ADT 2006 Annual Report Download - page 220
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TYCO INTERNATIONAL LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
27. Tyco International Group S.A.
TIGSA, a wholly owned subsidiary of the Company, has public debt securities outstanding (see
Note 15), which are fully and unconditionally guaranteed by Tyco. The following tables present
condensed consolidating financial information for Tyco, TIGSA and all other subsidiaries. Condensed
financial information for Tyco and TIGSA on a stand-alone basis is presented using the equity method
of accounting for subsidiaries.
CONSOLIDATING STATEMENT OF INCOME
For the Year Ended September 29, 2006
($ in millions)
Tyco Tyco
International International Other Consolidating
Ltd. Group S.A. Subsidiaries Adjustments Total
Net revenue ......................... $ — $ — $40,960 $ — $40,960
Cost of product sales .................. — — 22,503 — 22,503
Cost of services ...................... — — 4,780 — 4,780
Selling, general and administrative expenses . . (15) 56 7,947 — 7,988
Separation costs ...................... 45 — 124 — 169
Gains on divestitures .................. — — (44) — (44)
Restructuring and other charges, net ....... — — 20 — 20
Impairment of long-lived assets ........... — — 7 — 7
In-process research and development ....... — — 63 — 63
Operating (loss) income .............. (30) (56) 5,560 — 5,474
Interest income ...................... 1 28 105 — 134
Interest expense ...................... — (636) (77) — (713)
Other expense, net .................... — — (11) — (11)
Equity in net income of subsidiaries ........ 5,100 3,561 — (8,661) —
Intercompany interest and fees ........... (1,361) 592 769 — —
Income from continuing operations before
income taxes and minority interest ..... 3,710 3,489 6,346 (8,661) 4,884
Income taxes ........................ — (1) (798) — (799)
Minority interest ..................... — — (10) — (10)
Income from continuing operations ...... 3,710 3,488 5,538 (8,661) 4,075
Gain (loss) from discontinued operations, net
of income taxes ..................... 3 — (351) — (348)
Income before cumulative effect of
accounting change ................. 3,713 3,488 5,187 (8,661) 3,727
Cumulative effect of accounting change, net of
income taxes ....................... — — (14) — (14)
Net income ........................ $3,713 $ 3,488 $ 5,173 $ (8,661) $ 3,713
158 2006 Financials