Tyson Foods 2015 Annual Report Download - page 57
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Please find page 57 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.TheacquisitionofHillshireBrandswasaccountedforusingtheacquisitionmethodofaccounting,andconsequently,theresultsofoperationsforHillshireBrands
arereportedinourconsolidatedfinancialstatementsfromthedateofacquisition.
ThefollowingunauditedproformainformationpresentsthecombinedresultsofoperationsasiftheacquisitionofHillshireBrandshadoccurredatthebeginning
offiscal2013.HillshireBrands'pre-acquisitionresultshavebeenaddedtoourhistoricalresults.Theproformaresultscontainedinthetablebelowinclude
adjustmentsforamortizationofacquiredintangibles,depreciationexpense,interestexpenserelatedtothefinancingandrelatedincometaxes.Anypotentialcost
savingsorotheroperationalefficienciesthatcouldresultfromtheacquisitionarenotincludedintheseproformaresults.
The2013proformaresultsincludetransactionrelatedexpensesincurredbyHillshireBrandspriortotheacquisitionof$168million,includingitemssuchas
consultantfees,acceleratedstockcompensationandotherdealcosts;transactionrelatedexpensesincurredbytheCompanyof$115million,includingfeespaidto
thirdparties,financingcostsandotherdealcosts;and$32millionofexpenserelatedtothefairvalueinventoryadjustmentatthedateofacquisition.
Theseproformaresultshavebeenpreparedforcomparativepurposesonlyandarenotnecessarilyindicativeoftheresultsofoperationsastheywouldhavebeen
hadtheacquisitionsoccurredontheassumeddates,norisitnecessarilyanindicationoffutureoperatingresults.
inmillions(unaudited)
2014
2013
Proformasales $ 41,311
$ 38,195
ProformanetincomefromcontinuingoperationsattributabletoTyson 1,047
655
ProformanetincomeperdilutedsharefromcontinuingoperationsattributabletoTyson $ 2.50
$ 1.52
Duringfiscal2014weacquiredavalue-addedfoodbusinessaspartofourstrategicexpansioninitiative,whichisincludedinourPreparedFoodssegment.The
aggregatepurchasepriceoftheacquisitionwas$56million,whichincluded$12millionforProperty,PlantandEquipment,$27millionallocatedtoIntangible
Assetsand$18millionallocatedtoGoodwill.
Duringfiscal2013,weacquiredtwovalue-addedfoodbusinessesaspartofourstrategicexpansioninitiative,whichareincludedinourPreparedFoodssegment.
Theaggregatepurchasepriceoftheacquisitionswas$106million,whichincluded$50millionforProperty,PlantandEquipment,$41millionallocatedto
IntangibleAssetsand$12millionallocatedtoGoodwill.
Dispositions
Infiscal2014,weannouncedourplantosellourBrazilandMexicooperations,whichareincludedinOther,toJBSSA("JBS")for$575millionincashlessdebt
andotheradjustments.Asaresult,weconductedanimpairmenttestandrecordeda$39millionimpairmentchargeinthefourthquarteroffiscal2014relatedto
ourBraziloperation.WecompletedthesaleoftheBraziloperationinthefirstquarteroffiscal2015andreceivednetproceedsof$148millionincludingworking
capital,netdebtadjustmentsandcashtransferred.ThesaledidnotresultinasignificantgainorlossasthecarryingvalueoftheBraziloperationapproximatedthe
salesproceedsatthetimeofsale.
WecompletedthesaleoftheMexicooperationinthefourthquarteroffiscal2015andreceivednetproceedsofapproximately$374millionincludingworking
capital,netdebtadjustmentsandcashtransferred.Asaresultofthesale,werecordedapre-taxgainof$161million,whichisreflectedinCostofSalesinour
ConsolidatedStatementsofIncome.Weutilizedthenetproceedstoretirethe2.75%seniornotesdueSeptember2015.
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