NEUHAUSEN, Switzerland,
July 25, 2014 /PRNewswire/ --
- Revenue of $2.7 billion increases
5%, with 4% organic growth
- Before special items, segment operating income increases 11%
and segment operating margin improves 80 basis points to a
record-high 14.5%
- Diluted EPS from continuing operations before special items
increases 17%
- As previously announced, the company completed the divestiture
of its ADT Korea security business and remaining interest in Atkore
International for a combined $2.2
billion in proceeds
- Company repurchased 13 million shares for $556 million during the quarter
(Income and EPS amounts are attributable to Tyco common
shareholders)
($ millions, except per-share amounts)
(All prior periods have been recast to reflect certain businesses
as discontinued operations)
|
Q3 2014
|
Q3 2013
|
% Change
|
|
|
|
Revenue
Segment Operating
Income
|
$2,662
$354
|
$2,537
$279
|
5%
27%
|
|
|
|
Operating
Income
|
$296
|
$162
|
83%
|
|
|
|
Income from
Continuing Operations
|
$434
|
$112
|
-
|
|
|
|
Diluted EPS from
Continuing Operations
|
$0.93
|
$0.24
|
-
|
|
|
|
Special
Items
|
$0.39
|
($0.22)
|
|
|
|
|
Segment Operating
Income Before Special Items
Income from
Continuing Ops Before Special Items
|
$386
$253
|
$348
$213
|
11%
19%
|
|
|
|
Diluted EPS from
Continuing Ops Before Special Items
|
$0.54
|
$0.46
|
17%
|
|
|
|
Tyco (NYSE: TYC) today reported $0.93 in GAAP diluted earnings per share (EPS)
from continuing operations for the fiscal third quarter of 2014 and
diluted EPS from continuing operations before special items of
$0.54. Revenue in the quarter
increased 5% versus the prior year to $2.7
billion. Organic revenue grew 4% in the quarter, with growth
across all segments, led by products with a 12% increase from the
prior year quarter. Acquisitions contributed 2 percentage points of
growth, which was partially offset by the impact of
divestitures.
"The investments we have made to expand our product
capabilities, combined with continued improvements in our
operational execution, drove a 17% increase in earnings per share
before special items in the quarter," said Tyco Chief Executive
Officer George R. Oliver. "The
pickup in revenue growth we started to see last quarter continued,
resulting in strong organic growth of 4%. In addition, we moved
quickly to deploy the proceeds from our recent divestitures to
maximize shareholder value, repurchasing 20 million shares over the
past three months."
Organic revenue, free cash flow, operating income, segment
operating income, and diluted EPS from continuing operations before
special items are non-GAAP financial measures and are described
below. For a reconciliation of these non-GAAP measures, see the
attached tables. Additional schedules as well as third quarter
review slides can be found in the Investor Relations section of
Tyco's website at http://investors.tyco.com. Certain tables contain
the symbol "-" to denote that the percentage change is not
meaningful.
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. During the quarter ended
June 27, 2014, the company decided to
sell certain businesses previously reported within its Rest of
World Installation & Services operating segment. These
businesses generated $41 million of
revenue in fiscal 2013 with an operating loss of $11 million. Additionally, on March 3, 2014, Tyco announced that it reached a
definitive agreement to sell its South Korean security business,
ADT Korea, and completed the transaction on May 22, 2014. The results of these
businesses have been classified as discontinued operations for the
current and historical periods. The revenue and operating income
results shown below have been adjusted to reflect these changes in
all periods presented. All comparisons are to the fiscal third
quarter of 2013 unless otherwise indicated.
North America Installation & Services
|
Q3 2014
|
Q3 2013
|
% Change
|
|
|
|
Revenue
|
$968
|
$966
|
-
|
|
|
|
Operating
Income
|
$117
|
$88
|
33%
|
|
|
|
Operating
Margin
|
12.1%
|
9.1%
|
|
|
|
|
Special
Items
|
($17)
|
($29)
|
|
|
|
|
Operating Income
Before Special Items
|
$134
|
$117
|
15%
|
|
|
|
Operating Margin
Before Special Items
|
13.8%
|
12.1%
|
|
|
|
|
Revenue of $968 million was
relatively consistent with the prior year as organic revenue growth
was offset by the impact of divestitures and changes in foreign
currency exchange rates. Both service and installation revenue grew
1% for total organic revenue growth of 1% in the quarter. Backlog
of $2.5 billion increased 1% year
over year and 1% on a quarter sequential basis, excluding the
impact of foreign currency.
Operating income for the quarter was $117
million and the operating margin was 12.1%. Special items of
$17 million consisted primarily of
separation and restructuring charges. Before special items,
operating income was $134 million and
the operating margin was 13.8%. The 170 basis point improvement in
operating margin before special items resulted from improved
execution and the benefit of restructuring and productivity
initiatives.
Rest of World Installation & Services
|
Q3 2014
|
Q3 2013
|
% Change
|
|
|
|
Revenue
|
$1,001
|
$971
|
3%
|
|
|
|
Operating
Income
|
$101
|
$77
|
31%
|
|
|
|
Operating
Margin
|
10.1%
|
7.9%
|
|
|
|
|
Special
Items
|
($11)
|
($35)
|
|
|
|
|
Operating Income
Before Special Items
|
$112
|
$112
|
-
|
|
|
|
Operating Margin
Before Special Items
|
11.2%
|
11.5%
|
|
|
|
|
Revenue of $1.0 billion increased
3% compared to the prior year. Organic revenue growth of 2%
consisted of 4% growth in installation and 1% growth in service
revenue. Acquisitions contributed 3% to revenue growth, which
was partially offset by the impact of divestitures. Backlog
of $2.3 billion increased 8% year
over year and was relatively flat on a quarter sequential basis,
excluding the impact of foreign currency.
Operating income for the quarter was $101
million and the operating margin was 10.1%. Special items of
$11 million consisted primarily of
restructuring charges. Before special items, operating income was
$112 million, and the operating
margin declined 30 basis points to 11.2%. Year over year, the
operating margin was impacted by the mix of businesses contributing
to growth, as well as a lower percentage of high-margin service
revenue.
Global Products
|
Q3 2014
|
Q3 2013
|
% Change
|
|
|
|
Revenue
|
$693
|
$600
|
15.5%
|
|
|
|
Operating
Income
|
$136
|
$114
|
19%
|
|
|
|
Operating
Margin
|
19.6%
|
19.0%
|
|
|
|
|
Special
Items
|
($4)
|
($5)
|
|
|
|
|
Operating Income
Before Special Items
|
$140
|
$119
|
18%
|
|
|
|
Operating Margin
Before Special Items
|
20.2%
|
19.8%
|
|
|
|
|
Revenue of $693 million increased
15.5% in the quarter, including a 3% benefit from acquisitions.
Organic revenue grew 12%, with strong growth across Life Safety,
Security, and Fire Protection products. Organic growth in the
quarter included a 5 percentage point benefit from increased
shipments of Scott Safety Air-Pak X3s that had been building in
backlog in advance of a late March
regulatory approval.
Operating income for the quarter was $136
million and the operating margin was 19.6%. Special items of
$4 million consisted primarily of
restructuring charges. Before special items, operating income was
$140 million and the operating margin
increased 40 basis points to 20.2%. Operating leverage on increased
revenue and productivity benefits were partially offset by the
timing of incremental R&D investments as well as non-cash
purchase accounting. Together, these items impacted the operating
margin by 150 basis points.
OTHER ITEMS
- Cash from operating activities was $152
million and free cash flow was $74
million, which included a cash outflow of $234 million, primarily related to a payment
under our tax sharing agreements, as well as restructuring and
separation activities. Adjusted free cash flow for the quarter was
$308 million.
- Corporate expense was $58 million
for the quarter both before special items and on a GAAP basis, as
restructuring and repositioning charges were offset by the benefit
of other special items.
- The tax rate before special items was 16.9% for the
quarter.
- During the quarter and through July 22,
2014, the company repurchased 20 million shares for
$876 million. The remaining share
repurchase authorization is now $1.1
billion.
- During the fiscal third quarter, the company decided to sell
certain businesses previously reported within its Rest of World
Installation & Services operating segment. These businesses
generated $41 million of revenue in
fiscal 2013 with an operating loss of $11
million. The results of these businesses are reflected in
discontinued operations for all periods presented.
- As previously disclosed on May 22,
2014, the company completed the sale of its South Korean
security business, ADT Korea, in a cash transaction valued at
$1.93 billion. The results of this
business are reflected in discontinued operations for all periods
presented.
- As previously disclosed on April 9,
2014, the company's remaining stake in Atkore International,
Tyco's former electrical and metal products business, was redeemed
by Atkore in a cash transaction for $250
million.
- During the quarter, the company completed the acquisition of a
commercial and residential security business in Belgium and reached an agreement to purchase a
residential security business in Brazil, for a total of approximately
$45 million in cash. On an annualized
basis these businesses are expected to generate revenue of
approximately $35 million.
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 1,000
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
2014 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 517-308-9262
(outside the United States),
passcode "Tyco",
- Replay via telephone – by dialing 866-456-9373 (in the United States) or 203-369-1274 (outside
the United States), passcode 6779,
from 10:00 a.m. (ET) on July 25, 2014, until 11:59
p.m. (ET) on August 1, 2014,
and
- Replay via webcast – through the "Presentations & Webcasts"
link on the Investor Relations section of Tyco's website:
http://investors.tyco.com.
NON-GAAP MEASURES
Organic revenue, free cash flow (outflow) (FCF), and income
from continuing operations, earnings per share (EPS) from
continuing operations, operating income and segment operating
income, in each case "before special items," are non-GAAP measures
and should not be considered replacements for GAAP results.
Organic revenue is a useful measure used by the company to
measure the underlying results and trends in the business. The
difference between reported net revenue (the most comparable GAAP
measure) and organic revenue (the non-GAAP measure) consists of the
impact from foreign currency, acquisitions and divestitures, and
other changes that either do not reflect the underlying results and
trends of the Company's businesses or are not completely under
management's control. There are limitations associated with organic
revenue, such as the fact that, as presented herein, the metric may
not be comparable to similarly titled measures reported by other
companies. These limitations are best addressed by using organic
revenue in combination with the GAAP numbers. Organic revenue may
be used as a component in the company's incentive compensation
plans.
FCF is a useful measure of the company's cash that permits
management and investors to gain insight into the number that
management employs to measure cash that is free from any
significant existing obligation and is available to service debt
and make investments. The difference between Cash Flows from
Operating Activities (the most comparable GAAP measure) and FCF
(the non-GAAP measure) consists mainly of significant cash flows
that the company believes are useful to identify. It, or a measure
that is based on it, may be used as a component in the company's
incentive compensation plans. The difference reflects the impact
from:
- net capital expenditures,
- dealer generated accounts and bulk accounts
purchased,
- cash paid for purchase accounting and holdback liabilities,
and
- voluntary pension contributions.
Capital expenditures and dealer generated and bulk accounts
purchased are subtracted because they represent long-term
investments that are required for normal business activities. Cash
paid for purchase accounting and holdback liabilities is subtracted
because these cash outflows are not available for general corporate
uses. Voluntary pension contributions are added because this
activity is driven by economic financing decisions rather than
operating activity. In addition, the company presents adjusted free
cash flow, which is free cash flow, adjusted to exclude the cash
impact of the special items highlighted below. This number provides
information to investors regarding the cash impact of certain items
management believes are useful to identify, as described
below.
The limitation associated with using these cash flow metrics
is that they adjust for cash items that are ultimately within
management's and the Board of Directors' discretion to direct and
therefore may imply that there is less or more cash that is
available for the company's programs than the most comparable GAAP
measure. Furthermore, these non-GAAP metrics may not be comparable
to similarly titled measures reported by other companies. These
limitations are best addressed by using FCF in combination with the
GAAP cash flow numbers.
The company has presented its income and EPS from continuing
operations, operating income and segment operating income before
special items. Special items include charges and gains related to
divestitures, acquisitions, restructurings, impairments, certain
changes to accounting methodologies, legacy legal and tax charges
and other income or charges that may mask the underlying operating
results and/or business trends of the company or business segment,
as applicable. The company utilizes these measures to assess
overall operating performance and segment level core operating
performance, as well as to provide insight to management in
evaluating overall and segment operating plan execution and
underlying market conditions. The Company also presents its
effective tax rate as adjusted for special items for consistency,
and presents corporate expense excluding special items. One or more
of these measures may be used as components in the company's
incentive compensation plans. These measures are useful for
investors because they may permit more meaningful comparisons of
the company's underlying operating results and business trends
between periods. The difference between income and EPS from
continuing operations before special items and income and EPS from
continuing operations (the most comparable GAAP measures) consists
of the impact of the special items noted above on the applicable
GAAP measure. The limitation of these measures is that they exclude
the impact (which may be material) of items that increase or
decrease the company's reported GAAP metrics, and these non-GAAP
metrics may not be comparable to similarly titled measures reported
by other companies. These limitations are best addressed by using
the non-GAAP measures in combination with the most comparable GAAP
measures in order to better understand the amounts, character and
impact of any increase or decrease on reported results.
The company provides general corporate services to its
segments and those costs are reported in the "Corporate and Other"
segment. This segment's operating income (loss) is presented as
"Corporate Expense." Segment Operating Income represents Tyco's
operating income excluding the Corporate and Other segment, and
reflects the results of Tyco's three operating segments. Segment
Operating Income before special items reflects GAAP operating
income adjusted for the special items noted in the paragraph
above.
FORWARD-LOOKING STATEMENTS
This press release contains a number of forward-looking
statements. In many cases forward-looking statements are identified
by words, and variations of words, such as "anticipate",
"estimate", "believe", "commit", "confident", "continue", "could",
"intend", "may", "plan", "potential", "predict", "positioned",
"should", "will", "expect", "objective", "projection", "forecast",
"goal", "guidance", "outlook", "effort", "target", and other
similar words. However, the absence of these words does not mean
the statements are not forward-looking. Examples of
forward-looking statements include, but are not limited to,
revenue, operating income, earnings per share and other financial
projections, statements regarding the health and growth prospects
of the industries and end markets in which Tyco operates, the
leadership, resources, potential, priorities, and opportunities for
Tyco in the future, Tyco's credit profile, capital allocation
priorities and other capital market related activities, and
statements regarding Tyco's acquisition, divestiture, restructuring
and other productivity initiatives. The forward-looking statements
in this press release are based on current expectations and
assumptions that are subject to risks and uncertainties, many of
which are outside of our control, and could cause results to
materially differ from expectations. Such risks and uncertainties
include, but are not limited to: economic, business, competitive,
technological or regulatory factors that adversely impact Tyco or
the markets and industries in which it competes; unanticipated
expenses such as litigation or legal settlement expenses; tax law
changes; and industry specific events or conditions that may
adversely impact revenue or other financial projections. Actual
results could differ materially from anticipated results. Tyco is
under no obligation (and expressly disclaims any obligation) to
update its forward-looking statements. More detailed information
about these and other factors is set forth in Tyco's Annual Report
on Form 10-K for the fiscal year ended Sept.
27, 2013 and in subsequent filings with the Securities and
Exchange Commission.
TYCO INTERNATIONAL
LTD.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in millions,
except per share data)
(Unaudited)
|
|
|
|
Quarters Ended
|
|
Nine Months Ended
|
|
|
June 27,
2014
|
|
June 28,
2013
|
|
June 27,
2014
|
|
June 28,
2013
|
|
|
|
|
|
Revenue from product
sales
|
|
$
|
1,621
|
|
|
$
|
1,484
|
|
|
$
|
4,553
|
|
|
$
|
4,319
|
|
Service
revenue
|
|
1,041
|
|
|
1,053
|
|
|
3,083
|
|
|
3,144
|
|
Net
revenue
|
|
2,662
|
|
|
2,537
|
|
|
7,636
|
|
|
7,463
|
|
Cost of product
sales
|
|
1,106
|
|
|
1,000
|
|
|
3,108
|
|
|
2,956
|
|
Cost of
services
|
|
572
|
|
|
606
|
|
|
1,725
|
|
|
1,813
|
|
Selling, general and
administrative expenses
|
|
671
|
|
|
712
|
|
|
1,878
|
|
|
2,129
|
|
Separation
costs
|
|
—
|
|
|
4
|
|
|
1
|
|
|
9
|
|
Restructuring and
asset impairment charges, net
|
|
17
|
|
|
53
|
|
|
27
|
|
|
82
|
|
Operating
income
|
|
296
|
|
|
162
|
|
|
897
|
|
|
474
|
|
Interest
income
|
|
4
|
|
|
6
|
|
|
10
|
|
|
13
|
|
Interest
expense
|
|
(24)
|
|
|
(26)
|
|
|
(73)
|
|
|
(75)
|
|
Other expense,
net
|
|
—
|
|
|
(1)
|
|
|
(2)
|
|
|
(30)
|
|
Income from
continuing operations before income taxes
|
|
276
|
|
|
141
|
|
|
832
|
|
|
382
|
|
Income tax
expense
|
|
(55)
|
|
|
(23)
|
|
|
(164)
|
|
|
(56)
|
|
Equity gain (loss) in
earnings of unconsolidated subsidiaries
|
|
215
|
|
|
(6)
|
|
|
206
|
|
|
(18)
|
|
Income from
continuing operations
|
|
436
|
|
|
112
|
|
|
874
|
|
|
308
|
|
Income from
discontinued operations, net of income taxes
|
|
1,016
|
|
|
23
|
|
|
1,057
|
|
|
62
|
|
Net
income
|
|
1,452
|
|
|
135
|
|
|
1,931
|
|
|
370
|
|
Less: noncontrolling
interest in subsidiaries net (loss) income
|
|
2
|
|
|
—
|
|
|
4
|
|
|
—
|
|
Net income
attributable to Tyco common shareholders
|
|
$
|
1,450
|
|
|
$
|
135
|
|
|
$
|
1,927
|
|
|
$
|
370
|
|
Amounts
attributable to Tyco common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
|
434
|
|
|
$
|
112
|
|
|
$
|
870
|
|
|
$
|
308
|
|
Income from
discontinued operations
|
|
1,016
|
|
|
23
|
|
|
1,057
|
|
|
62
|
|
Net income
attributable to Tyco common shareholders
|
|
$
|
1,450
|
|
|
$
|
135
|
|
|
$
|
1,927
|
|
|
$
|
370
|
|
Basic earnings per
share attributable to Tyco common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
|
0.95
|
|
|
$
|
0.24
|
|
|
$
|
1.89
|
|
|
$
|
0.66
|
|
Income from
discontinued operations
|
|
2.22
|
|
|
0.05
|
|
|
2.29
|
|
|
0.14
|
|
Net income
attributable to Tyco common shareholders
|
|
$
|
3.17
|
|
|
$
|
0.29
|
|
|
$
|
4.18
|
|
|
$
|
0.80
|
|
Diluted earnings
per share attributable to Tyco common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
|
0.93
|
|
|
$
|
0.24
|
|
|
$
|
1.85
|
|
|
$
|
0.65
|
|
Income from
discontinued operations
|
|
2.18
|
|
|
0.04
|
|
|
2.26
|
|
|
0.13
|
|
Net income
attributable to Tyco common shareholders
|
|
$
|
3.11
|
|
|
$
|
0.28
|
|
|
$
|
4.11
|
|
|
$
|
0.78
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
458
|
|
|
463
|
|
|
461
|
|
|
465
|
|
Diluted
|
|
466
|
|
|
471
|
|
|
469
|
|
|
473
|
|
|
Note: These financial
statements should be read in conjunction with the Consolidated
Financial Statements and accompanying notes contained in the
Company's Current Report on Form 8-K filed on May 16, 2014 for the
fiscal year ended September 27, 2013 and Quarterly Report on Form
10-Q for the quarter ended March 28, 2014.
|
TYCO INTERNATIONAL
LTD.
RESULTS OF
SEGMENTS
(in
millions)
(Unaudited)
|
|
|
|
Quarters Ended
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
June 27,
2014
|
|
|
|
|
June 28,
2013
|
|
|
|
|
June 27,
2014
|
|
|
|
|
June 28,
2013
|
|
|
|
Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation & Services
|
|
$
|
968
|
|
|
|
|
|
$
|
966
|
|
|
|
|
|
$
|
2,864
|
|
|
|
|
|
$
|
2,895
|
|
|
|
|
ROW
Installation & Services
|
|
1,001
|
|
|
|
|
|
971
|
|
|
|
|
|
2,909
|
|
|
|
|
|
2,856
|
|
|
|
|
Global
Products
|
|
693
|
|
|
|
|
|
600
|
|
|
|
|
|
1,863
|
|
|
|
|
|
1,712
|
|
|
|
|
Total Net
Revenue
|
|
$
|
2,662
|
|
|
|
|
|
$
|
2,537
|
|
|
|
|
|
$
|
7,636
|
|
|
|
|
|
$
|
7,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
and Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation & Services
|
|
$
|
117
|
|
|
12.1
|
%
|
|
$
|
88
|
|
|
9.1
|
%
|
|
$
|
333
|
|
|
11.6
|
%
|
|
$
|
275
|
|
|
9.5
|
%
|
ROW
Installation & Services
|
|
101
|
|
|
10.1
|
%
|
|
77
|
|
|
7.9
|
%
|
|
308
|
|
|
10.6
|
%
|
|
250
|
|
|
8.8
|
%
|
Global
Products
|
|
136
|
|
|
19.6
|
%
|
|
114
|
|
|
19.0
|
%
|
|
329
|
|
|
17.7
|
%
|
|
188
|
|
|
11.0
|
%
|
Corporate and
Other
|
|
(58)
|
|
|
N/M
|
|
(117)
|
|
|
N/M
|
|
(73)
|
|
|
N/M
|
|
(239)
|
|
|
N/M
|
Operating Income
and Margin
|
|
$
|
296
|
|
|
11.1
|
%
|
|
$
|
162
|
|
|
6.4
|
%
|
|
$
|
897
|
|
|
11.7
|
%
|
|
$
|
474
|
|
|
6.4
|
%
|
TYCO INTERNATIONAL
LTD.
CONSOLIDATED
BALANCE SHEETS
(in
millions)
(Unaudited)
|
|
|
|
June
27,
2014
|
|
September
27,
2013
|
Assets
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,912
|
|
|
$
|
563
|
|
Accounts receivable,
net
|
|
1,739
|
|
|
1,704
|
|
Inventories
|
|
650
|
|
|
645
|
|
Prepaid expenses and
other current assets
|
|
1,141
|
|
|
839
|
|
Deferred income
taxes
|
|
250
|
|
|
250
|
|
Assets held for
sale
|
|
27
|
|
|
856
|
|
Total Current
Assets
|
|
5,719
|
|
|
4,857
|
|
Property, plant and
equipment, net
|
|
1,283
|
|
|
1,284
|
|
Goodwill
|
|
4,212
|
|
|
4,162
|
|
Intangible assets,
net
|
|
765
|
|
|
791
|
|
Other
assets
|
|
797
|
|
|
1,082
|
|
Total
Assets
|
|
$
|
12,776
|
|
|
$
|
12,176
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Loans payable and
current maturities of long-term debt
|
|
$
|
20
|
|
|
$
|
20
|
|
Accounts
payable
|
|
851
|
|
|
848
|
|
Accrued and other
current liabilities
|
|
1,962
|
|
|
1,852
|
|
Deferred
revenue
|
|
411
|
|
|
393
|
|
Liabilities held for
sale
|
|
15
|
|
|
236
|
|
Total Current
Liabilities
|
|
3,259
|
|
|
3,349
|
|
Long-term
debt
|
|
1,443
|
|
|
1,443
|
|
Deferred
revenue
|
|
344
|
|
|
370
|
|
Other
liabilities
|
|
1,689
|
|
|
1,881
|
|
Total
Liabilities
|
|
6,735
|
|
|
7,043
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
13
|
|
|
12
|
|
|
|
|
|
|
|
|
Total Tyco
shareholders' equity
|
|
6,002
|
|
|
5,098
|
|
Nonredeemable
noncontrolling interest
|
|
26
|
|
|
23
|
|
Total
Equity
|
|
6,028
|
|
|
5,121
|
|
Total Liabilities,
Redeemable Noncontrolling Interest and Equity
|
|
$
|
12,776
|
|
|
$
|
12,176
|
|
|
Note: These financial
statements should be read in conjunction with the Consolidated
Financial Statements and accompanying notes contained in the
Company's Current Report on Form 8-K filed on May 16, 2014 for the
fiscal year ended September 27, 2013 and Quarterly Report on Form
10-Q for the quarter ended March 28, 2014.
|
TYCO INTERNATIONAL
LTD.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in
millions)
(Unaudited)
|
|
|
|
For the Quarters
Ended
|
|
For the Nine
Months Ended
|
|
|
June 27,
2014
|
|
June 28,
2013
|
|
June 27,
2014
|
|
June 28,
2013
|
|
|
|
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Tyco common shareholders
|
|
$
|
1,450
|
|
|
135
|
|
|
1,927
|
|
|
370
|
|
Noncontrolling
interest in subsidiaries net income
|
|
2
|
|
|
—
|
|
|
4
|
|
|
—
|
|
Income from
discontinued operations, net of income taxes
|
|
(1,016)
|
|
|
(23)
|
|
|
(1,057)
|
|
|
(62)
|
|
Income from
continuing operations
|
|
436
|
|
|
112
|
|
|
874
|
|
|
308
|
|
Adjustments to
reconcile net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
89
|
|
|
95
|
|
|
270
|
|
|
284
|
|
Non-cash compensation
expense
|
|
17
|
|
|
16
|
|
|
48
|
|
|
47
|
|
Deferred income
taxes
|
|
29
|
|
|
(7)
|
|
|
85
|
|
|
(52)
|
|
Provision for losses
on accounts receivable and inventory
|
|
8
|
|
|
16
|
|
|
31
|
|
|
52
|
|
Legacy legal
matters
|
|
—
|
|
|
—
|
|
|
(92)
|
|
|
—
|
|
(Gain) loss on
divestitures
|
|
—
|
|
|
4
|
|
|
(2)
|
|
|
10
|
|
Loss (gain) on
investments
|
|
(219)
|
|
|
6
|
|
|
(214)
|
|
|
14
|
|
Other non-cash
items
|
|
6
|
|
|
39
|
|
|
20
|
|
|
64
|
|
Changes in assets and
liabilities, net of the effects of acquisitions and
divestitures:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
(78)
|
|
|
(47)
|
|
|
(39)
|
|
|
(32)
|
|
Contracts in
progress
|
|
(44)
|
|
|
(4)
|
|
|
(49)
|
|
|
(13)
|
|
Inventories
|
|
10
|
|
|
(39)
|
|
|
(13)
|
|
|
(71)
|
|
Prepaid expenses and
other current assets
|
|
(6)
|
|
|
37
|
|
|
(35)
|
|
|
73
|
|
Accounts
payable
|
|
63
|
|
|
45
|
|
|
15
|
|
|
(44)
|
|
Accrued and other
liabilities
|
|
(140)
|
|
|
(26)
|
|
|
(360)
|
|
|
(231)
|
|
Deferred
revenue
|
|
(23)
|
|
|
(6)
|
|
|
(13)
|
|
|
(1)
|
|
Other
|
|
4
|
|
|
(33)
|
|
|
(6)
|
|
|
(48)
|
|
Net cash provided by
operating activities
|
|
152
|
|
|
208
|
|
|
520
|
|
|
360
|
|
Net cash provided by
discontinued operating activities
|
|
25
|
|
|
60
|
|
|
100
|
|
|
117
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(75)
|
|
|
(65)
|
|
|
(210)
|
|
|
(205)
|
|
Proceeds from
disposal of assets
|
|
1
|
|
|
—
|
|
|
7
|
|
|
4
|
|
Acquisition of
businesses, net of cash acquired
|
|
(9)
|
|
|
(37)
|
|
|
(63)
|
|
|
(75)
|
|
Acquisition of dealer
generated customer accounts and bulk account purchases
|
|
(4)
|
|
|
(4)
|
|
|
(20)
|
|
|
(14)
|
|
Sales and maturities
of investments
|
|
142
|
|
|
64
|
|
|
283
|
|
|
103
|
|
Purchases of
investments
|
|
(292)
|
|
|
(63)
|
|
|
(332)
|
|
|
(182)
|
|
Sale of equity
investment
|
|
250
|
|
|
—
|
|
|
250
|
|
|
—
|
|
Other
|
|
(4)
|
|
|
12
|
|
|
2
|
|
|
6
|
|
Net cash provided by
(used in) investing activities
|
|
9
|
|
|
(93)
|
|
|
(83)
|
|
|
(363)
|
|
Net cash provided by
(used in) discontinued investing activities
|
|
1,846
|
|
|
(28)
|
|
|
1,789
|
|
|
(82)
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of short-term debt
|
|
115
|
|
|
280
|
|
|
830
|
|
|
380
|
|
Repayment of
short-term debt
|
|
(116)
|
|
|
(290)
|
|
|
(831)
|
|
|
(391)
|
|
Proceeds from
exercise of share options
|
|
17
|
|
|
31
|
|
|
79
|
|
|
125
|
|
Dividends
paid
|
|
(83)
|
|
|
(74)
|
|
|
(231)
|
|
|
(214)
|
|
Repurchase of common
shares by treasury
|
|
(556)
|
|
|
(100)
|
|
|
(806)
|
|
|
(300)
|
|
Transfer from
discontinued operations
|
|
1,871
|
|
|
94
|
|
|
1,889
|
|
|
65
|
|
Other
|
|
—
|
|
|
(18)
|
|
|
(10)
|
|
|
(35)
|
|
Net cash provided by
(used in) financing activities
|
|
1,248
|
|
|
(77)
|
|
|
920
|
|
|
(370)
|
|
Net cash used in
discontinued financing activities
|
|
(1,871)
|
|
|
(94)
|
|
|
(1,889)
|
|
|
(65)
|
|
Effect of currency
translation on cash
|
|
8
|
|
|
(13)
|
|
|
(8)
|
|
|
(16)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
1,417
|
|
|
(37)
|
|
|
1,349
|
|
|
(419)
|
|
Less: net decrease
in cash and cash equivalents related to discontinued
operations
|
|
—
|
|
|
(62)
|
|
|
—
|
|
|
(30)
|
|
Cash and cash
equivalents at beginning of period
|
|
495
|
|
|
430
|
|
|
563
|
|
|
844
|
|
Cash and cash
equivalents at end of period
|
|
$
|
1,912
|
|
|
$
|
455
|
|
|
$
|
1,912
|
|
|
$
|
455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to
"Free Cash Flow":
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
152
|
|
|
$
|
208
|
|
|
$
|
520
|
|
|
$
|
360
|
|
Capital expenditures,
net
|
|
(74)
|
|
|
(65)
|
|
|
(203)
|
|
|
(201)
|
|
Acquisition of dealer
generated customer accounts and bulk account purchases
|
|
(4)
|
|
|
(4)
|
|
|
(20)
|
|
|
(14)
|
|
Purchase accounting
and holdback liabilities
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(7)
|
|
Free Cash
Flow
|
|
$
|
74
|
|
|
$
|
138
|
|
|
$
|
297
|
|
|
$
|
138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to
"Adjusted Free Cash Flow":
|
|
|
|
|
|
|
|
|
|
|
|
|
CIT
settlement
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(17)
|
|
|
$
|
—
|
|
IRS litigation
costs
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Separation
costs
|
|
27
|
|
|
20
|
|
|
71
|
|
|
168
|
|
Restructuring
and repositioning costs
|
|
23
|
|
|
20
|
|
|
79
|
|
|
61
|
|
Environmental
remediation payments
|
|
6
|
|
|
11
|
|
|
60
|
|
|
24
|
|
Legal
settlements
|
|
6
|
|
|
13
|
|
|
6
|
|
|
46
|
|
Net asbestos
payments (recoveries)
|
|
6
|
|
|
26
|
|
|
13
|
|
|
(24)
|
|
Cash payment
from Covidien/TE Connectivity
|
|
147
|
|
|
16
|
|
|
149
|
|
|
11
|
|
Cash payment
from ADT Resi/Pentair
|
|
19
|
|
|
—
|
|
|
30
|
|
|
—
|
|
Special
Items
|
|
$
|
234
|
|
|
$
|
106
|
|
|
$
|
392
|
|
|
$
|
286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Free Cash
Flow
|
|
$
|
308
|
|
|
$
|
244
|
|
|
$
|
689
|
|
|
$
|
424
|
|
|
NOTE: Free cash flow
is a non-GAAP measure. See description of non-GAAP measures
contained in this release.
|
|
|
|
|
|
TYCO INTERNATIONAL
LTD.
ORGANIC GROWTH
RECONCILIATION - REVENUE
(in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June
27, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base
Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
Quarter Ended
June 28, 2013
|
|
|
Divestitures /
Other
|
|
|
Adjusted
Fiscal
2013 Base
Revenue
|
|
|
Foreign
Currency
|
|
|
Acquisitions
|
|
|
Organic
Revenue(1)
|
|
|
Net Revenue for
the
Quarter Ended
June 27, 2014
|
|
NA Installation &
Services
|
|
$
|
966
|
|
|
$
|
(6)
|
|
|
(0.6)
|
%
|
|
$
|
960
|
|
|
$
|
(7)
|
|
|
(0.7)
|
%
|
|
$
|
5
|
|
|
0.5
|
%
|
|
$
|
10
|
|
|
1.0
|
%
|
|
$
|
968
|
|
|
0.2
|
%
|
ROW Installation
& Services
|
|
971
|
|
|
(20)
|
|
|
(2.1)
|
%
|
|
951
|
|
|
—
|
|
|
—
|
%
|
|
27
|
|
|
2.8
|
%
|
|
23
|
|
|
2.4
|
%
|
|
1,001
|
|
|
3.1
|
%
|
Global
Products
|
|
600
|
|
|
—
|
|
|
—
|
%
|
|
600
|
|
|
1
|
|
|
0.2
|
%
|
|
19
|
|
|
3.2
|
%
|
|
73
|
|
|
12.2
|
%
|
|
693
|
|
|
15.5
|
%
|
Total Net
Revenue
|
|
$
|
2,537
|
|
|
$
|
(26)
|
|
|
(1.0)
|
%
|
|
$
|
2,511
|
|
|
$
|
(6)
|
|
|
(0.2)
|
%
|
|
$
|
51
|
|
|
2.0
|
%
|
|
$
|
106
|
|
|
4.2
|
%
|
|
$
|
2,662
|
|
|
4.9
|
%
|
|
|
|
|
|
|
|
|
|
|
(1)
Organic revenue growth percentage based on adjusted fiscal 2013
base revenue.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
June 27, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base
Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
Nine Months
Ended
June 28, 2013
|
|
|
Divestitures /
Other(2)
|
|
|
Adjusted
Fiscal
2013 Base
Revenue
|
|
|
Foreign
Currency
|
|
|
Acquisitions
|
|
|
Organic
Revenue(1)
|
|
|
Net Revenue for
the
Nine Months
Ended
June 27, 2014
|
|
NA Installation &
Services
|
|
$
|
2,895
|
|
|
$
|
(42)
|
|
|
(1.5)
|
%
|
|
$
|
2,853
|
|
|
$
|
(24)
|
|
|
(0.8)
|
%
|
|
$
|
14
|
|
|
0.5
|
%
|
|
$
|
21
|
|
|
0.7
|
%
|
|
$
|
2,864
|
|
|
(1.1)
|
%
|
ROW Installation
& Services
|
|
2,856
|
|
|
(47)
|
|
|
(1.6)
|
%
|
|
2,809
|
|
|
(52)
|
|
|
(1.8)
|
%
|
|
99
|
|
|
3.5
|
%
|
|
|
53
|
|
|
1.9
|
%
|
|
|
2,909
|
|
|
1.9
|
%
|
Global
Products
|
|
1,712
|
|
|
2
|
|
|
0.1
|
%
|
|
1,714
|
|
|
(6)
|
|
|
(0.4)
|
%
|
|
56
|
|
|
3.3
|
%
|
|
|
99
|
|
|
5.8
|
%
|
|
|
1,863
|
|
|
8.8
|
%
|
Total Net
Revenue
|
|
$
|
7,463
|
|
|
$
|
(87)
|
|
|
(1.2)
|
%
|
|
$
|
7,376
|
|
|
$
|
(82)
|
|
|
(1.1)
|
%
|
|
$
|
169
|
|
|
2.3
|
%
|
|
$
|
173
|
|
|
2.3
|
%
|
|
$
|
7,636
|
|
|
2.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Organic revenue growth percentage based on adjusted fiscal 2013
base revenue.
(2) Amounts include the transfer of a business from NA
Installation & Services to Global Products.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
Summary
(Unaudited)
|
|
|
Quarter
Ended
|
|
Quarter
Ended
|
|
Year Ended
|
|
Dec.
27,
2013
|
|
March 28,
2014
|
|
June
27,
2014
|
|
Dec.
28,
2012
|
|
March 29,
2013
|
|
June
28,
2013
|
|
Sept.
27,
2013
|
|
Sept. 27,
2013
|
Diluted EPS from
Continuing Operations Attributable to Tyco
Shareholders
(GAAP)
|
$
|
0.52
|
|
|
$
|
0.40
|
|
|
$
|
0.93
|
|
|
$
|
0.30
|
|
|
$
|
0.11
|
|
|
$
|
0.24
|
|
|
$
|
0.29
|
|
|
$
|
0.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense /
(benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
0.01
|
|
|
0.02
|
|
|
0.05
|
|
|
0.01
|
|
|
0.04
|
|
|
0.10
|
|
|
0.06
|
|
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
0.02
|
|
|
0.02
|
|
|
0.02
|
|
|
0.01
|
|
|
0.04
|
|
|
0.04
|
|
|
0.02
|
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.02
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
—
|
|
|
—
|
|
|
(0.01)
|
|
|
—
|
|
|
—
|
|
|
0.03
|
|
|
—
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental
remediation
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|
0.12
|
|
|
—
|
|
|
—
|
|
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tyco share of Atkore
impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.04
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy legal
items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.04
|
|
|
—
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
investment
|
0.01
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIT
settlement
|
(0.03)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement with
former management
|
(0.11)
|
|
|
—
|
|
|
(0.01)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax items
|
—
|
|
|
0.01
|
|
|
0.02
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
|
0.04
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
—
|
|
|
0.01
|
|
|
—
|
|
|
0.02
|
|
|
0.04
|
|
|
—
|
|
|
—
|
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
Atkore divestiture
|
—
|
|
|
—
|
|
|
(0.46)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
$
|
0.42
|
|
|
$
|
0.46
|
|
|
$
|
0.54
|
|
|
$
|
0.37
|
|
|
$
|
0.37
|
|
|
$
|
0.46
|
|
|
$
|
0.47
|
|
|
$
|
1.66
|
|
|
Note: Prior periods
have been recast to present certain businesses as a discontinued
operation.
|
Tyco International
Ltd.
|
For the Quarter
Ended December 28, 2013
|
(in millions,
except per share data)
|
(Unaudited)
|
expense /
(benefit)
|
|
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
&
Services
|
|
|
|
|
ROW
Installation
&
Services
|
|
|
|
|
Global
Products
|
|
|
|
|
Segment
Revenue
|
|
|
|
|
Corporate
and
Other
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
|
$957
|
|
|
|
|
|
$971
|
|
|
|
|
|
$565
|
|
|
|
|
|
$2,493
|
|
|
|
|
|
$—
|
|
|
|
|
$2,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
12.2
|
%
|
|
$95
|
|
|
9.8
|
%
|
|
$86
|
|
|
15.2
|
%
|
|
$298
|
|
|
12.0
|
%
|
|
$46
|
|
|
N/M
|
|
$344
|
|
|
13.8
|
%
|
|
($21)
|
|
|
($1)
|
|
|
($70)
|
|
|
($4)
|
|
|
($2)
|
|
|
$246
|
|
$0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
and
repositioning
activities
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
2
|
|
|
|
|
|
7
|
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
7
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14
|
|
|
|
|
|
1
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
|
|
|
|
|
|
|
|
9
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement with
former management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(92)
|
|
|
|
|
(92)
|
|
|
|
|
|
|
|
|
|
|
|
36
|
|
|
|
|
|
|
|
|
(56)
|
|
(0.11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRS litigation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIT
settlement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16)
|
|
|
|
|
(16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16)
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
investment
|
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$129
|
|
|
13.5
|
%
|
|
$103
|
|
|
10.6
|
%
|
|
$90
|
|
|
15.9
|
%
|
|
$322
|
|
|
12.9
|
%
|
|
($55)
|
|
|
N/M
|
|
$267
|
|
|
10.7
|
%
|
|
($21)
|
|
|
$1
|
|
|
($43)
|
|
|
($4)
|
|
|
($2)
|
|
|
$198
|
|
$0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: This period has
been recast to present certain businesses as a discontinued
operation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
|
471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
471
|
|
Tyco International
Ltd.
|
For the Quarter
Ended March 28, 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)
|
|
$939
|
|
|
|
|
|
$937
|
|
|
|
|
|
$605
|
|
|
|
|
|
$2,481
|
|
|
|
|
|
$—
|
|
|
|
|
$2,481
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
$99
|
|
|
10.5
|
%
|
|
$112
|
|
|
12.0
|
%
|
|
$107
|
|
|
17.7
|
%
|
|
$318
|
|
|
12.8
|
%
|
|
($61)
|
|
|
N/M
|
|
$257
|
|
|
10.4
|
%
|
|
($22)
|
|
|
($1)
|
|
|
($39)
|
|
|
($5)
|
|
|
—
|
|
|
$190
|
|
$0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
3
|
|
|
|
|
|
4
|
|
|
|
|
|
2
|
|
|
|
|
|
9
|
|
|
|
|
|
7
|
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
|
|
|
|
|
|
|
|
10
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
|
|
|
|
|
|
|
|
10
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRS litigation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
4
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$117
|
|
|
12.5
|
%
|
|
$118
|
|
|
12.6
|
%
|
|
$109
|
|
|
18.0
|
%
|
|
$344
|
|
|
13.9
|
%
|
|
($54)
|
|
|
N/M
|
|
$290
|
|
|
11.7
|
%
|
|
($22)
|
|
|
$2
|
|
|
($46)
|
|
|
($5)
|
|
|
—
|
|
|
$219
|
|
$0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: This period has
been recast to present certain businesses as a discontinued
operation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
|
469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
469
|
|
Tyco International
Ltd.
|
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
|
|
|
|
|
|
$1,001
|
|
|
|
|
|
$693
|
|
|
|
|
|
$2,662
|
|
|
|
|
|
$—
|
|
|
|
|
$2,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
%
|
|
$101
|
|
|
10.1
|
%
|
|
$136
|
|
|
19.6
|
%
|
|
$354
|
|
|
13.3
|
%
|
|
($58)
|
|
|
N/M
|
|
$296
|
|
|
11.1
|
%
|
|
($20)
|
|
|
—
|
|
|
($55)
|
|
|
$215
|
|
|
($2)
|
|
|
$434
|
|
$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
|
%
|
|
$112
|
|
|
11.2
|
%
|
|
$140
|
|
|
20.2
|
%
|
|
$386
|
|
|
14.5
|
%
|
|
($58)
|
|
|
N/M
|
|
$328
|
|
|
12.3
|
%
|
|
($20)
|
|
|
$—
|
|
|
($52)
|
|
|
($1)
|
|
|
($2)
|
|
|
$253
|
|
$0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
|
466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
466
|
|
Tyco International
Ltd.
|
For the Quarter
Ended December 28, 2012
|
(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)
|
|
$976
|
|
|
|
|
|
$953
|
|
|
|
|
|
$534
|
|
|
|
|
|
$2,463
|
|
|
|
|
|
$—
|
|
|
|
|
$2,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
$108
|
|
|
11.1
|
%
|
|
$94
|
|
|
9.9
|
%
|
|
$74
|
|
|
13.9
|
%
|
|
$276
|
|
|
11.2
|
%
|
|
($61)
|
|
|
N/M
|
|
$215
|
|
|
8.7
|
%
|
|
($20)
|
|
|
($9)
|
|
|
($35)
|
|
|
($6)
|
|
|
($2)
|
|
|
$143
|
|
$0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring,
net
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
2
|
|
|
|
|
|
6
|
|
|
|
|
|
1
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
6
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
|
1
|
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
|
|
|
|
|
|
|
|
8
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental
remediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
4
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
4
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$120
|
|
|
12.3
|
%
|
|
$98
|
|
|
10.3
|
%
|
|
$83
|
|
|
15.5
|
%
|
|
$301
|
|
|
12.2
|
%
|
|
($58)
|
|
|
N/M
|
|
$243
|
|
|
9.9
|
%
|
|
($20)
|
|
|
$1
|
|
|
($39)
|
|
|
($6)
|
|
|
($2)
|
|
|
$177
|
|
$0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: This period has
been recast to present certain businesses as a discontinued
operation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
|
473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
473
|
|
Tyco International
Ltd.
|
For the Quarter
Ended March 29, 2013
|
(in millions,
except per share data)
|
(Unaudited)
|
expense /
(benefit)
|
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
&
Services
|
|
|
|
|
ROW
Installation
&
Services
|
|
|
|
|
Global
Products
|
|
|
|
|
Segment
Revenue
|
|
|
|
|
Corporate
and
Other
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
|
$953
|
|
|
|
|
|
$932
|
|
|
|
|
|
$578
|
|
|
|
|
|
$2,463
|
|
|
|
|
|
$—
|
|
|
|
|
$2,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
$79
|
|
|
8.3
|
%
|
|
$79
|
|
|
8.5
|
%
|
|
—
|
|
|
—
|
|
|
$158
|
|
|
6.4
|
%
|
|
($61)
|
|
|
N/M
|
|
$97
|
|
|
3.9
|
%
|
|
($22)
|
|
|
($20)
|
|
|
$2
|
|
|
($6)
|
|
|
$2
|
|
|
$53
|
|
$0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
6
|
|
|
|
|
|
13
|
|
|
|
|
|
3
|
|
|
|
|
|
22
|
|
|
|
|
|
4
|
|
|
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
|
|
|
|
|
|
|
|
19
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
19
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
3
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
5
|
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental
remediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
94
|
|
|
|
|
|
94
|
|
|
|
|
|
|
|
|
|
|
94
|
|
|
|
|
|
|
|
|
|
|
|
(37)
|
|
|
|
|
|
|
|
|
57
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
20
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$104
|
|
|
10.9
|
%
|
|
$93
|
|
|
10.0
|
%
|
|
$97
|
|
|
16.8
|
%
|
|
$294
|
|
|
11.9
|
%
|
|
($53)
|
|
|
N/M
|
|
$241
|
|
|
9.8
|
%
|
|
($22)
|
|
|
—
|
|
|
($38)
|
|
|
($6)
|
|
|
$2
|
|
|
$177
|
|
$0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: This period has
been recast to present certain businesses as a discontinued
operation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
|
474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
474
|
|
Tyco International
Ltd.
|
For the Quarter
Ended June 28, 2013
|
(in millions,
except per share data)
|
(Unaudited)
|
expense /
(benefit)
|
|
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
&
Services
|
|
|
|
|
ROW
Installation
&
Services
|
|
|
|
|
Global
Products
|
|
|
|
|
|
Segment
Revenue
|
|
|
|
|
|
Corporate
and
Other
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
|
$966
|
|
|
|
|
|
$971
|
|
|
|
|
|
$600
|
|
|
|
|
|
|
$2,537
|
|
|
|
|
|
|
$—
|
|
|
|
|
$2,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
$88
|
|
|
9.1
|
%
|
|
$77
|
|
|
7.9
|
%
|
|
$114
|
|
|
|
19.0
|
%
|
|
$279
|
|
|
11.0
|
%
|
|
|
($117)
|
|
|
N/M
|
|
$162
|
|
|
6.4
|
%
|
|
($20)
|
|
|
($1)
|
|
|
($23)
|
|
|
($6)
|
|
|
—
|
|
|
$112
|
|
$0.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
16
|
|
|
|
|
|
34
|
|
|
|
|
|
5
|
|
|
|
|
|
|
55
|
|
|
|
|
|
|
3
|
|
|
|
|
58
|
|
|
|
|
|
|
|
|
|
|
|
(11)
|
|
|
|
|
|
|
|
|
47
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
6
|
|
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
|
|
|
|
|
|
|
15
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
3
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition/integration costs
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
11
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy legal
items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27
|
|
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
(9)
|
|
|
|
|
|
|
|
|
18
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$117
|
|
|
12.1
|
%
|
|
$112
|
|
|
11.5
|
%
|
|
$119
|
|
|
|
19.8
|
%
|
|
$348
|
|
|
13.7
|
%
|
|
|
($62)
|
|
|
N/M
|
|
$286
|
|
|
11.3
|
%
|
|
($20)
|
|
|
—
|
|
|
($47)
|
|
|
($6)
|
|
|
—
|
|
|
$213
|
|
$0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: This period has
been recast to present certain businesses as a discontinued
operation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
|
471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
471
|
|
Tyco International
Ltd.
|
For the Quarter
Ended September 27, 2013
|
(in millions,
except per share data)
|
(Unaudited)
|
expense /
(benefit)
|
|
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
&
Services
|
|
|
|
|
ROW
Installation
&
Services
|
|
|
|
|
Global
Products
|
|
|
|
|
Segment
Revenue
|
|
|
|
|
Corporate
and
Other
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
|
$996
|
|
|
|
|
|
$987
|
|
|
|
|
|
$627
|
|
|
|
|
|
$2,610
|
|
|
|
|
|
$—
|
|
|
|
|
$2,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
& Services
|
|
Margin
|
|
ROW
Installation
& Services
|
|
Margin
|
|
Global
Products
|
|
Margin
|
|
Segment
Operating
Income
|
|
Margin
|
|
Corporate
and
Other
|
|
Margin
|
|
Total
Operating
Income
|
|
Margin
|
|
Interest
(Expense),
net
|
|
Other
(Expense),
net
|
|
Income
Tax
(Expense)
|
|
Equity in
earnings
of
unconsolidated
subsidiaries
|
|
Noncontrolling
Interest
|
|
Income
from Continuing Operations
Attributable to
Tyco Shareholders
|
Diluted
EPS from Continuing Operations
Attributable
to Tyco
Shareholders
|
Operating Income
(GAAP)
|
|
$113
|
|
|
11.3
|
%
|
|
$83
|
|
|
8.4
|
%
|
|
$119
|
|
|
19.0
|
%
|
|
$315
|
|
|
12.1
|
%
|
|
($80)
|
|
|
N/M
|
|
$235
|
|
|
9.0
|
%
|
|
($22)
|
|
|
$1
|
|
|
($52)
|
|
|
($30)
|
|
|
$3
|
|
|
$135
|
|
$0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
14
|
|
|
|
|
|
12
|
|
|
|
|
|
2
|
|
|
|
|
|
28
|
|
|
|
|
|
11
|
|
|
|
|
39
|
|
|
|
|
|
|
|
|
|
|
|
(14)
|
|
|
|
|
|
|
|
|
25
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
|
|
|
|
5
|
|
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
(8)
|
|
|
|
|
|
|
|
|
6
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
(3)
|
|
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
1
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
charges
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tyco share of Atkore
impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
|
|
|
|
|
|
21
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
|
16
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$133
|
|
|
13.4
|
%
|
|
$110
|
|
|
11.1
|
%
|
|
$122
|
|
|
19.5
|
%
|
|
$365
|
|
|
14.0
|
%
|
|
($63)
|
|
|
N/M
|
|
$302
|
|
|
11.6
|
%
|
|
($22)
|
|
|
$2
|
|
|
($58)
|
|
|
($9)
|
|
|
$3
|
|
|
$218
|
|
$0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: This period has
been recast to present certain businesses as a discontinued
operation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
|
471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
471
|
|
Tyco International
Ltd.
|
For the Year
Ended September 27, 2013
|
(in millions,
except per share data)
|
(Unaudited)
|
expense /
(benefit)
|
|
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
&
Services
|
|
|
|
|
ROW
Installation
&
Services
|
|
|
|
|
Global
Products
|
|
|
|
|
Segment
Revenue
|
|
|
|
|
Corporate
and
Other
|
|
|
|
Total
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(GAAP)
|
|
$3,891
|
|
|
|
|
|
$3,843
|
|
|
|
|
|
$2,339
|
|
|
|
|
|
$10,073
|
|
|
|
|
|
$—
|
|
|
|
|
$10,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation
& Services
|
|
Margin
|
|
ROW
Installation
& Services
|
|
Margin
|
|
Global
Products
|
|
Margin
|
|
Segment
Operating
Income
|
|
Margin
|
|
Corporate
and
Other
|
|
Margin
|
|
Total
Operating
Income
|
|
Margin
|
|
Interest
(Expense),
net
|
|
Other
(Expense),
net
|
|
Income
Tax
(Expense)
|
|
Equity in
earnings
of
unconsolidated
subsidiaries
|
|
Noncontrolling
Interest
|
|
Income
from Continuing Operations
Attributable to
Tyco Shareholders
|
Diluted
EPS from Continuing Operations
Attributable
to Tyco
Shareholders
|
Operating Income
(GAAP)
|
|
$388
|
|
|
10.0
|
%
|
|
$333
|
|
|
8.7
|
%
|
|
$307
|
|
|
13.1
|
%
|
|
$1,028
|
|
|
10.2
|
%
|
|
($319)
|
|
|
N/M
|
|
$709
|
|
|
7.0
|
%
|
|
($84)
|
|
|
($29)
|
|
|
($108)
|
|
|
($48)
|
|
|
$3
|
|
|
$443
|
|
$0.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
36
|
|
|
|
|
|
63
|
|
|
|
|
|
12
|
|
|
|
|
|
111
|
|
|
|
|
|
19
|
|
|
|
|
130
|
|
|
|
|
|
|
|
|
|
|
|
(33)
|
|
|
|
|
|
|
|
|
97
|
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49
|
|
|
|
|
|
12
|
|
|
|
|
61
|
|
|
|
|
|
|
|
|
|
|
|
(13)
|
|
|
|
|
|
|
|
|
48
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
1
|
|
|
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
15
|
|
|
|
|
|
5
|
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
18
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
2
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
charges
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental
remediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
|
(39)
|
|
|
|
|
|
|
|
|
61
|
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tyco share of Atkore
impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
|
|
|
|
|
|
21
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy legal
items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27
|
|
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
(9)
|
|
|
|
|
|
|
|
|
18
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22
|
|
|
|
|
|
|
|
|
22
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
32
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$474
|
|
|
12.2
|
%
|
|
$413
|
|
|
10.7
|
%
|
|
$421
|
|
|
18.0
|
%
|
|
$1,308
|
|
|
13.0
|
%
|
|
($236)
|
|
|
N/M
|
|
$1,072
|
|
|
10.6
|
%
|
|
($84)
|
|
|
$3
|
|
|
($182)
|
|
|
($27)
|
|
|
$3
|
|
|
$785
|
|
$1.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: This period has
been recast to present certain businesses as a discontinued
operation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
|
472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
472
|
|
SOURCE Tyco