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119
32.
Tyco International Group S.A.
Tyco International Group S.A. (“TIG”), a wholly-owned subsidiary of the Company, has public debt securities outstanding (see
Note 19), which are fully and unconditionally guaranteed by Tyco. The following tables present condensed consolidating financial
information for Tyco, TIG and all other subsidiaries. Condensed financial information for Tyco and TIG on a stand-alone basis are pre-
sented using the equity method of accounting for subsidiaries in which they own or control twenty percent or more of the voting shares.
CONSOLIDATING STATEMENT OF OPERATIONS
TYCO TYCO
YEAR ENDED SEPTEMBER 30, 2003 INTERNATIONAL INTERNATIONAL OTHER CONSOLIDATING
($ IN MILLIONS) LTD. GROUP S.A. SUBSIDIARIES ADJUSTMENTS TOTAL
NET REVENUES $««««««««— $««««««— $36,801.3 $«««««««««— $36,801.3
Cost of product sales — — 19,740.2 — 19,740.2
Cost of services — — 4,151.7 — 4,151.7
Selling, general and administrative expenses 53.8 2.9 8,756.7 — 8,813.4
Restructuring and other credits, net — (0.1) (74.2) — (74.3)
Charges for the impairment of long-lived assets — — 824.9 — 824.9
Goodwill impairment — — 278.4 — 278.4
OPERATING (LOSS) INCOME (53.8) (2.8) 3,123.6 — 3,067.0
Interest income 1.5 34.4 71.3 — 107.2
Interest expense (43.1) (996.2) (108.7) — (1,148.0)
Other income (expense), net 22.9 (159.4) (86.9) — (223.4)
Equity in net income of subsidiaries 1,769.7 579.6 — (2,349.3) —
Intercompany interest and fees (717.6) 953.8 (236.2) — —
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES AND MINORITY INTEREST 979.6 409.4 2,763.1 (2,349.3) 1,802.8
Income taxes — (0.1) (764.4) — (764.5)
Minority interest — — (3.6) — (3.6)
INCOME FROM CONTINUING OPERATIONS 979.6 409.3 1,995.1 (2,349.3) 1,034.7
Income from discontinued operations
of Tyco Capital, net of tax — — 20.0 — 20.0
Income before cumulative effect of accounting change 979.6 409.3 2,015.1 (2,349.3) 1,054.7
Cumulative effect of accounting change, net of tax — — (75.1) — (75.1)
NET INCOME $«««979.6 $«409.3 $««1,940.0 $(2,349.3) $«««««979.6
TYCO INTERNATIONAL LTD.