TYSON FOODS, INC., 10-Q filed on 8/9/2021
Quarterly Report
v3.21.2
Document and Entity Information
 9 Months Ended
Jul. 03, 2021
$ / shares
shares
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Jul. 03, 2021
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 --10-02
Document Fiscal Year Focus 2021
Document Fiscal Period Focus Q3
Amendment Flag false
Entity Incorporation, State or Country Code DE
Class A [Member]  
Entity Common Stock, Shares Outstanding 294,815,725
Class B [Member]  
Entity Common Stock, Shares Outstanding 70,010,355
v3.21.2
Consolidated Condensed Statements Of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Jul. 03, 2021
Jun. 27, 2020
Sales $ 12,478 $ 10,022 $ 34,238 $ 31,725
Cost of Sales 10,858 8,709 30,188 27,951
Gross Profit 1,620 1,313 4,050 3,774
Operating Expenses:        
Selling, General and Administrative 558 540 1,563 1,728
Operating Income 1,062 773 2,487 2,046
Other (Income) Expense:        
Interest income (2) (3) (6) (9)
Interest expense 105 122 325 361
Other, net (7) (11) (38) (133)
Total Other (Income) Expense 96 108 281 219
Income before Income Taxes 966 665 2,206 1,827
Income Tax Expense 213 139 504 413
Net Income 753 526 1,702 1,414
Less: Net Income Attributable to Noncontrolling Interests 4 0 10 7
Net Income Attributable to Tyson $ 749 $ 526 $ 1,692 $ 1,407
Weighted Average Shares Outstanding:        
Diluted, Shares 366 364 365 366
Net Income Per Share Attributable to Tyson:        
Diluted (USD per share) $ 2.05 $ 1.44 $ 4.63 $ 3.85
Class A [Member]        
Weighted Average Shares Outstanding:        
Basic, Shares 293 292 293 293
Net Income Per Share Attributable to Tyson:        
Basic (USD per share) $ 2.11 $ 1.48 $ 4.76 $ 3.96
Class B [Member]        
Weighted Average Shares Outstanding:        
Basic, Shares 70 70 70 70
Net Income Per Share Attributable to Tyson:        
Basic (USD per share) $ 1.89 $ 1.33 $ 4.27 $ 3.55
v3.21.2
Consolidated Condensed Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Jul. 03, 2021
Jun. 27, 2020
Statement of Comprehensive Income [Abstract]        
Net Income $ 753 $ 526 $ 1,702 $ 1,414
Other Comprehensive Income (Loss), Net of Taxes:        
Derivatives accounted for as cash flow hedges 0 1 2 (1)
Investments 0 1 (1) 1
Currency translation 25 10 51 (59)
Postretirement benefits 0 1 2 (41)
Total Other Comprehensive Income (Loss), Net of Taxes 25 13 54 (100)
Comprehensive Income 778 539 1,756 1,314
Less: Comprehensive Income Attributable to Noncontrolling Interests 4 0 10 7
Comprehensive Income Attributable to Tyson $ 774 $ 539 $ 1,746 $ 1,307
v3.21.2
Consolidated Condensed Balance Sheets - USD ($)
$ in Millions
Jul. 03, 2021
Oct. 03, 2020
Assets    
Cash and cash equivalents $ 1,613 $ 1,420
Accounts receivable, net 2,324 1,952
Inventories 4,262 3,859
Other current assets 1,009 367
Total Current Assets 9,208 7,598
Net Property, Plant and Equipment 7,725 7,596
Goodwill 10,554 10,899
Intangible Assets, net 6,587 6,774
Other Assets 1,589 1,589
Total Assets 35,663 34,456
Liabilities and Shareholders' Equity    
Current debt 1,566 548
Accounts payable 1,950 1,876
Other current liabilities 2,668 1,810
Total Current Liabilities 6,184 4,234
Long-Term Debt 8,786 10,791
Deferred Income Taxes 2,308 2,317
Other Liabilities 1,692 1,728
Shareholders' Equity:    
Capital in excess of par value 4,464 4,433
Retained earnings 16,305 15,100
Accumulated other comprehensive gain (loss) (125) (179)
Treasury stock, at cost – 83 million shares at July 3, 2021 and October 3, 2020 (4,128) (4,145)
Total Tyson Shareholders’ Equity 16,561 15,254
Noncontrolling Interests 132 132
Total Shareholders’ Equity 16,693 15,386
Total Liabilities and Shareholders’ Equity 35,663 34,456
Class A [Member]    
Shareholders' Equity:    
Common stock ($0.10 par value): 38 38
Total Tyson Shareholders’ Equity 38 38
Class B [Member]    
Shareholders' Equity:    
Common stock ($0.10 par value): 7 7
Total Tyson Shareholders’ Equity $ 7 $ 7
v3.21.2
Consolidated Condensed Balance Sheets (Parentheticals) - USD ($)
shares in Millions, $ in Millions
Jul. 03, 2021
Oct. 03, 2020
Treasury Stock, shares 83 83
Restricted Cash $ 195  
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
v3.21.2
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]
Balance at beginning of quarter, Common Stock Shares at Sep. 28, 2019               70.0 378.0
Balance at beginning of quarter, Shareholders' Equity Attributable to Tyson at Sep. 28, 2019   $ 4,378 $ 13,655 $ (117) $ (4,011)     $ 7 $ 38
Balance at beginning of quarter, Treasury Stock shares at Sep. 28, 2019         82.0        
Balance at beginning of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Sep. 28, 2019             $ 144    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Stock-based compensation   22     $ 72        
Adjustments to Additional Paid in Capital, Other   0              
Net income attributable to Tyson $ 1,407   1,407            
Dividends     (466)         $ (82) $ (385)
Other comprehensive income (loss) (100)     (100)          
Purchase of Class A common stock, shares         2.0       2.4
Purchase of Class A common stock         $ (200)        
Stock-based compensation, shares         (1.0)        
Net income attributable to noncontrolling interests 7           (7)    
Adjustments to Noncontrolling Interest, Other             (5)    
Balance at end of quarter, Common Stock Shares at Jun. 27, 2020               70.0 378.0
Balance at end of quarter, Shareholders' Equity Attributable to Tyson at Jun. 27, 2020 14,685 4,400 14,596 (217) $ (4,139) $ 14,685   $ 7 $ 38
Balance at end of quarter, Treasury Stock shares at Jun. 27, 2020         83.0        
Balance at end of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Jun. 27, 2020             146    
Balance at beginning of quarter, Common Stock Shares at Mar. 28, 2020               70.0 378.0
Balance at beginning of quarter, Shareholders' Equity Attributable to Tyson at Mar. 28, 2020   4,378 14,220 (230) $ (4,136)     $ 7 $ 38
Balance at beginning of quarter, Treasury Stock shares at Mar. 28, 2020         83.0        
Balance at beginning of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Mar. 28, 2020             145    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Stock-based compensation   22     $ 1        
Adjustments to Additional Paid in Capital, Other   0              
Net income attributable to Tyson 526   526            
Dividends     (150)         $ (27) $ (124)
Other comprehensive income (loss) 13     13          
Purchase of Class A common stock, shares         0.0       0.1
Purchase of Class A common stock         $ (4)        
Stock-based compensation, shares         0.0        
Net income attributable to noncontrolling interests 0           0    
Adjustments to Noncontrolling Interest, Other             1    
Balance at end of quarter, Common Stock Shares at Jun. 27, 2020               70.0 378.0
Balance at end of quarter, Shareholders' Equity Attributable to Tyson at Jun. 27, 2020 14,685 4,400 14,596 (217) $ (4,139) 14,685   $ 7 $ 38
Balance at end of quarter, Treasury Stock shares at Jun. 27, 2020         83.0        
Balance at end of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Jun. 27, 2020             146    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Balance at end of quarter, Total Shareholders' Equity 14,831                
Balance at end of quarter, Total Shareholders' Equity 15,386                
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 $ 15,254 4,433 15,100 (179) $ (4,145)     $ 7 $ 38
Balance at beginning of quarter, Treasury Stock shares at Oct. 03, 2020 83.0       83.0        
Balance at beginning of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Oct. 03, 2020 $ 132           132    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Stock-based compensation   36     $ 67        
Adjustments to Additional Paid in Capital, Other   (5)              
Net income attributable to Tyson 1,692   1,692            
Dividends     (487)         $ (86) $ (401)
Other comprehensive income (loss) 54     54          
Purchase of Class A common stock, shares         0.0       0.7
Purchase of Class A common stock         $ (50)        
Stock-based compensation, shares         0.0        
Net income attributable to noncontrolling interests 10           (10)    
Adjustments to Noncontrolling Interest, Other             (10)    
Balance at end of quarter, Common Stock Shares at Jul. 03, 2021               70.0 378.0
Balance at end of quarter, Shareholders' Equity Attributable to Tyson at Jul. 03, 2021 $ 16,561 4,464 16,305 (125) $ (4,128) 16,561   $ 7 $ 38
Balance at end of quarter, Treasury Stock shares at Jul. 03, 2021 83.0       83.0        
Balance at end of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Jul. 03, 2021 $ 132           132    
Balance at beginning of quarter, Common Stock Shares at Apr. 03, 2021               70.0 378.0
Balance at beginning of quarter, Shareholders' Equity Attributable to Tyson at Apr. 03, 2021   4,443 15,716 (150) $ (4,123)     $ 7 $ 38
Balance at beginning of quarter, Treasury Stock shares at Apr. 03, 2021         83.0        
Balance at beginning of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Apr. 03, 2021             139    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Stock-based compensation   26     $ 11        
Adjustments to Additional Paid in Capital, Other   (5)              
Net income attributable to Tyson 749   749            
Dividends     (160)         $ (28) $ (132)
Other comprehensive income (loss) 25     25          
Purchase of Class A common stock, shares         0.0       0.2
Purchase of Class A common stock         $ (16)        
Stock-based compensation, shares         0.0        
Net income attributable to noncontrolling interests 4           (4)    
Adjustments to Noncontrolling Interest, Other             (11)    
Balance at end of quarter, Common Stock Shares at Jul. 03, 2021               70.0 378.0
Balance at end of quarter, Shareholders' Equity Attributable to Tyson at Jul. 03, 2021 $ 16,561 $ 4,464 $ 16,305 $ (125) $ (4,128) $ 16,561   $ 7 $ 38
Balance at end of quarter, Treasury Stock shares at Jul. 03, 2021 83.0       83.0        
Balance at end of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Jul. 03, 2021 $ 132           $ 132    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Balance at end of quarter, Total Shareholders' Equity $ 16,693                
v3.21.2
Consolidated Condensed Statements Of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Cash Flows From Operating Activities:    
Net Income $ 1,702 $ 1,414
Depreciation and amortization 906 876
Deferred income taxes (3) 12
Other, net 72 (7)
Net changes in operating assets and liabilities (21) 413
Cash Provided by Operating Activities 2,656 2,708
Cash Flows From Investing Activities:    
Additions to property, plant and equipment (859) (907)
Purchases of marketable securities (57) (59)
Proceeds from sale of marketable securities 55 41
Proceeds from sale of business 0 29
Payments to Acquire Equity Method Investments (44) (183)
Other, net 122 (64)
Cash Used for Investing Activities (783) (1,143)
Cash Flows From Financing Activities:    
Proceeds from issuance of debt 573 1,589
Repayments of Debt and Lease Obligation 1,608 485
Borrowings on revolving credit facility 0 1,210
Repayments of Long-term Lines of Credit 0 1,280
Proceeds from issuance of commercial paper 0 14,318
Repayments of commercial paper 0 (15,317)
Dividends (477) (451)
Stock options exercised 33 29
Other, net (13) (7)
Cash Used for Financing Activities (1,542) (594)
Effect of Exchange Rate Changes on Cash 11 (8)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 342 963
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 1,808 1,447
Restricted Cash 195 82
Cash and cash equivalents 1,613 1,365
Class A [Member]    
Cash Flows From Financing Activities:    
Purchases of Tyson Class A common stock (50) (200)
Payments for Repurchase of Common Stock $ 50 $ 200
v3.21.2
Other Comprehensive Income (Loss)
 9 Months Ended
Jul. 03, 2021
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 EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
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 $3 $(1)$2 
(Gain) loss reclassified to cost of sales— — — 7 (2)5 1 — 1 14 (3)11 
Unrealized gain (loss)— — — (8)3 (5)— — — (20)6 (14)
Investments:
Unrealized gain (loss)— — — 1 — 1 (1)— (1)1 — 1 
Currency translation:
Translation adjustment25 — 25 10 — 10 51 — 51 (60)1 (59)
Postretirement benefits:
Unrealized gain (loss)1 (1)— 1 — 1 3 (1)2 2 — 2 
Pension settlement reclassified to other (income) expense— — — — — — — — — (58)15 (43)
Total other comprehensive income (loss)$26 $(1)$25 $12 $1 $13 $55 $(1)$54 $(118)$18 $(100)
v3.21.2
Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Jul. 03, 2021
Statement of Comprehensive Income [Abstract]  
Components Of Other Comprehensive Income (Loss)
The before and after-tax changes in the components of other comprehensive income (loss) are as follows (in millions):
Three Months EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Before TaxTaxAfter TaxBefore TaxTaxAfter TaxBefore TaxTaxAfter TaxBefore TaxTaxAfter Tax
Derivatives accounted for as cash flow hedges:
(Gain) loss reclassified to interest expense$— $— $— $1 $— $1 $1 $— $1 $3 $(1)$2 
(Gain) loss reclassified to cost of sales— — — 7 (2)5 1 — 1 14 (3)11 
Unrealized gain (loss)— — — (8)3 (5)— — — (20)6 (14)
Investments:
Unrealized gain (loss)— — — 1 — 1 (1)— (1)1 — 1 
Currency translation:
Translation adjustment25 — 25 10 — 10 51 — 51 (60)1 (59)
Postretirement benefits:
Unrealized gain (loss)1 (1)— 1 — 1 3 (1)2 2 — 2 
Pension settlement reclassified to other (income) expense— — — — — — — — — (58)15 (43)
Total other comprehensive income (loss)$26 $(1)$25 $12 $1 $13 $55 $(1)$54 $(118)$18 $(100)
v3.21.2
Other Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Jul. 03, 2021
Jun. 27, 2020
Other Comprehensive Income Loss [Line Items]        
Total Other Comprehensive Income (Loss), Before Tax $ 26 $ 12 $ 55 $ (118)
Total Other Comprehensive Income (Loss), Tax (1) 1 (1) 18
Total Other Comprehensive Income (Loss), Net of Taxes 25 13 54 (100)
Derivatives accounted for as cash flow hedges:        
Other Comprehensive Income Loss [Line Items]        
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax 0 (8) 0 (20)
Other Comprehensive Income (Loss), Before Reclassifications, Tax 0 3 0 6
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax 0 (5) 0 (14)
Derivatives accounted for as cash flow hedges: | Interest Expense [Member]        
Other Comprehensive Income Loss [Line Items]        
Reclassification from Accumulated Other Comprehensive Income, Before Tax 0 1 1 3
Reclassification from AOCI, Current Period, Tax 0 0 0 (1)
Reclassification from Accumulated Other Comprehensive Income, Net of Tax 0 1 1 2
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 7 1 14
Reclassification from AOCI, Current Period, Tax 0 (2) 0 (3)
Reclassification from Accumulated Other Comprehensive Income, Net of Tax 0 5 1 11
Investments:        
Other Comprehensive Income Loss [Line Items]        
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax 0 1 (1) 1
Other Comprehensive Income (Loss), Before Reclassifications, Tax 0 0 0 0
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax 0 1 (1) 1
Currency translation:        
Other Comprehensive Income Loss [Line Items]        
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax 25 10 51 (60)
Other Comprehensive Income (Loss), Before Reclassifications, Tax 0 0 0 1
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax 25 10 51 (59)
Postretirement benefits:        
Other Comprehensive Income Loss [Line Items]        
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax 1 1 3 2
Other Comprehensive Income (Loss), Before Reclassifications, Tax (1) 0 (1) 0
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax 0 1 2 2
Postretirement benefits: | Other income/expense        
Other Comprehensive Income Loss [Line Items]        
Reclassification from Accumulated Other Comprehensive Income, Before Tax 0 0 0 (58)
Reclassification from AOCI, Current Period, Tax 0 0 0 15
Reclassification from Accumulated Other Comprehensive Income, Net of Tax $ 0 $ 0 $ 0 $ (43)
v3.21.2
Accounting Policies
 9 Months Ended
Jul. 03, 2021
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 3, 2020, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on February 11, 2021 (the “10-K/A”). 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 July 3, 2021, and the results of operations for the three and nine months ended July 3, 2021, and June 27, 2020. 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.
Revision of Previously Issued Unaudited Consolidated Condensed Financial Statements
As previously disclosed in the 10-K/A, during the first quarter of fiscal 2021, the Company discovered information that led to an internal investigation relating to one of its cattle suppliers and determined that this supplier made misrepresentations regarding the number of cattle the supplier purchased on behalf of the Company’s Beef segment. Based upon its investigation, the Company determined that the misappropriation of Company funds by the supplier caused the Company to overstate live cattle inventory for fiscal years and interim periods from 2017 through 2020. The resulting loss to the Company and related inventory misstatement was isolated to the Beef segment and was attributable solely to this cattle supplier. Although the Company evaluated the materiality of the misstatements and concluded that the misstatements did not have a material impact on the previously issued annual or interim financial statements, the Company revised its previously issued 2020, 2019 and 2018 annual financial statements to correct for such misstatements as set forth in the 10-K/A. In connection with the filing of this Quarterly Report on Form 10-Q, the Company has revised the accompanying consolidated condensed interim financial statements as of and for the three and nine months ended June 27, 2020 to correct for the impact of the misstatements. The applicable notes to the accompanying financials have also been corrected to reflect the impact of the revisions of the previously filed consolidated condensed interim financial statements.
The following tables represent revisions to our consolidated condensed financial information for the periods ended June 27, 2020:
Third Quarterin millions, except per share data
Three months ended June 27, 2020Nine months ended June 27, 2020
As originally reportedAdjustmentsAs revisedAs originally reportedAdjustmentsAs revised
Consolidated Statements of Income:
Selling, General and Administrative$538 $2 $540 $1,672 $56 $1,728 
Operating Income775 (2)$773 2,102 (56)2,046 
Income before Income Taxes667 (2)$665 1,883 (56)1,827 
Income Tax Expense (Benefit)140 (1)$139 428 (15)413 
Net Income527 (1)$526 1,455 (41)1,414 
Net Income Attributable to Tyson527 (1)$526 1,448 (41)1,407 
Net Income Per Share Attributable to Tyson
Class A Basic$1.48 $— $1.48 $4.07 $(0.11)$3.96 
Class B Basic$1.33 $— $1.33 $3.65 $(0.10)$3.55 
Diluted$1.44 $— $1.44 $3.96 $(0.11)$3.85 
Consolidated Statements of Comprehensive Income:
Net Income$527 $(1)$526 $1,455 $(41)$1,414 
Comprehensive Income540 (1)539 1,355 (41)1,314 
Comprehensive Income Attributable to Tyson540 (1)539 1,348 (41)1,307 
As of June 27, 2020
As originally reportedAdjustmentsAs revised
Consolidated Balance Sheet:
Inventories$3,915 $(235)$3,680 
Total Current Assets7,699 (235)7,464 
Total Assets34,558 (235)34,323 
Deferred Income Taxes2,370 (62)2,308 
Retained Earnings(a)
14,769 (173)14,596 
Total Tyson Shareholders' Equity14,858 (173)14,685 
Total Shareholders' Equity15,004 (173)14,831 
Total Liabilities and Shareholders' Equity34,558 (235)34,323 
Nine months ended June 27, 2020
As originally reportedAdjustmentsAs revised
Consolidated Statement of Cash Flows:
Net Income$1,455 $(41)$1,414 
Deferred income taxes27 (15)12 
Net changes in operating assets and liabilities357 56 413 
(a) The adjustment to retained earnings includes an impact of $132 million related to misstatements that originated prior to fiscal 2020.
Recently Issued Accounting Pronouncements
In August 2020, the Financial Accounting Standards Board (“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 are currently evaluating the impact this guidance will have on our consolidated financial statements.
In March 2020, the 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 21, 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.
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. Early adoption is permitted for periods for which financial statements have not yet been issued, beginning our fiscal 2020. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. The application of the guidance requires various transition methods depending on the specific amendment. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Changes in Accounting Principles
In June 2016, the FASB issued guidance that provides more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2019, our fiscal 2021. For available-for-sale debt securities previously impaired, the amendments should be applied prospectively; otherwise, the modified-retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2021 using the modified retrospective transition method. Prior periods were not adjusted and, based on our implementation assessment, no cumulative-effect adjustment was made to the opening balance of retained earnings. The adoption of this standard did not have a material impact on our consolidated financial statements. For further description of our policy for available-for-sale debt securities, refer to Note 12: Fair Value Measurements.
v3.21.2
Acquisitions and Dispositions
 9 Months Ended
Jul. 03, 2021
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
In the second quarter of fiscal 2021, we initiated a plan to sell our pet treats business, which is included in our Prepared Foods segment. In the third quarter of fiscal 2021, we entered into a definitive agreement to sell the business for $1.2 billion in cash, subject to certain adjustments. The business had a net carrying value of approximately $411 million as of July 3, 2021, which included approximately $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 is not deductible for tax purposes. We have reclassified the assets and liabilities held for sale related to this business to Other current assets and Other current liabilities in our Consolidated Condensed Balance Sheet as of July 3, 2021. The transaction closed on July 6, 2021 and we anticipate recognizing a gain from the sale of this business in the fourth quarter of fiscal 2021. 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.
v3.21.2
Inventories
 9 Months Ended
Jul. 03, 2021
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 July 3, 2021, 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 3, 2020.
The following table reflects the major components of inventory (in millions):
July 3, 2021October 3, 2020
Processed products$2,301 $2,223 
Livestock1,225 977 
Supplies and other736 659 
Total inventory$4,262 $3,859 
v3.21.2
Property, Plant And Equipment
 9 Months Ended
Jul. 03, 2021
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): 
July 3, 2021October 3, 2020
Land$208 $196 
Buildings and leasehold improvements5,195 4,961 
Machinery and equipment9,376 9,013 
Land improvements and other446 420 
Buildings and equipment under construction1,058 991 
16,283 15,581 
Less accumulated depreciation8,558 7,985 
Net Property, Plant and Equipment$7,725 $7,596 
v3.21.2
Restructuring and Related Charges
 3 Months Ended
Jul. 03, 2021
Restructuring and Related Activities [Abstract]  
Restructuring and Related Charges RESTRUCTURING AND RELATED CHARGES
In the first quarter of fiscal 2020, the Company approved a restructuring program (the “2020 Program”), which is expected to contribute to the Company’s overall strategy of financial fitness through the elimination of overhead and consolidation of certain enterprise functions. We recognized $60 million of cumulative pretax charges in fiscal 2020 associated with the 2020 Program consisting of severance and employee related costs. As part of the 2020 Program, we are eliminating positions across several areas and job levels, with eliminated positions originating from the corporate offices in Springdale, Arkansas, and Chicago, Illinois, as well as certain production facility and supply chain administrative positions. The majority of the positions have already been or are expected to be eliminated by the end of fiscal 2021. We do not anticipate future costs of the 2020 Program to be significant.
For the three and nine months ended July 3, 2021, we did not incur restructuring and related charges. For the three months ended June 27, 2020, we did not incur significant restructuring and related charges. For the nine months ended June 27, 2020, we recognized restructuring and related charges of $54 million, primarily consisting of severance and employee related costs and technology related costs, of which $5 million was recorded in Cost of Sales and $49 million was recorded in Selling, General and Administrative in our Consolidated Condensed Statements of Income.
Our restructuring liability was $8 million at July 3, 2021 and $37 million at October 3, 2020. The change in the restructuring liability was due to reductions of $29 million, primarily consisting of payments, during the nine months ended July 3, 2021.
v3.21.2
Other Current Liabilities
 9 Months Ended
Jul. 03, 2021
Other Liabilities, Current [Abstract]  
Other Current Liabilities OTHER CURRENT LIABILITIES
Other current liabilities are as follows (in millions):
July 3, 2021October 3, 2020
Accrued salaries, wages and benefits$850 $823 
Taxes payable320 152 
Accrued current legal contingencies (a)652 18 
Other846 817 
Total other current liabilities$2,668 $1,810 
(a) As of July 3, 2021, $184 million of funds held in an escrow account for litigation settlements was included as restricted cash within Other current assets in the Consolidated Condensed Balance Sheets. As of October 3, 2020, no restricted cash was included within Other current assets in the Consolidated Condensed Balance Sheets.
v3.21.2
Debt
 9 Months Ended
Jul. 03, 2021
Debt Instruments [Abstract]  
Debt DEBT
The major components of debt are as follows (in millions):
July 3, 2021October 3, 2020
Revolving credit facility$— $— 
Commercial paper— — 
Senior notes:
2.25% Notes due August 2021500 500 
4.50% Senior notes due June 20221,000 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(42)(45)
Term loans:
Term loan facility due March 2022 — 1,500 
Term loan facility due March 2023 (0.90% at 7/3/2021)500 — 
Other218 216 
Unamortized debt issuance costs(52)(60)
Total debt10,352 11,339 
Less current debt1,566 548 
Total long-term debt$8,786 $10,791 
Revolving Credit Facility and Letters of Credit
We have a $1.75 billion revolving credit facility that supports short-term funding needs and serves as a backstop to our short-term promissory notes program (“commercial paper program”). The facility will mature and the commitments thereunder will terminate in March 2023. At July 3, 2021, amounts available for borrowing under this facility totaled $1.75 billion and we had no borrowings and no outstanding letters of credit issued under this facility. At July 3, 2021, we had $100 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 leasing and 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 up to an aggregate maximum principal amount of $1 billion. As of July 3, 2021, we had no commercial paper outstanding. Our ability to access commercial paper in the future may be limited or its costs increased.
Term Loans
On March 27, 2020, we executed a $1.5 billion term loan facility to refinance our commercial paper, repay outstanding balances under our revolving credit facility and for general liquidity purposes. In February 2021, we repaid $750 million of the $1.5 billion outstanding. On March 22, 2021, we executed a new $500 million term loan facility due March 2023. The Company used the proceeds of the new term loan, together with $250 million in cash on hand, to repay in full the remaining $750 million outstanding under the Company's existing $1.5 billion term loan facility due March 2022. The new term loan facility expires on March 22, 2023. Additionally, the term loan facility contains covenants that are similar to those contained in the revolving credit facility.
August 2021 Notes
On July 23, 2021, subsequent to the end of our third quarter of fiscal 2021, we redeemed all of our 2.25% Senior Notes due August 2021 using cash on hand at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest as of the redemption date. At July 3, 2021, the outstanding principal amount was $500 million.
Debt Covenants
Our revolving credit and term loan facilities contain 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 minimum interest expense coverage and maximum debt-to-capitalization ratios.
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 July 3, 2021.
v3.21.2
Equity
 9 Months Ended
Jul. 03, 2021
Equity [Abstract]  
Equity EQUITY
Share Repurchases
As of July 3, 2021, 18.9 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 EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
SharesDollarsSharesDollarsSharesDollarsSharesDollars
Shares repurchased:
Under share repurchase program— $— — $— — $— 1.8 $150 
To fund certain obligations under equity compensation plans0.2 16 0.1 4 0.7 50 0.6 50 
Total share repurchases0.2 $16 0.1 $4 0.7 $50 2.4 $200 
v3.21.2
Income Taxes
 9 Months Ended
Jul. 03, 2021
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Our effective tax rate was 22.1% and 20.9% for the third quarter of fiscal 2021 and 2020, respectively and 22.9% and 22.6% for the first nine months of fiscal 2021 and 2020, respectively. The effective tax rates for the third quarter and first nine months of fiscal 2021 and 2020 were increased by state taxes and decreased by various tax benefits.
Unrecognized tax benefits were $171 million and $165 million at July 3, 2021 and October 3, 2020, respectively. We do not expect material changes to our unrecognized tax benefits during the next twelve months.
v3.21.2
Earnings Per Share
 9 Months Ended
Jul. 03, 2021
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 EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Numerator:
Net income$753 $526 $1,702 $1,414 
Less: Net income attributable to noncontrolling interests4 — 10 7 
Net income attributable to Tyson749 526 1,692 1,407 
Less dividends declared:
Class A 132 124 401 385 
Class B 28 27 86 82 
Undistributed earnings$589 $375 $1,205 $940 
Class A undistributed earnings$485 $309 $992 $774 
Class B undistributed earnings104 66 213 166 
Total undistributed earnings$589 $375 $1,205 $940 
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares293 292 293 293 
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 2 3 
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions366 364 365 366 
Net income per share attributable to Tyson:
Class A basic$2.11 $1.48 $4.76 $3.96 
Class B basic$1.89 $1.33 $4.27 $3.55 
Diluted$2.05 $1.44 $4.63 $3.85 
Dividends Declared Per Share:
Class A$0.445 $0.420 $1.360 $1.305 
Class B$0.400 $0.378 $1.224 $1.175 
Approximately 2 million and 4 million of our stock-based compensation shares were antidilutive for the three and nine months ended July 3, 2021. Approximately 4 million and 3 million of our stock-based compensation shares were antidilutive for the three and nine months ended June 27, 2020, respectively. 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.
v3.21.2
Derivative Financial Instruments
 9 Months Ended
Jul. 03, 2021
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 July 3, 2021.
We had the following net aggregated outstanding notional amounts related to our derivative financial instruments:
in millions, except soybean meal tonsMetricJuly 3, 2021October 3, 2020
Commodity:
CornBushels32 43 
Soybean MealTons767,133 428,300 
Live CattlePounds337 234 
Lean HogsPounds378 283 
Foreign CurrencyUnited States dollar$117 $536 
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 July 3, 2021, we had $15 million of realized losses related to treasury rate locks in connection with the issuance of the 2026, 2029 and 2048 Notes, which will be reclassified to earnings over the lives of these notes. During the nine months ended July 3, 2021 and June 27, 2020, we did not reclassify significant pretax gains or losses into earnings as a result of the discontinuance of cash flow hedges. The following table sets forth the pretax impact of cash flow hedge and derivative instruments recognized in Other Comprehensive Income (in millions):
Gain (Loss) Recognized in OCI
On Derivatives		Three Months EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Cash flow hedge – derivatives designated as hedging instruments:
Commodity contracts$— $(7)$— $(18)
Interest rate hedges— (1)— (2)
Total$— $(8)$— $(20)
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 nine months ended July 3, 2021, and June 27, 2020. The following table sets forth the carrying amount of fair value hedge (assets) liabilities as of July 3, 2021 and October 3, 2020 (in millions):
Consolidated Condensed Balance Sheets ClassificationJuly 3, 2021October 3, 2020
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 Classification		Three Months EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Cost of Sales$10,858 $8,709 $30,188 $27,951 
Interest Expense105 122 325 361 
Other, net(7)(11)(38)(133)
The following table sets forth the pretax impact of the cash flow, fair value and undesignated derivative instruments in the Consolidated Condensed Statements of Income (in millions):
Consolidated Condensed
Statements of Income Classification		Three Months EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Cost of SalesGain (Loss) on cash flow hedges reclassified from OCI to Earnings:
Commodity contracts$— $(7)$(1)$(14)
Gain (Loss) on fair value hedges:
Commodity contracts (a) (25)69 (40)116 
Gain (Loss) on derivatives not designated as hedging instruments:
Commodity contracts66 (74)162 (171)
Total$41 $(12)$121 $(69)
Interest ExpenseGain (Loss) on cash flow hedges reclassified from OCI to Earnings:
Interest rate contracts$— $(1)$(1)$(3)
Other, netGain (Loss) on derivatives not designated as hedging instruments:
Foreign exchange contracts$(3)$(4)$(2)$(3)
(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 12: Fair Value Measurements.
v3.21.2
Fair Value Measurements
 9 Months Ended
Jul. 03, 2021
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): 
July 3, 2021Level 1Level 2Level 3Netting (a)Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges$— $5 $— $(3)$2 
Undesignated — 295 — (173)122 
Other Assets:
Available-for-sale securities:
Non-current— 59 49 — 108 
Deferred compensation assets14 399 — — 413 
Total assets$14 $758 $49 $(176)$645 
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges$— $28 $— $(28)$— 
Undesignated — 186 — (165)21 
Total liabilities$— $214 $— $(193)$21 
October 3, 2020Level 1Level 2Level 3Netting (a)Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges$— $4 $— $(2)$2 
Undesignated — 96 — (51)45 
Other Assets:
Available-for-sale securities:
Non-current— 55 53 — 108 
Deferred compensation assets19 336 — — 355 
Total assets$19 $491 $53 $(53)$510 
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges$— $10 $— $(10)$— 
Undesignated — 74 — (59)15 
Total liabilities$— $84 $— $(69)$15 
(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 July 3, 2021, and October 3, 2020, we had $17 million and $16 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): 
Nine Months Ended
July 3, 2021June 27, 2020
Balance at beginning of year$53 $52 
Total realized and unrealized gains (losses):
Included in other comprehensive income (loss)(1)— 
Purchases17 8 
Issuances— — 
Settlements(20)(12)
Balance at end of period$49 $48 
Total gains (losses) for the nine month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period$— $— 
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 11: 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 40 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):
July 3, 2021October 3, 2020
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$59 $59 $— $55 $55 $— 
Corporate and asset-backed48 49 1 51 53 2 
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 nine months ended July 3, 2021, and June 27, 2020.
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. 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 nine months ended July 3, 2021, and June 27, 2020.
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):
July 3, 2021October 3, 2020
Fair ValueCarrying ValueFair ValueCarrying Value
Total debt$11,838 $10,352 $12,982 $11,339 
v3.21.2
Pension and Other Postretirement Benefit Plans
 9 Months Ended
Jul. 03, 2021
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Plans PENSIONS AND OTHER POSTRETIREMENT BENEFIT PLANS
The components of the net periodic cost for the pension and postretirement benefit plans for the three and nine months ended July 3, 2021 and June 27, 2020 are as follows (in millions):
Pension Plans
Three Months EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Service cost$— $— $— $— 
Interest cost2 2 5 19 
Expected return on plan assets— — — (15)
Amortization of:
Net actuarial loss1 1 3 3 
Prior service cost1 1 1 1 
Settlement (gain) loss— (6)— (112)
Net periodic cost (credit)$4 $(2)$9 $(104)
Postretirement Benefit Plans
Three Months EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Interest cost$— $1 $— $1 
Amortization of prior service cost (credit)— — (1)(1)
Net periodic cost (credit)$— $1 $(1)$— 
Net periodic benefit cost, excluding the service cost component, was recorded in the Consolidated Condensed Statements of Income in Other, net.
During the second quarter of fiscal 2020, we recognized a one-time gain of $110 million related to the termination of two qualified pension plans and one multi-employer pension plan and recorded the amount in the Consolidated Condensed Statements of Income in Other, net. During the third quarter of fiscal 2020, we recognized an additional pretax gain of $6 million related to the termination of these pension plans and recorded the amount in the Consolidated Condensed Statements of Income in Other, net. The settlements of the two qualified plans through purchased annuities did not require any significant contributions. The plans have no remaining benefit obligation.
v3.21.2
Segment Reporting
 9 Months Ended
Jul. 03, 2021
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 EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Sales:
Beef$4,954 $3,653 $12,987 $11,470 
Pork1,715 1,115 4,631 3,760 
Chicken3,476 3,112 9,860 9,801 
Prepared Foods2,323 2,035 6,600 6,255 
International/Other488 402 1,444 1,365 
Intersegment(478)(295)(1,284)(926)
Total sales$12,478 $10,022 $34,238 $31,725 
Three Months EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Operating income (loss):
Beef(a)
$1,120 $649 $2,093 $1,114 
Pork67 107 250 391 
Chicken(b)
(279)(120)(489)36 
Prepared Foods150 145 633 494 
International/Other(c)
4 (8)— 11 
Total operating income1,062 773 2,487 2,046 
Total other expense96 108 281 219 
Income before income taxes$966 $665 $2,206 $1,827 
(a) Beef segment results for the nine months ended July 3, 2021 included a $55 million gain from the recovery of cattle inventory from a cattle supplier that misappropriated Company funds as compared to results for the three and nine months ended June 27, 2020, which included a $2 million loss and $56 million loss, respectively, as further described in Note 1: Accounting Policies.
(b) Chicken segment results for the three and nine months ended July 3, 2021 included charges of $306 million and $626 million, respectively, related to the recognition of legal contingency accruals, of which $225 million and $545 million, respectively, was recorded as a reduction to Sales pursuant to FASB guidance related to accounting for revenue from contracts with customers and $81 million was recorded as an increase to Cost of Sales in the three and nine months ended July 3, 2021.
(c) International/Other results included a $4 million loss and a $23 million loss related to the relocation of a production facility in China for the three and nine months ended July 3, 2021, respectively.
The following tables further disaggregate our sales to customers by major distribution channels (in millions):
Three months ended July 3, 2021
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$2,365 $1,264 $704 $491 $130 $4,954 
Pork500 141 324 419 331 1,715 
Chicken1,500 1,492 197 270 17 3,476 
Prepared Foods1,359 877 37 50 — 2,323 
International/Other— — 488 — — 488 
Intersegment— — — — (478)(478)
Total$5,724 $3,774 $1,750 $1,230 $— $12,478 
Three months ended June 27, 2020
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$2,192 $650 $444 $279 $88 $3,653 
Pork408 85 214 215 193 1,115 
Chicken1,481 1,046 151 420 14 3,112 
Prepared Foods1,322 651 24 38 — 2,035 
International/Other— — 402 — — 402 
Intersegment— — — — (295)(295)
Total$5,403 $2,432 $1,235 $952 $— $10,022 
Nine months ended July 3, 2021
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$6,535 $3,030 $1,915 $1,182 $325 $12,987 
Pork1,342 334 913 1,122 920 4,631 
Chicken4,512 4,033 515 761 39 9,860 
Prepared Foods3,968 2,404 98 130 — 6,600 
International/Other— — 1,444 — — 1,444 
Intersegment— — — — (1,284)(1,284)
Total$16,357 $9,801 $4,885 $3,195 $— $34,238 
Nine months ended June 27, 2020
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$5,956 $2,699 $1,563 $967 $285 $11,470 
Pork1,191 301 768 900 600 3,760 
Chicken4,420 3,592 479 1,269 41 9,801 
Prepared Foods3,758 2,275 95 127 — 6,255 
International/Other— — 1,365 — — 1,365 
Intersegment— — — — (926)(926)
Total$15,325 $8,867 $4,270 $3,263 $— $31,725 
(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 three and nine months ended July 3, 2021, the Chicken segment included a $225 million and $545 million reduction in Other, respectively, due to the recognition of legal contingency accruals.
v3.21.2
Commitments And Contingencies
 9 Months Ended
Jul. 03, 2021
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 10 years, and the maximum potential amount of future payments as of July 3, 2021, was not significant. The likelihood of material payments under these guarantees is not considered probable. At July 3, 2021 and October 3, 2020, 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 July 3, 2021 was approximately $315 million. The total receivables under these programs were $9 million and $29 million at July 3, 2021 and October 3, 2020, respectively. 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 July 3, 2021, and October 3, 2020.
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, and totaled $11 million and $46 million at July 3, 2021 and October 3, 2020, respectively. 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 July 3, 2021, the total amount under these types of arrangements totaled $609 million.
Contingencies
In the normal course of business, we are involved in various claims and legal proceedings. Each quarter, we assess the likelihood of adverse judgments or outcomes to those matters, as well as ranges of probable losses, to the extent losses are reasonably estimable. We record accruals in the Company's Consolidated Financial Statements for matters to the extent that we conclude a loss is probable and the financial impact, should an adverse outcome occur, is reasonably estimable. Additionally, for matters in which losses are reasonably possible, no reasonable estimate of the possible loss or range of loss in excess of amounts accrued, if any, can be made because, among other reasons: (i) the proceedings are in preliminary stages; (ii) specific damages have not been sought; (iii) damage claims are unsupported and/or unreasonable; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; or (vi) novel legal issues or unsettled legal theories are being asserted. In our opinion, we have made appropriate and adequate accruals for these matters. Regardless of the manner of resolution, frequently the most significant changes in the status of a matter 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 and/or our subsidiaries for which the potential exposure is considered material to the Company’s Consolidated Financial Statements. We believe we have substantial defenses to the claims made and intend to vigorously defend these matters.
On September 2, 2016, Maplevale Farms, Inc., acting on its own behalf and on behalf of a putative class of direct purchasers of poultry products, filed a class action complaint against us and certain of our poultry subsidiaries, as well as several other poultry processing companies, in the Northern District of Illinois. Subsequent to the filing of this initial complaint, additional lawsuits making similar claims on behalf of putative classes of direct and indirect purchasers were filed in the United States District Court for the Northern District of Illinois. The court consolidated the complaints, for pre-trial purposes, into actions on behalf of three different putative classes: direct purchasers, indirect purchasers/consumers and commercial/institutional indirect purchasers. The consolidated actions are styled In re Broiler Chicken Antitrust Litigation (the “Broiler Antitrust Civil Litigation”). 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. All opt out complaints have been filed in, or transferred to, the Northern District of Illinois and are proceeding on a coordinated pre-trial basis with the consolidated actions. The operative complaints, which have been amended throughout the litigation, allege, among other things, 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 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 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. The parties have briefed the issue of class certification, and if necessary, trial is expected to occur in calendar 2023 after rulings on class certification and summary judgment motions. On April 26, 2019, the plaintiffs notified us that the U.S. Department of Justice (“DOJ”) Antitrust Division issued a grand jury subpoena to them requesting discovery produced by all parties in the civil case. On June 21, 2019, the DOJ filed a motion to intervene and sought a limited stay of discovery in the civil action, 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 additional indictments, bringing charges against additional individuals, as well as poultry processing companies, and alleging a conspiracy to fix prices and rig bids for broiler chicken products from at least 2012 until at least early 2019. Plaintiffs in the civil action filed complaints or motions that expressly referenced the conduct in the DOJ’s indictments and argued that bid-rigging conduct was encompassed by prior complaints. On September 22, 2020, the court ruled that bid-rigging claims would be consolidated into the existing action but bifurcated from the original supply reduction and Georgia Dock claims. The original claims will proceed on their current schedule and the bid-rigging claims, including any related discovery, are stayed until the supply reduction and Georgia Dock claims are resolved.
On January 19, 2021, we announced that we had reached agreement to settle all 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 have 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 and March 22, 2021, the Court granted preliminary approval of the settlements with the putative Direct Purchaser Plaintiff Class and the putative End-User Plaintiff Class, respectively. On June 29, 2021, the Court granted final approval to the settlement with the Direct Purchaser Plaintiff Class. The settlement with the putative Commercial and Institutional Indirect Purchaser Plaintiff Class remains subject to court approval. The foregoing settlements do not settle claims made by plaintiffs who opt out of the Classes in the Broiler Antitrust Civil Litigation. In the first quarter of fiscal 2021, the Company recorded an aggregate legal contingency accrual of $320 million for the above-referenced settlements and to resolve the remaining claims brought by opt-out plaintiffs.
For the third quarter of fiscal 2021, the Company accrued an additional $225 million for the estimated costs to resolve the remaining claims brought by opt-out plaintiffs, bringing the total recorded legal contingency accrual for claims related to this matter to $545 million, which amount includes our existing settlements. This amount reflects an adjustment to our estimate of the probable losses with respect to claims in the Broiler Antitrust Civil Litigation and bid-rigging claims of potentially affected parties identified by the DOJ in the indictments noted above. 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 in order to avoid the uncertainty, risk, expense and distraction of protracted litigation.
On September 1, 2020, the Office of the Attorney General of the State of New Mexico filed a complaint 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”), in Santa Fe County, New Mexico. The complaint alleges violations of New Mexico’s antitrust, unfair trade practice, and unjust enrichment laws based on allegations of conspiracies to manipulate the Georgia Dock, exchange information and reduce the supply of broiler chickens. On February 1, 2021, we and our poultry subsidiaries, as well as the majority of the other defendants, filed answers to this complaint. We are currently waiting for discovery to commence.
On February 22, 2021, the Office of the Attorney General of the State of Alaska filed a complaint against us and certain of our poultry subsidiaries, as well as several other poultry processing companies and Agri Stats, in Anchorage, Alaska. The complaint alleges violations of Alaska’s antitrust, consumer protection, and unjust enrichment laws based on allegations of conspiracies to manipulate the Georgia Dock, exchange information and reduce the supply of broiler chickens.
On March 1, 2017, we received a civil investigative demand (“CID”) from the Office of the Attorney General, Department of Legal Affairs, of the State of Florida. The Florida CID requests information primarily related to possible anticompetitive conduct in connection with the Georgia Dock. We have been cooperating with the Florida Attorney General’s office. In July 2019, the Attorney General issued a subpoena to the In re Broiler Chicken Antitrust Litigation plaintiffs requesting all information provided to the DOJ.
On August 18, 2019, we were advised that the In re Broiler Chicken Antitrust Litigation plaintiffs had received a CID from the Louisiana Department of Justice Office of the Attorney General Public Protection Division. The Louisiana CID requests all deposition transcripts related to the In re Broiler Chicken Antitrust Litigation.
In February and May of 2021, we received CIDs from the Office of the Attorney General of the State of Louisiana. This Louisiana CID requests information primarily related to possible anticompetitive conduct or violations of state consumer protection laws in connection with the broiler chicken market. We have been cooperating with the Louisiana Attorney General’s office.
On August 6, 2020, we received a CID from the Office of the Attorney General of the State of Washington. The Washington CID requests information primarily related to possible anticompetitive conduct or violations of state consumer protection laws in connection with the broiler chicken market. We have been cooperating with the Washington Attorney General’s office.
On January 27, 2017, Haff Poultry, Inc., Craig Watts, Johnny Upchurch, Jonathan Walters and Brad Carr, acting on behalf of themselves and a putative class of broiler chicken farmers, filed a class action complaint 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. On March 27, 2017, a second class action complaint making similar claims on behalf of a similarly defined putative class was filed in the United States District Court for the Eastern District of Oklahoma. Plaintiffs in the two cases sought to have the matters consolidated, and, on July 10, 2017, filed a consolidated amended complaint 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. We and the other defendants filed a motion to dismiss on September 8, 2017, and that motion was denied on January 6, 2020. Additional named plaintiffs filed similar class action complaints in federal district courts in North Carolina, Colorado, Kansas and California. On October 6, 2020, the named plaintiffs in the Oklahoma action filed a motion with the United States Judicial Panel on Multidistrict Litigation (the “JPML”) to transfer and consolidate all actions in the Eastern District of Oklahoma. On December 15, 2020, the JPML granted the plaintiffs’ motion and consolidated all actions 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 for $21 million. The settlement is subject to court approval.
On June 18, 2018, a group of plaintiffs acting on their own behalf and on behalf of a putative class of all persons and entities who indirectly purchased pork filed a class action complaint 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. Subsequent to the filing of the initial complaint, additional lawsuits making similar claims on behalf of putative classes of direct and indirect purchasers were also filed in the same court. The court consolidated the complaints, for pre-trial purposes, into actions on behalf of three different putative classes: direct purchasers, indirect purchasers/consumers and commercial/institutional indirect purchasers. The consolidated actions are styled In re Pork Antitrust Litigation. Since the original filing, putative class members have filed individual direct actions making similar claims, and others may do so in the future. The complaints 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 United States 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. On August 8, 2019, this matter was dismissed without prejudice. The plaintiffs filed amended complaints on November 6, 2019, in which the plaintiffs again have alleged that the defendants conspired and combined to fix, raise, maintain, and stabilize the price of pork and pork products in violation of state and federal antitrust, consumer protection, and unjust enrichment common laws, and the plaintiffs again are seeking treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees on behalf of the putative classes. The Commonwealth of Puerto Rico, on behalf of its citizens, has also initiated a civil lawsuit against us, certain of our subsidiaries, and several other pork processing companies alleging activities in violation of the Puerto Rican antitrust laws. This lawsuit was transferred to the District of Minnesota and an amended complaint was filed on December 6, 2019. We moved to dismiss the amended complaints, and on October 16, 2020, 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 parties are now conducting discovery.
On June 29, 2021, the Office of the Attorney General of the State of New Mexico filed a complaint against us and certain of our pork subsidiaries, as well as several other pork processing companies and Agri Stats, in Santa Fe County, New Mexico. The complaint alleges violations of New Mexico's antitrust, unfair trade practice, and unjust enrichment laws based on allegations of conspiracies to exchange information and manipulate the supply of pork.
On April 23, 2019, a group of plaintiffs, acting on behalf of themselves and on behalf of a putative class of all persons and entities who directly sold to the named defendants any fed cattle for slaughter and all persons who transacted in live cattle futures and/or options traded on the Chicago Mercantile Exchange or another U.S. exchange, filed a class action complaint against us and our beef and pork subsidiary, Tyson Fresh Meats, Inc., 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. This complaint was subsequently voluntarily dismissed and re-filed in the United States District Court for the District of Minnesota. Other similar lawsuits were filed by ranchers in other district courts. All actions seeking relief by ranchers and futures traders have now been transferred to the United States District Court for the District of Minnesota action and are consolidated for pre-trial proceedings as In Re Cattle Antitrust Litigation. Following the filing of defendants’ motion to dismiss this matter, the plaintiffs filed a second amended complaint on October 4, 2019. We moved to dismiss the second amended complaint, which the court granted on September 28, 2020. On December 28, 2020, the plaintiffs filed an amended complaint. On February 18, 2021, we filed a motion to dismiss the plaintiffs’ amended complaints.
On April 26, 2019, a group of plaintiffs, acting on behalf of themselves and on behalf of a putative class of indirect purchasers of beef for personal use 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 plaintiffs filed a first amended complaint in which the claims against Agri Stats were dismissed and subsequently filed a second amended complaint on November 22, 2019. We moved to dismiss the second amended complaint. 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 alleging 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 alleging 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 September 28, 2020, the court granted our motion to dismiss the complaint. On December 28, 2020, the plaintiffs filed amended complaints. On February 18, 2021, we filed a motion to dismiss the plaintiffs’ amended complaints.
On August 30, 2019, Judy Jien, Kieo Jibidi and Elaisa Clement, acting on their own behalf and a putative class of non-supervisory production and maintenance employees at chicken processing plants in the continental United States, filed a class action complaint 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. An additional complaint making similar allegations was also filed by Emily Earnest. 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. The court consolidated the Jien and Earnest cases for coordinated pretrial proceedings. Following the consolidation, two additional lawsuits were filed by individuals making similar allegations, and others may do so in the future. The plaintiffs filed an amended consolidated complaint containing additional allegations concerning turkey processing plants and named additional defendants. We moved to dismiss the amended consolidated complaint. On September 16, 2020, the court dismissed claims against Tyson 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 court granted the plaintiffs leave to file an amended complaint to address the impermissible group pleading. On October 16, 2020, the plaintiffs filed a second amended complaint reasserting their claims. On December 18, 2020, defendants moved to dismiss certain claims in the second amended complaint. On March 10, 2021, the court denied the defendants’ motion. On April 7, 2021, we and the other defendants answered the second amended complaint. For the third quarter of fiscal 2021, the Company recorded an accrual for estimated probable losses that it expects to incur for this matter in the Company’s Consolidated Financial Statements.
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 PHP3,453,664,710 (approximately U.S. $70 million) in damages and fees. The respondents appealed the labor arbiter's ruling, and it was subsequently set aside by the NLRC in December 2006. Subsequent to the NLRC’s decision, the parties filed numerous appeals, motions for reconsideration and petitions for review, certain of which remained outstanding for several years. While various of those appeals, motions and/or petitions were pending, The Hillshire Brands Company, on June 23, 2014, without admitting liability, filed a settlement motion requesting that the Supreme Court of the Philippines order dismissal with prejudice of all claims against it and certain other respondents in exchange for payments allocated by the court among the complainants in an amount not to exceed PHP342,287,800 (approximately U.S. $7 million). Based in part on its finding that the consideration to be paid to the complainants as part of such settlement was insufficient, the Supreme Court of the Philippines denied the respondents’ settlement motion and all motions for reconsideration thereof. The Supreme Court of the Philippines also set aside as premature the NLRC’s December 2006 ruling. As a result, the cases were remanded back before the NLRC to rule on the merits of the case. On December 15, 2016, we learned that the NLRC rendered its decision on November 29, 2016, regarding the respondents’ appeals regarding 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 PHP14,858,495,937 (approximately U.S. $301 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 PHP68,000 (approximately U.S. $1,400). The settlement payment was made on December 21, 2016, to the NLRC, which is responsible for distributing the funds to each settling complainant. On December 27, 2016, the respondents filed motions for reconsideration with the NLRC asking that the award be set aside. The NLRC denied respondents' motions for reconsideration in a resolution received on May 5, 2017 and entered a judgment on the award on July 24, 2017. Each of Aris Philippines, Inc., Sara Lee Corporation and Sara Lee Philippines, Inc. appealed this award and sought an injunction to preclude enforcement of the award to the Philippines Court of Appeals. On November 23, 2017, the Court of Appeals granted a writ of preliminary injunction that precluded execution of the NLRC award during the pendency of the appeal. 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. On November 14, 2018, the Court of Appeals denied claimants’ motions for reconsideration and granted defendants’ motion to release and discharge the preliminary injunction bond. Claimants have since filed petitions for writ of certiorari with the Supreme Court of the Philippines. The Supreme Court has accepted the case for review. We continue to maintain an accrual for this matter.
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.
v3.21.2
Accounting Policies (Policy)
 9 Months Ended
Jul. 03, 2021
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 3, 2020, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on February 11, 2021 (the “10-K/A”). 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 July 3, 2021, and the results of operations for the three and nine months ended July 3, 2021, and June 27, 2020. 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 August 2020, the Financial Accounting Standards Board (“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 are currently evaluating the impact this guidance will have on our consolidated financial statements.
In March 2020, the 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 21, 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.
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. Early adoption is permitted for periods for which financial statements have not yet been issued, beginning our fiscal 2020. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. The application of the guidance requires various transition methods depending on the specific amendment. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Changes in Accounting Principles
Changes in Accounting Principles
In June 2016, the FASB issued guidance that provides more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2019, our fiscal 2021. For available-for-sale debt securities previously impaired, the amendments should be applied prospectively; otherwise, the modified-retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2021 using the modified retrospective transition method. Prior periods were not adjusted and, based on our implementation assessment, no cumulative-effect adjustment was made to the opening balance of retained earnings. The adoption of this standard did not have a material impact on our consolidated financial statements. For further description of our policy for available-for-sale debt securities, refer to Note 12: Fair Value Measurements.
v3.21.2
Inventories (Policy)
 9 Months Ended
Jul. 03, 2021
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.
v3.21.2
Accounting Policies Changes in Accounting Principles (Tables)
 9 Months Ended
Jul. 03, 2021
Accounting Policies [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
The following tables represent revisions to our consolidated condensed financial information for the periods ended June 27, 2020:
Third Quarterin millions, except per share data
Three months ended June 27, 2020Nine months ended June 27, 2020
As originally reportedAdjustmentsAs revisedAs originally reportedAdjustmentsAs revised
Consolidated Statements of Income:
Selling, General and Administrative$538 $2 $540 $1,672 $56 $1,728 
Operating Income775 (2)$773 2,102 (56)2,046 
Income before Income Taxes667 (2)$665 1,883 (56)1,827 
Income Tax Expense (Benefit)140 (1)$139 428 (15)413 
Net Income527 (1)$526 1,455 (41)1,414 
Net Income Attributable to Tyson527 (1)$526 1,448 (41)1,407 
Net Income Per Share Attributable to Tyson
Class A Basic$1.48 $— $1.48 $4.07 $(0.11)$3.96 
Class B Basic$1.33 $— $1.33 $3.65 $(0.10)$3.55 
Diluted$1.44 $— $1.44 $3.96 $(0.11)$3.85 
Consolidated Statements of Comprehensive Income:
Net Income$527 $(1)$526 $1,455 $(41)$1,414 
Comprehensive Income540 (1)539 1,355 (41)1,314 
Comprehensive Income Attributable to Tyson540 (1)539 1,348 (41)1,307 
As of June 27, 2020
As originally reportedAdjustmentsAs revised
Consolidated Balance Sheet:
Inventories$3,915 $(235)$3,680 
Total Current Assets7,699 (235)7,464 
Total Assets34,558 (235)34,323 
Deferred Income Taxes2,370 (62)2,308 
Retained Earnings(a)
14,769 (173)14,596 
Total Tyson Shareholders' Equity14,858 (173)14,685 
Total Shareholders' Equity15,004 (173)14,831 
Total Liabilities and Shareholders' Equity34,558 (235)34,323 
Nine months ended June 27, 2020
As originally reportedAdjustmentsAs revised
Consolidated Statement of Cash Flows:
Net Income$1,455 $(41)$1,414 
Deferred income taxes27 (15)12 
Net changes in operating assets and liabilities357 56 413 
v3.21.2
Inventories (Tables)
 9 Months Ended
Jul. 03, 2021
Inventory Disclosure [Abstract]  
Schedule of Inventory
The following table reflects the major components of inventory (in millions):
July 3, 2021October 3, 2020
Processed products$2,301 $2,223 
Livestock1,225 977 
Supplies and other736 659 
Total inventory$4,262 $3,859 
v3.21.2
Property, Plant And Equipment (Tables)
 9 Months Ended
Jul. 03, 2021
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): 
July 3, 2021October 3, 2020
Land$208 $196 
Buildings and leasehold improvements5,195 4,961 
Machinery and equipment9,376 9,013 
Land improvements and other446 420 
Buildings and equipment under construction1,058 991 
16,283 15,581 
Less accumulated depreciation8,558 7,985 
Net Property, Plant and Equipment$7,725 $7,596 
v3.21.2
Other Current Liabilities (Tables)
 9 Months Ended
Jul. 03, 2021
Other Liabilities, Current [Abstract]  
Schedule Of Other Current Liabilities
Other current liabilities are as follows (in millions):
July 3, 2021October 3, 2020
Accrued salaries, wages and benefits$850 $823 
Taxes payable320 152 
Accrued current legal contingencies (a)652 18 
Other846 817 
Total other current liabilities$2,668 $1,810 
(a) As of July 3, 2021, $184 million of funds held in an escrow account for litigation settlements was included as restricted cash within Other current assets in the Consolidated Condensed Balance Sheets. As of October 3, 2020, no restricted cash was included within Other current assets in the Consolidated Condensed Balance Sheets.
v3.21.2
Debt (Tables)
 9 Months Ended
Jul. 03, 2021
Debt Instruments [Abstract]  
Schedule of Major Components Of Debt
The major components of debt are as follows (in millions):
July 3, 2021October 3, 2020
Revolving credit facility$— $— 
Commercial paper— — 
Senior notes:
2.25% Notes due August 2021500 500 
4.50% Senior notes due June 20221,000 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(42)(45)
Term loans:
Term loan facility due March 2022 — 1,500 
Term loan facility due March 2023 (0.90% at 7/3/2021)500 — 
Other218 216 
Unamortized debt issuance costs(52)(60)
Total debt10,352 11,339 
Less current debt1,566 548 
Total long-term debt$8,786 $10,791 
v3.21.2
Equity (Tables)
 9 Months Ended
Jul. 03, 2021
Equity [Abstract]  
Schedule of Share Repurchase A summary of share repurchases of our Class A stock is as follows (in millions):
Three Months EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
SharesDollarsSharesDollarsSharesDollarsSharesDollars
Shares repurchased:
Under share repurchase program— $— — $— — $— 1.8 $150 
To fund certain obligations under equity compensation plans0.2 16 0.1 4 0.7 50 0.6 50 
Total share repurchases0.2 $16 0.1 $4 0.7 $50 2.4 $200 
v3.21.2
Earnings Per Share (Tables)
 9 Months Ended
Jul. 03, 2021
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 EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Numerator:
Net income$753 $526 $1,702 $1,414 
Less: Net income attributable to noncontrolling interests4 — 10 7 
Net income attributable to Tyson749 526 1,692 1,407 
Less dividends declared:
Class A 132 124 401 385 
Class B 28 27 86 82 
Undistributed earnings$589 $375 $1,205 $940 
Class A undistributed earnings$485 $309 $992 $774 
Class B undistributed earnings104 66 213 166 
Total undistributed earnings$589 $375 $1,205 $940 
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares293 292 293 293 
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 2 3 
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions366 364 365 366 
Net income per share attributable to Tyson:
Class A basic$2.11 $1.48 $4.76 $3.96 
Class B basic$1.89 $1.33 $4.27 $3.55 
Diluted$2.05 $1.44 $4.63 $3.85 
Dividends Declared Per Share:
Class A$0.445 $0.420 $1.360 $1.305 
Class B$0.400 $0.378 $1.224 $1.175 
v3.21.2
Derivative Financial Instruments (Tables)
 9 Months Ended
Jul. 03, 2021
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 tonsMetricJuly 3, 2021October 3, 2020
Commodity:
CornBushels32 43 
Soybean MealTons767,133 428,300 
Live CattlePounds337 234 
Lean HogsPounds378 283 
Foreign CurrencyUnited States dollar$117 $536 
Derivative Instruments, Gain (Loss) [Table Text Block]
The following table sets forth the pretax impact of the cash flow, fair value and undesignated derivative instruments in the Consolidated Condensed Statements of Income (in millions):
Consolidated Condensed
Statements of Income Classification		Three Months EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Cost of SalesGain (Loss) on cash flow hedges reclassified from OCI to Earnings:
Commodity contracts$— $(7)$(1)$(14)
Gain (Loss) on fair value hedges:
Commodity contracts (a) (25)69 (40)116 
Gain (Loss) on derivatives not designated as hedging instruments:
Commodity contracts66 (74)162 (171)
Total$41 $(12)$121 $(69)
Interest ExpenseGain (Loss) on cash flow hedges reclassified from OCI to Earnings:
Interest rate contracts$— $(1)$(1)$(3)
Other, netGain (Loss) on derivatives not designated as hedging instruments:
Foreign exchange contracts$(3)$(4)$(2)$(3)
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 Classification		Three Months EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Cost of Sales$10,858 $8,709 $30,188 $27,951 
Interest Expense105 122 325 361 
Other, net(7)(11)(38)(133)
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) The following table sets forth the pretax impact of cash flow hedge and derivative instruments recognized in Other Comprehensive Income (in millions):
Gain (Loss) Recognized in OCI
On Derivatives		Three Months EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Cash flow hedge – derivatives designated as hedging instruments:
Commodity contracts$— $(7)$— $(18)
Interest rate hedges— (1)— (2)
Total$— $(8)$— $(20)
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 July 3, 2021 and October 3, 2020 (in millions):
Consolidated Condensed Balance Sheets ClassificationJuly 3, 2021October 3, 2020
Inventory$23 $6 
v3.21.2
Fair Value Measurements (Tables)
 9 Months Ended
Jul. 03, 2021
Fair Value Disclosures [Abstract]  
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis
The following tables set forth by level within the fair value hierarchy our financial assets and liabilities accounted for at fair value on a recurring basis according to the valuation techniques we used to determine their fair values (in millions): 
July 3, 2021Level 1Level 2Level 3Netting (a)Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges$— $5 $— $(3)$2 
Undesignated — 295 — (173)122 
Other Assets:
Available-for-sale securities:
Non-current— 59 49 — 108 
Deferred compensation assets14 399 — — 413 
Total assets$14 $758 $49 $(176)$645 
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges$— $28 $— $(28)$— 
Undesignated — 186 — (165)21 
Total liabilities$— $214 $— $(193)$21 
October 3, 2020Level 1Level 2Level 3Netting (a)Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges$— $4 $— $(2)$2 
Undesignated — 96 — (51)45 
Other Assets:
Available-for-sale securities:
Non-current— 55 53 — 108 
Deferred compensation assets19 336 — — 355 
Total assets$19 $491 $53 $(53)$510 
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges$— $10 $— $(10)$— 
Undesignated — 74 — (59)15 
Total liabilities$— $84 $— $(69)$15 
(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 July 3, 2021, and October 3, 2020, we had $17 million and $16 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): 
Nine Months Ended
July 3, 2021June 27, 2020
Balance at beginning of year$53 $52 
Total realized and unrealized gains (losses):
Included in other comprehensive income (loss)(1)— 
Purchases17 8 
Issuances— — 
Settlements(20)(12)
Balance at end of period$49 $48 
Total gains (losses) for the nine month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period$— $— 
Schedule Of Available For Sale Securities
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):
July 3, 2021October 3, 2020
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$59 $59 $— $55 $55 $— 
Corporate and asset-backed48 49 1 51 53 2 
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):
July 3, 2021October 3, 2020
Fair ValueCarrying ValueFair ValueCarrying Value
Total debt$11,838 $10,352 $12,982 $11,339 
v3.21.2
Pension and Other Postretirement Benefit Plans (Tables)
 9 Months Ended
Jul. 03, 2021
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
The components of the net periodic cost for the pension and postretirement benefit plans for the three and nine months ended July 3, 2021 and June 27, 2020 are as follows (in millions):
Pension Plans
Three Months EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Service cost$— $— $— $— 
Interest cost2 2 5 19 
Expected return on plan assets— — — (15)
Amortization of:
Net actuarial loss1 1 3 3 
Prior service cost1 1 1 1 
Settlement (gain) loss— (6)— (112)
Net periodic cost (credit)$4 $(2)$9 $(104)
Postretirement Benefit Plans
Three Months EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Interest cost$— $1 $— $1 
Amortization of prior service cost (credit)— — (1)(1)
Net periodic cost (credit)$— $1 $(1)$— 
v3.21.2
Segment Reporting (Tables)
 9 Months Ended
Jul. 03, 2021
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 EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Sales:
Beef$4,954 $3,653 $12,987 $11,470 
Pork1,715 1,115 4,631 3,760 
Chicken3,476 3,112 9,860 9,801 
Prepared Foods2,323 2,035 6,600 6,255 
International/Other488 402 1,444 1,365 
Intersegment(478)(295)(1,284)(926)
Total sales$12,478 $10,022 $34,238 $31,725 
Three Months EndedNine Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Operating income (loss):
Beef(a)
$1,120 $649 $2,093 $1,114 
Pork67 107 250 391 
Chicken(b)
(279)(120)(489)36 
Prepared Foods150 145 633 494 
International/Other(c)
4 (8)— 11 
Total operating income1,062 773 2,487 2,046 
Total other expense96 108 281 219 
Income before income taxes$966 $665 $2,206 $1,827 
(a) Beef segment results for the nine months ended July 3, 2021 included a $55 million gain from the recovery of cattle inventory from a cattle supplier that misappropriated Company funds as compared to results for the three and nine months ended June 27, 2020, which included a $2 million loss and $56 million loss, respectively, as further described in Note 1: Accounting Policies.
(b) Chicken segment results for the three and nine months ended July 3, 2021 included charges of $306 million and $626 million, respectively, related to the recognition of legal contingency accruals, of which $225 million and $545 million, respectively, was recorded as a reduction to Sales pursuant to FASB guidance related to accounting for revenue from contracts with customers and $81 million was recorded as an increase to Cost of Sales in the three and nine months ended July 3, 2021.
(c) International/Other results included a $4 million loss and a $23 million loss related to the relocation of a production facility in China for the three and nine months ended July 3, 2021, respectively.
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 July 3, 2021
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$2,365 $1,264 $704 $491 $130 $4,954 
Pork500 141 324 419 331 1,715 
Chicken1,500 1,492 197 270 17 3,476 
Prepared Foods1,359 877 37 50 — 2,323 
International/Other— — 488 — — 488 
Intersegment— — — — (478)(478)
Total$5,724 $3,774 $1,750 $1,230 $— $12,478 
Three months ended June 27, 2020
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$2,192 $650 $444 $279 $88 $3,653 
Pork408 85 214 215 193 1,115 
Chicken1,481 1,046 151 420 14 3,112 
Prepared Foods1,322 651 24 38 — 2,035 
International/Other— — 402 — — 402 
Intersegment— — — — (295)(295)
Total$5,403 $2,432 $1,235 $952 $— $10,022 
Nine months ended July 3, 2021
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$6,535 $3,030 $1,915 $1,182 $325 $12,987 
Pork1,342 334 913 1,122 920 4,631 
Chicken4,512 4,033 515 761 39 9,860 
Prepared Foods3,968 2,404 98 130 — 6,600 
International/Other— — 1,444 — — 1,444 
Intersegment— — — — (1,284)(1,284)
Total$16,357 $9,801 $4,885 $3,195 $— $34,238 
Nine months ended June 27, 2020
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$5,956 $2,699 $1,563 $967 $285 $11,470 
Pork1,191 301 768 900 600 3,760 
Chicken4,420 3,592 479 1,269 41 9,801 
Prepared Foods3,758 2,275 95 127 — 6,255 
International/Other— — 1,365 — — 1,365 
Intersegment— — — — (926)(926)
Total$15,325 $8,867 $4,270 $3,263 $— $31,725 
(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 three and nine months ended July 3, 2021, the Chicken segment included a $225 million and $545 million reduction in Other, respectively, due to the recognition of legal contingency accruals.
v3.21.2
Accounting Policies Changes in Accounting Principles (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Jul. 03, 2021
Jun. 27, 2020
Apr. 03, 2021
Oct. 03, 2020
Mar. 28, 2020
Sep. 28, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Selling, General and Administrative $ 558 $ 540 $ 1,563 $ 1,728        
Operating Income (Loss) 1,062 773 2,487 2,046        
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 966 665 2,206 1,827        
Income Tax Expense 213 139 504 413        
Net Income 753 526 1,702 1,414        
Net income attributable to Tyson $ 749 $ 526 $ 1,692 $ 1,407        
Diluted (USD per share) $ 2.05 $ 1.44 $ 4.63 $ 3.85        
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest $ 778 $ 539 $ 1,756 $ 1,314        
Comprehensive Income (Loss), Net of Tax, Attributable to Parent 774 539 1,746 1,307        
Inventory, Net 4,262 3,680 4,262 3,680   $ 3,859    
Assets, Current 9,208 7,464 9,208 7,464   7,598    
Assets 35,663 34,323 35,663 34,323   34,456    
Deferred Income Taxes 2,308 2,308 2,308 2,308   2,317    
Retained earnings (16,305) (14,596) (16,305) (14,596)   (15,100)    
Total Tyson Shareholders’ Equity 16,561 14,685 16,561 14,685   15,254    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 16,693 14,831 16,693 14,831   15,386    
Liabilities and Equity 35,663 34,323 35,663 34,323   34,456    
Deferred income taxes     (3) 12        
Increase (Decrease) in Operating Capital     (21) 413        
Restricted Cash $ 195 $ 82 $ 195 $ 82        
Class A [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Basic (USD per share) $ 2.11 $ 1.48 $ 4.76 $ 3.96        
Total Tyson Shareholders’ Equity $ 38 $ 38 $ 38 $ 38 $ 38 38 $ 38 $ 38
Class B [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Basic (USD per share) $ 1.89 $ 1.33 $ 4.27 $ 3.55        
Total Tyson Shareholders’ Equity $ 7 $ 7 $ 7 $ 7 $ 7 $ 7 $ 7 7
Previously Reported [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Selling, General and Administrative   538   1,672        
Operating Income (Loss)   775   2,102        
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest   667   1,883        
Income Tax Expense   140   428        
Net Income   527   1,455        
Net income attributable to Tyson   $ 527   $ 1,448        
Diluted (USD per share)   $ 1.44   $ 3.96        
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest   $ 540   $ 1,355        
Comprehensive Income (Loss), Net of Tax, Attributable to Parent   540   1,348        
Inventory, Net   3,915   3,915        
Assets, Current   7,699   7,699        
Assets   34,558   34,558        
Deferred Income Taxes   2,370   2,370        
Retained earnings   (14,769)   (14,769)        
Total Tyson Shareholders’ Equity   14,858   14,858        
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest   15,004   15,004        
Liabilities and Equity   $ 34,558   34,558        
Deferred income taxes       27        
Increase (Decrease) in Operating Capital       $ 357        
Previously Reported [Member] | Class A [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Basic (USD per share)   $ 1.48   $ 4.07        
Previously Reported [Member] | Class B [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Basic (USD per share)   $ 1.33   $ 3.65        
Revision of Prior Period, Adjustment [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Selling, General and Administrative   $ 2   $ 56        
Operating Income (Loss)   (2)   (56)        
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest   (2)   (56)        
Income Tax Expense   (1)   (15)        
Net Income   (1)   (41)        
Net income attributable to Tyson   $ (1)   $ (41)        
Diluted (USD per share)   $ 0   $ (0.11)        
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest   $ (1)   $ (41)        
Comprehensive Income (Loss), Net of Tax, Attributable to Parent   (1)   (41)        
Inventory, Net   (235)   (235)        
Assets, Current   (235)   (235)        
Assets   (235)   (235)        
Deferred Income Taxes   (62)   (62)        
Retained earnings   173   173       $ (132)
Total Tyson Shareholders’ Equity   (173)   (173)        
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest   (173)   (173)        
Liabilities and Equity   $ (235)   (235)        
Deferred income taxes       (15)        
Increase (Decrease) in Operating Capital       $ 56        
Revision of Prior Period, Adjustment [Member] | Class A [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Basic (USD per share)   $ 0   $ (0.11)        
Revision of Prior Period, Adjustment [Member] | Class B [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Basic (USD per share)   $ 0   $ (0.10)        
v3.21.2
Acquisitions and Dispositions (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jul. 03, 2021
Jun. 27, 2020
Business Combination and Asset Acquisition [Abstract]      
Payments to Acquire Equity Method Investments   $ 44 $ 183
Business Acquisition [Line Items]      
Payments to Acquire Equity Method Investments   44 $ 183
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 $ 65  
Business Acquisition [Line Items]      
Business Acquisition, Percentage of Voting Interests Acquired 49.00% 49.00%  
Payments to Acquire Equity Method Investments $ 44    
Equity Method Investment, Future Contingent Payments $ 65 $ 65  
v3.21.2
Dispositions (Details) - Pet Treats Business
$ in Millions
Jul. 03, 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
v3.21.2
Inventories (Schedule Of Inventory) (Details) - USD ($)
$ in Millions
Jul. 03, 2021
Oct. 03, 2020
Jun. 27, 2020
Inventory Disclosure [Abstract]      
Processed products $ 2,301 $ 2,223  
Livestock 1,225 977  
Supplies and other 736 659  
Total inventory $ 4,262 $ 3,859 $ 3,680
v3.21.2
Property, Plant And Equipment (Details) - USD ($)
$ in Millions
Jul. 03, 2021
Oct. 03, 2020
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 16,283 $ 15,581
Less accumulated depreciation 8,558 7,985
Net Property, Plant and Equipment 7,725 7,596
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 208 196
Buildings and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 5,195 4,961
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 9,376 9,013
Land improvements and other    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 446 420
Buildings and equipment under construction    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,058 $ 991
v3.21.2
Restructuring and Related Charges Restructuring (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Oct. 03, 2020
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost   $ (54)  
Restructuring Reserve $ 8   $ 37
Payments for Restructuring $ 29    
Cost of Sales      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost   (5)  
Selling, General and Administrative Expenses [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost   $ (49)  
Employee Severance [Member] | Restructuring Program [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost     $ (60)
v3.21.2
Other Current Liabilities (Schedule of Other Current Liabilities) (Details) - USD ($)
$ in Millions
Jul. 03, 2021
Oct. 03, 2020
Other Liabilities, Current [Abstract]    
Accrued salaries, wages and benefits $ 850 $ 823
Taxes Payable 320 152
Loss Contingency Accrual 652 18
Other 846 817
Other current liabilities 2,668 1,810
Other Current Assets [Member]    
Restricted Cash, Current $ 184 $ 0
v3.21.2
Debt (Major Components Of Debt) (Details) - USD ($)
$ in Millions
 9 Months Ended
Jul. 03, 2021
Mar. 22, 2021
Feb. 10, 2021
Jan. 02, 2021
Oct. 03, 2020
Debt Instrument [Line Items]          
Document Period End Date Jul. 03, 2021        
Discount on senior notes $ (42)       $ (45)
Other 218       216
Unamortized debt issuance costs (52)       (60)
Total debt 10,352       11,339
Less current debt 1,566       548
Less current debt 8,786       10,791
Revolving Credit Facility [Member]          
Debt Instrument [Line Items]          
Revolving credit facility 0       0
Commercial paper          
Debt Instrument [Line Items]          
Commercial paper $ 0       0
Term Loan Facility Due March 2022 [Member]          
Debt Instrument [Line Items]          
Debt Instrument, Interest Rate, Stated Percentage        
Long-term Debt, Gross $ 0   $ 750 $ 1,500 1,500
2.25% Notes due August 2021          
Debt Instrument [Line Items]          
Debt Instrument, Interest Rate, Stated Percentage 2.25%        
Long-term Debt, Gross $ 500       500
4.50% Senior notes due June 2022          
Debt Instrument [Line Items]          
Debt Instrument, Interest Rate, Stated Percentage 4.50%        
Long-term Debt, Gross $ 1,000       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
Term Loan Facility Due March 2023          
Debt Instrument [Line Items]          
Debt Instrument, Interest Rate, Stated Percentage 0.90%        
Long-term Debt, Gross $ 500 $ 500     $ 0
v3.21.2
Debt (Narrative) (Details) - USD ($)
$ in Millions
 9 Months Ended
Mar. 22, 2021
Feb. 10, 2021
Jul. 03, 2021
Jun. 27, 2020
Jan. 02, 2021
Oct. 03, 2020
Mar. 28, 2020
Debt Instrument [Line Items]              
Document Period End Date     Jul. 03, 2021        
Repayments of Commercial Paper     $ 0 $ 15,317      
Repayments of Long-term Lines of Credit     0 $ 1,280      
Debt Instrument, Unamortized Discount     42     $ 45  
Term Loan Facility Due March 2022 [Member]              
Debt Instrument [Line Items]              
Debt Instrument, Unused Borrowing Capacity, Amount             $ 1,500
Long-term Debt, Gross   $ 750 $ 0   $ 1,500 1,500  
Debt Instrument, Interest Rate, Stated Percentage            
Extinguishment of Debt, Amount $ 250 $ 750          
Term Loan Facility Due March 2023              
Debt Instrument [Line Items]              
Long-term Debt, Gross $ 500   $ 500     0  
Debt Instrument, Interest Rate, Stated Percentage     0.90%        
2.25% Notes due August 2021              
Debt Instrument [Line Items]              
Long-term Debt, Gross     $ 500     500  
Debt Instrument, Interest Rate, Stated Percentage     2.25%        
Revolving Credit Facility [Member]              
Debt Instrument [Line Items]              
Maximum borrowing capacity     $ 1,750        
Amount available for borrowing under credit facility     1,750        
Revolving credit facility     0     0  
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     100        
Commercial paper              
Debt Instrument [Line Items]              
Maximum borrowing capacity     1,000        
Commercial paper     $ 0     $ 0  
v3.21.2
Equity (Schedule of Share Repurchases) (Details) - Class A [Member] - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Jul. 03, 2021
Jun. 27, 2020
Class of Stock [Line Items]        
Treasury Stock, Shares, Acquired 0.2 0.1 0.7 2.4
Payments for Repurchase of Common Stock $ 16 $ 4 $ 50 $ 200
Under share repurchase program        
Class of Stock [Line Items]        
Treasury Stock, Shares, Acquired 0.0 0.0 0.0 1.8
Payments for Repurchase of Common Stock $ 0 $ 0 $ 0 $ 150
To fund certain obligations under equity compensation plans        
Class of Stock [Line Items]        
Treasury Stock, Shares, Acquired 0.2 0.1 0.7 0.6
Payments for Repurchase of Common Stock $ 16 $ 4 $ 50 $ 50
v3.21.2
Equity (Narrative) (Details)
shares in Millions
Jul. 03, 2021
shares
Class A [Member]  
Class of Stock [Line Items]  
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased 18.9
v3.21.2
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Jul. 03, 2021
Jun. 27, 2020
Oct. 03, 2020
Income Tax Disclosure [Abstract]          
Effective tax rate for continuing operations 22.10% 20.90% 22.90% 22.60%  
Unrecognized tax benefits $ 171   $ 171   $ 165
v3.21.2
Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Jul. 03, 2021
Jun. 27, 2020
Earnings Per Share, Basic and Diluted [Line Items]        
Net Income $ 753 $ 526 $ 1,702 $ 1,414
Less: Net Income Attributable to Noncontrolling Interests 4 0 10 7
Net income attributable to Tyson 749 526 1,692 1,407
Undistributed earnings $ 589 $ 375 $ 1,205 $ 940
Stock options, restricted stock and performance units 3 2 2 3
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions 366 364 365 366
Diluted $ 2.05 $ 1.44 $ 4.63 $ 3.85
Class A [Member]        
Earnings Per Share, Basic and Diluted [Line Items]        
Less dividends declared: $ 132 $ 124 $ 401 $ 385
Undistributed earnings $ 485 $ 309 $ 992 $ 774
Weighted average number of shares outstanding - Basic 293 292 293 293
Net Income Per Share Attributable to Tyson - Basic $ 2.11 $ 1.48 $ 4.76 $ 3.96
Common Stock, Dividends, Per Share, Declared $ 0.445 $ 0.420 $ 1.360 $ 1.305
Class B [Member]        
Earnings Per Share, Basic and Diluted [Line Items]        
Less dividends declared: $ 28 $ 27 $ 86 $ 82
Undistributed earnings $ 104 $ 66 $ 213 $ 166
Weighted average number of shares outstanding - Basic 70 70 70 70
Net Income Per Share Attributable to Tyson - Basic $ 1.89 $ 1.33 $ 4.27 $ 3.55
Common Stock, Dividends, Per Share, Declared $ 0.400 $ 0.378 $ 1.224 $ 1.175
v3.21.2
Earnings Per Share (Narrative) (Details)
shares in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
shares
Jun. 27, 2020
shares
Jul. 03, 2021
Classes
shares
Jun. 27, 2020
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 4 4 3
v3.21.2
Derivative Financial Instruments (Aggregate Outstanding Notionals) (Details)
lb in Millions, bu in Millions, $ in Millions
Jul. 03, 2021
USD ($)
lb
T
bu
Oct. 03, 2020
USD ($)
T
bu
lb
Corn (in bushels)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount | bu 32 43
Soy Meal (in tons)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount | T 767,133 428,300
Live Cattle (in pounds)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount 337 234
Lean Hogs (in pounds)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount 378 283
Foreign Currency [Member]    
Derivative [Line Items]    
Derivative, Notional Amount | $ $ 117 $ 536
v3.21.2
Derivative Financial Instruments (Pretax Impact Of Cash Flow Hedge Derivative Instruments On The Consolidated Statements Of Income) (Details) - Cash Flow Hedging [Member] - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Jul. 03, 2021
Jun. 27, 2020
Derivative [Line Items]        
Gain/(Loss) Recognized in OCI on Derivatives $ 0 $ (8) $ 0 $ (20)
Commodity contracts        
Derivative [Line Items]        
Gain/(Loss) Recognized in OCI on Derivatives 0 (7) 0 (18)
Interest rate hedges        
Derivative [Line Items]        
Gain/(Loss) Recognized in OCI on Derivatives $ 0 $ (1) $ 0 $ (2)
v3.21.2
Derivative Financial Instruments (Pretax Impact Of Fair Value Hedge Derivative Instruments On The Consolidated Statements of Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Jul. 03, 2021
Jun. 27, 2020
Oct. 03, 2020
Cost of Sales          
Derivative [Line Items]          
Derivative, Gain (Loss) on Derivative, Net $ 41 $ (12) $ 121 $ (69)  
Fair Value Hedging [Member]          
Derivative [Line Items]          
Derivative Assets (Liabilities), at Fair Value, Net $ 23   $ 23   $ 6
v3.21.2
Derivative Financial Instruments (Pretax Impact Of Undesignated Derivative Instruments On The Consolidated Statements Of Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Jul. 03, 2021
Jun. 27, 2020
Derivative [Line Items]        
Cost of Sales $ 10,858 $ 8,709 $ 30,188 $ 27,951
Other Nonoperating Income (Expense) (7) (11) (38) (133)
Interest expense 105 122 325 361
Cost of Sales        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net 41 (12) 121 (69)
Not Designated as Hedging Instrument | Commodity contracts | Cost of Sales        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net 66 (74) 162 (171)
Not Designated as Hedging Instrument | Foreign exchange contracts | Other income/expense        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net (3) (4) (2) (3)
Fair Value Hedging [Member] | Commodity contracts | Cost of Sales        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net (25) 69 (40) 116
Cash Flow Hedging [Member] | Commodity contracts | Cost of Sales        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net 0 (7) (1) (14)
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member]        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net $ 0 $ (1) $ (1) $ (3)
v3.21.2
Derivative Financial Instruments (Narrative) (Details)
$ in Millions
 9 Months Ended
Jul. 03, 2021
USD ($)
Treasury Rate Locks  
Derivative [Line Items]  
Cash Flow Hedge Gain (Loss) to be Reclassified Over Life of Forecasted Fixed-Rate Debt $ 15
v3.21.2
Derivative Financial Instruments Pretax Impact on OCI (Details) - Cash Flow Hedging [Member] - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Jul. 03, 2021
Jun. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Gain/(Loss) Recognized in OCI on Derivatives $ 0 $ (8) $ 0 $ (20)
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain/(Loss) Recognized in OCI on Derivatives 0 (8) 0 (20)
Commodity contracts        
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Gain/(Loss) Recognized in OCI on Derivatives 0 (7) 0 (18)
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain/(Loss) Recognized in OCI on Derivatives 0 (7) 0 (18)
Interest rate hedges        
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Gain/(Loss) Recognized in OCI on Derivatives 0 (1) 0 (2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain/(Loss) Recognized in OCI on Derivatives $ 0 $ (1) $ 0 $ (2)
v3.21.2
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($)
$ in Millions
Jul. 03, 2021
Oct. 03, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Collateral, Right to Reclaim Cash, Offset $ 17 $ 16
Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Netting (176) (53)
Total assets 645 510
Derivative Liability, Netting (193) (69)
Total liabilities 21 15
Fair Value, Recurring [Member] | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 14 19
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 758 491
Total liabilities 214 84
Fair Value, Recurring [Member] | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 49 53
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 2 2
Derivative Asset, Netting (3) (2)
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 122 45
Derivative Asset, Netting (173) (51)
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 5 4
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 295 96
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]    
Available for Sale Securities, Noncurrent 108 108
Deferred compensation assets 413 355
Other Assets [Member] | Fair Value, Recurring [Member] | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for Sale Securities, Noncurrent 0 0
Deferred compensation assets 14 19
Other Assets [Member] | Fair Value, Recurring [Member] | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for Sale Securities, Noncurrent 59 55
Deferred compensation assets 399 336
Other Assets [Member] | Fair Value, Recurring [Member] | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for Sale Securities, Noncurrent 49 53
Deferred compensation assets 0 0
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 (28) (10)
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 21 15
Derivative Liability, Netting (165) (59)
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 28 10
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 186 74
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
v3.21.2
Fair Value Measurements (Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($)
$ in Millions
 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of year $ 53 $ 52
Total unrealized gains (losses) included in other comprehensive income (loss) (1) 0
Purchases 17 8
Issuances 0 0
Settlements (20) (12)
Balance at end of period 49 48
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) $ 0 $ 0
v3.21.2
Fair Value Measurements (Schedule Of Available For Sale Securities) (Details) - USD ($)
$ in Millions
Jul. 03, 2021
Oct. 03, 2020
U.S. treasury and agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amortized Cost Basis $ 59 $ 55
Fair Value 59 55
Unrealized Gain (Loss) 0 0
Corporate and asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amortized Cost Basis 48 51
Fair Value 49 53
Unrealized Gain (Loss) $ 1 $ 2
v3.21.2
Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Debt) (Details) - USD ($)
$ in Millions
Jul. 03, 2021
Oct. 03, 2020
Fair Value Disclosures [Abstract]    
Total Debt, Fair Value $ 11,838 $ 12,982
Total Debt, Carrying Value $ 10,352 $ 11,339
v3.21.2
Fair Value Measurement (Narrative) (Details) - Maximum [Member]
 9 Months Ended
Jul. 03, 2021
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 40 years
v3.21.2
Pension and Other Postretirement Benefit Plans (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Jul. 03, 2021
Jun. 27, 2020
Pension Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service cost $ 0 $ 0 $ 0 $ 0
Interest cost 2 2 5 19
Expected return on plan assets 0 0 0 (15)
Amortization of Net actuarial loss 1 1 3 3
Amortization of prior service credit 1 1 1 1
Settlement (gain) loss 0 (6) 0 (112)
Net periodic cost (credit) 4 (2) 9 (104)
Other Postretirement Benefits Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Interest cost 0 1 0 1
Amortization of prior service credit 0 0 (1) (1)
Net periodic cost (credit) $ 0 $ 1 $ (1) $ 0
v3.21.2
Pension and Other Postretirement Benefit Plans (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 27, 2020
Mar. 28, 2020
Pension Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Defined Benefit Plan, Gain from Providing Special and Contractual Termination Benefits $ 6 $ 110
v3.21.2
Segment Reporting (Segment Reporting Information, By Segment) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Jul. 03, 2021
Jun. 27, 2020
Segment Reporting Information [Line Items]        
Sales $ 12,478 $ 10,022 $ 34,238 $ 31,725
Operating Income (Loss) 1,062 773 2,487 2,046
Total other expense 96 108 281 219
Income before income taxes 966 665 2,206 1,827
Assets Disposed of by Method Other than Sale, in Period of Disposition, Gain (Loss) on Disposition (4)   (23)  
Loss Contingency, Loss in Period 306   626  
Revision of Prior Period, Adjustment [Member]        
Segment Reporting Information [Line Items]        
Operating Income (Loss)   (2)   (56)
Income before income taxes   (2)   (56)
Revised Results due to misappropriated Company funds [Member]        
Segment Reporting Information [Line Items]        
Unusual or Infrequent Item, or Both, Net (Gain) Loss   (2) 55 (56)
Beef [Member]        
Segment Reporting Information [Line Items]        
Sales 4,954 3,653 12,987 11,470
Pork [Member]        
Segment Reporting Information [Line Items]        
Sales 1,715 1,115 4,631 3,760
Chicken [Member]        
Segment Reporting Information [Line Items]        
Sales 3,476 3,112 9,860 9,801
Prepared Foods [Member]        
Segment Reporting Information [Line Items]        
Sales 2,323 2,035 6,600 6,255
Corporate and Other [Member]        
Segment Reporting Information [Line Items]        
Sales 488 402 1,444 1,365
Operating Segments [Member] | Beef [Member]        
Segment Reporting Information [Line Items]        
Sales 4,954 3,653 12,987 11,470
Operating Income (Loss) 1,120 649 2,093 1,114
Operating Segments [Member] | Pork [Member]        
Segment Reporting Information [Line Items]        
Sales 1,715 1,115 4,631 3,760
Operating Income (Loss) 67 107 250 391
Operating Segments [Member] | Chicken [Member]        
Segment Reporting Information [Line Items]        
Sales 3,476 3,112 9,860 9,801
Operating Income (Loss) (279) (120) (489) 36
Operating Segments [Member] | Prepared Foods [Member]        
Segment Reporting Information [Line Items]        
Sales 2,323 2,035 6,600 6,255
Operating Income (Loss) 150 145 633 494
Segment Reconciling Items [Member] | Corporate and Other [Member]        
Segment Reporting Information [Line Items]        
Sales 488 402 1,444 1,365
Operating Income (Loss) 4 (8) 0 11
Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Sales (478) $ (295) (1,284) $ (926)
Cost of Sales        
Segment Reporting Information [Line Items]        
Loss Contingency, Loss in Period $ 81   $ 81  
v3.21.2
Segment Reporting Disaggregation of Revenue (By Segment and Distribution Channel) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Jul. 03, 2021
Jun. 27, 2020
Disaggregation of Revenue [Line Items]        
Sales $ 12,478 $ 10,022 $ 34,238 $ 31,725
Loss Contingency, Loss in Period 306   626  
Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 4,954 3,653 12,987 11,470
Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,715 1,115 4,631 3,760
Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 3,476 3,112 9,860 9,801
Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 2,323 2,035 6,600 6,255
Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Sales 488 402 1,444 1,365
Retail        
Disaggregation of Revenue [Line Items]        
Sales 5,724 [1] 5,403 [1] 16,357 15,325
Retail | Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 2,365 2,192 6,535 5,956
Retail | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 500 408 1,342 1,191
Retail | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,500 1,481 4,512 4,420
Retail | Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,359 1,322 3,968 3,758
Retail | Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Sales 0 0 0 0
Foodservice        
Disaggregation of Revenue [Line Items]        
Sales 3,774 [2] 2,432 [2] 9,801 8,867
Foodservice | Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,264 650 3,030 2,699
Foodservice | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 141 85 334 301
Foodservice | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,492 1,046 4,033 3,592
Foodservice | Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 877 651 2,404 2,275
Foodservice | Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Sales 0 0 0 0
International        
Disaggregation of Revenue [Line Items]        
Sales 1,750 [3] 1,235 [3] 4,885 4,270
International | Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 704 444 1,915 1,563
International | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 324 214 913 768
International | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 197 151 515 479
International | Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 37 24 98 95
International | Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Sales 488 402 1,444 1,365
Industrial and Other        
Disaggregation of Revenue [Line Items]        
Sales 1,230 [4] 952 [4] 3,195 3,263
Industrial and Other | Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 491 279 1,182 967
Industrial and Other | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 419 215 1,122 900
Industrial and Other | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 270 420 761 1,269
Industrial and Other | Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 50 38 130 127
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 130 88 325 285
Intersegment Eliminations | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 331 193 920 600
Intersegment Eliminations | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 17 14 39 41
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 $ (478) $ (295) $ (1,284) $ (926)
[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 three and nine months ended July 3, 2021, the Chicken segment included a $225 million and $545 million reduction in Other, respectively, due to the recognition of legal contingency accruals.
v3.21.2
Segment Reporting (Narrative) (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 03, 2021
USD ($)
Segments
Jun. 27, 2020
USD ($)
Jul. 03, 2021
USD ($)
Jun. 27, 2020
USD ($)
Jan. 02, 2021
USD ($)
Oct. 03, 2020
USD ($)
Segment Reporting Information [Line Items]            
Number of Operating Segments | Segments 4          
Sales $ 12,478 $ 10,022 $ 34,238 $ 31,725    
Loss Contingency Accrual 652   652     $ 18
Operating Income (Loss) 1,062 773 2,487 2,046    
Loss Contingency, Loss in Period 306   626      
Assets Disposed of by Method Other than Sale, in Period of Disposition, Gain (Loss) on Disposition (4)   (23)      
Revised Results due to misappropriated Company funds [Member]            
Segment Reporting Information [Line Items]            
Unusual or Infrequent Item, or Both, Net (Gain) Loss   (2) 55 (56)    
Revision of Prior Period, Adjustment [Member]            
Segment Reporting Information [Line Items]            
Operating Income (Loss)   (2)   (56)    
Broiler Antitrust Civil Litigation [Member]            
Segment Reporting Information [Line Items]            
Loss Contingency Accrual 545   545   $ 320  
Beef [Member]            
Segment Reporting Information [Line Items]            
Sales 4,954 3,653 12,987 11,470    
Pork [Member]            
Segment Reporting Information [Line Items]            
Sales 1,715 1,115 4,631 3,760    
Chicken [Member]            
Segment Reporting Information [Line Items]            
Sales 3,476 3,112 9,860 9,801    
Prepared Foods [Member]            
Segment Reporting Information [Line Items]            
Sales 2,323 2,035 6,600 6,255    
Corporate and Other [Member]            
Segment Reporting Information [Line Items]            
Sales 488 402 1,444 1,365    
Operating Segments [Member] | Beef [Member]            
Segment Reporting Information [Line Items]            
Sales 4,954 3,653 12,987 11,470    
Operating Income (Loss) 1,120 649 2,093 1,114    
Operating Segments [Member] | Pork [Member]            
Segment Reporting Information [Line Items]            
Sales 1,715 1,115 4,631 3,760    
Operating Income (Loss) 67 107 250 391    
Operating Segments [Member] | Chicken [Member]            
Segment Reporting Information [Line Items]            
Sales 3,476 3,112 9,860 9,801    
Operating Income (Loss) (279) (120) (489) 36    
Operating Segments [Member] | Prepared Foods [Member]            
Segment Reporting Information [Line Items]            
Sales 2,323 2,035 6,600 6,255    
Operating Income (Loss) 150 145 633 494    
Segment Reconciling Items [Member] | Corporate and Other [Member]            
Segment Reporting Information [Line Items]            
Sales 488 402 1,444 1,365    
Operating Income (Loss) 4 (8) 0 11    
Intersegment Eliminations            
Segment Reporting Information [Line Items]            
Sales (478) $ (295) (1,284) $ (926)    
Cost of Sales            
Segment Reporting Information [Line Items]            
Loss Contingency, Loss in Period 81   81      
Sales            
Segment Reporting Information [Line Items]            
Loss Contingency, Loss in Period $ 225   $ 545      
v3.21.2
Commitments (Narrative) (Details) - USD ($)
 3 Months Ended
Jul. 03, 2021
Oct. 03, 2020
Jun. 27, 2020
Guarantor Obligations [Line Items]      
Guarantor Obligations, Current Carrying Value $ 0 $ 0  
Potential maximum obligation under cash flow assistance programs 315,000,000    
Total receivables under cash flow assistance programs 9,000,000 29,000,000  
Cash Flow Assistance Program, Estimated Allowance For Uncollectible Receivables 0 0  
Restricted Cash 195,000,000   $ 82,000,000
Other Assets [Member]      
Guarantor Obligations [Line Items]      
Restricted Cash, Noncurrent 11,000,000 $ 46,000,000  
Industrial Revenue Bonds [Member]      
Guarantor Obligations [Line Items]      
Industrial Revenue Bonds $ 609,000,000    
Guarantee Obligations [Member]      
Guarantor Obligations [Line Items]      
Guarantor Obligations, Maximum Exposure, Period 10 years    
v3.21.2
Contingencies (Narrative) (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Jan. 19, 2021
USD ($)
Dec. 21, 2016
USD ($)
Plantiffs
Dec. 21, 2016
PHP (₱)
Plantiffs
Nov. 29, 2016
USD ($)
Plantiffs
Nov. 29, 2016
PHP (₱)
Plantiffs
Jun. 23, 2014
USD ($)
Jun. 23, 2014
PHP (₱)
Jul. 03, 2021
USD ($)
Jul. 03, 2021
USD ($)
Dec. 31, 2004
USD ($)
Dec. 31, 2004
PHP (₱)
Jan. 02, 2021
USD ($)
Oct. 03, 2020
USD ($)
Loss Contingencies [Line Items]                          
Loss Contingency Accrual               $ 652,000,000 $ 652,000,000       $ 18,000,000
Loss Contingency, Loss in Period               306,000,000 626,000,000        
Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission [Member]                          
Loss Contingencies [Line Items]                          
Loss Contingency, Damages Awarded, Value       $ 301,000,000 ₱ 14,858,495,937         $ 70,000,000 ₱ 3,453,664,710    
Loss Contingency, Number of Plaintiffs, Award Increase | Plantiffs       4,922 4,922                
Estimated Percentage of Settling Complainants   18.00% 18.00%                    
Loss Contingency, Number of Plaintiffs | Plantiffs   5,984 5,984 5,984 5,984                
Loss Contingency, Damages Paid Per Complainant   $ 1,400 ₱ 68,000                    
Broiler Antitrust Civil Litigation [Member]                          
Loss Contingencies [Line Items]                          
Litigation Settlement, Amount Awarded to Other Party $ 221,500,000                        
Broiler Antitrust Civil Litigation [Member]                          
Loss Contingencies [Line Items]                          
Loss Contingency Accrual               545,000,000 545,000,000     $ 320,000,000  
Broiler Antitrust Civil Litigation opt-out Plaintiffs - Class Action                          
Loss Contingencies [Line Items]                          
Loss Contingency Accrual               225,000,000 $ 225,000,000        
Broiler Chicken Grower Litigation                          
Loss Contingencies [Line Items]                          
Litigation Settlement, Amount Awarded to Other Party               $ 21,000,000          
Maximum [Member] | Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission [Member]                          
Loss Contingencies [Line Items]                          
Litigation settlement, amount requested by respondent           $ 7,000,000 ₱ 342,287,800            
v3.21.2
Label Element Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 1,466,000,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 484,000,000