Research Methodology in Education Research

Research Methodology in Education Research Introduction This chapter explains the methodological underpinnings of the study. I provide justifications for the investigative and analytical paths adopted. I discuss the aim of the Critical Theory paradigm and its philosophical positions on epistemology, ontology and methodology in a research enterprise. Also addressed are the people involved, research instruments, data collection procedure, and data analysis. Figure designed by the researcher Figure 1 Conceptualisation of Research Design Philosophical Underpinnings of Critical Theory The study centres on issues of power, class, privilege and the consequent social relationships. Being aligned with the anti-colonial framework described in Chapter Two, the study is situated within the tradition of Critical Theory. Creswell (2014) puts Critical Theory under the umbrella of a transformative worldview. ToFay (1987), issues of empowerment, irrespective of gender, class, and race, are central to Critical Theory. Lincoln, Lynham, and Guba (2011) state that the research aim of Critical Theory is to critique, seek change and liberate. Per the theoretical framework, the study advocates for Ghanaian H.E to acknowledge and respect African worldviews and perspectives. The study argues that the dominant Western paradigms that shape Ghanas higher education do not adequately empower the Ghanaian student. This consciousness is necessary to make Ghanaian students a subject of the education experience to help reorient higher education and make it emancipatory. Table 1 summarises the ontological, epistemological, and methodological beliefs shaped by Critical Theory. Table adapted from a book source Item Critical Theory Ontology Historical realism reality shaped by social, political, cultural, economic, ethnic, and gender values; crystallised over time Epistemology Transactional/subjectivist; value-mediated finding Methodology Dialogic/dialectical Table 1 Basic Beliefs of Critical Theory (Lincoln, Lynham, and Guba, 2011) Research Approach Qualitative A qualitative approach was most appropriate for this research because it offers a better opportunity to provide in-depth understanding of the subject matter. It provided the best avenue to investigate the research questions. Design Critical Studies In line with the philosophical outlook of critical theory, I employ   McMillan and Schumachers (2010) critical studies framework because my research seeks to find out how privilege, class, and power acquired through Ghanas H.E can be translated to serve societal good. According to McMillan and Schumacher (2010), critical studies design emphasizes ideas like dignity, dominance, oppressed, authority, empowerment, inequality, and social justice (p. 347). Researchers employing a critical study design must advocate for and stimulate change. Methods of Data Collection Employed McMillan and Schumacher (2010) note that observation and interviews are common methods employed in critical studies (p. 347). Denzin and Lincoln (2011a) also mention that qualitative research is inherently multimethod (p. 5), albeit there is an imperative to provide sound rationale. Accordingly, I employed autobiography to illustrate my locatedness, a literature review, and face-to-face interviews as methods for this study. Action Plan Table designed by the researcher Research Questions Data Needed Methods Analysis Purpose 1. What does it mean to be educated in Ghana? Lived experience Autobiography The education environment, teaching, and learning How an educated person is recognised in Ghana 2. What are the main features of the historical development of H.E in Ghana? Secondary data Literature Review Historical analysis of the conceptions in traditional African and Western perspectives To present the different notions and purposes of H.E traditionally (African), during colonialism and contemporarily. 3. How elitist is H.E in Ghana? Primary data Fieldwork. Interviews through semi-structured interview guide Manually by presenting the themes in the responses To explore ways to mitigate the asymmetrical power relationships in H.E 4. What are the alternative means of funding H.E in Ghana? Primary data Fieldwork. Interviews through semi-structured interview guide Manually by presenting the themes in the responses Borders on access and de-commercialisation of H.E 5. What are the possible futures of H.E in Ghana? Primary data Fieldwork. Interviews through semi-structured interview guide Manually by presenting the themes in the responses Relevance of H.E Table 2 Summary of How Research Questions were Answered Question 1 What does it mean to be educated in Ghana? To answer this, I employed my experiences throughout school to illustrate the process of education and consequent characteristics that identify the highly schooled. Autobiography is a reflection on events of the past and a careful presentation of such accounts. Pictures and other artefacts help to illustrate the accounts presented in narratives (see Ellis, Adams Bochner, 2011). While this method locates me in the study (McMillan Schumacher, 2010) and offers insights into the broader outlook of H.E in Ghana, it comes with its shortfalls. Autobiography is criticised as being too artful and not scientific, or too scientific and not sufficiently artful and self-centred (Ellis et al., 2011, p. 283). Delamont in Ellis et al. (2011) accuses autobiography (as part of autoethnography) as lacking extensive fieldwork. Anderson, in Ellis et al. (2011), contends that the use of personal experience makes autobiography biased. I acknowledge these inadequacies and the shortcomings of human memory, hence my concentration on events during my university education. Furthermore, for my experience not to appear isolated, I engaged with other autobiographical accounts and literature to support my accounts to provide rigour. As Ellis et al. (2011) suggest, the credibility of the writer offers reliability in autobiography and the realistic nature of the account is the scale to measure validity. The strengths of autobiography are its ability to reduce prejudice on a phenomenon, and encourage personal responsibility and agency (Ellis et al., 2011, p. 280). Question 2 What are the main features of the historical development of H.E in Ghana? I employed secondary data (literature) in this regard. According to Neuman (2006), an extended literature review as a method gives the opportunity to explore the vast materials on a study. Literature provides a worthy source of information due to the dynamism and diversities in humanity. It is the basis of building and enhancing knowledge, skills and attitudes the foundation of education.   A literature review grants credibility to the study as a good review increases a readers confidence in the researchers professional confidence, ability and background. To Neuman, an extended literature review locates the study in a framework and demonstrates its relevance by making connections to a body of knowledge (p. 111). Further, a good review points out areas where prior studies agree, where they disagree, and where major questions remain. In addition, it identifies blind alleys and suggests hypotheses for replication (Neuman, 2006, p. 111). As part of my extensive literature review, I employ the works and speeches of prominent African Presidents and scholars to make a case for the type of higher education that would be meaningful in Ghana. Similarly, I employ academic literature and views of a former Ghanaian President and other political leaders to argue how colonial relations continue to survive in Ghana. Furthermore, I employ proverbs an embodiment of African oral traditions and culture as an example of an African knowledge base that can shape H.E. I utilise selected proverbs to argue that H.E in African perspectives promotes the public purpose. Fieldwork Questions 3, 4, and 5 Fieldwork is integral to many forms of research qualitative, quantitative and mixed methods. It helps to comprehend and appreciate many social phenomena. Indeed, many academic disciplines are both fields of theory and practice and fieldwork is also integral. Peake and Trotz (1999) acknowledge the significance of fieldwork: it can strengthen our commitment to conduct good research based on building relations of mutual respect and recognition. It does, however, entail abandoning the search for objectivity in favour of critical provisional analysis based on plurality of (temporally and spatially) situated voices and silences (p. 37). Research Instrument I used a semi-structured interview guide as instrument to conduct the interviews. This was important to help elicit detailed information on the subject. Interviews are useful to elicit thick descriptions (Geertz, 1973) of knowledge and insight into realities. Denzin (2001) describes thick description as deep, dense, detailed accounts (p. 98), which provide alternative perspectives to that of the researcher. McMillan and Schumacher (2010) also note that critical studies are multi-method and say, à ¢Ã¢â€š ¬Ã‚ ¦observation and interviewing are used most often. The key is to gather the right form of information that will support the advocacy desired (p. 347-348). People Involved (Respondents) The respondents for this study were people who work or had worked within Ghanas public universities. I had a proxy who helped identify and made initial contact with prospective respondents. I interviewed a retired Professor who is the Chairman of a university council. He has been advocating over the decades for education in Ghana to reflect African culture and worldview. I accepted the recommendation from my proxy to interview him. He is vastly knowledgeable but inclined toward African worldviews. It was important to get such an individual at the apex of university decision-making to offer some insight on the inner dealings of universities. Another respondent was a former Pro-Vice Chancellor of a public university who is on a post-retirement contract. His past role in the university equips him to offer reason why the status quo remains and the difficulties that come with transformation. It is difficult to tell his biases but he does not seem entrenched on specific worldviews. A former Registrar of a public university who happens to hold a Ph.D was also interviewed because Registrars in Ghanaian universities are in charge of the day-to-day administration of the university, and hence have rich knowledge on the administrative setup of public universities. His strengths lie in administration. There was a traditional ruler (paramount Chief) who happens to be a Professor in a public university. He is predisposed to favour African worldviews and share light on how difficult or easy it is to fuse African worldviews in the university structure. His knowledge and promotion of ancient African history and African American studies indicates his inclinations. The next respondent was a Christian Reverend Minister who is also a Senior Lecturer. His specialization is in Performing Arts and how theatre can be used to develop societies. His works indicate immense African cultural advocacy despite being a Christian priest. I interviewed a former director of an Institute in a public university (position equal to a Dean). He is a Senior Lecturer in the field of Education and his inclinations are quite difficult to tell. The next respondent is a playwright and Lecturer who prior to his academic life held a top position in an international development agency. He was selected due to his knowledge of Ghanaian developmental issues and his deep insight into African cultural worldviews. Furthermore, I interviewed a respondent with expertise in Development Studies. He is a senior research fellow at the social division of an institute in a public university. Lastly, there was also a linguist and who is interested in African liberation and consciousness. His works and views are very political against the West. He is very knowledgeable in African culture and ancient African history. Cumulatively, the respondents have accrued over 200 years of experience working in universities. Data Collection/Procedure I had a proxy in Ghana who agreed to help identify and make initial contact with potential respondents. Though he once held a high position in a public university, he had no power or control over the respondents. After the respondents agree to participate, I liaised with the proxy to arrange a meeting and scheduled the interviews. Prior to the interview, I sent the interview guide to the respondents via e-mail so they could form their thoughts on the issues therein. The respondents expressed interest in the study and offered lots of encouragement. Even though I desired to interview females, the proxy found it difficult to locate them they were either busy or out of the country. I scheduled the interviews for an hour but most of them offered more than an hour two hours in some cases and they were willing for follow-up communication. Some offered references and suggested books that would contribute to the research. It was daunting and quite intimidating going to interview such high profile personalities. Voices like, Are the questions going to make sense to them, and do I know enough to engage an intellectual discussion with these people? kept echoing in my mind. Despite these butterflies, I was assured that the questions were shaped by concerns and gaps in literature. I also had it in mind that I was on a mission to learn. Nevertheless, the process came with obstacles. There were several instances where we rescheduled meetings because the respondents were unavailable. In some instances, they had impromptu engagements so they sacrificed our scheduled meeting. The classic experience was driving for about 150km from Accra to another region only to find the respondent chairing a function that closed late. He informed me of his schedule but we both thought the programme would finish early. At the end, he was visibly exhausted and had to drive about 80km home (in another region). He asked me to sleep over and make the 80km to his house the next day for the interview. I made the journey but did not get to see him immediately as there were many people waiting to see him. Eventually, when I had the opportunity to meet him, my lack of traditional knowledge was severely exposed. His elders and members of his council would not entertain English/Western protocols, so I had to fall on the limited Palace protocols I know to navigate that space. He nevertheless was extremely helpful and introduced me to many other scholars. From a Western perspective, these issues border on power but the African in me acknowledged that these delays were not intentional, though frustrating and expensive. It was obvious they were busy; besides, I saw their acceptance to participate as a favour as there were no payments or incentives.   There is an African proverb that With patience, one can dissect the ant and see its intestines. Data Analysis To quote Patton (2002), qualitative analysis transforms data into findings. No formula exists for that transformation. Guidance, yes. But no recipe. Direction can and will be offered, but the final destination remains unique for each inquirer, known only when and if arrived at (p. 432). My data analysis began with the growth of the thesis. In the course of writing the theoretical perspectives and the literature review, some thematic areas began to emerge. The major themes bordered on notions of elitism in Ghanaian/African H.E, a lack of community-oriented values in Ghanaian/African H.E, and the African renaissance and pride. I employed these as pre-determined themes on which I formulated research questions. Therefore the responses were to answer questions that came out of these themes. I analysed the field data manually by adopting an inductive approach of qualitative data analysis. I transcribed the interviews into text and separated [it] into workable units (McMillan Schumacher, 2010, p. 369). I organised the responses and grouped them under the various research questions and read the transcripts thoroughly to identify comments pertinent to answer the research questions. I highlighted these comments and looked out for new observations and insights that could offer other understandings to the study. I examined the field transcripts to identify emerging themes and patterns, made interpretations out of the themes, and considered them in regard to the literature and theoretical framework. I subsequently present the findings and discussions in anecdotes (McMillan Schumacher, 2010). Credibility Credibility in qualitative studies refers to the extent to which findings and analyses of the study are realistic (McMillan Schumacher, 2010). To ensure this, I designed the interview guide based on issues raised in literature. In addition, I endeavoured to interview different people with different expertise within the university structure. Though I could not get any respondent from government institutions, the respondents offered worthy responses as some have occupied different positions in government institutions. A technique I employed to enhance credibility of the study was to send the transcribed interview to the respondents via e-mail for them to confirm the transcription appropriately captured their thoughts. I consequently provide detailed narratives from the respondents. Giving that the respondents did not object to the transcripts, the quotations offered in the analysis chapter of this study reflect the data collected. Reflexivity Chilisa (2012) argues that the closeness between the researcher and respondents may affect the truth value of research as it becomes difficult to distinguish between their experiences. In this study, I acknowledge my biases, and clearly illustrate and justify them both in my theoretical and methodological perspectives. The nature of Critical Theory and critical studies makes the issue of reflexivity quite tricky as the research is shaped and designed by biases that must be checked. Being conscious of my biases, I left the selection of respondents in the hands of a third party. Besides, the respondents are established academics who I could barely influence especially regarding what to say. I also devoted significant space to the voices of the respondents in the analysis chapter to clearly illustrate their thoughts and maintain the truth value of the study. Though triangulation helps in addressing trustworthiness of qualitative studies, the nature and status of my respondents made triangulation quite impossible. I could not use independent auditors, as suggested by Lincoln and Guba (1985), due to ethical restrictions. However, by sending the transcribed interviews to the respondents to validate, I was able to enhance the credibility, transferability, dependability and confirmability of this study, ensuring trustworthy findings that a reader could transfer and generalise in a similar space. Conclusion In this chapter, I have outlined the research design used in the research. I have argued that adopting a qualitative approach is appropriate to answer the research questions. Employing a critical studies framework justifies the aim of helping transform social relations between the schooled and unschooled in Ghana. It offers empowerment to students of Ghanas H.E by offering alternative perspectives to help emancipate the schooled from dominant Western perspectives. Through my proxy, I was able to interview knowledgeable people in Ghanaian universities who offered rich information on how H.E can serve a public purpose. I used the inductive method of qualitative data analysis by highlighting responses that answer the research questions. The emerging themes from responses were synthesised and presented as anecdotes. In the next chapter, I will describe, using my lived experiences, how the educated individual is constructed in Ghana. My autobiographical approach will indicate how the process of schooling divides society and confers notions of superiority and difference to the highly schooled a phenomenon the study conceptualise as colonial.

Audited Report of Tyson Food

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K [X] [] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended September 29, 2012 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to 001-14704 (Commission File Number) ______________________________________________ (Exact name of registrant as specified in its charter) _____________________________________________ TYSON FOODS, INC. Delaware (State or other jurisdiction of incorporation or organization) 71-0225165 (I. R. S. Employer Identification No. ) 2200 Don Tyson Parkway, Springdale, Arkansas (Address of principal executive offices) 72762-6999 (Zip Code) Registrant’s telephone number, including area code: Securities Registered Pursuant to Section 12(b) of the Act: Title of Each Class Class A Common Stock, Par Value $0. 0 (479) 290-4000 Name of Each Exchange on Which Registered New York Stock Exchange Securities Registered Pursuant to Section 12(g) of the Act: Not Applicable Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [X] No [ ] Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes [ ] No [X] 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 and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T ( §232. 05 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ] Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of â€Å"large accelerated filer,† â€Å"accelerated filer† and â€Å"smaller reporting company† in Rule 12b-2 of the Exchange Act. Large accelerated filer [X] Non-accelerated filer [ ] (Do not check if a smaller reporting company) Accelerated filer [ ] Smaller reporting company [ ] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes [ ] No [X] On March 31, 2012, the aggregate market value of the registrant’s Class A Common Stock, $0. 10 par value (Class A stock), and Class B Common Stock, $0. 10 par value (Class B stock), held by non-affiliates of the registrant was $5,551,806,987 and $340,008, respectively. 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, so the market value was calculated based on the market price of Class A stock.On October 27, 2012, there were 288,751,385 shares of Class A stock and 70,015,755 shares of Class B stock outstanding. INCORPORATION BY REFERENCE Portions of the registrant’s definitive Proxy Statement for the registrant’s Annual Meeting of Shareholders to be held February 1, 2013, are incorporated by reference into Part III of this Annual Report on Form 10-K. TABLE OF CONTENTS PAGE PART I Item 1. Item 1A. Item 1B. Item 2. Item 3. Item 4. PART II Item 5. Item 6. Item 7. Item 7A. Item 8. Item 9. Item 9A. Item 9B. PART III Item 10. Item 11. Item 12. Item 13. Item 14.PART IV Item 15. Business Risk Factors Unresolved Staff Comments Properties Legal Proceedings Mine Safety Disclosures 3 7 12 12 13 13 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Selected Financial Data Management’s Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures About Market Risk Financial Statements and Supplementary Data Changes in and Disagreements With Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information 5 17 18 36 38 81 81 81 Directors, Executive Officers and Corporate Governance Executive Compensation Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Certain Relat ionships and Related Transactions, and Director Independence Principal Accounting Fees and Services 82 82 82 82 82 Exhibits, Financial Statement Schedules 83 2 PART I ITEM 1. BUSINESS GENERAL Founded in 1935, Tyson Foods, Inc. nd its subsidiaries (collectively, â€Å"Company,† â€Å"we,† â€Å"us† or â€Å"our†) are one of the world’s largest meat protein companies and the second-largest food production company in the Fortune 500 with one of the most recognized brand names in the food industry. We produce, distribute and market chicken, beef, pork, prepared foods and related allied products. Our operations are conducted in four segments: Chicken, Beef, Pork and Prepared Foods.Some of the key factors influencing our business are customer demand for our products; the ability to maintain and grow relationships with customers and introduce new and innovative products to the marketplace; accessibility of international markets; market prices for our prod ucts; the cost of live cattle and hogs, raw materials, grain and feed ingredients; and operating efficiencies of our facilities.We operate a fully vertically integrated poultry production process. Our integrated operations consist of breeding stock, contract growers, feed production, processing, further-processing, marketing and transportation of chicken and related allied products, including animal and pet food ingredients. Through our wholly-owned subsidiary, Cobb-Vantress, Inc. (Cobb), we are one of the leading poultry breeding stock suppliers in the world.Investing in breeding stock research and development allows us to breed into our flocks the characteristics found to be most desirable. We also process live fed cattle and hogs and fabricate dressed beef and pork carcasses into primal and sub-primal meat cuts, case ready beef and pork and fully-cooked meats. In addition, we derive value from allied products such as hides and variety meats sold to further processors and others. We produce a wide range of fresh, value-added, frozen and refrigerated food products.Our products are marketed and sold primarily by our sales staff to grocery retailers, grocery wholesalers, meat distributors, warehouse club stores, military commissaries, industrial food processing companies, chain restaurants or their distributors, international export companies and domestic distributors who serve restaurants, foodservice operations such as plant and school cafeterias, convenience stores, hospitals and other vendors. Additionally, sales to the military and a portion of sales to international markets are made through independent brokers and trading companies.We have a 50/50 joint venture with Syntroleum Corporation, called Dynamic Fuels LLC (Dynamic Fuels), which produces renewable synthetic fuels. Construction of production facilities was completed in late fiscal 2010, and initial production began in October 2010. FINANCIAL INFORMATION OF SEGMENTS We operate in four segments: Chic ken, Beef, Pork and Prepared Foods. The contribution of each segment to net sales and operating income (loss), and the identifiable assets attributable to each segment, are set forth in Note 16: Segment Reporting of the Notes to Consolidated Financial Statements.DESCRIPTION OF SEGMENTS Chicken: Chicken operations include breeding and raising chickens, as well as processing live chickens into fresh, frozen and valueadded chicken products and logistics operations to move products through the supply chain. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international markets. It also includes sales from allied products and our chicken breeding stock subsidiary.Beef: Beef operations include processing live fed cattle and fabricating dressed beef carcasses into primal and sub-primal me at cuts and case-ready products. This segment also includes sales from allied products such as hides and variety meats, as well as logistics operations to move products through the supply chain. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international markets.Pork: Pork operations include processing live market hogs and fabricating pork carcasses into primal and sub-primal cuts and caseready products. This segment also includes our live swine group, related allied product processing activities and logistics operations to move products through the supply chain. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare acilities, the military and oth er food processors, as well as to international markets. 3 Prepared Foods: Prepared Foods operations include manufacturing and marketing frozen and refrigerated food products and logistics operations to move products through the supply chain. Products include pepperoni, bacon, beef and pork pizza toppings, pizza crusts, flour and corn tortilla products, appetizers, prepared meals, ethnic foods, soups, sauces, side dishes, meat dishes and processed meats.Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international markets. The results from Dynamic Fuels are included in Other. RAW MATERIALS AND SOURCES OF SUPPLY Chicken: The primary raw materials used in our chicken operations are corn and soybean meal used as feed and live chickens raised primarily by independent contract growers. Our vertically-integrated chicken process begins with the grandparent breeder flocks and ends with broilers for processing. Breeder flocks (i. e. , grandparents) are raised to maturity in grandparent growing and laying farms where fertile eggs are produced. Fertile eggs are incubated at the grandparent hatchery and produce pullets (i. e. , parents). Pullets are sent to breeder houses, and the resulting eggs are sent to our hatcheries. Once chicks have hatched, they are sent to broiler farms.There, contract growers care for and raise the chicks according to our standards, with advice from our technical service personnel, until the broilers reach the desired processing weight. Adult chickens are transported to processing plants where they are slaughtered and converted into finished products, which are then sent to distribution centers and delivered to customers. We operate our own feed mills to produce scientifically-formulated feeds. In fiscal 2012, corn, soybean meal and other feed ingredients were major production costs, representing roughly 69% of our cost of growing a live chicken.In addition to feed ingredients to grow the chickens, we use cooking ingredients, packaging materials and cryogenic agents. We believe our sources of supply for these materials are adequate for our present needs, and we do not anticipate any difficulty in acquiring these materials in the future. While we produce nearly all our inventory of breeder chickens and live broilers, we also purchase live, ice-packed or deboned chicken to meet production and sales requirements. Beef: The primary raw materials used in our beef operations are live cattle.We do not have facilities of our own to raise cattle but employ cattle buyers located throughout cattle producing areas who visit independent feed yards and public auctions and buy live cattle on the open spot market. These buyers are trained to select high quality animals, and we continually measure their performance. We also enter into var ious risk-sharing and procurement arrangements with producers to secure a supply of livestock for our facilities. We believe the sources of supply of live cattle are adequate for our present needs. Pork: The primary raw materials used in our pork operations are live hogs.The majority of our live hog supply is obtained through various procurement relationships with independent producers. We employ buyers who make purchase agreements of various time durations as well as purchase hogs on a daily basis, generally a few days before the animals are processed. These buyers are trained to select high quality animals, and we continually measure their performance. We believe the sources of supply of live hogs are adequate for our present needs. Additionally, we raise a number of weanling swine to sell to independent finishers and supply a minimal amount of live swine for our own processing needs.Prepared Foods: The primary raw materials used in our prepared foods operations are commodity base d raw materials, including chicken, beef, pork, corn, flour and vegetables. Some of these raw materials are provided by our other segments, while others may be purchased from numerous suppliers and manufacturers. We believe the sources of supply of raw materials are adequate for our present needs. SEASONAL DEMAND Demand for chicken and beef products generally increases during the spring and summer months and generally decreases during the winter months.Pork and prepared foods products generally experience increased demand during the winter months, primarily due to the holiday season, while demand decreases during the spring and summer months. CUSTOMERS Wal-Mart Stores, Inc. accounted for 13. 8% of our fiscal 2012 consolidated sales. Sales to Wal-Mart Stores, Inc. were included in the Chicken, Beef, Pork and Prepared Foods segments. Any extended discontinuance of sales to this customer could, if not replaced, have a material impact on our operations. No other single customer or custo mer group represented more than 10% of fiscal 2012 consolidated sales. COMPETITION Our food products compete with those of other food producers and processors and certain prepared food manufacturers. Additionally, our food products compete in markets around the world. We seek to achieve a leading market position for our products via our principal marketing and competitive strategy, which includes: †¢ †¢ †¢ identifying target markets for value-added products; concentrating production, sales and marketing efforts to appeal to and enhance demand from those markets; and utilizing our national distribution systems and customer support services.Past efforts indicate customer demand can be increased and sustained through application of our marketing strategy, as supported by our distribution systems. The principal competitive elements are price, product safety and quality, brand identification, breadth and depth of product offerings, availability of products, customer servic e and credit terms. INTERNATIONAL We sold products to approximately 130 countries in fiscal 2012. Major sales markets include Brazil, Canada, Central America, China, the European Union, Japan, Mexico, the Middle East, Russia, South Korea, Taiwan, Ukraine and Vietnam.We have the following international operations: †¢ †¢ †¢ †¢ †¢ †¢ †¢ Tyson de Mexico, a Mexican subsidiary, is a vertically-integrated poultry production company; Cobb-Vantress, a chicken breeding stock subsidiary, has business interests in Argentina, Brazil, the Dominican Republic, India, Japan, the Netherlands, Peru, the Philippines, Russia, Spain, Sri Lanka, Turkey, the United Kingdom and Venezuela; Tyson do Brazil, a Brazilian subsidiary, is a vertically-integrated poultry production company; Shandong Tyson, a Chinese subsidiary, is a vertically-integrated poultry production company; Tyson Dalong, a joint venture in China in which we have a majority interest, is a chicken further pr ocessing facility; Jiangsu-Tyson, a Chinese subsidiary, is a vertically-integrated poultry production company; and Godrej Tyson Foods, a joint venture in India in which we have a majority interest, is a poultry processing business. Our Tyson do Brazil, Shandong Tyson and Jiangsu-Tyson subsidiaries are currently in start-up phase. We continue to evaluate growth opportunities in foreign countries.Additional information regarding export sales, long-lived assets located in foreign countries and income (loss) from foreign operations is set forth in Note 16: Segment Reporting of the Notes to Consolidated Financial Statements. RESEARCH AND DEVELOPMENT We conduct continuous research and development activities to improve product development, to automate manual processes in our processing plants and growout operations, and to improve chicken breeding stock. Our Discovery Center includes 19 research kitchens and a USDA-inspected pilot plant. The Discovery Center enables us to bring new market- leading retail and foodservice products to the customer quickly and efficiently. Research and development costs totaled $43 million, $42 million, and $38 million in fiscal 2012, 2011 and 2010, respectively.ENVIRONMENTAL REGULATION AND FOOD SAFETY Our facilities for processing chicken, beef, pork and prepared foods, milling feed and housing live chickens and swine are subject to a variety of federal, state and local environmental laws and regulations, which include provisions relating to the discharge of materials into the environment and generally provide for protection of the environment. We believe we are in substantial compliance with such applicable laws and regulations and are not aware of any violations of such laws and regulations likely to result in material penalties or material increases in compliance costs. The cost of compliance with such laws and regulations has not had a material adverse effect on our capital expenditures, earnings or competitive position, and except a s described below, is not anticipated to have a material adverse effect in the future. Congress and the United States Environmental Protection Agency are considering various options to control greenhouse gas emissions.It is unclear at this time when or if such options will be finalized, or what the final form may be. Due to the uncertainty surrounding this issue, it is premature to speculate on the specific nature of impacts that imposition of greenhouse gas emission controls would have on us, and whether such impacts would have a material adverse effect. 5 We work to ensure our products meet high standards of food safety and quality. In addition to our own internal Food Safety and Quality Assurance oversight and review, our chicken, beef, pork and prepared foods products are subject to inspection prior to distribution, primarily by the United States Department of Agriculture (USDA) and the United States Food and Drug Administration (FDA).We are also participants in the United State s Hazard Analysis Critical Control Point (HACCP) program and are subject to the Sanitation Standard Operating Procedures and the Public Health Security and Bioterrorism Preparedness and Response Act of 2002. EMPLOYEES AND LABOR RELATIONS As of September 29, 2012, we employed approximately 115,000 employees. Approximately 96,000 employees were employed in the United States and 19,000 employees were in foreign countries, primarily China, Mexico and Brazil. Approximately 29,000 employees in the United States were subject to collective bargaining agreements with various labor unions, with approximately 19% of those employees included under agreements expiring in fiscal 2013.The remaining agreements expire over the next several years. Approximately 8,000 employees in foreign countries were subject to collective bargaining agreements. We believe our overall relations with our workforce are good. MARKETING AND DISTRIBUTION Our principal marketing objective is to be the primary provider of chicken, beef, pork and prepared foods products for our customers and consumers. As such, we utilize our national distribution system and customer support services to achieve the leading market position for our products. On an ongoing basis, we identify distinct markets and business opportunities through continuous consumer and market research.In addition to supporting strong regional brands across multiple protein lines, we build the Tyson brand and Tyson owned brands primarily through well-defined product-specific advertising and public relations efforts focused toward key consumer targets with specific needs. These efforts are designed to present key Tyson products as everyday solutions to relevant consumer problems thereby becoming part of regular eating routines. We have the ability to produce and ship fresh, frozen and refrigerated products worldwide. Domestically, our distribution system extends to a broad network of food distributors and is supported by our owned or leased c old storage warehouses, public cold storage facilities and our transportation system.Our distribution centers accumulate fresh and frozen products so we can fill and consolidate less-than-truckload orders into full truckloads, thereby decreasing shipping costs while increasing customer service. In addition, we provide our customers a wide selection of products that do not require large volume orders. Our distribution system enables us to supply large or small quantities of products to meet customer requirements anywhere in the continental United States. Internationally, we utilize both rail and truck refrigerated transportation to domestic ports, where consolidations take place to transport to foreign destinations. PATENTS AND TRADEMARKS We have filed a number of patents and trademarks relating to our processes and products that either have been approved or are in the process of application.Because we do a significant amount of brand name and product line advertising to promote our products, we consider the protection of our trademarks to be important to our marketing efforts. We also have developed non-public proprietary information regarding our production processes and other product-related matters. We utilize internal procedures and safeguards to protect the confidentiality of such information and, where appropriate, seek patent and/or trademark protection for the technology we utilize. INDUSTRY PRACTICES Our agreements with customers are generally short-term, primarily due to the nature of our products, industry practices and fluctuations in supply, demand and price for such products.In certain instances where we are selling further processed products to large customers, we may enter into written agreements whereby we will act as the exclusive or preferred supplier to the customer, with pricing terms that are either fixed or variable. AVAILABILITY OF SEC FILINGS AND CORPORATE GOVERNANCE DOCUMENTS ON INTERNET WEBSITE We maintain an internet website for inv estors at http://ir. tyson. com. On this website, we make available, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to any of those reports, as soon as reasonably practicable after we electronically file such reports with, or furnish to, the Securities and Exchange Commission.Also available on the website for investors are the Corporate Governance Principles, Audit Committee charter, Compensation Committee charter, Governance Committee charter, Nominating Committee charter, Code of Conduct and Whistleblower Policy. Our corporate governance documents are available in print, free of charge to any shareholder who requests them. 6 CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF â€Å"SAFE HARBOR† PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Certain information in this report constitutes forward-looking statements. Such forward-looking statements incl ude, but are not limited to, current views and estimates of our outlook for fiscal 2013, other future economic circumstances, industry conditions in domestic and international markets, our performance and financial results (e. g. debt levels, return on invested capital, value-added product growth, capital expenditures, tax rates, access to foreign markets and dividend policy). These forward-looking statements are subject to a number of factors and uncertainties that could cause our actual results and experiences to differ materially from anticipated results and expectations expressed in such forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.Among the factors that may cause actual results and experiences to differ from anticipated results and exp ectations expressed in such forward-looking statements are the following: (i) the effect of, or changes in, general economic conditions; (ii) fluctuations in the cost and availability of inputs and raw materials, such as live cattle, live swine, feed grains (including corn and soybean meal) and energy; (iii) market conditions for finished products, including competition from other global and domestic food processors, supply and pricing of competing products and alternative proteins and demand for alternative proteins; (iv) successful rationalization of existing facilities and operating efficiencies of the facilities; (v) risks associated with our commodity purchasing activities; (vi) access to foreign markets together with foreign economic conditions, including currency fluctuations, import/export restrictions and foreign politics; (vii) outbreak of a livestock disease (such as avian influenza AI) or bovine spongiform encephalopathy (BSE)), which could have an adverse effect on live stock we own, the availability of livestock we purchase, consumer perception of certain protein products or our ability to access certain domestic and foreign markets; (viii) changes in availability and relative costs of labor and contract growers and our ability to maintain good relationships with employees, labor unions, contract growers and independent producers providing us livestock; (ix) issues related to food safety, including costs resulting from product recalls, regulatory compliance and any related claims or litigation; (x) changes in consumer preference and diets and our ability to identify and react to consumer trends; (xi) significant marketing plan changes by large customers or loss of one or more large customers; (xii) adverse results from litigation; (xiii) risks associated with leverage, including cost increases due to rising interest rates or changes in debt ratings or outlook; (xiv) compliance with and changes to regulations and laws (both domestic and foreign), i ncluding changes in accounting standards, tax laws, environmental laws, agricultural laws and occupational, health and safety laws; (xv) our ability to make effective acquisitions or joint ventures and successfully integrate newly acquired businesses into existing operations; (xvi) effectiveness of advertising and marketing programs; and (xvii) those factors listed under Item 1A. â€Å"Risk Factors. † ITEM 1A. RISK FACTORS These risks, which should be considered carefully with the information provided elsewhere in this report, could materially adversely affect our business, financial condition or results of operations. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or results of operations. Fluctuations in commodity prices and in the availability of raw materials, especially feed grains, live cattle, live swine and other inputs could negatively impac t our earnings.Our results of operations and financial condition are dependent upon the cost and supply of raw materials such as feed grains, live cattle, live swine, energy and ingredients, as well as the selling prices for our products, many of which are determined by constantly changing market forces of supply and demand over which we have limited or no control. Corn, soybean meal and other feed ingredients are major production costs for vertically-integrated poultry processors such as us, representing roughly 69% of our cost of growing a live chicken in fiscal 2012. As a result, fluctuations in prices for these feed ingredients, which include competing demand for corn and soybean meal for use in the manufacture of renewable energy, can adversely affect our earnings.Production of feed ingredients is affected by, among other things, weather patterns throughout the world, the global level of supply inventories and demand for grains and other feed ingredients, as well as agricultura l and energy policies of domestic and foreign governments. We have cattle under contract at feed yards owned by third parties; however, most of the cattle we process are purchased from independent producers. We have cattle buyers located throughout cattle producing areas who visit feed yards and buy live cattle on the open spot market. We also enter into various risk-sharing and procurement arrangements with producers who help secure a supply of livestock for daily start-up operations at our facilities.The majority of our live swine supply is obtained through procurement arrangements with independent producers. We also employ buyers who purchase hogs on a daily basis, generally a few days before the animals are required for processing. In addition, we raise live swine and sell feeder pigs to independent producers for feeding to processing weight and have contract growers feed a minimal amount of company-owned live swine for our own processing needs. Any decrease in the supply of cat tle or swine on the spot market could increase the price of these raw materials and further increase per head cost of production due to lower capacity utilization, which could adversely affect our financial results. 7Market supply and demand and the prices we receive for our products may fluctuate due to competition from other food producers and processors. We face competition from other food producers and processors. Some of the factors on which we compete and which may drive demand for our products include: †¢ †¢ †¢ †¢ †¢ †¢ †¢ price; product safety and quality; brand identification; breadth and depth of product offerings; availability of our products and competing products; customer service; and credit terms. Demand for our products also is affected by competitors’ promotional spending, the effectiveness of our advertising and marketing programs, and the availability or price of competing proteins.We attempt to obtain prices for our produ cts that reflect, in part, the price we must pay for the raw materials that go into our products. If we are not able to obtain higher prices for our products when the price we pay for raw materials increases, we may be unable to maintain positive margins. Outbreaks of livestock diseases can adversely impact our ability to conduct our operations and demand for our products. Demand for our products can be adversely impacted by outbreaks of livestock diseases, which can have a significant impact on our financial results. Efforts are taken to control disease risks by adherence to good production practices and extensive precautionary measures designed to ensure the health of livestock.However, outbreaks of disease and other events, which may be beyond our control, either in our own livestock or cattle and hogs owned by independent producers who sell livestock to us, could significantly affect demand for our products, consumer perceptions of certain protein products, the availability of l ivestock for purchase by us and our ability to conduct our operations. Moreover, the outbreak of livestock diseases, particularly in our Chicken segment, could have a significant effect on the livestock we own by requiring us to, among other things, destroy any affected livestock. Furthermore, an outbreak of disease could result in governmental restrictions on the import and export of our products to or from our suppliers, facilities or customers. This could also result in negative publicity that may have an adverse effect on our ability to market our products successfully and on our financial results.We are subject to risks associated with our international activities, which could negatively affect our sales to customers in foreign countries, as well as our operations and assets in such countries. In fiscal 2012, we sold products to approximately 130 countries. Major sales markets include Brazil, Canada, Central America, China, the European Union, Japan, Mexico, the Middle East, Ru ssia, South Korea, Taiwan, Ukraine and Vietnam. Our sales to customers in foreign countries for fiscal 2012 totaled $5. 5 billion, of which $4. 0 billion related to export sales from the United States. In addition, we had approximately $564 million of long-lived assets located in foreign ountries, primarily Brazil, China, Mexico and India, at the end of fiscal 2012. As a result, we are subject to various risks and uncertainties relating to international sales and operations, including: †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ imposition of tariffs, quotas, trade barriers and other trade protection measures imposed by foreign countries regarding the importation of poultry, beef and pork products, in addition to import or export licensing requirements imposed by various foreign countries; closing of borders by foreign countries to the import of poultry, beef and pork products due to animal disease or other perceived health or safety issues; impact of cur rency exchange rate fluctuations between the U. S. ollar and foreign currencies, particularly the Brazilian real, the British pound sterling, the Canadian dollar, the Chinese renminbi, the European euro, and the Mexican peso; political and economic conditions; difficulties and costs associated in complying with, and enforcement of remedies under, a wide variety of complex domestic and international laws, treaties and regulations, including, without limitation, the United States’ Foreign Corrupt Practices Act and economic and trade sanctions enforced by the United States Department of the Treasury’s Office of Foreign Assets Control; different regulatory structures and unexpected changes in regulatory environments; tax rates that may exceed those in the United States and earnings that may be subject to withholding requirements and incremental taxes upon repatriation; potentially negative consequences from changes in tax laws; and distribution costs, disruptions in shippi ng or reduced availability of freight transportation. 8 Negative consequences relating to these risks and uncertainties could jeopardize or limit our ability to transact business in one or more of those markets where we operate or in other developing markets and could adversely affect our financial results. We depend on the availability of, and good relations with, our employees. We have approximately 115,000 employees, approximately 37,000 of whom are covered by collective bargaining agreements or are members of labor unions. Our operations depend on the availability and relative costs of labor and maintaining good relations with employees and the labor unions.If we fail to maintain good relations with our employees or with the labor unions, we may experience labor strikes or work stoppages, which could adversely affect our financial results. We depend on contract growers and independent producers to supply us with livestock. We contract primarily with independent contract growers to raise the live chickens processed in our poultry operations. A majority of our cattle and hogs are purchased from independent producers who sell livestock to us under marketing contracts or on the open market. If we do not attract and maintain contracts with growers or maintain marketing and purchasing relationships with independent producers, our production operations could be negatively affected. If our products become contaminated, we may be subject to product liability claims and product recalls.Our products may be subject to contamination by disease-producing organisms or pathogens, such as Listeria monocytogenes, Salmonella and E. coli. These organisms and pathogens are found generally in the environment; therefore, there is a risk that one or more, as a result of food processing, could be present in our products. These organisms and pathogens also can be introduced to our products as a result of improper handling at the further processing, foodservice or consumer level. Th ese risks may be controlled, but may not be eliminated, by adherence to good manufacturing practices and finished product testing. We have little, if any, control over handling procedures once our products have been shipped for distribution.Even an inadvertent shipment of contaminated products may be a violation of law and may lead to increased risk of exposure to product liability claims, product recalls (which may not entirely mitigate the risk of product liability claims), increased scrutiny and penalties, including injunctive relief and plant closings, by federal and state regulatory agencies, and adverse publicity, which could exacerbate the associated negative consumer reaction. Any of these occurrences may have an adverse effect on our financial results. Our operations are subject to general risks of litigation. We are involved on an on-going basis in litigation arising in the ordinary course of business or otherwise. Trends in litigation may include class actions involving c onsumers, shareholders, employees or injured persons, and claims relating to commercial, labor, employment, antitrust, securities or environmental matters.Litigation trends and the outcome of litigation cannot be predicted with certainty and adverse litigation trends and outcomes could adversely affect our financial results. Our level of indebtedness and the terms of our indebtedness could negatively impact our business and liquidity position. Our indebtedness, including borrowings under our revolving credit facility, may increase from time to time for various reasons, including fluctuations in operating results, working capital needs, capital expenditures and possible acquisitions, joint ventures or other significant initiatives. Our consolidated indebtedness level could adversely affect our business because: †¢ †¢ †¢ †¢ †¢ t may limit or impair our ability to obtain financing in the future; our credit ratings (or any decrease to our credit ratings) could r estrict or impede our ability to access capital markets at desired interest rates and increase our borrowing costs; it may reduce our flexibility to respond to changing business and economic conditions or to take advantage of business opportunities that may arise; a portion of our cash flow from operations must be dedicated to interest payments on our indebtedness and is not available for other purposes; and it may restrict our ability to pay dividends. Our revolving credit facility contains affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into sale/leaseback or hedging transactions, in each case, subject to certain qualifications and exceptions.In addition, we are required to maintain minimum interest expense coverage and maxi mum debt to capitalization ratios. Our 4. 50% Senior notes due June 2022 also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets. 9 An impairment in the carrying value of goodwill could negatively impact our consolidated results of operations and net worth. Goodwill is initially recorded at fair value and is not amortized, but is reviewed for impairment at least annually or more frequently if impairment indicators are present.In assessing the carrying value of goodwill, we make estimates and assumptions about sales, operating margins, growth rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. There are inherent uncertainties related to these factors and management’s judgment in applying these factors. Goodwill valuat ions have been calculated principally using an income approach based on the present value of future cash flows of each reporting unit and are believed to reflect market participant views which would exist in an exit transaction. Under the income approach, we are required to make various judgmental assumptions about appropriate discount rates.Disruptions in global credit and other financial markets and deterioration of economic conditions, could, among other things, cause us to increase the discount rate used in the goodwill valuations. We could be required to evaluate the recoverability of goodwill prior to the annual assessment if we experience disruptions to the business, unexpected significant declines in operating results, divestiture of a significant component of our business or sustained market capitalization declines. These types of events and the resulting analyses could result in goodwill impairment charges in the future, which could be substantial. As of September 29, 2012 , we had $1. 9 billion of goodwill, which represented approximately 16% of total assets. Domestic and international government regulations could impose material costs.Our operations are subject to extensive federal, state and foreign laws and regulations by authorities that oversee food safety standards and processing, packaging, storage, distribution, advertising, labeling and export of our products. Our facilities for processing chicken, beef, pork, prepared foods and milling feed and for housing live chickens and swine are subject to a variety of international, federal, state and local laws relating to the protection of the environment, including provisions relating to the discharge of materials into the environment, and to the health and safety of our employees. Our domestic chicken, beef and pork processing facilities are participants in the HACCP program and are subject to the Public Health Security and Bioterrorism Preparedness and Response Act of 2002.In addition, our produc ts are subject to inspection prior to distribution, primarily by the USDA and the FDA. Also, our livestock procurement and poultry growout activities are regulated by the Grain Inspection, Packers and Stockyards Administration, which is part of USDA’s Marketing and Regulatory Programs. Loss of or failure to obtain necessary permits and registrations could delay or prevent us from meeting current product demand, introducing new products, building new facilities or acquiring new businesses and could adversely affect operating results. Additionally, we are routinely subject to new or modified laws, regulations and accounting standards.If we are found to be out of compliance with applicable laws and regulations in these or other areas, we could be subject to civil remedies, including fines, injunctions, recalls or asset seizures, as well as potential criminal sanctions, any of which could have an adverse effect on our financial results. A material acquisition, joint venture or ot her significant initiative could affect our operations and financial condition. We periodically evaluate potential acquisitions, joint ventures and other initiatives (collectively, â€Å"transactions†), and we may seek to expand our business through the acquisition of companies, processing plants, technologies, products and services, which could include material transactions.A material transaction may involve a number of risks, including: †¢ †¢ †¢ †¢ †¢ failure to realize the anticipated benefits of the transaction; difficulty integrating acquired businesses, technologies, operations and personnel with our existing business; diversion of management attention in connection with negotiating transactions and integrating the businesses acquired; exposure to unforeseen or undisclosed liabilities of acquired companies; and the need to obtain additional debt or equity financing for any transaction. We may not be able to address these risks and successfully d evelop these acquired companies or businesses into profitable units. If we are unable to do this, such expansion could adversely affect our financial results.Market fluctuations could negatively impact our operating results as we hedge certain transactions. Our business is exposed to fluctuating market conditions. We use derivative financial instruments to reduce our exposure to various market risks including changes in commodity prices, interest rates and foreign exchange rates. We hold certain positions, primarily in grain and livestock futures, that do not qualify as hedges for financial reporting purposes. These positions are marked to fair value, and the unrealized gains and losses are reported in earnings at each reporting date. Therefore, losses on these contracts will adversely affect our reported operating results.While these contracts reduce our exposure to changes in prices for commodity products, the use of such instruments may ultimately limit our ability to benefit fro m favorable commodity prices. Deterioration of economic conditions could negatively impact our business. Our business may be adversely affected by changes in economic conditions, including inflation, interest rates, access to capital markets, consumer spending rates, energy availability and costs (including fuel surcharges) and the effects of governmental initiatives to manage economic conditions. Any such changes could adversely affect the demand for our products, or the cost and availability of our needed raw materials, cooking ingredients and packaging materials, thereby negatively affecting our financial results. 10Disruptions in global credit and other financial markets and deterioration of economic conditions, could, among other things: †¢ †¢ †¢ †¢ †¢ †¢ †¢ make it more difficult or costly for us to obtain financing for our operations or investments or to refinance our debt in the future; cause our lenders to depart from prior credit industry practice and make more difficult or expensive the granting of any amendment of, or waivers under, our credit agreement to the extent we may seek them in the future; impair the financial condition of some of our customers and suppliers thereby increasing customer bad debts or nonperformance by suppliers; negatively impact global demand for protein products, which could result in a reduction of sales, operating ncome and cash flows; decrease the value of our investments in equity and debt securities, including our marketable debt securities, company-owned life insurance and pension and other postretirement plan assets; negatively impact our commodity purchasing activities if we are required to record losses related to derivative financial instruments; or impair the financial viability of our insurers. Changes in consumer preference could negatively impact our business. The food industry in general is subject to changing consumer trends, demands and preferences. Trends within the food industry change often, and failure to identify and react to changes in these trends could lead to, among other things, reduced demand and price reductions for our products, and could have an adverse effect on our financial results. The loss of one or more of our largest customers could negatively impact our business.Our business could suffer significant setbacks in sales and operating income if our customers’ plans and/or markets change significantly or if we lost one or more of our largest customers, including, for example, Wal-Mart Stores, Inc. , which accounted for 13. 8% of our sales in fiscal 2012. Many of our agreements with our customers are short-term, primarily due to the nature of our products, industry practice and the fluctuation in demand and price for our products. The consolidation of customers could negatively impact our business. Our customers, such as supermarkets, warehouse clubs and food distributors, have consolidated in recent years, and consolidation i s expected to continue throughout the United States and in other major markets.These consolidations have produced large, sophisticated customers with increased buying power who are more capable of operating with reduced inventories, opposing price increases, and demanding lower pricing, increased promotional programs and specifically tailored products. These customers also may use shelf space currently used for our products for their own private label products. Because of these trends, our volume growth could slow or we may need to lower prices or increase promotional spending for our products, any of which would adversely affect our financial results. Extreme factors or forces beyond our control could negatively impact our business.Natural disasters, fire, bioterrorism, pandemic or extreme weather, including droughts, floods, excessive cold or heat, hurricanes or other storms, could impair the health or growth of livestock or interfere with our operations due to power outages, fuel shortages, damage to our production and processing facilities or disruption of transportation channels, among other things. Any of these factors, as well as disruptions in our information systems, could have an adverse effect on our financial results. Media campaigns related to food production present risks. Media outlets, including new social media platforms, provide the opportunity for individuals or organizations to publicize inappropriate or inaccurate stories or perceptions about our Company or the food production industry.Such practices have the ability to cause damage to our brands, the industry generally, or consumers' perceptions of our Company or the food production industry and may result in negative publicity and adversely affect our financial results. Our renewable energy ventures and other initiatives might not be successful. We have been exploring ways to convert animal fats and other by-products from our operations into value-added products. For example, our joint v enture Dynamic Fuels produces renewable synthetic fuels. We will continue to explore other ways to commercialize opportunities outside our core business, such as renewable energy and other technologically-advanced platforms.These initiatives might not be as financially successful as we initially announced or might expect due to factors that include, but are not limited to, availability of tax credits, competing energy prices, failure to operate at the volumes anticipated, abilities of our joint venture partners and our limited experience in some of these new areas. 11 Tyson Limited Partnership can exercise significant control. As of September 29, 2012, Tyson Limited Partnership (the TLP) owns 99. 977% of the outstanding shares of the Company's Class B Common Stock, $0. 10 par value (Class B stock) and the TLP and members of the Tyson family own, in the aggregate, 2. 53% of the outstanding shares of the Company's Class A Common Stock, $0. 10 par value (Class A stock), giving them, co llectively, control of approximately 71. 2% of the total voting power of the Company's outstanding voting stock. At this time, the TLP does not have a managing general partner, as such, the management rights of the managing general partner may be exercised by a majority of the percentage interests of the general partners. As of September 29, 2012, Mr. John Tyson, Chairman of the Board of Directors, has 33. 33% of the general partner percentage interests, and Ms. Barbara Tyson, a director of the Company, has 11. 115% general partner percentage interests (the remaining general partnership interests are held by the Tyson Partnership Interest Trust (44. 44%) and Harry C. Erwin, III (11. 15%)). As a result of these holdings, positions and directorships, the partners in the TLP have the ability to exert substantial influence or actual control over our management and affairs and over substantially all matters requiring action by our stockholders, including amendments to our restated certif icate of incorporation and by-laws, the election and removal of directors, any proposed merger, consolidation or sale of all or substantially all of our assets and other corporate transactions. This concentration of ownership may also delay or prevent a change in control otherwise favored by our other stockholders and could depress our stock price.Additionally, as a result of the Tyson family’s significant ownership of our outstanding voting stock, we are eligible for â€Å"controlled company† exemptions from certain corporate governance requirements of the New York Stock Exchange. ITEM 1B. UNRESOLVED STAFF COMMENTS None ITEM 2. PROPERTIES We have production and distribution operations in the following states: Alabama, Arkansas, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Mississippi, Missouri, Nebraska, New Mexico, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and Wisconsin. We also have sales offices throughout the United States.Additionally, we, either directly or through our subsidiaries, have sales offices, facilities or participate in joint venture operations in Argentina, Brazil, Canada, China, the Dominican Republic, Hong Kong, India, Japan, Mexico, the Netherlands, Peru, the Philippines, Russia, South Korea, Spain, Sri Lanka, Taiwan, Thailand, the United Arab Emirates, the United Kingdom and Venezuela. Owned Chicken Segment: Processing plants Rendering plants Blending mills Feed mills Broiler hatcheries Breeder houses Broiler farm houses Beef Segment Production Facilities Pork Segment Production Facilities Prepared Foods Segment Processing Plants Distribution Centers Cold Storage Facilities 59 15 39 63 593 758 12 9 22 10 67 Number of Facilities Leased 1 — — 2 9 760 1,089 — — 1 7 14 Capacity(1) per week at September 29, 2012 47 million head 174,000 head 448,000 head 46 million pounds Total 60 15 2 41 72 1,353 1,847 12 9 23 17 81 Fiscal 2012 Aver age Capacity Utilization 88% 76% 90% 85% Chicken Processing Plants Beef Production Facilities Pork Production Facilities Prepared Foods Processing Plants (1) Capacity based on a five day week for Chicken and Prepared Foods, while Beef and Pork are based on a six day week. 12 Chicken: Chicken processing plants include various phases of slaughtering, dressing, cutting, packaging, deboning and furtherprocessing.We also have 16 pet food operations, which are part of the Chicken processing plants. The blending mills, feed mills and broiler hatcheries have sufficient capacity to meet the needs of the chicken growout operations. Beef: Beef plants include various phases of slaughtering live cattle and fabricating beef products. Some also treat and tan hides. The Beef segment includes three case-ready operations that share facilities with the Pork segment. One of the beef facilities contains a tallow refinery. Carcass facilities reduce live cattle to dressed carcass form. Processing faciliti es conduct fabricating operations to produce boxed beef and allied products.Pork: Pork plants include various phases of slaughtering live hogs and fabricating pork products and allied products. The Pork segment includes three case-ready operations that share facilities with the Beef segment. Prepared Foods: Prepared Foods plants process fresh and frozen chicken, beef, pork and other raw materials into pizza toppings, branded and processed meats, appetizers, prepared meals, ethnic foods, soups, sauces, side dishes, pizza crusts, flour and corn tortilla products and meat dishes. Our Dynamic Fuels joint venture produces renewable synthetic fuels. Construction of production facilities was completed in late fiscal 2010, and initial production began in October 2010.Dynamic Fuels operates one plant with designed annual capacity of 75 million gallons. We believe our present facilities are generally adequate and suitable for our current purposes; however, seasonal fluctuations in inventories and production may occur as a reaction to market demands for certain products. We regularly engage in construction and other capital improvement projects intended to expand capacity and improve the efficiency of our processing and support facilities. We also consider the efficiencies of our operations and may from time to time consider changing the number or type of plants we operate to align with our capacity needs. ITEM 3.LEGAL PROCEEDINGS Refer to the description of certain legal proceedings pending against us under Part II, Item 8, Notes to Consolidated Financial Statements, Note 19: Commitments and Contingencies, which discussion is incorporated herein by reference. Listed below are certain additional legal proceedings involving the Company and/or its subsidiaries. On October 23, 2001, a putative class action lawsuit styled R. Lynn Thompson, et al. vs. Tyson Foods, Inc. was filed in the District Court for Mayes County, Oklahoma by three property owners on behalf of all owners of lakefront property on Grand Lake O’ the Cherokees. Simmons Foods, Inc. and Peterson Farms, Inc. also are defendants. The plaintiffs allege the defendants’ operations diminished the water quality in the lake thereby interfering with the plaintiffs’ use and enjoyment of their properties.The plaintiffs sought injunctive relief and an unspecified amount of compensatory damages, punitive damages, attorneys’ fees and costs. While the District Court certified a class, on October 4, 2005, the Court of Civil Appeals of the State of Oklahoma reversed, holding the plaintiffs’ claims were not suitable for disposition as a class action. This decision was upheld by the Oklahoma Supreme Court and the case was remanded to the District Court with instructions that the matter proceed only on behalf of the three named plaintiffs. Plaintiffs seek injunctive relief, restitution and compensatory and punitive damages in an unspecified amount in excess of $10,000.We an d the other defendants have denied liability and asserted various defenses. The defendants have requested a trial date, but the court has not yet scheduled the matter for trial. Since 2003, nine lawsuits have been brought against us and several other poultry companies by approximately 150 plaintiffs in Washington County, Arkansas Circuit Court (Green v. Tyson Foods, Inc. , et al. , Bible v. Tyson Foods, Inc. , Beal v. Tyson Foods, Inc. , et al. , McWhorter v. Tyson Foods, Inc. , et al. , McConnell v. Tyson Foods, Inc. , et al. , Carroll v. Tyson Foods, Inc. , et al. , Belew v. Tyson Foods, Inc. , et al. , Gonzalez v. Tyson Foods, Inc. , et al. , and Rasco v. Tyson Foods, Inc. , et al. alleging that the land application of poultry litter caused arsenic and pathogenic mold and fungi contamination of the air, soil and water in and around Prairie Grove, Arkansas and seeking recovery for several types of personal injuries, including several forms of cancer. On August 2, 2006, the Court g ranted summary judgment in favor of Tyson and the other poultry company defendants in the first case to go to trial, which the plaintiffs appealed, and the trial court stayed the remaining eight lawsuits pending the appeal. On May 8, 2008, the Arkansas Supreme Court reversed the summary judgment and remanded for a new trial. The remanded trial was held and the jury returned a verdict in our favor.The plaintiffs appealed this verdict to the Arkansas Supreme Court, which affirmed the verdict and denied the plaintiffs’ petition for rehearing. The second trial, originally scheduled for October 22, 2012, was canceled and no new trial date has been set. Other Matters: We currently have approximately 115,000 employees and, at any time, have various employment practices matters outstanding. In the aggregate, these matters are significant to the Company, and we devote significant resources to managing employment issues. Additionally, we are subject to other lawsuits, investigations an d claims (some of which involve substantial amounts) arising out of the conduct of our business.While the ultimate results of these matters cannot be determined, they are not expected to have a material adverse effect on our consolidated results of operations or financial position. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 13 EXECUTIVE OFFICERS OF THE COMPANY Our officers serve one year terms from the date of their election, or until their successors are appointed and qualified. No family relationships exist among these officers. The name, title, age and year of initial election to executive office of our executive officers are listed below: Name Curt T. Calaway Kenneth J. Kimbro Donnie King Dennis Leatherby James V. Lochner Donnie Smith John Tyson David L.Van Bebber Noel White Title Senior Vice President, Controller and Chief Accounting Officer Senior Vice President, Chief Human Resources Officer Senior Group Vice President, Poultry and Prepared Foods Executive Vice President and Chief Financial Officer Chief Operating Officer President and Chief Executive Officer Chairman of the Board of Directors Executive Vice President and General Counsel Senior Group Vice President, Fresh Meats Age 39 59 50 52 60 53 59 56 54 Year Elected Executive Officer 2012 2009 2009 1994 2005 2008 2011 2008 2009 Curt T. Calaway was appointed Senior Vice President, Con

Why China Is A Famous Nation With Creative Power At The...

Essay 2 – Problem and Solution Essay B How to Make Large Chinese Companies More Creative Gunpowder, compass, waterwheel, paper money, long-distance banking, the civil service and merit promotion were invented by Chinese (Abrami, Kirby and McFarlan, 2014). Therefore, it could be argued that China was a famous nation with creative power at the ancient and modern times. Nowadays, however, many opinions supposed that most of the creative business scholars and innovators were in west countries (Abrami, Kirby and McFarlan, 2014), while breakthrough innovations were rarely seen in China. There are some different viewpoints about the reasons why China cannot innovate. Lim (cited in Abrami, Kirby and McFarlan, 2014) argued that Chinese companies’ managers do not have creativity to the consideration of new ideas. The Chinese government fails to take good protection of intellectual property rights leads to this situation similarly. Furthermore, according to Miyazaki (cited in Abrami, Kirby and McFarlan, 2014), Chinese education system which makes students absolutely concentr ate on the test scores cannot make Chinese teenagers become innovators. Based on these opinions, this essay focuses on the creativity in large Chinese companies. Under the circumstance about the backwardness of Chinese innovation development, the creativity in large Chinese companies is exceedingly difficult. There are some reasons for this situation. Large Chinese companies have strict structures and complexShow MoreRelatedThe People s Republic Of China Essay1954 Words   |  8 PagesRepublic of China (PRC) is not only known as one of the most populous, fastest-growing economic countries but also sustaining a rich depth of tradition all over the world (â€Å"China country profile†, 2016). 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The Crucible By Arthur Miller - 1269 Words

At first glance, the playwright Arthur Miller in The Crucible highlights the historical significance of the Salem Witch Trials of 1692, but in fact it is an allegorical expression of his perception of McCarthyism. If the reader has some background information on Arthur Miller’s victimization as a communist, it is evident that the play is a didactic vessel illustrating the flaws of the court system in the 1950’s. The communist allegations were launched at government employees, entertainers and writers, without the proper regard for evidence. In order to alert the media and the citizens in the United States of the Red Scare, and its injustice, Miller writes The Crucible. His play serves as mirror image of the way the government in 1950†¦show more content†¦John Proctor and Elizabeth Proctor had reached a downfall in their relationship after Proctor’s affair with Abigail Williams. Ever since, Proctor had tried to gain back Elizabeth’s respect which proved their deep rooted love for one another. This angered Abigail since she was in love with Proctor, which lead her to accuse Elizabeth of Witchcraft. Throughout the court trials, Proctor continuously defends Elizabeth and himself, yet realizes he must tell the truth on how he committed adultery. Elizabeth, renown for her honesty, lies in the court to try and save Proctor, however, she is ultimately contradicting the truth Proctor had previously told. Elizabeth’s false confession led Proctor to his death, even though Proctor had cried out, â€Å"She only thought to save my name!† (Miller 113). Proctor’s confession signifies that he was protecting Elizabeth to help her get out of jail which also would have proved that Abigail was making false accusations. On the other hand, Elizabeth’s fabricated confession could have saved Proctor’s name, and would allow him to keep is high esteem. Proctor and Elizabeth’s twisted situation suggests that t he truth would not always set one free. In this case, all the truth that had been confessed was enough to prove Proctor and Elizabeth innocent, yet one lie tore it all apart. Even though Proctor confessed all his truth to prove innocence, the