ADT 2005 Annual Report Download - page 109
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(6) In 2001, Tyco changed its revenue recognition accounting policy to conform to the requirements of Staff Accounting Bulletin
No. 101 issued by the Staff of the Securities and Exchange Commission. As a result, Tyco recorded a cumulative effect
adjustment of $654 million, net of income taxes. In 2001, Tyco also recorded a cumulative effect adjustment of $29 million,
net of income taxes, in accordance with the transition provisions of Statement of Financial Accounting Standards (‘‘SFAS’’)
No. 133, ‘‘Accounting for Derivative Instruments and Hedging Activities.’’
(7) Income from continuing operations for the year ended September 30, 2001 includes a net charge of $577 million for
restructuring and other charges, a charge for the write-off of purchased in-process research and development of $184 million
and charges of $119 million for the impairment of long-lived assets. Income from continuing operations for the year ended
September 30, 2001 also includes a net gain on sale of businesses of $410 million, a loss on investments of $134 million, a
loss of $26 million relating to the retirement of debt and a net gain on the sale of common shares of a subsidiary of
$25 million. Net income includes $475 million of income, net of income taxes, from discontinued operations for the year
ended September 30, 2001.
(8) Income from continuing operations includes goodwill amortization of $517 million for the year ended September 30, 2001.
Effective October 1, 2001, the Company adopted SFAS No. 142, ‘‘Goodwill and Other Intangible Assets,’’ under which
goodwill is no longer amortized.
(9) On December 9, 2004, the Board of Directors approved an increase in the quarterly dividend on our common shares from
$0.0125 to $0.10 per share. As a result, in 2005, Tyco paid a quarterly cash dividend of $0.0125 per common share in the first
quarter of 2005 and $0.10 per common share thereafter. Prior to 2005, Tyco paid a quarterly cash dividend of $0.0125 per
common share for all periods presented. The payment of dividends by Tyco in the future will depend on business conditions,
Tyco’s financial condition and earnings and other factors.
2005 Financials 33