ADT 2011 Annual Report Download - page 105

continued its existence as a Swiss corporation under articles 620 et seq. of the Swiss Code of
Obligations (the ‘‘Change of Domicile’’).
Effective June 29, 2007, Tyco International Ltd. completed the spin-offs of Covidien and
TE Connectivity, formerly our Healthcare and Electronics businesses, respectively, into separate,
publicly traded companies (the ‘‘2007 Separation’’) in the form of a distribution to Tyco shareholders.
On May 14, 2010, we acquired all of the outstanding equity of Brink’s Home Security
Holdings, Inc. (‘‘BHS’’ or ‘‘Broadview Security’’) in a cash-and-stock transaction valued at
approximately $2.0 billion. Broadview Security has been integrated into our Tyco Security Solutions
segment. See Note 5 to the Consolidated Financial Statements.
On December 22, 2010, we sold a majority interest in our Electrical and Metal Products business.
See Note 3 to the Consolidated Financial Statements.
On September 19, 2011, the Company announced that its Board of Directors approved a plan to
separate the Company into three separate, publicly traded companies consisting of the Company’s
North American residential security business, its flow control business and its commercial fire and
security business (the ‘‘2012 Separation’’). The 2012 Separation is expected to be completed by the end
of the third calendar quarter of 2012 through a tax-free pro rata distribution of all of the equity
interests in the flow control and North American residential security businesses.
Completion of the 2012 Separation is subject to certain conditions, including final approval by the
Tyco Board of Directors and shareholders, receipt of tax opinions and rulings and the filing and
effectiveness of registration statements with the Securities and Exchange Commission (‘‘SEC’’). The
Separation will also be subject to the completion of any necessary financing. See Note 2 to the
Consolidated Financial Statements.
Tyco’s registered and principal office is located at Freier Platz 10, CH-8200 Schaffhausen,
Switzerland. Its management office in the United States is located at 9 Roszel Road, Princeton,
New Jersey 08540.
Segments
Certain prior period amounts have been reclassified to conform to the current period presentation.
During the first quarter of fiscal 2011, we realigned our Safety Products segment between our
ADT Worldwide and Fire Protection segments to create two new segments: Tyco Security Solutions and
Tyco Fire Protection. Tyco Security Solutions consists of the former ADT Worldwide segment as well as
the portion of the former Safety Products segment that manufactures security products including
intrusion, security, access control and video management systems. Tyco Fire Protection consists of the
former Fire Protection Services segment as well as a number of businesses from the former Safety
Products segment including the fire suppression and life safety products business. In addition, various
businesses were realigned between Tyco Security Solutions and Tyco Fire Protection. See Note 21 to
the Consolidated Financial Statements.
As discussed above, we sold a majority interest in our Electrical and Metal Products business
which contributed $0.4 billion, $1.4 billion and $1.4 billion of revenue in the years ended September 30,
2011, September 24, 2010 and September 25, 2009, respectively.
On September 30, 2010, we sold our water business in Europe, which was part of our Tyco Flow
Control Segment. The business met the held for sale criteria and discontinued operations criteria and
has been included in discontinued operations for all periods presented. See Note 3 to the Consolidated
Financial Statements.
2 2011 Financials