Tyson Foods 2012 Annual Report Download - page 17

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ITEM 6. SELECTED FINANCIAL DATA
FIVE-YEAR FINANCIAL SUMMARY
in millions, except per share and ratio data
2012 2011 2010 2009 2008
Summary of Operations
Sales $ 33,278 $ 32,266 $ 28,430 $ 26,704 $ 26,862
Goodwill impairment — — 29 560 —
Operating income (loss) 1,248 1,285 1,556 (215) 331
Net interest expense 344 231 333 310 206
Income (loss) from continuing operations 576 733 765 (550) 86
Loss from discontinued operation — — — (1) —
Net income (loss) 576 733 765 (551) 86
Net income (loss) attributable to Tyson 583 750 780 (547) 86
Diluted net income (loss) per share attributable to Tyson:
Income (loss) from continuing operations 1.58 1.97 2.06 (1.47) 0.24
Loss from discontinued operation — — — — —
Net income (loss) 1.58 1.97 2.06 (1.47) 0.24
Dividends per share:
Class A 0.160 0.160 0.160 0.160 0.160
Class B 0.144 0.144 0.144 0.144 0.144
Balance Sheet Data
Cash and cash equivalents $ 1,071 $ 716 $ 978 $ 1,004 $ 250
Total assets 11,896 11,071 10,752 10,595 10,850
Total debt 2,432 2,182 2,536 3,477 2,804
Shareholders’ equity 6,042 5,685 5,201 4,431 5,099
Other Key Financial Measures
Depreciation and amortization $ 499 $ 506 $ 497 $ 513 $ 493
Capital expenditures 690 643 550 368 425
Return on invested capital 17.1% 18.5% 22.8% (3.0)% 4.4%
Effective tax rate 37.9% 31.8% 36.4% (1.5)% 44.6%
Total debt to capitalization 28.7% 27.7% 32.8% 44.0 % 35.5%
Book value per share $ 16.84 $ 15.38 $ 13.78 $ 11.77 $ 13.51
Closing stock price high 20.91 19.92 20.40 13.88 19.44
Closing stock price low 14.17 14.84 12.02 4.40 12.14
Notes to Five-Year Financial Summary
a. Fiscal 2012 included a $15 million non-cash charge related to the impairment of non-core assets in China and a pretax charge of $167 million related to the early
extinguishment of debt.
b. Fiscal 2011 included an $11 million non-operating gain related to the sale of interest in an equity method investment and a $21 million reduction to income tax
expense related to a reversal of reserves for foreign uncertain tax positions.
c. Fiscal 2010 included $61 million of interest expense related to losses on notes repurchased/redeemed during fiscal 2010, a $29 million non-tax deductible charge
related to a full goodwill impairment related to an immaterial Chicken segment reporting unit and a $12 million non-operating charge related to the partial
impairment of an equity method investment. Additionally, fiscal 2010 included insurance proceeds received of $38 million related to Hurricane Katrina.
d. Fiscal 2009 was a 53-week year, while the other years presented were 52-week years.
e. Fiscal 2009 included a $560 million non-tax deductible charge related to Beef segment goodwill impairment and a $15 million pretax charge related to closing a
prepared foods plant.
f. Fiscal 2008 included $76 million of pretax charges related to: restructuring a beef operation; closing a poultry plant; asset impairments for packaging equipment,
intangible assets, unimproved real property and software; flood damage; and severance charges. Additionally, fiscal 2008 included an $18 million non-operating
gain related to the sale of an investment.
g. Return on invested capital is calculated by dividing operating income (loss) by the sum of the average of beginning and ending total debt and shareholders’ equity
less cash and cash equivalents.
h. For the total debt to capitalization calculation, capitalization is defined as total debt plus total shareholders’ equity.
i. In March 2009, we completed the sale of the beef processing, cattle feed yard and fertilizer assets of three of our Alberta, Canada subsidiaries (collectively,
Lakeside). Lakeside was reported as a discontinued operation for all periods presented.