Attached files
| file | filename |
|---|---|
| 8-K - 8-K - TE Connectivity Ltd. | a12-8927_18k.htm |
| EX-99.1 - EX-99.1 - TE Connectivity Ltd. | a12-8927_1ex99d1.htm |
| EX-99.2 - EX-99.2 - TE Connectivity Ltd. | a12-8927_1ex99d2.htm |
Exhibit 99.3
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended December 30, 2011
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| |||||||||
|
|
|
|
|
Acquisition |
|
Restructuring |
|
|
|
|
| |||||
|
|
|
|
|
Related |
|
and Other |
|
Tax |
|
Adjusted |
| |||||
|
|
|
U.S. GAAP |
|
Charges |
|
Charges, Net |
|
Items (1) |
|
(Non-GAAP) (2) |
| |||||
|
|
|
($ in millions, except per share data) |
| |||||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Transportation Solutions |
|
$ |
223 |
|
$ |
4 |
|
$ |
(4 |
) |
$ |
— |
|
$ |
223 |
|
|
Communications and Industrial Solutions |
|
61 |
|
— |
|
17 |
|
— |
|
78 |
| |||||
|
Network Solutions |
|
77 |
|
— |
|
5 |
|
— |
|
82 |
| |||||
|
Total |
|
$ |
361 |
|
$ |
4 |
|
$ |
18 |
|
$ |
— |
|
$ |
383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Margin |
|
11.4 |
% |
|
|
|
|
|
|
12.1 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other Income, Net |
|
$ |
1 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income Tax Expense |
|
$ |
(88 |
) |
$ |
— |
|
$ |
(8 |
) |
$ |
17 |
|
$ |
(79 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from Continuing Operations Attributable to TE Connectivity Ltd. |
|
$ |
238 |
|
$ |
4 |
|
$ |
10 |
|
$ |
17 |
|
$ |
269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted Earnings per Share from Continuing Operations Attributable to TE Connectivity Ltd. |
|
$ |
0.55 |
|
$ |
0.01 |
|
$ |
0.02 |
|
$ |
0.04 |
|
$ |
0.63 |
|
(1) Primarily relates to income tax expense associated with certain non-U.S tax rate changes.
(2) See description of non-GAAP measures contained in this Form 8-K.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended September 30, 2011
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| ||||||
|
|
|
|
|
Acquisition |
|
Restructuring |
|
|
| ||||
|
|
|
|
|
Related |
|
and Other |
|
Adjusted |
| ||||
|
|
|
U.S. GAAP |
|
Charges (1) |
|
Charges, Net |
|
(Non-GAAP) (2) |
| ||||
|
|
|
($ in millions, except per share data) |
| ||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
| ||||
|
Transportation Solutions |
|
$ |
237 |
|
$ |
— |
|
$ |
4 |
|
$ |
241 |
|
|
Communications and Industrial Solutions |
|
89 |
|
— |
|
51 |
|
140 |
| ||||
|
Network Solutions |
|
119 |
|
23 |
|
1 |
|
143 |
| ||||
|
Total |
|
$ |
445 |
|
$ |
23 |
|
$ |
56 |
|
$ |
524 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Operating Margin |
|
11.9 |
% |
|
|
|
|
14.0 |
% | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Other Income, Net |
|
$ |
14 |
|
$ |
— |
|
$ |
— |
|
$ |
14 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income Tax Expense |
|
$ |
(100 |
) |
$ |
(7 |
) |
$ |
(17 |
) |
$ |
(124 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income from Continuing Operations Attributable to TE Connectivity Ltd. |
|
$ |
320 |
|
$ |
16 |
|
$ |
39 |
|
$ |
375 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Diluted Earnings per Share from Continuing Operations Attributable to TE Connectivity Ltd. |
|
$ |
0.74 |
|
$ |
0.04 |
|
$ |
0.09 |
|
$ |
0.87 |
|
(1) Includes $22 million of restructuring charges and $1 million of non-cash amortization associated with acquisition accounting-related adjustments recorded in cost of sales.
(2) See description of non-GAAP measures contained in this Form 8-K.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended June 24, 2011
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| |||||||||
|
|
|
|
|
Acquisition |
|
Restructuring |
|
|
|
|
| |||||
|
|
|
|
|
Related |
|
and Other |
|
Tax |
|
Adjusted |
| |||||
|
|
|
U.S. GAAP |
|
Charges (1) |
|
Charges, Net |
|
Items (2) |
|
(Non-GAAP) (3) |
| |||||
|
|
|
($ in millions, except per share data) |
| |||||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Transportation Solutions |
|
$ |
211 |
|
$ |
— |
|
$ |
(13 |
) |
$ |
— |
|
$ |
198 |
|
|
Communications and Industrial Solutions |
|
120 |
|
— |
|
11 |
|
— |
|
131 |
| |||||
|
Network Solutions |
|
129 |
|
10 |
|
3 |
|
— |
|
142 |
| |||||
|
Total |
|
$ |
460 |
|
$ |
10 |
|
$ |
1 |
|
$ |
— |
|
$ |
471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Margin |
|
12.9 |
% |
|
|
|
|
|
|
13.2 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other Income (Expense), Net |
|
$ |
(5 |
) |
$ |
— |
|
$ |
— |
|
$ |
14 |
|
$ |
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income Tax Expense |
|
$ |
(70 |
) |
$ |
(3 |
) |
$ |
— |
|
$ |
(35 |
) |
$ |
(108 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from Continuing Operations Attributable to TE Connectivity Ltd. |
|
$ |
349 |
|
$ |
7 |
|
$ |
1 |
|
$ |
(21 |
) |
$ |
336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted Earnings per Share from Continuing Operations Attributable to TE Connectivity Ltd. |
|
$ |
0.79 |
|
$ |
0.02 |
|
$ |
— |
|
$ |
(0.05 |
) |
$ |
0.76 |
|
(1) Includes $7 million of restructuring charges, $2 million of non-cash amortization associated with acquisition accounting-related adjustments recorded in cost of sales, and $1 million of ADC acquisition and integration costs.
(2) Includes income tax benefits associated with the settlement of certain tax matters related to an audit of prior year tax returns. Also includes the related impact to other income pursuant to the Tax Sharing Agreement with Tyco International and Covidien.
(3) See description of non-GAAP measures contained in this Form 8-K.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended March 25, 2011
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| ||||||
|
|
|
|
|
Acquisition |
|
Restructuring |
|
|
| ||||
|
|
|
|
|
Related |
|
and Other |
|
Adjusted |
| ||||
|
|
|
U.S. GAAP |
|
Charges (1) |
|
Charges, Net |
|
(Non-GAAP) (2) |
| ||||
|
|
|
($ in millions, except per share data) |
| ||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
| ||||
|
Transportation Solutions |
|
$ |
211 |
|
$ |
— |
|
$ |
(6 |
) |
$ |
205 |
|
|
Communications and Industrial Solutions |
|
135 |
|
— |
|
— |
|
135 |
| ||||
|
Network Solutions |
|
46 |
|
46 |
|
1 |
|
93 |
| ||||
|
Total |
|
$ |
392 |
|
$ |
46 |
|
$ |
(5 |
) |
$ |
433 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Operating Margin |
|
11.7 |
% |
|
|
|
|
13.0 |
% | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Other Income, Net |
|
$ |
6 |
|
$ |
— |
|
$ |
— |
|
$ |
6 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income Tax Expense |
|
$ |
(69 |
) |
$ |
(25 |
) |
$ |
— |
|
$ |
(94 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income from Continuing Operations Attributable to TE Connectivity Ltd. |
|
$ |
291 |
|
$ |
21 |
|
$ |
(5 |
) |
$ |
307 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Diluted Earnings per Share from Continuing Operations Attributable to TE Connectivity Ltd. |
|
$ |
0.65 |
|
$ |
0.05 |
|
$ |
(0.01 |
) |
$ |
0.68 |
|
(1) Includes $29 million of non-cash amortization associated with fair value adjustments primarily related to acquired inventories and customer order backlog recorded in cost of sales, $16 million of restructuring charges, and $1 million of ADC acquisition and integration costs.
(2) See description of non-GAAP measures contained in this Form 8-K.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended December 24, 2010
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| ||||||
|
|
|
|
|
Acquisition |
|
Restructuring |
|
|
| ||||
|
|
|
|
|
Related |
|
and Other |
|
Adjusted |
| ||||
|
|
|
U.S. GAAP |
|
Charges (1) |
|
Charges, Net |
|
(Non-GAAP) (2) |
| ||||
|
|
|
($ in millions, except per share data) |
| ||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
| ||||
|
Transportation Solutions |
|
$ |
189 |
|
$ |
— |
|
$ |
1 |
|
$ |
190 |
|
|
Communications and Industrial Solutions |
|
171 |
|
— |
|
3 |
|
174 |
| ||||
|
Network Solutions |
|
30 |
|
59 |
|
— |
|
89 |
| ||||
|
Total |
|
$ |
390 |
|
$ |
59 |
|
$ |
4 |
|
$ |
453 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Operating Margin |
|
12.6 |
% |
|
|
|
|
14.6 |
% | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Other Income, Net |
|
$ |
12 |
|
$ |
— |
|
$ |
— |
|
$ |
12 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income Tax Expense |
|
$ |
(108 |
) |
$ |
— |
|
$ |
(1 |
) |
$ |
(109 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income from Continuing Operations Attributable to TE Connectivity Ltd. |
|
$ |
263 |
|
$ |
59 |
|
$ |
3 |
|
$ |
325 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Diluted Earnings per Share from Continuing Operations Attributable to TE Connectivity Ltd. |
|
$ |
0.59 |
|
$ |
0.13 |
|
$ |
0.01 |
|
$ |
0.72 |
|
(1) Includes $35 million of restructuring charges, $17 million of ADC acquisition and integration costs, and $7 million of non-cash amortization associated with fair value adjustments to acquired inventories and customer order backlog recorded in cost of sales.
(2) See description of non-GAAP measures contained in this Form 8-K.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Year Ended September 30, 2011
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| |||||||||
|
|
|
|
|
Acquisition |
|
Restructuring |
|
|
|
|
| |||||
|
|
|
|
|
Related |
|
and Other |
|
Tax |
|
Adjusted |
| |||||
|
|
|
U.S. GAAP |
|
Charges (1) |
|
Charges, Net |
|
Items (2) |
|
(Non-GAAP) (3) |
| |||||
|
|
|
($ in millions, except per share data) |
| |||||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Transportation Solutions |
|
$ |
848 |
|
$ |
— |
|
$ |
(14 |
) |
$ |
— |
|
$ |
834 |
|
|
Communications and Industrial Solutions |
|
515 |
|
— |
|
65 |
|
— |
|
580 |
| |||||
|
Network Solutions |
|
324 |
|
138 |
|
5 |
|
— |
|
467 |
| |||||
|
Total |
|
$ |
1,687 |
|
$ |
138 |
|
$ |
56 |
|
$ |
— |
|
$ |
1,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Margin |
|
12.2 |
% |
|
|
|
|
|
|
13.7 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other Income, Net |
|
$ |
27 |
|
$ |
— |
|
$ |
— |
|
$ |
14 |
|
$ |
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income Tax Expense |
|
$ |
(347 |
) |
$ |
(35 |
) |
$ |
(18 |
) |
$ |
(35 |
) |
$ |
(435 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from Continuing Operations Attributable to TE Connectivity Ltd. |
|
$ |
1,223 |
|
$ |
103 |
|
$ |
38 |
|
$ |
(21 |
) |
$ |
1,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted Earnings per Share from Continuing Operations Attributable to TE Connectivity Ltd. |
|
$ |
2.76 |
|
$ |
0.23 |
|
$ |
0.09 |
|
$ |
(0.05 |
) |
$ |
3.03 |
|
(1) Includes $80 million of restructuring charges, $39 million of non-cash amortization associated with fair value adjustments primarily related to acquired inventories and customer order backlog recorded in cost of sales, and $19 million of ADC acquisition and integration costs.
(2) Includes income tax benefits associated with the settlement of certain tax matters related to an audit of prior year tax returns. Also includes the related impact to other income pursuant to the Tax Sharing Agreement with Tyco International and Covidien.
(3) See description of non-GAAP measures contained in this Form 8-K.
TE CONNECTIVITY LTD.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Year Ended September 24, 2010
(UNAUDITED)
|
|
|
|
|
Adjustments |
|
|
| |||||||||
|
|
|
|
|
Restructuring |
|
|
|
|
|
|
| |||||
|
|
|
|
|
and Other |
|
Tax |
|
Other Items, |
|
Adjusted |
| |||||
|
|
|
U.S. GAAP |
|
Charges, Net (1) |
|
Items (2) |
|
Net (3) |
|
(Non-GAAP) (4) |
| |||||
|
|
|
($ in millions, except per share data) |
| |||||||||||||
|
Operating Income: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Transportation Solutions |
|
$ |
515 |
|
$ |
94 |
|
$ |
— |
|
$ |
— |
|
$ |
609 |
|
|
Communications and Industrial Solutions |
|
618 |
|
20 |
|
— |
|
— |
|
638 |
| |||||
|
Network Solutions |
|
312 |
|
20 |
|
— |
|
8 |
|
340 |
| |||||
|
Pre-separation litigation income |
|
7 |
|
— |
|
— |
|
(7 |
) |
— |
| |||||
|
Total |
|
$ |
1,452 |
|
$ |
134 |
|
$ |
— |
|
$ |
1 |
|
$ |
1,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Margin |
|
12.4 |
% |
|
|
|
|
|
|
13.6 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other Income, Net |
|
$ |
177 |
|
$ |
— |
|
$ |
(137 |
) |
$ |
— |
|
$ |
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income Tax Expense |
|
$ |
(476 |
) |
$ |
(30 |
) |
$ |
134 |
|
$ |
— |
|
$ |
(372 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from Continuing Operations Attributable to TE Connectivity Ltd. |
|
$ |
1,012 |
|
$ |
104 |
|
$ |
(3 |
) |
$ |
1 |
|
$ |
1,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted Earnings per Share from Continuing Operations Attributable to TE Connectivity Ltd. |
|
$ |
2.21 |
|
$ |
0.23 |
|
$ |
(0.01 |
) |
$ |
— |
|
$ |
2.44 |
|
(1) Includes $137 million recorded in net restructuring and other charges and a $3 million credit recorded in cost of sales.
(2) Includes income tax expense related to certain proposed adjustments to prior year tax returns and income tax benefits associated with the settlement of an audit of prior year tax returns as well as the related impact to other income pursuant to the Tax Sharing Agreement with Tyco International and Covidien. Also includes an income tax benefit recognized in connection with a reduction in the valuation allowance associated with certain tax loss carryforwards.
(3) Consists of $8 million of acquisition and integration costs and $7 million of income related to pre-separation securities litigation.
(4) See description of non-GAAP measures contained in this Form 8-K.