XML 47 R23.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Condensed Consolidating Financial Statements | 3 Months Ended
--- | ---
Jan. 02, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Consolidating Financial Statements | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS TFM Parent, our wholly-owned subsidiary, has fully and unconditionally guaranteed the 2016 Notes. Additionally, TFM Parent has fully and unconditionally guaranteed the 2022 Notes until such date TFM Parent has been released of its guarantee of both (i) Tyson's $1.25 billion revolving credit facility and (ii) the 2016 Notes, at which time TFM Parent's guarantee of the 2019, 2022, 2024, 2034 and 2044 Notes is permanently released. The following financial information presents condensed consolidating financial statements, which include Tyson Foods, Inc. (TFI Parent); TFM Parent; the Non-Guarantor Subsidiaries (Non-Guarantors) on a combined basis; the elimination entries necessary to consolidate TFI Parent, TFM Parent and the Non-Guarantors; and Tyson Foods, Inc. on a consolidated basis, and is provided as an alternative to providing separate financial statements for the guarantor.
Condensed Consolidating Statement of Income and Comprehensive Income for the three months ended January 2, 2016 |  | in millions |
| TFI Parent |  | TFM Parent |  | Non- Guarantors |  | Eliminations |  | Total
Sales | $ | 221 |  |  | $ | 4,833 |  |  | $ | 4,653 |  |  | $ | (555 | ) |  | $ | 9,152 |
Cost of Sales | 8 |  |  | 4,536 |  |  | 3,960 |  |  | (553 | ) |  | 7,951 |
Gross Profit | 213 |  |  | 297 |  |  | 693 |  |  | (2 | ) |  | 1,201 |
Selling, General and Administrative | 25 |  |  | 66 |  |  | 336 |  |  | (2 | ) |  | 425 |
Operating Income | 188 |  |  | 231 |  |  | 357 |  |  | — |  |  | 776 |
Other (Income) Expense: |  |  |  |  |  |  |  |  |
Interest expense, net | 61 |  |  | — |  |  | 4 |  |  | — |  |  | 65 |
Other, net | — |  |  | (1 | ) |  | — |  |  | — |  |  | (1 | )
Equity in net earnings of subsidiaries | (383 | ) |  | (33 | ) |  | — |  |  | 416 |  |  | — |
Total Other (Income) Expense | (322 | ) |  | (34 | ) |  | 4 |  |  | 416 |  |  | 64 |
Income (Loss) before Income Taxes | 510 |  |  | 265 |  |  | 353 |  |  | (416 | ) |  | 712 |
Income Tax (Benefit) Expense | 49 |  |  | 83 |  |  | 119 |  |  | — |  |  | 251 |
Net Income | 461 |  |  | 182 |  |  | 234 |  |  | (416 | ) |  | 461 |
Less: Net Income (Loss) Attributable to Noncontrolling Interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net Income Attributable to Tyson | $ | 461 |  |  | $ | 182 |  |  | $ | 234 |  |  | $ | (416 | ) |  | $ | 461 |
Comprehensive Income (Loss) | 453 |  |  | 177 |  |  | 223 |  |  | (400 | ) |  | 453 |
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Comprehensive Income (Loss) Attributable to Tyson | $ | 453 |  |  | $ | 177 |  |  | $ | 223 |  |  | $ | (400 | ) |  | $ | 453 |
Condensed Consolidating Statement of Income and Comprehensive Income for the three months ended December 27, 2014 |  | in millions |
| TFI Parent |  | TFM Parent |  | Non- Guarantors |  | Eliminations |  | Total
Sales | $ | 228 |  |  | $ | 5,809 |  |  | $ | 5,325 |  |  | $ | (545 | ) |  | $ | 10,817 |
Cost of Sales | 19 |  |  | 5,662 |  |  | 4,722 |  |  | (542 | ) |  | 9,861 |
Gross Profit | 209 |  |  | 147 |  |  | 603 |  |  | (3 | ) |  | 956 |
Selling, General and Administrative | 34 |  |  | 61 |  |  | 355 |  |  | (3 | ) |  | 447 |
Operating Income | 175 |  |  | 86 |  |  | 248 |  |  | — |  |  | 509 |
Other (Income) Expense: |  |  |  |  |  |  |  |  |
Interest expense, net | 69 |  |  | — |  |  | 6 |  |  | — |  |  | 75 |
Other, net | (1 | ) |  | — |  |  | — |  |  | — |  |  | (1 | )
Equity in net earnings of subsidiaries | (237 | ) |  | (38 | ) |  | — |  |  | 275 |  |  | — |
Total Other (Income) Expense | (169 | ) |  | (38 | ) |  | 6 |  |  | 275 |  |  | 74 |
Income (Loss) before Income Taxes | 344 |  |  | 124 |  |  | 242 |  |  | (275 | ) |  | 435 |
Income Tax (Benefit) Expense | 35 |  |  | 30 |  |  | 60 |  |  | — |  |  | 125 |
Net Income | 309 |  |  | 94 |  |  | 182 |  |  | (275 | ) |  | 310 |
Less: Net Income (Loss) Attributable to Noncontrolling Interest | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Net Income Attributable to Tyson | $ | 309 |  |  | $ | 94 |  |  | $ | 181 |  |  | $ | (275 | ) |  | $ | 309 |
Comprehensive Income (Loss) | 332 |  |  | 104 |  |  | 186 |  |  | (289 | ) |  | 333 |
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Comprehensive Income (Loss) Attributable to Tyson | $ | 332 |  |  | $ | 104 |  |  | $ | 185 |  |  | $ | (289 | ) |  | $ | 332 |
Condensed Consolidating Balance Sheet as of January 2, 2016 |  | in millions |
| TFI Parent |  | TFM Parent |  | Non- Guarantors |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 15 |  |  | $ | 1,172 |  |  | $ | — |  |  | $ | 1,187 |
Accounts receivable, net | — |  |  | 514 |  |  | 1,000 |  |  | — |  |  | 1,514 |
Inventories | — |  |  | 953 |  |  | 1,865 |  |  | — |  |  | 2,818 |
Other current assets | 16 |  |  | 66 |  |  | 131 |  |  | (55 | ) |  | 158 |
Total Current Assets | 16 |  |  | 1,548 |  |  | 4,168 |  |  | (55 | ) |  | 5,677 |
Net Property, Plant and Equipment | 25 |  |  | 978 |  |  | 4,181 |  |  | — |  |  | 5,184 |
Goodwill | — |  |  | 881 |  |  | 5,788 |  |  | — |  |  | 6,669 |
Intangible Assets, net | — |  |  | 9 |  |  | 5,136 |  |  | — |  |  | 5,145 |
Other Assets | 118 |  |  | 132 |  |  | 365 |  |  | — |  |  | 615 |
Investment in Subsidiaries | 22,213 |  |  | 2,205 |  |  | — |  |  | (24,418 | ) |  | — |
Total Assets | $ | 22,372 |  |  | $ | 5,753 |  |  | $ | 19,638 |  |  | $ | (24,473 | ) |  | $ | 23,290 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |
Current debt | $ | 707 |  |  | $ | 1 |  |  | $ | 17 |  |  | $ | (8 | ) |  | $ | 717 |
Accounts payable | 20 |  |  | 919 |  |  | 842 |  |  | — |  |  | 1,781 |
Other current liabilities | 6,187 |  |  | 200 |  |  | 832 |  |  | (6,049 | ) |  | 1,170 |
Total Current Liabilities | 6,914 |  |  | 1,120 |  |  | 1,691 |  |  | (6,057 | ) |  | 3,668 |
Long-Term Debt | 5,484 |  |  | 1 |  |  | 503 |  |  | — |  |  | 5,988 |
Deferred Income Taxes | 14 |  |  | 106 |  |  | 2,394 |  |  | — |  |  | 2,514 |
Other Liabilities | 198 |  |  | 123 |  |  | 1,022 |  |  | — |  |  | 1,343 |
Total Tyson Shareholders’ Equity | 9,762 |  |  | 4,403 |  |  | 14,013 |  |  | (18,416 | ) |  | 9,762 |
Noncontrolling Interest | — |  |  | — |  |  | 15 |  |  | — |  |  | 15 |
Total Shareholders’ Equity | 9,762 |  |  | 4,403 |  |  | 14,028 |  |  | (18,416 | ) |  | 9,777 |
Total Liabilities and Shareholders’ Equity | $ | 22,372 |  |  | $ | 5,753 |  |  | $ | 19,638 |  |  | $ | (24,473 | ) |  | $ | 23,290 |
Condensed Consolidating Balance Sheet as of October 3, 2015 |  | in millions |
| TFI Parent |  | TFM Parent |  | Non- Guarantors |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 12 |  |  | $ | 676 |  |  | $ | — |  |  | $ | 688 |
Accounts receivable, net | — |  |  | 578 |  |  | 1,042 |  |  | — |  |  | 1,620 |
Inventories | 1 |  |  | 1,009 |  |  | 1,868 |  |  | — |  |  | 2,878 |
Other current assets | 43 |  |  | 91 |  |  | 147 |  |  | (86 | ) |  | 195 |
Total Current Assets | 44 |  |  | 1,690 |  |  | 3,733 |  |  | (86 | ) |  | 5,381 |
Net Property, Plant and Equipment | 26 |  |  | 975 |  |  | 4,175 |  |  | — |  |  | 5,176 |
Goodwill | — |  |  | 881 |  |  | 5,786 |  |  | — |  |  | 6,667 |
Intangible Assets, net | — |  |  | 10 |  |  | 5,158 |  |  | — |  |  | 5,168 |
Other Assets | 129 |  |  | 146 |  |  | 337 |  |  | — |  |  | 612 |
Investment in Subsidiaries | 21,850 |  |  | 2,177 |  |  | — |  |  | (24,027 | ) |  | — |
Total Assets | $ | 22,049 |  |  | $ | 5,879 |  |  | $ | 19,189 |  |  | $ | (24,113 | ) |  | $ | 23,004 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |
Current debt | $ | 710 |  |  | $ | 1 |  |  | $ | 22 |  |  | $ | (18 | ) |  | $ | 715 |
Accounts payable | 28 |  |  | 698 |  |  | 936 |  |  | — |  |  | 1,662 |
Other current liabilities | 5,930 |  |  | 152 |  |  | 939 |  |  | (5,863 | ) |  | 1,158 |
Total Current Liabilities | 6,668 |  |  | 851 |  |  | 1,897 |  |  | (5,881 | ) |  | 3,535 |
Long-Term Debt | 5,498 |  |  | 1 |  |  | 511 |  |  | — |  |  | 6,010 |
Deferred Income Taxes | — |  |  | 98 |  |  | 2,351 |  |  | — |  |  | 2,449 |
Other Liabilities | 192 |  |  | 118 |  |  | 994 |  |  | — |  |  | 1,304 |
Total Tyson Shareholders’ Equity | 9,691 |  |  | 4,811 |  |  | 13,421 |  |  | (18,232 | ) |  | 9,691 |
Noncontrolling Interest | — |  |  | — |  |  | 15 |  |  | — |  |  | 15 |
Total Shareholders’ Equity | 9,691 |  |  | 4,811 |  |  | 13,436 |  |  | (18,232 | ) |  | 9,706 |
Total Liabilities and Shareholders’ Equity | $ | 22,049 |  |  | $ | 5,879 |  |  | $ | 19,189 |  |  | $ | (24,113 | ) |  | $ | 23,004 |
Condensed Consolidating Statement of Cash Flows for the three months ended January 2, 2016 |  | in millions |
| TFI Parent |  | TFM Parent |  | Non- Guarantors |  | Eliminations |  | Total
Cash Provided by (Used for) Operating Activities | $ | 174 |  |  | $ | 622 |  |  | $ | 299 |  |  | $ | — |  |  | $ | 1,095 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |
Additions to property, plant and equipment | — |  |  | (33 | ) |  | (155 | ) |  | — |  |  | (188 | )
(Purchases of)/Proceeds from marketable securities, net | — |  |  | — |  |  | (2 | ) |  | — |  |  | (2 | )
Proceeds from sale of businesses | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other, net | — |  |  | — |  |  | (1 | ) |  | — |  |  | (1 | )
Cash Provided by (Used for) Investing Activities | — |  |  | (33 | ) |  | (158 | ) |  | — |  |  | (191 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |
Net change in debt | (19 | ) |  | — |  |  | (1 | ) |  | — |  |  | (20 | )
Purchases of Tyson Class A common stock | (387 | ) |  | — |  |  | — |  |  | — |  |  | (387 | )
Dividends | (54 | ) |  | — |  |  | — |  |  | — |  |  | (54 | )
Stock options exercised | 34 |  |  | — |  |  | — |  |  | — |  |  | 34 |
Other, net | 23 |  |  | — |  |  | — |  |  | — |  |  | 23 |
Net change in intercompany balances | 229 |  |  | (586 | ) |  | 357 |  |  | — |  |  | — |
Cash Provided by (Used for) Financing Activities | (174 | ) |  | (586 | ) |  | 356 |  |  | — |  |  | (404 | )
Effect of Exchange Rate Change on Cash | — |  |  | — |  |  | (1 | ) |  | — |  |  | (1 | )
Increase (Decrease) in Cash and Cash Equivalents | — |  |  | 3 |  |  | 496 |  |  | — |  |  | 499 |
Cash and Cash Equivalents at Beginning of Year | — |  |  | 12 |  |  | 676 |  |  | — |  |  | 688 |
Cash and Cash Equivalents at End of Period | $ | — |  |  | $ | 15 |  |  | $ | 1,172 |  |  | $ | — |  |  | $ | 1,187 |
Condensed Consolidating Statement of Cash Flows for the three months ended December 27, 2014 |  | in millions |
| TFI Parent |  | TFM Parent |  | Non- Guarantors |  | Eliminations |  | Total
Cash Provided by (Used for) Operating Activities | $ | 55 |  |  | $ | 325 |  |  | $ | 432 |  |  | $ | — |  |  | $ | 812 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |
Additions to property, plant and equipment | — |  |  | (40 | ) |  | (191 | ) |  | — |  |  | (231 | )
(Purchases of)/Proceeds from marketable securities, net | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Proceeds from sale of businesses | — |  |  | — |  |  | 142 |  |  | — |  |  | 142 |
Other, net | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Cash Provided by (Used for) Investing Activities | — |  |  | (40 | ) |  | (49 | ) |  | — |  |  | (89 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |
Net change in debt | (667 | ) |  | — |  |  | (1 | ) |  | — |  |  | (668 | )
Purchases of Tyson Class A common stock | (91 | ) |  | — |  |  | — |  |  | — |  |  | (91 | )
Dividends | (37 | ) |  | — |  |  | — |  |  | — |  |  | (37 | )
Stock options exercised | 16 |  |  | — |  |  | — |  |  | — |  |  | 16 |
Other, net | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
Net change in intercompany balances | 719 |  |  | (314 | ) |  | (405 | ) |  | — |  |  | — |
Cash Provided by (Used for) Financing Activities | (55 | ) |  | (314 | ) |  | (406 | ) |  | — |  |  | (775 | )
Effect of Exchange Rate Change on Cash | — |  |  | — |  |  | (5 | ) |  | — |  |  | (5 | )
Increase (Decrease) in Cash and Cash Equivalents | — |  |  | (29 | ) |  | (28 | ) |  | — |  |  | (57 | )
Cash and Cash Equivalents at Beginning of Year | — |  |  | 41 |  |  | 397 |  |  | — |  |  | 438 |
Cash and Cash Equivalents at End of Period | $ | — |  |  | $ | 12 |  |  | $ | 369 |  |  | $ | — |  |  | $ | 381 |

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration