Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Millions |
12 Months Ended | ||
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Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net Income | $ 2,150 | $ 2,035 | $ 3,027 |
| Other Comprehensive Income (Loss), Net of Taxes: | |||
| Derivatives accounted for as cash flow hedges | 9 | (15) | (7) |
| Investments | 1 | 2 | (1) |
| Currency translation | (29) | (23) | (29) |
| Postretirement benefits | (43) | (66) | (7) |
| Total Other Comprehensive Income (Loss), Net of Taxes | (62) | (102) | (44) |
| Comprehensive Income | 2,088 | 1,933 | 2,983 |
| Less: Comprehensive Income Attributable to Noncontrolling Interests | 10 | 13 | 3 |
| Comprehensive Income Attributable to Tyson | $ 2,078 | $ 1,920 | $ 2,980 |
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Millions |
Oct. 03, 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 |
Business And Summary Of Significant Accounting Policies |
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Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 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 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 Balance Sheets. Lease assets are subject to review for impairment within the related long-lived asset group. ROU assets are presented in our Consolidated 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 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 Statements of Cash Flows.
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| Business And Summary Of Significant Accounting Policies | BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business: Tyson Foods, Inc. (collectively, “Company,” “we,” “us” or “our”), is one of the world's largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under three generations of family leadership, the Company has a broad portfolio of products and brands including Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp® and State Fair®. We innovate continually to make protein more sustainable, tailor food for everywhere it’s available and raise the world’s expectations for how much good food can do. Consolidation: The consolidated 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. Fiscal Year: We utilize a 52- or 53-week accounting period ending on the Saturday closest to September 30. The Company’s accounting cycle resulted in a 53-week year for fiscal 2020 and a 52-week year for fiscal 2019 and fiscal 2018. Cash and Cash Equivalents: Cash equivalents consist of investments in short-term, highly liquid securities having original maturities of three months or less, which are made as part of our cash management activity. The carrying values of these assets approximate their fair values. We primarily utilize a cash management system with a series of separate accounts consisting of lockbox accounts for receiving cash, concentration accounts where funds are moved to, and several zero-balance disbursement accounts for funding payroll, accounts payable, livestock procurement, livestock grower payments, etc. As a result of our cash management system, checks issued, but not presented to the banks for payment, may result in negative book cash balances. These negative book cash balances are included in accounts payable and other current liabilities. At October 3, 2020, and September 28, 2019, checks outstanding in excess of related book cash balances totaled approximately $200 million. Accounts Receivable: We record accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances and charged to the provision for doubtful accounts. We calculate this allowance based on our history of write-offs, level of past due accounts and relationships with and economic status of our customers. At October 3, 2020, and September 28, 2019, our allowance for uncollectible accounts was $26 million and $21 million, respectively. We generally do not have collateral for our receivables, but we do periodically evaluate the credit worthiness of our customers. 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, livestock 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. In fiscal 2020 and fiscal 2019, the cost of inventories was determined by either the first-in, first-out ("FIFO") method or the weighted-average method. The following table reflects the major components of inventory at October 3, 2020, and September 28, 2019 (in millions):
Property, Plant and Equipment: Property, plant and equipment are stated at cost and generally depreciated on a straight-line method over the estimated lives for buildings and leasehold improvements of 10 to 33 years, machinery and equipment of 3 to 12 years and land improvements and other of 3 to 20 years. Major repairs and maintenance costs that significantly extend the useful life of the related assets are capitalized. Normal repairs and maintenance costs are charged to operations. We review the carrying value of long-lived assets at each balance sheet date if indication of impairment exists. Recoverability is assessed using undiscounted cash flows based on historical results and current projections of earnings before interest, taxes, depreciation and amortization. We measure impairment as the excess of carrying value over the fair value of an asset group. The fair value of an asset group is generally measured using discounted cash flows including market participant assumptions of future operating results and discount rates. Goodwill and Intangible Assets: Definite life intangibles are initially recorded at fair value and amortized over the estimated period of benefit. Brands and trademarks are generally amortized using the straight-line method over 20 years or less. Customer relationships and supply arrangements are generally amortized over 7 to 30 years based on the pattern of revenue expected to be generated from the use of the asset. The gross cost and accumulated amortization of intangible assets are removed when the recorded amounts are fully amortized and the asset is no longer in use or the contract has expired. Amortization expense is generally recognized in selling, general, and administrative expense. We review the carrying value of definite life intangibles at each balance sheet date if indication of impairment exists. Recoverability is assessed using undiscounted cash flows based on historical results and current projections of earnings before interest, taxes, depreciation and amortization. We measure impairment as the excess of carrying value over the fair value of the definite life intangible asset. We use various valuation techniques to estimate fair value, with the primary techniques being discounted cash flows, relief-from-royalty 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 and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. Goodwill and indefinite life intangible assets are initially recorded at fair value and not amortized, but are reviewed for impairment at least annually or more frequently if impairment indicators arise. Our goodwill is allocated by reporting unit and is evaluated for impairment by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. If it is determined, based on qualitative factors, the fair value of the reporting unit may be more likely than not less than carrying amount, or if significant changes to macro-economic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill impairment test would be required. Additionally, we can elect to forgo the qualitative assessment and perform the quantitative test. The quantitative test is to identify if a potential impairment exists by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of goodwill. We estimate the fair value of our reporting units considering the use of various valuation techniques, with the primary technique being an income approach (discounted cash flow method), with another technique being a market approach (guideline public company method), which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. We include assumptions about sales, operating margins, growth rates, discount rates and valuations multiples which consider our budgets, business plans, economic projections and marketplace data, and are believed to reflect market participant views which would exist in an exit transaction. Assumptions are also made for varying perpetual growth rates for periods beyond the long-term business plan period. Generally, we utilize operating margin assumptions based on future expectations, operating margins historically realized in the reporting units' industries and industry marketplace valuation multiples. Some of the inherent estimates and assumptions used in determining fair value of the reporting units are outside the control of management, including interest rates, cost of capital, tax rates, market EBITDA comparables and credit ratings. While we believe we have made reasonable estimates and assumptions to calculate the fair value of the reporting units, it is possible a material change could occur. If our actual results are not consistent with our estimates and assumptions used to calculate fair value, it could result in additional material impairments of our goodwill. During fiscal 2020, 2019 and 2018, we determined none of our material reporting units' fair values were below its carrying value. All of our material reporting units’ estimated fair value exceeded their carrying value by more than 20% at the date of their most recent estimated fair value determination, other than the Domestic Chicken reporting unit, which had $3,266 million of goodwill at October 3, 2020. For our indefinite life intangible assets, a qualitative assessment can also be performed to determine whether the existence of events and circumstances indicates it is more likely than not an intangible asset is impaired. Similar to goodwill, we can also elect to forgo the qualitative test for indefinite life intangible assets and perform the quantitative test. Upon performing the quantitative test, if the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The fair value of our indefinite life intangible assets is calculated principally using multi-period excess earnings and relief-from-royalty valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy, and is believed to reflect market participant views which would exist in an exit transaction. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. During fiscal 2020, 2019 and 2018, we determined the fair value of each of our indefinite life intangible assets exceeded its carrying value. All of our indefinite life intangible assets’ estimated fair value exceeded their carrying value by more than 20% at the date of their most recent estimated fair value determination. 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 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 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 Balance Sheets. Lease assets are subject to review for impairment within the related long-lived asset group. ROU assets are presented in our Consolidated 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 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 Statements of Cash Flows. Investments: We have investments in joint ventures and other entities. The equity method of accounting is used for entities in which we exercise significant influence but do not have a controlling interest or a variable interest in which we are the primary beneficiary. Investments not accounted for using the equity method do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share. These investments are recorded using the measurement alternative in which our equity interests are recorded at cost, less impairments, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. At each reporting period, we assess if these investments continue to qualify for this measurement alternative. An impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. Adjustments to the carrying value are recorded in Other, net in the Consolidated Statements of Income. Investments in joint ventures and other entities are reported in the Consolidated Balance Sheets in Other Assets. We also have investments in marketable debt securities. We have determined all of our marketable debt securities are available-for-sale investments. These investments are reported at fair value based on quoted market prices as of the balance sheet date, with unrealized gains and losses, net of tax, recorded in other comprehensive income. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is recorded in interest income. The cost of securities sold is based on the specific identification method. Realized gains and losses on the sale of debt securities and declines in value judged to be other than temporary are recorded on a net basis in other income. Interest and dividends on securities classified as available-for-sale are recorded in interest income. Accrued Self-Insurance: We use a combination of insurance and self-insurance mechanisms in an effort to mitigate the potential liabilities for health and welfare, workers’ compensation, auto liability and general liability risks. Liabilities associated with our risks retained are estimated, in part, by considering claims experience, demographic factors, severity factors and other actuarial assumptions. Other Current Liabilities: Other current liabilities at October 3, 2020, and September 28, 2019, include (in millions):
Defined Benefit Plans: We recognize the funded status of defined pension and postretirement plans in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of the plan assets and the benefit obligation. We measure our plan assets and liabilities at the end of our fiscal year. For a defined benefit pension plan, the benefit obligation is the projected benefit obligation; for any other defined benefit postretirement plan, such as a retiree health care plan, the benefit obligation is the accumulated postretirement benefit obligation. Any overfunded status is recognized as an asset and any underfunded status is recognized as a liability. Any transitional asset/liability, prior service cost or actuarial gain/loss that has not yet been recognized as a component of net periodic cost is recognized in accumulated other comprehensive income. Accumulated other comprehensive income will be adjusted as these amounts are subsequently recognized as a component of net periodic benefit costs in future periods. Derivative Financial Instruments: We purchase certain commodities, such as grains and livestock in the course of normal operations. As part of our commodity risk management activities, we use derivative financial instruments, primarily futures and options, to reduce our exposure to various market risks related to these purchases, as well as to changes in foreign currency exchange and interest rates. Contract terms of a financial instrument qualifying as a hedge instrument closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. Contracts designated and highly effective at meeting risk reduction and correlation criteria are recorded using hedge accounting. If a derivative instrument is accounted for as a hedge, depending on the nature of the hedge, changes in the fair value of the instrument either will be offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings, or be recognized in other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of an instrument’s change in fair value is recognized immediately. Instruments we hold as part of our risk management activities that do not meet the criteria for hedge accounting are marked to fair value with unrealized gains or losses reported currently in earnings. Changes in market value of derivatives used in our risk management activities relating to inputs of forward sales contracts are recorded in cost of sales. Changes in market value of derivatives used in our risk management activities surrounding inventories on hand or anticipated purchases of inventories are recorded in cost of sales. Changes in market value of derivatives used in our risk management activities related to interest rates are recorded in interest expense. Changes in the market value of derivatives used in our risk management activities related to foreign exchange contracts are recorded in other, net. We generally do not hedge anticipated transactions beyond 18 months. Litigation Reserves: There are a variety of legal proceedings pending or threatened against us. Accruals are recorded when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated based on current law, progress of each case, opinions and views of legal counsel and other advisers, our experience in similar matters and intended response to the litigation. These amounts, which are not discounted and are exclusive of claims against third parties, are adjusted periodically as assessment efforts progress or additional information becomes available. We expense amounts for administering or litigating claims as incurred. Accruals for legal proceedings are included in Other current liabilities in the Consolidated Balance Sheets. Revenue Recognition: We recognize revenue mainly through retail, foodservice, international, industrial and other distribution channels. Our revenues primarily result from contracts with customers and are generally short term in nature with the delivery of product as the single performance obligation. We recognize revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs upon shipment or delivery to a customer based on terms of the sale. We elected to account for shipping and handling activities that occur after the customer has obtained control of the product as a fulfillment cost rather than an additional promised service. Our contracts are generally less than one year, and therefore we recognize costs paid to third party brokers to obtain contracts as expenses. Additionally, items that are not material in the context of the contract are recognized as expense. Any taxes collected on behalf of government authorities are excluded from net revenues. Revenue is measured by the transaction price, which is defined as the amount of consideration we expect to receive in exchange for providing goods to customers. The transaction price is adjusted for estimates of known or expected variable consideration, which includes consumer incentives, trade promotions, and allowances, such as coupons, discounts, rebates, volume-based incentives, cooperative advertising, and other programs. Variable consideration related to these programs is recorded as a reduction to revenue based on amounts we expect to pay. We base these estimates on current performance, historical utilization, and projected redemption rates of each program. We review and update these estimates regularly until the incentives or product returns are realized and the impact of any adjustments are recognized in the period the adjustments are identified. In many cases, key sales terms such as pricing and quantities ordered are established on a regular basis such that most customer arrangements and related incentives have a duration of less than one year. Amounts billed and due from customers are short term in nature and are classified as receivables since payments are unconditional and only the passage of time is required before payments are due. Additionally, we do not grant payment financing terms greater than one year. Freight expense associated with products shipped to customers is recognized in cost of sales. Advertising Expenses: Advertising expense is charged to operations in the period incurred and is recorded as selling, general and administrative expense. Advertising expense totaled $283 million, $276 million and $243 million in fiscal 2020, 2019 and 2018, respectively. Research and Development: Research and development costs are expensed as incurred. Research and development costs totaled $98 million, $97 million and $114 million in fiscal 2020, 2019 and 2018, respectively. Business Combinations: We account for acquired businesses using the acquisition method of accounting, which requires that once control of a business is obtained, 100% of the assets acquired and liabilities assumed, including amounts attributable to noncontrolling interests, be recorded at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Acquisition-related expenses including transaction and integration costs are expensed as incurred. We use various models to determine the value of assets acquired such as net realizable value to value inventory, cost method and market approach to value property, relief-from-royalty and multi-period excess earnings to value intangibles, and discounted cash flow to value goodwill. We make estimates and assumptions about projected future cash flows including sales, operating margins, attrition rates, growth rates, and discount rates based on historical results, business plans, expected synergies, perceived risk, and market place data considering the perspective of marketplace participants. Determining the useful life of an intangible asset also requires judgment as different types of intangible assets will have different useful lives and certain assets may be considered to have indefinite useful lives. Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the consolidated 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 financial statements. In addition to the COVID-19 impacts already experienced, there likely will be future impacts, the extent of which is uncertain and largely subject to whether the severity worsens or duration lengthens. 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 idling, 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 August 2020, the Financial Accounting Standards Board ("FASB") issued guidance that simplifies the accounting for debt with conversion options, revises the criteria for applying the derivative scope exception for contracts in an entity’s own equity, and improves the consistency for the calculation of earnings per share. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2021, our fiscal 2023. Early adoption is permitted for annual periods and interim periods within those annual periods beginning after December 15, 2020, our fiscal 2022. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In March 2020, the FASB issued guidance providing optional expedients and exceptions to account for the effects of reference rate reform to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The optional guidance, which became effective on March 12, 2020 and can be applied through December 21, 2022, has not impacted our consolidated financial statements. The Company has various contracts that reference LIBOR and is assessing how this standard may be applied to specific contract modifications through December 31, 2022. In December 2019, the FASB issued guidance that simplifies the accounting for income taxes by removing certain exceptions to general principles in Topic 740 and clarifies other general principles by adding certain requirements to Topic 740. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2020, our fiscal 2022. Early adoption is permitted for periods for which financial statements have not yet been issued, beginning our fiscal 2020. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. The application of the guidance requires various transition methods depending on the specific amendment. We are currently evaluating the impact this guidance will have on our consolidated financial statements. 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. We will adopt this guidance using the modified retrospective and prospective transition methods beginning in the first quarter of fiscal 2021. We do not expect the adoption of this guidance will have a material impact on our consolidated financial statements.
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Changes in Accounting Principles |
12 Months Ended |
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Oct. 03, 2020 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| 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 Statements of Income or our Consolidated Statements of Cash Flows. For further description of our lease policy refer to Note 1: Business and Summary of Significant Accounting Policies, and for quantitative lease information refer to Note 6: Leases.
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Acquisitions and Dispositions |
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| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions and Dispositions | 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. The purchase price allocation included $262 million of net working capital, including $56 million of cash acquired, $89 million of Property, Plant and Equipment, $47 million of Goodwill, $23 million of Intangible Assets, $24 million of Other Liabilities, $8 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 fiscal 2020, we recorded measurement period adjustments, which increased Goodwill by $46 million, including a reduction to net working capital of $45 million, a reduction to Property, Plant and Equipment of $4 million, and a decrease in Deferred Income Taxes of $3 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):
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, attrition rates, royalty rates, EBITDA multiples, and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. On August 20, 2018, we acquired the assets of American Proteins, Inc. and AMPRO Products, Inc. ("American Proteins"), a poultry rendering and blending operation for $864 million, as part of our strategic expansion and sustainability initiatives. Its results, subsequent to the acquisition closing, are included in our Chicken segment. The purchase price allocation included $56 million of net working capital, $152 million of Property, Plant and Equipment, $361 million of Intangible Assets, $308 million of Goodwill, and $13 million of Other liabilities. Intangible Assets primarily included $310 million assigned to supply network which will be amortized over 14 years and $51 million assigned to customer relationships which will be amortized over a weighted average of 12 years. All of the goodwill acquired is amortizable for tax purposes. During fiscal 2019, we settled the net-working capital purchase price adjustment reducing the purchase price by $2 million and recorded measurement period adjustments which increased goodwill by $66 million, including a reduction to net working capital of $15 million, a reduction to Property, Plant and Equipment of $3 million, and a reduction to intangible assets of $50 million. On June 4, 2018, we acquired Tecumseh Poultry, LLC ("Tecumseh"), a vertically integrated value-added protein business for $382 million, net of cash acquired, as part of our strategy to grow in the high quality, branded poultry market. Its results, subsequent to the acquisition closing, are included in our Chicken segment. The purchase price allocation included $13 million of net working capital, including $1 million of cash acquired, $49 million of Property, Plant and Equipment, $227 million of Intangible Assets and $94 million of Goodwill. Intangible Assets included $193 million assigned to brands and trademarks which will be amortized over 20 years. All of the goodwill acquired is amortizable for tax purposes. On November 10, 2017, we acquired Original Philly Holdings, Inc. ("Original Philly"), a value-added protein business, for $226 million, net of cash acquired, as part of our strategic expansion initiative. Its results, subsequent to the acquisition closing, are included in our Prepared Foods and Chicken segments. The purchase price allocation included $21 million of net working capital, including $10 million of cash acquired, $13 million of Property, Plant and Equipment, $90 million of Intangible Assets and $111 million of Goodwill. We allocated $82 million and $29 million of goodwill to our Prepared Foods and Chicken segments, respectively, using the acquisition method approach. All of the goodwill acquired is amortizable for tax purposes. 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 $61 million. We are accounting for both of these investments under the equity method. Dispositions On April 24, 2017, we announced our intent to sell three non-protein businesses as part of our strategic focus on protein brands. These businesses, which were all part of our Prepared Foods segment, included Sara Lee® Frozen Bakery, Kettle and Van’s® and produce items such as frozen desserts, waffles, snack bars, and soups, sauces and sides. The sale also included the Chef Pierre®, Bistro Collection®, Kettle Collection™, and Van’s® brands, a license to use the Sara Lee® brand in various channels, as well as our Tarboro, North Carolina, Fort Worth, Texas, and Traverse City, Michigan, prepared foods facilities. We completed the sale of our Kettle business on December 30, 2017, and received net proceeds of $125 million including a working capital adjustment. As a result of the sale, we recorded a pretax gain of $22 million, which is reflected in Cost of Sales in our Consolidated Statement of Income for our fiscal 2018. We utilized the net proceeds to pay down term loan debt. We completed the sale of our Sara Lee® Frozen Bakery and Van’s® businesses on July 30, 2018 for $623 million including a working capital adjustment. As a result of the sale, we recorded a pretax gain of $11 million, which is reflected in Cost of Sales in our Consolidated Statement of Income for our fiscal 2018. We utilized the net proceeds to repay commercial paper. Previously in fiscal 2018, we recorded a pretax impairment charge for these businesses of $101 million due to revised estimates of the businesses' fair value based on expected net sales proceeds at the time of the impairment. This charge was recorded in Cost of Sales in our Consolidated Statement of Income, and primarily consisted of goodwill previously classified within assets held for sale. In the first quarter of fiscal 2018, we made the decision to sell TNT Crust, our pizza crust business, which was also included in our Prepared Foods segment, as part of our strategic focus on protein brands. We completed the sale of this business on September 2, 2018, for $57 million net of adjustments. As a result of the sale, we recorded a pretax gain of $9 million, which is reflected in Cost of Sales in our Consolidated Statement of Income for our fiscal 2018. We utilized the net proceeds to repay commercial paper. We completed the sale of a chicken further processing facility acquired during the Keystone Foods acquisition on August 31, 2019 for $170 million net proceeds, which did not result in a significant gain or loss.
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Property, Plant And Equipment |
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| Property, Plant and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT The following table reflects major categories of property, plant and equipment and accumulated depreciation at October 3, 2020, and September 28, 2019 (in millions):
Approximately $1,102 million will be necessary to complete buildings and equipment under construction at October 3, 2020.
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Goodwill And Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill And Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The following table reflects goodwill activity for fiscal 2020 and 2019 (in millions):
The following table reflects intangible assets by type at October 3, 2020, and September 28, 2019 (in millions):
Amortization expense of $278 million, $267 million and $210 million was recognized during fiscal 2020, 2019 and 2018, respectively. We estimate amortization expense on intangible assets for the next five fiscal years subsequent to October 3, 2020, will be: 2021 - $261 million; 2022 - $247 million; 2023 - $228 million; 2024 - $223 million; 2025 - $214 million.
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Leases (Notes) |
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| 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 Note 1: Business and Summary of Significant Accounting Policies. Operating lease ROU assets and liabilities presented in our Consolidated Balance Sheets were as follows (in millions):
The components of lease costs were as follows (in millions):
(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:
At October 3, 2020, future maturities of operating leases were as follows (in millions):
At October 3, 2020, our leases that had not yet commenced were not significant. 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):
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):
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Restructuring and Related Charges |
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| 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. In the fourth quarter of fiscal 2020, the Company extended the 2020 Program as it identified additional opportunities to eliminate overhead by optimizing organizational structures and other activities. We have recognized $60 million of cumulative pretax charges in fiscal 2020 associated with the 2020 Program consisting of severance and employee related costs. As part of the 2020 Program, we are eliminating positions across several areas and job levels, with eliminated positions originating from the corporate offices in Springdale, Arkansas and Chicago, Illinois, as well as certain production facility and supply chain administrative positions. The majority of the positions have already been or are expected to be eliminated by the end of fiscal 2021. In the fourth quarter of fiscal 2017, our Board of Directors approved a multi-year restructuring program (the “2017 Program”), which contributed to the Company’s overall strategy of financial fitness through increased operational effectiveness and overhead reduction. The 2017 Program resulted in cumulative pretax charges of $267 million which consisted of $117 million incremental costs to implement new technology and accelerated depreciation of technology assets, $53 million severance and employee related costs, $72 million technology impairment, and $25 million for contract termination costs. The 2017 Program concluded in fiscal 2020. We recognized restructuring and related charges of $77 million during fiscal 2020, consisting of $60 million of severance and team member related costs from the 2020 Program and $17 million of incremental costs to implement new technology from the 2017 Program. For fiscal 2020, we recorded $17 million in Cost of Sales from the 2020 Program, and we recorded $60 million in Selling, General and Administrative in our Consolidated Statements of Income, of which $43 million is related to the 2020 Program and $17 million is related to the 2017 Program. For fiscal 2019 and 2018 the restructuring and related charges related to the 2017 Program consisted of $41 million and $59 million, respectively, of incremental costs to implement new technology and accelerated depreciation of technology assets. These costs were recorded in Selling, General and Administrative in our Consolidated Statements of Income. The following table reflects the pretax impact of restructuring and related charges during fiscal 2020, 2019 and 2018 and the charges to date, by reportable segment (in millions):
We do not anticipate future costs of the 2020 Program to be significant, however, as the Company continues to evaluate its business strategies and long-term growth targets, additional restructuring activities may occur. Our restructuring liability was $37 million at October 3, 2020 and we had no restructuring liability at September 28, 2019. The change in the restructuring liability was due to additional charges of $77 million, net of $40 million primarily consisting of payments, during fiscal 2020.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | INCOME TAXES Detail of the provision (benefit) for income taxes from continuing operations consists of the following (in millions):
The reasons for the difference between the statutory federal income tax rate and our effective income tax rate from continuing operations are as follows:
During fiscal 2020, state tax expense, net of federal benefit, was $83 million. During fiscal 2019, changes in unrecognized tax benefits decreased tax expense by $160 million, and state tax expense, excluding changes in unrecognized tax benefits and net of federal tax benefit, was $69 million. During fiscal 2018, the domestic production deduction decreased tax expense by $46 million, and state tax expense, net of federal tax benefit, was $90 million. The change in federal tax rate from the Tax Act resulted in a tax benefit of $1,004 million related to deferred tax remeasurement. Additionally, favorable timing differences deductible in fiscal 2018 at the 24.5% blended tax rate but reversing in future years at 21% resulted in a $35 million tax benefit. The impacts of the non-deductible impairment and sale of certain assets in our non-protein businesses increased the effective tax rate by 3.1%. Approximately $2,711 million, $2,332 million and $2,700 million of income from continuing operations before income taxes for fiscal 2020, 2019 and 2018, respectively, were from our operations based in the United States. On December 22, 2017, President Trump signed into law the Tax Act. The Tax Act made significant changes to the U.S. tax code including, but not limited to, (1) reducing the corporate federal income tax rate from 35% to 21% effective January 1, 2018, (2) a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries, (3) the repeal of the domestic production activity deduction beginning with our fiscal 2019, and (4) new provisions designed to tax global intangible low-taxed income and to allow a deduction for foreign-derived intangible income beginning with our fiscal 2019. Under generally accepted accounting principles ("U.S. GAAP"), specifically ASC Topic 740, Income Taxes, the tax effects of changes in tax laws must be recognized in the period in which the law is enacted, or December 22, 2017, for the Tax Act. ASC 740 also requires deferred tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Thus, at the date of enactment, the Company’s deferred taxes were remeasured based upon the new tax rates. The change in deferred taxes was recorded as an adjustment to our fiscal 2018 deferred tax provision. We recognize deferred income taxes for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The tax effects of major items recorded as deferred tax assets and liabilities as of October 3, 2020, and September 28, 2019, are as follows (in millions):
At October 3, 2020, our gross state tax net operating loss carryforwards approximated $799 million, of which $747 million expire in fiscal years 2021 through 2039, and the remainder has no expiration. Gross foreign net operating loss carryforwards approximated $238 million, of which $104 million expire in fiscal years 2021 through 2032, and the remainder has no expiration. We also have tax credit carryforwards of approximately $48 million, of which $46 million expire in fiscal years 2021 through 2034, and the remainder has no expiration. We have accumulated undistributed earnings of foreign subsidiaries aggregating approximately $318 million and $252 million at October 3, 2020, and September 28, 2019, respectively. The Tax Act generally eliminates U.S. federal income taxes on dividends from foreign subsidiaries after December 31, 2017. As a result, our intention is that excess cash held by our foreign subsidiaries that is not subject to regulatory restrictions will be repatriated net of applicable withholding taxes which are expected to be immaterial. The remainder of accumulated undistributed earnings are expected to be indefinitely reinvested outside of the United States. If these earnings were distributed in the form of dividends or otherwise, we could be subject to state income taxes and withholding taxes payable to various foreign countries. Due to the uncertainty of the manner in which the undistributed earnings would be brought back to the United States and the tax laws in effect at that time, it is not currently practicable to estimate the tax liability that might be payable on the repatriation of these foreign earnings; however, we do not expect any tax due to be material. The following table summarizes the activity related to our gross unrecognized tax benefits at October 3, 2020, September 28, 2019, and September 29, 2018 (in millions):
The amount of unrecognized tax benefits, if recognized, that would impact our effective tax rate was $118 million at October 3, 2020 and $116 million at September 28, 2019. We classify interest and penalties on unrecognized tax benefits as income tax expense. At October 3, 2020, and September 28, 2019, before tax benefits, we had $51 million and $46 million, respectively, of accrued interest and penalties on unrecognized tax benefits. As of October 3, 2020, certain United States federal income tax returns are subject to examination for fiscal years 2013 through 2019. We are also subject to income tax examinations by major state and foreign jurisdictions for fiscal years 2015 through 2019. We do not expect material changes to our unrecognized tax benefits during the next twelve months.
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Debt |
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| Debt Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | DEBT The following table reflects major components of debt as of October 3, 2020, and September 28, 2019 (in millions):
Annual maturities of debt for the five fiscal years subsequent to October 3, 2020 are: 2021 - $550 million; 2022 - $2,543 million; 2023 - $431 million; 2024 - $1,269 million; 2025 - $12 million. 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. The facility will mature and the commitments thereunder will terminate in March 2023. Amounts available for borrowing under this facility totaled $1.75 billion at October 3, 2020. At October 3, 2020, we had no borrowings and no outstanding letters of credit issued under this facility. At October 3, 2020 we had $101 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of workers’ compensation insurance programs and other legal obligations. In the future, if any of our subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall be required to guarantee the indebtedness, obligations and liabilities under this facility. Commercial Paper Program We have a commercial paper program under which we may issue unsecured short-term promissory notes ("commercial paper") up to an aggregate maximum principal amount of $1 billion. As of October 3, 2020, we had no commercial paper outstanding. 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. 2020 Notes During fiscal 2020, we extinguished the $350 million outstanding balance of the senior notes due June 2020, the $400 million outstanding balance of the senior notes due August 2020 and the $278 million outstanding balance of the senior notes due September 2020 using cash on hand and other liquidity sources. Term Loan Facility due March 2022 On March 27, 2020, we executed a new $1.5 billion term loan facility to refinance our commercial paper program, repay outstanding balances under our revolving credit facility and for general liquidity purposes. 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. 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 October 3, 2020.
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Equity |
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| Equity | EQUITY Capital Stock We have two classes of capital stock, Class A Common stock, $0.10 par value ("Class A stock") and Class B Common Stock, $0.10 par value ("Class B stock"). Holders of Class B stock may convert such stock into Class A stock on a share-for-share basis. Holders of Class B stock are entitled to 10 votes per share, while holders of Class A stock are entitled to one vote per share on matters submitted to shareholders for approval. As of October 3, 2020, Tyson Limited Partnership (the "TLP") owned 99.985% of the outstanding shares of Class B stock and the TLP and members of the Tyson family owned, in the aggregate, 2.23% of the outstanding shares of Class A stock, giving them, collectively, control of approximately 71.06% of the total voting power of the outstanding voting stock. The Class B stock is considered a participating security requiring the use of the two-class method for the computation of basic earnings per share. The two-class computation method for each period reflects the cash dividends paid for each class of stock, plus the amount of allocated undistributed earnings (losses) computed using the participation percentage, which reflects the dividend rights of each class of stock. Basic earnings per share were computed using the two-class method for all periods presented. The shares of Class B stock are considered to be participating convertible securities since the shares of Class B stock are convertible on a share-for-share basis into shares of Class A stock. Diluted earnings per share were computed assuming the conversion of the Class B shares into Class A shares as of the beginning of each period. Dividends 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 the cash dividend paid to holders of Class B stock cannot exceed 90% of the cash dividend simultaneously paid to holders of Class A stock. We pay quarterly cash dividends to Class A and Class B shareholders. We paid Class A dividends per share of $1.68, $1.50, and $1.20 in fiscal 2020, 2019, and 2018, respectively. We paid Class B dividends per share of $1.51, $1.35, and $1.08 in fiscal 2020, 2019, and 2018, respectively. Effective November 13, 2020, the Board of Directors increased the quarterly dividend previously declared on August 6, 2020, to $0.445 per share on our Class A stock and $0.4005 per share on our Class B stock. The increased quarterly dividend is payable on December 15, 2020, to shareholders of record at the close of business on December 1, 2020. Share Repurchases As of October 3, 2020, 18.9 million shares remained available for repurchase under the Company's share repurchase program. The 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 cumulative share repurchases of our Class A stock for fiscal 2020, 2019 and 2018 is as follows (in millions):
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Other Income And Charges |
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| Other Income and Expenses [Abstract] | |
| Other Income And Charges | OTHER INCOME AND CHARGES During fiscal 2019, we recognized $48 million of net periodic pension and postretirement benefit cost, excluding the service cost component, and pension plan settlements which were recorded in the Consolidated Statements of Income in Other, net. We recognized $20 million of equity earnings in joint ventures which was also recorded in the Consolidated Statements of Income in Other, net. Additionally, we sold an investment for $79 million in net proceeds resulting in a pretax gain of $55 million, which was recorded in the Consolidated Statements of Income in Other, net. During fiscal 2018, we recognized a one-time cash bonus to our hourly frontline team members of $109 million using incremental cash savings from the Tax Act, which was predominantly recorded in the Consolidated Statements of Income in Cost of Sales. Additionally, we recorded $11 million of insurance proceeds, $21 million of equity earnings in joint ventures and $1 million in net foreign currency exchange gains, which were recognized in the Consolidated Statements of Income in Other, net. Additionally, in accordance with recently adopted accounting guidance, we have retrospectively recognized $23 million of net periodic pension and postretirement benefit credit, excluding the service cost component for fiscal 2018, and recorded the amount in the Consolidated Statements of Income in Other, net.
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| Earnings Per Share | EARNINGS PER SHARE The earnings and weighted average common shares used in the computation of basic and diluted earnings per share are as follows:
Approximately 2 million of our stock-based compensation shares were antidilutive for fiscal 2020 and approximately 1 million for fiscal 2019 and 2018. These shares were not included in the dilutive 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 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.
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Derivative Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS Our business operations give rise to certain market risk exposures mostly due to changes in commodity prices, foreign currency exchange rates and interest rates. We manage a portion of these risks through the use of derivative financial instruments to reduce our exposure to commodity price risk, foreign currency risk and interest rate risk. Our risk management programs are periodically reviewed by our Board of Directors' Audit Committee. These programs and risks are monitored by senior management and may be revised as market conditions dictate. Our current risk management programs utilize various industry-standard models that take into account the implicit cost of hedging. Credit risks associated with our derivative contracts are not significant as we minimize counterparty exposure by dealing with credit-worthy counterparties and utilizing exchange traded instruments, margin accounts or letters of credit. Additionally, our derivative contracts are mostly short-term in duration and we generally do not make use of credit-risk-related contingent features. No significant concentrations of credit risk existed at October 3, 2020. We had the following aggregated outstanding notional amounts related to our derivative financial instruments:
We recognize all derivative instruments as either assets or liabilities at fair value in the Consolidated 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 (i.e., cash flow hedge or fair value hedge). We designate certain forward contracts as follows:
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 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. Gains and losses representing hedge ineffectiveness are recognized in earnings in the current period. Ineffectiveness related to our cash flow hedges was not significant during fiscal 2020, 2019 and 2018. As of October 3, 2020, we have net pretax losses of $1 million for our commodity contracts, which are expected to be reclassified into earnings within the next 12 months. Additionally, we have $16 million of realized losses related to treasury rate locks in connection with the issuance of the 2026, 2029 and 2048 Notes, which will be reclassified to earnings over the lives of these notes. During fiscal 2020, 2019 and 2018, 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 in Other Comprehensive Income (in millions):
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 (i.e., 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 our fair value hedges was not significant during fiscal 2020, 2019 and 2018. The carrying amount of fair value hedge (assets) liabilities as of fiscal 2020, 2019 and 2018 were as follows (in millions):
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 Statements of Income in which the effects of hedges are recorded (in millions):
The following table sets forth the pretax impact of the cash flow, fair value and undesignated derivative instruments in the Consolidated Statements of Income (in millions):
(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 Balance Sheets are included in Note 14: Fair Value Measurements.
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Fair Value Measurements |
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| 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:
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):
(a) Our derivative assets and liabilities are presented in our Consolidated 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 October 3, 2020, and September 28, 2019, we had $16 million and $95 million, respectively, of net cash collateral posted with various counterparties where master netting arrangements exist and held no cash collateral. The following table provides a reconciliation between the beginning and ending balance of marketable debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions):
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 Balance Sheets and primarily include certificates of deposit and commercial paper. All other marketable debt securities are included in Other Assets in the Consolidated Balance Sheets and have maturities ranging up to 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 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):
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 more likely than not will 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 for fiscal 2020 and fiscal 2019. No other than temporary losses were deferred in OCI as of October 3, 2020, and September 28, 2019. Deferred Compensation Assets: We maintain non-qualified deferred compensation plans for certain executives and other highly compensated team members. Investments are generally 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 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. In fiscal 2019, we recorded a $41 million impairment charge related to a Prepared Foods business held for sale, due to our estimate of the business' fair value based on current expected net sales proceeds. The impairment charge was recorded in Cost of Sales in our Consolidated Statement of Income for fiscal 2019. Our valuation included unobservable Level 3 inputs and was based on expected sales proceeds from a competitive bidding process and ongoing discussions with potential buyers. In fiscal 2018, we recorded $101 million of impairment charges related to the expected sale of non-protein businesses held for sale, due to revised estimates of the businesses' fair value based on current expected net sales proceeds at the time of the impairment. These charges were recorded in Cost of Sales in our Consolidated Statement of Income, and primarily consisted of Goodwill previously classified within Assets held for sale. Our valuation included unobservable Level 3 inputs and was based on expected sales proceeds from a competitive bidding process and ongoing discussions with potential buyers. 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):
Concentrations of Credit Risk Our financial instruments exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Our cash equivalents are in high quality securities placed with major banks and financial institutions. Concentrations of credit risk with respect to receivables are limited due to the large number of customers and their dispersion across geographic areas. We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral. At October 3, 2020, and September 28, 2019, 16.5% and 16.2%, respectively, of our net accounts receivable balance was due from Walmart Inc. No other single customer or customer group represented greater than 10% of net accounts receivable.
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Stock-Based Compensation |
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| Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | STOCK-BASED COMPENSATION We issue shares under our stock-based compensation plans by issuing Class A stock from treasury. The total number of shares available for future grant under the Tyson Foods, Inc. 2000 Stock Incentive Plan ("Incentive Plan") was 9,979,081 at October 3, 2020. Stock Options Shareholders approved the Incentive Plan in January 2001. The Incentive Plan is administered by the Compensation and Leadership Development Committee of the Board of Directors ("Compensation Committee"). The Incentive Plan includes provisions for granting incentive stock options for shares of Class A stock at a price not less than the fair value at the date of grant. Nonqualified stock options may be granted at a price equal to or more than the fair value of Class A stock on the date the option is granted. Stock options under the Incentive Plan generally become exercisable ratably over three years from the date of grant and must be exercised within 10 years from the date of grant. Our policy is to recognize compensation expense on a straight-line basis over the requisite service period for the entire award. Forfeitures are recognized as they occur.
The weighted average grant-date fair value of options granted in fiscal 2020, 2019 and 2018 was $16.77, $11.35 and $18.31, respectively. The fair value of each option grant is established on the date of grant using a binomial lattice method. We use historical volatility for a period of time comparable to the expected life of the option to determine volatility assumptions. Expected life is calculated based on the contractual term of each grant and takes into account the historical exercise and termination behavior of participants. Risk-free interest rates are based on the five-year Treasury bond rate. Assumptions used in the fair value calculation are as of the grant dates and are outlined in the following table.
We recognized stock-based compensation expense related to stock options, net of income taxes, of $16 million, $16 million and $13 million for fiscal 2020, 2019 and 2018, respectively. The related tax benefit for fiscal 2020, 2019 and 2018 was $4 million, $3 million and $6 million, respectively. We had 1.3 million, 1.2 million and 2.2 million options vest in fiscal 2020, 2019 and 2018, respectively, with a grant date fair value of $17 million, $18 million and $27 million, respectively. In fiscal 2020, 2019 and 2018, we received cash of $30 million, $99 million and $102 million, respectively, for the exercise of stock options. Shares are issued from treasury for stock option exercises. The related tax benefit realized from stock options exercised during fiscal 2020, 2019 and 2018, was $6 million, $21 million and $30 million, respectively. The total intrinsic value of options exercised in fiscal 2020, 2019 and 2018, was $21 million, $79 million and $103 million, respectively. Cash flows resulting from tax deductions in excess of the compensation cost of those options (excess tax deductions) are classified as financing cash flows. We realized $4 million, $14 million and $20 million related to excess tax deductions during fiscal 2020, 2019 and 2018, respectively. As of October 3, 2020, we had $21 million of total unrecognized compensation cost related to stock option plans that will be recognized over a weighted average period of 1.3 years. Restricted Stock We issue restricted stock at the market value as of the date of grant, with restrictions expiring over periods through fiscal 2023. Unearned compensation is recognized over the vesting period for the particular grant using a straight-line method.
As of October 3, 2020, we had $49 million of total unrecognized compensation cost related to restricted stock awards that will be recognized over a weighted average period of 1.8 years. We recognized stock-based compensation expense related to restricted stock, net of income taxes, of $36 million, $26 million and $22 million for fiscal 2020, 2019 and 2018, respectively. The related tax benefit for fiscal 2020, 2019 and 2018 was $9 million, $8 million and $9 million, respectively. We had 0.6 million, 0.5 million and 0.6 million restricted stock awards vest in fiscal 2020, 2019 and 2018, respectively, with a grant date fair value of $34 million, $29 million and $27 million, respectively. Performance-Based Shares We award performance-based shares of our Class A stock to certain team members. These awards are typically granted once a year. Performance-based shares vest based upon the passage of time and the achievement of performance or market performance criteria, ranging from 0% to 200%, as determined by the Compensation Committee prior to the date of the award. Vesting periods for these awards are three years. We review progress toward the attainment of the performance criteria each quarter during the vesting period. When it is probable the minimum performance criteria for an award will be achieved, we begin recognizing the expense equal to the proportionate share of the total fair value of the Class A stock price on the grant date. The total expense recognized over the duration of performance awards will equal the Class A stock price on the date of grant multiplied by the number of shares ultimately awarded based on the level of attainment of the performance criteria. For grants with market performance criteria, the fair value is determined on the grant date and is calculated using the same inputs for expected volatility, expected dividend yield, and risk-free rate as stock options, noted above, with a duration of three years. The total expense recognized over the duration of the award will equal the fair value, regardless if the market performance criteria is met. The following table summarizes the performance-based shares at the maximum award amounts based upon the respective performance share agreements. Actual shares that will vest depend on the level of attainment of the performance-based criteria.
We recognized stock-based compensation expense related to performance shares, net of income taxes, of $18 million, $16 million and $12 million for fiscal 2020, 2019 and 2018, respectively. The related tax benefit for fiscal 2020, 2019 and 2018 was $4 million, $4 million and $5 million, respectively. As of October 3, 2020, we had $33 million of total unrecognized compensation based upon our progress toward the attainment of criteria related to performance-based share awards that will be recognized over a weighted average period of 1.9 years.
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Pensions And Other Postretirement Benefits |
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| Retirement Benefits, Description [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pensions And Other Postretirement Benefits | PENSIONS AND OTHER POSTRETIREMENT BENEFITS At October 3, 2020, we had six defined benefit pension plans consisting of two frozen and noncontributory funded qualified plans and four unfunded non-qualified plans. Additionally, we have two plans that were terminated during fiscal 2020, which have residual plan assets of $27 million and no benefit obligations as of October 3, 2020. The benefits provided under these plans are based on a formula using years of service and either a specified benefit rate or compensation level. The non-qualified defined benefit plans are for certain contracted officers and use a formula based on years of service and final average salary. We also have other postretirement benefit plans for which substantially all of our team members may receive benefits if they satisfy applicable eligibility criteria. The postretirement healthcare plans are contributory with participants’ contributions adjusted when deemed necessary. We have defined contribution retirement programs for various groups of team members. We recognized expenses of $103 million, $97 million and $84 million in fiscal 2020, 2019 and 2018, respectively. We use a fiscal year end measurement date for our defined benefit plans and other postretirement plans. We recognize the effect of actuarial gains and losses into earnings immediately for other postretirement plans rather than amortizing the effect over future periods. Other postretirement benefits include postretirement medical costs and life insurance. During fiscal 2017, we issued a notice of intent to terminate two of our qualified pension plans with a termination date of April 30, 2017. The settlements of the terminated plans occurred during fiscal 2019, through purchased annuities, and we incurred a $19 million settlement charge at final liquidation. During fiscal 2019, we issued a notice of intent to terminate three other qualified pension plans. The settlements of the terminated plans occurred during fiscal 2020, through purchased annuities, and we incurred settlement gains of approximately $112 million related to the plan terminations. No significant contributions to purchase annuities at the time of settlement were necessary. Due to favorable annuity pricing at the time of settlement, approximately $52 million in residual plan assets remained in the plan following the annuity purchase. A portion of these funds have been transferred to a qualified replacement plan during fiscal 2020, with the remaining funds to be transferred in fiscal 2021. Benefit Obligations and Funded Status The following table provides a reconciliation of the changes in the plans’ benefit obligations, assets and funded status at October 3, 2020, and September 28, 2019 (in millions):
Amounts recognized in the Consolidated Balance Sheets consist of (in millions):
Amounts recognized in Accumulated Other Comprehensive Income consist of (in millions):
We had four pension plans at October 3, 2020 and five pension plans at September 28, 2019, that had an accumulated benefit obligation in excess of plan assets. Plans with accumulated benefit obligations in excess of plan assets are as follows (in millions):
The accumulated benefit obligation for all qualified pension plans was $31 million and $1,478 million at October 3, 2020, and September 28, 2019, respectively. Net Periodic Benefit Cost (Credit) Components of net periodic benefit cost (credit) for pension and postretirement benefit plans recognized in the Consolidated Statements of Income are as follows (in millions):
Each of the components other than the service cost component were recorded in the Consolidated Statements of Income in Other, net. As of October 3, 2020, we expect no amounts to be reclassified into earnings within the next 12 months related to net periodic benefit cost (credit) for the qualified pension plans, excluding pending settlements. As of October 3, 2020, the amounts expected to be reclassified into earnings within the next 12 months related to net periodic benefit cost (credit) for the non-qualified pension plans and the other postretirement benefit plans are not significant. Assumptions Weighted average assumptions are as follows:
To determine the expected return on plan assets assumption, we first examined historical rates of return for the various asset classes within the plans. We then determined a long-term projected rate-of-return based on expected returns. Our discount rate assumptions used to account for pension and other postretirement benefit plans reflect the rates at which the benefit obligations could be effectively settled. The discount rates for two of our plans that were settled in fiscal 2020 were determined using a composite rate comprised of an annuity purchase rate and a lump sum conversion discount rate based on the portions of the populations that were purchased under the annuity contract with the insurance company versus those who elected lump sums, respectively. The discount rates for our other plans were determined using a cash flow matching technique whereby the rates of a yield curve, developed from high-quality debt securities, were applied to the benefit obligations to determine the appropriate discount rate. For all periods presented, all pension and other postretirement benefit plans used the RP-2014 mortality tables. We have eight other postretirement benefit plans, of which five are healthcare and life insurance related. Two of these plans, with benefit obligations totaling $16 million at October 3, 2020, were not impacted by healthcare cost trend rates as one consists of fixed annual payments and one is life insurance related. One of the healthcare plans, with benefit obligations less than $1 million at October 3, 2020, was not impacted by healthcare cost trend rates due to previous plan amendments. The remaining two plans, with benefit obligations totaling $8 million and $3 million, at October 3, 2020, utilized assumed healthcare cost trend rates of 7.0% and 6.8%, respectively. The healthcare cost trend rates will be grading down to an ultimate rate of 4.5% and 5.0%, respectively in 2027. A one-percentage-point change in assumed health-care cost trend rates would not have a significant effect on the postretirement benefit obligation. Plan Assets The asset allocation for domestic pension plan assets at October 3, 2020 was 100% cash due to the intent to terminate the remaining domestic qualified pension plan in the next year. Additionally, one of our foreign subsidiary pension plans had $32 million in plan assets held in an insurance trust at October 3, 2020. At October 3, 2020, 7% of plan assets were held in cash and cash equivalents (Level 1) and 93% were held in an insurance trust (Level 3). At September 28, 2019, 36% of plan assets were held in cash and cash equivalents (Level 1), 61% in corporate and municipal bonds (Level 2) and 3% were held in an insurance trust (Level 3). Contributions Our policy is to fund at least the minimum contribution required to meet applicable federal employee benefit and local tax laws. In our sole discretion, we may from time to time fund additional amounts. Expected contributions to pension plans for fiscal 2021 are approximately $13 million. For fiscal 2020, 2019 and 2018, we funded $19 million, $13 million and $29 million, respectively, to pension plans. Estimated Future Benefit Payments The following benefit payments are expected to be paid (in millions):
The above benefit payments for other postretirement benefit plans are not expected to be offset by Medicare Part D subsidies in fiscal 2021. Multi-Employer Plans Additionally, we participate in three multi-employer plans that provide defined benefits to certain team members covered by collective bargaining agreements. Such plans are usually administered by a board of trustees composed of the management of the participating companies and labor representatives. The risks of participating in multi-employer plans are different from single-employer plans. Assets contributed to the multi-employer plan by one employer may be used to provide benefits to team members of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligation of the plan may be borne by the remaining participating employers. If we stop participating in a plan, we may be required to pay that plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The net pension cost of the plans is equal to the annual contributions determined in accordance with the provisions of negotiated labor contracts. Contributions to the plans were $1 million in fiscal 2020 and $2 million in fiscal 2019. Assets contributed to such plans are not segregated or otherwise restricted to provide benefits only to our team members. The future cost of the plans is dependent on a number of factors including the funded status of the plans and the ability of the other participating companies to meet ongoing funding obligations. Our participation in these multi-employer plans for fiscal 2020 is outlined below. The EIN/Pension Plan Number column provides the Employer Identification Number ("EIN") and the three-digit plan number. Unless otherwise noted, the most recent Pension Protection Act ("PPA") zone status available in fiscal 2020 and fiscal 2019 is for the plan's year beginning January 1, 2020, and 2019, respectively. The zone status is based on information that we have received from the plan and is certified by the plan's actuaries. Among other factors, plans in the red zone are generally less than 65 percent funded. Plans that are critical and declining status are projected to have an accumulated funding deficiency. The FIP/RP Status column indicates plans for which a financial improvement plan ("FIP") or rehabilitation plan ("RP") is either pending or has been implemented. The last column lists the expiration date of the collective-bargaining agreements to which the plan is subject. During fiscal 2019, as part of our acquisition of Keystone Foods, we acquired an interest in four multi-employer plans. Our interest in two of these plans was subsequently disposed of in conjunction with the divestiture of a chicken further processing facility acquired during the Keystone Foods acquisition. See Note 3: Acquisitions and Divestitures for additional information on these transactions. Additionally, during fiscal 2019, we initiated our withdrawal from the Retail, Wholesale and Department Store International Union and Industry Pension Fund ("RWDSU Fund"). As a result of our withdrawal from the RWDSU Fund, we recorded a $15 million termination liability. We received the withdrawal letter from the RWDSU fund during fiscal 2020 and reduced the termination liability accordingly to $10 million. Subsequently during fiscal 2020, we initiated our withdrawal from the Pension Fund of Local 227. As a result of our withdrawal from the Pension Fund of Local 227, we recorded a $1 million termination liability. In addition to regular contributions, we could be obligated to pay additional contributions (known as complete or partial withdrawal liabilities) if it has unfunded vested benefits.
(a) Renewal negotiations for the Bakery and Confectionery Union and Industry International Pension Fund are in progress.
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Comprehensive Income (Loss) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Statement of Comprehensive Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive Income (Loss) | COMPREHENSIVE INCOME (LOSS) The components of accumulated other comprehensive loss are as follows (in millions):
The before and after tax changes in the components of other comprehensive income (loss) are as follows (in millions):
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Segment Reporting |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 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, Malaysia, Mexico, the Netherlands, South Korea and Thailand, third-party merger and integration costs and corporate overhead related to Tyson New Ventures, LLC. Beef: Beef includes our operations related to processing live fed cattle and fabricating dressed beef carcasses into primal and sub-primal meat cuts and case-ready products. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes sales from specialty 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 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 specialty 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 specialty products. Our value-added chicken products primarily include breaded chicken strips, nuggets, patties and other ready-to-fix or fully cooked chicken parts. Products are marketed domestically to 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 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 of $5 million, $36 million, and $26 million in fiscal 2020, 2019 and 2018, respectively, which are included in International/Other. Assets and additions to property, plant and equipment relating to corporate activities remain in International/Other. Additionally, as of September 28, 2019, we allocated approximately $342 million of goodwill to International/Other as a result of our Keystone Foods and Thai and European operations acquisitions. Refer to Note 5: Goodwill and Intangible Assets for further description. Information on segments and a reconciliation to income from continuing operations before income taxes are as follows (in millions):
The Beef segment had sales of $390 million, $411 million and $420 million for fiscal 2020, 2019 and 2018, respectively, from transactions with other operating segments. The Pork segment had sales of $865 million, $893 million and $817 million for fiscal 2020, 2019 and 2018, respectively, from transactions with other operating segments. The Chicken segment had sales of $52 million, $58 million and $80 million for fiscal 2020, 2019 and 2018, respectively, from transactions with other operating segments. The aforementioned sales from intersegment transactions, which were at market prices, were included in the segment sales in the above table. Our largest customer, Walmart Inc., accounted for 18.7%, 16.9% and 17.3% of consolidated sales in fiscal 2020, 2019 and 2018, respectively. Sales to Walmart Inc. were included in all the segments. Any extended discontinuance of sales to this customer could, if not replaced, have a material impact on our operations. The majority of our operations are domiciled in the United States. Approximately 95%, 96% and 99% of sales to external customers for fiscal 2020, 2019 and 2018, respectively, were sourced from the United States. Approximately $25.6 billion and $24.8 billion of long-lived assets were located in the United States at October 3, 2020, and September 28, 2019, respectively. Excluding goodwill and intangible assets, long-lived assets located in the United States totaled approximately $8.5 billion and $7.5 billion at October 3, 2020, and September 28, 2019, respectively. Approximately $1,287 million and $1,107 million of long-lived assets were located in foreign locations, primarily Brazil, China, the European Union, New Zealand and Thailand at October 3, 2020, and September 28, 2019, respectively. Excluding goodwill and intangible assets, long-lived assets in foreign countries totaled approximately $648 million and $506 million at October 3, 2020, and September 28, 2019, respectively. We sell certain products in foreign markets, primarily Australia, Canada, Central America, Chile, China, the European Union, the United Kingdom, Japan, Mexico, Malaysia, the Middle East, South Korea, Taiwan and Thailand. Our export sales from the United States totaled $4.0 billion, $4.1 billion and $4.2 billion for fiscal 2020, 2019 and 2018, respectively. Substantially all of our export sales are facilitated through unaffiliated brokers, marketing associations and foreign sales staffs. Sales of products produced in a country other than the United States were less than 10% of consolidated sales for each of fiscal 2020, 2019 and 2018. The following tables further disaggregate our sales to customers by major distribution channels (in millions):
(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 related to internationally produced products or export sales of domestically produced products. (d) Includes sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Retail, Foodservice or International categories.
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Supplemental Cash Flow Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOWS INFORMATION The following table summarizes cash payments for interest and income taxes (in millions):
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Transactions With Related Parties |
12 Months Ended |
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Oct. 03, 2020 | |
| Related Party Transaction, Due from (to) Related Party [Abstract] | |
| Transactions With Related Parties | TRANSACTIONS WITH RELATED PARTIES We have related party leases for two wastewater facilities with an entity owned by the Donald J. Tyson Revocable Trust (for which Mr. John Tyson, Chairman of the Company, is a trustee), Berry Street Waste Water Treatment Plant, LP (90% of which is owned by the Tyson Limited Partnership), and the sisters of Mr. Tyson. Prior to the third quarter of fiscal 2020, these leases were both classified as short-term operating leases. Based on the assessment of the renewal of these leases, as of October 3, 2020, one lease was classified as a finance lease with a debt balance of $7 million which is primarily recognized as Long-term debt in our Consolidated Balance Sheet. Total payments of approximately $1 million in each of fiscal 2020, 2019 and 2018 were paid to lease the facilities. As of October 3, 2020, the TLP, of which John Tyson and director Barbara Tyson are general partners, owned 70 million shares, or 99.985% of our outstanding Class B stock and, along with the members of the Tyson family, owned 6.6 million shares of Class A stock, giving it control of approximately 71.06% of the total voting power of our outstanding voting stock. In August 2017, the Company committed to invest $5 million for a 17.5% equity interest in Buchan Ltd., a Mauritian private holding company of poultry operations in sub-Saharan Africa. Acacia Foods, B.V. is committed to invest $9 million in Buchan Ltd. Donnie Smith, who during the first quarter of fiscal year 2017 was Chief Executive Officer of the Company, serves as the Chairman of Acacia Foods, B.V. and as a director of Buchan Ltd. John Randal Tyson (son of John Tyson and Chief Sustainability Officer) serves as a director of Buchan Ltd. for the Company. We completed our funding commitment in fiscal 2018. In fiscal 2020, 2019 and 2018, the Company provided administrative services to the Tyson Limited Partnership, the beneficial owner of 70 million shares of Class B stock, and the Tyson Limited Partnership, through TLP Investment, L.P., reimbursed the Company $0.2 million in fiscal 2020 and $0.3 million in both fiscal 2019 and fiscal 2018.
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Commitments And Contingencies |
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| 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 October 3, 2020, was $13 million. The likelihood of material payments under these guarantees is not considered probable. At October 3, 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 potential maximum obligation associated with these programs is limited to the fair value of each participating livestock supplier’s net tangible assets. The potential maximum obligation as of October 3, 2020, was approximately $320 million. The total receivables under these programs were $29 million and $5 million at October 3, 2020 and September 28, 2019, respectively. These receivables are included, net of allowance for uncollectible amounts, in Accounts Receivable in our Consolidated 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 had no allowance for these programs' estimated uncollectible receivables at October 3, 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. These funds are generally considered restricted cash, which is reported in the Consolidated Balance Sheets in Other Assets, and totaled $46 million and $0 at October 3, 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 October 3, 2020, total amounts under these types of arrangements totaled $573 million. Additionally, we enter into other purchase commitments for various items such as grains, livestock contracts and variable livestock grower commitments that are estimable, which at October 3, 2020 were (in millions):
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 on behalf of a putative class of direct purchasers of poultry products, filed a class action complaint against us and certain of our poultry subsidiaries, as well as several other poultry processing companies, in the Northern District of Illinois. Subsequent to the filing of this initial complaint, additional lawsuits making similar claims on behalf of putative classes of direct and indirect purchasers were filed in the United States District Court for the Northern District of Illinois. The court consolidated the complaints, for pre-trial purposes, into actions on behalf of three different putative classes: direct purchasers, indirect purchasers/consumers and commercial/institutional indirect purchasers. The consolidated actions are styled In re Broiler Chicken Antitrust Litigation. 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. On June 2, 2020 a grand jury for the District of Colorado returned an indictment against four individual executives employed by two other poultry processing companies charging a conspiracy to engage in bid-rigging in violation of federal antitrust laws. On June 10, 2020, we announced that we uncovered information in connection with the grand jury subpoena that we had previously self-reported to the DOJ and have been fully cooperating with the DOJ as part of our application for leniency under the DOJ's Corporate Leniency Program. On October 7, 2020, the DOJ announced a superseding indictment adding charges against six more individuals to charge a total of 10 executives and employees at poultry processing companies for a conspiracy to fix prices and rig bids for broiler chicken products from at least 2012 until at least early 2019. The partial stay previously granted by the court in the civil action was lifted and discovery is continuing. Plaintiffs in the civil action filed complaints expressly referencing the conduct in the DOJ’s indictments or motions arguing that bid-rigging conduct was encompassed by prior complaints. On September 22, 2020, the court ruled that bid-rigging claims will be consolidated into the existing action but bifurcated from the original supply reduction and Georgia Dock claims. The original claims will proceed on their current schedule and the bid-rigging claims, including any related discovery, are stayed until the supply reduction and Georgia Dock claims are resolved. 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 July 15, 2020, the court ruled that Puerto Rico could pursue claims based on direct purchases from defendants, but dismissed all claims based on indirect purchases or Puerto Rico’s parens patriae status. On August 26, 2020, Puerto Rico filed a notice of voluntary dismissal without prejudice and withdrew all claims against defendants. On September 1, 2020, the Office of the Attorney General of the State of New Mexico filed a complaint against us and certain of our poultry subsidiaries, as well as several other poultry processing companies and Agri Stats, Inc., in Santa Fe County, New Mexico. The complaint alleges violations of New Mexico’s antitrust, unfair trade practice, and unjust enrichment laws based on allegations of conspiracies to manipulate the Georgia Dock, exchange information and reduce the supply of broiler chickens. On March 1, 2017, we received a civil investigative demand (“CID”) from the Office of the Attorney General, Department of Legal Affairs, of the State of Florida. The Florida CID requests information primarily related to possible anticompetitive conduct in connection with the Georgia Dock, a chicken products pricing index formerly published by the Georgia Department of Agriculture. We have been cooperating with the Florida Attorney General’s office. In July 2019, the Attorney General issued a subpoena to the In re Broiler Chicken Antitrust Litigation plaintiffs requesting all information provided to the DOJ. On August 18, 2019, we were advised that the In re Broiler Chicken Antitrust Litigation plaintiffs had received a CID from the Louisiana Department of Justice Office of the Attorney General Public Protection Division. The Louisiana CID requests all deposition transcripts related to the In re Broiler Chicken Antitrust Litigation. On August 6, 2020, we received a CID from the Office of the Attorney General of the State of Washington. The Washington CID requests information primarily related to possible anticompetitive conduct or violations of state consumer protection laws in connection with the broiler chicken market. We have been cooperating with the Washington’s Attorney General’s office. 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. We moved to dismiss the amended complaints, and on October 16, 2020, the court granted the motion with respect to certain state law claims but denied the motion with respect to the plaintiffs’ federal antitrust claims. On April 23, 2019, a group of plaintiffs, acting on behalf of themselves and on behalf of a putative class of all persons and entities who directly sold to the named defendants any fed cattle for slaughter and all persons who transacted in live cattle futures and/or options traded on the Chicago Mercantile Exchange or another U.S. exchange, filed a class action complaint against us and our beef and pork subsidiary, Tyson Fresh Meats, Inc., as well as other beef packer defendants, in the United States District Court for the Northern District of Illinois. The plaintiffs allege that the defendants engaged in a conspiracy from January 2015 to the present to reduce fed cattle prices in violation of federal antitrust laws, the Grain Inspection, Packers and Stockyards Act of 1921, and the Commodities Exchange Act by periodically reducing their slaughter volumes so as to reduce demand for fed cattle, curtailing their purchases and slaughters of cash-purchased cattle during those same periods, coordinating their procurement practices for fed cattle settled on a cash basis, importing foreign cattle at a loss so as to reduce domestic demand, and closing and idling plants. In addition, the plaintiffs also allege the defendants colluded to manipulate live cattle futures and options traded on the Chicago Mercantile Exchange. The plaintiffs seek, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief. This complaint was subsequently voluntarily dismissed and re-filed in the United States District Court for the District of Minnesota. Other similar lawsuits were filed by ranchers in other district courts. All actions seeking relief by ranchers and futures traders have now been transferred to the United States District Court for the District of Minnesota action and are consolidated for pre-trial proceedings as In Re Cattle Antitrust Litigation. Following the filing of defendants’ motion to dismiss this matter, the plaintiffs filed a second amended complaint on October 4, 2019. We moved to dismiss the second amended complaint, which the court granted on September 28, 2020. The dismissal is without prejudice, and the plaintiffs are permitted to amend their complaint by December 28, 2020. 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 moved to dismiss the second amended complaint. The indirect consumer purchaser litigation is styled as Peterson v. JBS USA Food Company Holdings, et al. Additional complaints have been filed on behalf of a putative class of direct purchasers of beef alleging violations of Section 1 of the Sherman Act based on an alleged conspiracy to artificially fix, raise, and stabilize the wholesale price for beef, as well as on behalf of a putative class of commercial and institutional indirect purchasers of beef alleging violations of Section 1 of the Sherman Act, various state antitrust laws and unjust enrichment based on an alleged conspiracy to artificially inflate the price for beef. On September 28, 2020, the court granted our motion to dismiss the second amended complaint. The dismissal is without prejudice, and the plaintiffs are permitted to amend their complaint by December 28, 2020. On May 22, 2020, we received a CID from DOJ's Antitrust Division. The CID requests information related to the fed cattle and beef packing markets. We have been cooperating with the DOJ's Antitrust Division with respect to the CID. On August 30, 2019, Judy Jien, Kieo Jibidi and Elaisa Clement, acting on their own behalf and a putative class of non-supervisory production and maintenance employees at chicken processing plants in the continental United States, filed a class action complaint against us and certain of our subsidiaries, as well as several other poultry processing companies, in the United States District Court for the District of Maryland. An additional complaint making similar allegations was also filed by Emily Earnest. The plaintiffs allege that the defendants directly and through a wage survey and benchmarking service exchanged information regarding labor rates in an effort to depress and fix the rates of wages for non-supervisory production and maintenance workers in violation of federal antitrust laws. The plaintiffs seek, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief. The court consolidated the Jien and Earnest cases for coordinated pretrial proceedings. Following the consolidation, two additional lawsuits were filed by individuals making similar allegations. The plaintiffs filed an amended consolidated complaint containing additional allegations concerning turkey processing plants and named additional defendants. We moved to dismiss the amended consolidated complaint. On September 16, 2020, the court dismissed claims against Tyson and certain other defendants without prejudice because the complaint improperly grouped together corporate subsidiaries. The court otherwise denied the defendants’ motions to dismiss and sustained claims based on alleged conspiracies to fix wages and exchange information against five other defendants. The court granted the plaintiffs leave to file an amended complaint to address the impermissible group pleading. On October 16, 2020, the plaintiffs filed a second amended complaint reasserting their claims. 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. $71 million) in damages and fees. The respondents appealed the labor arbiter's ruling, and it was subsequently set aside by the NLRC in December 2006. Subsequent to the NLRC’s decision, the parties filed numerous appeals, motions for reconsideration and petitions for review, certain of which remained outstanding for several years. While various of those appeals, motions and/or petitions were pending, The Hillshire Brands Company, on June 23, 2014, without admitting liability, filed a settlement motion requesting that the Supreme Court of the Philippines order dismissal with prejudice of all claims against it and certain other respondents in exchange for payments allocated by the court among the complainants in an amount not to exceed PHP342,287,800 (approximately U.S. $7 million). Based in part on its finding that the consideration to be paid to the complainants as part of such settlement was insufficient, the Supreme Court of the Philippines denied the respondents’ settlement motion and all motions for reconsideration thereof. The Supreme Court of the Philippines also set aside as premature the NLRC’s December 2006 ruling. As a result, the cases were remanded back before the NLRC to rule on the merits of the case. On December 15, 2016, we learned that the NLRC rendered its decision on November 29, 2016, regarding the respondents’ appeals regarding the labor arbiter’s 2004 ruling in favor of the complainants. The NLRC increased the award for 4,922 of the total 5,984 complainants to PHP14,858,495,937 (approximately U.S. $306 million). However, the NLRC approved a prior settlement reached with the group comprising approximately 18% of the class of 5,984 complainants, pursuant to which The Hillshire Brands Company agreed to pay each settling complainant PHP68,000 (approximately U.S. $1,400). The settlement payment was made on December 21, 2016, to the NLRC, which is responsible for distributing the funds to each settling complainant. On December 27, 2016, the respondents filed motions for reconsideration with the NLRC asking that the award be set aside. The NLRC denied respondents' motions for reconsideration in a resolution received on May 5, 2017 and entered a judgment on the award on July 24, 2017. Each of Aris Philippines, Inc., Sara Lee Corporation and Sara Lee Philippines, Inc. appealed this award and sought an injunction to preclude enforcement of the award to the Philippines Court of Appeals. On November 23, 2017, the Court of Appeals granted a writ of preliminary injunction that precluded execution of the NLRC award during the pendency of the appeal. The Court of Appeals subsequently vacated the NLRC’s award on April 12, 2018. Complainants have filed motions for reconsideration with the Court of Appeals. On November 14, 2018, the Court of Appeals denied claimants’ motions for reconsideration and granted defendants’ motion to release and discharge the preliminary injunction bond. Claimants have since filed petitions for writ of certiorari with the Supreme Court of the Philippines. The Supreme Court has accepted the case for review. We continue to maintain an accrual for this matter. Various claims have been asserted against the Company, its subsidiaries, and its officers and agents by, and on behalf of, team members who claim to have contracted COVID-19 in our facilities.
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| Quarterly Financial Data (Unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED)
First quarter fiscal 2020 net income included $52 million pretax restructuring and related charges and $16 million pretax Beef production facility fire costs, net of insurance proceeds. Second quarter fiscal 2020 net income included $110 million pretax gain from pension plan terminations. Third quarter fiscal 2020 net income included $15 million pretax Beef production facility fire insurance proceeds, net of costs and $6 million pretax gain from pension plan terminations. Fourth quarter fiscal 2020 net income included $23 million pretax restructuring and related charges and $65 million pretax income related to our accounting cycle resulting in a 53-week year in fiscal 2020. First quarter fiscal 2019 net income included $26 million pretax Keystone Foods purchase accounting and acquisition related costs, which included an $11 million purchase accounting adjustment for the amortization of the fair value step-up of inventory and $15 million of acquisition related costs, and $8 million pretax restructuring and related charges. Second quarter fiscal 2019 net income included $11 million pretax Keystone Foods acquisition related costs and $8 million pretax restructuring and related charges. Third quarter fiscal 2019 net income included $105 million post tax recognition of previously unrecognized tax benefit, $55 million pretax gain on sale of an investment and $15 million pretax restructuring and related charges. Fourth quarter fiscal 2019 net income included $31 million pretax Beef production facility fire costs, a $41 million pretax impairment charge related to the divestiture of a business, $15 million pretax pension plan termination charge and $10 million pretax restructuring and related charges.
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Valuation And Qualifying Accounts |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Valuation And Qualifying Accounts | FINANCIAL STATEMENT SCHEDULE TYSON FOODS, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
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Business And Summary Of Significant Accounting Policies (Policy) |
12 Months Ended |
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| Unusual Risk or Uncertainty [Line Items] | |
| Description Of Business | Description of Business: Tyson Foods, Inc. (collectively, “Company,” “we,” “us” or “our”), is one of the world's largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under three generations of family leadership, the Company has a broad portfolio of products and brands including Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp® and State Fair®. We innovate continually to make protein more sustainable, tailor food for everywhere it’s available and raise the world’s expectations for how much good food can do. |
| Consolidation | Consolidation: The consolidated 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. |
| Fiscal Year | Fiscal Year: We utilize a 52- or 53-week accounting period ending on the Saturday closest to September 30. The Company’s accounting cycle resulted in a 53-week year for fiscal 2020 and a 52-week year for fiscal 2019 and fiscal 2018.
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| Cash And Cash Equivalents | Cash and Cash Equivalents: Cash equivalents consist of investments in short-term, highly liquid securities having original maturities of three months or less, which are made as part of our cash management activity. The carrying values of these assets approximate their fair values. We primarily utilize a cash management system with a series of separate accounts consisting of lockbox accounts for receiving cash, concentration accounts where funds are moved to, and several zero-balance disbursement accounts for funding payroll, accounts payable, livestock procurement, livestock grower payments, etc. As a result of our cash management system, checks issued, but not presented to the banks for payment, may result in negative book cash balances. These negative book cash balances are included in accounts payable and other current liabilities. At October 3, 2020, and September 28, 2019, checks outstanding in excess of related book cash balances totaled approximately $200 million.
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| Accounts Receivable | Accounts Receivable: We record accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances and charged to the provision for doubtful accounts. We calculate this allowance based on our history of write-offs, level of past due accounts and relationships with and economic status of our customers. At October 3, 2020, and September 28, 2019, our allowance for uncollectible accounts was $26 million and $21 million, respectively. We generally do not have collateral for our receivables, but we do periodically evaluate the credit worthiness of our customers.
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| 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, livestock 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. In fiscal 2020 and fiscal 2019, the cost of inventories was determined by either the first-in, first-out ("FIFO") method or the weighted-average method |
| Property, Plant And Equipment | Property, Plant and Equipment: Property, plant and equipment are stated at cost and generally depreciated on a straight-line method over the estimated lives for buildings and leasehold improvements of 10 to 33 years, machinery and equipment of 3 to 12 years and land improvements and other of 3 to 20 years. Major repairs and maintenance costs that significantly extend the useful life of the related assets are capitalized. Normal repairs and maintenance costs are charged to operations. We review the carrying value of long-lived assets at each balance sheet date if indication of impairment exists. Recoverability is assessed using undiscounted cash flows based on historical results and current projections of earnings before interest, taxes, depreciation and amortization. We measure impairment as the excess of carrying value over the fair value of an asset group. The fair value of an asset group is generally measured using discounted cash flows including market participant assumptions of future operating results and discount rates.
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| Goodwill And Other Intangible Assets | Goodwill and Intangible Assets: Definite life intangibles are initially recorded at fair value and amortized over the estimated period of benefit. Brands and trademarks are generally amortized using the straight-line method over 20 years or less. Customer relationships and supply arrangements are generally amortized over 7 to 30 years based on the pattern of revenue expected to be generated from the use of the asset. The gross cost and accumulated amortization of intangible assets are removed when the recorded amounts are fully amortized and the asset is no longer in use or the contract has expired. Amortization expense is generally recognized in selling, general, and administrative expense. We review the carrying value of definite life intangibles at each balance sheet date if indication of impairment exists. Recoverability is assessed using undiscounted cash flows based on historical results and current projections of earnings before interest, taxes, depreciation and amortization. We measure impairment as the excess of carrying value over the fair value of the definite life intangible asset. We use various valuation techniques to estimate fair value, with the primary techniques being discounted cash flows, relief-from-royalty 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 and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. Goodwill and indefinite life intangible assets are initially recorded at fair value and not amortized, but are reviewed for impairment at least annually or more frequently if impairment indicators arise. Our goodwill is allocated by reporting unit and is evaluated for impairment by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. If it is determined, based on qualitative factors, the fair value of the reporting unit may be more likely than not less than carrying amount, or if significant changes to macro-economic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill impairment test would be required. Additionally, we can elect to forgo the qualitative assessment and perform the quantitative test. The quantitative test is to identify if a potential impairment exists by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of goodwill. We estimate the fair value of our reporting units considering the use of various valuation techniques, with the primary technique being an income approach (discounted cash flow method), with another technique being a market approach (guideline public company method), which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. We include assumptions about sales, operating margins, growth rates, discount rates and valuations multiples which consider our budgets, business plans, economic projections and marketplace data, and are believed to reflect market participant views which would exist in an exit transaction. Assumptions are also made for varying perpetual growth rates for periods beyond the long-term business plan period. Generally, we utilize operating margin assumptions based on future expectations, operating margins historically realized in the reporting units' industries and industry marketplace valuation multiples. Some of the inherent estimates and assumptions used in determining fair value of the reporting units are outside the control of management, including interest rates, cost of capital, tax rates, market EBITDA comparables and credit ratings. While we believe we have made reasonable estimates and assumptions to calculate the fair value of the reporting units, it is possible a material change could occur. If our actual results are not consistent with our estimates and assumptions used to calculate fair value, it could result in additional material impairments of our goodwill. During fiscal 2020, 2019 and 2018, we determined none of our material reporting units' fair values were below its carrying value. All of our material reporting units’ estimated fair value exceeded their carrying value by more than 20% at the date of their most recent estimated fair value determination, other than the Domestic Chicken reporting unit, which had $3,266 million of goodwill at October 3, 2020. For our indefinite life intangible assets, a qualitative assessment can also be performed to determine whether the existence of events and circumstances indicates it is more likely than not an intangible asset is impaired. Similar to goodwill, we can also elect to forgo the qualitative test for indefinite life intangible assets and perform the quantitative test. Upon performing the quantitative test, if the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The fair value of our indefinite life intangible assets is calculated principally using multi-period excess earnings and relief-from-royalty valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy, and is believed to reflect market participant views which would exist in an exit transaction. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. During fiscal 2020, 2019 and 2018, we determined the fair value of each of our indefinite life intangible assets exceeded its carrying value. All of our indefinite life intangible assets’ estimated fair value exceeded their carrying value by more than 20% at the date of their most recent estimated fair value determination.
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| Investments | Investments: We have investments in joint ventures and other entities. The equity method of accounting is used for entities in which we exercise significant influence but do not have a controlling interest or a variable interest in which we are the primary beneficiary. Investments not accounted for using the equity method do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share. These investments are recorded using the measurement alternative in which our equity interests are recorded at cost, less impairments, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. At each reporting period, we assess if these investments continue to qualify for this measurement alternative. An impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. Adjustments to the carrying value are recorded in Other, net in the Consolidated Statements of Income. Investments in joint ventures and other entities are reported in the Consolidated Balance Sheets in Other Assets. We also have investments in marketable debt securities. We have determined all of our marketable debt securities are available-for-sale investments. These investments are reported at fair value based on quoted market prices as of the balance sheet date, with unrealized gains and losses, net of tax, recorded in other comprehensive income. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is recorded in interest income. The cost of securities sold is based on the specific identification method. Realized gains and losses on the sale of debt securities and declines in value judged to be other than temporary are recorded on a net basis in other income. Interest and dividends on securities classified as available-for-sale are recorded in interest income.
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| Accrued Self-Insurance | Accrued Self-Insurance: We use a combination of insurance and self-insurance mechanisms in an effort to mitigate the potential liabilities for health and welfare, workers’ compensation, auto liability and general liability risks. Liabilities associated with our risks retained are estimated, in part, by considering claims experience, demographic factors, severity factors and other actuarial assumptions.
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| Defined Benefit Plans | Defined Benefit Plans: We recognize the funded status of defined pension and postretirement plans in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of the plan assets and the benefit obligation. We measure our plan assets and liabilities at the end of our fiscal year. For a defined benefit pension plan, the benefit obligation is the projected benefit obligation; for any other defined benefit postretirement plan, such as a retiree health care plan, the benefit obligation is the accumulated postretirement benefit obligation. Any overfunded status is recognized as an asset and any underfunded status is recognized as a liability. Any transitional asset/liability, prior service cost or actuarial gain/loss that has not yet been recognized as a component of net periodic cost is recognized in accumulated other comprehensive income. Accumulated other comprehensive income will be adjusted as these amounts are subsequently recognized as a component of net periodic benefit costs in future periods. |
| Derivative Financial Instruments | Derivative Financial Instruments: We purchase certain commodities, such as grains and livestock in the course of normal operations. As part of our commodity risk management activities, we use derivative financial instruments, primarily futures and options, to reduce our exposure to various market risks related to these purchases, as well as to changes in foreign currency exchange and interest rates. Contract terms of a financial instrument qualifying as a hedge instrument closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. Contracts designated and highly effective at meeting risk reduction and correlation criteria are recorded using hedge accounting. If a derivative instrument is accounted for as a hedge, depending on the nature of the hedge, changes in the fair value of the instrument either will be offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings, or be recognized in other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of an instrument’s change in fair value is recognized immediately. Instruments we hold as part of our risk management activities that do not meet the criteria for hedge accounting are marked to fair value with unrealized gains or losses reported currently in earnings. Changes in market value of derivatives used in our risk management activities relating to inputs of forward sales contracts are recorded in cost of sales. Changes in market value of derivatives used in our risk management activities surrounding inventories on hand or anticipated purchases of inventories are recorded in cost of sales. Changes in market value of derivatives used in our risk management activities related to interest rates are recorded in interest expense. Changes in the market value of derivatives used in our risk management activities related to foreign exchange contracts are recorded in other, net. We generally do not hedge anticipated transactions beyond 18 months.
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| Litigation Reserves | Litigation Reserves: There are a variety of legal proceedings pending or threatened against us. Accruals are recorded when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated based on current law, progress of each case, opinions and views of legal counsel and other advisers, our experience in similar matters and intended response to the litigation. These amounts, which are not discounted and are exclusive of claims against third parties, are adjusted periodically as assessment efforts progress or additional information becomes available. We expense amounts for administering or litigating claims as incurred. Accruals for legal proceedings are included in Other current liabilities in the Consolidated Balance Sheets.
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| Revenue Recognition | Revenue Recognition: We recognize revenue mainly through retail, foodservice, international, industrial and other distribution channels. Our revenues primarily result from contracts with customers and are generally short term in nature with the delivery of product as the single performance obligation. We recognize revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs upon shipment or delivery to a customer based on terms of the sale. We elected to account for shipping and handling activities that occur after the customer has obtained control of the product as a fulfillment cost rather than an additional promised service. Our contracts are generally less than one year, and therefore we recognize costs paid to third party brokers to obtain contracts as expenses. Additionally, items that are not material in the context of the contract are recognized as expense. Any taxes collected on behalf of government authorities are excluded from net revenues. Revenue is measured by the transaction price, which is defined as the amount of consideration we expect to receive in exchange for providing goods to customers. The transaction price is adjusted for estimates of known or expected variable consideration, which includes consumer incentives, trade promotions, and allowances, such as coupons, discounts, rebates, volume-based incentives, cooperative advertising, and other programs. Variable consideration related to these programs is recorded as a reduction to revenue based on amounts we expect to pay. We base these estimates on current performance, historical utilization, and projected redemption rates of each program. We review and update these estimates regularly until the incentives or product returns are realized and the impact of any adjustments are recognized in the period the adjustments are identified. In many cases, key sales terms such as pricing and quantities ordered are established on a regular basis such that most customer arrangements and related incentives have a duration of less than one year. Amounts billed and due from customers are short term in nature and are classified as receivables since payments are unconditional and only the passage of time is required before payments are due. Additionally, we do not grant payment financing terms greater than one year. Freight expense associated with products shipped to customers is recognized in cost of sales.
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| Marketing, Promotion and Advertising Costs | Advertising Expenses: Advertising expense is charged to operations in the period incurred and is recorded as selling, general and administrative expense. Advertising expense totaled $283 million, $276 million and $243 million in fiscal 2020, 2019 and 2018, respectively.
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| Research And Development | Research and Development: Research and development costs are expensed as incurred. Research and development costs totaled $98 million, $97 million and $114 million in fiscal 2020, 2019 and 2018, respectively.
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| Business Combinations | Business Combinations: We account for acquired businesses using the acquisition method of accounting, which requires that once control of a business is obtained, 100% of the assets acquired and liabilities assumed, including amounts attributable to noncontrolling interests, be recorded at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Acquisition-related expenses including transaction and integration costs are expensed as incurred. We use various models to determine the value of assets acquired such as net realizable value to value inventory, cost method and market approach to value property, relief-from-royalty and multi-period excess earnings to value intangibles, and discounted cash flow to value goodwill. We make estimates and assumptions about projected future cash flows including sales, operating margins, attrition rates, growth rates, and discount rates based on historical results, business plans, expected synergies, perceived risk, and market place data considering the perspective of marketplace participants. Determining the useful life of an intangible asset also requires judgment as different types of intangible assets will have different useful lives and certain assets may be considered to have indefinite useful lives.
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| Use Of Estimates | Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
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| Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements: In August 2020, the Financial Accounting Standards Board ("FASB") issued guidance that simplifies the accounting for debt with conversion options, revises the criteria for applying the derivative scope exception for contracts in an entity’s own equity, and improves the consistency for the calculation of earnings per share. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2021, our fiscal 2023. Early adoption is permitted for annual periods and interim periods within those annual periods beginning after December 15, 2020, our fiscal 2022. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In March 2020, the FASB issued guidance providing optional expedients and exceptions to account for the effects of reference rate reform to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The optional guidance, which became effective on March 12, 2020 and can be applied through December 21, 2022, has not impacted our consolidated financial statements. The Company has various contracts that reference LIBOR and is assessing how this standard may be applied to specific contract modifications through December 31, 2022. In December 2019, the FASB issued guidance that simplifies the accounting for income taxes by removing certain exceptions to general principles in Topic 740 and clarifies other general principles by adding certain requirements to Topic 740. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2020, our fiscal 2022. Early adoption is permitted for periods for which financial statements have not yet been issued, beginning our fiscal 2020. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. The application of the guidance requires various transition methods depending on the specific amendment. We are currently evaluating the impact this guidance will have on our consolidated financial statements. 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. We will adopt this guidance using the modified retrospective and prospective transition methods beginning in the first quarter of fiscal 2021. We do not expect the adoption of this guidance will have a material impact on our consolidated financial statements.
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Business And Summary Of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | The following table reflects the major components of inventory at October 3, 2020, and September 28, 2019 (in millions):
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| Other Current Liabilities | Other Current Liabilities: Other current liabilities at October 3, 2020, and September 28, 2019, include (in millions):
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Acquisitions and Dispositions (Tables) |
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| 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):
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Property, Plant And Equipment (Tables) |
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| Schedule Of Property, Plant And Equipment And Accumulated Depreciation | The following table reflects major categories of property, plant and equipment and accumulated depreciation at October 3, 2020, and September 28, 2019 (in millions):
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Goodwill And Intangible Assets (Tables) |
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| Schedule Of Goodwill Activity | The following table reflects goodwill activity for fiscal 2020 and 2019 (in millions):
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| Schedule Of Other Intangible Assets By Type | The following table reflects intangible assets by type at October 3, 2020, and September 28, 2019 (in millions):
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Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2020 |
Sep. 28, 2019 |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Lessee Operating Balance Sheet Information [Table Text Block] | Operating lease ROU assets and liabilities presented in our Consolidated Balance Sheets were as follows (in millions):
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| Lease, Cost [Table Text Block] | The components of lease costs were as follows (in millions):
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| Lessee Operating Lease Other Information [Table Text Block] | Other operating lease information includes the following:
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| Lessee, Operating Lease, Liability, Maturity [Table Text Block] | At October 3, 2020, future maturities of operating leases were as follows (in millions):
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| 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):
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| Other Commitments [Table Text Block] | Livestock grower fixed or estimable non-cancelable commitments at September 28, 2019 were (in millions):
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Restructuring and Related Charges (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 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 during fiscal 2020, 2019 and 2018 and the charges to date, by reportable segment (in millions):
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Provision For Income Taxes From Continuing Operations | Detail of the provision (benefit) for income taxes from continuing operations consists of the following (in millions):
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| Schedule Of Reasons For Differences Between Statutory Federal Tax Rate And Effective Income Tax Rate | The reasons for the difference between the statutory federal income tax rate and our effective income tax rate from continuing operations are as follows:
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| Schedule Of Tax Effects Of Major Items Recorded As Deferred Tax Assets And Liabilities | The tax effects of major items recorded as deferred tax assets and liabilities as of October 3, 2020, and September 28, 2019, are as follows (in millions):
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| Schedule Of Activity Related To Gross Unrecognized Tax Benefits | The following table summarizes the activity related to our gross unrecognized tax benefits at October 3, 2020, September 28, 2019, and September 29, 2018 (in millions):
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Major Components Of Debt | The following table reflects major components of debt as of October 3, 2020, and September 28, 2019 (in millions):
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Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Share Repurchases | A summary of cumulative share repurchases of our Class A stock for fiscal 2020, 2019 and 2018 is as follows (in millions):
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Earnings Per Share, Basic And Diluted | The earnings and weighted average common shares used in the computation of basic and diluted earnings per share are as follows:
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Derivative Financial Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Notional Amount Of Derivatives | We had the following aggregated outstanding notional amounts related to our derivative financial instruments:
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| Derivative Instruments, Gain (Loss) | The following table sets forth the pretax impact of the cash flow, fair value and undesignated derivative instruments in the Consolidated Statements of Income (in millions):
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| Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments, Gain (Loss) | The following table sets forth the pretax impact of cash flow hedge derivative instruments in Other Comprehensive Income (in millions):
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| Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative [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 fiscal 2020, 2019 and 2018 were as follows (in millions):
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Derivative Financial Instruments Schedule of Income Statement Items Impacted by Derivatives (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income Statement Items Impacted by Derivatives [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 Statements of Income in which the effects of hedges are recorded (in millions):
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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):
(a) Our derivative assets and liabilities are presented in our Consolidated 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 October 3, 2020, and September 28, 2019, we had $16 million and $95 million, respectively, of net cash collateral posted with various counterparties where master netting arrangements exist and held no cash collateral.
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| 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):
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| 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):
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| 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):
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Stock-Based Compensation (Tables) |
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Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Summary Of Stock Options |
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| Schedule Of Assumptions Of Fair Value Calculation Of Each Year's Grants | Assumptions used in the fair value calculation are as of the grant dates and are outlined in the following table.
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| Schedule Of Summary Of Restricted Stock |
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| Schedule Of Summary Of Performance-Based Shares | The following table summarizes the performance-based shares at the maximum award amounts based upon the respective performance share agreements. Actual shares that will vest depend on the level of attainment of the performance-based criteria.
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Pensions And Other Postretirement Benefits (Tables) |
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| Retirement Benefits, Description [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Reconciliation Of Changes In Plans' Benefit Obligations, Assets And Funded Status | The following table provides a reconciliation of the changes in the plans’ benefit obligations, assets and funded status at October 3, 2020, and September 28, 2019 (in millions):
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| Schedule Of Amounts Recognized In The Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets consist of (in millions):
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| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in Accumulated Other Comprehensive Income consist of (in millions):
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| Schedule Of Plans With Accumulated Benefit Obligations In Excess Of Plan Assets | Plans with accumulated benefit obligations in excess of plan assets are as follows (in millions):
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| Schedule Of Components Of Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans Recognized In The Consolidated Statements Of Income | Components of net periodic benefit cost (credit) for pension and postretirement benefit plans recognized in the Consolidated Statements of Income are as follows (in millions):
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| Schedule Of Weighted Average Assumptions | Weighted average assumptions are as follows:
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| Schedule Of Estimated Future Benefit Payments Expected To Be Paid | The following benefit payments are expected to be paid (in millions):
The above benefit payments for other postretirement benefit plans are not expected to be offset by Medicare Part D subsidies in fiscal 2021.
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| Schedule of Multiemployer Plans | In addition to regular contributions, we could be obligated to pay additional contributions (known as complete or partial withdrawal liabilities) if it has unfunded vested benefits.
(a) Renewal negotiations for the Bakery and Confectionery Union and Industry International Pension Fund are in progress.
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Comprehensive Income (Loss) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statement of Comprehensive Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Components Of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss are as follows (in millions):
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| Schedule Of 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):
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Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Segment Reporting Information, By Segment | Information on segments and a reconciliation to income from continuing operations before income taxes are as follows (in millions):
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| Disaggregation of Revenue [Table Text Block] | The following tables further disaggregate our sales to customers by major distribution channels (in millions):
(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 related to internationally produced products or export sales of domestically produced products. (d) Includes sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Retail, Foodservice or International categories.
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Supplemental Cash Flow Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Cash Payments For Interest And Income Taxes | The following table summarizes cash payments for interest and income taxes (in millions):
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Commitments And Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||
| Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||||||||||||||||||||||||||||||||||||
| Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | Additionally, we enter into other purchase commitments for various items such as grains, livestock contracts and variable livestock grower commitments that are estimable, which at October 3, 2020 were (in millions):
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Quarterly Financial Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Quarterly Financial Information |
|
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Business And Summary Of Significant Accounting Policies (Schedule Of Inventories Of Processed Products, Livestock, And Supplies Valued At Lower Of Cost Or Market) (Details) - USD ($) $ in Millions |
Oct. 03, 2020 |
Sep. 28, 2019 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Processed products | $ 2,223 | $ 2,362 |
| Livestock | 1,262 | 1,150 |
| Supplies and other | 659 | 596 |
| Total inventory | $ 4,144 | $ 4,108 |
Business and Summary of Significant Accounting Policies Business and Summary of Significant Accounting Policies (Other Current Liabilities) (Details) - USD ($) $ in Millions |
Oct. 03, 2020 |
Sep. 28, 2019 |
|---|---|---|
| Other Liabilities, Current [Abstract] | ||
| Accrued salaries, wages and benefits | $ 823 | $ 620 |
| Other | 987 | 865 |
| Total other current liabilities | $ 1,810 | $ 1,485 |
Changes In Accounting Principles Changes in Accounting Principles (Details) - USD ($) $ in Millions |
Oct. 03, 2020 |
Sep. 29, 2019 |
|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Operating Lease, Right-of-Use Asset | $ 532 | $ 549 |
| Operating Lease, Liability | $ 529 | |
| Other Liabilities [Member] | ||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Operating Lease, Liability | $ 546 |
Acquisitions and Dispositions Preliminary Fair Value of Assets Acquired and Liabilities Assumes at Acquisition Date (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Business Acquisition [Line Items] | |||
| Goodwill, Purchase Accounting Adjustments | $ (46) | $ (66) | |
| Goodwill | $ 10,899 | $ 10,844 | $ 9,739 |
Acquisitions and Dispositions Schedule of Intangible Assets Acquired as Part of Business Combination (Details) - AdvancePierre [Member] |
Jun. 07, 2017 |
|---|---|
| Brands & Trademarks | |
| Acquired Finite-Lived Intangible Assets [Line Items] | |
| Finite-Lived Intangible Asset, Useful Life | 15 years |
| Customer Relationships | |
| Acquired Finite-Lived Intangible Assets [Line Items] | |
| Finite-Lived Intangible Asset, Useful Life | 15 years |
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Goodwill [Line Items] | |||
| Goodwill | $ 11,516,000,000 | $ 11,461,000,000 | $ 10,356,000,000 |
| Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 20.00% | ||
| Amortization expense on intangible assets | $ 278,000,000 | $ 267,000,000 | $ 210,000,000 |
| Estimated amortization expense on intangible assets, 2019 | 261,000,000 | ||
| Estimated amortization expense on intangible assets, 2020 | 247,000,000 | ||
| Estimated amortization expense on intangible assets, 2021 | 228,000,000 | ||
| Estimated amortization expense on intangible assets, 2022 | 223,000,000 | ||
| Estimated amortization expense on intangible assets, 2023 | 214,000,000 | ||
| Domestic Chicken [Member] | |||
| Goodwill [Line Items] | |||
| Goodwill | $ 3,266 | ||
Income Taxes (Provision For Income Taxes From Continuing Operations) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Income Tax Disclosure [Abstract] | |||
| Federal | $ 497 | $ 325 | $ (426) |
| State | 105 | 42 | 118 |
| Foreign | 18 | 29 | 26 |
| Current | 575 | 304 | 583 |
| Deferred | 45 | 92 | (865) |
| Income Tax Expense (Benefit) | $ 620 | $ 396 | $ (282) |
Income Taxes (Reasons For Differences Between Statutory Federal Tax Rate And Effective Income Tax Rate) (Details) |
12 Months Ended | ||
|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Income Tax Disclosure [Abstract] | |||
| Federal income tax rate | 21.00% | 21.00% | 24.50% |
| State income taxes | 3.00% | 2.90% | 3.30% |
| Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | (0.10%) | (6.60%) | (0.10%) |
| Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | 0 | 0 | (0.379) |
| Domestic production deduction | 0.00% | 0.00% | (1.70%) |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | 0.00% | 0.00% | 3.10% |
| Other | (1.50%) | (1.00%) | (1.50%) |
| Effective income tax rate | 22.40% | 16.30% | (10.30%) |
Income Taxes (Tax Effects Of Major Items Recorded As Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions |
Oct. 03, 2020 |
Sep. 28, 2019 |
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Deferred Tax Assets, Property, plant and equipment | $ 0 | $ 0 |
| Deferred Tax Liabilities, Property, plant and equipment | 923 | 891 |
| Deferred Tax Assets, Intangible assets | 0 | 0 |
| Deferred Tax Liabilities, Intangible assets | 1,591 | 1,624 |
| Deferred Tax Asset, ROU Asset | 0 | 0 |
| Deferred Tax Liabilities, Leasing Arrangements | 154 | 0 |
| Deferred Tax Assets, Accrued expenses | 341 | 297 |
| Deferred Tax Liabilities, Accrued expenses | 0 | 0 |
| Deferred Tax Asset, Lease Liabilities | 129 | 0 |
| Deferred Tax Liability, Lease Liabilities | 0 | 0 |
| Deferred Tax Assets, Net operating loss and other carryforwards | 137 | 99 |
| Deferred Tax Assets, Other | 75 | 84 |
| Deferred Tax Liabilities, Other | 265 | 231 |
| Deferred Tax Assets, Gross | 682 | 480 |
| Deferred Tax Liabilities, Gross | 2,933 | 2,746 |
| Valuation allowance | (127) | (86) |
| Net deferred tax liability | $ 2,378 | $ 2,352 |
Income Taxes (Activity Related To Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
| Balance as of the beginning of the year | $ 169 | $ 308 | $ 316 |
| Increases related to current year tax positions | 21 | 20 | 19 |
| Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 5 | 21 | 8 |
| Reductions related to prior year tax positions | (9) | (17) | (18) |
| Reductions related to settlements | (3) | (9) | (8) |
| Reductions related to expirations of statute of limitations | (18) | (154) | (9) |
| Balance as of the end of the year | $ 165 | $ 169 | $ 308 |
Equity (Schedule of Share Repurchases) (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Class of Stock [Line Items] | |||
| Dollars | $ 207 | $ 252 | $ 427 |
| Class A [Member] | |||
| Class of Stock [Line Items] | |||
| Shares | 2.5 | 3.7 | 5.9 |
| Dollars | $ 207 | $ 252 | $ 427 |
| Share Repurchase Program [Member] | Class A [Member] | |||
| Class of Stock [Line Items] | |||
| Shares | 1.8 | 2.3 | 4.9 |
| Dollars | $ 150 | $ 150 | $ 350 |
| To fund certain obligations under equity compensation plans [Member] | Class A [Member] | |||
| Class of Stock [Line Items] | |||
| Shares | 0.7 | 1.4 | 1.0 |
| Dollars | $ 57 | $ 102 | $ 77 |
Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Dec. 29, 2018 |
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||
| Net Income | $ 695 | $ 527 | $ 367 | $ 561 | $ 372 | $ 681 | $ 430 | $ 552 | $ 2,150 | $ 2,035 | $ 3,027 |
| Less: Net income attributable to noncontrolling interest | 10 | 13 | 3 | ||||||||
| Net Income Attributable to Tyson | $ 692 | $ 527 | $ 364 | $ 557 | $ 369 | $ 676 | $ 426 | $ 551 | 2,140 | 2,022 | 3,024 |
| Undistributed earnings | $ 1,524 | $ 1,458 | $ 2,566 | ||||||||
| Stock options and restricted stock | 2 | 3 | 4 | ||||||||
| Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions | 365 | 366 | 369 | ||||||||
| Net Income Per Share Attributable to Tyson - Diluted | $ 1.90 | $ 1.44 | $ 1.00 | $ 1.52 | $ 1.01 | $ 1.84 | $ 1.17 | $ 1.50 | $ 5.86 | $ 5.52 | $ 8.19 |
| Class A [Member] | |||||||||||
| Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||
| Less dividends declared: | $ 508 | $ 465 | $ 378 | ||||||||
| Undistributed earnings | $ 1,254 | $ 1,200 | $ 2,115 | ||||||||
| Weighted average number of shares outstanding - Basic | 293 | 293 | 295 | ||||||||
| Net Income Per Share Attributable to Tyson - Basic | 1.95 | 1.48 | 1.03 | 1.56 | 1.03 | 1.90 | 1.20 | 1.54 | $ 6.02 | $ 5.67 | $ 8.44 |
| Common Stock, Dividends, Per Share, Declared | $ 1.725 | $ 1.575 | $ 1.275 | ||||||||
| Class B [Member] | |||||||||||
| Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||
| Less dividends declared: | $ 108 | $ 99 | $ 80 | ||||||||
| Undistributed earnings | $ 270 | $ 258 | $ 451 | ||||||||
| Weighted average number of shares outstanding - Basic | 70 | 70 | 70 | ||||||||
| Net Income Per Share Attributable to Tyson - Basic | $ 1.76 | $ 1.33 | $ 0.92 | $ 1.40 | $ 0.93 | $ 1.71 | $ 1.07 | $ 1.39 | $ 5.41 | $ 5.10 | $ 7.59 |
| Common Stock, Dividends, Per Share, Declared | $ 1.553 | $ 1.418 | $ 1.148 | ||||||||
Earnings Per Share (Narrative) (Details) shares in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Oct. 03, 2020
Classes
shares
|
Sep. 28, 2019
shares
|
Sep. 29, 2018
shares
|
|
| Earnings Per Share, Basic and Diluted [Line Items] | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2 | 1 | |
| Cash Dividends, Paid Ratio To Other Class Of Stock, Maximum | 90.00% | ||
| Number of classes of common stock | Classes | 2 | ||
| Class A [Member] | |||
| Earnings Per Share, Basic and Diluted [Line Items] | |||
| Undistributed earnings (losses), ratio used to calculate allocation to class of stock | 1 | ||
| 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 | ||
| Stock-based compensation [Member] | |||
| Earnings Per Share, Basic and Diluted [Line Items] | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1 | 1 | 1 |
Derivative Financial Instruments (Aggregate Outstanding Notionals) (Details) lb in Millions, bu in Millions, $ in Millions |
Oct. 03, 2020
USD ($)
lb
bu
T
|
Sep. 28, 2019
USD ($)
lb
bu
T
|
|---|---|---|
| Corn (in bushels) | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount | bu | 43 | 111 |
| Soybean Meal (in tons) | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount | T | 428,300 | 1,078,800 |
| Live Cattle (in pounds) | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount | lb | 234 | 14 |
| Lean Hogs [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Nonmonetary Notional Amount | lb | 283 | 309 |
| Foreign Exchange Contract [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Notional Amount | $ | $ 536 | $ 148 |
| Interest Rate Swap [Member] | ||
| Derivative [Line Items] | ||
| Derivative, Notional Amount | $ | $ 0 | $ 400 |
Derivative Financial Instruments (Pretax Impact Of Cash Flow Hedge Derivative Instruments On The Consolidated Statements Of Income) (Details) - Cash Flow Hedge [Member] - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Derivative [Line Items] | |||
| Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (17) | $ (39) | $ (20) |
| Commodity Contracts [Member] | |||
| Derivative [Line Items] | |||
| Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (17) | (15) | (21) |
| Interest Rate Contract [Member] | |||
| Derivative [Line Items] | |||
| Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 0 | $ (24) | $ 1 |
Derivative Financial Instruments (Pretax Impact Of Fair Value Hedge Derivative Instruments On The Consolidated Statements of Income) (Details) - USD ($) $ in Millions |
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|---|---|---|---|
| Fair Value Hedging [Member] | |||
| Derivative [Line Items] | |||
| Gain/(Loss) on forwards | $ 6 | $ (19) | $ 4 |
Derivative Financial Instruments (Pretax Impact Of Undesignated Derivative Instruments On The Consolidated Statements Of Income) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Cost of Sales [Member] | |||
| Derivative [Line Items] | |||
| Gain/(Loss) Recognized in Earnings | $ 8 | $ 26 | $ (33) |
| Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Sales [Member] | |||
| Derivative [Line Items] | |||
| Gain/(Loss) Recognized in Earnings | 0 | (23) | 18 |
| Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Cost of Sales [Member] | |||
| Derivative [Line Items] | |||
| Gain/(Loss) Recognized in Earnings | $ (103) | $ 2 | $ (33) |
Fair Value Measurements (Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Balance at beginning of year | $ 52 | $ 51 |
| Total realized and unrealized gains (losses), Included in earnings | 0 | 0 |
| Total realized and unrealized gains (losses), Included in other comprehensive income (loss) | 1 | 1 |
| Purchases | 17 | 20 |
| Issuances | 0 | 0 |
| Settlements | (17) | (20) |
| Balance at end of year | $ 53 | $ 52 |
Fair Value Measurements (Schedule Of Available For Sale Securities) (Details) - USD ($) $ in Millions |
Oct. 03, 2020 |
Sep. 28, 2019 |
|---|---|---|
| U.S. Treasury and Agency [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Amortized Cost Basis | $ 55 | $ 51 |
| Fair Value | 55 | 51 |
| Unrealized Gain/(Loss) | 0 | 0 |
| Corporate And Asset-Backed [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Amortized Cost Basis | 51 | 51 |
| Fair Value | 53 | 52 |
| Unrealized Gain/(Loss) | $ 2 | $ 1 |
Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Debt) (Details) - USD ($) $ in Millions |
Oct. 03, 2020 |
Sep. 28, 2019 |
|---|---|---|
| Fair Value Disclosures [Abstract] | ||
| Total Debt, Fair Value | $ 12,982 | $ 12,978 |
| Total Debt, Carrying Value | $ 11,339 | $ 11,932 |
Stock-Based Compensation (Assumption Of Fair Value Calculation Of Each Year's Grants) (Details) - Stock Options [Member] |
12 Months Ended | ||
|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Expected life (in years) | 4 years 3 months 18 days | 4 years 3 months 18 days | 5 years 10 months 24 days |
| Risk-free interest rate | 1.60% | 2.80% | 2.10% |
| Expected volatility | 25.70% | 25.40% | 23.50% |
| Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.00% | 2.50% | 1.50% |
Pensions And Other Postretirement Benefits (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions |
Oct. 03, 2020 |
Sep. 28, 2019 |
|---|---|---|
| Other Postretirement Benefits Plan [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Other assets | $ 0 | $ 0 |
| Other current liabilities | (3) | (3) |
| Other liabilities | (71) | (74) |
| Total assets (liabilities) | (74) | (77) |
| Defined Benefit Plan, Funded Plan [Member] | Qualified Plan [Member] | Pension Plan [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Other assets | (4) | (16) |
| Other current liabilities | 0 | 0 |
| Other liabilities | 0 | (17) |
| Total assets (liabilities) | 4 | (1) |
| Defined Benefit Plan, Unfunded Plan [Member] | Nonqualified Plan [Member] | Pension Plan [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Other assets | 0 | 0 |
| Other current liabilities | (12) | (12) |
| Other liabilities | (226) | (227) |
| Total assets (liabilities) | $ (238) | $ (239) |
Pensions And Other Postretirement Benefits Pensions and Other Postretirement Benefits (Amounts Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Millions |
Oct. 03, 2020 |
Sep. 28, 2019 |
|---|---|---|
| Other Postretirement Benefits Plan [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Actuarial (gain) loss | $ 24 | $ 27 |
| Prior service (credit) cost | (37) | (42) |
| Total accumulated other comprehensive (income)/loss | (13) | (15) |
| Qualified Plan [Member] | Defined Benefit Plan, Funded Plan [Member] | Pension Plan [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Actuarial (gain) loss | 4 | (53) |
| Prior service (credit) cost | 0 | 0 |
| Total accumulated other comprehensive (income)/loss | 4 | (53) |
| Nonqualified Plan [Member] | Defined Benefit Plan, Unfunded Plan [Member] | Pension Plan [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Actuarial (gain) loss | 45 | 46 |
| Prior service (credit) cost | 3 | 4 |
| Total accumulated other comprehensive (income)/loss | $ 48 | $ 50 |
Pensions And Other Postretirement Benefits (Plans With Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - Pension Plan [Member] - USD ($) $ in Millions |
Oct. 03, 2020 |
Sep. 28, 2019 |
|---|---|---|
| Defined Benefit Plan, Funded Plan [Member] | Qualified Plan [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Projected benefit obligation | $ 0 | $ 381 |
| Accumulated benefit obligation | 0 | 381 |
| Fair value of plan assets | 0 | 364 |
| Defined Benefit Plan, Unfunded Plan [Member] | Nonqualified Plan [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Projected benefit obligation | 238 | 239 |
| Accumulated benefit obligation | 238 | 239 |
| Fair value of plan assets | $ 0 | $ 0 |
Pensions And Other Postretirement Benefits (Estimated Future Benefit Payments Expected To Be Paid) (Details) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
|
Dec. 29, 2018
plan
|
Apr. 01, 2017
plan
|
Oct. 03, 2020
USD ($)
|
|
| Other Postretirement Benefits Plan [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| 2021 | $ 4 | ||
| 2022 | 3 | ||
| 2023 | 3 | ||
| 2024 | 3 | ||
| 2025 | 3 | ||
| 2026-2030 | 10 | ||
| Defined Benefit Plan, Funded Plan [Member] | Qualified Plan [Member] | Pension Plan [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined Benefit Plan, Number of Plans Subject to Settlement | plan | 3 | 2 | |
| 2021 | 0 | ||
| 2022 | 0 | ||
| 2023 | 0 | ||
| 2024 | 2 | ||
| 2025 | 1 | ||
| 2026-2030 | 3 | ||
| Defined Benefit Plan, Unfunded Plan [Member] | Nonqualified Plan [Member] | Pension Plan [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| 2021 | 12 | ||
| 2022 | 12 | ||
| 2023 | 13 | ||
| 2024 | 13 | ||
| 2025 | 13 | ||
| 2026-2030 | $ 63 | ||
Pensions And Other Postretirement Benefits (Narrative) (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
|
Jun. 27, 2020
USD ($)
|
Mar. 28, 2020
USD ($)
|
Dec. 29, 2018
USD ($)
plan
|
Apr. 01, 2017
plan
|
Oct. 03, 2020
USD ($)
plan
|
Sep. 28, 2019
USD ($)
|
Sep. 29, 2018
USD ($)
|
|
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Number of Terminated Plans | plan | 2 | ||||||
| Defined contribution retirement programs, expenses recognized | $ 103 | $ 97 | $ 84 | ||||
| Pension Plan [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Number of Plans | plan | 6 | ||||||
| Number of defined benefit plans with accumulated benefit obligations in excess of plan assets | 4 | 5 | |||||
| Defined Benefit Plan, Gain from Providing Special and Contractual Termination Benefits | $ 6 | $ 110 | $ 112 | ||||
| Expected contributions to pension plans for fiscal 2021 | 13 | ||||||
| Defined benefit plans funding | $ 19 | $ 13 | 29 | ||||
| Other Postretirement Benefits Plan [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Number of Plans | plan | 8 | ||||||
| Assets for Plan Benefits, Defined Benefit Plan | $ 0 | 0 | |||||
| Defined Benefit Plan, Benefit Obligation | 74 | 77 | 28 | ||||
| Defined Benefit Pension, Fair Value of Plan Assets | 0 | 0 | 0 | ||||
| Defined benefit plans funding | $ 4 | 4 | |||||
| Postretirement Health Coverage [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Number of Plans | plan | 5 | ||||||
| Foreign Plan [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Number of defined benefit plans | plan | 1 | ||||||
| Defined Benefit Pension, Fair Value of Plan Assets | $ 32 | ||||||
| Defined Benefit Plan, Unfunded Plan [Member] | Nonqualified Plan [Member] | Pension Plan [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Number of Plans | plan | 4 | ||||||
| Assets for Plan Benefits, Defined Benefit Plan | $ 0 | 0 | |||||
| Defined Benefit Plan, Benefit Obligation | 238 | 239 | 220 | ||||
| Defined Benefit Pension, Fair Value of Plan Assets | 0 | 0 | 0 | ||||
| Defined benefit plans funding | 12 | 12 | |||||
| Defined Benefit Plan, Funded Plan [Member] | Qualified Plan [Member] | Pension Plan [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Assets for Plan Benefits, Defined Benefit Plan | $ 4 | 16 | |||||
| Defined Benefit Plan, Number of Frozen and Noncontributory Plans | plan | 2 | ||||||
| Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | $ 19 | ||||||
| Accumulated benefit obligation | $ 31 | 1,478 | |||||
| Amounts expected to be reclassified to earnings within next 12 months related to net periodic benefit cost (credit) | 0 | ||||||
| Defined Benefit Plan, Benefit Obligation | 31 | 1,478 | 1,392 | ||||
| Number of defined benefit plans | plan | 3 | 2 | |||||
| Defined Benefit Pension, Fair Value of Plan Assets | 35 | 1,477 | $ 1,450 | ||||
| Defined benefit plans funding | 7 | 1 | |||||
| Pension Fund of Local 227 [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Multiemployer Plans, Withdrawal Obligation | 1 | ||||||
| Hillshire Hourly and Salaried Plans [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Assets for Plan Benefits, Defined Benefit Plan | $ 52 | 27 | |||||
| Defined Benefit Plan, Benefit Obligation | $ 0 | ||||||
| Other Postretirement Benefit Plans, Fixed Annual Payments or Life Insurance [Member] | Other Postretirement Benefits Plan [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Number of Plans | plan | 2 | ||||||
| Defined Benefit Plan, Benefit Obligation | $ 16 | ||||||
| Other Postretirement Benefit Plans, Fixed Annual Payments or Life Insurance [Member] | Postretirement Health Coverage [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Number of Plans | plan | 1 | ||||||
| Other Postretirement Benefit Plans, Fixed Annual Payments or Life Insurance [Member] | Postretirement Life Insurance [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Number of Plans | plan | 1 | ||||||
| Other Postretirement Benefit Plan, Plan Amendments [Member] | Postretirement Health Coverage [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Number of Plans | plan | 1 | ||||||
| Other Postretirement Benefit Plan, Plan Amendments [Member] | Maximum [Member] | Postretirement Health Coverage [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Benefit Obligation | $ 1 | ||||||
| Other Postretirement Benefit Plan, Hillshire and Keystone Plans [Member] | Postretirement Health Coverage [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Number of Plans | plan | 2 | ||||||
| Other Postretirement Benefit Plan, Heathcare Cost Trend Rates, Hillshire Plan [Member] | Postretirement Health Coverage [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Benefit Obligation | $ 8 | ||||||
| Healthcare cost trend rate, assumed | 7.00% | ||||||
| Healthcare cost trend rate, ultimate rate | 4.50% | ||||||
| Retail, Wholesale and Department Store International Union and Industry Pension Fund [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Multiemployer Plans, Withdrawal Obligation | $ 10 | $ 15 | |||||
| Other Postretirement Benefit Plan, Heathcare Cost Trend Rates, Keystone Plan [Member] | Postretirement Health Coverage [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Benefit Obligation | $ 3 | ||||||
| Healthcare cost trend rate, assumed | 6.80% | ||||||
| Healthcare cost trend rate, ultimate rate | 5.00% | ||||||
| Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 7.00% | 36.00% | |||||
| Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 61.00% | ||||||
| Level 3 [Member] | Pension Plan [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 93.00% | 3.00% | |||||
| Cash and Cash Equivalents [Member] | Pension Plan [Member] | |||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | ||||||
Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
Oct. 03, 2020 |
Sep. 28, 2019 |
|---|---|---|
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
| Unrealized net hedging loss | $ (15) | $ (24) |
| Unrealized net loss on investments | 2 | 1 |
| Currency translation adjustment | (136) | (107) |
| Postretirement benefits reserve adjustments | (30) | 13 |
| Total accumulated other comprehensive income (loss) | $ (179) | $ (117) |
Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Other comprehensive income (loss), Before Tax | $ (72) | $ (131) | $ (49) |
| Other comprehensive income (loss), Income Tax | 10 | 29 | 5 |
| Total Other Comprehensive Income (Loss), Net of Taxes | (62) | (102) | (44) |
| Derivatives accounted for as cash flow hedges | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Other Comprehensive Income (Loss), before Reclassifications, before Tax | (17) | (39) | (20) |
| Other Comprehensive Income (Loss), before Reclassifications, Tax | 5 | 10 | 5 |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (12) | (29) | (15) |
| Derivatives accounted for as cash flow hedges | Interest Expense [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 6 | 1 | 0 |
| Reclassification from AOCI, Current Period, Tax | (2) | 0 | 0 |
| Reclassification from Accumulated Other Comprehensive Income, Net of Tax | 4 | 1 | 0 |
| Derivatives accounted for as cash flow hedges | Cost of Sales [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 24 | 18 | 12 |
| Reclassification from AOCI, Current Period, Tax | (7) | (5) | (4) |
| Reclassification from Accumulated Other Comprehensive Income, Net of Tax | 17 | 13 | 8 |
| Investments [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Other Comprehensive Income (Loss), before Reclassifications, before Tax | 1 | 3 | (2) |
| Other Comprehensive Income (Loss), before Reclassifications, Tax | 0 | (1) | 1 |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1 | 2 | (1) |
| Currency Translation [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Other Comprehensive Income (Loss), before Reclassifications, before Tax | (29) | (23) | (38) |
| Other Comprehensive Income (Loss), before Reclassifications, Tax | 0 | 0 | 2 |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (29) | (23) | (36) |
| Currency Translation [Member] | Cost of Sales [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 7 |
| Reclassification from AOCI, Current Period, Tax | 0 | 0 | 0 |
| Reclassification from Accumulated Other Comprehensive Income, Net of Tax | 0 | 0 | 7 |
| Postretirement benefits | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Other Comprehensive Income (Loss), before Reclassifications, before Tax | 1 | (114) | (8) |
| Other Comprehensive Income (Loss), before Reclassifications, Tax | 0 | 31 | 1 |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1 | (83) | |
| Total Other Comprehensive Income (Loss), Net of Taxes | (7) | ||
| Postretirement benefits | Other Nonoperating Income (Expense) [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (58) | 23 | 0 |
| Reclassification from AOCI, Current Period, Tax | 14 | (6) | 0 |
| Reclassification from Accumulated Other Comprehensive Income, Net of Tax | $ (44) | $ 17 | $ 0 |
Segment Reporting (Segment Reporting Information, By Segment) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Dec. 29, 2018 |
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | $ 11,460 | $ 10,022 | $ 10,888 | $ 10,815 | $ 10,884 | $ 10,885 | $ 10,443 | $ 10,193 | $ 43,185 | $ 42,405 | $ 40,052 |
| Operating Income (Loss) | 1,012 | $ 775 | $ 501 | $ 826 | 604 | $ 781 | $ 635 | $ 807 | 3,114 | 2,827 | 3,032 |
| Total Other (Income) Expense | 344 | 396 | 287 | ||||||||
| Income before Income Taxes | 2,770 | 2,431 | 2,745 | ||||||||
| Depreciation and Amortization | 1,178 | 1,086 | 933 | ||||||||
| Total Assets | 34,741 | 33,097 | 34,741 | 33,097 | 29,109 | ||||||
| Additions to property, plant and equipment | 1,199 | 1,259 | 1,200 | ||||||||
| Beef [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | 15,742 | 15,828 | |||||||||
| Pork [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | 5,128 | 4,932 | |||||||||
| Chicken [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | 13,234 | 13,300 | |||||||||
| Prepared Foods [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | 8,532 | 8,418 | |||||||||
| Other [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | 1,856 | 1,289 | |||||||||
| Operating Segments [Member] | Beef [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | 15,742 | 15,828 | 15,473 | ||||||||
| Operating Income (Loss) | 1,686 | 1,107 | 1,013 | ||||||||
| Depreciation and Amortization | 106 | 97 | 103 | ||||||||
| Total Assets | 3,508 | 3,137 | 3,508 | 3,137 | 3,061 | ||||||
| Additions to property, plant and equipment | 219 | 133 | 107 | ||||||||
| Operating Segments [Member] | Pork [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | 5,128 | 4,932 | 4,879 | ||||||||
| Operating Income (Loss) | 565 | 263 | 361 | ||||||||
| Depreciation and Amortization | 56 | 47 | 42 | ||||||||
| Total Assets | 1,516 | 1,372 | 1,516 | 1,372 | 1,265 | ||||||
| Additions to property, plant and equipment | 117 | 128 | 150 | ||||||||
| Operating Segments [Member] | Chicken [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | 13,234 | 13,300 | 12,044 | ||||||||
| Operating Income (Loss) | 122 | 621 | 866 | ||||||||
| Depreciation and Amortization | 553 | 513 | 368 | ||||||||
| Total Assets | 11,028 | 10,807 | 11,028 | 10,807 | 8,794 | ||||||
| Additions to property, plant and equipment | 577 | 637 | 570 | ||||||||
| Operating Segments [Member] | Prepared Foods [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | 8,532 | 8,418 | 8,668 | ||||||||
| Operating Income (Loss) | 743 | 843 | 845 | ||||||||
| Depreciation and Amortization | 398 | 397 | 410 | ||||||||
| Total Assets | 14,883 | 15,138 | 14,883 | 15,138 | 15,063 | ||||||
| Additions to property, plant and equipment | 211 | 246 | 228 | ||||||||
| Segment Reconciling Items [Member] | Other [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | 1,856 | 1,289 | 305 | ||||||||
| Operating Income (Loss) | (2) | (7) | (53) | ||||||||
| Depreciation and Amortization | 65 | 32 | 10 | ||||||||
| Total Assets | $ 3,806 | $ 2,643 | 3,806 | 2,643 | 926 | ||||||
| Additions to property, plant and equipment | 75 | 115 | 145 | ||||||||
| Intersegment Eliminations [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | (1,307) | (1,362) | (1,317) | ||||||||
| Intersegment Eliminations [Member] | Beef [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | (390) | (411) | (420) | ||||||||
| Intersegment Eliminations [Member] | Pork [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | (865) | (893) | (817) | ||||||||
| Intersegment Eliminations [Member] | Chicken [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Sales | $ (52) | $ (58) | $ (80) | ||||||||
Disaggregation of Revenue (By Segment and Distribution Channel) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Dec. 29, 2018 |
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | $ 11,460 | $ 10,022 | $ 10,888 | $ 10,815 | $ 10,884 | $ 10,885 | $ 10,443 | $ 10,193 | $ 43,185 | $ 42,405 | $ 40,052 |
| Beef [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 15,742 | 15,828 | |||||||||
| Pork [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 5,128 | 4,932 | |||||||||
| Chicken [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 13,234 | 13,300 | |||||||||
| Prepared Foods [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 8,532 | 8,418 | |||||||||
| Other [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 1,856 | 1,289 | |||||||||
| Retail Sales Channel [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 20,817 | 19,265 | |||||||||
| Retail Sales Channel [Member] | Beef [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 8,155 | 7,420 | |||||||||
| Retail Sales Channel [Member] | Pork [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 1,590 | 1,415 | |||||||||
| Retail Sales Channel [Member] | Chicken [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 5,935 | 5,637 | |||||||||
| Retail Sales Channel [Member] | Prepared Foods [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 5,137 | 4,793 | |||||||||
| Retail Sales Channel [Member] | Other [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 0 | 0 | |||||||||
| Foodservice Sales Channel [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 12,054 | 12,959 | |||||||||
| Foodservice Sales Channel [Member] | Beef [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 3,669 | 4,151 | |||||||||
| Foodservice Sales Channel [Member] | Pork [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 403 | 400 | |||||||||
| Foodservice Sales Channel [Member] | Chicken [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 4,892 | 5,138 | |||||||||
| Foodservice Sales Channel [Member] | Prepared Foods [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 3,090 | 3,270 | |||||||||
| Foodservice Sales Channel [Member] | Other [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 0 | 0 | |||||||||
| International Sales Channel [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 5,833 | 5,399 | |||||||||
| International Sales Channel [Member] | Beef [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 2,183 | 2,426 | |||||||||
| International Sales Channel [Member] | Pork [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 1,026 | 890 | |||||||||
| International Sales Channel [Member] | Chicken [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 642 | 690 | |||||||||
| International Sales Channel [Member] | Prepared Foods [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 126 | 104 | |||||||||
| International Sales Channel [Member] | Other [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 1,856 | 1,289 | |||||||||
| Industrial and Other Sales Channel [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 4,481 | 4,782 | |||||||||
| Industrial and Other Sales Channel [Member] | Beef [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 1,345 | 1,420 | |||||||||
| Industrial and Other Sales Channel [Member] | Pork [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 1,244 | 1,334 | |||||||||
| Industrial and Other Sales Channel [Member] | Chicken [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 1,713 | 1,777 | |||||||||
| Industrial and Other Sales Channel [Member] | Prepared Foods [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 179 | 251 | |||||||||
| Industrial and Other Sales Channel [Member] | Other [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 0 | 0 | |||||||||
| Intersegment Eliminations [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 0 | 0 | |||||||||
| Intersegment Eliminations [Member] | Beef [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 390 | 411 | |||||||||
| Intersegment Eliminations [Member] | Pork [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 865 | 893 | |||||||||
| Intersegment Eliminations [Member] | Chicken [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 52 | 58 | |||||||||
| Intersegment Eliminations [Member] | Prepared Foods [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 0 | 0 | |||||||||
| Intersegment Eliminations [Member] | Other [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | 0 | 0 | |||||||||
| Intersegment Eliminations [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | (1,307) | (1,362) | (1,317) | ||||||||
| Intersegment Eliminations [Member] | Beef [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | (390) | (411) | (420) | ||||||||
| Intersegment Eliminations [Member] | Pork [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | (865) | (893) | (817) | ||||||||
| Intersegment Eliminations [Member] | Chicken [Member] | |||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||
| Sales | $ (52) | $ (58) | $ (80) | ||||||||
Segment Reporting (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Dec. 29, 2018 |
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
Nov. 30, 2018 |
|
| Segment Reporting Information [Line Items] | ||||||||||||
| Number of segments | 4 | |||||||||||
| Goodwill | $ 10,899 | $ 10,844 | $ 10,899 | $ 10,844 | $ 9,739 | |||||||
| Sales | 11,460 | $ 10,022 | $ 10,888 | $ 10,815 | 10,884 | $ 10,885 | $ 10,443 | $ 10,193 | 43,185 | 42,405 | 40,052 | |
| UNITED STATES | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Long-lived assets | 25,600 | 24,800 | 25,600 | 24,800 | ||||||||
| UNITED STATES | Long-Lived Assets Excluding Goodwill and Intangibles [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Long-lived assets | 8,500 | 7,500 | 8,500 | 7,500 | ||||||||
| Non-US [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Long-lived assets | 1,287 | 1,107 | 1,287 | 1,107 | ||||||||
| Non-US [Member] | Long-Lived Assets Excluding Goodwill and Intangibles [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Long-lived assets | 648 | 506 | 648 | 506 | ||||||||
| Export sales [Member] | UNITED STATES | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Sales | $ 4,000 | $ 4,100 | $ 4,200 | |||||||||
| Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | UNITED STATES | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Concentration, Percentage | 95.00% | 96.00% | 99.00% | |||||||||
| Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | Maximum [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Concentration, Percentage | 10.00% | 10.00% | 10.00% | |||||||||
| Wal-Mart Stores, Inc. [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Concentration, Percentage | 18.70% | 16.90% | 17.30% | |||||||||
| Other [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Goodwill | 392 | 337 | $ 392 | $ 337 | $ 0 | |||||||
| Sales | 1,856 | 1,289 | ||||||||||
| Beef [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Goodwill | 676 | 676 | 676 | 676 | 676 | |||||||
| Sales | 15,742 | 15,828 | ||||||||||
| Pork [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Goodwill | 423 | 423 | 423 | 423 | 423 | |||||||
| Sales | 5,128 | 4,932 | ||||||||||
| Chicken [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Goodwill | 3,274 | 3,274 | 3,274 | 3,274 | 2,498 | |||||||
| Sales | 13,234 | 13,300 | ||||||||||
| Prepared Foods [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Goodwill | 6,134 | $ 6,134 | 6,134 | 6,134 | 6,142 | |||||||
| Sales | 8,532 | 8,418 | ||||||||||
| Segment Reconciling Items [Member] | Other [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Business Combination, Acquisition Related Costs | 5 | 36 | 26 | |||||||||
| Sales | 1,856 | 1,289 | 305 | |||||||||
| Operating Segments [Member] | Beef [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Sales | 15,742 | 15,828 | 15,473 | |||||||||
| Operating Segments [Member] | Pork [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Sales | 5,128 | 4,932 | 4,879 | |||||||||
| Operating Segments [Member] | Chicken [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Sales | 13,234 | 13,300 | 12,044 | |||||||||
| Operating Segments [Member] | Prepared Foods [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Sales | 8,532 | 8,418 | 8,668 | |||||||||
| Intersegment Eliminations [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Sales | (1,307) | (1,362) | (1,317) | |||||||||
| Intersegment Eliminations [Member] | Beef [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Sales | (390) | (411) | (420) | |||||||||
| Intersegment Eliminations [Member] | Pork [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Sales | (865) | (893) | (817) | |||||||||
| Intersegment Eliminations [Member] | Chicken [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Sales | (52) | $ (58) | $ (80) | |||||||||
| Keystone Foods and Thai & European Operations [Domain] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Goodwill | $ 342 | $ 342 | ||||||||||
| Keystone Foods [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Business Combination, Acquisition Related Costs | $ 11 | $ 15 | ||||||||||
| Goodwill | $ 1,120 | |||||||||||
| Keystone Foods [Member] | Other [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Goodwill | 341 | |||||||||||
| Keystone Foods [Member] | Chicken [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Goodwill | $ 779 | |||||||||||
Supplemental Cash Flow Information (Cash Payments For Interest And Income Taxes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Supplemental Cash Flow Information [Abstract] | |||
| Interest, net of amounts capitalized | $ 536 | $ 419 | $ 368 |
| Income taxes, net of refunds | $ 511 | $ 557 | $ 470 |
Transactions With Related Parties (Details) shares in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Aug. 31, 2017
USD ($)
|
Oct. 03, 2020
USD ($)
shares
|
Sep. 28, 2019
USD ($)
|
Sep. 29, 2018
USD ($)
|
|
| Donald J. Tyson Revocable Trust, Berry Street Waste Water Treatment Plant, LP, and the sisters of Mr. Tyson [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Finance Lease, Liability | $ 7.0 | |||
| Related Party Transaction, Amounts of Transaction | $ 1.0 | $ 1.0 | $ 1.0 | |
| Donald J. Tyson Revocable Trust, Berry Street Waste Water Treatment Plant, LP, and the sisters of Mr. Tyson [Member] | Water Plant [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Related Party Transaction, Number of Operating Leases | 2 | |||
| Tyson Family Ownership Percentage | 90.00% | |||
| Tyson Limited Partnership [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Related Party Transaction, Amounts of Transaction | $ 0.2 | $ 0.3 | 0.3 | |
| Tyson Limited Partnership [Member] | Class B [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Tyson Family Ownership Percentage | 99.985% | |||
| Related Party Ownership of Shares Outstanding | shares | 70.0 | |||
| Tyson Limited Partnership And Tyson Family [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Related Party Voting Rights Percentage | 71.06% | |||
| Tyson Limited Partnership And Tyson Family [Member] | Class A [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Tyson Family Ownership Percentage | 2.23% | |||
| Related Party Ownership of Shares Outstanding | shares | 6.6 | |||
| Donald Smith and John Randal Tyson [Member] | Buchan, Ltd [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Related Party Transaction, Amounts of Transaction | $ 5.0 | |||
| Equity Method Investment, Ownership Percentage | 17.50% | |||
| Due from Joint Ventures, Current | $ 9.0 | |||
Commitments (Future Purchase Commitments) (Details) $ in Millions |
Oct. 03, 2020
USD ($)
|
|---|---|
| Unrecorded Unconditional Purchase Obligation [Line Items] | |
| Unrecorded Unconditional Purchase Obligation, to be Paid, Year One | $ 2,371 |
| Unrecorded Unconditional Purchase Obligation, to be Paid, Year Two | 414 |
| Unrecorded Unconditional Purchase Obligation, to be Paid, Year Three | 253 |
| Unrecorded Unconditional Purchase Obligation, to be Paid, Year Four | 111 |
| Unrecorded Unconditional Purchase Obligation, to be Paid, Year Five | 79 |
| Unrecorded Unconditional Purchase Obligation, to be Paid, after Year Five | 152 |
| Unrecorded Unconditional Purchase Obligation | $ 3,380 |
Commitments (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Guarantor Obligations [Line Items] | |||
| Cash Flow Assistance Program, Estimated Allowance For Uncollectible Receivables | $ 0 | $ 0 | |
| Restricted Cash | 46 | 0 | $ 0 |
| Guarantor Obligations, Current Carrying Value | 0 | 0 | |
| Potential maximum obligation under cash flow assistance program | 320 | ||
| Total receivables under cash flow assistance program | 29 | $ 5 | |
| Industrial Revenue Bonds [Member] | |||
| Guarantor Obligations [Line Items] | |||
| Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset | $ 573 | ||
| Guarantee Obligations [Member] | |||
| Guarantor Obligations [Line Items] | |||
| Guarantor Obligations, Maximum Exposure, Period | 10 years | ||
| Maximum potential amount | $ 13 |
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
|
Dec. 31, 2004
USD ($)
|
Dec. 31, 2004
PHP (₱)
|
Jun. 23, 2014
USD ($)
|
Jun. 23, 2014
PHP (₱)
|
|
| Loss Contingencies [Line Items] | ||||||||
| Loss contingency, damages awarded | $ 306,000,000 | ₱ 14,858,495,937 | $ 71,000,000 | ₱ 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, Estimate of Possible Loss Per Complainant | $ 1,400 | ₱ 68,000 | ||||||
| Maximum [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Loss Contingency, Estimate of Possible Loss | $ 7,000,000 | ₱ 342,287,800 | ||||||
Quarterly Financial Data (Unaudited) (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Dec. 29, 2018 |
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Sales | $ 11,460 | $ 10,022 | $ 10,888 | $ 10,815 | $ 10,884 | $ 10,885 | $ 10,443 | $ 10,193 | $ 43,185 | $ 42,405 | $ 40,052 |
| Gross profit | 1,610 | 1,313 | 1,021 | 1,440 | 1,139 | 1,336 | 1,192 | 1,355 | 5,384 | 5,022 | 5,096 |
| Operating Income (Loss) | 1,012 | 775 | 501 | 826 | 604 | 781 | 635 | 807 | 3,114 | 2,827 | 3,032 |
| Net Income | 695 | 527 | 367 | 561 | 372 | 681 | 430 | 552 | 2,150 | 2,035 | 3,027 |
| Net Income Attributable to Tyson | $ 692 | $ 527 | $ 364 | $ 557 | $ 369 | $ 676 | $ 426 | $ 551 | $ 2,140 | $ 2,022 | $ 3,024 |
| Diluted (USD per share) | $ 1.90 | $ 1.44 | $ 1.00 | $ 1.52 | $ 1.01 | $ 1.84 | $ 1.17 | $ 1.50 | $ 5.86 | $ 5.52 | $ 8.19 |
| Class A [Member] | |||||||||||
| Basic (USD per share) | 1.95 | 1.48 | 1.03 | 1.56 | 1.03 | 1.90 | 1.20 | 1.54 | 6.02 | 5.67 | 8.44 |
| Class B [Member] | |||||||||||
| Basic (USD per share) | $ 1.76 | $ 1.33 | $ 0.92 | $ 1.40 | $ 0.93 | $ 1.71 | $ 1.07 | $ 1.39 | $ 5.41 | $ 5.10 | $ 7.59 |
Quarterly Financial Data (Unaudited) (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2020 |
Jun. 27, 2020 |
Mar. 28, 2020 |
Dec. 28, 2019 |
Sep. 28, 2019 |
Jun. 29, 2019 |
Mar. 30, 2019 |
Dec. 29, 2018 |
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Quarterly Financial Data [Line Items] | |||||||||||
| Restructuring and Related Cost, Incurred Cost | $ 77 | $ 41 | $ 59 | ||||||||
| Pretax Income from 53 week accounting cycle | $ 65 | ||||||||||
| Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 5 | 21 | 8 | ||||||||
| Asset Impairment Charges | 48 | $ 94 | $ 175 | ||||||||
| Keystone Foods [Member] | |||||||||||
| Quarterly Financial Data [Line Items] | |||||||||||
| Business Acquisition, Expense from Purchase Accounting and Acquisition Related Costs | $ 26 | ||||||||||
| Business Combination, Acquisition Related Costs | $ 11 | 15 | |||||||||
| Fair Value Adjustment to Inventory [Member] | Keystone Foods [Member] | |||||||||||
| Quarterly Financial Data [Line Items] | |||||||||||
| Business Acquisition, Fair Value Inventory Adjustment | 11 | ||||||||||
| Financial Fitness Program [Member] | |||||||||||
| Quarterly Financial Data [Line Items] | |||||||||||
| Restructuring and Related Cost, Incurred Cost | $ 23 | $ 52 | $ 10 | $ 15 | $ 8 | $ 8 | |||||
| After Tax [Member] | |||||||||||
| Quarterly Financial Data [Line Items] | |||||||||||
| Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 105 | ||||||||||
| Activity From Fire Related Damages [Domain] | |||||||||||
| Quarterly Financial Data [Line Items] | |||||||||||
| Other Nonrecurring (Income) Expense | $ 15 | $ 16 | 31 | ||||||||
| Equity Securities [Member] | |||||||||||
| Quarterly Financial Data [Line Items] | |||||||||||
| Gain on Sale of Investments | $ 55 | ||||||||||
| Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Keystone Further Processing Facility [Member] | |||||||||||
| Quarterly Financial Data [Line Items] | |||||||||||
| Asset Impairment Charges | 41 | ||||||||||
| Pension Plan [Member] | |||||||||||
| Quarterly Financial Data [Line Items] | |||||||||||
| Defined Benefit Plan, Gain from Providing Special and Contractual Termination Benefits | $ 6 | $ 110 | $ 112 | ||||||||
| Pension Cost (Reversal of Cost) | $ (15) | ||||||||||
Valuation And Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Oct. 03, 2020 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Allowance for Doubtful Accounts [Member] | |||
| Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at Beginning of Period | $ 21 | $ 19 | $ 34 |
| Charged to Costs and Expenses | 9 | 4 | 3 |
| Charged to Other Accounts | 0 | 0 | 0 |
| (Deductions) | (4) | (2) | (18) |
| Balance at End of Period | 26 | 21 | 19 |
| Inventory Lower of Cost or Market Allowance [Member] | |||
| Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at Beginning of Period | 34 | 25 | 3 |
| Charged to Costs and Expenses | 102 | 61 | 68 |
| Charged to Other Accounts | 0 | 0 | 0 |
| (Deductions) | (109) | (52) | (46) |
| Balance at End of Period | 27 | 34 | 25 |
| Valuation Allowance on Deferred Tax Assets [Member] | |||
| Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at Beginning of Period | 86 | 79 | 75 |
| Charged to Costs and Expenses | 35 | 13 | 12 |
| Charged to Other Accounts | 13 | 6 | 0 |
| (Deductions) | (7) | (12) | (8) |
| Balance at End of Period | $ 127 | $ 86 | $ 79 |
| Label | Element | Value |
|---|---|---|
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 318,000,000 |