Segment and Geographic Data

12 Months Ended

Sep. 27, 2024

Segment and Geographic Data

Segment and Geographic Data

20. Segment and Geographic Data

During fiscal 2024, we operated through three reportable segments: Transportation Solutions, Industrial Solutions, and Communications Solutions. See Note 1 for a description of our fiscal 2024 segments. Also see Note 21 for information regarding our new segment structure effective for fiscal 2025.

Segment performance is evaluated based on net sales and operating income. Generally, we consider all expenses to be of an operating nature and, accordingly, allocate them to each reportable segment. Costs specific to a segment are charged to the segment. Corporate expenses, such as headquarters administrative costs, are allocated to the segments based on segment operating income. Intersegment sales are not material. Corporate assets are allocated to the segments based on segment assets.

Net sales by segment and industry end market⁽¹⁾ were as follows:

	Fiscal
	2024		2023		2022
	(in millions)
Transportation Solutions:
Automotive	$	6,956	$	6,951	$	6,527
Commercial transportation		1,456		1,525		1,582
Sensors		986		1,112		1,110
Total Transportation Solutions		9,398		9,588		9,219
Industrial Solutions:
Industrial equipment		1,385		1,706		1,904
Aerospace, defense, and marine		1,344		1,178		1,087
Energy		919		883		804
Medical		833		784		695
Total Industrial Solutions		4,481		4,551		4,490
Communications Solutions:
Data and devices		1,274		1,162		1,606
Appliances		692		733		966
Total Communications Solutions		1,966		1,895		2,572
Total	$	15,845	$	16,034	$	16,281

(1) 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 and segment were as follows:

	Fiscal
	2024		2023		2022
	(in millions)
Europe/Middle East/Africa (“EMEA”):
Transportation Solutions	$	3,548	$	3,848	$	3,490
Industrial Solutions		2,083		2,046		1,862
Communications Solutions		268		314		355
Total EMEA		5,899		6,208		5,707
Asia–Pacific:
Transportation Solutions		3,701		3,439		3,537
Industrial Solutions		626		732		827
Communications Solutions		1,040		985		1,407
Total Asia–Pacific		5,367		5,156		5,771
Americas:
Transportation Solutions		2,149		2,301		2,192
Industrial Solutions		1,772		1,773		1,801
Communications Solutions		658		596		810
Total Americas		4,579		4,670		4,803
Total	$	15,845	$	16,034	$	16,281

Operating income by segment was as follows:

	Fiscal
	2024		2023		2022
	(in millions)
Transportation Solutions	$	1,847	$	1,451	$	1,534
Industrial Solutions		588		602		607
Communications Solutions		361		251		615
Total	$	2,796	$	2,304	$	2,756

No single customer accounted for a significant amount of our net sales in fiscal 2024, 2023, or 2022.

As we are not organized by product or service, it is not practicable to disclose net sales by product or service.

Depreciation and amortization and capital expenditures were as follows:

	Depreciation and
	Amortization						Capital Expenditures
	Fiscal						Fiscal
	2024		2023		2022		2024		2023		2022
	(in millions)
Transportation Solutions	$	516	$	484	$	505	$	427	$	468	$	483
Industrial Solutions		221		210		194		146		171		153
Communications Solutions		89		100		86		107		93		132
Total	$	826	$	794	$	785	$	680	$	732	$	768

Segment assets and a reconciliation of segment assets to total assets were as follows:

	Segment Assets
	Fiscal Year End
	2024		2023		2022
	(in millions)
Transportation Solutions	$	5,679	$	5,678	$	5,530
Industrial Solutions		2,716		2,623		2,428
Communications Solutions		1,080		972		1,150
Total segment assets(1)		9,475		9,273		9,108
Other current assets		2,059		2,373		1,727
Other non-current assets		11,320		10,066		9,947
Total assets	$	22,854	$	21,712	$	20,782

(1) Segment assets are composed of accounts receivable, inventories, and net property, plant, and equipment.

Net sales and net property, plant, and equipment by geographic region were as follows:

							Property, Plant, and
	Net Sales(1)						Equipment, Net
	Fiscal						Fiscal Year End
	2024		2023		2022		2024		2023		2022
	(in millions)
EMEA:
Switzerland	$	3,906	$	4,111	$	3,709	$	7	$	6	$	16
Germany		236		405		561		586		637		597
Other EMEA		1,757		1,692		1,437		1,060		965		821
Total EMEA		5,899		6,208		5,707		1,653		1,608		1,434
Asia–Pacific:
China		3,571		3,182		3,589		844		794		779
Other Asia–Pacific		1,796		1,974		2,182		332		294		296
Total Asia–Pacific		5,367		5,156		5,771		1,176		1,088		1,075
Americas:
U.S.		4,020		4,107		4,280		953		933		947
Other Americas		559		563		523		121		125		111
Total Americas		4,579		4,670		4,803		1,074		1,058		1,058
Total	$	15,845	$	16,034	$	16,281	$	3,903	$	3,754	$	3,567

(1) Net sales to external customers are attributed to individual countries based on the legal entity that records the sale.