ADT 2011 Annual Report Download - page 253

TYCO INTERNATIONAL LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
17. Shareholders’ Equity (Continued)
the laws of Switzerland, the par value of the Company’s common shares increased from $0.80 per share
to CHF 8.53 per share (or $7.21 based on the exchange rate in effect on March 17, 2009). The Change
of Domicile was approved at a special general meeting of shareholders held on March 12, 2009. The
following steps occurred in connection with the Change of Domicile, which did not result in a change
to total Shareholders’ Equity:
(1) approximately 21 million shares held directly or indirectly in treasury were cancelled;
(2) the par value of common shares of the Company was increased from $0.80 to CHF 8.53
through an approximate 1-for-9 reverse share split, followed by the issuance of approximately
eight fully paid up shares so that the same number of shares were outstanding before and
after the Change of Domicile, which reduced share premium and increased common shares;
and
(3) the remaining amount of share premium was eliminated with a corresponding increase to
contributed surplus.
Share Repurchase Program
The Company’s Board of Directors approved the $1.0 billion 2011 share repurchase program, the
$1.0 billion 2010 share repurchase program and the $1.0 billion 2008 share repurchase program, in
April 2011, September 2010 and July 2008, respectively. During the year ended September 30, 2011, the
Company repurchased approximately 30 million shares for approximately $1.3 billion under these
programs, which reduced the amount of common shares outstanding and decreased the dividends
declared on the Consolidated Statement of Shareholders’ Equity as of September 30, 2011. During the
year ended September 24, 2010, the Company repurchased approximately 24 million shares for
approximately $900 million under the 2008 share repurchase program, which reduced the amount of
common shares outstanding and decreased the dividends declared on the Consolidated Statement of
Shareholders’ Equity as of September 24, 2010. Both the 2008 and 2010 share repurchase programs
were completed during the year ended September 30, 2011. As of September 30, 2011, approximately
$700 million remained outstanding under the 2011 share repurchase program. See Note 27.
2011 Share 2010 Share 2008 Share
Repurchase Program Repurchase Program Repurchase Program
Shares Amounts Shares Amounts Shares Amounts
(in millions) ($in billions) (in millions) ($in billions) (in millions) ($in billions)
Approved Repurchase
Amount ........... $1.0 $1.0 $1.0
Repurchases
Fiscal 2011 ......... 6.0 0.3 24.0 1.0
Fiscal 2010 ......... N/A N/A — — 24.3 0.9
Fiscal 2009 ......... N/A N/A N/A N/A — —
Fiscal 2008 ......... N/A N/A N/A N/A 2.5 0.1
Remaining Amount
Available ........... $0.7 $— $—
150 2011 Financials