Document and Entity Information
Document and Entity Information | 12 Months Ended |
Sep. 29, 2023 | |
Document and Entity Information [Abstract] | |
Document Type | PRE 14A |
Entity Registrant Name | TE CONNECTIVITY LTD. |
Entity Central Index Key | 0001385157 |
Amendment Flag | false |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Sep. 29, 2023 USD ($) $ / shares | Sep. 30, 2022 USD ($) $ / shares | Sep. 24, 2021 USD ($) $ / shares | |
Pay vs Performance Disclosure | |||
Pay vs Performance Disclosure, Table | Average Average Summary Summary Compensation Value of Initial Fixed $100 Compensation Compensation Compensation Actually Investment based on: Adjusted Table Total for Actually Paid to Table Total for Paid for Peer Group Earnings CEO 1 CEO 2 other NEOs 3 other NEOs 2 TSR 4 TSR 4 Net Income 5 Per Share 6 Year ($) ($) ($) ($) ($) ($) ($M) ($) 2023 $ 16,717,748 $ 21,833,929 $ 4,323,646 $ 5,450,015 $ 135.95 $ 152.54 $ 1,910 $ 6.74 2022 $ 15,927,866 $ 3,836,791 $ 4,365,021 $ 1,786,007 $ 119.28 $ 120.36 $ 2,428 $ 7.33 2021 $ 14,715,856 $ 45,381,475 $ 4,070,539 $ 11,522,755 $ 153.36 $ 145.17 $ 2,261 $ 6.51 (1) Represents the total compensation of our CEO, Terrence Curtin , as reported in the Summary Compensation Table for each year reported in the table. (2) SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine “compensation actually paid” as reported in the Pay versus Performance Table above. “Compensation actually paid” does not mean that our CEO and other NEOs actually received those amounts in the listed year. The following table details the applicable adjustments that were made to determine “compensation actually paid” for each year reported in the table: CEO – Compensation Actually Paid (CAP) Reconciliation 2021 2022 2023 Summary Compensation Table Total $ 14,715,856 $ 15,927,866 $ 16,717,748 - Grant Date Fair Value of Stock Awards Granted in Fiscal Year $ (10,215,113) $ (11,958,716) $ (12,962,924) + Fair Value at Fiscal Year-End of Outstanding Unvested Stock Awards Granted in Fiscal Year $ 19,643,931 $ 6,956,690 $ 12,592,842 ± Change in Fair Value of Outstanding Unvested Stock Awards Granted in Prior Fiscal Years $ 16,231,766 $ (10,975,355) $ 2,299,381 ± Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year $ 5,005,036 $ 3,886,306 $ 3,186,882 Compensation Actually Paid $ 45,381,475 $ 3,836,791 $ 21,833,929 Average NEO – Compensation Actually Paid (CAP) Reconciliation 2021 2022 2023 Summary Compensation Table Total $ 4,070,539 $ 4,365,021 $ 4,323,646 - Grant Date Fair Value of Stock Awards Granted in Fiscal Year $ (2,404,192) $ (2,554,732) $ (2,606,522) + Fair Value at Fiscal Year-End of Outstanding Unvested Stock Awards Granted in Fiscal Year $ 4,623,246 $ 1,486,138 $ 2,532,107 ± Change in Fair Value of Outstanding Unvested Stock Awards Granted in Prior Fiscal Years $ 3,915,715 $ (2,352,119) $ 485,925 ± Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year $ 1,317,447 $ 841,698 $ 714,860 Compensation Actually Paid $ 11,522,755 $ 1,786,007 $ 5,450,015 (3) The individuals comprising the other NEOs for each year presented are listed below: 2021 2022 2023 Heath Mitts Heath Mitts Heath Mitts Steve Merkt Steve Merkt Steve Merkt Shad Kroeger Shad Kroeger Aaron Stucki John Jenkins Aaron Stucki John Jenkins (4) Total Shareholder Return (TSR) compares the cumulative total shareholder return on our common shares against the cumulative return on the Dow Jones U.S. Electrical Components and Equipment Index. It assumes the investment of $100 in our common shares and in the Dow Jones Electrical Components and Equipment Index at the fiscal year end 2020 and assumes the reinvestment of all dividends and distributions. (5) Reflects net income calculated in accordance with generally accepted accounting principles (“GAAP”) in the Company’s Consolidated Statements of Operations included in the Company’s Annual Reports on Form 10-K for the applicable fiscal year. (6) Adjusted Earnings Per Share represents diluted earnings per share from continuing operations (the most comparable GAAP financial measure) before special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, tax sharing income related to adjustments to prior period tax returns and other tax items, other income or charges, and certain significant tax items, if any, and, if applicable, the related tax effects. This measure is a significant component in our incentive compensation plans. | ||
Company Selected Measure Name | Adjusted Earnings Per Share | ||
Named Executive Officers, Footnote | (3) The individuals comprising the other NEOs for each year presented are listed below: 2021 2022 2023 Heath Mitts Heath Mitts Heath Mitts Steve Merkt Steve Merkt Steve Merkt Shad Kroeger Shad Kroeger Aaron Stucki John Jenkins Aaron Stucki John Jenkins | ||
Peer Group Issuers, Footnote | (4) Total Shareholder Return (TSR) compares the cumulative total shareholder return on our common shares against the cumulative return on the Dow Jones U.S. Electrical Components and Equipment Index. It assumes the investment of $100 in our common shares and in the Dow Jones Electrical Components and Equipment Index at the fiscal year end 2020 and assumes the reinvestment of all dividends and distributions. | ||
PEO Total Compensation Amount | $ 16,717,748 | $ 15,927,866 | $ 14,715,856 |
PEO Actually Paid Compensation Amount | $ 21,833,929 | 3,836,791 | 45,381,475 |
Adjustment To PEO Compensation, Footnote | (2) SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine “compensation actually paid” as reported in the Pay versus Performance Table above. “Compensation actually paid” does not mean that our CEO and other NEOs actually received those amounts in the listed year. The following table details the applicable adjustments that were made to determine “compensation actually paid” for each year reported in the table: CEO – Compensation Actually Paid (CAP) Reconciliation 2021 2022 2023 Summary Compensation Table Total $ 14,715,856 $ 15,927,866 $ 16,717,748 - Grant Date Fair Value of Stock Awards Granted in Fiscal Year $ (10,215,113) $ (11,958,716) $ (12,962,924) + Fair Value at Fiscal Year-End of Outstanding Unvested Stock Awards Granted in Fiscal Year $ 19,643,931 $ 6,956,690 $ 12,592,842 ± Change in Fair Value of Outstanding Unvested Stock Awards Granted in Prior Fiscal Years $ 16,231,766 $ (10,975,355) $ 2,299,381 ± Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year $ 5,005,036 $ 3,886,306 $ 3,186,882 Compensation Actually Paid $ 45,381,475 $ 3,836,791 $ 21,833,929 Average NEO – Compensation Actually Paid (CAP) Reconciliation 2021 2022 2023 Summary Compensation Table Total $ 4,070,539 $ 4,365,021 $ 4,323,646 - Grant Date Fair Value of Stock Awards Granted in Fiscal Year $ (2,404,192) $ (2,554,732) $ (2,606,522) + Fair Value at Fiscal Year-End of Outstanding Unvested Stock Awards Granted in Fiscal Year $ 4,623,246 $ 1,486,138 $ 2,532,107 ± Change in Fair Value of Outstanding Unvested Stock Awards Granted in Prior Fiscal Years $ 3,915,715 $ (2,352,119) $ 485,925 ± Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year $ 1,317,447 $ 841,698 $ 714,860 Compensation Actually Paid $ 11,522,755 $ 1,786,007 $ 5,450,015 | ||
Non-PEO NEO Average Total Compensation Amount | $ 4,323,646 | 4,365,021 | 4,070,539 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 5,450,015 | 1,786,007 | 11,522,755 |
Adjustment to Non-PEO NEO Compensation Footnote | (2) SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine “compensation actually paid” as reported in the Pay versus Performance Table above. “Compensation actually paid” does not mean that our CEO and other NEOs actually received those amounts in the listed year. The following table details the applicable adjustments that were made to determine “compensation actually paid” for each year reported in the table: CEO – Compensation Actually Paid (CAP) Reconciliation 2021 2022 2023 Summary Compensation Table Total $ 14,715,856 $ 15,927,866 $ 16,717,748 - Grant Date Fair Value of Stock Awards Granted in Fiscal Year $ (10,215,113) $ (11,958,716) $ (12,962,924) + Fair Value at Fiscal Year-End of Outstanding Unvested Stock Awards Granted in Fiscal Year $ 19,643,931 $ 6,956,690 $ 12,592,842 ± Change in Fair Value of Outstanding Unvested Stock Awards Granted in Prior Fiscal Years $ 16,231,766 $ (10,975,355) $ 2,299,381 ± Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year $ 5,005,036 $ 3,886,306 $ 3,186,882 Compensation Actually Paid $ 45,381,475 $ 3,836,791 $ 21,833,929 Average NEO – Compensation Actually Paid (CAP) Reconciliation 2021 2022 2023 Summary Compensation Table Total $ 4,070,539 $ 4,365,021 $ 4,323,646 - Grant Date Fair Value of Stock Awards Granted in Fiscal Year $ (2,404,192) $ (2,554,732) $ (2,606,522) + Fair Value at Fiscal Year-End of Outstanding Unvested Stock Awards Granted in Fiscal Year $ 4,623,246 $ 1,486,138 $ 2,532,107 ± Change in Fair Value of Outstanding Unvested Stock Awards Granted in Prior Fiscal Years $ 3,915,715 $ (2,352,119) $ 485,925 ± Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year $ 1,317,447 $ 841,698 $ 714,860 Compensation Actually Paid $ 11,522,755 $ 1,786,007 $ 5,450,015 | ||
Compensation Actually Paid vs. Total Shareholder Return | The following charts show, for the past three years, the relationship of the Company’s TSR relative to its peers as well as the relationship between the CEO and non-CEO “compensation actually paid” and (i) the Company’s TSR; (ii) the Company’s net income; and (iii) the Company’s Adjusted Earnings Per Share. *Value of initial fixed investment of $100 | ||
Compensation Actually Paid vs. Net Income | The following charts show, for the past three years, the relationship of the Company’s TSR relative to its peers as well as the relationship between the CEO and non-CEO “compensation actually paid” and (i) the Company’s TSR; (ii) the Company’s net income; and (iii) the Company’s Adjusted Earnings Per Share. | ||
Compensation Actually Paid vs. Company Selected Measure | The following charts show, for the past three years, the relationship of the Company’s TSR relative to its peers as well as the relationship between the CEO and non-CEO “compensation actually paid” and (i) the Company’s TSR; (ii) the Company’s net income; and (iii) the Company’s Adjusted Earnings Per Share. | ||
Total Shareholder Return Vs Peer Group | The following charts show, for the past three years, the relationship of the Company’s TSR relative to its peers as well as the relationship between the CEO and non-CEO “compensation actually paid” and (i) the Company’s TSR; (ii) the Company’s net income; and (iii) the Company’s Adjusted Earnings Per Share. *Value of initial fixed investment of $100 | ||
Tabular List, Table | Most Important Performance Measures The MDCC believes in a holistic evaluation of the NEOs’ and the Company’s performance and uses a mix of performance measures throughout our annual and long-term incentive programs to align executive pay with Company performance. As required by SEC rules, the following table presents the financial performance measures that the company considers to have been the most important in linking Compensation Actually Paid to company performance. The measures in this table are not ranked. 2023 Most Important Performance Measures Adjusted Earnings Per Share Revenue Adjusted Operating Income | ||
Total Shareholder Return Amount | $ 135.95 | 119.28 | 153.36 |
Peer Group Total Shareholder Return Amount | 152.54 | 120.36 | 145.17 |
Net Income (Loss) | $ 1,910,000,000 | $ 2,428,000,000 | $ 2,261,000,000 |
Company Selected Measure Amount | $ / shares | 6.74 | 7.33 | 6.51 |
PEO Name | Terrence Curtin | ||
Measure:: 1 | |||
Pay vs Performance Disclosure | |||
Name | Adjusted Earnings Per Share | ||
Non-GAAP Measure Description | (6) Adjusted Earnings Per Share represents diluted earnings per share from continuing operations (the most comparable GAAP financial measure) before special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, tax sharing income related to adjustments to prior period tax returns and other tax items, other income or charges, and certain significant tax items, if any, and, if applicable, the related tax effects. This measure is a significant component in our incentive compensation plans. | ||
Measure:: 2 | |||
Pay vs Performance Disclosure | |||
Name | Revenue | ||
Measure:: 3 | |||
Pay vs Performance Disclosure | |||
Name | Adjusted Operating Income | ||
PEO | Grant Date Fair Value of Stock Awards Granted in Fiscal Year | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | $ (12,962,924) | $ (11,958,716) | $ (10,215,113) |
PEO | Fair Value at Fiscal Year-End of Outstanding Unvested Stock Awards Granted in Fiscal Year | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 12,592,842 | 6,956,690 | 19,643,931 |
PEO | Change in Fair Value of Outstanding Unvested Stock Awards Granted in Prior Fiscal Years | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 2,299,381 | (10,975,355) | 16,231,766 |
PEO | Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 3,186,882 | 3,886,306 | 5,005,036 |
Non-PEO NEO | Grant Date Fair Value of Stock Awards Granted in Fiscal Year | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | (2,606,522) | (2,554,732) | (2,404,192) |
Non-PEO NEO | Fair Value at Fiscal Year-End of Outstanding Unvested Stock Awards Granted in Fiscal Year | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 2,532,107 | 1,486,138 | 4,623,246 |
Non-PEO NEO | Change in Fair Value of Outstanding Unvested Stock Awards Granted in Prior Fiscal Years | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | 485,925 | (2,352,119) | 3,915,715 |
Non-PEO NEO | Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year | |||
Pay vs Performance Disclosure | |||
Adjustment to Compensation, Amount | $ 714,860 | $ 841,698 | $ 1,317,447 |