Tyson Foods 2015 Annual Report Download - page 66
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Please find page 66 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.ThefollowingtablesummarizestheactivityrelatedtoourgrossunrecognizedtaxbenefitsatOctober3,2015,September27,2014,andSeptember28,2013:
inmillions
2015
2014
2013
Balanceasofthebeginningoftheyear $ 272
$ 175
$ 168
Increasesrelatedtocurrentyeartaxpositions 78
11
3
Increasesrelatedtoprioryeartaxpositions 11
17
15
ChangerelatedtoHillshireBrandsbalances —
136
—
Reductionsrelatedtoprioryeartaxpositions (18)
(20)
(6)
Reductionsrelatedtosettlements —
(1)
(2)
Reductionsrelatedtoexpirationsofstatuteoflimitations (37)
(46)
(3)
Balanceasoftheendoftheyear $ 306
$ 272
$ 175
Theamountofunrecognizedtaxbenefits,ifrecognized,thatwouldimpactoureffectivetaxratewas$244millionand$241millionatOctober3,2015,and
September27,2014,respectively.Weclassifyinterestandpenaltiesonunrecognizedtaxbenefitsasincometaxexpense.AtOctober3,2015,andSeptember27,
2014,beforetaxbenefits,wehad$46millionand$54million,respectively,ofaccruedinterestandpenaltiesonunrecognizedtaxbenefits.
AsofOctober3,2015,wearesubjecttoincometaxexaminationsforUnitedStatesfederalincometaxesforfiscalyears2011through2014.Wearealsosubject
toincometaxexaminationsbymajorstateandforeignjurisdictionsforfiscalyears2005through2014and2002through2014,respectively.Weestimatethat
duringthenexttwelvemonthsitisreasonablypossiblethatunrecognizedtaxbenefitscoulddecreasebyasmuchas$14millionprimarilyduetoexpirationof
statutesinvariousjurisdictions.
NOTE 10: OTHER INCOME AND CHARGES
FollowingthesaleofourMexicoandBrazilchickenproductionoperations,wehavecontinuedtoreviewourstrategiesandoutlookfortheremaininginternational
businesses,whichoperationsincludeourchickenproductionoperationsinChina.Despiteourbeliefinthepotentialforthisbusiness,ourChineseoperationshave
notachievedprofitability.Giventheongoinglossesbeinggeneratedinthisbusiness,recentchangesinthestrategyandmanagementofthebusiness,andthe
depressedeconomicoutlookforChina,weassessedourChineseoperationsforpotentialimpairmentinthefourthquarteroffiscal2015.Asaresultofthis
evaluation,duringthefourthquarteroffiscal2015,werecordeda$169millionimpairmentcharge.Theimpairmentwascomprisedof$126millionofproperty,
plantandequipment,$23millionofgoodwilland$20millionofotherassets.TheChinaoperationisincludedinOtherforsegmentreportingandtheimpairmentis
includedinCostofSalesintheConsolidatedStatementsofIncome.
Duringfiscal2015,werecorded$12millionofequityearningsinjointventuresand$21millionofgainsonthesaleofequitysecurities,whichwererecordedin
theConsolidatedStatementsofIncomeinOther,net.
Duringfiscal2014,werecorded$11millionofequityearningsinjointventures,$3millioninnetforeigncurrencyexchangegains,$6millionofotherthan
temporaryimpairmentrelatedtoanavailable-for-salesecurityand$60millionofcostsassociatedwithbridgefinancingfacilitiesfortheHillshireBrands
acquisition,whichwererecordedintheConsolidatedStatementsofIncomeinOther,net.
Duringfiscal2013,werecordeda$19millioncurrencytranslationadjustmentgainrecognizedinconjunctionwiththereceiptofproceedsconstitutingthefinal
resolutionofourinvestmentinCanada,whichwasrecordedintheConsolidatedStatementsofIncomeinOther,net.
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