Tyson Foods 2006 Annual Report Download - page 41

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Condensed Consolidating Statement of Income for the year ended October 2, 2004
Non-Guarantor
in millions TFI Parent TFM Parent Subsidiaries Eliminations Total
Net Sales $ 329 $14,240 $12,953 $(1,081) $26,441
Cost of Sales (45) 13,970 11,714 (1,081) 24,558
374 270 1,239 – 1,883
Operating Expenses:
Selling, general and administrative 75 154 651 – 880
Other charges – – 86 – 86
Operating Income 299 116 502 – 917
Other (Income) Expense:
Interest expense, net 201 37 37 – 275
Other, net – (2) 9 – 7
Equity in net earnings of subsidiaries (341) (128) – 469 –
(140) (93) 46 469 282
Income (Loss) before Income Taxes 439 209 456 (469) 635
Income Tax Expense 36 29 167 – 232
Net Income (Loss) $ 403 $ 180 $ 289 $ (469) $ 403
Condensed Consolidating Balance Sheet as of September 30, 2006
Non-Guarantor
in millions TFI Parent TFM Parent Subsidiaries Eliminations Total
Assets
Current Assets:
Cash and cash equivalents $ 2 $ 1 $ 25 $ – $ 28
Short-term investment 770 – – – 770
Accounts receivable, net 3 219 1,562 (601) 1,183
Inventories – 611 1,446 – 2,057
Other current assets 37 79 84 (51) 149
Total Current Assets 812 910 3,117 (652) 4,187
Net Property, Plant and Equipment 93 1,120 2,732 – 3,945
Goodwill – 1,526 986 – 2,512
Intangible Assets – 60 76 – 136
Other Assets 177 129 116 (81) 341
Investment in subsidiaries 7,899 944 – (8,843) –
Total Assets $8,981 $4,689 $7,027 $(9,576) $11,121
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt $ 851 $ 125 $ 16 $ – $ 992
Trade accounts payable 200 303 439 – 942
Other current liabilities 912 153 499 (652) 912
Total Current Liabilities 1,963 581 954 (652) 2,846
Long-Term Debt 2,371 257 359 – 2,987
Deferred Income Taxes – 178 398 (81) 495
Other Liabilities 207 80 66 – 353
Shareholders’ Equity 4,440 3,593 5,250 (8,843) 4,440
Total Liabilities and Shareholders’ Equity $8,981 $4,689 $7,027 $(9,576) $11,121
Ty s o n F o o d s , I n c . 2 0 0 6 A n n u a l R e p o r t 39
Notes to Consolidated Financial Statements continued