ADT 2010 Annual Report Download - page 183

TYCO INTERNATIONAL LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3. Restructuring and Asset Impairment Charges, Net (Continued)
impairment and divestiture charges, net in the Consolidated Statement of Operations, for the fiscal
years ended September 24, 2010, September 25, 2009 and September 26, 2008, respectively.
As of September 24, 2010 and September 25, 2009, restructuring reserves related to the 2009
Program, 2007 Program and pre-2006 actions, were included in the Company’s Consolidated Balance
Sheets as follows ($ in millions):
September 24, September 25,
2010 2009
Accrued and other current liabilities ...................... $124 $155
Other liabilities ..................................... 51 45
Total ............................................. $175 $200
4. Acquisitions
Acquisition of Brink’s Home Security Holdings, Inc.
On May 14, 2010, the Company’s ADT Worldwide segment acquired all of the outstanding equity
of Brink’s Home Security Holdings, Inc (‘‘Broadview Security’’), a publicly traded company that was
formerly owned by The Brink’s Company, in a cash-and-stock transaction valued at approximately
$2.0 billion. Broadview Security is being integrated into the Company’s ADT Worldwide segment.
Under the terms of the transaction, each outstanding share of Broadview Security common stock was
converted into the right to receive: (1) $13.15 in cash and 0.7562 Tyco common shares, for those
shareholders who made an all-cash election, (2) 1.0951 Tyco common shares, for those shareholders
who made an all stock election or (3) $12.75 in cash and 0.7666 Tyco common shares, for those
shareholders who made a mixed cash/stock election or who failed to make an election.
Broadview Security’s core business is to provide security alarm monitoring services for residential
and commercial properties in North America. Broadview Security has a large residential recurring
customer base, which expands the Company’s presence in the North American residential security
business. Broadview Security is also a leader in technologies and services, which are expected to
enhance ADT Worldwide’s service offerings to its customers. The Company expects to realize cost
savings and other synergies through operational efficiencies including consolidation of both marketing
and general and administrative functions.
2010 Financials 95