ADT 2011 Annual Report Download - page 186

TYCO INTERNATIONAL LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended September 30, 2011, September 24, 2010 and September 25, 2009
(in millions)
2011 2010 2009
Cash Flows From Operating Activities:
Net income (loss) attributable to Tyco common shareholders ................................... $1,733 $ 1,132 $(1,798)
Noncontrolling interest in subsidiaries net income ........................................274
Income from discontinued operations, net of income taxes ................................... (168) (7) (47)
Income (loss) from continuing operations ............................................... 1,567 1,132 (1,841)
Adjustments to reconcile net cash provided by operating activities:
Goodwill and intangible asset impairments ............................................. — — 2,705
Depreciation and amortization .................................................... 1,318 1,203 1,126
Non-cash compensation expense ................................................... 110 120 103
Deferred income taxes ........................................................ 91 (129) (90)
Provision for losses on accounts receivable and inventory .................................... 82 127 156
Loss (gain) on the retirement of debt ................................................ — 87 (2)
Non-cash restructuring and asset impairment charges (income), net .............................. 4 (1) 23
(Gains) losses on divestitures .................................................... (230) (41) 13
Gains on investments ......................................................... (1) (11) (11)
Debt and refinancing cost amortization ............................................... 12 21 25
Other non-cash items ......................................................... 68 16 52
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable, net ...................................................... (187) (22) 191
Contracts in progress ........................................................ (60) (32) 106
Inventories .............................................................. (137) (108) 346
Prepaid expenses and other current assets ............................................ (4) 88 2
Accounts payable .......................................................... 25 119 (337)
Accrued and other liabilities .................................................... (271) 58 (46)
Income taxes, net .......................................................... 39 12 (138)
Other ................................................................. 11 (9) 4
Net cash provided by operating activities ........................................... 2,437 2,630 2,387
Net cash (used in) provided by discontinued operating activities .............................. (9) 27 34
Cash Flows From Investing Activities:
Capital expenditures ........................................................... (788) (718) (702)
Proceeds from disposal of assets .................................................... 9 29 12
Acquisition of businesses, net of cash acquired ............................................ (656) (600) (48)
Accounts purchased by ADT ...................................................... (614) (559) (543)
Divestiture of businesses, net of cash divested ............................................ 744 21 2
Decrease in investments ......................................................... 21 59 17
(Increase) decrease in restricted cash ................................................. (2) 7 1
Other ................................................................... (39) (14) (1)
Net cash used in investing activities .............................................. (1,325) (1,775) (1,262)
Net cash provided by (used in) discontinued investing activities .............................. 259 (12) 59
Cash Flows From Financing Activities:
Proceeds from issuance of short-term debt .............................................. 805 — 26
Repayment of short-term debt ..................................................... (1,401) (243) (552)
Proceeds from issuance of long-term debt .............................................. 497 1,001 3,424
Repayment of long-term debt ...................................................... (4) (962) (2,890)
Proceeds from exercise of share options ............................................... 124 49 1
Dividends paid .............................................................. (458) (416) (388)
Repurchase of common shares by subsidiary ............................................. — — (3)
Repurchase of common shares by treasury .............................................. (1,300) (900) —
Transfer from discontinued operations ................................................. 250 15 93
Other ................................................................... 6 15 9
Net cash used in financing activities .............................................. (1,481) (1,441) (280)
Net cash used in discontinued financing activities ...................................... (250) (15) (93)
Effect of currency translation on cash ................................................. (6) 7 (10)
Net (decrease) increase in cash and cash equivalents ........................................ (375) (579) 835
Decrease in cash and cash equivalents from deconsolidation of variable interest entity .................... (10) — —
Cash and cash equivalents at beginning of period .......................................... 1,775 2,354 1,519
Cash and cash equivalents at end of period ............................................. $1,390 $ 1,775 $ 2,354
Supplementary Cash Flow Information:
Interest paid ............................................................... $ 228 $ 267 $ 294
Income taxes paid, net of refunds ................................................... 196 255 281
Supplementary Non-Cash Investing Information:
Issuance of shares in connection with the acquisition of Brinks Home Security Holdings, Inc. ................ $ — $1,362 $ —
See Notes to Consolidated Financial Statements.
2011 Financials 83