1. | We note your response to comment 2 and your disclosure. Although you identified significant asbestos commitments impacting your liquidity, please expand to discuss your expected material changes in the mix and relative cost of your capital resources or anticipated sources of funds to fulfill such obligations. In this regard, we note that most of your cash, including expected proceeds from divestitures, appears to have been committed towards stock repurchases, dividends and acquisitions. Refer to Item 303(a)(2)(ii) of Regulation S-K. |
As of | |||||||||||
($ in millions) | March 27, 2015 | September 26, 2014 | Credit Availability as of March 27, 2015 | ||||||||
Cash and cash equivalents | $ | 432 | $ | 892 | $ | — | |||||
Total debt (excluding Revolving Credit Facility) | 2,010 | 1,463 | — | ||||||||
Revolving Credit Facility | — | — | 1,000 | ||||||||
Total Tyco shareholders' equity | 4,181 | 4,647 | — | ||||||||
Total debt as a % of total capital | 32.5 | % | 23.9 | % | NA |
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