Tyson Foods 2002 Annual Report Download - page 42

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notes to
consolidated
financial
statements
p 40
Included in current debt are short-term notes payable totaling $37 million and $18 million at September 28, 2002, and
September 29, 2001, respectively.
The Company has fully and unconditionally guaranteed $541 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.
Financial results of the live swine operations, as well as interest expense related to the IBP acquisition are included in the
Tyson amounts.
Condensed Consolidating Statement of Income for the year ended September 28, 2002
in millions
Tyson IBP Adjustments Consolidated
Sales
$7,848 $15,563 $(44) $23,367
Cost of Sales
6,900 14,694 (44) 21,550
948 869 – 1,817
Operating Expenses:
Selling, general and administrative
509 368 877
Other charges
26 27 53
Operating Income
413 474 887
Interest and Other Expense
243 51 294
Income Before Income Taxes and Minority Interest
170 423 593
Provision for Income Taxes
53 157 210
Minority Interest
–
Net Income
$117 $266 $– $383
Condensed Consolidating Statement of Income for the year ended September 29, 2001
in millions
Tyson IBP Adjustments Consolidated
Sales $7,520 $ 3,048 $ (5) $10,563
Cost of Sales 6,764 2,901 (5) 9,660
756 147 –903
Selling, General and Administrative 510 77 587
Operating Income 246 70 316
Interest and Other Expense 135 16 151
Income Before Income Taxes and Minority Interest 111 54 165
Provision for Income Taxes 40 18 58
Minority Interest 1 18 19
Net Income $ 70 $ 18 $ –$88
Tyson Foods, Inc. 2002 annual report