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Equity and Comprehensive Income
 3 Months Ended
Dec. 25, 2015
Equity [Abstract]  
Equity and Comprehensive Income
Equity and Comprehensive Income
Authorized Share Capital
As of December 25, 2015 and September 25, 2015, the Company's authorized share capital amounted to $11,000,000 and €40,000, divided into 1,000,000,000 ordinary shares with a par value of $0.01 per share, 100,000,000 preferred shares with a par value of $0.01 per share and 40,000 ordinary A shares with a par value of €1.00 per share. The authorized share capital includes 40,000 ordinary A shares with a par value of €1.00 per share in order to satisfy statutory requirements for the incorporation of all Irish public limited companies. Tyco Ireland may issue shares subject to the maximum prescribed by its authorized share capital contained in its memorandum of association. In connection with the re-domicile to Ireland, the Company canceled all the outstanding treasury shares, including shares held by subsidiaries, with an offsetting reduction in Additional paid in capital.
Issued Share Capital
The Company issued one authorized ordinary share in exchange for each ordinary share of Tyco Switzerland to the former shareholders of Tyco Switzerland. All ordinary shares issued at the effective time of the re-domicile were issued as fully paid-up and non-assessable.
Dividends
The authority to declare and pay dividends is vested in the Board of Directors. The timing, declaration and payment of future dividends to holders of the Company's ordinary shares will be determined by the Company's Board of Directors and will depend upon many factors, including the Company's financial condition and results of operations, the capital requirements of the Company's businesses, industry practice and any other relevant factors.
Under Irish law, dividends may only be paid (and share repurchases and redemptions must generally be funded) out of “distributable reserves.” The creation of distributable reserves was accomplished by way of a capital reduction, which the Irish High Court approved on December 18, 2014.
On December 8, 2015, the Company declared a quarterly dividend of $0.205 per share, payable on February 17, 2016 to shareholders of record on January 22, 2016. On September 3, 2015, the Company declared a quarterly dividend of $0.205 per share, paid on November 12, 2015 to shareholders of record on October 23, 2015.
On March 5, 2014, the Company's shareholders approved an annual cash dividend of $0.72 per ordinary share. Payment of the dividend was made in four quarterly installments of $0.18 from May 2014 through February 2015. As a result, during the quarter ended March 28, 2014, the Company recorded an accrued dividend of $332 million within Accrued and other current liabilities and a corresponding reduction to Contributed surplus within the Company's Consolidated Balance Sheet.
Share Repurchase Program
The Company's Board of Directors approved $1.75 billion and $1 billion share repurchase programs in March 2014 and September 2014, respectively. No shares were repurchased during the quarter ended December 25, 2015. During the quarter ended December 26, 2014, the Company repurchased a total of approximately 10 million shares for approximately $417 million which completed the $1.75 billion share repurchase program. As of December 25, 2015, a total of approximately $1 billion in share repurchase authority remained outstanding.
Comprehensive Income (Loss)
Comprehensive income (loss) is comprised of the following ($ in millions):
 
For the Quarters Ended
 
December 25,
2015
 
December 26,
2014
Net income
$
76

 
$
161

Foreign currency translation(1)
(43
)
 
(198
)
Amortization of net actuarial losses (2)
7

 
6

Income tax expense
(2
)
 
(1
)
Defined benefit and post retirement plans, net of tax
5

 
5

Unrealized gain on marketable securities and derivative instruments (3)
2

 
—

Income tax expense
(1
)
 
—

Unrealized gain on marketable securities and derivative instruments, net of tax
1

 
—

  Total other comprehensive loss, net of tax
(37
)
 
(193
)
Comprehensive income (loss)
39

 
(32
)
Less: comprehensive loss attributable to noncontrolling interests
—

 
(1
)
Comprehensive income (loss) attributable to Tyco ordinary shareholders
$
39

 
$
(31
)
(1) Includes a $13 million gain related to the net investment hedge for the quarter ended December 25, 2015. The Company did not hold this net investment hedge during the quarter ended December 26, 2014. See Note 9.
(2) Reclassified to net periodic (benefit) cost. See Note 11.
(3) When sold, the gain (loss) will be reclassified to realized gain (loss) on marketable securities and derivative instruments and be recorded in Other (expense) income, net within the Consolidated Statements of Operations.
A summary of the changes in each component of Accumulated other comprehensive loss, net of tax, for the three months ended December 25, 2015 and December 26, 2014 are as follows ($ in millions):
 
Currency
Translation
Adjustments
 
Unrealized Gain
(Loss) on
Marketable
Securities and
Derivative
Instruments
 
Retirement
Plans
 
Accumulated Other
Comprehensive Loss
Balance as of September 25, 2015
$
(1,233
)
 
$
(9
)
 
$
(599
)
 
$
(1,841
)
Other comprehensive (loss) income, net of tax
(43
)
 
1

 
—

 
(42
)
Amounts reclassified from accumulated other comprehensive income, net of tax
—

 
—

 
5

 
5

Net current period other comprehensive (loss) income
$
(43
)
 
$
1

 
$
5

 
$
(37
)
Balance as of December 25, 2015
$
(1,276
)
 
$
(8
)
 
$
(594
)
 
$
(1,878
)

 
Currency
Translation
Adjustments
 
Retirement
Plans
 
Accumulated Other
Comprehensive Loss
Balance as of September 26, 2014
$
(693
)
 
$
(532
)
 
$
(1,225
)
Other comprehensive (loss) income, net of tax
(198
)
 
—

 
(198
)
Amounts reclassified from accumulated other comprehensive income, net of tax
—

 
5

 
5

Net current period other comprehensive (loss) income
$
(198
)
 
$
5

 
$
(193
)
Balance as of December 26, 2014
$
(891
)
 
$
(527
)
 
$
(1,418
)