TYSON FOODS, INC., 10-Q filed on 5/9/2022
Quarterly Report
v3.22.1
Document and Entity Information
 6 Months Ended
Apr. 02, 2022
$ / shares
shares
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Apr. 02, 2022
Document Transition Report false
Entity File Number 001-14704
Entity Registrant Name TYSON FOODS, INC.
Entity Tax Identification Number 71-0225165
Entity Addresses [Line Items] 2200 West Don Tyson Parkway,
Entity Address, City or Town Springdale,
Entity Address, State or Province AR
Entity Address, Postal Zip Code 72762-6999
City Area Code (479)
Local Phone Number 290-4000
Entity Listing, Description Class A Common Stock
Entity Listing, Par Value Per Share | $ / shares $ 0.10
Trading Symbol TSN
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Current Interactive Data Filing Status Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Central Index Key 0000100493
Current Fiscal Year End Date --10-01
Document Fiscal Year Focus 2022
Document Fiscal Period Focus Q2
Amendment Flag false
Entity Incorporation, State or Country Code DE
Class A [Member]  
Entity Common Stock, Shares Outstanding 291,539,008
Class B [Member]  
Entity Common Stock, Shares Outstanding 70,010,355
v3.22.1
Consolidated Condensed Statements Of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Apr. 02, 2022
Apr. 03, 2021
Sales $ 13,117 $ 11,300 $ 26,050 $ 21,760
Cost of Sales 11,382 10,047 22,300 19,330
Gross Profit 1,735 1,253 3,750 2,430
Operating Expenses:        
Selling, General and Administrative 579 533 1,139 1,005
Operating Income 1,156 720 2,611 1,425
Other (Income) Expense:        
Interest income (3) (2) (6) (4)
Interest expense 97 110 197 220
Other, net (25) (12) (77) (31)
Total Other (Income) Expense 69 96 114 185
Income before Income Taxes 1,087 624 2,497 1,240
Income Tax Expense 254 147 538 291
Net Income 833 477 1,959 949
Less: Net Income Attributable to Noncontrolling Interests 4 1 9 6
Net Income Attributable to Tyson $ 829 $ 476 $ 1,950 $ 943
Weighted Average Shares Outstanding:        
Diluted, Shares 364 365 364 365
Net Income Per Share Attributable to Tyson:        
Diluted (USD per share) $ 2.28 $ 1.30 $ 5.35 $ 2.58
Class A [Member]        
Weighted Average Shares Outstanding:        
Basic, Shares 291 293 291 293
Net Income Per Share Attributable to Tyson:        
Basic (USD per share) $ 2.34 $ 1.34 $ 5.50 $ 2.65
Class B [Member]        
Weighted Average Shares Outstanding:        
Basic, Shares 70 70 70 70
Net Income Per Share Attributable to Tyson:        
Basic (USD per share) $ 2.11 $ 1.20 $ 4.95 $ 2.38
v3.22.1
Consolidated Condensed Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Apr. 02, 2022
Apr. 03, 2021
Statement of Comprehensive Income [Abstract]        
Net Income $ 833 $ 477 $ 1,959 $ 949
Other Comprehensive Income (Loss), Net of Taxes:        
Investments (3) (1) (4) (1)
Currency translation 28 (49) 27 26
Postretirement benefits 2 1 4 2
Total Other Comprehensive Income (Loss), Net of Taxes 28 (48) 28 29
Comprehensive Income 861 429 1,987 978
Less: Comprehensive Income Attributable to Noncontrolling Interests 4 1 9 6
Comprehensive Income Attributable to Tyson 857 428 1,978 972
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax $ 1 $ 1 $ 1 $ 2
v3.22.1
Consolidated Condensed Balance Sheets - USD ($)
$ in Millions
Apr. 02, 2022
Oct. 02, 2021
Assets    
Cash and cash equivalents $ 1,151 $ 2,507
Accounts receivable, net 2,408 2,400
Inventories 4,990 4,382
Other current assets 448 533
Total Current Assets 8,997 9,822
Net Property, Plant and Equipment 8,193 7,837
Goodwill 10,548 10,549
Intangible Assets, net 6,397 6,519
Other Assets 1,763 1,582
Total Assets 35,898 36,309
Liabilities and Shareholders' Equity    
Current debt 79 1,067
Accounts payable 2,269 2,225
Other current liabilities 2,309 3,033
Total Current Liabilities 4,657 6,325
Long-Term Debt 8,270 8,281
Deferred Income Taxes 2,297 2,195
Other Liabilities 1,518 1,654
Shareholders' Equity:    
Capital in excess of par value 4,510 4,486
Retained earnings 19,119 17,502
Accumulated other comprehensive gain (loss) (144) (172)
Treasury stock, at cost – 86 million shares at April 2, 2022 and 83 million shares at October 2, 2021 (4,516) (4,138)
Total Tyson Shareholders’ Equity 19,014 17,723
Noncontrolling Interests 142 131
Total Shareholders’ Equity 19,156 17,854
Total Liabilities and Shareholders’ Equity 35,898 36,309
Class A [Member]    
Shareholders' Equity:    
Common stock ($0.10 par value): 38 38
Class B [Member]    
Shareholders' Equity:    
Common stock ($0.10 par value): $ 7 $ 7
v3.22.1
Consolidated Condensed Balance Sheets (Parentheticals) - USD ($)
shares in Millions, $ in Millions
Apr. 02, 2022
Oct. 02, 2021
Treasury Stock, shares 83 83
Restricted Cash $ 64  
Class A [Member]    
Common stock, par value $ 0.10 $ 0.10
Common stock, shares authorized 900 900
Common stock, shares issued 378 378
Class B [Member]    
Common stock, par value $ 0.10 $ 0.10
Common stock, shares authorized 900 900
Common stock, shares issued 70 70
v3.22.1
Consolidated Condensed Statements of Shareholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Capital in Excess of Par Value:
Retained Earnings:
Accumulated Other Comprehensive Income (Loss), Net of Tax:
Treasury Stock:
Total Shareholders’ Equity Attributable to Tyson
Equity Attributable to Noncontrolling Interests:
Class B [Member]
Class A [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common Stock, Value, Issued               $ 7 $ 38
Balance at beginning of quarter, Common Stock Shares at Oct. 03, 2020               70.0 378.0
Balance at beginning of quarter, Shareholders' Equity Attributable to Tyson at Oct. 03, 2020   $ 4,433 $ 15,100 $ (179) $ (4,145)        
Balance at beginning of quarter, Treasury Stock shares at Oct. 03, 2020         83.0        
Balance at beginning of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Oct. 03, 2020             $ 132    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Stock-based compensation and Other   10     $ 56        
Net income attributable to Tyson $ 943   943            
Dividends     (327)         $ (58) $ (269)
Other comprehensive income (loss) 29     29          
Purchase of Class A common stock, shares         0.0       0.5
Purchase of Class A common stock         $ (34)       $ (34)
Stock-based compensation, shares         0.0        
Net income attributable to noncontrolling interests 6           (6)    
Adjustments to Noncontrolling Interest, Other             3    
Balance at end of quarter, Common Stock Shares at Apr. 03, 2021               70.0 378.0
Balance at end of quarter, Shareholders' Equity Attributable to Tyson at Apr. 03, 2021   4,443 15,716 (150) $ (4,123) $ 15,931      
Balance at end of quarter, Treasury Stock shares at Apr. 03, 2021         83.0        
Balance at end of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Apr. 03, 2021             139    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common Stock, Value, Issued               $ 7 $ 38
Balance at beginning of quarter, Common Stock Shares at Jan. 02, 2021               70.0 378.0
Balance at beginning of quarter, Shareholders' Equity Attributable to Tyson at Jan. 02, 2021   4,411 15,399 (102) $ (4,115)        
Balance at beginning of quarter, Treasury Stock shares at Jan. 02, 2021         83.0        
Balance at beginning of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Jan. 02, 2021             143    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Stock-based compensation and Other   32     $ 9        
Net income attributable to Tyson 476   476            
Dividends     (159)         $ (28) $ (131)
Other comprehensive income (loss) (48)     (48)          
Purchase of Class A common stock, shares         0.0       0.2
Purchase of Class A common stock         $ (17)       $ (17)
Stock-based compensation, shares         0.0        
Net income attributable to noncontrolling interests 1           (1)    
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders             0    
Adjustments to Noncontrolling Interest, Other             (5)    
Balance at end of quarter, Common Stock Shares at Apr. 03, 2021               70.0 378.0
Balance at end of quarter, Shareholders' Equity Attributable to Tyson at Apr. 03, 2021   4,443 15,716 (150) $ (4,123) 15,931      
Balance at end of quarter, Treasury Stock shares at Apr. 03, 2021         83.0        
Balance at end of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Apr. 03, 2021             139    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Balance at end of quarter, Total Shareholders' Equity 16,070                
Common Stock, Value, Issued               $ 7 $ 38
Balance at end of quarter, Total Shareholders' Equity 17,854                
Common Stock, Value, Issued               $ 7 $ 38
Balance at beginning of quarter, Common Stock Shares at Oct. 02, 2021               70.0 378.0
Balance at beginning of quarter, Shareholders' Equity Attributable to Tyson at Oct. 02, 2021 $ 17,723 4,486 17,502 (172) $ (4,138)        
Balance at beginning of quarter, Treasury Stock shares at Oct. 02, 2021 83.0       83.0        
Balance at beginning of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Oct. 02, 2021 $ 131           131    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Stock-based compensation and Other   24     $ 145        
Net income attributable to Tyson 1,950   1,950            
Dividends     (333)         $ (59) $ (274)
Other comprehensive income (loss) 28     28          
Purchase of Class A common stock, shares         6.0       6.2
Purchase of Class A common stock         $ (523)       $ (523)
Stock-based compensation, shares         (3.0)        
Net income attributable to noncontrolling interests 9           (9)    
Adjustments to Noncontrolling Interest, Other             2    
Balance at end of quarter, Common Stock Shares at Apr. 02, 2022               70.0 378.0
Balance at end of quarter, Shareholders' Equity Attributable to Tyson at Apr. 02, 2022 $ 19,014 4,510 19,119 (144) $ (4,516) 19,014      
Balance at end of quarter, Treasury Stock shares at Apr. 02, 2022 83.0       86.0        
Balance at end of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Apr. 02, 2022 $ 142           142    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common Stock, Value, Issued               $ 7 $ 38
Balance at beginning of quarter, Common Stock Shares at Jan. 01, 2022               70.0 378.0
Balance at beginning of quarter, Shareholders' Equity Attributable to Tyson at Jan. 01, 2022   4,471 18,453 (172) $ (4,394)        
Balance at beginning of quarter, Treasury Stock shares at Jan. 01, 2022         85.0        
Balance at beginning of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Jan. 01, 2022             139    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Stock-based compensation and Other   39     $ 53        
Net income attributable to Tyson 829   829            
Dividends     (163)         $ (29) $ (134)
Other comprehensive income (loss) 28     28          
Purchase of Class A common stock, shares         2.0       2.0
Purchase of Class A common stock         $ (175)       $ (175)
Stock-based compensation, shares         (1.0)        
Net income attributable to noncontrolling interests 4           (4)    
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders             0    
Adjustments to Noncontrolling Interest, Other             (1)    
Balance at end of quarter, Common Stock Shares at Apr. 02, 2022               70.0 378.0
Balance at end of quarter, Shareholders' Equity Attributable to Tyson at Apr. 02, 2022 $ 19,014 $ 4,510 $ 19,119 $ (144) $ (4,516) $ 19,014      
Balance at end of quarter, Treasury Stock shares at Apr. 02, 2022 83.0       86.0        
Balance at end of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Apr. 02, 2022 $ 142           $ 142    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Balance at end of quarter, Total Shareholders' Equity $ 19,156                
Common Stock, Value, Issued               $ 7 $ 38
v3.22.1
Consolidated Condensed Statements Of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Cash Flows From Operating Activities:    
Net Income $ 1,959 $ 949
Depreciation and amortization 595 604
Deferred income taxes 98 27
Other, net 27 46
Net changes in operating assets and liabilities (1,455) (277)
Cash Provided by Operating Activities 1,224 1,349
Cash Flows From Investing Activities:    
Additions to property, plant and equipment (847) (557)
Purchases of marketable securities (18) (41)
Proceeds from sale of marketable securities 18 41
Payments to Acquire Equity Method Investments (96) 0
Other, net 58 49
Cash Used for Investing Activities (885) (508)
Cash Flows From Financing Activities:    
Proceeds from issuance of debt 47 557
Repayments of Debt and Lease Obligation 1,088 1,570
Dividends (328) (318)
Stock options exercised 113 22
Other, net 0 (2)
Cash Used for Financing Activities (1,767) (1,345)
Effect of Exchange Rate Changes on Cash 6 10
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (1,422) (494)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 1,215 972
Restricted Cash 64 95
Cash and cash equivalents 1,151 877
Class A [Member]    
Cash Flows From Financing Activities:    
Purchases of Tyson Class A common stock (511) (34)
Payments for Repurchase of Common Stock $ 511 $ 34
v3.22.1
Other Comprehensive Income (Loss)
 6 Months Ended
Apr. 02, 2022
Statement of Comprehensive Income [Abstract]  
Other Comprehensive Income (Loss) OTHER COMPREHENSIVE INCOME (LOSS)
The before and after-tax changes in the components of other comprehensive income (loss) are as follows (in millions):
Three Months EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Before TaxTaxAfter TaxBefore TaxTaxAfter TaxBefore TaxTaxAfter TaxBefore TaxTaxAfter Tax
Derivatives accounted for as cash flow hedges:
(Gain) loss reclassified to interest expense$1 $— $1 $1 $— $1 $1 $— $1 $1 $— $1 
(Gain) loss reclassified to cost of sales— — — — — — — — — 1 — 1 
Investments:
Unrealized gain (loss)(4)1 (3)(1)— (1)(5)1 (4)(1)— (1)
Currency translation:
Translation adjustment28 — 28 (49)— (49)27 — 27 26 — 26 
Postretirement benefits:
Unrealized gain (loss)3 (1)2 1 — 1 5 (1)4 2 — 2 
Total other comprehensive income (loss)$28 $— $28 $(48)$— $(48)$28 $— $28 $29 $— $29 
v3.22.1
Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Apr. 02, 2022
Statement of Comprehensive Income [Abstract]  
Components Of Other Comprehensive Income (Loss)
The before and after-tax changes in the components of other comprehensive income (loss) are as follows (in millions):
Three Months EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Before TaxTaxAfter TaxBefore TaxTaxAfter TaxBefore TaxTaxAfter TaxBefore TaxTaxAfter Tax
Derivatives accounted for as cash flow hedges:
(Gain) loss reclassified to interest expense$1 $— $1 $1 $— $1 $1 $— $1 $1 $— $1 
(Gain) loss reclassified to cost of sales— — — — — — — — — 1 — 1 
Investments:
Unrealized gain (loss)(4)1 (3)(1)— (1)(5)1 (4)(1)— (1)
Currency translation:
Translation adjustment28 — 28 (49)— (49)27 — 27 26 — 26 
Postretirement benefits:
Unrealized gain (loss)3 (1)2 1 — 1 5 (1)4 2 — 2 
Total other comprehensive income (loss)$28 $— $28 $(48)$— $(48)$28 $— $28 $29 $— $29 
v3.22.1
Other Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Apr. 02, 2022
Apr. 03, 2021
Other Comprehensive Income Loss [Line Items]        
Total Other Comprehensive Income (Loss), Before Tax $ 28 $ (48) $ 28 $ 29
Total Other Comprehensive Income (Loss), Tax 0 0 0 0
Total Other Comprehensive Income (Loss), Net of Taxes 28 (48) 28 29
Derivatives accounted for as cash flow hedges: | Interest Expense [Member]        
Other Comprehensive Income Loss [Line Items]        
Reclassification from Accumulated Other Comprehensive Income, Before Tax 1 1 1 1
Reclassification from AOCI, Current Period, Tax 0 0 0 0
Reclassification from Accumulated Other Comprehensive Income, Net of Tax 1 1 1 1
Derivatives accounted for as cash flow hedges: | Cost of Sales        
Other Comprehensive Income Loss [Line Items]        
Reclassification from Accumulated Other Comprehensive Income, Before Tax 0 0 0 1
Reclassification from AOCI, Current Period, Tax 0 0 0 0
Reclassification from Accumulated Other Comprehensive Income, Net of Tax 0 0 0 1
Investments:        
Other Comprehensive Income Loss [Line Items]        
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax (4) (1) (5) (1)
Other Comprehensive Income (Loss), Before Reclassifications, Tax 1 0 1 0
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax (3) (1) (4) (1)
Currency translation:        
Other Comprehensive Income Loss [Line Items]        
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax 28 (49) 27 26
Other Comprehensive Income (Loss), Before Reclassifications, Tax 0 0 0 0
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax 28 (49) 27 26
Postretirement benefits:        
Other Comprehensive Income Loss [Line Items]        
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax 3 1 5 2
Other Comprehensive Income (Loss), Before Reclassifications, Tax (1) 0 (1) 0
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax $ 2 $ 1 $ 4 $ 2
v3.22.1
Accounting Policies
 6 Months Ended
Apr. 02, 2022
Policy Text Block [Abstract]  
Accounting Policies 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 (the “SEC”). 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 October 2, 2021. 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 April 2, 2022, and the results of operations for the three and six months ended April 2, 2022, and April 3, 2021. 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.
Use of Estimates
The consolidated condensed financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the consolidated condensed financial statements and accompanying notes. Actual results could differ from those estimates.
Risks and Uncertainties
We have considered the impact of the global novel coronavirus pandemic (“COVID-19” or “pandemic”) on our consolidated condensed financial statements. In addition to the COVID-19 impacts already experienced, there likely will be future impacts, the extent of which is uncertain and largely subject to whether the severity worsens or duration lengthens. Consequently, this may subject us to future risk of material goodwill, intangible and long-lived asset impairments, increased reserves for uncollectible accounts and adjustments for inventory and market volatility for items subject to fair value measurements such as derivatives and investments. There have been no material changes to the summary of certain accounting estimates, the description of the estimates and the levels of subjectivity and judgment they require found in our Annual Report on Form 10-K for the fiscal year ended October 2, 2021.
Recently Issued Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board ("FASB") issued guidance providing optional expedients and exceptions to account for the effects of reference rate reform to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued. The optional guidance, which became effective on March 12, 2020 and can be applied through December 31, 2022, has not impacted our consolidated financial statements. The Company has various contracts that reference LIBOR and is assessing how this standard may be applied to specific contract modifications through December 31, 2022.
Changes in Accounting Principles
In August 2020, the FASB issued guidance that simplifies the accounting for debt with conversion options, revises the criteria for applying the derivative scope exception for contracts in an entity’s own equity and improves the consistency for the calculation of earnings per share. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2021, our fiscal 2023. Early adoption is permitted for annual periods and interim periods within those annual periods beginning after December 15, 2020, our fiscal 2022. We elected to early adopt this guidance beginning in the first quarter of fiscal 2022 and it did not have an impact on our consolidated financial statements.
In December 2019, the FASB issued guidance that simplifies the accounting for income taxes by removing certain exceptions to general principles in Topic 740 and clarifies other general principles by adding certain requirements to Topic 740. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2020, our fiscal 2022. We adopted this guidance in the first quarter of fiscal 2022 and it did not have an impact on our consolidated financial statements.
v3.22.1
Acquisitions and Dispositions
 6 Months Ended
Apr. 02, 2022
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Dispositions ACQUISITIONS AND DISPOSITIONS
Acquisition
In the third quarter of fiscal 2021, we acquired a 49% minority interest in a Malaysian producer of feed and poultry products for $44 million in addition to future contingent payments of up to approximately $65 million. We are accounting for the investment under the equity method.
Disposition
We completed the sale of our pet treats business, which was included in our Prepared Foods segment, on July 6, 2021 for $1.2 billion, subject to certain adjustments. As a result of the sale, we recorded a pretax gain of $784 million, or post tax gain of $510 million, which was reflected in Cost of Sales in our Consolidated Statement of Income in the fourth quarter of fiscal 2021. The business had a net carrying value of approximately $411 million, which included $44 million of working capital consisting of inventory, accounts receivable and accounts payable, $17 million of property, plant and equipment and $350 million of goodwill. The goodwill was not deductible for tax purposes. The Company concluded the business was not a significant disposal and did not represent a strategic shift, and therefore was not classified as a discontinued operation for any of the periods presented.
v3.22.1
Inventories
 6 Months Ended
Apr. 02, 2022
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
Processed products, livestock and supplies and other are valued at the lower of cost or net realizable value. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, livestock grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories. At April 2, 2022, the cost of inventories was determined by either the first-in, first-out (“FIFO”) method or the weighted-average method, which is consistent with the methods used at October 2, 2021.
The following table reflects the major components of inventory (in millions):
April 2, 2022October 2, 2021
Processed products$2,778 $2,426 
Livestock1,361 1,215 
Supplies and other851 741 
Total inventory$4,990 $4,382 
v3.22.1
Property, Plant And Equipment
 6 Months Ended
Apr. 02, 2022
Property, Plant and Equipment, Net [Abstract]  
Property, Plant And Equipment PROPERTY, PLANT AND EQUIPMENT
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): 
April 2, 2022October 2, 2021
Land$219 $210 
Buildings and leasehold improvements5,496 5,370 
Machinery and equipment9,690 9,507 
Land improvements and other478 453 
Buildings and equipment under construction1,326 976 
17,209 16,516 
Less accumulated depreciation9,016 8,679 
Net Property, Plant and Equipment$8,193 $7,837 
v3.22.1
Other Current Liabilities
 6 Months Ended
Apr. 02, 2022
Other Liabilities, Current [Abstract]  
Other Current Liabilities OTHER CURRENT LIABILITIES
Other current liabilities are as follows (in millions):
April 2, 2022October 2, 2021
Accrued salaries, wages and benefits$774 $897 
Taxes payable466 729 
Accrued current legal contingencies (a)267 567 
Other802 840 
Total other current liabilities$2,309 $3,033 
(a) $64 million and $127 million of funds held in an escrow account for litigation settlements were included as restricted cash within Other current assets in the Consolidated Condensed Balance Sheets as of April 2, 2022 and October 2, 2021, respectively.
v3.22.1
Debt
 6 Months Ended
Apr. 02, 2022
Debt Instruments [Abstract]  
Debt DEBT
The major components of debt are as follows (in millions):
April 2, 2022October 2, 2021
Revolving credit facility$— $— 
Commercial paper— — 
Senior notes:
4.50% Senior notes due June 2022— 1,000 
3.90% Senior notes due September 2023400 400 
3.95% Notes due August 20241,250 1,250 
4.00% Notes due March 2026 (“2026 Notes”)800 800 
3.55% Notes due June 20271,350 1,350 
7.00% Notes due January 202818 18 
4.35% Notes due March 2029 (“2029 Notes”)1,000 1,000 
6.13% Notes due November 2032160 160 
4.88% Notes due August 2034500 500 
5.15% Notes due August 2044500 500 
4.55% Notes due June 2047750 750 
5.10% Notes due September 2048 (“2048 Notes”)1,500 1,500 
Discount on senior notes(40)(42)
Other207 212 
Unamortized debt issuance costs(46)(50)
Total debt8,349 9,348 
Less current debt79 1,067 
Total long-term debt$8,270 $8,281 
Revolving Credit Facility and Letters of Credit
In September 2021, we amended our existing credit facility which, among other things, increased our line of credit from $1.75 billion to $2.25 billion with the option to establish incremental commitment increases of up to $500 million if certain conditions are met. The revolving credit facility supports short-term funding needs and serves as a backstop to our commercial paper program. The facility will mature and the commitments thereunder will terminate in September 2026 with options for two one-year extensions. At April 2, 2022, amounts available for borrowing under this facility totaled $2.25 billion and we had no borrowings and no outstanding letters of credit issued under this facility. At April 2, 2022, we had $93 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of workers’ compensation insurance programs and other legal obligations. In the future, if any of our subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall be required to guarantee the indebtedness, obligations and liabilities under this facility.
Commercial Paper Program
We have a commercial paper program under which we may issue unsecured short-term promissory notes. In December 2021, we amended our existing commercial paper program, which increased our maximum borrowing capacity to $1.5 billion. As of April 2, 2022, we had no commercial paper outstanding. Our ability to access commercial paper in the future may be limited or its costs increased.
June 2022 Notes
On March 15, 2022, we redeemed the $1 billion outstanding balance of the Senior Notes due June 2022 using cash on hand.
Debt Covenants
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; make acquisitions and investments; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain a minimum interest expense coverage ratio.
Our senior notes 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.
We were in compliance with all debt covenants at April 2, 2022.
v3.22.1
Equity
 6 Months Ended
Apr. 02, 2022
Equity [Abstract]  
Equity EQUITY
Share Repurchases
As of April 2, 2022, 13.8 million shares remained available for repurchase under our share repurchase program. The share repurchase program has no fixed or scheduled termination date and the timing and extent to which we repurchase shares will depend upon, among other things, our working capital needs, markets, industry conditions, liquidity targets, limitations under our debt obligations and regulatory requirements. In addition to the share repurchase program, we purchase shares on the open market to fund certain obligations under our equity compensation plans. A summary of share repurchases of our Class A stock is as follows (in millions):
Three Months EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
SharesDollarsSharesDollarsSharesDollarsSharesDollars
Shares repurchased:
Under share repurchase program1.5 $132 — $— 5.1 $432 — $— 
To fund certain obligations under equity compensation plans0.5 43 0.2 17 1.1 91 0.5 34 
Total share repurchases2.0 $175 0.2 $17 6.2 $523 0.5 $34 
v3.22.1
Income Taxes
 6 Months Ended
Apr. 02, 2022
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Our effective tax rate was 23.4% and 23.5% for the second quarter of fiscal 2022 and 2021, respectively and 21.6% and 23.5% for the first six months of fiscal 2022 and 2021, respectively. The effective tax rates for the second quarter and first six months of fiscal 2022 and 2021 were higher than the federal statutory tax rate primarily due to state taxes, partially offset by various tax benefits. The effective tax rate for the first six months of fiscal 2022 also includes a $36 million benefit from the remeasurement of deferred income taxes, primarily due to legislation decreasing state tax rates enacted in the first quarter.
Unrecognized tax benefits were $157 million and $152 million at April 2, 2022 and October 2, 2021, respectively. We do not expect material changes to our unrecognized tax benefits during the next twelve months.
In December 2021, we received an assessment from the Mexican tax authorities related to the 2015 sale of our direct and indirect equity interests in subsidiaries which held our Mexico operations. At that time, the assessment totaled approximately $380 million (7.8 billion Mexican pesos), which includes tax, inflation adjustment, interest and penalties. We believe the assertions made in the assessment letter have no merit and will defend our positions through the Mexican administrative appeal process and litigation, if necessary. Based on our analysis of this assessment in accordance with FASB guidance related to unrecognized tax benefits, we have not recorded a liability related to the issue.
v3.22.1
Earnings Per Share
 6 Months Ended
Apr. 02, 2022
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data): 
Three Months EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Numerator:
Net income$833 $477 $1,959 $949 
Less: Net income attributable to noncontrolling interests4 1 9 6 
Net income attributable to Tyson829 476 1,950 943 
Less dividends declared:
Class A 134 131 274 269 
Class B 29 28 59 58 
Undistributed earnings$666 $317 $1,617 $616 
Class A undistributed earnings$547 $261 $1,329 $507 
Class B undistributed earnings119 56 288 109 
Total undistributed earnings$666 $317 $1,617 $616 
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares291 293 291 293 
Class B weighted average shares, and shares under the if-converted method for diluted earnings per share70 70 70 70 
Effect of dilutive securities:
Stock options, restricted stock and performance units3 2 3 2 
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions364 365 364 365 
Net income per share attributable to Tyson:
Class A basic$2.34 $1.34 $5.50 $2.65 
Class B basic$2.11 $1.20 $4.95 $2.38 
Diluted$2.28 $1.30 $5.35 $2.58 
Dividends Declared Per Share:
Class A$0.460 $0.445 $0.935 $0.915 
Class B$0.414 $0.401 $0.842 $0.824 
Approximately 2 million of our stock-based compensation shares were antidilutive for the three and six months ended April 2, 2022. Approximately 5 million of our stock-based compensation shares were antidilutive for the three and six months ended April 3, 2021. These shares were not included in the diluted earnings per share calculation.
We have two classes of capital stock, Class A stock and Class B stock. Cash dividends cannot be paid to holders of Class B stock unless they are simultaneously paid to holders of Class A stock. The per share amount of cash dividends paid to holders of Class B stock cannot exceed 90% of the cash dividends paid to holders of Class A stock.
We allocate undistributed earnings based upon a 1.0 to 0.9 ratio per share to Class A stock and Class B stock, respectively. We allocate undistributed earnings based on this ratio due to historical dividend patterns, voting control of Class B shareholders and contractual limitations of dividends to Class B stock.
v3.22.1
Derivative Financial Instruments
 6 Months Ended
Apr. 02, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments DERIVATIVE FINANCIAL INSTRUMENTS
Our business operations give rise to certain market risk exposures mostly due to changes in commodity prices, foreign currency exchange rates and interest rates. We manage a portion of these risks through the use of derivative financial instruments to reduce our exposure to commodity price risk, foreign currency risk and interest rate risk. Our risk management programs are periodically reviewed by our Board of Directors’ Audit Committee. These programs and risks are monitored by senior management and may be revised as market conditions dictate. Our current risk management programs utilize various industry-standard models that take into account the implicit cost of hedging. Credit risks associated with our derivative contracts are not significant as we minimize counterparty exposure by dealing with credit-worthy counterparties and utilizing exchange traded instruments, margin accounts or letters of credit. Additionally, our derivative contracts are mostly short-term in duration and we generally do not make use of credit-risk-related contingent features. No significant concentrations of credit risk related to our derivative financial instruments existed at April 2, 2022.
We had the following net aggregated outstanding notional amounts related to our derivative financial instruments:
in millions, except soybean meal tonsMetricApril 2, 2022October 2, 2021
Commodity:
CornBushels30 37 
Soybean MealTons404,200 1,026,733 
Live CattlePounds255 417 
Lean HogsPounds426 413 
Foreign CurrencyUnited States dollar$218 $130 
We recognize all derivative instruments as either assets or liabilities at fair value in the Consolidated Condensed Balance Sheets, with the exception of normal purchases and normal sales expected to result in physical delivery. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument based upon the exposure being hedged (e.g., cash flow hedge or fair value hedge). We designate certain forward contracts as follows:
•Cash Flow Hedges – include certain commodity forward and option contracts of forecasted purchases (e.g., grains), interest rate swaps and locks and certain foreign exchange forward contracts
•Fair Value Hedges – include certain commodity forward contracts of firm commitments (e.g., livestock)
Cash Flow Hedges
Derivative instruments are designated as hedges against changes in the amount of future cash flows related to procurement of certain commodities utilized in our production processes as well as interest rates related to our variable rate debt. For the derivative instruments we designate and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of April 2, 2022, we had $14 million of realized losses related to treasury rate locks in connection with the issuance of the 2026, 2029 and 2048 Notes, which will be reclassified to earnings over the lives of these notes. During the six months ended April 2, 2022 and April 3, 2021, we did not reclassify significant pretax gains or losses into earnings as a result of the discontinuance of cash flow hedges. For the six months ended April 2, 2022 and April 3, 2021, we had no gains or losses recognized in OCI on derivatives designated as cash flow hedges.
Fair Value Hedges
We designate certain derivative contracts as fair value hedges of firm commitments to purchase livestock for harvest. Our objective of these hedges is to minimize the risk of changes in fair value created by fluctuations in commodity prices associated with fixed price livestock firm commitments. For these derivative instruments we designate and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in earnings in the same period. We include the gain or loss on the hedged items (e.g., livestock purchase firm commitments) in the same line item, Cost of Sales, as the offsetting gain or loss on the related livestock forward position. Ineffectiveness related to fair value hedges was not significant for the three and six months ended April 2, 2022, and April 3, 2021. The following table sets forth the carrying amount of fair value hedge (assets) liabilities as of April 2, 2022 and October 2, 2021 (in millions):
Consolidated Condensed Balance Sheets ClassificationApril 2, 2022October 2, 2021
Inventory$23 $(6)
Undesignated Positions
In addition to our designated positions, we also hold derivative contracts for which we do not apply hedge accounting. These include certain derivative instruments related to commodities price risk, including grains, livestock, energy and foreign currency risk. We mark these positions to fair value through earnings at each reporting date.
Reclassification to Earnings
The following table sets forth the total amounts of each income and expense line item presented in the Consolidated Condensed Statements of Income in which the effects of hedges are recorded (in millions):
Consolidated Condensed Statements of Income ClassificationThree Months EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Cost of Sales$11,382 $10,047 $22,300 $19,330 
Interest Expense97 110 197 220 
Other, net(25)(12)(77)(31)
The following table sets forth the pretax impact of the cash flow, fair value and undesignated derivative instruments in the Consolidated Condensed Statements of Income (in millions):
Consolidated Condensed Statements of Income ClassificationThree Months EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Cost of SalesGain (Loss) on cash flow hedges reclassified from OCI to Earnings:
Commodity contracts$— $— $— $(1)
Gain (Loss) on fair value hedges:
Commodity contracts (a) (13)(13)(16)(15)
Gain (Loss) on derivatives not designated as hedging instruments:
Commodity contracts99 (2)180 96 
Total$86 $(15)$164 $80 
Interest ExpenseGain (Loss) on cash flow hedges reclassified from OCI to Earnings:
Interest rate contracts$(1)$(1)$(1)$(1)
Other, netGain (Loss) on derivatives not designated as hedging instruments:
Foreign exchange contracts$4 $— $4 $1 
(a) Amounts represent gains/(losses) on commodity contracts designated as fair value hedges of firm commitments that were realized during the period presented, which were offset by a corresponding gain/(loss) on the underlying hedged inventory. Gains or losses related to changes in the fair value of unrealized commodity contracts, along with the offsetting gain or loss on the hedged inventory, are also marked-to-market through earnings with no impact on a net basis.
The fair value of all outstanding derivative instruments in the Consolidated Condensed Balance Sheets are included in Note 11: Fair Value Measurements.
v3.22.1
Fair Value Measurements
 6 Months Ended
Apr. 02, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows:
Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date.
Level 2 — Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including:
•Quoted prices for similar assets or liabilities in active markets;
•Quoted prices for identical or similar assets in non-active markets;
•Inputs other than quoted prices that are observable for the asset or liability; and
•Inputs derived principally from or corroborated by other observable market data.
Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.
The following tables set forth by level within the fair value hierarchy our financial assets and liabilities accounted for at fair value on a recurring basis according to the valuation techniques we used to determine their fair values (in millions): 
April 2, 2022Level 1Level 2Level 3Netting (a)Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges$— $2 $— $(1)$1 
Undesignated — 320 — (215)105 
Other Assets:
Available-for-sale securities— 59 46 — 105 
Deferred compensation assets28 400 — — 428 
Total assets$28 $781 $46 $(216)$639 
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges$— $25 $— $(25)$— 
Undesignated — 207 — (203)4 
Total liabilities$— $232 $— $(228)$4 
October 2, 2021Level 1Level 2Level 3Netting (a)Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges$— $18 $— $(10)$8 
Undesignated — 169 — (89)80 
Other Assets:
Available-for-sale securities— 61 48 — 109 
Deferred compensation assets14 397 — — 411 
Total assets$14 $645 $48 $(99)$608 
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges$— $12 $— $(12)$— 
Undesignated — 159 — (143)16 
Total liabilities$— $171 $— $(155)$16 
(a) Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. Additionally, at April 2, 2022, and October 2, 2021, we had $12 million and $56 million, respectively, of net cash collateral with various counterparties where master netting arrangements exist and held no cash collateral.
The following table provides a reconciliation between the beginning and ending balance of marketable debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions): 
Six Months Ended
April 2, 2022April 3, 2021
Balance at beginning of year$48 $53 
Total realized and unrealized gains (losses):
Included in other comprehensive income (loss)(2)(1)
Purchases4 14 
Issuances— — 
Settlements(4)(13)
Balance at end of period$46 $53 
Total gains (losses) for the six month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period
$— $— 
The following methods and assumptions were used to estimate the fair value of each class of financial instrument:
Derivative Assets and Liabilities
Our derivative financial instruments primarily include exchange-traded and over-the-counter contracts which are further described in Note 10: Derivative Financial Instruments. We record our derivative financial instruments at fair value using quoted market prices, adjusted where necessary for credit and non-performance risk and internal models that use readily observable market inputs as their basis, including current and forward market prices and rates. We classify these instruments in Level 2 when quoted market prices can be corroborated utilizing observable current and forward commodity market prices on active exchanges or observable market transactions.
Available-for-Sale Securities
Our investments in marketable debt securities are classified as available-for-sale and are reported at fair value based on pricing models and quoted market prices adjusted for credit and non-performance risk. Short-term investments with maturities of less than 12 months are included in Other current assets in the Consolidated Condensed Balance Sheets and primarily include certificates of deposit and commercial paper. All other marketable debt securities are included in Other Assets in the Consolidated Condensed Balance Sheets and have maturities generally less than 50 years.
We classify our investments in U.S. government, U.S. agency, certificates of deposit and commercial paper debt securities as Level 2 as fair value is generally estimated using discounted cash flow models that are primarily industry-standard models that consider various assumptions, including time value and yield curve as well as other readily available relevant economic measures. We classify certain corporate, asset-backed and other debt securities as Level 3 as there is limited activity or less observable inputs into valuation models, including current interest rates and estimated prepayment, default and recovery rates on the underlying portfolio or structured investment vehicle. Significant changes to assumptions or unobservable inputs in the valuation of our Level 3 instruments would not have a significant impact to our consolidated condensed financial statements.
The following table sets forth our available-for-sale securities’ amortized cost basis, fair value and unrealized gain (loss) by significant investment category (in millions):
April 2, 2022October 2, 2021
Amortized
Cost Basis		Fair
Value		Unrealized
Gain (Loss)		Amortized
Cost Basis		Fair
Value		Unrealized
Gain (Loss)
Available-for-sale securities:
Debt securities:
U.S. treasury and agency$62 $59 $(3)$61 $61 $— 
Corporate and asset-backed47 46 (1)47 48 1 
Unrealized holding gains (losses), net of tax, are excluded from earnings and reported in OCI until the security is settled or sold. On a quarterly basis, we evaluate whether losses related to our available-for-sale securities are due to credit or non-credit factors. Losses on debt securities where we have the intent, or will more than likely be required, to sell the security prior to recovery, would be recorded as a direct write-off of amortized cost basis through earnings. Losses on debt securities where we do not have the intent, or would not more than likely be required to sell the security prior to recovery, would be further evaluated to determine whether the loss is credit or non-credit related. Credit-related losses would be recorded through an allowance for credit losses in earnings and non-credit related losses in OCI.
We consider many factors in determining whether a loss is credit-related, including the financial condition and near-term prospects of the issuer, borrower repayment characteristics for asset-backed securities, and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. We recognized no direct write-offs or allowances for credit losses in earnings for the three and six months ended April 2, 2022, and April 3, 2021.
Deferred Compensation Assets
We maintain non-qualified deferred compensation plans for certain executives and other highly compensated employees. Investments are maintained within a trust and include money market funds, mutual funds and life insurance policies. The cash surrender value of the life insurance policies is invested primarily in mutual funds. The investments are recorded at fair value based on quoted market prices and are included in Other Assets in the Consolidated Condensed Balance Sheets. We classify the investments which have observable market prices in active markets in Level 1 as these are generally publicly traded mutual funds. The remaining deferred compensation assets are classified in Level 2, as fair value can be corroborated based on observable market data. Realized and unrealized gains (losses) on deferred compensation are included in earnings.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges and, with respect to our equity investments without readily determinable fair values, recorded by applying the measurement alternative for which such investments are recorded at cost and adjusted for an observable price change in an orderly transaction for an identical or similar investment of the same issuer.
In the six months ended April 2, 2022, we recognized gains of $37 million in Other, net in the Consolidated Condensed Statements of Income, based upon observable price changes. Equity investments without readily determinable fair values are measured using Level 3 inputs and are included in Other Assets in the Consolidated Condensed Balance Sheets. We did not have any significant measurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition during the six months ended April 3, 2021.
Other Financial Instruments
Fair value of our debt is principally estimated using Level 2 inputs based on quoted prices for those or similar instruments. Fair value and carrying value for our debt are as follows (in millions):
April 2, 2022October 2, 2021
Fair ValueCarrying ValueFair ValueCarrying Value
Total debt$8,874 $8,349 $10,810 $9,348 
v3.22.1
Segment Reporting
 6 Months Ended
Apr. 02, 2022
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
We operate in four reportable segments: Beef, Pork, Chicken, and Prepared Foods. We measure segment profit as operating income (loss). International/Other primarily includes our foreign operations in Australia, China, Malaysia, Mexico, the Netherlands, South Korea and Thailand, third-party merger and integration costs and corporate overhead related to Tyson New Ventures, LLC.
Beef
Beef includes our operations related to processing live fed cattle and fabricating dressed beef carcasses into primal and sub-primal cuts and case-ready products. Products are marketed domestically to consumer products and 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 export markets. 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.
Pork
Pork includes our operations related to processing live market hogs and fabricating pork carcasses into primal and sub-primal cuts and case-ready products. Products are marketed domestically to consumer products and 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 export markets. This segment also includes our live swine group, related allied product processing activities and logistics operations to move products through the supply chain.
Chicken
Chicken includes our domestic operations related to raising and processing live chickens into, and purchasing raw materials for, fresh, frozen and value-added chicken products, as well as sales from allied products. Our value-added chicken products primarily include breaded chicken strips, nuggets, patties, tenders, wings and other ready-to-fix or fully cooked chicken parts. Products are marketed domestically to consumer products and food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes logistics operations to move products through our domestic supply chain and the global operations of our chicken breeding stock subsidiary.
Prepared Foods
Prepared Foods includes our operations related to manufacturing and marketing frozen and refrigerated food products and logistics operations to move products through the supply chain. This segment includes brands such as Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, State Fair®, as well as artisanal brands Aidells®, and Gallo Salame®. Products primarily include ready-to-eat sandwiches, sandwich components such as flame-grilled hamburgers and Philly steaks, pepperoni, bacon, breakfast sausage, turkey, lunchmeat, hot dogs, flour and corn tortilla products, appetizers, snacks, prepared meals, ethnic foods, side dishes, meat dishes, breadsticks and processed meats. Products are marketed domestically to consumer products and food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities, the military and other food processors, as well as to international export markets.
We allocate expenses related to corporate activities to the segments, except for third-party merger and integration costs and corporate overhead related to Tyson New Ventures, LLC, which are included in International/Other. Intersegment transactions, which were at market prices, are included in the segment sales in the table below.
Information on segments and a reconciliation to income before income taxes are as follows (in millions): 
Three Months EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Sales:
Beef$5,034 $4,046 $10,036 $8,033 
Pork1,565 1,477 3,191 2,916 
Chicken4,086 3,553 7,976 6,384 
Prepared Foods2,393 2,164 4,726 4,277 
International/Other565 487 1,115 956 
Intersegment(526)(427)(994)(806)
Total Sales$13,117 $11,300 $26,050 $21,760 
Three Months EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Operating Income (Loss):
Beef(a)
$638 $445 $1,594 $973 
Pork59 67 223 183 
Chicken(b)
198 6 338 (210)
Prepared Foods263 217 449 483 
International/Other(c)
(2)(15)7 (4)
Total Operating Income1,156 720 2,611 1,425 
Total Other (Income) Expense69 96 114 185 
Income before Income Taxes$1,087 $624 $2,497 $1,240 
(a) Beef segment results for the six months ended April 3, 2021 included a $55 million gain from the recovery of cattle inventory from a cattle supplier that misappropriated Company funds.
(b) Chicken segment results for the three months ended April 2, 2022 included $5 million of costs related to a fire at one of our production facilities, net of insurance proceeds. Chicken segment results for the six months ended April 2, 2022 included $18 million of insurance proceeds, net of costs incurred, recognized in Cost of Sales. Additionally, Chicken segment results for the six months ended April 3, 2021 included a $320 million charge related to the recognition of a legal contingency accrual. The accrual was recorded as a reduction to Sales pursuant to FASB guidance related to accounting for revenue from contracts with customers.
(c) International/Other results for the three and six months ended April 3, 2021 included a $19 million loss related to the relocation of a production facility in China.
The following tables further disaggregate our sales to customers by major distribution channels (in millions):
Three months ended April 2, 2022
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$2,213 $1,264 $808 $603 $146 $5,034 
Pork430 122 267 401 345 1,565 
Chicken1,699 1,590 277 485 35 4,086 
Prepared Foods1,410 897 44 42 — 2,393 
International/Other— — 565 — — 565 
Intersegment— — — — (526)(526)
Total$5,752 $3,873 $1,961 $1,531 $— $13,117 
Three months ended April 3, 2021
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$2,036 $945 $593 $368 $104 $4,046 
Pork410 101 296 361 309 1,477 
Chicken1,576 1,356 166 441 14 3,553 
Prepared Foods1,306 787 30 41 — 2,164 
International/Other— — 487 — — 487 
Intersegment— — — — (427)(427)
Total$5,328 $3,189 $1,572 $1,211 $— $11,300 
Six months ended April 2, 2022
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$4,431 $2,500 $1,664 $1,165 $276 $10,036 
Pork908 258 571 799 655 3,191 
Chicken3,332 3,150 498 933 63 7,976 
Prepared Foods2,735 1,826 90 75 — 4,726 
International/Other— — 1,115 — — 1,115 
Intersegment— — — — (994)(994)
Total$11,406 $7,734 $3,938 $2,972 $— $26,050 
Six months ended April 3, 2021
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$4,170 $1,766 $1,211 $691 $195 $8,033 
Pork842 193 589 703 589 2,916 
Chicken3,012 2,541 318 491 22 6,384 
Prepared Foods2,609 1,527 61 80 — 4,277 
International/Other— — 956 — — 956 
Intersegment— — — — (806)(806)
Total$10,633 $6,027 $3,135 $1,965 $— $21,760 
(a) Includes sales to consumer products and food retailers, such as grocery retailers, warehouse club stores and internet-based retailers.
(b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.
(c) Includes sales to international markets for internationally produced products or export sales of domestically produced products.
(d) Includes sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Retail, Foodservice or International categories. For the six months ended April 3, 2021, the Chicken segment included a $320 million reduction in Other due to the recognition of a legal contingency accrual.
v3.22.1
Commitments And Contingencies
 6 Months Ended
Apr. 02, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies COMMITMENTS AND CONTINGENCIES
Commitments
We guarantee obligations of certain outside third parties, consisting primarily of grower loans, which are substantially collateralized by the underlying assets. The remaining terms of the underlying obligations cover periods up to 9 years, and the maximum potential amount of future payments as of April 2, 2022, was not significant. The likelihood of material payments under these guarantees is not considered probable. At April 2, 2022 and October 2, 2021, no significant liabilities for guarantees were recorded.
We have cash flow assistance programs in which certain livestock suppliers participate. Under these programs, we pay an amount for livestock equivalent to a standard cost to grow such livestock during periods of low market sales prices. The amounts of such payments that are in excess of the market sales price are recorded as receivables and accrue interest. Participating suppliers are obligated to repay these receivables balances when market sales prices exceed this standard cost, or upon termination of the agreement. Our maximum commitment associated with these programs is limited to the fair value of each participating livestock supplier’s net tangible assets. The potential maximum commitment as of April 2, 2022 was approximately $295 million. The total receivables under these programs were $5 million at April 2, 2022 and October 2, 2021. These receivables are included, net of allowance for uncollectible amounts, in Accounts Receivable in our Consolidated Condensed Balance Sheets. Even though these programs are limited to the net tangible assets of the participating livestock suppliers, we also manage a portion of our credit risk associated with these programs by obtaining security interests in livestock suppliers’ assets. After analyzing residual credit risks and general market conditions, we have no allowance for these programs’ estimated uncollectible receivables at April 2, 2022, and October 2, 2021.
When constructing new facilities or making major enhancements to existing facilities, we will occasionally enter into incentive agreements with local government agencies in order to reduce certain state and local tax expenditures. Certain arrangements may require cash to be deposited into a fund to cover future expenditures. These funds are generally considered restricted cash, which is reported in the Consolidated Condensed Balance Sheets in Other Assets. We had no deposits at April 2, 2022 and $3 million of deposits at October 2, 2021. Additionally, under certain agreements, we transfer the related assets to various local government entities and receive Industrial Revenue Bonds. We immediately lease the facilities from the local government entities and have an option to re-purchase the facilities for a nominal amount upon tendering the Industrial Revenue Bonds to the local government entities at various predetermined dates.
The Industrial Revenue Bonds and the associated obligations for the leases of the facilities offset, and the underlying assets remain in property, plant and equipment. At April 2, 2022, the total amount under these types of arrangements totaled $717 million.
Contingencies
In the normal course of business, we are involved in various claims, lawsuits, investigations and legal proceedings, including those specifically identified below. Each quarter, we determine whether to accrue for loss contingencies based on our assessment of whether the potential loss is probable, reasonably possible or remote and to the extent a loss is probable, whether it is reasonably estimable. We record accruals in the Company’s Consolidated Financial Statements for matters that we conclude are probable and the financial impact is reasonably estimable. Regardless of the manner of resolution, frequently the most significant changes in the status of a matter may occur over a short time period, often following a lengthy period of little substantive activity. While these accruals reflect the Company’s best estimate of the probable loss for those matters as of the dates of those accruals, the recorded amounts may differ materially from the actual amount of the losses for those matters. Listed below are certain claims made against the Company for which the magnitude of the potential exposure could be material to the Company’s Consolidated Financial Statements. There were no significant changes to our loss contingency accruals reflected in the Company’s Condensed Consolidated Statements of Income for the three and six months ended April 2, 2022.
Broiler Antitrust Civil Litigation
Beginning in September 2016, a series of purported federal class action lawsuits styled In re Broiler Chicken Antitrust Litigation (the “Broiler Antitrust Civil Litigation”) were filed in the United States District Court for the Northern District of Illinois against us and certain of our poultry subsidiaries, as well as several other poultry processing companies. The operative complaints, which have been amended throughout the litigation, contain allegations that, among other things, assert that beginning in January 2008, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of broiler chickens in violation of United States antitrust laws. The plaintiffs also allege that defendants “manipulated and artificially inflated a widely used Broiler price index, the Georgia Dock.” The plaintiffs further allege that the defendants concealed this conduct from the plaintiffs and the members of the putative classes. The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees on behalf of the putative classes. In addition, the complaints on behalf of the putative classes of indirect purchasers include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws. Since the original filing, certain putative class members have opted out of the matter and are proceeding with individual direct actions making similar claims, and others may do so in the future.
Settlements
On January 19, 2021, we announced that we had reached agreements to settle certain class claims related to the Broiler Antitrust Civil Litigation. Settlement terms were reached with the putative Direct Purchaser Plaintiff Class, the putative Commercial and Institutional Indirect Purchaser Plaintiff Class and the putative End-User Plaintiff Class (collectively, the “Classes”). Under the terms of the settlements, we agreed to pay the Classes an aggregate amount of $221.5 million in settlement of all outstanding claims brought by the Classes. On February 23, 2021, March 22, 2021 and October 15, 2021, the Court granted preliminary approval of the settlements with the putative Direct Purchaser Plaintiff Class, the putative End-User Plaintiff Class and the putative Commercial and Institutional Indirect Purchaser Plaintiff Class, respectively. On June 29, 2021, December 20, 2021 and April 18, 2022, the Court granted final approval to the settlements with the Direct Purchaser Plaintiff Class, the End-User Plaintiff Class and the Commercial and Institutional Indirect Purchaser Plaintiff Class, respectively. The foregoing settlements do not settle claims made by plaintiffs who opt out of the Classes in the Broiler Antitrust Civil Litigation.
We are currently pursuing settlement discussions with the remaining opt-out plaintiffs with respect to the remaining claims. While we do not admit any liability as part of the settlements, we believe that the settlements were in the best interests of the Company and its shareholders to avoid the uncertainty, risk, expense and distraction of protracted litigation.
Government Investigations
U.S. Department of Justice (“DOJ”) Antitrust Division. On June 21, 2019, the DOJ filed a motion to intervene and sought a limited stay of discovery in the Broiler Antitrust Civil Litigation, which the court granted in part. Subsequently, we received a grand jury subpoena from the DOJ seeking additional documents and information related to the chicken industry. On June 2, 2020, a grand jury for the District of Colorado returned an indictment charging four individual executives employed by two other poultry processing companies with conspiracy to engage in bid-rigging in violation of federal antitrust laws. On June 10, 2020, we announced that we uncovered information in connection with the grand jury subpoena that we had previously self-reported to the DOJ and have been fully cooperating with the DOJ as part of our application for leniency under the DOJ’s Corporate Leniency Program. Subsequently, the DOJ has announced indictments against additional individuals, as well as other poultry processing companies, alleging a conspiracy to fix prices and rig bids for broiler chicken products from at least 2012 until at least early 2019. In August 2021, the Company was granted conditional leniency by the DOJ for the matters we self-reported, which means that provided the Company continues to fully cooperate with the DOJ, neither the Company nor any of our cooperating employees will face prosecution or criminal fines or penalties. We continue to fully cooperate with the DOJ in connection with the ongoing federal antitrust investigation.
State Matters. The Offices of the Attorney General in New Mexico, Alaska and Washington have filed complaints against us and certain of our poultry subsidiaries, as well as several other poultry processing companies and Agri Stats, Inc., an information services provider (“Agri Stats”). The complaints are based on allegations similar to those asserted in the Broiler Antitrust Civil Litigation and allege violations of state antitrust, unfair trade practice, and unjust enrichment laws. The Company has not recorded any liability for the foregoing matters as it does not believe a loss is probable or reasonably estimable at this time because the proceedings are in preliminary stages. In addition, we are fully cooperating with various state governmental agencies and officials, including the Offices of the Attorney General for Florida and Louisiana, investigating or otherwise seeking information, testimony and/or documents, regarding the conduct alleged in the Broiler Antitrust Civil Litigation and related matters.
Broiler Chicken Grower Litigation
On January 27, 2017 and March 26, 2017, putative class action complaints were filed against us and certain of our poultry subsidiaries, as well as several other vertically integrated poultry processing companies, in the United States District Court for the Eastern District of Oklahoma styled In re Broiler Chicken Grower Litigation. The plaintiffs allege, among other things, that the defendants colluded not to compete for broiler raising services “with the purpose and effect of fixing, maintaining, and/or stabilizing grower compensation below competitive levels.” The plaintiffs also allege that the defendants “agreed to share detailed data on [g]rower compensation with one another, with the purpose and effect of artificially depressing [g]rower compensation below competitive levels.” The plaintiffs contend these alleged acts constitute violations of the Sherman Antitrust Act and Section 202 of the Grain Inspection, Packers and Stockyards Act of 1921. The plaintiffs are seeking treble damages, pre- and post-judgment interest, costs, and attorneys’ fees on behalf of the putative class. Additional named plaintiffs filed similar class action complaints in federal district courts in North Carolina, Colorado, Kansas and California. All actions were subsequently consolidated in the Eastern District of Oklahoma. In June 2021, we reached an agreement to settle with the putative class of broiler chicken farmers all claims raised in this consolidated action on terms not material to the Company for which the Company recorded an accrual in its Consolidated Financial Statements as of October 2, 2021. The Court granted preliminary approval of the settlement on August 23, 2021 and final approval on February 18, 2022.
Pork Antitrust Litigation
Beginning June 18, 2018, a series of putative class action complaints were filed against us and certain of our pork subsidiaries, as well as several other pork processing companies, in the United States District Court for the District of Minnesota styled In re Pork Antitrust Litigation (the “Pork Antitrust Civil Litigation”). The plaintiffs allege, among other things, that beginning in January 2009, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of pork and pork products in violation of federal antitrust laws. The complaints on behalf of the putative classes of indirect purchasers also include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws. The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees on behalf of the putative classes. Since the original filing, certain putative class members have opted out of the matter and are proceeding with individual direct actions making similar claims, and others may do so in the future. The Company has not recorded any liability for this matter as it does not believe a loss is probable or reasonably estimable because the Company believes that it has valid and meritorious defenses against the allegations and because the classes have not yet been defined or certified by the court.
The Offices of the Attorney General in New Mexico and Alaska have filed complaints against us and certain of our pork subsidiaries, as well as several other pork processing companies and Agri Stats. The complaints are based on allegations similar to those asserted in the Pork Antitrust Civil Litigation and allege violations of state antitrust, unfair trade practice, and unjust enrichment laws based on allegations of conspiracies to exchange information and manipulate the supply of pork. The Company has not recorded any liability for the foregoing matters as it does not believe a loss is probable or reasonably estimable at this time because the proceedings are in preliminary stages.
Beef Antitrust Litigation
On April 23, 2019, a putative class action complaint was filed against us and our beef and pork subsidiary, Tyson Fresh Meats, Inc. (“Tyson Fresh Meats”), as well as other beef packer defendants, in the United States District Court for the Northern District of Illinois. The plaintiffs allege that the defendants engaged in a conspiracy from January 2015 to the present to reduce fed cattle prices in violation of federal antitrust laws, the Grain Inspection, Packers and Stockyards Act of 1921, and the Commodities Exchange Act by periodically reducing their slaughter volumes so as to reduce demand for fed cattle, curtailing their purchases and slaughters of cash-purchased cattle during those same periods, coordinating their procurement practices for fed cattle settled on a cash basis, importing foreign cattle at a loss so as to reduce domestic demand, and closing and idling plants. In addition, the plaintiffs also allege the defendants colluded to manipulate live cattle futures and options traded on the Chicago Mercantile Exchange. The plaintiffs seek, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief. Other similar lawsuits were filed by cattle ranchers in other district courts which were then transferred to the United States District Court for the District of Minnesota and consolidated and styled as In Re Cattle Antitrust Litigation. On February 18, 2021, we moved to dismiss the amended complaints, and on September 23, 2021, the court granted the motion with respect to certain state law claims but denied the motion with respect to the plaintiffs’ federal antitrust claims. The Company has not recorded any liability for this matter as it does not believe a loss is probable or reasonably estimable at this time because the Company believes that it has valid and meritorious defenses against the allegations and because the classes have not yet been defined or certified by the court.
On April 26, 2019, a putative class of indirect purchasers filed a class action complaint against us, other beef packers, and Agri Stats in the United States District Court for the District of Minnesota. The plaintiffs allege that the packer defendants conspired to reduce slaughter capacity by closing or idling plants, limiting their purchases of cash cattle, coordinating their procurement of cash cattle, and reducing their slaughter numbers so as to reduce beef output, all in order to artificially raise prices of beef. The plaintiffs seek, among other things, damages under state antitrust and consumer protection statutes and the common law of approximately 30 states, as well as injunctive relief. The indirect consumer purchaser litigation is styled Peterson v. JBS USA Food Company Holdings, et al. Additional complaints have been filed on behalf of a putative class of direct purchasers of beef containing allegations of violations of Section 1 of the Sherman Act based on an alleged conspiracy to artificially fix, raise, and stabilize the wholesale price for beef, as well as on behalf of a putative class of commercial and institutional indirect purchasers of beef containing allegations of violations of Section 1 of the Sherman Act, various state antitrust laws and unjust enrichment based on an alleged conspiracy to artificially inflate the price for beef. On February 18, 2021, we moved to dismiss the plaintiffs’ amended complaints, and on September 23, 2021, the court granted the motion with respect to certain state law claims but denied the motion with respect to the plaintiffs’ federal antitrust claims. Since the original filing, certain putative class members have opted out of the matter and are proceeding with individual direct actions making similar claims, and others may do so in the future. The Company has not recorded any liability for this matter as it does not believe a loss is probable or reasonably estimable at this time because the Company believes that it has valid and meritorious defenses against the allegations and because the classes have not yet been defined or certified by the court.
On February 18, 2022, a putative class action was commenced against us, Tyson Fresh Meats, and other beef packer defendants in the Supreme Court of British Columbia styled Bui v. Cargill, Incorporated et al. The plaintiff alleges that the defendants conspired to fix, maintain, increase, or control the price of beef, as well as to fix, maintain, control, prevent, or lessen the production or supply of beef by agreeing to reduce the number of cattle slaughtered, reduce slaughter capacity, refrain from increasing slaughter and beef processing capacity, limit purchases of cattle on the cash market, and coordinate purchases of and bids for cattle to lower the supply of fed cattle. The plaintiff advances causes of action under the Competition Act, civil conspiracy, unjust enrichment, and the Civil Code of Québec. The plaintiff seeks to certify a class comprised of all persons or entities in Canada who directly or indirectly purchased beef in Canada, either for resale or for their own consumption between January 1, 2015, and the present and seeks declarations regarding the alleged conspiracy, general damages, aggravated, exemplary, and punitive damages, injunctive relief, costs, and interest. On March 24, 2022, a putative class action was commenced against the same defendants in the Superior Court of Québec styled De Bellefeuille v. Cargill, Incorporated et al. The plaintiff is making substantially the same allegations as those made in the British Columbia action. On behalf of the putative class of persons who purchased beef in Québec since January 1, 2015, the plaintiff is seeking compensatory damages, costs of investigation and interest. The Company has not recorded any liability for the foregoing matters as it does not believe a loss is probable or reasonably estimable at this time because the proceedings are in preliminary stages.
On May 22, 2020, December 23, 2020 and October 29, 2021, we received civil investigative demands (“CIDs”) from the DOJ’s Civil Antitrust Division. The CIDs request information related to the fed cattle and beef packing markets. We have been cooperating with the DOJ with respect to the CIDs. The Offices of the Attorney General for multiple states are participating in the investigation and coordinating with the DOJ.
We recently received a subpoena dated April 21, 2022 from the New York Attorney General’s Bureau of Consumer Frauds & Protection seeking information regarding our sales, prices and production costs of beef, pork and chicken products. We are currently evaluating the scope of the subpoena.
Wage Rate Litigation
On August 30, 2019, a putative class of non-supervisory production and maintenance employees at chicken processing plants in the continental United States filed class action complaints against us and certain of our subsidiaries, as well as several other poultry processing companies, in the United States District Court for the District of Maryland. The plaintiffs allege that the defendants directly and through a wage survey and benchmarking service exchanged information regarding labor rates in an effort to depress and fix the rates of wages for non-supervisory production and maintenance workers in violation of federal antitrust laws. The plaintiffs seek, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief. Additional lawsuits making similar allegations were consolidated including an amended consolidated complaint containing additional allegations concerning turkey processing plants naming additional defendants. We moved to dismiss the amended consolidated complaint. On September 16, 2020, the court dismissed claims against us and certain other defendants without prejudice because the complaint improperly grouped together corporate subsidiaries. The court otherwise denied the defendants’ motions to dismiss and sustained claims based on alleged conspiracies to fix wages and exchange information against five other defendants. The plaintiffs filed a second amended consolidated complaint on November 2, 2020. We moved to dismiss the complaint on December 18, 2020 based on a lack of standing to assert claims on behalf of the purported class. The court denied the motion to dismiss on March 10, 2021. On February 16, 2022, the plaintiffs filed a third amended consolidated complaint naming additional poultry processors as defendants and expanding the scope of the claims to include employees at hatcheries and feed mills. We moved to dismiss the claims related to hatchery and feed mill employees. The motion to dismiss is currently pending. In the third quarter of fiscal 2021, the Company recorded an accrual for the estimated probable losses that it expects to incur for this matter in the Company’s Consolidated Financial Statements.
The DOJ’s Antitrust Division has opened a civil investigation into poultry human resources. We will fully cooperate with the investigation.
Other Matters
Our subsidiary, The Hillshire Brands Company (formerly named Sara Lee Corporation), is a party to a consolidation of cases filed by individual complainants with the Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission (“NLRC”) from 1998 through July 1999. The complaint was filed against Aris Philippines, Inc., Sara Lee Corporation, Sara Lee Philippines, Inc., Fashion Accessories Philippines, Inc., and Attorney Cesar C. Cruz (collectively, the “respondents”). The complaint alleges, among other things, that the respondents engaged in unfair labor practices in connection with the termination of manufacturing operations in the Philippines in 1995 by Aris Philippines, Inc., a former subsidiary of The Hillshire Brands Company. In late 2004, a labor arbiter ruled against the respondents and awarded the complainants approximately $68 million in damages and fees. From 2004 through 2014, the parties filed numerous appeals, motions for reconsideration and petitions for review, certain of which remained outstanding for several years. On December 15, 2016, we learned that the NLRC rendered its decision on November 29, 2016, regarding the respondents’ appeals from the labor arbiter’s 2004 ruling in favor of the complainants. The NLRC increased the award for 4,922 of the total 5,984 complainants to approximately $292 million. However, the NLRC approved a prior settlement reached with the group comprising approximately 18% of the class of 5,984 complainants, pursuant to which The Hillshire Brands Company agreed to pay each settling complainant approximately $1,300. The parties filed numerous appeals, motions for reconsideration and petitions for review related to the NLRC award and settlement payment. The Court of Appeals subsequently vacated the NLRC’s award on April 12, 2018. Complainants have filed motions for reconsideration with the Court of Appeals which were denied. Claimants have since filed petitions for writ of certiorari with the Supreme Court of the Philippines, which has accepted. The Company continues to maintain an accrual for estimated probable losses for this matter in the Company’s Consolidated Financial Statements.
Various claims have been asserted against the Company, its subsidiaries, and its officers and agents by, and on behalf of, team members who claim to have contracted COVID-19 in our facilities. The Company has not recorded any liability for these matters as it does not believe a loss is probable or reasonably estimable at this time because it believes the allegations in the claims are without merit.
v3.22.1
Accounting Policies (Policy)
 6 Months Ended
Apr. 02, 2022
Policy Text Block [Abstract]  
Basis Of Presentation
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 (the “SEC”). 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 October 2, 2021. 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 April 2, 2022, and the results of operations for the three and six months ended April 2, 2022, and April 3, 2021. Results of operations and cash flows for the periods presented are not necessarily indicative of results to be expected for the full year.
Consolidation
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.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates
The consolidated condensed financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the consolidated condensed financial statements and accompanying notes. Actual results could differ from those estimates.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board ("FASB") issued guidance providing optional expedients and exceptions to account for the effects of reference rate reform to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued. The optional guidance, which became effective on March 12, 2020 and can be applied through December 31, 2022, has not impacted our consolidated financial statements. The Company has various contracts that reference LIBOR and is assessing how this standard may be applied to specific contract modifications through December 31, 2022.
Changes in Accounting Principles
Changes in Accounting Principles
In August 2020, the FASB issued guidance that simplifies the accounting for debt with conversion options, revises the criteria for applying the derivative scope exception for contracts in an entity’s own equity and improves the consistency for the calculation of earnings per share. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2021, our fiscal 2023. Early adoption is permitted for annual periods and interim periods within those annual periods beginning after December 15, 2020, our fiscal 2022. We elected to early adopt this guidance beginning in the first quarter of fiscal 2022 and it did not have an impact on our consolidated financial statements.
In December 2019, the FASB issued guidance that simplifies the accounting for income taxes by removing certain exceptions to general principles in Topic 740 and clarifies other general principles by adding certain requirements to Topic 740. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2020, our fiscal 2022. We adopted this guidance in the first quarter of fiscal 2022 and it did not have an impact on our consolidated financial statements.
v3.22.1
Inventories (Policy)
 6 Months Ended
Apr. 02, 2022
Inventory Disclosure [Abstract]  
Inventory, Policy INVENTORIESProcessed products, livestock and supplies and other are valued at the lower of cost or net realizable value. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, livestock grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories.
v3.22.1
Inventories (Tables)
 6 Months Ended
Apr. 02, 2022
Inventory Disclosure [Abstract]  
Schedule of Inventory
The following table reflects the major components of inventory (in millions):
April 2, 2022October 2, 2021
Processed products$2,778 $2,426 
Livestock1,361 1,215 
Supplies and other851 741 
Total inventory$4,990 $4,382 
v3.22.1
Property, Plant And Equipment (Tables)
 6 Months Ended
Apr. 02, 2022
Property, Plant and Equipment, Net [Abstract]  
Property, Plant And Equipment And Accumulated Depreciation
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): 
April 2, 2022October 2, 2021
Land$219 $210 
Buildings and leasehold improvements5,496 5,370 
Machinery and equipment9,690 9,507 
Land improvements and other478 453 
Buildings and equipment under construction1,326 976 
17,209 16,516 
Less accumulated depreciation9,016 8,679 
Net Property, Plant and Equipment$8,193 $7,837 
v3.22.1
Other Current Liabilities (Tables)
 6 Months Ended
Apr. 02, 2022
Other Liabilities, Current [Abstract]  
Schedule Of Other Current Liabilities
Other current liabilities are as follows (in millions):
April 2, 2022October 2, 2021
Accrued salaries, wages and benefits$774 $897 
Taxes payable466 729 
Accrued current legal contingencies (a)267 567 
Other802 840 
Total other current liabilities$2,309 $3,033 
(a) $64 million and $127 million of funds held in an escrow account for litigation settlements were included as restricted cash within Other current assets in the Consolidated Condensed Balance Sheets as of April 2, 2022 and October 2, 2021, respectively.
v3.22.1
Debt (Tables)
 6 Months Ended
Apr. 02, 2022
Debt Instruments [Abstract]  
Schedule of Major Components Of Debt
The major components of debt are as follows (in millions):
April 2, 2022October 2, 2021
Revolving credit facility$— $— 
Commercial paper— — 
Senior notes:
4.50% Senior notes due June 2022— 1,000 
3.90% Senior notes due September 2023400 400 
3.95% Notes due August 20241,250 1,250 
4.00% Notes due March 2026 (“2026 Notes”)800 800 
3.55% Notes due June 20271,350 1,350 
7.00% Notes due January 202818 18 
4.35% Notes due March 2029 (“2029 Notes”)1,000 1,000 
6.13% Notes due November 2032160 160 
4.88% Notes due August 2034500 500 
5.15% Notes due August 2044500 500 
4.55% Notes due June 2047750 750 
5.10% Notes due September 2048 (“2048 Notes”)1,500 1,500 
Discount on senior notes(40)(42)
Other207 212 
Unamortized debt issuance costs(46)(50)
Total debt8,349 9,348 
Less current debt79 1,067 
Total long-term debt$8,270 $8,281 
v3.22.1
Equity (Tables)
 6 Months Ended
Apr. 02, 2022
Equity [Abstract]  
Schedule of Share Repurchase A summary of share repurchases of our Class A stock is as follows (in millions):
Three Months EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
SharesDollarsSharesDollarsSharesDollarsSharesDollars
Shares repurchased:
Under share repurchase program1.5 $132 — $— 5.1 $432 — $— 
To fund certain obligations under equity compensation plans0.5 43 0.2 17 1.1 91 0.5 34 
Total share repurchases2.0 $175 0.2 $17 6.2 $523 0.5 $34 
v3.22.1
Earnings Per Share (Tables)
 6 Months Ended
Apr. 02, 2022
Earnings Per Share [Abstract]  
Schedule Of Earnings Per Share, Basic And Diluted
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data): 
Three Months EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Numerator:
Net income$833 $477 $1,959 $949 
Less: Net income attributable to noncontrolling interests4 1 9 6 
Net income attributable to Tyson829 476 1,950 943 
Less dividends declared:
Class A 134 131 274 269 
Class B 29 28 59 58 
Undistributed earnings$666 $317 $1,617 $616 
Class A undistributed earnings$547 $261 $1,329 $507 
Class B undistributed earnings119 56 288 109 
Total undistributed earnings$666 $317 $1,617 $616 
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares291 293 291 293 
Class B weighted average shares, and shares under the if-converted method for diluted earnings per share70 70 70 70 
Effect of dilutive securities:
Stock options, restricted stock and performance units3 2 3 2 
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions364 365 364 365 
Net income per share attributable to Tyson:
Class A basic$2.34 $1.34 $5.50 $2.65 
Class B basic$2.11 $1.20 $4.95 $2.38 
Diluted$2.28 $1.30 $5.35 $2.58 
Dividends Declared Per Share:
Class A$0.460 $0.445 $0.935 $0.915 
Class B$0.414 $0.401 $0.842 $0.824 
v3.22.1
Derivative Financial Instruments (Tables)
 6 Months Ended
Apr. 02, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Derivative Instruments [Table Text Block]
We had the following net aggregated outstanding notional amounts related to our derivative financial instruments:
in millions, except soybean meal tonsMetricApril 2, 2022October 2, 2021
Commodity:
CornBushels30 37 
Soybean MealTons404,200 1,026,733 
Live CattlePounds255 417 
Lean HogsPounds426 413 
Foreign CurrencyUnited States dollar$218 $130 
Derivative Instruments, Gain (Loss) [Table Text Block]
The following table sets forth the pretax impact of the cash flow, fair value and undesignated derivative instruments in the Consolidated Condensed Statements of Income (in millions):
Consolidated Condensed Statements of Income ClassificationThree Months EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Cost of SalesGain (Loss) on cash flow hedges reclassified from OCI to Earnings:
Commodity contracts$— $— $— $(1)
Gain (Loss) on fair value hedges:
Commodity contracts (a) (13)(13)(16)(15)
Gain (Loss) on derivatives not designated as hedging instruments:
Commodity contracts99 (2)180 96 
Total$86 $(15)$164 $80 
Interest ExpenseGain (Loss) on cash flow hedges reclassified from OCI to Earnings:
Interest rate contracts$(1)$(1)$(1)$(1)
Other, netGain (Loss) on derivatives not designated as hedging instruments:
Foreign exchange contracts$4 $— $4 $1 
Schedule of Income Statement Items Impacted by Derivatives [Table Text Block]
The following table sets forth the total amounts of each income and expense line item presented in the Consolidated Condensed Statements of Income in which the effects of hedges are recorded (in millions):
Consolidated Condensed Statements of Income ClassificationThree Months EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Cost of Sales$11,382 $10,047 $22,300 $19,330 
Interest Expense97 110 197 220 
Other, net(25)(12)(77)(31)
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member]  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] The following table sets forth the carrying amount of fair value hedge (assets) liabilities as of April 2, 2022 and October 2, 2021 (in millions):
Consolidated Condensed Balance Sheets ClassificationApril 2, 2022October 2, 2021
Inventory$23 $(6)
v3.22.1
Fair Value Measurements (Tables)
 6 Months Ended
Apr. 02, 2022
Fair Value Disclosures [Abstract]  
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis
The following tables set forth by level within the fair value hierarchy our financial assets and liabilities accounted for at fair value on a recurring basis according to the valuation techniques we used to determine their fair values (in millions): 
April 2, 2022Level 1Level 2Level 3Netting (a)Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges$— $2 $— $(1)$1 
Undesignated — 320 — (215)105 
Other Assets:
Available-for-sale securities— 59 46 — 105 
Deferred compensation assets28 400 — — 428 
Total assets$28 $781 $46 $(216)$639 
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges$— $25 $— $(25)$— 
Undesignated — 207 — (203)4 
Total liabilities$— $232 $— $(228)$4 
October 2, 2021Level 1Level 2Level 3Netting (a)Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges$— $18 $— $(10)$8 
Undesignated — 169 — (89)80 
Other Assets:
Available-for-sale securities— 61 48 — 109 
Deferred compensation assets14 397 — — 411 
Total assets$14 $645 $48 $(99)$608 
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges$— $12 $— $(12)$— 
Undesignated — 159 — (143)16 
Total liabilities$— $171 $— $(155)$16 
(a) Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. Additionally, at April 2, 2022, and October 2, 2021, we had $12 million and $56 million, respectively, of net cash collateral with various counterparties where master netting arrangements exist and held no cash collateral.
Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation
The following table provides a reconciliation between the beginning and ending balance of marketable debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions): 
Six Months Ended
April 2, 2022April 3, 2021
Balance at beginning of year$48 $53 
Total realized and unrealized gains (losses):
Included in other comprehensive income (loss)(2)(1)
Purchases4 14 
Issuances— — 
Settlements(4)(13)
Balance at end of period$46 $53 
Total gains (losses) for the six month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period
$— $— 
Schedule Of Fair Value And Carrying Value Of Debt
Fair value of our debt is principally estimated using Level 2 inputs based on quoted prices for those or similar instruments. Fair value and carrying value for our debt are as follows (in millions):
April 2, 2022October 2, 2021
Fair ValueCarrying ValueFair ValueCarrying Value
Total debt$8,874 $8,349 $10,810 $9,348 
Debt Securities, Available-for-sale
The following table sets forth our available-for-sale securities’ amortized cost basis, fair value and unrealized gain (loss) by significant investment category (in millions):
April 2, 2022October 2, 2021
Amortized
Cost Basis		Fair
Value		Unrealized
Gain (Loss)		Amortized
Cost Basis		Fair
Value		Unrealized
Gain (Loss)
Available-for-sale securities:
Debt securities:
U.S. treasury and agency$62 $59 $(3)$61 $61 $— 
Corporate and asset-backed47 46 (1)47 48 1 
v3.22.1
Segment Reporting (Tables)
 6 Months Ended
Apr. 02, 2022
Segment Reporting [Abstract]  
Segment Reporting Information, By Segment
Information on segments and a reconciliation to income before income taxes are as follows (in millions): 
Three Months EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Sales:
Beef$5,034 $4,046 $10,036 $8,033 
Pork1,565 1,477 3,191 2,916 
Chicken4,086 3,553 7,976 6,384 
Prepared Foods2,393 2,164 4,726 4,277 
International/Other565 487 1,115 956 
Intersegment(526)(427)(994)(806)
Total Sales$13,117 $11,300 $26,050 $21,760 
Three Months EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Operating Income (Loss):
Beef(a)
$638 $445 $1,594 $973 
Pork59 67 223 183 
Chicken(b)
198 6 338 (210)
Prepared Foods263 217 449 483 
International/Other(c)
(2)(15)7 (4)
Total Operating Income1,156 720 2,611 1,425 
Total Other (Income) Expense69 96 114 185 
Income before Income Taxes$1,087 $624 $2,497 $1,240 
(a) Beef segment results for the six months ended April 3, 2021 included a $55 million gain from the recovery of cattle inventory from a cattle supplier that misappropriated Company funds.
(b) Chicken segment results for the three months ended April 2, 2022 included $5 million of costs related to a fire at one of our production facilities, net of insurance proceeds. Chicken segment results for the six months ended April 2, 2022 included $18 million of insurance proceeds, net of costs incurred, recognized in Cost of Sales. Additionally, Chicken segment results for the six months ended April 3, 2021 included a $320 million charge related to the recognition of a legal contingency accrual. The accrual was recorded as a reduction to Sales pursuant to FASB guidance related to accounting for revenue from contracts with customers.
(c) International/Other results for the three and six months ended April 3, 2021 included a $19 million loss related to the relocation of a production facility in China.
Disaggregation of Revenue, By Segment and Distribution Channel
The following tables further disaggregate our sales to customers by major distribution channels (in millions):
Three months ended April 2, 2022
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$2,213 $1,264 $808 $603 $146 $5,034 
Pork430 122 267 401 345 1,565 
Chicken1,699 1,590 277 485 35 4,086 
Prepared Foods1,410 897 44 42 — 2,393 
International/Other— — 565 — — 565 
Intersegment— — — — (526)(526)
Total$5,752 $3,873 $1,961 $1,531 $— $13,117 
Three months ended April 3, 2021
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$2,036 $945 $593 $368 $104 $4,046 
Pork410 101 296 361 309 1,477 
Chicken1,576 1,356 166 441 14 3,553 
Prepared Foods1,306 787 30 41 — 2,164 
International/Other— — 487 — — 487 
Intersegment— — — — (427)(427)
Total$5,328 $3,189 $1,572 $1,211 $— $11,300 
Six months ended April 2, 2022
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$4,431 $2,500 $1,664 $1,165 $276 $10,036 
Pork908 258 571 799 655 3,191 
Chicken3,332 3,150 498 933 63 7,976 
Prepared Foods2,735 1,826 90 75 — 4,726 
International/Other— — 1,115 — — 1,115 
Intersegment— — — — (994)(994)
Total$11,406 $7,734 $3,938 $2,972 $— $26,050 
Six months ended April 3, 2021
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$4,170 $1,766 $1,211 $691 $195 $8,033 
Pork842 193 589 703 589 2,916 
Chicken3,012 2,541 318 491 22 6,384 
Prepared Foods2,609 1,527 61 80 — 4,277 
International/Other— — 956 — — 956 
Intersegment— — — — (806)(806)
Total$10,633 $6,027 $3,135 $1,965 $— $21,760 
(a) Includes sales to consumer products and food retailers, such as grocery retailers, warehouse club stores and internet-based retailers.
(b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.
(c) Includes sales to international markets for internationally produced products or export sales of domestically produced products.
(d) Includes sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Retail, Foodservice or International categories. For the six months ended April 3, 2021, the Chicken segment included a $320 million reduction in Other due to the recognition of a legal contingency accrual.
v3.22.1
Accounting Policies Changes in Accounting Principles (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Apr. 02, 2022
Apr. 03, 2021
Oct. 02, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Selling, General and Administrative $ 579 $ 533 $ 1,139 $ 1,005  
Operating Income (Loss) 1,156 720 2,611 1,425  
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 1,087 624 2,497 1,240  
Income Tax Expense 254 147 538 291  
Net Income 833 477 1,959 949  
Net income attributable to Tyson $ 829 $ 476 $ 1,950 $ 943  
Diluted (USD per share) $ 2.28 $ 1.30 $ 5.35 $ 2.58  
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest $ 861 $ 429 $ 1,987 $ 978  
Comprehensive Income (Loss), Net of Tax, Attributable to Parent 857 428 1,978 972  
Inventory, Net 4,990   4,990   $ 4,382
Assets, Current 8,997   8,997   9,822
Assets 35,898   35,898   36,309
Deferred Income Taxes 2,297   2,297   2,195
Retained earnings (19,119)   (19,119)   (17,502)
Total Tyson Shareholders’ Equity 19,014   19,014   17,723
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 19,156 16,070 19,156 16,070 17,854
Liabilities and Equity 35,898   35,898   $ 36,309
Deferred income taxes     98 27  
Increase (Decrease) in Operating Capital     (1,455) (277)  
Restricted Cash $ 64 $ 95 $ 64 $ 95  
Class A [Member]          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Basic (USD per share) $ 2.34 $ 1.34 $ 5.50 $ 2.65  
Class B [Member]          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Basic (USD per share) $ 2.11 $ 1.20 $ 4.95 $ 2.38  
v3.22.1
Acquisitions and Dispositions (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jul. 03, 2021
Apr. 02, 2022
Apr. 03, 2021
Business Combination and Asset Acquisition [Abstract]      
Payments to Acquire Equity Method Investments   $ 96 $ 0
Business Acquisition [Line Items]      
Payments to Acquire Equity Method Investments   $ 96 $ 0
Malaysian Producer of Feed and Poultry      
Business Combination and Asset Acquisition [Abstract]      
Payments to Acquire Equity Method Investments $ 44    
Equity Method Investment, Future Contingent Payments $ 65    
Business Acquisition [Line Items]      
Business Acquisition, Percentage of Voting Interests Acquired 49.00%    
Payments to Acquire Equity Method Investments $ 44    
Equity Method Investment, Future Contingent Payments $ 65    
v3.22.1
Dispositions (Details) - Pet Treats Business
$ in Millions
Jul. 06, 2021
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Disposal Group, Including Discontinued Operation, Consideration $ 1,200
Disposal Group, Including Discontinued Operations, Net Carrying Value 411
Disposal Group, Including Discontinued Operations, Working Capital 44
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment 17
Disposal Group, Including Discontinued Operation, Goodwill 350
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal 784
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Net of Tax $ 510
v3.22.1
Inventories (Schedule Of Inventory) (Details) - USD ($)
$ in Millions
Apr. 02, 2022
Oct. 02, 2021
Inventory Disclosure [Abstract]    
Processed products $ 2,778 $ 2,426
Livestock 1,361 1,215
Supplies and other 851 741
Total inventory $ 4,990 $ 4,382
v3.22.1
Property, Plant And Equipment (Details) - USD ($)
$ in Millions
Apr. 02, 2022
Oct. 02, 2021
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 17,209 $ 16,516
Less accumulated depreciation 9,016 8,679
Net Property, Plant and Equipment 8,193 7,837
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 219 210
Buildings and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 5,496 5,370
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 9,690 9,507
Land improvements and other    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 478 453
Buildings and equipment under construction    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,326 $ 976
v3.22.1
Other Current Liabilities (Schedule of Other Current Liabilities) (Details) - USD ($)
$ in Millions
Apr. 02, 2022
Oct. 02, 2021
Other Liabilities, Current [Abstract]    
Accrued salaries, wages and benefits $ 774 $ 897
Taxes Payable 466 729
Loss Contingency Accrual 267 567
Other 802 840
Other current liabilities 2,309 3,033
Other Current Assets [Member]    
Restricted Cash, Current $ 64 $ 127
v3.22.1
Debt (Major Components Of Debt) (Details) - USD ($)
$ in Millions
 6 Months Ended
Apr. 02, 2022
Oct. 02, 2021
Debt Instrument [Line Items]    
Document Period End Date Apr. 02, 2022  
Discount on senior notes $ (40) $ (42)
Other 207 212
Unamortized debt issuance costs (46) (50)
Total debt 8,349 9,348
Less current debt 79 1,067
Less current debt 8,270 8,281
Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Revolving credit facility 0 0
Commercial paper    
Debt Instrument [Line Items]    
Commercial paper $ 0 0
2.25% Notes due August 2021    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 2.25%  
4.50% Senior notes due June 2022    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 4.50%  
Long-term Debt, Gross $ 0 1,000
3.90% Senior notes due September 2023    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 3.90%  
Long-term Debt, Gross $ 400 400
3.95% Notes due August 2024    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 3.95%  
Long-term Debt, Gross $ 1,250 1,250
4.00% Notes due March 2026 (“2026 Notes”)    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 4.00%  
Long-term Debt, Gross $ 800 800
3.55% Notes due June 2027    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 3.55%  
Long-term Debt, Gross $ 1,350 1,350
7.00% Notes due January 2028    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 7.00%  
Long-term Debt, Gross $ 18 18
4.35% Notes due March 2029 (“2029 Notes”)    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 4.35%  
Long-term Debt, Gross $ 1,000 1,000
6.13% Notes due November 2032    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 6.13%  
Long-term Debt, Gross $ 160 160
4.88% Notes due August 2034    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 4.88%  
Long-term Debt, Gross $ 500 500
5.15% Notes due August 2044    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 5.15%  
Long-term Debt, Gross $ 500 500
4.55% Notes due June 2047    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 4.55%  
Long-term Debt, Gross $ 750 750
5.10% Notes due September 2048 (“2048 Notes”)    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 5.10%  
Long-term Debt, Gross $ 1,500 $ 1,500
v3.22.1
Debt (Narrative) (Details) - USD ($)
$ in Millions
 6 Months Ended
Mar. 15, 2022
Apr. 02, 2022
Oct. 02, 2021
Sep. 30, 2021
Debt Instrument [Line Items]        
Document Period End Date   Apr. 02, 2022    
Debt Instrument, Unamortized Discount   $ 40 $ 42  
2.25% Notes due August 2021        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage   2.25%    
4.50% Senior notes due June 2022        
Debt Instrument [Line Items]        
Long-term Debt, Gross   $ 0 1,000  
Debt Instrument, Interest Rate, Stated Percentage   4.50%    
Extinguishment of Debt, Amount $ 1,000      
Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Maximum borrowing capacity     2,250 $ 1,750
Amount available for borrowing under credit facility   $ 2,250    
Revolving credit facility   0 0  
Line of Credit Facility, Contingent Additional Borrowing Capacity     500  
Standby Letters of Credit [Member]        
Debt Instrument [Line Items]        
Letters of Credit Outstanding, Amount   0    
Bilateral Letters Of Credit [Member]        
Debt Instrument [Line Items]        
Letters of Credit Outstanding, Amount   93    
Commercial paper        
Debt Instrument [Line Items]        
Maximum borrowing capacity   1,500    
Commercial paper   $ 0 $ 0  
v3.22.1
Equity (Schedule of Share Repurchases) (Details) - Class A [Member] - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Apr. 02, 2022
Apr. 03, 2021
Class of Stock [Line Items]        
Treasury Stock, Shares, Acquired 2.0 0.2 6.2 0.5
Payments for Repurchase of Common Stock $ 175 $ 17 $ 523 $ 34
Under share repurchase program        
Class of Stock [Line Items]        
Treasury Stock, Shares, Acquired 1.5 0.0 5.1 0.0
Payments for Repurchase of Common Stock $ 132 $ 0 $ 432 $ 0
To fund certain obligations under equity compensation plans        
Class of Stock [Line Items]        
Treasury Stock, Shares, Acquired 0.5 0.2 1.1 0.5
Payments for Repurchase of Common Stock $ 43 $ 17 $ 91 $ 34
v3.22.1
Equity (Narrative) (Details)
shares in Millions
Apr. 02, 2022
shares
Class A [Member]  
Class of Stock [Line Items]  
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased 13.8
v3.22.1
Income Taxes (Details)
$ in Millions, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2021
MXN ($)
Apr. 02, 2022
USD ($)
Apr. 03, 2021
Apr. 02, 2022
USD ($)
Apr. 03, 2021
Oct. 02, 2021
USD ($)
Income Tax Disclosure [Abstract]              
Effective tax rate for continuing operations     23.40% 23.50% 21.60% 23.50%  
Unrecognized tax benefits     $ 157   $ 157   $ 152
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount         $ 36    
Income Tax Examination [Line Items]              
Effective Income Tax Rate Reconciliation, Percent     23.40% 23.50% 21.60% 23.50%  
Mexican Tax Authority | Tax Year 2015              
Income Tax Disclosure [Abstract]              
Income Tax Examination, Estimate of Possible Loss $ 380 $ 7,800          
Income Tax Examination [Line Items]              
Income Tax Examination, Estimate of Possible Loss $ 380 $ 7,800          
v3.22.1
Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Apr. 02, 2022
Apr. 03, 2021
Earnings Per Share, Basic and Diluted [Line Items]        
Net Income $ 833 $ 477 $ 1,959 $ 949
Less: Net Income Attributable to Noncontrolling Interests 4 1 9 6
Net income attributable to Tyson 829 476 1,950 943
Undistributed earnings $ 666 $ 317 $ 1,617 $ 616
Stock options, restricted stock and performance units 3 2 3 2
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions 364 365 364 365
Diluted $ 2.28 $ 1.30 $ 5.35 $ 2.58
Class A [Member]        
Earnings Per Share, Basic and Diluted [Line Items]        
Less dividends declared: $ 134 $ 131 $ 274 $ 269
Undistributed earnings $ 547 $ 261 $ 1,329 $ 507
Weighted average number of shares outstanding - Basic 291 293 291 293
Net Income Per Share Attributable to Tyson - Basic $ 2.34 $ 1.34 $ 5.50 $ 2.65
Common Stock, Dividends, Per Share, Declared $ 0.460 $ 0.445 $ 0.935 $ 0.915
Class B [Member]        
Earnings Per Share, Basic and Diluted [Line Items]        
Less dividends declared: $ 29 $ 28 $ 59 $ 58
Undistributed earnings $ 119 $ 56 $ 288 $ 109
Weighted average number of shares outstanding - Basic 70 70 70 70
Net Income Per Share Attributable to Tyson - Basic $ 2.11 $ 1.20 $ 4.95 $ 2.38
Common Stock, Dividends, Per Share, Declared $ 0.414 $ 0.401 $ 0.842 $ 0.824
v3.22.1
Earnings Per Share (Narrative) (Details)
shares in Millions
 3 Months Ended 6 Months Ended
Apr. 02, 2022
shares
Apr. 03, 2021
shares
Apr. 02, 2022
Classes
shares
Apr. 03, 2021
shares
Earnings Per Share, Basic and Diluted [Line Items]        
Number Of Classes Of Common Stock | Classes     2  
Percentage amount of per share cash dividends paid to holders of Class B stock that cannot exceed paid to holders of Class A stock 90.00%   90.00%  
Class A [Member]        
Earnings Per Share, Basic and Diluted [Line Items]        
Undistributed earnings (losses), ratio used to calculate allocation to class of stock     1.0  
Class B [Member]        
Earnings Per Share, Basic and Diluted [Line Items]        
Undistributed earnings (losses), ratio used to calculate allocation to class of stock     0.9  
Share-based Payment Arrangement [Member]        
Earnings Per Share, Basic and Diluted [Line Items]        
Antidilutive securities excluded from computation of earnings per share, shares | shares 2 5 2 5
v3.22.1
Derivative Financial Instruments (Aggregate Outstanding Notionals) (Details)
lb in Millions, bu in Millions, $ in Millions
Apr. 02, 2022
USD ($)
lb
bu
T
Oct. 02, 2021
USD ($)
T
bu
lb
Corn (in bushels)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount | bu 30 37
Soy Meal (in tons)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount | T 404,200 1,026,733
Live Cattle (in pounds)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount 255 417
Lean Hogs (in pounds)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount 426 413
Foreign Currency [Member]    
Derivative [Line Items]    
Derivative, Notional Amount | $ $ 218 $ 130
v3.22.1
Derivative Financial Instruments (Pretax Impact Of Fair Value Hedge Derivative Instruments On The Consolidated Statements of Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Apr. 02, 2022
Apr. 03, 2021
Oct. 02, 2021
Cost of Sales          
Derivative [Line Items]          
Derivative, Gain (Loss) on Derivative, Net $ 86 $ (15) $ 164 $ 80  
Fair Value Hedging [Member]          
Derivative [Line Items]          
Derivative Assets (Liabilities), at Fair Value, Net $ 23   $ 23   $ (6)
v3.22.1
Derivative Financial Instruments (Pretax Impact Of Undesignated Derivative Instruments On The Consolidated Statements Of Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Apr. 02, 2022
Apr. 03, 2021
Derivative [Line Items]        
Cost of Sales $ 11,382 $ 10,047 $ 22,300 $ 19,330
Other Nonoperating Income (Expense) (25) (12) (77) (31)
Interest expense 97 110 197 220
Cost of Sales        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net 86 (15) 164 80
Not Designated as Hedging Instrument | Commodity contracts | Cost of Sales        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net 99 (2) 180 96
Not Designated as Hedging Instrument | Foreign exchange contracts | Other income/expense        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net 4 0 4 1
Fair Value Hedging [Member] | Commodity contracts | Cost of Sales        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net (13) (13) (16) (15)
Cash Flow Hedging [Member] | Commodity contracts | Cost of Sales        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net 0 0 0 (1)
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member]        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net $ (1) $ (1) $ (1) $ (1)
v3.22.1
Derivative Financial Instruments (Narrative) (Details) - USD ($)
$ in Millions
 6 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Cash Flow Hedging [Member]    
Derivative [Line Items]    
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax $ 0 $ 0
Treasury Rate Locks    
Derivative [Line Items]    
Cash Flow Hedge Gain (Loss) to be Reclassified Over Life of Forecasted Fixed-Rate Debt $ 14  
v3.22.1
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($)
$ in Millions
 6 Months Ended
Apr. 02, 2022
Oct. 02, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Collateral, Right to Reclaim Cash, Offset $ 12 $ 56
Other income/expense    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other Nonrecurring Gain 37  
Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Netting (216) (99)
Total assets 639 608
Derivative Liability, Netting (228) (155)
Total liabilities 4 16
Fair Value, Recurring [Member] | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 28 14
Total liabilities 0 0
Fair Value, Recurring [Member] | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 781 645
Total liabilities 232 171
Fair Value, Recurring [Member] | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 46 48
Total liabilities 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member] | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 1 8
Derivative Asset, Netting (1) (10)
Other Current Assets [Member] | Fair Value, Recurring [Member] | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 105 80
Derivative Asset, Netting (215) (89)
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 1 | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 1 | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 2 | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 2 18
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 2 | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 320 169
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 3 | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 3 | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 0 0
Other Assets [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation assets 428 411
Debt Securities, Available-for-sale 105 109
Other Assets [Member] | Fair Value, Recurring [Member] | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation assets 28 14
Debt Securities, Available-for-sale 0 0
Other Assets [Member] | Fair Value, Recurring [Member] | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation assets 400 397
Debt Securities, Available-for-sale 59 61
Other Assets [Member] | Fair Value, Recurring [Member] | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation assets 0 0
Debt Securities, Available-for-sale 46 48
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities 0 0
Derivative Liability, Netting (25) (12)
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities 4 16
Derivative Liability, Netting (203) (143)
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Level 1 | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities 0 0
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Level 1 | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities 0 0
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Level 2 | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities 25 12
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Level 2 | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities 207 159
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Level 3 | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities 0 0
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Level 3 | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities $ 0 $ 0
v3.22.1
Fair Value Measurements (Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($)
$ in Millions
 6 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of year $ 48 $ 53
Total unrealized gains (losses) included in other comprehensive income (loss) (2) (1)
Purchases 4 14
Issuances 0 0
Settlements (4) (13)
Balance at end of period 46 53
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) $ 0 $ 0
v3.22.1
Fair Value Measurements (Schedule Of Available For Sale Securities) (Details) - USD ($)
$ in Millions
Apr. 02, 2022
Oct. 02, 2021
U.S. treasury and agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax $ (3) $ 0
Debt Securities, Available-for-sale 59 61
Debt Securities, Available-for-sale, Amortized Cost 62 61
Corporate and asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax (1) 1
Debt Securities, Available-for-sale 46 48
Debt Securities, Available-for-sale, Amortized Cost $ 47 $ 47
v3.22.1
Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Debt) (Details) - USD ($)
$ in Millions
Apr. 02, 2022
Oct. 02, 2021
Fair Value Disclosures [Abstract]    
Total Debt, Fair Value $ 8,874 $ 10,810
Total Debt, Carrying Value $ 8,349 $ 9,348
v3.22.1
Fair Value Measurement (Narrative) (Details) - Maximum [Member]
 6 Months Ended
Apr. 02, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Short Term Investment Maturity Period 12 months
Available For Sale Securities Debt Maturity Period 50 years
v3.22.1
Segment Reporting (Segment Reporting Information, By Segment) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Apr. 02, 2022
Apr. 03, 2021
Oct. 02, 2021
Segment Reporting Information [Line Items]          
Sales $ 13,117 $ 11,300 $ 26,050 $ 21,760  
Operating Income (Loss) 1,156 720 2,611 1,425  
Total Other (Income) Expense 69 96 114 185  
Income before income taxes 1,087 624 2,497 1,240  
Assets Disposed of by Method Other than Sale, in Period of Disposition, Gain (Loss) on Disposition   (19)   (19)  
Loss Contingency Accrual 267   267   $ 567
Beef [Member]          
Segment Reporting Information [Line Items]          
Sales 5,034 4,046 10,036 8,033  
Beef [Member] | Revised Results due to misappropriated Company funds [Member]          
Segment Reporting Information [Line Items]          
Unusual or Infrequent Item, or Both, Net (Gain) Loss       55  
Pork [Member]          
Segment Reporting Information [Line Items]          
Sales 1,565 1,477 3,191 2,916  
Chicken [Member]          
Segment Reporting Information [Line Items]          
Sales 4,086 3,553 7,976 6,384  
Unusual or Infrequent Item, or Both, Insurance Proceeds     18    
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds 5        
Prepared Foods [Member]          
Segment Reporting Information [Line Items]          
Sales 2,393 2,164 4,726 4,277  
Corporate and Other [Member]          
Segment Reporting Information [Line Items]          
Sales 565 487 1,115 956  
Operating Segments [Member] | Beef [Member]          
Segment Reporting Information [Line Items]          
Sales 5,034 4,046 10,036 8,033  
Operating Income (Loss) 638 445 1,594 973  
Operating Segments [Member] | Pork [Member]          
Segment Reporting Information [Line Items]          
Sales 1,565 1,477 3,191 2,916  
Operating Income (Loss) 59 67 223 183  
Operating Segments [Member] | Chicken [Member]          
Segment Reporting Information [Line Items]          
Sales 4,086 3,553 7,976 6,384  
Operating Income (Loss) 198 6 338 (210)  
Operating Segments [Member] | Prepared Foods [Member]          
Segment Reporting Information [Line Items]          
Sales 2,393 2,164 4,726 4,277  
Operating Income (Loss) 263 217 449 483  
Segment Reconciling Items [Member] | Corporate and Other [Member]          
Segment Reporting Information [Line Items]          
Sales 565 487 1,115 956  
Operating Income (Loss) (2) (15) 7 (4)  
Intersegment Eliminations          
Segment Reporting Information [Line Items]          
Sales $ (526) $ (427) $ (994) (806)  
Sales | Chicken [Member]          
Segment Reporting Information [Line Items]          
Loss Contingency, Loss in Period       $ 320  
v3.22.1
Segment Reporting Disaggregation of Revenue (By Segment and Distribution Channel) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 02, 2022
Apr. 03, 2021
Apr. 02, 2022
Apr. 03, 2021
Disaggregation of Revenue [Line Items]        
Sales $ 13,117 $ 11,300 $ 26,050 $ 21,760
Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 5,034 4,046 10,036 8,033
Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,565 1,477 3,191 2,916
Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 4,086 3,553 7,976 6,384
Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 2,393 2,164 4,726 4,277
Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Sales 565 487 1,115 956
Retail        
Disaggregation of Revenue [Line Items]        
Sales 5,752 [1] 5,328 [1] 11,406 10,633
Retail | Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 2,213 2,036 4,431 4,170
Retail | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 430 410 908 842
Retail | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,699 1,576 3,332 3,012
Retail | Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,410 1,306 2,735 2,609
Retail | Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Sales 0 0 0 0
Foodservice        
Disaggregation of Revenue [Line Items]        
Sales 3,873 [2] 3,189 [2] 7,734 6,027
Foodservice | Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,264 945 2,500 1,766
Foodservice | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 122 101 258 193
Foodservice | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,590 1,356 3,150 2,541
Foodservice | Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 897 787 1,826 1,527
Foodservice | Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Sales 0 0 0 0
International        
Disaggregation of Revenue [Line Items]        
Sales 1,961 [3] 1,572 [3] 3,938 3,135
International | Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 808 593 1,664 1,211
International | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 267 296 571 589
International | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 277 166 498 318
International | Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 44 30 90 61
International | Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Sales 565 487 1,115 956
Industrial and Other        
Disaggregation of Revenue [Line Items]        
Sales 1,531 [4] 1,211 [4] 2,972 1,965
Industrial and Other | Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 603 368 1,165 691
Industrial and Other | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 401 361 799 703
Industrial and Other | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 485 441 933 491
Industrial and Other | Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 42 41 75 80
Industrial and Other | Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Sales 0 0 0 0
Intersegment Eliminations        
Disaggregation of Revenue [Line Items]        
Sales 0 0 0 0
Intersegment Eliminations | Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 146 104 276 195
Intersegment Eliminations | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 345 309 655 589
Intersegment Eliminations | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 35 14 63 22
Intersegment Eliminations | Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 0 0 0 0
Intersegment Eliminations | Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Sales 0 0 0 0
Intersegment Eliminations        
Disaggregation of Revenue [Line Items]        
Sales $ (526) $ (427) $ (994) $ (806)
[1] (a) Includes sales to consumer products and food retailers, such as grocery retailers, warehouse club stores and internet-based retailers
[2] (b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.
[3] (c) Includes sales to international markets for internationally produced products or export sales of domestically produced products.
[4] (d) Includes sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Retail, Foodservice or International categories. For the six months ended April 3, 2021, the Chicken segment included a $320 million reduction in Other due to the recognition of a legal contingency accrual.
v3.22.1
Segment Reporting (Narrative) (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 02, 2022
USD ($)
Segments
Apr. 03, 2021
USD ($)
Apr. 02, 2022
USD ($)
Apr. 03, 2021
USD ($)
Oct. 02, 2021
USD ($)
Segment Reporting Information [Line Items]          
Number of Operating Segments | Segments 4        
Sales $ 13,117 $ 11,300 $ 26,050 $ 21,760  
Loss Contingency Accrual 267   267   $ 567
Operating Income (Loss) 1,156 720 2,611 1,425  
Assets Disposed of by Method Other than Sale, in Period of Disposition, Gain (Loss) on Disposition   (19)   (19)  
Beef [Member]          
Segment Reporting Information [Line Items]          
Sales 5,034 4,046 10,036 8,033  
Beef [Member] | Revised Results due to misappropriated Company funds [Member]          
Segment Reporting Information [Line Items]          
Unusual or Infrequent Item, or Both, Net (Gain) Loss       55  
Pork [Member]          
Segment Reporting Information [Line Items]          
Sales 1,565 1,477 3,191 2,916  
Chicken [Member]          
Segment Reporting Information [Line Items]          
Sales 4,086 3,553 7,976 6,384  
Unusual or Infrequent Item, or Both, Insurance Proceeds     18    
Prepared Foods [Member]          
Segment Reporting Information [Line Items]          
Sales 2,393 2,164 4,726 4,277  
Corporate and Other [Member]          
Segment Reporting Information [Line Items]          
Sales 565 487 1,115 956  
Operating Segments [Member] | Beef [Member]          
Segment Reporting Information [Line Items]          
Sales 5,034 4,046 10,036 8,033  
Operating Income (Loss) 638 445 1,594 973  
Operating Segments [Member] | Pork [Member]          
Segment Reporting Information [Line Items]          
Sales 1,565 1,477 3,191 2,916  
Operating Income (Loss) 59 67 223 183  
Operating Segments [Member] | Chicken [Member]          
Segment Reporting Information [Line Items]          
Sales 4,086 3,553 7,976 6,384  
Operating Income (Loss) 198 6 338 (210)  
Operating Segments [Member] | Prepared Foods [Member]          
Segment Reporting Information [Line Items]          
Sales 2,393 2,164 4,726 4,277  
Operating Income (Loss) 263 217 449 483  
Segment Reconciling Items [Member] | Corporate and Other [Member]          
Segment Reporting Information [Line Items]          
Sales 565 487 1,115 956  
Operating Income (Loss) (2) (15) 7 (4)  
Intersegment Eliminations          
Segment Reporting Information [Line Items]          
Sales $ (526) $ (427) $ (994) (806)  
Sales | Chicken [Member]          
Segment Reporting Information [Line Items]          
Loss Contingency, Loss in Period       $ 320  
v3.22.1
Commitments (Narrative) (Details) - USD ($)
Apr. 02, 2022
Oct. 02, 2021
Apr. 03, 2021
Guarantor Obligations [Line Items]      
Guarantor Obligations, Current Carrying Value $ 0 $ 0  
Potential maximum obligation under cash flow assistance programs 295,000,000    
Total receivables under cash flow assistance programs 5,000,000 5,000,000  
Cash Flow Assistance Program, Estimated Allowance For Uncollectible Receivables 0 0  
Restricted Cash 64,000,000   $ 95,000,000
Other Assets [Member]      
Guarantor Obligations [Line Items]      
Restricted Cash, Noncurrent 0 $ 3,000,000  
Industrial Revenue Bonds [Member]      
Guarantor Obligations [Line Items]      
Industrial Revenue Bonds $ 717,000,000    
v3.22.1
Contingencies (Narrative) (Details)
 12 Months Ended
Jan. 19, 2021
USD ($)
Dec. 21, 2016
USD ($)
Nov. 29, 2016
USD ($)
plaintiff
Dec. 31, 2004
USD ($)
Apr. 02, 2022
USD ($)
Oct. 02, 2021
USD ($)
Loss Contingencies [Line Items]            
Loss Contingency Accrual         $ 267,000,000 $ 567,000,000
Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission [Member]            
Loss Contingencies [Line Items]            
Loss Contingency, Number of Plaintiffs, Award Increase | plaintiff     4,922      
Estimated Percentage of Settling Complainants   18.00%        
Loss Contingency, Number of Plaintiffs | plaintiff     5,984      
Loss Contingency, Estimate of Possible Loss Per Complainant   $ 1,300        
Broiler Antitrust Civil Litigation [Member]            
Loss Contingencies [Line Items]            
Litigation Settlement, Amount Awarded to Other Party $ 221,500,000          
Republic of the Philippines, Department of Labor and Employment            
Loss Contingencies [Line Items]            
Loss Contingency, Damages Awarded, Value     $ 292,000,000 $ 68,000,000    
v3.22.1
Label Element Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 2,637,000,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 1,466,000,000