Company Quick10K Filing
Tyson Foods
Price85.20 EPS6
Shares366 P/E15
MCap31,183 P/FCF12
Net Debt9,346 EBIT2,431
TEV40,529 TEV/EBIT17
TTM 2019-09-28, in MM, except price, ratios
10-Q 2020-06-27 Filed 2020-08-03
10-Q 2020-03-28 Filed 2020-05-04
10-Q 2019-12-28 Filed 2020-02-06
10-K 2019-09-28 Filed 2019-11-12
10-Q 2019-06-29 Filed 2019-08-05
10-Q 2019-03-30 Filed 2019-05-06
10-Q 2018-12-29 Filed 2019-02-07
10-K 2018-09-29 Filed 2018-11-13
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-07
10-Q 2017-12-30 Filed 2018-02-08
10-K 2017-09-30 Filed 2017-11-13
10-Q 2017-07-01 Filed 2017-08-07
10-Q 2017-04-01 Filed 2017-05-08
10-Q 2016-12-31 Filed 2017-02-06
10-K 2016-10-01 Filed 2016-11-21
10-Q 2016-07-02 Filed 2016-08-08
10-Q 2016-04-02 Filed 2016-05-09
10-Q 2016-01-02 Filed 2016-02-05
10-K 2015-10-03 Filed 2015-11-23
10-Q 2015-06-27 Filed 2015-08-03
10-Q 2015-03-28 Filed 2015-05-04
10-Q 2014-12-27 Filed 2015-01-30
10-K 2014-09-27 Filed 2014-11-17
10-Q 2014-06-28 Filed 2014-08-07
10-Q 2014-03-29 Filed 2014-05-05
10-Q 2013-12-28 Filed 2014-01-31
10-K 2013-09-28 Filed 2013-11-18
10-Q 2013-06-29 Filed 2013-08-05
10-Q 2013-03-30 Filed 2013-05-06
10-Q 2012-12-29 Filed 2013-02-01
10-K 2012-09-29 Filed 2012-11-19
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-07
10-Q 2011-12-31 Filed 2012-02-03
10-K 2011-10-01 Filed 2011-11-21
10-Q 2011-07-02 Filed 2011-08-08
10-Q 2011-04-02 Filed 2011-05-09
10-Q 2011-01-01 Filed 2011-02-04
10-K 2010-10-02 Filed 2010-11-22
10-Q 2010-07-03 Filed 2010-08-09
10-Q 2010-04-03 Filed 2010-05-10
10-Q 2010-01-02 Filed 2010-02-05
8-K 2020-08-03 Earnings, Regulation FD, Exhibits
8-K 2020-06-10
8-K 2020-05-18
8-K 2020-05-04
8-K 2020-03-27
8-K 2020-03-13
8-K 2020-02-18
8-K 2020-02-13
8-K 2020-02-06
8-K 2020-02-06
8-K 2019-11-12
8-K 2019-09-03
8-K 2019-08-05
8-K 2019-05-09
8-K 2019-05-06
8-K 2019-02-25
8-K 2019-02-13
8-K 2019-02-07
8-K 2019-02-07
8-K 2018-12-06
8-K 2018-11-30
8-K 2018-11-13
8-K 2018-10-04
8-K 2018-09-25
8-K 2018-09-14
8-K 2018-08-17
8-K 2018-08-17
8-K 2018-08-06
8-K 2018-07-30
8-K 2018-07-12
8-K 2018-06-12
8-K 2018-05-07
8-K 2018-03-20
8-K 2018-02-08
8-K 2018-02-08

TSN 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1: Accounting Policies
Note 2: Acquisitions
Note 3: Inventories
Note 4: Property, Plant and Equipment
Note 5: Leases
Note 6: Restructuring and Related Charges
Note 7: Other Current Liabilities
Note 8: Debt
Note 9: Equity
Note 10: Income Taxes
Note 11: Other Income and Charges
Note 12: Earnings per Share
Note 13: Derivative Financial Instruments
Note 14: Fair Value Measurements
Note 15: Pension and Other Postretirement Benefit Plans
Note 16: Other Comprehensive Income (Loss)
Note 17: Segment Reporting
Note 18: Commitments and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 tsn2020q3exh-311.htm
EX-31.2 tsn2020q3exh-312.htm
EX-32.1 tsn2020q3exh-321.htm
EX-32.2 tsn2020q3exh-322.htm

Tyson Foods Earnings 2020-06-27

Balance SheetIncome StatementCash Flow
35282114702012201420172020
Assets, Equity
151296302012201420172020
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 27, 2020
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to            
tysonfamilybrandssec02.jpg
001-14704
(Commission File Number)
______________________________________________
TYSON FOODS, INC.
(Exact name of registrant as specified in its charter)
______________________________________________
 
Delaware
 
71-0225165
 
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
 
 
 
 
2200 West Don Tyson Parkway,
 
 
 
 
 
 
Springdale,
Arkansas
 
72762-6999
 
 
(Address of Principal Executive Offices)
 
(Zip Code)
 
 
 
(479)
290-4000
 
 
 
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
Class A Common Stock
Par Value
$0.10
TSN
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large Accelerated Filer
 
 
Accelerated Filer
 
Non-Accelerated Filer
 
 
Smaller Reporting Company
 
 
 
 
 
Emerging Growth Company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of June 27, 2020.
Class
 
Outstanding Shares
Class A Common Stock, $0.10 Par Value (Class A stock)
 
294,251,100

Class B Common Stock, $0.10 Par Value (Class B stock)
 
70,010,355

Class B stock is not listed for trading on any exchange or market system. However, Class B stock is convertible into Class A stock on a share-for-share basis.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
 
 
PAGE
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.

PART II. OTHER INFORMATION





PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements
TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
 
Three Months Ended
Nine Months Ended
 
June 27, 2020
 
June 29, 2019
June 27, 2020
 
June 29, 2019
Sales
$
10,022

 
$
10,885

$
31,725

 
$
31,521

Cost of Sales
8,709

 
9,549

27,951

 
27,638

Gross Profit
1,313

 
1,336

3,774

 
3,883

Selling, General and Administrative
538

 
555

1,672

 
1,660

Operating Income
775

 
781

2,102

 
2,223

Other (Income) Expense:
 
 
 
 
 
 
Interest income
(3
)
 
(2
)
(9
)
 
(9
)
Interest expense
122

 
121

361

 
339

Other, net
(11
)
 
(62
)
(133
)
 
(72
)
Total Other (Income) Expense
108

 
57

219

 
258

Income before Income Taxes
667

 
724

1,883

 
1,965

Income Tax Expense
140

 
43

428

 
302

Net Income
527

 
681

1,455

 
1,663

Less: Net Income Attributable to Noncontrolling Interests

 
5

7

 
10

Net Income Attributable to Tyson
$
527

 
$
676

$
1,448

 
$
1,653

Weighted Average Shares Outstanding:
 
 
 
 
 
 
Class A Basic
292

 
293

293

 
293

Class B Basic
70

 
70

70

 
70

Diluted
364

 
367

366

 
366

Net Income Per Share Attributable to Tyson:
 
 
 
 
 
 
Class A Basic
$
1.48

 
$
1.90

$
4.07

 
$
4.64

Class B Basic
$
1.33

 
$
1.71

$
3.65

 
$
4.17

Diluted
$
1.44

 
$
1.84

$
3.96

 
$
4.51

See accompanying Notes to Consolidated Condensed Financial Statements.

3



TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited) 

 
Three Months Ended
 
Nine Months Ended
 
June 27, 2020
 
June 29, 2019
 
June 27, 2020
 
June 29, 2019
Net Income
$
527

 
$
681

 
$
1,455

 
$
1,663

Other Comprehensive Income (Loss), Net of Taxes:
 
 
 
 
 
 
 
Derivatives accounted for as cash flow hedges
1

 
4

 
(1
)
 
(8
)
Investments
1

 
1

 
1

 
2

Currency translation
10

 
(15
)
 
(59
)
 
18

Postretirement benefits
1

 

 
(41
)
 
(3
)
Total Other Comprehensive Income (Loss), Net of Taxes
13

 
(10
)
 
(100
)
 
9

Comprehensive Income
540

 
671

 
1,355

 
1,672

Less: Comprehensive Income Attributable to Noncontrolling Interests

 
5

 
7

 
10

Comprehensive Income Attributable to Tyson
$
540

 
$
666

 
$
1,348

 
$
1,662

See accompanying Notes to Consolidated Condensed Financial Statements.


4



TYSON FOODS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions, except share and per share data)
(Unaudited) 
 
June 27, 2020
 
September 28, 2019
Assets
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
1,365

 
$
484

Accounts receivable, net
2,064

 
2,173

Inventories
3,915

 
4,108

Other current assets
355

 
404

Total Current Assets
7,699

 
7,169

Net Property, Plant and Equipment
7,515

 
7,282

Goodwill
10,890

 
10,844

Intangible Assets, net
6,842

 
7,037

Other Assets
1,612

 
765

Total Assets
$
34,558

 
$
33,097

 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
Current Liabilities:
 
 
 
Current debt
$
750

 
$
2,102

Accounts payable
1,743

 
1,926

Other current liabilities
1,780

 
1,485

Total Current Liabilities
4,273

 
5,513

Long-Term Debt
11,279

 
9,830

Deferred Income Taxes
2,370

 
2,356

Other Liabilities
1,632

 
1,172

Commitments and Contingencies (Note 18)

 

Shareholders’ Equity:
 
 
 
Common stock ($0.10 par value):
 
 
 
Class A-authorized 900 million shares, issued 378 million shares
38

 
38

Convertible Class B-authorized 900 million shares, issued 70 million shares
7

 
7

Capital in excess of par value
4,400

 
4,378

Retained earnings
14,769

 
13,787

Accumulated other comprehensive gain (loss)
(217
)
 
(117
)
Treasury stock, at cost – 83 million shares at June 27, 2020 and 82 million shares at September 28, 2019
(4,139
)
 
(4,011
)
Total Tyson Shareholders’ Equity
14,858

 
14,082

Noncontrolling Interests
146

 
144

Total Shareholders’ Equity
15,004

 
14,226

Total Liabilities and Shareholders’ Equity
$
34,558

 
$
33,097

See accompanying Notes to Consolidated Condensed Financial Statements.

5



TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions)
(Unaudited) 
 
Three Months Ended
 
Nine Months Ended
 
June 27, 2020
 
June 29, 2019
 
June 27, 2020
 
June 29, 2019
 
Shares

Amount

 
Shares

Amount

 
Shares

Amount

 
Shares

Amount

Class A Common Stock:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning and end of period
378

$
38

 
378

$
38

 
378

$
38

 
378

$
38

 
 
 
 
 
 
 
 
 
 
 
 
Class B Common Stock:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning and end of period
70

7

 
70

7

 
70

7

 
70

7

 
 
 
 
 
 
 
 
 
 
 
 
Capital in Excess of Par Value:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
4,378

 
 
4,350

 
 
4,378

 
 
4,387

Stock-based compensation
 
22

 
 
11

 
 
22

 
 
(26
)
Balance at end of period
 
4,400

 
 
4,361

 
 
4,400

 
 
4,361

 
 
 
 
 
 
 
 
 
 
 
 
Retained Earnings:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
14,392

 
 
13,012

 
 
13,787

 
 
12,329

Net income attributable to Tyson
 
527

 
 
676

 
 
1,448

 
 
1,653

Dividends
 
(150
)
 
 
(135
)
 
 
(466
)
 
 
(429
)
Balance at end of period
 
14,769

 
 
13,553

 
 
14,769

 
 
13,553

 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
(230
)
 
 
4

 
 
(117
)
 
 
(15
)
Other comprehensive income (loss)
 
13

 
 
(10
)
 
 
(100
)
 
 
9

Balance at end of period
 
(217
)
 
 
(6
)
 
 
(217
)
 
 
(6
)
 
 
 
 
 
 
 
 
 
 
 
 
Treasury Stock:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
83

(4,136
)
 
83

(3,988
)
 
82

(4,011
)
 
82

(3,943
)
Purchase of Class A common stock

(4
)
 
1

(79
)
 
2

(200
)
 
3

(225
)
Stock-based compensation

1

 
(1
)
42

 
(1
)
72

 
(2
)
143

Balance at end of period
83

(4,139
)
 
83

(4,025
)
 
83

(4,139
)
 
83

(4,025
)
 
 
 
 
 
 
 
 
 
 
 
 
Total Shareholders’ Equity Attributable to Tyson

$
14,858




$
13,928




$
14,858

 
 
$
13,928

 
 
 
 
 
 
 
 
 
 
 
 
Equity Attributable to Noncontrolling Interests:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
$
145

 
 
$
135

 
 
$
144

 
 
$
8

Net income attributable to noncontrolling interests
 

 
 
5

 
 
7

 
 
10

Business combination and other
 
1

 
 
73

 
 
(5
)
 
 
195

Total Equity Attributable to Noncontrolling Interests
 
$
146

 
 
$
213

 
 
$
146

 
 
$
213

 
 
 
 
 
 
 
 
 
 
 
 
Total Shareholders’ Equity
 
$
15,004

 
 
$
14,141

 
 
$
15,004

 
 
$
14,141

See accompanying Notes to Consolidated Condensed Financial Statements.



6



TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited) 
 
Nine Months Ended
 
June 27, 2020
 
June 29, 2019
Cash Flows From Operating Activities:
 
 
 
Net income
$
1,455

 
$
1,663

Depreciation and amortization
876

 
809

Deferred income taxes
27

 
43

Other, net
(7
)
 
41

Net changes in operating assets and liabilities
357

 
(1,021
)
Cash Provided by Operating Activities
2,708

 
1,535

Cash Flows From Investing Activities:
 
 
 
Additions to property, plant and equipment
(907
)
 
(971
)
Purchases of marketable securities
(59
)
 
(47
)
Proceeds from sale of marketable securities
41

 
46

Acquisitions, net of cash acquired

 
(2,461
)
Proceeds from sale of business
29

 

Acquisition of equity investments
(183
)
 

Other, net
(64
)
 
98

Cash Used for Investing Activities
(1,143
)
 
(3,335
)
Cash Flows From Financing Activities:
 
 
 
Proceeds from issuance of debt
1,589

 
4,619

Payments on debt
(485
)
 
(2,179
)
Borrowings on revolving credit facility
1,210

 
335

Payments on revolving credit facility
(1,280
)
 
(335
)
Proceeds from issuance of commercial paper
14,318

 
13,060

Repayments of commercial paper
(15,317
)
 
(12,970
)
Purchases of Tyson Class A common stock
(200
)
 
(225
)
Dividends
(451
)
 
(403
)
Stock options exercised
29

 
60

Other, net
(7
)
 
(30
)
Cash (Used for) Provided by Financing Activities
(594