CORK, Ireland, Jan. 30, 2015 /PRNewswire/ --
- Revenue of $2.5 billion increases
2% on an organic basis, led by the Global Products segment with
organic growth of 10%
- Diluted EPS from continuing operations before special items
increases 17%
- Announces five acquisitions during the quarter that are
expected to generate a total of $240
million in revenue on an annualized basis
- Repurchases 10 million shares for $417
million during the quarter
- Provides guidance for second quarter 2015 EPS before special
items of $0.48 - $0.50
- Revises guidance for full year 2015 EPS before special items to
a range of $2.30 - $2.40, adjusting
for incremental $0.09 headwind from
foreign currency exchange rates, offset by $0.04 benefit from
recent acquisitions and additional productivity
(Income and EPS amounts are attributable to Tyco ordinary
shareholders)
($ millions,
except per-share
amounts)
(All prior periods have been recast to reflect certain
businesses as discontinued operations)
|
|
Q1
2015
|
|
Q1
2014
|
|
% Change
|
|
Revenue
|
|
$
|
2,479
|
|
|
$
|
2,493
|
|
|
(1)%
|
|
Segment Operating
Income
|
|
$
|
272
|
|
|
$
|
298
|
|
|
(9)%
|
|
Operating
Income
|
|
$
|
198
|
|
|
$
|
344
|
|
|
(42)%
|
|
Income from
Continuing Operations
|
|
$
|
163
|
|
|
$
|
246
|
|
|
(34)%
|
|
Diluted EPS from
Continuing Operations
|
|
$
|
0.38
|
|
|
$
|
0.52
|
|
|
(27)%
|
|
Special
Items
|
|
$
|
(0.11)
|
|
|
$
|
0.10
|
|
|
|
|
|
Segment Operating
Income Before Special Items
|
|
$
|
326
|
|
|
$
|
322
|
|
|
1%
|
|
Income from
Continuing Ops Before Special Items
|
|
$
|
209
|
|
|
$
|
198
|
|
|
6%
|
|
Diluted EPS from
Continuing Ops Before Special Items
|
|
$
|
0.49
|
|
|
$
|
0.42
|
|
|
17%
|
|
Tyco (NYSE: TYC) today reported $0.38 in GAAP diluted earnings per share (EPS)
from continuing operations for the fiscal first quarter of 2015 and
diluted EPS from continuing operations before special items of
$0.49. Revenue of $2.5 billion in the quarter decreased 1% versus
the prior year due to the impact of the stronger U.S. dollar
against foreign currencies. Organic revenue grew 2% in the quarter,
led by Global Products with a 10% increase. Service revenue grew 1%
organically and installation revenue was relatively flat.
Acquisitions contributed one percentage point of growth, which was
partially offset by the impact of divestitures.
"We are off to a solid start in 2015 with our sixth consecutive
quarter of double digit earnings growth," said Tyco Chief Executive
Officer George R. Oliver. "Our
teams continue to execute well, with exceptional organic growth of
10% from our products businesses, which drove overall organic
revenue growth of 2% and contributed to the 17% increase in
earnings per share, year over year. In addition, we committed
nearly $1 billion of capital to
acquisitions and share repurchases."
"We are making good progress in transforming our direct channel
into a technology solutions provider by expanding our capabilities
through organic investments and strategic acquisitions. During the
quarter, we appointed Daryll Fogal
as our Chief Technology Officer, we launched our new 'Tyco On'
software solutions platform and completed or signed five
acquisitions focused on key areas of growth for Tyco, including gas
and flame detection, growth markets, and expanding our services
platform. These acquisitions accelerate our strategic
priorities, with a focus on technology that enables innovative
solutions to uniquely address customer problems utilizing our
direct channel," continued Mr. Oliver.
"While we continue to deliver strong operating performance, the
sustained strengthening of the U.S. dollar is putting additional
pressure on our results. Based on current exchange rates, we have
an incremental $0.09 of foreign
currency headwinds on top of the $0.07 we had expected when we gave 2015 guidance
in November. We are able to partially offset this incremental
headwind with the benefit of recent acquisitions and additional
productivity. As a result, we are updating our full year EPS
guidance to a range of $2.30 to $2.40
before special items, which at the midpoint would represent an 18%
year-over-year improvement," Mr. Oliver added.
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 first 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. In fiscal year 2014, certain
businesses were 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 first quarter of 2014 unless otherwise indicated.
North America Installation & Services
|
|
Q1
2015
|
|
Q1
2014
|
|
% Change
|
|
Revenue
|
|
$
|
951
|
|
|
$
|
957
|
|
|
(1)%
|
|
Operating
Income
|
|
$
|
105
|
|
|
$
|
117
|
|
|
(10)%
|
|
Operating
Margin
|
|
11.0%
|
|
|
12.2%
|
|
|
|
|
|
Special
Items
|
|
$
|
(26)
|
|
|
$
|
(12)
|
|
|
|
|
|
Operating Income
Before Special Items
|
|
$
|
131
|
|
|
$
|
129
|
|
|
2%
|
|
Operating Margin
Before Special Items
|
|
13.8%
|
|
|
13.5%
|
|
|
|
|
|
Revenue of $951 million decreased
1% due to the weakening of the Canadian dollar. Organic growth in
service revenue of 1% was offset by a decline in installation
revenue of 1%. Backlog of $2.5
billion increased 5% year over year and 1% on a quarter
sequential basis, excluding the impact of foreign currency.
Operating income for the quarter was $105
million and the operating margin was 11.0%. Special items of
$26 million consisted primarily of
restructuring charges. Before special items, operating income was
$131 million and the operating margin
was 13.8%. Improved execution and the benefit of restructuring and
productivity initiatives were partially offset by a legal charge,
which negatively impacted the operating margin by 60 basis
points.
Rest of World Installation & Services
|
|
Q1
2015
|
|
Q1
2014
|
|
% Change
|
|
Revenue
|
|
$
|
917
|
|
|
$
|
971
|
|
|
(6)%
|
|
Operating
Income
|
|
$
|
69
|
|
|
$
|
95
|
|
|
(27)%
|
|
Operating
Margin
|
|
7.5%
|
|
|
9.8%
|
|
|
|
|
|
Special
Items
|
|
$
|
(21)
|
|
|
$
|
(8)
|
|
|
|
|
|
Operating Income
Before Special Items
|
|
$
|
90
|
|
|
$
|
103
|
|
|
(13)%
|
|
Operating Margin
Before Special Items
|
|
9.8%
|
|
|
10.6%
|
|
|
|
|
|
Revenue of $917 million decreased
6% compared to the prior year, driven by a 7% unfavorable impact
related to changes in foreign currency exchange rates.
Organic revenue growth was relatively flat with a modest increase
in both service and installation revenue. Acquisitions
contributed 2% to revenue growth, which was partially offset by the
impact of divestitures. Backlog of $2.1 billion increased 2% on a year over year and
quarter sequential basis, excluding the impact of foreign
currency.
Operating income for the quarter was $69
million and the operating margin was 7.5%. Special items of
$21 million consisted primarily of
restructuring charges. Before special items, operating income was
$90 million, and the operating margin
declined 80 basis points to 9.8%, primarily due to the mix of
businesses contributing to growth and a lower percentage of
higher-margin service revenue.
Global Products
|
|
Q1
2015
|
|
Q1
2014
|
|
% Change
|
|
Revenue
|
|
$
|
611
|
|
|
$
|
565
|
|
|
8%
|
|
Operating
Income
|
|
$
|
98
|
|
|
$
|
86
|
|
|
14%
|
|
Operating
Margin
|
|
16.0%
|
|
|
15.2%
|
|
|
|
|
|
Special
Items
|
|
$
|
(7)
|
|
|
$
|
(4)
|
|
|
|
|
|
Operating Income
Before Special Items
|
|
$
|
105
|
|
|
$
|
90
|
|
|
17%
|
|
Operating Margin
Before Special Items
|
|
17.2%
|
|
|
15.9%
|
|
|
|
|
|
Revenue of $611 million increased
8% in the quarter. Organic revenue growth of 10% was driven by
strong growth across all three platforms, led by Security Products
and Life Safety Products. Organic growth included a 2 percentage
point benefit from increased shipments of Scott Safety Air-Pak X3s
compared to the prior year. Acquisitions contributed an additional
point of growth, which was more than offset by a 3% decrease
related to changes in foreign currency exchange rates.
Operating income for the quarter was $98
million and the operating margin was 16.0%. Special items of
$7 million consisted primarily of
restructuring charges. Before special items, operating income was
$105 million and the operating margin
increased 130 basis points to 17.2%. Operating leverage on
increased revenue, favorable product mix and productivity
benefits drove the operating margin improvement.
OTHER ITEMS
- Cash from operating activities was $96
million and free cash flow was $4
million, which included a cash outflow of $38 million, primarily related to restructuring
and repositioning activities. Adjusted free cash flow for the
quarter was $42 million. The company
completed the quarter with $473
million in cash and cash equivalents.
- Corporate expense for the quarter was $55 million before special items and $74 million on a GAAP basis, primarily due to
restructuring and repositioning charges.
- The tax rate before special items was 17.5% for the
quarter.
- During the quarter, the company repurchased 10 million shares
for $417 million. The remaining share
repurchase authorization is $1.0
billion.
- The company completed the change in its jurisdiction of
incorporation to Ireland on
November 17, 2014.
- As previously disclosed, during the quarter the company signed
a definitive agreement to acquire Industrial Safety Technologies
(IST), a global leader in gas and flame detection, for $329.5 million in cash. On an annualized
basis, the addition of IST to Tyco's Global Products segment is
expected to generate approximately $140
million in revenue. This transaction is expected to close
toward the end of the fiscal second quarter.
- During the quarter, the company completed four additional
acquisitions for a total of $140
million in cash. These included the acquisitions of a
thermal imaging business, a fire suppression products business in
China, a fire and security service
business in the U.K., and a majority investment in an interactive
intrusion platform that expands the company's Internet of Things
capabilities. On an annualized basis, these businesses are expected
to generate revenue of approximately $100
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 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 first 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 517-308-9262
(outside the United States),
passcode "Tyco",
- Replay via telephone - by dialing 800-324-4696 (in the United States) or 402-220-3856 (outside
the United States), passcode 9851,
from 10:00 a.m. (ET) on January 30, 2015, until 11:59 p.m. (ET) on February 6, 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
|
|
|
December 26,
2014
|
|
December 27,
2013
|
|
|
|
Revenue from product
sales
|
|
$
|
1,488
|
|
|
$
|
1,468
|
|
Service
revenue
|
|
991
|
|
|
1,025
|
|
Net
revenue
|
|
2,479
|
|
|
2,493
|
|
Cost of product
sales
|
|
1,022
|
|
|
999
|
|
Cost of
services
|
|
548
|
|
|
576
|
|
Selling, general and
administrative expenses
|
|
653
|
|
|
571
|
|
Restructuring and
asset impairment charges, net
|
|
58
|
|
|
3
|
|
Operating
income
|
|
198
|
|
|
344
|
|
Interest
income
|
|
3
|
|
|
3
|
|
Interest
expense
|
|
(24)
|
|
|
(24)
|
|
Other income
(expense), net
|
|
4
|
|
|
(1)
|
|
Income from
continuing operations before income taxes
|
|
181
|
|
|
322
|
|
Income tax
expense
|
|
(19)
|
|
|
(70)
|
|
Equity loss in
earnings of unconsolidated subsidiaries
|
|
—
|
|
|
(4)
|
|
Income from
continuing operations
|
|
162
|
|
|
248
|
|
(Loss) income from
discontinued operations, net of income taxes
|
|
(1)
|
|
|
24
|
|
Net
income
|
|
161
|
|
|
272
|
|
Less: noncontrolling
interest in subsidiaries net (loss) income
|
|
(1)
|
|
|
2
|
|
Net income
attributable to Tyco ordinary shareholders
|
|
$
|
162
|
|
|
$
|
270
|
|
Amounts
attributable to Tyco ordinary shareholders:
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
|
163
|
|
|
$
|
246
|
|
(Loss) income from
discontinued operations
|
|
(1)
|
|
|
24
|
|
Net income
attributable to Tyco ordinary shareholders
|
|
$
|
162
|
|
|
$
|
270
|
|
Basic earnings per
share attributable to Tyco ordinary shareholders:
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
|
0.39
|
|
|
$
|
0.53
|
|
Income from
discontinued operations
|
|
—
|
|
|
0.05
|
|
Net income
attributable to Tyco ordinary shareholders
|
|
$
|
0.39
|
|
|
$
|
0.58
|
|
Diluted earnings
per share attributable to Tyco ordinary
shareholders:
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
|
0.38
|
|
|
$
|
0.52
|
|
Income from
discontinued operations
|
|
—
|
|
|
0.05
|
|
Net income
attributable to Tyco ordinary shareholders
|
|
$
|
0.38
|
|
|
$
|
0.57
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
420
|
|
|
464
|
|
Diluted
|
|
427
|
|
|
471
|
|
|
|
|
|
|
|
|
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.
|
TYCO INTERNATIONAL
PLC
|
RESULTS OF
SEGMENTS
|
(in
millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Quarters Ended
|
|
|
|
|
|
December 26,
2014
|
|
|
|
|
December 27,
2013
|
|
|
|
Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation & Services
|
|
$
|
951
|
|
|
|
|
|
$
|
957
|
|
|
|
|
ROW
Installation & Services
|
|
917
|
|
|
|
|
|
971
|
|
|
|
|
Global
Products
|
|
611
|
|
|
|
|
|
565
|
|
|
|
|
Total Net
Revenue
|
|
$
|
2,479
|
|
|
|
|
|
$
|
2,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
and Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
NA
Installation & Services
|
|
$
|
105
|
|
|
11.0
|
%
|
|
$
|
117
|
|
|
12.2
|
%
|
ROW
Installation & Services
|
|
69
|
|
|
7.5
|
%
|
|
95
|
|
|
9.8
|
%
|
Global
Products
|
|
98
|
|
|
16.0
|
%
|
|
86
|
|
|
15.2
|
%
|
Corporate and
Other
|
|
(74)
|
|
|
N/M
|
|
46
|
|
|
N/M
|
Operating Income
and Margin
|
|
$
|
198
|
|
|
8.0
|
%
|
|
$
|
344
|
|
|
13.8
|
%
|
TYCO INTERNATIONAL
PLC
|
CONSOLIDATED
BALANCE SHEETS
|
(in
millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
December 26,
2014
|
|
September 26,
2014
|
Assets
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
473
|
|
|
$
|
892
|
|
Accounts receivable,
net
|
|
1,718
|
|
|
1,750
|
|
Inventories
|
|
658
|
|
|
628
|
|
Prepaid expenses and
other current assets
|
|
890
|
|
|
1,153
|
|
Deferred income
taxes
|
|
307
|
|
|
307
|
|
Assets held for
sale
|
|
20
|
|
|
21
|
|
Total Current
Assets
|
|
4,066
|
|
|
4,751
|
|
Property, plant and
equipment, net
|
|
1,242
|
|
|
1,269
|
|
Goodwill
|
|
4,148
|
|
|
4,126
|
|
Intangible assets,
net
|
|
796
|
|
|
737
|
|
Other
assets
|
|
946
|
|
|
926
|
|
Total
Assets
|
|
$
|
11,198
|
|
|
$
|
11,809
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Loans payable and
current maturities of long-term debt
|
|
$
|
278
|
|
|
$
|
20
|
|
Accounts
payable
|
|
825
|
|
|
871
|
|
Accrued and other
current liabilities
|
|
1,993
|
|
|
2,167
|
|
Deferred
revenue
|
|
365
|
|
|
400
|
|
Liabilities held for
sale
|
|
14
|
|
|
13
|
|
Total Current
Liabilities
|
|
3,475
|
|
|
3,471
|
|
Long-term
debt
|
|
1,184
|
|
|
1,443
|
|
Deferred
revenue
|
|
324
|
|
|
335
|
|
Other
liabilities
|
|
1,918
|
|
|
1,877
|
|
Total
Liabilities
|
|
6,901
|
|
|
7,126
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
13
|
|
|
13
|
|
|
|
|
|
|
|
|
Total Tyco
shareholders' equity
|
|
4,234
|
|
|
4,647
|
|
Nonredeemable
noncontrolling interest
|
|
50
|
|
|
23
|
|
Total
Equity
|
|
4,284
|
|
|
4,670
|
|
Total Liabilities,
Redeemable Noncontrolling Interest and Equity
|
|
$
|
11,198
|
|
|
$
|
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.
|
TYCO INTERNATIONAL
PLC
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(in
millions)
|
(Unaudited)
|
|
|
|
|
|
For the Quarters
Ended
|
|
|
December 26,
2014
|
|
December 27,
2013
|
|
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
Net income
attributable to Tyco ordinary shareholders
|
|
$
|
162
|
|
|
$
|
270
|
|
Noncontrolling
interest in subsidiaries net (loss) income
|
|
(1)
|
|
|
2
|
|
Loss (income) from
discontinued operations, net of income taxes
|
|
1
|
|
|
(24)
|
|
Income from
continuing operations
|
|
162
|
|
|
248
|
|
Adjustments to
reconcile net cash provided by operating activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
91
|
|
|
94
|
|
Non-cash compensation
expense
|
|
15
|
|
|
15
|
|
Deferred income
taxes
|
|
(6)
|
|
|
51
|
|
Provision for losses
on accounts receivable and inventory
|
|
16
|
|
|
10
|
|
Legacy legal
matters
|
|
—
|
|
|
(92)
|
|
Other non-cash
items
|
|
(2)
|
|
|
7
|
|
Changes in assets and
liabilities, net of the effects of acquisitions and
divestitures:
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
(7)
|
|
|
25
|
|
Contracts in
progress
|
|
8
|
|
|
13
|
|
Inventories
|
|
(43)
|
|
|
(30)
|
|
Prepaid expenses and
other assets
|
|
(3)
|
|
|
(54)
|
|
Accounts
payable
|
|
(41)
|
|
|
(41)
|
|
Accrued and other
liabilities
|
|
(33)
|
|
|
(105)
|
|
Deferred
revenue
|
|
(37)
|
|
|
(40)
|
|
Other
|
|
(24)
|
|
|
(1)
|
|
Net cash provided by
operating activities
|
|
96
|
|
|
100
|
|
Net cash provided by
discontinued operating activities
|
|
—
|
|
|
23
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
|
|
Capital
expenditures
|
|
(66)
|
|
|
(63)
|
|
Proceeds from
disposal of assets
|
|
1
|
|
|
4
|
|
Acquisition of
businesses, net of cash acquired
|
|
(152)
|
|
|
(54)
|
|
Acquisition of dealer
generated customer accounts and bulk account purchases
|
|
(4)
|
|
|
(11)
|
|
Sales and maturities
of investments
|
|
275
|
|
|
112
|
|
Purchases of
investments
|
|
(1)
|
|
|
(32)
|
|
(Increase) decrease
in restricted cash
|
|
(45)
|
|
|
4
|
|
Other
|
|
(1)
|
|
|
2
|
|
Net cash provided by
(used in) investing activities
|
|
7
|
|
|
(38)
|
|
Net cash used in
discontinued investing activities
|
|
(15)
|
|
|
(29)
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
|
Proceeds from
issuance of short-term debt
|
|
—
|
|
|
310
|
|
Repayment of
short-term debt
|
|
—
|
|
|
(150)
|
|
Proceeds from
exercise of share options
|
|
33
|
|
|
40
|
|
Dividends
paid
|
|
(75)
|
|
|
(74)
|
|
Repurchase of
ordinary shares by treasury
|
|
(417)
|
|
|
(250)
|
|
Transfer to
discontinued operations
|
|
(15)
|
|
|
(6)
|
|
Payment of contingent
consideration
|
|
(23)
|
|
|
—
|
|
Other
|
|
(15)
|
|
|
(9)
|
|
Net cash used in
financing activities
|
|
(512)
|
|
|
(139)
|
|
Net cash provided by
discontinued financing activities
|
|
15
|
|
|
6
|
|
Effect of currency
translation on cash
|
|
(10)
|
|
|
(7)
|
|
Net decrease in
cash and cash equivalents
|
|
(419)
|
|
|
(84)
|
|
Less: net decrease
in cash and cash equivalents related to discontinued
operations
|
|
—
|
|
|
—
|
|
Cash and cash
equivalents at beginning of period
|
|
892
|
|
|
563
|
|
Cash and cash
equivalents at end of period
|
|
$
|
473
|
|
|
$
|
479
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to
"Free Cash Flow":
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
96
|
|
|
$
|
100
|
|
Capital expenditures,
net
|
|
(65)
|
|
|
(59)
|
|
Acquisition of dealer
generated customer accounts and bulk account purchases
|
|
(4)
|
|
|
(11)
|
|
Payment of contingent
consideration
|
|
(23)
|
|
|
—
|
|
Free Cash
Flow
|
|
$
|
4
|
|
|
$
|
30
|
|
|
|
|
|
|
|
|
Reconciliation to
"Adjusted Free Cash Flow":
|
|
|
|
|
|
|
CIT
settlement
|
|
$
|
—
|
|
|
$
|
(60)
|
|
IRS litigation
costs
|
|
—
|
|
|
1
|
|
Separation
costs
|
|
3
|
|
|
22
|
|
Restructuring and
repositioning costs
|
|
34
|
|
|
29
|
|
Environmental
remediation payments
|
|
7
|
|
|
31
|
|
Legal
settlements
|
|
(12)
|
|
|
—
|
|
Net asbestos payments
(recoveries)
|
|
5
|
|
|
3
|
|
Cash payment from
Covidien / TE Connectivity
|
|
—
|
|
|
(1)
|
|
Acquisition /
integration costs
|
|
1
|
|
|
—
|
|
Special
Items
|
|
$
|
38
|
|
|
$
|
25
|
|
|
|
|
|
|
|
|
Adjusted Free Cash
Flow
|
|
$
|
42
|
|
|
$
|
55
|
|
|
|
|
|
|
|
|
|
|
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
December 26, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
Quarter Ended
December 27, 2013
|
|
Adjustments
|
|
Adjusted
Fiscal
2014 Base
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue for
the
Quarter Ended
December 26, 2014
|
|
|
|
Divestitures
/ Other
|
|
|
Foreign Currency
|
|
Acquisitions
|
|
Organic Revenue(1)
|
|
NA Installation &
Services
|
|
$
|
957
|
|
|
$
|
—
|
|
|
—%
|
|
|
$
|
957
|
|
|
$
|
(9)
|
|
|
(0.9)%
|
|
|
$
|
4
|
|
|
0.4%
|
|
$
|
(1)
|
|
|
(0.1)%
|
|
|
$
|
951
|
|
|
(0.6)%
|
|
ROW Installation
& Services
|
|
971
|
|
|
(13)
|
|
|
(1.3)%
|
|
|
958
|
|
|
(63)
|
|
|
(6.5)%
|
|
|
20
|
|
|
2.1%
|
|
2
|
|
|
0.2%
|
|
|
917
|
|
|
(5.6)%
|
|
Global
Products
|
|
565
|
|
|
—
|
|
|
—%
|
|
|
565
|
|
|
(17)
|
|
|
(3.0)%
|
|
|
5
|
|
|
0.9%
|
|
58
|
|
|
10.3%
|
|
|
611
|
|
|
8.1%
|
|
Total Net
Revenue
|
|
$
|
2,493
|
|
|
$
|
(13)
|
|
|
(0.5)%
|
|
|
$
|
2,480
|
|
|
$
|
(89)
|
|
|
(3.6)%
|
|
|
$
|
29
|
|
|
1.2%
|
|
$
|
59
|
|
|
2.4%
|
|
|
$
|
2,479
|
|
|
(0.6)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Organic revenue growth percentage based on adjusted fiscal 2014
base revenue.
|
|
|
|
|
|
|
|
Earnings Per Share
Summary
|
(Unaudited)
|
|
|
|
Quarter
Ended
|
|
Quarter
Ended
|
|
|
Dec. 26,
2014
|
|
Dec. 27,
2013
|
Diluted EPS from
Continuing Operations Attributable to Tyco Shareholders
(GAAP)
|
|
$
|
0.38
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
expense /
(benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
0.12
|
|
|
0.01
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
—
|
|
|
0.02
|
|
|
|
|
|
|
|
|
Loss on sale of
investment
|
|
—
|
|
|
0.01
|
|
|
|
|
|
|
|
|
CIT
settlement
|
|
—
|
|
|
(0.03)
|
|
|
|
|
|
|
|
|
Settlement with
former management
|
|
(0.01)
|
|
|
(0.11)
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$
|
0.49
|
|
|
$
|
0.42
|
|
Tyco International
plc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended December 26, 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)
|
|
$951
|
|
|
|
|
|
$917
|
|
|
|
|
|
$611
|
|
|
|
|
|
$2,479
|
|
|
|
|
|
$—
|
|
|
|
|
$2,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
$105
|
|
|
11.0
|
%
|
|
$69
|
|
|
7.5
|
%
|
|
$98
|
|
|
16.0
|
%
|
|
$272
|
|
|
11.0
|
%
|
|
($74)
|
|
|
N/M
|
|
$198
|
|
|
8.0
|
%
|
|
($21)
|
|
|
$4
|
|
|
($19)
|
|
|
$—
|
|
|
$1
|
|
|
$163
|
|
$0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
repositioning activities
|
|
24
|
|
|
|
|
|
19
|
|
|
|
|
|
7
|
|
|
|
|
|
50
|
|
|
|
|
|
25
|
|
|
|
|
75
|
|
|
|
|
|
|
|
|
|
|
|
(27)
|
|
|
|
|
|
|
|
|
48
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation costs
included in SG&A
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) / losses on
divestitures, net included in SG&A
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition /
integration costs
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement with
former management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
|
|
|
|
(7)
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
(4)
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asbestos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
2
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRS litigation
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
(1)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Tax Sharing
Agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Before
Special Items
|
|
$131
|
|
|
13.8
|
%
|
|
$90
|
|
|
9.8
|
%
|
|
$105
|
|
|
17.2
|
%
|
|
$326
|
|
|
13.2
|
%
|
|
($55)
|
|
|
N/M
|
|
$271
|
|
|
10.9
|
%
|
|
($21)
|
|
|
$2
|
|
|
($44)
|
|
|
$—
|
|
|
$1
|
|
|
$209
|
|
$0.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
|
427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
427
|
|
Tyco International
plc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended December 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)
|
|
$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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding
|
|
|
|
471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding - Before Special Items
|
471
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tyco-reports-first-quarter-2015-earnings-from-continuing-operations-before-special-items-of-049-per-share-and-gaap-earnings-of-038-per-share-300028380.html
SOURCE Tyco