ADT 2011 Annual Report Download - page 166

• economic and competitive conditions in the industries, end markets and regions served by our
businesses;
• changes in tax requirements (including tax rate changes, new tax laws or treaties and revised tax
law interpretations);
• results and consequences of Tyco’s internal investigations and governmental investigations
concerning the Company’s governance, management, internal controls and operations including
its business operations outside the United States;
• the outcome of litigation, arbitrations and governmental proceedings;
• effect of income tax audit settlement and appeals;
• our ability to repay or refinance our outstanding indebtedness as it matures;
• our ability to operate within the limitations imposed by financing arrangements and to maintain
our credit ratings;
• interest rate fluctuations and other changes in borrowing costs;
• other capital market conditions, including availability of funding sources and currency exchange
rate fluctuations;
• availability of and fluctuations in the prices of key raw materials;
• economic and political conditions in international markets, including governmental changes and
restrictions on the ability to transfer capital across borders;
• the ability to achieve cost savings in connection with the Company’s strategic restructuring and
‘‘growing lean’’ initiatives;
• our ability to execute our portfolio refinement and acquisition strategies;
• potential impairment of our goodwill, intangibles and/or our long-lived assets;
• the impact of fluctuations in the price of Tyco common shares, including potentially adverse
impacts resulting from the proposed spin-offs of our flow control and North American
residential security businesses;
• risks associated with our Swiss incorporation, including the possibility of reduced flexibility with
respect to certain aspects of capital management, increased or different regulatory burdens, and
the possibility that we may not realize anticipated tax benefits;
• changes in U.S. and non-U.S. government laws and regulations;
• the possible effects on Tyco of future legislation in the United States that may limit or eliminate
potential U.S. tax benefits resulting from Tyco International’s Swiss incorporation or deny U.S.
government contracts to Tyco based upon its Swiss incorporation;
• failure to obtain necessary regulatory approvals or to satisfy any other condition to the proposed
spin-offs;
• failure to realize the expected benefits of the proposed spin-offs, including the tax-free nature of
the spin-offs; and
• failure to complete the proposed spin-offs on schedule and within estimated costs.
2011 Financials 63