Summary
This 8-K filing by Tyco International Ltd. (filed on January 31, 2012) announces a significant realignment of its reporting segments effective in the second fiscal quarter of 2012. This change is in anticipation of planned spin-offs of its ADT North American residential security business and its flow control business. The company is providing this updated segment structure to offer investors more timely insights into the performance of its businesses under the new organization, particularly as it prepares for these strategic separations. The primary purpose of this report is to furnish supplementary financial information, specifically revenue and operating income by segment for fiscal year 2011 and the first quarter of fiscal 2012, presented under the new reporting structure. This recasting of financial data aims to improve investor understanding of operational trends and performance across the realigned segments, without altering previously reported consolidated financial results.
Key Highlights
- 1Tyco International Ltd. is realigning its reporting segments to align with its management structure and anticipated spin-offs.
- 2The ADT North American residential security business will form a new ADT North America Residential segment.
- 3The former Tyco Security Solutions segment will be split, with the commercial security businesses (North America and international) and security products business forming a new Commercial Fire and Security segment.
- 4The Flow Control segment will remain as is.
- 5The company is providing recast financial data (revenue and operating income by segment) for fiscal 2011 and Q1 fiscal 2012 under the new structure.
- 6This recast financial information is furnished for informational purposes and does not alter previously reported consolidated financial results.
- 7The report clarifies the use of non-GAAP measures like 'organic revenue' and 'operating income before special items' and their limitations.