Tyson Foods 2015 Annual Report Download - page 28
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Please find page 28 of the 2015 Tyson Foods annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Interest Expense inmillions
2015
2014
2013
Cashinterestexpense $ 293
$ 132
$ 124
Non-cashinterestexpense —
—
21
TotalInterestExpense $ 293
$ 132
$ 145
2015/2014/2013 –
•Cashinterestexpenseprimarilyincludedinterestexpenserelatedtothecouponratesforseniornotesandtermloansandcommitment/letterofcreditfees
incurredonourrevolvingcreditfacilities.Theincreaseincashinterestexpenseinfiscal2015and2014wasprimarilyduetoseniornotesandtermloans
issuedanddebtassumedinconnectionwithourcompletedacquisitionofHillshireBrandsonAugust28,2014.
• Non-cashinterestexpenseprimarilyincludedamountsrelatedtotheamortizationofdebtissuancecostsanddiscounts/premiumsonnoteissuances,offset
byinterestcapitalized.Thedecreaseinnon-cashinterestexpenseinfiscal2015and2014isprimarilyduethereductioninnon-cashinterestexpenseonour
2013Noteswhichwereretiredinearlyfiscal2014.
Other (Income) Expense, net inmillions
2015
2014
2013
$ (36)
$ 53
$ (20)
2015 –Included$12millionofequityearningsinjointventuresand$21millionofgainsonthesaleofequitysecurities.
2014 –Included$60millionofcostsassociatedwithbridgefinancingfacilitiesfortheHillshireBrandsacquisitionand$6millionofotherthantemporary
impairmentrelatedtoanavailable-for-salesecurity,partiallyoffsetwith$14millionofequityearningsinjointventuresandnetforeigncurrency
exchangegains.
2013 –Included$19millionrelatedtorecognizedcurrencytranslationadjustmentgain.
Effective Tax Rate
2015
2014
2013
36.3%
31.6%
32.6%
TheeffectivetaxrateoncontinuingoperationswasimpactedbyanumberofitemswhichresultinadifferencebetweenoureffectivetaxrateandtheUnitedStates
statutoryrateof35%.Thetablebelowreflectssignificantitemsimpactingtherateasindicated.
2015 –
• Domesticproductionactivitydeductionreducedtherate3.7%.
• Unrecognizedtaxbenefitsactivity,mostlyrelatedtoexpirationofstatutesoflimitations,reducedtherate1.8%.
• Stateincometaxesincreasedtherate3.1%.
• Foreignratedifferencesandvaluationallowancesincreasedtherate3.8%.
2014 –
• Domesticproductionactivitydeductionreducedtherate4.0%.
•Netdecreaseinunrecognizedtaxbenefits,mostlyrelatedtoexpirationofstatutesoflimitationsandsettlementswithtaxingauthorities,reducedtherate
4.7%.
• Stateincometaxesincreasedtherate2.8%.
• Foreignratedifferencesandvaluationallowancesincreasedtherate2.8%.
2013 –
• Domesticproductionactivitydeductionreducedtherate3.2%.
• Generalbusinesscreditsreducedtherate1.3%.
• Stateincometaxesincreasedtherate2.4%.
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