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Acquisitions and Dispositions | 9 Months Ended
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Jun. 28, 2014
Business Combinations [Abstract] |
Business Combinations and Disposal Group Operation | ACQUISITIONS AND DISPOSITIONS On July 1, 2014, Tyson and HMB Holdings, Inc. (“Merger Sub”), a wholly-owned subsidiary of Tyson, entered into an agreement and plan of merger with The Hillshire Brands Company (“Hillshire”). Additionally, on July 28, 2014, we announced our plan to sell our Tyson de Mexico and Tyson do Brazil operations, for $575 million. For further description of these transactions, refer to Note 16: Subsequent Events. In June 2014, we sold our 50 percent ownership interest of Dynamic Fuels LLC (Dynamic Fuels) for $30 million cash consideration at closing and up to $35 million in future cash payments contingent on Dynamic Fuels' production volumes over a period of up to 11.5 years. Additionally as part of the terms of the sale, we were released from our guarantee of the $100 million Gulf Opportunity Zone tax-exempt bonds, which were issued in October 2008 to fund a portion of the plant construction costs. Our obligations pursuant to the guarantee were not released until July 2014; however, as of June 28, 2014, the purchaser had placed in escrow the full value of our guarantee as collateral while it secured a suitable replacement to our guarantee, which was obtained on July 8, 2014. Dynamic Fuels previously qualified as a variable interest entity which we consolidated, as we were the primary beneficiary. As a result of the sale, we deconsolidated Dynamic Fuels and recorded a gain of approximately $3 million, which is reflected in Cost of Sales in our Consolidated Condensed Statements of Income. We will recognize the future contingent payments in income as the required volumes are produced. At September 28, 2013, Dynamic Fuels had $166 million of total assets, of which $142 million was net property, plant and equipment, and $113 million of total liabilities, of which $100 million was long-term debt. The plant has been idled since October 2012. In June 2014, we recorded an impairment charge of $49 million related to the planned closure of three Prepared Foods plants. The Company’s Cherokee, Iowa, plant is expected to close in September, while the Company’s plants in Buffalo, New York, and Santa Teresa, New Mexico, are expected to cease operations during the first half of calendar 2015. The impairment charges are reflected in the Consolidated Condensed Statements of Income in Cost of Sales. During the second quarter of fiscal 2014 we acquired one value-added food business as part of our strategic expansion initiative, which is included in our Prepared Foods segment. The aggregate purchase price of the acquisition was $56 million, which included $12 million for property, plant and equipment, $27 million allocated to Intangible Assets and $18 million allocated to Goodwill. During fiscal 2013, we acquired two value-added food businesses as part of our strategic expansion initiative, which are included in our Prepared Foods segment. The aggregate purchase price of the acquisitions were $106 million, which included $50 million for property, plant and equipment, $41 million allocated to Intangible Assets and $12 million allocated to Goodwill.

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