NEUHAUSEN, Switzerland, Nov. 13, 2014 /PRNewswire/ --
- Revenue in the quarter of $2.7
billion increases 4%, with 3% organic growth, led by the
Global Products segment, which had organic growth of 8%
- Full year revenue of $10.3
billion increases 3% on a nominal and organic basis
- Before special items, segment operating margin improves 20
basis points for the quarter and increases 90 basis points for the
year to 13.9%
- Diluted EPS from continuing operations before special items
increases 19% for the quarter and 20% for the year
- The company repurchased 23 million shares for $1.0 billion during the quarter, bringing the
full-year total to 42 million shares repurchased for $1.8 billion
- As previously announced, the Board of Directors approved an
additional $1.0 billion authorization
for share repurchases
(Income and EPS amounts are attributable to Tyco common
shareholders)
($ millions, except per-share
amounts)
(All prior periods have been recast to reflect
certain businesses as discontinued operations)
|
Q4 2014
|
|
Q4 2013
|
|
% Change
|
|
FY14
|
|
FY13
|
|
% Change
|
Revenue
|
$
|
2,704
|
|
|
$
|
2,610
|
|
|
4
|
%
|
|
$
|
10,340
|
|
|
$
|
10,073
|
|
|
3
|
%
|
Segment Operating
Income
|
$
|
347
|
|
|
$
|
315
|
|
|
10
|
%
|
|
$
|
1,317
|
|
|
$
|
1,028
|
|
|
28
|
%
|
Operating (Loss)
Income
|
$
|
(200)
|
|
|
$
|
235
|
|
|
|
|
|
$
|
697
|
|
|
$
|
709
|
|
|
|
|
(Loss) Income from
Continuing Operations
|
$
|
(76)
|
|
|
$
|
135
|
|
|
|
|
|
$
|
794
|
|
|
$
|
443
|
|
|
|
|
Diluted EPS from
Continuing Operations
|
$
|
(0.17)
|
|
|
$
|
0.29
|
|
|
|
|
|
$
|
1.71
|
|
|
$
|
0.94
|
|
|
|
|
Special
Items
|
$
|
(0.73)
|
|
|
$
|
(0.18)
|
|
|
|
|
|
$
|
(0.28)
|
|
|
$
|
(0.72)
|
|
|
|
|
Segment Operating
Income Before Special Items
|
$
|
383
|
|
|
$
|
365
|
|
|
5
|
%
|
|
$
|
1,435
|
|
|
$
|
1,308
|
|
|
10
|
%
|
Income from
Continuing Ops Before Special Items
|
$
|
252
|
|
|
$
|
218
|
|
|
16
|
%
|
|
$
|
922
|
|
|
$
|
785
|
|
|
17
|
%
|
Diluted EPS from
Continuing Ops Before Special Items
|
$
|
0.56
|
|
|
$
|
0.47
|
|
|
19
|
%
|
|
$
|
1.99
|
|
|
$
|
1.66
|
|
|
20
|
%
|
Tyco (NYSE: TYC) today reported GAAP diluted loss per share from
continuing operations for the fiscal fourth quarter of 2014 of
$0.17 and diluted earnings per share
(EPS) from continuing operations before special items of
$0.56. Revenue in the quarter
increased 4% versus the prior year to $2.7
billion. Organic revenue grew 3% in the quarter, with growth
across all segments, led by Global Products with an 8% increase
from the prior year quarter. Acquisitions contributed 1 percentage
point of growth, which was partially offset by the impact of
divestitures.
For the full year, the company reported GAAP diluted EPS from
continuing operations of $1.71 and
diluted EPS from continuing operations before special items of
$1.99. Revenue of $10.3 billion increased 3%. Organic revenue
growth for the year was 3% led by Global Products with 6% organic
growth. Acquisitions contributed 2 percentage points of growth,
which was offset by divestitures and changes in foreign currency
exchange rates.
"This was another solid quarter and a strong finish to our
second year as the new Tyco," said Tyco Chief Executive Officer
George Oliver. "Our organic
growth in the quarter was led by our strong technology position in
our Global Products businesses, where we grew 8%. This,
coupled with our continued productivity initiatives and capital
allocation, drove a 19% increase in earnings per share for the
quarter.
"Overall, I am very pleased with our performance this past year
-- we delivered strong results, have taken strategic action with
our portfolio management with focused acquisitions and
divestitures, and have returned excess cash to shareholders, all of
which resulted in a 20% increase in earnings per share for the
year," Mr. Oliver added.
As previously disclosed, the company recorded charges totaling
$465 million in the quarter ended
Sept. 26, 2014, related to legacy
asbestos liabilities, including $225
million related to an agreement in principle to settle
Yarway claims and $240 million in
respect of non-Yarway liabilities.
Organic revenue, free cash flow, operating income, segment
operating income, and diluted EPS from continuing operations before
special items are non-GAAP financial measures and are described
below. For a reconciliation of these non-GAAP measures, see the
attached tables. Additional schedules as well as fourth quarter
review slides can be found in the Investor Relations section of
Tyco's website at http://investors.tyco.com.
SEGMENT RESULTS
The financial results presented in the tables below are in
accordance with GAAP unless otherwise indicated. All dollar amounts
are pre-tax and stated in millions. As previously disclosed, during
the fiscal third quarter the company decided to sell certain
businesses previously reported within its Rest of World
Installation & Services operating segment. Additionally, in the
fiscal third quarter, the company completed the sale of its South
Korean security business, ADT Korea. The results of these
businesses have been classified as discontinued operations for the
current and historical periods. The revenue and operating income
results shown below have been adjusted to reflect these changes in
all periods presented. All comparisons are to the fiscal fourth
quarter or full year of 2013 unless otherwise indicated.
North America Installation & Services
|
Q4 2014
|
|
Q4 2013
|
|
% Change
|
|
FY 14
|
|
FY 13
|
|
% Change
|
Revenue
|
$
|
1,012
|
|
|
$
|
996
|
|
|
2
|
%
|
|
$
|
3,876
|
|
|
$
|
3,891
|
|
|
-
|
Operating
Income
|
$
|
117
|
|
|
$
|
113
|
|
|
4
|
%
|
|
$
|
450
|
|
|
$
|
388
|
|
|
16
|
%
|
Operating
Margin
|
11.6
|
%
|
|
11.3
|
%
|
|
|
|
|
11.6
|
%
|
|
10.0
|
%
|
|
|
|
Special
Items
|
$
|
(17)
|
|
|
$
|
(20)
|
|
|
|
|
|
$
|
(64)
|
|
|
$
|
(86)
|
|
|
|
|
Operating Income
Before Special Items
|
$
|
134
|
|
|
$
|
133
|
|
|
1
|
%
|
|
$
|
514
|
|
|
$
|
474
|
|
|
8
|
%
|
Operating Margin
Before Special Items
|
13.2
|
%
|
|
13.4
|
%
|
|
|
|
|
13.3
|
%
|
|
12.2
|
%
|
|
|
|
Revenue of $1.0 billion for the
quarter increased 2% over the prior year. Installation
revenue growth of 6% was partially offset by a 2% decline in
service, for total organic revenue growth of 2%. Backlog of
$2.5 billion increased 3% year over
year and increased 1% on a quarter sequential basis, excluding the
impact of foreign currency.
Operating income for the quarter was $117
million and the operating margin was 11.6%. Special items of
$17 million consisted primarily of
separation and restructuring charges. Before special items,
operating income was $134 million and
the operating margin was 13.2%. Improved execution and the benefit
of restructuring and productivity initiatives were more than offset
by a $10 million charge related to a
legal matter that arose in 2007, which negatively impacted the
operating margin by 100 basis points.
Revenue for the full year of $3.9
billion was relatively consistent with the prior year.
Organic growth of 1% and the benefit of acquisitions were offset by
the impact of divestitures and changes in foreign currency exchange
rates. Operating income was $450
million and included $64
million of special items. Before special items, operating
income was $514 million and the
operating margin increased 110 basis points to 13.3%.
Rest of World Installation & Services
|
Q4 2014
|
|
Q4 2013
|
|
% Change
|
|
FY 14
|
|
FY 13
|
|
% Change
|
Revenue
|
$
|
1,011
|
|
|
$
|
987
|
|
|
2
|
%
|
|
$
|
3,920
|
|
|
$
|
3,843
|
|
|
2
|
%
|
Operating
Income
|
$
|
101
|
|
|
$
|
83
|
|
|
22
|
%
|
|
$
|
409
|
|
|
$
|
333
|
|
|
23
|
%
|
Operating
Margin
|
10.0
|
%
|
|
8.4
|
%
|
|
|
|
|
10.4
|
%
|
|
8.7
|
%
|
|
|
|
Special
Items
|
$
|
(17)
|
|
|
$
|
(27)
|
|
|
|
|
|
$
|
(42)
|
|
|
$
|
(80)
|
|
|
|
|
Operating Income
Before Special Items
|
$
|
118
|
|
|
$
|
110
|
|
|
7
|
%
|
|
$
|
451
|
|
|
$
|
413
|
|
|
9
|
%
|
Operating Margin
Before Special Items
|
11.7
|
%
|
|
11.1
|
%
|
|
|
|
|
11.5
|
%
|
|
10.7
|
%
|
|
|
|
Revenue of $1.0 billion for the
quarter increased 2% compared to the prior year. Organic
revenue growth of 2% consisted of 6% growth in installation,
partially offset by a 2% decline in service revenue.
Acquisitions contributed 2% to revenue growth, which was offset by
the impact of divestitures. Backlog of $2.2 billion increased 6% year over year and, due
to normal seasonality, declined 3% on a quarter sequential basis,
excluding the impact of foreign currency.
Operating income for the quarter was $101
million and the operating margin was 10.0%. Special items of
$17 million consisted primarily of
restructuring charges. Before special items, operating income was
$118 million, and the operating
margin improved 60 basis points to 11.7%.
Revenue for the full year was $3.9
billion, increasing 2% year over year with organic revenue
growth of 2%. Acquisitions contributed 3 percentage points of
growth, which was offset by the impact of divestitures and changes
in foreign currency exchange rates. Operating income was
$409 million and included
$42 million of special items. Before
special items, operating income was $451
million and the operating margin expanded 80 basis points to
11.5%.
Global Products
|
Q4 2014
|
|
Q4 2013
|
|
% Change
|
|
FY 14
|
|
FY 13
|
|
% Change
|
Revenue
|
$
|
681
|
|
|
$
|
627
|
|
|
9
|
%
|
|
$
|
2,544
|
|
|
$
|
2,339
|
|
|
9
|
%
|
Operating
Income
|
$
|
129
|
|
|
$
|
119
|
|
|
8
|
%
|
|
$
|
458
|
|
|
$
|
307
|
|
|
49
|
%
|
Operating
Margin
|
18.9
|
%
|
|
19.0
|
%
|
|
|
|
|
18.0
|
%
|
|
13.1
|
%
|
|
|
|
Special
Items
|
$
|
(2)
|
|
|
$
|
(3)
|
|
|
|
|
|
$
|
(12)
|
|
|
$
|
(114)
|
|
|
|
|
Operating Income
Before Special Items
|
$
|
131
|
|
|
$
|
122
|
|
|
7
|
%
|
|
$
|
470
|
|
|
$
|
421
|
|
|
12
|
%
|
Operating Margin
Before Special Items
|
19.2
|
%
|
|
19.5
|
%
|
|
|
|
|
18.5
|
%
|
|
18.0
|
%
|
|
|
|
Revenue of $681 million for the
quarter increased 9%, including a 1% benefit from acquisitions.
Organic revenue grew 8%, with growth across all three product
platforms.
Operating income for the quarter was $129
million and the operating margin was 18.9%. Special items
totaled $2 million. Before special
items, operating income was $131
million and the operating margin was 19.2%. Operating
leverage on increased revenue and the benefit of productivity
initiatives were more than offset by the timing of incremental
R&D investments as well as non-cash purchase accounting.
Together, these items impacted the operating margin by 220 basis
points.
Revenue for the full year of $2.5
billion increased 9% year over year, with organic revenue
growth of 6%. Acquisitions contributed 3 percentage points to
growth. Operating income was $458
million and included $12
million of special items. Before special items, operating
income was $470 million and the
operating margin expanded 50 basis points to 18.5%.
OTHER ITEMS
- For the full year, cash from operating activities was
$831 million and free cash flow was
$528 million, which included a cash
outflow of $473 million, primarily
related to payments under the company's tax sharing agreements, as
well as restructuring and separation activities. Adjusted free cash
flow for the year was $1.0
billion.
- Corporate expense was $63 million
for the quarter and $230 million for
the year, both before special items. On a GAAP basis, corporate
expense was $547 million for the
quarter and $620 million for the
year, both of which included a charge of $465 million related to asbestos
liabilities.
- The tax rate before special items was 17.5% for the quarter and
17.2% for the year.
- The company repurchased 23 million shares for $1.0 billion during the quarter, bringing the
full-year total to 42 million shares repurchased for $1.8 billion. Since the close of the fiscal
fourth quarter, the company repurchased 10 million shares for
$417 million. The company now has
$1.0 billion remaining on its share
repurchase authorization.
- Subsequent to the quarter's close, the company completed the
previously announced acquisition of a security business in
Brazil.
- The company expects to complete the change in its jurisdiction
of incorporation to Ireland, which
was approved by shareholders on September 9,
2014, in November 2014.
- The company will host an investor meeting on November 21, 2014, in New York to discuss its growth strategy and
long-term outlook through fiscal year 2018. Investors and the
general public are invited to attend the event by registering at
http://www.tycid2014.com/ or to view a webcast of the meeting in
listen-only mode through Tyco's website at
http://investors.tyco.com. A replay of the webcast and the
supporting presentation materials will be available at the same
website.
ABOUT TYCO
Tyco (NYSE: TYC) is the world's largest pure-play fire
protection and security company. Tyco provides more than three
million customers around the globe with the latest fire protection
and security products and services. A company with $10+ billion in
annual revenue, Tyco has over 57,000 employees in more than 900
locations across 50 countries serving various end markets,
including commercial, institutional, governmental, retail,
industrial, energy, residential and small business. For more
information, visit www.tyco.com.
CONFERENCE CALL AND WEBCAST
Management will discuss the company's fourth quarter results for
2014 during a conference call and webcast for investors today
beginning at 8:00 a.m. Eastern time
(ET), which can be accessed in the following ways:
- Live via webcast - through the Investor Relations section of
Tyco's website at http://investors.tyco.com,
- Live via telephone (for "listen-only" participants and those
who would like to ask a question) - by dialing 800-857-9797 (in
the United States) or 517-308-9262
(outside the United States),
passcode "Tyco",
- Replay via telephone - by dialing 866-499-4547 (in the United States) or 203-369-1805 (outside
the United States), passcode 7522,
from 10:00 a.m. (ET) on November 13, 2014, until 11:59 p.m. (ET) on November 20, 2014, and
- Replay via webcast - through the "Presentations & Webcasts"
link on the Investor Relations section of Tyco's website:
http://investors.tyco.com.
NON-GAAP MEASURES
Organic revenue, free cash flow (outflow) (FCF), and income
from continuing operations, earnings per share (EPS) from
continuing operations, operating income and segment operating
income, in each case "before special items," are non-GAAP measures
and should not be considered replacements for GAAP results.
Organic revenue is a useful measure used by the company to
measure the underlying results and trends in the business. The
difference between reported net revenue (the most comparable GAAP
measure) and organic revenue (the non-GAAP measure) consists of the
impact from foreign currency, acquisitions and divestitures, and
other changes that either do not reflect the underlying results and
trends of the Company's businesses or are not completely under
management's control. There are limitations associated with organic
revenue, such as the fact that, as presented herein, the metric may
not be comparable to similarly titled measures reported by other
companies. These limitations are best addressed by using organic
revenue in combination with the GAAP numbers. Organic revenue may
be used as a component in the company's incentive compensation
plans.
FCF is a useful measure of the company's cash that permits
management and investors to gain insight into the number that
management employs to measure cash that is free from any
significant existing obligation and is available to service debt
and make investments. The difference between Cash Flows from
Operating Activities (the most comparable GAAP measure) and FCF
(the non-GAAP measure) consists mainly of significant cash flows
that the company believes are useful to identify. It, or a measure
that is based on it, may be used as a component in the company's
incentive compensation plans. The difference reflects the impact
from:
- net capital expenditures,
- dealer generated accounts and bulk accounts
purchased,
- cash paid for purchase accounting and holdback liabilities,
and
- voluntary pension contributions.
Capital expenditures and dealer generated and bulk accounts
purchased are subtracted because they represent long-term
investments that are required for normal business activities. Cash
paid for purchase accounting and holdback liabilities is subtracted
because these cash outflows are not available for general corporate
uses. Voluntary pension contributions are added because this
activity is driven by economic financing decisions rather than
operating activity. In addition, the company presents adjusted free
cash flow, which is free cash flow, adjusted to exclude the cash
impact of the special items highlighted below. This number provides
information to investors regarding the cash impact of certain items
management believes are useful to identify, as described
below.
The limitation associated with using these cash flow metrics
is that they adjust for cash items that are ultimately within
management's and the Board of Directors' discretion to direct and
therefore may imply that there is less or more cash that is
available for the company's programs than the most comparable GAAP
measure. Furthermore, these non-GAAP metrics may not be comparable
to similarly titled measures reported by other companies. These
limitations are best addressed by using FCF in combination with the
GAAP cash flow numbers.
The company has presented its income and EPS from continuing
operations, operating income and segment operating income before
special items. Special items include charges and gains related to
divestitures, acquisitions, restructurings, impairments, certain
changes to accounting methodologies, legacy legal and tax charges
and other income or charges that may mask the underlying operating
results and/or business trends of the company or business segment,
as applicable. The company utilizes these measures to assess
overall operating performance and segment level core operating
performance, as well as to provide insight to management in
evaluating overall and segment operating plan execution and
underlying market conditions. The Company also presents its
effective tax rate as adjusted for special items for consistency,
and presents corporate expense excluding special items. One or more
of these measures may be used as components in the company's
incentive compensation plans. These measures are useful for
investors because they may permit more meaningful comparisons of
the company's underlying operating results and business trends
between periods. The difference between income and EPS from
continuing operations before special items and income and EPS from
continuing operations (the most comparable GAAP measures) consists
of the impact of the special items noted above on the applicable
GAAP measure. The limitation of these measures is that they exclude
the impact (which may be material) of items that increase or
decrease the company's reported GAAP metrics, and these non-GAAP
metrics may not be comparable to similarly titled measures reported
by other companies. These limitations are best addressed by using
the non-GAAP measures in combination with the most comparable GAAP
measures in order to better understand the amounts, character and
impact of any increase or decrease on reported results.
The company provides general corporate services to its
segments and those costs are reported in the "Corporate and Other"
segment. This segment's operating income (loss) is presented as
"Corporate Expense." Segment Operating Income represents Tyco's
operating income excluding the Corporate and Other segment, and
reflects the results of Tyco's three operating segments. Segment
Operating Income before special items reflects GAAP operating
income adjusted for the special items noted in the paragraph
above.
FORWARD-LOOKING STATEMENTS
This press release contains a number of forward-looking
statements. In many cases forward-looking statements are identified
by words, and variations of words, such as "anticipate",
"estimate", "believe", "commit", "confident", "continue", "could",
"intend", "may", "plan", "potential", "predict", "positioned",
"should", "will", "expect", "objective", "projection", "forecast",
"goal", "guidance", "outlook", "effort", "target", and other
similar words. However, the absence of these words does not mean
the statements are not forward-looking. Examples of forward-looking
statements include, but are not limited to, revenue, operating
income, earnings per share and other financial projections,
statements regarding the health and growth prospects of the
industries and end markets in which Tyco operates, the leadership,
resources, potential, priorities, and opportunities for Tyco in the
future, Tyco's credit profile, capital allocation priorities and
other capital market related activities, and statements regarding
Tyco's acquisition, divestiture, restructuring and other
productivity initiatives. The forward-looking statements in this
press release are based on current expectations and assumptions
that are subject to risks and uncertainties, many of which are
outside of our control, and could cause results to materially
differ from expectations. Such risks and uncertainties include, but
are not limited to: economic, business, competitive, technological
or regulatory factors that adversely impact Tyco or the markets and
industries in which it competes; unanticipated expenses such as
litigation or legal settlement expenses; tax law changes; and
industry specific events or conditions that may adversely impact
revenue or other financial projections. Actual results could differ
materially from anticipated results. Tyco is under no obligation
(and expressly disclaims any obligation) to update its
forward-looking statements. More information on potential factors
that could affect the Company's financial results is included from
time to time in the "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" sections
of the Company's public reports filed with the SEC, including the
Company's Form 10-K for the fiscal year ended September 27,
2013, subsequent quarterly reports on Form 10-Q, and its Form 10-K
for the fiscal year ended September 26, 2014 to be filed with
the SEC.
TYCO INTERNATIONAL
LTD.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in millions,
except per share data)
(Unaudited)
|
|
|
Quarters Ended
|
|
Twelve
Months Ended
|
|
|
September
26,
2014
|
|
September
27,
2013
|
|
September
26,
2014
|
|
September
27,
2013
|
|
|
|
|
Revenue from product
sales
|
|
$
|
1,668
|
|
|
$
|
1,536
|
|
|
$
|
6,221
|
|
|
$
|
5,855
|
|
Service
revenue
|
|
1,036
|
|
|
1,074
|
|
|
4,119
|
|
|
4,218
|
|
Net
revenue
|
|
2,704
|
|
|
2,610
|
|
|
10,340
|
|
|
10,073
|
|
Cost of product
sales
|
|
1,145
|
|
|
1,034
|
|
|
4,253
|
|
|
3,990
|
|
Cost of
services
|
|
577
|
|
|
599
|
|
|
2,302
|
|
|
2,412
|
|
Selling, general and
administrative expenses
|
|
1,162
|
|
|
714
|
|
|
3,040
|
|
|
2,843
|
|
Separation
costs
|
|
—
|
|
|
(1)
|
|
|
1
|
|
|
8
|
|
Restructuring and
asset impairment charges, net
|
|
20
|
|
|
29
|
|
|
47
|
|
|
111
|
|
Operating (loss)
income
|
|
(200)
|
|
|
235
|
|
|
697
|
|
|
709
|
|
Interest
income
|
|
4
|
|
|
3
|
|
|
14
|
|
|
16
|
|
Interest
expense
|
|
(24)
|
|
|
(25)
|
|
|
(97)
|
|
|
(100)
|
|
Other expense,
net
|
|
1
|
|
|
1
|
|
|
(1)
|
|
|
(29)
|
|
(Loss) income from
continuing operations before income taxes
|
|
(219)
|
|
|
214
|
|
|
613
|
|
|
596
|
|
Income tax benefit
(expense)
|
|
140
|
|
|
(52)
|
|
|
(24)
|
|
|
(108)
|
|
Equity (loss) income
in earnings of unconsolidated subsidiaries
|
|
—
|
|
|
(30)
|
|
|
206
|
|
|
(48)
|
|
(Loss) income from
continuing operations
|
|
(79)
|
|
|
132
|
|
|
795
|
|
|
440
|
|
(Loss) income from
discontinued operations, net of income taxes
|
|
(13)
|
|
|
31
|
|
|
1,044
|
|
|
93
|
|
Net (loss)
income
|
|
(92)
|
|
|
163
|
|
|
1,839
|
|
|
533
|
|
Less: noncontrolling
interest in subsidiaries net (loss) income
|
|
(3)
|
|
|
(3)
|
|
|
1
|
|
|
(3)
|
|
Net (loss) income
attributable to Tyco common shareholders
|
|
$
|
(89)
|
|
|
$
|
166
|
|
|
$
|
1,838
|
|
|
$
|
536
|
|
Amounts
attributable to Tyco common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations
|
|
$
|
(76)
|
|
|
$
|
135
|
|
|
$
|
794
|
|
|
$
|
443
|
|
(Loss) income from
discontinued operations
|
|
(13)
|
|
|
31
|
|
|
1,044
|
|
|
93
|
|
Net (loss) income
attributable to Tyco common shareholders
|
|
$
|
(89)
|
|
|
$
|
166
|
|
|
$
|
1,838
|
|
|
$
|
536
|
|
Basic earnings per
share attributable to Tyco common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations
|
|
$
|
(0.17)
|
|
|
$
|
0.29
|
|
|
$
|
1.74
|
|
|
$
|
0.96
|
|
(Loss) income from
discontinued operations
|
|
(0.03)
|
|
|
0.07
|
|
|
2.30
|
|
|
0.19
|
|
Net (loss) income
attributable to Tyco common shareholders
|
|
$
|
(0.20)
|
|
|
$
|
0.36
|
|
|
$
|
4.04
|
|
|
$
|
1.15
|
|
Diluted earnings
per share attributable to Tyco common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations
|
|
$
|
(0.17)
|
|
|
$
|
0.29
|
|
|
$
|
1.71
|
|
|
$
|
0.94
|
|
(Loss) income from
discontinued operations
|
|
(0.03)
|
|
|
0.06
|
|
|
2.26
|
|
|
0.20
|
|
Net (loss) income
attributable to Tyco common shareholders
|
|
$
|
(0.20)
|
|
|
$
|
0.35
|
|
|
$
|
3.97
|
|
|
$
|
1.14
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
438
|
|
|
463
|
|
|
455
|
|
|
465
|
|
Diluted
|
|
438
|
|
|
471
|
|
|
463
|
|
|
472
|
|
Note: These financial
statements should be read in conjunction with the Consolidated
Financial Statements and accompanying notes contained in the
Company's Current Report on Form 8-K filed on May 16, 2014 for the
fiscal year ended September 27, 2013 and Quarterly Report on Form
10-Q for the quarter ended June 27, 2014.
|
TYCO INTERNATIONAL
LTD.
RESULTS OF
SEGMENTS
(in
millions)
(Unaudited)
|
|
|
|
|
|
Quarters Ended
|
|
|
|
|
Twelve
Months Ended
|
|
|
|
|
|
September
26,
2014
|
|
|
|
|
September
27,
2013
|
|
|
|
|
September
26,
2014
|
|
|
|
|
September
27,
2013
|
|
|
|
Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation & Services
|
|
$
|
1,012
|
|
|
|
|
|
$
|
996
|
|
|
|
|
|
$
|
3,876
|
|
|
|
|
|
$
|
3,891
|
|
|
|
|
ROW
Installation & Services
|
|
1,011
|
|
|
|
|
|
987
|
|
|
|
|
|
3,920
|
|
|
|
|
|
3,843
|
|
|
|
|
Global
Products
|
|
681
|
|
|
|
|
|
627
|
|
|
|
|
|
2,544
|
|
|
|
|
|
2,339
|
|
|
|
|
Total Net
Revenue
|
|
$
|
2,704
|
|
|
|
|
|
$
|
2,610
|
|
|
|
|
|
$
|
10,340
|
|
|
|
|
|
$
|
10,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss)
Income and Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation & Services
|
|
$
|
117
|
|
|
11.6
|
%
|
|
$
|
113
|
|
|
11.3
|
%
|
|
$
|
450
|
|
|
11.6
|
%
|
|
$
|
388
|
|
|
10.0
|
%
|
ROW
Installation & Services
|
|
101
|
|
|
10.0
|
%
|
|
83
|
|
|
8.4
|
%
|
|
409
|
|
|
10.4
|
%
|
|
333
|
|
|
8.7
|
%
|
Global
Products
|
|
129
|
|
|
18.9
|
%
|
|
119
|
|
|
19.0
|
%
|
|
458
|
|
|
18.0
|
%
|
|
307
|
|
|
13.1
|
%
|
Corporate and
Other
|
|
(547)
|
|
|
N/M
|
|
(80)
|
|
|
N/M
|
|
(620)
|
|
|
N/M
|
|
(319)
|
|
|
N/M
|
Operating (Loss)
Income and Margin
|
|
$
|
(200)
|
|
|
N/M
|
|
$
|
235
|
|
|
9.0
|
%
|
|
$
|
697
|
|
|
6.7
|
%
|
|
$
|
709
|
|
|
7.0
|
%
|
TYCO INTERNATIONAL
LTD.
CONSOLIDATED
BALANCE SHEETS
(in
millions)
(Unaudited)
|
|
|
September
26,
2014
|
|
September
27,
2013
|
Assets
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
892
|
|
|
$
|
563
|
|
Accounts receivable,
net
|
|
1,750
|
|
|
1,704
|
|
Inventories
|
|
628
|
|
|
645
|
|
Prepaid expenses and
other current assets
|
|
1,153
|
|
|
839
|
|
Deferred income
taxes
|
|
307
|
|
|
250
|
|
Assets held for
sale
|
|
21
|
|
|
856
|
|
Total Current
Assets
|
|
4,751
|
|
|
4,857
|
|
Property, plant and
equipment, net
|
|
1,269
|
|
|
1,284
|
|
Goodwill
|
|
4,126
|
|
|
4,162
|
|
Intangible assets,
net
|
|
737
|
|
|
791
|
|
Other
assets
|
|
926
|
|
|
1,082
|
|
Total
Assets
|
|
$
|
11,809
|
|
|
$
|
12,176
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Loans payable and
current maturities of long-term debt
|
|
$
|
20
|
|
|
$
|
20
|
|
Accounts
payable
|
|
871
|
|
|
848
|
|
Accrued and other
current liabilities
|
|
2,167
|
|
|
1,852
|
|
Deferred
revenue
|
|
400
|
|
|
393
|
|
Liabilities held for
sale
|
|
13
|
|
|
236
|
|
Total Current
Liabilities
|
|
3,471
|
|
|
3,349
|
|
Long-term
debt
|
|
1,443
|
|
|
1,443
|
|
Deferred
revenue
|
|
335
|
|
|
370
|
|
Other
liabilities
|
|
1,877
|
|
|
1,881
|
|
Total
Liabilities
|
|
7,126
|
|
|
7,043
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
13
|
|
|
12
|
|
|
|
|
|
|
|
|
Total Tyco
shareholders' equity
|
|
4,647
|
|
|
5,098
|
|
Nonredeemable
noncontrolling interest
|
|
23
|
|
|
23
|
|
Total
Equity
|
|
4,670
|
|
|
5,121
|
|
Total Liabilities,
Redeemable Noncontrolling Interest and Equity
|
|
$
|
11,809
|
|
|
$
|
12,176
|
|
Note: These financial
statements should be read in conjunction with the Consolidated
Financial Statements and accompanying notes contained in the
Company's Current Report on Form 8-K filed on May 16, 2014 for the
fiscal year ended September 27, 2013 and Quarterly Report on
Form 10-Q for the quarter ended June 27, 2014.
|
TYCO INTERNATIONAL
LTD.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in
millions)
(Unaudited)
|
|
|
For the Quarters
Ended
|
|
For the Twelve
Months Ended
|
|
|
September 26,
2014
|
|
September 27,
2013
|
|
September 26,
2014
|
|
September 27,
2013
|
|
|
|
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Tyco common shareholders
|
|
$
|
(89)
|
|
|
$
|
166
|
|
|
$
|
1,838
|
|
|
$
|
536
|
|
Noncontrolling
interest in subsidiaries net (loss) income
|
|
(3)
|
|
|
(3)
|
|
|
1
|
|
|
(3)
|
|
Income (loss) from
discontinued operations, net of income taxes
|
|
13
|
|
|
(31)
|
|
|
(1,044)
|
|
|
(93)
|
|
(Loss) income from
continuing operations
|
|
(79)
|
|
|
132
|
|
|
795
|
|
|
440
|
|
Adjustments to
reconcile net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
91
|
|
|
98
|
|
|
361
|
|
|
382
|
|
Non-cash compensation
expense
|
|
24
|
|
|
16
|
|
|
72
|
|
|
63
|
|
Deferred income
taxes
|
|
(191)
|
|
|
57
|
|
|
(106)
|
|
|
5
|
|
Provision for losses
on accounts receivable and inventory
|
|
13
|
|
|
18
|
|
|
44
|
|
|
70
|
|
Non-cash
restructuring and asset impairment charges, net
|
|
1
|
|
|
—
|
|
|
2
|
|
|
1
|
|
Legacy legal
matters
|
|
—
|
|
|
—
|
|
|
(92)
|
|
|
—
|
|
Loss (gain) on
divestitures
|
|
—
|
|
|
10
|
|
|
(2)
|
|
|
20
|
|
(Gain) loss on
investments
|
|
(1)
|
|
|
28
|
|
|
(215)
|
|
|
42
|
|
Other non-cash
items
|
|
6
|
|
|
1
|
|
|
25
|
|
|
64
|
|
Changes in assets and
liabilities, net of the effects of acquisitions and
divestitures:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
(54)
|
|
|
(43)
|
|
|
(93)
|
|
|
(75)
|
|
Contracts in
progress
|
|
(49)
|
|
|
(7)
|
|
|
(98)
|
|
|
(20)
|
|
Inventories
|
|
—
|
|
|
35
|
|
|
(13)
|
|
|
(36)
|
|
Prepaid expenses and
other assets
|
|
(52)
|
|
|
(15)
|
|
|
(91)
|
|
|
31
|
|
Accounts
payable
|
|
38
|
|
|
32
|
|
|
53
|
|
|
(12)
|
|
Accrued and other
liabilities
|
|
565
|
|
|
5
|
|
|
205
|
|
|
(226)
|
|
Deferred
revenue
|
|
(11)
|
|
|
(31)
|
|
|
(24)
|
|
|
(32)
|
|
Income taxes,
net
|
|
22
|
|
|
(36)
|
|
|
28
|
|
|
(31)
|
|
Other
|
|
(12)
|
|
|
34
|
|
|
(20)
|
|
|
8
|
|
Net cash provided by
operating activities
|
|
311
|
|
|
334
|
|
|
831
|
|
|
694
|
|
Net cash (used in)
provided by discontinued operating activities
|
|
(19)
|
|
|
39
|
|
|
81
|
|
|
156
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(78)
|
|
|
(65)
|
|
|
(288)
|
|
|
(270)
|
|
Proceeds from
disposal of assets
|
|
3
|
|
|
1
|
|
|
10
|
|
|
5
|
|
Acquisition of
businesses, net of cash acquired
|
|
(2)
|
|
|
(154)
|
|
|
(65)
|
|
|
(229)
|
|
Acquisition of dealer
generated customer accounts and bulk account purchases
|
|
(5)
|
|
|
(5)
|
|
|
(25)
|
|
|
(19)
|
|
Divestiture of
business, net of cash divested
|
|
—
|
|
|
—
|
|
|
1
|
|
|
17
|
|
Sales and maturities
of investments
|
|
—
|
|
|
79
|
|
|
283
|
|
|
182
|
|
Purchases of
investments
|
|
(54)
|
|
|
(45)
|
|
|
(386)
|
|
|
(227)
|
|
Sale of equity
investment
|
|
—
|
|
|
—
|
|
|
250
|
|
|
—
|
|
Decrease (increase)
in restricted cash
|
|
2
|
|
|
1
|
|
|
3
|
|
|
(8)
|
|
Other
|
|
(4)
|
|
|
6
|
|
|
(4)
|
|
|
4
|
|
Net cash (used in)
provided by investing activities
|
|
(138)
|
|
|
(182)
|
|
|
(221)
|
|
|
(545)
|
|
Net cash (used in)
provided by discontinued investing activities
|
|
—
|
|
|
(28)
|
|
|
1,789
|
|
|
(110)
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of short-term debt
|
|
—
|
|
|
95
|
|
|
830
|
|
|
475
|
|
Repayment of
short-term debt
|
|
—
|
|
|
(114)
|
|
|
(831)
|
|
|
(505)
|
|
Proceeds from
exercise of share options
|
|
12
|
|
|
28
|
|
|
91
|
|
|
153
|
|
Dividends
paid
|
|
(80)
|
|
|
(74)
|
|
|
(311)
|
|
|
(288)
|
|
Repurchase of common
shares by treasury
|
|
(1,027)
|
|
|
—
|
|
|
(1,833)
|
|
|
(300)
|
|
Purchase of
noncontrolling interest
|
|
(66)
|
|
|
—
|
|
|
(66)
|
|
|
—
|
|
Transfer from
discontinued operations
|
|
(19)
|
|
|
11
|
|
|
1,870
|
|
|
76
|
|
Other
|
|
(1)
|
|
|
5
|
|
|
(11)
|
|
|
(30)
|
|
Net cash (used in)
provided by financing activities
|
|
(1,181)
|
|
|
(49)
|
|
|
(261)
|
|
|
(419)
|
|
Net cash provided by
(used in) discontinued financing activities
|
|
19
|
|
|
(11)
|
|
|
(1,870)
|
|
|
(76)
|
|
Effect of currency
translation on cash
|
|
(12)
|
|
|
5
|
|
|
(20)
|
|
|
(11)
|
|
Net (decrease)
increase in cash and cash equivalents
|
|
(1,020)
|
|
|
108
|
|
|
329
|
|
|
(311)
|
|
Less: net decrease
in cash and cash equivalents related to discontinued
operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30)
|
|
Cash and cash
equivalents at beginning of period
|
|
1,912
|
|
|
455
|
|
|
563
|
|
|
844
|
|
Cash and cash
equivalents at end of period
|
|
$
|
892
|
|
|
$
|
563
|
|
|
$
|
892
|
|
|
$
|
563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to
"Free Cash Flow":
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
311
|
|
|
$
|
334
|
|
|
$
|
831
|
|
|
$
|
694
|
|
Capital expenditures,
net
|
|
(75)
|
|
|
(64)
|
|
|
(278)
|
|
|
(265)
|
|
Acquisition of dealer
generated customer accounts and bulk account purchases
|
|
(5)
|
|
|
(5)
|
|
|
(25)
|
|
|
(19)
|
|
Purchase accounting
and holdback liabilities
|
|
—
|
|
|
5
|
|
|
—
|
|
|
(2)
|
|
Free Cash
Flow
|
|
$
|
231
|
|
|
$
|
270
|
|
|
$
|
528
|
|
|
$
|
408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to
"Adjusted Free Cash Flow":
|
|
|
|
|
|
|
|
|
|
|
|
|
CIT
settlement
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(17)
|
|
|
$
|
—
|
|
IRS litigation
costs
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Separation
costs
|
|
37
|
|
|
20
|
|
|
108
|
|
|
188
|
|
Restructuring
and repositioning costs
|
|
25
|
|
|
34
|
|
|
104
|
|
|
95
|
|
Environmental
remediation payments
|
|
3
|
|
|
27
|
|
|
63
|
|
|
51
|
|
Legal
settlements
|
|
—
|
|
|
—
|
|
|
6
|
|
|
46
|
|
Net asbestos
payments (recoveries)
|
|
5
|
|
|
10
|
|
|
18
|
|
|
(14)
|
|
Cash payment
from Covidien/TE Connectivity
|
|
—
|
|
|
—
|
|
|
149
|
|
|
11
|
|
Cash payment
from ADT Resi/Pentair
|
|
9
|
|
|
—
|
|
|
39
|
|
|
—
|
|
Acquisition/integration costs
|
|
|
3
|
|
|
|
1
|
|
|
|
3
|
|
|
|
1
|
|
Special
Items
|
|
$
|
81
|
|
|
$
|
92
|
|
|
$
|
473
|
|
|
$
|
378
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Free Cash
Flow
|
|
$
|
312
|
|
|
$
|
362
|
|
|
$
|
1,001
|
|
|
$
|
786
|
|
NOTE: Free cash flow
is a non-GAAP measure. See description of non-GAAP measures
contained in this release.
|
TYCO INTERNATIONAL
LTD.
ORGANIC GROWTH
RECONCILIATION - REVENUE
(in
millions)
(Unaudited)
|
|
|
|
|
|
Quarter Ended
September 26, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
Quarter
Ended
September 27,
2013
|
|
Adjustments
|
|
Adjusted
Fiscal
2013 Base
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
Quarter
Ended
September 26,
2014
|
|
|
|
Divestitures
/
Other
|
|
|
Foreign Currency
|
|
Acquisitions
|
|
Organic Revenue(1)
|
|
NA Installation &
Services
|
|
$
|
996
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
996
|
|
|
$
|
(5)
|
|
|
(0.5)%
|
|
|
$
|
5
|
|
|
0.5
|
%
|
|
$
|
16
|
|
|
1.6
|
%
|
|
$
|
1,012
|
|
|
1.6
|
%
|
ROW Installation
& Services
|
|
987
|
|
|
(20)
|
|
|
(2.0)
|
%
|
|
967
|
|
|
6
|
|
|
0.6
|
%
|
|
20
|
|
|
2.0
|
%
|
|
18
|
|
|
1.9
|
%
|
|
1,011
|
|
|
2.4
|
%
|
Global
Products
|
|
627
|
|
|
—
|
|
|
—
|
%
|
|
627
|
|
|
(1)
|
|
|
(0.2)
|
%
|
|
7
|
|
|
1.1
|
%
|
|
48
|
|
|
7.7
|
%
|
|
681
|
|
|
8.6
|
%
|
Total Net
Revenue
|
|
$
|
2,610
|
|
|
$
|
(20)
|
|
|
(0.8)
|
%
|
|
$
|
2,590
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
32
|
|
|
1.2
|
%
|
|
$
|
82
|
|
|
3.2
|
%
|
|
$
|
2,704
|
|
|
3.6
|
%
|
|
(1) Organic revenue growth percentage
based on adjusted fiscal 2013 base revenue.
|
|
|
|
|
|
|
|
Year Ended
September 26, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
Twelve
Months Ended
September
27, 2013
|
|
Adjustments
|
|
Adjusted
Fiscal
2013 Base
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
Twelve
Months Ended
September 26, 2014
|
|
|
|
Divestitures
/
Other (2)
|
|
|
Foreign Currency
|
|
Acquisitions
|
|
|
Organic Revenue(1)
|
|
NA Installation &
Services
|
|
$
|
3,891
|
|
|
$
|
(42)
|
|
|
(1.1)
|
%
|
|
$
|
3,849
|
|
|
$
|
(29)
|
|
|
(0.7)
|
%
|
|
$
|
19
|
|
|
0.5
|
%
|
|
|
$
|
37
|
|
|
1.0
|
%
|
|
$
|
3,876
|
|
|
(0.4)
|
%
|
ROW Installation
& Services
|
|
3,843
|
|
|
(67)
|
|
|
(1.7)
|
%
|
|
3,776
|
|
|
(46)
|
|
|
(1.2)
|
%
|
|
119
|
|
|
3.1
|
%
|
|
|
71
|
|
|
1.9
|
%
|
|
3,920
|
|
|
2.0
|
%
|
Global
Products
|
|
2,339
|
|
|
2
|
|
|
0.1
|
%
|
|
2,341
|
|
|
(7)
|
|
|
(0.3)
|
%
|
|
63
|
|
|
2.7
|
%
|
|
|
147
|
|
|
6.3
|
%
|
|
2,544
|
|
|
8.8
|
%
|
Total Net
Revenue
|
|
$
|
10,073
|
|
|
$
|
(107)
|
|
|
(1.1)
|
%
|
|
$
|
9,966
|
|
|
$
|
(82)
|
|
|
(0.8)
|
%
|
|
$
|
201
|
|
|
2.0
|
%
|
|
|
$
|
255
|
|
|
2.6
|
%
|
|
$
|
10,340
|
|
|
2.7
|
%
|
|
(1) Organic revenue growth percentage
based on adjusted fiscal 2013 base revenue.
|
|
(2)Amounts
include the transfer of a business from NA Installation &
Services to Global Products.
|
Earnings Per Share
Summary
|
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
Year Ended
|
|
Quarter
Ended
|
|
Year Ended
|
|
|
Sept. 26,
2014
|
|
Sept. 26,
2014
|
|
Sept. 27,
2013
|
|
Sept. 27,
2013
|
Diluted EPS from
Continuing Operations Attributable to Tyco Shareholders
(GAAP)
|
|
$
|
(0.17)
|
|
|
$
|
1.71
|
|
|
$
|
0.29
|
|
|
$
|
0.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense /
(benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
0.05
|
|
|
0.14
|
|
|
0.06
|
|
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
0.02
|
|
|
0.08
|
|
|
0.02
|
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
—
|
|
|
(0.01)
|
|
|
0.02
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
0.66
|
|
|
0.63
|
|
|
—
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental
remediation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tyco share of Atkore
impairment
|
|
—
|
|
|
—
|
|
|
0.04
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy legal
items
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
investment
|
|
—
|
|
|
0.02
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIT
settlement
|
|
—
|
|
|
(0.03)
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement with
former management
|
|
—
|
|
|
(0.13)
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation
costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax items
|
|
—
|
|
|
0.03
|
|
|
0.04
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
—
|
|
|
0.01
|
|
|
—
|
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
Atkore divestiture
|
|
—
|
|
|
(0.46)
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$
|
0.56
|
|
|
$
|
1.99
|
|
|
$
|
0.47
|
|
|
$
|
1.66
|
|
Tyco International
Ltd.
|
For the Quarter
Ended September 26, 2014
|
(in millions, except
per share data)
|
(Unaudited)
|
expense /
(benefit)
|
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
&
Services
|
|
|
|
|
ROW
Installation
&
Services
|
|
|
|
|
Global
Products
|
|
|
|
|
Segment
Revenue
|
|
|
|
|
Corporate
and
Other
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
|
$1,012
|
|
|
|
|
|
$1,011
|
|
|
|
|
|
$681
|
|
|
|
|
|
$2,704
|
|
|
|
|
|
$—
|
|
|
|
|
$2,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
& Services
|
|
Margin
|
|
ROW
Installation
& Services
|
|
Margin
|
|
Global
Products
|
|
Margin
|
|
Segment
Operating
Income
|
|
Margin
|
|
Corporate
and
Other
|
|
Margin
|
|
Total
Operating
Income
|
|
Margin
|
|
Interest
(Expense),
net
|
|
Other
(Expense),
net
|
|
Income
Tax
(Expense)
|
|
Equity in
earnings
of
unconsolidated
subsidiaries
|
|
Noncontrolling
Interest
|
|
(Loss)Income
from
Continuing
Operations
Attributable to
Tyco Shareholders
|
Diluted
EPS from
Continuing
Operations
Attributable
to Tyco
Shareholders
|
Operating Income
(GAAP)
|
|
$117
|
|
|
11.6
|
%
|
|
$101
|
|
|
10.0
|
%
|
|
$129
|
|
|
18.9
|
%
|
|
$347
|
|
|
12.8
|
%
|
|
($547)
|
|
|
N/M
|
|
($200)
|
|
|
N/M
|
|
($20)
|
|
|
$1
|
|
|
$140
|
|
|
—
|
|
|
$3
|
|
|
($76)
|
|
($0.17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
6
|
|
|
|
|
|
16
|
|
|
|
|
|
1
|
|
|
|
|
|
23
|
|
|
|
|
|
13
|
|
|
|
|
36
|
|
|
|
|
|
|
|
|
|
|
|
(11)
|
|
|
|
|
|
|
|
|
25
|
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges
in cost of sales and SG&A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
|
|
|
|
|
|
|
8
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
(2)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
(1)
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
(1)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
467
|
|
|
|
|
467
|
|
|
|
|
|
|
|
|
|
|
|
(173)
|
|
|
|
|
|
|
|
|
294
|
|
0.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRS litigation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
(1)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$134
|
|
|
13.2
|
%
|
|
$118
|
|
|
11.7
|
%
|
|
$131
|
|
|
19.2
|
%
|
|
$383
|
|
|
14.2
|
%
|
|
($63)
|
|
|
N/M
|
|
$320
|
|
|
11.8
|
%
|
|
($20)
|
|
|
$2
|
|
|
($53)
|
|
|
$—
|
|
|
$3
|
|
|
$252
|
|
$0.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
|
438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
447
|
|
Tyco International
Ltd.
|
For the Year Ended
September 26, 2014
|
(in millions, except
per share data)
|
(Unaudited)
|
expense /
(benefit)
|
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
&
Services
|
|
|
|
|
ROW
Installation
&
Services
|
|
|
|
|
Global
Products
|
|
|
|
|
Segment
Revenue
|
|
|
|
|
Corporate
and
Other
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
|
$3,876
|
|
|
|
|
|
$3,920
|
|
|
|
|
|
$2,544
|
|
|
|
|
|
$10,340
|
|
|
|
|
|
$—
|
|
|
|
|
$10,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
& Services
|
|
Margin
|
|
ROW
Installation
& Services
|
|
Margin
|
|
Global
Products
|
|
Margin
|
|
Segment
Operating
Income
|
|
Margin
|
|
Corporate
and
Other
|
|
Margin
|
|
Total
Operating
Income
|
|
Margin
|
|
Interest
(Expense),
net
|
|
Other
(Expense),
net
|
|
Income
Tax
(Expense)
|
|
Equity in
earnings
of
unconsolidated
subsidiaries
|
|
Noncontrolling
Interest
|
|
Income
from
Continuing
Operations
Attributable to
Tyco Shareholders
|
Diluted
EPS from
Continuing
Operations
Attributable
to Tyco
Shareholders
|
Operating Income
(GAAP)
|
|
$450
|
|
|
11.6
|
%
|
|
$409
|
|
|
10.4
|
%
|
|
$458
|
|
|
18.0
|
%
|
|
$1,317
|
|
|
12.7
|
%
|
|
($620)
|
|
|
N/M
|
|
$697
|
|
|
6.7
|
%
|
|
($83)
|
|
|
($1)
|
|
|
($24)
|
|
|
$206
|
|
|
($1)
|
|
|
$794
|
|
$1.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
13
|
|
|
|
|
|
31
|
|
|
|
|
|
10
|
|
|
|
|
|
54
|
|
|
|
|
|
37
|
|
|
|
|
91
|
|
|
|
|
|
|
|
|
|
|
|
(28)
|
|
|
|
|
|
|
|
|
63
|
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges
in cost of sales and SG&A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51
|
|
|
|
|
|
1
|
|
|
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
(15)
|
|
|
|
|
|
|
|
|
37
|
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
(3)
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
(4)
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement with
former management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(96)
|
|
|
|
|
(96)
|
|
|
|
|
|
|
|
|
|
|
|
37
|
|
|
|
|
|
|
|
|
(59)
|
|
(0.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
462
|
|
|
|
|
462
|
|
|
|
|
|
|
|
|
|
|
|
(171)
|
|
|
|
|
|
|
|
|
291
|
|
0.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRS litigation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIT
settlement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16)
|
|
|
|
|
(16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16)
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
investment
|
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
|
|
12
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
Atkore divestiture
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(216)
|
|
|
|
|
|
(216)
|
|
(0.46)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$514
|
|
|
13.3
|
%
|
|
$451
|
|
|
11.5
|
%
|
|
$470
|
|
|
18.5
|
%
|
|
$1,435
|
|
|
13.9
|
%
|
|
($230)
|
|
|
N/M
|
|
$1,205
|
|
|
11.7
|
%
|
|
($83)
|
|
|
$5
|
|
|
($194)
|
|
|
($10)
|
|
|
($1)
|
|
|
$922
|
|
$1.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
|
463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
463
|
|
Tyco International
Ltd.
|
For the Quarter
Ended September 27, 2013
|
(in millions, except
per share data)
|
(Unaudited)
|
expense /
(benefit)
|
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
&
Services
|
|
|
|
|
ROW
Installation
&
Services
|
|
|
|
|
Global
Products
|
|
|
|
|
Segment
Revenue
|
|
|
|
|
Corporate
and
Other
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
|
$996
|
|
|
|
|
|
$987
|
|
|
|
|
|
$627
|
|
|
|
|
|
$2,610
|
|
|
|
|
|
$—
|
|
|
|
|
$2,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
& Services
|
|
Margin
|
|
ROW
Installation
& Services
|
|
Margin
|
|
Global
Products
|
|
Margin
|
|
Segment
Operating
Income
|
|
Margin
|
|
Corporate
and
Other
|
|
Margin
|
|
Total
Operating
Income
|
|
Margin
|
|
Interest
(Expense),
net
|
|
Other
(Expense),
net
|
|
Income
Tax
(Expense)
|
|
Equity in
earnings
of
unconsolidated
subsidiaries
|
|
Noncontrolling
Interest
|
|
Income
from
Continuing
Operations
Attributable to
Tyco Shareholders
|
Diluted
EPS from
Continuing
Operations
Attributable
to Tyco
Shareholders
|
Operating Income
(GAAP)
|
|
$113
|
|
|
11.3
|
%
|
|
$83
|
|
|
8.4
|
%
|
|
$119
|
|
|
19.0
|
%
|
|
$315
|
|
|
12.1
|
%
|
|
($80)
|
|
|
N/M
|
|
$235
|
|
|
9.0
|
%
|
|
($22)
|
|
|
$1
|
|
|
($52)
|
|
|
($30)
|
|
|
$3
|
|
|
$135
|
|
$0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
14
|
|
|
|
|
|
12
|
|
|
|
|
|
2
|
|
|
|
|
|
28
|
|
|
|
|
|
11
|
|
|
|
|
39
|
|
|
|
|
|
|
|
|
|
|
|
(14)
|
|
|
|
|
|
|
|
|
25
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
|
|
|
|
5
|
|
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
(8)
|
|
|
|
|
|
|
|
|
6
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
(3)
|
|
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
1
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
charges
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tyco share of Atkore
impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
|
|
|
|
|
|
21
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
|
16
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$133
|
|
|
13.4
|
%
|
|
$110
|
|
|
11.1
|
%
|
|
$122
|
|
|
19.5
|
%
|
|
$365
|
|
|
14.0
|
%
|
|
($63)
|
|
|
N/M
|
|
$302
|
|
|
11.6
|
%
|
|
($22)
|
|
|
$2
|
|
|
($58)
|
|
|
($9)
|
|
|
$3
|
|
|
$218
|
|
$0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
|
471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
471
|
|
Tyco International
Ltd.
|
For the Year Ended
September 27, 2013
|
(in millions, except
per share data)
|
(Unaudited)
|
expense /
(benefit)
|
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
&
Services
|
|
|
|
|
ROW
Installation
&
Services
|
|
|
|
|
Global
Products
|
|
|
|
|
Segment
Revenue
|
|
|
|
|
Corporate
and
Other
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
|
$3,891
|
|
|
|
|
|
$3,843
|
|
|
|
|
|
$2,339
|
|
|
|
|
|
$10,073
|
|
|
|
|
|
$—
|
|
|
|
|
$10,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
& Services
|
|
Margin
|
|
ROW
Installation
& Services
|
|
Margin
|
|
Global
Products
|
|
Margin
|
|
Segment
Operating
Income
|
|
Margin
|
|
Corporate
and
Other
|
|
Margin
|
|
Total
Operating
Income
|
|
Margin
|
|
Interest
(Expense),
net
|
|
Other
(Expense),
net
|
|
Income
Tax
(Expense)
|
|
Equity in
earnings
of
unconsolidated
subsidiaries
|
|
Noncontrolling
Interest
|
|
Income
from
Continuing
Operations
Attributable to
Tyco Shareholders
|
Diluted
EPS from
Continuing
Operations
Attributable
to Tyco
Shareholders
|
Operating Income
(GAAP)
|
|
$388
|
|
|
10.0
|
%
|
|
$333
|
|
|
8.7
|
%
|
|
$307
|
|
|
13.1
|
%
|
|
$1,028
|
|
|
10.2
|
%
|
|
($319)
|
|
|
N/M
|
|
$709
|
|
|
7.0
|
%
|
|
($84)
|
|
|
($29)
|
|
|
($108)
|
|
|
($48)
|
|
|
$3
|
|
|
$443
|
|
$0.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
36
|
|
|
|
|
|
63
|
|
|
|
|
|
12
|
|
|
|
|
|
111
|
|
|
|
|
|
19
|
|
|
|
|
130
|
|
|
|
|
|
|
|
|
|
|
|
(33)
|
|
|
|
|
|
|
|
|
97
|
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49
|
|
|
|
|
|
12
|
|
|
|
|
61
|
|
|
|
|
|
|
|
|
|
|
|
(13)
|
|
|
|
|
|
|
|
|
48
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
1
|
|
|
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
15
|
|
|
|
|
|
5
|
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
18
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
2
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
charges
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental
remediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
|
(39)
|
|
|
|
|
|
|
|
|
61
|
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tyco share of Atkore
impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
|
|
|
|
|
|
21
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy legal
items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27
|
|
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
(9)
|
|
|
|
|
|
|
|
|
18
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22
|
|
|
|
|
|
|
|
|
22
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
32
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$474
|
|
|
12.2
|
%
|
|
$413
|
|
|
10.7
|
%
|
|
$421
|
|
|
18.0
|
%
|
|
$1,308
|
|
|
13.0
|
%
|
|
($236)
|
|
|
N/M
|
|
$1,072
|
|
|
10.6
|
%
|
|
($84)
|
|
|
$3
|
|
|
($182)
|
|
|
($27)
|
|
|
$3
|
|
|
$785
|
|
$1.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
|
472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
472
|
|
SOURCE Tyco