CORK, Ireland, July 31, 2015 /PRNewswire/ --
- Segment operating margin before special items of 14.8% expands
30 basis points year over year, or 90 basis points when adjusted
for non-cash purchase accounting and increased Air-Pak shipments in
prior-year quarter
- Diluted EPS from continuing operations before special items
increases 9%, or 13% when adjusted for increased product shipments
in prior-year quarter
- Provides guidance for fourth quarter 2015 EPS before special
items of $0.60 - $0.62, a 7%-11%
increase year over year
- Tightens full-year guidance to a range of $2.23 - $2.25 from $2.23 -
$2.27, representing earnings growth of 12%-13% from the
prior year
(Income and EPS
amounts are attributable to Tyco ordinary
shareholders)
($ millions,
except per-share amounts) (All prior periods have
been recast to reflect certain businesses as discontinued
operations)
|
|
|
|
Q3
2015
|
|
Q3
2014
|
|
% Change
|
|
Revenue
|
|
$
|
2,489
|
|
|
$
|
2,660
|
|
|
(6)
|
%
|
|
Segment Operating
Income
|
|
$
|
325
|
|
|
$
|
355
|
|
|
(8)
|
%
|
|
Operating
Income
|
|
$
|
253
|
|
|
$
|
297
|
|
|
(15)
|
%
|
|
Income from
Continuing Operations
|
|
$
|
188
|
|
|
$
|
435
|
|
|
(57)
|
%
|
|
Diluted EPS from
Continuing Operations
|
|
$
|
0.44
|
|
|
$
|
0.93
|
|
|
(53)
|
%
|
|
Special
Items
|
|
$
|
(0.15)
|
|
|
$
|
0.39
|
|
|
|
|
Segment Operating
Income Before Special Items
|
|
$
|
369
|
|
|
$
|
387
|
|
|
(5)
|
%
|
|
Income from
Continuing Ops Before Special Items
|
|
$
|
251
|
|
|
$
|
254
|
|
|
(1)
|
%
|
|
Diluted EPS from
Continuing Ops Before Special Items
|
|
$
|
0.59
|
|
|
$
|
0.54
|
|
|
9
|
%
|
|
Tyco (NYSE: TYC) today reported $0.44 in GAAP diluted earnings per share (EPS)
from continuing operations for the fiscal third quarter of 2015 and
diluted EPS from continuing operations before special items of
$0.59. Revenue of $2.5 billion in the quarter decreased 6% 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 a divestiture.
"While we were disappointed with our top-line growth, we once
again demonstrated our ability to leverage and accelerate internal
productivity and cost containment initiatives to deliver on our
earnings commitment for the quarter," said Tyco Chief Executive
Officer George R. Oliver. "We
produced strong margin expansion of 90 basis points, driven by an
improvement in fundamentals in our North America Installation &
Services business. That, combined with additional
restructuring actions, position us well to achieve 12% to 13% EPS
growth for the year," 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 third 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. 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 third quarter of 2014 unless otherwise indicated.
North America
Installation & Services
|
|
|
|
Q3
2015
|
|
Q3
2014
|
|
% Change
|
|
Revenue
|
|
$
|
972
|
|
|
$
|
968
|
|
|
—
|
%
|
|
Operating
Income
|
|
$
|
160
|
|
|
$
|
117
|
|
|
37
|
%
|
|
Operating
Margin
|
|
16.5
|
%
|
|
12.1
|
%
|
|
|
|
Special
Items
|
|
$
|
3
|
|
|
$
|
(17)
|
|
|
|
|
Operating Income
Before Special Items
|
|
$
|
157
|
|
|
$
|
134
|
|
|
17
|
%
|
|
Operating Margin
Before Special Items
|
|
16.2
|
%
|
|
13.8
|
%
|
|
|
|
Revenue of $972 million was
relatively flat compared to the prior year, as organic growth was
offset by the weakening of the Canadian dollar. Organic
revenue growth of 1% was driven by 3% growth in installation
revenue, while service revenue was relatively flat. Backlog
of $2.5 billion increased 4% year
over year and 2% on a quarter sequential basis, excluding the
impact of foreign currency.
Operating income for the quarter was $160
million and the operating margin was 16.5%. Special items
were favorable by $3 million.
Before special items, operating income was $157 million and the operating margin improved
240 basis points to 16.2%. Improved execution and the benefit
of restructuring and productivity initiatives drove the operating
margin expansion.
Rest of World
Installation & Services
|
|
|
|
Q3
2015
|
|
Q3
2014
|
|
% Change
|
|
Revenue
|
|
$
|
842
|
|
|
$
|
999
|
|
|
(16)
|
%
|
|
Operating
Income
|
|
$
|
57
|
|
|
$
|
102
|
|
|
(44)
|
%
|
|
Operating
Margin
|
|
6.8
|
%
|
|
10.2
|
%
|
|
|
|
Special
Items
|
|
$
|
(36)
|
|
|
$
|
(11)
|
|
|
|
|
Operating Income
Before Special Items
|
|
$
|
93
|
|
|
$
|
113
|
|
|
(18)
|
%
|
|
Operating Margin
Before Special Items
|
|
11.0
|
%
|
|
11.3
|
%
|
|
|
|
Revenue of $842 million decreased
16% compared to the prior year, driven by a 13% unfavorable impact
from foreign currency exchange rates. Organic revenue
declined 2%, with a 1% decline in service and a 3% decline in
installation revenue. Acquisition growth of 1% was more than
offset by a decline related to a divestiture. Backlog of
$1.9 billion decreased 1% year over
year and increased 1% on a quarter sequential basis, excluding the
impact of foreign currency and the divestiture.
Operating income for the quarter was $57
million and the operating margin was 6.8%. Special
items of $36 million consisted
primarily of restructuring and repositioning charges. Before
special items, operating income was $93
million and the operating margin was 11.0%. The
operating margin declined 30 basis points, as the benefit of
restructuring and productivity initiatives was more than offset by
the revenue decline and the contributing mix of geographies.
Global
Products
|
|
|
|
Q3
2015
|
|
Q3
2014
|
|
% Change
|
|
Revenue
|
|
$
|
675
|
|
|
$
|
693
|
|
|
(3)
|
%
|
|
Operating
Income
|
|
$
|
108
|
|
|
$
|
136
|
|
|
(21)
|
%
|
|
Operating
Margin
|
|
16.0
|
%
|
|
19.6
|
%
|
|
|
|
Special
Items
|
|
$
|
(11)
|
|
|
$
|
(4)
|
|
|
|
|
Operating Income
Before Special Items
|
|
$
|
119
|
|
|
$
|
140
|
|
|
(15)
|
%
|
|
Operating Margin
Before Special Items
|
|
17.6
|
%
|
|
20.2
|
%
|
|
|
|
Revenue of $675 million decreased
3% in the quarter. Organic revenue declined 3%, including a 5
percentage point headwind related to increased shipments of Scott
Safety Air-Pak X3s in the prior year. Acquisitions
contributed 7 percentage points of growth, which was offset by
changes in foreign currency exchange rates.
Operating income for the quarter was $108
million and the operating margin was 16.0%. Special
items of $11 million consisted of
restructuring and repositioning charges as well as
acquisition-related expenses. Before special items, operating
income was $119 million and the
operating margin was 17.6%. The 260 basis point decline in
operating margin included the impact of the increased shipments of
Air-Paks in the prior year, non-cash purchase accounting related to
intangibles, and the timing of incremental investments in R&D,
which together negatively impacted the operating margin by 330
basis points. Underlying operations improved 70 basis points
year over year.
OTHER ITEMS
- Cash from operating activities was $249
million and free cash flow was $186
million, which included a cash outflow of $44 million from special items primarily related
to restructuring and repositioning activities. Adjusted free cash
flow for the quarter was $230
million. The company completed the quarter with $531 million in cash and cash equivalents.
- Corporate expense for the quarter was $50 million before special items and $72 million on a GAAP basis, which includes
restructuring and repositioning charges.
- The tax rate before special items was 17.2% for the
quarter.
- In July, the company completed the acquisition of FootFall, a
global retail intelligence leader, for approximately $60 million in cash. On an annualized basis, the
addition of this business to Tyco's operations is expected to
generate approximately $40 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. 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 third 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 866-353-3070 (in the United States) or 203-369-0090 (outside
the United States), passcode 4999,
from 10:00 a.m. (ET) on July 31, 2015, until 11:59
p.m. (ET) on August 7, 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.
TYCO INTERNATIONAL
PLC
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in millions,
except per share data)
(Unaudited)
|
|
Quarters Ended
|
|
Nine Months Ended
|
|
June 26,
2015
|
|
June 27,
2014
|
|
June 26,
2015
|
|
June 27,
2014
|
|
|
|
|
Revenue from product
sales
|
$
|
1,511
|
|
|
$
|
1,620
|
|
|
$
|
4,457
|
|
|
$
|
4,550
|
|
Service
revenue
|
978
|
|
|
1,040
|
|
|
2,940
|
|
|
3,079
|
|
Net
revenue
|
2,489
|
|
|
2,660
|
|
|
7,397
|
|
|
7,629
|
|
Cost of product
sales
|
1,025
|
|
|
1,104
|
|
|
3,046
|
|
|
3,105
|
|
Cost of
services
|
548
|
|
|
571
|
|
|
1,645
|
|
|
1,721
|
|
Selling, general and
administrative expenses
|
625
|
|
|
671
|
|
|
1,925
|
|
|
1,876
|
|
Separation
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
Restructuring and
asset impairment charges, net
|
38
|
|
|
17
|
|
|
108
|
|
|
27
|
|
Operating
income
|
253
|
|
|
297
|
|
|
673
|
|
|
899
|
|
Interest
income
|
4
|
|
|
4
|
|
|
11
|
|
|
10
|
|
Interest
expense
|
(26)
|
|
|
(24)
|
|
|
(75)
|
|
|
(73)
|
|
Other income
(expense), net
|
6
|
|
|
—
|
|
|
9
|
|
|
(2)
|
|
Income from
continuing operations before income taxes
|
237
|
|
|
277
|
|
|
618
|
|
|
834
|
|
Income tax
expense
|
(49)
|
|
|
(55)
|
|
|
(86)
|
|
|
(164)
|
|
Equity income in
earnings of unconsolidated subsidiaries
|
—
|
|
|
215
|
|
|
—
|
|
|
206
|
|
Income from
continuing operations
|
188
|
|
|
437
|
|
|
532
|
|
|
876
|
|
(Loss) income from
discontinued operations, net of income taxes
|
(32)
|
|
|
1,015
|
|
|
(50)
|
|
|
1,055
|
|
Net
income
|
156
|
|
|
1,452
|
|
|
482
|
|
|
1,931
|
|
Less: noncontrolling
interest in subsidiaries net income (loss)
|
—
|
|
|
2
|
|
|
(3)
|
|
|
4
|
|
Net income
attributable to Tyco ordinary shareholders
|
$
|
156
|
|
|
$
|
1,450
|
|
|
$
|
485
|
|
|
$
|
1,927
|
|
Amounts
attributable to Tyco ordinary shareholders:
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
188
|
|
|
$
|
435
|
|
|
$
|
535
|
|
|
$
|
872
|
|
(Loss) income from
discontinued operations
|
(32)
|
|
|
1,015
|
|
|
(50)
|
|
|
1,055
|
|
Net income
attributable to Tyco ordinary shareholders
|
$
|
156
|
|
|
$
|
1,450
|
|
|
$
|
485
|
|
|
$
|
1,927
|
|
Basic earnings per
share attributable to Tyco ordinary shareholders:
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
0.45
|
|
|
$
|
0.95
|
|
|
$
|
1.27
|
|
|
$
|
1.89
|
|
(Loss) income from
discontinued operations
|
(0.08)
|
|
|
2.22
|
|
|
(0.12)
|
|
|
2.29
|
|
Net income
attributable to Tyco ordinary shareholders
|
$
|
0.37
|
|
|
$
|
3.17
|
|
|
$
|
1.15
|
|
|
$
|
4.18
|
|
Diluted earnings
per share attributable to Tyco ordinary
shareholders:
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
0.44
|
|
|
$
|
0.93
|
|
|
$
|
1.25
|
|
|
$
|
1.86
|
|
(Loss) income from
discontinued operations
|
(0.07)
|
|
|
2.18
|
|
|
(0.11)
|
|
|
2.25
|
|
Net income
attributable to Tyco ordinary shareholders
|
$
|
0.37
|
|
|
$
|
3.11
|
|
|
$
|
1.14
|
|
|
$
|
4.11
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
421
|
|
|
458
|
|
|
421
|
|
|
461
|
|
Diluted
|
427
|
|
|
466
|
|
|
427
|
|
|
469
|
|
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 April 24, 2015 for the quarter ended March 27,
2015.
|
TYCO INTERNATIONAL
PLC
RESULTS OF
SEGMENTS
(in
millions)
(Unaudited)
|
|
|
Quarters Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
June 26,
2015
|
|
|
|
June 27,
2014
|
|
|
|
June 26,
2015
|
|
|
|
June 27,
2014
|
|
|
Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation & Services
|
|
$
|
972
|
|
|
|
|
$
|
968
|
|
|
|
|
$
|
2,867
|
|
|
|
|
$
|
2,864
|
|
|
|
ROW
Installation & Services
|
|
842
|
|
|
|
|
999
|
|
|
|
|
2,605
|
|
|
|
|
2,902
|
|
|
|
Global
Products
|
|
675
|
|
|
|
|
693
|
|
|
|
|
1,925
|
|
|
|
|
1,863
|
|
|
|
Total Net
Revenue
|
|
$
|
2,489
|
|
|
|
|
$
|
2,660
|
|
|
|
|
$
|
7,397
|
|
|
|
|
$
|
7,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
and Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation & Services
|
|
$
|
160
|
|
|
16.5
|
%
|
|
$
|
117
|
|
|
12.1
|
%
|
|
$
|
384
|
|
|
13.4
|
%
|
|
$
|
333
|
|
|
11.6
|
%
|
ROW
Installation & Services
|
|
57
|
|
|
6.8
|
%
|
|
102
|
|
|
10.2
|
%
|
|
187
|
|
|
7.2
|
%
|
|
310
|
|
|
10.7
|
%
|
Global
Products
|
|
108
|
|
|
16.0
|
%
|
|
136
|
|
|
19.6
|
%
|
|
316
|
|
|
16.4
|
%
|
|
329
|
|
|
17.7
|
%
|
Corporate and
Other
|
|
(72)
|
|
|
N/M
|
|
(58)
|
|
|
N/M
|
|
(214)
|
|
|
N/M
|
|
(73)
|
|
|
N/M
|
Operating Income
and Margin
|
|
$
|
253
|
|
|
10.2
|
%
|
|
$
|
297
|
|
|
11.2
|
%
|
|
$
|
673
|
|
|
9.1
|
%
|
|
$
|
899
|
|
|
11.8
|
%
|
TYCO INTERNATIONAL
PLC
CONSOLIDATED
BALANCE SHEETS
(in
millions)
(Unaudited)
|
|
|
June 26,
2015
|
|
September 26,
2014
|
Assets
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
531
|
|
|
$
|
892
|
|
Accounts receivable,
net
|
|
1,775
|
|
|
1,734
|
|
Inventories
|
|
690
|
|
|
625
|
|
Prepaid expenses and
other current assets
|
|
820
|
|
|
1,051
|
|
Deferred income
taxes
|
|
304
|
|
|
304
|
|
Assets held for
sale
|
|
13
|
|
|
180
|
|
Total Current
Assets
|
|
4,133
|
|
|
4,786
|
|
Property, plant and
equipment, net
|
|
1,215
|
|
|
1,262
|
|
Goodwill
|
|
4,291
|
|
|
4,122
|
|
Intangible assets,
net
|
|
890
|
|
|
712
|
|
Other
assets
|
|
1,191
|
|
|
927
|
|
Total
Assets
|
|
$
|
11,720
|
|
|
$
|
11,809
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Loans payable and
current maturities of long-term debt
|
|
$
|
277
|
|
|
$
|
20
|
|
Accounts
payable
|
|
744
|
|
|
825
|
|
Accrued and other
current liabilities
|
|
1,996
|
|
|
2,114
|
|
Deferred
revenue
|
|
403
|
|
|
400
|
|
Liabilities held for
sale
|
|
6
|
|
|
118
|
|
Total Current
Liabilities
|
|
3,426
|
|
|
3,477
|
|
Long-term
debt
|
|
1,744
|
|
|
1,443
|
|
Deferred
revenue
|
|
313
|
|
|
335
|
|
Other
liabilities
|
|
1,898
|
|
|
1,871
|
|
Total
Liabilities
|
|
7,381
|
|
|
7,126
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in businesses held for sale
|
|
—
|
|
|
13
|
|
|
|
|
|
|
Total Tyco
shareholders' equity
|
|
4,304
|
|
|
4,647
|
|
Nonredeemable
noncontrolling interest
|
|
35
|
|
|
23
|
|
Total
Equity
|
|
4,339
|
|
|
4,670
|
|
Total Liabilities,
Redeemable Noncontrolling Interest and Equity
|
|
$
|
11,720
|
|
|
$
|
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 April 24, 2015 for the quarter ended March 27,
2015.
|
TYCO INTERNATIONAL
PLC CONSOLIDATED
STATEMENTS OF CASH FLOWS (in millions) (Unaudited)
|
|
|
For the Quarters
Ended
|
|
For the Nine
Months Ended
|
|
|
June 26,
2015
|
|
June 27,
2014
|
|
June 26,
2015
|
|
June 27,
2014
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
|
|
Net income
attributable to Tyco ordinary shareholders
|
|
$
|
156
|
|
|
$
|
1,450
|
|
|
$
|
485
|
|
|
$
|
1,927
|
|
Noncontrolling
interest in subsidiaries net income (loss)
|
|
—
|
|
|
2
|
|
|
(3)
|
|
|
4
|
|
Income (loss) from
discontinued operations, net of income taxes
|
|
32
|
|
|
(1,015)
|
|
|
50
|
|
|
(1,055)
|
|
Income from
continuing operations
|
|
188
|
|
|
437
|
|
|
532
|
|
|
876
|
|
Adjustments to
reconcile net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
86
|
|
|
88
|
|
|
257
|
|
|
268
|
|
Non-cash compensation
expense
|
|
13
|
|
|
17
|
|
|
44
|
|
|
48
|
|
Deferred income
taxes
|
|
28
|
|
|
29
|
|
|
(1)
|
|
|
85
|
|
Provision for losses
on accounts receivable and inventory
|
|
4
|
|
|
9
|
|
|
37
|
|
|
32
|
|
Legacy legal
matters
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(92)
|
|
Gains on
investments
|
|
(9)
|
|
|
(219)
|
|
|
(15)
|
|
|
(214)
|
|
Other non-cash
items
|
|
2
|
|
|
6
|
|
|
29
|
|
|
18
|
|
Changes in assets and
liabilities, net of the effects of acquisitions and
divestitures:
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
(126)
|
|
|
(77)
|
|
|
(104)
|
|
|
(41)
|
|
Contracts in
progress
|
|
38
|
|
|
(45)
|
|
|
8
|
|
|
(50)
|
|
Inventories
|
|
(8)
|
|
|
10
|
|
|
(72)
|
|
|
(14)
|
|
Prepaid expenses and
other assets
|
|
19
|
|
|
1
|
|
|
(25)
|
|
|
(39)
|
|
Accounts
payable
|
|
8
|
|
|
64
|
|
|
(78)
|
|
|
16
|
|
Accrued and other
liabilities
|
|
14
|
|
|
(141)
|
|
|
(50)
|
|
|
(361)
|
|
Deferred
revenue
|
|
(10)
|
|
|
(23)
|
|
|
(6)
|
|
|
(12)
|
|
Other
|
|
2
|
|
|
(4)
|
|
|
(45)
|
|
|
(2)
|
|
Net cash provided by
operating activities
|
|
249
|
|
|
152
|
|
|
511
|
|
|
518
|
|
Net cash (used in)
provided by discontinued operating activities
|
|
(4)
|
|
|
25
|
|
|
(1)
|
|
|
102
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(59)
|
|
|
(75)
|
|
|
(183)
|
|
|
(210)
|
|
Proceeds from
disposal of assets
|
|
1
|
|
|
1
|
|
|
4
|
|
|
7
|
|
Acquisition of
businesses, net of cash acquired
|
|
—
|
|
|
(9)
|
|
|
(525)
|
|
|
(63)
|
|
Acquisition of dealer
generated customer accounts and bulk account purchases
|
|
(5)
|
|
|
(4)
|
|
|
(13)
|
|
|
(20)
|
|
Divestiture of
business, net of cash divested
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
Sales and maturities
of investments
|
|
4
|
|
|
142
|
|
|
283
|
|
|
283
|
|
Purchases of
investments
|
|
(2)
|
|
|
(292)
|
|
|
(290)
|
|
|
(332)
|
|
Sale of equity
investment
|
|
—
|
|
|
250
|
|
|
—
|
|
|
250
|
|
Decrease (increase)
in restricted cash
|
|
12
|
|
|
(5)
|
|
|
(27)
|
|
|
1
|
|
Other
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Net cash (used in)
provided by investing activities
|
|
(50)
|
|
|
9
|
|
|
(752)
|
|
|
(83)
|
|
Net cash (used in)
provided by discontinued investing activities
|
|
(22)
|
|
|
1,846
|
|
|
(37)
|
|
|
1,789
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of short-term debt
|
|
—
|
|
|
115
|
|
|
258
|
|
|
830
|
|
Repayment of
short-term debt
|
|
(1)
|
|
|
(116)
|
|
|
(259)
|
|
|
(831)
|
|
Proceeds from
issuance of long-term debt
|
|
3
|
|
|
—
|
|
|
570
|
|
|
—
|
|
Proceeds from
exercise of share options
|
|
13
|
|
|
17
|
|
|
70
|
|
|
79
|
|
Dividends
paid
|
|
(86)
|
|
|
(83)
|
|
|
(237)
|
|
|
(231)
|
|
Repurchase of
ordinary shares
|
|
—
|
|
|
(556)
|
|
|
(417)
|
|
|
(806)
|
|
Transfer (to) from
discontinued operations
|
|
(26)
|
|
|
1,871
|
|
|
(38)
|
|
|
1,891
|
|
Payment of contingent
consideration
|
|
—
|
|
|
—
|
|
|
(23)
|
|
|
—
|
|
Other
|
|
(1)
|
|
|
—
|
|
|
(26)
|
|
|
(10)
|
|
Net cash (used in)
provided by financing activities
|
|
(98)
|
|
|
1,248
|
|
|
(102)
|
|
|
922
|
|
Net cash provided by
(used in) discontinued financing activities
|
|
26
|
|
|
(1,871)
|
|
|
38
|
|
|
(1,891)
|
|
Effect of currency
translation on cash
|
|
(2)
|
|
|
8
|
|
|
(18)
|
|
|
(8)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
99
|
|
|
1,417
|
|
|
(361)
|
|
|
1,349
|
|
Cash and cash
equivalents at beginning of period
|
|
432
|
|
|
495
|
|
|
892
|
|
|
563
|
|
Cash and cash
equivalents at end of period
|
|
$
|
531
|
|
|
$
|
1,912
|
|
|
$
|
531
|
|
|
$
|
1,912
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to
"Free Cash Flow":
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
249
|
|
|
$
|
152
|
|
|
$
|
511
|
|
|
$
|
518
|
|
Capital expenditures,
net
|
|
(59)
|
|
|
(74)
|
|
|
(179)
|
|
|
(203)
|
|
Acquisition of dealer
generated customer accounts and bulk account purchases
|
|
(5)
|
|
|
(4)
|
|
|
(13)
|
|
|
(20)
|
|
Payment of contingent
consideration
|
|
1
|
|
|
—
|
|
|
(23)
|
|
|
—
|
|
Free Cash
Flow
|
|
$
|
186
|
|
|
$
|
74
|
|
|
$
|
296
|
|
|
$
|
295
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to
"Adjusted Free Cash Flow":
|
|
|
|
|
|
|
|
|
CIT
settlement
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(17)
|
|
IRS litigation
costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
Separation
costs
|
|
—
|
|
|
27
|
|
|
3
|
|
|
71
|
|
Restructuring and
repositioning costs
|
|
48
|
|
|
23
|
|
|
119
|
|
|
79
|
|
Environmental
remediation payments
|
|
(1)
|
|
|
6
|
|
|
7
|
|
|
60
|
|
Legal
settlements
|
|
(4)
|
|
|
6
|
|
|
(16)
|
|
|
6
|
|
Net asbestos
payments
|
|
—
|
|
|
6
|
|
|
8
|
|
|
13
|
|
Tax related
separation costs and other tax matters
|
|
—
|
|
|
147
|
|
|
—
|
|
|
149
|
|
Cash payment from ADT
Resi / Pentair
|
|
—
|
|
|
19
|
|
|
1
|
|
|
30
|
|
Acquisition /
integration costs
|
|
1
|
|
|
—
|
|
|
4
|
|
|
—
|
|
Special
Items
|
|
$
|
44
|
|
|
$
|
234
|
|
|
$
|
126
|
|
|
$
|
392
|
|
|
|
|
|
|
|
|
|
|
Adjusted Free Cash
Flow
|
|
$
|
230
|
|
|
$
|
308
|
|
|
$
|
422
|
|
|
$
|
687
|
|
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 June
26, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the Quarter Ended
June 27, 2014
|
|
Adjustments
|
|
Adjusted
Fiscal
2014 Base
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
Quarter Ended
June 26, 2015
|
|
|
|
Divestitures
/
Other
|
|
|
Foreign Currency
|
|
Acquisitions
|
|
Organic Revenue(1)
|
|
NA Installation &
Services
|
|
$
|
968
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
968
|
|
|
$
|
(12)
|
|
|
(1.2)
|
%
|
|
$
|
3
|
|
|
0.3
|
%
|
|
$
|
13
|
|
|
1.3
|
%
|
|
$
|
972
|
|
|
0.4
|
%
|
ROW Installation
& Services
|
|
999
|
|
|
(21)
|
|
|
(2.1)
|
%
|
|
978
|
|
|
(126)
|
|
|
(12.6)
|
%
|
|
11
|
|
|
1.1
|
%
|
|
(21)
|
|
|
(2.1)
|
%
|
|
842
|
|
|
(15.7)
|
%
|
Global
Products
|
|
693
|
|
|
—
|
|
|
—
|
%
|
|
693
|
|
|
(45)
|
|
|
(6.5)
|
%
|
|
49
|
|
|
7.1
|
%
|
|
(22)
|
|
|
(3.2)
|
%
|
|
675
|
|
|
(2.6)
|
%
|
Total Net
Revenue
|
|
$
|
2,660
|
|
|
$
|
(21)
|
|
|
(0.8)
|
%
|
|
$
|
2,639
|
|
|
$
|
(183)
|
|
|
(6.9)
|
%
|
|
$
|
63
|
|
|
2.4
|
%
|
|
$
|
(30)
|
|
|
(1.1)
|
%
|
|
$
|
2,489
|
|
|
(6.4)
|
%
|
(1) Organic revenue growth percentage based on adjusted
fiscal 2014 base revenue.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
June 26, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the Nine Months Ended
June 27, 2014
|
|
Adjustments
|
|
Adjusted
Fiscal 2014
Base
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
Nine Months Ended
June 26, 2015
|
|
|
|
Divestitures
/
Other
|
|
|
Foreign Currency
|
|
Acquisitions
|
|
|
Organic Revenue (1)
|
|
NA Installation &
Services
|
|
$
|
2,864
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
2,864
|
|
|
$
|
(33)
|
|
|
(1.2)
|
%
|
|
$
|
9
|
|
|
0.3
|
%
|
|
|
$
|
27
|
|
|
0.9
|
%
|
|
$
|
2,867
|
|
|
0.1
|
%
|
ROW Installation
& Services
|
|
2,902
|
|
|
(34)
|
|
|
(1.2)
|
%
|
|
2,868
|
|
|
(289)
|
|
|
(10.0)
|
%
|
|
44
|
|
|
1.5
|
%
|
|
|
(18)
|
|
|
(0.6)
|
%
|
|
2,605
|
|
|
(10.2)
|
%
|
Global
Products
|
|
1,863
|
|
|
—
|
|
|
—
|
%
|
|
1,863
|
|
|
(99)
|
|
|
(5.3)
|
%
|
|
80
|
|
|
4.3
|
%
|
|
|
81
|
|
|
4.3
|
%
|
|
1,925
|
|
|
3.3
|
%
|
Total Net
Revenue
|
|
$
|
7,629
|
|
|
$
|
(34)
|
|
|
(0.4)
|
%
|
|
$
|
7,595
|
|
|
$
|
(421)
|
|
|
(5.5)
|
%
|
|
$
|
133
|
|
|
1.7
|
%
|
|
|
$
|
90
|
|
|
1.2
|
%
|
|
$
|
7,397
|
|
|
(3.0)
|
%
|
(1)
Organic revenue growth percentage based on adjusted fiscal 2014
base revenue.
|
|
|
|
|
|
|
|
|
Earnings Per Share
Summary
(Unaudited)
|
|
|
Quarter
Ended
|
|
Quarter
Ended
|
|
|
June 26,
2015
|
|
June 27,
2014
|
Diluted EPS from
Continuing Operations Attributable to Tyco Shareholders
(GAAP)
|
|
$
|
0.44
|
|
|
$
|
0.93
|
|
|
|
|
|
|
expense /
(benefit)
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
0.14
|
|
|
0.05
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
—
|
|
|
0.02
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
(0.01)
|
|
|
—
|
|
|
|
|
|
|
Settlement with
former management
|
|
—
|
|
|
(0.01)
|
|
|
|
|
|
|
Asbestos
|
|
0.02
|
|
|
(0.01)
|
|
|
|
|
|
|
Tax items
|
|
—
|
|
|
0.02
|
|
|
|
|
|
|
Gain on sale of
Atkore divestiture
|
|
—
|
|
|
(0.46)
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$
|
0.59
|
|
|
$
|
0.54
|
|
Tyco International
plc
For the Quarter
Ended June 26, 2015
(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)
|
|
$972
|
|
|
|
|
$842
|
|
|
|
|
$675
|
|
|
|
|
$2,489
|
|
|
|
|
$—
|
|
|
|
|
$2,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Income,
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)
|
|
$160
|
|
|
16.5
|
%
|
|
$57
|
|
|
6.8
|
%
|
|
$108
|
|
|
16.0
|
%
|
|
$325
|
|
|
13.1
|
%
|
|
($72)
|
|
|
N/M
|
|
$253
|
|
|
10.2
|
%
|
|
($22)
|
|
|
$6
|
|
|
($49)
|
|
|
$—
|
|
|
$—
|
|
|
$188
|
|
$0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
(3)
|
|
|
|
|
40
|
|
|
|
|
5
|
|
|
|
|
42
|
|
|
|
|
23
|
|
|
|
|
65
|
|
|
|
|
|
|
|
|
(12)
|
|
|
|
|
|
|
53
|
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
|
|
|
|
(5)
|
|
|
|
|
1
|
|
|
|
|
(4)
|
|
|
|
|
|
|
|
|
(4)
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
(3)
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement with
former management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
(1)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
inventory step-up
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
9
|
|
|
|
|
|
|
10
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquired backlog
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$157
|
|
|
16.2
|
%
|
|
$93
|
|
|
11.0
|
%
|
|
$119
|
|
|
17.6
|
%
|
|
$369
|
|
|
14.8
|
%
|
|
($50)
|
|
|
N/M
|
|
$319
|
|
|
12.8
|
%
|
|
($22)
|
|
|
$6
|
|
|
($52)
|
|
|
$—
|
|
|
$—
|
|
|
$251
|
|
$0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
427
|
|
Tyco International
plc
For the Quarter
Ended June 27, 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)
|
|
$968
|
|
|
|
|
$999
|
|
|
|
|
$693
|
|
|
|
|
$2,660
|
|
|
|
|
$—
|
|
|
|
|
$2,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
$117
|
|
|
12.1
|
%
|
|
$102
|
|
|
10.2
|
%
|
|
$136
|
|
|
19.6
|
%
|
|
$355
|
|
|
13.3
|
%
|
|
($58)
|
|
|
N/M
|
|
$297
|
|
|
11.2
|
%
|
|
($20)
|
|
|
$—
|
|
|
($55)
|
|
|
$215
|
|
|
($2)
|
|
|
$435
|
|
$0.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
6
|
|
|
|
|
11
|
|
|
|
|
3
|
|
|
|
|
20
|
|
|
|
|
10
|
|
|
|
|
30
|
|
|
|
|
|
|
|
|
(9)
|
|
|
|
|
|
|
21
|
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
|
|
|
|
|
11
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
10
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement with
former management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
|
|
|
|
(4)
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
(3)
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
|
|
|
|
(6)
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
(3)
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
|
|
|
|
|
9
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
Atkore divestiture
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(216)
|
|
|
|
|
(216)
|
|
(0.46)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$134
|
|
|
13.8
|
%
|
|
$113
|
|
|
11.3
|
%
|
|
$140
|
|
|
20.2
|
%
|
|
$387
|
|
|
14.5
|
%
|
|
($58)
|
|
|
N/M
|
|
$329
|
|
|
12.4
|
%
|
|
($20)
|
|
|
$—
|
|
|
($52)
|
|
|
($1)
|
|
|
($2)
|
|
|
$254
|
|
$0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
466
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tyco-reports-third-quarter-2015-earnings-from-continuing-operations-before-special-items-of-059-per-share-and-gaap-earnings-of-044-per-share-300121782.html
SOURCE Tyco