Tyson Foods 2014 Annual Report Download - page 43
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38
Description
Judgments and Uncertainties
Effect if Actual Results Differ From
Assumptions
Accrued self-insurance
We are self-insured for certain losses related
to health and welfare, workers’
compensation, auto liability and general
liability claims.
We use an independent third-
party actuary to
assist in determining our self-insurance
liability. We and the actuary consider a
number of factors when estimating our self-
insurance liability, including claims
experience, demographic factors, severity
factors and other actuarial assumptions.
We periodically review our estimates and
assumptions with our third-party actuary to
assist us in determining the adequacy of our
self-insurance liability. Our policy is to
maintain an accrual within the central to
high point of the actuarial range.
Our self-insurance liability contains
uncertainties due to assumptions required and
judgment used.
Costs to settle our obligations, including legal
and healthcare costs, could increase or
decrease causing estimates of our self-
insurance liability to change.
Incident rates, including frequency and
severity, could increase or decrease causing
estimates in our self-insurance liability to
change.
We have not made any material changes in the
accounting methodology used to establish our
self-insurance liability during the past three
fiscal years.
We do not believe there is a reasonable
likelihood there will be a material change in
the estimates or assumptions used to calculate
our self-insurance liability. However, if actual
results are not consistent with our estimates or
assumptions, we may be exposed to gains or
losses that could be material.
A 10% increase in the actuarial estimate at
September 27, 2014, would result in an
increase in the amount we recorded for our
self-insurance liability of approximately $3
million. A 10% decrease in the actuarial
estimate at September 27, 2014, would result
in a decrease in the amount we recorded for
our self-insurance liability of approximately
$23 million.