TYSON FOODS, INC., 10-Q filed on 5/4/2020
Quarterly Report
v3.20.1
Document and Entity Information
 6 Months Ended
Mar. 28, 2020
$ / shares
shares
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 28, 2020
Document Transition Report false
Entity File Number 001-14704
Entity Registrant Name TYSON FOODS, INC.
Entity Incorporation, State or Country Code DE
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 --10-03
Document Fiscal Year Focus 2020
Document Fiscal Period Focus Q2
Amendment Flag false
Class A [Member]  
Entity Common Stock, Shares Outstanding 294,309,781
Class B [Member]  
Entity Common Stock, Shares Outstanding 70,010,355
v3.20.1
Consolidated Condensed Statements Of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Sales $ 10,888 $ 10,443 $ 21,703 $ 20,636
Cost of Sales 9,867 9,251 19,242 18,089
Gross Profit 1,021 1,192 2,461 2,547
Operating Expenses:        
Selling, General and Administrative 520 557 1,134 1,105
Operating Income 501 635 1,327 1,442
Other (Income) Expense:        
Interest income (3) (5) (6) (7)
Interest expense 119 119 239 218
Other, net (106) (7) (122) (10)
Total Other (Income) Expense 10 107 111 201
Income before Income Taxes 491 528 1,216 1,241
Income Tax Expense 124 98 288 259
Net Income 367 430 928 982
Less: Net Income Attributable to Noncontrolling Interests 3 4 7 5
Net Income Attributable to Tyson $ 364 $ 426 $ 921 $ 977
Weighted Average Shares Outstanding:        
Diluted, Shares 365 366 366 366
Net Income Per Share Attributable to Tyson:        
Diluted (USD per share) $ 1.00 $ 1.17 $ 2.52 $ 2.67
Class A [Member]        
Weighted Average Shares Outstanding:        
Basic, Shares 293 294 293 294
Net Income Per Share Attributable to Tyson:        
Basic (USD per share) $ 1.03 $ 1.20 $ 2.59 $ 2.74
Class B [Member]        
Weighted Average Shares Outstanding:        
Basic, Shares 70 70 70 70
Net Income Per Share Attributable to Tyson:        
Basic (USD per share) $ 0.92 $ 1.07 $ 2.32 $ 2.46
v3.20.1
Consolidated Condensed Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Statement of Comprehensive Income [Abstract]        
Net Income $ 367 $ 430 $ 928 $ 982
Other Comprehensive Income (Loss), Net of Taxes:        
Derivatives accounted for as cash flow hedges (5) (3) (2) (12)
Investments 0 0 0 1
Currency translation (104) 25 (69) 33
Postretirement benefits (42) 0 (42) (3)
Total Other Comprehensive Income (Loss), Net of Taxes (151) 22 (113) 19
Comprehensive Income 216 452 815 1,001
Less: Comprehensive Income Attributable to Noncontrolling Interests 3 4 7 5
Comprehensive Income Attributable to Tyson $ 213 $ 448 $ 808 $ 996
v3.20.1
Consolidated Condensed Balance Sheets - USD ($)
$ in Millions
Mar. 28, 2020
Sep. 28, 2019
Assets    
Cash and cash equivalents $ 437 $ 484
Accounts receivable, net 2,248 2,173
Inventories 4,025 4,108
Other current assets 389 404
Total Current Assets 7,099 7,169
Net Property, Plant and Equipment 7,464 7,282
Goodwill 10,847 10,844
Intangible Assets, net 6,898 7,037
Other Assets 1,582 765
Total Assets 33,890 33,097
Liabilities and Shareholders' Equity    
Current debt 1,142 2,102
Accounts payable 1,742 1,926
Other current liabilities 1,522 1,485
Total Current Liabilities 4,406 5,513
Long-Term Debt 10,978 9,830
Deferred Income Taxes 2,384 2,356
Other Liabilities 1,528 1,172
Commitments and Contingencies (Note 18)
Shareholders' Equity:    
Capital in excess of par value 4,378 4,378
Retained earnings 14,392 13,787
Accumulated other comprehensive gain (loss) (230) (117)
Treasury stock, at cost – 83 million shares at March 28, 2020 and 82 million shares at September 28, 2019 (4,136) (4,011)
Total Tyson Shareholders’ Equity 14,449 14,082
Noncontrolling Interests 145 144
Total Shareholders’ Equity 14,594 14,226
Total Liabilities and Shareholders’ Equity 33,890 33,097
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
v3.20.1
Consolidated Condensed Balance Sheets (Parentheticals) - $ / shares
shares in Millions
Mar. 28, 2020
Sep. 28, 2019
Treasury Stock, shares 83 82
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
v3.20.1
Consolidated Condensed Statements of Shareholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Capital in Excess of Par Value:
Retained Earnings:
Accumulated Other Comprehensive Income (Loss), Net of Tax:
Treasury Stock:
Total Shareholders’ Equity Attributable to Tyson
Equity Attributable to Noncontrolling Interests:
Class A [Member]
Class B [Member]
Balance at beginning of quarter, Common Stock Shares at Sep. 29, 2018               378.0 70.0
Balance at beginning of quarter, Shareholders' Equity Attributable to Tyson at Sep. 29, 2018   $ 4,387 $ 12,329 $ (15) $ (3,943)     $ 38 $ 7
Balance at beginning of quarter, Treasury Stock shares at Sep. 29, 2018         82.0        
Balance at beginning of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Sep. 29, 2018             $ 8    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Stock-based compensation   (37)     $ 101        
Net income attributable to Tyson $ 977   977            
Dividends     (294)         $ (243) $ (51)
Other comprehensive income (loss) 19     19          
Purchase of Class A common stock, shares         2.0     2.4  
Purchase of Class A common stock         $ (146)        
Stock-based compensation, shares         (1.0)        
Net income attributable to noncontrolling interests 5           (5)    
Business combination and other             122    
Balance at end of quarter, Common Stock Shares at Mar. 30, 2019               378.0 70.0
Balance at end of quarter, Shareholders' Equity Attributable to Tyson at Mar. 30, 2019   4,350 13,012 4 $ (3,988) $ 13,423   $ 38 $ 7
Balance at end of quarter, Treasury Stock shares at Mar. 30, 2019         83.0        
Balance at end of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Mar. 30, 2019             135    
Balance at beginning of quarter, Common Stock Shares at Dec. 29, 2018               378.0 70.0
Balance at beginning of quarter, Shareholders' Equity Attributable to Tyson at Dec. 29, 2018   4,332 12,719 (18) $ (3,951)     $ 38 $ 7
Balance at beginning of quarter, Treasury Stock shares at Dec. 29, 2018         82.0        
Balance at beginning of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Dec. 29, 2018             132    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Stock-based compensation   18     $ 26        
Net income attributable to Tyson 426   426            
Dividends     (133)         $ (110) $ (23)
Other comprehensive income (loss) 22     22          
Purchase of Class A common stock, shares         1.0     1.0  
Purchase of Class A common stock         $ (63)        
Stock-based compensation, shares         0.0        
Net income attributable to noncontrolling interests 4           (4)    
Business combination and other             (1)    
Balance at end of quarter, Common Stock Shares at Mar. 30, 2019               378.0 70.0
Balance at end of quarter, Shareholders' Equity Attributable to Tyson at Mar. 30, 2019   4,350 13,012 4 $ (3,988) 13,423   $ 38 $ 7
Balance at end of quarter, Treasury Stock shares at Mar. 30, 2019         83.0        
Balance at end of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Mar. 30, 2019             135    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Balance at end of quarter, Total Shareholders' Equity 13,558                
Balance at end of quarter, Total Shareholders' Equity 14,226                
Balance at beginning of quarter, Common Stock Shares at Sep. 28, 2019               378.0 70.0
Balance at beginning of quarter, Shareholders' Equity Attributable to Tyson at Sep. 28, 2019 $ 14,082 4,378 13,787 (117) $ (4,011)     $ 38 $ 7
Balance at beginning of quarter, Treasury Stock shares at Sep. 28, 2019 82.0       82.0        
Balance at beginning of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Sep. 28, 2019 $ 144           144    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Stock-based compensation   0     $ 71        
Net income attributable to Tyson 921   921            
Dividends     (316)         $ (261) $ (55)
Other comprehensive income (loss) (113)     (113)          
Purchase of Class A common stock, shares         2.0     2.3  
Purchase of Class A common stock         $ (196)        
Stock-based compensation, shares         (1.0)        
Net income attributable to noncontrolling interests 7           (7)    
Business combination and other             (6)    
Balance at end of quarter, Common Stock Shares at Mar. 28, 2020               378.0 70.0
Balance at end of quarter, Shareholders' Equity Attributable to Tyson at Mar. 28, 2020 $ 14,449 4,378 14,392 (230) $ (4,136) 14,449   $ 38 $ 7
Balance at end of quarter, Treasury Stock shares at Mar. 28, 2020 83.0       83.0        
Balance at end of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Mar. 28, 2020 $ 145           145    
Balance at beginning of quarter, Common Stock Shares at Dec. 28, 2019               378.0 70.0
Balance at beginning of quarter, Shareholders' Equity Attributable to Tyson at Dec. 28, 2019   4,354 14,178 (79) $ (4,079)     $ 38 $ 7
Balance at beginning of quarter, Treasury Stock shares at Dec. 28, 2019         83.0        
Balance at beginning of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Dec. 28, 2019             147    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Stock-based compensation   24     $ 7        
Net income attributable to Tyson 364   364            
Dividends     (150)         $ (124) $ (26)
Other comprehensive income (loss) (151)     (151)          
Purchase of Class A common stock, shares         0.0     0.8  
Purchase of Class A common stock         $ (64)        
Stock-based compensation, shares         0.0        
Net income attributable to noncontrolling interests 3           (3)    
Business combination and other             (5)    
Balance at end of quarter, Common Stock Shares at Mar. 28, 2020               378.0 70.0
Balance at end of quarter, Shareholders' Equity Attributable to Tyson at Mar. 28, 2020 $ 14,449 $ 4,378 $ 14,392 $ (230) $ (4,136) $ 14,449   $ 38 $ 7
Balance at end of quarter, Treasury Stock shares at Mar. 28, 2020 83.0       83.0        
Balance at end of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Mar. 28, 2020 $ 145           $ 145    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Balance at end of quarter, Total Shareholders' Equity $ 14,594                
v3.20.1
Consolidated Condensed Statements Of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Cash Flows From Operating Activities:    
Net Income $ 928 $ 982
Depreciation and amortization 581 523
Deferred income taxes 46 4
Other, net (35) 69
Net changes in operating assets and liabilities (260) (639)
Cash Provided by Operating Activities 1,260 939
Cash Flows From Investing Activities:    
Additions to property, plant and equipment (624) (656)
Purchases of marketable securities (48) (30)
Proceeds from sale of marketable securities 31 29
Acquisitions, net of cash acquired 0 (2,141)
Proceeds from sale of business 29 0
Acquisition of equity investments (184) 0
Other, net (81) 32
Cash Used for Investing Activities (877) (2,766)
Cash Flows From Financing Activities:    
Proceeds from issuance of debt 68 4,600
Repayments of Debt and Lease Obligation 62 1,849
Borrowings on revolving credit facility 1,210 335
Repayments of Long-term Lines of Credit 1,080 335
Proceeds from issuance of commercial paper 12,886 10,145
Repayments of commercial paper (12,885) (10,567)
Purchases of Tyson Class A common stock (196) (146)
Dividends (301) (269)
Stock options exercised 28 24
Other, net (7) (26)
Cash (Used for) Provided by Financing Activities (339) 1,912
Effect of Exchange Rate Changes on Cash (9) 5
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 35 90
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 519 360
Restricted Cash 82 $ 0
Cash and Cash Equivalents and Restricted Cash at Beginning of Year $ 484  
v3.20.1
Accounting Policies
 6 Months Ended
Mar. 28, 2020
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. Although we believe the disclosures contained herein are adequate to make the information presented not misleading, these consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 28, 2019. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly our financial position as of March 28, 2020, and the results of operations for the three and six months ended March 28, 2020, and March 30, 2019. 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.
Leases
We determine if an agreement is or contains a lease at its inception by evaluating if an identified asset exists that we control for a period of time. When a lease exists, we classify it as a finance or operating lease and record a right-of-use ("ROU") asset and a corresponding lease liability at lease commencement. We have elected to not record leases with a term of 12 months or less in our Consolidated Condensed Balance Sheets, and accordingly, lease expense for these short-term leases is recognized on a straight-line basis over the lease term. Finance lease assets are presented within Net Property, Plant and Equipment and finance lease liabilities are presented within Current and Long-Term Debt in our Consolidated Condensed Balance Sheets. Finance lease disclosures are omitted as they are deemed immaterial. Operating ROU assets are presented within Other Assets, and operating lease liabilities are recorded within Other current liabilities and Other Liabilities in our Consolidated Condensed Balance Sheets. Lease assets are subject to review for impairment in a manner consistent with Property, Plant and Equipment.
ROU assets are presented in our Consolidated Condensed Balance Sheets based on the present value of the corresponding liabilities and are adjusted for any prepayments, lease incentives received or initial direct costs incurred. The measurement of our ROU assets and liabilities includes all fixed payments and any variable payments based on an index or rate. Variable lease payments which do not depend on an index, or where rates are unknown, are excluded from lease payments in the measurement of the ROU asset and lease liability, and accordingly, are recognized as lease expense in the period the obligation for those payments is incurred. The present value of lease payments is based on our incremental borrowing rate according to the lease term and information available at the lease commencement date, as our lease arrangements generally do not provide an implicit interest rate. The incremental borrowing rate is derived using a hypothetically-collateralized borrowing cost, based on our revolving credit facility, plus a country risk factor, where applicable. We consider our credit rating and the current economic environment in determining the collateralized rate.
Our lease arrangements can include fixed or variable non-lease components, such as common area maintenance, taxes and labor. We account for each lease and any non-lease components associated with that lease as a single lease component for all asset classes, except production and livestock grower asset classes embedded in service and supply agreements, and other asset classes that include significant maintenance or service components. We account for lease and non-lease components of an agreement separately based on relative stand-alone prices either observable or estimated if observable prices are not readily available. For asset classes where an election was made not to separate lease and non-lease components, all costs associated with a lease contract are disclosed as lease costs. The accounting for some of the Company's leases may require significant judgment when determining whether a contract is or contains a lease, the lease term, and the likelihood of exercising renewal or termination options. Our leases can include options to extend or terminate use of the underlying assets. These options are included in the lease term used to determine ROU assets and corresponding liabilities when we are reasonably certain we will exercise the option. Additionally, certain leases can have residual value guarantees, which are included within our operating lease liabilities when considered probable. Our lease agreements do not include significant restrictions or covenants.
Recognition, measurement and presentation of expenses and cash flows arising from a lease will depend on classification as a finance or operating lease. Operating lease expense is recognized on a straight-line basis over the lease term, whereas the amortization of finance lease assets is recognized on a straight-line basis over the shorter of the estimated useful life of the underlying asset or the lease term. Operating lease expense and finance lease amortization are presented in Cost of Sales or Selling, General and Administrative in our Consolidated Condensed Statements of Income depending on the nature of the leased item. Interest expense on finance lease obligations is recorded over the lease term and is presented in Interest expense, based on the effective interest method. All operating lease cash payments and interest on finance leases are presented within Net cash provided by operating activities and all finance lease principal payments are presented within Net cash used in financing activities in our Consolidated Condensed Statements of Cash Flows.
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 condensed consolidated 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. Although COVID-19 has not had a significant negative impact on our consolidated condensed financial statements as of March 28, 2020 and for the three and six month periods then ended, we expect it to have future impacts, the extent of which is uncertain and largely subject to whether the severity worsens or duration lengthens. These impacts could include but may not be limited to risks and uncertainty related to worker availability, our ability to operate production facilities, demand-driven production facility closures, shifts in demand between sales channels and market volatility in our supply chain. 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.
Recently Issued Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board ("FASB") issued guidance providing optional expedients and exceptions to account for the effects of reference rate reform to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The optional guidance is effective as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
In December 2019, the FASB issued guidance that simplifies the accounting for income taxes by removing certain exceptions to general principles in Topic 740 and clarifies other general principles by adding certain requirements to Topic 740. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2020, our fiscal 2022. 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.
In June 2016, the FASB issued guidance that provides more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2019, our fiscal 2021. Early adoption is permitted for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. The application of the guidance requires various transition methods depending on the specific amendment. We do not expect the adoption
of this guidance will have a material impact on our consolidated financial statements.
Changes in Accounting Principles
In August 2017, the FASB issued guidance that eases certain documentation and assessment requirements of hedge effectiveness and modifies the accounting for components excluded from the assessment. Some of the modifications included the ineffectiveness of derivative gain/loss in highly effective cash flow hedges to be recorded in Other Comprehensive Income, alignment of the recognition and presentation of the effects related to the hedging instrument and hedged item in the financial statements, and additional disclosures required on the cumulative basis adjustment in fair value hedges and the effect of hedging on financial statement lines for components excluded from the assessment. The amendment also simplified the application of hedge accounting in certain situations to permit new hedging strategies to be eligible for hedge accounting. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. We adopted this guidance in the first quarter of fiscal 2020 using the modified retrospective transition approach, and it did not have a material impact on our consolidated financial statements.
In February 2016, the FASB issued guidance that created new accounting and reporting guidelines for leasing arrangements. The guidance requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses and cash flows arising from a lease will depend on classification as a finance or operating lease. The guidance also requires qualitative and quantitative disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. We adopted this guidance in the first quarter of fiscal 2020 using the optional transition method that allows for a cumulative-effect adjustment in the period of adoption with no restatement of prior periods. We have elected the package of practical expedients available under the transition guidance which allows us to not reassess prior conclusions related to lease classifications, existing contracts containing leases, and initial direct costs, as well as the practical expedient that allows the continued historical treatment of land easements. We did not elect the practical expedient for the use of hindsight in evaluating the expected lease term of existing leases. The adoption resulted in the recording of operating lease assets and operating lease liabilities of $549 million and $546 million, respectively, as of September 29, 2019, with no changes to our finance leases. The difference between the additional lease assets and lease liabilities, represents existing deferred rent and prepaid lease balances that were reclassified on the balance sheet. The adoption did not have a material impact on our Consolidated Condensed Statements of Income or our Consolidated Condensed Statements of Cash Flows. For further description of our lease policy refer to the Leases section above, and for quantitative lease information refer to Part I, Item 1, Notes to Consolidated Condensed Financial Statements, Note 5: Leases.
v3.20.1
Acquisitions and Dispositions
 6 Months Ended
Mar. 28, 2020
Business Combinations [Abstract]  
Acquisitions and Dispositions ACQUISITIONS
On June 3, 2019, we acquired the Thai and European operations of BRF S.A. ("Thai and European operations") for $326 million, net of cash acquired, subject to certain adjustments, as a part of our growth strategy to expand offerings of value-added protein in global markets. Its results, subsequent to the acquisition closing, are included in International/Other for segment presentation. Certain estimated values for the acquisition, including goodwill, intangible assets, property, plant and equipment, noncontrolling interest, and deferred income taxes are not yet finalized and are subject to revision as additional information becomes available and more detailed analyses are completed. The preliminary purchase price allocation includes $297 million of net working capital, including $56 million of cash acquired, $93 million of Property, Plant and Equipment, $10 million of Goodwill, $23 million of Intangible Assets, $24 million of Other Liabilities, $10 million of Deferred Income Taxes and $7 million of Noncontrolling Interest. Intangible Assets included customer relationships which will be amortized over a life of 7 years. We do not expect the goodwill to be deductible for income tax purposes. During the first quarter of fiscal 2020, we recorded measurement period adjustments which increased Goodwill by $9 million, including a reduction to net working capital of $10 million and a decrease in Deferred Income Taxes of $1 million.
On November 30, 2018, we acquired all of the outstanding common stock of MFG (USA) Holdings, Inc. and McKey Luxembourg Holdings S.à.r.l. (“Keystone Foods”) from Marfrig Global Foods ("Marfrig") for $2.3 billion in cash, subject to certain adjustments. The acquisition was accounted for using the acquisition method of accounting, and the results of Keystone Foods' domestic and international results, subsequent to the acquisition closing, are included in our Chicken segment and International/Other, respectively. The following table summarizes the purchase price allocation for Keystone Foods and fair values of the assets acquired and liabilities assumed at the acquisition date.
 
in millions
 
Cash and cash equivalents
 
$
186

Accounts receivable
 
106

Inventories
 
257

Other current assets
 
34

Property, Plant and Equipment
 
676

Goodwill
 
1,120

Intangible Assets
 
659

Other Assets
 
28

Current debt
 
(73
)
Accounts payable
 
(208
)
Other current liabilities
 
(99
)
Long-Term Debt
 
(113
)
Deferred Income Taxes
 
(177
)
Other Liabilities
 
(8
)
Noncontrolling Interests
 
(122
)
Net assets acquired
 
$
2,266


The fair value of identifiable intangible assets primarily consisted of customer relationships with a weighted average life of 25 years. As a result of the acquisition, we recognized a total of $1,120 million of goodwill. The purchase price was assigned to assets acquired and liabilities assumed based on their estimated fair values as of the date of acquisition, and any excess was allocated to goodwill, as shown in the table above. Goodwill represents the value we expect to achieve through the implementation of operational synergies and growth opportunities. We allocated goodwill to our segments using the acquisition method approach. This resulted in $779 million and $341 million of goodwill allocated to our Chicken segment and International/Other, respectively. We do not expect the goodwill to be deductible for income tax purposes.
We used various valuation techniques to determine fair value, with the primary techniques being discounted cash flow, relief-from-royalty, market pricing multiple and multi-period excess earnings valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates, EBITDA multiples, and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data.
On January 15, 2020, we acquired a 40% minority interest in a vertically-integrated Brazilian poultry producer for $122 million. On February 7, 2020, we acquired a 50% interest in a joint venture serving the worldwide fats and oils market for $62 million. We are accounting for both of these investments under the equity method.
v3.20.1
Inventories
 6 Months Ended
Mar. 28, 2020
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 March 28, 2020, 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 September 28, 2019.
The following table reflects the major components of inventory (in millions):
 
March 28, 2020
 
September 28, 2019
Processed products
$
2,306

 
$
2,362

Livestock
1,105

 
1,150

Supplies and other
614

 
596

Total inventory
$
4,025

 
$
4,108
v3.20.1
Property, Plant And Equipment
 6 Months Ended
Mar. 28, 2020
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): 

March 28, 2020
 
September 28, 2019
Land
$
197

 
$
198

Buildings and leasehold improvements
4,801

 
4,747

Machinery and equipment
8,820

 
8,607

Land improvements and other
395

 
385

Buildings and equipment under construction
920

 
713

 
15,133

 
14,650

Less accumulated depreciation
7,669

 
7,368

Net property, plant and equipment
$
7,464

 
$
7,282
v3.20.1
Restructuring and Related Charges
 6 Months Ended
Mar. 28, 2020
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 have recognized $39 million of cumulative pretax charges associated with the 2020 Program consisting of severance and employee related costs. As part of the 2020 Program, we estimate the elimination of approximately 500 positions across several areas and job levels, with most of the eliminated positions originating from the corporate offices in Springdale, Arkansas and Chicago, Illinois. We do not anticipate future costs of the 2020 Program to be significant.
In the fourth quarter of fiscal 2017, our Board of Directors approved a multi-year restructuring program (the “2017 Program”), which is expected to contribute to the Company’s overall strategy of financial fitness through increased operational effectiveness and overhead reduction. The 2017 Program is expected to result in cumulative pretax charges of approximately $280 million which consist primarily of severance and employee related costs, impairments and accelerated depreciation of technology assets, incremental costs to implement new technology, and contract termination costs. Through March 28, 2020, $263 million of the estimated $280 million total pretax charges has been recognized. The remaining estimated charges relate to incremental costs to implement new technology.
For the three months ended March 28, 2020, restructuring and related charges consisted of $5 million of technology related costs from the 2017 Program recorded in Selling, General and Administrative in our Consolidated Condensed Statements of Income, offset by a benefit of $5 million from the 2020 Program related to a reduction in estimated severance and employee related costs, of which $4 million was recorded in Cost of Sales and $1 million was recorded in Selling, General and Administrative in our Consolidated Condensed Statements of Income. We recognized restructuring and related charges of $52 million for the six months ended March 28, 2020, consisting of $39 million of severance and employee related costs from the 2020 Program and $13 million of technology related costs from the 2017 Program. For the six months ended March 28, 2020, we recorded $5 million in Cost of Sales from the 2020 Program, and we recorded $47 million in Selling, General and Administrative in our Consolidated Condensed Statements of Income, of which $34 million is related to the 2020 Program and $13 million is related to the 2017 Program.
We recognized $8 million and $16 million for the three and six months ended March 30, 2019, respectively, of restructuring and related charges from the 2017 Program which were recorded in Selling, General and Administrative in our Consolidated Condensed Statements of Income and represent incremental costs to implement new technology and accelerated depreciation of technology assets.
The following table reflects the pretax impact of restructuring and related charges incurred in the three and six months ended March 28, 2020, the charges to date and the total estimated charges, by reportable segment (in millions):
 
Three Months Ended
Six Months Ended
Restructuring and related charges to date
Total estimated Restructuring and related charges
 
March 28, 2020
March 28, 2020
March 28, 2020
 
Beef
$
—

$
5

$
18

$
18

Pork
—

2

7

7

Chicken
—

21

128

136

Prepared Foods
—

22

146

155

Other
—

2

3

3

Total restructuring and related charges, pretax
$
—

$
52

$
302

$
319


The total estimated restructuring charges include $17 million of estimated charges from the 2017 Program yet to be incurred and represent incremental costs to implement new technology in our Prepared Foods and Chicken segments. The timing and actual amounts of the estimated charges may change.
Our restructuring liability was $34 million at March 28, 2020 and we had no restructuring liability at September 28, 2019. The change in the restructuring liability was due to additional charges of $52 million, net of $18 million primarily consisting of payments, during the six months ended March 28, 2020.
v3.20.1
Other Current Liabilities
 6 Months Ended
Mar. 28, 2020
Other Liabilities, Current [Abstract]  
Other Current Liabilities OTHER CURRENT LIABILITIES
Other current liabilities are as follows (in millions):
 
March 28, 2020
 
September 28, 2019
Accrued salaries, wages and benefits
$
551

 
$
620

Other
971

 
865

Total other current liabilities
$
1,522

 
$
1,485
v3.20.1
Debt
 6 Months Ended
Mar. 28, 2020
Debt Instruments [Abstract]  
Debt DEBT
The major components of debt are as follows (in millions):
 
March 28, 2020
 
September 28, 2019
Revolving credit facility
$
200

 
$
70

Commercial paper
1,000

 
1,000

Senior notes:
 
 
 
Notes due June 2020 (2.13% at 3/28/2020)
350

 
350

Notes due August 2020 (2.15% at 3/28/2020)
400

 
400

4.10% Notes due September 2020
279

 
280

2.25% Notes due August 2021
500

 
500

4.50% Senior notes due June 2022
1,000

 
1,000

3.90% Senior notes due September 2023
400

 
400

3.95% Notes due August 2024
1,250

 
1,250

4.00% Notes due March 2026 ("2026 Notes")
800

 
800

3.55% Notes due June 2027
1,350

 
1,350

7.00% Notes due January 2028
18

 
18

4.35% Notes due March 2029 ("2029 Notes")
1,000

 
1,000

6.13% Notes due November 2032
160

 
161

4.88% Notes due August 2034
500

 
500

5.15% Notes due August 2044
500

 
500

4.55% Notes due June 2047
750

 
750

5.10% Notes due September 2048 ("2048 Notes")
1,500

 
1,500

Discount on senior notes
(46
)
 
(48
)
Term loan:
 
 
 
Term loan facility due March 2022 (2.5% at 3/28/2020)
—

 
—

Other
270

 
216

Unamortized debt issuance costs
(61
)
 
(65
)
Total debt
12,120

 
11,932

Less current debt
1,142

 
2,102

Total long-term debt
$
10,978

 
$
9,830


Term Loan Facility due March 2022
On March 27, 2020, we executed a new $1.5 billion term loan facility to refinance our short-term promissory notes (“commercial paper program”), repay outstanding balances under our revolving credit facility and for general liquidity purposes. On April 1, 2020, we borrowed the full $1.5 billion available under the term loan facility and used it to repay the $1.0 billion of outstanding commercial paper obligations and to repay the $200 million outstanding balance under our revolving credit facility. Accordingly, given the two-year term of the new term loan facility, we reclassified the $1.0 billion of commercial paper outstanding as of March 28, 2020 to long-term debt. The term loan facility expires on March 27, 2022 and is subject to prepayment under certain conditions. Additionally, the term loan facility contains covenants that are similar to those contained in the revolving credit facility.
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 commercial paper program which will mature and the commitments thereunder will terminate in March 2023. Amounts available for borrowing under this facility totaled $1.55 billion at March 28, 2020, before deducting amounts to backstop our commercial paper program. At March 28, 2020, we had $200 million in borrowings and no outstanding letters of credit issued under this facility. At March 28, 2020, we had $119 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 March 28, 2020. As of March 28, 2020, we had $1 billion of commercial paper outstanding at a weighted average interest rate of 2.07% with maturities of less than 15 days. On April 1, 2020, we repaid the outstanding balance of the commercial paper using proceeds from the Term Loan Facility due March 2022. Our ability to access commercial paper in the future may be limited or its costs increased, due to market conditions which have been impacted in part by COVID-19.
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 March 28, 2020.
v3.20.1
Equity
 6 Months Ended
Mar. 28, 2020
Equity [Abstract]  
Equity EQUITY
Share Repurchases
As of March 28, 2020, 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 Ended
Six Months Ended
 
 
March 28, 2020
 
March 30, 2019
March 28, 2020
 
March 30, 2019
 
 
Shares
 
Dollars
 
Shares
 
Dollars
Shares
 
Dollars
 
Shares
 
Dollars
Shares repurchased:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Under share repurchase program
 
0.7

 
$
50

 
0.8

 
$
50

1.8

 
$
150

 
1.7

 
$
100

To fund certain obligations under equity compensation plans
 
0.1

 
14

 
0.2

 
13

0.5

 
46

 
0.7

 
46

Total share repurchases
 
0.8

 
$
64

 
1.0

 
$
63

2.3

 
$
196

 
2.4

 
$
146
v3.20.1
Income Taxes
 6 Months Ended
Mar. 28, 2020
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Our effective tax rate was 25.3% and 18.5% for the second quarter of fiscal 2020 and 2019, respectively, and 23.7% and 20.9% for the first six months of fiscal 2020 and 2019, respectively. The effective tax rates for the second quarter and first six months of fiscal 2020 and 2019 include the impact of state taxes. The effective tax rates for the second quarter and first six months of 2019 also include a deferred tax benefit resulting from final transition tax regulations released in the second quarter of fiscal 2019 and a tax reserves benefit due to expirations of statutes of limitations.
Unrecognized tax benefits were $174 million and $169 million at March 28, 2020 and September 28, 2019, respectively. We do not expect material changes to our unrecognized tax benefits during the next twelve months.
v3.20.1
Other Income And Charges
 6 Months Ended
Mar. 28, 2020
Other Income and Expenses [Abstract]  
Other Income And Charges OTHER INCOME AND CHARGES
During the first six months of fiscal 2019, we recognized $19 million of net periodic pension and postretirement benefit cost, excluding the service cost component, and recorded the amount in the Consolidated Condensed Statements of Income in Other, net. Additionally, we recognized $11 million of equity earnings in joint ventures, which was also recorded in the Consolidated Condensed Statements of Income in Other, net.
In the third quarter of fiscal 2020, we announced we would provide approximately $120 million in bonuses to domestic frontline employees who support the Company’s operations during the COVID-19 pandemic. We anticipate paying half of the total amount of the bonuses, which are subject to certain conditions, in May 2020 and half in early July 2020. The expense will be recorded in Cost of Sales in our Consolidated Condensed Statements of Income in the third quarter of fiscal 2020.
v3.20.1
Earnings Per Share
 6 Months Ended
Mar. 28, 2020
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 Ended
 
Six Months Ended
 
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
Numerator:
 
 
 
 
 
 
 
Net income
$
367

 
$
430

 
$
928

 
$
982

Less: Net income attributable to noncontrolling interests
3

 
4

 
7

 
5

Net income attributable to Tyson
364

 
426

 
921

 
977

Less dividends declared:
 
 
 
 
 
 
 
Class A
124

 
110

 
261

 
243

Class B
26

 
23

 
55

 
51

Undistributed earnings
$
214

 
$
293

 
$
605

 
$
683

 
 
 
 
 
 
 
 
Class A undistributed earnings
$
176

 
$
241

 
$
498

 
$
562

Class B undistributed earnings
38

 
52

 
107

 
121

Total undistributed earnings
$
214

 
$
293

 
$
605

 
$
683

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic earnings per share:
 
 
 
 
 
 
 
Class A weighted average shares
293

 
294

 
293

 
294

Class B weighted average shares, and shares under the if-converted method for diluted earnings per share
70

 
70

 
70

 
70

Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options, restricted stock and performance units
2

 
2

 
3

 
2

Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions
365

 
366

 
366

 
366

 
 
 
 
 
 
 
 
Net income per share attributable to Tyson:
 
 
 
 
 
 
 
Class A basic
$
1.03

 
$
1.20

 
$
2.59

 
$
2.74

Class B basic
$
0.92

 
$
1.07

 
$
2.32

 
$
2.46

Diluted
$
1.00

 
$
1.17

 
$
2.52

 
$
2.67

Dividends Declared Per Share:
 
 
 
 
 
 
 
Class A
$
0.420

 
$
0.375

 
$
0.885

 
$
0.825

Class B
$
0.378

 
$
0.338

 
$
0.797

 
$
0.743


Approximately 3 million and 2 million of our stock-based compensation shares were antidilutive for the three and six months ended March 28, 2020, respectively. Approximately 3 million and 4 million of our stock-based compensation shares were antidilutive for the three and six months ended March 30, 2019, 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.
v3.20.1
Derivative Financial Instruments
 6 Months Ended
Mar. 28, 2020
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 are monitored by senior management and may be revised as market conditions dictate. Our current risk management programs utilize industry-standard models that take into account the implicit cost of hedging. Risks associated with our market risks and those created by derivative instruments and the fair values are strictly monitored, using value-at-risk and stress tests. Credit risks associated with our derivative contracts are not significant as we minimize counterparty concentrations, utilize margin accounts or letters of credit, and deal with credit worthy counterparties. 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 existed at March 28, 2020.
We had the following aggregated outstanding notional amounts related to our derivative financial instruments:
in millions, except soy meal tons
Metric
 
March 28, 2020
 
September 28, 2019
Commodity:
 
 
 
 
 
Corn
Bushels
 
121

 
111

Soy Meal
Tons
 
728,700

 
1,078,800

Live Cattle
Pounds
 
82

 
14

Lean Hogs
Pounds
 
65

 
309

Foreign Currency
United States dollar
 
$
488

 
$
148

Interest Rate Swaps
Average monthly debt
 
$
400

 
$
400

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 March 28, 2020, we have net pretax losses of $12 million for our commodity contracts and net pretax losses of $3 million for our interest rate swap hedges, expected to be reclassified into earnings within the next 12 months. Additionally, we have $18 million of realized losses related to treasury rate locks in connection with our 364-day term loan extinguished during the second quarter of fiscal 2019, which will be reclassified to earnings over the lives of the 2026, 2029 and 2048 Notes. During the six months ended March 28, 2020, and March 30, 2019, 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 derivative instruments recognized in Other Comprehensive Income (in millions):
Gain (Loss) Recognized in OCI
On Derivatives
Three Months Ended
 
Six Months Ended
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
Cash flow hedge – derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Commodity contracts
$
(11
)
 
$
(5
)
 
$
(11
)
 
$
(7
)
Interest rate hedges
(1
)
 
(5
)
 
(1
)
 
(23
)
Total
$
(12
)
 
$
(10
)

$
(12
)
 
$
(30
)

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 insignificant for the three and six months ended March 28, 2020, and March 30, 2019. The carrying amount of fair value hedge (assets) liabilities as of March 28, 2020 and September 28, 2019 were as follows (in millions):
Consolidated Condensed
Balance Sheets Classification
 
 
March 28, 2020
 
September 28, 2019
Inventory
 
 
$
(77
)
 
$
(19
)

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 Ended
 
Six Months Ended
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
Cost of Sales
$
9,867

 
$
9,251

 
$
19,242

 
$
18,089

Interest Expense
119

 
119

 
239

 
218

Other, net
(106
)
 
(7
)
 
(122
)
 
(10
)

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 Ended
 
Six Months Ended
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
Sales
Gain (Loss) on derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Commodity contracts
$
—

 
$
13

 
$
—

 
$
14

 
 
 
 
 
 
 
 
 
Cost of Sales
Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
 
 
 
 
 
 
 
 
Commodity contracts
$
(5
)
 
$
(5
)
 
$
(7
)
 
$
(12
)
 
Gain (Loss) on fair value hedges:
 
 
 
 
 
 
 
 
Commodity contracts (a)
31

 
1

 
47

 
—

 
Gain (Loss) on derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Commodity contracts
(126
)
 
(24
)
 
(97
)
 
(21
)
Total
 
$
(100
)
 
$
(28
)
 
$
(57
)
 
$
(33
)
 
 
 
 
 
 
 
 
 
Interest Expense
Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
 
 
 
 
 
 
 
 
Interest rate contracts
$
(1
)
 
$
—

 
$
(2
)
 
$
—

 
 
 
 
 
 
 
 
 
Other, net
Gain (Loss) on derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign exchange contracts
$
(3
)
 
$
3

 
$
1

 
$
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 14: Fair Value Measurements.
v3.20.1
Fair Value Measurements
 6 Months Ended
Mar. 28, 2020
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): 
March 28, 2020
Level 1
 
Level 2
 
Level 3
 
Netting (a)
 
Total
Other Current Assets:
 
 
 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
 
 
 
Designated as hedges
$
—

 
$
77

 
$
—

 
$
(59
)
 
$
18

Undesignated
—

 
126

 
—

 
(94
)
 
32

Available-for-sale securities:
 
 
 
 
 
 
 
 
 
Current
—

 
1

 
1

 
—

 
2

Other Assets:
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
Non-current
—

 
56

 
46

 
—

 
102

Deferred compensation assets
9

 
289

 
—

 
—

 
298

Total assets
$
9

 
$
549

 
$
47

 
$
(153
)
 
$
452

Other Current Liabilities:
 
 
 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
 
 
 
Designated as hedges
$
—

 
$
7

 
$
—

 
$
(4
)
 
$
3

Undesignated
—

 
219

 
—

 
(198
)
 
21

Total liabilities
$
—

 
$
226

 
$
—

 
$
(202
)
 
$
24

September 28, 2019
Level 1
 
Level 2
 
Level 3
 
Netting (a)
 
Total
Other Current Assets:
 
 
 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
 
 
 
Designated as hedges
$
—

 
$
26

 
$
—

 
$
(3
)
 
$
23

Undesignated
—

 
58

 
—

 
(5
)
 
53

Available-for-sale securities:
 
 
 
 
 
 
 
 
 
Current
—

 
—

 
1

 
—

 
1

Other Assets:
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
Non-current
—

 
51

 
51

 
—

 
102

Deferred compensation assets
7

 
311

 
—

 
—

 
318

Total assets
$
7

 
$
446

 
$
52

 
$
(8
)
 
$
497

Other Current Liabilities:
 
 
 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
 
 
 
Designated as hedges
$
—

 
$
17

 
$
—

 
$
(13
)
 
$
4

Undesignated
—

 
93

 
—

 
(90
)
 
3

Total liabilities
$
—

 
$
110

 
$
—

 
$
(103
)
 
$
7

(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 March 28, 2020, and September 28, 2019, we had $49 million and $95 million, respectively, of net cash collateral with various counterparties where master netting arrangements exist.
The following table provides a reconciliation between the beginning and ending balance of marketable debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions): 
 
Six Months Ended
 
March 28, 2020
 
March 30, 2019
Balance at beginning of year
$
52

 
$
51

Total realized and unrealized gains (losses):
 
 
 
Included in earnings
—

 
—

Included in other comprehensive income (loss)
(1
)
 
1

Purchases
5

 
7

Issuances
—

 
—

Settlements
(9
)
 
(9
)
Balance at end of period
$
47

 
$
50

Total gains (losses) for the six month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period
$
—

 
$
—


The following methods and assumptions were used to estimate the fair value of each class of financial instrument:
Derivative Assets and Liabilities: Our derivative financial instruments primarily include exchange-traded and over-the-counter contracts which are further described in Note 13: 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):
 
March 28, 2020
 
September 28, 2019
 
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
$
56

 
$
57

 
$
1

 
$
51

 
$
51

 
$
—

Corporate and asset-backed
47

 
47

 
—

 
51

 
52

 
1


Unrealized holding gains (losses), net of tax, are excluded from earnings and reported in OCI until the security is settled or sold. On a quarterly basis, we evaluate whether losses related to our available-for-sale securities are temporary in nature. Losses on equity securities are recognized in earnings if the decline in value is judged to be other than temporary. If losses related to our debt securities are determined to be other than temporary, the loss would be recognized in earnings if we intend, or will more likely than not be required, to sell the security prior to recovery. For debt securities in which we have the intent and ability to hold until maturity, losses determined to be other than temporary would remain in OCI, other than expected credit losses which are recognized in earnings.
We consider many factors in determining whether a loss is temporary, including the length of time and extent to which the fair value has been below cost, the financial condition and near-term prospects of the issuer and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. We recognized no other than temporary impairment in earnings and no other than temporary losses in OCI for the three and six months ended March 28, 2020, and March 30, 2019.
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 six months ended March 28, 2020, and March 30, 2019.
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):
 
March 28, 2020
 
September 28, 2019
 
Fair Value
 
Carrying Value
 
Fair Value
 
Carrying Value
Total debt
$
12,938

 
$
12,120

 
$
12,978

 
$
11,932
v3.20.1
Pension and Other Postretirement Benefit Plans
 6 Months Ended
Mar. 28, 2020
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Plans PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
The components of the net periodic cost for the pension and postretirement benefit plans for the three and six months ended March 28, 2020, and March 30, 2019, are as follows (in millions):
 
Pension Plans
 
Three Months Ended
 
Six Months Ended
 
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
 
 
 
 
 
 
 
 
Service cost
$
—

 
$
—

 
$
—

 
$
1

Interest cost
7

 
16

 
17

 
32

Expected return on plan assets
(6
)
 
(15
)
 
(15
)
 
(29
)
Amortization of:
 
 
 
 
 
 
 
Net actuarial loss
1

 
1

 
2

 
1

Prior service cost
—

 
—

 
—

 
—

Settlement (gain) loss
(106
)
 
—

 
(106
)
 
19

Net periodic cost (credit)
$
(104
)
 
$
2

 
$
(102
)
 
$
24

 
Postretirement Benefit Plans
 
Three Months Ended
 
Six Months Ended
 
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
 
 
 
 
 
 
 
 
Interest cost
$
—

 
$
1

 
$
—

 
$
1

Amortization of prior service cost (credit)
(1
)
 
(1
)
 
(1
)
 
(5
)
Net periodic cost (credit)
$
(1
)
 
$
—

 
$
(1
)
 
$
(4
)

Net periodic benefit cost, excluding the service cost component, was recorded in the Consolidated Condensed Statements of Income in Other, net. We contributed $9 million to our pension plans for the three months ended March 28, 2020 and March 30, 2019. We contributed $10 million and $12 million to our pension plans for the six months ended March 28, 2020 and March 30, 2019, respectively. The amount of contributions made to pension plans in any year is dependent upon a number of factors, including minimum funding requirements in the jurisdictions in which we operate.
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. The settlements of the two qualified plans through purchased annuities did not require any significant contributions. The benefit obligations and fair value of plan assets of the two qualified plans were approximately $1.4 billion at September 28, 2019.
v3.20.1
Other Comprehensive Income (Loss)
 6 Months Ended
Mar. 28, 2020
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 Ended
 
Six Months Ended
 
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
 
Before Tax
Tax
After Tax
 
Before Tax
Tax
After Tax
 
Before Tax
Tax
After Tax
 
Before Tax
Tax
After Tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives accounted for as cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Gain) loss reclassified to interest expense
$
1

$
(1
)
$
—

 
$
—

$
—

$
—

 
$
2

$
(1
)
$
1

 
$
—

$
—

$
—

(Gain) loss reclassified to cost of sales
5

(1
)
4

 
5

—

5

 
7

(1
)
6

 
12

(2
)
10

Unrealized gain (loss)
(12
)
3

(9
)
 
(10
)
2

(8
)
 
(12
)
3

(9
)
 
(30
)
8

(22
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)
—

—

—

 
1

(1
)
—

 
—

—

—

 
2

(1
)
1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency translation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Translation adjustment
(105
)
1

(104
)
 
25

—

25

 
(70
)
1

(69
)

34

(1
)
33

Translation loss reclassified to cost of sales
—

—

—

 
—

—

—

 
—

—

—

 
—

—

—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Postretirement benefits:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)
1

—

1

 
—

—

—

 
1

—

1


(28
)
8

(20
)
Pension settlement reclassified to other (income) expense
(58
)
15

(43
)
 
—

—

—

 
(58
)
15

(43
)

23

(6
)
17

Total other comprehensive income (loss)
$
(168
)
$
17

$
(151
)
 
$
21

$
1

$
22

 
$
(130
)
$
17

$
(113
)
 
$
13

$
6

$
19
v3.20.1
Segment Reporting
 6 Months Ended
Mar. 28, 2020
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, South Korea, Malaysia, Mexico, the Netherlands, Thailand and the United Kingdom, 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 Ended
 
Six Months Ended
 
 
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
 
Sales:
 
 
 
 
 
 
 
 
Beef
$
3,979

 
$
3,884

 
$
7,817

 
$
7,810

 
Pork
1,266

 
1,172

 
2,645

 
2,351

 
Chicken
3,397

 
3,407

 
6,689

 
6,522

 
Prepared Foods
2,080

 
2,027

 
4,220

 
4,176

 
International/Other
465

 
277

 
963

 
420

 
Intersegment
(299
)
 
(324
)
 
(631
)
 
(643
)
 
Total sales
$
10,888

 
$
10,443

 
$
21,703

 
$
20,636

 

 
Three Months Ended
 
Six Months Ended
 
 
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
 
Operating income (loss):
 
 
 
 
 
 
 
 
Beef
$
109

 
$
156

 
$
519

 
$
461

 
Pork
93

 
100

 
284

 
195

 
Chicken
99

 
141

(a) 
156

 
301

(a) 
Prepared Foods
191

 
245

 
349

 
510

 
International/Other
9

(b) 
(7
)
(b) 
19

(b) 
(25
)
(b) 
Total operating income
501

 
635

 
1,327

 
1,442

 
 
 
 
 
 
 
 
 
 
Total other expense
10

 
107

 
111

 
201

 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
491

 
$
528

 
$
1,216

 
$
1,241

 
(a) Chicken operating income included $5 million and $13 million in Keystone Foods purchase accounting and acquisition related costs for the three and six months ended March 30, 2019, respectively.
(b) International/Other operating results included $6 million and $24 million in Keystone Foods purchase accounting and acquisition related costs for the three and six months ended March 30, 2019, respectively. There were no third-party merger and integration costs and corporate overhead of Tyson New Ventures, LLC for the three months ended March 28, 2020, $4 million for the three months ended March 30, 2019, and $4 million and $5 million for the six months ended March 28, 2020, and March 30, 2019, respectively.
The following tables further disaggregate our sales to customers by major distribution channels (in millions):
 
Three months ended March 28, 2020
 
 
Consumer Products(a)
 
Foodservice(b)
 
International(c)
 
Industrial and Other(d)
 
Intersegment
 
Total
Beef
$
1,907

 
$
1,004

 
$
605

 
$
362

 
$
101

 
$
3,979

Pork
383

 
99

 
274

 
325

 
185

 
1,266

Chicken
1,550

 
1,239

 
167

 
428

 
13

 
3,397

Prepared Foods
1,225

 
778

 
34

 
43

 
—

 
2,080

International/Other
—

 
—

 
465

 
—

 
—

 
465

Intersegment
—

 
—

 
—

 
—

 
(299
)
 
(299
)
Total
$
5,065


$
3,120


$
1,545

 
$
1,158

 
$
—

 
$
10,888

 
Three months ended March 30, 2019
 
 
Consumer Products(a)
 
Foodservice(b)
 
International(c)
 
Industrial and Other(d)
 
Intersegment
 
Total
Beef
$
1,811

 
$
1,057

 
$
573

 
$
343

 
$
100

 
$
3,884

Pork
334

 
93

 
210

 
324

 
211

 
1,172

Chicken
1,463

 
1,307

 
155

 
469

 
13

 
3,407

Prepared Foods
1,190

 
755

 
20

 
62

 
—

 
2,027

Other
—

 
—

 
277

 
—

 
—

 
277

Intersegment
—

 
—

 
—

 
—

 
(324
)
 
(324
)
Total
$
4,798

 
$
3,212

 
$
1,235

 
$
1,198

 
$
—

 
$
10,443

 
Six months ended March 28, 2020
 
 
Consumer Products(a)
 
Foodservice(b)
 
International(c)
 
Industrial and Other(d)
 
Intersegment
 
Total
Beef
$
3,764

 
$
2,049

 
$
1,119

 
$
688

 
$
197

 
$
7,817

Pork
783

 
216

 
554

 
685

 
407

 
2,645

Chicken
2,939

 
2,546

 
328

 
849

 
27

 
6,689

Prepared Foods
2,436

 
1,624

 
71

 
89

 
—

 
4,220

International/Other
—

 
—

 
963

 
—

 
—

 
963

Intersegment
—

 
—

 
—

 
—

 
(631
)
 
(631
)
Total
$
9,922

 
$
6,435

 
$
3,035

 
$
2,311

 
$
—

 
$
21,703

 
Six months ended March 30, 2019
 
 
Consumer Products(a)
 
Foodservice(b)
 
International(c)
 
Industrial and Other(d)
 
Intersegment
 
Total
Beef
$
3,662

 
$
2,074

 
$
1,201

 
$
683

 
$
190

 
$
7,810

Pork
671

 
184

 
435

 
635

 
426

 
2,351

Chicken
2,835

 
2,437

 
312

 
911

 
27

 
6,522

Prepared Foods
2,465

 
1,544

 
44

 
123

 
—

 
4,176

Other
—

 
—

 
420

 
—

 
—

 
420

Intersegment
—

 
—

 
—

 
—

 
(643
)
 
(643
)
Total
$
9,633

 
$
6,239

 
$
2,412

 
$
2,352

 
$
—

 
$
20,636

(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 Consumer Products, Foodservice or International categories.
v3.20.1
Commitments And Contingencies
 6 Months Ended
Mar. 28, 2020
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 March 28, 2020, was not significant. Additionally, the maximum potential amount of lease related residual value guarantees is $71 million, all of which could be recoverable through various recourse provisions and an additional undeterminable recoverable amount based on the fair value of the underlying leased assets. The likelihood of material payments under these guarantees is not considered probable. At March 28, 2020, and September 28, 2019, 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 March 28, 2020 was approximately $315 million. The total receivables under these programs were $15 million and $5 million at March 28, 2020 and September 28, 2019, 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 March 28, 2020, and September 28, 2019.
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 $82 million and $0 at March 28, 2020 and September 28, 2019, 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 March 28, 2020, the total amount under these types of arrangements totaled $572 million.
Contingencies
We are involved in various claims and legal proceedings. We routinely 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. 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 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. 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. Decisions on class certification and summary judgment motions likely to be filed by defendants are currently expected in late calendar year 2020 and 2021. If necessary, trial will occur after rulings on class certification and any summary judgment motions in calendar year 2022. 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. We are fully cooperating with the DOJ’s request. On October 16, 2019, the court extended the limited stay of discovery in the civil action through June 27, 2020, and on December 18, 2019, the court shortened the stay until March 31, 2020. 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 poultry processing companies alleging activities in violation of the Puerto Rican antitrust laws. This lawsuit has been transferred to the Northern District of Illinois for coordinated pre-trial proceedings.
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 CID requests information primarily related to possible anticompetitive conduct in connection with the Georgia Dock, a chicken products pricing index formerly published by the Georgia Department of Agriculture. We have been cooperating with the 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.
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, a putative class member is proceeding with an individual direct action making similar claims, and others may do so in the future. The individual complaint has been filed in the District of Minnesota and is proceeding on a coordinated pre-trial basis with the consolidated actions. 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. On January 15, 2020, we moved to dismiss the amended complaints.
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 have moved to dismiss the second amended complaint.
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, Inc., an information services provider, 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 have moved to dismiss the second amended complaint. The indirect consumer purchaser litigation is styled as Peterson v. JBS USA Food Company Holdings, et al.
On October 16, 2019, a direct purchaser of beef, on behalf of itself and other direct purchasers of beef, filed a class action complaint against us and other beef packer defendants in the United States District Court for the District of Minnesota. The plaintiff alleges that the defendants conspired to reduce slaughter capacity by closing and 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, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief. This action was voluntarily dismissed on November 5, 2019.
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 have been filed by individuals making similar allegations. The plaintiffs filed an amended consolidated complaint containing additional allegations concerning turkey processing plants and named additional defendants.
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. $68 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. $6.7 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. $291 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. $1,300). 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.
v3.20.1
Leases (Notes)
 6 Months Ended
Mar. 28, 2020
Leases [Abstract]  
Leases of Lessee Disclosure [Text Block] LEASES
We lease certain equipment, buildings and land related to transportation, distribution, storage, production, livestock grower assets and office activities. These lease arrangements can be structured as a standard lease agreement or embedded in a service or supply agreement and are primarily classified as operating leases. For further description of our lease accounting policy, refer to Part I, Item 1, Notes to the Consolidated Condensed Financial Statements, Note 1: Accounting Policies. Operating lease ROU assets and liabilities presented in our Consolidated Condensed Balance Sheets were as follows (in millions):
 
March 28, 2020
Other Assets
$
541

Other current liabilities
163

Other Liabilities
378


The components of lease costs were as follows (in millions):
 
Three Months Ended
 
Six Months Ended
 
March 28, 2020
 
March 28, 2020
Operating lease cost (a)
$
51

 
$
100

Variable lease cost (b)
116

 
227

Short-term lease cost
6

 
12

Total
$
173

 
$
339


(a) Sublease income is immaterial and not deducted from operating lease cost.
(b) Variable lease costs are determined based on volume of output received, flocks placed or other performance metrics.
Other operating lease information includes the following:
Six months ended March 28, 2020
 
Operating cash outflows from operating leases (in millions)
$
106

ROU assets obtained in exchange for new operating lease liabilities (in millions)
$
83

Weighted-average remaining lease term
5 years

Weighted-average discount rate
3
%

At March 28, 2020, future maturities of operating leases were as follows (in millions):
Operating Lease Commitments
 
2020 (remaining year)
$
95

2021
153

2022
108

2023
74

2024
57

2025 and beyond
91

Total undiscounted operating lease payments
$
578

Less: Imputed interest
37

Present value of total operating lease liabilities
$
541


At March 28, 2020, our leases that had not yet commenced were insignificant.
Prior Year Lease Disclosures
The following pertains to previously disclosed information set forth in the Company's 2019 Form 10-K, Part II, Item 8, Notes to the Consolidated Financial Statements, Note 20: Commitments and Contingencies.
We lease equipment, properties and certain farms for which total rentals approximated $220 million and $200 million, in fiscal 2019 and 2018, respectively. Most leases have initial terms of up to seven years, some with varying renewal periods. Minimum lease commitments under non-cancelable leases at September 28, 2019 were (in millions):
Operating Lease Commitments
 
2020
$
159

2021
113

2022
74

2023
49

2024
40

2025 and beyond
54

Total
$
489


We enter into agreements with livestock growers that can have fixed and variable payment structures, but are generally cancelable and based on flocks placed with growers. Livestock grower fixed or estimable non-cancelable commitments at September 28, 2019 were (in millions):
Livestock Grower Commitments
 
2020
$
253

2021
131

2022
86

2023
58

2024
49

2025 and beyond
122

Total
$
699
v3.20.1
Accounting Policies (Policy)
 6 Months Ended
Mar. 28, 2020
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. Although we believe the disclosures contained herein are adequate to make the information presented not misleading, these consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 28, 2019. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly our financial position as of March 28, 2020, and the results of operations for the three and six months ended March 28, 2020, and March 30, 2019. 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.
Lessee, Leases [Policy Text Block]
Leases
We determine if an agreement is or contains a lease at its inception by evaluating if an identified asset exists that we control for a period of time. When a lease exists, we classify it as a finance or operating lease and record a right-of-use ("ROU") asset and a corresponding lease liability at lease commencement. We have elected to not record leases with a term of 12 months or less in our Consolidated Condensed Balance Sheets, and accordingly, lease expense for these short-term leases is recognized on a straight-line basis over the lease term. Finance lease assets are presented within Net Property, Plant and Equipment and finance lease liabilities are presented within Current and Long-Term Debt in our Consolidated Condensed Balance Sheets. Finance lease disclosures are omitted as they are deemed immaterial. Operating ROU assets are presented within Other Assets, and operating lease liabilities are recorded within Other current liabilities and Other Liabilities in our Consolidated Condensed Balance Sheets. Lease assets are subject to review for impairment in a manner consistent with Property, Plant and Equipment.
ROU assets are presented in our Consolidated Condensed Balance Sheets based on the present value of the corresponding liabilities and are adjusted for any prepayments, lease incentives received or initial direct costs incurred. The measurement of our ROU assets and liabilities includes all fixed payments and any variable payments based on an index or rate. Variable lease payments which do not depend on an index, or where rates are unknown, are excluded from lease payments in the measurement of the ROU asset and lease liability, and accordingly, are recognized as lease expense in the period the obligation for those payments is incurred. The present value of lease payments is based on our incremental borrowing rate according to the lease term and information available at the lease commencement date, as our lease arrangements generally do not provide an implicit interest rate. The incremental borrowing rate is derived using a hypothetically-collateralized borrowing cost, based on our revolving credit facility, plus a country risk factor, where applicable. We consider our credit rating and the current economic environment in determining the collateralized rate.
Our lease arrangements can include fixed or variable non-lease components, such as common area maintenance, taxes and labor. We account for each lease and any non-lease components associated with that lease as a single lease component for all asset classes, except production and livestock grower asset classes embedded in service and supply agreements, and other asset classes that include significant maintenance or service components. We account for lease and non-lease components of an agreement separately based on relative stand-alone prices either observable or estimated if observable prices are not readily available. For asset classes where an election was made not to separate lease and non-lease components, all costs associated with a lease contract are disclosed as lease costs. The accounting for some of the Company's leases may require significant judgment when determining whether a contract is or contains a lease, the lease term, and the likelihood of exercising renewal or termination options. Our leases can include options to extend or terminate use of the underlying assets. These options are included in the lease term used to determine ROU assets and corresponding liabilities when we are reasonably certain we will exercise the option. Additionally, certain leases can have residual value guarantees, which are included within our operating lease liabilities when considered probable. Our lease agreements do not include significant restrictions or covenants.
Recognition, measurement and presentation of expenses and cash flows arising from a lease will depend on classification as a finance or operating lease. Operating lease expense is recognized on a straight-line basis over the lease term, whereas the amortization of finance lease assets is recognized on a straight-line basis over the shorter of the estimated useful life of the underlying asset or the lease term. Operating lease expense and finance lease amortization are presented in Cost of Sales or Selling, General and Administrative in our Consolidated Condensed Statements of Income depending on the nature of the leased item. Interest expense on finance lease obligations is recorded over the lease term and is presented in Interest expense, based on the effective interest method. All operating lease cash payments and interest on finance leases are presented within Net cash provided by operating activities and all finance lease principal payments are presented within Net cash used in financing activities in our Consolidated Condensed Statements of Cash Flows.
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 condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board ("FASB") issued guidance providing optional expedients and exceptions to account for the effects of reference rate reform to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The optional guidance is effective as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
In December 2019, the FASB issued guidance that simplifies the accounting for income taxes by removing certain exceptions to general principles in Topic 740 and clarifies other general principles by adding certain requirements to Topic 740. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2020, our fiscal 2022. 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.
In June 2016, the FASB issued guidance that provides more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2019, our fiscal 2021. Early adoption is permitted for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. The application of the guidance requires various transition methods depending on the specific amendment. We do not expect the adoption
of this guidance will have a material impact on our consolidated financial statements.
Changes in Accounting Principles
Changes in Accounting Principles
In August 2017, the FASB issued guidance that eases certain documentation and assessment requirements of hedge effectiveness and modifies the accounting for components excluded from the assessment. Some of the modifications included the ineffectiveness of derivative gain/loss in highly effective cash flow hedges to be recorded in Other Comprehensive Income, alignment of the recognition and presentation of the effects related to the hedging instrument and hedged item in the financial statements, and additional disclosures required on the cumulative basis adjustment in fair value hedges and the effect of hedging on financial statement lines for components excluded from the assessment. The amendment also simplified the application of hedge accounting in certain situations to permit new hedging strategies to be eligible for hedge accounting. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. We adopted this guidance in the first quarter of fiscal 2020 using the modified retrospective transition approach, and it did not have a material impact on our consolidated financial statements.
In February 2016, the FASB issued guidance that created new accounting and reporting guidelines for leasing arrangements. The guidance requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses and cash flows arising from a lease will depend on classification as a finance or operating lease. The guidance also requires qualitative and quantitative disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. We adopted this guidance in the first quarter of fiscal 2020 using the optional transition method that allows for a cumulative-effect adjustment in the period of adoption with no restatement of prior periods. We have elected the package of practical expedients available under the transition guidance which allows us to not reassess prior conclusions related to lease classifications, existing contracts containing leases, and initial direct costs, as well as the practical expedient that allows the continued historical treatment of land easements. We did not elect the practical expedient for the use of hindsight in evaluating the expected lease term of existing leases. The adoption resulted in the recording of operating lease assets and operating lease liabilities of $549 million and $546 million, respectively, as of September 29, 2019, with no changes to our finance leases. The difference between the additional lease assets and lease liabilities, represents existing deferred rent and prepaid lease balances that were reclassified on the balance sheet. The adoption did not have a material impact on our Consolidated Condensed Statements of Income or our Consolidated Condensed Statements of Cash Flows. For further description of our lease policy refer to the Leases section above, and for quantitative lease information refer to Part I, Item 1, Notes to Consolidated Condensed Financial Statements, Note 5: Leases.
v3.20.1
Inventories (Policy)
 6 Months Ended
Mar. 28, 2020
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.
v3.20.1
Acquisitions and Dispositions (Tables)
 6 Months Ended
Mar. 28, 2020
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block] The following table summarizes the purchase price allocation for Keystone Foods and fair values of the assets acquired and liabilities assumed at the acquisition date.
 
in millions
 
Cash and cash equivalents
 
$
186

Accounts receivable
 
106

Inventories
 
257

Other current assets
 
34

Property, Plant and Equipment
 
676

Goodwill
 
1,120

Intangible Assets
 
659

Other Assets
 
28

Current debt
 
(73
)
Accounts payable
 
(208
)
Other current liabilities
 
(99
)
Long-Term Debt
 
(113
)
Deferred Income Taxes
 
(177
)
Other Liabilities
 
(8
)
Noncontrolling Interests
 
(122
)
Net assets acquired
 
$
2,266
v3.20.1
Inventories (Tables)
 6 Months Ended
Mar. 28, 2020
Inventory Disclosure [Abstract]  
Schedule of Inventory
The following table reflects the major components of inventory (in millions):
 
March 28, 2020
 
September 28, 2019
Processed products
$
2,306

 
$
2,362

Livestock
1,105

 
1,150

Supplies and other
614

 
596

Total inventory
$
4,025

 
$
4,108
v3.20.1
Property, Plant And Equipment (Tables)
 6 Months Ended
Mar. 28, 2020
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): 

March 28, 2020
 
September 28, 2019
Land
$
197

 
$
198

Buildings and leasehold improvements
4,801

 
4,747

Machinery and equipment
8,820

 
8,607

Land improvements and other
395

 
385

Buildings and equipment under construction
920

 
713

 
15,133

 
14,650

Less accumulated depreciation
7,669

 
7,368

Net property, plant and equipment
$
7,464

 
$
7,282
v3.20.1
Restructuring and Related Charges Restructuring and Related Charges (Tables)
 6 Months Ended
Mar. 28, 2020
Restructuring Cost and Reserve [Line Items]  
Restructuring and Related Costs [Table Text Block]
The following table reflects the pretax impact of restructuring and related charges incurred in the three and six months ended March 28, 2020, the charges to date and the total estimated charges, by reportable segment (in millions):
 
Three Months Ended
Six Months Ended
Restructuring and related charges to date
Total estimated Restructuring and related charges
 
March 28, 2020
March 28, 2020
March 28, 2020
 
Beef
$
—

$
5

$
18

$
18

Pork
—

2

7

7

Chicken
—

21

128

136

Prepared Foods
—

22

146

155

Other
—

2

3

3

Total restructuring and related charges, pretax
$
—

$
52

$
302

$
319
v3.20.1
Other Current Liabilities (Tables)
 6 Months Ended
Mar. 28, 2020
Other Liabilities, Current [Abstract]  
Schedule Of Other Current Liabilities
Other current liabilities are as follows (in millions):
 
March 28, 2020
 
September 28, 2019
Accrued salaries, wages and benefits
$
551

 
$
620

Other
971

 
865

Total other current liabilities
$
1,522

 
$
1,485
v3.20.1
Debt (Tables)
 6 Months Ended
Mar. 28, 2020
Debt Instruments [Abstract]  
Schedule of Major Components Of Debt
The major components of debt are as follows (in millions):
 
March 28, 2020
 
September 28, 2019
Revolving credit facility
$
200

 
$
70

Commercial paper
1,000

 
1,000

Senior notes:
 
 
 
Notes due June 2020 (2.13% at 3/28/2020)
350

 
350

Notes due August 2020 (2.15% at 3/28/2020)
400

 
400

4.10% Notes due September 2020
279

 
280

2.25% Notes due August 2021
500

 
500

4.50% Senior notes due June 2022
1,000

 
1,000

3.90% Senior notes due September 2023
400

 
400

3.95% Notes due August 2024
1,250

 
1,250

4.00% Notes due March 2026 ("2026 Notes")
800

 
800

3.55% Notes due June 2027
1,350

 
1,350

7.00% Notes due January 2028
18

 
18

4.35% Notes due March 2029 ("2029 Notes")
1,000

 
1,000

6.13% Notes due November 2032
160

 
161

4.88% Notes due August 2034
500

 
500

5.15% Notes due August 2044
500

 
500

4.55% Notes due June 2047
750

 
750

5.10% Notes due September 2048 ("2048 Notes")
1,500

 
1,500

Discount on senior notes
(46
)
 
(48
)
Term loan:
 
 
 
Term loan facility due March 2022 (2.5% at 3/28/2020)
—

 
—

Other
270

 
216

Unamortized debt issuance costs
(61
)
 
(65
)
Total debt
12,120

 
11,932

Less current debt
1,142

 
2,102

Total long-term debt
$
10,978

 
$
9,830
v3.20.1
Equity (Tables)
 6 Months Ended
Mar. 28, 2020
Equity [Abstract]  
Schedule of Share Repurchase A summary of share repurchases of our Class A stock is as follows (in millions):
 
 
Three Months Ended
Six Months Ended
 
 
March 28, 2020
 
March 30, 2019
March 28, 2020
 
March 30, 2019
 
 
Shares
 
Dollars
 
Shares
 
Dollars
Shares
 
Dollars
 
Shares
 
Dollars
Shares repurchased:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Under share repurchase program
 
0.7

 
$
50

 
0.8

 
$
50

1.8

 
$
150

 
1.7

 
$
100

To fund certain obligations under equity compensation plans
 
0.1

 
14

 
0.2

 
13

0.5

 
46

 
0.7

 
46

Total share repurchases
 
0.8

 
$
64

 
1.0

 
$
63

2.3

 
$
196

 
2.4

 
$
146
v3.20.1
Earnings Per Share (Tables)
 6 Months Ended
Mar. 28, 2020
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 Ended
 
Six Months Ended
 
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
Numerator:
 
 
 
 
 
 
 
Net income
$
367

 
$
430

 
$
928

 
$
982

Less: Net income attributable to noncontrolling interests
3

 
4

 
7

 
5

Net income attributable to Tyson
364

 
426

 
921

 
977

Less dividends declared:
 
 
 
 
 
 
 
Class A
124

 
110

 
261

 
243

Class B
26

 
23

 
55

 
51

Undistributed earnings
$
214

 
$
293

 
$
605

 
$
683

 
 
 
 
 
 
 
 
Class A undistributed earnings
$
176

 
$
241

 
$
498

 
$
562

Class B undistributed earnings
38

 
52

 
107

 
121

Total undistributed earnings
$
214

 
$
293

 
$
605

 
$
683

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic earnings per share:
 
 
 
 
 
 
 
Class A weighted average shares
293

 
294

 
293

 
294

Class B weighted average shares, and shares under the if-converted method for diluted earnings per share
70

 
70

 
70

 
70

Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options, restricted stock and performance units
2

 
2

 
3

 
2

Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions
365

 
366

 
366

 
366

 
 
 
 
 
 
 
 
Net income per share attributable to Tyson:
 
 
 
 
 
 
 
Class A basic
$
1.03

 
$
1.20

 
$
2.59

 
$
2.74

Class B basic
$
0.92

 
$
1.07

 
$
2.32

 
$
2.46

Diluted
$
1.00

 
$
1.17

 
$
2.52

 
$
2.67

Dividends Declared Per Share:
 
 
 
 
 
 
 
Class A
$
0.420

 
$
0.375

 
$
0.885

 
$
0.825

Class B
$
0.378

 
$
0.338

 
$
0.797

 
$
0.743
v3.20.1
Derivative Financial Instruments (Tables)
 6 Months Ended
Mar. 28, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Derivative Instruments [Table Text Block]
We had the following aggregated outstanding notional amounts related to our derivative financial instruments:
in millions, except soy meal tons
Metric
 
March 28, 2020
 
September 28, 2019
Commodity:
 
 
 
 
 
Corn
Bushels
 
121

 
111

Soy Meal
Tons
 
728,700

 
1,078,800

Live Cattle
Pounds
 
82

 
14

Lean Hogs
Pounds
 
65

 
309

Foreign Currency
United States dollar
 
$
488

 
$
148

Interest Rate Swaps
Average monthly debt
 
$
400

 
$
400
Derivative Instruments, Gain (Loss) [Table Text Block]
Consolidated Condensed
Statements of Income Classification
Three Months Ended
 
Six Months Ended
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
Sales
Gain (Loss) on derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Commodity contracts
$
—

 
$
13

 
$
—

 
$
14

 
 
 
 
 
 
 
 
 
Cost of Sales
Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
 
 
 
 
 
 
 
 
Commodity contracts
$
(5
)
 
$
(5
)
 
$
(7
)
 
$
(12
)
 
Gain (Loss) on fair value hedges:
 
 
 
 
 
 
 
 
Commodity contracts (a)
31

 
1

 
47

 
—

 
Gain (Loss) on derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Commodity contracts
(126
)
 
(24
)
 
(97
)
 
(21
)
Total
 
$
(100
)
 
$
(28
)
 
$
(57
)
 
$
(33
)
 
 
 
 
 
 
 
 
 
Interest Expense
Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
 
 
 
 
 
 
 
 
Interest rate contracts
$
(1
)
 
$
—

 
$
(2
)
 
$
—

 
 
 
 
 
 
 
 
 
Other, net
Gain (Loss) on derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign exchange contracts
$
(3
)
 
$
3

 
$
1

 
$
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 Ended
 
Six Months Ended
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
Cost of Sales
$
9,867

 
$
9,251

 
$
19,242

 
$
18,089

Interest Expense
119

 
119

 
239

 
218

Other, net
(106
)
 
(7
)
 
(122
)
 
(10
)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Derivative Instruments, Gain (Loss) [Table Text Block] The following table sets forth the pretax impact of cash flow hedge derivative instruments recognized in Other Comprehensive Income (in millions):
Gain (Loss) Recognized in OCI
On Derivatives
Three Months Ended
 
Six Months Ended
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
Cash flow hedge – derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Commodity contracts
$
(11
)
 
$
(5
)
 
$
(11
)
 
$
(7
)
Interest rate hedges
(1
)
 
(5
)
 
(1
)
 
(23
)
Total
$
(12
)
 
$
(10
)

$
(12
)
 
$
(30
)
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 carrying amount of fair value hedge (assets) liabilities as of March 28, 2020 and September 28, 2019 were as follows (in millions):
Consolidated Condensed
Balance Sheets Classification
 
 
March 28, 2020
 
September 28, 2019
Inventory
 
 
$
(77
)
 
$
(19
)
v3.20.1
Fair Value Measurements (Tables)
 6 Months Ended
Mar. 28, 2020
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): 
March 28, 2020
Level 1
 
Level 2
 
Level 3
 
Netting (a)
 
Total
Other Current Assets:
 
 
 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
 
 
 
Designated as hedges
$
—

 
$
77

 
$
—

 
$
(59
)
 
$
18

Undesignated
—

 
126

 
—

 
(94
)
 
32

Available-for-sale securities:
 
 
 
 
 
 
 
 
 
Current
—

 
1

 
1

 
—

 
2

Other Assets:
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
Non-current
—

 
56

 
46

 
—

 
102

Deferred compensation assets
9

 
289

 
—

 
—

 
298

Total assets
$
9

 
$
549

 
$
47

 
$
(153
)
 
$
452

Other Current Liabilities:
 
 
 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
 
 
 
Designated as hedges
$
—

 
$
7

 
$
—

 
$
(4
)
 
$
3

Undesignated
—

 
219

 
—

 
(198
)
 
21

Total liabilities
$
—

 
$
226

 
$
—

 
$
(202
)
 
$
24

September 28, 2019
Level 1
 
Level 2
 
Level 3
 
Netting (a)
 
Total
Other Current Assets:
 
 
 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
 
 
 
Designated as hedges
$
—

 
$
26

 
$
—

 
$
(3
)
 
$
23

Undesignated
—

 
58

 
—

 
(5
)
 
53

Available-for-sale securities:
 
 
 
 
 
 
 
 
 
Current
—

 
—

 
1

 
—

 
1

Other Assets:
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
Non-current
—

 
51

 
51

 
—

 
102

Deferred compensation assets
7

 
311

 
—

 
—

 
318

Total assets
$
7

 
$
446

 
$
52

 
$
(8
)
 
$
497

Other Current Liabilities:
 
 
 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
 
 
 
Designated as hedges
$
—

 
$
17

 
$
—

 
$
(13
)
 
$
4

Undesignated
—

 
93

 
—

 
(90
)
 
3

Total liabilities
$
—

 
$
110

 
$
—

 
$
(103
)
 
$
7

(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 March 28, 2020, and September 28, 2019, we had $49 million and $95 million, respectively, of net cash collateral with various counterparties where master netting arrangements exist
Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation
The following table provides a reconciliation between the beginning and ending balance of marketable debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions): 
 
Six Months Ended
 
March 28, 2020
 
March 30, 2019
Balance at beginning of year
$
52

 
$
51

Total realized and unrealized gains (losses):
 
 
 
Included in earnings
—

 
—

Included in other comprehensive income (loss)
(1
)
 
1

Purchases
5

 
7

Issuances
—

 
—

Settlements
(9
)
 
(9
)
Balance at end of period
$
47

 
$
50

Total gains (losses) for the six month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period
$
—

 
$
—
Schedule Of 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):
 
March 28, 2020
 
September 28, 2019
 
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
$
56

 
$
57

 
$
1

 
$
51

 
$
51

 
$
—

Corporate and asset-backed
47

 
47

 
—

 
51

 
52

 
1
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):
 
March 28, 2020
 
September 28, 2019
 
Fair Value
 
Carrying Value
 
Fair Value
 
Carrying Value
Total debt
$
12,938

 
$
12,120

 
$
12,978

 
$
11,932
v3.20.1
Pension and Other Postretirement Benefit Plans (Tables)
 6 Months Ended
Mar. 28, 2020
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 six months ended March 28, 2020, and March 30, 2019, are as follows (in millions):
 
Pension Plans
 
Three Months Ended
 
Six Months Ended
 
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
 
 
 
 
 
 
 
 
Service cost
$
—

 
$
—

 
$
—

 
$
1

Interest cost
7

 
16

 
17

 
32

Expected return on plan assets
(6
)
 
(15
)
 
(15
)
 
(29
)
Amortization of:
 
 
 
 
 
 
 
Net actuarial loss
1

 
1

 
2

 
1

Prior service cost
—

 
—

 
—

 
—

Settlement (gain) loss
(106
)
 
—

 
(106
)
 
19

Net periodic cost (credit)
$
(104
)
 
$
2

 
$
(102
)
 
$
24

 
Postretirement Benefit Plans
 
Three Months Ended
 
Six Months Ended
 
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
 
 
 
 
 
 
 
 
Interest cost
$
—

 
$
1

 
$
—

 
$
1

Amortization of prior service cost (credit)
(1
)
 
(1
)
 
(1
)
 
(5
)
Net periodic cost (credit)
$
(1
)
 
$
—

 
$
(1
)
 
$
(4
)
v3.20.1
Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Mar. 28, 2020
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 Ended
 
Six Months Ended
 
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
 
Before Tax
Tax
After Tax
 
Before Tax
Tax
After Tax
 
Before Tax
Tax
After Tax
 
Before Tax
Tax
After Tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives accounted for as cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Gain) loss reclassified to interest expense
$
1

$
(1
)
$
—

 
$
—

$
—

$
—

 
$
2

$
(1
)
$
1

 
$
—

$
—

$
—

(Gain) loss reclassified to cost of sales
5

(1
)
4

 
5

—

5

 
7

(1
)
6

 
12

(2
)
10

Unrealized gain (loss)
(12
)
3

(9
)
 
(10
)
2

(8
)
 
(12
)
3

(9
)
 
(30
)
8

(22
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)
—

—

—

 
1

(1
)
—

 
—

—

—

 
2

(1
)
1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency translation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Translation adjustment
(105
)
1

(104
)
 
25

—

25

 
(70
)
1

(69
)

34

(1
)
33

Translation loss reclassified to cost of sales
—

—

—

 
—

—

—

 
—

—

—

 
—

—

—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Postretirement benefits:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)
1

—

1

 
—

—

—

 
1

—

1


(28
)
8

(20
)
Pension settlement reclassified to other (income) expense
(58
)
15

(43
)
 
—

—

—

 
(58
)
15

(43
)

23

(6
)
17

Total other comprehensive income (loss)
$
(168
)
$
17

$
(151
)
 
$
21

$
1

$
22

 
$
(130
)
$
17

$
(113
)
 
$
13

$
6

$
19
v3.20.1
Segment Reporting (Tables)
 6 Months Ended
Mar. 28, 2020
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 Ended
 
Six Months Ended
 
 
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
 
Sales:
 
 
 
 
 
 
 
 
Beef
$
3,979

 
$
3,884

 
$
7,817

 
$
7,810

 
Pork
1,266

 
1,172

 
2,645

 
2,351

 
Chicken
3,397

 
3,407

 
6,689

 
6,522

 
Prepared Foods
2,080

 
2,027

 
4,220

 
4,176

 
International/Other
465

 
277

 
963

 
420

 
Intersegment
(299
)
 
(324
)
 
(631
)
 
(643
)
 
Total sales
$
10,888

 
$
10,443

 
$
21,703

 
$
20,636

 

 
Three Months Ended
 
Six Months Ended
 
 
March 28, 2020
 
March 30, 2019
 
March 28, 2020
 
March 30, 2019
 
Operating income (loss):
 
 
 
 
 
 
 
 
Beef
$
109

 
$
156

 
$
519

 
$
461

 
Pork
93

 
100

 
284

 
195

 
Chicken
99

 
141

(a) 
156

 
301

(a) 
Prepared Foods
191

 
245

 
349

 
510

 
International/Other
9

(b) 
(7
)
(b) 
19

(b) 
(25
)
(b) 
Total operating income
501

 
635

 
1,327

 
1,442

 
 
 
 
 
 
 
 
 
 
Total other expense
10

 
107

 
111

 
201

 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
491

 
$
528

 
$
1,216

 
$
1,241

 
(a) Chicken operating income included $5 million and $13 million in Keystone Foods purchase accounting and acquisition related costs for the three and six months ended March 30, 2019, respectively.
(b) International/Other operating results included $6 million and $24 million in Keystone Foods purchase accounting and acquisition related costs for the three and six months ended March 30, 2019, respectively. There were no third-party merger and integration costs and corporate overhead of Tyson New Ventures, LLC for the three months ended March 28, 2020, $4 million for the three months ended March 30, 2019, and $4 million and $5 million for the six months ended March 28, 2020, and March 30, 2019, 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 March 28, 2020
 
 
Consumer Products(a)
 
Foodservice(b)
 
International(c)
 
Industrial and Other(d)
 
Intersegment
 
Total
Beef
$
1,907

 
$
1,004

 
$
605

 
$
362

 
$
101

 
$
3,979

Pork
383

 
99

 
274

 
325

 
185

 
1,266

Chicken
1,550

 
1,239

 
167

 
428

 
13

 
3,397

Prepared Foods
1,225

 
778

 
34

 
43

 
—

 
2,080

International/Other
—

 
—

 
465

 
—

 
—

 
465

Intersegment
—

 
—

 
—

 
—

 
(299
)
 
(299
)
Total
$
5,065


$
3,120


$
1,545

 
$
1,158

 
$
—

 
$
10,888

 
Three months ended March 30, 2019
 
 
Consumer Products(a)
 
Foodservice(b)
 
International(c)
 
Industrial and Other(d)
 
Intersegment
 
Total
Beef
$
1,811

 
$
1,057

 
$
573

 
$
343

 
$
100

 
$
3,884

Pork
334

 
93

 
210

 
324

 
211

 
1,172

Chicken
1,463

 
1,307

 
155

 
469

 
13

 
3,407

Prepared Foods
1,190

 
755

 
20

 
62

 
—

 
2,027

Other
—

 
—

 
277

 
—

 
—

 
277

Intersegment
—

 
—

 
—

 
—

 
(324
)
 
(324
)
Total
$
4,798

 
$
3,212

 
$
1,235

 
$
1,198

 
$
—

 
$
10,443

 
Six months ended March 28, 2020
 
 
Consumer Products(a)
 
Foodservice(b)
 
International(c)
 
Industrial and Other(d)
 
Intersegment
 
Total
Beef
$
3,764

 
$
2,049

 
$
1,119

 
$
688

 
$
197

 
$
7,817

Pork
783

 
216

 
554

 
685

 
407

 
2,645

Chicken
2,939

 
2,546

 
328

 
849

 
27

 
6,689

Prepared Foods
2,436

 
1,624

 
71

 
89

 
—

 
4,220

International/Other
—

 
—

 
963

 
—

 
—

 
963

Intersegment
—

 
—

 
—

 
—

 
(631
)
 
(631
)
Total
$
9,922

 
$
6,435

 
$
3,035

 
$
2,311

 
$
—

 
$
21,703

 
Six months ended March 30, 2019
 
 
Consumer Products(a)
 
Foodservice(b)
 
International(c)
 
Industrial and Other(d)
 
Intersegment
 
Total
Beef
$
3,662

 
$
2,074

 
$
1,201

 
$
683

 
$
190

 
$
7,810

Pork
671

 
184

 
435

 
635

 
426

 
2,351

Chicken
2,835

 
2,437

 
312

 
911

 
27

 
6,522

Prepared Foods
2,465

 
1,544

 
44

 
123

 
—

 
4,176

Other
—

 
—

 
420

 
—

 
—

 
420

Intersegment
—

 
—

 
—

 
—

 
(643
)
 
(643
)
Total
$
9,633

 
$
6,239

 
$
2,412

 
$
2,352

 
$
—

 
$
20,636

(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 Consumer Products, Foodservice or International categories.
v3.20.1
Leases (Tables)
 3 Months Ended 6 Months Ended
Sep. 28, 2019
Mar. 28, 2020
Leases [Abstract]    
Lessee Operating Leases Balance Sheet Information [Table Text Block]   Operating lease ROU assets and liabilities presented in our Consolidated Condensed Balance Sheets were as follows (in millions):
 
March 28, 2020
Other Assets
$
541

Other current liabilities
163

Other Liabilities
378
Lease, Cost [Table Text Block]  
The components of lease costs were as follows (in millions):
 
Three Months Ended
 
Six Months Ended
 
March 28, 2020
 
March 28, 2020
Operating lease cost (a)
$
51

 
$
100

Variable lease cost (b)
116

 
227

Short-term lease cost
6

 
12

Total
$
173

 
$
339
Lessee Operating Lease Other Information [Table Text Block]  
Other operating lease information includes the following:
Six months ended March 28, 2020
 
Operating cash outflows from operating leases (in millions)
$
106

ROU assets obtained in exchange for new operating lease liabilities (in millions)
$
83

Weighted-average remaining lease term
5 years

Weighted-average discount rate
3
%
Lessee, Operating Lease, Liability, Maturity [Table Text Block]  
At March 28, 2020, future maturities of operating leases were as follows (in millions):
Operating Lease Commitments
 
2020 (remaining year)
$
95

2021
153

2022
108

2023
74

2024
57

2025 and beyond
91

Total undiscounted operating lease payments
$
578

Less: Imputed interest
37

Present value of total operating lease liabilities
$
541
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] Minimum lease commitments under non-cancelable leases at September 28, 2019 were (in millions):
Operating Lease Commitments
 
2020
$
159

2021
113

2022
74

2023
49

2024
40

2025 and beyond
54

Total
$
489


  
Other Commitments [Table Text Block] Livestock grower fixed or estimable non-cancelable commitments at September 28, 2019 were (in millions):
Livestock Grower Commitments
 
2020
$
253

2021
131

2022
86

2023
58

2024
49

2025 and beyond
122

Total
$
699


 		 
v3.20.1
Accounting Policies Changes in Accounting Principles (Details) - USD ($)
$ in Millions
Mar. 28, 2020
Sep. 29, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Operating Lease, Right-of-Use Asset $ 541 $ 549
Operating Lease, Liability $ 541 $ 546
v3.20.1
Acquisitions and Dispositions Preliminary Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 03, 2019
Nov. 30, 2018
Dec. 28, 2019
Mar. 28, 2020
Sep. 28, 2019
Business Acquisition [Line Items]          
Goodwill       $ 10,847 $ 10,844
BRF S.A. Thailand and Europe [Member]          
Business Acquisition [Line Items]          
Business Combination, Consideration Transferred $ 326        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Working Capital 297        
Goodwill, Purchase Accounting Adjustments     $ 9    
Cash and cash equivalents 56        
Property, Plant and Equipment 93        
Goodwill 10        
Intangible Assets 23        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities 24        
Deferred Income Taxes (10)        
Noncontrolling Interests $ (7)        
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Net Working Capital     10    
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Income Taxes     $ (1)    
Keystone Foods [Member]          
Business Acquisition [Line Items]          
Business Combination, Consideration Transferred   $ 2,300      
Cash and cash equivalents   186      
Accounts receivable   106      
Inventories   257      
Other current assets   34      
Property, Plant and Equipment   676      
Goodwill   1,120      
Intangible Assets   659      
Other Assets   28      
Current debt   (73)      
Accounts payable   (208)      
Other current liabilities   (99)      
Long-Term Debt   (113)      
Deferred Income Taxes   (177)      
Other Liabilities   (8)      
Noncontrolling Interests   (122)      
Other Liabilities   $ 2,266      
Customer Relationships [Member] | BRF S.A. Thailand and Europe [Member]          
Business Acquisition [Line Items]          
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 7 years        
Customer Relationships [Member] | Keystone Foods [Member]          
Business Acquisition [Line Items]          
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life   25 years      
Corporate and Other [Member] | Keystone Foods [Member]          
Business Acquisition [Line Items]          
Goodwill   $ 341      
Chicken [Member] | Keystone Foods [Member]          
Business Acquisition [Line Items]          
Goodwill   $ 779      
v3.20.1
Acquisitions and Dispositions Acquisition (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Feb. 07, 2020
Jan. 15, 2020
Jun. 03, 2019
Nov. 30, 2018
Mar. 28, 2020
Dec. 28, 2019
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Sep. 28, 2019
Business Acquisition [Line Items]                    
Payments to Acquire Businesses, Net of Cash Acquired               $ 0 $ 2,141  
Goodwill         $ 10,847     10,847   $ 10,844
Sales         10,888   $ 10,443 21,703 20,636  
Payments to Acquire Equity Method Investments               184 0  
BRF S.A. Thailand and Europe [Member]                    
Business Acquisition [Line Items]                    
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value     $ 7              
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Working Capital     297              
Cash and cash equivalents     56              
Property, Plant and Equipment     93              
Intangible Assets     23              
Goodwill     10              
Goodwill, Purchase Accounting Adjustments           $ 9        
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Net Working Capital           (10)        
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Income Taxes           $ 1        
Other Liabilities     24              
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent     10              
Business Combination, Consideration Transferred     $ 326              
Keystone Foods [Member]                    
Business Acquisition [Line Items]                    
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value       $ 122            
Cash and cash equivalents       186            
Property, Plant and Equipment       676            
Intangible Assets       659            
Goodwill       1,120            
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent       177            
Business Combination, Consideration Transferred       $ 2,300            
Customer Relationships [Member] | BRF S.A. Thailand and Europe [Member]                    
Business Acquisition [Line Items]                    
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life     7 years              
Customer Relationships [Member] | Keystone Foods [Member]                    
Business Acquisition [Line Items]                    
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life       25 years            
Prepared Foods [Member]                    
Business Acquisition [Line Items]                    
Sales         2,080   2,027 4,220 4,176  
Chicken [Member]                    
Business Acquisition [Line Items]                    
Sales         3,397   3,407 6,689 6,522  
Chicken [Member] | Keystone Foods [Member]                    
Business Acquisition [Line Items]                    
Goodwill       $ 779            
Corporate and Other [Member]                    
Business Acquisition [Line Items]                    
Sales         $ 465   $ 277 $ 963 $ 420  
Corporate and Other [Member] | Keystone Foods [Member]                    
Business Acquisition [Line Items]                    
Goodwill       $ 341            
Vibra [Member]                    
Business Acquisition [Line Items]                    
Business Acquisition, Percentage of Voting Interests Acquired   40.00%                
Payments to Acquire Equity Method Investments   $ 122                
JBS [Member]                    
Business Acquisition [Line Items]                    
Business Acquisition, Percentage of Voting Interests Acquired 50.00%                  
Payments to Acquire Equity Method Investments $ 62                  
v3.20.1
Inventories (Schedule Of Inventory) (Details) - USD ($)
$ in Millions
Mar. 28, 2020
Sep. 28, 2019
Inventory Disclosure [Abstract]    
Processed products $ 2,306 $ 2,362
Livestock 1,105 1,150
Supplies and other 614 596
Total inventory $ 4,025 $ 4,108
v3.20.1
Property, Plant And Equipment (Details) - USD ($)
$ in Millions
Mar. 28, 2020
Sep. 28, 2019
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 15,133 $ 14,650
Less accumulated depreciation 7,669 7,368
Net property, plant and equipment 7,464 7,282
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 197 198
Buildings and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 4,801 4,747
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 8,820 8,607
Land improvements and other    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 395 385
Buildings and equipment under construction    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 920 $ 713
v3.20.1
Restructuring and Related Charges Restructuring (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 28, 2020
USD ($)
Mar. 30, 2019
USD ($)
Mar. 28, 2020
USD ($)
Mar. 30, 2019
USD ($)
Sep. 28, 2019
USD ($)
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Expected Cost $ 319   $ 319    
Restructuring and Related Cost, Incurred Cost 0   (52)    
Restructuring and Related Cost, Cost Incurred to Date 302   302    
Payments for Restructuring     $ 18    
Restructuring Program [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Expected Number of Positions Eliminated     500    
2017 Program [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Expected Cost 280   $ 280    
Restructuring and Related Cost, Cost Incurred to Date 263   263    
Financial Fitness Program [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring Reserve 34   34   $ 0
Cost of Sales | Restructuring Program [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Incurred Cost (4)   (5)    
Selling, General and Administrative Expenses [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Incurred Cost     (47)    
Selling, General and Administrative Expenses [Member] | Restructuring Program [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Incurred Cost (1)   (34)    
Employee Severance [Member] | Restructuring Program [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Incurred Cost     (39)    
Restructuring Reserve, Accrual Adjustment 5        
Technology Impairment and Related Costs [Member] | 2017 Program [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Expected Cost Remaining 17   17    
Restructuring and Related Cost, Incurred Cost (5)   (13)    
Technology Impairment and Related Costs [Member] | Selling, General and Administrative Expenses [Member] | 2017 Program [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Incurred Cost   $ (8)   $ (16)  
Beef [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Expected Cost 18   18    
Restructuring and Related Cost, Incurred Cost 0   (5)    
Restructuring and Related Cost, Cost Incurred to Date 18   18    
Pork [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Expected Cost 7   7    
Restructuring and Related Cost, Incurred Cost 0   (2)    
Restructuring and Related Cost, Cost Incurred to Date 7   7    
Chicken [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Expected Cost 136   136    
Restructuring and Related Cost, Incurred Cost 0   (21)    
Restructuring and Related Cost, Cost Incurred to Date 128   128    
Prepared Foods [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Expected Cost 155   155    
Restructuring and Related Cost, Incurred Cost 0   (22)    
Restructuring and Related Cost, Cost Incurred to Date 146   146    
Other Restructuring [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Expected Cost 3   3    
Restructuring and Related Cost, Incurred Cost 0   (2)    
Restructuring and Related Cost, Cost Incurred to Date $ 3   $ 3    
v3.20.1
Other Current Liabilities (Schedule of Other Current Liabilities) (Details) - USD ($)
$ in Millions
Mar. 28, 2020
Sep. 28, 2019
Other Liabilities, Current [Abstract]    
Accrued salaries, wages and benefits $ 551 $ 620
Other 971 865
Total other current liabilities $ 1,522 $ 1,485
v3.20.1
Debt (Major Components Of Debt) (Details) - USD ($)
$ in Millions
Mar. 28, 2020
Sep. 28, 2019
Debt Instrument [Line Items]    
Discount on senior notes $ (46) $ (48)
Other 270 216
Unamortized debt issuance costs (61) (65)
Total debt 12,120 11,932
Less current debt 1,142 2,102
Less current debt 10,978 9,830
Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Revolving credit facility 200 70
Commercial paper    
Debt Instrument [Line Items]    
Long-term Commercial Paper, Noncurrent $ 1,000  
Commercial paper   1,000
Term Loan Facility Due March 2022 [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 2.50%  
Long-term Debt, Gross $ 0 0
Notes due June 2020 (2.13% at 3/28/2020)    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 2.13%  
Long-term Debt, Gross $ 350 350
Notes due August 2020 (2.15% at 3/28/2020)    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 2.15%  
Long-term Debt, Gross $ 400 400
4.10% Notes due September 2020    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 4.10%  
Long-term Debt, Gross $ 279 280
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 $ 160 161
4.88% Notes due August 2034    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 4.88%  
Long-term Debt, Gross $ 500 500
5.15% Notes due August 2044    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 5.15%  
Long-term Debt, Gross $ 500 500
4.55% Notes due June 2047    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 4.55%  
Long-term Debt, Gross $ 750 750
5.10% Notes due September 2048 (2048 Notes)    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 5.10%  
Long-term Debt, Gross $ 1,500 $ 1,500
v3.20.1
Debt (Narrative) (Details) - USD ($)
$ in Millions
 6 Months Ended
Apr. 01, 2020
Mar. 28, 2020
Mar. 30, 2019
Sep. 28, 2019
Debt Instrument [Line Items]        
Repayments of Commercial Paper   $ 12,885 $ 10,567  
Repayments of Long-term Lines of Credit   1,080 $ 335  
Debt Instrument, Unamortized Discount   46   $ 48
Term Loan Facility Due March 2022 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Unused Borrowing Capacity, Amount   1,500    
Long-term Debt, Gross   $ 0   0
Debt Instrument, Interest Rate, Stated Percentage   2.50%    
Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Maximum borrowing capacity   $ 1,750    
Amount available for borrowing under credit facility   1,550    
Revolving credit facility   200   70
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   119    
Commercial paper        
Debt Instrument [Line Items]        
Maximum borrowing capacity   $ 1,000    
Commercial paper       $ 1,000
Short-term Debt, Weighted Average Interest Rate, at Point in Time   2.07%    
Debt Instrument, Term   15 days    
Long-term Commercial Paper, Noncurrent   $ 1,000    
Subsequent Event [Member] | Term Loan Facility Due March 2022 [Member]        
Debt Instrument [Line Items]        
Long-term Debt, Gross $ 1,500      
Subsequent Event [Member] | Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Repayments of Long-term Lines of Credit 200      
Subsequent Event [Member] | Commercial paper        
Debt Instrument [Line Items]        
Repayments of Commercial Paper $ 1,000      
v3.20.1
Equity (Schedule of Share Repurchases) (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Class of Stock [Line Items]        
Payments for Repurchase of Common Stock     $ 196 $ 146
Class A [Member]        
Class of Stock [Line Items]        
Treasury Stock, Shares, Acquired 0.8 1.0 2.3 2.4
Payments for Repurchase of Common Stock $ 64 $ 63 $ 196 $ 146
Under share repurchase program | Class A [Member]        
Class of Stock [Line Items]        
Treasury Stock, Shares, Acquired 0.7 0.8 1.8 1.7
Payments for Repurchase of Common Stock $ 50 $ 50 $ 150 $ 100
To fund certain obligations under equity compensation plans | Class A [Member]        
Class of Stock [Line Items]        
Treasury Stock, Shares, Acquired 0.1 0.2 0.5 0.7
Payments for Repurchase of Common Stock $ 14 $ 13 $ 46 $ 46
v3.20.1
Equity (Narrative) (Details)
shares in Millions
Mar. 28, 2020
shares
Class A [Member]  
Class of Stock [Line Items]  
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased 18.9
v3.20.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Sep. 28, 2019
Income Tax Disclosure [Abstract]          
Effective tax rate for continuing operations 25.30% 18.50% 23.70% 20.90%  
Unrecognized tax benefits $ 174   $ 174   $ 169
v3.20.1
Other Income And Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 27, 2020
Mar. 30, 2019
Other income/expense    
Components of Other Income and Expenses [Line Items]    
Net Periodic Benefit Cost (Credit), Excluding Service Cost   $ 19
Income (Loss) from Equity Method Investments   $ 11
Subsequent Event [Member] | One-time cash bonus [Member] | Cost of Sales    
Components of Other Income and Expenses [Line Items]    
Other Nonrecurring Expense $ 120  
v3.20.1
Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Earnings Per Share, Basic and Diluted [Line Items]        
Net Income $ 367 $ 430 $ 928 $ 982
Less: Net Income Attributable to Noncontrolling Interests 3 4 7 5
Net income attributable to Tyson 364 426 921 977
Undistributed earnings $ 214 $ 293 $ 605 $ 683
Stock options, restricted stock and performance units 2 2 3 2
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions 365 366 366 366
Diluted $ 1.00 $ 1.17 $ 2.52 $ 2.67
Class A [Member]        
Earnings Per Share, Basic and Diluted [Line Items]        
Less dividends declared: $ 124 $ 110 $ 261 $ 243
Undistributed earnings $ 176 $ 241 $ 498 $ 562
Weighted average number of shares outstanding - Basic 293 294 293 294
Net Income Per Share Attributable to Tyson - Basic $ 1.03 $ 1.20 $ 2.59 $ 2.74
Common Stock, Dividends, Per Share, Declared $ 0.420 $ 0.375 $ 0.885 $ 0.825
Class B [Member]        
Earnings Per Share, Basic and Diluted [Line Items]        
Less dividends declared: $ 26 $ 23 $ 55 $ 51
Undistributed earnings $ 38 $ 52 $ 107 $ 121
Weighted average number of shares outstanding - Basic 70 70 70 70
Net Income Per Share Attributable to Tyson - Basic $ 0.92 $ 1.07 $ 2.32 $ 2.46
Common Stock, Dividends, Per Share, Declared $ 0.378 $ 0.338 $ 0.797 $ 0.743
v3.20.1
Earnings Per Share (Narrative) (Details)
shares in Millions
 3 Months Ended 6 Months Ended
Mar. 28, 2020
shares
Mar. 30, 2019
shares
Mar. 28, 2020
Classes
shares
Mar. 30, 2019
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 3 3 2 4
v3.20.1
Derivative Financial Instruments (Aggregate Outstanding Notionals) (Details)
lb in Millions, bu in Millions, $ in Millions
Mar. 28, 2020
USD ($)
bu
lb
T
Sep. 28, 2019
USD ($)
bu
lb
T
Corn (in bushels)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount | bu 121 111
Soy Meal (in tons)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount | T 728,700 1,078,800
Live Cattle [Member]    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount | lb 82 14
Lean Hogs [Member]    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount | lb 65 309
Foreign Currency [Member]    
Derivative [Line Items]    
Derivative, Notional Amount | $ $ 488 $ 148
Interest rate hedges    
Derivative [Line Items]    
Derivative, Notional Amount | $ $ 400 $ 400
v3.20.1
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 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Derivative [Line Items]        
Gain/(Loss) Recognized in OCI on Derivatives $ (12) $ (10) $ (12) $ (30)
Commodity contracts        
Derivative [Line Items]        
Gain/(Loss) Recognized in OCI on Derivatives (11) (5) (11) (7)
Interest rate hedges        
Derivative [Line Items]        
Gain/(Loss) Recognized in OCI on Derivatives $ (1) $ (5) $ (1) $ (23)
v3.20.1
Derivative Financial Instruments (Pretax Impact Of Fair Value Hedge Derivative Instruments On The Consolidated Statements of Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Sep. 28, 2019
Cost of Sales          
Derivative [Line Items]          
Derivative, Gain (Loss) on Derivative, Net $ (100) $ (28) $ (57) $ (33)  
Fair Value Hedging [Member]          
Derivative [Line Items]          
Derivative Assets (Liabilities), at Fair Value, Net $ (77)   $ (77)   $ (19)
v3.20.1
Derivative Financial Instruments (Pretax Impact Of Undesignated Derivative Instruments On The Consolidated Statements Of Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Derivative [Line Items]        
Cost of Sales $ 9,867 $ 9,251 $ 19,242 $ 18,089
Other Nonoperating Income (Expense) (106) (7) (122) (10)
Interest expense 119 119 239 218
Cost of Sales        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net (100) (28) (57) (33)
Not Designated as Hedging Instrument | Commodity contracts | Sales        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net 0 13 0 14
Not Designated as Hedging Instrument | Commodity contracts | Cost of Sales        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net (126) (24) (97) (21)
Not Designated as Hedging Instrument | Foreign exchange contracts | Other income/expense        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net (3) 3 1 3
Fair Value Hedging [Member] | Commodity contracts | Cost of Sales        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net 31 1 47 0
Cash Flow Hedging [Member] | Commodity contracts | Cost of Sales        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net (5) (5) (7) (12)
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member]        
Derivative [Line Items]        
Derivative, Gain (Loss) on Derivative, Net $ (1) $ 0 $ (2) $ 0
v3.20.1
Derivative Financial Instruments (Narrative) (Details)
$ in Millions
 6 Months Ended
Mar. 28, 2020
USD ($)
Commodity contracts  
Derivative [Line Items]  
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months $ 12
Interest rate hedges  
Derivative [Line Items]  
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months 3
Treasury Rate Locks  
Derivative [Line Items]  
Cash Flow Hedge Gain (Loss) to be Reclassified Over Life of Forecasted Fixed-Rate Debt $ 18
v3.20.1
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($)
$ in Millions
Mar. 28, 2020
Sep. 28, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Collateral, Right to Reclaim Cash, Offset $ 49 $ 95
Derivative, Collateral, Obligation to Return Cash   0
Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Netting [1] (153) (8)
Total assets 452 497
Derivative Liability, Netting [1] (202) (103)
Total liabilities 24 7
Fair Value, Recurring [Member] | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 9 7
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 549 446
Total liabilities 226 110
Fair Value, Recurring [Member] | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 47 52
Total liabilities 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-Sale Securities, Current 2 1
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 18 23
Derivative Asset, Netting (59) (3)
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 32 53
Derivative Asset, Netting (94) (5)
Other Current 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, Current 0 0
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    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-Sale Securities, Current 1 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 77 26
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 126 58
Other Current 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, Current 1 1
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 102 102
Deferred compensation assets 298 318
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 9 7
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 56 51
Deferred compensation assets 289 311
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 46 51
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 3 4
Derivative Liability, Netting (4) (13)
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 3
Derivative Liability, Netting (198) (90)
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 7 17
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 219 93
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
[1] 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 March 28, 2020, and September 28, 2019, we had $49 million and $95 million, respectively, of net cash collateral with various counterparties where master netting arrangements exist
v3.20.1
Fair Value Measurements (Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($)
$ in Millions
 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of year $ 52 $ 51
Total realized gains (losses) included in earnings 0 0
Total unrealized gains (losses) included in other comprehensive income (loss) (1) 1
Purchases 5 7
Issuances 0 0
Settlements (9) (9)
Balance at end of period 47 50
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) $ 0 $ 0
v3.20.1
Fair Value Measurements (Schedule Of Available For Sale Securities) (Details) - USD ($)
$ in Millions
Mar. 28, 2020
Sep. 28, 2019
U.S. treasury and agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amortized Cost Basis $ 56 $ 51
Fair Value 57 51
Unrealized Gain (Loss) 1 0
Corporate and asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amortized Cost Basis 47 51
Fair Value 47 52
Unrealized Gain (Loss) $ 0 $ 1
v3.20.1
Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Debt) (Details) - USD ($)
$ in Millions
Mar. 28, 2020
Sep. 28, 2019
Fair Value Disclosures [Abstract]    
Total Debt, Fair Value $ 12,938 $ 12,978
Total Debt, Carrying Value $ 12,120 $ 11,932
v3.20.1
Fair Value Measurement (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Other than Temporary Impairments, Recognized in Earnings $ 0 $ 0 $ 0 $ 0
Other than Temporary Impairment Losses, Deferred in OCI $ 0 $ 0 $ 0 $ 0
Maximum [Member]        
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  
v3.20.1
Pension and Other Postretirement Benefit Plans (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Pension Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service cost $ 0 $ 0 $ 0 $ 1
Interest cost 7 16 17 32
Expected return on plan assets (6) (15) (15) (29)
Amortization of Net actuarial loss 1 1 2 1
Amortization of prior service credit 0 0 0 0
Settlement (gain) loss (106) 0 (106) 19
Net periodic cost (credit) (104) 2 (102) 24
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 (1) (1) (1) (5)
Net periodic cost (credit) $ (1) $ 0 $ (1) $ (4)
v3.20.1
Pension and Other Postretirement Benefit Plans (Narrative) (Details) - Pension Plan [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Sep. 28, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Defined Benefit Plan, Plan Assets, Contributions by Employer $ 9 $ 9 $ 10 $ 12  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement 106 $ 0 $ 106 $ (19)  
Multiemployer Plans, Pension [Member]          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement $ (110)        
Qualified Plan [Member] | Funded Plan [Member]          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Defined Benefit Plan, Plan Assets, Amount         $ 1,400
v3.20.1
Other Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Other Comprehensive Income Loss [Line Items]        
Total Other Comprehensive Income (Loss), Before Tax $ (168) $ 21 $ (130) $ 13
Total Other Comprehensive Income (Loss), Tax 17 1 17 6
Total Other Comprehensive Income (Loss), Net of Taxes (151) 22 (113) 19
Derivatives accounted for as cash flow hedges:        
Other Comprehensive Income Loss [Line Items]        
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax (12) (10) (12) (30)
Other Comprehensive Income (Loss), Before Reclassifications, Tax 3 2 3 8
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax (9) (8) (9) (22)
Derivatives accounted for as cash flow hedges: | Interest Expense [Member]        
Other Comprehensive Income Loss [Line Items]        
Reclassification from Accumulated Other Comprehensive Income, Before Tax 1 0 2 0
Reclassification from AOCI, Current Period, Tax (1) 0 (1) 0
Reclassification from Accumulated Other Comprehensive Income, Net of Tax 0 0 1 0
Derivatives accounted for as cash flow hedges: | Cost of Sales        
Other Comprehensive Income Loss [Line Items]        
Reclassification from Accumulated Other Comprehensive Income, Before Tax 5 5 7 12
Reclassification from AOCI, Current Period, Tax (1) 0 (1) (2)
Reclassification from Accumulated Other Comprehensive Income, Net of Tax 4 5 6 10
Investments:        
Other Comprehensive Income Loss [Line Items]        
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax 0 1 0 2
Other Comprehensive Income (Loss), Before Reclassifications, Tax 0 (1) 0 (1)
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax 0 0 0 1
Currency translation:        
Other Comprehensive Income Loss [Line Items]        
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax (105) 25 (70) 34
Other Comprehensive Income (Loss), Before Reclassifications, Tax 1 0 1 (1)
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax (104) 25 (69) 33
Currency translation: | Cost of Sales        
Other Comprehensive Income Loss [Line Items]        
Reclassification from Accumulated Other Comprehensive Income, Before Tax 0 0 0 0
Reclassification from AOCI, Current Period, Tax 0 0 0 0
Reclassification from Accumulated Other Comprehensive Income, Net of Tax 0 0 0 0
Postretirement benefits:        
Other Comprehensive Income Loss [Line Items]        
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax 1 0 1 (28)
Other Comprehensive Income (Loss), Before Reclassifications, Tax 0 0 0 8
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax 1 0 1 (20)
Postretirement benefits: | Other income/expense        
Other Comprehensive Income Loss [Line Items]        
Reclassification from Accumulated Other Comprehensive Income, Before Tax (58) 0 (58) 23
Reclassification from AOCI, Current Period, Tax 15 0 15 (6)
Reclassification from Accumulated Other Comprehensive Income, Net of Tax $ (43) $ 0 $ (43) $ 17
v3.20.1
Segment Reporting (Segment Reporting Information, By Segment) (Details) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Segment Reporting Information [Line Items]        
Sales $ 10,888,000,000 $ 10,443,000,000 $ 21,703,000,000 $ 20,636,000,000
Operating Income (Loss) 501,000,000 635,000,000 1,327,000,000 1,442,000,000
Total other expense 10,000,000 107,000,000 111,000,000 201,000,000
Income before income taxes 491,000,000 528,000,000 1,216,000,000 1,241,000,000
Beef [Member]        
Segment Reporting Information [Line Items]        
Sales 3,979,000,000 3,884,000,000 7,817,000,000 7,810,000,000
Pork [Member]        
Segment Reporting Information [Line Items]        
Sales 1,266,000,000 1,172,000,000 2,645,000,000 2,351,000,000
Chicken [Member]        
Segment Reporting Information [Line Items]        
Sales 3,397,000,000 3,407,000,000 6,689,000,000 6,522,000,000
Prepared Foods [Member]        
Segment Reporting Information [Line Items]        
Sales 2,080,000,000 2,027,000,000 4,220,000,000 4,176,000,000
Corporate and Other [Member]        
Segment Reporting Information [Line Items]        
Sales 465,000,000 277,000,000 963,000,000 420,000,000
Operating Segments [Member] | Beef [Member]        
Segment Reporting Information [Line Items]        
Sales 3,979,000,000 3,884,000,000 7,817,000,000 7,810,000,000
Operating Income (Loss) 109,000,000 156,000,000 519,000,000 461,000,000
Operating Segments [Member] | Pork [Member]        
Segment Reporting Information [Line Items]        
Sales 1,266,000,000 1,172,000,000 2,645,000,000 2,351,000,000
Operating Income (Loss) 93,000,000 100,000,000 284,000,000 195,000,000
Operating Segments [Member] | Chicken [Member]        
Segment Reporting Information [Line Items]        
Sales 3,397,000,000 3,407,000,000 6,689,000,000 6,522,000,000
Operating Income (Loss) 99,000,000 [1] 141,000,000 156,000,000 [1] 301,000,000
Operating Segments [Member] | Prepared Foods [Member]        
Segment Reporting Information [Line Items]        
Sales 2,080,000,000 2,027,000,000 4,220,000,000 4,176,000,000
Operating Income (Loss) 191,000,000 245,000,000 349,000,000 510,000,000
Segment Reconciling Items [Member] | Corporate and Other [Member]        
Segment Reporting Information [Line Items]        
Sales 465,000,000 277,000,000 963,000,000 420,000,000
Operating Income (Loss) [2] 9,000,000 (7,000,000) 19,000,000 (25,000,000)
Business Combination, Integration Related Costs 0 4,000,000 4,000,000 5,000,000
Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Sales $ (299,000,000) (324,000,000) $ (631,000,000) (643,000,000)
Keystone Foods [Member] | Operating Segments [Member] | Chicken [Member]        
Segment Reporting Information [Line Items]        
Business Acquisition, Expense from Purchase Accounting and Acquisition Related Costs   5,000,000   13,000,000
Keystone Foods [Member] | Segment Reconciling Items [Member] | Corporate and Other [Member]        
Segment Reporting Information [Line Items]        
Business Acquisition, Expense from Purchase Accounting and Acquisition Related Costs   $ 6,000,000   $ 24,000,000
[1]
(a) Chicken operating income included $5 million and $13 million in Keystone Foods purchase accounting and acquisition related costs for the three and six months ended March 30, 2019, respectively.
[2]
(b) International/Other operating results included $6 million and $24 million in Keystone Foods purchase accounting and acquisition related costs for the three and six months ended March 30, 2019, respectively. There were no third-party merger and integration costs and corporate overhead of Tyson New Ventures, LLC for the three months ended March 28, 2020, $4 million for the three months ended March 30, 2019, and $4 million and $5 million for the six months ended March 28, 2020, and March 30, 2019, respectively.
v3.20.1
Segment Reporting Disaggregation of Revenue (By Segment and Distribution Channel) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Mar. 28, 2020
Mar. 30, 2019
Disaggregation of Revenue [Line Items]        
Sales $ 10,888 $ 10,443 $ 21,703 $ 20,636
Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 3,979 3,884 7,817 7,810
Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,266 1,172 2,645 2,351
Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 3,397 3,407 6,689 6,522
Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 2,080 2,027 4,220 4,176
Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Sales 465 277 963 420
Retail        
Disaggregation of Revenue [Line Items]        
Sales [1] 5,065 4,798 9,922 9,633
Retail | Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,907 1,811 3,764 3,662
Retail | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 383 334 783 671
Retail | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,550 1,463 2,939 2,835
Retail | Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,225 1,190 2,436 2,465
Retail | Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Sales 0 0 0 0
Foodservice        
Disaggregation of Revenue [Line Items]        
Sales [2] 3,120 3,212 6,435 6,239
Foodservice | Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,004 1,057 2,049 2,074
Foodservice | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 99 93 216 184
Foodservice | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 1,239 1,307 2,546 2,437
Foodservice | Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 778 755 1,624 1,544
Foodservice | Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Sales 0 0 0 0
International        
Disaggregation of Revenue [Line Items]        
Sales [3] 1,545 1,235 3,035 2,412
International | Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 605 573 1,119 1,201
International | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 274 210 554 435
International | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 167 155 328 312
International | Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 34 20 71 44
International | Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Sales 465 277 963 420
Industrial and Other        
Disaggregation of Revenue [Line Items]        
Sales [4] 1,158 1,198 2,311 2,352
Industrial and Other | Beef [Member]        
Disaggregation of Revenue [Line Items]        
Sales 362 343 688 683
Industrial and Other | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 325 324 685 635
Industrial and Other | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 428 469 849 911
Industrial and Other | Prepared Foods [Member]        
Disaggregation of Revenue [Line Items]        
Sales 43 62 89 123
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 101 100 197 190
Intersegment Eliminations | Pork [Member]        
Disaggregation of Revenue [Line Items]        
Sales 185 211 407 426
Intersegment Eliminations | Chicken [Member]        
Disaggregation of Revenue [Line Items]        
Sales 13 13 27 27
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 $ (299) $ (324) $ (631) $ (643)
[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 Consumer Products, Foodservice or International categories.
v3.20.1
Segment Reporting (Narrative) (Details)
 3 Months Ended 6 Months Ended
Mar. 28, 2020
USD ($)
Segments
Mar. 30, 2019
USD ($)
Mar. 28, 2020
USD ($)
Mar. 30, 2019
USD ($)
Segment Reporting Information [Line Items]        
Number of Operating Segments | Segments 4      
Sales $ 10,888,000,000 $ 10,443,000,000 $ 21,703,000,000 $ 20,636,000,000
Beef [Member]        
Segment Reporting Information [Line Items]        
Sales 3,979,000,000 3,884,000,000 7,817,000,000 7,810,000,000
Pork [Member]        
Segment Reporting Information [Line Items]        
Sales 1,266,000,000 1,172,000,000 2,645,000,000 2,351,000,000
Chicken [Member]        
Segment Reporting Information [Line Items]        
Sales 3,397,000,000 3,407,000,000 6,689,000,000 6,522,000,000
Prepared Foods [Member]        
Segment Reporting Information [Line Items]        
Sales 2,080,000,000 2,027,000,000 4,220,000,000 4,176,000,000
Corporate and Other [Member]        
Segment Reporting Information [Line Items]        
Sales 465,000,000 277,000,000 963,000,000 420,000,000
Operating Segments [Member] | Beef [Member]        
Segment Reporting Information [Line Items]        
Sales 3,979,000,000 3,884,000,000 7,817,000,000 7,810,000,000
Operating Segments [Member] | Pork [Member]        
Segment Reporting Information [Line Items]        
Sales 1,266,000,000 1,172,000,000 2,645,000,000 2,351,000,000
Operating Segments [Member] | Chicken [Member]        
Segment Reporting Information [Line Items]        
Sales 3,397,000,000 3,407,000,000 6,689,000,000 6,522,000,000
Operating Segments [Member] | Prepared Foods [Member]        
Segment Reporting Information [Line Items]        
Sales 2,080,000,000 2,027,000,000 4,220,000,000 4,176,000,000
Segment Reconciling Items [Member] | Corporate and Other [Member]        
Segment Reporting Information [Line Items]        
Sales 465,000,000 277,000,000 963,000,000 420,000,000
Business Combination, Integration Related Costs 0 4,000,000 4,000,000 5,000,000
Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Sales $ (299,000,000) (324,000,000) $ (631,000,000) (643,000,000)
Keystone Foods [Member] | Operating Segments [Member] | Chicken [Member]        
Segment Reporting Information [Line Items]        
Business Acquisition, Expense from Purchase Accounting and Acquisition Related Costs   5,000,000   13,000,000
Keystone Foods [Member] | Segment Reconciling Items [Member] | Corporate and Other [Member]        
Segment Reporting Information [Line Items]        
Business Acquisition, Expense from Purchase Accounting and Acquisition Related Costs   $ 6,000,000   $ 24,000,000
v3.20.1
Commitments (Narrative) (Details) - USD ($)
 6 Months Ended
Mar. 28, 2020
Sep. 28, 2019
Mar. 30, 2019
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 15,000,000 5,000,000  
Cash Flow Assistance Program, Estimated Allowance For Uncollectible Receivables 0 0  
Restricted Cash 82,000,000 0 $ 0
Industrial Revenue Bonds [Member]      
Guarantor Obligations [Line Items]      
Industrial Revenue Bonds $ 572,000,000    
Guarantee Obligations [Member]      
Guarantor Obligations [Line Items]      
Guarantor Obligations, Maximum Exposure, Period 10 years    
Lease Residual Value Guarantees [Domain]      
Guarantor Obligations [Line Items]      
Maximum potential amount $ 71,000,000    
Grower Commitments [Member]      
Guarantor Obligations [Line Items]      
Other Commitment, Due in Next Twelve Months   253,000,000  
Other Commitment, Due in Second Year   131,000,000  
Other Commitment, Due in Third Year   86,000,000  
Other Commitment, Due in Fourth Year   58,000,000  
Other Commitment, Due in Fifth Year   49,000,000  
Other Commitment, Due after Fifth Year   122,000,000  
Other Commitment   $ 699,000,000  
v3.20.1
Contingencies (Narrative) (Details) - Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission [Member]
 12 Months Ended
Dec. 21, 2016
USD ($)
Plantiffs
Dec. 21, 2016
PHP (₱)
Plantiffs
Nov. 29, 2016
USD ($)
Plantiffs
Nov. 29, 2016
PHP (₱)
Plantiffs
Jun. 23, 2014
USD ($)
Jun. 23, 2014
PHP (₱)
Dec. 31, 2004
USD ($)
Dec. 31, 2004
PHP (₱)
Loss Contingencies [Line Items]                
Loss Contingency, Damages Awarded, Value     $ 291,000,000 ₱ 14,858,495,937     $ 68,000,000 ₱ 3,453,664,710
Loss Contingency, Number of Plaintiffs, Award Increase     4,922 4,922        
Estimated Percentage of Settling Complainants 18.00% 18.00%            
Loss Contingency, Number of Plaintiffs 5,984 5,984 5,984 5,984        
Loss Contingency, Damages Paid Per Complainant $ 1,300 ₱ 68,000            
Maximum [Member]                
Loss Contingencies [Line Items]                
Litigation settlement, amount requested by respondent         $ 6,700,000 ₱ 342,287,800    
v3.20.1
Leases (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Mar. 28, 2020
Mar. 28, 2020
Sep. 28, 2019
Sep. 29, 2018
Sep. 29, 2019
Leases [Abstract]          
Operating Lease, Right-of-Use Asset $ 541 $ 541     $ 549
Operating Lease, Liability, Current 163 163      
Operating Lease, Liability, Noncurrent 378 378      
Operating Lease, Cost 51 100      
Variable Lease, Cost 116 227      
Short-term Lease, Cost 6 12      
Lease, Cost $ 173 339      
Operating Lease, Payments   106      
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability   $ 83      
Operating Lease, Weighted Average Remaining Lease Term 5 years 5 years      
Operating Lease, Weighted Average Discount Rate, Percent 3.00% 3.00%      
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year $ 95 $ 95      
Lessee, Operating Lease, Liability, Payments, Due Year Two 153 153      
Lessee, Operating Lease, Liability, Payments, Due Year Three 108 108      
Lessee, Operating Lease, Liability, Payments, Due Year Four 74 74      
Lessee, Operating Lease, Liability, Payments, Due Year Five 57 57      
Lessee, Operating Lease, Liability, Payments, Due after Year Five 91 91      
Operating Lease, Liability 578 578      
Lessee, Operating Lease, Liability, Undiscounted Excess Amount 37 37      
Operating Lease, Liability $ 541 $ 541     $ 546
Operating Leases, Rent Expense     $ 220 $ 200  
Operating Leases, Future Minimum Payments Due, Next Twelve Months     159    
Operating Leases, Future Minimum Payments, Due in Two Years     113    
Operating Leases, Future Minimum Payments, Due in Three Years     74    
Operating Leases, Future Minimum Payments, Due in Four Years     49    
Operating Leases, Future Minimum Payments, Due in Five Years     40    
Operating Leases, Future Minimum Payments, Due Thereafter     54    
Operating Leases, Future Minimum Payments Due     489    
Grower Commitments [Member]          
Leases [Abstract]          
Other Commitment, Due in Next Twelve Months     253    
Other Commitment, Due in Second Year     131    
Other Commitment, Due in Third Year     86    
Other Commitment, Due in Fourth Year     58    
Other Commitment, Due in Fifth Year     49    
Other Commitment, Due after Fifth Year     122    
Other Commitment     $ 699    
v3.20.1
Leases Leases (Details)
$ in Millions
 6 Months Ended
Mar. 28, 2020
USD ($)
Leases [Abstract]  
Operating Lease, Payments $ 106
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability $ 83
Operating Lease, Weighted Average Remaining Lease Term 5 years
Operating Lease, Weighted Average Discount Rate, Percent 3.00%
v3.20.1
Label Element Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 484,000,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 270,000,000