Condensed Consolidating Financial Statements

12 Months Ended

Oct. 01, 2011

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Financial Statements

NOTE 21: CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

Tyson Fresh Meats, Inc. (TFM Parent), our wholly-owned subsidiary, has fully and unconditionally guaranteed the 2016 Notes. TFM Parent and substantially all of our wholly-owned domestic subsidiaries have fully and unconditionally guaranteed the 2014 Notes. The following financial information presents condensed consolidating financial statements, which include Tyson Foods, Inc. (TFI Parent); TFM Parent; the other 2014 Notes' guarantor subsidiaries (Guarantors) on a combined basis; the elimination entries necessary to reflect TFM Parent and the Guarantors, which collectively represent the 2014 Notes' total guarantor subsidiaries (2014 Guarantors), on a combined basis; the 2014 Notes' non-guarantor subsidiaries (Non-Guarantors) on a combined basis; the elimination entries necessary to consolidate TFI Parent, the 2014 Guarantors 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(s).

Condensed Consolidating Statement of Income for the year ended October 1, 2011														in millions
			2014 Guarantors
	TFI Parent		TFM Parent		Guar- antors		Elimin- ations		Subtotal		Non- Guar- antors		Elimin- ations		Total
Sales		$157		$18,636		$13,159		$(1,227)		$30,568		$1,542		$(1)		$32,266
Cost of Sales		29		17,461		12,364		(1,226)		28,599		1,440		(1)		30,067
Gross Profit (Loss)		128		1,175		795		(1)		1,969		102		0		2,199
Operating Expenses:
Selling, general and administrative		52		215		561		(1)		775		87		0		914
Goodwill impairment		0		0		0		0		0		0		0		0
Other charges		0		0		0		0		0		0		0		0
Operating Income		76		960		234		0		1,194		15		0		1,285
Other (Income) Expense:
Interest expense, net		(26)		148		117		0		265		(8)		0		231
Other, net		(9)		0		(12)		0		(12)		1		0		(20)
Equity in net earnings of subsidiaries		(673)		(115)		(59)		102		(72)		(13)		758		0
Total Other (Income) Expense		(708)		33		46		102		181		(20)		758		211
Income (Loss) from Continuing Operations before       Income Taxes		784		927		188		(102)		1,013		35		(758)		1,074
Income Tax Expense (Benefit)		34		272		38		0		310		(3)		0		341
Income (Loss) from Continuing Operations		750		655		150		(102)		703		38		(758)		733
Loss from Discontinued Operation, net of tax		0		0		0		0		0		0		0		0
Net Income (Loss)		750		655		150		(102)		703		38		(758)		733
Less: Net Loss Attributable to Noncontrolling   Interest		0		0		0		0		0		(17)		0		(17)
Net Income (Loss) Attributable to Tyson		$750		$655		$150		$(102)		$703		$55		$(758)		$750

Condensed Consolidating Statement of Income for the year ended October 2, 2010														in millions
			2014 Guarantors
	TFI Parent		TFM Parent		Guar- antors		Elimin- ations		Subtotal		Non- Guar- antors		Elimin- ations		Total
Sales		$454		$15,950		$12,248		$(966)		$27,232		$1,167		$(423)		$28,430
Cost of Sales		16		14,867		11,343		(966)		25,244		1,079		(423)		25,916
Gross Profit		438		1,083		905		0		1,988		88		0		2,514
Operating Expenses:
Selling, general and administrative		93		199		550		0		749		87		0		929
Goodwill impairment		0		0		0		0		0		29		0		29
Other charges		0		0		0		0		0		0		0		0
Operating Income (Loss)		345		884		355		0		1,239		(28)		0		1,556
Other (Income) Expense:
Interest expense, net		328		2		17		0		19		(14)		0		333
Other, net		25		1		(7)		0		(6)		1		0		20
Equity in net earnings of subsidiaries		(782)		(51)		25		37		11		(14)		785		0
Total Other (Income) Expense		(429)		(48)		35		37		24		(27)		785		353
Income (Loss) from Continuing Operations before       Income Taxes		774		932		320		(37)		1,215		(1)		(785)		1,203
Income Tax Expense (Benefit)		(6)		304		116		0		420		24		0		438
Income (Loss) from Continuing Operations		780		628		204		(37)		795		(25)		(785)		765
Loss from Discontinued Operation, net of tax		0		0		0		0		0		0		0		0
Net Income (Loss)		780		628		204		(37)		795		(25)		(785)		765
Less: Net Loss Attributable to Noncontrolling   Interest		0		0		0		0		0		(15)		0		(15)
Net Income (Loss) Attributable to Tyson		$780		$628		$204		$(37)		$795		$(10)		$(785)		$780

Condensed Consolidating Statement of Income for the year ended October 3, 2009																in millions
			2014 Guarantors
	TFI Parent		TFM Parent		Guar- antors		Elimin- ations		Subtotal		Non- Guar- antors		Elimin- ations		Total
Sales		$11		$14,504		$12,245		$(725)		$26,024		$709		$(40)		$26,704
Cost of Sales		132		13,970		11,526		(725)		24,771		638		(40)		25,501
Gross Profit (Loss)		(121)		534		719		0		1,253		71		0		1,203
Operating Expenses:
Selling, general and administrative		132		187		450		0		637		72		0		841
Goodwill impairment		0		560		0		0		560		0		0		560
Other charges		0		0		17		0		17		0		0		17
Operating Income (Loss)		(253)		(213)		252		0		39		(1)		0		(215)
Other (Income) Expense:
Interest expense, net		285		13		20		0		33		(8)		0		310
Other, net		11		(3)		(6)		0		(9)		16		0		18
Equity in net earnings of subsidiaries		157		(32)		44		13		25		(17)		(165)		0
Total Other (Income) Expense		453		(22)		58		13		49		(9)		(165)		328
Income (Loss) from Continuing Operations before       Income Taxes		(706)		(191)		194		(13)		(10)		8		165		(543)
Income Tax Expense (Benefit)		(138)		111		34		0		145		0		0		7
Income (Loss) from Continuing Operations		(568)		(302)		160		(13)		(155)		8		165		(550)
Income (Loss) from Discontinued Operation, net of tax		21		5		0		0		5		(27)		0		(1)
Net Income (Loss)		(547)		(297)		160		(13)		(150)		(19)		165		(551)
Less: Net Loss Attributable to Noncontrolling   Interest		0		0		0		0		0		(4)		0		(4)
Net Income (Loss) Attributable to Tyson		$(547)		$(297)		$160		$(13)		$(150)		$(15)		$165		$(547)

Condensed Consolidating Balance Sheet as of October 1, 2011														in millions
			2014 Guarantors
	TFI Parent		TFM Parent		Guar- antors		Elimin- ations		Subtotal		Non- Guar- antors		Elimin- ations		Total
Assets
Current Assets:
Cash and cash equivalents		$1		$1		$414		$0		$415		$300		$0		$716
Accounts receivable, net		1		506		656		0		1,162		157		1		1,321
Inventories		2		926		1,440		0		2,366		219		0		2,587
Other current assets		62		95		102		(133)		64		54		(24)		156
Total Current Assets		66		1,528		2,612		(133)		4,007		730		(23)		4,780
Net Property, Plant and Equipment		37		875		2,369		0		3,244		542		0		3,823
Goodwill		0		881		966		0		1,847		45		0		1,892
Intangible Assets		0		31		49		0		80		69		0		149
Other Assets		2,179		180		147		(15)		312		296		(2,360)		427
Investment in Subsidiaries		11,396		1,923		769		(1,760)		932		319		(12,647)		0
Total Assets		$13,678		$5,418		$6,912		$(1,908)		$10,422		$2,001		$(15,030)		$11,071
Liabilities and Shareholders' Equity
Current Liabilities:
Current debt		$2		$0		$0		$0		$0		$68		$0		$70
Accounts payable		8		525		648		0		1,173		83		0		1,264
Other current liabilities		5,808		144		442		(133)		453		474		(5,695)		1,040
Total Current Liabilities		5,818		669		1,090		(133)		1,626		625		(5,695)		2,374
Long-Term Debt		1,972		1,198		916		0		2,114		269		(2,243)		2,112
Deferred Income Taxes		0		120		310		(15)		415		9		0		424
Other Liabilities		231		142		191		0		333		29		(117)		476
Redeemable Noncontrolling Interest		0		0		0		0		0		0		0		0
Total Tyson Shareholders' Equity		5,657		3,289		4,405		(1,760)		5,934		1,041		(6,975)		5,657
Noncontrolling Interest		0		0		0		0		0		28		0		28
Total Shareholders' Equity		5,657		3,289		4,405		(1,760)		5,934		1,069		(6,975)		5,685
Total Liabilities and Shareholders' Equity		$13,678		$5,418		$6,912		($1,908)		$10,422		$2,001		($15,030)		$11,071

Condensed Consolidating Balance Sheet as of October 2, 2010													in millions
			2014 Guarantors
	TFI   Parent		TFM Parent		Guar- antors		Elimin- ations		Subtotal		Non- Guar- antors		Elimin- ations		Total
Assets
Current Assets:
Cash and cash equivalents		$2		$2		$731		$0		$733		$243		$0		$978
Accounts receivable, net		0		2,389		4,670		0		7,059		132		(5,993)		1,198
Inventories		0		734		1,361		0		2,095		179		0		2,274
Other current assets		43		49		27		(9)		67		95		(37)		168
Total Current Assets		45		3,174		6,789		(9)		9,954		649		(6,030)		4,618
Net Property, Plant and Equipment		39		870		2,257		0		3,127		508		0		3,674
Goodwill		0		880		967		0		1,847		46		0		1,893
Intangible Assets		0		37		53		0		90		76		0		166
Other Assets		2,804		101		61		0		162		295		(2,860)		401
Investment in Subsidiaries		10,776		1,785		631		(1,607)		809		307		(11,892)		0
Total Assets		$13,664		$6,847		$10,758		$(1,616)		$15,989		$1,881		$(20,782)		$10,752
Liabilities and Shareholders' Equity
Current Liabilities:
Current debt		$317		$0		$0		$0		$0		$84		$0		$401
Accounts payable		16		421		608		0		1,029		65		0		1,110
Other current liabilities		6,044		168		335		(9)		494		526		(6,030)		1,034
Total Current Liabilities		6,377		589		943		(9)		1,523		675		(6,030)		2,545
Long-Term Debt		2,011		1,638		1,228		0		2,866		118		(2,860)		2,135
Deferred Income Taxes		0		105		204		0		309		12		0		321
Other Liabilities		110		148		179		0		327		49		0		486
Redeemable Noncontrolling Interest		0		0		0		0		0		64		0		64
Total Tyson Shareholders' Equity		5,166		4,367		8,204		(1,607)		10,964		928		(11,892)		5,166
Noncontrolling Interest		0		0		0		0		0		35		0		35
Total Shareholders' Equity		5,166		4,367		8,204		(1,607)		10,964		963		(11,892)		5,201
Total Liabilities and Shareholders' Equity		$13,664		$6,847		$10,758		$(1,616)		$15,989		$1,881		$(20,782)		$10,752

Condensed Consolidating Statement of Cash Flows for the year ended October 1, 2011													in millions
			2014 Guarantors
	TFI   Parent		TFM Parent		Guar- antors		Elimin- ations		Subtotal		Non- Guar- antors		Elimin- ations		Total
Cash Provided by (Used for) Operating Activities		$31		$564		$468		$0		$1,032		$3		$(20)		$1,046
Cash Flows From Investing Activities:
Additions to property, plant and equipment		(1)		(107)		(443)		0		(550)		(92)		0		(643)
Purchases of marketable securities, net		0		(57)		(21)		0		(78)		(2)		0		(80)
Proceeds from notes receivable		0		0		0		0		0		51		0		51
Proceeds from sale of discontinued operation		0		0		0		0		0		0		0		0
Change in restricted cash-investing		0		0		0		0		0		0		0		0
Acquisitions, net of cash acquired		0		0		0		0		0		0		0		0
Other, net		23		0		8		0		8		(3)		0		28
Cash Provided by (Used for) Investing Activities		22		(164)		(456)		0		(620)		(46)		0		(644)
Cash Flows from Financing Activities:
Net change in debt		(391)		(6)		0		0		(6)		12		0		(385)
Debt issuance costs		(9)		0		0		0		0		0		0		(9)
Purchase of redeemable noncontrolling interest		0		0		0		0		0		(66)		0		(66)
Purchases of Tyson Class A common stock		(207)		0		0		0		0		0		0		(207)
Dividends		(59)		0		0		0		0		(20)		20		(59)
Change in restricted cash-financing		0		0		0		0		0		0		0		0
Other, net		58		0		0		0		0		10		0		68
Net change in intercompany balances		554		(395)		(329)		0		(724)		170		0		0
Cash Provided by (Used for) Financing Activities		(54)		(401)		(329)		0		(730)		106		20		(658)
Effect of Exchange Rate Change on Cash		0		0		0		0		0		(6)		0		(6)
Increase (Decrease) in Cash and Cash Equivalents		(1)		(1)		(317)		0		(318)		57		0		(262)
Cash and Cash Equivalents at Beginning of Year		2		2		731		0		733		243		0		978
Cash and Cash Equivalents at End of Year		$1		$1		$414		$0		$415		$300		$0		$716

Condensed Consolidating Statement of Cash Flows for the year ended October 2, 2010													in millions
			2014 Guarantors
	TFI Parent		TFM Parent		Guar- antors		Elimin- ations		Subtotal		Non- Guar- antors		Elimin- ations		Total
Cash Provided by Operating Activities		$386		$499		$462		$0		$961		$85		$0		$1,432
Cash Flows From Investing Activities:
Additions to property, plant and equipment		(3)		(85)		(323)		0		(408)		(139)		0		(550)
Purchases of marketable securities, net		0		0		0		0		0		(4)		0		(4)
Proceeds from notes receivable		0		0		0		0		0		0		0		0
Proceeds from sale of discontinued operation		0		0		0		0		0		0		0		0
Change in restricted cash-investing		0		0		0		0		0		43		0		43
Acquisitions, net of cash acquired		0		0		0		0		0		0		0		0
Other, net		(1)		(1)		15		0		14		(2)		0		11
Cash Used for Investing Activities		(4)		(86)		(308)		0		(394)		(102)		0		(500)
Cash Flows from Financing Activities:
Net change in debt		(874)		(149)		0		0		(149)		(11)		0		(1,034)
Debt issuance costs		0		0		0		0		0		0		0		0
Purchase of redeemable noncontrolling interest		0		0		0		0		0		0		0		0
Purchases of Tyson Class A common stock		(48)		0		0		0		0		0		0		(48)
Dividends		(59)		0		0		0		0		0		0		(59)
Change in restricted cash-financing		0		0		140		0		140		0		0		140
Other, net		32		0		0		0		0		10		0		42
Net change in intercompany balances		569		(262)		(351)		0		(613)		44		0		0
Cash Provided by (Used for) Financing Activities		(380)		(411)		(211)		0		(622)		43		0		(959)
Effect of Exchange Rate Change on Cash		0		0		0		0		0		1		0		1
Increase (Decrease) in Cash and Cash Equivalents		2		2		(57)		0		(55)		27		0		(26)
Cash and Cash Equivalents at Beginning of Year		0		0		788		0		788		216		0		1,004
Cash and Cash Equivalents at End of Year		$2		$2		$731		$0		$733		$243		$0		$978

Condensed Consolidating Statement of Cash Flows for the year ended October 3, 2009													in millions
			2014 Guarantors
	TFI Parent		TFM Parent		Guar- antors		Elimin- ations		Subtotal		Non- Guar- antors		Elimin- ations		Total
Cash Provided by (Used for) Operating Activities		$(617)		$507		$982		$0		$1,489		$113		$(25)		$960
Cash Flows From Investing Activities:
Additions to property, plant and equipment		0		(56)		(211)		0		(267)		(101)		0		(368)
Proceeds from sale of marketable securities, net		0		0		0		0		0		19		0		19
Proceeds from notes receivable		0		0		0		0		0		0		0		0
Proceeds from sale of discontinued operation		0		0		0		0		0		75		0		75
Change in restricted cash-investing		0		0		0		0		0		(43)		0		(43)
Acquisitions, net of cash acquired		0		0		(13)		0		(13)		(80)		0		(93)
Other, net		(37)		1		12		0		13		7		0		(17)
Cash Used for Investing Activities		(37)		(55)		(212)		0		(267)		(123)		0		(427)
Cash Flows from Financing Activities:
Net change in debt		545		(94)		0		0		(94)		36		0		487
Debt issuance costs		(58)		0		0		0		0		(1)		0		(59)
Purchase of redeemable noncontrolling interest		0		0		0		0		0		0		0		0
Purchases of Tyson Class A common stock		(19)		0		0		0		0		0		0		(19)
Dividends		(60)		0		0		0		0		(25)		25		(60)
Change in restricted cash-financing		0		0		(140)		0		(140)		0		0		(140)
Other, net		0		0		0		0		0		6		0		6
Net change in intercompany balances		106		(358)		123		0		(235)		129		0		0
Cash Provided by (Used for) Financing Activities		514		(452)		(17)		0		(469)		145		25		215
Effect of Exchange Rate Change on Cash		0		0		0		0		0		6		0		6
Increase (Decrease) in Cash and Cash Equivalents		(140)		0		753		0		753		141		0		754
Cash and Cash Equivalents at Beginning of Year		140		0		35		0		35		75		0		250
Cash and Cash Equivalents at End of Year		$0		$0		$788		$0		$788		$216		$0		$1,004