Tyson Foods 2009 Annual Report Download

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended October 3, 2009
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ________________ to ________________
Commission File No. 001-14704
TYSON FOODS, INC.
(Exact Name of Registrant as specified in its Charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
71-0225165
(I.R.S. Employer Identification No.)
2200 Don Tyson Parkway, Springdale, Arkansas
(Address of principal executive offices)
72762-6999
(Zip Code)
Registrant's telephone number, including area code:
(479) 290-4000
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class
Class A Common Stock, Par Value $0.10
Name of Each Exchange on Which Registered
New York Stock Exchange
Securities Registered Pursuant to Section 12(g) of the Act: Not Applicable
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [X] No [ ]
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No
[X]
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes
[X] No [ ]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.
Yes [ ] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not
be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III
of this Form 10-K or any amendment to this Form 10-K. [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of
the Exchange Act.
Large accelerated filer [X]
Accelerated filer [ ]
Non-accelerated filer [ ] (Do not check if a smaller reporting company)
Smaller reporting company [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [ ] No [X]

Table of contents

  • Page 1
    ..., Springdale, Arkansas (Address of principal executive offices) Registrant's telephone number, including area code: Securities Registered Pursuant to Section 12(b) of the Act: Title of Each Class Class A Common Stock, Par Value $0.10 Name of Each Exchange on Which Registered New York Stock Exchange...

  • Page 2
    ... Data Changes in and Disagreements With Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information 16 18 19 36 38 81 81 81 Directors, Executive Officers and Corporate Governance Executive Compensation Security Ownership of Certain Beneficial Owners and Management...

  • Page 3
    ...-primal cuts and case-ready products. This segment also includes our live swine group, related allied product processing activities and logistics operations to move products through the supply chain. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators...

  • Page 4
    ... chickens and live broilers, from time-to-time we purchase live, ice-packed or deboned chicken to meet production requirements. Beef: The primary raw materials used in our beef operations are live cattle. We do not have facilities of our own to raise cattle but have cattle buyers located throughout...

  • Page 5
    ...pilot plant. The Discovery Center brings new market-leading retail and foodservice products to the customer faster and more effectively. ENVIRONMENTAL REGULATION AND FOOD SAFETY Our facilities for processing chicken, beef, pork and prepared foods, milling feed and housing live chickens and swine are...

  • Page 6
    ... our own internal Food Safety and Quality Assurance oversight and review, our chicken, beef, pork and prepared foods products are subject to inspection prior to distribution, primarily by the United States Department of Agriculture (USDA) and the United States Food and Drug Administration (FDA). We...

  • Page 7
    ... changes in availability and relative costs of labor and contract growers and our ability to maintain good relationships with employees, labor unions, contract growers and independent producers providing us livestock; (ix) issues related to food safety, including costs resulting from product recalls...

  • Page 8
    ...our sales to customers in foreign countries, as well as our operations and assets in such countries. In fiscal 2009, we exported to more than 90 countries. Major export markets include Canada, Central America, China, the European Union, Japan, Mexico, the Middle East, Russia, South Korea, Taiwan and...

  • Page 9
    ...employees or with the unions, we may experience labor strikes or work stoppages, which could adversely affect our financial results. We depend on contract growers and independent producers to supply us with livestock. We contract primarily with independent contract growers to raise the live chickens...

  • Page 10
    ... by authorities that oversee food safety standards and processing, packaging, storage, distribution, advertising, labeling and export of our products. Our facilities for processing chicken, beef, pork, prepared foods and milling feed and for housing live chickens and swine are subject to a variety...

  • Page 11
    ... through the acqui sition of companies, processing plants, technologies, products and services, which could include material transactions. A material transaction may involve a number of risks, including failure to realize the anticipated benefits of the transaction; difficulty integrating acquired...

  • Page 12
    ... Alabama, Arizona, Arkansas, California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Mississippi, Missouri, Nebraska, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington and Wisconsin...

  • Page 13
    ...phases of slaughtering live hogs and fabricating pork products and allied products. The Pork segment includes three case-ready operations that share facilities with the Beef segment. Prepared Foods: Prepared Foods plants process fresh and frozen chicken, beef, pork and other raw materials into pizza...

  • Page 14
    ..., and oral arguments occurred on September 21, 2009. If the proposed Consent Decree is entered, the escrowed amount will be paid to the United States and the State of Oklahoma. In November 2006, the Audit Committee of our Board of Directors engaged outside counsel to conduct a review of certain...

  • Page 15
    ... Vice President of Logistics and Operations Services since April 2007, Senior Vice President Information Systems, Purchasing and Distribution since May 2006, Senior Vice President and Chief Information Officer since November 2005, and Senior Vice President, Supply Chain Management since October 2001...

  • Page 16
    ... and the annual dividend rate for Class B stock was $0.144 per share. MARKET INFORMATION The Class A stock is traded on the New York Stock Exchange under the symbol "TSN." No public trading market currently exists for the Class B stock. The high and low closing sales prices of our Class A stock for...

  • Page 17
    ....14 112.99 124.24 10/3/09 79.15 105.18 113.10 Tyson Foods, Inc. S&P 500 Index Peer Group The total cumulative return on investment (change in the year-end stock price plus reinvested dividends), which is based on the stock price or composite index at the end of fiscal 2004, is presented for...

  • Page 18
    ... of pretax charges primarily related to closing one poultry plant, two beef plants and two prepared foods plants. f. Fiscal 2005 included $33 million of pretax charges related to a legal settlement involving our live swine operations, a non-recurring income tax net benefit of $15 million including...

  • Page 19
    ... with customers and introduce new and innovative products to the marketplace; accessibility of international markets; market prices for our products; the cost of live cattle and hogs, raw materials and grain; and operating efficiencies of our facilities. OVERVIEW â- Chicken Segment - Fiscal 2009...

  • Page 20
    ... change in the fundamentals of our Beef business as it relates to fiscal 2009. We expect adequate supplies to operate our plants. We will manage our spreads by maximizing our revenues through product mix, minimizing our operating costs, while keeping our focus on quality and customer service. Pork...

  • Page 21
    ... Decrease due to sales volume included lower Beef and Chicken sales volume, partially offset by higher Pork sales volume. â- Decrease due to net gains of $173 million from our commodity risk management activities related to forward futures contracts for live cattle and hog purchases as compared to...

  • Page 22
    ... $ 2 2009 - Included $15 million charge related to closing our Ponca City, Oklahoma, processed meats plant. 2008 - â- Included $17 million charge related to restructuring our Emporia, Kansas, beef operation. â- Included $13 million charge related to closing our Wilkesboro, North Carolina, Cooked...

  • Page 23
    ...to the amortization of debt issuance costs and discounts/premiums on note issuances. The increase was primarily due to debt issuance costs incurred on the new credit facility in fiscal 2009, the 10.5% Notes due March 2014 (2014 Notes) issued in fiscal 2009 and amendment fees paid in December 2008 on...

  • Page 24
    ... in fiscal 2009, as well as inventory reductions and sales volume related to recent acquisitions. â- Average Sales Price - The inventory reductions and recent acquisitions lowered the average sales price, as most of the inventory reduction related to commodity products shipped internationally and...

  • Page 25
    ... Emporia, Kansas, slaughter operation. Operating results were also negatively impacted by higher operating costs. Fiscal 2008 operating results include realized and unrealized net gains of $53 million from our commodity risk management activities related to forward futures contracts for live cattle...

  • Page 26
    ...0.2% $ (29) Sales Sales Volume Change Average Sales Price Change Operating Income Operating Margin $ $ $ 133 $ 4.7% 63 $ 2.3% 92 3.5% 2009 - Operating income included a $15 million charge related to closing our Ponca City, Oklahoma, processed meats plant. 2008 - Operating income included $10...

  • Page 27
    ...Changes in working capital: â- 2009 - Increased primarily due to a reduction in inventory and accounts receivable balances, partially offset by a reduction in accounts payable. The lower inventory balance was primarily due to the reduction of inventory volumes, as well as a decrease in raw material...

  • Page 28
    ... - â- In fiscal 2009, we issued $810 million of 2014 Notes. After the original issue discount of $59 million, based on an issue price of 92.756% of face value, we received net proceeds of $751 million. We used the net proceeds towards the repayment of our borrowings under our accounts receivable...

  • Page 29
    ... to supply our live cattle and hogs. If these producers are adversely impacted by the current economic conditions and go out of business, our livestock supply for processing could be significantly impacted. Additionally, we have cash flow assistance programs in which certain livestock suppliers...

  • Page 30
    ... in grain and energy prices benefit us long-term, we recorded losses related to these financial instruments in fiscal 2009 of $257 million. We have recently implemented policies to reduce our earnings volatility associated with mark-to-market derivative activities, including more use of normal...

  • Page 31
    ... 1, 2009. S&P currently rates the 2016 Notes "BB." Moody's currently rates this debt "Ba3." A further one -notch downgrade by either ratings agency would increase the interest rates on the 2016 Notes by an additional 0.25%. Revolving Credit Facility S&P's corporate credit rating for Tyson Foods, Inc...

  • Page 32
    ... ISSUED/ADOPTED ACCOUNTING PRONOUNCEMENTS Refer to the discussion under Part II, Item 8, Notes to Consolidated Financial Statements, Note 1: Business and Summary of Significant Accounting Policies for recently issued accounting pronouncements and Note 2: Change in Accounting Principles for recently...

  • Page 33
    ...The following is a summary of certain accounting estimates we consider critical. Effect if Actual Results Differ From Assumptions Description Contingent liabilities We are subject to lawsuits, investigations and other claims related to wage and hour/labor, environmental, product, taxing authorities...

  • Page 34
    ... cash flows of the long-lived asset, including forecasting useful lives of assets and selecting the discount rate that reflects the risk inherent in future cash flows to determine fair value. We have not made any material changes in the accounting methodology used to evaluate the impairment of...

  • Page 35
    ... the last three years. The recent disruptions in global credit and other financial markets and deterioration of economic conditions led to an increase in our discount rate. The discount rate used in our annual goodwill impairment test increased to 10.1% in fiscal 2009 from 9.3% in fiscal 2008. There...

  • Page 36
    ... and losses are reported in earnings at each reporting date. Changes in market value of derivatives used in our risk management activities relating to forward sales contracts are recorded in sales. Changes in market value of derivatives used in our risk management activities surrounding inventories...

  • Page 37
    ... and correlation. Contracts designated and highly effective at meeting this risk reduction and correlation criteria are recorded using hedge accounting. The following table presents a sensitivity analysis resulting from a hypothetical change of 10% in market prices as of October 3, 2009, and...

  • Page 38
    ...Tax $11, $0, $0 Net Income (Loss) Weighted Average Shares Outstanding: Class A Basic Class B Basic Diluted Earnings (Loss) Per Share from Continuing Operations: Class A Basic Class B Basic Diluted Loss Per Share from Discontinued Operation: Class A Basic Class B Basic Diluted Net Earnings (Loss) per...

  • Page 39
    ... debt Trade accounts payable Other current liabilities Total Current Liabilities Long-Term Debt Deferred Income Taxes Other Liabilities Minority Interest Shareholders' Equity: Common stock ($0.10 par value): Class A-authorized 900 million shares: issued 322 million shares in both 2009 and 2008...

  • Page 40
    ...Class A Common Stock Convertible note hedge transactions Warrant transactions Stock options exercised Restricted shares issued Restricted shares canceled... adoption of new accounting guidance relates to: 2008 - uncertainty in income taxes; 2007 - defined benefit and post retirement plans September 27,...

  • Page 41
    ..., plant and equipment Purchases of marketable securities Proceeds from sale of marketable securities Proceeds from sale of investments Proceeds from sale of short-term investment Change in restricted cash to be used for investing activities Proceeds from sale of discontinued operation Acquisitions...

  • Page 42
    ... 1: BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business: Tyson Foods, Inc. (collectively, "Company," "we," "us" or "our"), founded in 1935 with world headquarters in Springdale, Arkansas, is one of the world's largest proce ssor and marketer of chicken, beef and pork and...

  • Page 43
    ... margins, growth rates and discount factors. The recent disruptions in global credit and other financial markets and deterioration of economic conditions led to an increase in our discount rate used in the 2009 annual goodwill impairment analysis. There were no significant changes in the other key...

  • Page 44
    ... for hedge accounting are marked to fair value with unrealized gains or losses reported currently in earnings. Changes in market value of derivatives used in our risk management activities relating to forward sales contracts are recorded in sales. Changes in market value of derivatives used in our...

  • Page 45
    ... in subsequent periods. The amount al located to the equity component represents a discount to the debt, which is amortized into interest expense using the effective interest method over the life of the debt. This guidance is effective for financial statements issued for fiscal years beginning after...

  • Page 46
    .... See "Subsequent Events" in Note 1: Business and Summary of Significant Accounting Policies for required disclosures. NOTE 3: ACQUISITIONS In August 2009, we completed the establishment of related joint ventures in China referred to as Shandong Tyson Xinchang Foods. The aggregate purchase price for...

  • Page 47
    ... operations at our Emporia, Kansas, beef plant. Beef slaughter operations ceased during the second quarter of fiscal 2008. However, the facility is still used to process certain commodity, specialty cuts and ground beef, as well as a cold storage and distribution warehouse. This restructuring...

  • Page 48
    ... in the Chicken, Beef, Pork and Prepared Foods segments' Operating Income (Loss) and included in the Consolidated Statements of Income in Other Charges. We have fully paid the employee termination benefits. In May 2007, we announced the completion of the sale of two of our Alabama poultry plants and...

  • Page 49
    ... livestock firm commitments. As of October 3, 2009, we had the following aggregated notionals of outstanding forward contracts entered into to hedge forecasted commodity purchases which are accounted for as a fair value hedge: Notional Volume Commodity: Live Cattle Lean Hogs 133 million pounds 171...

  • Page 50
    ... sales of boxed beef and boxed pork and forward purchases of cattle and hogs, we also enter into the appropriate number of livestock futures positions to mitigate a portion of this risk. Changes in market value of the open livestock futures positions are marked to market and reported in earnings at...

  • Page 51
    ...poultry products. The following table sets forth the pretax impact of the undesignated derivative instruments on the Consolidated Statements of Income (in millions): Consolidated Statements of Income Classification 2009 Derivatives not designated as hedging instruments: Commodity contracts Commodity...

  • Page 52
    ... 1,185 317 64 2,511 Chicken Beef Pork Prepared Foods Total Goodwill Other intangible assets by type at October 3, 2009, and September 27, 2008: $ $ 2009 973 $ 563 317 64 1,917 $ 2009 Gross Carrying Value: Trademarks Patents and intellectual property Land use rights Less Accumulated Amortization...

  • Page 53
    ... credit risks and general market conditions, we have recorded an allowance for these programs' estimated uncollectible receivables of $20 million and $2 million at October 3, 2009 and September 27, 2008, respectively. The minority partner in our Shandong Tyson Xinchang Foods joint ventures in China...

  • Page 54
    ... under this facility, none of which were drawn upon. Our letters of credit are issued primarily i n support of workers' compensation insurance programs, derivative activities and Dynamic Fuels' GO Zone tax-exempt bonds. This facility is fully and unconditionally guaranteed on a senior secured basis...

  • Page 55
    ... of the product of the last reported sale price of our Class A stock and the applicable conversion rate on each such day; or â- upon the occurrence of specified corporate events as defined in the supplemental indenture. On and after July 15, 2013, until the close of business on the second scheduled...

  • Page 56
    ... specified sales of assets and subsidiary stock; enter into transactions with affiliates; enter new lines of business; engage in consolidation, mergers and acquisitions; and engage in certain sale/leaseback transactions. Condensed Consolidating Financial Statements Tyson Fresh Meats, Inc. (TFM), our...

  • Page 57
    Condensed Consolidating Statement of Income for the year ended October 3, 2009 2014 Guarantors TFI ...206 (29) 177 Income (Loss) from Continuing Operations before Income Taxes Income Tax Expense (Benefit) Income from Continuing Operations Income from Discontinued Operation Net Income $ (22) (108) 86...

  • Page 58
    ... Taxes Income Tax Expense (Benefit) Income from Continuing Operations ...2009 2014 Guarantors TFI Parent Assets Current Assets: Cash and cash equivalents Restricted cash Accounts receivable, net Inventories, net Other current assets Total Current Assets Restricted cash Net Property, Plant and Equipment...

  • Page 59
    ... Consolidating Statement of Cash Flows for the year ended October 3, 2009 2014 Guarantors TFI...plant and equipment Change in restricted cash-investing Proceeds from sale of marketable securities, net Proceeds from sale of discontinued operation Acquisitions, net of cash acquired Other, net Cash Used...

  • Page 60
    ...: Additions to property, plant and equipment Proceeds from sale of investments Purchases of marketable securities, net Other, net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: Net change in debt Net proceeds from Class A stock offering Convertible note hedge...

  • Page 61
    ... other than quoted prices that are observable for the asset or liability; and Inputs derived principally from or corroborated by other observable market data. Level 3 - Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment...

  • Page 62
    ... to 47 years, are reported at fair value based on pricing models and quoted market prices adjusted for credit and non-performance risk. We classify our investments in U.S. government and agency debt securities as Level 2 as fair value is generally estimated using discounted cash flow models that are...

  • Page 63
    ... management's estimates of market participant assumptions. Concentrations of Credit Risk Our financial instruments exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Our cash equivalents are in high quality securities placed with major...

  • Page 64
    ...new accounting guidance in fiscal 2007 related to defined benefit and post retirement plans. NOTE 14: STOCK-BASED COMPENSATION We issue shares under our stock-based compensation plans by issuing Class A stock from treasury. The total number of shares available for future grant under the Tyson Foods...

  • Page 65
    ... $0 and $9 million, respectively, in excess tax deductions during fiscal years 2009, 2008 and 2007, respectively. As of October 3, 2009, we had $29 million of total unrecognized compensation cost related to stock option plans that will be recognized over a weighted average period of 2.7 years. 65

  • Page 66
    ..., we implemented a non-qualified defined benefit plan for certain contracted officers that uses a formula based on years of service and final average salary. We also have other postretirement benefit plans for which substantially all of our employees may receive benefits if they satisfy applicable...

  • Page 67
    ... 2008: Pension Benefits Qualified Non-Qualified 2009 2008 2009 2008 Change in benefit obligation Benefit obligation at beginning of year Service cost Interest cost Plan participants' contributions Actuarial (gain) loss Benefits paid Benefit obligation at end of year Change in plan assets Fair value...

  • Page 68
    ... and settlement gain Net periodic benefit cost $ Assumptions Weighted average assumptions are as follows: Pension Benefits 2009 Discount rate to determine net periodic benefit cost Discount rate to determine benefit obligations Rate of compensation increase Expected return on plan assets...

  • Page 69
    ... in fiscal 2009, $3 million in fiscal 2008, and $5 million in fiscal 2007, were paid to entities in which these parties had an ownership interest. In 2008, a lawsuit captioned In re Tyson Foods, Inc. Consolidated Shareholder's Litigation was settled. Pursuant to the settlement, Don Tyson and the...

  • Page 70
    ... Part D Goodwill impairment General business credits Domestic production deduction Fixed asset tax cost correction Officers life insurance Change in state valuation allowance Change in foreign valuation allowance Tax planning in foreign jurisdictions Other The fiscal 2009 goodwill impairment is non...

  • Page 71
    ... accrual method represents the 1987 change from the cash to accrual method of accounting and will be recognized by 2027. At October 3, 2009, our... taxes (subject to an adjustment for foreign tax credits), state income taxes and withholding taxes payable to the various foreign countries. It is not ...

  • Page 72
    ...: Denominator for basic earnings per share: Class A weighted average shares Class B weighted average shares, and shares under if-converted method for diluted earnings per share Effect of dilutive securities: Stock options and restricted stock Denominator for diluted earnings per share - adjusted...

  • Page 73
    ...-primal cuts and case-ready products. This segment also includes our live swine group, related allied product processing activities and logistics operations to move products through the supply chain. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators...

  • Page 74
    ...plant and equipment were located in foreign countries, primarily Brazil, China and Mexico, at fiscal years ended 2009, 2008 and 2007, respectively. We sell certain products in foreign markets, primarily Canada, Central America, China, the European Union, Japan, Mexico, the Middle East, Russia, South...

  • Page 75
    ...Fourth Quarter Quarter Quarter 6,307 $ 253 29 (90) (14) (104) 6,662 $ 470 276 127 7 134 7,214 462 (322) (455) (455) First Quarter 2009 Sales Gross profit Operating income (loss) Income (loss) from continuing operations Income (loss) from discontinued operation Net income (loss) Earnings (loss) from...

  • Page 76
    ... failed to compensate poultry plant employees for all hours worked, including overtime compensation, in violation of the FLSA. These lawsuits include DeAsencio v. Tyson Foods, Inc. (DeAsencio), filed on August 22, 2000, in the U.S. District Court for the Eastern District of Pennsylvania. This matter...

  • Page 77
    .... If oral argument is granted, we anticipate that it will occur in December 2009. We have pending eleven separate wage and hour actions involving TFM's plants located in Lexington, Nebraska (Lopez, et al. v. Tyson Foods, Inc., District of Nebraska, June 30, 2006), Garden City and Emporia, Kansas...

  • Page 78
    ... of that ruling on September 17, 2009. A non-jury trial of the case began on September 24, 2009 and is ongoing. In 2008, the following thirteen (13) separate lawsuits were filed, with the various plaintiffs alleging that Tyson falsely advertised chicken products as "raised without antibiotics" in...

  • Page 79
    Report of Independent Registered Public Accounting Firm The Board of Directors and Shareholders of Tyson Foods, Inc. We have audited the accompanying consolidated balance sheets of Tyson Foods, Inc. as of October 3, 2009 and September 27, 2008, and the related consolidated statements of income, ...

  • Page 80
    ... In our opinion, Tyson Foods, Inc. maintained, in all material respects, effective internal control over financial reporting as of October 3, 2009, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the...

  • Page 81
    ... Vice President of Logistics and Operations Services since April 2007, Senior Vice President Information Systems, Purchasing and Distribution since May 2006, Senior Vice President and Chief Information Officer since November 2005, and Senior Vice President, Supply Chain Management since October 2001...

  • Page 82
    ... III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE See information set forth under the captions "Election of Directors" and "Section 16(a) Beneficial Ownership Reporting Compliance" in the registrant's definitive Proxy Statement for the registrant's Annual Meeting of Shareholders...

  • Page 83
    ... three years ended October 3, 2009 Notes to Consolidated Financial Statements Reports of Independent Registered Public Accounting Firm Financial Statement Schedule - Schedule II Valuation and Qualifying Accounts for the three years ended October 3, 2009 All other schedules are omitted because they...

  • Page 84
    ... Supplemental Indenture, dated as of September 28, 2001, among the Company, Lasso Acquisition Corporation and The Bank of New York, supplementing the IBP Indenture (previously filed as Exhibit 4.18 to the Company's Annual Report on Form 10-K for the fiscal year ended September 29, 2001, Commission...

  • Page 85
    ... Report on Form 8-K/A filed June 5, 2009, Commission File No. 001-14704, and incorporated herein by reference). 10.12 Senior Executive Employment Agreement dated November 20, 1998 between the Company and Leland E. Tollett (previously filed as Exhibit 10.20 to the Company's Annual Report on Form 10K...

  • Page 86
    ... Agreement with officers and directors (previously filed as Exhibit 10.8 to IBP's Registration Statement on Form S-1, dated August 19, 1987, File No. 1-6085 and incorporated hereby by reference). 10.27 Tyson Foods, Inc. Annual Incentive Compensation Plan for Senior Executives adopted February...

  • Page 87
    ...). 10.30 First Amendment to the Tyson Foods, Inc. Employee Stock Purchase Plans effective December 27, 2009. 10.31 Restated Executive Savings Plan of Tyson Foods, Inc. effective January 1, 2009 (previously filed as Exhibit 10.42 to the Company's Annual Report on Form 10-K for the fiscal year...

  • Page 88
    ... filed as Exhibit 16.1 to the Company's Current Report on Form 8-K filed June 12, 2009, Commission File No. 001-14704, and incorporated herein by reference). Subsidiaries of the Company Consent of Ernst & Young LLP Certification of Chief Executive Officer pursuant to SEC Rule 13a-14(a)/15d-14(a), as...

  • Page 89
    ... 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. TYSON FOODS, INC. By: /s/ Dennis Leatherby Dennis Leatherby Executive Vice President and Chief Financial Officer November 23, 2009 89

  • Page 90
    ... A. Tyson Barbara A. Tyson /s/ Don Tyson Don Tyson /s/ John Tyson John Tyson /s/ Albert C. Zapanta Albert C. Zapanta Director November 23, 2009 Senior Vice President, Controller and Chief Accounting Officer Director November 23, 2009 November 23, 2009 Director November 23, 2009 Executive Vice...

  • Page 91
    FINANCIAL STATEMENT SCHEDULE TYSON FOODS, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Three Years Ended October 3, 2009 in millions Balance at Beginning of Period Allowance for Doubtful Accounts: 2009 2008 2007 Inventory Lower of Cost or Market Allowance: 2009 2008 2007 $ 12 $ 8 8 Additions ...

  • Page 92