8-KEarnings & ResultsRegulation FD

Johnson Controls International plc 8-K Report, Financial Results (Jan 31, 2012)

Filed January 31, 2012For Securities:JCI

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.

Frequently Asked Questions

Tyco International is realigning its reporting segments to better reflect its management structure and in anticipation of spinning off its ADT North American residential security business and its flow control business. This change aims to provide investors with a clearer view of the performance of its business units as it moves towards these strategic separations.

The new reporting structure will include an ADT North America Residential segment (comprising the US and Canada residential security business), a Commercial Fire and Security segment (which will include the former Tyco Fire Protection segment, North American and international commercial security businesses, and the security products business), and the existing Flow Control segment.

No, this report states that the recasting of previously disclosed financial information does not represent a restatement of previously issued financial statements and does not affect the consolidated company's reported net income, earnings per share, operating income, or total assets or liabilities for any previously reported periods.

The filing furnishes supplementary financial information, specifically unaudited revenue and operating income by segment for each quarter in fiscal 2011, the first quarter of fiscal 2012, and the fiscal year ended September 30, 2011, all presented under the new reporting structure. It also includes reconciliations for non-GAAP financial measures.