TE Connectivity (TEL) 10-Q 26 Jan 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 29, 2023	Jan. 19, 2024
Document and Entity Information
Entity Registrant Name	TE CONNECTIVITY LTD.
Entity Central Index Key	0001385157
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 29, 2023
Document Transition Report	false
Entity File Number	001-33260
Entity Incorporation, State or Country Code	V8
Entity Tax Identification Number	98-0518048
Entity Address, Address Line One	Mühlenstrasse 26
Entity Address, City or Town	Schaffhausen
Entity Address, Country	CH
Entity Address, Postal Zip Code	CH-8200
Country Region	+41
City Area Code	(0)52
Local Phone Number	633 66 61
Title of 12(b) Security	Common Shares, Par Value CHF 0.57
Trading Symbol	TEL
Security Exchange Name	NYSE
Amendment Flag	false
Current Fiscal Year End Date	--09-27
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		308,798,987
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 3,831	$ 3,841
Cost of sales	2,507	2,654
Gross margin	1,324	1,187
Selling, general, and administrative expenses	424	392
Research, development, and engineering expenses	173	173
Acquisition and integration costs	8	9
Restructuring and other charges, net	21	111
Operating income	698	502
Interest income	22	9
Interest expense	(18)	(21)
Other expense, net	(3)	(5)
Income from continuing operations before income taxes	699	485
Income tax (expense) benefit	1,105	(87)
Income from continuing operations	1,804	398
Loss from discontinued operations, net of income taxes	(1)	(1)
Net income	$ 1,803	$ 397
Basic earnings per share:
Income from continuing operations (in dollars per share)	$ 5.80	$ 1.26
Net income (in dollars per share)	5.80	1.25
Diluted earnings per share:
Income from continuing operations (in dollars per share)	5.76	1.25
Net income (in dollars per share)	$ 5.76	$ 1.24
Weighted-average number of shares outstanding:
Basic (in shares)	311	317
Diluted (in shares)	313	319

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 1,803	$ 397
Other comprehensive income:
Currency translation	163	305
Adjustments to unrecognized pension and postretirement benefit costs, net of income taxes	(18)	2
Gains on cash flow hedges, net of income taxes	28	69
Other comprehensive income	173	376
Comprehensive income	1,976	773
Less: comprehensive income attributable to noncontrolling interests	(4)	(9)
Comprehensive income attributable to TE Connectivity Ltd.	$ 1,972	$ 764

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 29, 2023	Sep. 29, 2023
Current assets:
Cash and cash equivalents	$ 1,170	$ 1,661
Accounts receivable, net of allowance for doubtful accounts of $37 and $30, respectively	2,828	2,967
Inventories	2,783	2,552
Prepaid expenses and other current assets	660	712
Total current assets	7,441	7,892
Property, plant, and equipment, net	3,854	3,754
Goodwill	5,836	5,463
Intangible assets, net	1,278	1,175
Deferred income taxes	3,852	2,600
Other assets	810	828
Total assets	23,071	21,712
Current liabilities:
Short-term debt	613	682
Accounts payable	1,690	1,563
Accrued and other current liabilities	1,708	2,218
Total current liabilities	4,011	4,463
Long-term debt	3,585	3,529
Long-term pension and postretirement liabilities	744	728
Deferred income taxes	188	185
Income taxes	380	365
Other liabilities	914	787
Total liabilities	9,822	10,057
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests	108	104
Equity:
Common shares, CHF 0.57 par value, 322,470,281 shares authorized and issued	142	142
Accumulated earnings	14,678	12,947
Treasury shares, at cost, 13,050,787 and 10,487,742 shares, respectively	(1,695)	(1,380)
Accumulated other comprehensive income (loss)	11	(158)
Total TE Connectivity Ltd. shareholders' equity	13,136	11,551
Noncontrolling interests	5
Equity	13,141	11,551
Total liabilities, redeemable noncontrolling interests, and equity	$ 23,071	$ 21,712

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Dec. 29, 2023 USD ($) shares	Dec. 29, 2023 SFr / shares	Sep. 29, 2023 USD ($) shares	Sep. 29, 2023 SFr / shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars) | $	$ 37		$ 30
Common shares, par value (in currency per share) | SFr / shares		SFr 0.57		SFr 0.57
Common shares, shares authorized	322,470,281		322,470,281
Common shares, shares issued	322,470,281		322,470,281
Treasury shares	13,050,787		10,487,742

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Common Shares	Treasury Shares	Contributed Surplus	Accumulated Earnings	Accumulated Other Comprehensive Income (Loss)	TE Connectivity Ltd. Shareholders' Equity	Noncontrolling Interests	Total
Balance at Sep. 30, 2022	$ 146	$ (1,681)		$ 12,832	$ (495)	$ 10,802		$ 10,802
Balance (in shares) at Sep. 30, 2022	331,000,000
Treasury Stock balance (in shares) at Sep. 30, 2022		(13,000,000)
Increase (Decrease) in Shareholders' Equity:
Net income				397		397		397
Other comprehensive income					367	367		367
Share-based compensation expense			$ 32			32		32
Exercise of share options		$ 11				11		11
Restricted share award vestings and other activity		$ 49	(32)	(29)		(12)		(12)
Restricted share award vestings and other activity (in shares)		1,000,000
Repurchase of common shares		$ (233)				(233)		$ (233)
Repurchase of common shares (in shares)		(2,000,000)						(2,000,000)
Balance at Dec. 30, 2022	$ 146	$ (1,854)		13,200	(128)	11,364		$ 11,364
Treasury Stock balance (in shares) at Dec. 30, 2022		(14,000,000)
Balance (in shares) at Dec. 30, 2022	331,000,000
Balance at Sep. 29, 2023	$ 142	$ (1,380)		12,947	(158)	11,551		$ 11,551
Balance (in shares) at Sep. 29, 2023	322,000,000
Treasury Stock balance (in shares) at Sep. 29, 2023		(10,000,000)						10,487,742
Increase (Decrease) in Shareholders' Equity:
Acquisition							$ 5	$ 5
Net income				1,803		1,803		1,803
Other comprehensive income					169	169		169
Share-based compensation expense			34			34		34
Exercise of share options		$ 11				11		11
Restricted share award vestings and other activity		94	$ (34)	(72)		(12)		(12)
Repurchase of common shares		$ (420)				(420)		$ (420)
Repurchase of common shares (in shares)		(3,000,000)						(3,000,000)
Balance at Dec. 29, 2023	$ 142	$ (1,695)		$ 14,678	$ 11	$ 13,136	$ 5	$ 13,141
Treasury Stock balance (in shares) at Dec. 29, 2023		(13,000,000)						13,050,787
Balance (in shares) at Dec. 29, 2023	322,000,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Cash flows from operating activities:
Net income	$ 1,803	$ 397
Loss from discontinued operations, net of income taxes	1	1
Income from continuing operations	1,804	398
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	194	187
Deferred income taxes	(1,217)	(35)
Non-cash lease cost	34	34
Provision for losses on accounts receivable and inventories	42	51
Share-based compensation expense	34	32
Other	40	49
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable, net	127	(54)
Inventories	(282)	(324)
Prepaid expenses and other current assets	(48)	(86)
Accounts payable	128	149
Accrued and other current liabilities	(239)	(39)
Income taxes	12	25
Other	90	194
Net cash provided by operating activities	719	581
Cash flows from investing activities:
Capital expenditures	(151)	(183)
Proceeds from sale of property, plant, and equipment	2	1
Acquisition of businesses, net of cash acquired	(349)	(109)
Proceeds from divestiture of business, net of cash retained by businesses sold	38
Other	(8)	26
Net cash used in investing activities	(468)	(265)
Cash flows from financing activities:
Net decrease in commercial paper	(69)	(139)
Repayment of debt	(1)	(4)
Proceeds from exercise of share options	11	11
Repurchase of common shares	(476)	(287)
Payment of common share dividends to shareholders	(183)	(178)
Other	(27)	(24)
Net cash used in financing activities	(745)	(621)
Effect of currency translation on cash	3	10
Net decrease in cash, cash equivalents, and restricted cash	(491)	(295)
Cash, cash equivalents, and restricted cash at beginning of period	1,661	1,088
Cash, cash equivalents, and restricted cash at end of period	$ 1,170	$ 793

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	3 Months Ended
	Dec. 29, 2023
Basis of Presentation and Accounting Policies
Basis of Presentation and Accounting Policies	1. Basis of Presentation and Accounting Policies The unaudited Condensed Consolidated Financial Statements of TE Connectivity Ltd. (“TE Connectivity” or the “Company,” which may be referred to as “we,” “us,” or “our”) have been prepared in United States (“U.S.”) dollars, in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and the instructions to Form 10-Q under the Securities Exchange Act of 1934. In management’s opinion, the unaudited Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of interim results. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire fiscal year or any subsequent interim period. The year-end balance sheet data was derived from audited financial statements, but does not include all of the information and disclosures required by GAAP. These financial statements should be read in conjunction with our audited Consolidated Financial Statements contained in our Annual Report on Form 10-K for the fiscal year ended September 29, 2023. Unless otherwise indicated, references in the Condensed Consolidated Financial Statements to fiscal 2024 and fiscal 2023 are to our fiscal years ending September 27, 2024 and ended September 29, 2023, respectively. Recently Issued Accounting Pronouncements Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvement to Income Tax Disclosures, Recently Adopted Accounting Pronouncement In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50)—Disclosure of Supplier Finance Program Obligations

Restructuring and Other Charges

Restructuring and Other Charges, Net	3 Months Ended
	Dec. 29, 2023
Restructuring and Other Charges, Net
Restructuring and Other Charges, Net	2. Restructuring and Other Charges, Net Net restructuring and other charges consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Restructuring charges, net ​ $ 9 ​ $ 104 ​ Loss on divestiture and impairment of held for sale business ​ ​ 11 ​ ​ 6 ​ Other charges, net ​ 1 ​ 1 ​ Restructuring and other charges, net ​ $ 21 ​ $ 111 ​ ​ Restructuring Charges, Net Net restructuring and charges by segment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Transportation Solutions ​ $ 2 ​ $ 74 ​ Industrial Solutions ​ 6 ​ 6 ​ Communications Solutions ​ 1 ​ 24 ​ Restructuring charges, net ​ $ 9 ​ $ 104 ​ ​ Activity in our restructuring reserves was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ September 29, ​ ​ ​ ​ Changes in ​ Cash ​ Non-Cash ​ Currency ​ December 29, ​ ​ 2023 Charges Estimate Payments Items Translation 2023 ​ ​ (in millions) ​ Fiscal 2024 Actions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee severance ​ $ — ​ $ 5 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 5 ​ Fiscal 2023 Actions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee severance ​ ​ 187 ​ ​ — ​ ​ (8) ​ ​ (20) ​ ​ — ​ ​ 8 ​ ​ 167 ​ Facility and other exit costs ​ ​ 2 ​ ​ 1 ​ ​ — ​ ​ (3) ​ ​ — ​ ​ — ​ ​ — ​ Property, plant, and equipment ​ ​ — ​ ​ 4 ​ ​ — ​ ​ — ​ ​ (4) ​ ​ — ​ ​ — ​ Total ​ ​ 189 ​ ​ 5 ​ ​ (8) ​ ​ (23) ​ ​ (4) ​ ​ 8 ​ ​ 167 ​ Pre-Fiscal 2023 Actions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee severance ​ ​ 127 ​ ​ — ​ ​ 5 ​ ​ (23) ​ ​ — ​ ​ 4 ​ ​ 113 ​ Facility and other exit costs ​ ​ 4 ​ ​ 2 ​ ​ — ​ ​ (2) ​ ​ — ​ ​ — ​ ​ 4 ​ Total ​ ​ 131 ​ ​ 2 ​ ​ 5 ​ ​ (25) ​ ​ — ​ ​ 4 ​ ​ 117 ​ Total Activity ​ $ 320 ​ $ 12 ​ $ (3) ​ $ (48) ​ $ (4) ​ $ 12 ​ $ 289 ​ ​ Fiscal 2024 Actions Fiscal 2023 Actions During fiscal 2023, we initiated a restructuring program associated with cost structure improvements across all segments. In connection with this program, during the quarters ended December 29, 2023 and December 30, 2022, we recorded net restructuring credits of $3 million and charges of $105 million, respectively. We expect to complete all restructuring actions commenced during fiscal 2023 by the end of fiscal 2025, and to incur additional charges of approximately $24 million related primarily to employee severance and facility exit costs. The following table summarizes expected, incurred, and remaining charges for the fiscal 2023 program by segment as of December 29, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Cumulative ​ Remaining ​ ​ ​ Expected ​ Charges ​ Expected ​ ​ Charges Incurred Charges ​ ​ (in millions) ​ Transportation Solutions ​ $ 153 ​ $ 138 ​ $ 15 ​ Industrial Solutions ​ 80 ​ 73 ​ 7 ​ Communications Solutions ​ 35 ​ 33 ​ 2 ​ Total ​ $ 268 ​ $ 244 ​ $ 24 ​ ​ Pre-Fiscal 2023 Actions During the quarters ended December 29, 2023 and December 30, 2022, we recorded net restructuring charges of $7 million and credits of $1 million, respectively, related to pre-fiscal 2023 actions. We expect that any additional charges related to restructuring actions commenced prior to fiscal 2023 will be insignificant. Total Restructuring Reserves Restructuring reserves included on the Condensed Consolidated Balance Sheets were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 29, ​ September 29, ​ ​ 2023 2023 ​ ​ (in millions) ​ Accrued and other current liabilities ​ $ 204 ​ $ 240 ​ Other liabilities ​ 85 ​ 80 ​ Restructuring reserves ​ $ 289 ​ $ 320 ​ ​ Divestiture During the quarter ended December 29, 2023, we sold one business for net cash proceeds of $38 million. In connection with the divestiture, we recorded a pre-tax loss on sale of $11 million. The business sold was reported in our Transportation Solutions segment.

Acquisitions

Acquisitions	3 Months Ended
	Dec. 29, 2023
Acquisitions
Acquisitions	3. Acquisitions 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 302 million (equivalent to $349 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. Due to the timing of the transaction, which was reported as part of our Industrial Solutions segment, we preliminarily allocated the purchase price to goodwill and identifiable intangible assets. 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. We intend to initiate a squeeze-out procedure and delist the remaining Schaffner shares from SIX Swiss Exchange during fiscal 2024. We acquired one business for a cash purchase price of $109 million, net of cash acquired, during the quarter ended December 30, 2022. The acquisition was reported as part of our Industrial Solutions segment from the date of acquisition.

Inventories

Inventories	3 Months Ended
	Dec. 29, 2023
Inventories
Inventories	4. Inventories Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 29, ​ September 29, ​ ​ 2023 2023 ​ ​ (in millions) ​ Raw materials ​ $ 394 ​ $ 367 ​ Work in progress ​ 1,284 ​ 1,185 ​ Finished goods ​ 1,105 ​ 1,000 ​ Inventories ​ $ 2,783 ​ $ 2,552 ​ ​

Goodwill

Goodwill	3 Months Ended
	Dec. 29, 2023
Goodwill
Goodwill	5. Goodwill The changes in the carrying amount of goodwill by segment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transportation Industrial Communications ​ ​ ​ ​ Solutions ​ Solutions ​ Solutions ​ Total ​ ​ ​ (in millions) ​ September 29, 2023 (1) ​ $ 1,478 ​ $ 3,263 ​ $ 722 ​ $ 5,463 ​ Acquisition ​ ​ — ​ ​ 257 ​ ​ — ​ ​ 257 ​ Currency translation and other ​ 29 ​ 71 ​ 16 ​ 116 ​ December 29, 2023 (1) ​ $ 1,507 ​ $ 3,591 ​ $ 738 ​ $ 5,836 ​ (1) At December 29, 2023 and September 29, 2023, accumulated impairment losses for the Transportation Solutions, Industrial Solutions, and Communications Solutions segments were $3,091 million, $669 million, and $489 million, respectively. During the quarter ended December 29, 2023, we recognized goodwill in the Industrial Solutions segment in connection with an acquisition. See Note 3 for additional information regarding acquisitions.

Intangible Assets, Net

Intangible Assets, Net	3 Months Ended
	Dec. 29, 2023
Intangible Assets, Net
Intangible Assets, Net	6. Intangible Assets, Net Intangible assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 29, 2023 ​ September 29, 2023 ​ ​ Gross ​ ​ Net Gross ​ ​ Net ​ ​ ​ Carrying ​ Accumulated ​ Carrying ​ Carrying ​ Accumulated ​ Carrying ​ ​ ​ Amount ​ Amortization ​ Amount ​ Amount ​ Amortization ​ Amount ​ ​ (in millions) ​ Customer relationships ​ $ 1,876 ​ $ (856) ​ $ 1,020 ​ $ 1,720 ​ $ (806) ​ $ 914 ​ Intellectual property ​ ​ 1,129 ​ ​ (884) ​ ​ 245 ​ ​ 1,186 ​ ​ (938) ​ ​ 248 ​ Other ​ 19 ​ (6) ​ 13 ​ 19 ​ (6) ​ 13 ​ Total ​ $ 3,024 ​ $ (1,746) ​ $ 1,278 ​ $ 2,925 ​ $ (1,750) ​ $ 1,175 ​ ​ Intangible asset amortization expense was $42 million and $46 million for the quarters ended December 29, 2023 and December 30, 2022, respectively. At December 29, 2023, the aggregate amortization expense on intangible assets is expected to be as follows: ​ ​ ​ ​ ​ ​ (in millions) Remainder of fiscal 2024 ​ $ 128 ​ Fiscal 2025 ​ ​ 161 ​ Fiscal 2026 ​ 154 ​ Fiscal 2027 ​ 135 ​ Fiscal 2028 ​ 102 ​ Fiscal 2029 ​ 95 ​ Thereafter ​ 503 ​ Total ​ $ 1,278 ​ ​

Debt

Debt	3 Months Ended
	Dec. 29, 2023
Debt
Debt	7. Debt As of December 29, 2023, Tyco Electronics Group S.A. (“TEGSA”), our wholly-owned subsidiary, had $261 million of commercial paper outstanding at a weighted-average interest rate of 5.50%. TEGSA had $330 million of commercial paper outstanding at a weighted-average interest rate of 5.50% at September 29, 2023. The fair value of our debt, based on indicative valuations, was approximately $4,103 million and $3,974 million at December 29, 2023 and September 29, 2023, respectively.

Leases

Leases	3 Months Ended
	Dec. 29, 2023
Leases
Leases	8. Leases The components of lease cost were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ (in millions) Operating lease cost ​ $ 34 ​ $ 34 ​ Variable lease cost ​ ​ 12 ​ ​ 12 ​ Total lease cost ​ $ 46 ​ $ 46 ​ ​ Cash flow information, including significant non-cash transactions, related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ (in millions) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Payments for operating leases (1) ​ $ 34 ​ $ 32 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets, including modifications of existing leases, obtained in exchange for operating lease liabilities ​ ​ 70 ​ ​ 35 ​ (1) These payments are included in cash flows from operating activities, primarily in changes in accrued and other current liabilities.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 29, 2023
Commitments and Contingencies
Commitments and Contingencies	9. Commitments and Contingencies 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, 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 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 are cooperating with the BIS and DDTC on these matters, and the resulting investigations are ongoing. We have also been contacted by the U.S. Department of Justice concerning aspects of these matters. We are unable to predict the timing and final outcome of the agencies’ investigations. 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 investigations into these matters have yet to be completed and the final outcome of such investigations 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 December 29, 2023, we concluded that we would incur investigation and remediation costs at these sites in the reasonably possible range of $17 million to $44 million, and we accrued $20 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 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. 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 payment obligations under our supply chain finance program, which are included in accounts payable on our Condensed Consolidated Balance Sheets, were $122 million and $109 million at December 29, 2023 and September 29, 2023, respectively.

Financial Instruments

Financial Instruments	3 Months Ended
	Dec. 29, 2023
Financial Instruments
Financial Instruments	10. Financial Instruments Foreign Currency Exchange Rate Risk 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. We expect that significantly all of the balance in accumulated other comprehensive income (loss) associated with the cash flow hedge-designated instruments addressing foreign exchange risks will be reclassified into the Condensed Consolidated Statement of Operations within the next twelve months. 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 $2,792 million and $1,709 million at December 29, 2023 and September 29, 2023, respectively. 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 $3,599 million and $3,806 million at December 29, 2023 and September 29, 2023, respectively. Under the terms of these contracts, we receive interest in U.S. dollars at a weighted-average rate of 1.6% 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 Condensed Consolidated Balance Sheets as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 29, ​ September 29, ​ ​ 2023 2023 ​ ​ (in millions) ​ Prepaid expenses and other current assets ​ $ 60 ​ $ 109 ​ Other assets ​ 35 ​ 79 ​ Accrued and other current liabilities ​ ​ 9 ​ ​ 4 ​ Other liabilities ​ ​ 59 ​ ​ 10 ​ ​ The impacts of our hedge of net investment programs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Foreign currency exchange losses on intercompany loans and external borrowings (1) ​ $ (107) ​ $ (165) ​ Losses on cross-currency swap contracts designated as hedges of net investment (1) ​ (125) ​ (137) ​ (1) Recorded as currency translation, a component of accumulated other comprehensive income (loss), and offset by changes attributable to the translation of the net investment. Commodity Hedges As part of managing the exposure to certain commodity price fluctuations, we utilize commodity swap contracts. The objective of these contracts is to minimize impacts to cash flows and profitability due to changes in prices of commodities used in production. These contracts had an aggregate notional value of $431 million and $459 million at December 29, 2023 and September 29, 2023, respectively, and were designated as cash flow hedges. These commodity swap contracts were recorded on the Condensed Consolidated Balance Sheets as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 29, ​ September 29, ​ ​ 2023 2023 ​ ​ (in millions) ​ Prepaid expenses and other current assets ​ $ 11 ​ $ 3 ​ Accrued and other current liabilities ​ ​ 6 ​ ​ 21 ​ Other liabilities ​ ​ 1 ​ ​ 5 ​ ​ The impacts of our commodity swap contracts were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Gains recorded in other comprehensive income (loss) ​ $ 26 ​ $ 47 ​ Losses reclassified from accumulated other comprehensive income (loss) into cost of sales ​ ​ (4) ​ ​ (29) ​ ​ We expect that significantly all of the balance in accumulated other comprehensive income (loss) associated with commodity hedges will be reclassified into the Condensed Consolidated Statement of Operations within the next twelve months.

Retirement Plans

Retirement Plans	3 Months Ended
	Dec. 29, 2023
Retirement Plans
Retirement Plans	11. Retirement Plans The net periodic pension benefit cost for all non-U.S. and U.S. defined benefit pension plans was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-U.S. Plans ​ U.S. Plans ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ December 29, ​ December 30, ​ ​ 2023 2022 2023 2022 ​ ​ (in millions) ​ Operating expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 7 ​ $ 7 ​ $ 2 ​ $ 2 ​ Other (income) expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 15 ​ 14 ​ 10 ​ 9 ​ Expected returns on plan assets ​ (12) ​ (11) ​ (10) ​ (9) ​ Amortization of net actuarial loss ​ 1 ​ 1 ​ 1 ​ 1 ​ Amortization of prior service credit ​ (1) ​ (1) ​ — ​ — ​ Net periodic pension benefit cost ​ $ 10 ​ $ 10 ​ $ 3 ​ $ 3 ​ ​ During the quarter ended December 29, 2023, we contributed $12 million to our non-U.S. pension plans.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 29, 2023
Income Taxes
Income Taxes	12. Income Taxes We recorded an income tax benefit of $1,105 million and expense of $87 million for the quarters ended December 29, 2023 and December 30, 2022, respectively. The income tax benefit for the quarter ended December 29, 2023 included an $874 million net income tax benefit associated with a ten-year tax credit obtained by a Swiss subsidiary and a $262 million income tax benefit related to the revaluation of deferred tax assets as a result of a corporate tax rate increase in Switzerland. In addition, the income tax benefit for the quarter ended December 29, 2023 included a $118 million income tax benefit associated with the tax impacts of a legal entity restructuring with related costs of $4 million recorded in selling, general, and administrative expenses for other non-income taxes. Although it is difficult to predict the timing or results of our worldwide examinations, we estimate that, as of December 29, 2023, approximately $30 million of unrecognized income tax benefits, excluding the impact relating to accrued interest and penalties, could be resolved within the next twelve months. We are not aware of any other matters that would result in significant changes to the amount of unrecognized income tax benefits reflected on the Condensed Consolidated Balance Sheet as of December 29, 2023.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 29, 2023
Earnings Per Share
Earnings Per Share	13. Earnings Per Share The weighted-average number of shares outstanding used in the computations of basic and diluted earnings per share were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Basic ​ 311 ​ 317 ​ Dilutive impact of share-based compensation arrangements ​ 2 ​ 2 ​ Diluted ​ 313 ​ 319 ​ ​ The following share options were not included in the computation of diluted earnings per share because the instruments’ underlying exercise prices were greater than the average market prices of our common shares and inclusion would be antidilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Antidilutive share options 2 ​ 2 ​ ​

Equity

Equity	3 Months Ended
	Dec. 29, 2023
Equity
Equity	14. Equity Dividends We paid cash dividends to shareholders as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ Quarters Ended ​ December 29, December 30, ​ 2023 2022 Dividends paid per common share ​ $ 0.59 ​ $ 0.56 ​ ​ Upon shareholders’ approval of a dividend payment, we record a liability with a corresponding charge to equity. At December 29, 2023 and September 29, 2023, the unpaid portion of the dividends recorded in accrued and other current liabilities on the Condensed Consolidated Balance Sheets totaled $183 million and $368 million, respectively. Share Repurchase Program During the quarter ended December 29, 2023, our board of directors authorized an increase of $1.5 billion in our share repurchase program. Common shares repurchased under the share repurchase program were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Number of common shares repurchased ​ 3 ​ 2 ​ Repurchase value $ 420 $ 233 ​ ​ At December 29, 2023, we had $1.8 billion of availability remaining under our share repurchase authorization.

Share Plans

Share Plans	3 Months Ended
	Dec. 29, 2023
Share Plans
Share Plans	15. Share Plans Share-based compensation expense, which was included in selling, general, and administrative expenses on the Condensed Consolidated Statements of Operations, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Share-based compensation expense $ 34 $ 32 ​ ​ As of December 29, 2023, there was $211 million of unrecognized compensation expense related to share-based awards, which is expected to be recognized over a weighted-average period of 1.9 years. During the quarter ended December 29, 2023, we granted the following share-based awards as part of our annual incentive plan grant: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant-Date ​ ​ Shares Fair Value ​ ​ (in millions) ​ ​ ​ ​ Share options ​ 0.9 ​ $ 39.77 ​ Restricted share awards ​ 0.4 ​ 131.77 ​ Performance share awards ​ 0.2 ​ ​ 131.77 ​ ​ As of December 29, 2023, we had six million shares available for issuance under the TE Connectivity Ltd. 2007 Stock and Incentive Plan, amended and restated as of December 12, 2023. Share-Based Compensation Assumptions The assumptions we used in the Black-Scholes-Merton option pricing model for the options granted as part of our annual incentive plan grant were as follows: ​ ​ ​ ​ ​ ​ Expected share price volatility 31 % Risk-free interest rate ​ 4.6 % ​ Expected annual dividend per share ​ $ 2.36 ​ ​ Expected life of options (in years) ​ 5.3 ​ ​ ​

Segment and Geographic Data

Segment and Geographic Data	3 Months Ended
	Dec. 29, 2023
Segment and Geographic Data
Segment and Geographic Data	16. Segment and Geographic Data Net sales by segment (1) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Transportation Solutions: ​ ​ ​ ​ ​ ​ ​ Automotive ​ $ 1,776 ​ $ 1,649 ​ Commercial transportation ​ 356 ​ 348 ​ Sensors ​ 241 ​ 262 ​ Total Transportation Solutions ​ ​ 2,373 ​ ​ 2,259 ​ Industrial Solutions: ​ ​ ​ ​ ​ ​ ​ Industrial equipment ​ ​ 330 ​ ​ 434 ​ Aerospace, defense, and marine ​ 290 ​ 264 ​ Energy ​ 205 ​ 189 ​ Medical ​ ​ 200 ​ ​ 173 ​ Total Industrial Solutions ​ ​ 1,025 ​ ​ 1,060 ​ Communications Solutions: ​ ​ ​ ​ ​ ​ ​ Data and devices ​ ​ 279 ​ ​ 329 ​ Appliances ​ 154 ​ 193 ​ Total Communications Solutions ​ ​ 433 ​ ​ 522 ​ Total ​ $ 3,831 ​ $ 3,841 ​ (1) Intersegment sales were not material. (2) Industry end market information is presented consistently with our internal management reporting and may be revised periodically as management deems necessary. Net sales by geographic region (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Europe/Middle East/Africa (“EMEA”): ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ $ 867 ​ $ 812 ​ Industrial Solutions ​ 477 ​ 444 ​ Communications Solutions ​ 67 ​ 70 ​ Total EMEA ​ 1,411 ​ 1,326 ​ Asia–Pacific: ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ ​ 1,012 ​ ​ 924 ​ Industrial Solutions ​ 147 ​ 189 ​ Communications Solutions ​ ​ 220 ​ ​ 294 ​ Total Asia–Pacific ​ 1,379 ​ 1,407 ​ Americas: ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ ​ 494 ​ ​ 523 ​ Industrial Solutions ​ 401 ​ 427 ​ Communications Solutions ​ ​ 146 ​ ​ 158 ​ Total Americas ​ 1,041 ​ 1,108 ​ Total ​ $ 3,831 ​ $ 3,841 ​ (1) Net sales to external customers are attributed to individual countries based on the legal entity that records the sale. Operating income by segment was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Transportation Solutions ​ $ 478 ​ $ 282 ​ Industrial Solutions ​ ​ 141 ​ ​ 156 ​ Communications Solutions ​ ​ 79 ​ ​ 64 ​ Total ​ $ 698 ​ $ 502 ​ ​

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	3 Months Ended
	Dec. 29, 2023
Basis of Presentation and Accounting Policies
Recently Issued and Adopted Accounting Pronouncement	Recently Issued Accounting Pronouncements Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvement to Income Tax Disclosures, Recently Adopted Accounting Pronouncement In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50)—Disclosure of Supplier Finance Program Obligations

Restructuring and Other Charg_2

Restructuring and Other Charges, Net (Tables)	3 Months Ended
	Dec. 29, 2023
Restructuring and Other Charges, Net
Schedule of net restructuring and other charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Restructuring charges, net ​ $ 9 ​ $ 104 ​ Loss on divestiture and impairment of held for sale business ​ ​ 11 ​ ​ 6 ​ Other charges, net ​ 1 ​ 1 ​ Restructuring and other charges, net ​ $ 21 ​ $ 111 ​
Net restructuring and related charges by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Transportation Solutions ​ $ 2 ​ $ 74 ​ Industrial Solutions ​ 6 ​ 6 ​ Communications Solutions ​ 1 ​ 24 ​ Restructuring charges, net ​ $ 9 ​ $ 104 ​
Summary of activity in restructuring reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ September 29, ​ ​ ​ ​ Changes in ​ Cash ​ Non-Cash ​ Currency ​ December 29, ​ ​ 2023 Charges Estimate Payments Items Translation 2023 ​ ​ (in millions) ​ Fiscal 2024 Actions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee severance ​ $ — ​ $ 5 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 5 ​ Fiscal 2023 Actions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee severance ​ ​ 187 ​ ​ — ​ ​ (8) ​ ​ (20) ​ ​ — ​ ​ 8 ​ ​ 167 ​ Facility and other exit costs ​ ​ 2 ​ ​ 1 ​ ​ — ​ ​ (3) ​ ​ — ​ ​ — ​ ​ — ​ Property, plant, and equipment ​ ​ — ​ ​ 4 ​ ​ — ​ ​ — ​ ​ (4) ​ ​ — ​ ​ — ​ Total ​ ​ 189 ​ ​ 5 ​ ​ (8) ​ ​ (23) ​ ​ (4) ​ ​ 8 ​ ​ 167 ​ Pre-Fiscal 2023 Actions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee severance ​ ​ 127 ​ ​ — ​ ​ 5 ​ ​ (23) ​ ​ — ​ ​ 4 ​ ​ 113 ​ Facility and other exit costs ​ ​ 4 ​ ​ 2 ​ ​ — ​ ​ (2) ​ ​ — ​ ​ — ​ ​ 4 ​ Total ​ ​ 131 ​ ​ 2 ​ ​ 5 ​ ​ (25) ​ ​ — ​ ​ 4 ​ ​ 117 ​ Total Activity ​ $ 320 ​ $ 12 ​ $ (3) ​ $ (48) ​ $ (4) ​ $ 12 ​ $ 289 ​
Restructuring reserves included on Consolidated Balance Sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 29, ​ September 29, ​ ​ 2023 2023 ​ ​ (in millions) ​ Accrued and other current liabilities ​ $ 204 ​ $ 240 ​ Other liabilities ​ 85 ​ 80 ​ Restructuring reserves ​ $ 289 ​ $ 320 ​
Fiscal 2023 Actions
Restructuring and Other Charges, Net
Schedule of expected, incurred and remaining charges by segment	The following table summarizes expected, incurred, and remaining charges for the fiscal 2023 program by segment as of December 29, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Cumulative ​ Remaining ​ ​ ​ Expected ​ Charges ​ Expected ​ ​ Charges Incurred Charges ​ ​ (in millions) ​ Transportation Solutions ​ $ 153 ​ $ 138 ​ $ 15 ​ Industrial Solutions ​ 80 ​ 73 ​ 7 ​ Communications Solutions ​ 35 ​ 33 ​ 2 ​ Total ​ $ 268 ​ $ 244 ​ $ 24 ​

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Dec. 29, 2023
Inventories
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 29, ​ September 29, ​ ​ 2023 2023 ​ ​ (in millions) ​ Raw materials ​ $ 394 ​ $ 367 ​ Work in progress ​ 1,284 ​ 1,185 ​ Finished goods ​ 1,105 ​ 1,000 ​ Inventories ​ $ 2,783 ​ $ 2,552 ​ ​

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Dec. 29, 2023
Goodwill
Changes in the carrying amount of goodwill by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transportation Industrial Communications ​ ​ ​ ​ Solutions ​ Solutions ​ Solutions ​ Total ​ ​ ​ (in millions) ​ September 29, 2023 (1) ​ $ 1,478 ​ $ 3,263 ​ $ 722 ​ $ 5,463 ​ Acquisition ​ ​ — ​ ​ 257 ​ ​ — ​ ​ 257 ​ Currency translation and other ​ 29 ​ 71 ​ 16 ​ 116 ​ December 29, 2023 (1) ​ $ 1,507 ​ $ 3,591 ​ $ 738 ​ $ 5,836 ​ (1) At December 29, 2023 and September 29, 2023, accumulated impairment losses for the Transportation Solutions, Industrial Solutions, and Communications Solutions segments were $3,091 million, $669 million, and $489 million, respectively.

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	3 Months Ended
	Dec. 29, 2023
Intangible Assets, Net
Schedule of finite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 29, 2023 ​ September 29, 2023 ​ ​ Gross ​ ​ Net Gross ​ ​ Net ​ ​ ​ Carrying ​ Accumulated ​ Carrying ​ Carrying ​ Accumulated ​ Carrying ​ ​ ​ Amount ​ Amortization ​ Amount ​ Amount ​ Amortization ​ Amount ​ ​ (in millions) ​ Customer relationships ​ $ 1,876 ​ $ (856) ​ $ 1,020 ​ $ 1,720 ​ $ (806) ​ $ 914 ​ Intellectual property ​ ​ 1,129 ​ ​ (884) ​ ​ 245 ​ ​ 1,186 ​ ​ (938) ​ ​ 248 ​ Other ​ 19 ​ (6) ​ 13 ​ 19 ​ (6) ​ 13 ​ Total ​ $ 3,024 ​ $ (1,746) ​ $ 1,278 ​ $ 2,925 ​ $ (1,750) ​ $ 1,175 ​
Schedule of finite-lived intangible assets, future amortization expense	At December 29, 2023, the aggregate amortization expense on intangible assets is expected to be as follows: ​ ​ ​ ​ ​ ​ (in millions) Remainder of fiscal 2024 ​ $ 128 ​ Fiscal 2025 ​ ​ 161 ​ Fiscal 2026 ​ 154 ​ Fiscal 2027 ​ 135 ​ Fiscal 2028 ​ 102 ​ Fiscal 2029 ​ 95 ​ Thereafter ​ 503 ​ Total ​ $ 1,278 ​ ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Dec. 29, 2023
Leases
Schedule of components of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ (in millions) Operating lease cost ​ $ 34 ​ $ 34 ​ Variable lease cost ​ ​ 12 ​ ​ 12 ​ Total lease cost ​ $ 46 ​ $ 46 ​
Schedule of Cash Flow information, including significant non-cash transactions, related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ (in millions) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Payments for operating leases (1) ​ $ 34 ​ $ 32 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets, including modifications of existing leases, obtained in exchange for operating lease liabilities ​ ​ 70 ​ ​ 35 ​ (1) These payments are included in cash flows from operating activities, primarily in changes in accrued and other current liabilities.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Dec. 29, 2023
Net investment hedges
Schedule of impacts of hedging program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Foreign currency exchange losses on intercompany loans and external borrowings (1) ​ $ (107) ​ $ (165) ​ Losses on cross-currency swap contracts designated as hedges of net investment (1) ​ (125) ​ (137) ​ (1) Recorded as currency translation, a component of accumulated other comprehensive income (loss), and offset by changes attributable to the translation of the net investment.
Cross-currency swap contracts | Net investment hedges
Summary of fair value of derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 29, ​ September 29, ​ ​ 2023 2023 ​ ​ (in millions) ​ Prepaid expenses and other current assets ​ $ 60 ​ $ 109 ​ Other assets ​ 35 ​ 79 ​ Accrued and other current liabilities ​ ​ 9 ​ ​ 4 ​ Other liabilities ​ ​ 59 ​ ​ 10 ​
Commodity swap contracts | Cash flow hedges
Summary of fair value of derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 29, ​ September 29, ​ ​ 2023 2023 ​ ​ (in millions) ​ Prepaid expenses and other current assets ​ $ 11 ​ $ 3 ​ Accrued and other current liabilities ​ ​ 6 ​ ​ 21 ​ Other liabilities ​ ​ 1 ​ ​ 5 ​
Schedule of impacts of hedging program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Gains recorded in other comprehensive income (loss) ​ $ 26 ​ $ 47 ​ Losses reclassified from accumulated other comprehensive income (loss) into cost of sales ​ ​ (4) ​ ​ (29) ​

Retirement Plans (Tables)

Retirement Plans (Tables)	3 Months Ended
	Dec. 29, 2023
Retirement Plans
Net periodic pension benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-U.S. Plans ​ U.S. Plans ​ ​ ​ For the ​ For the ​ ​ ​ Quarters Ended ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ December 29, ​ December 30, ​ ​ 2023 2022 2023 2022 ​ ​ (in millions) ​ Operating expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 7 ​ $ 7 ​ $ 2 ​ $ 2 ​ Other (income) expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 15 ​ 14 ​ 10 ​ 9 ​ Expected returns on plan assets ​ (12) ​ (11) ​ (10) ​ (9) ​ Amortization of net actuarial loss ​ 1 ​ 1 ​ 1 ​ 1 ​ Amortization of prior service credit ​ (1) ​ (1) ​ — ​ — ​ Net periodic pension benefit cost ​ $ 10 ​ $ 10 ​ $ 3 ​ $ 3 ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 29, 2023
Weighted-average number of shares outstanding:
Schedule of weighted-average shares outstanding, basic and diluted	​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Basic ​ 311 ​ 317 ​ Dilutive impact of share-based compensation arrangements ​ 2 ​ 2 ​ Diluted ​ 313 ​ 319 ​
Schedule of antidilutive securities excluded from computation of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Antidilutive share options 2 ​ 2 ​ ​

Equity (Tables)

Equity (Tables)	3 Months Ended
	Dec. 29, 2023
Equity
Schedule of cash dividends to shareholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ Quarters Ended ​ December 29, December 30, ​ 2023 2022 Dividends paid per common share ​ $ 0.59 ​ $ 0.56 ​
Schedule of common shares repurchased	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Number of common shares repurchased ​ 3 ​ 2 ​ Repurchase value $ 420 $ 233 ​

Share Plans (Tables)

Share Plans (Tables)	3 Months Ended
	Dec. 29, 2023
Share Plans
Share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Share-based compensation expense $ 34 $ 32 ​
Summary of share-based award activity	During the quarter ended December 29, 2023, we granted the following share-based awards as part of our annual incentive plan grant: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant-Date ​ ​ Shares Fair Value ​ ​ (in millions) ​ ​ ​ ​ Share options ​ 0.9 ​ $ 39.77 ​ Restricted share awards ​ 0.4 ​ 131.77 ​ Performance share awards ​ 0.2 ​ ​ 131.77 ​
Weighted-average assumptions	The assumptions we used in the Black-Scholes-Merton option pricing model for the options granted as part of our annual incentive plan grant were as follows: ​ ​ ​ ​ ​ ​ Expected share price volatility 31 % Risk-free interest rate ​ 4.6 % ​ Expected annual dividend per share ​ $ 2.36 ​ ​ Expected life of options (in years) ​ 5.3 ​ ​ ​

Segment and Geographic Data (Ta

Segment and Geographic Data (Tables)	3 Months Ended
	Dec. 29, 2023
Segment and Geographic Data
Schedule of net sales by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Transportation Solutions: ​ ​ ​ ​ ​ ​ ​ Automotive ​ $ 1,776 ​ $ 1,649 ​ Commercial transportation ​ 356 ​ 348 ​ Sensors ​ 241 ​ 262 ​ Total Transportation Solutions ​ ​ 2,373 ​ ​ 2,259 ​ Industrial Solutions: ​ ​ ​ ​ ​ ​ ​ Industrial equipment ​ ​ 330 ​ ​ 434 ​ Aerospace, defense, and marine ​ 290 ​ 264 ​ Energy ​ 205 ​ 189 ​ Medical ​ ​ 200 ​ ​ 173 ​ Total Industrial Solutions ​ ​ 1,025 ​ ​ 1,060 ​ Communications Solutions: ​ ​ ​ ​ ​ ​ ​ Data and devices ​ ​ 279 ​ ​ 329 ​ Appliances ​ 154 ​ 193 ​ Total Communications Solutions ​ ​ 433 ​ ​ 522 ​ Total ​ $ 3,831 ​ $ 3,841 ​ (1) Intersegment sales were not material. (2) Industry end market information is presented consistently with our internal management reporting and may be revised periodically as management deems necessary.
Net sales by segment and geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Quarters Ended ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Europe/Middle East/Africa (“EMEA”): ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ $ 867 ​ $ 812 ​ Industrial Solutions ​ 477 ​ 444 ​ Communications Solutions ​ 67 ​ 70 ​ Total EMEA ​ 1,411 ​ 1,326 ​ Asia–Pacific: ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ ​ 1,012 ​ ​ 924 ​ Industrial Solutions ​ 147 ​ 189 ​ Communications Solutions ​ ​ 220 ​ ​ 294 ​ Total Asia–Pacific ​ 1,379 ​ 1,407 ​ Americas: ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ ​ 494 ​ ​ 523 ​ Industrial Solutions ​ 401 ​ 427 ​ Communications Solutions ​ ​ 146 ​ ​ 158 ​ Total Americas ​ 1,041 ​ 1,108 ​ Total ​ $ 3,831 ​ $ 3,841 ​ (1) Net sales to external customers are attributed to individual countries based on the legal entity that records the sale.
Schedule of operating income by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 29, ​ December 30, ​ ​ 2023 2022 ​ ​ (in millions) ​ Transportation Solutions ​ $ 478 ​ $ 282 ​ Industrial Solutions ​ ​ 141 ​ ​ 156 ​ Communications Solutions ​ ​ 79 ​ ​ 64 ​ Total ​ $ 698 ​ $ 502 ​ ​

Restructuring and Other Charg_3

Restructuring and Other Charges, Net - Restructuring and Other Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Restructuring and other charges, net
Restructuring charges, net	$ 9	$ 104
Loss on divestiture and impairment of held for sale business	11	6
Other charges, net	1	1
Restructuring and other charges, net	21	111
Restructuring charges, net
Restructuring and other charges, net
Restructuring charges, net	9	104
Restructuring charges, net | Transportation Solutions
Restructuring and other charges, net
Restructuring charges, net	2	74
Restructuring charges, net | Industrial Solutions
Restructuring and other charges, net
Restructuring charges, net	6	6
Restructuring charges, net | Communications Solutions
Restructuring and other charges, net
Restructuring charges, net	$ 1	$ 24

Restructuring and Other Charg_4

Restructuring and Other Charges, Net - Restructuring Reserve Activity (Details) $ in Millions	3 Months Ended
	Dec. 29, 2023 USD ($)
Restructuring reserve
Restructuring reserve at the beginning of the period	$ 320
Charges	12
Changes in Estimate	(3)
Cash Payments	(48)
Non-Cash Items	(4)
Currency Translation	12
Restructuring reserve at the end of the period	289
Fiscal 2024 Actions | Employee severance
Restructuring reserve
Charges	5
Restructuring reserve at the end of the period	5
Fiscal 2023 Actions
Restructuring reserve
Restructuring reserve at the beginning of the period	189
Charges	5
Changes in Estimate	(8)
Cash Payments	(23)
Non-Cash Items	(4)
Currency Translation	8
Restructuring reserve at the end of the period	167
Fiscal 2023 Actions | Employee severance
Restructuring reserve
Restructuring reserve at the beginning of the period	187
Changes in Estimate	(8)
Cash Payments	(20)
Currency Translation	8
Restructuring reserve at the end of the period	167
Fiscal 2023 Actions | Facility and other exit costs
Restructuring reserve
Restructuring reserve at the beginning of the period	2
Charges	1
Cash Payments	(3)
Restructuring reserve at the end of the period	0
Fiscal 2023 Actions | Property, plant, and equipment
Restructuring reserve
Charges	4
Non-Cash Items	(4)
Restructuring reserve at the end of the period	0
Pre-Fiscal 2023 Actions
Restructuring reserve
Restructuring reserve at the beginning of the period	131
Charges	2
Changes in Estimate	5
Cash Payments	(25)
Currency Translation	4
Restructuring reserve at the end of the period	117
Pre-Fiscal 2023 Actions | Employee severance
Restructuring reserve
Restructuring reserve at the beginning of the period	127
Changes in Estimate	5
Cash Payments	(23)
Currency Translation	4
Restructuring reserve at the end of the period	113
Pre-Fiscal 2023 Actions | Facility and other exit costs
Restructuring reserve
Restructuring reserve at the beginning of the period	4
Charges	2
Cash Payments	(2)
Restructuring reserve at the end of the period	$ 4

Restructuring and Other Charg_5

Restructuring and Other Charges, Net - Actions (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Restructuring Charges
Charges Incurred	$ 9	$ 104
Fiscal 2024 Actions
Restructuring Charges
Charges Incurred	5
Fiscal 2023 Actions
Restructuring Charges
Total Expected Charges	268
Cumulative Charges Incurred	244
Remaining Expected Charges	24
Charges Incurred	(3)	105
Fiscal 2023 Actions | Transportation Solutions
Restructuring Charges
Total Expected Charges	153
Cumulative Charges Incurred	138
Remaining Expected Charges	15
Fiscal 2023 Actions | Industrial Solutions
Restructuring Charges
Total Expected Charges	80
Cumulative Charges Incurred	73
Remaining Expected Charges	7
Fiscal 2023 Actions | Communications Solutions
Restructuring Charges
Total Expected Charges	35
Cumulative Charges Incurred	33
Remaining Expected Charges	2
Pre-Fiscal 2023 Actions
Restructuring Charges
Charges Incurred	$ 7	$ (1)

Restructuring and Other Charg_6

Restructuring and Other Charges, Net - Restructuring Reserve Balances (Details) - USD ($) $ in Millions	Dec. 29, 2023	Sep. 29, 2023
Restructuring reserves included on the Consolidated Balance Sheets
Accrued and other current liabilities	$ 204	$ 240
Other liabilities	85	80
Restructuring reserves	$ 289	$ 320

Restructuring and Other Charg_7

Restructuring and Other Charges, Net - Divestitures (Details) $ in Millions	3 Months Ended
	Dec. 29, 2023 USD ($) item	Dec. 30, 2022 USD ($)
Divestitures, Not Discontinued Operation
Proceeds from divestiture of business, net of cash retained by businesses sold	$ 38
Impairment of held for sale business and loss on divestiture	$ 11	$ 6
Fiscal 2024 Divestitures | Transportation Solutions
Divestitures, Not Discontinued Operation
Number of Businesses Sold | item	1
Proceeds from divestiture of business, net of cash retained by businesses sold	$ 38
Net pre-tax loss on divestiture	$ (11)

Acquisitions (Details)

Acquisitions (Details) SFr / shares in Units, SFr in Millions, $ in Millions	3 Months Ended
	Dec. 29, 2023 USD ($)	Dec. 29, 2023 CHF (SFr)	Dec. 30, 2022 USD ($) item	Dec. 29, 2023 SFr / shares
Acquisitions
Net cash paid	$ 349		$ 109
2023 Acquisitions
Acquisitions
Number of businesses acquired | item			1
Net cash paid			$ 109
Schaffner Holding AG
Acquisitions
Net cash paid	$ 349	SFr 302
Percentage of voting interest acquired	98.70%
Per share value of the purchase (in dollars per share) | SFr / shares				SFr 505
Fair value of noncontrolling interest	$ 5

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Dec. 29, 2023	Sep. 29, 2023
Inventories
Raw materials	$ 394	$ 367
Work in progress	1,284	1,185
Finished goods	1,105	1,000
Inventories	$ 2,783	$ 2,552

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 29, 2023	Sep. 29, 2023
Goodwill:
Goodwill, beginning balance	$ 5,463
Acquisition	257
Currency translation and other	116
Goodwill, ending balance	5,836
Transportation Solutions
Goodwill:
Goodwill, beginning balance	1,478
Currency translation and other	29
Goodwill, ending balance	1,507
Accumulated impairment losses	3,091	$ 3,091
Industrial Solutions
Goodwill:
Goodwill, beginning balance	3,263
Acquisition	257
Currency translation and other	71
Goodwill, ending balance	3,591
Accumulated impairment losses	669	669
Communications Solutions
Goodwill:
Goodwill, beginning balance	722
Currency translation and other	16
Goodwill, ending balance	738
Accumulated impairment losses	$ 489	$ 489

Intangible Assets, Net (Details

Intangible Assets, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Sep. 29, 2023
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 3,024		$ 2,925
Accumulated Amortization	(1,746)		(1,750)
Net Carrying Amount	1,278		1,175
Finite-lived intangible assets, amortization expense	42	$ 46
Aggregate amortization expense on intangible assets
Remainder of fiscal 2024	128
Fiscal 2025	161
Fiscal 2026	154
Fiscal 2027	135
Fiscal 2028	102
Fiscal 2029	95
Thereafter	503
Net Carrying Amount	1,278		1,175
Customer relationships
Finite-Lived Intangible Assets
Gross Carrying Amount	1,876		1,720
Accumulated Amortization	(856)		(806)
Net Carrying Amount	1,020		914
Aggregate amortization expense on intangible assets
Net Carrying Amount	1,020		914
Intellectual property
Finite-Lived Intangible Assets
Gross Carrying Amount	1,129		1,186
Accumulated Amortization	(884)		(938)
Net Carrying Amount	245		248
Aggregate amortization expense on intangible assets
Net Carrying Amount	245		248
Other
Finite-Lived Intangible Assets
Gross Carrying Amount	19		19
Accumulated Amortization	(6)		(6)
Net Carrying Amount	13		13
Aggregate amortization expense on intangible assets
Net Carrying Amount	$ 13		$ 13

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Millions	Dec. 29, 2023	Sep. 29, 2023
Debt
Fair value of debt	$ 4,103	$ 3,974
Commercial paper
Debt
Commercial paper	$ 261	$ 330
Weighted-average interest rate (as a percent)	5.50%	5.50%

Leases - Components of Lease Co

Leases - Components of Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Leases
Operating lease cost	$ 34	$ 34
Variable lease cost	12	12
Total lease cost	$ 46	$ 46

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Leases
Payments for operating leases	$ 34	$ 32
Right-of-use assets, including modifications of existing leases, obtained in exchange for operating lease liabilities	$ 70	$ 35

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 29, 2023	Sep. 29, 2023
Loss Contingencies
Accrual environmental loss contingency, estimate of probable loss	$ 20
Supplier Finance Program, Obligation [Roll Forward]
Supplier Finance Program, Obligation	122	$ 109
Minimum
Loss Contingencies
Accrual environmental loss contingency, estimate of probable loss	17
Maximum
Loss Contingencies
Accrual environmental loss contingency, estimate of probable loss	44
Outstanding letters of credit, letters of guarantee and surety bonds
Guarantees
Guarantor obligations, maximum exposure	196
Discontinued Operations, Disposed of by Sale | Subsea Communications | Performance guarantee
Guarantees
Guarantor obligations, maximum exposure	26
Discontinued Operations, Disposed of by Sale | Subsea Communications | Letters of credit
Guarantees
Guarantor obligations, maximum exposure	$ 22

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Sep. 29, 2023
Cash flow hedges | Commodity swap contracts
Financial Instruments
Notional amount	$ 431		$ 459
Gains (losses) recorded in other comprehensive income (loss)	26	$ 47
Losses reclassified from accumulated other comprehensive income (loss) into cost of sales	(4)	(29)
Net investment hedges | Intercompany loans and external borrowings
Financial Instruments
Notional amount of non-derivative instruments	2,792		1,709
Foreign currency exchange gains (losses) on intercompany loans and external borrowings	(107)	(165)
Net investment hedges | Cross-currency swap contracts
Financial Instruments
Notional amount	$ 3,599		3,806
Interest paid in foreign currency, fixed interest rate	0%
Interest received in U.S. dollars, weighted-average fixed interest rate	1.60%
Gains (losses) on cross-currency swap contracts designated as hedges of net investment	$ (125)	$ (137)
Prepaid expenses and other current assets | Cash flow hedges | Commodity swap contracts
Financial Instruments
Fair Value of Asset Positions	11		3
Prepaid expenses and other current assets | Net investment hedges | Cross-currency swap contracts
Financial Instruments
Fair Value of Asset Positions	60		109
Other assets | Net investment hedges | Cross-currency swap contracts
Financial Instruments
Fair Value of Asset Positions	35		79
Accrued and other current liabilities | Cash flow hedges | Commodity swap contracts
Financial Instruments
Fair Value of Liability Positions	6		21
Accrued and other current liabilities | Net investment hedges | Cross-currency swap contracts
Financial Instruments
Fair Value of Liability Positions	9		4
Other liabilities | Cash flow hedges | Commodity swap contracts
Financial Instruments
Fair Value of Liability Positions	1		5
Other liabilities | Net investment hedges | Cross-currency swap contracts
Financial Instruments
Fair Value of Liability Positions	$ 59		$ 10

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Net Periodic Postretirement Benefit Cost
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Non-U.S. Plans
Net Periodic Postretirement Benefit Cost
Service cost	$ 7	$ 7
Interest cost	15	14
Expected returns on plan assets	(12)	(11)
Amortization of net actuarial loss	1	1
Amortization of prior service credit	(1)	(1)
Net periodic pension benefit cost	10	10
Defined benefit plan, contributions by employer	12
U.S. Plans
Net Periodic Postretirement Benefit Cost
Service cost	2	2
Interest cost	10	9
Expected returns on plan assets	(10)	(9)
Amortization of net actuarial loss	1	1
Net periodic pension benefit cost	$ 3	$ 3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Income Taxes
Income tax expense (benefit)	$ (1,105)	$ 87
Income tax benefit associated with a ten-year tax credit obtained by a Swiss subsidiary	$ 874
Duration of income tax benefit associated with a tax credit obtained by a Swiss subsidiary	10 years
Income tax benefit relating to revaluation of deferred tax assets resulting from corporate tax rate increase	$ 262
Income tax benefit associated with the tax impacts of a legal entity restructuring	118
Non-income tax expense related to a legal entity restructuring	4
Unrecognized income tax benefits, approximate amount that could be resolved in next twelve months	$ 30

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Weighted-average number of shares outstanding:
Basic (in shares)	311	317
Dilutive impact of share-based compensation arrangements (in shares)	2	2
Diluted (in shares)	313	319
Employee Stock Option [Member]
Antidilutive shares excluded from computation of earnings per share
Antidilutive share options	2	2

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Sep. 29, 2023
Dividends paid per common share	$ 0.59	$ 0.56
Unpaid portion of the dividend payment recorded in accrued and other current liabilities	$ 183		$ 368
Share repurchase program, increase in authorized amount	$ 1,500
Number of common shares repurchased	3	2
Repurchase value	$ 420	$ 233
Amount available for repurchase, at end of period	$ 1,800
Treasury Shares
Number of common shares repurchased	3	2
Repurchase value	$ 420	$ 233

Share Plans (Details)

Share Plans (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Share Based Compensation Arrangements:
Share-based compensation expense	$ 34	$ 32
Shares available for issuance	6
Share Based Compensation Expenses Not Recognized
Share-based compensation, share-based awards, total compensation expense not yet recognized	$ 211
Share-based compensation, share-based awards, total compensation expense not yet recognized, expected period for recognition	1 year 10 months 24 days
Employee Stock Option [Member]
Share Based Compensation Arrangements:
Share options granted	0.9
Options granted, grant-date fair value (in dollars per share)	$ 39.77
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology
Expected share price volatility (as a percent)	31%
Risk-free interest rate (as a percent)	4.60%
Expected annual dividend per share	$ 2.36
Expected life of options (in years)	5 years 3 months 18 days
Restricted share awards
Share Based Compensation Arrangements:
Shares granted	0.4
Shares granted, grant-date fair value (in dollars per share)	$ 131.77
Performance share awards
Share Based Compensation Arrangements:
Shares granted	0.2
Shares granted, grant-date fair value (in dollars per share)	$ 131.77

Segment and Geographic Data - N

Segment and Geographic Data - Net Sales by Segment and Industry End Market (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Segment and Geographic Data
Net sales	$ 3,831	$ 3,841
Transportation Solutions
Segment and Geographic Data
Net sales	2,373	2,259
Transportation Solutions | Automotive
Segment and Geographic Data
Net sales	1,776	1,649
Transportation Solutions | Commercial transportation
Segment and Geographic Data
Net sales	356	348
Transportation Solutions | Sensors
Segment and Geographic Data
Net sales	241	262
Industrial Solutions
Segment and Geographic Data
Net sales	1,025	1,060
Industrial Solutions | Industrial equipment
Segment and Geographic Data
Net sales	330	434
Industrial Solutions | Aerospace, defense, and marine
Segment and Geographic Data
Net sales	290	264
Industrial Solutions | Energy
Segment and Geographic Data
Net sales	205	189
Industrial Solutions | Medical
Segment and Geographic Data
Net sales	200	173
Communications Solutions
Segment and Geographic Data
Net sales	433	522
Communications Solutions | Data and devices
Segment and Geographic Data
Net sales	279	329
Communications Solutions | Appliances
Segment and Geographic Data
Net sales	$ 154	$ 193

Segment and Geographic Data -_2

Segment and Geographic Data - Net Sales by Geographic Region and Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Segment and Geographic Data
Net sales	$ 3,831	$ 3,841
Transportation Solutions
Segment and Geographic Data
Net sales	2,373	2,259
Industrial Solutions
Segment and Geographic Data
Net sales	1,025	1,060
Communications Solutions
Segment and Geographic Data
Net sales	433	522
Total Europe/Middle East/Africa
Segment and Geographic Data
Net sales	1,411	1,326
Total Europe/Middle East/Africa | Transportation Solutions
Segment and Geographic Data
Net sales	867	812
Total Europe/Middle East/Africa | Industrial Solutions
Segment and Geographic Data
Net sales	477	444
Total Europe/Middle East/Africa | Communications Solutions
Segment and Geographic Data
Net sales	67	70
Total Asia-Pacific
Segment and Geographic Data
Net sales	1,379	1,407
Total Asia-Pacific | Transportation Solutions
Segment and Geographic Data
Net sales	1,012	924
Total Asia-Pacific | Industrial Solutions
Segment and Geographic Data
Net sales	147	189
Total Asia-Pacific | Communications Solutions
Segment and Geographic Data
Net sales	220	294
Total Americas
Segment and Geographic Data
Net sales	1,041	1,108
Total Americas | Transportation Solutions
Segment and Geographic Data
Net sales	494	523
Total Americas | Industrial Solutions
Segment and Geographic Data
Net sales	401	427
Total Americas | Communications Solutions
Segment and Geographic Data
Net sales	$ 146	$ 158

Segment and Geographic Data - O

Segment and Geographic Data - Operating Income by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Segment and Geographic Data
Operating income	$ 698	$ 502
Transportation Solutions
Segment and Geographic Data
Operating income	478	282
Industrial Solutions
Segment and Geographic Data
Operating income	141	156
Communications Solutions
Segment and Geographic Data
Operating income	$ 79	$ 64

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,803	$ 397

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 29, 2023 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Shad Kroeger
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	● In the quarter ended December 29, 2023, Shad Kroeger , President, Industrial Solutions , adopted a plan for the sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Mr. Kroeger’s plan was adopted November 17, 2023 and expires October 31, 2024 , and provides for the potential exercise and related sale of (i) stock options representing up to 5,000 common shares, with such sale to occur no earlier than March 1, 2024, (ii) stock options representing up to 5,000 common shares, with such sale to occur no earlier than June 3, 2024, and (iii) stock options representing up to 8,750 common shares, with such sale to occur no earlier than September 3, 2024.
Name	Shad Kroeger
Title	President, Industrial Solutions
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 17, 2023
Termination Date	October 31, 2024
First Trading Scenario Arrangement | Shad Kroeger
Trading Arrangements, by Individual
Aggregate Available	5,000
Second Trading Scenario Arrangement | Shad Kroeger
Trading Arrangements, by Individual
Aggregate Available	5,000
Third Trading Scenario Arrangement | Shad Kroeger
Trading Arrangements, by Individual
Aggregate Available	8,750