CORK, Ireland, April 24, 2015 /PRNewswire/ --
- Excluding the impact of foreign currency exchange rates,
revenue of $2.4 billion increases 4%,
with 2% organic growth and 2% growth from acquisitions
- Diluted EPS from continuing operations before special items
increases 17%
- As previously announced, during the quarter the company
completes the acquisition of Industrial Safety Technologies (IST),
a global leader in gas and flame detection
- The company's Board of Directors approves a 14% increase in the
company's quarterly dividend to $0.205 per share, as previously announced
- Provides guidance for third quarter 2015 EPS before special
items of $0.55 - $0.57
- Updates guidance for full year 2015 EPS before special items
from a range of $2.30 - $2.40
previously to $2.23 - $2.27,
primarily related to headwinds from foreign currency exchange rates
and the decline in the oil and gas end market
(Income and EPS
amounts are attributable to Tyco ordinary shareholders)
($ millions, except per-share amounts)
(All prior periods have been recast to reflect certain
businesses as discontinued operations)
|
|
|
|
Q2
2015
|
|
Q2
2014
|
|
% Change
|
|
Revenue
|
|
$
|
2,430
|
|
|
$
|
2,480
|
|
|
(2)
|
%
|
|
Segment Operating
Income
|
|
$
|
289
|
|
|
$
|
320
|
|
|
(10)
|
%
|
|
Operating
Income
|
|
$
|
221
|
|
|
$
|
259
|
|
|
(15)
|
%
|
|
Income from
Continuing Operations
|
|
$
|
183
|
|
|
$
|
192
|
|
|
(5)
|
%
|
|
Diluted EPS from
Continuing Operations
|
|
$
|
0.43
|
|
|
$
|
0.41
|
|
|
5
|
%
|
|
Special
Items
|
|
$
|
(0.12)
|
|
|
$
|
(0.06)
|
|
|
|
|
Segment Operating
Income Before Special Items
|
|
$
|
331
|
|
|
$
|
346
|
|
|
(4)
|
%
|
|
Income from
Continuing Ops Before Special Items
|
|
$
|
234
|
|
|
$
|
221
|
|
|
6
|
%
|
|
Diluted EPS from
Continuing Ops Before Special Items
|
|
$
|
0.55
|
|
|
$
|
0.47
|
|
|
17
|
%
|
|
Tyco (NYSE: TYC) today reported $0.43 in GAAP diluted earnings per share (EPS)
from continuing operations for the fiscal second quarter of 2015
and diluted EPS from continuing operations before special items of
$0.55. Revenue of $2.4 billion in the quarter decreased 2% versus
the prior year due to a 6% negative impact of the stronger U.S.
dollar against foreign currencies. Organic revenue grew 2% in
the quarter, led by Global Products with a 7% increase.
Installation revenue grew 1% organically and service revenue was
relatively flat. Acquisitions contributed 2 percentage points
of growth.
"We continued to deliver strong profitability in the second
quarter, with earnings per share growing 17% year over year before
special items and segment operating margin improving 50 basis
points on a normalized basis," said Tyco Chief Executive Officer
George R. Oliver. "Excluding
the impact of foreign currency exchange rates, we grew revenue 4%
in the quarter through a combination of organic growth and
acquisitions.
"Looking ahead to the full year, despite headwinds from the
stronger U.S. dollar and the decline in the oil and gas sector, we
expect to deliver earnings per share growth before special items of
12% to 14%. The investments we are making to expand our
capabilities and technology, along with our efforts to further
streamline our operations, position us well to deliver strong
double-digit earnings growth this year and give us confidence in
our ability to transition to a growth company and deliver sustained
double-digit earnings growth as we enter our next three-year plan,"
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 second 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 second quarter of 2014 unless otherwise
indicated.
North America
Installation & Services
|
|
|
|
Q2
2015
|
|
Q2
2014
|
|
% Change
|
|
Revenue
|
|
$
|
944
|
|
|
$
|
939
|
|
|
1
|
%
|
|
Operating
Income
|
|
$
|
119
|
|
|
$
|
99
|
|
|
20
|
%
|
|
Operating
Margin
|
|
12.6
|
%
|
|
10.5
|
%
|
|
|
|
Special
Items
|
|
$
|
(6)
|
|
|
$
|
(18)
|
|
|
|
|
Operating Income
Before Special Items
|
|
$
|
125
|
|
|
$
|
117
|
|
|
7
|
%
|
|
Operating Margin
Before Special Items
|
|
13.2
|
%
|
|
12.5
|
%
|
|
|
|
Revenue of $944 million increased
1%, as organic growth was partially offset by the weakening of the
Canadian dollar. Organic revenue growth of 2% resulted almost
entirely from installation growth. Backlog of $2.5 billion increased 3% year over year and was
relatively flat on a quarter sequential basis, excluding the impact
of foreign currency.
Operating income for the quarter was $119
million and the operating margin was 12.6%. Special items of
$6 million consisted primarily of
restructuring charges. Before special items, operating income
was $125 million and the operating
margin improved 70 basis points to 13.2%. Improved execution
and the benefit of restructuring and productivity initiatives drove
the operating margin expansion.
Rest of World
Installation & Services
|
|
|
|
Q2
2015
|
|
Q2
2014
|
|
% Change
|
|
Revenue
|
|
$
|
847
|
|
|
$
|
936
|
|
|
(10)
|
%
|
|
Operating
Income
|
|
$
|
60
|
|
|
$
|
114
|
|
|
(47)
|
%
|
|
Operating
Margin
|
|
7.1
|
%
|
|
12.2
|
%
|
|
|
|
Special
Items
|
|
$
|
(30)
|
|
|
$
|
(6)
|
|
|
|
|
Operating Income
Before Special Items
|
|
$
|
90
|
|
|
$
|
120
|
|
|
(25)
|
%
|
|
Operating Margin
Before Special Items
|
|
10.6
|
%
|
|
12.8
|
%
|
|
|
|
Revenue of $847 million decreased
10% compared to the prior year, driven by an 11% unfavorable impact
related to changes in foreign currency exchange rates.
Organic revenue growth was relatively flat, as service revenue
growth of 1% was offset by a 1% decline in installation
revenue. Acquisitions contributed 1% to revenue growth.
Backlog of $2.0 billion decreased 2%
year over year and 1% on a quarter sequential basis, excluding the
impact of foreign currency.
Operating income for the quarter was $60 million and the operating margin
was 7.1%. Special items of $30
million consisted primarily of charges related to
restructuring and an expected loss on the divestiture of our
majority interest in a joint venture in China. Before special
items, operating income was $90
million and the operating margin was 10.6%. The prior
year's operating income included a previously disclosed
$21 million insurance recovery.
This recovery benefited the prior year operating margin by 220
basis points. On a normalized basis, the operating margin was
flat on a year-over-year basis as the benefit of restructuring and
productivity initiatives was offset by the mix of geographies
contributing to growth.
Global
Products
|
|
|
|
Q2
2015
|
|
Q2
2014
|
|
% Change
|
|
Revenue
|
|
$
|
639
|
|
|
$
|
605
|
|
|
6
|
%
|
|
Operating
Income
|
|
$
|
110
|
|
|
$
|
107
|
|
|
3
|
%
|
|
Operating
Margin
|
|
17.2
|
%
|
|
17.7
|
%
|
|
|
|
Special
Items
|
|
$
|
(6)
|
|
|
$
|
(2)
|
|
|
|
|
Operating Income
Before Special Items
|
|
$
|
116
|
|
|
$
|
109
|
|
|
6
|
%
|
|
Operating Margin
Before Special Items
|
|
18.2
|
%
|
|
18.0
|
%
|
|
|
|
Revenue of $639 million increased
6% in the quarter. Organic revenue growth of 7% was driven by
strong growth in Life Safety Products and Security Products.
Organic growth included a 3 percentage point benefit from increased
shipments of Scott Safety Air-Pak X3s compared to the prior year,
when shipments were delayed to the third quarter due to regulatory
matters. Acquisitions contributed 4 percentage points of
growth, which was more than offset by a 6% decrease related to
changes in foreign currency exchange rates.
Operating income for the quarter was $110
million and the operating margin was 17.2%. Special
items of $6 million consisted
primarily of restructuring charges. Before special items,
operating income was $116 million and
the operating margin increased 20 basis points to 18.2%.
Operating leverage on increased revenue and productivity benefits
were partially offset by non-cash purchase accounting related to
the amortization of intangible assets, and incremental investments
in research and development, which negatively impacted the
operating margin by 30 basis points and 70 basis points,
respectively.
OTHER ITEMS
- Cash from operating activities was $167
million and free cash flow was $107
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 $151
million. The company completed the quarter with $432 million in cash and cash equivalents.
- Corporate expense for the quarter was $51 million before special items and $68 million on a GAAP basis, which includes
restructuring and repositioning charges.
- The tax rate before special items was 11.5% for the quarter,
due to a one-time benefit recorded in the quarter.
- As previously announced, during the quarter the company
completed the acquisition of IST, a global leader in gas and flame
detection. On an annualized basis, the addition of IST to Tyco's
Global Products segment is expected to generate approximately
$140 million in revenue.
- As previously disclosed, the company issued 500 million euros of 1.375% notes due
February 25, 2025.
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 second 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 800-568-5006 (in the United States) or 402-998-0083 (outside
the United States), passcode 3077,
from 10:00 a.m. (ET) on April 24, 2015, until 11:59 p.m. (ET) on May 1,
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
|
|
Six Months Ended
|
|
|
March 27,
2015
|
|
March 28,
2014
|
|
March 27,
2015
|
|
March 28,
2014
|
|
|
|
|
|
Revenue from product
sales
|
|
$
|
1,458
|
|
|
$
|
1,464
|
|
|
$
|
2,946
|
|
|
$
|
2,930
|
|
Service
revenue
|
|
972
|
|
|
1,016
|
|
|
1,962
|
|
|
2,039
|
|
Net
revenue
|
|
2,430
|
|
|
2,480
|
|
|
4,908
|
|
|
4,969
|
|
Cost of product
sales
|
|
999
|
|
|
1,003
|
|
|
2,021
|
|
|
2,001
|
|
Cost of
services
|
|
550
|
|
|
575
|
|
|
1,097
|
|
|
1,150
|
|
Selling, general and
administrative expenses
|
|
648
|
|
|
635
|
|
|
1,300
|
|
|
1,205
|
|
Separation
costs
|
|
-
|
|
|
1
|
|
|
-
|
|
|
1
|
|
Restructuring and
asset impairment charges, net
|
|
12
|
|
|
7
|
|
|
70
|
|
|
10
|
|
Operating
income
|
|
221
|
|
|
259
|
|
|
420
|
|
|
602
|
|
Interest
income
|
|
4
|
|
|
3
|
|
|
7
|
|
|
6
|
|
Interest
expense
|
|
(25)
|
|
|
(25)
|
|
|
(49)
|
|
|
(49)
|
|
Other (expense)
income, net
|
|
(1)
|
|
|
(1)
|
|
|
3
|
|
|
(2)
|
|
Income from
continuing operations before income taxes
|
|
199
|
|
|
236
|
|
|
381
|
|
|
557
|
|
Income tax
expense
|
|
(18)
|
|
|
(39)
|
|
|
(37)
|
|
|
(109)
|
|
Equity loss in
earnings of unconsolidated subsidiaries
|
|
-
|
|
|
(5)
|
|
|
-
|
|
|
(9)
|
|
Income from
continuing operations
|
|
181
|
|
|
192
|
|
|
344
|
|
|
439
|
|
(Loss) income from
discontinued operations, net of income taxes
|
|
(16)
|
|
|
15
|
|
|
(18)
|
|
|
40
|
|
Net
income
|
|
165
|
|
|
207
|
|
|
326
|
|
|
479
|
|
Less: noncontrolling
interest in subsidiaries net (loss) income
|
|
(2)
|
|
|
-
|
|
|
(3)
|
|
|
2
|
|
Net income
attributable to Tyco ordinary shareholders
|
|
$
|
167
|
|
|
$
|
207
|
|
|
$
|
329
|
|
|
$
|
477
|
|
Amounts
attributable to Tyco ordinary shareholders:
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
|
183
|
|
|
$
|
192
|
|
|
$
|
347
|
|
|
$
|
437
|
|
(Loss) income from
discontinued operations
|
|
(16)
|
|
|
15
|
|
|
(18)
|
|
|
40
|
|
Net income
attributable to Tyco ordinary shareholders
|
|
$
|
167
|
|
|
$
|
207
|
|
|
$
|
329
|
|
|
$
|
477
|
|
Basic earnings per
share attributable to Tyco ordinary shareholders:
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
|
0.44
|
|
|
$
|
0.41
|
|
|
$
|
0.83
|
|
|
$
|
0.94
|
|
(Loss) income from
discontinued operations
|
|
(0.04)
|
|
|
0.04
|
|
|
(0.05)
|
|
|
0.09
|
|
Net income
attributable to Tyco ordinary shareholders
|
|
$
|
0.40
|
|
|
$
|
0.45
|
|
|
$
|
0.78
|
|
|
$
|
1.03
|
|
Diluted earnings
per share attributable to Tyco ordinary
shareholders:
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
|
0.43
|
|
|
$
|
0.41
|
|
|
$
|
0.81
|
|
|
$
|
0.93
|
|
(Loss) income from
discontinued operations
|
|
(0.04)
|
|
|
0.03
|
|
|
(0.04)
|
|
|
0.08
|
|
Net income
attributable to Tyco ordinary shareholders
|
|
$
|
0.39
|
|
|
$
|
0.44
|
|
|
$
|
0.77
|
|
|
$
|
1.01
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
420
|
|
|
461
|
|
|
420
|
|
|
462
|
|
Diluted
|
|
427
|
|
|
469
|
|
|
427
|
|
|
470
|
|
|
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 January 30, 2015 for the quarter ended December
26, 2014.
|
TYCO INTERNATIONAL
PLC
RESULTS OF SEGMENTS
(in millions)
(Unaudited)
|
|
|
|
Quarters Ended
|
|
|
|
Six Months Ended
|
|
|
|
|
March 27,
2015
|
|
|
|
March 28,
2014
|
|
|
|
March 27,
2015
|
|
|
|
March 28,
2014
|
|
|
Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation & Services
|
|
$
|
944
|
|
|
|
|
$
|
939
|
|
|
|
|
$
|
1,895
|
|
|
|
|
$
|
1,896
|
|
|
|
ROW
Installation & Services
|
|
847
|
|
|
|
|
936
|
|
|
|
|
1,763
|
|
|
|
|
1,903
|
|
|
|
Global
Products
|
|
639
|
|
|
|
|
605
|
|
|
|
|
1,250
|
|
|
|
|
1,170
|
|
|
|
Total Net
Revenue
|
|
$
|
2,430
|
|
|
|
|
$
|
2,480
|
|
|
|
|
$
|
4,908
|
|
|
|
|
$
|
4,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
and Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation & Services
|
|
$
|
119
|
|
|
12.6
|
%
|
|
$
|
99
|
|
|
10.5
|
%
|
|
$
|
224
|
|
|
11.8
|
%
|
|
$
|
216
|
|
|
11.4
|
%
|
ROW
Installation & Services
|
|
60
|
|
|
7.1
|
%
|
|
114
|
|
|
12.2
|
%
|
|
130
|
|
|
7.4
|
%
|
|
208
|
|
|
10.9
|
%
|
Global
Products
|
|
110
|
|
|
17.2
|
%
|
|
107
|
|
|
17.7
|
%
|
|
208
|
|
|
16.6
|
%
|
|
193
|
|
|
16.5
|
%
|
Corporate and
Other
|
|
(68)
|
|
|
N/M
|
|
|
(61)
|
|
|
N/M
|
|
|
(142)
|
|
|
N/M
|
|
|
(15)
|
|
|
N/M
|
Operating Income
and Margin
|
|
$
|
221
|
|
|
9.1
|
%
|
|
$
|
259
|
|
|
10.4
|
%
|
|
$
|
420
|
|
|
8.6
|
%
|
|
$
|
602
|
|
|
12.1
|
%
|
TYCO INTERNATIONAL
PLC
CONSOLIDATED BALANCE SHEETS
(in millions)
(Unaudited)
|
|
|
|
March 27,
2015
|
|
September 26,
2014
|
Assets
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
432
|
|
|
$
|
892
|
|
Accounts receivable,
net
|
|
1,643
|
|
|
1,734
|
|
Inventories
|
|
677
|
|
|
625
|
|
Prepaid expenses and
other current assets
|
|
867
|
|
|
1,051
|
|
Deferred income
taxes
|
|
304
|
|
|
304
|
|
Assets held for
sale
|
|
155
|
|
|
180
|
|
Total Current
Assets
|
|
4,078
|
|
|
4,786
|
|
Property, plant and
equipment, net
|
|
1,216
|
|
|
1,262
|
|
Goodwill
|
|
4,265
|
|
|
4,122
|
|
Intangible assets,
net
|
|
908
|
|
|
712
|
|
Other
assets
|
|
1,228
|
|
|
927
|
|
Total
Assets
|
|
$
|
11,695
|
|
|
$
|
11,809
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Loans payable and
current maturities of long-term
debt
|
|
$
|
278
|
|
|
$
|
20
|
|
Accounts
payable
|
|
735
|
|
|
825
|
|
Accrued and other
current liabilities
|
|
1,959
|
|
|
2,114
|
|
Deferred
revenue
|
|
405
|
|
|
400
|
|
Liabilities held for
sale
|
|
102
|
|
|
118
|
|
Total Current
Liabilities
|
|
3,479
|
|
|
3,477
|
|
Long-term
debt
|
|
1,732
|
|
|
1,443
|
|
Deferred
revenue
|
|
315
|
|
|
335
|
|
Other
liabilities
|
|
1,927
|
|
|
1,871
|
|
Total
Liabilities
|
|
7,453
|
|
|
7,126
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in
businesses held for sale
|
|
12
|
|
|
13
|
|
|
|
|
|
|
Total Tyco
shareholders' equity
|
|
4,181
|
|
|
4,647
|
|
Nonredeemable
noncontrolling interest
|
|
49
|
|
|
23
|
|
Total
Equity
|
|
4,230
|
|
|
4,670
|
|
Total Liabilities,
Redeemable Noncontrolling Interest and Equity
|
|
$
|
11,695
|
|
|
$
|
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 January 30, 2015 for the quarter ended December
26, 2014.
|
TYCO INTERNATIONAL
PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
|
|
|
|
For the Quarters
Ended
|
|
For the Six Months
Ended
|
|
|
March 27,
2015
|
|
March 28,
2014
|
|
March 27,
2015
|
|
March 28,
2014
|
|
|
|
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
|
|
Net income
attributable to Tyco ordinary shareholders
|
|
$
|
167
|
|
|
$
|
207
|
|
|
$
|
329
|
|
|
$
|
477
|
|
Noncontrolling
interest in subsidiaries net (loss) income
|
|
(2)
|
|
|
-
|
|
|
(3)
|
|
|
2
|
|
Income (loss) from
discontinued operations, net of income taxes
|
|
16
|
|
|
(15)
|
|
|
18
|
|
|
(40)
|
|
Income from
continuing operations
|
|
181
|
|
|
192
|
|
|
344
|
|
|
439
|
|
Adjustments to
reconcile net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
81
|
|
|
87
|
|
|
171
|
|
|
180
|
|
Non-cash compensation
expense
|
|
15
|
|
|
16
|
|
|
30
|
|
|
31
|
|
Deferred income
taxes
|
|
(23)
|
|
|
5
|
|
|
(29)
|
|
|
56
|
|
Provision for losses
on accounts receivable and inventory
|
|
18
|
|
|
13
|
|
|
34
|
|
|
23
|
|
Legacy legal
matters
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(92)
|
|
Other non-cash
items
|
|
25
|
|
|
10
|
|
|
23
|
|
|
17
|
|
Changes in assets and
liabilities, net of the effects of acquisitions and
divestitures:
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
29
|
|
|
13
|
|
|
22
|
|
|
36
|
|
Contracts in
progress
|
|
(38)
|
|
|
(17)
|
|
|
(30)
|
|
|
(5)
|
|
Inventories
|
|
(21)
|
|
|
6
|
|
|
(64)
|
|
|
(24)
|
|
Prepaid expenses and
other assets
|
|
(41)
|
|
|
12
|
|
|
(44)
|
|
|
(40)
|
|
Accounts
payable
|
|
(46)
|
|
|
(7)
|
|
|
(87)
|
|
|
(48)
|
|
Accrued and other
liabilities
|
|
(31)
|
|
|
(113)
|
|
|
(64)
|
|
|
(220)
|
|
Deferred
revenue
|
|
42
|
|
|
50
|
|
|
4
|
|
|
11
|
|
Other
|
|
(24)
|
|
|
3
|
|
|
(48)
|
|
|
2
|
|
Net cash provided by
operating activities
|
|
167
|
|
|
270
|
|
|
262
|
|
|
366
|
|
Net cash provided by
discontinued operating activities
|
|
2
|
|
|
51
|
|
|
3
|
|
|
77
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(57)
|
|
|
(72)
|
|
|
(123)
|
|
|
(135)
|
|
Proceeds from
disposal of assets
|
|
2
|
|
|
2
|
|
|
3
|
|
|
6
|
|
Acquisition of
businesses, net of cash acquired
|
|
(373)
|
|
|
-
|
|
|
(525)
|
|
|
(54)
|
|
Acquisition of dealer
generated customer accounts and bulk account purchases
|
|
(4)
|
|
|
(5)
|
|
|
(8)
|
|
|
(16)
|
|
Divestiture of
business, net of cash divested
|
|
(1)
|
|
|
-
|
|
|
(1)
|
|
|
-
|
|
Sales and maturities
of investments
|
|
4
|
|
|
29
|
|
|
279
|
|
|
141
|
|
Purchases of
investments
|
|
(287)
|
|
|
(8)
|
|
|
(288)
|
|
|
(40)
|
|
(Increase) decrease
in restricted cash
|
|
6
|
|
|
2
|
|
|
(39)
|
|
|
6
|
|
Other
|
|
-
|
|
|
(2)
|
|
|
(1)
|
|
|
-
|
|
Net cash used in
investing activities
|
|
(710)
|
|
|
(54)
|
|
|
(703)
|
|
|
(92)
|
|
Net cash used in
discontinued investing activities
|
|
-
|
|
|
(28)
|
|
|
(15)
|
|
|
(57)
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of short-term debt
|
|
-
|
|
|
405
|
|
|
-
|
|
|
715
|
|
Repayment of
short-term debt
|
|
(1)
|
|
|
(565)
|
|
|
(1)
|
|
|
(715)
|
|
Proceeds from
issuance of long-term debt
|
|
567
|
|
|
-
|
|
|
567
|
|
|
-
|
|
Proceeds from
exercise of share options
|
|
24
|
|
|
22
|
|
|
57
|
|
|
62
|
|
Dividends
paid
|
|
(76)
|
|
|
(74)
|
|
|
(151)
|
|
|
(148)
|
|
Repurchase of
ordinary shares
|
|
-
|
|
|
-
|
|
|
(417)
|
|
|
(250)
|
|
Transfer from (to)
discontinued operations
|
|
2
|
|
|
23
|
|
|
(12)
|
|
|
20
|
|
Payment of contingent
consideration
|
|
-
|
|
|
-
|
|
|
(23)
|
|
|
-
|
|
Other
|
|
(8)
|
|
|
(1)
|
|
|
(23)
|
|
|
(10)
|
|
Net cash provided by
(used in) financing activities
|
|
508
|
|
|
(190)
|
|
|
(3)
|
|
|
(326)
|
|
Net cash (used in)
provided by discontinued financing activities
|
|
(2)
|
|
|
(23)
|
|
|
12
|
|
|
(20)
|
|
Effect of currency
translation on cash
|
|
(6)
|
|
|
(9)
|
|
|
(16)
|
|
|
(16)
|
|
Net decrease in
cash and cash equivalents
|
|
(41)
|
|
|
17
|
|
|
(460)
|
|
|
(68)
|
|
Cash and cash
equivalents at beginning of period
|
|
473
|
|
|
478
|
|
|
892
|
|
|
563
|
|
Cash and cash
equivalents at end of period
|
|
$
|
432
|
|
|
$
|
495
|
|
|
$
|
432
|
|
|
$
|
495
|
|
Reconciliation to
"Free Cash Flow":
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
167
|
|
|
$
|
270
|
|
|
$
|
262
|
|
|
$
|
366
|
|
Capital expenditures,
net
|
|
(55)
|
|
|
(70)
|
|
|
(120)
|
|
|
(129)
|
|
Acquisition of dealer
generated customer accounts and bulk account purchases
|
|
(4)
|
|
|
(5)
|
|
|
(8)
|
|
|
(16)
|
|
Payment of contingent
consideration
|
|
(1)
|
|
|
-
|
|
|
(24)
|
|
|
-
|
|
Free Cash
Flow
|
|
$
|
107
|
|
|
$
|
195
|
|
|
$
|
110
|
|
|
$
|
221
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to
"Adjusted Free Cash Flow":
|
|
|
|
|
|
|
|
|
CIT
settlement
|
|
$
|
-
|
|
|
$
|
43
|
|
|
$
|
-
|
|
|
$
|
(17)
|
|
IRS litigation
costs
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
|
Separation
costs
|
|
-
|
|
|
22
|
|
|
3
|
|
|
44
|
|
Restructuring and
repositioning costs
|
|
37
|
|
|
27
|
|
|
71
|
|
|
56
|
|
Environmental
remediation payments
|
|
1
|
|
|
23
|
|
|
8
|
|
|
54
|
|
Legal
settlements
|
|
-
|
|
|
-
|
|
|
(12)
|
|
|
-
|
|
Net asbestos
payments
|
|
3
|
|
|
4
|
|
|
8
|
|
|
7
|
|
Tax related
separation costs and other tax matters
|
|
-
|
|
|
3
|
|
|
-
|
|
|
2
|
|
Cash payment from ADT
Resi / Pentair
|
|
1
|
|
|
11
|
|
|
1
|
|
|
11
|
|
Acquisition /
integration costs
|
|
|
2
|
|
|
-
|
|
|
|
3
|
|
|
-
|
|
Special
Items
|
|
$
|
44
|
|
|
$
|
133
|
|
|
$
|
82
|
|
|
$
|
158
|
|
|
|
|
|
|
|
|
|
|
Adjusted Free Cash
Flow
|
|
$
|
151
|
|
|
$
|
328
|
|
|
$
|
192
|
|
|
$
|
379
|
|
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
March 27, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
Quarter Ended
March 28, 2014
|
|
Adjustments
|
|
Adjusted Fiscal
2014 Base
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
Quarter Ended
March 27, 2015
|
|
|
|
Divestitures
/
Other
|
|
|
Foreign Currency
|
|
Acquisitions
|
|
Organic Revenue(1)
|
|
NA Installation &
Services
|
|
$
|
939
|
|
|
$
|
-
|
|
|
-
|
%
|
|
$
|
939
|
|
|
$
|
(12)
|
|
|
(1.3)
|
%
|
|
$
|
2
|
|
|
0.2
|
%
|
|
$
|
15
|
|
|
1.6
|
%
|
|
$
|
944
|
|
|
0.5
|
%
|
ROW Installation
& Services
|
|
936
|
|
|
-
|
|
|
-
|
%
|
|
936
|
|
|
(100)
|
|
|
(10.7)
|
%
|
|
13
|
|
|
1.4
|
%
|
|
(2)
|
|
|
(0.2)
|
%
|
|
847
|
|
|
(9.5)
|
%
|
Global
Products
|
|
605
|
|
|
-
|
|
|
-
|
%
|
|
605
|
|
|
(37)
|
|
|
(6.1)
|
%
|
|
26
|
|
|
4.3
|
%
|
|
45
|
|
|
7.4
|
%
|
|
639
|
|
|
5.6
|
%
|
Total Net
Revenue
|
|
$
|
2,480
|
|
|
$
|
-
|
|
|
-
|
%
|
|
$
|
2,480
|
|
|
$
|
(149)
|
|
|
(6.0)
|
%
|
|
$
|
41
|
|
|
1.7
|
%
|
|
$
|
58
|
|
|
2.3
|
%
|
|
$
|
2,430
|
|
|
(2.0)
|
%
|
(1)
Organic revenue growth percentage based on adjusted fiscal 2014
base revenue.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
March 27, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
Six Months Ended
March 28, 2014
|
|
Adjustments
|
|
Adjusted Fiscal
2014 Base
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
Six Months
Ended
March 27, 2015
|
|
|
|
Divestitures
/
Other
|
|
|
Foreign Currency
|
|
Acquisitions
|
|
|
Organic Revenue (1)
|
|
NA Installation &
Services
|
|
$
|
1,896
|
|
|
$
|
-
|
|
|
-
|
%
|
|
$
|
1,896
|
|
|
$
|
(21)
|
|
|
(1.1)
|
%
|
|
$
|
6
|
|
|
0.3
|
%
|
|
|
$
|
14
|
|
|
0.7
|
%
|
|
$
|
1,895
|
|
|
(0.1)
|
%
|
ROW Installation
& Services
|
|
1,903
|
|
|
(13)
|
|
|
(0.7)
|
%
|
|
1,890
|
|
|
(163)
|
|
|
(8.6)
|
%
|
|
33
|
|
|
1.7
|
%
|
|
|
3
|
|
|
0.2
|
%
|
|
1,763
|
|
|
(7.4)
|
%
|
Global
Products
|
|
1,170
|
|
|
-
|
|
|
-
|
%
|
|
1,170
|
|
|
(54)
|
|
|
(4.6)
|
%
|
|
31
|
|
|
2.6
|
%
|
|
|
103
|
|
|
8.8
|
%
|
|
1,250
|
|
|
6.8
|
%
|
Total Net
Revenue
|
|
$
|
4,969
|
|
|
$
|
(13)
|
|
|
(0.3)
|
%
|
|
$
|
4,956
|
|
|
$
|
(238)
|
|
|
(4.8)
|
%
|
|
$
|
70
|
|
|
1.4
|
%
|
|
|
$
|
120
|
|
|
2.4
|
%
|
|
$
|
4,908
|
|
|
(1.2)
|
%
|
(1)
Organic revenue growth percentage based on adjusted fiscal 2014
base revenue.
|
Earnings Per Share
Summary
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
Quarter
Ended
|
|
|
March 27,
2015
|
|
March 28,
2014
|
Diluted EPS from
Continuing Operations Attributable to Tyco Shareholders
(GAAP)
|
|
$
|
0.43
|
|
|
$
|
0.41
|
|
|
|
|
|
|
expense /
(benefit)
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
0.05
|
|
|
0.02
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
-
|
|
|
0.02
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
0.06
|
|
|
-
|
|
|
|
|
|
|
Tax items
|
|
-
|
|
|
0.01
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
0.01
|
|
|
0.01
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$
|
0.55
|
|
|
$
|
0.47
|
|
|
|
|
|
|
Note: Prior period
has been recast to present certain businesses as a discontinued
operation.
|
Tyco International
plc
For the Quarter Ended March 27, 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)
|
|
$944
|
|
|
|
|
$847
|
|
|
|
|
$639
|
|
|
|
|
$2,430
|
|
|
|
|
$-
|
|
|
|
|
$2,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
$119
|
|
|
12.6
|
%
|
|
$60
|
|
|
7.1
|
%
|
|
$110
|
|
|
17.2
|
%
|
|
$289
|
|
|
11.9
|
%
|
|
($68)
|
|
|
N/M
|
|
$221
|
|
|
9.1
|
%
|
|
($21)
|
|
|
($1)
|
|
|
($18)
|
|
|
$-
|
|
|
$2
|
|
|
$183
|
|
$0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
6
|
|
|
|
|
7
|
|
|
|
|
4
|
|
|
|
|
17
|
|
|
|
|
12
|
|
|
|
|
29
|
|
|
|
|
|
|
|
|
(10)
|
|
|
|
|
|
|
19
|
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
|
|
|
|
22
|
|
|
|
|
|
|
|
|
22
|
|
|
|
|
|
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy legal
items
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
inventory step-up
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
2
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRS litigation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
1
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
4
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$125
|
|
|
13.2
|
%
|
|
$90
|
|
|
10.6
|
%
|
|
$116
|
|
|
18.2
|
%
|
|
$331
|
|
|
13.6
|
%
|
|
($51)
|
|
|
N/M
|
|
$280
|
|
|
11.5
|
%
|
|
($21)
|
|
|
$3
|
|
|
($30)
|
|
|
$-
|
|
|
$2
|
|
|
$234
|
|
$0.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
427
|
|
Tyco International
plc
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
|
|
|
|
|
$936
|
|
|
|
|
$605
|
|
|
|
|
$2,480
|
|
|
|
|
$-
|
|
|
|
|
$2,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
%
|
|
$114
|
|
|
12.2
|
%
|
|
$107
|
|
|
17.7
|
%
|
|
$320
|
|
|
12.9
|
%
|
|
($61)
|
|
|
N/M
|
|
$259
|
|
|
10.4
|
%
|
|
($22)
|
|
|
($1)
|
|
|
($39)
|
|
|
($5)
|
|
|
$-
|
|
|
$192
|
|
$0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
%
|
|
$120
|
|
|
12.8
|
%
|
|
$109
|
|
|
18.0
|
%
|
|
$346
|
|
|
14.0
|
%
|
|
($54)
|
|
|
N/M
|
|
$292
|
|
|
11.8
|
%
|
|
($22)
|
|
|
$2
|
|
|
($46)
|
|
|
($5)
|
|
|
$-
|
|
|
$221
|
|
$0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tyco-reports-second-quarter-2015-earnings-from-continuing-operations-before-special-items-of-055-per-share-and-gaap-earnings-of-043-per-share-300071696.html
SOURCE Tyco