Tyco International Finance S.A. | 6 Months Ended |
Mar. 28, 2014 |
Tyco International Finance S.A. | ' |
Tyco International Finance S.A. | ' |
Tyco International Finance S.A. |
TIFSA, a 100% owned subsidiary of the Company, has public debt securities outstanding which are fully and unconditionally guaranteed by Tyco. The following tables present condensed consolidating financial information for Tyco, TIFSA and all other subsidiaries. Condensed financial information for Tyco and TIFSA on a stand-alone basis is presented using the equity method of accounting for subsidiaries. |
During the fourth quarter of fiscal 2013, the Company transferred certain investments in subsidiaries from Tyco to TIFSA. There was no impact on the Company’s financial position, results of operations and cash flows as the transactions were entirely among wholly-owned subsidiaries of Tyco. The transactions, which increased TIFSA’s investment in subsidiaries, were among entities under common control and their effects have been reflected as of the beginning of the earliest period presented, which resulted in a net increase to TIFSA’s Equity in net income of subsidiaries of $3 million and $8 million for the quarter and six months ended March 29, 2013, respectively. |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
For the Quarter Ended March 28, 2014 |
($ in millions) |
|
| | | | | | | | | | | | | | | | | | | |
| Tyco | | Tyco | | Other | | Consolidating | | Total |
International | International | Subsidiaries | Adjustments |
Ltd. | Finance S.A. | | |
Net revenue | $ | — | | | $ | — | | | $ | 2,487 | | | $ | — | | | $ | 2,487 | |
|
Cost of product sales | — | | | — | | | 1,015 | | | — | | | 1,015 | |
|
Cost of services | — | | | — | | | 577 | | | — | | | 577 | |
|
Selling, general and administrative expenses | — | | | 1 | | | 638 | | | — | | | 639 | |
|
Separation costs | — | | | — | | | 1 | | | — | | | 1 | |
|
Restructuring and asset impairment charges, net | — | | | — | | | 7 | | | — | | | 7 | |
|
Operating (loss) income | — | | | (1 | ) | | 249 | | | — | | | 248 | |
|
Interest income | — | | | — | | | 3 | | | — | | | 3 | |
|
Interest expense | — | | | (24 | ) | | (1 | ) | | — | | | (25 | ) |
|
Other (expense) income, net | (2 | ) | | — | | | 1 | | | — | | | (1 | ) |
|
Equity in net income of subsidiaries | 199 | | | 208 | | | — | | | (407 | ) | | — | |
|
Intercompany interest and fees | 12 | | | 8 | | | (20 | ) | | — | | | — | |
|
Income from continuing operations before income taxes | 209 | | | 191 | | | 232 | | | (407 | ) | | 225 | |
|
Income tax expense | — | | | — | | | (37 | ) | | — | | | (37 | ) |
|
Equity loss in earnings of unconsolidated subsidiaries | — | | | — | | | (5 | ) | | — | | | (5 | ) |
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Income from continuing operations | 209 | | | 191 | | | 190 | | | (407 | ) | | 183 | |
|
(Loss) income from discontinued operations, net of income taxes | (2 | ) | | — | | | 26 | | | — | | | 24 | |
|
Net income | 207 | | | 191 | | | 216 | | | (407 | ) | | 207 | |
|
Less: noncontrolling interest in subsidiaries net income | — | | | — | | | — | | | — | | | — | |
|
Net income attributable to Tyco common shareholders | $ | 207 | | | $ | 191 | | | $ | 216 | | | $ | (407 | ) | | $ | 207 | |
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CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME |
For the Quarter Ended March 28, 2014 |
($ in millions) |
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| | | | | | | | | | | | | | | | | | | |
| Tyco | | Tyco | | Other | | Consolidating | | Total |
International | International | Subsidiaries | Adjustments |
Ltd. | Finance S.A. | | |
Net income | $ | 207 | | | $ | 191 | | | $ | 216 | | | $ | (407 | ) | | $ | 207 | |
|
Other comprehensive (loss) income, net of tax | | | | | | | | | |
Foreign currency translation | (15 | ) | | — | | | (15 | ) | | 15 | | | (15 | ) |
|
Defined benefit and post retirement plans | 4 | | | — | | | 4 | | | (4 | ) | | 4 | |
|
Total other comprehensive loss, net of tax | (11 | ) | | — | | | (11 | ) | | 11 | | | (11 | ) |
|
Comprehensive income | 196 | | | 191 | | | 205 | | | (396 | ) | | 196 | |
|
Less: comprehensive income attributable to noncontrolling interests | — | | | — | | | — | | | — | | | — | |
|
Comprehensive income attributable to Tyco common shareholders | $ | 196 | | | $ | 191 | | | $ | 205 | | | $ | (396 | ) | | $ | 196 | |
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CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
For the Quarter Ended March 29, 2013 |
($ in millions) |
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| | | | | | | | | | | | | | | | | | | |
| Tyco | | Tyco | | Other | | Consolidating | | Total |
International | International | Subsidiaries | Adjustments |
Ltd. | Finance S.A. | | |
Net revenue | $ | — | | | $ | — | | | $ | 2,474 | | | $ | — | | | $ | 2,474 | |
|
Cost of product sales | — | | | — | | | 983 | | | — | | | 983 | |
|
Cost of services | — | | | — | | | 608 | | | — | | | 608 | |
|
Selling, general and administrative expenses | 2 | | | — | | | 764 | | | — | | | 766 | |
|
Separation costs | 1 | | | — | | | (1 | ) | | — | | | — | |
|
Restructuring and asset impairment charges, net | — | | | — | | | 22 | | | — | | | 22 | |
|
Operating (loss) income | (3 | ) | | — | | | 98 | | | — | | | 95 | |
|
Interest income | — | | | — | | | 3 | | | — | | | 3 | |
|
Interest expense | — | | | (23 | ) | | (2 | ) | | — | | | (25 | ) |
|
Other expense, net | (20 | ) | | — | | | — | | | — | | | (20 | ) |
|
Equity in net income of subsidiaries | 262 | | | 208 | | | — | | | (470 | ) | | — | |
|
Intercompany interest and fees | (167 | ) | | 48 | | | 119 | | | — | | | — | |
|
Income from continuing operations before income taxes | 72 | | | 233 | | | 218 | | | (470 | ) | | 53 | |
|
Income tax benefit | — | | | — | | | 2 | | | — | | | 2 | |
|
Equity loss in earnings of unconsolidated subsidiaries | — | | | — | | | (6 | ) | | — | | | (6 | ) |
|
Income from continuing operations | 72 | | | 233 | | | 214 | | | (470 | ) | | 49 | |
|
Income from discontinued operations, net of income taxes | — | | | — | | | 21 | | | — | | | 21 | |
|
Net income | 72 | | | 233 | | | 235 | | | (470 | ) | | 70 | |
|
Less: noncontrolling interest in subsidiaries net loss | — | | | — | | | (2 | ) | | — | | | (2 | ) |
|
Net income attributable to Tyco common shareholders | $ | 72 | | | $ | 233 | | | $ | 237 | | | $ | (470 | ) | | $ | 72 | |
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CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME |
For the Quarter Ended March 29, 2013 |
($ in millions) |
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| | | | | | | | | | | | | | | | | | | |
| Tyco | | Tyco | | Other | | Consolidating | | Total |
International | International | Subsidiaries | Adjustments |
Ltd. | Finance S.A. | | |
Net income | $ | 72 | | | $ | 233 | | | $ | 235 | | | $ | (470 | ) | | $ | 70 | |
|
Other comprehensive (loss) income, net of tax | | | | | | | | | |
Foreign currency translation | (102 | ) | | — | | | (102 | ) | | 102 | | | (102 | ) |
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Defined benefit and post retirement plans | 5 | | | — | | | 5 | | | (5 | ) | | 5 | |
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Total other comprehensive loss, net of tax | (97 | ) | | — | | | (97 | ) | | 97 | | | (97 | ) |
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Comprehensive (loss) income | (25 | ) | | 233 | | | 138 | | | (373 | ) | | (27 | ) |
|
Less: comprehensive loss attributable to noncontrolling interests | — | | | — | | | (2 | ) | | — | | | (2 | ) |
|
Comprehensive (loss) income attributable to Tyco common shareholders | $ | (25 | ) | | $ | 233 | | | $ | 140 | | | $ | (373 | ) | | $ | (25 | ) |
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CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
For the Six Months Ended March 28, 2014 |
($ in millions) |
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| | | | | | | | | | | | | | | | | | | |
| Tyco | | Tyco | | Other | | Consolidating | | Total |
International | International | Subsidiaries | Adjustments |
Ltd. | Finance S.A. | | |
Net revenue | $ | — | | | $ | — | | | $ | 4,989 | | | $ | — | | | $ | 4,989 | |
|
Cost of product sales | — | | | — | | | 2,022 | | | — | | | 2,022 | |
|
Cost of services | — | | | — | | | 1,153 | | | — | | | 1,153 | |
|
Selling, general and administrative expenses | (13 | ) | | 2 | | | 1,224 | | | — | | | 1,213 | |
|
Separation costs | — | | | — | | | 1 | | | — | | | 1 | |
|
Restructuring and asset impairment charges, net | — | | | — | | | 10 | | | — | | | 10 | |
|
Operating income (loss) | 13 | | | (2 | ) | | 579 | | | — | | | 590 | |
|
Interest income | — | | | — | | | 6 | | | — | | | 6 | |
|
Interest expense | — | | | (48 | ) | | (1 | ) | | — | | | (49 | ) |
|
Other (expense) income, net | (3 | ) | | — | | | 1 | | | — | | | (2 | ) |
|
Equity in net income of subsidiaries | 467 | | | 416 | | | — | | | (883 | ) | | — | |
|
Intercompany interest and fees | 2 | | | 17 | | | (19 | ) | | — | | | — | |
|
Income from continuing operations before income taxes | 479 | | | 383 | | | 566 | | | (883 | ) | | 545 | |
|
Income tax expense | — | | | — | | | (107 | ) | | — | | | (107 | ) |
|
Equity loss in earnings of unconsolidated subsidiaries | — | | | — | | | (9 | ) | | — | | | (9 | ) |
|
Income from continuing operations | 479 | | | 383 | | | 450 | | | (883 | ) | | 429 | |
|
(Loss) income from discontinued operations, net of income taxes | (2 | ) | | — | | | 52 | | | — | | | 50 | |
|
Net income | 477 | | | 383 | | | 502 | | | (883 | ) | | 479 | |
|
Less: noncontrolling interest in subsidiaries net income | — | | | — | | | 2 | | | — | | | 2 | |
|
Net income attributable to Tyco common shareholders | $ | 477 | | | $ | 383 | | | $ | 500 | | | $ | (883 | ) | | $ | 477 | |
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CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME |
For the Six Months Ended March 28, 2014 |
($ in millions) |
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| | | | | | | | | | | | | | | | | | | |
| Tyco | | Tyco | | Other | | Consolidating | | Total |
International | International | Subsidiaries | Adjustments |
Ltd. | Finance S.A. | | |
Net income | $ | 477 | | | $ | 383 | | | $ | 502 | | | $ | (883 | ) | | $ | 479 | |
|
Other comprehensive (loss) income, net of tax | | | | | | | | | |
Foreign currency translation | (52 | ) | | — | | | (52 | ) | | 52 | | | (52 | ) |
|
Defined benefit and post retirement plans | 7 | | | — | | | 7 | | | (7 | ) | | 7 | |
|
Total other comprehensive loss, net of tax | (45 | ) | | — | | | (45 | ) | | 45 | | | (45 | ) |
|
Comprehensive income | 432 | | | 383 | | | 457 | | | (838 | ) | | 434 | |
|
Less: comprehensive income attributable to noncontrolling interests | — | | | — | | | 2 | | | — | | | 2 | |
|
Comprehensive income attributable to Tyco common shareholders | $ | 432 | | | $ | 383 | | | $ | 455 | | | $ | (838 | ) | | $ | 432 | |
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CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
For the Six Months Ended March 29, 2013 |
($ in millions) |
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| | | | | | | | | | | | | | | | | | | |
| Tyco | | Tyco | | Other | | Consolidating | | Total |
International | International | Subsidiaries | Adjustments |
Ltd. | Finance S.A. | | |
Net revenue | $ | — | | | $ | — | | | $ | 4,945 | | | $ | — | | | $ | 4,945 | |
|
Cost of product sales | — | | | — | | | 1,975 | | | — | | | 1,975 | |
|
Cost of services | — | | | — | | | 1,207 | | | — | | | 1,207 | |
|
Selling, general and administrative expenses | 7 | | | 1 | | | 1,414 | | | — | | | 1,422 | |
|
Separation costs | 4 | | | — | | | 1 | | | — | | | 5 | |
|
Restructuring and asset impairment charges, net | — | | | — | | | 29 | | | — | | | 29 | |
|
Operating (loss) income | (11 | ) | | (1 | ) | | 319 | | | — | | | 307 | |
|
Interest income | — | | | — | | | 7 | | | — | | | 7 | |
|
Interest expense | — | | | (47 | ) | | (2 | ) | | — | | | (49 | ) |
|
Other (expense) income, net | (30 | ) | | — | | | 1 | | | — | | | (29 | ) |
|
Equity in net income of subsidiaries | 465 | | | 281 | | | — | | | (746 | ) | | — | |
|
Intercompany interest and fees | (189 | ) | | 97 | | | 92 | | | — | | | — | |
|
Income from continuing operations before income taxes | 235 | | | 330 | | | 417 | | | (746 | ) | | 236 | |
|
Income tax expense | — | | | — | | | (33 | ) | | — | | | (33 | ) |
|
Equity loss in earnings of unconsolidated subsidiaries | — | | | — | | | (12 | ) | | — | | | (12 | ) |
|
Income from continuing operations | 235 | | | 330 | | | 372 | | | (746 | ) | | 191 | |
|
Income from discontinued operations, net of income taxes | — | | | — | | | 44 | | | — | | | 44 | |
|
Net income | 235 | | | 330 | | | 416 | | | (746 | ) | | 235 | |
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Less: noncontrolling interest in subsidiaries net income | — | | | — | | | — | | | — | | | — | |
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Net income attributable to Tyco common shareholders | $ | 235 | | | $ | 330 | | | $ | 416 | | | $ | (746 | ) | | $ | 235 | |
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CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME |
For the Six Months Ended March 29, 2013 |
($ in millions) |
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| | | | | | | | | | | | | | | | | | | |
| Tyco | | Tyco | | Other | | Consolidating | | Total |
International | International | Subsidiaries | Adjustments |
Ltd. | Finance S.A. | | |
Net income | $ | 235 | | | $ | 330 | | | $ | 416 | | | $ | (746 | ) | | $ | 235 | |
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Other comprehensive (loss) income, net of tax | | | | | | | | | |
Foreign currency translation | (91 | ) | | — | | | (91 | ) | | 91 | | | (91 | ) |
|
Defined benefit and post retirement plans | 9 | | | — | | | 9 | | | (9 | ) | | 9 | |
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Unrealized gain on marketable securities and derivative instruments | 1 | | | — | | | 1 | | | (1 | ) | | 1 | |
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Total other comprehensive loss, net of tax | (81 | ) | | — | | | (81 | ) | | 81 | | | (81 | ) |
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Comprehensive income | 154 | | | 330 | | | 335 | | | (665 | ) | | 154 | |
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Less: comprehensive income attributable to noncontrolling interests | — | | | — | | | — | | | — | | | — | |
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Comprehensive income attributable to Tyco common shareholders | $ | 154 | | | $ | 330 | | | $ | 335 | | | $ | (665 | ) | | $ | 154 | |
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CONDENSED CONSOLIDATING BALANCE SHEET |
As of March 28, 2014 |
($ in millions) |
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| | | | | | | | | | | | | | | | | | | |
| Tyco | | Tyco | | Other | | Consolidating | | Total |
International | International | Subsidiaries | Adjustments |
Ltd. | Finance S.A. | | |
Assets | | | | | | | | | |
Current Assets: | | | | | | | | | |
Cash and cash equivalents | $ | — | | | $ | — | | | $ | 495 | | | $ | — | | | $ | 495 | |
|
Accounts receivable, net | — | | | — | | | 1,674 | | | — | | | 1,674 | |
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Inventories | — | | | — | | | 661 | | | — | | | 661 | |
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Intercompany receivables | 21 | | | 2,144 | | | 7,651 | | | (9,816 | ) | | — | |
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Prepaid expenses and other current assets | 58 | | | — | | | 796 | | | — | | | 854 | |
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Deferred income taxes | — | | | — | | | 250 | | | — | | | 250 | |
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Assets held for sale | — | | | — | | | 839 | | | — | | | 839 | |
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Total current assets | 79 | | | 2,144 | | | 12,366 | | | (9,816 | ) | | 4,773 | |
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Property, plant and equipment, net | — | | | — | | | 1,269 | | | — | | | 1,269 | |
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Goodwill | — | | | — | | | 4,176 | | | — | | | 4,176 | |
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Intangible assets, net | — | | | — | | | 773 | | | — | | | 773 | |
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Investment in subsidiaries | 13,080 | | | 15,103 | | | — | | | (28,183 | ) | | — | |
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Intercompany loans receivable | — | | | 1,358 | | | 5,332 | | | (6,690 | ) | | — | |
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Other assets | 38 | | | 5 | | | 901 | | | — | | | 944 | |
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Total Assets | $ | 13,197 | | | $ | 18,610 | | | $ | 24,817 | | | $ | (44,689 | ) | | $ | 11,935 | |
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Liabilities and Equity | | | | | | | | | |
Current Liabilities: | | | | | | | | | |
Loans payable and current maturities of long-term debt | $ | — | | | $ | — | | | $ | 20 | | | $ | — | | | $ | 20 | |
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Accounts payable | — | | | — | | | 783 | | | — | | | 783 | |
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Accrued and other current liabilities | 583 | | | 23 | | | 1,356 | | | — | | | 1,962 | |
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Deferred revenue | — | | | — | | | 420 | | | — | | | 420 | |
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Intercompany payables | 3,516 | | | 4,147 | | | 2,153 | | | (9,816 | ) | | — | |
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Liabilities held for sale | — | | | — | | | 221 | | | — | | | 221 | |
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Total current liabilities | 4,099 | | | 4,170 | | | 4,953 | | | (9,816 | ) | | 3,406 | |
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Long-term debt | — | | | 1,442 | | | — | | | — | | | 1,442 | |
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Intercompany loans payable | 3,828 | | | 1,874 | | | 988 | | | (6,690 | ) | | — | |
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Deferred revenue | — | | | — | | | 352 | | | — | | | 352 | |
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Other liabilities | 239 | | | — | | | 1,428 | | | — | | | 1,667 | |
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Total Liabilities | 8,166 | | | 7,486 | | | 7,721 | | | (16,506 | ) | | 6,867 | |
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Redeemable noncontrolling interest | — | | | — | | | 12 | | | — | | | 12 | |
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Tyco Shareholders' Equity: | | | | | | | | | |
Common shares | 208 | | | — | | | — | | | — | | | 208 | |
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Common shares held in treasury | — | | | — | | | (991 | ) | | — | | | (991 | ) |
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Other shareholders' equity | 4,823 | | | 11,124 | | | 18,050 | | | (28,183 | ) | | 5,814 | |
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Total Tyco Shareholders' Equity | 5,031 | | | 11,124 | | | 17,059 | | | (28,183 | ) | | 5,031 | |
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Nonredeemable noncontrolling interest | — | | | — | | | 25 | | | — | | | 25 | |
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Total Equity | 5,031 | | | 11,124 | | | 17,084 | | | (28,183 | ) | | 5,056 | |
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Total Liabilities, Redeemable Noncontrolling Interest and Equity | $ | 13,197 | | | $ | 18,610 | | | $ | 24,817 | | | $ | (44,689 | ) | | $ | 11,935 | |
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CONDENSED CONSOLIDATING BALANCE SHEET |
As of September 27, 2013 |
($ in millions) |
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| | | | | | | | | | | | | | | | | | | |
| Tyco | | Tyco | | Other | | Consolidating | | Total |
International | International | Subsidiaries | Adjustments |
Ltd. | Finance S.A. | | |
Assets | | | | | | | | | |
Current Assets: | | | | | | | | | |
Cash and cash equivalents | $ | — | | | $ | — | | | $ | 563 | | | $ | — | | | $ | 563 | |
|
Accounts receivable, net | — | | | — | | | 1,718 | | | — | | | 1,718 | |
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Inventories | — | | | — | | | 647 | | | — | | | 647 | |
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Intercompany receivables | 22 | | | 2,079 | | | 7,354 | | | (9,455 | ) | | — | |
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Prepaid expenses and other current assets | 9 | | | — | | | 841 | | | — | | | 850 | |
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Deferred income taxes | — | | | — | | | 250 | | | — | | | 250 | |
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Assets held for sale | — | | | — | | | 828 | | | — | | | 828 | |
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Total current assets | 31 | | | 2,079 | | | 12,201 | | | (9,455 | ) | | 4,856 | |
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Property, plant and equipment, net | — | | | — | | | 1,285 | | | — | | | 1,285 | |
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Goodwill | — | | | — | | | 4,163 | | | — | | | 4,163 | |
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Intangible assets, net | — | | | — | | | 791 | | | — | | | 791 | |
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Investment in subsidiaries | 12,826 | | | 14,690 | | | — | | | (27,516 | ) | | — | |
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Intercompany loans receivable | — | | | 1,141 | | | 5,310 | | | (6,451 | ) | | — | |
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Other assets | 68 | | | 6 | | | 1,007 | | | — | | | 1,081 | |
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Total Assets | $ | 12,925 | | | $ | 17,916 | | | $ | 24,757 | | | $ | (43,422 | ) | | $ | 12,176 | |
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Liabilities and Equity | | | | | | | | | |
Current Liabilities: | | | | | | | | | |
Loans payable and current maturities of long-term debt | $ | — | | | $ | — | | | $ | 20 | | | $ | — | | | $ | 20 | |
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Accounts payable | 1 | | | — | | | 850 | | | — | | | 851 | |
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Accrued and other current liabilities | 353 | | | 23 | | | 1,483 | | | — | | | 1,859 | |
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Deferred revenue | — | | | — | | | 394 | | | — | | | 394 | |
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Intercompany payables | 3,515 | | | 3,845 | | | 2,095 | | | (9,455 | ) | | — | |
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Liabilities held for sale | — | | | — | | | 225 | | | — | | | 225 | |
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Total current liabilities | 3,869 | | | 3,868 | | | 5,067 | | | (9,455 | ) | | 3,349 | |
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Long-term debt | — | | | 1,443 | | | — | | | — | | | 1,443 | |
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Intercompany loans payable | 3,660 | | | 1,852 | | | 939 | | | (6,451 | ) | | — | |
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Deferred revenue | — | | | — | | | 370 | | | — | | | 370 | |
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Other liabilities | 298 | | | — | | | 1,583 | | | — | | | 1,881 | |
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Total Liabilities | 7,827 | | | 7,163 | | | 7,959 | | | (15,906 | ) | | 7,043 | |
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Redeemable noncontrolling interest | — | | | — | | | 12 | | | — | | | 12 | |
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Tyco Shareholders' Equity: | | | | | | | | | |
Common shares | 208 | | | — | | | — | | | — | | | 208 | |
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Common shares held in treasury | — | | | — | | | (912 | ) | | — | | | (912 | ) |
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Other shareholders' equity | 4,890 | | | 10,753 | | | 17,675 | | | (27,516 | ) | | 5,802 | |
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Total Tyco Shareholders' Equity | 5,098 | | | 10,753 | | | 16,763 | | | (27,516 | ) | | 5,098 | |
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Nonredeemable noncontrolling interest | — | | | — | | | 23 | | | — | | | 23 | |
|
Total Equity | 5,098 | | | 10,753 | | | 16,786 | | | (27,516 | ) | | 5,121 | |
|
Total Liabilities, Redeemable Noncontrolling Interest and Equity | $ | 12,925 | | | $ | 17,916 | | | $ | 24,757 | | | $ | (43,422 | ) | | $ | 12,176 | |
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
For the Six Months Ended March 28, 2014 |
($ in millions) |
|
| | | | | | | | | | | | | | | | | | | |
| Tyco | | Tyco | | Other | | Consolidating | | Total |
International | International | Subsidiaries | Adjustments |
Ltd. | Finance S.A. | | |
Cash Flows From Operating Activities: | | | | | | | | | |
Net cash (used in) provided by operating activities | $ | (20 | ) | | $ | 215 | | | $ | 160 | | | $ | — | | | $ | 355 | |
|
Net cash provided by discontinued operating activities | — | | | — | | | 88 | | | — | | | 88 | |
|
Cash Flows From Investing Activities: | | | | | | | | | |
Capital expenditures | — | | | — | | | (135 | ) | | — | | | (135 | ) |
|
Proceeds from disposal of assets | — | | | — | | | 6 | | | — | | | 6 | |
|
Acquisition of businesses, net of cash acquired | — | | | — | | | (54 | ) | | — | | | (54 | ) |
|
Acquisition of dealer generated customer accounts and bulk account purchases | — | | | — | | | (16 | ) | | — | | | (16 | ) |
|
Net increase in intercompany loans | — | | | (206 | ) | | — | | | 206 | | | — | |
|
Increase in investment in subsidiaries | — | | | (9 | ) | | — | | | 9 | | | — | |
|
Sales and maturities of investments | — | | | — | | | 141 | | | — | | | 141 | |
|
Purchases of investments | — | | | — | | | (40 | ) | | — | | | (40 | ) |
|
Other | — | | | — | | | 6 | | | — | | | 6 | |
|
Net cash used in investing activities | — | | | (215 | ) | | (92 | ) | | 215 | | | (92 | ) |
|
Net cash used in discontinued investing activities | — | | | — | | | (57 | ) | | — | | | (57 | ) |
|
Cash Flows From Financing Activities: | | | | | | | | | |
Proceeds from issuance of short-term debt | — | | | 715 | | | — | | | — | | | 715 | |
|
Repayment of short-term debt | — | | | (715 | ) | | — | | | — | | | (715 | ) |
|
Proceeds from exercise of share options | — | | | — | | | 62 | | | — | | | 62 | |
|
Dividends paid | (148 | ) | | — | | | — | | | — | | | (148 | ) |
|
Repurchase of common shares by treasury | — | | | — | | | (250 | ) | | — | | | (250 | ) |
|
Net intercompany loan borrowings | 168 | | | — | | | 38 | | | (206 | ) | | — | |
|
Increase in equity from parent | — | | | — | | | 9 | | | (9 | ) | | — | |
|
Transfer from discontinued operations | — | | | — | | | 31 | | | — | | | 31 | |
|
Other | — | | | — | | | (10 | ) | | — | | | (10 | ) |
|
Net cash provided by (used in) financing activities | 20 | | | — | | | (120 | ) | | (215 | ) | | (315 | ) |
|
Net cash used in discontinued financing activities | — | | | — | | | (31 | ) | | — | | | (31 | ) |
|
Effect of currency translation on cash | — | | | — | | | (16 | ) | | — | | | (16 | ) |
|
Net decrease in cash and cash equivalents | — | | | — | | | (68 | ) | | — | | | (68 | ) |
|
Cash and cash equivalents at beginning of period | — | | | — | | | 563 | | | — | | | 563 | |
|
Cash and cash equivalents at end of period | $ | — | | | $ | — | | | $ | 495 | | | $ | — | | | $ | 495 | |
|
|
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
For the Six Months Ended March 29, 2013 |
($ in millions) |
|
| | | | | | | | | | | | | | | | | | | |
| Tyco | | Tyco | | Other | | Consolidating | | Total |
International | International | Subsidiaries | Adjustments |
Ltd. | Finance S.A. | | |
Cash Flows From Operating Activities: | | | | | | | | | |
Net cash (used in) provided by operating activities | $ | (175 | ) | | $ | 318 | | | $ | 3 | | | $ | — | | | $ | 146 | |
|
Net cash provided by discontinued operating activities | — | | | — | | | 63 | | | — | | | 63 | |
|
Cash Flows From Investing Activities: | | | | | | | | | |
Capital expenditures | — | | | — | | | (140 | ) | | — | | | (140 | ) |
|
Proceeds from disposal of assets | — | | | — | | | 4 | | | — | | | 4 | |
|
Acquisition of businesses, net of cash acquired | — | | | — | | | (38 | ) | | — | | | (38 | ) |
|
Acquisition of dealer generated customer accounts and bulk account purchases | — | | | — | | | (10 | ) | | — | | | (10 | ) |
|
Intercompany dividend from subsidiary | — | | | 14 | | | — | | | (14 | ) | | — | |
|
Net increase in intercompany loans | — | | | (300 | ) | | — | | | 300 | | | — | |
|
Sales and maturities of investments | — | | | — | | | 39 | | | — | | | 39 | |
|
Purchases of investments | — | | | — | | | (119 | ) | | — | | | (119 | ) |
|
Other | — | | | — | | | (6 | ) | | — | | | (6 | ) |
|
Net cash used in investing activities | — | | | (286 | ) | | (270 | ) | | 286 | | | (270 | ) |
|
Net cash used in discontinued investing activities | — | | | — | | | (54 | ) | | — | | | (54 | ) |
|
Cash Flows From Financing Activities: | | | | | | | | | |
Proceeds from issuance of short-term debt | — | | | 100 | | | — | | | — | | | 100 | |
|
Repayment of short-term debt | — | | | (100 | ) | | (1 | ) | | — | | | (101 | ) |
|
Proceeds from exercise of share options | — | | | — | | | 94 | | | — | | | 94 | |
|
Dividends paid | (140 | ) | | — | | | — | | | — | | | (140 | ) |
|
Intercompany dividend to parent | — | | | — | | | (14 | ) | | 14 | | | — | |
|
Repurchase of common shares by treasury | — | | | — | | | (200 | ) | | — | | | (200 | ) |
|
Net intercompany loan borrowings (repayments) | 315 | | | — | | | (15 | ) | | (300 | ) | | — | |
|
Transfer (to) from discontinued operations | — | | | (32 | ) | | 9 | | | — | | | (23 | ) |
|
Other | — | | | — | | | (17 | ) | | — | | | (17 | ) |
|
Net cash provided by (used in) financing activities | 175 | | | (32 | ) | | (144 | ) | | (286 | ) | | (287 | ) |
|
Net cash provided by discontinued financing activities | — | | | — | | | 23 | | | — | | | 23 | |
|
Effect of currency translation on cash | — | | | — | | | (3 | ) | | — | | | (3 | ) |
|
Net decrease in cash and cash equivalents | — | | | — | | | (382 | ) | | — | | | (382 | ) |
|
Less: net increase in cash and cash equivalents related to discontinued operations | — | | | — | | | 32 | | | — | | | 32 | |
|
Cash and cash equivalents at beginning of period | — | | | — | | | 844 | | | — | | | 844 | |
|
Cash and cash equivalents at end of period | $ | — | | | $ | — | | | $ | 430 | | | $ | — | | | $ | 430 | |
|
| | | | | | | | | | | | | | | | | | | | |