Summary
TE Connectivity plc (TEL) filed an 8-K on June 5, 2009, to report an update regarding its business segments and the divestiture of a business unit. The company clarified that the filing includes updated sections of its Annual Report on Form 10-K/A for the fiscal year ended September 26, 2008, primarily to reflect a new segment reporting structure. Importantly, there are no changes to previously reported financial statements or statements of operations, balance sheets, equity, or cash flows, and no new subsequent events are being disclosed beyond the segment reporting adjustments. The most significant event detailed is the sale of its Wireless Systems business, which was completed on May 29, 2009, for $675 million in cash, subject to working capital adjustments. This business will be classified as a discontinued operation starting in the fiscal quarter ending June 26, 2009. Investors should note that this filing should be read in conjunction with TEL's prior SEC filings, and the company reiterates previously disclosed risk factors that could impact future performance.
Key Highlights
- 1Completion of the sale of the Wireless Systems business for $675 million in cash on May 29, 2009.
- 2Wireless Systems business to be reported as a discontinued operation from the fiscal quarter ending June 26, 2009.
- 3Filing updates sections of the Annual Report on Form 10-K/A for FY2008 to reflect a new segment reporting structure.
- 4No impact to previously reported Consolidated and Combined Statements of Operations, Balance Sheets, Equity, or Cash Flows.
- 5No new subsequent event information disclosed beyond segment reporting adjustments.
- 6Filing incorporates updated business, properties, MD&A, and financial statement sections.
- 7Reiteration of existing risk factors from previous filings.