Tyson Foods 2013 Annual Report Download - page 18

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ITEM 6. SELECTED FINANCIAL DATA
FIVE-YEAR FINANCIAL SUMMARY
in millions, except per share and ratio data
2013 2012 2011 2010 2009
Summary of Operations
Sales $ 34,374 $ 33,055 $ 32,032 $ 28,212 $ 26,704
Goodwill impairment — — — 29 560
Operating income (loss) 1,375 1,286 1,289 1,574 (215)
Net interest expense 138 344 231 333 310
Income (loss) from continuing operations 848 614 738 783 (550)
Loss from discontinued operation, net of tax (70)(38)(5)(18)(1)
Net income (loss) 778 576 733 765 (551)
Net income (loss) attributable to Tyson 778 583 750 780 (547)
Diluted net income (loss) per share attributable to Tyson:
Income (loss) from continuing operations 2.31 1.68 1.98 2.09 (1.47)
Loss from discontinued operation (0.19)(0.10)(0.01)(0.03) —
Net income (loss) 2.12 1.58 1.97 2.06 (1.47)
Dividends declared per share:
Class A 0.310 0.160 0.160 0.160 0.160
Class B 0.279 0.144 0.144 0.144 0.144
Balance Sheet Data
Cash and cash equivalents $ 1,145 $ 1,071 $ 716 $ 978 $ 1,004
Total assets 12,177 11,896 11,071 10,752 10,595
Total debt 2,408 2,432 2,182 2,536 3,477
Shareholders’ equity 6,233 6,042 5,685 5,201 4,431
Other Key Financial Measures
Depreciation and amortization $ 519 $ 499 $ 506 $ 497 $ 513
Capital expenditures 558 690 643 550 368
Return on invested capital 18.5% 17.7% 18.5% 23.0% (3.0)%
Effective tax rate for continuing operations 32.6% 36.4% 31.6% 35.9% (1.5)%
Total debt to capitalization 27.9% 28.7% 27.7% 32.8% 44.0 %
Book value per share $ 18.13 $ 16.84 $ 15.38 $ 13.78 $ 11.77
Closing stock price high 31.83 20.91 19.92 20.40 13.88
Closing stock price low 16.02 14.17 14.84 12.02 4.40
Notes to Five-Year Financial Summary
a. Fiscal 2013 included a $19 million currency translation adjustment gain recognized in conjunction with the receipt of proceeds constituting the final resolution of
our investment in Canada.
b. Fiscal 2012 included a pretax charge of $167 million related to the early extinguishment of debt.
c. 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.
d. 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.
e. Fiscal 2009 was a 53-week year, while the other years presented were 52-week years.
f. 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.
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. During fiscal 2013 we determined our Weifang operation (Weifang) was no longer core to the execution of our strategy in China. In July 2013, we completed the
sale of Weifang. Non-cash charges related to the impairment of assets in Weifang amounted to $56 million and $15 million in the third quarter of fiscal 2013 and the
fourth quarter of fiscal 2012, respectively. Weifang's results are reflected as a discontinued operation for all periods presented.
j. Fiscal 2009 included 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.