Tyson Foods 2015 Annual Report Download - page 65
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Please find page 65 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.Duringfiscal2014,thedomesticproductiondeductionandthedecreaseinunrecognizedtaxbenefitsdecreasedtaxexpenseby$50millionand$58million,
respectively.
Duringfiscal2013,thedomesticproductiondeductionandestimatedgeneralbusinesscreditsdecreasedtaxexpenseby$40millionand$17million,respectively.
Approximately$1,908million,$1,270million,and$1,204millionofincomefromcontinuingoperationsbeforeincometaxesforfiscal2015,2014and2013,
respectively,werefromourdomesticoperationsbasedintheUnitedStates.
Werecognizedeferredincometaxesforthefuturetaxconsequencesattributabletodifferencesbetweenthefinancialstatementcarryingamountsofexistingassets
andliabilitiesandtheirrespectivetaxbases.Deferredtaxassetsandliabilitiesaremeasuredusingtaxratesexpectedtoapplytotaxableincomeintheyearsin
whichthosetemporarydifferencesareexpectedtoberecoveredorsettled.
ThetaxeffectsofmajoritemsrecordedasdeferredtaxassetsandliabilitiesasofOctober3,2015,andSeptember27,2014,areasfollows:
inmillions
2015
2014
DeferredTax
DeferredTax
Assets
Liabilities
Assets
Liabilities
Property,plantandequipment $ —
$ 783
$ —
$ 732
Intangibleassets —
2,000
—
2,031
Accruedexpenses 439
—
474
—
Netoperatinglossandothercarryforwards 97
—
96
—
Other 122
238
125
269
$ 658
$ 3,021
$ 695
$ 3,032
Valuationallowance $ (68)
$ (51)
Netdeferredtaxliability
$ 2,431
$ 2,388
WerecorddeferredtaxamountsinOthercurrentassets,OtherAssets,OthercurrentliabilitiesandDeferredIncomeTaxesintheConsolidatedBalanceSheets.
AtOctober3,2015,ourgrossstatetaxnetoperatinglosscarryforwardsapproximated$938millionandexpireinfiscalyears2016through2035.Grossforeign
netoperatinglosscarryforwardsapproximated$29millionandexpireinfiscalyears2016through2021.Wealsohavetaxcreditcarryforwardsofapproximately
$46millionthatexpireinfiscalyears2016through2035.
Wehaveaccumulatedundistributedearningsofforeignsubsidiariesaggregatingapproximately$139millionand$403millionatOctober3,2015,and
September27,2014,respectively.Infiscal2015,theCompanycompletedthesalesoftheMexicoandBraziloperationsandrepatriatedtherelatednetproceeds
resultinginasignificantdecreaseinthebalanceofaccumulatedundistributedearnings.TheaccumulatedundistributedearningsatOctober3,2015areexpectedto
beindefinitelyreinvestedoutsideoftheUnitedStates.Ifthoseearningsweredistributedintheformofdividendsorotherwise,wecouldbesubjecttofederal
incometaxes(subjecttoanadjustmentforforeigntaxcredits),stateincometaxesandwithholdingtaxespayabletothevariousforeigncountries.Duetothe
uncertaintyofthemannerinwhichtheundistributedearningswouldbebroughtbacktotheUnitedStates,thetaxlawsineffectatthattime,aswellasthe
availabilityoftheCompanytoclaimforeigntaxcredits,itisnotcurrentlypracticabletoestimatethetaxliabilitythatmightbepayableontherepatriationofthese
foreignearnings.
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