Tyson Foods 2015 Annual Report Download - page 88
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Please find page 88 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.NOTE 22: CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
TFMParent,ourwholly-ownedsubsidiary,hasfullyandunconditionallyguaranteedthe2016Notes.Additionally,TFMParenthasfullyandunconditionally
guaranteedthe2022NotesuntilsuchdateTFMParenthasbeenreleasedofitsguaranteeofboth(i)Tyson's$1.25billionrevolvingcreditfacilityand(ii)the2016
Notes,atwhichtimeTFMParent'sguaranteeofthe2019,2022,2024,2034and2044Notesispermanentlyreleased.Thefollowingfinancialinformationpresents
condensedconsolidatingfinancialstatements,whichincludeTysonFoods,Inc.(TFIParent);TFMParent;theNon-GuarantorSubsidiaries(Non-Guarantors)ona
combinedbasis;theeliminationentriesnecessarytoconsolidateTFIParent,TFMParentandtheNon-Guarantors;andTysonFoods,Inc.onaconsolidatedbasis,
andisprovidedasanalternativetoprovidingseparatefinancialstatementsfortheguarantor.
CondensedConsolidatingStatementofIncomeandComprehensiveIncomefortheyearendedOctober3,2015
inmillions
TFI
Parent
TFM
Parent
Non-
Guarantors
Eliminations
Total
Sales $ 897
$ 22,155
$ 20,345
$(2,024)
$ 41,373
CostofSales 26
21,675
17,774
(2,019)
37,456
GrossProfit 871
480
2,571
(5)
3,917
Selling,GeneralandAdministrative 128
260
1,365
(5)
1,748
OperatingIncome 743
220
1,206
—
2,169
Other(Income)Expense:
Interestexpense,net 263
2
19
—
284
Other,net (22)
(2)
(12)
—
(36)
Equityinnetearningsofsubsidiaries (925)
(109)
—
1,034
—
TotalOther(Income)Expense (684)
(109)
7
1,034
248
IncomefromContinuingOperationsbeforeIncomeTaxes 1,427
329
1,199
(1,034)
1,921
IncomeTaxExpense 207
72
418
—
697
IncomefromContinuingOperations 1,220
257
781
(1,034)
1,224
LossfromDiscontinuedOperation,NetofTax —
—
—
—
—
NetIncome 1,220
257
781
(1,034)
1,224
Less:NetGain(Loss)AttributabletoNoncontrollingInterests —
—
4
—
4
NetIncomeAttributabletoTyson $ 1,220
$ 257
$ 777
$(1,034)
$ 1,220
ComprehensiveIncome(Loss) $ 1,281
$ 291
$ 840
$(1,131)
$ 1,281
Less:ComprehensiveIncome(Loss)AttributabletoNoncontrollingInterest —
—
4
—
4
ComprehensiveIncome(Loss)AttributabletoTyson $ 1,281
$ 291
$ 836
$(1,131)
$ 1,277
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