XML 25 R12.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Debt | 9 Months Ended
--- | ---
Jul. 02, 2016
Debt Instruments [Abstract] |
Debt | DEBT The major components of debt are as follows (in millions):
| July 2, 2016 |  | October 3, 2015
Revolving credit facility | $ | 150 |  |  | $ | — |
Senior notes: |  |  |
6.60% Senior notes due April 2016 (2016 Notes) | — |  |  | 638 |
7.00% Notes due May 2018 | 120 |  |  | 120 |
2.65% Notes due August 2019 (2019 Notes) | 1,000 |  |  | 1,000 |
4.10% Notes due September 2020 | 284 |  |  | 285 |
4.50% Senior notes due June 2022 (2022 Notes) | 1,000 |  |  | 1,000 |
3.95% Notes due August 2024 (2024 Notes) | 1,250 |  |  | 1,250 |
7.00% Notes due January 2028 | 18 |  |  | 18 |
6.13% Notes due November 2032 | 163 |  |  | 163 |
4.88% Notes due August 2034 (2034 Notes) | 500 |  |  | 500 |
5.15% Notes due August 2044 (2044 Notes) | 500 |  |  | 500 |
Discount on senior notes | (9 | ) |  | (10 | )
Term loans: |  |  |
Tranche B due April 2019 (1.63% at 7/2/2016) | 500 |  |  | 500 |
Tranche B due August 2019 (2.00% at 7/2/2016) | 552 |  |  | 552 |
Amortizing notes - tangible equity units (see Note 7: Equity) | 88 |  |  | 140 |
Other | 62 |  |  | 69 |
Total debt | 6,178 |  |  | 6,725 |
Less current debt | 79 |  |  | 715 |
Total long-term debt | $ | 6,099 |  |  | $ | 6,010 |
Revolving Credit Facility We have a $1.25 billion revolving credit facility that supports short-term funding needs and letters of credit. The facility will mature and the commitments thereunder will terminate in September 2019. After reducing for the amount borrowed and outstanding letters of credit issued under this facility, the amount available for borrowing at July 2, 2016, was $1,093 million. At July 2, 2016, we had outstanding letters of credit issued under this facility totaling $7 million, none of which were drawn upon. We had an additional $91 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of leasing obligations and workers’ compensation insurance programs. If in the future any of our subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall be required to guarantee the indebtedness, obligations and liabilities under this facility. 2016 Notes On March 31, 2016, we repaid the entire outstanding $638 million principal balance on the 2016 Notes. Tyson Fresh Meats, Inc. (TFM Parent), our wholly owned subsidiary, fully and unconditionally guaranteed the 2016 Notes, 2019 Notes, 2022 Notes, 2024 Notes, 2034 Notes, 2044 Notes, amortizing notes related to our tangible equity units, Tyson's $1.25 billion revolving credit facility and term loans. As a result of the retirement of the 2016 Notes in the second quarter of fiscal 2016, all of TFM Parent's guarantees were released and TFM Parent is no longer required to disclose guarantor financial statements. Term Loans On May 5, 2016, we amended our existing $500 million tranche B term loan agreement which extended the maturity of the loan from April 2018 to April 2019. Debt Covenants Our revolving credit and term loan facilities contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; make acquisitions and investments; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain minimum interest expense coverage and maximum debt-to-capitalization ratios. Our senior notes also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets. We were in compliance with all debt covenants at July 2, 2016.

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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