TE CONNECTIVITY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
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| For the Quarters Ended |
| For the Years Ended |
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| September 28, |
| June 29, |
| March 30, |
| December 29, |
| September 29, |
| June 30, |
| March 31, |
| December 30, |
| September 28, |
| September 29, |
| September 30, |
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| 2018 |
| 2018 |
| 2018 |
| 2017 |
| 2017 |
| 2017 |
| 2017 |
| 2016 |
| 2018 |
| 2017 |
| 2016 (1) |
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| (in millions, except per share data) |
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Net sales |
| $ | 3,509 |
| $ | 3,581 |
| $ | 3,562 |
| $ | 3,336 |
| $ | 3,235 |
| $ | 3,095 |
| $ | 3,007 |
| $ | 2,848 |
| $ | 13,988 |
| $ | 12,185 |
| $ | 11,352 |
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Cost of sales |
| 2,327 |
| 2,394 |
| 2,350 |
| 2,172 |
| 2,168 |
| 2,035 |
| 1,966 |
| 1,833 |
| 9,243 |
| 8,002 |
| 7,525 |
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Gross margin |
| 1,182 |
| 1,187 |
| 1,212 |
| 1,164 |
| 1,067 |
| 1,060 |
| 1,041 |
| 1,015 |
| 4,745 |
| 4,183 |
| 3,827 |
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Selling, general, and administrative expenses |
| 414 |
| 394 |
| 409 |
| 377 |
| 398 |
| 396 |
| 393 |
| 356 |
| 1,594 |
| 1,543 |
| 1,396 |
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Research, development, and engineering expenses |
| 171 |
| 171 |
| 173 |
| 165 |
| 155 |
| 157 |
| 152 |
| 147 |
| 680 |
| 611 |
| 603 |
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Acquisition and integration costs |
| 5 |
| 4 |
| 3 |
| 2 |
| 1 |
| 1 |
| 2 |
| 2 |
| 14 |
| 6 |
| 22 |
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Restructuring and other charges (credits), net |
| 22 |
| 64 |
| 6 |
| 34 |
| 22 |
| 20 |
| 59 |
| 46 |
| 126 |
| 147 |
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Operating income |
| 570 |
| 554 |
| 621 |
| 586 |
| 491 |
| 486 |
| 435 |
| 464 |
| 2,331 |
| 1,876 |
| 1,808 |
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Interest income |
| 4 |
| 3 |
| 4 |
| 4 |
| 6 |
| 3 |
| 4 |
| 3 |
| 15 |
| 16 |
| 17 |
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Interest expense |
| (27 | ) | (26 | ) | (28 | ) | (26 | ) | (35 | ) | (31 | ) | (33 | ) | (31 | ) | (107 | ) | (130 | ) | (127 | ) | |||||||||||
Other income (expense), net |
| (1 | ) | (1 | ) | 1 |
| 2 |
| (11 | ) | (13 | ) | (10 | ) | (8 | ) | 1 |
| (42 | ) | (677 | ) | |||||||||||
Income from continuing operations before income taxes |
| 546 |
| 530 |
| 598 |
| 566 |
| 451 |
| 445 |
| 396 |
| 428 |
| 2,240 |
| 1,720 |
| 1,021 |
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Income tax (expense) benefit |
| 1,128 |
| (77 | ) | (108 | ) | (599 | ) | (62 | ) | (55 | ) | (22 | ) | (41 | ) | 344 |
| (180 | ) | 826 |
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Income (loss) from continuing operations |
| 1,674 |
| 453 |
| 490 |
| (33 | ) | 389 |
| 390 |
| 374 |
| 387 |
| 2,584 |
| 1,540 |
| 1,847 |
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Income (loss) from discontinued operations, net of income taxes |
| (13 | ) | 1 |
| — |
| (7 | ) | 45 |
| 45 |
| 31 |
| 22 |
| (19 | ) | 143 |
| 162 |
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Net income |
| $ | 1,661 |
| $ | 454 |
| $ | 490 |
| $ | (40 | ) | $ | 434 |
| $ | 435 |
| $ | 405 |
| $ | 409 |
| $ | 2,565 |
| $ | 1,683 |
| $ | 2,009 |
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Basic earnings (loss) per share: |
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Income (loss) from continuing operations |
| $ | 4.82 |
| $ | 1.30 |
| $ | 1.40 |
| $ | (0.09 | ) | $ | 1.10 |
| $ | 1.10 |
| $ | 1.05 |
| $ | 1.09 |
| $ | 7.38 |
| $ | 4.34 |
| $ | 5.05 |
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Income (loss) from discontinued operations |
| (0.04 | ) | — |
| — |
| (0.02 | ) | 0.13 |
| 0.13 |
| 0.09 |
| 0.06 |
| (0.05 | ) | 0.40 |
| 0.44 |
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Net income (loss) |
| 4.79 |
| 1.30 |
| 1.40 |
| (0.11 | ) | 1.23 |
| 1.23 |
| 1.14 |
| 1.15 |
| 7.33 |
| 4.74 |
| 5.49 |
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Diluted earnings (loss) per share: |
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Income (loss) from continuing operations |
| $ | 4.78 |
| $ | 1.29 |
| $ | 1.38 |
| $ | (0.09 | ) | $ | 1.09 |
| $ | 1.09 |
| $ | 1.04 |
| $ | 1.08 |
| $ | 7.32 |
| $ | 4.30 |
| $ | 5.01 |
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Income (loss) from discontinued operations |
| (0.04 | ) | — |
| — |
| (0.02 | ) | 0.13 |
| 0.13 |
| 0.09 |
| 0.06 |
| (0.05 | ) | 0.40 |
| 0.44 |
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Net income (loss) |
| 4.75 |
| 1.29 |
| 1.38 |
| (0.11 | ) | 1.22 |
| 1.22 |
| 1.13 |
| 1.14 |
| 7.27 |
| 4.70 |
| 5.44 |
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Weighted-average number of shares outstanding: |
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Basic |
| 347 |
| 349 |
| 351 |
| 352 |
| 353 |
| 355 |
| 356 |
| 356 |
| 350 |
| 355 |
| 366 |
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Diluted |
| 350 |
| 352 |
| 354 |
| 352 |
| 356 |
| 358 |
| 359 |
| 359 |
| 353 |
| 358 |
| 369 |
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(1) Fiscal 2016 was a 53-week year.