Company Quick10K Filing
Quick10K
Tyson Foods
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$77.94 365 $28,430
10-Q 2019-03-30 Quarter: 2019-03-30
10-Q 2018-12-29 Quarter: 2018-12-29
10-K 2018-09-29 Annual: 2018-09-29
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-30 Quarter: 2017-12-30
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-07-01 Quarter: 2017-07-01
10-Q 2017-04-01 Quarter: 2017-04-01
10-Q 2016-12-31 Quarter: 2016-12-31
10-K 2016-10-01 Annual: 2016-10-01
10-Q 2016-07-02 Quarter: 2016-07-02
10-Q 2016-04-02 Quarter: 2016-04-02
10-Q 2016-01-02 Quarter: 2016-01-02
10-K 2015-10-03 Annual: 2015-10-03
10-Q 2015-06-27 Quarter: 2015-06-27
10-Q 2015-03-28 Quarter: 2015-03-28
10-Q 2014-12-27 Quarter: 2014-12-27
10-K 2014-09-27 Annual: 2014-09-27
10-Q 2014-06-28 Quarter: 2014-06-28
10-Q 2014-03-29 Quarter: 2014-03-29
10-Q 2013-12-28 Quarter: 2013-12-28
8-K 2019-05-09 Officers, Regulation FD, Exhibits
8-K 2019-05-06 Earnings, Exhibits
8-K 2019-02-25 Officers
8-K 2019-02-13 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-02-07 Shareholder Vote
8-K 2019-02-07 Earnings, Exhibits
8-K 2018-12-06 Officers
8-K 2018-11-30 Enter Agreement, M&A, Exhibits
8-K 2018-11-13 Earnings, Exhibits
8-K 2018-10-04 Officers, Exhibits
8-K 2018-09-25 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-09-14 Officers, Regulation FD, Exhibits
8-K 2018-08-17 Enter Agreement, Exhibits
8-K 2018-08-17 Regulation FD, Other Events, Exhibits
8-K 2018-08-06 Earnings, Exhibits
8-K 2018-07-30 Regulation FD, Exhibits
8-K 2018-07-12 Officers
8-K 2018-06-12 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-20 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-08 Officers, Shareholder Vote
LX Lexinfintech Holdings 2,190
MNR Monmouth Real Estate Investment 1,300
NEWM New Media Investment Group 610
TG Tredegar 574
AVH Avianca Holdings 441
ECOR Electrocore 181
CMT Core Molding Technologies 64
AIRT Air T 56
NVL Novelis 0
PMHG Prime Meridian Holding 0
TSN 2019-03-30
Part I. Financial Information
Part II. Other Information
Item 1. Financial Statements
Note 1: Accounting Policies
Note 2: Acquisitions and Dispositions
Note 3: Inventories
Note 4: Property, Plant and Equipment
Note 5: Restructuring and Related Charges
Note 6: Other Current Liabilities
Note 7: Debt
Note 8: Equity
Note 9: Income Taxes
Note 10: Other Income and Charges
Note 11: Earnings per Share
Note 12: Derivative Financial Instruments
Note 13: Fair Value Measurements
Note 14: Pension and Other Postretirement Benefit Plans
Note 15: Other Comprehensive Income (Loss)
Note 16: Segment Reporting
Note 17: 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 tsn2019q2exh-311.htm
EX-31.2 tsn2019q2exh-312.htm
EX-32.1 tsn2019q2exh-321.htm
EX-32.2 tsn2019q2exh-322.htm

Tyson Foods Earnings 2019-03-30

TSN 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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us-gaap:IntersegmentEliminationMember tsn:BeefMember 2017-10-01 2018-03-31 0000100493 tsn:RepublicofthePhilippinesDepartmentofLaborandEmploymentandtheNationalLaborRelationsCommissionMember 2016-11-29 2016-11-29 0000100493 tsn:RepublicofthePhilippinesDepartmentofLaborandEmploymentandtheNationalLaborRelationsCommissionMember 2016-12-21 2016-12-21 0000100493 tsn:RepublicofthePhilippinesDepartmentofLaborandEmploymentandtheNationalLaborRelationsCommissionMember srt:MaximumMember 2014-06-23 2014-06-23 0000100493 us-gaap:GuaranteeObligationsMember 2018-09-30 2019-03-30 0000100493 tsn:IndustrialRevenueBondsMember 2019-03-30 0000100493 srt:MaximumMember tsn:LeaseResidualValueGuaranteesDomain 2019-03-30 0000100493 tsn:RepublicofthePhilippinesDepartmentofLaborandEmploymentandtheNationalLaborRelationsCommissionMember 2004-01-01 2004-12-31 0000100493 tsn:LeaseResidualValueGuaranteesDomain 2019-03-30 0000100493 tsn:MarkLopezCaseMember 2017-08-01 2017-08-31 0000100493 us-gaap:GuaranteeObligationsMember 2019-03-30 xbrli:pure utreg:bu tsn:Classes iso4217:USD xbrli:shares xbrli:shares iso4217:USD utreg:lb utreg:T tsn:Plantiffs tsn:Segments iso4217:PHP
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 30, 2019
or
¨
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to            
coverlogoq119a02.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)
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  x   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  x    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
 
x
 
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 x
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 the number of shares outstanding of each of the issuer’s classes of common stock, as of March 30, 2019.
Class
 
Outstanding Shares
Class A Common Stock, $0.10 Par Value (Class A stock)
 
294,804,084

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

Class B stock is not publicly listed for trade 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
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 


Table of Contents

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
 
Six Months Ended
 
March 30, 2019
 
March 31, 2018
 
March 30, 2019
 
March 31, 2018
Sales
$
10,443

 
$
9,773

 
$
20,636

 
$
20,002

Cost of Sales
9,251

 
8,758

 
18,089

 
17,544

Gross Profit
1,192

 
1,015

 
2,547

 
2,458

Selling, General and Administrative
557

 
521

 
1,105

 
1,042

Operating Income
635

 
494

 
1,442

 
1,416

Other (Income) Expense:
 
 
 
 
 
 
 
Interest income
(5
)
 
(2
)
 
(7
)
 
(4
)
Interest expense
119

 
86

 
218

 
174

Other, net
(7
)
 
(13
)
 
(10
)
 
(19
)
Total Other (Income) Expense
107

 
71

 
201

 
151

Income before Income Taxes
528

 
423

 
1,241

 
1,265

Income Tax Expense (Benefit)
98

 
107

 
259

 
(683
)
Net Income
430

 
316

 
982

 
1,948

Less: Net Income Attributable to Noncontrolling Interests
4

 
1

 
5

 
2

Net Income Attributable to Tyson
$
426

 
$
315

 
$
977

 
$
1,946

Weighted Average Shares Outstanding:
 
 
 
 
 
 
 
Class A Basic
294

 
296

 
294

 
296

Class B Basic
70

 
70

 
70

 
70

Diluted
366

 
370

 
366

 
371

Net Income Per Share Attributable to Tyson:
 
 
 
 
 
 
 
Class A Basic
$
1.20

 
$
0.88

 
$
2.74

 
$
5.42

Class B Basic
$
1.07

 
$
0.78

 
$
2.46

 
$
4.87

Diluted
$
1.17

 
$
0.85

 
$
2.67

 
$
5.25

See accompanying Notes to Consolidated Condensed Financial Statements.

3

Table of Contents

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

 
Three Months Ended
 
Six Months Ended
 
March 30, 2019
 
March 31, 2018
 
March 30, 2019
 
March 31, 2018
Net Income
$
430

 
$
316

 
$
982

 
$
1,948

Other Comprehensive Income (Loss), Net of Taxes:
 
 
 
 
 
 
 
Derivatives accounted for as cash flow hedges
(3
)
 
3

 
(12
)
 
2

Investments

 

 
1

 

Currency translation
25

 
5

 
33

 
6

Postretirement benefits

 
(6
)
 
(3
)
 
(4
)
Total Other Comprehensive Income (Loss), Net of Taxes
22

 
2

 
19

 
4

Comprehensive Income
452

 
318

 
1,001

 
1,952

Less: Comprehensive Income Attributable to Noncontrolling Interests
4

 
1

 
5

 
2

Comprehensive Income Attributable to Tyson
$
448

 
$
317

 
$
996

 
$
1,950

See accompanying Notes to Consolidated Condensed Financial Statements.


4

Table of Contents

TYSON FOODS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions, except share and per share data)
(Unaudited) 
 
March 30, 2019
 
September 29, 2018
Assets
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
360

 
$
270

Accounts receivable, net
1,837

 
1,723

Inventories
3,899

 
3,513

Other current assets
280

 
182

Total Current Assets
6,376

 
5,688

Net Property, Plant and Equipment
7,085

 
6,169

Goodwill
10,946

 
9,739

Intangible Assets, net
7,295

 
6,759

Other Assets
796

 
754

Total Assets
$
32,498

 
$
29,109

 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
Current Liabilities:
 
 
 
Current debt
$
1,564

 
$
1,911

Accounts payable
1,710

 
1,694

Other current liabilities
1,340

 
1,426

Total Current Liabilities
4,614

 
5,031

Long-Term Debt
10,810

 
7,962

Deferred Income Taxes
2,278

 
2,107

Other Liabilities
1,238

 
1,198

Commitments and Contingencies (Note 17)

 

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
4,350

 
4,387

Retained earnings
13,012

 
12,329

Accumulated other comprehensive gain (loss)
4

 
(15
)
Treasury stock, at cost – 83 million shares at March 30, 2019 and 82 million shares at September 29, 2018
(3,988
)
 
(3,943
)
Total Tyson Shareholders’ Equity
13,423

 
12,803

Noncontrolling Interests
135

 
8

Total Shareholders’ Equity
13,558

 
12,811

Total Liabilities and Shareholders’ Equity
$
32,498

 
$
29,109

See accompanying Notes to Consolidated Condensed Financial Statements.

5

Table of Contents

TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions)
(Unaudited) 
 
Three Months Ended
 
Six Months Ended
 
March 30, 2019
 
March 31, 2018
 
March 30, 2019
 
March 31, 2018
 
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
 
4,332

 
 
4,346

 
 
4,387

 
 
4,378

Stock-based compensation
 
18

 
 
16

 
 
(37
)
 
 
(16
)
Balance at end of period
 
4,350

 
 
4,362

 
 
4,350

 
 
4,362

 
 
 
 
 
 
 
 
 
 
 
 
Retained Earnings:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
12,719

 
 
11,272

 
 
12,329

 
 
9,776

Net income attributable to Tyson
 
426

 
 
315

 
 
977

 
 
1,946

Dividends
 
(133
)
 
 
(108
)
 
 
(294
)
 
 
(243
)
Balance at end of period
 
13,012

 
 
11,479

 
 
13,012

 
 
11,479

 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
(18
)
 
 
18

 
 
(15
)
 
 
16

Other Comprehensive Income
 
22

 
 
2

 
 
19

 
 
4

Balance at end of period
 
4

 
 
20

 
 
4

 
 
20

 
 
 
 
 
 
 
 
 
 
 
 
Treasury Stock:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
82

(3,951
)
 
80

(3,726
)
 
82

(3,943
)
 
80

(3,674
)
Purchase of Class A common stock
1

(63
)
 
1

(73
)
 
2

(146
)
 
3

(237
)
Stock-based compensation

26

 
(1
)
29

 
(1
)
101

 
(3
)
141

Balance at end of period
83

(3,988
)
 
80

(3,770
)
 
83

(3,988
)
 
80

(3,770
)
 
 
 
 
 
 
 
 
 
 
 
 
Total Shareholders’ Equity Attributable to Tyson

$
13,423




$
12,136




$
13,423

 
 
$
12,136

 
 
 
 
 
 
 
 
 
 
 
 
Equity Attributable to Noncontrolling Interests:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
$
132

 
 
$
19

 
 
$
8

 
 
$
18

Net income attributable to noncontrolling interests
 
4

 
 
1

 
 
5

 
 
2

Business combination and other
 
(1
)
 
 

 
 
122

 
 

Total Equity Attributable to Noncontrolling Interests
 
$
135

 
 
$
20

 
 
$
135

 
 
$
20

 
 
 
 
 
 
 
 
 
 
 
 
Total Shareholders’ Equity
 
$
13,558

 
 
$
12,156

 
 
$
13,558

 
 
$
12,156

See accompanying Notes to Consolidated Condensed Financial Statements.



6

Table of Contents

TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited) 
 
Six Months Ended
 
March 30, 2019
 
March 31, 2018
Cash Flows From Operating Activities:
 
 
 
Net income
$
982

 
$
1,948

Depreciation and amortization
523

 
459

Deferred income taxes
4

 
(938
)
Other, net
69

 
132

Net changes in operating assets and liabilities
(639
)
 
(462
)
Cash Provided by Operating Activities
939

 
1,139

Cash Flows From Investing Activities:
 
 
 
Additions to property, plant and equipment
(656
)
 
(559
)
Purchases of marketable securities
(30
)
 
(22
)
Proceeds from sale of marketable securities
29

 
21

Acquisitions, net of cash acquired
(2,141
)
 
(226
)
Proceeds from sale of business

 
125

Other, net
32

 
(25
)
Cash Used for Investing Activities
(2,766
)
 
(686
)
Cash Flows From Financing Activities:
 
 
 
Proceeds from issuance of debt
4,600

 

Payments on debt
(1,849
)
 
(432
)
Borrowings on revolving credit facility
335

 
1,420

Payments on revolving credit facility
(335
)
 
(1,420
)
Proceeds from issuance of commercial paper
10,145

 
10,837

Repayments of commercial paper
(10,567
)
 
(10,615
)
Purchases of Tyson Class A common stock
(146
)
 
(237
)
Dividends
(269
)
 
(216
)
Stock options exercised
24

 
87

Other, net
(26
)
 

Cash Provided by (Used for) Financing Activities
1,912

 
(576
)
Effect of Exchange Rate Changes on Cash
5

 
3

Increase (Decrease) in Cash and Cash Equivalents
90

 
(120
)
Cash and Cash Equivalents at Beginning of Year
270

 
318

Cash and Cash Equivalents at End of Period
$
360

 
$
198

See accompanying Notes to Consolidated Condensed Financial Statements.

7

Table of Contents

TYSON FOODS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1: ACCOUNTING POLICIES
Basis of Presentation
The consolidated condensed financial statements are unaudited and have been prepared by Tyson Foods, Inc. (“Tyson,” “the Company,” “we,” “us” or “our”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the United States Securities and Exchange Commission. Although we believe the disclosures contained herein are adequate to make the information presented not misleading, these consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 29, 2018. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly our financial position as of March 30, 2019, and the results of operations for the three and six months ended March 30, 2019, and March 31, 2018. Results of operations and cash flows for the periods presented are not necessarily indicative of results to be expected for the full year.
Consolidation
The consolidated condensed financial statements include the accounts of all wholly-owned subsidiaries, as well as majority-owned subsidiaries over which we exercise control and, when applicable, entities for which we have a controlling financial interest or variable interest entities for which we are the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Revenue Recognition
We recognize revenue mainly through consumer products retail, foodservice, international, industrial and other distribution channels. Our revenues primarily result from contracts with customers and are generally short term in nature with the delivery of product as the single performance obligation. We recognize revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs upon shipment or delivery to a customer based on terms of the sale. We elected to account for shipping and handling activities that occur after the customer has obtained control of the product as a fulfillment cost rather than an additional promised service. Our contracts are generally less than one year, and therefore we recognize costs paid to third party brokers to obtain contracts as expenses. Additionally, items that are not material in the context of the contract are recognized as expense. Any taxes collected on behalf of government authorities are excluded from net revenues.
Revenue is measured by the transaction price, which is defined as the amount of consideration we expect to receive in exchange for providing goods to customers. The transaction price is adjusted for estimates of known or expected variable consideration, which includes consumer incentives, trade promotions, and allowances, such as coupons, discounts, rebates, volume-based incentives, cooperative advertising, and other programs. Variable consideration related to these programs is recorded as a reduction to revenue based on amounts we expect to pay. We base these estimates on current performance, historical utilization, and projected redemption rates of each program. We review and update these estimates regularly until the incentives or product returns are realized and the impact of any adjustments are recognized in the period the adjustments are identified. In many cases, key sales terms such as pricing and quantities ordered are established on a regular basis such that most customer arrangements and related incentives have a duration of less than one year. Amounts billed and due from customers are short term in nature and are classified as receivables since payments are unconditional and only the passage of time is required before payments are due. Additionally, we do not grant payment financing terms greater than one year.
Recently Issued Accounting Pronouncements
In August 2017, the Financial Accounting Standards Board ("FASB") issued guidance that eases certain documentation and assessment requirements of hedge effectiveness and modifies the accounting for components excluded from the assessment. Some of the modifications include the ineffectiveness of derivative gain/loss in highly effective cash flow hedges to be recorded in Other Comprehensive Income, alignment of the recognition and presentation of the effects related to the hedging instrument and hedged item in the financial statements, and additional disclosures required on the cumulative basis adjustment in fair value hedges and the effect of hedging on financial statement lines for components excluded from the assessment. The amendment also simplifies the application of hedge accounting in certain situations to permit new hedging strategies to be eligible for hedge accounting. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. Early adoption is permitted and the modified retrospective transition method should be applied. Upon adoption, we do not expect this guidance will have a material impact on our consolidated financial statements.

8

Table of Contents

In March 2017, the FASB issued guidance that shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. Early adoption is permitted and the modified retrospective transition method should be applied. We do not expect the adoption of this guidance will have a material impact on our consolidated financial statements.
In June 2016, the FASB issued guidance that provides more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2019, our fiscal 2021. Early adoption is permitted for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. The application of the guidance requires various transition methods depending on the specific amendment. We do not expect the adoption of this guidance will have a material impact on our consolidated financial statements.
In February 2016, the FASB issued guidance that created new accounting and reporting guidelines for leasing arrangements. The guidance requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses and cash flows arising from a lease will depend on classification as a finance or operating lease. The guidance also requires qualitative and quantitative disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. Early adoption is permitted and the modified retrospective method should be applied. While we are still evaluating the impact this guidance will have on our consolidated financial statements and related disclosures, we have completed our initial scoping reviews and have made progress in our assessment phase as we continue to identify our leasing processes that will be impacted by the new standard. We have also made progress in developing the policy elections we will make upon adoption and we are implementing software to meet the reporting requirements of this standard. We expect our financial statement disclosures will be expanded to present additional details of our leasing arrangements. Although we expect the impacts to be material, at this time we are unable to reasonably estimate the expected increase in assets and liabilities on our consolidated balance sheets or the impacts to our consolidated financial statements upon adoption.
Changes in Accounting Principles
In August 2018, the FASB issued guidance aligning the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2019, our fiscal 2021. The prospective transition method should be applied to all qualified implementation costs incurred after the adoption date. We elected to early adopt this guidance beginning in the first quarter of fiscal 2019, and it did not have a material impact on our consolidated financial statements.
In May 2017, the FASB issued guidance that clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The prospective transition method should be applied to awards modified on or after the adoption date. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements.
In March 2017, the FASB issued guidance that changes the presentation of net periodic benefit cost related to employer sponsored defined benefit plans and other postretirement benefits. Service cost will be included within the same income statement line item as other compensation costs arising from services rendered during the period, while other components of net periodic benefit pension cost will be presented separately outside of operating income. Additionally, only the service cost component will be eligible for capitalization when applicable. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement, and the prospective transition method should be applied, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. The guidance includes a practical expedient allowing entities to estimate amounts for comparative periods using the information previously disclosed in the pension and other postretirement benefit plan footnote. We adopted this guidance in the first quarter of fiscal 2019 on a retrospective basis using the practical expedient and it did not have a material impact on our consolidated financial statements.
The following reconciliations provide the effect of the reclassification of the net periodic benefit cost from operating expenses to other (income) expense in our consolidated statements of income for the three and six months ended March 31, 2018 (in millions):
Three Months Ended March 31, 2018:
As Previously Reported
Adjustments
As Recast
Cost of Sales
$
8,753

$
5

$
8,758

Selling, General and Administrative
$
522

$
(1
)
$
521

Operating Income
$
498

$
(4
)
$
494

Other (Income) Expense
$
75

$
(4
)
$
71


9

Table of Contents

Six Months Ended March 31, 2018:
As Previously Reported
Adjustments
As Recast
Cost of Sales
$
17,531

$
13

$
17,544

Selling, General and Administrative
$
1,046

$
(4
)
$
1,042

Operating Income
$
1,425

$
(9
)
$
1,416

Other (Income) Expense
$
160

$
(9
)
$
151


In November 2016, the FASB issued guidance that requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements.
In October 2016, the FASB issued guidance that requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the period in which the transfer occurs. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The modified retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements.
In August 2016, the FASB issued guidance that aims to eliminate diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements.
In January 2016, the FASB issued guidance that requires most equity investments be measured at fair value, with subsequent other changes in fair value recognized in net income. The guidance also impacts financial liabilities under the fair value option and the presentation and disclosure requirements on the classification and measurement of financial instruments. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. It should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, unless equity securities do not have readily determinable fair values, in which case the amendments should be applied prospectively. We adopted this guidance in the first quarter of fiscal 2019. We did not use prospective amendments for any investments and adoption did not have a material impact on our consolidated financial statements.
In May 2014, the FASB issued guidance that changes the criteria for recognizing revenue. The guidance provides for a single five-step model to be applied to all revenue contracts with customers. The standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts, including disaggregated revenue disclosures. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. This guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. We adopted this guidance in the first quarter of fiscal 2019 using the modified retrospective transition method. Prior periods were not adjusted and, based on our implementation assessment, no cumulative-effect adjustment was made to the opening balance of retained earnings. The adoption of this standard did not have a material impact on our consolidated financial statements. For further description of our revenue recognition policy refer to the Revenue Recognition section above and for disaggregated revenue information refer to Part I, Item 1, Notes to the Consolidated Condensed Financial Statements, Note 16: Segment Reporting.
NOTE 2: ACQUISITIONS AND DISPOSITIONS
Acquisitions
On February 6, 2019, the Company announced it had reached a definitive agreement to acquire the Thai and European operations of BRF S.A. ("BRF") for $340 million in cash, subject to certain adjustments. This acquisition builds on our growth strategy to expand offerings of value-added protein in global markets. The transaction is expected to close in our fiscal third quarter 2019 and is subject to customary closing conditions, including regulatory approvals, however, there can be no assurance that the acquisition will close at such time. We expect the operations' results will be included in Other for segment presentation.
On November 30, 2018, we acquired all of the outstanding common stock of MFG (USA) Holdings, Inc. and McKey Luxembourg Holdings S.à.r.l. (“Keystone Foods”) from Marfrig Global Foods ("Marfrig") for $2.3 billion in cash, subject to certain adjustments. We initially funded the acquisition with existing cash on hand, net proceeds from the issuance of a 364-day term loan and borrowings under our commercial paper program. In February 2019, we used the net proceeds from the issuance of senior notes to repay amounts outstanding under the 364-day term loan and commercial paper obligations. Keystone Foods' domestic and international results, subsequent to the acquisition closing, are included in our Chicken segment and Other, respectively.

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Table of Contents

The following table summarizes the preliminary purchase price allocation and fair values of the assets acquired and liabilities assumed at the acquisition date, which is subject to change pending finalization of working capital adjustments. Certain estimated values for the acquisition, including goodwill, intangible assets, inventory, property, plant and equipment, and deferred income taxes, are not yet finalized and are subject to revision as additional information becomes available and more detailed analyses are completed. The purchase price was allocated based on information currently available as of the acquisition date. During the second quarter of fiscal 2019, we recorded measurement period adjustments which increased goodwill by $105 million, primarily consisting of a reduction of Intangible Assets of $86 million, a reduction of Property, Plant and Equipment of $45 million, a reduction of Deferred Income Taxes of $37 million and a reduction of Accounts Receivable of $15 million.
 
in millions
 
Cash and cash equivalents
 
$
186

Accounts receivable
 
103

Inventories
 
257

Other current assets
 
34

Property, Plant and Equipment
 
680

Goodwill
 
1,178

Intangible Assets
 
659

Other Assets
 
28

Current debt
 
(73
)
Accounts payable
 
(206
)
Other current liabilities
 
(100
)
Long-Term Debt
 
(113
)
Deferred Income Taxes
 
(176
)
Other Liabilities
 
(8
)
Noncontrolling Interests
 
(122
)
Net assets acquired
 
$
2,327


The fair value of identifiable intangible assets primarily consisted of customer relationships with a weighted average life of 25 years. As a result of the acquisition, we recognized a total of $1,178 million of goodwill. The purchase price was assigned to assets acquired and liabilities assumed based on their preliminary estimated fair values as of the date of acquisition, and any excess was allocated to goodwill, as shown in the table above. Goodwill represents the value we expect to achieve through the implementation of operational synergies and growth opportunities. The preliminary allocation of goodwill to our segments was $822 million and $356 million to our Chicken segment and Other, respectively. We do not expect the goodwill to be deductible for U.S. income tax purposes.
We used various valuation techniques to determine fair value, with the primary techniques being discounted cash flow, relief-from-royalty, market pricing multiple and multi-period excess earnings valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates, EBITDA multiples, and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data.
The acquisition of Keystone Foods was accounted for using the acquisition method of accounting and, consequently, the results of operations for Keystone Foods are reported in our consolidated financial statements from the date of acquisition. Keystone's results from the date of the acquisition through March 30, 2019, which included a net increase of $767 million of Sales, were insignificant to our overall Consolidated Condensed Statements of Income.
On August 20, 2018, we acquired the assets of American Proteins, Inc. and AMPRO Products, Inc. ("American Proteins"), a poultry rendering and blending operation for $864 million, subject to net working capital adjustments, as part of our strategic expansion and sustainability initiatives. Its results, subsequent to the acquisition closing, are included in our Chicken segment. Certain estimated values for the acquisition, including goodwill, intangible assets, and property, plant and equipment, are not yet finalized and are subject to revision as additional information becomes available and more detailed analyses are completed. The preliminary purchase price allocation includes $56 million of net working capital, $152 million of Property, Plant and Equipment, $411 million of Intangible Assets, $258 million of Goodwill, and $13 million of Other liabilities. Intangible Assets primarily included $358 million assigned to supply network which will be amortized over 14 years and $51 million assigned to customer relationships which will be amortized over a weighted average of 12 years. All of the goodwill acquired is amortizable for tax purposes. During the second quarter of fiscal 2019, we settled the net-working capital purchase price adjustment reducing the purchase price by $2 million and recorded measurement period adjustments which increased goodwill by $16 million, including a reduction to net working capital of $15 million and a reduction to Property, Plant and Equipment of $3 million.

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Table of Contents

On June 4, 2018, we acquired Tecumseh Poultry, LLC ("Tecumseh"), a vertically integrated value-added protein business for $382 million, net of cash acquired, as part of our strategy to grow in the high quality, branded poultry market. Its results, subsequent to the acquisition closing, are included in our Chicken segment. Certain estimated values for the acquisition, including goodwill, intangible assets, and property, plant and equipment, are not yet finalized and are subject to revision as additional information becomes available and more detailed analyses are completed. The preliminary purchase price allocation included $13 million of net working capital, including $1 million of cash acquired, $49 million of Property, Plant and Equipment, $227 million of Intangible Assets and $94 million of Goodwill. Intangible Assets included $193 million assigned to brands and trademarks which will be amortized over 20 years. All of the goodwill acquired is amortizable for tax purposes.
On November 10, 2017, we acquired Original Philly Holdings, Inc. ("Original Philly"), a value-added protein business, for $226 million, net of cash acquired, as part of our strategic expansion initiative. Its results, subsequent to the acquisition closing, are included in our Prepared Foods and Chicken segments. The purchase price allocation included $21 million of net working capital, including $10 million of cash acquired, $13 million of Property, Plant and Equipment, $90 million of Intangible Assets and $111 million of Goodwill. We completed the allocation of goodwill to our segments in the second quarter of fiscal 2018 using the acquisition method approach. This resulted in $82 million and $29 million of goodwill allocated to our Prepared Foods and Chicken segments, respectively. All of the goodwill acquired is amortizable for tax purposes.
Dispositions
On April 24, 2017, we announced our intent to sell three non-protein businesses as part of our strategic focus on protein brands. These businesses, which were all part of our Prepared Foods segment, included Sara Lee® Frozen Bakery, Kettle and Van’s® and produce items such as frozen desserts, waffles, snack bars, and soups, sauces and sides. The sale also included the Chef Pierre®, Bistro Collection®, Kettle Collection™, and Van’s® brands, a license to use the Sara Lee® brand in various channels, as well as our Tarboro, North Carolina, Fort Worth, Texas, and Traverse City, Michigan, prepared foods facilities.
We completed the sale of our Kettle business on December 30, 2017, and received net proceeds of $125 million including a working capital adjustment. As a result of the sale, we recorded a pretax gain of $22 million, which is reflected in Cost of Sales in our Consolidated Condensed Statement of Income for the six months ended March 31, 2018. We utilized the net proceeds to pay down term loan debt.
We completed the sale of our Sara Lee® Frozen Bakery and Van’s® businesses on July 30, 2018 for $623 million including a working capital adjustment. Prior to the sale, we recorded pretax impairment charges totaling $75 million and $101 million for the three and six months ended March 31, 2018, respectively, due to revised estimates of the businesses' fair value based on current expected net sales proceeds. The impairment charges were recorded in Cost of Sales in our Consolidated Condensed Statement of Income, and primarily consisted of goodwill previously classified within assets held for sale.
In the first quarter of fiscal 2018, we made the decision to sell TNT Crust, our pizza crust business, which was also included in our Prepared Foods segment, as part of our strategic focus on protein brands. We completed the sale of this business on September 2, 2018, for $57 million net of adjustments.
NOTE 3: INVENTORIES
Processed products, livestock and supplies and other are valued at the lower of cost and net realizable value. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories.
At March 30, 2019, 69% of the cost of inventories was determined by the first-in, first-out ("FIFO") method as compared to 63% at September 29, 2018. The remaining cost of inventories for both periods is determined by the weighted-average method.
The following table reflects the major components of inventory (in millions):
 
March 30, 2019
 
September 29, 2018
Processed products
$
2,132

 
$
1,981

Livestock
1,203

 
1,006

Supplies and other
564

 
526

Total inventory
$
3,899

 
$
3,513



12