment increased $99 million from fiscal 2023. Excluding the items below, ~~partially~~operating ~~offset~~income byincreased in fiscal 2024 due primarily to the positive impact of net pricing actions.


	Fiscal
	~~2024~~2025		~~2023~~2024		2023
	(in millions)
Acquisition and integration costs	$	19	$	27
Acquisition-related charges:
Restructuring and other charges, net		75		84
Acquisition and integration costs	$	47	$	21	$	30
Taxes (non-income tax) recorded in selling, general, and administrative expenses		1		—
Charges associated with the amortization of acquisition-related fair value adjustments		10		—		—
Total	$	95	$	111
		57		21		30
Restructuring and other charges, net		51		99		129
Taxes (non-income tax) recorded in selling, general, and administrative expenses		—		1		—
Total	$	108	$	121	$	159

~~Communications Solutions~~

~~Net Sales. The following table presents the Communications Solutions segment’s net sales and the percentage of total net sales by industry end market(1):~~


	Fiscal
	2024				2023
	($ in millions)
Data and devices	$	1,274	65	%	$	1,162	61	%
Appliances		692	35			733	39
Total	$	1,966	100	%	$	1,895	100	%

(1) Industry end market information is presented consistently with our internal management reporting and may be revised periodically as management deems necessary.

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The following table provides an analysis of the change in the Communications Solutions segment’s net sales by industry end market:


	Change in Net Sales for Fiscal 2024 versus Fiscal 2023
	Net Sales				Organic Net Sales
	Growth (Declines)				Growth (Declines)				Translation
	($ in millions)
Data and devices	$	112	9.6	%	$	118	10.2	%	$	(6)
Appliances		(41)	(5.6)			(27)	(3.7)			(14)
Total	$	71	3.7	%	$	91	4.8	%	$	(20)

Net sales in the Communications Solutions segment increased $71 million, or 3.7%, in fiscal 2024 as compared to fiscal 2023 due primarily to organic net sales growth of 4.8%. In fiscal 2024, price erosion negatively affected organic net sales by $62 million. Our organic net sales by industry end market were as follows:

● Data and devices—Our organic net sales increased 10.2% in fiscal 2024 due to growth in AI applications, partially offset by reduced demand resulting from inventory corrections in the supply chain in the first half of the year.

● Appliances—Our organic net sales decreased 3.7% in fiscal 2024 primarily as a result of reduced demand resulting from inventory corrections in the supply chain in the first half of the year and our strategic exit of certain product lines, partially offset by share gains.

Operating Income. The following table presents the Communications Solutions segment’s operating income and operating margin information:


	Fiscal
	2024			2023			Change
	($ in millions)
Operating income	$	361		$	251		$	110
Operating margin		18.4	%		13.2	%

In the Communications Solutions segment, operating income increased $110 million in fiscal 2024 as compared to fiscal 2023. Excluding the items below, operating income increased in fiscal 2024 due primarily to higher volume and improved manufacturing productivity, partially offset by price erosion.


	Fiscal
	2024		2023
	(in millions)
Acquisition and integration costs	$	2	$	3
Restructuring and other charges, net		24		45
Total	$	26	$	48

New Segment Structure Effective for Fiscal 2025

Liquidity and Capital Resources

Our ability to fund our future capital needs will be affected by our ongoing ability to generate cash from operations and may be affected by our access to capital markets, money markets, or other sources of funding, as well as the capacity and terms of our financing arrangements. We believe that cash generated from operations and, to the extent necessary, these other sources of potential funding will be sufficient to meet our anticipated capital needs for the foreseeable future, including the ~~payment~~repayment of ~~€550~~$500 million of 04.0050% ~~euro-denominated~~senior notes and $350 million of 3.70% senior notes, both due in February ~~2025~~2026. WeAlso, we may use ~~excess~~funds ~~cash~~ to ~~purchase~~acquire astrategic ~~portion~~businesses ofor ~~our~~product ~~ordinary~~lines, ~~shares~~reduce ~~pursuant to~~ our ~~authorized~~outstanding ~~share~~debt, ~~repurchase~~or ~~program,~~return cash to ~~acquire~~shareholders ~~strategic~~through ~~businesses~~dividends oron ~~product~~our ~~lines,~~ordinary toshares ~~pay~~or ~~dividends~~purchases onof our ordinary shares, orpursuant to ~~reduce~~ our ~~outstanding~~authorized ~~debt~~share repurchase program. The cost or availability of future funding may be impacted by financial market conditions. We will continue to monitor financial markets and respond as necessary to changing conditions. We believe that we have sufficient financial resources and liquidity which will enable us to meet our ongoing working capital and other cash flow needs.

As of fiscal year end 2025, our cash and cash equivalents were held in subsidiaries which are located in various countries throughout the world. Under current applicable laws, substantially all of these amounts can be repatriated to Tyco Electronics Group S.A. (“TEGSA”), our Luxembourg subsidiary, which is the obligor of substantially all of our debt, and to TE Connectivity plc, our Irish parent company; however, the repatriation of these amounts could subject us to additional tax expense. We provide for tax liabilities on the Consolidated Financial Statements with respect to amounts that we expect to

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~~necessary~~repatriate; however, no tax liabilities are recorded for amounts that we consider to ~~changing~~be ~~conditions~~retained indefinitely and reinvested in our global manufacturing operations. WeAs ~~believe~~of fiscal year end 2025, we had approximately $3.5 billion of cash, cash equivalents, and intercompany deposits, principally in our subsidiaries, that we have ~~sufficient~~the ~~financial~~ability ~~resources~~to distribute to TEGSA and ~~liquidity~~TE ~~which~~Connectivity ~~will~~plc ~~enable~~but uswe consider to ~~meet~~be permanently reinvested. We estimate that an immaterial amount of tax expense would be recognized on the Consolidated Financial Statements if our ~~ongoing~~intention ~~working~~to ~~capital~~permanently ~~and~~reinvest ~~other~~these ~~cash~~amounts ~~flow~~were ~~needs~~to change. Our current plans do not demonstrate a need to repatriate cash, cash equivalents, and intercompany deposits that are designated as permanently reinvested in order to fund our operations, including investing and financing activities.

As of fiscal year end 2024, our cash and cash equivalents were held in subsidiaries which are located in various countries throughout the world. Under current applicable laws, substantially all of these amounts can be repatriated to Tyco Electronics Group S.A. (“TEGSA”), our Luxembourg subsidiary, which is the obligor of substantially all of our debt, and to TE Connectivity plc, our now parent company; however, the repatriation of these amounts could subject us to additional tax expense. We provide for tax liabilities on the Consolidated Financial Statements with respect to amounts that we expect to repatriate; however, no tax liabilities are recorded for amounts that we consider to be retained indefinitely and reinvested in our global manufacturing operations. As of fiscal year end 2024, we had approximately $4.7 billion of cash, cash equivalents, and intercompany deposits, principally in our subsidiaries, that we have the ability to distribute to TEGSA and now to TE Connectivity plc but we consider to be permanently reinvested. We estimate that an immaterial amount of tax expense would be recognized on the Consolidated Financial Statements if our intention to permanently reinvest these amounts were to change. Our current plans do not demonstrate a need to repatriate cash, cash equivalents, and intercompany deposits that are designated as permanently reinvested in order to fund our operations, including investing and financing activities.

Cash Flows from Operating Activities

Net cash provided by operating activities increased $~~345~~662 million to $34,~~477~~139 million in fiscal ~~2024~~2025 as compared to $3,~~132~~477 million in fiscal ~~2023~~2024. The increase resulted primarily from higher pre-tax income, ~~partially~~and ~~offset~~a byreduction ~~the impact of changes~~ in ~~working~~income ~~capital~~tax ~~levels~~payments. The amount of income taxes paid, net of refunds, during fiscal ~~2024~~2025 and ~~2023~~2024 was $~~475~~276 million and $~~425~~475 million, respectively.

Pension contributions were $69 million ~~and $71 million~~ in both fiscal ~~2024~~2025 and ~~2023, respectively~~2024. We expect pension contributions to be approximately $70 million in fiscal ~~2025~~2026, before consideration of any voluntary contributions. For additional information regarding pensions, see Note 14 to the Consolidated Financial Statements.

Cash Flows from Investing Activities

Capital expenditures were $~~680~~936 million and $~~732~~680 million in fiscal ~~2024~~2025 and ~~2023~~2024, respectively. We expect fiscal ~~2025~~2026 capital spending levels to be approximately 5% of net sales. We believe our capital funding levels are adequate to support new programs, and we continue to invest in our manufacturing infrastructure to further enhance productivity and manufacturing capabilities.

During fiscal ~~2024~~2025, we acquired ~~one~~Richards ~~business~~Manufacturing for approximately $2.3 billion, net of cash acquired. Also during fiscal 2025, we acquired two additional businesses for a combined cash purchase price of $~~339~~321 million, net of cash acquired. We acquired one business for a cash purchase price of $~~110~~339 million, net of cash acquired, during fiscal ~~2023~~2024. See Note 4 to the Consolidated Financial Statements for additional information regarding acquisitions.

During fiscal 2024, we received net cash proceeds of $59 million related to the sale of one business. ~~We received net cash proceeds of $48 million related to the sale of three businesses during fiscal 2023.~~ See Note 3 to the Consolidated Financial Statements for additional information regarding divestitures.

Cash Flows from Financing Activities and Capitalization

Total debt at fiscal year end ~~2024~~2025 and ~~2023~~2024 was $45,~~203~~694 million and $4,~~211~~203 million, respectively. See Note 10 to the Consolidated Financial Statements for additional information regarding debt.

During fiscal ~~2024~~2025, TEGSA, our wholly-owned subsidiary, issued €500 million aggregate principal amount of 2.50% senior notes due in May 2028, $~~350~~450 million aggregate principal amount of 4.~~625~~50% senior notes due in February ~~2030~~2031, €750 million aggregate principal amount of 3.25% senior notes due in January 2033, and $450 million aggregate principal amount of 5.00% senior notes due in May 2035. The notes issued during fiscal 2025 are TEGSA’s unsecured senior obligations and rank equally in right of payment with all existing and any future senior indebtedness of TEGSA and senior to any subordinated indebtedness that TEGSA may incur.

TEGSA ~~entered~~has ~~into~~ a ~~new~~ five-year unsecured senior revolving credit facility (“Credit Facility”) inwith a maturity date of April ~~2024~~2029 ~~with~~and aggregate commitments of $1.5 billion,. ~~which~~The ~~refinanced~~Credit ~~and~~Facility ~~replaced~~contains inprovisions ~~full~~that ~~TEGSA’s~~allow ~~existing~~for ~~$1.5~~incremental ~~billion~~commitments ~~five-year~~of ~~unsecured~~up ~~senior~~to ~~revolving~~$500 ~~credit~~million ~~facility~~and ~~(the~~borrowings ~~“Replaced Credit Facility”). The Credit Facility matures~~ in ~~April~~designated ~~2029~~currencies. TEGSA had no borrowings under the Credit Facility at fiscal year end ~~2024~~2025 or ~~the Replaced Credit Facility at fiscal year end 2023~~2024.

Borrowings under the Credit Facility bear interest at a rate per annum equal to, at the option of TEGSA, (1) with respect to revolving loans denominated in U.S. dollars, (a) the term secured overnight financing rate (“Term SOFR”) (as defined in the Credit Facility) or (b) an alternate base rate equal to the highest of (i) Bank of America, N.A.’s base rate, (ii) the federal funds effective rate plus ¹/₂ of 1%, (iii) the Term SOFR for a one-month interest period plus 1%, and (iv) 1%, and (2) with respect to revolving loans determined in an alternative currency, (a) an alternative currency daily rate or (b) an alternative currency term rate, as applicable, plus, in each case, an applicable margin based upon the senior, unsecured,

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Borrowings under the Credit Facility bear interest at a rate per annum equal to, at the option of TEGSA, (1) with respect to revolving loans denominated in U.S. dollars, (a) the term secured overnight financing rate (“Term SOFR”) (as defined in the Credit Facility) or (b) an alternate base rate equal to the highest of (i) Bank of America, N.A.’s base rate, (ii) the federal funds effective rate plus 1/2 of 1%, (iii) the Term SOFR for a one-month interest period plus 1%, and (iv) 1%, and (2) with respect to revolving loans determined in an alternative currency, (a) an alternative currency daily rate or (b) an alternative currency term rate, as applicable, plus, in each case, an applicable margin based upon the senior, unsecured, long-term debt rating of TEGSA. TEGSA is required to pay an annual facility fee. Based on the applicable credit ratings of TEGSA, this fee ranges from 5.0 to 12.5 basis points of the lenders’ commitments under the Credit Facility.

The Credit Facility contains a financial ratio covenant providing that if, as of the last day of each fiscal quarter, our ratio of Consolidated Total Debt to Consolidated EBITDA (as defined in the Credit Facility) for the then most recently concluded period of four consecutive fiscal quarters exceeds 3.75 (or temporarily 4.25 following a qualified acquisition) to 1.0, an Event of Default (as defined in the Credit Facility) is triggered. The Credit Facility and our other debt agreements contain other customary covenants. None of our covenants are presently considered restrictive to our operations. As of fiscal year end ~~2024~~2025, we were in compliance with all of our debt covenants and believe that we will continue to be in compliance with our existing covenants for the foreseeable future.

Periodically, TEGSA issues commercial paper to U.S. institutional accredited investors and qualified institutional buyers in accordance with available exemptions from the registration requirements of the Securities Act of 1933 as part of our ongoing effort to maintain financial flexibility and to potentially decrease the cost of borrowings. Borrowings under the commercial paper program are backed by the Credit Facility. At fiscal year end ~~2024~~2025, TEGSA had ~~$255~~no ~~million of~~ commercial paper outstanding ~~at a weighted-average interest rate of 4~~.~~95%.~~ TEGSA had $~~330~~255 million of commercial paper outstanding at a weighted-average interest rate of 54.5095% at fiscal year end ~~2023~~2024.

~~During~~Payment ~~fiscal~~obligations ~~2024,~~under TEGSA’s ~~payment obligations under its~~ senior notes, commercial paper, and Credit Facility ~~were~~are fully and unconditionally guaranteed on an unsecured basis by ~~its then parent, TE Connectivity Ltd., and, as of September 24, 2024, also by TE Connectivity Ltd.~~TEGSA’s ~~wholly-owned subsidiary~~parent, TE Connectivity Switzerland Ltd. ~~As a result of our change in place of incorporation~~, ~~such guarantees are provided by TE Connectivity plc~~ and its ~~wholly-owned subsidiary~~parent, TE Connectivity ~~Switzerland Ltd~~plc.~~, in fiscal 2025.~~

Payments of ordinary/common share dividends to shareholders were $~~760~~803 million and $~~725~~760 million in fiscal ~~2024~~2025 and ~~2023~~2024, respectively. See Note 17 to the Consolidated Financial Statements for additional information regarding dividends.

In ~~March~~September ~~2024~~2025, our ~~shareholders~~board ~~approved a dividend payment~~ of ~~$2.60~~directors ~~per~~declared ~~share,~~a ~~payable~~regular ~~in four equal~~ quarterly ~~installments~~cash dividend of $0.6571 per ordinary share, ~~beginning~~payable inon ~~the~~December ~~third~~12, ~~quarter~~2025, ofto ~~fiscal~~shareholders ~~2024~~of ~~and~~record ~~ending~~on inNovember ~~the~~21, ~~second quarter of fiscal~~ 2025.

AsFollowing ~~a result of~~ our change in place of incorporation, ~~beginning in our third quarter of fiscal 2025, future~~ dividends on our ordinary shares, if any, ~~will~~may be declared on a quarterly basis by our board of directors, as provided by Irish law. Shareholder approval is no longer required for interim dividends. In exercising ~~their~~its discretion to approve such dividends, our board of directors will consider our results of operations, financial condition, cash requirements, future business prospects, statutory requirements of applicable law, contractual restrictions, restrictions imposed by Irish law, and other factors that they may deem relevant.

During fiscal ~~2024~~2025, our board of directors authorized an increase of $12.5 billion in our share repurchase program. We repurchased approximately 148 million of our ~~common~~ordinary shares for $1,~~991~~356 million and approximately 814 million of our common shares for $~~946~~1,991 million under the share repurchase program during fiscal ~~2024~~2025 and ~~2023~~2024, respectively. At fiscal year end ~~2024~~2025, we had $~~245~~1.4 ~~million~~billion of availability remaining under our share repurchase authorization. ~~On October 30, 2024, our board of directors authorized an additional increase of $2.5 billion in our share repurchase program.~~

Summarized Guarantor Financial Information

As discussed above, our senior notes, commercial paper, and Credit Facility are issued by TEGSA and ~~were~~are fully and unconditionally guaranteed on an unsecured basis by TEGSA’s ~~then~~ parent, TE Connectivity Switzerland Ltd., ~~during fiscal 2024~~ and, asits ~~of September 24~~parent, ~~2024, also by~~ TE Connectivity ~~Ltd~~plc.’s ~~wholly-owned subsidiary, TE Connectivity Switzerland Ltd.~~ In addition to being the issuer of our debt securities, TEGSA owns, directly or indirectly, all of our operating subsidiaries. The following tables present summarized financial information, excluding investments in and equity

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~~following tables present summarized financial information, excluding investments~~ in ~~and equity in~~ earnings of our non-guarantor subsidiaries, for TE Connectivity ~~Ltd.~~plc, TE Connectivity Switzerland Ltd., and TEGSA on a combined basis.


	Fiscal Year End
	~~2024~~2025		~~2023~~2024
	(in millions)
Balance Sheet Data:
Total current assets	$	1,~~164~~236	$	1,~~632~~164
Total noncurrent assets(1)		2,~~377~~465		2,~~857~~377

Total current liabilities		1,~~362~~348		1,~~303~~362
Total noncurrent liabilities(2)		10,~~738~~033		710,~~592~~738

(1) Includes $2,~~368~~444 million and $2,~~783~~368 million as of fiscal year end ~~2024~~2025 and ~~2023~~2024, respectively, of intercompany loans receivable from non-guarantor subsidiaries.

(2) Includes $75,~~309~~001 million and $47,~~056~~309 million as of fiscal year end ~~2024~~2025 and ~~2023~~2024, respectively, of intercompany loans payable to non-guarantor subsidiaries.


	Fiscal
	~~2024~~2025		~~2023~~2024
	(in millions)
Statement of Operations Data:
Loss from continuing operations	$	(~~271~~197)	$	(~~606~~271)
Net loss		(~~271~~197)		(~~606~~271)

Off-Balance Sheet Arrangements

In certain instances, we have guaranteed the performance of third parties and provided financial guarantees for uncompleted work and financial commitments. The terms of these guarantees vary with end dates ranging from fiscal ~~2025~~2026 through the completion of such transactions. The guarantees would be triggered in the event of nonperformance, and the potential exposure for nonperformance under the guarantees would not have a material effect on our results of operations, financial position, or cash flows.

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 fiscal year end ~~2024~~2025, we had outstanding letters of credit, letters of guarantee, and surety bonds of $~~186~~219 million~~, including letters of credit of $22 million associated with our divestiture of the Subsea Communications business~~. In addition, at fiscal year end 2024, we had $23 million of performance guarantees associated with the divestiture. We contractually agreed to continue to honor letters of credit and performance guarantees related to the business’ projects that existed as of the date of sale; however, based on historical experience, we do not anticipate having to perform on these guarantees.

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Commitments and Contingencies

The following table provides a summary of our contractual obligations and commitments for debt, minimum lease payment obligations under non-cancelable leases, and other material obligations at fiscal year end ~~2024~~2025:


	Payments Due
	In Fiscal ~~2025~~2026		Thereafter		Total
	(in millions)
Long-term debt:
Principal payments(1)	$	~~872~~852	$	34,~~366~~901	$	45,~~238~~753
Interest payments on debt(2)		~~114~~182		~~642~~1,068		~~756~~1,250
Operating leases(3)		~~128~~126		~~358~~422		~~486~~548
Purchase obligations(4)		~~961~~973		4873		1,~~009~~046
Total contractual cash obligations(5)(6)(7)	$	2,~~075~~133	$	46,~~414~~464	$	68,~~489~~597

(1)	See Note 10 to the Consolidated Financial Statements for additional information regarding debt.

(2) Interest payments exclude the impact of any interest rate swap and cross-currency swap contracts. Interest payments on debt are projected for future periods using rates in effect as of fiscal year end 2024 and are subject to change in future periods.37

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(2)	Interest payments exclude the impact of any interest rate swap and cross-currency swap contracts. Interest payments on debt are projected for future periods using rates in effect as of fiscal year end 2025 and are subject to change in future periods.

(3)	Operating leases represents the undiscounted lease payments. See Note 11 to the Consolidated Financial Statements for additional information regarding leases.

(4)	Purchase obligations consist primarily of commitments for purchases of goods and services.

(5) The above table does not reflect unrecognized income tax benefits of $~~652~~719 million and related accrued interest and penalties of $8089 million, the timing of which is uncertain. See Note 15 to the Consolidated Financial Statements for additional information regarding unrecognized income tax benefits, interest, and penalties.

(6) The above table does not reflect pension obligations to certain employees and former employees. We are obligated to make contributions to our pension plans; however, we are unable to determine the amount of plan contributions due to the inherent uncertainties of obligations of this type, including timing, interest rate charges, investment performance, and amounts of benefit payments. We expect to contribute approximately $70 million to pension plans in fiscal ~~2025~~2026, before consideration of any voluntary contributions. See Note 14 to the Consolidated Financial Statements for additional information regarding these plans and our estimates of future contributions and benefit payments.

(7) The above table does not reflect redeemable noncontrolling interests of $~~131~~145 million associated with our First Sensor AG (“First Sensor”) subsidiary. Noncontrolling interest holders can elect either (1) to remain First Sensor noncontrolling interest shareholders and receive recurring annual compensation of €0.56 per First Sensor share or (2) to put their First Sensor shares in exchange for compensation of €33.27 per First Sensor share. The ultimate amount and timing of any future cash payments is uncertain. See Note 17 to the Consolidated Financial Statements for additional information regarding redeemable noncontrolling interests.

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, trade compliance matters, 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

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agency’s investigation. 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 investigation into these matters has yet to be completed and the final outcome of such investigation and related fines and penalties may differ from amounts currently reserved.

Critical Accounting Policies and Estimates

The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses. Our significant accounting policies are summarized in Note 2 to the Consolidated Financial Statements. We believe the following accounting policies are the most critical as they require significant judgments and assumptions that involve inherent risks and uncertainties. Management’s estimates are based on the relevant information available at the end of each period.

Revenue Recognition

We account for revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Our revenues are generated principally from the sale of our products. Revenue is recognized as performance obligations under the terms of a contract, such as a purchase order with a customer, are satisfied; generally this occurs with the transfer of control. We transfer control and recognize revenue when we ship product to our customers, the customers accept and have legal title for the product, and we have a right to payment for such product. Revenue is measured as the amount of consideration that we expect to receive in exchange for those products and excludes taxes assessed by governmental authorities and collected from customers concurrent with the sale of products. Shipping and handling costs are treated as fulfillment costs and are included in cost of sales. Since we typically invoice our customers when we satisfy our performance obligations, we do not have material contract assets or contract liabilities. Our credit terms are customary and do not contain significant financing components that extend beyond one year of fulfillment of performance obligations. We apply the practical expedient of ASC 606 with respect to financing components and do not evaluate contracts in which payment is due within one year of satisfaction of the related performance obligation. Since our performance obligations to deliver products are part of contracts that generally have original durations of one year or less, we have elected to use the ~~optional exemption to not disclose the aggregate amount of transaction prices associated with unsatisfied or partially satisfied performance obligations.~~

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optional exemption to not disclose the aggregate amount of transaction prices associated with unsatisfied or partially satisfied performance obligations.

Our standard terms of sale generally warrant that our products will conform to our, or mutually agreed to, specifications and that our products will be free from material defects in materials and workmanship for a limited time. In certain instances, we may sell products to customers under terms other than our standard terms. We do not account for warranties as separate performance obligations.

Although products are generally sold at fixed prices, certain distributors and customers receive incentives or awards, such as sales rebates, return allowances, scrap allowances, and other rights, which are accounted for as variable consideration. We estimate these amounts in the same period revenue is recognized based on the expected value to be provided to customers and reduce revenue accordingly. Our estimates of variable consideration and ultimate determination of the estimated amounts to include in the transaction price are based primarily on our assessment of anticipated performance and historical and forecasted information that is reasonably available to us.

Goodwill and Other Intangible Assets

We account for goodwill and other intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other.

Intangible assets include both indeterminable-lived residual goodwill and determinable-lived identifiable intangible assets. Intangible assets with determinable lives primarily include customer relationships and intellectual property, consisting of patents, trademarks, and unpatented technology~~, and customer relationships~~. Recoverability estimates range from 1 to 50 years and costs are generally amortized on a straight-line basis. Evaluations of the remaining useful lives of determinable-lived intangible assets are performed on a periodic basis and when events and circumstances warrant.

We test for goodwill impairment at the reporting unit level. A reporting unit is generally an operating segment or one level below an operating segment (a “component”) if the component constitutes a business for which discrete financial information is available and regularly reviewed by segment management. At fiscal year end ~~2024~~2025, we had ~~five~~four reporting units, all of which contained goodwill. There were two reporting units in both the Transportation Solutions and Industrial Solutions segments. When changes occur in the composition of one or more reporting units, goodwill is reassigned to the reporting units affected based on their relative fair values. We review our reporting unit structure each year as part of our annual goodwill impairment test, or more frequently based on changes in our structure.

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units, all of which contained goodwill. There were two reporting units in both the Transportation Solutions and Industrial Solutions segments and one reporting unit in the Communications Solutions segment. When changes occur in the composition of one or more reporting units, goodwill is reassigned to the reporting units affected based on their relative fair values. We review our reporting unit structure each year as part of our annual goodwill impairment test, or more frequently based on changes in our structure.

Goodwill impairment is evaluated by comparing the carrying value of each reporting unit to its fair value on the first day of the fourth fiscal quarter of each year or more frequently if events or changes in circumstances indicate that the asset may be impaired. In assessing a potential impairment, management relies on several reporting unit-specific factors including operating results, business plans, economic projections, anticipated future cash flows, transactions, and marketplace data. There are inherent uncertainties related to these factors and management’s judgment in applying these factors to the impairment analysis.

When testing for goodwill impairment, we identify potential impairment by comparing the fair value of a reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, a goodwill impairment charge will be recorded for the amount of the excess, limited to the total amount of goodwill allocated to the reporting unit.

Fair value estimates used in the goodwill impairment tests are calculated using an income approach based on the present value of future cash flows of each reporting unit. The income approach is supported by a guideline analysis (a market approach). These approaches incorporate several assumptions including future growth rates, discount rates, income tax rates, and market activity in assessing fair value and are reporting unit specific. Changes in economic and operating conditions impacting these assumptions could result in goodwill impairments in future periods.

We completed our annual goodwill impairment test in the fourth quarter of fiscal ~~2024~~2025 and determined that no impairment existed.

Income Taxes

In determining pre-tax income for financial statement purposes, we must make certain estimates and judgments. These estimates and judgments affect the calculation of certain tax liabilities and the determination of the recoverability of ~~certain deferred tax assets, which arise from temporary differences between the income tax return and financial statement recognition of revenue and expense.~~

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certain deferred tax assets, which arise from temporary differences between the income tax return and financial statement recognition of revenue and expense.

In evaluating our ability to recover our deferred tax assets, we consider all available positive and negative evidence including our past operating results, the existence of cumulative losses in the most recent years, and our forecast of taxable income. In estimating future taxable income, we develop assumptions including the amount of pre-tax operating income in various tax jurisdictions, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of taxable income and are consistent with the plans and estimates we are using to manage the underlying businesses.

We currently have recorded significant valuation allowances that we intend to maintain until it is more likely than not the deferred tax assets will be realized. Our income tax expense recorded in the future will be reduced to the extent of decreases in our valuation allowances. The realization of our remaining deferred tax assets is dependent primarily on future taxable income in the appropriate jurisdictions. Any reduction in future taxable income including any future restructuring activities may require that we record an additional valuation allowance against our deferred tax assets. An increase in the valuation allowance would result in additional income tax expense in such period and could have a significant impact on our future earnings.

Changes in tax laws and rates also could affect recorded deferred tax assets and liabilities in the future. Management is not aware of any enacted changes that would have a material effect on our results of operations, financial position, or cash flows.

The calculation of our tax liabilities includes estimates for uncertainties in the application of complex tax regulations across multiple global jurisdictions where we conduct our operations. Under the uncertain tax position provisions of ASC 740, Income Taxes, we recognize liabilities for tax and related interest for issues in tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes and related interest will be due. These tax liabilities and related interest are reflected net of the impact of related tax loss carryforwards, as such tax loss carryforwards will be applied against these tax liabilities and will reduce the amount of cash tax payments due upon the eventual settlement with the tax authorities. These estimates may change due to changing facts and circumstances. Due to the complexity of these uncertainties, the ultimate resolution may result in a settlement that differs from our current estimate of the tax liabilities and related interest. These tax liabilities and related interest are recorded in income taxes and accrued and other current liabilities on the Consolidated Balance Sheets.

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estimates may change due to changing facts and circumstances. Due to the complexity of these uncertainties, the ultimate resolution may result in a settlement that differs from our current estimate of the tax liabilities and related interest. These tax liabilities and related interest are recorded in income taxes and accrued and other current liabilities on the Consolidated Balance Sheets.

Pension Plans

Our defined benefit pension plan expense and obligations are developed from actuarial assumptions. The funded status of our plans is recognized on the Consolidated Balance Sheets and is measured as the difference between the fair value of plan assets and the projected benefit obligation at the measurement date. The projected benefit obligation represents the actuarial present value of benefits projected to be paid upon retirement factoring in estimated future compensation levels. The fair value of plan assets represents the current market value of cumulative company and participant contributions made to irrevocable trust funds, held for the sole benefit of participants, which are invested by the trustees of the funds. The benefits under our defined benefit pension plans are based on various factors, such as years of service and compensation.

Net periodic pension benefit cost is based on the utilization of the projected unit credit method of calculation and is charged to earnings on a systematic basis over the expected average remaining service lives of current participants, or, for inactive plans, over the remaining life expectancy of participants.

Two critical assumptions in determining pension expense and obligations are discount rates and expected long-term returns on plan assets. We evaluate these assumptions at least annually. Other assumptions reflect demographic factors such as retirement, mortality, and employee turnover. These assumptions are evaluated periodically and updated to reflect our actual experience. Actual results may differ from actuarial assumptions. Discount rates represent the market rate for high-quality fixed income investments and are used to calculate the present value of the expected future cash flows for benefit obligations to be paid under our pension plans. A decrease in discount rates increases the present value of pension benefit obligations. At fiscal year end ~~2024~~2025, a 25-basis-point decrease in discount rates would have increased the present value of our pension obligations by $6863 million; a 25-basis-point increase would have decreased the present value of our pension obligations by $6760 million. We consider the current and expected asset allocations of our pension plans, as well as historical and expected long-term rates of return on those types of plan assets, in determining the expected long-term rates of return on ~~plan assets. A 50-basis-point decrease or increase in the expected long-term returns on plan assets would have increased or decreased, respectively, our fiscal 2024 pension expense by $8 million.~~

At fiscal year end 2024, the long-term target asset allocation in our U.S. plans’ master trust is 25% return-seeking assets and 75% liability-hedging assets. Asset re-allocation to meet that target is occurring over a multi-year period based on the funded status. We expect to reach our target allocation when the funded status of the plans exceeds 110%. Based on the funded status of the plans as of fiscal year end 2024, our target asset allocation is 67% return-seeking and 33% liability-hedging.40

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plan assets. A 50-basis-point decrease or increase in the expected long-term returns on plan assets would have increased or decreased, respectively, our fiscal 2025 pension expense by $9 million.

At fiscal year end 2025, the long-term target asset allocation in our U.S. plans’ master trust is 25% return-seeking assets and 75% liability-hedging assets. Asset re-allocation to meet that target is occurring over a multi-year period based on the funded status. We expect to reach our target allocation when the funded status of the plans exceeds 110%. Based on the funded status of the plans as of fiscal year end 2025, our target asset allocation is 67% return-seeking and 33% liability-hedging.

Accounting Pronouncements

See Note 2 to the Consolidated Financial Statements for information regarding recently issued and adopted accounting pronouncements.

Non-GAAP Financial Measure

Organic Net Sales Growth (Decline)

We present organic net sales growth (decline) as we believe it is appropriate for investors to consider this adjusted financial measure in addition to results in accordance with GAAP. Organic net sales growth (decline) represents net sales growth (decline) (the most comparable GAAP financial measure) excluding the impact of foreign currency exchange rates, and acquisitions and divestitures that occurred in the preceding twelve months, if any. Organic net sales growth (decline) is a useful measure of our performance because it excludes items that are not completely under management’s control, such as the impact of changes in foreign currency exchange rates, and items that do not reflect the underlying growth of the company, such as acquisition and divestiture activity.

Organic net sales growth (decline) provides useful information about our results and the trends of our business. Management uses this measure to monitor and evaluate performance. Also, management uses this measure together with GAAP financial measures in its decision-making processes related to the operations of our reportable segments and our overall company. It is also a significant component in our incentive compensation plans. We believe that investors benefit from having access to the same financial measures that management uses in evaluating operations. The tables presented in “Results of Operations” and “Segment Results” provide reconciliations of organic net sales growth (decline) to net sales growth (decline) calculated in accordance with GAAP.

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overall company. It is also a significant component in our incentive compensation plans. We believe that investors benefit from having access to the same financial measures that management uses in evaluating operations. The tables presented in “Results of Operations” and “Segment Results” provide reconciliations of organic net sales growth (decline) to net sales growth (decline) calculated in accordance with GAAP.

Organic net sales growth (decline) is a non-GAAP financial measure and should not be considered a replacement for results in accordance with GAAP. This non-GAAP financial measure may not be comparable to similarly-titled measures reported by other companies. The primary limitation of this measure is that it excludes the financial impact of items that would otherwise either increase or decrease our reported results. This limitation is best addressed by using organic net sales growth (decline) in combination with net sales growth (decline) to better understand the amounts, character, and impact of any increase or decrease in reported amounts.

Forward-Looking Information

Certain statements in this Annual Report are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These statements are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include, among others, the information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, acquisitions, divestitures, the effects of competition, and the effects of future legislation or regulations. Forward-looking statements also include statements addressing our ESG, and sustainability plans and goals. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “plan,” “intend,” “anticipate,” “aspire,” “estimate,” “predict,” “potential,” “goal,” “target,” “continue,” “may,” and “should,” or the negative of these terms or similar expressions.

Forward-looking statements involve risks, uncertainties, and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. Investors should not place undue reliance on any forward-looking ~~statements. We do not have any intention or obligation to update forward-looking statements after we file this report except as required by law.~~

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statements. We do not have any intention or obligation to update forward-looking statements after we file this report except as required by law.

The following and other risks, which are described in greater detail in “Part I. Item 1A. Risk Factors,” as well as other risks described in this Annual Report, could cause our results to differ materially from those expressed in forward- looking statements:

● conditions in the global or regional economies and global capital markets, and cyclical industry conditions, including recession, inflation, tariffs, and higher interest rates;

●

conditions affecting demand for products in the industries we serve, particularly the automotive industry;

●

risk of future goodwill impairment;

●

pricing pressure and competition, including competitive risks associated with the pace of technological change;

●

market acceptance of our new product introductions and product innovations and product life cycles;

●

raw material availability, quality, and cost;

●

product liability, warranty, and product recall claims and our ability to defend such claims;

●

fluctuations in foreign currency exchange rates and impacts of offsetting hedges;

●

financial condition and consolidation of customers and vendors;

●

reliance on third-party suppliers;

●

risks associated with current and future acquisitions and divestitures;

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●

global risks of business interruptions due to natural disasters or other disasters which have impacted and could continue to negatively impact our results of operations as well as customer behaviors, business, and manufacturing operations as well as our facilities and the facilities of our suppliers, and other aspects of our business;

●

global risks of political, economic, and military instability, including the continuing military conflicts in certain parts of the world, and volatile and uncertain economic conditions and the evolving regulatory system in China;

●

risks associated with cybersecurity incidents and other disruptions to our information technology infrastructure, including as a result of AI;

●

risks related to compliance with current and future environmental and other laws and regulations, including those related to climate change;

●

risks related to the increasing scrutiny and expectations regarding ESG matters;

●

risks associated with compliance with applicable antitrust or competition laws or applicable trade regulations;

●

our ability to protect our intellectual property rights;

●

risks of litigation, regulatory actions, and compliance issues;

●

our ability to operate within the limitations imposed by our debt instruments;

● the possible effects on us of various non-U.S. and U.S. legislative proposals and other initiatives that, if adopted, could materially increase our worldwide corporate effective tax rate, increase global cash taxes, and negatively impact our U.S. government contracts business;42

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●

the possible effects on us of various non-U.S. and U.S. legislative proposals and other initiatives that could materially increase our worldwide corporate effective tax rate, increase global cash taxes, and negatively impact our U.S. government contracts business;

●

requirements related to chemical usage, hazardous material content, recycling, and other circular economy initiatives;

●

various risks associated with being an Irish corporation;

●

the impact of fluctuations in the market price of our shares; and

●

the impact of certain provisions of our articles of association on unsolicited takeover proposals.

There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In the normal course of business, our financial position is routinely subject to a variety of risks, including market risks associated with interest rate and foreign currency movements on outstanding debt and non-U.S. dollar denominated assets and liabilities and commodity price movements. We utilize established risk management policies and procedures in executing derivative financial instrument transactions to manage a portion of these risks.

We do not execute transactions or hold derivative financial instruments for trading or speculative purposes. Substantially all counterparties to derivative financial instruments are limited to major financial institutions with at least an A/A2 credit rating. There is no significant concentration of exposures with any one counterparty.

Foreign Currency Exposures

As part of managing the exposure to changes in foreign currency exchange rates, we utilize cross-currency swap contracts and foreign currency forward contracts, a portion of which are designated as cash flow hedges. The objective of these contracts is to minimize impacts to cash flows and profitability due to changes in foreign currency exchange rates on intercompany and other cash transactions. In addition, we utilize cross-currency swap contracts to hedge our net investment in certain foreign operations. A 10% appreciation or depreciation of the underlying currency in our cross-currency swap contracts or foreign currency forward contracts from the fiscal year end 2025 market rates would have changed the unrealized value of our contracts by $594 million. A 10% appreciation or depreciation of the underlying currency in our cross-currency swap contracts or foreign currency forward contracts from the fiscal year end 2024 market rates would have changed the unrealized value of our contracts by $538 million. Such gains or losses on these contracts would generally be offset by the losses or gains on the revaluation or settlement of the underlying transactions.

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in certain foreign operations. A 10% appreciation or depreciation of the underlying currency in our cross-currency swap contracts or foreign currency forward contracts from the fiscal year end 2024 market rates would have changed the unrealized value of our contracts by $538 million. A 10% appreciation or depreciation of the underlying currency in our cross-currency swap contracts or foreign currency forward contracts from the fiscal year end 2023 market rates would have changed the unrealized value of our contracts by $368 million. Such gains or losses on these contracts would generally be offset by the losses or gains on the revaluation or settlement of the underlying transactions.

Interest Rate and Investment Exposures

We issue debt, as needed, to fund our operations and capital requirements. Such borrowings can result in interest rate exposure. To manage the interest rate exposure, we may use interest rate swap contracts to convert a portion of fixed rate debt into variable rate debt. Also, we may ~~use~~utilize forward starting interest rate swap contracts to manage interest rate exposure in periods prior to the anticipated issuance of fixed rate debt. There were no such contracts and no floating debt outstanding at fiscal year end ~~2024~~2025 or ~~2023~~2024.

We also utilize investment swap contracts to manage earnings exposure on certain nonqualified deferred compensation liabilities.

Commodity Exposures

Our worldwide operations and product lines may expose us to risks from fluctuations in commodity prices. To limit the effects of fluctuations in the future market price paid and related volatility in cash flows, we utilize commodity swap contracts designated as cash flow hedges. We continually evaluate the commodity market with respect to our forecasted usage requirements over the next eighteen months and periodically enter into commodity swap contracts to hedge a portion of usage requirements over that period. At fiscal year end ~~2024~~2025, our commodity hedges, which related to expected purchases of gold, silver, copper, and palladium, were in a net gain position of $55 million and had a notional value of $488 million. At fiscal year end 2023, our commodity hedges, which related to expected purchases of gold, silver, copper, and palladium, were in a net loss position of $23 million and had a notional value of $459 million. A 10% appreciation or depreciation of commodity prices from the fiscal year end 2024 prices would have changed the unrealized value of our forward contracts by $54 million. A 10% appreciation or depreciation of commodity prices from the fiscal year end 2023 prices would have changed the unrealized value of our forward contracts by $44 million.

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gold, silver, copper, and palladium, were in a net gain position of $80 million and had a notional value of $569 million. At fiscal year end 2024, our commodity hedges, which related to expected purchases of gold, silver, copper, and palladium, were in a net gain position of $55 million and had a notional value of $488 million. A 10% appreciation or depreciation of commodity prices from the fiscal year end 2025 prices would have changed the unrealized value of our forward contracts by $65 million. A 10% appreciation or depreciation of commodity prices from the fiscal year end 2024 prices would have changed the unrealized value of our forward contracts by $54 million.

See Note 13 to the Consolidated Financial Statements for additional information regarding financial instruments.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The following Consolidated Financial Statements and schedule specified by this Item, together with the reports thereon of Deloitte & Touche LLP, are presented following Item 15 and the signature pages of this report:

Financial Statements:

Reports of Independent Registered Public Accounting Firm

Consolidated Statements of Operations for the Fiscal Years Ended September 2726, ~~2024~~2025, September 2927, ~~2023~~2024, and September 3029, ~~2022~~2023

Consolidated Statements of Comprehensive Income for the Fiscal Years Ended September 2726, ~~2024~~2025, September 2927, ~~2023~~2024, and September 3029, ~~2022~~2023

Consolidated Balance Sheets as of September 2726, ~~2024~~2025 and September 2927, ~~2023~~2024

Consolidated Statements of Shareholders’ Equity for the Fiscal Years Ended September 2726, ~~2024~~2025, September 2927, ~~2023~~2024, and September 3029, ~~2022~~2023

Consolidated Statements of Cash Flows for the Fiscal Years Ended September 2726, ~~2024~~2025, September 2927, ~~2023~~2024, and September 3029, ~~2022~~2023

Notes to Consolidated Financial Statements

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Financial Statement Schedule:

Schedule II—Valuation and Qualifying Accounts

All other financial statements and schedules have been omitted since the information required to be submitted has been included on the Consolidated Financial Statements and related notes or because they are either not applicable or not required under the rules of Regulation S-X.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of September 2726, ~~2024~~2025. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 2726, ~~2024~~2025.

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Richards Manufacturing Acquisition

We acquired Richards Manufacturing on April 1, 2025. For additional information regarding the acquisition, see Note 4 to the Consolidated Financial Statements.

SEC guidance permits management to omit an assessment of an acquired business’ internal control over financial reporting from management’s assessment of internal control over financial reporting for a period not to exceed one year from the date of acquisition. We are in the process of integrating the Richards Manufacturing operations within our internal control structure. Accordingly, we have excluded Richards Manufacturing from our annual assessment of internal control over financial reporting as of September 26, 2025.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded our internal control over financial reporting was effective as of September 2726, ~~2024~~2025.

As discussed above, management has excluded Richards Manufacturing from the assessment of internal control over financial reporting. Richards Manufacturing represented 8% of total assets and 1% of total net sales on the Consolidated Financial Statements as of and for the fiscal year ended September 26, 2025.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.

Deloitte & Touche LLP, an independent registered public accounting firm, has issued an attestation report on our internal control over financial reporting as of September 2726, ~~2024~~2025, which is included in this Annual Report.

Changes in Internal Control Over Financial Reporting

During the quarter ended September 2726, ~~2024~~2025, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

Rule 10b5-1 Trading Arrangements

In the quarter ended September 2726, ~~2024~~2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement for the purchase or sale of our securities, within the meaning of Item 408 of Regulation S-K. except the following:

●

In the quarter ended September 26, 2025, Terrence R. Curtin, Chief Executive Officer and Director, adopted a plan for the sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Mr. Curtin’s plan was adopted August 20, 2025 and expires January 9, 2026, and provides for the potential sale of up to (i) 50% of the net ordinary shares that vest in December 2025 pursuant to the performance stock unit award granted to Mr. Curtin in November 2022, with such sale to occur no earlier than December 18, 2025 and (ii) potential sale of the remaining net ordinary shares that vest in December 2025 pursuant to the performance stock unit award granted to Mr. Curtin in November 2022, with such sale to occur no earlier than December 19, 2025.

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●

In the quarter ended September 26, 2025, Heath A. Mitts, Chief Financial Officer and Director, adopted a plan for the sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Mr. Mitts’s plan was adopted August 21, 2025 and expires December 31, 2025, and provides for the potential sale of up to (i) 50% of the net ordinary shares that vest in December 2025 pursuant to the performance stock unit award granted to Mr. Mitts in November 2022, with such sale to occur no earlier than December 18, 2025 and (ii) potential sale of the remaining net ordinary shares that vest in December 2025 pursuant to the performance stock unit award granted to Mr. Mitts in November 2022, with such sale to occur no earlier than December 19, 2025.

The trading plans described above were entered into during an open insider trading window and were in compliance with our insider trading policies and procedures. Actual sale transactions will be disclosed publicly in filings with the SEC in accordance with applicable securities laws, rules, and regulations.

Appointment of Director

On November 10, 2025, our board of directors appointed Kenneth Washington as a director of the Company, and the number of directors constituting the full board was increased from 12 to 13. Mr. Washington’s appointment to the board is effective November 17, 2025. Mr. Washington was appointed to serve on the management, development, and compensation committee of the board and will receive compensation for services as a non-employee director consistent with the compensation generally provided to our other non-employee directors. There are no arrangements or understandings between the new director and any other person pursuant to which he was selected as a director, and there are no transactions involving the Company and the new director that we would be required to report pursuant to Item 404(a) of Regulation S-K.

Mr. Washington will enter into standard indemnification agreements with us and TE Connectivity Corporation, our wholly-owned subsidiary. Our form of deed of indemnification and form of indemnification agreement with TE Connectivity Corporation were filed as Exhibit 10.2 and Exhibit 10.3, respectively, to our Form 8-K filed with the SEC on September 30, 2024.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not Applicable.

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information concerning directors, executive officers, and corporate governance may be found under the captions “Agenda Item No. 1—Election of Directors,” “Nominees for Election,” “Corporate Governance,” “The Board of Directors and Board Committees,” and “Executive Officers” in our definitive proxy statement for our ~~2025~~2026 Annual General Meeting of Shareholders (the “~~2025~~2026 Proxy Statement”), which will be filed with the SEC within 120 days after the close of our fiscal year. Such information is incorporated herein by reference. The information in the ~~2025~~2026 Proxy Statement under the caption “Delinquent Section 16(a) Reports” is incorporated herein by reference.

Code of Ethics

We have adopted a guide to ethical conduct, which applies to all employees, officers, and directors. Our Guide to Ethical Conduct meets the requirements of a “code of ethics” as defined by Item 406 of Regulation S-K and applies to our Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer, as well as all other employees and directors. Our Guide to Ethical Conduct also meets the requirements of a code of business conduct and ethics under the listing standards of the NYSE. Our Guide to Ethical Conduct is posted on our website at www.te.com under the heading “About TE—Corporate Responsibility—Corporate Responsibility Disclosures—Ethics and Compliance.” We also will provide a copy of our Guide to Ethical Conduct to shareholders upon request. We intend to disclose any amendments to our Guide to Ethical Conduct, as well as any waivers for executive officers or directors, on our website.

Insider Trading Policies and Procedures

We have adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of our securities by directors, officers, and employees, or by us, that are reasonably designed to promote compliance with insider trading laws, rules, and regulations, and the listing standards of the ~~New York Stock Exchange~~NYSE. Copies of such policies and procedures can be found in Exhibits 19.1 and 19.2.

ITEM 11. EXECUTIVE COMPENSATION

Information concerning executive compensation may be found under the captions “Compensation Discussion and Analysis,” “Management Development and Compensation Committee Report,” “Compensation Committee Interlocks and Insider Participation,” “Executive Officer Compensation,” “CEO Pay Ratio,” and “Compensation of Non-Employee Directors” in our ~~2025~~2026 Proxy Statement. Such information is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information in our ~~2025~~2026 Proxy Statement under the caption “Security Ownership of Certain Beneficial Owners and Management” is incorporated herein by reference.

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Equity Compensation Plan Information

The following table provides information as of fiscal year end ~~2024~~2025 with respect to ordinary shares issuable under our equity compensation plans:


				Number of securities
				remaining available for
	Number of securities			future issuance under
	to be issued upon	Weighted‑average		equity compensation
	exercise of outstanding	exercise price of		plans (excluding
	options, warrants	outstanding options,		securities reflected
	and rights	warrants and rights		in column (a))
Plan Category	(a)	(b)(3)		(c)(4)
Equity compensation plans approved by security holders(1)	75,~~108~~743,~~778~~975	$	~~113~~128.6023	2321,~~626~~069,~~420~~449
Equity compensation plans not approved by security holders(2)	~~236~~97,~~556~~300		8386.1802	—
Total	75,~~345~~841,~~334~~275			2321,~~626~~069,~~420~~449

(1) Includes securities issuable upon exercise of outstanding options and rights under the TE Connectivity plc. 2024 Stock and Incentive Plan, amended and restated as of September 30, 2024 (the “2024 Plan”),; the TE Connectivity plc. 2007 Stock and Incentive Plan, amended and restated as of September 30, 2024 (the “2007 Plan”),; and the TE Connectivity plc Savings Related Share Plan, amended and restated as of September 30, 2024. The 2024 Plan provides for the award of annual performance bonuses and long-term performance awards, including share options; restricted, performance, and deferred share units; and other share-based awards (collectively, “Awards”) to board members, officers, and non-officer employees. The 2024 Plan provides for a maximum of 19,939,500 ordinary shares to be issued as Awards, subject to adjustment as provided under the terms of the plan. No additional grants will be made from the 2007 Plan and previously granted awards under the 2007 Plan will continue to be settled in TEour ~~Connectivity~~ordinary shares.

(2) In connection with an acquisition in fiscal 2011, we assumed equity awards issued under plans sponsored by the acquired business and the remaining pool of shares available for grant under the plans. Subsequent to the acquisition, we registered 6,764,455 shares related to the plans via Forms S-3 and S-8. Those plans have since expired, and no additional grants will be made from them. Previously granted awards under the plans will continue to be settled in TEour ~~Connectivity~~ordinary shares.

(3)	Does not take into account restricted, performance, or deferred share unit awards that do not have exercise prices.

(4) Includes securities remaining available for future issuance under the 2024 Plan,; the TE Connectivity plc Savings Related Share Plan, amended and restated as of September 30, 2024; and the TE Connectivity plc Employee Stock Purchase Plan, amended and restated as of September 30, 2024. The 2024 Plan applies a weighting of 1.80 to outstanding nonvested restricted, performance, deferred share units, and other share-based awards. The remaining shares issuable under the 2024 Plan and the TE Connectivity plc Savings Related Share Plan are increased by forfeitures and cancellations, among other factors. Amounts include ~~856~~842,~~441~~034 shares remaining available for issuance under our TE Connectivity plc Savings Related Share Plan and 32,~~032~~522,~~664~~788 shares remaining available for issuance under our TE Connectivity plc Employee Stock Purchase Plan.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information in our ~~2025~~2026 Proxy Statement under the captions “Corporate Governance,” “The Board of Directors and Board Committees,” and “Certain Relationships and Related Transactions” is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information in our ~~2025~~2026 Proxy Statement under the caption “Agenda Item No. 2—~~Ratification~~Appointment of Auditors and Authority to Set Remuneration” is incorporated herein by reference.

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PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)1.Financial Statements. See “Part II. Item 8. Financial Statements and Supplementary Data”

Financial Statement Schedule. See “Part II. Item 8. Financial Statements and Supplementary Data”

Exhibit Index:


Exhibit			Incorporated by Reference Herein
Number		Description	Form	Exhibit	Date Filed with the SEC
2.1		~~Stock~~Merger ~~Purchase~~ Agreement, ~~dated as of September 16, 2018, by and~~ between ~~Tyco~~TE ~~Electronics~~Connectivity ~~Group S~~Ltd.A. and ~~Crown~~TE ~~Subsea~~Connectivity ~~AcquisitionCo LLC(1)~~plc	Current Report on Form 8-K	2.1	~~September~~March 1718, ~~2018~~2024
2.2		~~Merger~~Transaction Agreement, ~~between~~dated February 11, 2025, by and among OCM Power V AIV Holdings (Delaware), L.P., OCM Power VI AIV Holdings (Delaware), L.P., OCM Power V Relay CTB, LLC, OCM Power VI Relay CTB, LLC, Relay Holding, LLC, TE Connectivity ~~Ltd.~~Corporation, ~~and~~Stella I LLC, TE Connectivity ~~plc~~PLC, and OCM Power V AIV Holdings (Delaware), L.P.(1)	~~Current~~Quarterly Report on Form 810-KQ for the quarterly period ended March 28, 2025	2.1	~~March~~April 1828, ~~2024~~2025
3.1		Memorandum and Articles of Association of TE Connectivity plc, dated ~~as of~~ September 30, 2024	Current Report on Form 8-K	3.1	September 30, 2024
4.1	*	Description of Registrant’s Securities
4.2(a)		Indenture among Tyco Electronics Group S.A., as issuer, Tyco Electronics Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated September 25, 2007	Annual Report on Form 10-K for the fiscal year ended September 28, 2007	4.1(a)	December 14, 2007
4.2(b)		Third Supplemental Indenture among Tyco Electronics Group S.A., as issuer, Tyco Electronics Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated September 25, 2007	Annual Report on Form 10-K for the fiscal year ended September 28, 2007	4.1(d)	December 14, 2007
4.2(c)		Thirteenth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated January 28, 2016	Current Report on Form 8-K	4.1	January 28, 2016
4.2(d)		Fourteenth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated August 3, 2017	Current Report on Form 8-K	4.2	August 3, 2017
4.2(e)		~~Sixteenth~~Seventeenth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated February 1416, ~~2020~~2021	Current Report on Form 8-K	4.1	February 1416, ~~2020~~2021
4.2(f)		Seventeenth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated February 16, 2021	Current Report on Form 8-K	4.1	February 16, 2021

Table of Contents


Exhibit			Incorporated by Reference Herein
Number		Description	Form	Exhibit	Date Filed with the SEC
4.2(g)		Eighteenth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated February 4, 2022	Current Report on Form 8-K	4.1	February 4, 2022
4.2(h)		Nineteenth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated February 13, 2023	Current Report on Form 8-K	4.1	February 13, 2023
4.2(i)		Twentieth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated August 2, 2024	Current Report on Form 8-K	4.1	August 2, 2024
4.2(j)		Twenty First Supplemental Indenture among Tyco Electronics Group S.A., TE Connectivity Ltd., TE Connectivity plc, TE Connectivity Switzerland Ltd., and Deutsche Bank Trust Company Americas, dated September 24, 2024	Current Report on Form 8-K	4.1	September 30, 2024
10.1		Second Amended and Restated Five-Year Senior Credit Agreement, dated as of April 24, 2024, by and among Tyco Electronics Group S.A., as borrower, TE Connectivity Ltd., as parent guarantor, the lenders party thereto, and Bank of America, N.A., as administrative agent	Current Report on Form 8-K	10.1	April 25, 2024
10.2		Assumption and Joinder Agreement, dated September 24, 2024, by TE Connectivity plc, TE Connectivity Switzerland Ltd., and Bank of America, N.A., as administrative agent under that certain Second Amended and Restated Credit Agreement, dated as of April 24, 2024	Current Report on Form 8-K	10.1	September 30, 2024
10.3	‡*	TE Connectivity Annual Incentive Plan (as amended and restated)
10.4	‡	TE Connectivity plc 2007 Stock and Incentive Plan (Amended and Restated as of September 30, 2024)	Current Report on Form 8-K	10.7	September 30, 2024
10.5	‡	TE Connectivity plc 2010 Stock and Incentive Plan (Amended and Restated as of September 30, 2024)	Current Report on Form 8-K	10.9	September 30, 2024
10.6	‡	TE Connectivity plc 2024 Stock and Incentive Plan (Amended and Restated as of September 30, 2024)	Current Report on Form 8-K	10.5	September 30, 2024
10.7	‡	TE Connectivity plc Employee Stock Purchase Plan (Amended and Restated as of September 30, 2024)	Current Report on Form 8-K	10.6	September 30, 2024
10.8	‡	Form of Option Award Terms and Conditions	Quarterly Report on Form 10-Q for the quarterly period ended December 24, 2010	10.3	January 24, 2011

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Exhibit			Incorporated by Reference Herein
Number		Description	Form	Exhibit	Date Filed with the SEC
10.9	‡	Form of Option Award Terms and Conditions for Option Grants Beginning in November 2017	Annual Report on Form 10-K for the fiscal year ended September 29, 2017	10.8	November 14, 2017
4.2(f)		Eighteenth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated February 4, 2022	Current Report on Form 8-K	4.1	February 4, 2022
10.10	‡	Form of Option Award Terms and Conditions for Option Grants Beginning in November 2019	Annual Report on Form 10-K for the fiscal year ended September 27, 2019	10.8	November 12, 2019
4.2(g)		Nineteenth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated February 13, 2023	Current Report on Form 8-K	4.1	February 13, 2023
10.11	‡	Form of Option Award Terms and Conditions for Option Grants Beginning in November 2020	Quarterly Report on Form 10-Q for the quarterly period ended December 25, 2020	10.1	January 28, 2021
4.2(h)		Twentieth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated August 2, 2024	Current Report on Form 8-K	4.1	August 2, 2024
10.12	‡	Form of Option Award Terms and Conditions for Option Grants Beginning in November 2021	Annual Report on Form 10-K for the fiscal year ended September 30, 2022	10.11	November 15, 2022
4.2(i)		Twenty First Supplemental Indenture among Tyco Electronics Group S.A., TE Connectivity Ltd., TE Connectivity plc, TE Connectivity Switzerland Ltd., and Deutsche Bank Trust Company Americas, dated September 24, 2024	Current Report on Form 8-K	4.1	September 30, 2024
10.13	‡	Form of Option Award Terms and Conditions for Option Grants Beginning in November 2024	Current Report on Form 8-K	10.10	September 30, 2024
4.2(j)		Amended and Restated Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated January 31, 2025	Current Report on Form 8-K	4.1	January 31, 2025
10.14	‡	Form of Restricted Stock Unit Award Terms and Conditions for RSU Grants Beginning in November 2020	Quarterly Report on Form 10-Q for the quarterly period ended December 25, 2020	10.2	January 28, 2021
4.2(k)		First Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated January 31, 2025	Current Report on Form 8-K	4.2	January 31, 2025
10.15	‡	Form of Restricted Stock Unit Award Terms and Conditions for RSU Grants Beginning in November 2021	Annual Report on Form 10-K for the fiscal year ended September 30, 2022	10.14	November 15, 2022
4.2(l)		Second Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated May 6, 2025	Current Report on Form 8-K	4.1	May 6, 2025
10.16	‡	Form of Restricted Stock Unit Award Terms and Conditions for RSU Grants Beginning in November 2024	Current Report on Form 8-K	10.11	September 30, 2024
4.2(m)		Third Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated May 9, 2025	Current Report on Form 8-K	4.1	May 9, 2025
10.17	‡	Form of Performance Stock Unit Award Terms and Conditions for Performance Cycles Starting in and After Fiscal Year 2021	Quarterly Report on Form 10-Q for the quarterly period ended December 25, 2020	10.3	January 28, 2021
4.2(n)		Fourth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated May 9, 2025	Current Report on Form 8-K	4.2	May 9, 2025
10.18	‡	Form of Performance Stock Unit Award Terms and Conditions for Performance Cycles Starting in and After Fiscal Year 2022	Annual Report on Form 10-K for the fiscal year ended September 30, 2022	10.17	November 15, 2022
10.19	‡	Form of Performance Stock Unit Award Terms and Conditions for Performance Cycles Starting in and After Fiscal Year 2024	Current Report on Form 8-K	10.12	September 30, 2024
10.20	‡*	TE Connectivity Change in Control Severance Plan for Certain U.S. Executives (amended and restated as of September 30, 2024)
10.21	‡*	TE Connectivity Severance Plan for U.S. Executives (amended and restated as of September 30, 2024)

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Exhibit			Incorporated by Reference Herein
Number		Description	Form	Exhibit	Date Filed with the SEC
10.22	‡	TE Connectivity Supplemental Savings and Retirement Plan (amended and restated as of January 1, 2022)	Annual Report on Form 10-K for the fiscal year end September 29, 2023	10.20	November 13, 2023
10.1		Second Amended and Restated Five-Year Senior Credit Agreement, dated April 24, 2024, by and among Tyco Electronics Group S.A., as borrower, TE Connectivity Ltd., as parent guarantor, the lenders party thereto, and Bank of America, N.A., as administrative agent	Current Report on Form 8-K	10.1	April 25, 2024
10.23	‡	TE Connectivity plc Savings Related Share Plan (Amended and Restated as of September 30, 2024)	Current Report on Form 8-K	10.8	September 30, 2024
10.2		Assumption and Joinder Agreement, dated September 24, 2024, by TE Connectivity plc, TE Connectivity Switzerland Ltd., and Bank of America, N.A., as administrative agent under that certain Second Amended and Restated Credit Agreement, dated April 24, 2024	Current Report on Form 8-K	10.1	September 30, 2024
10.24		Form of Deed of Indemnification for directors and executive officers of TE Connectivity plc	Current Report on Form 8-K	10.2	September 30, 2024
10.3	‡	TE Connectivity Annual Incentive Plan (as Amended and Restated)	Annual Report on Form 10-K for the fiscal year ended September 27, 2024	10.3	November 12, 2024
10.25		Form of Indemnification for directors and executive officers of TE Connectivity plc	Current Report on Form 8-K	10.3	September 30, 2024
10.4	‡	TE Connectivity plc 2007 Stock and Incentive Plan (Amended and Restated as of September 30, 2024)	Current Report on Form 8-K	10.7	September 30, 2024
10.26	‡*	Employment Agreement between Terrence R. Curtin and Tyco Electronics Corporation dated December 15, 2015, as amended
10.5	‡	TE Connectivity plc 2010 Stock and Incentive Plan (Amended and Restated as of September 30, 2024)	Current Report on Form 8-K	10.9	September 30, 2024
10.27	‡*	Employment Agreement between Steven T. Merkt and Tyco Electronics Corporation dated December 15, 2015, as amended
10.6	‡	TE Connectivity plc 2024 Stock and Incentive Plan (Amended and Restated as of September 30, 2024)	Current Report on Form 8-K	10.5	September 30, 2024
10.28	‡*	Employment Agreement between Heath A. Mitts and Tyco Electronics Corporation dated September 30, 2016, as amended
10.7	‡	TE Connectivity plc Employee Stock Purchase Plan (Amended and Restated as of September 30, 2024)	Current Report on Form 8-K	10.6	September 30, 2024
10.29	‡*	Employment Agreement between John S. Jenkins and Tyco Electronics Corporation dated December 15, 2015, as amended
10.8	‡	Form of Option Award Terms and Conditions	Quarterly Report on Form 10-Q for the quarterly period ended December 24, 2010	10.3	January 24, 2011
10.30	‡	Employment Agreement between Shad Kroeger and TE Connectivity Corporation dated February 23, 2018	Quarterly Report on Form 10-Q for the quarterly period ended December 25, 2020	10.4	January 28, 2021
10.9	‡	Form of Option Award Terms and Conditions for Option Grants Beginning in November 2017	Annual Report on Form 10-K for the fiscal year ended September 29, 2017	10.8	November 14, 2017
10.31	‡*	Employment Agreement between Aaron Stucki and TE Connectivity Corporation dated October 1, 2020, as amended
10.10	‡	Form of Option Award Terms and Conditions for Option Grants Beginning in November 2019	Annual Report on Form 10-K for the fiscal year ended September 27, 2019	10.8	November 12, 2019
10.32		Credit Support Agreement dated November 2, 2018 by and between Tyco Electronics Group S.A. and Crown Subsea Communications Holding, Inc.	Annual Report on Form 10-K for the fiscal year ended September 27, 2019	10.28	November 12, 2019
10.11	‡	Form of Option Award Terms and Conditions for Option Grants Beginning in November 2020	Quarterly Report on Form 10-Q for the quarterly period ended December 25, 2020	10.1	January 28, 2021
19.1	*	TE Insider Trading and Communications with the Public Policy
10.12	‡	Form of Option Award Terms and Conditions for Option Grants Beginning in November 2021	Annual Report on Form 10-K for the fiscal year ended September 30, 2022	10.11	November 15, 2022
19.2	*	TE Connectivity plc Policy Relating to Open Market Securities Repurchases and Compliance with Insider Trading Securities Laws
21.1	*	Subsidiaries of TE Connectivity plc
22.1	*	Guaranteed Securities
23.1	*	Consent of Independent Registered Public Accounting Firm
24.1	*	Power of Attorney
31.1	*	Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

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Exhibit			Incorporated by Reference Herein
Number		Description	Form	Exhibit	Date Filed with the SEC
31.2	*	Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
10.13	‡	Form of Option Award Terms and Conditions for Option Grants Beginning in November 2024	Current Report on Form 8-K	10.10	September 30, 2024
32.1	**	Certification by the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
10.14	‡	Form of Restricted Stock Unit Award Terms and Conditions for RSU Grants Beginning in November 2021	Annual Report on Form 10-K for the fiscal year ended September 30, 2022	10.14	November 15, 2022
97.1	*	TE Connectivity plc Incentive-Based Compensation Recovery Policy
10.15	‡	Form of Restricted Stock Unit Award Terms and Conditions for RSU Grants Beginning in November 2024	Current Report on Form 8-K	10.11	September 30, 2024
101.INS	*	Inline XBRL Instance Document(2)
10.16	‡	Form of Performance Stock Unit Award Terms and Conditions for Performance Cycles Starting in and After Fiscal Year 2022	Annual Report on Form 10-K for the fiscal year ended September 30, 2022	10.17	November 15, 2022
101.SCH	*	Inline XBRL Taxonomy Extension Schema Document
10.17	‡	Form of Performance Stock Unit Award Terms and Conditions for Performance Cycles Starting in and After Fiscal Year 2024	Current Report on Form 8-K	10.12	September 30, 2024
101.CAL	*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
10.18	‡	TE Connectivity Change in Control Severance Plan for Certain U.S. Executives (Amended and Restated as of September 30, 2024)	Annual Report on Form 10-K for the fiscal year ended September 27, 2024	10.20	November 12, 2024
101.DEF	*	Inline XBRL Taxonomy Extension Definition Linkbase Document
10.19	‡	TE Connectivity Severance Plan for U.S. Executives (Amended and Restated as of September 30, 2024)	Annual Report on Form 10-K for the fiscal year ended September 27, 2024	10.21	November 12, 2024
101.LAB	*	Inline XBRL Taxonomy Extension Label Linkbase Document
10.20	‡*	TE Connectivity Supplemental Savings and Retirement Plan (Amended and Restated as of January 1, 2025)
101.PRE	*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
10.21	‡	TE Connectivity plc Savings Related Share Plan (Amended and Restated as of September 30, 2024)	Current Report on Form 8-K	10.8	September 30, 2024
104	*	Cover Page Interactive Data File(3)
10.22		Form of Deed of Indemnification for directors and executive officers of TE Connectivity plc	Current Report on Form 8-K	10.2	September 30, 2024
10.23		Form of Indemnification for directors and executive officers of TE Connectivity plc	Current Report on Form 8-K	10.3	September 30, 2024
10.24	‡	Employment Agreement between Terrence R. Curtin and Tyco Electronics Corporation dated December 15, 2015, as amended	Annual Report on Form 10-K for the fiscal year ended September 27, 2024	10.26	November 12, 2024
10.25	‡	Employment Agreement between Heath A. Mitts and Tyco Electronics Corporation dated September 30, 2016, as amended	Annual Report on Form 10-K for the fiscal year ended September 27, 2024	10.28	November 12, 2024
10.26	‡	Employment Agreement between John S. Jenkins and Tyco Electronics Corporation dated December 15, 2015, as amended	Annual Report on Form 10-K for the fiscal year ended September 27, 2024	10.29	November 12, 2024
10.27	‡	Employment Agreement between Shad Kroeger and TE Connectivity Corporation dated February 23, 2018	Quarterly Report on Form 10-Q for the quarterly period ended December 25, 2020	10.4	January 28, 2021

Table of Contents


Exhibit			Incorporated by Reference Herein
Number		Description	Form	Exhibit	Date Filed with the SEC
10.28	‡	Employment Agreement between Aaron Stucki and TE Connectivity Corporation dated October 1, 2020, as amended	Annual Report on Form 10-K for the fiscal year ended September 27, 2024	10.31	November 12, 2024
19.1		TE Insider Trading and Communications with the Public Policy	Annual Report on Form 10-K for the fiscal year ended September 27, 2024	19.1	November 12, 2024
19.2		TE Connectivity plc Policy Relating to Open Market Securities Repurchases and Compliance with Insider Trading Securities Laws	Annual Report on Form 10-K for the fiscal year ended September 27, 2024	19.2	November 12, 2024
21.1	*	Subsidiaries of TE Connectivity plc
22.1	*	Guaranteed Securities
23.1	*	Consent of Independent Registered Public Accounting Firm
24.1	*	Power of Attorney
31.1	*	Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	*	Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	**	Certification by the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97.1		TE Connectivity plc Incentive-Based Compensation Recovery Policy	Annual Report on Form 10-K for the fiscal year ended September 27, 2024	97.1	November 12, 2024
101.INS	*	Inline XBRL Instance Document⁽²⁾
101.SCH	*	Inline XBRL Taxonomy Extension Schema Document
101.CAL	*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	*	Cover Page Interactive Data File⁽³⁾

‡	Management contract or compensatory plan or arrangement

*	Filed herewith

**	Furnished herewith

(1) The schedules to the Stock Purchase Agreement have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S-K. We will furnish copies of such schedules to the SEC upon its request; provided, however, that we may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any schedule so furnished.53

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(1)

The schedules to this agreement have been omitted pursuant to Item 601(a)(5) and Item 601(b)(2) of Regulation S-K. We will furnish copies of any of the omitted schedules to the SEC upon its request; however, we may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any schedule so furnished.

(2)	The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

(3)	Formatted in Inline XBRL and contained in exhibit 101

ITEM 16. FORM 10-K SUMMARY

None.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	TE CONNECTIVITY PLC

	By:	/s/ Heath A. Mitts
		Heath A. Mitts
		Executive Vice President
		and Chief Financial Officer
		(Principal Financial Officer)

Date: November 1210, ~~2024~~2025

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Signature	Title	Date


/s/ Terrence R. Curtin	Chief Executive Officer and Director	November 1210, ~~2024~~2025
Terrence R. Curtin	(Principal Executive Officer)

/s/ Heath A. Mitts	Executive Vice President,
Heath A. Mitts	Chief Financial Officer, and Director	November 1210, ~~2024~~2025
	(Principal Financial Officer)

/s/ Robert J. Ott	Senior Vice President and
/s/ Reuben M. Shaffer	Senior Vice President and
Robert J. Ott	Corporate Controller	November 12, 2024
Reuben M. Shaffer	Corporate Controller	November 10, 2025
	(Principal Accounting Officer)

*	Director	November 1210, ~~2024~~2025
Jean-Pierre Clamadieu

*	Director	November 1210, ~~2024~~2025
Carol A. Davidson

*	Director	November 1210, ~~2024~~2025
Lynn A. Dugle

*	Director	November 1210, ~~2024~~2025
Sam Eldessouky

*	Director	November 1210, ~~2024~~2025
William A. Jeffrey

*	Director	November 1210, ~~2024~~2025
Syaru Shirley Lin

*	Director	November 1210, ~~2024~~2025
Abhijit Y. Talwalkar

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Signature	Title	Date

*	Director	November 1210, ~~2024~~2025
Mark C. Trudeau

*	Director	November 1210, ~~2024~~2025
Dawn C. Willoughby

*	Director	November 1210, ~~2024~~2025
Laura H. Wright

*	John S. Jenkins, Jr., by signing his name hereto, does sign this document on behalf of the above noted individuals, pursuant to powers of attorney duly executed by such individuals, which have been filed as Exhibit 24.1 to this Report.


	By:	/s/ John S. Jenkins, Jr.
		John S. Jenkins, Jr.
		Attorney-in-fact

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TE CONNECTIVITY ~~LTD.~~PLC

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

		Page
Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 34)		5658
Consolidated Statements of Operations for the Fiscal Years Ended September 27, 2024, September 29, 2023, and September 30, 2022		59
Consolidated Statements of Operations for the Fiscal Years Ended September 26, 2025, September 27, 2024, and September 29, 2023		61
Consolidated Statements of Comprehensive Income for the Fiscal Years Ended September 27, 2024, September 29, 2023, and September 30, 2022		60
Consolidated Statements of Comprehensive Income for the Fiscal Years Ended September 26, 2025, September 27, 2024, and September 29, 2023		62
Consolidated Balance Sheets as of September 27, 2024 and September 29, 2023		61
Consolidated Balance Sheets as of September 26, 2025 and September 27, 2024		63
Consolidated Statements of Shareholders’ Equity for the Fiscal Years Ended September 27, 2024, September 29, 2023, and September 30, 2022		62
Consolidated Statements of Shareholders’ Equity for the Fiscal Years Ended September 26, 2025, September 27, 2024, and September 29, 2023		64
Consolidated Statements of Cash Flows for the Fiscal Years Ended September 27, 2024, September 29, 2023, and September 30, 2022		63
Consolidated Statements of Cash Flows for the Fiscal Years Ended September 26, 2025, September 27, 2024, and September 29, 2023		65
Notes to Consolidated Financial Statements		6466
Schedule II—Valuation and Qualifying Accounts		~~101~~104

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of TE Connectivity plc

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of TE Connectivity plc (formerly TE Connectivity Ltd.) and subsidiaries (the "Company") as of September 27 26, ~~2024~~2025 and September 29 27, ~~2023~~2024, the related consolidated statements of operations, comprehensive income ~~(loss)~~, shareholders’ equity, and cash flows, for each of the three years in the period ended September 27 26, ~~2024~~2025, and the related notes and the schedule listed in the Index at Item 15(a)2 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 27 26, ~~2024~~2025 and September 29 27, ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended September 27 26, ~~2024~~2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of September 27 26, ~~2024~~2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated November 1210, ~~2024~~2025, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Income Taxes — Realizability of Deferred Tax Assets — Refer to Notes 2 and 15 to the financial statements

Critical Audit Matter Description

The Company recognizes deferred income taxes for temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. A valuation allowance is provided to offset deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Future realization of deferred tax assets depends on the existence of sufficient taxable income of the appropriate character prior to expiration. Sources of taxable income include future reversals of deferred tax assets and liabilities, expected future taxable income, taxable income in prior carryback years if permitted under the tax law, and tax planning strategies. Management has determined that it is more likely than not that sufficient taxable income will be generated in the future to

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realize a portion of its deferred tax assets, and therefore, a valuation allowance of $8.38 billion has been recorded to offset the Company’s gross deferred tax assets as of September 27 26, ~~2024~~2025 of $1211.28 billion.

We identified the realizability of certain deferred tax assets as a critical audit matter because of the Company’s tax structure and the significant judgments and estimates made by management to determine that sufficient taxable income will be generated in the future prior to expiration to realize a portion of its deferred tax assets. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our income tax specialists, when performing audit procedures to evaluate the appropriateness of qualifying tax planning strategies and the reasonableness of management’s estimates of taxable income prior to expiration.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the determination that it is more likely than not that sufficient taxable income will be generated in the future to realize certain deferred tax assets included the following, among others:

•

We tested the effectiveness of controls over management’s estimates of the realization of the deferred tax assets, including those over the estimates of taxable income, the approval of tax planning strategies and the determination of whether it is more likely than not that the deferred tax assets will be realized prior to expiration.

•

We evaluated the reasonableness of management’s assessment of the significance and weighting of negative evidence and positive evidence that is objectively verifiable.

•

We evaluated management’s ability to accurately estimate taxable income by comparing actual results to management’s historical estimates and evaluating whether there have been any changes that would impact management’s ability to continue accurately estimating taxable income.

•

We tested the reasonableness of management’s estimates of taxable income by comparing the estimates to:

–

Historical taxable income.

–

Internal communications to management and the board of directors.

–

Management’s history of carrying out its stated plans and its ability to carry out its plans considering contractual commitments, available financing, or debt covenants.

•

We evaluated whether the estimates of future taxable income were consistent with evidence obtained in other areas of the audit.

•

We evaluated whether the taxable income in prior carryback years was of the appropriate character and available under the tax law.

•

With the assistance of our income tax and other specialists, we evaluated (1) the appropriateness of qualifying tax planning strategies, including that they were prudent, feasible and would more likely than not result in the realization of deferred tax assets and (2) management’s assessment that sufficient taxable income will be generated in the future to realize a portion of the deferred tax assets prior to expiration.

/s/ Deloitte & Touche LLP

Philadelphia, Pennsylvania

November 1210, ~~2024~~2025

We have served as the Company’s auditor since 2007.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of TE Connectivity plc

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of TE Connectivity ~~Ltd.~~plc and subsidiaries (the “Company”) as of September 2726, ~~2024~~2025, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 2726, ~~2024~~2025, based on criteria established in Internal Control—Integrated Framework (2013) issued by COSO.

WeAs ~~have~~described ~~also~~in ~~audited~~Management’s Report on Internal Control Over Financial Reporting, inmanagement ~~accordance~~excluded ~~with~~from its assessment the ~~standards~~internal ofcontrol ~~the~~over ~~Public~~financial ~~Company~~reporting ~~Accounting~~at ~~Oversight~~Richards ~~Board~~Manufacturing ~~(United~~Co., ~~States)~~which ~~(PCAOB)~~was acquired on April 1, 2025, and whose financial statements constitute 8% of total assets and 1% of total net sales of the consolidated financial ~~statements~~statement amounts as of and for the fiscal year ended September ~~27,~~ ~~2024~~26, of2025. ~~the~~Accordingly, ~~Company~~our ~~and~~audit ~~our~~did ~~report~~not ~~dated~~include ~~November 12,~~the ~~2024~~internal ~~expressed~~control anover ~~unqualified~~financial ~~opinion~~reporting onat ~~those~~Richards ~~financial~~Manufacturing ~~statements~~Co.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the fiscal year ended September 26, 2025, of the Company and our report dated November 10, 2025, expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

/s/ Deloitte & Touche LLP

Philadelphia, Pennsylvania

November 1210, ~~2024~~2025

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TE CONNECTIVITY ~~LTD.~~PLC

CONSOLIDATED STATEMENTS OF OPERATIONS

Fiscal Years Ended September 2726, ~~2024~~2025, September 2927, ~~2023~~2024, and September 3029, ~~2022~~2023


	Fiscal
	~~2024~~2025		~~2023~~2024		~~2022~~2023
	(in millions, except per share data)
Net sales	$	1517,~~845~~262	$	1615,~~034~~845	$	16,~~281~~034
Cost of sales		1011,~~389~~183		10,~~979~~389		1110,~~037~~979
Gross margin		56,~~456~~079		5,~~055~~456		5,~~244~~055
Selling, general, and administrative expenses		1,~~732~~866		1,~~670~~732		1,~~584~~670
Research, development, and engineering expenses		~~741~~829		~~708~~741		~~718~~708
Acquisition and integration costs		2147		3321		4533
Restructuring and other charges, net		~~166~~126		~~340~~166		~~141~~340
Operating income		23,~~796~~211		2,~~304~~796		2,~~756~~304
Interest income		8783		6087		1560
Interest expense		(7077)		(8070)		(6680)
Other income (expense), net		(16)		(16)		28
Other expense, net		(13)		(16)		(16)
Income from continuing operations before income taxes		23,~~797~~204		2,~~268~~797		2,~~733~~268
Income tax (expense) benefit		~~397~~(1,361)		~~(364)~~397		(~~306~~364)
Income from continuing operations		31,~~194~~843		13,~~904~~194		21,~~427~~904
Income (loss) from discontinued operations, net of income taxes		(1)		6(1)		16
Net income	$	31,~~193~~842	$	13,~~910~~193	$	21,~~428~~910

Basic earnings per share:
Income from continuing operations	$	106.4021	$	610.0440	$	76.5104
Income (loss) from discontinued operations		—		~~0.02~~—		—0.02
Net income		106.4020		610.0640		76.5206

Diluted earnings per share:
Income from continuing operations	$	106.3416	$	610.0134	$	76.4701
Income (loss) from discontinued operations		—		~~0.02~~—		—0.02
Net income		106.3316		610.0333		76.4703

Weighted-average number of shares outstanding:
Basic		~~307~~297		~~315~~307		~~323~~315
Diluted		~~309~~299		~~317~~309		~~325~~317

See accompanying Notes to Consolidated Financial Statements.

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TE CONNECTIVITY ~~LTD.~~PLC

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Fiscal Years Ended September 2726, ~~2024~~2025, September 2927, ~~2023~~2024, and September 3029, ~~2022~~2023


	Fiscal
	~~2024~~2025		~~2023~~2024		~~2022~~2023
	(in millions)
Net income	$	31,~~193~~842	$	13,~~910~~193	$	21,~~428~~910
Other comprehensive income (loss):
Other comprehensive income:
Currency translation		~~131~~(46)		~~261~~131		~~(510)~~261
Adjustments to unrecognized pension and postretirement benefit costs, net of income taxes		~~(37)~~33		20(37)		~~259~~20
Gains (losses) on cash flow hedges, net of income taxes		76		65		(95)
Gains on cash flow hedges, net of income taxes		21		76		65
Other comprehensive income (loss)		170		346		(346)
Other comprehensive income		8		170		346
Comprehensive income		31,~~363~~850		23,~~256~~363		2,~~082~~256
Less: comprehensive (income) loss attributable to noncontrolling interests		(7)		(9)		19
Less: comprehensive income attributable to noncontrolling interests		(7)		(7)		(9)
Comprehensive income attributable to TE Connectivity Ltd.	$	3,356	$	2,247	$	2,101
Comprehensive income attributable to TE Connectivity plc	$	1,843	$	3,356	$	2,247

See accompanying Notes to Consolidated Financial Statements.

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TE CONNECTIVITY ~~LTD.~~PLC

CONSOLIDATED BALANCE SHEETS

As of September 2726, ~~2024~~2025 and September 2927, ~~2023~~2024


	Fiscal Year End
	~~2024~~2025		~~2023~~2024
	(in millions, except
	share data)
Assets
Current assets:
Cash and cash equivalents	$	1,~~319~~255	$	1,~~661~~319
Accounts receivable, net of allowance for doubtful accounts of $32 and $30, respectively		3,055		2,967
Accounts receivable, net of allowance for doubtful accounts of $44 and $32, respectively		3,403		3,055
Inventories		2,~~517~~699		2,~~552~~517
Prepaid expenses and other current assets		~~740~~609		~~712~~740
Total current assets		7,~~631~~966		7,~~892~~631
Property, plant, and equipment, net		34,~~903~~312		3,~~754~~903
Goodwill		57,~~801~~126		5,~~463~~801
Intangible assets, net		12,~~174~~227		1,~~175~~174
Deferred income taxes		32,~~497~~507		23,~~600~~497
Other assets		~~848~~943		~~828~~848
Total assets	$	2225,~~854~~081	$	2122,~~712~~854
Liabilities, redeemable noncontrolling interests, and shareholders' equity
Current liabilities:
Short-term debt	$	~~871~~852	$	~~682~~871
Accounts payable		12,~~728~~021		1,~~563~~728
Accrued and other current liabilities		2,~~147~~247		2,~~218~~147
Total current liabilities		45,~~746~~120		4,~~463~~746
Long-term debt		34,~~332~~842		3,~~529~~332
Long-term pension and postretirement liabilities		~~810~~767		~~728~~810
Deferred income taxes		~~199~~198		~~185~~199
Income taxes		~~411~~414		~~365~~411
Other liabilities		~~870~~1,010		~~787~~870
Total liabilities		1012,~~368~~351		10,~~057~~368
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests		~~131~~145		~~104~~131
Shareholders' equity:
Common shares, CHF 0.57 par value, 316,574,781 shares authorized and issued, and 322,470,281 shares authorized and issued, respectively		139		142
Preferred shares, $1.00 par value, 2 shares authorized, none outstanding as of September 26, 2025		—		—
Accumulated earnings		14,533		12,947
Ordinary class A shares, €1.00 par value, 25,000 shares authorized, none outstanding as of September 26, 2025		—		—
Treasury shares, at cost, 16,656,681 and 10,487,742 shares, respectively		(2,322)		(1,380)
Ordinary shares, $0.01 par value, 1,500,000,000 shares authorized, 302,889,075 shares issued and common shares, CHF 0.57 par value, 316,574,781 shares authorized and issued, respectively		3		139
Accumulated other comprehensive income (loss)		5		(158)
Accumulated earnings		13,932		14,533
Total shareholders' equity		12,355		11,551
Ordinary shares and common shares held in treasury, at cost, 8,330,931 and 16,656,681 shares, respectively		(1,356)		(2,322)
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	$	22,854	$	21,712
Accumulated other comprehensive income		6		5
Total shareholders' equity		12,585		12,355
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	$	25,081	$	22,854

See accompanying Notes to Consolidated Financial Statements.

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TE CONNECTIVITY ~~LTD.~~PLC

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Fiscal Years Ended September 2726, ~~2024~~2025, September 2927, ~~2023~~2024, and September 3029, ~~2022~~2023


				Common/							Accumulated
	Common/			Ordinary Shares							Other		Total
	~~Common~~Ordinary Shares			~~Treasury~~Held ~~Shares~~in Treasury			Contributed		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Shares	Amount		Surplus		Earnings		Income (Loss)		Equity
	(in millions)
Balance at fiscal year end 2021	336	$	148	(9)	$	(1,055)	$	—	$	11,709	$	(168)	$	10,634
Net income	—		—	—		—		—		2,428		—		2,428
Other comprehensive loss	—		—	—		—		—		—		(327)		(327)
Share-based compensation expense	—		—	—		—		119		—		—		119
Dividends	—		—	—		—		—		(714)		—		(714)
Exercise of share options	—		—	—		54		—		—		—		54
Restricted share award vestings and other activity	—		—	1		20		(119)		116		—		17
Repurchase of common shares	—		—	(10)		(1,409)		—		—		—		(1,409)
Cancellation of treasury shares	(5)		(2)	5		709		—		(707)		—		—
Balance at fiscal year end 2022	331	$	146	(13)	$	(1,681)	$	—	$	12,832	$	(495)	$	10,802
Net income	—		—	—		—		—		1,910		—		1,910
Other comprehensive income	—		—	—		—		—		—		337		337
Share-based compensation expense	—		—	—		—		123		—		—		123
Dividends	—		—	—		—		—		(737)		—		(737)
Exercise of share options	—		—	1		43		—		—		—		43
Restricted share award vestings and other activity	—		—	1		109		(123)		33		—		19
Repurchase of common shares	—		—	(8)		(946)		—		—		—		(946)
Cancellation of treasury shares	(9)		(4)	9		1,095		—		(1,091)		—		—
Balance at fiscal year end 2023	322	$	142	(10)	$	(1,380)	$	—	$	12,947	$	(158)	$	11,551
Net income	—		—	—		—		—		3,193		—		3,193
Other comprehensive income	—		—	—		—		—		—		163		163
Share-based compensation expense	—		—	—		—		127		—		—		127
Dividends	—		—	—		—		—		(782)		—		(782)
Exercise of share options	—		—	1		89		—		—		—		89
Restricted share award vestings and other activity	—		—	—		213		(127)		(81)		—		5
Repurchase of common shares	—		—	(14)		(1,991)		—		—		—		(1,991)
Cancellation of treasury shares	(6)		(3)	6		747		—		(744)		—		—
Balance at fiscal year end 2024	316	$	139	(17)	$	(2,322)	$	—	$	14,533	$	5	$	12,355
Change in place of incorporation	—		(136)	—		—		—		136		—		—
Cancellation of treasury shares	(17)		—	17		2,322		—		(2,322)		—		—
Net income	—		—	—		—		—		1,842		—		1,842
Other comprehensive income	—		—	—		—		—		—		1		1
Share-based compensation expense	—		—	—		—		149		—		—		149
Dividends	—		—	—		—		—		(628)		—		(628)
Exercise of share options	2		—	—		—		182		—		—		182
Restricted share award vestings and other activity	2		—	—		—		(331)		371		—		40
Repurchase of ordinary shares	—		—	(8)		(1,356)		—		—		—		(1,356)
Balance at fiscal year end 2025	303	$	3	(8)	$	(1,356)	$	—	$	13,932	$	6	$	12,585

See accompanying Notes to Consolidated Financial Statements.

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TE CONNECTIVITY ~~LTD.~~PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

Fiscal Years Ended September 2726, ~~2024~~2025, September 2927, ~~2023~~2024, and September 3029, ~~2022~~2023


	Fiscal
	~~2024~~2025		~~2023~~2024		~~2022~~2023
	(in millions)
Cash flows from operating activities:
Net income	$	31,~~193~~842	$	13,~~910~~193	$	21,~~428~~910
(Income) loss from discontinued operations, net of income taxes		1		~~(6)~~1		(16)
Income from continuing operations		31,~~194~~843		13,~~904~~194		21,~~427~~904
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization		~~826~~838		~~794~~826		~~785~~794
Deferred income taxes		~~(789)~~938		(77789)		(~~147~~77)
Non-cash lease cost		~~134~~145		~~129~~134		~~131~~129
Provision for losses on accounts receivable and inventories		5758		7657		7076
Share-based compensation expense		~~127~~149		~~123~~127		~~119~~123
Impairment of held for sale businesses		—		74—		1474
Other		7180		~~101~~71		9101
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable, net		(~~134~~341)		(~~146~~134)		~~200~~(146)
Inventories		(30160)		(4530)		(4145)
Prepaid expenses and other current assets		2591		1725		5017
Accounts payable		~~159~~290		~~(1)~~159		(~~396~~1)
Accrued and other current liabilities		(~~165~~35)		21(165)		~~(398)~~21
Income taxes		~~(83)~~147		17(83)		3217
Other		8596		~~145~~85		~~(387)~~145
Net cash provided by operating activities		34,~~477~~139		3,~~132~~477		23,~~468~~132
Cash flows from investing activities:
Capital expenditures		(~~680~~936)		(~~732~~680)		(~~768~~732)
Proceeds from sale of property, plant, and equipment		1611		416		~~106~~4
Acquisition of businesses, net of cash acquired		(~~339~~2,628)		(~~110~~339)		(~~220~~110)
Proceeds from divestiture of businesses, net of cash retained by businesses sold		59—		4859		1648
Other		(615)		22(6)		~~(12)~~22
Net cash used in investing activities		(~~950~~3,568)		(~~768~~950)		(~~878~~768)
Cash flows from financing activities:
Net increase (decrease) in commercial paper		(75)		(40)		370
Net decrease in commercial paper		(255)		(75)		(40)
Proceeds from issuance of debt		~~348~~2,231		~~499~~348		~~588~~499
Repayment of debt		(~~352~~580)		(~~591~~352)		(~~558~~591)
Proceeds from exercise of share options		89182		4389		5443
Repurchase of common shares		(2,062)		(945)		(1,412)
Repurchase of ordinary/common shares		(1,347)		(2,062)		(945)
Payment of common share dividends to shareholders		(760)		(725)		(685)
Payment of ordinary/common share dividends to shareholders		(803)		(760)		(725)
Other		(57)		(3457)		(4134)
Net cash used in financing activities		(~~2,869~~629)		(12,~~793~~869)		(1,~~684~~793)
Effect of currency translation on cash		—(6)		2—		~~(21)~~2
Net increase (decrease) in cash, cash equivalents, and restricted cash		(~~342~~64)		~~573~~(342)		~~(115)~~573
Cash, cash equivalents, and restricted cash at beginning of fiscal year		1,~~661~~319		1,~~088~~661		1,~~203~~088
Cash, cash equivalents, and restricted cash at end of fiscal year	$	1,~~319~~255	$	1,~~661~~319	$	1,~~088~~661

Supplemental cash flow information:
Interest paid on debt, net	$	6434	$	7564	$	5875
Income taxes paid, net of refunds		~~475~~276		~~425~~475		~~421~~425

See accompanying Notes to Consolidated Financial Statements.

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

The Consolidated Financial Statements reflect the consolidated operations of TE Connectivity ~~Ltd.~~plc and its subsidiaries and have been prepared in United States (“U.S.”) dollars in accordance with accounting principles generally accepted in the U.S. (“GAAP”).

Description of the Business

TE Connectivity ~~Ltd.~~plc (“TE Connectivity” or the “Company,” which may be referred to as “we,” “us,” or “our”) is a global industrial technology leader creating a safer, sustainable, productive, and connected future. ~~Our~~As a trusted innovation partner, our broad range of connectivity and sensor solutions enable the distribution of power, signal, and data to advance next-generation transportation, ~~renewable~~ energy networks, automated factories, data centers, ~~medical~~enabling ~~technology~~artificial intelligence, and more.

We ~~operated~~operate through ~~three~~two reportable segments ~~during fiscal 2024~~:

●

Transportation Solutions—The Transportation Solutions segment is a leader in connectivity and sensor technologies. Our products, which must withstand harsh conditions, are used in the automotive, commercial transportation, and sensors markets.

● Industrial Solutions—The Industrial Solutions segment is a leading supplier of products that connect and distribute power, data, and signals. Our products are used in the ~~industrial~~digital ~~equipment~~data networks; automation and connected living; aerospace, defense, and marine; energy; and medical markets.

●See ~~Communications~~Note ~~Solutions—The~~20 ~~Communications~~for ~~Solutions~~additional ~~segment~~information isregarding aour ~~leading~~segments ~~supplier of electronic components for the data~~ and ~~devices~~new ~~and~~segment ~~the appliances markets~~structure.

Use of Estimates

Fiscal Year

We have a 52- or 53-week fiscal year that ends on the last Friday of September. Fiscal ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023 ended on September 2726, ~~2024~~2025, September 2927, ~~2023~~2024, and September 3029, ~~2022~~2023, respectively. Fiscal 2025, 2024, and 2023 were each 52 weeks in length. ~~Fiscal 2022 was 53 weeks in length.~~ For fiscal years in which there are 53 weeks, the fourth fiscal quarter includes 14 weeks, with the next occurrence taking place in fiscal 2028.

Change in Place of Incorporation

During fiscal 2024, our board of directors and shareholders approved a change in our jurisdiction of incorporation from Switzerland to Ireland. In connection with the change, weTE Connectivity Ltd., our former parent entity, entered into a merger agreement with ~~our~~TE Connectivity plc, its then wholly-owned subsidiary, TEand ~~Connectivity plc,~~ a public limited company incorporated under Irish law. Under the merger agreement, weTE ~~were~~Connectivity Ltd. merged with and into TE Connectivity plc, which was the surviving entity, in order to effect our change in jurisdiction of incorporation from Switzerland to Ireland. The merger ~~and~~was ~~change~~completed inon September 30, 2024, thereby changing our jurisdiction of incorporation ~~were~~from ~~completed~~Switzerland onto ~~September~~Ireland. ~~30,~~Shareholders ~~2024~~received one ordinary share of TE Connectivity plc for each common share of TE Connectivity Ltd. ~~See~~held ~~Note~~immediately 21prior to the merger. Effective for ~~additional~~fiscal ~~information~~2025, ~~regarding~~we are organized under the laws of Ireland. We have not had and do not anticipate any material changes in our operations or financial results as a result of the merger and change in place of incorporation.

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

2. Summary of Significant Accounting Policies

Principles of Consolidation

We consolidate entities in which we own or control more than 50% of the voting shares or otherwise control through similar rights. All intercompany transactions have been eliminated. The results of companies acquired or disposed of are included on the Consolidated Financial Statements from the effective date of acquisition or up to the date of disposal.

Table of Contents

Revenue Recognition

We account for revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, which is a single, comprehensive, five-step revenue recognition model. Our revenues are generated principally from the sale of our products. Revenue is recognized as performance obligations under the terms of a contract, such as a purchase order with a customer, are satisfied; generally this occurs with the transfer of control. We transfer control and recognize revenue when we ship product to our customers, the customers accept and have legal title for the product, and we have a right to payment for such product. Revenue is measured as the amount of consideration that we expect to receive in exchange for those products and excludes taxes assessed by governmental authorities and collected from customers concurrent with the sale of products. Shipping and handling costs are treated as fulfillment costs and are included in cost of sales. Since we typically invoice our customers when we satisfy our performance obligations, we do not have material contract assets or contract liabilities. Our credit terms are customary and do not contain significant financing components that extend beyond one year of fulfillment of performance obligations. We apply the practical expedient of ASC 606 with respect to financing components and do not evaluate contracts in which payment is due within one year of satisfaction of the related performance obligation. Since our performance obligations to deliver products are part of contracts that generally have original durations of one year or less, we have elected to use the optional exemption to not disclose the aggregate amount of transaction prices associated with unsatisfied or partially satisfied performance obligations. See Note 20 for net sales disaggregated by industry end market and geographic region which is summarized by segment and that we consider meaningful to depict the nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors.

Inventories

Inventories are recorded at the lower of cost or net realizable value using the first-in, first-out cost method.

Property, Plant, and Equipment, Net

Property, plant, and equipment is recorded at cost less accumulated depreciation. Maintenance and repair expenditures are charged to expense when incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which are 10 to 20 years for land improvements, 5 to 40 years for buildings and improvements, and 1 to 15 years for machinery and equipment.

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

We periodically evaluate, when events and circumstances warrant, the net realizable value of property, plant, and equipment and other long-lived assets, relying on several factors including operating results, business plans, economic projections, and anticipated future cash flows. When indicators of potential impairment are present, the carrying values of the asset group are evaluated in relation to the operating performance and estimated future undiscounted cash flows of the underlying asset group. Impairment of the carrying value is recognized whenever anticipated future undiscounted cash flow estimates are less than the carrying value of the asset. Fair value estimates are based on assumptions concerning the amount and timing of estimated future cash flows and discount rates, reflecting varying degrees of perceived risk.

Goodwill and Other Intangible Assets

We account for goodwill and other intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other.

65Intangible assets include both indeterminable-lived residual goodwill and determinable-lived identifiable intangible assets. Intangible assets with determinable lives primarily include customer relationships and intellectual property, consisting of patents, trademarks, and unpatented technology. Recoverability estimates range from 1 to 50 years and costs are generally amortized on a straight-line basis. Evaluations of the remaining useful lives of determinable-lived intangible assets are performed on a periodic basis and when events and circumstances warrant.

~~Table~~At fiscal year end 2025, we had four reporting units, all of ~~Contents~~which contained goodwill. There were two reporting units in both the Transportation Solutions and Industrial Solutions segments. When changes occur in the composition of one or more reporting units, goodwill is reassigned to the reporting units affected based on their relative fair values.

Intangible assets include both indeterminable-lived residual goodwill and determinable-lived identifiable intangible assets. Intangible assets with determinable lives primarily include intellectual property, consisting of patents, trademarks, and unpatented technology, and customer relationships. Recoverability estimates range from 1 to 50 years and costs are generally amortized on a straight-line basis. Evaluations of the remaining useful lives of determinable-lived intangible assets are performed on a periodic basis and when events and circumstances warrant.

At fiscal year end 2024, we had five reporting units, all of which contained goodwill. There were two reporting units in both the Transportation Solutions and Industrial Solutions segments and one reporting unit in the Communications Solutions segment. When changes occur in the composition of one or more reporting units, goodwill is reassigned to the reporting units affected based on their relative fair values.

Research and Development

Research and development expenditures are expensed when incurred and are included in research, development, and engineering expenses on the Consolidated Statements of Operations. Research and development expenses include salaries, direct costs incurred, and building and overhead expenses. The amounts expensed in fiscal ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023 were $~~621~~699 million, $~~593~~621 million, and $~~610~~593 million, respectively.

Income Taxes

Income taxes are computed in accordance with the provisions of ASC 740, Income Taxes. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected on the Consolidated Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book and tax bases of particular assets and liabilities and operating loss carryforwards using tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is provided to offset deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The calculation of our tax liabilities includes estimates for uncertainties in the application of complex tax regulations across multiple global jurisdictions where we conduct our operations. Under the uncertain tax position provisions of ASC 740, we recognize liabilities for tax and related interest for issues in tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes and related interest will be due. These tax liabilities and related interest are reflected net of the impact of related tax loss carryforwards, as such tax loss carryforwards will be applied against these tax liabilities and will reduce the amount of cash tax payments due upon the eventual settlement with the tax authorities. These estimates may change due to changing facts and circumstances. Due to the complexity of these uncertainties, the ultimate resolution may result in a settlement that differs from our current estimate of the tax liabilities and related interest.68

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The calculation of our tax liabilities includes estimates for uncertainties in the application of complex tax regulations across multiple global jurisdictions where we conduct our operations. Under the uncertain tax position provisions of ASC 740, we recognize liabilities for tax and related interest for issues in tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes and related interest will be due. These tax liabilities and related interest are reflected net of the impact of related tax loss carryforwards, as such tax loss carryforwards will be applied against these tax liabilities and will reduce the amount of cash tax payments due upon the eventual settlement with the tax authorities. These estimates may change due to changing facts and circumstances. Due to the complexity of these uncertainties, the ultimate resolution may result in a settlement that differs from our current estimate of the tax liabilities and related interest.

Financial Instruments

Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, debt, and derivative financial instruments.

We account for derivative financial instrument contracts on the Consolidated Balance Sheets at fair value. For instruments not designated as hedges under ASC 815, Derivatives and Hedging, the changes in the instruments’ fair value are recognized currently in earnings. For instruments designated as cash flow hedges, the effective portion of changes in the fair value of a derivative is recorded in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the underlying hedged item affects earnings. Amounts excluded from the hedging relationship are recognized currently in earnings. Changes in the fair value of instruments designated as fair value hedges affect the carrying value of the asset or liability hedged, with changes in both the derivative instrument and the hedged asset or liability being recognized currently in earnings. Changes in the fair value of instruments designated as hedges of net investment are recorded in currency translation, a component of accumulated other comprehensive income (loss).

We determine the fair value of our financial instruments using methods and assumptions that are based on market conditions and risks existing at each balance sheet date. Standard market conventions are used to determine the fair value of financial instruments, including derivatives.

The cash flows related to derivative financial instruments are reported in the operating activities section of the Consolidated Statements of Cash Flows.

Our derivative financial instruments present certain market and counterparty risks. Concentration of counterparty risk is mitigated, however, by our use of financial institutions worldwide, substantially all of which have long-term S&P, Moody’s, and/or Fitch credit ratings of A/A2 or higher. In addition, we utilize only conventional derivative financial instruments. We are exposed to potential losses if a counterparty fails to perform according to the terms of its agreement. With respect to counterparty net asset positions recognized at fiscal year end ~~2024~~2025, we have assessed the likelihood of counterparty default as remote. We currently provide guarantees from a wholly-owned subsidiary to the counterparties to our commodity swap derivatives. The likelihood of performance on the guarantees has been assessed as remote. For all other derivative financial instruments, we are not required to provide, nor do we require counterparties to provide, collateral or other security.

Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures, specifies a fair value hierarchy based upon the observable inputs utilized in valuation of certain assets and liabilities. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. Fair value measurements are classified under the following hierarchy:

●

Level 1—Quoted prices in active markets for identical assets and liabilities.

●

Level 2—Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

●

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flows methodologies, and similar techniques that use significant unobservable inputs.

Derivative financial instruments measured at fair value on a recurring basis are generally valued using level 2 inputs.

Financial instruments other than derivative instruments include cash and cash equivalents, accounts receivable, accounts payable, and debt. These instruments are recorded on the Consolidated Balance Sheets at book value. For cash and cash equivalents, accounts receivable, and accounts payable, we believe book value approximates fair value due to the short-term nature of these instruments. See Note 10 for disclosure of the fair value of debt. The following is a description of the valuation methodologies used for the respective financial instruments:

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●

Cash and cash equivalents—Cash and cash equivalents are valued at book value, which we consider to be equivalent to unadjusted quoted prices (level 1).

●

Accounts receivable—Accounts receivable are valued based on the net value expected to be realized. The net realizable value generally represents an observable contractual agreement (level 2).

●

Accounts payable—Accounts payable are valued based on the net value expected to be paid, generally supported by an observable contractual agreement (level 2).

●

Debt—The fair value of debt, including both current and non-current maturities, is derived from quoted market prices or other pricing determinations based on the results of market approach valuation models using observable market data such as recently reported trades, bid and offer information, and benchmark securities (level 2).

Pension Plans

The funded status of our defined benefit pension plans is recognized on the Consolidated Balance Sheets and is measured as the difference between the fair value of plan assets and the projected benefit obligation at the measurement date. The projected benefit obligation represents the actuarial present value of benefits projected to be paid upon retirement factoring in estimated future compensation levels. The fair value of plan assets represents the current market value of cumulative company and participant contributions made to irrevocable trust funds, held for the sole benefit of participants, which are invested by the trustees of the funds. The benefits under our defined benefit pension plans are based on various factors, such as years of service and compensation.

The measurement of benefit obligations and net periodic benefit cost is based on estimates and assumptions determined by our management. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age, and years of service, as well as certain assumptions, including estimates of discount rates, expected returns on plan assets, rates of compensation increases, interest crediting rates, and mortality rates.

Share-Based Compensation

We determine the fair value of share awards on the date of grant. Share options are valued using the Black-Scholes-Merton valuation model; restricted share awards and performance awards are valued using our end-of-day share price on the date of grant. The fair value is expensed ratably over the expected service period, with an allowance made for estimated forfeitures based on historical employee activity. Estimates regarding the attainment of performance criteria are reviewed periodically; the cumulative impact of a change in estimate regarding the attainment of performance criteria is recorded in the period in which that change is made.

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Earnings Per Share

Basic earnings per share is computed by dividing net income by the basic weighted-average number of ~~common~~ordinary shares outstanding. Diluted earnings per share is computed by dividing net income by the weighted-average number of ~~common~~ordinary shares outstanding adjusted for the potentially dilutive impact of share-based compensation arrangements.

Leases

We account for leases in accordance with of ASC 842, Leases. We have facility, land, vehicle, and equipment leases that expire at various dates. We determine if a contract qualifies as a lease at inception. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The right to control the use of an asset includes the right to obtain substantially all of the economic benefits of the identified asset and the right to direct the use of the identified asset.

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Lease right-of-use (“ROU”) assets and lease liabilities are recognized at the commencement date of the lease based on the present value of remaining lease payments over the lease term. Lease ROU assets represent our right to use the underlying assets for the lease term and lease liabilities represent the obligation to make lease payments arising from the leases. We do not recognize ROU assets or lease liabilities that arise from short-term leases. Since our lease contracts do not contain a readily determinable implicit rate, we determine a fully-collateralized incremental borrowing rate that reflects a similar term to the lease and the economic environment of the applicable country or region in which the asset is leased.

We have elected to account for fixed lease and non-lease components in our real estate leases as a single lease component; other leases generally do not contain non-lease components. The non-lease components in our real estate leases include logistics services, warehousing, and other operational costs. Many of these costs are variable, fluctuating based on services provided, such as pallets shipped in and out of a location or square footage of space occupied. These costs, and any other variable rental costs, are excluded from our ROU assets and lease liabilities and are expensed as incurred. Some of our leases may include options to either renew or early terminate the lease. The exercise of these options is generally at our sole discretion and would only occur if there is an economic, financial, or business reason to do so. Such options are included in the lease term if we determine it is reasonably certain they will be exercised.

Currency Translation

For our non-U.S. dollar functional currency subsidiaries, assets and liabilities are translated into U.S. dollars using fiscal year end exchange rates. Sales and expenses are translated at average monthly exchange rates. Foreign currency translation gains and losses are included as a component of accumulated other comprehensive income (loss) within equity. Gains and losses resulting from foreign currency transactions are included in earnings.

Restructuring Charges

Restructuring activities involve employee-related termination costs, facility exit costs, and asset impairments resulting from reductions-in-force, migration of facilities or product lines from higher-cost to lower-cost countries, or consolidation of facilities within countries. We recognize termination costs based on requirements established by severance policy, government law, or previous actions. Facility exit costs generally reflect the accelerated rent expense for ROU assets, expected lease termination costs, or costs that will continue to be incurred under the facility lease without future economic benefit to us. Restructuring activities often result in the disposal or abandonment of assets that require an acceleration of depreciation or impairment reflecting the excess of the assets’ carrying values over fair value.

The recognition of restructuring costs require that we make certain judgments and estimates regarding the nature, timing, and amount of costs associated with the planned exit activity. To the extent our actual results differ from our estimates and assumptions, we may be required to revise the estimated liabilities, requiring the recognition of additional restructuring costs or the reduction of liabilities already recognized. At the end of each reporting period, we evaluate the ~~remaining accrued balances to ensure these balances are properly stated and the utilization of the reserves are for their intended purpose in accordance with developed exit plans.~~

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

remaining accrued balances to ensure these balances are properly stated and the utilization of the reserves are for their intended purpose in accordance with developed exit plans.

Contingent Liabilities

We record a loss contingency when the available information indicates it is probable that we have incurred a liability and the amount of the loss is reasonably estimable. When a range of possible losses with equal likelihood exists, we record the low end of the range. The likelihood of a loss with respect to a particular contingency is often difficult to predict, and determining a meaningful estimate of the loss or a range of loss may not be practicable based on information available. In addition, it is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information must continuously be evaluated to determine whether a loss is probable and a reasonable estimate of that loss can be made. When a loss is probable but a reasonable estimate cannot be made, or when a loss is at least reasonably possible, disclosure is provided.

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Recently Issued Accounting Pronouncements

In ~~November~~September ~~2024~~2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. ~~2024~~2025-0306, ~~Income Statement~~Intangibles—~~Reporting~~Goodwill ~~Comprehensive~~and ~~Income~~Other—~~Expense~~Internal-Use ~~Disaggregation~~Software ~~Disclosures~~ (Subtopic ~~220~~350-40): ~~Disaggregation~~Targeted ofImprovements ~~Income~~to ~~Statement~~the ~~Expenses~~Accounting for Internal-Use Software, to ~~improve~~simplify ~~disclosures~~accounting ~~about~~for ~~the~~internal-use ~~nature~~software ofcosts. ~~expenses~~The inupdate ~~commonly~~will ~~presented~~allow ~~financial~~for ~~statement~~capitalization ~~captions.~~of ~~The~~costs ~~amendments~~when ~~are~~management ~~effective~~authorizes ~~for~~and ~~our~~commits ~~fiscal~~to ~~2028~~funding ~~Annual~~a ~~Report~~project and ~~subsequent~~it ~~interim~~is ~~periods;~~probable ~~however,~~that ~~early~~the ~~adoption~~project iswill ~~permitted.~~be ~~The~~completed ~~amendments~~and ~~can~~the software will be ~~applied~~used ~~either~~as ~~prospectively~~intended. orThe ~~retrospectively~~amendments toare ~~all~~effective ~~periods~~for ~~presented~~us in ~~the~~fiscal ~~financial~~2029; ~~statements~~however, early adoption is permitted. We are currently assessing the impact that adoption will have on our Consolidated Financial Statements.

In ~~March~~November 2024, the ~~U.S.~~FASB ~~Securities and Exchange Commission (“SEC”)~~ issued ~~its~~ASU ~~final~~No. ~~climate disclosure rules~~2024-03, ~~The~~Income ~~Enhancement~~Statement—Reporting ~~and~~Comprehensive ~~Standardization~~Income—Expense ofDisaggregation ~~Climate-Related~~ Disclosures ~~for~~(Subtopic ~~Investors, which require all registrants to provide certain climate~~220-~~related~~40): ~~information~~Disaggregation ~~in their registration statements and annual reports. The rules require disclosure~~ of, ~~among~~Income ~~other~~Statement ~~things~~Expenses, ~~material climate-related risks, activities~~ to ~~mitigate~~improve ordisclosures ~~adapt~~about tothe ~~such~~nature ~~risks, governance and oversight~~ of ~~such~~expenses ~~risks, material climate targets and goals, and Scope 1 and/or Scope 2 greenhouse gas emissions, on a phased-~~in ~~basis,~~commonly ~~when~~presented ~~those emissions are material. In addition, the final rules require certain disclosures in the notes to the~~ financial ~~statements,~~statement ~~including the effects of severe weather events and other natural conditions~~captions. The ~~rules~~amendments are effective for usour onfiscal a2028 ~~phased-in~~Annual ~~timeline~~Report ~~starting~~and insubsequent ~~fiscal~~interim ~~2026~~periods; however, inearly ~~April~~adoption ~~2024,~~is ~~the~~permitted. ~~SEC~~The ~~issued~~amendments ancan ~~order~~be toapplied ~~voluntarily~~either ~~stay~~prospectively ~~its~~or ~~final~~retrospectively ~~climate~~to ~~rules~~all ~~pending~~periods ~~the~~presented ~~completion~~in ~~of judicial review thereof by~~ the ~~U.S.~~financial ~~Court of Appeals for the Eighth Circuit~~statements. We are currently assessing the impact ofthat ~~the~~adoption ~~rules~~will have on our Consolidated Financial Statements.

In ~~December~~March ~~2023~~2024, the ~~FASB~~U.S. Securities and Exchange Commission (“SEC”) issued ~~ASU~~its ~~No.~~final ~~2023-09,~~climate ~~Income~~disclosure ~~Taxes~~rules, ~~(Topic~~The ~~740):~~Enhancement ~~Improvement~~and toStandardization ~~Income~~of ~~Tax~~Climate-Related Disclosures for Investors, which require all registrants to ~~enhance~~provide ~~the~~certain ~~transparency~~climate-related information in their registration statements and ~~decision~~annual ~~usefulness~~reports. The rules require disclosure of, ~~income~~among ~~tax~~other ~~disclosures~~things, ~~through~~material ~~improvements~~climate-related risks, activities to mitigate or adapt to such risks, governance and oversight of such risks, material climate targets and goals, and Scope 1 and/or Scope 2 greenhouse gas emissions, on a phased-in basis, when those emissions are material. In addition, the final rules require certain disclosures ~~related~~in ~~primarily~~the notes to the ~~rate~~financial ~~reconciliation~~statements, ~~and~~including ~~income~~the ~~taxes~~effects ~~paid~~of ~~information~~severe weather events and other natural conditions. The ~~amendments~~rules are effective for us on a phased-in timeline starting in fiscal 2026; however, ~~early~~in ~~adoption~~April is2024, ~~permitted~~the SEC issued an order to voluntarily stay its final climate rules. We ~~are~~continue ~~currently~~to ~~assessing~~monitor developments pertaining to the ~~impact~~rules ~~that~~and ~~adoption~~any ~~will~~potential ~~have~~impacts on our Consolidated Financial Statements.

In ~~November~~December 2023, the FASB issued ASU No. 2023-0709, ~~Segment~~Income ~~Reporting~~Taxes (Topic ~~280~~740): Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures, ~~which~~to ~~updates~~enhance ~~reportable~~the ~~segment~~transparency ~~disclosure~~and ~~requirements~~decision ~~primarily~~usefulness ~~through~~of ~~enhanced~~income tax disclosures ~~about~~through ~~significant~~improvements ~~segment~~to ~~expenses.~~disclosures ~~The~~related ~~amendments~~primarily ~~are~~to ~~effective~~the ~~for~~rate ~~our~~reconciliation ~~fiscal 2025 Annual Report~~ and ~~subsequent~~income ~~interim~~taxes ~~periods;~~paid ~~however, early adoption is permitted~~information. The amendments ~~should~~are beeffective ~~applied~~for ~~retrospectively~~us ~~to all periods presented~~ in ~~the~~fiscal ~~financial statements~~2026. We are currently assessing the impact that adoption will have on our Consolidated Financial Statements.

Recently Adopted Accounting Pronouncement

In ~~September~~November ~~2022~~2023, the FASB issued ASU No. ~~2022~~2023-0407, ~~Liabilities—Supplier~~Segment ~~Finance~~Reporting ~~Programs~~ (~~Subtopic~~Topic ~~405-50~~280): ~~Disclosure~~Improvements ofto ~~Supplier~~Reportable ~~Finance~~Segment ~~Program Obligations~~Disclosures, towhich ~~enhance~~updates ~~transparency~~reportable ~~and~~segment ~~introduce~~disclosure ~~new~~requirements ~~disclosures~~primarily ~~related~~through toenhanced andisclosures ~~entity’s~~about ~~use~~significant ofsegment ~~supplier finance programs in connection with the purchase of goods and services~~expenses. ~~The~~We ~~ASU~~adopted ~~requires~~this usupdate, ason a ~~buyer~~retrospective ~~in a supplier finance program~~basis, tofor ~~disclose~~our ~~the~~fiscal ~~key~~2025 ~~terms~~Annual ~~of the program, the amount of obligations outstanding, the balance sheet presentation of such amounts, and a rollforward of the obligation activity during the annual period~~Report. ~~We adopted this update in the first quarter of fiscal 2024.~~ Adoption did not have a material impact on our Consolidated Financial Statements. See Note 1220 for additional information regarding our ~~supply~~reportable ~~chain finance program~~segments.

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

3. Restructuring and Other Charges, Net

Net restructuring and other charges consisted of the following:


	Fiscal
	~~2024~~2025		~~2023~~2024		~~2022~~2023
	(in millions)
Restructuring charges, net	$	~~144~~113	$	~~260~~144	$	~~137~~260
(Gain) loss on divestitures and impairment of held for sale businesses, net		(10)		77		4
(Gain) loss on divestitures and impairment of held for sale business, net		(1)		(10)		77
Costs related to change in place of incorporation		2011		—20		—
Other charges, net		123		312		—3
Restructuring and other charges, net	$	~~166~~126	$	~~340~~166	$	~~141~~340

Restructuring Charges, Net

Net restructuring ~~and related~~ charges by segment were as follows:


	Fiscal
	~~2024~~2025		~~2023~~2024		~~2022~~2023
	(in millions)
Transportation Solutions	$	6269	$	~~145~~62	$	80145
Industrial Solutions		6044		7082		34115
Communications Solutions		22		45		23
Restructuring charges, net	$	113	$	144	$	260
Restructuring charges, net		144		260		137
Plus: charges included in cost of sales(1)		—		—		16
Restructuring and related charges, net	$	144	$	260	$	153

~~(1) Charges included in cost of sales were attributable to inventory-related charges within the Industrial Solutions segment.~~

7173

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Activity in our restructuring reserves was as follows:


	Balance at												Balance at
	Beginning										Currency		End
	of Fiscal				Changes in		Cash		Non-Cash		~~Currency~~Translation		of Fiscal
	Year		Charges		Estimate		Payments		Items		~~Translation~~and Other		Year
	(in millions)
Fiscal 2025 Activity:
Fiscal 2025 Actions:
Employee severance	$	—	$	93	$	—	$	(24)	$	—	$	6	$	75
Property, plant, and equipment		—		3		—		—		(3)		—		—
Total		—		96		—		(24)		(3)		6		75
Fiscal 2024 Actions:
Employee severance		72		2		(4)		(42)		—		—		28
Property, plant, and equipment		—		1		2		—		(3)		—		—
Total		72		3		(2)		(42)		(3)		—		28
Fiscal 2023 Actions:
Employee severance		116		2		(25)		(52)		—		(1)		40
Facility and other exit costs		—		2		—		(4)		—		2		—
Total		116		4		(25)		(56)		—		1		40
Pre-Fiscal 2023 Actions:
Employee severance		70		9		26		(73)		—		(2)		30
Facility and other exit costs		15		6		(4)		(12)		—		(1)		4
Total		85		15		22		(85)		—		(3)		34
Total fiscal 2025 activity	$	273	$	118	$	(5)	$	(207)	$	(6)	$	4	$	177
Fiscal 2024 Activity:
Fiscal 2024 Actions:
Employee severance	$	—	$	79	$	—	$	(9)	$	—	$	2	$	72
Property, plant, and equipment		—		7		—		—		(7)		—		—
Total		—		86		—		(9)		(7)		2		72
Fiscal 2023 Actions:
Employee severance		187		18		(16)		(79)		—		6		116
Facility and other exit costs		2		7		—		(9)		—		—		—
Property, plant, and equipment		—		13		—		—		(13)		—		—
Total		189		38		(16)		(88)		(13)		6		116
Fiscal 2022 Actions:
Pre-Fiscal 2023 Actions:
Employee severance		52127		516		6(4)		(5374)		—		35		1370
Facility and other exit costs		—4		818		10		(1017)		—		—		815
Property, plant, and equipment		—		(2)		(2)		—		4		—		—
Total		52131		1132		144		(6391)		4		35		2185
Pre-Fiscal 2022 Actions:
Employee severance		75		11		(10)		(21)		—		2		57
Facility and other exit costs		4		10		—		(7)		—		—		7
Total		79		21		(10)		(28)		—		2		64
Total fiscal 2024 activity	$	320	$	156	$	(12)	$	(188)	$	(16)	$	13	$	273
Fiscal 2023 Activity:
Fiscal 2023 Actions:
Employee severance	$	—	$	238	$	—	$	(50)	$	—	$	(1)	$	187
Facility and other exit costs		—		3		—		(1)		—		—		2
Property, plant, and equipment		—		6		—		—		(6)		—		—
Total		—		247		—		(51)		(6)		(1)		189
Fiscal 2022 Actions:
Pre-Fiscal 2023 Actions:
Employee severance		~~108~~220		713		(78)		(61110)		—		512		52127
Facility and other exit costs		18		7		26		(1017)		—		—		—4
Property, plant, and equipment		—		3		—(8)		—		~~(3)~~5		—		—
Total		~~109~~228		1723		(510)		(71127)		~~(3)~~5		512		52131
Pre-Fiscal 2022 Actions:
Employee severance		112		6		(1)		(49)		—		7		75
Facility and other exit costs		7		—		4		(7)		—		—		4
Property, plant, and equipment		—		—		(8)		—		8		—		—
Total		119		6		(5)		(56)		8		7		79
Total fiscal 2023 activity	$	228	$	270	$	(10)	$	(178)	$	(1)	$	11	$	320
Fiscal 2022 Activity:
Fiscal 2022 Actions:
Employee severance	$	—	$	126	$	—	$	(15)	$	—	$	(3)	$	108
Facility and other exit costs		—		2		—		(1)		—		—		1
Property, plant, and equipment and other non-cash charges		—		33		—		—		(33)		—		—
Total		—		161		—		(16)		(33)		(3)		109
Pre-Fiscal 2022 Actions:
Employee severance		287		2		(25)		(124)		—		(28)		112
Facility and other exit costs		17		13		(2)		(20)		—		(1)		7
Property, plant, and equipment		—		7		(3)		—		(4)		—		—
Total		304		22		(30)		(144)		(4)		(29)		119
Total fiscal 2022 activity	$	304	$	183	$	(30)	$	(160)	$	(37)	$	(32)	$	228

7274

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Fiscal 2025 Actions

During fiscal 2025, we initiated a restructuring program associated with footprint consolidation and cost structure improvements in both of our segments. In connection with this program, we recorded restructuring charges of $96 million during fiscal 2025. We expect to complete all restructuring actions commenced during fiscal 2025 by the end of fiscal 2032 and to incur additional charges of approximately $13 million related primarily to facility exit costs in the Industrial Solutions segment.

Fiscal 2024 Actions

During fiscal 2024, we initiated a restructuring program to optimize our manufacturing footprint and improve the cost structure of the organization~~, primarily in the Industrial Solutions and Transportation Solutions segments~~. In connection with this program, during fiscal 2025 and 2024, we recorded net restructuring charges of $861 million ~~during~~and ~~fiscal~~$86 ~~2024~~million, respectively. We expect ~~to complete all restructuring actions commenced during fiscal 2024 by the end of fiscal 2025 and anticipate that~~ additional charges related to fiscal 2024 actions will be insignificant.

Fiscal 2023 Actions

During fiscal 2023, we initiated a restructuring program associated with cost structure improvements across ~~all~~our segments. In connection with this program, during fiscal 2025, 2024, and 2023, we recorded net restructuring credits of $21 million, charges of $22 million, and charges of $247 million, respectively. We expect that any additional charges related to fiscal 2023 actions will be insignificant. Credits in fiscal 2025 are primarily administrative adjustments to multi-wave actions that spanned the fiscal 2023 and pre-fiscal 2023 periods.

The following table summarizes cumulative charges incurred for the fiscal 2023 program by segment as of fiscal year end ~~2024~~2025:


	Cumulative
	Charges
	Incurred
	(in millions)
Transportation Solutions	$	~~142~~122
Industrial Solutions		92126
Communications Solutions		35
Total	$	248
Total	$	269

Pre-Fiscal ~~2022~~2023 Actions

During fiscal ~~2022~~2025, ~~we initiated a restructuring program associated with footprint consolidation and cost structure improvements across all segments. In connection with this program, during fiscal~~ 2024, ~~2023,~~ and ~~2022~~2023, we recorded net restructuring charges of $2537 million, ~~net restructuring charges of~~ $1236 million, and ~~restructuring~~$13 ~~and~~million, respectively, related ~~charges~~to ofpre-fiscal ~~$161~~2023 ~~million, respectively~~actions. We expect that any additional charges related to ~~fiscal~~restructuring ~~2022~~ actions commenced prior to fiscal 2023 will be insignificant. Charges in fiscal 2025 are primarily administrative adjustments to multi-wave actions that spanned the fiscal 2023 and pre-fiscal 2023 periods.

The following table summarizes cumulative charges incurred for the fiscal 2022 program by segment as of fiscal year end 2024:


	Cumulative
	Charges
	Incurred
	(in millions)
Transportation Solutions	$	119
Industrial Solutions		51
Communications Solutions		28
Total	$	198

Pre-Fiscal 2022 Actions

During fiscal 2024, 2023, and 2022, we recorded net restructuring charges of $11 million, charges of $1 million, and credits of $8 million, respectively, related to pre-fiscal 2022 actions. We expect that any additional charges related to restructuring actions commenced prior to fiscal 2022 will be insignificant.

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Total Restructuring Reserves

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


	Fiscal Year End
	~~2024~~2025		~~2023~~2024
	(in millions)
Accrued and other current liabilities	$	~~233~~163	$	~~240~~233
Other liabilities		4014		8040
Restructuring reserves	$	~~273~~177	$	~~320~~273

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Divestitures

During fiscal 2024, we sold one business for net cash proceeds of $59 million. In connection with the divestiture, we recorded a pre-tax gain on sale of $10 million. Additionally, during fiscal 2023, we recorded a pre-tax impairment charge of $68 million when the business was reclassified to held for sale. ~~The~~Prior ~~business~~to ~~sold~~divestiture, the business was reported in our Transportation Solutions segment.

We sold three businesses for net cash proceeds of $48 million during fiscal 2023. In connection with the divestitures, we recorded pre-tax impairment charges and a net pre-tax loss on sales, which totaled to a net charge of $9 million. ~~Additionally,~~Prior ~~during~~to ~~fiscal 2022~~divestiture, ~~we recorded pre-tax impairment charges of $14 million when~~ the businesses were ~~reclassified to held for sale. The businesses sold were~~ reported in our Industrial Solutions segment.

During fiscal 2022, we sold two businesses for net cash proceeds of $16 million and recognized a net pre-tax gain on sales of $10 million. The businesses sold were reported in our Transportation Solutions and Industrial Solutions segments.

Change in Place of Incorporation

4. Acquisitions

~~During~~Richards ~~the~~Manufacturing ~~quarter ended December 29, 2023, we acquired approximately 98~~Co.7% of the outstanding shares of Schaffner Holding AG (“Schaffner”), a leader in electromagnetic solutions based in Switzerland, for CHF 505.00 per share in cash for a purchase price of CHF 294 million (equivalent to $339 million), net of cash acquired. As a result of the transaction, we recognized a noncontrolling interest with a fair value of $5 million as of the acquisition date. The acquired business has been reported as part of our Industrial Solutions segment from the date of acquisition. Our valuation of identifiable intangible assets, assets acquired, and liabilities assumed is currently in process; therefore, the current allocation is subject to adjustment upon finalization of the valuations. The amount of these potential adjustments could be significant. During the quarter ended June 28, 2024, we completed a squeeze-out of the remaining minority shareholders for $5 million and the Schaffner shares were delisted from the SIX Swiss Exchange.

WeOn April 1, 2025, we acquired ~~one~~100% ~~business~~of ~~for~~Richards Manufacturing Co. (“Richards Manufacturing”), a ~~cash~~U.S.-based ~~purchase~~producer ~~price~~of overhead and underground electrical and gas distribution products, for cash of approximately $~~110~~2.3 ~~million~~billion, net of cash acquired~~, during fiscal 2023~~. The acquired business has been reported as part of the energy business within our Industrial Solutions segment from the date of acquisition.

WeThe ~~acquired~~Richards ~~three~~Manufacturing ~~businesses~~acquisition ~~for~~was aaccounted ~~combined~~for ~~cash~~under ~~purchase~~the ~~price~~provisions of ~~$245~~ASC ~~million~~805, ~~net~~Business ofCombinations. ~~cash~~We ~~acquired,~~have ~~during~~preliminarily ~~fiscal~~allocated ~~2022.~~the ~~The~~purchase price to tangible and identifiable intangible assets acquired ~~businesses~~and ~~have~~liabilities ~~been~~assumed ~~reported~~based ason ~~part~~their ofestimated ~~our~~fair ~~Communications~~values. ~~Solutions~~We ~~segment~~are ~~from~~in the ~~date~~process of ~~acquisition.~~completing ~~During~~the ~~fiscal~~valuation ~~2022~~of identifiable intangible assets, wefixed ~~finalized~~assets, and pre-acquisition contingencies and, therefore, the ~~purchase~~fair ~~price~~values ~~allocation~~set offorth ~~certain~~below ~~fiscal~~are ~~2021~~subject ~~acquisitions,~~to ~~which~~adjustment ~~included~~upon finalizing the ~~recognition~~valuations. The amount of ~~$25~~these ~~million~~potential ofadjustments ~~cash~~could ~~acquired,~~be ~~and~~significant. We expect to complete the ~~associated~~purchase ~~goodwill~~price ~~was~~allocation ~~reduced~~during the third quarter of fiscal 2026.

74The following table summarizes the preliminary allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed at the date of acquisition, in accordance with the acquisition method of accounting:


	(in millions)
Cash and cash equivalents	$	41
Accounts receivable		47
Inventories		165
Other current assets		6
Property, plant, and equipment		62
Goodwill		1,028
Intangible assets		1,120
Other noncurrent assets		4
Total assets acquired		2,473
Accounts payable		18
Other current liabilities		14
Deferred income taxes		87
Other noncurrent liabilities		6
Total liabilities assumed		125
Net assets acquired		2,348
Cash and cash equivalents acquired		(41)
Net cash paid	$	2,307

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The fair values assigned to intangible assets were preliminarily determined through the use of the income approach, specifically the relief from royalty and the multi-period excess earnings methods. Both valuation methods rely on management judgment, including expected future cash flows resulting from existing customer relationships, customer attrition rates, contributory effects of other assets utilized in the business, peer group cost of capital and royalty rates, and other factors. The valuation of tangible assets was derived using a combination of the income, market, and cost approaches. Significant judgments used in valuing tangible assets include estimated selling prices, costs to complete, and reasonable profit. Useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to future cash flows.

Intangible assets acquired consisted of the following:


			Weighted-Average
			Amortization
		Amount	Period
	(in millions)		(in years)
Customer relationships	$	1,000	20
Developed technology		90	16
Trade names and trademarks		30	10
Total	$	1,120	19

The acquired intangible assets are being amortized on a straight-line basis over their expected useful lives.

Goodwill of $1,028 million was recognized in the transaction, representing the excess of the purchase price over the fair value of the tangible and intangible assets acquired and liabilities assumed. This goodwill is attributable primarily to cost savings and other synergies related to operational efficiencies including the consolidation of manufacturing, marketing, and general and administrative functions. The goodwill has been allocated to the Industrial Solutions segment and approximately $600 million is deductible primarily for U.S. tax purposes through fiscal 2040.

During fiscal 2025, Richards Manufacturing contributed net sales of $179 million and operating income of $5 million to our Consolidated Statement of Operations. The operating income included acquisition costs of $25 million, charges of $7 million associated with the amortization of acquisition-related fair value adjustments related to acquired inventories, and integration costs of $3 million.

Pro Forma Financial Information

The following unaudited pro forma financial information reflects our consolidated results of operations had the Richards Manufacturing acquisition occurred at the beginning of fiscal 2024:


	Fiscal
	2025		2024

	(in millions, except
	per share data)
Net sales	$	17,444	$	16,193
Net income		1,844		3,155
Diluted earnings per share	$	6.17	$	10.21

The pro forma financial information is based on our preliminary allocation of the purchase price and therefore subject to adjustment upon finalizing the purchase price allocation. The significant pro forma adjustments, which are described below, are net of income tax expense (benefit) at the statutory rate.

Pro forma results for fiscal 2025 were adjusted to exclude $19 million of acquisition costs. Pro forma results for fiscal 2025 were also adjusted to include $39 million of interest expense based on pro forma changes in our capital structure and $17 million of charges related to the amortization of the fair value of acquired intangible assets.

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Pro forma results for fiscal 2024 were adjusted to include $56 million of interest expense based on pro forma changes in our capital structure, $34 million of charges related to the amortization of the fair value of acquired intangible assets, $19 million of acquisition costs, and $8 million of charges related to the fair value adjustment to acquisition-date inventories.

Pro forma results do not include any anticipated synergies or other anticipated benefits of the acquisition. Accordingly, the unaudited pro forma financial information is not necessarily indicative of either future results of operations or results that might have been achieved had the Richards Manufacturing acquisition occurred at the beginning of fiscal 2024.

Other Acquisitions

We acquired two additional businesses for a combined cash purchase price of $321 million, net of cash acquired, during fiscal 2025. The acquired businesses have been reported as part of our Industrial Solutions segment from the date of acquisition. Our valuation of identifiable intangible assets, assets acquired, and liabilities assumed is currently in process; therefore, the current allocation is subject to adjustment upon finalization of the valuations. The amount of these potential adjustments could be significant.

During the quarter ended December 29, 2023, we acquired approximately 98.7% of the outstanding shares of Schaffner Holding AG (“Schaffner”), a leader in electromagnetic solutions based in Switzerland, for CHF 505.00 per share in cash for a purchase price of CHF 294 million (equivalent to $339 million), net of cash acquired. The acquired business has been reported as part of our Industrial Solutions segment from the date of acquisition. During the quarter ended June 28, 2024, we completed a squeeze-out of the remaining minority shareholders for $5 million and the Schaffner shares were delisted from the SIX Swiss Exchange.

5. Inventories

Inventories consisted of the following:


	Fiscal Year End
	~~2024~~2025		~~2023~~2024
	(in millions)
Raw materials	$	~~328~~420	$	~~367~~328
Work in progress		1,~~063~~078		1,~~185~~063
Finished goods		1,~~126~~201		1,~~000~~126
Inventories	$	2,~~517~~699	$	2,~~552~~517

6. Property, Plant, and Equipment, Net

Net property, plant, and equipment consisted of the following:


	Fiscal Year End
	~~2024~~2025		~~2023~~2024
	(in millions)
Property, plant, and equipment, gross:
Land and improvements	$	~~120~~138	$	~~116~~120
Buildings and improvements		1,~~571~~692		1,~~438~~571
Machinery and equipment		89,~~931~~445		8,~~311~~931
Construction in process		~~659~~814		~~625~~659
		1112,~~281~~089		1011,~~490~~281
Accumulated depreciation		(7,~~378~~777)		(67,~~736~~378)
Property, plant, and equipment, net	$	34,~~903~~312	$	3,~~754~~903

~~Depreciation expense was $660 million, $607 million, and $593 million in fiscal 2024, 2023, and 2022, respectively.~~78

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Depreciation expense was $648 million, $660 million, and $607 million in fiscal 2025, 2024, and 2023, respectively.

7. Goodwill

The changes in the carrying amount of goodwill by segment were as follows(1):


	Transportation		Industrial		~~Communications~~
	Solutions		Solutions		~~Solutions~~Total		~~Total~~
	(in millions)
Balance at fiscal year end 2022(1)	$	1,439	$	3,118	$	701	$	5,258
Balance at fiscal year end 2023(2)	$	1,543	$	3,920	$	5,463
Acquisition		—		75180		—180		75
Currency translation and other		3941		70117		21158		~~130~~
Balance at fiscal year end 2023(1)		1,478		3,263		722		5,463
Balance at fiscal year end 2024(2)		1,584		4,217		5,801
Acquisition		—		180		—		180
Acquisitions and purchase accounting adjustments		—		1,227		1,227
Currency translation and other		41		95		22		158
Currency translation		25		73		98
Balance at fiscal year end 2024(1)	$	1,519	$	3,538	$	744	$	5,801
Balance at fiscal year end 2025(2)	$	1,609	$	5,517	$	7,126

(1) AtIn ~~fiscal~~connection ~~year~~with ~~end~~the ~~2024,~~reorganization ~~2023,~~of ~~and~~our ~~2022~~segments, ~~accumulated~~goodwill ~~impairment~~was ~~losses~~reallocated ~~for~~to ~~the~~reporting ~~Transportation~~units ~~Solutions,~~using ~~Industrial~~a ~~Solutions,~~relative ~~and~~fair ~~Communications~~value ~~Solutions~~approach. ~~segments~~See ~~were~~Notes ~~$3,091~~1 ~~million,~~and ~~$669~~20 ~~million,~~for ~~and~~additional ~~$489~~information ~~million,~~regarding ~~respectively~~our new segment structure.

~~During~~(2) At fiscal year end 2025, 2024, and 2023, weaccumulated ~~recognized~~impairment ~~goodwill~~losses offor ~~$180~~the ~~million~~Transportation Solutions and ~~$75 million, respectively, in the~~ Industrial Solutions ~~segment~~segments ~~connection~~were ~~with~~$3,091 ~~new~~million ~~acquisitions.~~and ~~See~~$1,158 ~~Note~~million, ~~4 for additional information regarding acquisitions~~respectively.

WeDuring fiscal 2025, we completed ~~our~~the ~~annual~~acquisition ~~goodwill~~of ~~impairment~~Richards ~~test~~Manufacturing inand ~~the~~recognized ~~fourth~~$1,028 ~~quarter~~million of goodwill which benefits the Industrial Solutions segment. During fiscal 2025 and 2024, we recognized goodwill of $199 million and ~~determined~~$180 ~~that~~million, norespectively, ~~impairment~~in ~~existed~~the Industrial Solutions segment in connection with other acquisitions. See Note 4 for additional information regarding acquisitions.

75We completed our annual goodwill impairment test in the fourth quarter of fiscal 2025 and determined that no impairment existed.

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8. Intangible Assets, Net

~~Intangible~~Net intangible assets consisted of the following:

~~2024~~Fiscal Year End

~~2023~~

2025

2024

Gross

Net

Gross

Net

Carrying

Accumulated

Carrying

Accumulated

Carrying

Amount

Amortization

Amount

Amortization

Amount

(in millions)

Customer relationships

13,~~901~~033

(~~948~~1,118)

~~953~~1,915

1,~~720~~901

(~~806~~948)

~~914~~953

Intellectual property

~~686~~727

(~~481~~430)

~~205~~297

~~1,186~~686

(~~938~~481)

~~248~~205

Other

(78)

1615

1923

(67)

1316

Total

23,~~610~~783

(1,~~436~~556)

12,~~174~~227

2,~~925~~610

(1,~~750~~436)

1,~~175~~174

During fiscal 2025, the gross carrying amount of intangible assets increased by $1,120 million as a result of the acquisition of Richards Manufacturing. Intangible asset amortization expense was $~~166~~190 million, $~~187~~166 million, and $~~192~~187 million for fiscal ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, respectively. ~~At fiscal year end 2024, the aggregate amortization expense on intangible assets is expected to be as follows:~~


	(in millions)
Fiscal 2025	$	164
Fiscal 2026		157
Fiscal 2027		138
Fiscal 2028		103
Fiscal 2029		96
Thereafter		516
Total	$	1,174

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

At fiscal year end 2025, the aggregate amortization expense on intangible assets is expected to be as follows:


	(in millions)
Fiscal 2026	$	227
Fiscal 2027		209
Fiscal 2028		172
Fiscal 2029		167
Fiscal 2030		157
Thereafter		1,295
Total	$	2,227

9. Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	Fiscal Year End
	~~2024~~2025		~~2023~~2024
	(in millions)
Accrued payroll and employee benefits	$	~~657~~787	$	~~577~~657
Dividends payable to shareholders		~~390~~209		~~368~~390
Restructuring reserves		~~233~~163		~~240~~233
Income taxes payable		~~113~~153		~~140~~113
Lease liability		~~128~~126		~~118~~128
Deferred revenue		58115		7458
Share repurchase program payable		—		71
Interest payable		62		27
Interest payable		27		28
Other		632		541
Other		541		602
Accrued and other current liabilities	$	2,247	$	2,147
Accrued and other current liabilities	$	2,147	$	2,218

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10. Debt

Debt was as follows:


	Fiscal Year End
	~~2024~~2025		~~2023~~2024
	(in millions)
Principal debt:
Commercial paper, at a weighted-average interest rate of 4.95% and 5.50%, respectively	$	255	$	330
Commercial paper, at a weighted-average interest rate of 4.95% at fiscal year end 2024	$	—	$	255
3.45% senior notes due 2024		—		350
0.00% euro-denominated senior notes due 2025		—		615
0.00% euro-denominated senior notes due 2025		615		582
4.50% senior notes due 2026		500		500
3.70% senior notes due 2026		350		350
3.125% senior notes due 2027		400		400
0.00% euro-denominated senior notes due 2029		615		582
2.50% euro-denominated senior notes due 2028		585		—
4.625% senior notes due 2030		350		—
0.00% euro-denominated senior notes due 2029		643		615
2.50% senior notes due in 2032		600		600
4.625% senior notes due 2030		350		350
4.50% senior notes due 2031		450		—
2.50% senior notes due 2032		600		600
3.25% euro-denominated senior notes due 2033		877		—
5.00% senior notes due 2035		450		—
7.125% senior notes due 2037		477		477
Other		7671		7576
		45,~~238~~753		4,~~246~~238
Unamortized discounts, premiums, and debt issuance costs, net		(3559)		(35)
Total debt	$	45,~~203~~694	$	4,~~211~~203

During fiscal 2024, Tyco Electronics Group S.A. (“TEGSA”), our wholly-owned subsidiary, issued $350 million aggregate principal amount of 4.625% senior notes due in February 2030. 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.80

~~TEGSA~~Table ~~entered into a new five-year unsecured senior revolving credit facility (“Credit Facility”) in April 2024 with aggregate commitments~~ of $1.5 billion, which refinanced and replaced in full TEGSA’s existing $1.5 billion five-year unsecured senior revolving credit facility (the “Replaced Credit Facility”). The Credit Facility matures in April 2029. TEGSA had no borrowings under the Credit Facility at fiscal year end 2024 or the Replaced Credit Facility at fiscal year end 2023.Contents

TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

During fiscal 2025, Tyco Electronics Group S.A. (“TEGSA”), our wholly-owned subsidiary, issued €500 million aggregate principal amount of 2.50% senior notes due in May 2028, $450 million aggregate principal amount of 4.50% senior notes due in February 2031, €750 million aggregate principal amount of 3.25% senior notes due in January 2033, and $450 million aggregate principal amount of 5.00% senior notes due in May 2035. The notes issued during fiscal 2025 are TEGSA’s unsecured senior obligations and rank equally in right of payment with all existing and any future senior indebtedness of TEGSA and senior to any subordinated indebtedness that TEGSA may incur.

TEGSA has a five-year unsecured senior revolving credit facility (“Credit Facility”) with a maturity date of April 2029 and aggregate commitments of $1.5 billion. The Credit Facility contains provisions that allow for incremental commitments of up to $500 million and borrowings in designated currencies. TEGSA had no borrowings under the Credit Facility at fiscal year end 2025 or 2024.

~~During~~Payment ~~fiscal~~obligations ~~2024,~~under TEGSA’s ~~payment obligations under its~~ senior notes, commercial paper, and Credit Facility ~~were~~are fully and unconditionally guaranteed on an unsecured basis by ~~its~~TEGSA’s ~~then~~ parent, TE Connectivity Switzerland Ltd., and, asits ~~of September 24~~parent, ~~2024, also by~~ TE Connectivity ~~Ltd~~plc.~~’s wholly-owned subsidiary, TE Connectivity Switzerland Ltd. As a result~~

77At fiscal year end 2025, principal payments required for debt were as follows:

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of our change in place of incorporation, such guarantees are provided by TE Connectivity plc and its wholly-owned subsidiary, TE Connectivity Switzerland Ltd., in fiscal 2025.

At fiscal year end 2024, principal payments required for debt are as follows:


	(in millions)
Fiscal 2025	$	872
Fiscal 2026	$	852
Fiscal 2026		852
Fiscal 2027		402
Fiscal 2028		—585
Fiscal 2029		~~615~~643
Thereafter		1,497
Fiscal 2030		350
Total	$	4,238
Thereafter		2,921
Total	$	5,753

The fair value of our debt, based on indicative valuations, was approximately $45,~~190~~725 million and $34,~~974~~190 million at fiscal year end ~~2024~~2025 and ~~2023~~2024, respectively.

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

11. Leases

The components of lease cost were as follows:


	Fiscal
	~~2024~~2025		~~2023~~2024		~~2022~~2023
	(in millions)
Operating lease cost	$	~~134~~145	$	~~129~~134	$	~~131~~129
Variable lease cost		5357		5553		5255
Total lease cost	$	~~187~~202	$	~~184~~187	$	~~183~~184

Amounts recognized on the Consolidated Balance Sheets were as follows:


	Fiscal Year End
	~~2024~~2025			~~2023~~2024
	($ in millions)
Operating lease ROU assets:
Other assets	$	~~433~~479		$	~~390~~433
Operating lease liabilities:
Accrued and other current liabilities	$	~~128~~126		$	~~118~~128
Other liabilities		~~313~~365			~~280~~313
Total operating lease liabilities	$	~~441~~491		$	~~398~~441

Weighted-average remaining lease term (in years)		5.57			5.05
Weighted-average discount rate		3.4	%		3.04	%

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


	Fiscal
	~~2024~~2025		~~2023~~2024		~~2022~~2023
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases(1)	$	~~141~~148	$	~~127~~141	$	~~122~~127

ROU assets, including modifications of existing leases, obtained in exchange for operating lease liabilities		~~180~~183		~~106~~180		~~135~~106

(1)

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

78At fiscal year end 2025, the maturities of operating lease liabilities were as follows:

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At fiscal year end 2024, the maturities of operating lease liabilities were as follows:


	(in millions)
Fiscal 2025	$	128
Fiscal 2026	$	126
Fiscal 2026		103
Fiscal 2027		107
Fiscal 2027		72
Fiscal 2028		86
Fiscal 2028		53
Fiscal 2029		62
Fiscal 2029		36
Fiscal 2030		50
Thereafter		94117
Total lease payments		~~486~~548
Less: interest		(4557)
Present value of lease liabilities	$	~~441~~491

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

12. Commitments and Contingencies

Legal Proceedings

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 have also been contacted by the U.S. Department of Justice concerning certain aspects of the BIS matters. During the quarter ended September 27, 2024, we concluded our open matters with BIS, with our settlement including the payment of a penalty of approximately $6 million. We are cooperating with the DDTC in its ongoing investigation. We are unable to predict the timing and final outcome of the agency’s investigation. 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 investigation into these matters has yet to be completed and the final outcome of such investigation 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 fiscal year end ~~2024~~2025, we concluded that we would incur investigation and remediation costs at these sites in the reasonably possible range of $1718 million to $4344 million, and we accrued $2123 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

79At fiscal year end 2025, we had outstanding letters of credit, letters of guarantee, and surety bonds of $219 million.

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At fiscal year end 2024, we had outstanding letters of credit, letters of guarantee, and surety bonds of $186 million, including letters of credit of $22 million associated with our divestiture of the Subsea Communications business. In addition, at fiscal year end 2024, we had $23 million of performance guarantees associated with the divestiture. We contractually agreed to continue to honor letters of credit and performance guarantees related to the business’ projects that existed as of the date of sale; however, based on historical experience, we do not anticipate having to perform on these guarantees.

Supply Chain Finance Program

We have an agreement with a financial institution that allows participating suppliers the ability to finance payment obligations. The financial institution has separate arrangements with the suppliers and provides them with the option to request early payment for invoices. We do not determine the terms or conditions of the arrangement between the financial institution and suppliers. Our obligation to suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts under the arrangement and we are not required to post collateral with the financial institution. ~~The~~Outstanding ~~outstanding~~ payment obligations under our supply chain finance program, ~~which~~ are included in accounts payable on our Consolidated Balance Sheets,. ~~were~~The ~~$105~~changes ~~million~~in ~~and~~our ~~$109~~payment ~~million~~obligations atwere ~~fiscal~~as ~~year end 2024 and 2023, respectively.~~follows:


	Fiscal
	2025
	(in millions)
Balance at beginning of fiscal year	$	105
Invoices confirmed during the fiscal year		514
Invoices paid during the fiscal year		(458)
Balance at end of fiscal year	$	161

13. Financial Instruments and Fair Value Measurements

We use derivative and non-derivative financial instruments to manage certain exposures to foreign currency, interest rate, investment, and commodity risks.

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TE CONNECTIVITY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Foreign Currency Exchange Rate Risk

During fiscal 2015, we entered into cross-currency swap contracts, which were designated as cash flow hedges, 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. During fiscal 2024 and 2023, we did not enter into any cross-currency swap contracts and there were no amounts outstanding.

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


	Fiscal
	2022
	(in millions)
Losses recorded in other comprehensive income (loss)	$	(7)
Gains excluded from the hedging relationship(1)		70
Gains reclassified from other comprehensive income (loss) into selling, general, and administrative expenses		2

(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 $24,~~417~~212 million and $12,~~709~~417 million at fiscal year end ~~2024~~2025 and ~~2023~~2024, respectively.

80We also use a cross-currency swap program to hedge our net investment in certain foreign operations. The aggregate notional value of the contracts under this program was $5,671 million and $5,367 million at fiscal year end 2025 and 2024, respectively. Under the terms of these contracts, we receive interest in U.S. dollars at a weighted-average rate of 2.0% per annum and pay no interest. Upon the maturity of these contracts at various dates through fiscal 2029, we will pay the notional value of the contracts in the designated foreign currency and receive U.S. dollars from our counterparties. We are not required to provide collateral for these contracts.

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We also use a cross-currency swap program to hedge our net investment in certain foreign operations. The aggregate notional value of the contracts under this program was $5,367 million and $3,806 million at fiscal year end 2024 and 2023, respectively. Under the terms of these contracts, we receive interest in U.S. dollars at a weighted-average rate of 1.7% per annum and pay no interest. Upon the maturity of these contracts at various dates through fiscal 2028, 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 Consolidated Balance Sheets as follows:


	Fiscal Year End
	~~2024~~2025		~~2023~~2024
	(in millions)
Prepaid expenses and other current assets	$	3111	$	~~109~~31
Other assets		1123		7911
Accrued and other current liabilities		5197		451
Other liabilities		99193		1099

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


	Fiscal
	~~2024~~2025		~~2023~~2024		~~2022~~2023
	(in millions)
Foreign currency exchange gains (losses) on intercompany loans and external borrowings(1)	$	(112)	$	(162)	$	516
Foreign currency exchange losses on intercompany loans and external borrowings(1)	$	(163)	$	(112)	$	(162)
Gains (losses) on cross-currency swap contracts designated as hedges of net investment(1)		(194)		(29)		265
Losses on cross-currency swap contracts designated as hedges of net investment(1)		(89)		(194)		(29)

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