ADT 2002 Annual Report Download - page 163
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Discontinued Operations of Tyco Capital (CIT Group Inc.)
On April 25, 2002 the Company announced its plan to divest Tyco Capital potentially through an
IPO of all of CIT’s outstanding shares. In June 2002, management and the Company’s Board of
Directors approved the sale of common shares of CIT in an IPO establishing a measurement date for
discontinued operations. Accordingly, the results of Tyco Capital are presented as discontinued
operations for all periods. Prior year amounts include Tyco Capital’s operating results after June 1,
2001, the date of acquisition of CIT by Tyco. The sale of 100% of CIT’s common shares through an
IPO was completed on July 8, 2002.
The following table presents summary balance sheet information for the discontinued operations of
Tyco Capital at September 30, 2001 ($ in millions):
September 30,
2001
Cash ................................................. $ 808.0
Finance receivables, net ................................... 31,386.5
Property, plant and equipment (including equipment leased to others),
net ................................................ 6,503.6
Goodwill, net .......................................... 6,547.5
Other assets ........................................... 5,844.5
Total assets .......................................... $51,090.1
Loans payable and current maturities of long-term debt ............ $17,050.6
Accrued expenses and other liabilities ......................... 4,534.4
Long-term debt ......................................... 18,647.1
Total liabilities ........................................ 40,232.1
Mandatorily redeemable preferred securities .................... 260.0
Total shareholder’s equity ................................ 10,598.0
Total liabilities and shareholder’s equity ...................... $51,090.1
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