CORK, Ireland, Nov. 13, 2015 /PRNewswire/ --
- Segment operating margin before special items expands 150 basis
points for the quarter to 15.7% and increases 50 basis points for
the year to 14.4%
- Diluted earnings per share (EPS) from continuing operations
before special items increases 9% for the quarter and 12% for the
year
- Fiscal 2016 EPS before special items will now include
restructuring and repositioning charges. Full-year guidance of
$2.05 - $2.20 includes an estimated
$0.14 - $0.19 per share, or
$75 million to $100 million, of
restructuring and repositioning charges. Including all
restructuring and repositioning charges, full-year 2015 EPS before
special items was $1.74, which
reflects $0.49 per share, or
$289 million, of restructuring and
repositioning charges.
- First quarter fiscal 2016 EPS before special items guidance of
approximately $0.40 includes an
estimated $0.04 per share, or
$20 million, of restructuring and
repositioning charges. This compares to $0.38 per share in the prior year quarter,
adjusted to include $0.11 per share,
or $75 million, of restructuring and
repositioning charges.
(Income and EPS
amounts are attributable to Tyco ordinary
shareholders)
|
|
|
|
|
($ millions,
except per-share amounts)
|
|
|
|
|
(All prior periods
have been recast to reflect certain businesses as discontinued
operations)
|
|
|
|
|
|
|
|
|
|
|
|
Q4
2015
|
|
Q4
2014
|
|
% Change
|
|
FY 15
|
|
FY 14
|
|
% Change
|
Revenue
|
|
$
|
2,505
|
|
|
$
|
2,703
|
|
|
(7)
|
%
|
|
$
|
9,902
|
|
|
$
|
10,332
|
|
|
(4)
|
%
|
Segment Operating
Income
|
|
$
|
303
|
|
|
$
|
348
|
|
|
(13)
|
%
|
|
$
|
1,190
|
|
|
$
|
1,320
|
|
|
(10)
|
%
|
Operating Income
(Loss)
|
|
$
|
211
|
|
|
$
|
(199)
|
|
|
206
|
%
|
|
$
|
884
|
|
|
$
|
700
|
|
|
26
|
%
|
Income (Loss) from
Continuing Operations
|
|
$
|
82
|
|
|
$
|
(75)
|
|
|
209
|
%
|
|
$
|
617
|
|
|
$
|
797
|
|
|
(23)
|
%
|
Diluted EPS from
Continuing Operations
|
|
$
|
0.19
|
|
|
$
|
(0.17)
|
|
|
212
|
%
|
|
$
|
1.44
|
|
|
$
|
1.72
|
|
|
(16)
|
%
|
Special
Items
|
|
$
|
(0.42)
|
|
|
$
|
(0.73)
|
|
|
|
|
$
|
(0.80)
|
|
|
$
|
(0.28)
|
|
|
|
Segment Operating
Income Before Special Items
|
|
$
|
394
|
|
|
$
|
384
|
|
|
3
|
%
|
|
$
|
1,421
|
|
|
$
|
1,438
|
|
|
(1)
|
%
|
Income from
Continuing Ops Before Special Items
|
|
$
|
260
|
|
|
$
|
253
|
|
|
3
|
%
|
|
$
|
955
|
|
|
$
|
925
|
|
|
3
|
%
|
Diluted EPS from
Continuing Ops Before Special Items
|
|
$
|
0.61
|
|
|
$
|
0.56
|
|
|
9
|
%
|
|
$
|
2.24
|
|
|
$
|
2.00
|
|
|
12
|
%
|
Tyco (NYSE: TYC) today reported $0.19 in U.S. GAAP diluted earnings per share
(EPS) from continuing operations for the fiscal fourth quarter of
2015 and diluted EPS from continuing operations before special
items of $0.61. Revenue of
$2.5 billion in the quarter decreased
7% versus the prior year, primarily due to a 7% negative impact of
the stronger U.S. dollar against foreign currencies. Organic
revenue declined 1% in the quarter. Acquisitions contributed
2 percentage points of growth, which was partially offset by the
impact of divestitures.
For the full year, the company reported U.S. GAAP diluted EPS
from continuing operations of $1.44
and diluted EPS from continuing operations before special items of
$2.24. Revenue of $9.9 billion decreased 4%. Organic revenue
growth for the year of 1% and acquisitions growth of 2% were more
than offset by a 6% negative impact related to changes in foreign
currency exchange rates and a 1% impact related to
divestitures.
"We delivered solid operational results this year with strong
performance in the fourth quarter, exhibiting effective execution
on our productivity initiatives and cost actions amid a challenging
macroeconomic environment," said Tyco Chief Executive Officer
George R. Oliver. "The
quarter's margin expansion reflects our progress with our
transformation to an operating company. Despite slower growth
in the industrial and energy-related end markets, we continue
to see pockets of strength across the globe, led by U.S.
non-residential construction markets. We anticipate these
market conditions to continue in fiscal 2016.
"We continue to make investments to grow our business, both
organically and through acquisitions, and deliver long-term value
to shareholders. In fiscal 2015, we increased our investments
in R&D and sales and marketing and completed about $575 million in acquisitions that we expect will
contribute approximately $300 million
to revenue on an annualized basis. We also repurchased over
$400 million in shares during the
year. As we enter the next phase of our transformation, we
are well positioned to leverage our installed base and technology
expertise to develop new solutions for customers and drive top-line
growth," Mr. Oliver added.
Organic revenue, free cash flow, adjusted 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 U.S. GAAP unless otherwise indicated. All dollar
amounts are pre-tax and stated in millions. Certain
businesses have been classified as discontinued operations.
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 2014 fourth quarter or full year
unless otherwise indicated.
During the fourth quarter of fiscal 2015, the company changed
the names of its North America Installation & Services and Rest
of World Installation & Services segments to North America
Integrated Solutions & Services and Rest of World Integrated
Solutions & Services, respectively, to better reflect the
company's focus on providing technology-enabled solutions that are
tailored to customers' needs. No changes were made to the
current segment structure or underlying financial data that
comprise each segment as a result of the name changes, and there
was no impact to previously disclosed segment information.
North America Integrated Solutions &
Services
|
|
Q4
2015
|
|
Q4
2014
|
|
% Change
|
|
FY 15
|
|
FY 14
|
|
% Change
|
Revenue
|
|
$
|
1,012
|
|
|
$
|
1,012
|
|
|
—
|
%
|
|
$
|
3,879
|
|
|
$
|
3,876
|
|
|
—
|
%
|
Operating
Income
|
|
$
|
158
|
|
|
$
|
117
|
|
|
35
|
%
|
|
$
|
542
|
|
|
$
|
450
|
|
|
20
|
%
|
Operating
Margin
|
|
15.6
|
%
|
|
11.6
|
%
|
|
|
|
14.0
|
%
|
|
11.6
|
%
|
|
|
Special
Items
|
|
$
|
(22)
|
|
|
$
|
(17)
|
|
|
|
|
$
|
(51)
|
|
|
$
|
(64)
|
|
|
|
Operating Income
Before Special Items
|
|
$
|
180
|
|
|
$
|
134
|
|
|
34
|
%
|
|
$
|
593
|
|
|
$
|
514
|
|
|
15
|
%
|
Operating Margin
Before Special Items
|
|
17.8
|
%
|
|
13.2
|
%
|
|
|
|
15.3
|
%
|
|
13.3
|
%
|
|
|
Revenue of $1.0 billion was
consistent with the prior year, as organic growth was offset by the
weakening of the Canadian dollar. Organic revenue growth of
2% was driven by 3% growth in service revenue and 1% growth in
integrated solutions. Backlog of $2.5
billion increased 2% year over year and, in line with normal
seasonality, decreased 1% on a quarter sequential basis, excluding
the impact of foreign currency.
Operating income for the quarter was $158
million and the operating margin was 15.6%. Special
items of $22 million consisted
primarily of restructuring and repositioning charges. Before
special items, operating income was $180
million and the operating margin improved 460 basis points
to 17.8%. The prior year included a $10 million legal charge, which resulted in a 100
basis point tailwind to the year-over-year margin expansion.
The current year benefited from discrete items, which favorably
impacted the operating margin by 120 basis points. Underlying
margin expansion of 240 basis points resulted from increased
revenue, improved execution and the benefit of restructuring and
productivity initiatives.
Revenue for the full year of $3.9
billion was flat with the prior year as 1% organic growth
was fully offset by the weakening of the Canadian dollar.
Operating income was $542 million and
included $51 million of special
charges. Before special items, operating income was
$593 million and the operating margin
improved 200 basis points to 15.3%.
Rest of World Integrated Solutions &
Services
|
|
Q4
2015
|
|
Q4
2014
|
|
% Change
|
|
FY 15
|
|
FY 14
|
|
% Change
|
Revenue
|
|
$
|
827
|
|
|
$
|
1,010
|
|
|
(18)
|
%
|
|
$
|
3,432
|
|
|
$
|
3,912
|
|
|
(12)
|
%
|
Operating
Income
|
|
$
|
56
|
|
|
$
|
102
|
|
|
(45)
|
%
|
|
$
|
243
|
|
|
$
|
412
|
|
|
(41)
|
%
|
Operating
Margin
|
|
|
6.8
|
%
|
|
10.1
|
%
|
|
|
|
7.1
|
%
|
|
10.5
|
%
|
|
|
Special
Items
|
|
$
|
(34)
|
|
|
$
|
(17)
|
|
|
|
|
$
|
(121)
|
|
|
$
|
(42)
|
|
|
|
Operating Income
Before Special Items
|
|
$
|
90
|
|
|
$
|
119
|
|
|
(24)
|
%
|
|
$
|
364
|
|
|
$
|
454
|
|
|
(20)
|
%
|
Operating Margin
Before Special Items
|
|
10.9
|
%
|
|
11.8
|
%
|
|
|
|
10.6
|
%
|
|
11.6
|
%
|
|
|
Revenue of $827 million decreased
18% compared to the prior year, driven by a 13% unfavorable impact
from foreign currency exchange rates. Organic revenue
declined 3%, reflecting a 7% decrease in integrated solutions,
while service was consistent with the prior year.
Additionally, revenue from acquisitions contributed 2%, which was
more than offset by a decline related to a divestiture.
Backlog of $1.9 billion increased 4%
year over year and increased 2% on a quarter sequential basis,
excluding the impact of foreign currency and the divestiture.
Operating income for the quarter was $56
million and the operating margin was 6.8%. Special
items of $34 million consisted
primarily of restructuring and repositioning charges. Before
special items, operating income was $90
million and the operating margin was 10.9%. The
operating margin declined 90 basis points year over year, as the
benefit of restructuring and productivity initiatives was more than
offset by the revenue decline and the contributing mix of
geographies.
Revenue for the full year of $3.4
billion declined 12% compared to the prior year, driven by
an 11% unfavorable impact from foreign currency exchange
rates. A 2% benefit from acquisitions was more than offset by
a 1% organic revenue decline and a 2% decline related to
divestitures. Operating income was $243 million and included $121 million of special charges. Before
special items, operating income was $364
million and the operating margin was 10.6%.
Global Products
|
|
Q4
2015
|
|
Q4
2014
|
|
% Change
|
|
FY 15
|
|
FY 14
|
|
% Change
|
Revenue
|
|
$
|
666
|
|
|
$
|
681
|
|
|
(2)
|
%
|
|
$
|
2,591
|
|
|
$
|
2,544
|
|
|
2
|
%
|
Operating
Income
|
|
$
|
89
|
|
|
$
|
129
|
|
|
(31)
|
%
|
|
$
|
405
|
|
|
$
|
458
|
|
|
(12)
|
%
|
Operating
Margin
|
|
13.4
|
%
|
|
18.9
|
%
|
|
|
|
15.6
|
%
|
|
18.0
|
%
|
|
|
Special
Items
|
|
$
|
(35)
|
|
|
$
|
(2)
|
|
|
|
|
$
|
(59)
|
|
|
$
|
(12)
|
|
|
|
Operating Income
Before Special Items
|
|
$
|
124
|
|
|
$
|
131
|
|
|
(5)
|
%
|
|
$
|
464
|
|
|
$
|
470
|
|
|
(1)
|
%
|
Operating Margin
Before Special Items
|
|
18.6
|
%
|
|
19.2
|
%
|
|
|
|
17.9
|
%
|
|
18.5
|
%
|
|
|
Revenue of $666 million decreased
2% in the quarter, with a 2% decline in organic revenue.
Acquisitions contributed 7 percentage points of growth, which was
fully offset by the unfavorable impact of changes in foreign
currency exchange rates.
Operating income for the quarter was $89
million and the operating margin was 13.4%. Special
items of $35 million consisted
primarily of restructuring and repositioning charges as well as a
loss on a divestiture. Before special items, operating income
was $124 million and the operating
margin declined 60 basis points to 18.6%. Productivity
benefits were more than offset by an 80 basis point impact related
to non-cash purchase accounting, as well as volume deleverage and
mix.
Revenue for the full year of $2.6
billion increased 2% compared to the prior year, including a
6% unfavorable impact from foreign currency exchange rates.
Organic revenue grew 3% and acquisitions contributed an additional
5% to revenue growth. Operating income was $405 million and included $59 million of special charges. Before
special items, operating income was $464
million and the operating margin was 17.9%.
OTHER ITEMS
- For the quarter, cash from operating activities was
$31 million and free cash was an
outflow of $38 million, which
included cash outflows of $377
million, primarily related to funding the Yarway asbestos
trust and restructuring and repositioning. Adjusted free cash flow
was $339 million for the quarter. For
the full year, cash from operating activities was $542 million and free cash flow was $258 million, which included cash outflows of
$503 million, primarily related to
funding the Yarway asbestos trust and restructuring and
repositioning. Adjusted free cash flow was $761 million for the year.
- Corporate expense was $45 million
for the quarter and $201 million for
the year, both before special items. On a GAAP basis, corporate
expense was $92 million for the
quarter and $306 million for the
year.
- The tax rate before special items was 17.4% for the quarter and
16.0% for the year.
- During the quarter, the company issued long-term debt
consisting of $750 million of 10-year
notes with a 3.9% coupon and $750
million of 30-year notes with a 5.125% coupon to refinance
higher-coupon, shorter-maturity debt and to pay make-whole premiums
related to early redemption. The company redeemed its 8.5% notes
due in 2019 during the quarter, resulting in a loss from retirement
of debt of $81 million. After the
quarter's close, the company redeemed its 7.0% notes due in 2019
and 6.875% notes due in 2021, which is expected to result in a loss
from retirement of debt of $168
million in the first quarter of fiscal 2016. The company
also repaid $258 million in public
notes that matured in October. The company now has long-term debt
outstanding of $2.2 billion at a
weighted average interest rate of 3.7%, with no significant debt
maturity until 2025.
- The company increased the commitments under its revolving
credit facility to $1.5 billion from
$1.0 billion and extended the
facility's term five years through 2020.
- As previously announced, during the quarter the company
completed the acquisition of FootFall, a global retail intelligence
leader, for approximately $60 million
in cash. On an annualized basis, this business is expected to
contribute approximately $40 million
in revenue.
- The company plans to divest a piping components business within
its Global Products segment. In fiscal 2015, this business
contributed approximately $45 million
in revenue.
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. 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
2015 during a conference call and webcast today beginning at
8:00 a.m. Eastern time (ET).
Today's conference call for investors 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 517-308-9029
(outside the United States),
passcode "Tyco",
- Replay via telephone - by dialing 888-325-4186 (in the United States) or 402-998-1251 (outside
the United States), passcode 4999,
from 10:00 a.m. (ET) on November 13, 2015, until 11:59 p.m. (ET) on November 20, 2015, 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 U.S. Securities and
Exchange Commission (SEC), including the Company's Form 10-K for
the fiscal year ended September 26,
2014, subsequent quarterly reports on Form 10-Q, and its
Form 10-K for the fiscal year ended September 25, 2015, to be filed with the
SEC.
TYCO INTERNATIONAL
PLC
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(in millions,
except per share data)
|
(Unaudited)
|
|
|
Quarters Ended
|
|
Twelve Months Ended
|
|
September 25,
2015
|
|
September 26,
2014
|
|
September 25,
2015
|
|
September 26,
2014
|
Revenue from product
sales
|
$
|
1,508
|
|
|
$
|
1,668
|
|
|
$
|
5,965
|
|
|
$
|
6,218
|
|
Service
revenue
|
997
|
|
|
1,035
|
|
|
3,937
|
|
|
4,114
|
|
Net
revenue
|
2,505
|
|
|
2,703
|
|
|
9,902
|
|
|
10,332
|
|
Cost of product
sales
|
1,026
|
|
|
1,145
|
|
|
4,072
|
|
|
4,250
|
|
Cost of
services
|
553
|
|
|
576
|
|
|
2,198
|
|
|
2,297
|
|
Selling, general and
administrative expenses
|
648
|
|
|
1,161
|
|
|
2,573
|
|
|
3,037
|
|
Separation
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
Restructuring and
asset impairment charges, net
|
67
|
|
|
20
|
|
|
175
|
|
|
47
|
|
Operating income
(loss)
|
211
|
|
|
(199)
|
|
|
884
|
|
|
700
|
|
Interest
income
|
4
|
|
|
4
|
|
|
15
|
|
|
14
|
|
Interest
expense
|
(27)
|
|
|
(24)
|
|
|
(102)
|
|
|
(97)
|
|
Other (expense)
income, net
|
(91)
|
|
|
1
|
|
|
(82)
|
|
|
(1)
|
|
Income (loss) from
continuing operations before income taxes
|
97
|
|
|
(218)
|
|
|
715
|
|
|
616
|
|
Income tax (expense)
benefit
|
(14)
|
|
|
140
|
|
|
(100)
|
|
|
(24)
|
|
Equity income in
earnings of unconsolidated subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
206
|
|
Income (loss) from
continuing operations
|
83
|
|
|
(78)
|
|
|
615
|
|
|
798
|
|
(Loss) income from
discontinued operations, net of income taxes
|
(16)
|
|
|
(14)
|
|
|
(66)
|
|
|
1,041
|
|
Net income
(loss)
|
67
|
|
|
(92)
|
|
|
549
|
|
|
1,839
|
|
Less: noncontrolling
interest in subsidiaries net income (loss)
|
1
|
|
|
(3)
|
|
|
(2)
|
|
|
1
|
|
Net income (loss)
attributable to Tyco common shareholders
|
$
|
66
|
|
|
$
|
(89)
|
|
|
$
|
551
|
|
|
$
|
1,838
|
|
Amounts
attributable to Tyco common shareholders:
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
82
|
|
|
$
|
(75)
|
|
|
$
|
617
|
|
|
$
|
797
|
|
(Loss) income from
discontinued operations
|
(16)
|
|
|
(14)
|
|
|
(66)
|
|
|
1,041
|
|
Net income (loss)
attributable to Tyco common shareholders
|
$
|
66
|
|
|
$
|
(89)
|
|
|
$
|
551
|
|
|
$
|
1,838
|
|
Basic earnings per
share attributable to Tyco common shareholders:
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
0.19
|
|
|
$
|
(0.17)
|
|
|
$
|
1.47
|
|
|
$
|
1.75
|
|
(Loss) income from
discontinued operations
|
(0.03)
|
|
|
(0.03)
|
|
|
(0.16)
|
|
|
2.29
|
|
Net income (loss)
attributable to Tyco common shareholders
|
$
|
0.16
|
|
|
$
|
(0.20)
|
|
|
$
|
1.31
|
|
|
$
|
4.04
|
|
Diluted earnings
per share attributable to Tyco common shareholders:
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
0.19
|
|
|
$
|
(0.17)
|
|
|
$
|
1.44
|
|
|
$
|
1.72
|
|
(Loss) income from
discontinued operations
|
(0.04)
|
|
|
(0.03)
|
|
|
(0.15)
|
|
|
2.25
|
|
Net income (loss)
attributable to Tyco common shareholders
|
$
|
0.15
|
|
|
$
|
(0.20)
|
|
|
$
|
1.29
|
|
|
$
|
3.97
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
422
|
|
|
438
|
|
|
421
|
|
|
455
|
|
Diluted
|
427
|
|
|
438
|
|
|
427
|
|
|
463
|
|
|
Note: These financial
statements should be read in conjunction with the Consolidated
Financial Statements and accompanying notes contained in the
Company's Annual Report on Form 10-K filed on November 14, 2014 for
the fiscal year ended September 26, 2014 and Quarterly Report
on Form 10-Q filed on July 31, 2015 for the quarter ended June 26,
2015.
|
TYCO INTERNATIONAL
PLC
|
RESULTS OF
SEGMENTS
|
(in
millions)
|
(Unaudited)
|
|
|
|
Quarters Ended
|
|
|
|
Twelve Months Ended
|
|
|
|
|
September 25,
2015
|
|
|
|
September 26,
2014
|
|
|
|
September 25,
2015
|
|
|
|
September 26,
2014
|
|
|
Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA Integrated
Solutions & Services
|
|
$
|
1,012
|
|
|
|
|
$
|
1,012
|
|
|
|
|
$
|
3,879
|
|
|
|
|
$
|
3,876
|
|
|
|
ROW Integrated
Solutions & Services
|
|
827
|
|
|
|
|
1,010
|
|
|
|
|
3,432
|
|
|
|
|
3,912
|
|
|
|
Global
Products
|
|
666
|
|
|
|
|
681
|
|
|
|
|
2,591
|
|
|
|
|
2,544
|
|
|
|
Total Net
Revenue
|
|
$
|
2,505
|
|
|
|
|
$
|
2,703
|
|
|
|
|
$
|
9,902
|
|
|
|
|
$
|
10,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
and Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA Integrated
Solutions & Services
|
|
$
|
158
|
|
|
15.6
|
%
|
|
$
|
117
|
|
|
11.6
|
%
|
|
$
|
542
|
|
|
14.0
|
%
|
|
$
|
450
|
|
|
11.6
|
%
|
ROW Integrated
Solutions & Services
|
|
56
|
|
|
6.8
|
%
|
|
102
|
|
|
10.1
|
%
|
|
243
|
|
|
7.1
|
%
|
|
412
|
|
|
10.5
|
%
|
Global
Products
|
|
89
|
|
|
13.4
|
%
|
|
129
|
|
|
18.9
|
%
|
|
405
|
|
|
15.6
|
%
|
|
458
|
|
|
18.0
|
%
|
Corporate and
Other
|
|
(92)
|
|
|
N/M
|
|
|
(547)
|
|
|
N/M
|
|
|
(306)
|
|
|
N/M
|
|
|
(620)
|
|
|
N/M
|
|
Operating Income
and Margin
|
|
$
|
211
|
|
|
8.4
|
%
|
|
$
|
(199)
|
|
|
N/M
|
|
|
$
|
884
|
|
|
8.9
|
%
|
|
$
|
700
|
|
|
6.8
|
%
|
TYCO
INTERNATIONAL PLC
|
CONSOLIDATED
BALANCE SHEETS
|
(in
millions)
|
(Unaudited)
|
|
|
|
September 25,
2015
|
|
September 26,
2014
|
Assets
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,401
|
|
|
$
|
892
|
|
Accounts receivable,
net
|
|
1,775
|
|
|
1,734
|
|
Inventories
|
|
627
|
|
|
625
|
|
Prepaid expenses and
other current assets
|
|
776
|
|
|
1,051
|
|
Deferred income
taxes
|
|
62
|
|
|
304
|
|
Assets held for
sale
|
|
12
|
|
|
180
|
|
Total Current
Assets
|
|
4,653
|
|
|
4,786
|
|
Property, plant and
equipment, net
|
|
1,189
|
|
|
1,262
|
|
Goodwill
|
|
4,236
|
|
|
4,122
|
|
Intangible assets,
net
|
|
871
|
|
|
712
|
|
Other
assets
|
|
1,372
|
|
|
927
|
|
Total
Assets
|
|
$
|
12,321
|
|
|
$
|
11,809
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Loans payable and
current maturities of long-term debt
|
|
$
|
987
|
|
|
$
|
20
|
|
Accounts
payable
|
|
785
|
|
|
825
|
|
Accrued and other
current liabilities
|
|
1,686
|
|
|
2,114
|
|
Deferred
revenue
|
|
382
|
|
|
400
|
|
Liabilities held for
sale
|
|
5
|
|
|
118
|
|
Total Current
Liabilities
|
|
3,845
|
|
|
3,477
|
|
Long-term
debt
|
|
2,159
|
|
|
1,443
|
|
Deferred
revenue
|
|
303
|
|
|
335
|
|
Other
liabilities
|
|
1,938
|
|
|
1,871
|
|
Total
Liabilities
|
|
8,245
|
|
|
7,126
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in businesses held for sale
|
|
—
|
|
|
13
|
|
|
|
|
|
|
Total Tyco
shareholders' equity
|
|
4,041
|
|
|
4,647
|
|
Nonredeemable
noncontrolling interest
|
|
35
|
|
|
23
|
|
Total
Equity
|
|
4,076
|
|
|
4,670
|
|
Total Liabilities,
Redeemable Noncontrolling Interest and Equity
|
|
$
|
12,321
|
|
|
$
|
11,809
|
|
|
Note: These financial
statements should be read in conjunction with the Consolidated
Financial Statements and accompanying notes contained in the
Company's Annual Report on Form 10-K filed on November 14,
2014 for the fiscal year ended September 26, 2014 and
Quarterly Report on Form 10-Q filed on July 31, 2015 for the
quarter ended June 26, 2015.
|
TYCO INTERNATIONAL
PLC
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(in
millions)
|
(Unaudited)
|
|
|
|
For the Quarters
Ended
|
|
For the Twelve
Months Ended
|
|
|
September 25,
2015
|
|
September 26,
2014
|
|
September 25,
2015
|
|
September 26,
2014
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Tyco ordinary shareholders
|
|
$
|
66
|
|
|
$
|
(89)
|
|
|
$
|
551
|
|
|
$
|
1,838
|
|
Noncontrolling
interest in subsidiaries net income (loss)
|
|
1
|
|
|
(3)
|
|
|
(2)
|
|
|
1
|
|
Loss (income) from
discontinued operations, net of income taxes
|
|
16
|
|
|
14
|
|
|
66
|
|
|
(1,041)
|
|
Income (loss) from
continuing operations
|
|
83
|
|
|
(78)
|
|
|
615
|
|
|
798
|
|
Adjustments to
reconcile income from continuing operations to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
85
|
|
|
90
|
|
|
342
|
|
|
358
|
|
Non-cash compensation
expense
|
|
15
|
|
|
24
|
|
|
59
|
|
|
72
|
|
Deferred income
taxes
|
|
21
|
|
|
(191)
|
|
|
20
|
|
|
(106)
|
|
Provision for losses
on accounts receivable and inventory
|
|
19
|
|
|
13
|
|
|
56
|
|
|
45
|
|
Loss on the
retirement of debt
|
|
81
|
|
|
—
|
|
|
81
|
|
|
—
|
|
Non-cash
restructuring and asset impairment charges, net
|
|
2
|
|
|
2
|
|
|
3
|
|
|
2
|
|
Legacy legal
matters
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(92)
|
|
Loss (gain) on
divestitures
|
|
13
|
|
|
—
|
|
|
31
|
|
|
(2)
|
|
Loss (gain) on sale
of investments
|
|
5
|
|
|
(1)
|
|
|
(10)
|
|
|
(215)
|
|
Other non-cash
items
|
|
7
|
|
|
5
|
|
|
16
|
|
|
25
|
|
Changes in assets and
liabilities, net of the effects of acquisitions and
divestitures:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(46)
|
|
|
(55)
|
|
|
(149)
|
|
|
(96)
|
|
Contracts in
progress
|
|
—
|
|
|
(49)
|
|
|
9
|
|
|
(99)
|
|
Inventories
|
|
28
|
|
|
—
|
|
|
(44)
|
|
|
(14)
|
|
Prepaid expenses and
other assets
|
|
22
|
|
|
31
|
|
|
(33)
|
|
|
2
|
|
Asbestos insurance
assets
|
|
2
|
|
|
(83)
|
|
|
32
|
|
|
(93)
|
|
Accounts
payable
|
|
57
|
|
|
38
|
|
|
(21)
|
|
|
54
|
|
Accrued and other
liabilities
|
|
17
|
|
|
23
|
|
|
(19)
|
|
|
(327)
|
|
Deferred
revenue
|
|
(26)
|
|
|
(11)
|
|
|
(32)
|
|
|
(23)
|
|
Gross asbestos
liabilities
|
|
(323)
|
|
|
543
|
|
|
(338)
|
|
|
532
|
|
Income taxes,
net
|
|
(22)
|
|
|
22
|
|
|
(18)
|
|
|
28
|
|
Other
|
|
(9)
|
|
|
(12)
|
|
|
(58)
|
|
|
(20)
|
|
Net cash provided by
operating activities
|
|
31
|
|
|
311
|
|
|
542
|
|
|
829
|
|
Net cash (used in)
provided by discontinued operating activities
|
|
(2)
|
|
|
(19)
|
|
|
(3)
|
|
|
83
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(64)
|
|
|
(78)
|
|
|
(246)
|
|
|
(288)
|
|
Proceeds from
disposal of assets
|
|
1
|
|
|
3
|
|
|
5
|
|
|
10
|
|
Acquisition of
businesses, net of cash acquired
|
|
(59)
|
|
|
(2)
|
|
|
(583)
|
|
|
(65)
|
|
Acquisition of dealer
generated customer accounts and bulk account purchases
|
|
(5)
|
|
|
(5)
|
|
|
(18)
|
|
|
(25)
|
|
Divestiture of
businesses, net of cash divested
|
|
5
|
|
|
1
|
|
|
3
|
|
|
1
|
|
Sales and maturities
of investments including restricted investments
|
|
5
|
|
|
—
|
|
|
288
|
|
|
283
|
|
Purchases of
investments, including restricted investments
|
|
—
|
|
|
(54)
|
|
|
(290)
|
|
|
(386)
|
|
Sale of equity
investment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250
|
|
Decrease (increase)
in restricted cash
|
|
7
|
|
|
2
|
|
|
(20)
|
|
|
3
|
|
Other
|
|
—
|
|
|
(5)
|
|
|
(1)
|
|
|
(4)
|
|
Net cash used in
investing activities
|
|
(110)
|
|
|
(138)
|
|
|
(862)
|
|
|
(221)
|
|
Net cash (used in)
provided by discontinued investing activities
|
|
—
|
|
|
—
|
|
|
(37)
|
|
|
1,789
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of short-term debt
|
|
105
|
|
|
—
|
|
|
364
|
|
|
830
|
|
Repayment of
short-term debt
|
|
(105)
|
|
|
—
|
|
|
(364)
|
|
|
(831)
|
|
Proceeds from
issuance of long-term debt
|
|
1,490
|
|
|
—
|
|
|
2,059
|
|
|
—
|
|
Repayment of
long-term debt
|
|
(445)
|
|
|
—
|
|
|
(445)
|
|
|
—
|
|
Proceeds from
exercise of share options
|
|
22
|
|
|
12
|
|
|
92
|
|
|
91
|
|
Dividends
paid
|
|
(86)
|
|
|
(80)
|
|
|
(324)
|
|
|
(311)
|
|
Repurchase of
ordinary shares by treasury
|
|
—
|
|
|
(1,027)
|
|
|
(417)
|
|
|
(1,833)
|
|
Purchase of
noncontrolling interest
|
|
—
|
|
|
(66)
|
|
|
—
|
|
|
(66)
|
|
Transfer (to) from
discontinued operations
|
|
(2)
|
|
|
(19)
|
|
|
(40)
|
|
|
1,872
|
|
Payment of contingent
consideration
|
|
(1)
|
|
|
—
|
|
|
(24)
|
|
|
—
|
|
Other
|
|
(15)
|
|
|
(1)
|
|
|
(39)
|
|
|
(11)
|
|
Net cash provided by
(used in) financing activities
|
|
963
|
|
|
(1,181)
|
|
|
862
|
|
|
(259)
|
|
Net cash provided by
(used in) discontinued financing activities
|
|
2
|
|
|
19
|
|
|
40
|
|
|
(1,872)
|
|
Effect of currency
translation on cash
|
|
(14)
|
|
|
(12)
|
|
|
(33)
|
|
|
(20)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
870
|
|
|
(1,020)
|
|
|
509
|
|
|
329
|
|
Cash and cash
equivalents at beginning of period
|
|
|
531
|
|
|
|
1,912
|
|
|
|
892
|
|
|
|
563
|
|
Cash and cash
equivalents at end of period
|
|
$
1,401
|
|
|
$
892
|
|
|
$
1,401
|
|
|
$
892
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to
"Free Cash Flow":
|
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
|
$
|
31
|
|
|
$
|
311
|
|
|
$
|
542
|
|
|
$
|
829
|
|
Capital expenditures,
net
|
|
(62)
|
|
|
(75)
|
|
|
(241)
|
|
|
(278)
|
|
Acquisition of dealer
generated customer accounts and bulk account purchases
|
|
(5)
|
|
|
(5)
|
|
|
(18)
|
|
|
(25)
|
|
Payment of contingent
consideration
|
|
(2)
|
|
|
—
|
|
|
(25)
|
|
|
—
|
|
Free Cash
Flow
|
|
$
|
(38)
|
|
|
$
|
231
|
|
|
$
|
258
|
|
|
$
|
526
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to
"Adjusted Free Cash Flow":
|
|
|
|
|
|
|
|
|
CIT
settlement
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(17)
|
|
IRS litigation
costs
|
|
2
|
|
|
(1)
|
|
|
2
|
|
|
—
|
|
Separation
costs
|
|
—
|
|
|
37
|
|
|
3
|
|
|
108
|
|
Restructuring
and repositioning costs
|
|
46
|
|
|
25
|
|
|
165
|
|
|
104
|
|
Environmental
remediation payments
|
|
—
|
|
|
3
|
|
|
7
|
|
|
63
|
|
Legal
settlements
|
|
—
|
|
|
—
|
|
|
(16)
|
|
|
6
|
|
Net asbestos
payments
|
|
328
|
|
|
5
|
|
|
336
|
|
|
18
|
|
Tax related
separation costs and other tax matters
|
|
—
|
|
|
—
|
|
|
—
|
|
|
149
|
|
Cash payment to
ADT Resi/Pentair
|
|
—
|
|
|
9
|
|
|
1
|
|
|
39
|
|
Acquisition and
integration costs
|
|
1
|
|
|
3
|
|
|
5
|
|
|
3
|
|
Special
Items
|
|
$
|
377
|
|
|
$
|
81
|
|
|
$
|
503
|
|
|
$
|
473
|
|
|
|
|
|
|
|
|
|
|
Adjusted Free Cash
Flow
|
|
$
|
339
|
|
|
$
|
312
|
|
|
$
|
761
|
|
|
$
|
999
|
|
|
|
|
Note: Free cash flow
is a non-GAAP measure. See description of non-GAAP measures
contained in this release.
|
|
|
TYCO INTERNATIONAL
PLC
|
ORGANIC GROWTH
RECONCILIATION - REVENUE
|
(in
millions)
|
(Unaudited)
|
|
|
|
|
|
Quarter Ended
September 25, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base Year
|
|
Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
|
|
Adjustments
|
|
Fiscal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
|
|
|
Quarter
Ended
|
|
Divestitures
/
|
|
2014 Base
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
September 26,
2014
|
|
Other
|
|
Revenue
|
|
Foreign Currency
|
|
Acquisitions
|
|
Organic Revenue(1)
|
|
September 25,
2015
|
NA Integrated
Solutions & Services
|
|
$
|
1,012
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
1,012
|
|
|
$
|
(19)
|
|
|
(1.9)
|
%
|
|
$
|
2
|
|
|
0.2
|
%
|
|
$
|
17
|
|
|
1.7
|
%
|
|
$
|
1,012
|
|
|
—
|
%
|
ROW Integrated
Solutions & Services
|
|
1,010
|
|
|
(33)
|
|
|
(3.3)
|
%
|
|
977
|
|
|
(133)
|
|
|
(13.2)
|
%
|
|
16
|
|
|
1.6
|
%
|
|
(33)
|
|
|
(3.4)
|
%
|
|
827
|
|
|
(18.1)
|
%
|
Global
Products
|
|
681
|
|
|
—
|
|
|
—
|
%
|
|
681
|
|
|
(49)
|
|
|
(7.2)
|
%
|
|
48
|
|
|
7.0
|
%
|
|
(14)
|
|
|
(2.1)
|
%
|
|
666
|
|
|
(2.2)
|
%
|
Total Net
Revenue
|
|
$
|
2,703
|
|
|
$
|
(33)
|
|
|
(1.2)
|
%
|
|
$
|
2,670
|
|
|
$
|
(201)
|
|
|
(7.4)
|
%
|
|
$
|
66
|
|
|
2.4
|
%
|
|
$
|
(30)
|
|
|
(1.1)
|
%
|
|
$
|
2,505
|
|
|
(7.3)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Organic revenue growth percentage
based on adjusted fiscal 2014 base revenue.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended September 25, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
|
|
Base Year
|
|
Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
|
|
|
Twelve
Months
|
|
Adjustments
|
|
Fiscal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
Months
|
|
|
Ended
|
|
Divestitures
/
|
|
2014 Base
|
|
|
|
|
|
|
|
|
Ended
|
|
|
September 26,
2014
|
|
Other
|
|
Revenue
|
|
Foreign Currency
|
|
Acquisitions
|
|
|
Organic Revenue (1)
|
|
September 25,
2015
|
NA Integrated
Solutions & Services
|
|
$
|
3,876
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
3,876
|
|
|
$
|
(52)
|
|
|
(1.3)
|
%
|
|
$
|
11
|
|
|
0.3
|
%
|
|
|
$
|
44
|
|
|
1.1
|
%
|
|
$
|
3,879
|
|
|
0.1
|
%
|
ROW Integrated
Solutions & Services
|
|
3,912
|
|
|
(67)
|
|
|
(1.7)
|
%
|
|
3,845
|
|
|
(422)
|
|
|
(10.8)
|
%
|
|
60
|
|
|
1.5
|
%
|
|
|
(51)
|
|
|
(1.3)
|
%
|
|
3,432
|
|
|
(12.3)
|
%
|
Global
Products
|
|
2,544
|
|
|
—
|
|
|
—
|
%
|
|
2,544
|
|
|
(148)
|
|
|
(5.8)
|
%
|
|
128
|
|
|
5.0
|
%
|
|
|
67
|
|
|
2.6
|
%
|
|
2,591
|
|
|
1.8
|
%
|
Total Net
Revenue
|
|
$
|
10,332
|
|
|
$
|
(67)
|
|
|
(0.6)
|
%
|
|
$
|
10,265
|
|
|
$
|
(622)
|
|
|
(6.0)
|
%
|
|
$
|
199
|
|
|
1.9
|
%
|
|
|
$
|
60
|
|
|
0.6
|
%
|
|
$
|
9,902
|
|
|
(4.2)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Organic revenue growth percentage
based on adjusted fiscal 2014 base revenue.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
Summary
|
(Unaudited)
|
|
|
Quarter
Ended
|
|
Year
Ended
|
|
Quarter
Ended
|
|
Year
Ended
|
|
September 25,
2015
|
|
September 25,
2015
|
|
September 26,
2014
|
|
September 26,
2014
|
Diluted EPS from
Continuing Operations Attributable to
Tyco Shareholders (GAAP)
|
$
|
0.19
|
|
|
$
|
1.44
|
|
|
$
|
(0.17)
|
|
|
$
|
1.72
|
|
|
|
|
|
|
|
|
|
expense /
(benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
0.21
|
|
|
0.49
|
|
|
0.05
|
|
|
0.14
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
—
|
|
|
—
|
|
|
0.02
|
|
|
0.08
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
0.03
|
|
|
0.08
|
|
|
—
|
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
—
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Settlement with
former management
|
—
|
|
|
(0.01)
|
|
|
—
|
|
|
(0.13)
|
|
|
|
|
|
|
|
|
|
Amortization of
inventory step-up
|
—
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Asbestos
|
(0.02)
|
|
|
0.02
|
|
|
0.66
|
|
|
0.63
|
|
|
|
|
|
|
|
|
|
CIT
settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
Loss on sale of
investment
|
—
|
|
|
—
|
|
|
—
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
Tax items
|
—
|
|
|
—
|
|
|
—
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
Gain on sale of
Atkore divestiture
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.46)
|
|
|
|
|
|
|
|
|
|
Loss on
extinguishment of debt
|
0.20
|
|
|
0.20
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
$
|
0.61
|
|
|
$
|
2.24
|
|
|
$
|
0.56
|
|
|
$
|
2.00
|
|
Tyco International
plc
|
For the Quarter
Ended September 25, 2015
|
(in millions, except
per share data)
|
(Unaudited)
|
expense /
(benefit)
|
|
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Integrated
Solutions
& Services
|
|
|
|
ROW
Integrated
Solutions
& Services
|
|
|
|
Global
Products
|
|
|
|
Segment
Revenue
|
|
|
|
Corporate
and
Other
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
|
$1,012
|
|
|
|
|
$827
|
|
|
|
|
$666
|
|
|
|
|
$2,505
|
|
|
|
|
$—
|
|
|
|
|
$2,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Integrated Solutions
& Services
|
|
Margin
|
|
ROW
Integrated Solutions
&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)
|
|
$158
|
|
|
15.6
|
%
|
|
$56
|
|
|
6.8
|
%
|
|
$89
|
|
|
13.4
|
%
|
|
$303
|
|
|
12.1
|
%
|
|
($92)
|
|
|
N/M
|
|
$211
|
|
|
8.4
|
%
|
|
($23)
|
|
|
($91)
|
|
|
($14)
|
|
|
$—
|
|
|
($1)
|
|
|
$82
|
|
$0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
21
|
|
|
|
|
37
|
|
|
|
|
18
|
|
|
|
|
76
|
|
|
|
|
43
|
|
|
|
|
119
|
|
|
|
|
|
|
|
|
(29)
|
|
|
|
|
|
|
90
|
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
charges in cost of
sales and SG&A
|
|
1
|
|
|
|
|
1
|
|
|
|
|
(1)
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
|
|
|
|
(4)
|
|
|
|
|
16
|
|
|
|
|
12
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
(10)
|
|
|
|
|
|
|
(7)
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRS litigation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquired backlog
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on
extinguishment of debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81
|
|
|
|
|
|
|
|
|
81
|
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$180
|
|
|
17.8
|
%
|
|
$90
|
|
|
10.9
|
%
|
|
$124
|
|
|
18.6
|
%
|
|
$394
|
|
|
15.7
|
%
|
|
($45)
|
|
|
N/M
|
|
$349
|
|
|
13.9
|
%
|
|
($23)
|
|
|
($10)
|
|
|
($55)
|
|
|
$—
|
|
|
($1)
|
|
|
$260
|
|
$0.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
427
|
|
Tyco International
plc
|
|
|
For the Year Ended
September 25, 2015
|
|
|
(in millions, except
per share data)
|
|
|
(Unaudited)
|
|
|
expense /
(benefit)
|
|
|
|
|
|
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Integrated
Solutions
&
Services
|
|
|
|
ROW
Integrated
Solutions
&
Services
|
|
|
|
Global
Products
|
|
|
|
Segment
Revenue
|
|
|
|
Corporate
and
Other
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
|
$3,879
|
|
|
|
|
$3,432
|
|
|
|
|
$2,591
|
|
|
|
|
$9,902
|
|
|
|
|
$—
|
|
|
|
|
$9,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Integrated
Solutions
& Services
|
|
Margin
|
|
ROW
Integrated
Solutions
& 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)
|
|
$542
|
|
|
14.0
|
%
|
|
$243
|
|
|
7.1
|
%
|
|
$405
|
|
|
15.6
|
%
|
|
$1,190
|
|
|
12.0
|
%
|
|
($306)
|
|
|
N/M
|
|
$884
|
|
|
8.9
|
%
|
|
($87)
|
|
|
($82)
|
|
|
($100)
|
|
|
$—
|
|
|
$2
|
|
|
$617
|
|
$1.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
48
|
|
|
|
|
103
|
|
|
|
|
34
|
|
|
|
|
185
|
|
|
|
|
103
|
|
|
|
|
288
|
|
|
|
|
|
|
|
|
(78)
|
|
|
|
|
|
|
210
|
|
0.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges
in
cost of sales and SG&A
|
|
1
|
|
|
|
|
1
|
|
|
|
|
(1)
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
|
|
|
|
14
|
|
|
|
|
17
|
|
|
|
|
31
|
|
|
|
|
|
|
|
|
31
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
32
|
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
2
|
|
|
|
|
3
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
4
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement with
former management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)
|
|
|
|
|
(9)
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
(5)
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy legal
items
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
inventory step-up
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
3
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
|
10
|
|
|
|
|
|
|
|
|
(3)
|
|
|
|
|
|
|
7
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRS litigation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquired backlog
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on
extinguishment of debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81
|
|
|
|
|
|
|
|
|
81
|
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$593
|
|
|
15.3
|
%
|
|
$364
|
|
|
10.6
|
%
|
|
$464
|
|
|
17.9
|
%
|
|
$1,421
|
|
|
14.4
|
%
|
|
($201)
|
|
|
N/M
|
|
$1,220
|
|
|
12.3
|
%
|
|
($87)
|
|
|
$1
|
|
|
($181)
|
|
|
$—
|
|
|
$2
|
|
|
$955
|
|
$2.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
427
|
|
Tyco International
plc
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended September 26, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
expense /
(benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Integrated Solutions
&Services
|
|
|
|
ROW
Integrated Solutions &Services
|
|
|
|
Global
Products
|
|
|
|
Segment
Revenue
|
|
|
|
Corporate
and
Other
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
|
$1,012
|
|
|
|
|
$1,010
|
|
|
|
|
$681
|
|
|
|
|
$2,703
|
|
|
|
|
$—
|
|
|
|
|
$2,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Integrated Solutions
&Services
|
|
Margin
|
|
ROW
Integrated Solutions &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)
|
|
$117
|
|
|
11.6
|
%
|
|
$102
|
|
|
10.1
|
%
|
|
$129
|
|
|
18.9
|
%
|
|
$348
|
|
|
12.9
|
%
|
|
($547)
|
|
|
N/M
|
|
($199)
|
|
|
N/M
|
|
($20)
|
|
|
$1
|
|
|
$140
|
|
|
$—
|
|
|
$3
|
|
|
($75)
|
|
($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
|
%
|
|
$119
|
|
|
11.8
|
%
|
|
$131
|
|
|
19.2
|
%
|
|
$384
|
|
|
14.2
|
%
|
|
($63)
|
|
|
N/M
|
|
$321
|
|
|
11.9
|
%
|
|
($20)
|
|
|
$2
|
|
|
($53)
|
|
|
$—
|
|
|
$3
|
|
|
$253
|
|
$0.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
447
|
|
Tyco International
plc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended
September 26, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense /
(benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Integrated Solutions
& Services
|
|
|
|
ROW
Integrated Solutions
& Services
|
|
|
|
Global
Products
|
|
|
|
Segment
Revenue
|
|
|
|
Corporate
and
Other
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
|
$3,876
|
|
|
|
|
$3,912
|
|
|
|
|
$2,544
|
|
|
|
|
$10,332
|
|
|
|
|
$—
|
|
|
|
|
$10,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Integrated
Solutions
& Services
|
|
Margin
|
|
ROW
Integrated
Solutions
& 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
|
%
|
|
$412
|
|
|
10.5
|
%
|
|
$458
|
|
|
18.0
|
%
|
|
$1,320
|
|
|
12.8
|
%
|
|
($620)
|
|
|
N/M
|
|
$700
|
|
|
6.8
|
%
|
|
($83)
|
|
|
($1)
|
|
|
($24)
|
|
|
$206
|
|
|
($1)
|
|
|
$797
|
|
$1.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
%
|
|
$454
|
|
|
11.6
|
%
|
|
$470
|
|
|
18.5
|
%
|
|
$1,438
|
|
|
13.9
|
%
|
|
($230)
|
|
|
N/M
|
|
$1,208
|
|
|
11.7
|
%
|
|
($83)
|
|
|
$5
|
|
|
($194)
|
|
|
($10)
|
|
|
($1)
|
|
|
$925
|
|
$2.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
463
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tyco-reports-fourth-quarter-2015-earnings-from-continuing-operations-before-special-items-of-061-per-share-and-us-gaap-earnings-of-019-per-share-300178363.html
SOURCE Tyco