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Quarterly Financial Data (unaudited)
 12 Months Ended
Sep. 25, 2015
Quarterly Financial Data (unaudited)  
Quarterly Financial Data (unaudited)

23. Quarterly Financial Data (unaudited)

        Summarized quarterly financial data was as follows:

                                                                                                                                                                                    

 

 

Fiscal

 

 

 

2015

 

2014

 

 

 

First
Quarter(1)

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter(2)

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter(3)

 

 

 

(in millions, except per share data)

 

Net sales

 

$
3,049

 

$
3,082

 

$
3,118

 

$
2,984

 

$
2,862

 

$
2,964

 

$
3,075

 

$
3,072

 

Gross margin

 

 
1,020

 

 
1,051

 

 
1,048

 

 
968

 

 
945

 

 
995

 

 
1,018

 

 
1,014

 

Acquisition and integration costs

 

 
24

 

 
14

 

 
8

 

 
9

 

 

—

 

 
1

 

 
1

 

 
29

 

Restructuring and other charges (credits), net

 

 
25

 

 
38

 

 
19

 

 
70

 

 
6

 

 
(1

)

 
10

 

 
4

 

Amounts attributable to TE Connectivity Ltd.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

 
435

 

 
316

 

 
351

 

 
136

 

 
313

 

 
340

 

 
347

 

 
614

 

Income (loss) from discontinued operations, net of income taxes

 

 
37

 

 
283

 

 
(42

)

 
904

 

 
40

 

 
22

 

 
56

 

 
49

 

Net income

 

$
472

 

$
599

 

$
309

 

$
1,040

 

$
353

 

$
362

 

$
403

 

$
663

 

Basic earnings per share attributable to TE Connectivity Ltd.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$
1.07

 

$
0.78

 

$
0.86

 

$
0.34

 

$
0.76

 

$
0.83

 

$
0.85

 

$
1.50

 

Net income

 

 
1.16

 

 
1.47

 

 
0.76

 

 
2.60

 

 
0.86

 

 
0.88

 

 
0.99

 

 
1.62

 

Diluted earnings per share attributable to TE Connectivity Ltd.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$
1.05

 

$
0.77

 

$
0.85

 

$
0.34

 

$
0.75

 

$
0.82

 

$
0.83

 

$
1.48

 

Net income

 

 
1.14

 

 
1.45

 

 
0.75

 

 
2.57

 

 
0.84

 

 
0.87

 

 
0.97

 

 
1.59

 

 

 

(1)          

Results for the first quarter of fiscal 2015 include $27 million of charges from the amortization of acquisition-related fair value adjustments to acquired inventories and customer order backlog associated primarily with Measurement Specialties. Results for the first quarter of fiscal 2015 also include $189 million of income tax benefits associated with the effective settlement of all undisputed tax matters for the years 2001 through 2007 and the related impact of $83 million to other expense pursuant to the Tax Sharing Agreement with Tyco International and Covidien.

(2)          

Results for the fourth quarter of fiscal 2015 include $216 million of income tax charges associated with the tax impacts of certain intercompany legal entity restructurings made in connection with our integration of Measurement Specialties and $63 million of income tax benefits associated with the effective settlement of all undisputed tax matters for the years 2008 through 2010. In addition, in the fourth quarter of fiscal 2015, income from discontinued operations, net of income taxes includes the gain on the sale of our BNS business.

(3)          

Results for the fourth quarter of fiscal 2014 include $282 million of income tax benefits recognized in connection with a reduction in the valuation allowance associated with certain ADC tax loss carryforwards.