8-K 1 a10-3284_18k.htm 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 


 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 


 

Date of Report (Date of earliest event reported): February 9, 2010

 

TYCO INTERNATIONAL LTD.

(Exact Name of Registrant as Specified in its Charter)

 

Switzerland

 

98-0390500

(Jurisdiction of Incorporation)

 

(IRS Employer Identification Number)

 

001-13836

(Commission File Number)

 

Freier Platz 10

CH-8200 Schaffhausen, Switzerland

(Address of Principal Executive Offices, including Zip Code)

 

41-52-633-02-44

(Registrant’s Telephone Number, including Area Code)

 

Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 8.01                                             Other Events.

 

During the first quarter of fiscal 2010, Tyco International Ltd. (the “Company”) realigned certain business operations. The manufacturing operations which support the ADT retail business, historically included in the Safety Products segment, were transferred to the ADT Worldwide segment.  In addition, certain smaller businesses were transferred between segments; from the Company’s Safety Products segment to the Company’s Fire Protection Services segment in Asia Pacific; from the Company’s Fire Protection Services segment to the Company’s ADT Worldwide segment in EMEA and Latin America. Further, certain overhead costs were transferred from Corporate and Other to the Company’s ADT Worldwide segment. As a result of the realignment of these business activities, the following tables for the fiscal years ended 2009, 2008 and 2007 have been recast to reflect the realignments discussed above. The realignment did not have any impact on the Company’s consolidated financial position, results of operations, earnings per share or cash flows for the periods presented. Selected information by segment and region is presented below ($ in millions):

 

 

 

2009

 

2008

 

2007

 

Net revenue(1):

 

 

 

 

 

 

 

ADT Worldwide

 

$

7,066

 

$

7,802

 

$

7,350

 

Flow Control

 

3,850

 

4,418

 

3,766

 

Fire Protection Services

 

3,410

 

3,813

 

3,702

 

Electrical and Metal Products

 

1,392

 

2,272

 

1,974

 

Safety Products

 

1,519

 

1,889

 

1,681

 

Corporate and Other

 

 

5

 

4

 

 

 

$

17,237

 

$

20,199

 

$

18,477

 

 


(1)                                  Revenue by operating segment excludes intercompany transactions.

 

 

 

2009(1)

 

2008

 

2007

 

Operating (loss) income:

 

 

 

 

 

 

 

ADT Worldwide

 

$

(202

)

$

866

 

$

802

 

Flow Control

 

518

 

618

 

457

 

Fire Protection Services

 

70

 

332

 

298

 

Electrical and Metal Products

 

(938

)

342

 

162

 

Safety Products

 

(367

)

301

 

270

 

Corporate and Other(2)

 

(568

)

(518

)

(3,721

)

 

 

$

(1,487

)

$

1,941

 

$

(1,732

)

 


(1)                                  Operating loss in 2009 includes goodwill and intangible asset impairment charges of $2.705 billion.

 

(2)                                  Corporate and Other in 2007 includes a net charge of $2.862 billion related to the class action settlement.

 

Total assets by segment as of September 25, 2009, September 26, 2008 and September 28, 2007 are as follows ($ in millions):

 

 

 

2009

 

2008

 

2007

 

Total assets:

 

 

 

 

 

 

 

ADT Worldwide

 

$

11,395

 

$

12,966

 

$

12,826

 

Flow Control

 

4,489

 

4,669

 

4,421

 

Fire Protection Services

 

2,629

 

2,825

 

2,881

 

Electrical and Metal Products

 

629

 

1,916

 

1,933

 

Safety Products

 

1,954

 

2,679

 

2,662

 

Corporate and Other

 

4,301

 

3,481

 

6,817

 

Assets held for sale

 

156

 

268

 

1,275

 

 

 

$

25,553

 

$

28,804

 

$

32,815

 

 

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Depreciation and amortization and capital expenditures, net by segment for the years ended September 25, 2009, September 26, 2008 and September 28, 2007 are as follows ($ in millions):

 

 

 

2009

 

2008

 

2007

 

Depreciation and amortization:

 

 

 

 

 

 

 

ADT Worldwide

 

$

940

 

$

968

 

$

977

 

Flow Control

 

69

 

65

 

62

 

Fire Protection Services

 

34

 

31

 

31

 

Electrical and Metal Products

 

30

 

37

 

27

 

Safety Products

 

48

 

43

 

41

 

Corporate and Other

 

12

 

10

 

10

 

 

 

$

1,133

 

$

1,154

 

$

1,148

 

 

 

 

2009

 

2008

 

2007

 

Capital expenditures:

 

 

 

 

 

 

 

ADT Worldwide

 

$

443

 

$

504

 

$

472

 

Flow Control

 

107

 

130

 

90

 

Fire Protection Services

 

25

 

28

 

26

 

Electrical and Metal Products

 

46

 

35

 

29

 

Safety Products

 

56

 

31

 

44

 

Corporate and Other

 

32

 

6

 

5

 

 

 

$

709

 

$

734

 

$

666

 

 

Net revenue by geographic area for the years ended September 25, 2009, September 26, 2008 and September 28, 2007 is as follows ($ in millions):

 

 

 

2009

 

2008

 

2007

 

Net revenue(1):

 

 

 

 

 

 

 

United States

 

$

8,304

 

$

9,465

 

$

8,910

 

Other Americas

 

1,520

 

1,733

 

1,419

 

Europe, Middle East and Africa

 

4,706

 

5,749

 

5,338

 

Asia—Pacific

 

2,707

 

3,252

 

2,810

 

 

 

$

17,237

 

$

20,199

 

$

18,477

 

 


(1)                                  Revenue is attributed to individual countries based on the reporting entity that records the transaction.

 

3



 

Long-lived assets by geographic area as of September 25, 2009, September 26, 2008 and September 28, 2007 are as follows ($ in millions):

 

 

 

2009

 

2008

 

2007

 

Long-lived assets(1):

 

 

 

 

 

 

 

United States

 

$

2,701

 

$

2,722

 

$

2,681

 

Other Americas

 

402

 

364

 

339

 

Europe, Middle East and Africa

 

539

 

566

 

577

 

Asia—Pacific

 

605

 

582

 

526

 

Corporate and Other

 

14

 

14

 

117

 

 

 

$

4,261

 

$

4,248

 

$

4,240

 

 


(1)                                  Long-lived assets are comprised primarily of property, plant and equipment and exclude goodwill, other intangible assets, deferred taxes and other shared assets.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

TYCO INTERNATIONAL LTD.

 

(Registrant)

 

 

 

By:

/s/ Carol Anthony Davidson

 

 

Carol Anthony Davidson

 

 

Senior Vice-President, Controller

 

 

and Chief Accounting Officer

 

 

 

Date: February 8, 2010

 

 

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