Tyson Foods 2008 Annual Report Download - page 46

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44 Tyson Foods, Inc.
Notes to Consolidated Financial Statements (continued)
Condensed Consolidating Statement of Income for the year ended September 27, 2008
Non-Guarantor
in millions TFI Parent TFM Parent Subsidiaries Eliminations Total
Net Sales $ 9 $15,638 $12,052 $(837) $26,862
Cost of Sales 154 15,105 11,194 (837) 25,616
(145) 533 858 – 1,246
Operating Expenses:
Selling, general and administrative 118 193 568 – 879
Other charges 1 18 17 – 36
Operating Income (Loss) (264) 322 273 – 331
Other (Income) Expense:
Interest expense, net 181 17 8 – 206
Other, net (13) (5) (11) – (29)
Equity in net earnings of subsidiaries (325) (10) – 335 –
(157) 2 (3) 335 177
Income (Loss) from Continuing Operations before Income Taxes (107) 320 276 (335) 154
Income Tax Expense (Benefi t) (193) 138 123 – 68
Income from Continuing Operations 86 182 153 (335) 86
Income from Discontinued Operation – – – – –
Net Income $ 86 $ 182 $ 153 $(335) $ 86
Condensed Consolidating Statement of Income for the year ended September 29, 2007
Non-Guarantor
in millions TFI Parent TFM Parent Subsidiaries Eliminations Total
Net Sales $ 165 $15,189 $11,264 $(889) $25,729
Cost of Sales (49) 14,885 10,353 (889) 24,300
214 304 911 – 1,429
Operating Expenses:
Selling, general and administrative 108 173 533 – 814
Other charges 1 1 – – 2
Operating Income 105 130 378 – 613
Other (Income) Expense:
Interest expense, net 186 29 9 – 224
Other, net (1) (24) 4 – (21)
Equity in net earnings of subsidiaries (321) (50) – 371 –
(136) (45) 13 371 203
Income from Continuing Operations before Income Taxes 241 175 365 (371) 410
Income Tax Expense (Benefi t) (27) 43 126 – 142
Income from Continuing Operations 268 132 239 (371) 268
Income from Discontinued Operation – – – – –
Net Income $ 268 $ 132 $ 239 $(371) $ 268