Attached files
| file | filename |
|---|---|
| EX-99.5 - EX-99.5 - TE Connectivity Ltd. | a18-37220_2ex99d5.htm |
| EX-99.4 - EX-99.4 - TE Connectivity Ltd. | a18-37220_2ex99d4.htm |
| EX-99.2 - EX-99.2 - TE Connectivity Ltd. | a18-37220_2ex99d2.htm |
| EX-99.1 - EX-99.1 - TE Connectivity Ltd. | a18-37220_2ex99d1.htm |
| 8-K - 8-K - TE Connectivity Ltd. | a18-37220_28k.htm |
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended September 28, 2018
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| |||||||||
|
|
|
|
|
Acquisition |
|
Restructuring |
|
|
|
|
| |||||
|
|
|
|
|
Related |
|
and Other |
|
Tax |
|
Adjusted |
| |||||
|
|
|
U.S. GAAP |
|
Charges (1) |
|
Charges, Net (1) |
|
Items (2) |
|
(Non-GAAP) (3) |
| |||||
|
|
|
($ in millions, except per share data) |
| |||||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Transportation Solutions |
|
$ |
341 |
|
$ |
3 |
|
$ |
20 |
|
$ |
— |
|
$ |
364 |
|
|
Industrial Solutions |
|
146 |
|
2 |
|
4 |
|
— |
|
152 |
| |||||
|
Communications Solutions |
|
83 |
|
— |
|
(2 |
) |
— |
|
81 |
| |||||
|
Total |
|
$ |
570 |
|
$ |
5 |
|
$ |
22 |
|
$ |
— |
|
$ |
597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Margin |
|
16.2 |
% |
|
|
|
|
|
|
17.0 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other Expense, Net |
|
$ |
(1 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income Tax (Expense) Benefit |
|
$ |
1,128 |
|
$ |
(1 |
) |
$ |
(4 |
) |
$ |
(1,222 |
) |
$ |
(99 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Effective Tax Rate |
|
(206.6 |
)% |
|
|
|
|
|
|
17.3 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from Continuing Operations |
|
$ |
1,674 |
|
$ |
4 |
|
$ |
18 |
|
$ |
(1,222 |
) |
$ |
474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted Earnings per Share from Continuing Operations |
|
$ |
4.78 |
|
$ |
0.01 |
|
$ |
0.05 |
|
$ |
(3.49 |
) |
$ |
1.35 |
|
(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
(2) Includes a $1,222 million net income tax benefit associated with the tax impacts of certain intercompany transactions including an increase to the valuation allowance.
(3) See description of non-GAAP financial measures.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended June 29, 2018
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| ||||||
|
|
|
|
|
Acquisition |
|
Restructuring |
|
|
| ||||
|
|
|
|
|
Related |
|
and Other |
|
Adjusted |
| ||||
|
|
|
U.S. GAAP |
|
Charges (1) |
|
Charges, Net (1) |
|
(Non-GAAP) (2) |
| ||||
|
|
|
($ in millions, except per share data) |
| ||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
| ||||
|
Transportation Solutions |
|
$ |
393 |
|
$ |
2 |
|
$ |
11 |
|
$ |
406 |
|
|
Industrial Solutions |
|
92 |
|
3 |
|
47 |
|
142 |
| ||||
|
Communications Solutions |
|
69 |
|
— |
|
6 |
|
75 |
| ||||
|
Total |
|
$ |
554 |
|
$ |
5 |
|
$ |
64 |
|
$ |
623 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Operating Margin |
|
15.5 |
% |
|
|
|
|
17.4 |
% | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Other Expense, Net |
|
$ |
(1 |
) |
$ |
— |
|
$ |
— |
|
$ |
(1 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income Tax Expense |
|
$ |
(77 |
) |
$ |
(2 |
) |
$ |
(20 |
) |
$ |
(99 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Effective Tax Rate |
|
14.5 |
% |
|
|
|
|
16.5 |
% | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income from Continuing Operations |
|
$ |
453 |
|
$ |
3 |
|
$ |
44 |
|
$ |
500 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Diluted Earnings per Share from Continuing Operations |
|
$ |
1.29 |
|
$ |
0.01 |
|
$ |
0.13 |
|
$ |
1.42 |
|
(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
(2) See description of non-GAAP financial measures.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended March 30, 2018
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| ||||||
|
|
|
|
|
|
|
Restructuring |
|
|
| ||||
|
|
|
|
|
Acquisition |
|
and Other |
|
|
| ||||
|
|
|
|
|
Related |
|
Charges |
|
Adjusted |
| ||||
|
|
|
U.S. GAAP |
|
Charges (1) |
|
(Credits), Net (1) |
|
(Non-GAAP) (2) |
| ||||
|
|
|
($ in millions, except per share data) |
| ||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
| ||||
|
Transportation Solutions |
|
$ |
427 |
|
$ |
2 |
|
$ |
(2 |
) |
$ |
427 |
|
|
Industrial Solutions |
|
125 |
|
3 |
|
7 |
|
135 |
| ||||
|
Communications Solutions |
|
69 |
|
— |
|
1 |
|
70 |
| ||||
|
Total |
|
$ |
621 |
|
$ |
5 |
|
$ |
6 |
|
$ |
632 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Operating Margin |
|
17.4 |
% |
|
|
|
|
17.7 |
% | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Other Income, Net |
|
$ |
1 |
|
$ |
— |
|
$ |
— |
|
$ |
1 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income Tax Expense |
|
$ |
(108 |
) |
$ |
— |
|
$ |
1 |
|
$ |
(107 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Effective Tax Rate |
|
18.1 |
% |
|
|
|
|
17.6 |
% | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income from Continuing Operations |
|
$ |
490 |
|
$ |
5 |
|
$ |
7 |
|
$ |
502 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Diluted Earnings per Share from Continuing Operations |
|
$ |
1.38 |
|
$ |
0.01 |
|
$ |
0.02 |
|
$ |
1.42 |
|
(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
(2) See description of non-GAAP financial measures.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended December 29, 2017
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| |||||||||
|
|
|
|
|
Acquisition |
|
Restructuring |
|
|
|
|
| |||||
|
|
|
|
|
Related |
|
and Other |
|
Tax |
|
Adjusted |
| |||||
|
|
|
U.S. GAAP |
|
Charges (1) |
|
Charges, Net (1) |
|
Items (2) |
|
(Non-GAAP) (3) |
| |||||
|
|
|
($ in millions, except per share data) |
| |||||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Transportation Solutions |
|
$ |
417 |
|
$ |
5 |
|
$ |
4 |
|
$ |
— |
|
$ |
426 |
|
|
Industrial Solutions |
|
102 |
|
2 |
|
22 |
|
— |
|
126 |
| |||||
|
Communications Solutions |
|
67 |
|
— |
|
8 |
|
— |
|
75 |
| |||||
|
Total |
|
$ |
586 |
|
$ |
7 |
|
$ |
34 |
|
$ |
— |
|
$ |
627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Margin |
|
17.6 |
% |
|
|
|
|
|
|
18.8 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other Income, Net |
|
$ |
2 |
|
$ |
— |
|
$ |
— |
|
$ |
(1 |
) |
$ |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income Tax Expense |
|
$ |
(599 |
) |
$ |
(2 |
) |
$ |
(8 |
) |
$ |
506 |
|
$ |
(103 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Effective Tax Rate |
|
105.8 |
% |
|
|
|
|
|
|
17.0 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income (Loss) from Continuing Operations |
|
$ |
(33 |
) |
$ |
5 |
|
$ |
26 |
|
$ |
505 |
|
$ |
503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted Earnings (Loss) per Share from Continuing Operations (4) |
|
$ |
(0.09 |
) |
$ |
0.01 |
|
$ |
0.07 |
|
$ |
1.42 |
|
$ |
1.42 |
|
(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
(2) Includes $567 million of income tax expense related to the tax impacts of the Tax Cuts and Jobs Act and a $61 million income tax benefit related to certain legal entity restructurings.
(3) See description of non-GAAP financial measures.
(4) U.S. GAAP diluted shares excludes 3 million of nonvested restricted share awards and nonvested options as the inclusion of these securities would have been antidilutive because of our loss during the period. Such amounts are included in adjusted (non-GAAP) diluted shares.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended September 29, 2017
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| ||||||
|
|
|
|
|
|
|
Restructuring |
|
|
| ||||
|
|
|
|
|
Acquisition |
|
and Other |
|
|
| ||||
|
|
|
|
|
Related |
|
Charges |
|
Adjusted |
| ||||
|
|
|
U.S. GAAP |
|
Charges (1) |
|
(Credits), Net (1) |
|
(Non-GAAP) (2) |
| ||||
|
|
|
($ in millions, except per share data) |
| ||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
| ||||
|
Transportation Solutions |
|
$ |
318 |
|
$ |
1 |
|
$ |
7 |
|
$ |
326 |
|
|
Industrial Solutions |
|
109 |
|
— |
|
19 |
|
128 |
| ||||
|
Communications Solutions |
|
64 |
|
— |
|
(4 |
) |
60 |
| ||||
|
Total |
|
$ |
491 |
|
$ |
1 |
|
$ |
22 |
|
$ |
514 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Operating Margin |
|
15.2 |
% |
|
|
|
|
15.9 |
% | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Other Expense, Net |
|
$ |
(11 |
) |
$ |
— |
|
$ |
— |
|
$ |
(11 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income Tax Expense |
|
$ |
(62 |
) |
$ |
(1 |
) |
$ |
(7 |
) |
$ |
(70 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Effective Tax Rate |
|
13.7 |
% |
|
|
|
|
14.8 |
% | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income from Continuing Operations |
|
$ |
389 |
|
$ |
— |
|
$ |
15 |
|
$ |
404 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Diluted Earnings per Share from Continuing Operations |
|
$ |
1.09 |
|
$ |
— |
|
$ |
0.04 |
|
$ |
1.13 |
|
(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
(2) See description of non-GAAP financial measures.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended June 30, 2017
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| |||||||||
|
|
|
|
|
Acquisition |
|
Restructuring |
|
|
|
|
| |||||
|
|
|
U.S. GAAP |
|
Related |
|
and Other |
|
Tax |
|
Adjusted |
| |||||
|
|
|
($ in millions, except per share data) |
| |||||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Transportation Solutions |
|
$ |
330 |
|
$ |
1 |
|
$ |
4 |
|
$ |
— |
|
$ |
335 |
|
|
Industrial Solutions |
|
100 |
|
3 |
|
14 |
|
— |
|
117 |
| |||||
|
Communications Solutions |
|
56 |
|
— |
|
2 |
|
— |
|
58 |
| |||||
|
Total |
|
$ |
486 |
|
$ |
4 |
|
$ |
20 |
|
$ |
— |
|
$ |
510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Margin |
|
15.7 |
% |
|
|
|
|
|
|
16.5 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other Expense, Net |
|
$ |
(13 |
) |
$ |
— |
|
$ |
— |
|
$ |
7 |
|
$ |
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income Tax Expense |
|
$ |
(55 |
) |
$ |
(1 |
) |
$ |
(3 |
) |
$ |
(14 |
) |
$ |
(73 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Effective Tax Rate |
|
12.4 |
% |
|
|
|
|
|
|
15.3 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from Continuing Operations |
|
$ |
390 |
|
$ |
3 |
|
$ |
17 |
|
$ |
(7 |
) |
$ |
403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted Earnings per Share from Continuing Operations |
|
$ |
1.09 |
|
$ |
0.01 |
|
$ |
0.05 |
|
$ |
(0.02 |
) |
$ |
1.13 |
|
(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
(2) Income tax benefits associated with pre-separation tax matters and the related impact to other expense pursuant to the tax sharing agreement with Tyco International and Covidien.
(3) See description of non-GAAP financial measures.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended March 31, 2017
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| |||||||||
|
|
|
|
|
Acquisition |
|
Restructuring |
|
|
|
|
| |||||
|
|
|
|
|
Related |
|
and Other |
|
Tax |
|
Adjusted |
| |||||
|
|
|
U.S. GAAP |
|
Charges (1) |
|
Charges, Net (1) |
|
Items (2) |
|
(Non-GAAP) (3) |
| |||||
|
|
|
($ in millions, except per share data) |
| |||||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Transportation Solutions |
|
$ |
301 |
|
$ |
— |
|
$ |
34 |
|
$ |
— |
|
$ |
335 |
|
|
Industrial Solutions |
|
86 |
|
3 |
|
20 |
|
— |
|
109 |
| |||||
|
Communications Solutions |
|
48 |
|
— |
|
5 |
|
— |
|
53 |
| |||||
|
Total |
|
$ |
435 |
|
$ |
3 |
|
$ |
59 |
|
$ |
— |
|
$ |
497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Margin |
|
14.5 |
% |
|
|
|
|
|
|
16.5 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other Expense, Net |
|
$ |
(10 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income Tax Expense |
|
$ |
(22 |
) |
$ |
— |
|
$ |
(17 |
) |
$ |
(22 |
) |
$ |
(61 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Effective Tax Rate |
|
5.6 |
% |
|
|
|
|
|
|
13.3 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from Continuing Operations |
|
$ |
374 |
|
$ |
3 |
|
$ |
42 |
|
$ |
(22 |
) |
$ |
397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted Earnings per Share from Continuing Operations |
|
$ |
1.04 |
|
$ |
0.01 |
|
$ |
0.12 |
|
$ |
(0.06 |
) |
$ |
1.11 |
|
(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
(2) Income tax benefits associated with the tax impacts of certain intercompany transactions.
(3) See description of non-GAAP financial measures.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended December 30, 2016
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| |||||||||
|
|
|
|
|
Acquisition |
|
Restructuring |
|
|
|
|
| |||||
|
|
|
|
|
Related |
|
and Other |
|
Tax |
|
Adjusted |
| |||||
|
|
|
U.S. GAAP |
|
Charges (1) |
|
Charges, Net (1) |
|
Items (2) |
|
(Non-GAAP) (3) |
| |||||
|
|
|
($ in millions, except per share data) |
| |||||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Transportation Solutions |
|
$ |
345 |
|
$ |
1 |
|
$ |
24 |
|
$ |
— |
|
$ |
370 |
|
|
Industrial Solutions |
|
69 |
|
2 |
|
21 |
|
— |
|
92 |
| |||||
|
Communications Solutions |
|
50 |
|
— |
|
1 |
|
— |
|
51 |
| |||||
|
Total |
|
$ |
464 |
|
$ |
3 |
|
$ |
46 |
|
$ |
— |
|
$ |
513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Margin |
|
16.3 |
% |
|
|
|
|
|
|
18.0 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other Expense, Net |
|
$ |
(8 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income Tax Expense |
|
$ |
(41 |
) |
$ |
(1 |
) |
$ |
(13 |
) |
$ |
(30 |
) |
$ |
(85 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Effective Tax Rate |
|
9.6 |
% |
|
|
|
|
|
|
17.8 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from Continuing Operations |
|
$ |
387 |
|
$ |
2 |
|
$ |
33 |
|
$ |
(30 |
) |
$ |
392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted Earnings per Share from Continuing Operations |
|
$ |
1.08 |
|
$ |
0.01 |
|
$ |
0.09 |
|
$ |
(0.08 |
) |
$ |
1.09 |
|
(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
(2) Income tax benefits associated with the tax impacts of certain intercompany restructurings and the corresponding reduction in the valuation allowance for U.S. tax loss carryforwards.
(3) See description of non-GAAP financial measures.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Year Ended September 28, 2018
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| |||||||||
|
|
|
|
|
Acquisition |
|
Restructuring |
|
|
|
|
| |||||
|
|
|
|
|
Related |
|
and Other |
|
Tax |
|
Adjusted |
| |||||
|
|
|
U.S. GAAP |
|
Charges (1) |
|
Charges, Net (1) |
|
Items (2) |
|
(Non-GAAP) (3) |
| |||||
|
|
|
($ in millions, except per share data) |
| |||||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Transportation Solutions |
|
$ |
1,578 |
|
$ |
12 |
|
$ |
33 |
|
$ |
— |
|
$ |
1,623 |
|
|
Industrial Solutions |
|
465 |
|
10 |
|
80 |
|
— |
|
555 |
| |||||
|
Communications Solutions |
|
288 |
|
— |
|
13 |
|
— |
|
301 |
| |||||
|
Total |
|
$ |
2,331 |
|
$ |
22 |
|
$ |
126 |
|
$ |
— |
|
$ |
2,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Margin |
|
16.7 |
% |
|
|
|
|
|
|
17.7 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other Income, Net |
|
$ |
1 |
|
$ |
— |
|
$ |
— |
|
$ |
(1 |
) |
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income Tax (Expense) Benefit |
|
$ |
344 |
|
$ |
(5 |
) |
$ |
(31 |
) |
$ |
(716 |
) |
$ |
(408 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Effective Tax Rate |
|
(15.4 |
)% |
|
|
|
|
|
|
17.1 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from Continuing Operations |
|
$ |
2,584 |
|
$ |
17 |
|
$ |
95 |
|
$ |
(717 |
) |
$ |
1,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted Earnings per Share from Continuing Operations |
|
$ |
7.32 |
|
$ |
0.05 |
|
$ |
0.27 |
|
$ |
(2.03 |
) |
$ |
5.61 |
|
(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
(2) Includes a $1,283 million net income tax benefit associated with the tax impacts of certain intercompany transactions and legal entity restructurings including an increase to the valuation allowance. Also includes $567 million of income tax expense related to the tax impacts of the Tax Cuts and Jobs Act.
(3) See description of non-GAAP financial measures.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Year Ended September 29, 2017
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| |||||||||
|
|
|
|
|
Acquisition |
|
Restructuring |
|
|
|
|
| |||||
|
|
|
|
|
Related |
|
and Other |
|
Tax |
|
Adjusted |
| |||||
|
|
|
U.S. GAAP |
|
Charges (1) |
|
Charges, Net (1) |
|
Items (2) |
|
(Non-GAAP) (3) |
| |||||
|
|
|
($ in millions, except per share data) |
| |||||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Transportation Solutions |
|
$ |
1,294 |
|
$ |
3 |
|
$ |
69 |
|
$ |
— |
|
$ |
1,366 |
|
|
Industrial Solutions |
|
364 |
|
8 |
|
74 |
|
— |
|
446 |
| |||||
|
Communications Solutions |
|
218 |
|
— |
|
4 |
|
— |
|
222 |
| |||||
|
Total |
|
$ |
1,876 |
|
$ |
11 |
|
$ |
147 |
|
$ |
— |
|
$ |
2,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Margin |
|
15.4 |
% |
|
|
|
|
|
|
16.7 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other Expense, Net |
|
$ |
(42 |
) |
$ |
— |
|
$ |
— |
|
$ |
7 |
|
$ |
(35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income Tax Expense |
|
$ |
(180 |
) |
$ |
(3 |
) |
$ |
(40 |
) |
$ |
(66 |
) |
$ |
(289 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Effective Tax Rate |
|
10.5 |
% |
|
|
|
|
|
|
15.3 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from Continuing Operations |
|
$ |
1,540 |
|
$ |
8 |
|
$ |
107 |
|
$ |
(59 |
) |
$ |
1,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted Earnings per Share from Continuing Operations |
|
$ |
4.30 |
|
$ |
0.02 |
|
$ |
0.30 |
|
$ |
(0.16 |
) |
$ |
4.46 |
|
(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
(2) Includes income tax benefits associated with the tax impacts of certain intercompany transactions and the corresponding reduction in the valuation allowance for U.S. tax loss carryforwards. Also includes income tax benefits associated with pre-separation tax matters and the related impact to other expense pursuant to the tax sharing agreement with Tyco International and Covidien.
(3) See description of non-GAAP financial measures.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Year Ended September 30, 2016 (1)
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| |||||||||
|
|
|
|
|
|
|
Restructuring |
|
|
|
|
| |||||
|
|
|
|
|
Acquisition |
|
and Other |
|
|
|
|
| |||||
|
|
|
|
|
Related |
|
Charges |
|
Tax |
|
Adjusted |
| |||||
|
|
|
U.S. GAAP |
|
Charges (2)(3) |
|
(Credits), Net (3) |
|
Items (4) |
|
(Non-GAAP) (5) |
| |||||
|
|
|
($ in millions, except per share data) |
| |||||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Transportation Solutions |
|
$ |
1,209 |
|
$ |
9 |
|
$ |
47 |
|
$ |
— |
|
$ |
1,265 |
|
|
Industrial Solutions |
|
353 |
|
23 |
|
31 |
|
— |
|
407 |
| |||||
|
Communications Solutions |
|
246 |
|
— |
|
(80 |
) |
— |
|
166 |
| |||||
|
Total |
|
$ |
1,808 |
|
$ |
32 |
|
$ |
(2 |
) |
$ |
— |
|
$ |
1,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Margin |
|
15.9 |
% |
|
|
|
|
|
|
16.2 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other Expense, Net |
|
$ |
(677 |
) |
$ |
— |
|
$ |
— |
|
$ |
650 |
|
$ |
(27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income Tax (Expense) Benefit |
|
$ |
826 |
|
$ |
(7 |
) |
$ |
(1 |
) |
$ |
(1,111 |
) |
$ |
(293 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Effective Tax Rate |
|
(80.9 |
)% |
|
|
|
|
|
|
17.2 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from Continuing Operations |
|
$ |
1,847 |
|
$ |
25 |
|
$ |
(3 |
) |
$ |
(461 |
) |
$ |
1,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted Earnings per Share from Continuing Operations |
|
$ |
5.01 |
|
$ |
0.07 |
|
$ |
(0.01 |
) |
$ |
(1.25 |
) |
$ |
3.82 |
|
(1) Fiscal 2016 was a 53-week year. The additional week contributed sales of $227 million and adjusted EPS of $0.12.
(2) Includes $22 million of acquisition and integration costs and $10 million of non-cash amortization associated with fair value adjustments related to acquired inventories and customer order backlog recorded in cost of sales.
(3) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.
(4) Includes $1,135 million of income tax benefits associated with the settlement of tax matters for the years 1997 through 2000 which resolved all aspects of the disputed debt matter with the IRS through the year 2007, as well as the related impact of $604 million to other expense pursuant to the tax sharing agreement with Tyco International and Covidien. Also includes income tax charges related to a $91 million increase in the valuation allowance for certain U.S. deferred tax assets; and an $83 million net income tax benefit related to tax settlements in certain other tax jurisdictions, as well as the related impact of $46 million to other expense pursuant to the tax sharing agreement with Tyco International and Covidien.
(5) See description of non-GAAP financial measures.