##### Table of Contents









UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549-1004


Form 10-Q


|           |  |                                                                                             
|---------- |  | --------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                             
|þ          |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1933    
|          
|           |  | For the quarterly period ended March 31, 2005                                               
|          
|or        
|          
|o          |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934
|          
|           |  | For the transition period
    from            to                                            

Commission file number 1-4682


Thomas & Betts Corporation


(Exact name of registrant as specified in its charter)


|                                                                   |  |                                         
|------------------------------------------------------------------ |  | ----------------------------------------
|Tennessee                                                          |  | 22-1326940                              
|(State or other jurisdiction of
    incorporation or organization) |  | (I.R.S. Employer
    Identification No.)
|                                                                  
|8155 T&B Boulevard                                                 |  |                                         
|Memphis, Tennessee                                                 |  | 38125                                   
|(Address of principal executive offices)                           |  | (Zip Code)                              

(901) 252-8000


(Registrants telephone number, including area code)


þ o


þ o




|                             |  |                    |            | 
|---------------------------- |  | ------------------ | ---------- | 
|                             |  | Outstanding Shares |           
|Title of Each Class          |  | at April 29, 2005  |           
|                             |  |                    |           
|Common Stock, $.10 par value |  |                    | 59,998,828 | 









---










THOMAS & BETTS CORPORATION AND SUBSIDIARIES


TABLE OF CONTENTS


|                                                               |  |                                                                                           |                                                                                                        |      |    |   | 
|-------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------ | ---- | -- | - | 
|                                                               |  |                                                                                           |                                                                                                        | Page |   
|                                                               |  |                                                                                           |                                                                                                        |      |   
|PART I. FINANCIAL
    INFORMATION                             
|ITEM 1.                                                        |  | Financial Statements:                                                                     |                                                                                                        |      |    |  
|                                                               |  |                                                                                           | Consolidated Statements of Operations for
    the Quarters Ended March 31, 2005 and March 31,
    2004 |      |    | 2 | 
|                                                               |  |                                                                                           | Consolidated Balance Sheets as of
    March 31, 2005 and December 31, 2004                             |      |    | 3 | 
|                                                               |  |                                                                                           | Consolidated Statements of Cash Flows for
    the Quarters Ended March 31, 2005 and March 31,
    2004 |      |    | 4 | 
|                                                               |  |                                                                                           | Notes to Consolidated Financial
    Statements                                                         |      |    | 5 | 
|ITEM 2.                                                        |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations |                                                                                                        |      | 15 |  
|ITEM 3.                                                        |  | Quantitative and Qualitative Disclosures
    About Market Risk                            |                                                                                                        |      | 26 |  
|ITEM 4.                                                        |  | Controls and Procedures                                                                   |                                                                                                        |      | 26 |  
|PART II. OTHER INFORMATION                                     |  |                                                                                           |                                                                                                        |     
|ITEM 1.                                                        |  | Legal Proceedings                                                                         |                                                                                                        |      | 27 |  
|ITEM 5.                                                        |  | Other Information                                                                         |                                                                                                        |      | 27 |  
|ITEM 6.                                                        |  | Exhibits                                                                                  |                                                                                                        |      | 27 |  
|SIGNATURE                                                      |  |                                                                                           | 28                                                                                                     |     
|EXHIBIT INDEX                                                  |  |                                                                                           | 29                                                                                                     |     
|Statement re Computation of Ratio of Earnings to Fixed Charges
|Certification of Principal Executive Officer                  
|Certification of Principal Financial Officer                  
|Section 1350 Certifications                                   



1



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##### Table of Contents






PART I. FINANCIAL INFORMATION







|        |                     
|------- | --------------------
|Item 1. | Financial Statements




THOMAS & BETTS CORPORATION AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF OPERATIONS


(In thousands, except per share data)


(Unaudited)


|                                     |                              |               |         |         |           |   |         |        |        | 
|------------------------------------ | ---------------------------- | ------------- | ------- | ------- | --------- | - | ------- | ------ | ------ | 
|                                     |                              | Quarter Ended |        
|                                     |                              |               |        
|                                     |                              | March 31,     |         |         | March 31, |  
|                                     |                              | 2005          |         |         | 2004      |  
|                                     |                              |               |         |         |           |  
|Net sales                            |                              | $             | 392,186 |         |           | $ | 352,988 |       
|Cost of sales                        |                              |               | 281,140 |         |           |   | 253,289 |       
|                                     |                              |               |         |         |           |  
|                                     | Gross profit                 |               |         | 111,046 |           |   |         | 99,699 |       
|Selling, general and administrative  |                              |               | 69,350  |         |           |   | 73,014  |       
|                                     |                              |               |         |         |           |  
|                                     | Earnings from operations     |               |         | 41,696  |           |   |         | 26,685 |       
|Income from unconsolidated companies |                              |               | 309     |         |           |   | 664     |       
|Interest expense, net                |                              |               | (7,160  | )       |           |   | (7,614  | )     
|Other (expense) income, net          |                              |               | (467    | )       |           |   | (135    | )     
|                                     |                              |               |         |         |           |  
|                                     | Earnings before income taxes |               |         | 34,378  |           |   |         | 19,600 |       
|Income tax provision                 |                              |               | 9,970   |         |           |   | 3,988   |       
|                                     |                              |               |         |         |           |  
|                                     |                              | Net earnings  |         | $       | 24,408    |   |         | $      | 15,612 | 
|                                     |                              |               |         |         |           |  
|Earnings per share:                  |                              |               |         |         |           |   |         |       
|                                     | Basic                        |               | $       | 0.41    |           |   | $       | 0.27   |       
|                                     |                              |               |         |         |           |  
|                                     | Diluted                      |               | $       | 0.40    |           |   | $       | 0.27   |       
|                                     |                              |               |         |         |           |  
|Average shares outstanding:          |                              |               |         |         |           |   |         |       
|                                     | Basic                        |               |         | 59,333  |           |   |         | 58,289 |       
|                                     | Diluted                      |               |         | 60,324  |           |   |         | 58,677 |       



2



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THOMAS & BETTS CORPORATION AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS


(In thousands)


(Unaudited)


|                                           |                                               |                 |           |          |              |   |           |          |         | 
|------------------------------------------ | --------------------------------------------- | --------------- | --------- | -------- | ------------ | - | --------- | -------- | ------- | 
|                                           |                                               | March 31,       |           |          | December 31, |  
|                                           |                                               | 2005            |           |          | 2004         |  
|                                           |                                               |                 |           |          |              |  
|ASSETS                                    
|Current Assets                             |                                               |                 |           |          |              |   |           |         
|                                           | Cash and cash equivalents                     |                 | $         | 335,984  |              |   | $         | 336,059  |        
|                                           | Marketable securities                         |                 |           | 1,544    |              |   |           | 1,658    |        
|                                           | Receivables, net                              |                 |           | 193,677  |              |   |           | 172,745  |        
|                                           | Inventories:                                  |                 |           |          |              |   |           |          |        
|                                           |                                               | Finished goods  |           |          | 102,855      |   |           |          | 106,402 | 
|                                           |                                               | Work-in-process |           |          | 32,894       |   |           |          | 28,947  | 
|                                           |                                               | Raw materials   |           |          | 81,168       |   |           |          | 71,809  | 
|                                           |                                               |                 |           |          |              |  
|                                           | Total inventories                             |                 |           | 216,917  |              |   |           | 207,158  |        
|                                           |                                               |                 |           |          |              |  
|                                           | Deferred income taxes                         |                 |           | 48,206   |              |   |           | 46,874   |        
|                                           | Prepaid expenses                              |                 |           | 13,617   |              |   |           | 14,401   |        
|                                           |                                               |                 |           |          |              |  
|Total Current Assets                       |                                               |                 | 809,945   |          |              |   | 778,895   |         
|                                           |                                               |                 |           |          |              |  
|Property, plant and equipment              |                                               |                 |           |          |              |   |           |         
|                                           | Land                                          |                 |           | 15,485   |              |   |           | 15,261   |        
|                                           | Buildings                                     |                 |           | 176,164  |              |   |           | 171,683  |        
|                                           | Machinery and equipment                       |                 |           | 611,122  |              |   |           | 608,482  |        
|                                           | Construction-in-progress                      |                 |           | 13,046   |              |   |           | 10,219   |        
|                                           |                                               |                 |           |          |              |  
|                                           |                                               |                 | 815,817   |          |              |   | 805,645   |         
|                                           | Less accumulated depreciation                 |                 |           | (536,297 | )            |   |           | (529,501 | )      
|                                           |                                               |                 |           |          |              |  
|Net property, plant and equipment          |                                               |                 | 279,520   |          |              |   | 276,144   |         
|                                           |                                               |                 |           |          |              |  
|Goodwill                                   |                                               |                 | 461,478   |          |              |   | 463,264   |         
|Investments in unconsolidated companies    |                                               |                 | 115,338   |          |              |   | 114,922   |         
|Deferred income taxes                      |                                               |                 | 34,319    |          |              |   | 33,481    |         
|Other assets                               |                                               |                 | 88,917    |          |              |   | 89,046    |         
|                                           |                                               |                 |           |          |              |  
|Total Assets                               |                                               | $               | 1,789,517 |          |              | $ | 1,755,752 |         
|                                           |                                               |                 |           |          |              |  
|                                          
|LIABILITIES AND SHAREHOLDERS EQUITY      
|Current Liabilities                        |                                               |                 |           |          |              |   |           |         
|                                           | Current maturities of long-term debt          |                 | $         | 152,763  |              |   | $         | 2,830    |        
|                                           | Accounts payable                              |                 |           | 129,603  |              |   |           | 120,336  |        
|                                           | Accrued liabilities                           |                 |           | 96,656   |              |   |           | 100,692  |        
|                                           | Income taxes payable                          |                 |           | 9,866    |              |   |           | 14,551   |        
|                                           |                                               |                 |           |          |              |  
|Total Current Liabilities                  |                                               |                 | 388,888   |          |              |   | 238,409   |         
|                                           |                                               |                 |           |          |              |  
|Long-Term Liabilities                      |                                               |                 |           |          |              |   |           |         
|                                           | Long-term debt                                |                 |           | 389,297  |              |   |           | 543,085  |        
|                                           | Other long-term liabilities                   |                 |           | 78,753   |              |   |           | 72,539   |        
|Contingencies (Note 11)                    |                                               |                 |          |          |              |   |          |         
|Shareholders Equity                       |                                               |                 |           |          |              |   |           |         
|                                           | Common stock                                  |                 |           | 5,998    |              |   |           | 5,935    |        
|                                           | Additional paid-in capital                    |                 |           | 382,738  |              |   |           | 366,811  |        
|                                           | Retained earnings                             |                 |           | 554,651  |              |   |           | 530,243  |        
|                                           | Unearned compensation-restricted stock        |                 |           | (3,511   | )            |   |           | (1,811   | )      
|                                           | Accumulated other comprehensive income (loss) |                 |           | (7,297   | )            |   |           | 541      |        
|                                           |                                               |                 |           |          |              |  
|Total Shareholders Equity                 |                                               |                 | 932,579   |          |              |   | 901,719   |         
|                                           |                                               |                 |           |          |              |  
|Total Liabilities and Shareholders Equity |                                               | $               | 1,789,517 |          |              | $ | 1,755,752 |         
|                                           |                                               |                 |           |          |              |  



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THOMAS & BETTS CORPORATION AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF CASH FLOWS


(In thousands)


(Unaudited)


|                                                    |                                                      |                     |         |         |           |   |          |          |         |  
|--------------------------------------------------- | ---------------------------------------------------- | ------------------- | ------- | ------- | --------- | - | -------- | -------- | ------- | -
|                                                    |                                                      | Quarter Ended       |        
|                                                    |                                                      |                     |        
|                                                    |                                                      | March 31,           |         |         | March 31, |  
|                                                    |                                                      | 2005                |         |         | 2004      |  
|                                                    |                                                      |                     |         |         |           |  
|Cash Flows from Operating Activities:               |                                                      |                     |         |         |           |   |          |         
|Net earnings                                        |                                                      | $                   | 24,408  |         |           | $ | 15,612   |         
|Adjustments:                                        |                                                      |                     |         |         |           |   |          |         
|                                                    | Depreciation and amortization                        |                     |         | 13,058  |           |   |          | 13,859   |        
|                                                    | Undistributed earnings from unconsolidated companies |                     |         | (309    | )         |   |          | (664     | )      
|                                                    | Mark-to-market adjustment for derivative instruments |                     |         | (915    | )         |   |          | (1,086   | )      
|                                                    | Loss on sale of property, plant and equipment        |                     |         | 285     |           |   |          | 169      |        
|                                                    | Deferred income taxes                                |                     |         | 1,006   |           |   |          | 1,644    |        
|                                                    | Changes in operating assets and liabilities, net:    |                     |         |         |           |   |          |          |        
|                                                    |                                                      | Receivables         |         |         | (21,159   | ) |          |          | (31,617 | )
|                                                    |                                                      | Inventories         |         |         | (5,993    | ) |          |          | (3,350  | )
|                                                    |                                                      | Accounts payable    |         |         | 7,318     |   |          |          | 7,646   |  
|                                                    |                                                      | Accrued liabilities |         |         | (7,798    | ) |          |          | (9,429  | )
|                                                    |                                                      | Other               |         |         | 3,824     |   |          |          | 2,214   |  
|                                                    |                                                      |                     |         |         |           |  
|Net cash provided by (used in) operating activities |                                                      |                     | 13,725  |         |           |   | (5,002   | )       
|                                                    |                                                      |                     |         |         |           |  
|Cash Flows from Investing Activities:               |                                                      |                     |         |         |           |   |          |         
|                                                    | Purchases of businesses                              |                     |         | (15,203 | )         |   |          |         |        
|                                                    | Purchases of property, plant and equipment           |                     |         | (8,290  | )         |   |          | (5,527   | )      
|                                                    | Proceeds from sale of property, plant and equipment  |                     |         | 335     |           |   |          |         |        
|                                                    | Proceeds from matured marketable securities          |                     |         | 99      |           |   |          | 148      |        
|                                                    |                                                      |                     |         |         |           |  
|Net cash provided by (used in) investing activities |                                                      |                     | (23,059 | )       |           |   | (5,379   | )       
|                                                    |                                                      |                     |         |         |           |  
|Cash Flows from Financing Activities:               |                                                      |                     |         |         |           |   |          |         
|                                                    | Repayment of long-term debt and other borrowings     |                     |         | (273    | )         |   |          | (126,505 | )      
|                                                    | Stock options exercised                              |                     |         | 10,974  |           |   |          | 745      |        
|                                                    |                                                      |                     |         |         |           |  
|Net cash provided by (used in) financing activities |                                                      |                     | 10,701  |         |           |   | (125,760 | )       
|                                                    |                                                      |                     |         |         |           |  
|Effect of exchange-rate changes on cash             |                                                      |                     | (1,442  | )       |           |   | (1,030   | )       
|                                                    |                                                      |                     |         |         |           |  
|                                                    | Net increase (decrease) in cash and cash equivalents |                     |         | (75     | )         |   |          | (137,171 | )      
|                                                    | Cash and cash equivalents, beginning of period       |                     |         | 336,059 |           |   |          | 387,425  |        
|                                                    |                                                      |                     |         |         |           |  
|                                                    | Cash and cash equivalents, end of period             |                     | $       | 335,984 |           |   | $        | 250,254  |        
|                                                    |                                                      |                     |         |         |           |  
|Cash payments for interest                          |                                                      | $                   | 10,204  |         |           | $ | 15,693   |         
|Cash payments for income taxes                      |                                                      | $                   | 14,629  |         |           | $ | 2,826    |         



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THOMAS & BETTS CORPORATION AND SUBSIDIARIES





NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(UNAUDITED)




|   |                      
|-- | ---------------------
|1. | Basis of Presentation









|   |                                     
|-- | ------------------------------------
|2. | Basic and Diluted Earnings Per Share



|                                      |                                                                                                  |               |        |        |           |   |        |        | 
|------------------------------------- | ------------------------------------------------------------------------------------------------ | ------------- | ------ | ------ | --------- | - | ------ | ------ | 
|                                      |                                                                                                  | Quarter Ended |       
|                                      |                                                                                                  |               |       
|                                      |                                                                                                  | March 31,     |        |        | March 31, |  
|                                      |                                                                                                  | 2005          |        |        | 2004      |  
|(In thousands, except per share data) |                                                                                                  |               |        |        |           |  
|Net earnings                          |                                                                                                  | $             | 24,408 |        |           | $ | 15,612 |       
|                                      |                                                                                                  |               |        |        |           |  
|Basic shares:                         |                                                                                                  |               |        |        |           |   |        |       
|                                      | Average shares outstanding                                                                       |               |        | 59,333 |           |   |        | 58,289 | 
|                                      |                                                                                                  |               |        |        |           |  
|                                      | Basic earnings per share                                                                         |               | $      | 0.41   |           |   | $      | 0.27   | 
|                                      |                                                                                                  |               |        |        |           |  
|Diluted shares:                       |                                                                                                  |               |        |        |           |   |        |       
|                                      | Average shares outstanding                                                                       |               |        | 59,333 |           |   |        | 58,289 | 
|                                      | Additional shares from the assumed exercise of stock options and
    vesting of restricted stock |               |        | 991    |           |   |        | 388    | 
|                                      |                                                                                                  |               |        |        |           |  
|                                      |                                                                                                  |               | 60,324 |        |           |   | 58,677 |       
|                                      |                                                                                                  |               |        |        |           |  
|Diluted earnings per share            |                                                                                                  | $             | 0.40   |        |           | $ | 0.27   |       
|                                      |                                                                                                  |               |        |        |           |  



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THOMAS & BETTS CORPORATION AND SUBSIDIARIES


NOTES TO CONSOLIDATED


FINANCIAL STATEMENTS
(UNAUDITED)  (Continued)




|   |                         
|-- | ------------------------
|3. | Stock-Based Compensation



|                                      |                                                                                                                                                          |                       |        |        |           |   |        |        |      | 
|------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------- | ------ | ------ | --------- | - | ------ | ------ | ---- | 
|                                      |                                                                                                                                                          | Quarter Ended         |       
|                                      |                                                                                                                                                          |                       |       
|                                      |                                                                                                                                                          | March 31,             |        |        | March 31, |  
|                                      |                                                                                                                                                          | 2005                  |        |        | 2004      |  
|(In thousands, except per share data) |                                                                                                                                                          |                       |        |        |           |  
|Net earnings, as reported             |                                                                                                                                                          | $                     | 24,408 |        |           | $ | 15,612 |       
|                                      | Deduct total incremental stock-based compensation expense
    determined under fair-value-based method for all awards, net of
    related tax effects(a) |                       |        | (886   | )         |   |        | (1,410 | )   
|                                      |                                                                                                                                                          |                       |        |        |           |  
|                                      | Pro forma net earnings                                                                                                                                   |                       | $      | 23,522 |           |   | $      | 14,202 |     
|                                      |                                                                                                                                                          |                       |        |        |           |  
|                                      | Earnings per share:                                                                                                                                      |                       |        |        |           |   |        |        |     
|                                      |                                                                                                                                                          | Basic  as reported   |        | $      | 0.41      |   |        | $      | 0.27 | 
|                                      |                                                                                                                                                          |                       |        |        |           |  
|                                      |                                                                                                                                                          | Basic  pro forma     |        | $      | 0.40      |   |        | $      | 0.24 | 
|                                      |                                                                                                                                                          |                       |        |        |           |  
|                                      |                                                                                                                                                          | Diluted  as reported |        | $      | 0.40      |   |        | $      | 0.27 | 
|                                      |                                                                                                                                                          |                       |        |        |           |  
|                                      |                                                                                                                                                          | Diluted  pro forma   |        | $      | 0.39      |   |        | $      | 0.24 | 
|                                      |                                                                                                                                                          |                       |        |        |           |  






|    |  |                                                                                        
|--- |  | ---------------------------------------------------------------------------------------
|(a) |  | Does not include restricted stock expense that is already
    reported in net earnings.





|   |             
|-- | ------------
|4. | Income Taxes





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THOMAS & BETTS CORPORATION AND SUBSIDIARIES


NOTES TO CONSOLIDATED


FINANCIAL STATEMENTS
(UNAUDITED)  (Continued)






|   |                     
|-- | --------------------
|5. | Comprehensive Income



|                                         |  |               |        |   |           |   |        |  
|---------------------------------------- |  | ------------- | ------ | - | --------- | - | ------ | -
|                                         |  | Quarter Ended |       
|                                         |  |               |       
|                                         |  | March 31,     |        |   | March 31, |  
|                                         |  | 2005          |        |   | 2004      |  
|                                         |  |               |        |   |           |  
|(In thousands)                           |  |               |        |   |           |   |        |  
|Net income                               |  | $             | 24,408 |   |           | $ | 15,612 |  
|Foreign currency translation adjustments |  |               | (7,826 | ) |           |   | (2,202 | )
|Unrealized gains (losses) on securities  |  |               | (12    | ) |           |   | (8     | )
|                                         |  |               |        |   |           |  
|Comprehensive income                     |  | $             | 16,570 |   |           | $ | 13,402 |  
|                                         |  |               |        |   |           |  



|   |                       
|-- | ----------------------
|6. | Derivative Instruments





| |                                  
| | ---------------------------------
| | Commodities Futures
    Contracts



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THOMAS & BETTS CORPORATION AND SUBSIDIARIES


NOTES TO CONSOLIDATED


FINANCIAL STATEMENTS
(UNAUDITED)  (Continued)




| |                                       
| | --------------------------------------
| | Forward Foreign Exchange
    Contracts





| |                                  
| | ---------------------------------
| | Interest Rate Swap
    Agreements





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THOMAS & BETTS CORPORATION AND SUBSIDIARIES


NOTES TO CONSOLIDATED


FINANCIAL STATEMENTS
(UNAUDITED)  (Continued)




|   |     
|-- | ----
|7. | Debt



|                                              |                                     |           |         |         |              |   |         |         | 
|--------------------------------------------- | ----------------------------------- | --------- | ------- | ------- | ------------ | - | ------- | ------- | 
|                                              |                                     | March 31, |         |         | December 31, |  
|                                              |                                     | 2005      |         |         | 2004         |  
|                                              |                                     |           |         |         |              |  
|(In thousands)                                |                                     |           |         |         |              |   |         |        
|Unsecured notes                               |                                     |           |         |         |              |   |         |        
|                                              | 6.50% Notes due 2006                |           | $       | 150,744 |              |   | $       | 150,980 | 
|                                              | 7.25% Notes due 2013(a)             |           |         | 119,709 |              |   |         | 121,303 | 
|Unsecured medium-term notes                   |                                     |           |         |         |              |   |         |        
|                                              | 6.63% Medium-term notes due 2008(a) |           |         | 113,963 |              |   |         | 114,787 | 
|                                              | 6.39% Medium-term notes due 2009(a) |           |         | 148,991 |              |   |         | 149,919 | 
|Industrial revenue bonds due through 2008     |                                     |           | 4,880   |         |              |   | 4,880   |        
|Other, including capital leases               |                                     |           | 3,773   |         |              |   | 4,046   |        
|                                              |                                     |           |         |         |              |  
|Long-term debt (including current maturities) |                                     |           | 542,060 |         |              |   | 545,915 |        
|Less current portion                          |                                     |           | 152,763 |         |              |   | 2,830   |        
|                                              |                                     |           |         |         |              |  
|Long-term debt                                |                                     | $         | 389,297 |         |              | $ | 543,085 |        
|                                              |                                     |           |         |         |              |  






|    |  |                                                    
|--- |  | ---------------------------------------------------
|(a) |  | See Note 6 regarding interest rate swap agreements.







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THOMAS & BETTS CORPORATION AND SUBSIDIARIES


NOTES TO CONSOLIDATED


FINANCIAL STATEMENTS
(UNAUDITED)  (Continued)








|   |            
|-- | -----------
|8. | Acquisition



10



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##### Table of Contents



THOMAS & BETTS CORPORATION AND SUBSIDIARIES


NOTES TO CONSOLIDATED


FINANCIAL STATEMENTS
(UNAUDITED)  (Continued)




|   |                                     
|-- | ------------------------------------
|9. | Pension and Post-Retirement Benefits



|                                                 |                               |                  |        |                 |           |   |        |           |   |   |           |     |   |   |     |     |  
|------------------------------------------------ | ----------------------------- | ---------------- | ------ | --------------- | --------- | - | ------ | --------- | - | - | --------- | --- | - | - | --- | --- | -
|                                                 |                               | Quarter Ended    |       
|                                                 |                               |                  |       
|                                                 |                               |                  |        | Post-Retirement |          
|                                                 |                               | Pension Benefits |        |                 | Benefits  |  
|                                                 |                               |                  |        |                 |           |  
|                                                 |                               | March 31,        |        |                 | March 31, |   |        | March 31, |   |   | March 31, |    
|                                                 |                               | 2005             |        |                 | 2004      |   |        | 2005      |   |   | 2004      |    
|                                                 |                               |                  |        |                 |           |   |        |           |   |   |           |    
|(In thousands)                                   |                               |                  |        |                 |           |   |        |           |   |   |           |     |   |   |     |    
|Service cost  benefits earned during the period |                               | $                | 2,650  |                 |           | $ | 2,452  |           |   | $ | 6         |     |   | $ | 6   |    
|Interest cost on projected benefit obligation    |                               |                  | 4,718  |                 |           |   | 4,606  |           |   |   | 225       |     |   |   | 230 |    
|Expected return on plan assets                   |                               |                  | (5,560 | )               |           |   | (4,196 | )         |   |   |          |     |   |   |    |    
|Net amortization of unrecognized:                |                               |                  |        |                 |           |   |        |           |   |   |           |     |   |   |     |    
|                                                 | Transition obligation (asset) |                  |        | (9              | )         |   |        | (2        | ) |   |           | 194 |   |   |     | 194 |  
|                                                 | Prior service cost (gain)     |                  |        | 267             |           |   |        | 251       |   |   |           | (56 | ) |   |     | (59 | )
|                                                 | Plan net loss (gain)          |                  |        | 1,034           |           |   |        | 1,227     |   |   |           | 31  |   |   |     | (36 | )
|                                                 | Settlement loss               |                  |        |                |           |   |        | 1,725     |   |   |           |    |   |   |     |    |  
|                                                 |                               |                  |        |                 |           |   |        |           |   |   |           |    
|Net periodic pension cost                        |                               | $                | 3,100  |                 |           | $ | 6,063  |           |   | $ | 400       |     |   | $ | 335 |    
|                                                 |                               |                  |        |                 |           |   |        |           |   |   |           |    





|    |                    
|--- | -------------------
|10. | Segment Disclosures





11



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THOMAS & BETTS CORPORATION AND SUBSIDIARIES


NOTES TO CONSOLIDATED


FINANCIAL STATEMENTS
(UNAUDITED)  (Continued)




|                             |                                   |               |        |         |           |   |        |         | 
|---------------------------- | --------------------------------- | ------------- | ------ | ------- | --------- | - | ------ | ------- | 
|                             |                                   | Quarter Ended |       
|                             |                                   |               |       
|                             |                                   | March 31,     |        |         | March 31, |  
|                             |                                   | 2005          |        |         | 2004      |  
|                             |                                   |               |        |         |           |  
|(In thousands)               |                                   |               |        |         |           |   |        |        
|Net sales:                   |                                   |               |        |         |           |   |        |        
|                             | Electrical                        |               | $      | 316,876 |           |   | $      | 297,689 | 
|                             | Steel Structures                  |               |        | 44,642  |           |   |        | 26,130  | 
|                             | HVAC                              |               |        | 30,668  |           |   |        | 29,169  | 
|                             |                                   |               |        |         |           |  
|                             | Total net sales                   |               | $      | 392,186 |           |   | $      | 352,988 | 
|                             |                                   |               |        |         |           |  
|Segment earnings:            |                                   |               |        |         |           |   |        |        
|                             | Electrical                        |               | $      | 33,039  |           |   | $      | 24,167  | 
|                             | Steel Structures                  |               |        | 5,315   |           |   |        | 610     | 
|                             | HVAC                              |               |        | 3,651   |           |   |        | 2,572   | 
|                             |                                   |               |        |         |           |  
|                             | Total reportable segment earnings |               |        | 42,005  |           |   |        | 27,349  | 
|Interest expense, net        |                                   |               | (7,160 | )       |           |   | (7,614 | )      
|Other (expense) income, net  |                                   |               | (467   | )       |           |   | (135   | )      
|                             |                                   |               |        |         |           |  
|Earnings before income taxes |                                   | $             | 34,378 |         |           | $ | 19,600 |        
|                             |                                   |               |        |         |           |  



|    |              
|--- | -------------
|11. | Contingencies



| |                      
| | ---------------------
| | Legal
    Proceedings



| |                  
| | -----------------
| | Kaiser Litigation





12



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THOMAS & BETTS CORPORATION AND SUBSIDIARIES


NOTES TO CONSOLIDATED


FINANCIAL STATEMENTS
(UNAUDITED)  (Continued)














| |               
| | --------------
| | Asbestos Cases





| |                    
| | -------------------
| | Other Legal Matters



13



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THOMAS & BETTS CORPORATION AND SUBSIDIARIES


NOTES TO CONSOLIDATED


FINANCIAL STATEMENTS
(UNAUDITED)  (Continued)






|    |                                     
|--- | ------------------------------------
|12. | Recently Issued Accounting Standards



Accounting
for Income Tax






14



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##### Table of Contents








|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 2. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations

Executive Overview




| |             
| | ------------
| | Introduction







| |             
| | ------------
| | 2005 Outlook



Comparison of Periods in 2005 with Periods in 2004


Consolidated Results


|                                     |         |                |       |      |                |  |       |          |  |   |          |      |  |  |       |   | 
|------------------------------------ | ------- | -------------- | ----- | ---- | -------------- |  | ----- | -------- |  | - | -------- | ---- |  |  | ----- | - | 
|                                     |         | Quarter Ended  |      
|                                     |         |                |      
|                                     |         | March 31, 2005 |       |      | March 31, 2004 | 
|                                     |         |                |       |      |                | 
|                                     |         | In             |       |      | % of Net       |  |       | In       |  |   | % of Net |     
|                                     |         | Millions       |       |      | Sales          |  |       | Millions |  |   | Sales    |     
|                                     |         |                |       |      |                |  |       |          |  |   |          |     
|Net sales                            |         | $              | 392.2 |      |                |  | 100.0 |          |  | $ | 353.0    |      |  |  | 100.0 |  
|Cost of sales                        |         |                | 281.2 |      |                |  | 71.7  |          |  |   | 253.3    |      |  |  | 71.8  |  
|                                     |         |                |       |      |                |  |       |          |  |   |          |     
|Gross profit                         |         |                | 111.0 |      |                |  | 28.3  |          |  |   | 99.7     |      |  |  | 28.2  |  
|Selling, general and administrative  |         |                | 69.3  |      |                |  | 17.7  |          |  |   | 73.0     |      |  |  | 20.7  |  
|                                     |         |                |       |      |                |  |       |          |  |   |          |     
|Earnings from operations             |         |                | 41.7  |      |                |  | 10.6  |          |  |   | 26.7     |      |  |  | 7.5   |  
|Income from unconsolidated companies |         |                | 0.3   |      |                |  | 0.1   |          |  |   | 0.6      |      |  |  | 0.2   |  
|Interest expense, net                |         |                | (7.1  | )    |                |  | (1.8  | )        |  |   | (7.6     | )    |  |  | (2.2  | )
|Other (expense) income, net          |         |                | (0.5  | )    |                |  | (0.1  | )        |  |   | (0.1     | )    |  |  |      |  
|                                     |         |                |       |      |                |  |       |          |  |   |          |     
|Earnings before income taxes         |         |                | 34.4  |      |                |  | 8.8   |          |  |   | 19.6     |      |  |  | 5.5   |  
|Income tax provision                 |         |                | 10.0  |      |                |  | 2.6   |          |  |   | 4.0      |      |  |  | 1.1   |  
|                                     |         |                |       |      |                |  |       |          |  |   |          |     
|Net earnings                         |         | $              | 24.4  |      |                |  | 6.2   |          |  | $ | 15.6     |      |  |  | 4.4   |  
|                                     |         |                |       |      |                |  |       |          |  |   |          |     
|Per share earnings:                  |         |                |       |      |                |  |       |          |  |   |          |      |  |  |       |  
|                                     | Basic   |                | $     | 0.41 |                |  |       |          |  |   | $        | 0.27 |  |  |       |   | 
|                                     |         |                |       |      |                |  |       |          |  |   |          |     
|                                     | Diluted |                | $     | 0.40 |                |  |       |          |  |   | $        | 0.27 |  |  |       |   | 
|                                     |         |                |       |      |                |  |       |          |  |   |          |     

15



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##### Table of Contents





| |         
| | --------
| | Overview





| |                               
| | ------------------------------
| | Net Sales and Gross
    Profit







| |         
| | --------
| | Expenses





| |                          
| | -------------------------
| | Interest Expense,
    Net





| |             
| | ------------
| | Income Taxes



16



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##### Table of Contents





| |             
| | ------------
| | Net Earnings



Segment Results






|                 |  |                |       |  |                |  |       |          |  |   |          |  |  |  |       | 
|---------------- |  | -------------- | ----- |  | -------------- |  | ----- | -------- |  | - | -------- |  |  |  | ----- | 
|                 |  | Quarter Ended  |      
|                 |  |                |      
|                 |  | March 31, 2005 |       |  | March 31, 2004 | 
|                 |  |                |       |  |                | 
|                 |  | In             |       |  | % of Net       |  |       | In       |  |   | % of Net | 
|Net Sales        |  | Millions       |       |  | Sales          |  |       | Millions |  |   | Sales    | 
|                 |  |                |       |  |                |  |       |          |  |   |          | 
|Electrical       |  | $              | 316.9 |  |                |  | 80.8  |          |  | $ | 297.7    |  |  |  | 84.3  | 
|Steel Structures |  |                | 44.6  |  |                |  | 11.4  |          |  |   | 26.1     |  |  |  | 7.4   | 
|HVAC             |  |                | 30.7  |  |                |  | 7.8   |          |  |   | 29.2     |  |  |  | 8.3   | 
|                 |  |                |       |  |                |  |       |          |  |   |          | 
|                 |  | $              | 392.2 |  |                |  | 100.0 |          |  | $ | 353.0    |  |  |  | 100.0 | 
|                 |  |                |       |  |                |  |       |          |  |   |          | 

|                 |  |                |      |  |                |  |      |          |  |   |          |  |  |  |     | 
|---------------- |  | -------------- | ---- |  | -------------- |  | ---- | -------- |  | - | -------- |  |  |  | --- | 
|                 |  | Quarter Ended  |     
|                 |  |                |     
|                 |  | March 31, 2005 |      |  | March 31, 2004 | 
|                 |  |                |      |  |                | 
|                 |  | In             |      |  | % of Net       |  |      | In       |  |   | % of Net | 
|Segment Earnings |  | Millions       |      |  | Sales          |  |      | Millions |  |   | Sales    | 
|                 |  |                |      |  |                |  |      |          |  |   |          | 
|Electrical       |  | $              | 33.0 |  |                |  | 10.4 |          |  | $ | 24.1     |  |  |  | 8.1 | 
|Steel Structures |  |                | 5.3  |  |                |  | 11.9 |          |  |   | 0.6      |  |  |  | 2.3 | 
|HVAC             |  |                | 3.7  |  |                |  | 12.1 |          |  |   | 2.6      |  |  |  | 8.9 | 
|                 |  |                |      |  |                |  |      |          |  |   |          | 
|                 |  | $              | 42.0 |  |                |  | 10.7 |          |  | $ | 27.3     |  |  |  | 7.7 | 
|                 |  |                |      |  |                |  |      |          |  |   |          | 



| |                       
| | ----------------------
| | Electrical
    Segment





17



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##### Table of Contents





| |               
| | --------------
| | Other Segments







| |                                 
| | --------------------------------
| | Critical Accounting
    Policies





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Revenue Recognition: We recognize revenue when finished
    products are shipped to unaffiliated customers and both title
    and risks of ownership are transferred. Sales discounts,
    quantity and price rebates, and allowances are estimated based
    on contractual commitments and experience and recorded in the
    period as a reduction of revenue in which the sale is
    recognized. Quantity rebates are in the form of volume incentive
    discount plans, which include specific sales volume targets or
    year-over-year sales volume growth targets for specific
    customers. Certain distributors can take advantage of price
    rebates by subsequently reselling the Corporations
    products into targeted construction projects or markets.
    Following a distributors sale of an eligible product, the
    distributor submits a claim for a price rebate. The Corporation
    provides additional allowances for bad debts when circumstances
    dictate. A number of distributors, primarily in the Electrical
    segment, have the right to return goods under certain
    circumstances and those returns, which are reasonably estimable,
    are accrued as a reduction of revenue at the time of shipment.
    Management analyzes historical returns and allowances, current
    economic trends and specific customer circumstances when
    evaluating the adequacy of accounts receivable related reserves
    and accruals.
|
| |  | Inventory Valuation: Inventories are stated at the lower
    of cost or market. Cost is determined using the first-in,
    first-out (FIFO) method. To ensure inventories are carried
    at the lower of cost or market, the Corporation periodically
    evaluates the carrying value of its inventories. The Corporation
    also periodically performs an evaluation of inventory for excess
    and obsolete items. Such evaluations are based on
    managements judgment and use of estimates. Such estimates
    incorporate inventory quantities on-hand, aging of the
    inventory, sales forecasts for particular product groupings,
    planned dispositions of product lines and overall industry
    trends.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

18



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##### Table of Contents





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Goodwill and Other Intangible Assets: We follow the
    provisions of SFAS No. 142, Goodwill and Other
    Intangible Assets. SFAS No. 142 requires a
    transitional and annual test of goodwill and indefinite lived
    assets associated with reporting units for indications of
    impairment. The Corporation performs its annual impairment
    assessment in the fourth quarter of each year, unless
    circumstances dictate more frequent assessments. Under the
    provisions of SFAS No. 142, each test of goodwill
    requires the Corporation to determine the fair value of each
    reporting unit, and compare the fair value to the reporting
    units carrying amount. To the extent a reporting
    units carrying amount exceeds its fair value, an
    indication exists that the reporting units goodwill may be
    impaired and the Corporation must perform a second more detailed
    impairment assessment. The second impairment assessment involves
    allocating the reporting units fair value to all of its
    recognized and unrecognized assets and liabilities in order to
    determine the implied fair value of the reporting units
    goodwill as of the assessment date. The implied fair value of
    the reporting units goodwill is then compared to the
    carrying amount of goodwill to quantify an impairment charge as
    of the assessment date.                                                                                                                         
|
| |  | Long-Lived Assets: We follow the provisions of
    SFAS No. 144, Accounting for the Impairment or
    Disposal of Long-Lived Assets. SFAS No. 144
    establishes accounting standards for the impairment of
    long-lived assets such as property, plant and equipment and
    intangible assets subject to amortization. For purposes of
    recognizing and measuring impairment of long-lived assets, the
    Corporation evaluates assets for associated product groups. The
    Corporation reviews long-lived assets to be held-and-used for
    impairment annually or whenever events or changes in
    circumstances indicate that the carrying amount of the assets
    may not be recoverable. If the sum of the undiscounted expected
    future cash flows over the remaining useful life of the primary
    asset in the associated product groups is less than the carrying
    amount of the assets, the assets are considered to be impaired.
    Impairment losses are measured as the amount by which the
    carrying amount of the assets exceeds the fair value of the
    assets. When fair values are not available, the Corporation
    estimates fair value using the expected future cash flows
    discounted at a rate commensurate with the risks associated with
    the recovery of the assets. Assets to be disposed of are
    reported at the lower of carrying amount or fair value less
    costs to sell.                                                                                           
|
| |  | Income Taxes: We use the asset and liability method of
    accounting for income taxes. This method recognizes the expected
    future tax consequences of temporary differences between book
    and tax bases of assets and liabilities and provides a valuation
    allowance based on a more-likely-than-not criteria. The
    Corporation has valuation allowances for deferred tax assets
    primarily associated with operating loss carryforwards, tax
    credit carryforwards and deferred state income tax assets.
    Realization of the deferred tax assets is dependent upon the
    Corporations ability to generate sufficient future taxable
    income and, if necessary, execution of its tax planning
    strategies. Management believes that it is more-likely-than-not
    that future taxable income, based on enacted tax law in effect
    as of March 31, 2005, will be sufficient to realize the
    recorded deferred tax assets net of existing valuation
    allowances. Management considers the scheduled reversal of
    deferred tax liabilities, projected future taxable income and
    tax planning strategies, which involve estimates and
    uncertainties, in making this assessment. Tax planning
    strategies include primarily sales of non-core assets. Projected
    future taxable income is based on managements forecast of
    the operating results of the Corporation. Management
    periodically reviews such forecasts in comparison with actual
    results and expected trends.

19



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##### Table of Contents



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   | In the event management determines
    that sufficient future taxable income, in light of tax planning
    strategies, may not be generated to fully realize net deferred
    tax assets, the Corporation will increase valuation allowances
    by a charge to income tax expense in the period of such
    determination.                                                                                       
|
| |  | Environmental
    Costs:Environmental
    expenditures that relate to current operations are expensed or
    capitalized, as appropriate. Remediation costs that relate to an
    existing condition caused by past operations are accrued when it
    is probable that those costs will be incurred and can be
    reasonably estimated based on evaluations of current available
    facts related to each site.



| |               
| | --------------
| | Business Risks





| |   |                                                                                                              
| | - | -------------------------------------------------------------------------------------------------------------
| |  | Risks Related to Credit Quality of Customers                                                                 
|
| |  | Negative Economic Conditions May Adversely Affect
    Performance                                            
|
| |  | Availability of Steel Supply                                                                                 
|
| |  | Changes in Customer Demand                                                                                   
|
| |  | Adverse Regulatory, Environmental, Monetary or Other
    Governmental Policies Which May Affect Profitability
|
| |  | Adequacy of Insurance                                                                                        
|
| |  | Terrorist Acts and Acts of War                                                                               



| |                               
| | ------------------------------
| | Forward-Looking
    Statements



20



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##### Table of Contents



Liquidity and Capital Resources






|                                                     |  |               |       |   |           |   |        |  
|---------------------------------------------------- |  | ------------- | ----- | - | --------- | - | ------ | -
|                                                     |  | Quarter Ended |      
|                                                     |  |               |      
|                                                     |  | March 31,     |       |   | March 31, |  
|                                                     |  | 2005          |       |   | 2004      |  
|(In millions)                                        |  |               |       |   |           |  
|Net cash provided by (used in) operating activities  |  | $             | 13.7  |   |           | $ | (5.0   | )
|Net cash provided by (used in) investing activities  |  |               | (23.1 | ) |           |   | (5.4   | )
|Net cash provided by (used in) financing activities  |  |               | 10.7  |   |           |   | (125.8 | )
|Effect of exchange-rate changes on cash              |  |               | (1.4  | ) |           |   | (1.0   | )
|                                                     |  |               |       |   |           |  
|Net increase (decrease) in cash and cash equivalents |  | $             | (0.1  | ) |           | $ | (137.2 | )
|                                                     |  |               |       |   |           |  



| |                         
| | ------------------------
| | Operating
    Activities





| |                         
| | ------------------------
| | Investing
    Activities







| |                         
| | ------------------------
| | Financing
    Activities





| |                                  
| | ---------------------------------
| | $175 million Credit
    Agreement



21



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##### Table of Contents







| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) Minimum Liquidity. During the term of the credit
    agreement, Thomas & Betts and its domestic subsidiaries
    must maintain liquidity (as defined in the credit agreement) of
    not less than $100 million, unless (1) the
    Corporations senior unsecured notes due in 2006 have been
    paid in full, (2) the Fixed Charge Coverage Ratio (as
    defined in the credit agreement), determined as of the last day
    of the immediately preceding fiscal month, is greater than 1.15
    to 1.00, and (3) the Interest Coverage Ratio (as defined in
    the credit agreement), determined as of the last day of the
    immediately preceding fiscal month, is greater than 1.30 to 1.00.
|
| | (b) Minimum Consolidated Liquidity. During the term
    of the credit agreement, Thomas & Betts, its domestic
    subsidiaries and international guarantor subsidiaries must
    maintain Consolidated Liquidity (as defined in the credit
    agreement), of not less than $175 million, unless the Fixed
    Charge Coverage Ratio is greater than or equal to 1.00 to 1.00.                                                                                                                                                                                                                                                                                                                            
|
| | (c) Consolidated Net Assets. Ten percent of the
    Corporations Consolidated Net Assets (as defined in the
    credit agreement) must at all times be greater than
    $52.5 million.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|
| | (d) Consolidated Tangible Net Assets. Twelve and
    one-half percent of the Corporations Consolidated Tangible
    Net Assets (as defined in the credit agreement) must at all
    times be greater than $52.5 million.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| | (e) Capital Expenditures. The Corporations
    capital expenditures may not exceed $60 million in the
    aggregate during any fiscal year; provided, however, to the
    extent that amounts available for capital expenditures with
    respect to any fiscal year are not used, up to $10 million
    of such amounts may be carried forward to increase the dollar
    limit for capital expenditures during the following fiscal year.                                                                                                                                                                                                                                                              



Restricted Payments and Purchases.


Liens.


Disposition of Assets.




22



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##### Table of Contents







| |                            
| | ---------------------------
| | Other Credit
    Facilities









| |                                
| | -------------------------------
| | Compliance and
    Availability







| |               
| | --------------
| | Credit Ratings





23



---



##### Table of Contents





| |                                   
| | ----------------------------------
| | Off-Balance Sheet
    Arrangements





| |                
| | ---------------
| | Debt Securities



|              |  |        |               |  |          |  |      |                  |  |  |                         |  |  |  |               | 
|------------- |  | ------ | ------------- |  | -------- |  | ---- | ---------------- |  |  | ----------------------- |  |  |  | ------------- | 
|              |  | Face   |               |  | Interest |  |      |                  |  | 
|Issue Date    |  | Amount |               |  | Rate     |  |      | Interest Payable |  |  | Maturity Date           | 
|              |  |        |               |  |          |  |      |                  |  |  |                         | 
|January 1996  |  |        | $150  million |  |          |  | 6.50 | %                |  |  | January 15 and July 15  |  |  |  | January 2006  | 
|May 1998      |  |        | $115  million |  |          |  | 6.63 | %(a)             |  |  | May 1 and November 1    |  |  |  | May 2008      | 
|February 1999 |  |        | $150  million |  |          |  | 6.39 | %(a)             |  |  | March 1 and September 1 |  |  |  | February 2009 | 
|May 2003      |  |        | $125  million |  |          |  | 7.25 | %(a)             |  |  | June 1 and December 1   |  |  |  | June 2013     | 






|    |  |                                                                                                                                                                                                   
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | We have entered into interest rate swaps associated with only
    portions of these underlying debt instruments. See
    Item 3. Quantitative and Qualitative Disclosures
    About Market Risk.





| |                         
| | ------------------------
| | 7.25% Notes Due
    2013





| |   |                                                                                                                                        
| | - | ---------------------------------------------------------------------------------------------------------------------------------------
| |  | incur indebtedness or issue preferred stock of our subsidiaries;                                                                       
|
| |  | make restricted payments (as defined), including dividends,
    repurchase of common stock, or other distributions and
    investments;
|
| |  | sell assets or subsidiary stock.                                                                                                       





| |      
| | -----
| | Other



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##### Table of Contents







Recently Issued Accounting Standards




Accounting
for Income Taxes






25



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##### Table of Contents










|        |                                                               
|------- | --------------------------------------------------------------
|Item 3. | Quantitative and Qualitative Disclosures About Market
    Risk










|        |                        
|------- | -----------------------
|Item 4. | Controls and Procedures





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##### Table of Contents






PART II. OTHER INFORMATION







|        |                  
|------- | -----------------
|Item 1. | Legal Proceedings








|        |                  
|------- | -----------------
|Item 5. | Other Information








|        |         
|------- | --------
|Item 6. | Exhibits



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##### Table of Contents






SIGNATURE






| |                               
| | ------------------------------
| | Thomas & Betts
    Corporation
| | (Registrant)                  



| |     |                     
| | --- | --------------------
| | By: | /s/ Kenneth W. Fluke

| |                              
| | -----------------------------
| |                              
| | Kenneth W. Fluke             
| | Senior Vice President and    
| | Chief Financial Officer      
| | (principal financial officer)



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##### Table of Contents






EXHIBIT INDEX


|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.1 |  | Health Benefits Continuation Agreement dated February 2,
    2005 (Incorporated by reference to Exhibit 10.1 to the
    Current Report on Form 8-K dated February 2, 2005).                                                                                                                                                                                                                                                                                                 
|10.2 |  | Form of Restricted Stock Agreement Pursuant to Thomas &
    Betts Corporation Equity Compensation Plan (Incorporated by
    reference to Exhibit 10.2 to the Current Report on
    Form 8-K dated February 2, 2005).                                                                                                                                                                                                                                                        
|10.3 |  | Form of Executive Incentive Stock Option Agreement Pursuant to
    Thomas & Betts Corporation Equity Compensation Plan
    (Incorporated by reference to Exhibit 10.3 to the Current
    Report on Form 8-K dated February 2, 2005).                                                                                                                                                                                                                                        
|10.4 |  | Form of Executive Nonqualified Stock Option Agreement Pursuant
    to Thomas & Betts Corporation Equity Compensation Plan
    (Incorporated by reference to Exhibit 10.4 to the Current
    Report on Form 8-K dated February 2, 2005).                                                                                                                                                                                                                                     
|10.5 |  | First Amendment to Credit Agreement dated March 2, 2005,
    among the Corporation, as borrower, the Lenders party thereto,
    and Wachovia Bank, National Association, as Administrative
    Agent. (Incorporated by reference to Exhibit 10.1 to the
    Current Report on Form 8-K dated March 2, 2005).                                                                                                                                                                
|10.6 |  | Credit Agreement, dated June 25, 2003, among the
    Corporation, as borrower, the subsidiaries of the Corporation,
    as guarantors, the lenders listed therein, Wachovia Bank,
    National Association, as issuing bank, Wachovia Securities,
    Inc., as arranger, and Wachovia Bank, National Association, as
    administrative agent (Incorporated by reference to
    Exhibit 10.3 to the Quarterly Report on Form 10-Q, for
    the quarter ended June 29, 2003).
|10.7 |  | Executive Compensation (Incorporated by reference to
    Item 1.01 of the Current Report on Form 8-K dated
    February 2, 2005).                                                                                                                                                                                                                                                                                                                                           
|12   |  | Statement re Computation of Ratio of Earnings to Fixed Charges.                                                                                                                                                                                                                                                                                                                                                                                                             
|31.1 |  | Certification of Principal Executive Officer Under Securities
    Exchange Act Rules 13a-14(a) or 15d-14(a).                                                                                                                                                                                                                                                                                                                                                                
|31.2 |  | Certification of Principal Financial Officer Under Securities
    Exchange Act Rules 13a-14(a) or 15d-14(a).                                                                                                                                                                                                                                                                                                                                                                
|32   |  | Section § 1350 Certifications.                                                                                                                                                                                                                                                                                                                                                                                                                                              

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