Tyson Foods 2001 Annual Report Download - page 45

Download and view the complete annual report

Please find page 45 of the 2001 Tyson Foods annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 64

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64

43
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
TYSON FOODS, INC. 2001 ANNUAL REPORT
The Company has fully and unconditionally guaranteed
$623 million of senior notes issued by IBP, a wholly owned
subsidiary of the Company.
The following condensed consolidating financial information
is provided for the Company, as guarantor, and for IBP, as issuer,
as an alternative to providing separate financial statements for
the issuer.
Condensed Consolidating Statement of Income for the year ended September 29, 2001
in millions
Tyson IBP Adjustments Consolidated
Sales
$7,687 $3,069 $ (5) $10,751
Cost of Sales
6,765 2,901 (5) 9,661
922 168 1,090
Operating Expenses
677 98 775
Operating Income
245 70 315
Interest and Other Expense
134 16 150
Income Before Income Taxes and Minority Interest
111 54 165
Provision for Income Taxes
40 18 58
Minority Interest
118 19
Net Income
$70 $18 $ – $ 88
Condensed Consolidating Balance Sheet as of September 29, 2001
in millions
Tyson IBP Adjustments Consolidated
Assets
Current Assets:
Cash and cash equivalents
$47 $23 $ – $ 70
Accounts receivable, net
1,413 701 (915) 1,199
Inventories
1,007 912 (8) 1,911
Other current assets
26 85 (1) 110
Total Current Assets
2,493 1,721 (924) 3,290
Net Property, Plant and Equipment
2,105 1,756 224 4,085
Goodwill
926 940 890 2,756
Other Assets
3,161 171 (2,831) 501
Total Assets
$8,685 $4,588 $(2,641) $10,632
Liabilities and Shareholders’ Equity
Current Liabilities:
Notes payable
$18 $ – $ – $ 18
Current portion of long-term debt
737 5 742
Trade accounts payable
367 1,353 (907) 813
Other current liabilities
419 422 2 843
Total Current Liabilities
1,541 1,780 (905) 2,416
Long-Term Debt
3,359 686 (29) 4,016
Deferred Income Taxes
368 11 230 609
Other Liabilities
75 149 13 237
Shareholders’ Equity
3,342 1,962 (1,950) 3,354
Total Liabilities and Shareholders’ Equity
$8,685 $4,588 $(2,641) $10,632