Tyson Foods 2008 Annual Report Download - page 47

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45 2008 Annual Report
Notes to Consolidated Financial Statements (continued)
Condensed Consolidating Statement of Operations for the year ended September 30, 2006
Non-Guarantor
in millions TFI Parent TFM Parent Subsidiaries Eliminations Total
Net Sales $ – $14,227 $11,097 $(735) $24,589
Cost of Sales 3 14,206 10,165 (735) 23,639
(3) 21 932 – 950
Operating Expenses:
Selling, general and administrative 130 201 599 – 930
Other charges – 51 19 – 70
Operating Income (Loss) (133) (231) 314 – (50)
Other (Income) Expense:
Interest expense, net 192 35 11 – 238
Other, net (3) (3) (14) – (20)
Equity in net earnings of subsidiaries (14) (13) – 27 –
175 19 (3) 27 218
Income (Loss) from Continuing Operations before Income Taxes (308) (250) 317 (27) (268)
Income Tax Expense (Benefi t) (112) (92) 110 – (94)
Income (Loss) from Continuing Operations (196) (158) 207 (27) (174)
Loss from Discontinued Operation – – (17) – (17)
Income (Loss) before Cumulative Effect of Change in Accounting Principle (196) (158) 190 (27) (191)
Cumulative Effect of Change in Accounting Principle, Net of Tax – (1) (4) – (5)
Net Income (Loss) $(196) $ (159) $ 186 $ (27) $ (196)
Condensed Consolidating Balance Sheet as of September 27, 2008
Non-Guarantor
in millions TFI Parent TFM Parent Subsidiaries Eliminations Total
Assets
Current Assets:
Cash and cash equivalents $ 140 $ – $ 110 $ – $ 250
Accounts receivable, net 1 726 1,353 (809) 1,271
Inventories 1 724 1,813 – 2,538
Other current assets 261 46 76 (240) 143
Assets of discontinued operation held for sale – – 159 – 159
Total Current Assets 403 1,496 3,511 (1,049) 4,361
Net Property, Plant and Equipment 43 960 2,516 – 3,519
Goodwill – 1,502 1,009 – 2,511
Intangible Assets – 47 81 – 128
Other Assets 147 91 159 (66) 331
Investment in subsidiaries 8,593 1,000 – (9,593) –
Total Assets $9,186 $5,096 $7,276 $(10,708) $10,850
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt $ 8 $ – $ – $ – $ 8
Trade accounts payable 108 486 623 – 1,217
Other current liabilities 1,090 272 565 (1,049) 878
Total Current Liabilities 1,206 758 1,188 (1,049) 2,103
Long-Term Debt 2,632 249 7 – 2,888
Deferred Income Taxes – 50 307 (66) 291
Other Liabilities 334 105 115 – 554
Shareholders’ Equity 5,014 3,934 5,659 (9,593) 5,014
Total Liabilities and Shareholders’ Equity $9,186 $5,096 $7,276 $(10,708) $10,850