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| TEL > SEC Filings for TEL > Form 8-K on 17-Dec-2012 | All Recent SEC Filings |
17-Dec-2012
Results of Operations and Financial Condition, Regulation FD Disclosure, Fin
The information disclosed in Item 7.01 of this Current Report on Form 8-K is furnished and incorporated by reference in this Item 2.02. The financial information referred to therein is furnished as Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3 to this report and incorporated by reference in this Item 2.02.
Effective for the first quarter of fiscal 2013, TE Connectivity Ltd. (the "Company") reorganized its management and segments to better align the organization around the Company's strategy. The Company's businesses in the former Communications and Industrial Solutions segment have been moved into other segments. Also, the Aerospace, Defense, and Marine and Energy businesses, formerly included in the Transportation Solutions and Network Solutions segments, respectively, have been moved to the newly created Industrial Solutions segment. The following represents the new segment structure:
† Transportation Solutions - This segment consists of the Automotive business.
† Network Solutions - The Telecom Networks, Data Communications, Enterprise Networks, and Subsea Communications businesses are presented in this segment.
† Industrial Solutions - This segment contains the Industrial, Aerospace, Defense, and Marine, and Energy businesses.
† Consumer Solutions - The Consumer Devices and Appliances businesses are included in this segment.
The Company has reclassified prior period segment results to reflect the new segment reporting structure.
The unaudited financial information furnished with this report and incorporated by reference includes the consolidated segment results, consolidated net sales by industry end market, and consolidated adjusted operating income by segment of the Company for the fiscal quarters ended September 28, 2012, June 29, 2012, March 30, 2012, December 30, 2011, September 30, 2011, June 24, 2011, March 25, 2011, and December 24, 2010, and for the fiscal years ended September 28, 2012 and September 30, 2011, along with the reconciliation of non-GAAP financial measures to GAAP financial measures for adjusted operating income by segment.
Non -GAAP Measure
The Company presents operating income before special items including charges or income related to restructuring and other charges, acquisition related charges, impairment charges, and other income or charges, if any ("Adjusted Operating Income"). The Company utilizes Adjusted Operating Income to assess segment level core operating performance and to provide insight to management in evaluating segment operating plan execution and underlying market conditions. It also is a significant component in the Company's incentive compensation plans. Adjusted Operating Income is a useful measure for investors because it provides insight into the Company's underlying operating results, trends, and the comparability of these results between periods. The difference between Adjusted Operating Income and operating income (the most comparable GAAP measure) consists of the impact of charges or income related to restructuring and other charges, acquisition related charges, impairment charges, and other income or charges, if any, that may mask the underlying operating results and/or business trends. The limitation of this measure is that it excludes the financial impact of items that would otherwise either increase or decrease the Company's reported operating income. This limitation is best addressed by using Adjusted Operating Income in combination with operating income (the most comparable GAAP measure) in order to better understand the amounts, character and impact of any increase or decrease on reported results.
(d) Exhibits
Exhibit
No. Description
99.1 Consolidated Segment Results of TE Connectivity Ltd. for the fiscal
quarters ended September 28, 2012, June 29, 2012, March 30, 2012,
December 30, 2011, September 30, 2011, June 24, 2011, March 25, 2011,
and December 24, 2010, and for the fiscal years ended September 28,
2012 and September 30, 2011 (Unaudited)
99.2 Consolidated Net Sales by Industry End Market of TE Connectivity Ltd.
for the fiscal quarters ended September 28, 2012, June 29, 2012,
March 30, 2012, December 30, 2011, September 30, 2011, June 24, 2011,
March 25, 2011, and December 24, 2010, and for the fiscal years ended
September 28, 2012 and September 30, 2011 (Unaudited)
99.3 Reconciliation of Non-GAAP Financial Measures to GAAP Financial
Measures for Consolidated Adjusted Operating Income by Segment of TE
Connectivity Ltd. for the fiscal quarters ended September 28, 2012,
June 29, 2012, March 30, 2012, December 30, 2011, September 30, 2011,
June 24, 2011, March 25, 2011, and December 24, 2010, and for the
fiscal years ended September 28, 2012 and September 30, 2011
(Unaudited)
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