TYSON FOODS, INC., 10-Q filed on 2/5/2024
Quarterly Report
v3.24.0.1
Document and Entity Information
 3 Months Ended
Dec. 30, 2023
$ / shares
shares
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Dec. 30, 2023
Document Transition Report false
Entity File Number 001-14704
Entity Registrant Name TYSON FOODS, INC.
Entity Tax Identification Number 71-0225165
Entity Addresses [Line Items] 2200 West Don Tyson Parkway,
Entity Address, City or Town Springdale,
Entity Address, State or Province AR
Entity Address, Postal Zip Code 72762-6999
City Area Code (479)
Local Phone Number 290-4000
Entity Listing, Description Class A Common Stock
Entity Listing, Par Value Per Share | $ / shares $ 0.10
Trading Symbol TSN
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Current Interactive Data Filing Status Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Central Index Key 0000100493
Current Fiscal Year End Date --09-28
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q1
Amendment Flag false
Entity Incorporation, State or Country Code DE
Class A [Member]  
Entity Common Stock, Shares Outstanding 286,339,323
Class B [Member]  
Entity Common Stock, Shares Outstanding 70,009,005
v3.24.0.1
Consolidated Condensed Statements Of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Sales $ 13,319 $ 13,260
Cost of Sales 12,496 12,292
Gross Profit 823 968
Operating Expenses:    
Selling, General and Administrative 592 501
Operating Income 231 467
Other (Income) Expense:    
Interest income (10) (9)
Interest Expense 105 84
Other, net (25) (42)
Total Other (Income) Expense 70 33
Income before Income Taxes 161 434
Income Tax Expense 47 114
Net Income 114 320
Less: Net Income Attributable to Noncontrolling Interests 7 4
Net Income Attributable to Tyson $ 107 $ 316
Weighted Average Shares Outstanding:    
Diluted, Shares 355 358
Net Income Per Share Attributable to Tyson:    
Diluted (USD per share) $ 0.30 $ 0.88
Class A [Member]    
Weighted Average Shares Outstanding:    
Basic, Shares 284 286
Net Income Per Share Attributable to Tyson:    
Basic (USD per share) $ 0.31 $ 0.91
Class B [Member]    
Weighted Average Shares Outstanding:    
Basic, Shares 70 70
Net Income Per Share Attributable to Tyson:    
Basic (USD per share) $ 0.28 $ 0.81
v3.24.0.1
Consolidated Condensed Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Other Comprehensive Income (Loss), Net of Taxes:    
Investments $ 2 $ 0
Currency translation 58 81
Postretirement benefits 3 0
Total Other Comprehensive Income (Loss), Net of Taxes 63 82
Net Income 114 320
Comprehensive Income 177 402
Less: Comprehensive Income Attributable to Noncontrolling Interests 15 4
Comprehensive Income Attributable to Tyson 162 398
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax $ 0 $ 1
v3.24.0.1
Consolidated Condensed Balance Sheets - USD ($)
$ in Millions
Dec. 30, 2023
Sep. 30, 2023
Assets    
Cash and cash equivalents $ 1,484 $ 573
Accounts receivable, net 2,263 2,476
Inventories 5,087 5,328
Other current assets 382 345
Total Current Assets 9,216 8,722
Net Property, Plant and Equipment 9,672 9,634
Goodwill 9,885 9,878
Intangible Assets, net 6,046 6,098
Other Assets 1,927 1,919
Total Assets 36,746 36,251
Liabilities and Shareholders' Equity    
Current debt 1,308 1,895
Accounts payable 2,623 2,594
Other current liabilities 2,241 2,010
Total Current Liabilities 6,172 6,499
Long-Term Debt 8,370 7,611
Deferred Income Taxes 2,302 2,308
Other Liabilities 1,614 1,578
Shareholders' Equity:    
Capital in excess of par value 4,526 4,560
Retained earnings 18,693 18,760
Accumulated other comprehensive gain (loss) (205) (260)
Treasury stock, at cost – 91 million shares at December 30, 2023 and 92 million shares at September 30, 2023 (4,909) (4,972)
Total Tyson Shareholders’ Equity 18,150 18,133
Noncontrolling Interests 138 122
Total Shareholders’ Equity 18,288 18,255
Total Liabilities and Shareholders’ Equity 36,746 36,251
Class A [Member]    
Shareholders' Equity:    
Common stock ($0.10 par value): 38 38
Class B [Member]    
Shareholders' Equity:    
Common stock ($0.10 par value): $ 7 $ 7
v3.24.0.1
Consolidated Condensed Balance Sheets (Parentheticals) - USD ($)
shares in Millions, $ in Millions
Dec. 30, 2023
Sep. 30, 2023
Treasury Stock, Common, Shares 92 92
Restricted Cash $ 0  
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
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Consolidated Condensed Statements of Shareholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Capital in Excess of Par Value:
Retained Earnings:
Accumulated Other Comprehensive Income (Loss), Net of Tax:
Treasury Stock, Common
Total Shareholders’ Equity Attributable to Tyson
Equity Attributable to Noncontrolling Interests:
Class B [Member]
Class A [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Treasury Stock, Common, Shares         88.0        
Common Stock, Value, Issued               $ 7 $ 38
Balance at beginning of quarter, Common Stock Shares at Oct. 01, 2022               70.0 378.0
Balance at beginning of quarter, Shareholders' Equity Attributable to Tyson at Oct. 01, 2022   $ 4,553 $ 20,084 $ (297) $ (4,683)        
Balance at beginning of quarter, Treasury Stock shares at Oct. 01, 2022         88.0        
Balance at beginning of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Oct. 01, 2022             $ 109    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Stock-based compensation and other   (29)     $ 52        
Net income attributable to Tyson $ 316   316            
Dividends     (175)         $ (32) $ (143)
Other comprehensive income 82     82          
Purchase of Class A common stock, shares         5.0       4.9
Payments for Repurchase of Common Stock         $ (313)       $ (313)
Stock-based compensation, shares         (1.0)        
Net income attributable to noncontrolling interests 4           (4)    
Currency translation and other             28    
Noncontrolling Interest, Increase/(Decrease) from Currency Translation and Other 11                
Balance at end of quarter, Common Stock Shares at Dec. 31, 2022               70.0 378.0
Balance at end of quarter, Shareholders' Equity Attributable to Tyson at Dec. 31, 2022   4,524 20,225 (215) $ (4,944) $ 19,635      
Balance at end of quarter, Treasury Stock shares at Dec. 31, 2022         92.0        
Balance at end of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Dec. 31, 2022             152    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Treasury Stock, Common, Shares         92.0        
Balance at end of quarter, Total Shareholders' Equity $ 19,787                
Common Stock, Value, Issued               $ 7 $ 38
Treasury Stock, Common, Shares 92.0       92.0        
Balance at end of quarter, Total Shareholders' Equity $ 18,255                
Common Stock, Value, Issued               $ 7 $ 38
Balance at beginning of quarter, Common Stock Shares at Sep. 30, 2023               70.0 378.0
Balance at beginning of quarter, Shareholders' Equity Attributable to Tyson at Sep. 30, 2023 $ 18,133 4,560 18,760 (260) $ (4,972)        
Balance at beginning of quarter, Treasury Stock shares at Sep. 30, 2023 92.0       92.0        
Balance at beginning of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Sep. 30, 2023 $ 122           122    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Stock-based compensation and other   (34)     $ 76        
Net income attributable to Tyson 107   107            
Dividends     (174)         $ (31) $ (143)
Other comprehensive income 63     55          
Purchase of Class A common stock, shares         0.0       0.3
Payments for Repurchase of Common Stock         $ (13)       $ (13)
Stock-based compensation, shares         (1.0)        
Net income attributable to noncontrolling interests 7           (7)    
Currency translation and other             1    
Noncontrolling Interest, Increase/(Decrease) from Currency Translation and Other 8                
Balance at end of quarter, Common Stock Shares at Dec. 30, 2023               70.0 378.0
Balance at end of quarter, Shareholders' Equity Attributable to Tyson at Dec. 30, 2023 $ 18,150 $ 4,526 $ 18,693 $ (205) $ (4,909) $ 18,150      
Balance at end of quarter, Treasury Stock shares at Dec. 30, 2023 92.0       91.0        
Balance at end of quarter, Shareholders' Equity Attributable to Noncontrolling Interest at Dec. 30, 2023 $ 138           $ 138    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Treasury Stock, Common, Shares 92.0       91.0        
Balance at end of quarter, Total Shareholders' Equity $ 18,288                
Common Stock, Value, Issued               $ 7 $ 38
v3.24.0.1
Consolidated Condensed Statements Of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Cash Flows From Investing Activities:    
Additions to property, plant and equipment $ (354) $ (589)
Purchases of marketable securities (7) (7)
Proceeds from sale of marketable securities 6 7
Payments to Acquire Businesses, Net of Cash Acquired 0 (39)
Payments to Acquire Equity Method Investments (26) (36)
Other, net 3 (5)
Cash Used for Investing Activities (378) (669)
Cash Flows From Operating Activities:    
Net Income 114 320
Depreciation and amortization 373 303
Deferred income taxes (14) 8
Other, net 129 68
Net changes in operating assets and liabilities 698 63
Cash Provided by Operating Activities 1,300 762
Cash Flows From Financing Activities:    
Proceeds from issuance of debt 771 54
Repayments of Debt and Lease Obligation 32 58
Proceeds from issuance of commercial paper 1,649 0
Repayments of Commercial Paper (2,240) 0
Dividends (171) (169)
Stock options exercised 7 4
Other, net 3 0
Cash Used for Financing Activities (26) (482)
Cash and cash equivalents 1,484 654
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 1,484 654
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 911 (377)
Restricted Cash 0 0
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations 15 12
Other Noncash Income (Expense) (129) (68)
Class A [Member]    
Cash Flows From Financing Activities:    
Purchases of Tyson Class A common stock (13) (313)
Payments for Repurchase of Common Stock $ 13 $ 313
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Other Comprehensive Income (Loss)
 3 Months Ended
Dec. 30, 2023
Statement of Comprehensive Income [Abstract]  
Other Comprehensive Income (Loss) OTHER COMPREHENSIVE INCOME
The before and after-tax changes in the components of other comprehensive income are as follows (in millions):
Three Months Ended
December 30, 2023December 31, 2022
Before TaxTaxAfter TaxBefore TaxTaxAfter Tax
Derivatives accounted for as cash flow hedges:
(Gain) loss reclassified to interest expense$— $— $— $1 $— $1 
Investments:
Unrealized gain (loss)2 — 2 — — — 
Currency translation:
Translation adjustment(a)
59 (1)58 81 — 81 
Postretirement benefits:
Unrealized gain (loss)4 (1)3 — — — 
Total other comprehensive income$65 $(2)$63 $82 $— $82 
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Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Dec. 30, 2023
Statement of Comprehensive Income [Abstract]  
Components Of Other Comprehensive Income (Loss)
The before and after-tax changes in the components of other comprehensive income are as follows (in millions):
Three Months Ended
December 30, 2023December 31, 2022
Before TaxTaxAfter TaxBefore TaxTaxAfter Tax
Derivatives accounted for as cash flow hedges:
(Gain) loss reclassified to interest expense$— $— $— $1 $— $1 
Investments:
Unrealized gain (loss)2 — 2 — — — 
Currency translation:
Translation adjustment(a)
59 (1)58 81 — 81 
Postretirement benefits:
Unrealized gain (loss)4 (1)3 — — — 
Total other comprehensive income$65 $(2)$63 $82 $— $82 
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Other Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Other Comprehensive Income Loss [Line Items]    
Total Other Comprehensive Income (Loss), Before Tax $ 65 $ 82
Total Other Comprehensive Income (Loss), Tax (2) 0
Total Other Comprehensive Income (Loss), Net of Taxes 63 82
Derivatives accounted for as cash flow hedges: | Interest Expense [Member]    
Other Comprehensive Income Loss [Line Items]    
Reclassification from Accumulated Other Comprehensive Income, Before Tax 0 1
Reclassification from AOCI, Current Period, Tax 0 0
Reclassification from Accumulated Other Comprehensive Income, Net of Tax 0 1
Investments:    
Other Comprehensive Income Loss [Line Items]    
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax 2 0
Other Comprehensive Income (Loss), Before Reclassifications, Tax 0 0
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax 2 0
Currency translation:    
Other Comprehensive Income Loss [Line Items]    
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax 59 81
Other Comprehensive Income (Loss), Before Reclassifications, Tax (1) 0
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax 58 81
Postretirement benefits:    
Other Comprehensive Income Loss [Line Items]    
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax 4 0
Other Comprehensive Income (Loss), Before Reclassifications, Tax (1) 0
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax 3 $ 0
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest    
Other Comprehensive Income Loss [Line Items]    
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax 8  
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax $ 8  
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Accounting Policies
 3 Months Ended
Dec. 30, 2023
Policy Text Block [Abstract]  
Accounting Policies ACCOUNTING POLICIES
Basis of Presentation
The consolidated condensed financial statements are unaudited and have been prepared by Tyson Foods, Inc. (“Tyson,” “the Company,” “we,” “us” or “our”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Although we believe the disclosures contained herein are adequate to make the information presented not misleading, these consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature necessary to state fairly our financial position as of December 30, 2023 and the results of operations for the three months ended December 30, 2023 and December 31, 2022. Results of operations and cash flows for the periods presented are not necessarily indicative of results to be expected for the full year.
Consolidation
The consolidated condensed financial statements include the accounts of all wholly-owned subsidiaries, as well as majority-owned subsidiaries over which we exercise control and, when applicable, entities for which we have a controlling financial interest or variable interest entities for which we are the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Goodwill and Intangible Assets
Goodwill is initially recorded at fair value and not amortized, but is reviewed for impairment at least annually or more frequently if impairment indicators arise. Our goodwill 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 the carrying amount, or if significant changes to macroeconomic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill impairment test would be required. 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.
Our qualitative assessment for the first quarter of fiscal 2024 did not indicate that it was more likely than not the fair value of any of our reporting units or indefinite lived intangibles was less than the carrying amount, and as such, no quantitative test was deemed necessary. We consider reporting units and indefinite lived intangibles that have 20% or less excess fair value over carrying amount to have a heightened risk of impairment. The following reporting units and indefinite lived intangibles were considered at heightened risk of impairment as of the date of the most recent estimated fair value determination, which was in the fourth quarter of fiscal 2023: our Chicken segment reporting units, our Beef reporting unit and our Pork reporting unit with goodwill totaling $3.1 billion, $0.3 billion and $0.4 billion, respectively, and two Prepared Foods brands with carrying values of $0.5 billion and $0.3 billion.
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.
Use of Estimates
The consolidated condensed financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the consolidated condensed financial statements and accompanying notes. Actual results could differ from those estimates. During fiscal 2023, we revised estimates and recorded adjustments of approximately $30 million primarily to reduce certain employee compensation accruals recorded as of October 1, 2022.
New Regulation
On November 28, 2023, the United States Department of Agriculture published the Transparency in Poultry Grower Contracting and Tournaments rule that amended section 202(a) of the Packers and Stockyards Act to introduce new disclosure requirements that live poultry dealers must furnish to contract broiler growers. The rule is effective February 12, 2024, and directs live poultry dealers to amend broiler grower contracts to reflect certain new requirements. We are still evaluating the impact the new requirements will have on our consolidated financial statements.
Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for annual reporting periods beginning after December 15, 2024, our fiscal 2026 and will be applied prospectively. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
In November 2023, the FASB issued authoritative guidance to improve the disclosures about a public entity's reportable segments and address requests from investors for additional, more detailed information about a reportable segment's expenses. The guidance is effective for annual reporting periods beginning after December 15, 2023, our fiscal 2025, and interim reporting periods within fiscal years beginning after December 15, 2024, our fiscal 2026. Amendments will be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
In March 2023, the FASB issued authoritative guidance intended to address issues related to arrangements between entities under common control such as terms and conditions an entity should consider for determining whether a lease exists and the classification and accounting for that lease as well as accounting for leasehold improvements associated with leases between entities under common control. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2023, our fiscal 2025 and can be applied using either the prospective or retrospective approach. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
In September 2022, the FASB issued guidance that requires additional disclosures for supplier finance programs to allow users to better understand the nature, activity and potential magnitude of the programs. The guidance, except for a requirement for rollforward information, is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2022, our fiscal 2024. Disclosure of rollforward information is effective for fiscal years beginning after December 15, 2023, our fiscal 2025. Early adoption is permitted and the retrospective transition method should be applied for all amendments except rollforward information, which should be applied prospectively. We elected to early adopt the initial disclosure requirement for the fiscal year ended September 30, 2023, and it did not have a material impact on our consolidated financial statements.
v3.24.0.1
Acquisitions and Dispositions
 3 Months Ended
Dec. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Dispositions ACQUISITIONS AND DISPOSITIONS
In the third quarter of fiscal 2023, we acquired Williams Sausage Company for $223 million, net of cash acquired, subject to certain adjustments, as part of our growth strategy to increase our capacity and product portfolio. Its results, subsequent to the acquisition closing, are included in our Prepared Foods segment and through December 30, 2023, were insignificant to our Consolidated Condensed Statements of Income. Certain estimated values for the acquisition, including goodwill, intangible assets, property, plant and equipment, other liabilities, and deferred taxes are not yet finalized and are subject to revision as additional information becomes available and more detailed analyses are completed. The preliminary purchase price allocation includes $4 million of net working capital, including $3 million of cash acquired, $67 million of Property, Plant and Equipment, $120 million of Goodwill, $65 million of Intangible Assets, and $30 million of Deferred Income Taxes. Intangible Assets include brands and trademarks and customer relationships which will be amortized over a life of 20 and 12 years, respectively. $46 million of the goodwill is deductible for U.S. income tax purposes. The acquisition of Williams Sausage Company was accounted for using the acquisition method of accounting.
In the first quarter of fiscal 2023, we completed the acquisition of a 60% equity stake in Supreme Foods Processing Company ("SFPC"), a producer and distributor of value-added and cooked chicken and beef products, and a 15% equity stake in Agricultural Development Company ("ADC"), a fully integrated poultry company, for a total purchase price of $75 million, net of cash acquired. Both SFPC and ADC were subsidiaries of Tanmiah Food Company. The results of SFPC, subsequent to the acquisition closing, are included in International/Other for segment presentation and through December 30, 2023 were insignificant to our Consolidated Condensed Statements of Income. We are accounting for the investment in ADC under the equity method.
v3.24.0.1
Inventories
 3 Months Ended
Dec. 30, 2023
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
Processed products, livestock and supplies and other are valued at the lower of cost or net realizable value. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, livestock grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories. At December 30, 2023, the cost of inventories was determined by either the first-in, first-out method or the weighted-average method, which is consistent with the methods used at September 30, 2023. Inventories are presented net of lower of cost or net realizable value adjustments of $186 million and $145 million as of December 30, 2023 and September 30, 2023, respectively.
The following table reflects the major components of inventory (in millions):
December 30, 2023September 30, 2023
Processed products$2,745 $2,847 
Livestock1,463 1,594 
Supplies and other879 887 
Total inventory$5,087 $5,328 
v3.24.0.1
Property, Plant And Equipment
 3 Months Ended
Dec. 30, 2023
Property, Plant and Equipment, Net [Abstract]  
Property, Plant And Equipment PROPERTY, PLANT AND EQUIPMENT
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): 
December 30, 2023September 30, 2023
Land$224 $219 
Buildings and leasehold improvements6,670 6,460 
Machinery and equipment10,974 10,680 
Land improvements and other569 559 
Buildings and equipment under construction1,600 1,782 
20,037 19,700 
Less accumulated depreciation10,365 10,066 
Net Property, Plant and Equipment$9,672 $9,634 
v3.24.0.1
Restructuring and Related Charges
 3 Months Ended
Dec. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring and Related Charges RESTRUCTURING AND RELATED CHARGES
2022 Program
The Company approved a restructuring program in fiscal 2022 (the “2022 Program”) to improve business performance, increase collaboration, enhance team member agility, enable faster decision-making and reduce redundancies. The following table reflects the total pretax anticipated expenses associated with the 2022 Program (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$25 $8 $24 $54 $19 $130 
Relocation and related costs23 7 4 22 1 57 
Accelerated depreciation5 2 — 12 — 19 
Contract and lease terminations— — — 24 — 24 
Professional and other fees2 1 — 3 2 8 
Total 2022 Program$55 $18 $28 $115 $22 $238 
Restructuring costs include severance expenses and related charges directly associated with the 2022 Program such as relocation, contract and lease terminations, professional fees and accelerated depreciation resulting from the closure of facilities. We anticipate that $53 million and $185 million of the total pretax anticipated expense will be recorded in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income. Included in the table above are $216 million of charges that have resulted or will result in cash outflows and $22 million in non-cash charges.
The following table reflects the pretax impact of the 2022 Program’s restructuring and related charges during the first quarter of fiscal 2024 by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$1 $1 $4 $2 $— $8 
Relocation and related costs3 — — 3 — 6 
Accelerated depreciation— — — — — — 
Contract and lease terminations— — — 16 — 16 
Professional and other fees— — — — — — 
Total$4 $1 $4 $21 $— $30 
For the first quarter of fiscal 2024, we recorded restructuring and related charges of $3 million and $27 million in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income. Included in the above results are $20 million of charges that have resulted or will result in cash outflows and $10 million in non-cash charges.
The following table reflects the pretax impact of the 2022 Program’s restructuring and related charges during the first quarter of fiscal 2023 by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$2 $1 $— $4 $5 $12 
Relocation and related costs1 1 1 1 — 4 
Accelerated depreciation2 — — 4 — 6 
Contract and lease terminations— — — (2)— (2)
Professional and other fees— — — 1 — 1 
Total$5 $2 $1 $8 $5 $21 
For the first quarter of fiscal 2023, we recorded restructuring and related charges associated with the 2022 Program of $8 million and $13 million in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income. Included in the above results are $17 million of charges that have resulted or will result in cash outflows and $4 million in non-cash charges.
The following table reflects the pretax 2022 Program charges to date by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$25 $8 $24 $54 $18 $129 
Relocation and related costs21 6 2 19 — 48 
Accelerated depreciation5 2 — 12 — 19 
Contract and lease terminations— — — 18 — 18 
Professional and other fees2 1 — 3 — 6 
Total$53 $17 $26 $106 $18 $220 
Through the first quarter of fiscal 2024, we recorded restructuring and related charges to date of $50 million and $170 million in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income. Included in the above results are $194 million of charges to date that have resulted or will result in cash outflows and $26 million in non-cash charges to date.
The following table reflects our liability related to the 2022 Program, which was recognized in other current liabilities in our Consolidated Condensed Balance sheet as of December 30, 2023 (in millions):
Balance at September 30, 2023Restructuring ExpensePaymentsChanges in EstimatesBalance at December 30, 2023
Severance costs$58 $10 $(20)$(2)$46 
Relocation and related costs5 6 (5)— 6 
Contract and lease termination— 6 (6)— — 
Professional and other fees2 — — — 2 
Total$65 $22 $(31)$(2)$54 
As the Company continues to evaluate its business strategies and long-term growth targets, additional restructuring activities may occur.
Plant Closures
During fiscal 2023, as part of a strategic review of assets, the Company approved the closure of six Chicken segment processing facilities located in Glen Allen, Virginia; Van Buren, Arkansas; Corydon, Indiana; Dexter, Missouri; Noel, Missouri; and North Little Rock, Arkansas, to optimize asset utilization. As of December 30, 2023, we have shifted production to other facilities and ceased operations at our Glen Allen, Van Buren, Dexter, Noel and North Little Rock facilities, and expect to shift production and cease operations at Corydon during the third quarter of fiscal 2024. Additionally, during the first quarter of fiscal 2024, the Company approved the closure of two case ready value-added plants in our Beef segment located in Columbia, South Carolina and Jacksonville, Florida, to optimize asset utilization. We shifted production to other facilities and ceased operations at both plants during the first quarter of fiscal 2024.
As a result of the plant closures, we recorded $75 million of charges in the first quarter of fiscal 2024, primarily related to accelerated depreciation, severance, retention and related costs. The charges are reflected in the Consolidated Condensed Statements of Income in Cost of Sales and included $6 million of charges that have resulted or will result in cash outflows and $69 million in non-cash charges. We did not incur plant closure charges in the first quarter of fiscal 2023.
The following table reflects our liability related to plant closures as of December 30, 2023 (in millions):
Balance at September 30, 2023Plant Closure ChargesPaymentsBalance at December 30, 2023
Contract termination$151 $5 $(29)$127 
Severance and retention14 1 (5)10 
Total$165 $6 $(34)$137 
We continue to strategically evaluate optimization of such items as network capacity, manufacturing efficiencies and business technology. If we have a significant change in strategies, outlook, or a manner in which we plan to use these assets, we may experience future charges.
v3.24.0.1
Other Current Liabilities
 3 Months Ended
Dec. 30, 2023
Other Liabilities, Current [Abstract]  
Other Current Liabilities OTHER CURRENT LIABILITIES
Other current liabilities are as follows (in millions):
December 30, 2023September 30, 2023
Accrued salaries, wages and benefits$741 $672 
Taxes payable200 156 
Accrued current legal contingencies361 289 
Other939 893 
Total other current liabilities$2,241 $2,010 
v3.24.0.1
Debt
 3 Months Ended
Dec. 30, 2023
Debt Instruments [Abstract]  
Debt DEBT
The major components of debt are as follows (in millions):
December 30, 2023September 30, 2023
Revolving credit facility$— $— 
Commercial paper— 592 
Senior notes:
3.95% Notes due August 20241,250 1,250 
4.00% Notes due March 2026 (“2026 Notes”)800 800 
3.55% Notes due June 20271,350 1,350 
7.00% Notes due January 202818 18 
4.35% Notes due March 2029 (“2029 Notes”)1,000 1,000 
6.13% Notes due November 2032158 158 
4.88% Notes due August 2034500 500 
5.15% Notes due August 2044500 500 
4.55% Notes due June 2047750 750 
5.10% Notes due September 2048 (“2048 Notes”)1,500 1,500 
Discount on senior notes(36)(36)
Term loans:
Term loan facility due May 2026 (6.71% at December 30, 2023)1,000 1,000 
Term loan facility due May 2028 (7.19% at December 30, 2023)750 — 
Other177 164 
Unamortized debt issuance costs(39)(40)
Total debt9,678 9,506 
Less current debt1,308 1,895 
Total long-term debt$8,370 $7,611 
Revolving Credit Facility and Letters of Credit
We have a $2.25 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 September 2026 with options for two one-year extensions. At December 30, 2023, amounts available for borrowing under this facility totaled $2.25 billion and we had no outstanding borrowings and no outstanding letters of credit issued under this facility. At December 30, 2023 we had $97 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 up to an aggregate maximum principal amount of $1.5 billion. As of December 30, 2023, we had no commercial paper outstanding. Our ability to access commercial paper in the future may be limited or its costs increased.
Term Loan Facilities
We have a $1.0 billion term loan facility that matures in May 2026 and a $750 million term loan facility that matures in May 2028. In the first quarter of fiscal 2024, we borrowed the full $750 million available under the loan facility that matures in May 2028 and used it to repay $592 million of outstanding commercial paper obligations. Both term loans may be prepaid under certain conditions and contain 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 a minimum interest expense coverage ratio.
Our senior notes also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets.
We were in compliance with all debt covenants at December 30, 2023.
v3.24.0.1
Equity
 3 Months Ended
Dec. 30, 2023
Equity [Abstract]  
Equity EQUITY
Share Repurchases
As of December 30, 2023, 7.3 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 share repurchases of our Class A stock is as follows (in millions):
Three Months Ended
December 30, 2023December 31, 2022
SharesDollarsSharesDollars
Shares repurchased:
Under share repurchase program— $— 4.7 $300 
To fund certain obligations under equity compensation plans0.3 13 0.2 13 
Total share repurchases0.3 $13 4.9 $313 
v3.24.0.1
Income Taxes
 3 Months Ended
Dec. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Our effective tax rate was 29.4% and 26.1% for the first quarter of fiscal 2024 and 2023, respectively. The effective tax rate for the first quarter of fiscal 2024 is higher than the federal statutory tax rate primarily due to state taxes and net unfavorable permanent book-to-tax differences, partially offset by various tax benefits. The effective tax rate for the first quarter of fiscal 2023 was higher than the federal statutory tax rate primarily due to state taxes.
Unrecognized tax benefits were $133 million and $131 million at December 30, 2023 and September 30, 2023, respectively.
In December 2021, we received an assessment from the Mexican tax authorities related to the 2015 sale of our direct and indirect equity interests in subsidiaries which held our Mexico operations. The assessment totals approximately $516 million (8.7 billion Mexican pesos), which includes tax, inflation adjustment, interest and penalties. We believe the assertions made in the assessment letter have no merit and will defend our positions through the Mexican administrative appeal process and litigation, if necessary. Based on our analysis of this assessment in accordance with FASB guidance related to unrecognized tax benefits, we have not recorded a liability related to the issue.
v3.24.0.1
Earnings Per Share
 3 Months Ended
Dec. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data): 
Three Months Ended
December 30, 2023December 31, 2022
Numerator:
Net income$114 $320 
Less: Net income attributable to noncontrolling interests7 4 
Net income attributable to Tyson107 316 
Less dividends declared:
Class A 143 143 
Class B 31 32 
Undistributed earnings (losses)$(67)$141 
Class A undistributed earnings (losses)$(55)$116 
Class B undistributed earnings (losses)(12)25 
Total undistributed earnings (losses)$(67)$141 
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares284 286 
Class B weighted average shares70 70 
Denominator for diluted earnings per share:
Class A weighted average shares284 286 
Class B weighted average shares under the if-converted method for diluted earnings per share70 70 
Effect of dilutive securities: Stock options, restricted stock and performance units1 2 
Denominator for diluted earnings per share – weighted average shares and assumed conversions355 358 
Net income per share attributable to Tyson:
Class A basic$0.31 $0.91 
Class B basic$0.28 $0.81 
Diluted$0.30 $0.88 
Dividends Declared Per Share:
Class A$0.500 $0.500 
Class B$0.450 $0.450 
Approximately 7 million and 4 million of our stock-based compensation shares were antidilutive for the three months ended December 30, 2023 and December 31, 2022, respectively. These shares were not included in the diluted earnings per share calculation.
We have two classes of capital stock, Class A stock and Class B stock. Cash dividends cannot be paid to holders of Class B stock unless they are simultaneously paid to holders of Class A stock. The per share amount of cash dividends paid to holders of Class B stock cannot exceed 90% of the cash dividends paid to holders of Class A stock.
We allocate undistributed earnings (losses) based upon a 1.0 to 0.9 ratio per share to Class A stock and Class B stock, respectively. We allocate undistributed earnings based on this ratio due to historical dividend patterns, voting control of Class B shareholders and contractual limitations of dividends to Class B stock.
v3.24.0.1
Derivative Financial Instruments
 3 Months Ended
Dec. 30, 2023
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 December 30, 2023.
We had the following net aggregated outstanding notional amounts related to our derivative financial instruments:
in millions, except soybean meal tonsMetricDecember 30, 2023September 30, 2023
Commodity:
CornBushels103 65 
Soybean MealTons857,008 956,630 
Live CattlePounds318 319 
Lean HogsPounds247 454 
Foreign CurrencyUnited States dollar$236 $171 
We recognize all derivative instruments as either assets or liabilities at fair value in the Consolidated Condensed Balance Sheets, with the exception of normal purchases and normal sales expected to result in physical delivery. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument based upon the exposure being hedged (e.g., cash flow hedge or fair value hedge). We designate certain forward contracts as follows:
•Cash Flow Hedges – include certain commodity forward and option contracts of forecasted purchases (e.g., grains), interest rate swaps and locks and certain foreign exchange forward contracts
•Fair Value Hedges – include certain commodity forward contracts of firm commitments (e.g., livestock)
Cash Flow Hedges
Derivative instruments are designated as hedges against changes in the amount of future cash flows related to procurement of certain commodities utilized in our production processes as well as interest rates 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 for the three months ended December 30, 2023, and December 31, 2022. As of December 30, 2023, we had $12 million of realized losses related to treasury rate locks in connection with the issuance of the 2026, 2029 and 2048 Notes, which will be reclassified to earnings over the lives of these notes. During the three months ended December 30, 2023 and December 31, 2022, we did not reclassify significant pretax gains or losses into earnings as a result of the discontinuance of cash flow hedges. For the three months ended December 30, 2023 and December 31, 2022, we had no gains or losses recognized in OCI on derivatives designated as cash flow hedges.
Fair Value Hedges
We designate certain derivative contracts as fair value hedges of firm commitments to purchase livestock for harvest. Our objective of these hedges is to minimize the risk of changes in fair value created by fluctuations in commodity prices associated with fixed price livestock firm commitments. For these derivative instruments we designate and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in earnings in the same period. We include the gain or loss on the hedged items (e.g., livestock purchase firm commitments) in the same line item, Cost of Sales, as the offsetting gain or loss on the related livestock forward position. Ineffectiveness related to fair value hedges was not significant for the three months ended December 30, 2023, and December 31, 2022. The following table sets forth the carrying amount of fair value hedge (assets) liabilities as of December 30, 2023 and September 30, 2023 (in millions):
Consolidated Condensed Balance Sheets ClassificationDecember 30, 2023September 30, 2023
Inventory$(23)$16 
Undesignated Positions
In addition to our designated positions, we also hold derivative contracts for which we do not apply hedge accounting. These include certain derivative instruments related to commodities price risk, including grains, livestock, energy and foreign currency risk. We mark these positions to fair value through earnings at each reporting date.
Reclassification to Earnings
The following table sets forth the total amounts of each income and expense line item presented in the Consolidated Condensed Statements of Income in which the effects of hedges are recorded (in millions):
Consolidated Condensed Statements of Income ClassificationThree Months Ended
December 30, 2023December 31, 2022
Cost of Sales$12,496 $12,292 
Interest Expense105 84 
Other, net(25)(42)
The following table sets forth the pretax impact of the cash flow, fair value and undesignated derivative instruments in the Consolidated Condensed Statements of Income (in millions):
Consolidated Condensed Statements of Income ClassificationThree Months Ended
December 30, 2023December 31, 2022
Cost of SalesGain (Loss) on fair value hedges:
Commodity contracts (a) $(1)$(3)
Gain (Loss) on derivatives not designated as hedging instruments:
Commodity contracts(4)15 
Total$(5)$12 
Interest ExpenseGain (Loss) on cash flow hedges reclassified from OCI to Earnings:
Interest rate contracts$— $(1)
Other, netGain (Loss) on derivatives not designated as hedging instruments:
Foreign exchange contracts$5 $5 
(a) Amounts represent gains/(losses) on commodity contracts designated as fair value hedges of firm commitments that were realized during the period presented, which were offset by a corresponding gain/(loss) on the underlying hedged inventory. Gains or losses related to changes in the fair value of unrealized commodity contracts, along with the offsetting gain or loss on the hedged inventory, are also marked-to-market through earnings with no impact on a net basis.
The fair value of all outstanding derivative instruments in the Consolidated Condensed Balance Sheets are included in Note 12: Fair Value Measurements.
v3.24.0.1
Fair Value Measurements
 3 Months Ended
Dec. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows:
Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date.
Level 2 — Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including:
•Quoted prices for similar assets or liabilities in active markets;
•Quoted prices for identical or similar assets in non-active markets;
•Inputs other than quoted prices that are observable for the asset or liability; and
•Inputs derived principally from or corroborated by other observable market data.
Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.
The following tables set forth by level within the fair value hierarchy our financial assets and liabilities accounted for at fair value on a recurring basis according to the valuation techniques we used to determine their fair values (in millions): 
December 30, 2023Level 1Level 2Level 3Netting (a)Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges$— $24 $— $(10)$14 
Undesignated — 78 — (34)44 
Available-for-sale securities (current)— 15 — — 15 
Other Assets:
Available-for-sale securities (non-current)— 63 30 — 93 
Deferred compensation assets22 412 — — 434 
Total assets$22 $592 $30 $(44)$600 
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges$— $— $— $— $— 
Undesignated — 87 — (76)11 
Total liabilities$— $87 $— $(76)$11 
September 30, 2023Level 1Level 2Level 3Netting (a)Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges$— $7 $— $(2)$5 
Undesignated — 95 — (19)76 
Available-for-sale securities (current)— 15 — — 15 
Other Assets:
Available-for-sale securities (non-current)— 59 30 — 89 
Deferred compensation assets27 375 — — 402 
Total assets$27 $551 $30 $(21)$587 
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges$— $27 $— $(27)$— 
Undesignated — 126 — (107)19 
Total liabilities$— $153 $— $(134)$19 
(a) Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. Additionally, at December 30, 2023, and September 30, 2023, we had $32 million and $113 million, respectively, of net cash collateral with various counterparties where master netting arrangements exist and held no cash collateral.
The following table provides a reconciliation between the beginning and ending balance of marketable debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions): 
Three Months Ended
December 30, 2023December 31, 2022
Balance at beginning of year$30 $35 
Total realized and unrealized gains (losses):
Included in other comprehensive income (loss)— — 
Purchases1 2 
Issuances— — 
Settlements(1)(4)
Balance at end of period$30 $33 
Total gains (losses) for the three month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period
$— $— 
The following methods and assumptions were used to estimate the fair value of each class of financial instrument:
Derivative Assets and Liabilities
Our derivative financial instruments primarily include exchange-traded and over-the-counter contracts which are further described in Note 11: Derivative Financial Instruments. We record our derivative financial instruments at fair value using quoted market prices, adjusted where necessary for credit and non-performance risk and internal models that use readily observable market inputs as their basis, including current and forward market prices and rates. We classify these instruments in Level 2 when quoted market prices can be corroborated utilizing observable current and forward commodity market prices on active exchanges or observable market transactions.
Available-for-Sale Securities
Our investments in marketable debt securities are classified as available-for-sale and are reported at fair value based on pricing models and quoted market prices adjusted for credit and non-performance risk. Short-term investments with maturities of less than 12 months are included in Other current assets in the Consolidated Condensed Balance Sheets. All other marketable debt securities are included in Other Assets in the Consolidated Condensed Balance Sheets and have maturities ranging up to 46 years.
We classify our investments in U.S. government, U.S. agency, certificates of deposit and commercial paper debt securities as Level 2 as fair value is generally estimated using discounted cash flow models that are primarily industry-standard models that consider various assumptions, including time value and yield curve as well as other readily available relevant economic measures. We classify certain corporate, asset-backed and other debt securities as Level 3 as there is limited activity or less observable inputs into valuation models, including current interest rates and estimated prepayment, default and recovery rates on the underlying portfolio or structured investment vehicle. Significant changes to assumptions or unobservable inputs in the valuation of our Level 3 instruments would not have a significant impact to our consolidated condensed financial statements.
The following table sets forth our available-for-sale securities’ amortized cost basis, fair value and unrealized gain (loss) by significant investment category (in millions):
December 30, 2023September 30, 2023
Amortized
Cost Basis		Fair
Value		Unrealized
Gain (Loss)		Amortized
Cost Basis		Fair
Value		Unrealized
Gain (Loss)
Available-for-sale securities:
Debt securities:
U.S. treasury and agency$81 $78 $(3)$79 $74 $(5)
Corporate and asset-backed31 30 (1)31 30 (1)
Unrealized holding gains (losses), net of tax, are excluded from earnings and reported in OCI until the security is settled or sold. On a quarterly basis, we evaluate whether losses related to our available-for-sale securities are due to credit or non-credit factors. Losses on debt securities where we have the intent, or will more than likely be required, to sell the security prior to recovery, would be recorded as a direct write-off of amortized cost basis through earnings. Losses on debt securities where we do not have the intent, or would not more than likely be required to sell the security prior to recovery, would be further evaluated to determine whether the loss is credit or non-credit related. Credit-related losses would be recorded through an allowance for credit losses through earnings and non-credit related losses through OCI.
We consider many factors in determining whether a loss is credit-related, including the financial condition and near-term prospects of the issuer, borrower repayment characteristics for asset-backed securities, and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. We recognized no direct write-offs or allowances for credit losses in earnings for the three months ended December 30, 2023, and December 31, 2022.
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 Condensed Balance Sheets. We classify the investments which have observable market prices in active markets in Level 1 as these are generally publicly-traded mutual funds. The remaining deferred compensation assets are classified in Level 2, as fair value can be corroborated based on observable market data. Realized and unrealized gains (losses) on deferred compensation are included in earnings.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges and, with respect to our equity investments without readily determinable fair values, recorded by applying the measurement alternative for which such investments are recorded at cost and adjusted for an observable price change in an orderly transaction for an identical or similar investment of the same issuer. We did not have any significant measurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition during the three months ended December 30, 2023 and December 31, 2022.
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):
December 30, 2023September 30, 2023
Fair ValueCarrying ValueFair ValueCarrying Value
Total debt$9,293 $9,678 $8,693 $9,506 
v3.24.0.1
Segment Reporting
 3 Months Ended
Dec. 30, 2023
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, Thailand and the Kingdom of Saudi Arabia, 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 and corporate overhead related to Tyson New Ventures, LLC, which are included in International/Other. Intersegment sales transactions, which were at market prices, are included in the segment sales in the table below.
Information on segments and a reconciliation to income before income taxes are as follows (in millions): 
Three Months Ended
December 30, 2023December 31, 2022
Sales:
Beef$5,023 $4,723 
Pork1,517 1,529 
Chicken4,033 4,263 
Prepared Foods2,543 2,538 
International/Other582 612 
Intersegment(379)(405)
Total Sales$13,319 $13,260 
Three Months Ended
December 30, 2023December 31, 2022
Operating Income (Loss):
Beef(a)
$(206)$166 
Pork(b)
39 (21)
Chicken(c)
177 69 
Prepared Foods243 258 
International/Other(d)
(22)(5)
Total Operating Income231 467 
Total Other (Income) Expense70 33 
Income before Income Taxes$161 $434 
(a) Beef segment results for the three months ended December 30, 2023 included $40 million of costs related to plant closures and a $45 million legal contingency accrual, recognized in Cost of Sales. Additionally, Beef segment results for the three months ended December 31, 2022 included $42 million of insurance proceeds, net of costs incurred, recognized in Cost of Sales.
(b) Pork segment results for the three months ended December 30, 2023 included a $28 million legal contingency accrual, recognized in Cost of Sales.
(c) Chicken segment results for the three months ended December 30, 2023 included insurance proceeds, net of costs incurred, of $24 million and costs related to plant closures of $35 million, recognized in Cost of Sales. Additionally, Chicken segment results for the three months ended December 31, 2022 included $7 million of costs related to a fire at one of our production facilities, net of insurance proceeds, recognized in Cost of Sales.
(d) International/Other results for the three months ended December 30, 2023 included $26 million of costs incurred due to a production facility fire in Europe, net of insurance proceeds, recognized in Cost of Sales.

The following tables further disaggregate our sales to customers by major distribution channels (in millions):
Three months ended December 30, 2023
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$2,397 $1,315 $632 $578 $101 $5,023 
Pork483 117 353 305 259 1,517 
Chicken1,713 1,607 217 477 19 4,033 
Prepared Foods1,488 961 59 35 — 2,543 
International/Other— — 582 — — 582 
Intersegment— — — — (379)(379)
Total$6,081 $4,000 $1,843 $1,395 $— $13,319 
Three months ended December 31, 2022
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$2,134 $1,129 $697 $647 $116 $4,723 
Pork458 117 332 350 272 1,529 
Chicken1,881 1,606 246 513 17 4,263 
Prepared Foods1,505 938 56 39 — 2,538 
International/Other— — 612 — — 612 
Intersegment— — — — (405)(405)
Total$5,978 $3,790 $1,943 $1,549 $— $13,260 
(a) Includes sales to consumer products and food retailers, such as grocery retailers, warehouse club stores and internet-based retailers.
(b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.
(c) Includes sales to international markets for internationally produced products or export sales of domestically produced products.
(d) Includes sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Retail, Foodservice or International categories
v3.24.0.1
Commitments And Contingencies
 3 Months Ended
Dec. 30, 2023
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 8 years, and the maximum potential amount of future payments as of December 30, 2023, was not significant. The likelihood of material payments under these guarantees is not considered probable. At December 30, 2023 and September 30, 2023, no significant liabilities for guarantees were recorded.
We have cash flow assistance programs in which certain livestock suppliers participate. Under these programs, we pay an amount for livestock equivalent to a standard cost to grow such livestock during periods of low market sales prices. The amounts of such payments that are in excess of the market sales price are recorded as receivables and accrue interest. Participating suppliers are obligated to repay these receivables balances when market sales prices exceed this standard cost, or upon termination of the agreement. Our maximum commitment associated with these programs is limited to the fair value of each participating livestock supplier’s net tangible assets. The potential maximum commitment as of December 30, 2023 was approximately $290 million. The total receivables under these programs were $17 million and $12 million at December 30, 2023 and September 30, 2023, respectively. These receivables are included, net of allowance for uncollectible amounts, in Accounts Receivable in our Consolidated Condensed Balance Sheets.
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 Condensed Balance Sheets in Other Assets. We had no deposits at December 30, 2023 and September 30, 2023. 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 December 30, 2023, the total amount under these types of arrangements totaled $802 million.
Contingencies
In the normal course of business, we are involved in various claims, lawsuits, investigations and legal proceedings, including those specifically identified below. Each quarter, we determine whether to accrue for loss contingencies based on our assessment of whether the potential loss is probable, reasonably possible or remote and to the extent a loss is probable, whether it is reasonably estimable. We record accruals in the Company’s Consolidated Financial Statements for matters that we conclude are probable and the financial impact is reasonably estimable. Regardless of the manner of resolution, frequently the most significant changes in the status of a matter may occur over a short time period, often following a lengthy period of little substantive activity. While these accruals reflect the Company’s best estimate of the probable loss for those matters as of the dates of those accruals, the recorded amounts may differ materially from the actual amount of the losses for those matters. Listed below are certain claims made against the Company for which the magnitude of the potential exposure could be material to the Company’s Consolidated Financial Statements.
Broiler Antitrust Civil Litigation
Beginning in September 2016, a series of putative federal class action lawsuits styled In re Broiler Chicken Antitrust Litigation (the “Broiler Antitrust Civil Litigation”) were filed in the United States District Court for the Northern District of Illinois against us and certain of our poultry subsidiaries, as well as several other poultry processing companies. The operative complaints, which have been amended throughout the litigation, contain allegations that, among other things, assert that beginning in January 2008, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of broiler chickens in violation of United States antitrust laws. The plaintiffs also allege that defendants “manipulated and artificially inflated a widely used Broiler price index, the Georgia Dock.” The plaintiffs further allege that the defendants concealed this conduct from the plaintiffs and the members of the putative classes. The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees on behalf of the putative classes. In addition, the complaints on behalf of the putative classes of indirect purchasers include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws. Since the original filing, certain putative class members have opted out of the matter and are proceeding with individual direct actions making similar claims, and others may do so in the future. The first trial in this matter, which involved claims brought by the Direct Purchaser Plaintiff Class and certain direct-action plaintiffs, began on September 12, 2023 and concluded with a jury verdict in favor of the defendant on October 25, 2023. The second and third trials in this matter, which involve claims brought by the Commercial and Institutional Indirect Purchaser Class and the End-User Consumer Plaintiff Class, are scheduled to begin in March 2024 and September 2024, respectively. The Company did not participate in the first trial, and will not participate in the second and third trials, as it had settled all of the claims brought by the respective plaintiffs in these trials.
Settlements
On January 19, 2021, we announced that we had reached agreements to settle certain class claims related to the Broiler Antitrust Civil Litigation. Settlement terms were reached with the putative Direct Purchaser Plaintiff Class, the putative Commercial and Institutional Indirect Purchaser Plaintiff Class and the putative End-User Consumer Plaintiff Class (collectively, the “Classes”). Under the terms of the settlements, we agreed to pay the Classes an aggregate amount of $221.5 million in settlement of all outstanding claims brought by
the Classes. On February 23, 2021, March 22, 2021 and October 15, 2021, the Court granted preliminary approval of the settlements with the putative Direct Purchaser Plaintiff Class, the putative End-User Plaintiff Class and the putative Commercial and Institutional Indirect Purchaser Plaintiff Class, respectively. On June 29, 2021, December 20, 2021 and April 18, 2022, the Court granted final approval to the settlements with the Direct Purchaser Plaintiff Class, the End-User Plaintiff Class and the Commercial and Institutional Indirect Purchaser Plaintiff Class, respectively. The foregoing settlements do not settle claims made by plaintiffs who opt out of the Classes in the Broiler Antitrust Civil Litigation.
We are currently pursuing settlement discussions with the remaining opt-out plaintiffs with respect to the remaining claims. While we do not admit any liability as part of the settlements, we believe that the settlements were in the best interests of the Company and its shareholders to avoid the uncertainty, risk, expense and distraction of protracted litigation. As of December 30, 2023 and September 30, 2023, the legal contingency accrual for claims related to this matter was $159 million and $174 million, respectively.
Government Investigations
U.S. Department of Justice (“DOJ”) Antitrust Division. On June 21, 2019, the DOJ filed a motion to intervene and sought a limited stay of discovery in the Broiler Antitrust Civil Litigation, which the court granted in part. Subsequently, we received a grand jury subpoena from the DOJ seeking additional documents and information related to the chicken industry. On June 2, 2020, a grand jury for the District of Colorado returned an indictment charging four individual executives employed by two other poultry processing companies with conspiracy to engage in bid-rigging in violation of federal antitrust laws. On June 10, 2020, we announced that we uncovered information in connection with the grand jury subpoena that we had previously self-reported to the DOJ and have been cooperating with the DOJ as part of our application for leniency under the DOJ’s Corporate Leniency Program. Subsequently, the DOJ has announced indictments against additional individuals, as well as other poultry processing companies, alleging a conspiracy to fix prices and rig bids for broiler chicken products from at least 2012 until at least early 2019. In August 2021, the Company was granted conditional leniency by the DOJ for the matters we self-reported, which means that provided the Company continues to cooperate with the DOJ, neither the Company nor any of our cooperating employees will face prosecution or criminal fines or penalties. We continue to cooperate with the DOJ in connection with the ongoing federal antitrust investigation.
State Matters. The Offices of the Attorneys General in New Mexico and Alaska have filed complaints against us and certain of our poultry subsidiaries, as well as several other poultry processing companies and Agri Stats, Inc., an information services provider (“Agri Stats”). The complaints are based on allegations similar to those asserted in the Broiler Antitrust Civil Litigation and allege violations of state antitrust, unfair trade practice, and unjust enrichment laws. We are cooperating with various state governmental agencies and officials, including the Offices of the Attorneys General for Florida and Louisiana, investigating or otherwise seeking information, testimony and/or documents, regarding the conduct alleged in the Broiler Antitrust Civil Litigation and related matters. While the Company believes it has meritorious defenses to the claims that have been made, we are exploring whether it is possible to resolve them in such a way that will serve the best interests of the Company and its shareholders and avoid the uncertainty, risk, expense and distraction of protracted litigation. The Company recorded an accrual in the fourth quarter of fiscal 2023 for the estimated probable losses that it expects to incur for this matter.
Broiler Chicken Grower Litigation
In October 2022, the DOJ’s Antitrust Division opened a civil investigation into broiler chicken grower contracts and alleged non-competitive practices involving performance-based compensation sharing for the purpose of stabilizing compensation below competitive levels. We continue to cooperate with the investigation.
Pork Antitrust Litigation
Beginning June 18, 2018, a series of putative class action complaints were filed against us and certain of our pork subsidiaries, as well as several other pork processing companies, in the United States District Court for the District of Minnesota styled In re Pork Antitrust Litigation (the “Pork Antitrust Civil Litigation”). The plaintiffs allege, among other things, that beginning in January 2009, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of pork and pork products in violation of federal antitrust laws. The complaints on behalf of the putative classes of indirect purchasers also include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws. The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees on behalf of the putative classes. Since the original filing, certain putative class members have opted out of the matter and are proceeding with individual direct actions making similar claims, and others may do so in the future. The Company has not recorded any liability for this matter as it does not believe a loss is probable or reasonably estimable because the Company believes that it has valid and meritorious defenses against the allegations.
The Offices of the Attorney General in New Mexico and Alaska have filed complaints against us and certain of our pork subsidiaries, as well as several other pork processing companies and Agri Stats. The complaints are based on allegations similar to those asserted in the Pork Antitrust Civil Litigation and allege violations of state antitrust, unfair trade practice, and unjust enrichment laws based on allegations of conspiracies to exchange information and manipulate the supply of pork. The Company has not recorded any liability for the foregoing matters as it does not believe a loss is probable or reasonably estimable at this time.
Beef Antitrust Litigation
On April 23, 2019, a putative class action complaint was filed against us and our beef and pork subsidiary, Tyson Fresh Meats, Inc. (“Tyson Fresh Meats”), as well as other beef packer defendants, in the United States District Court for the Northern District of Illinois. The plaintiffs allege that the defendants engaged in a conspiracy from January 2015 to the present to reduce fed cattle prices in
violation of federal antitrust laws, the Grain Inspection, Packers and Stockyards Act of 1921, and the Commodities Exchange Act by periodically reducing their slaughter volumes so as to reduce demand for fed cattle, curtailing their purchases and slaughters of cash-purchased cattle during those same periods, coordinating their procurement practices for fed cattle settled on a cash basis, importing foreign cattle at a loss so as to reduce domestic demand, and closing and idling plants. In addition, the plaintiffs also allege the defendants colluded to manipulate live cattle futures and options traded on the Chicago Mercantile Exchange. The plaintiffs seek, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief. Other similar lawsuits were filed by cattle ranchers in other district courts which were then transferred to the United States District Court for the District of Minnesota and consolidated and styled as In Re Cattle Antitrust Litigation. On February 18, 2021, we moved to dismiss the amended complaints, and on September 14, 2021, the court granted the motion with respect to certain state law claims but denied the motion with respect to the plaintiffs’ federal antitrust claims. The Company has not recorded any liability for this matter as it does not believe a loss is probable or reasonably estimable at this time because the Company believes that it has valid and meritorious defenses against the allegations and because the classes have not yet been defined or certified by the court.
On April 26, 2019, a putative class of indirect purchasers filed a class action complaint against us, other beef packers, and Agri Stats in the United States District Court for the District of Minnesota. The plaintiffs allege that the packer defendants conspired to reduce slaughter capacity by closing or idling plants, limiting their purchases of cash cattle, coordinating their procurement of cash cattle, and reducing their slaughter numbers so as to reduce beef output, all in order to artificially raise prices of beef. The plaintiffs seek, among other things, damages under state antitrust and consumer protection statutes and the common law of approximately 30 states, as well as injunctive relief. The indirect consumer purchaser litigation is styled Peterson v. JBS USA Food Company Holdings, et al. Additional complaints have been filed on behalf of a putative class of direct purchasers of beef containing allegations of violations of Section 1 of the Sherman Act based on an alleged conspiracy to artificially fix, raise, and stabilize the wholesale price for beef, as well as on behalf of a putative class of commercial and institutional indirect purchasers of beef containing allegations of violations of Section 1 of the Sherman Act, various state antitrust laws and unjust enrichment based on an alleged conspiracy to artificially inflate the price for beef. On February 18, 2021, we moved to dismiss the plaintiffs’ amended complaints, and on September 14, 2021, the court granted the motion with respect to certain state law claims but denied the motion with respect to the plaintiffs’ federal antitrust claims. Since the original filing, certain putative class members have opted out of the matter and are proceeding with individual direct actions making similar claims, and others may do so in the future. The Company has not recorded any liability for this matter as it does not believe a loss is probable or reasonably estimable at this time because the Company believes that it has valid and meritorious defenses against the allegations and because the classes have not yet been defined or certified by the court.
On February 18, 2022, a putative class action was commenced against us, Tyson Fresh Meats, and other beef packer defendants in the Supreme Court of British Columbia styled Bui v. Cargill, Incorporated et al. The plaintiff alleges that the defendants conspired to fix, maintain, increase, or control the price of beef, as well as to fix, maintain, control, prevent, or lessen the production or supply of beef by agreeing to reduce the number of cattle slaughtered, reduce slaughter capacity, refrain from increasing slaughter and beef processing capacity, limit purchases of cattle on the cash market, and coordinate purchases of and bids for cattle to lower the supply of fed cattle. The plaintiff advances causes of action under the Competition Act, civil conspiracy, unjust enrichment, and the Civil Code of Québec. The plaintiff seeks to certify a class comprised of all persons or entities in Canada who directly or indirectly purchased beef in Canada, either for resale or for their own consumption between January 1, 2015, and the present and seeks declarations regarding the alleged conspiracy, general damages, aggravated, exemplary, and punitive damages, injunctive relief, costs, and interest. On March 24, 2022, a putative class action was commenced against the same defendants in the Superior Court of Québec styled De Bellefeuille v. Cargill, Incorporated et al. The plaintiff is making substantially the same allegations as those made in the British Columbia action. On behalf of the putative class of persons who purchased beef in Québec since January 1, 2015, the plaintiff is seeking compensatory damages, costs of investigation and interest. The Company has not recorded any liability for the foregoing matters as it does not believe a loss is probable or reasonably estimable at this time because the proceedings are in preliminary stages.
On October 31, 2022, a class action complaint was filed on behalf of putative classes of indirect cattle producers against us, Tyson Fresh Meats, and other beef packer defendants in the United States District Court for the District of Kansas. The plaintiffs allege that the defendants engaged in a conspiracy in violation of Section 1 of the Sherman Act, the Packers and Stockyards Act of 1921 and various state unfair competition and consumer protection laws from January 2015 to the present to reduce the price of cows, cattle, calves, steers or heifers 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. The plaintiffs seek, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest under state antitrust and consumer protection statutes and the common law of approximately 33 states, as well as declaratory and injunctive relief. The indirect producer litigation is styled Specht et. al. v. Tyson, Inc., et al. In November 2022, the case was transferred and consolidated with In re Cattle and Beef Antitrust Litigation, MDL No. 3031. On February 3, 2023, we moved to dismiss the complaint, and the court granted the motion on August 17, 2023 but later permitted the plaintiffs to amend their complaint. On November 21, 2023, we moved to dismiss the amend complaint, and that motion remains pending. The Company has not recorded any liability for this matter as it does not believe a loss is probable or reasonably estimable at this time because the Company believes that it has valid and meritorious defenses against the allegations and because the classes have not yet been defined or certified by the court.
On May 22, 2020, December 23, 2020 and October 29, 2021, we received civil investigative demands (“CIDs”) from the DOJ’s Civil Antitrust Division. The CIDs request information related to the fed cattle and beef packing markets. We have been cooperating with the DOJ with respect to the CIDs. The Offices of the Attorney General for multiple states are participating in the investigation and coordinating with the DOJ.
We received a subpoena dated April 21, 2022 from the New York Attorney General’s Bureau of Consumer Frauds & Protection seeking information regarding our sales, prices and production costs of beef, pork and chicken products. After we had made an initial production of information, we were unable to agree with the New York Attorney General's office on the appropriate scope of the subpoena. Following initial litigation on the scope of the subpoena, we are reviewing and producing documents.
Wage Rate Litigation
On August 30, 2019, a putative class of non-supervisory production and maintenance employees at chicken processing plants in the continental United States filed class action complaints against us and certain of our subsidiaries, as well as several other poultry processing companies, in the United States District Court for the District of Maryland. The plaintiffs allege that the defendants directly and through a wage survey and benchmarking service exchanged information regarding labor rates in an effort to depress and fix the rates of wages for non-supervisory production and maintenance workers in violation of federal antitrust laws. The plaintiffs seek, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief. Additional lawsuits making similar allegations were consolidated including an amended consolidated complaint containing additional allegations concerning turkey processing plants naming additional defendants. We moved to dismiss the amended consolidated complaint. On September 16, 2020, the court dismissed claims against us and certain other defendants without prejudice because the complaint improperly grouped together corporate subsidiaries. The court otherwise denied the defendants’ motions to dismiss and sustained claims based on alleged conspiracies to fix wages and exchange information against five other defendants. The plaintiffs filed a second amended consolidated complaint on November 2, 2020. We moved to dismiss the complaint on December 18, 2020 based on a lack of standing to assert claims on behalf of the purported class. The court denied the motion to dismiss on March 10, 2021. On February 16, 2022, the plaintiffs filed a third amended consolidated complaint naming additional poultry processors as defendants and expanding the scope of the claims to include employees at hatcheries and feed mills. We moved to dismiss the claims related to hatchery and feed mill employees. The court denied the motion to dismiss on July 19, 2022. In the third quarter of fiscal 2021, the Company recorded an accrual for the estimated probable losses that it expects to incur for this matter in the Company’s Consolidated Condensed Financial Statements.
The DOJ’s Antitrust Division has opened a civil investigation into human resources at several poultry companies. We are cooperating with the investigation.
On November 11, 2022, a putative class of employees at beef-processing and pork-processing plants in the continental United States filed a class action complaint against us and certain of our subsidiaries, as well as several other beef-processing and pork-processing companies, in the United States District Court for the District of Colorado. 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 employees 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. On February 17, 2023, we moved to dismiss the complaint, and on September 27, 2023, the court denied our motion.
On December 22, 2023, after a mediation between the parties, the Company and the putative class plaintiffs reached an in-principle agreement to settle. While we believe we have valid and meritorious defenses against the allegations, we believe that the proposed settlement is in the best interests of the Company and its shareholders to avoid the uncertainty, risk, expense and distraction of protracted litigation. Under the terms of the proposed settlement, the Company agreed to pay the putative class an aggregate amount of $72.5 million. The settlement agreement remains subject to court approval. If the court grants final approval to the settlement, it will completely resolve all claims made against the Company in this matter. In the first quarter of fiscal 2024, the Company recorded an accrual for the $72.5 million proposed settlement.
Other Matters
Our subsidiary, The Hillshire Brands Company (formerly named Sara Lee Corporation), is a party to a consolidation of cases filed by individual complainants with the Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission (“NLRC”) from 1998 through July 1999. The complaint was filed against Aris Philippines, Inc., Sara Lee Corporation, Sara Lee Philippines, Inc., Fashion Accessories Philippines, Inc., and Attorney Cesar C. Cruz (collectively, the “respondents”). The complaint alleges, among other things, that the respondents engaged in unfair labor practices in connection with the termination of manufacturing operations in the Philippines in 1995 by Aris Philippines, Inc., a former subsidiary of The Hillshire Brands Company. In late 2004, a labor arbiter ruled against the respondents and awarded the complainants approximately $62 million in damages and fees. From 2004 through 2014, the parties filed numerous appeals, motions for reconsideration and petitions for review, certain of which remained outstanding for several years. On December 15, 2016, we learned that the NLRC rendered its decision on November 29, 2016, regarding the respondents’ appeals from the labor arbiter’s 2004 ruling in favor of the complainants. The NLRC increased the award for 4,922 of the total 5,984 complainants to approximately $268 million. However, the NLRC approved a prior settlement reached with the group comprising approximately 18% of the class of 5,984 complainants, pursuant to which The Hillshire Brands Company agreed to pay each settling complainant approximately $1,226. The parties filed numerous appeals, motions for reconsideration and petitions for review related to the NLRC award and settlement payment. The Court of Appeals subsequently vacated the NLRC’s award on April 12, 2018. Complainants have filed motions for reconsideration with the Court of Appeals which were denied. Claimants have since filed petitions for writ of certiorari with the Supreme Court of the Philippines, which has accepted. The Company continues to maintain an accrual for estimated probable losses for this matter in the Company’s Consolidated Financial Statements.
Various claims have been asserted against the Company, its subsidiaries, and its officers and agents by, and on behalf of, team members who claim to have contracted COVID-19 in our facilities. The Company has not recorded any liability for these matters as it does not believe a loss is probable or reasonably estimable at this time because it believes the allegations in the claims are without merit.
v3.24.0.1
Accounting Policies (Policy)
 3 Months Ended
Dec. 30, 2023
Policy Text Block [Abstract]  
Basis Of Presentation
Basis of Presentation
The consolidated condensed financial statements are unaudited and have been prepared by Tyson Foods, Inc. (“Tyson,” “the Company,” “we,” “us” or “our”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Although we believe the disclosures contained herein are adequate to make the information presented not misleading, these consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature necessary to state fairly our financial position as of December 30, 2023 and the results of operations for the three months ended December 30, 2023 and December 31, 2022. Results of operations and cash flows for the periods presented are not necessarily indicative of results to be expected for the full year.
Consolidation
Consolidation
The consolidated condensed financial statements include the accounts of all wholly-owned subsidiaries, as well as majority-owned subsidiaries over which we exercise control and, when applicable, entities for which we have a controlling financial interest or variable interest entities for which we are the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates
The consolidated condensed financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the consolidated condensed financial statements and accompanying notes. Actual results could differ from those estimates. During fiscal 2023, we revised estimates and recorded adjustments of approximately $30 million primarily to reduce certain employee compensation accruals recorded as of October 1, 2022.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for annual reporting periods beginning after December 15, 2024, our fiscal 2026 and will be applied prospectively. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
In November 2023, the FASB issued authoritative guidance to improve the disclosures about a public entity's reportable segments and address requests from investors for additional, more detailed information about a reportable segment's expenses. The guidance is effective for annual reporting periods beginning after December 15, 2023, our fiscal 2025, and interim reporting periods within fiscal years beginning after December 15, 2024, our fiscal 2026. Amendments will be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
In March 2023, the FASB issued authoritative guidance intended to address issues related to arrangements between entities under common control such as terms and conditions an entity should consider for determining whether a lease exists and the classification and accounting for that lease as well as accounting for leasehold improvements associated with leases between entities under common control. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2023, our fiscal 2025 and can be applied using either the prospective or retrospective approach. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
In September 2022, the FASB issued guidance that requires additional disclosures for supplier finance programs to allow users to better understand the nature, activity and potential magnitude of the programs. The guidance, except for a requirement for rollforward information, is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2022, our fiscal 2024. Disclosure of rollforward information is effective for fiscal years beginning after December 15, 2023, our fiscal 2025. Early adoption is permitted and the retrospective transition method should be applied for all amendments except rollforward information, which should be applied prospectively. We elected to early adopt the initial disclosure requirement for the fiscal year ended September 30, 2023, and it did not have a material impact on our consolidated financial statements.
Goodwill and Intangible Assets, Goodwill, Policy
Goodwill and Intangible Assets
Goodwill is initially recorded at fair value and not amortized, but is reviewed for impairment at least annually or more frequently if impairment indicators arise. Our goodwill 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 the carrying amount, or if significant changes to macroeconomic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill impairment test would be required. 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.
Our qualitative assessment for the first quarter of fiscal 2024 did not indicate that it was more likely than not the fair value of any of our reporting units or indefinite lived intangibles was less than the carrying amount, and as such, no quantitative test was deemed necessary. We consider reporting units and indefinite lived intangibles that have 20% or less excess fair value over carrying amount to have a heightened risk of impairment. The following reporting units and indefinite lived intangibles were considered at heightened risk of impairment as of the date of the most recent estimated fair value determination, which was in the fourth quarter of fiscal 2023: our Chicken segment reporting units, our Beef reporting unit and our Pork reporting unit with goodwill totaling $3.1 billion, $0.3 billion and $0.4 billion, respectively, and two Prepared Foods brands with carrying values of $0.5 billion and $0.3 billion.
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.
v3.24.0.1
Inventories (Policy)
 3 Months Ended
Dec. 30, 2023
Inventory Disclosure [Abstract]  
Inventory, Policy INVENTORIESProcessed products, livestock and supplies and other are valued at the lower of cost or net realizable value. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, livestock grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories.
v3.24.0.1
Inventories (Tables)
 3 Months Ended
Dec. 30, 2023
Inventory Disclosure [Abstract]  
Schedule of Inventory
The following table reflects the major components of inventory (in millions):
December 30, 2023September 30, 2023
Processed products$2,745 $2,847 
Livestock1,463 1,594 
Supplies and other879 887 
Total inventory$5,087 $5,328 
v3.24.0.1
Property, Plant And Equipment (Tables)
 3 Months Ended
Dec. 30, 2023
Property, Plant and Equipment, Net [Abstract]  
Property, Plant And Equipment And Accumulated Depreciation
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): 
December 30, 2023September 30, 2023
Land$224 $219 
Buildings and leasehold improvements6,670 6,460 
Machinery and equipment10,974 10,680 
Land improvements and other569 559 
Buildings and equipment under construction1,600 1,782 
20,037 19,700 
Less accumulated depreciation10,365 10,066 
Net Property, Plant and Equipment$9,672 $9,634 
v3.24.0.1
Restructuring and Related Charges Restructuring and Related Charges (Tables)
 3 Months Ended 18 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Dec. 30, 2023
Restructuring Cost and Reserve [Line Items]      
Total Pretax Anticipated Expenses of Restructuring Program The following table reflects the total pretax anticipated expenses associated with the 2022 Program (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$25 $8 $24 $54 $19 $130 
Relocation and related costs23 7 4 22 1 57 
Accelerated depreciation5 2 — 12 — 19 
Contract and lease terminations— — — 24 — 24 
Professional and other fees2 1 — 3 2 8 
Total 2022 Program$55 $18 $28 $115 $22 $238 
    
Schedule of Restructuring Reserve by Type of Cost
The following table reflects our liability related to the 2022 Program, which was recognized in other current liabilities in our Consolidated Condensed Balance sheet as of December 30, 2023 (in millions):
Balance at September 30, 2023Restructuring ExpensePaymentsChanges in EstimatesBalance at December 30, 2023
Severance costs$58 $10 $(20)$(2)$46 
Relocation and related costs5 6 (5)— 6 
Contract and lease termination— 6 (6)— — 
Professional and other fees2 — — — 2 
Total$65 $22 $(31)$(2)$54 
    
Restructuring and Related Costs [Table Text Block]
The following table reflects the pretax impact of the 2022 Program’s restructuring and related charges during the first quarter of fiscal 2024 by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$1 $1 $4 $2 $— $8 
Relocation and related costs3 — — 3 — 6 
Accelerated depreciation— — — — — — 
Contract and lease terminations— — — 16 — 16 
Professional and other fees— — — — — — 
Total$4 $1 $4 $21 $— $30 
The following table reflects the pretax impact of the 2022 Program’s restructuring and related charges during the first quarter of fiscal 2023 by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$2 $1 $— $4 $5 $12 
Relocation and related costs1 1 1 1 — 4 
Accelerated depreciation2 — — 4 — 6 
Contract and lease terminations— — — (2)— (2)
Professional and other fees— — — 1 — 1 
Total$5 $2 $1 $8 $5 $21 
The following table reflects the pretax 2022 Program charges to date by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$25 $8 $24 $54 $18 $129 
Relocation and related costs21 6 2 19 — 48 
Accelerated depreciation5 2 — 12 — 19 
Contract and lease terminations— — — 18 — 18 
Professional and other fees2 1 — 3 — 6 
Total$53 $17 $26 $106 $18 $220 
Schedule of Accrued Liabilities Related to Plant Closures
The following table reflects our liability related to plant closures as of December 30, 2023 (in millions):
Balance at September 30, 2023Plant Closure ChargesPaymentsBalance at December 30, 2023
Contract termination$151 $5 $(29)$127 
Severance and retention14 1 (5)10 
Total$165 $6 $(34)$137 
    
v3.24.0.1
Other Current Liabilities (Tables)
 3 Months Ended
Dec. 30, 2023
Other Liabilities, Current [Abstract]  
Schedule Of Other Current Liabilities
Other current liabilities are as follows (in millions):
December 30, 2023September 30, 2023
Accrued salaries, wages and benefits$741 $672 
Taxes payable200 156 
Accrued current legal contingencies361 289 
Other939 893 
Total other current liabilities$2,241 $2,010 
v3.24.0.1
Debt (Tables)
 3 Months Ended
Dec. 30, 2023
Debt Instruments [Abstract]  
Schedule of Major Components Of Debt
The major components of debt are as follows (in millions):
December 30, 2023September 30, 2023
Revolving credit facility$— $— 
Commercial paper— 592 
Senior notes:
3.95% Notes due August 20241,250 1,250 
4.00% Notes due March 2026 (“2026 Notes”)800 800 
3.55% Notes due June 20271,350 1,350 
7.00% Notes due January 202818 18 
4.35% Notes due March 2029 (“2029 Notes”)1,000 1,000 
6.13% Notes due November 2032158 158 
4.88% Notes due August 2034500 500 
5.15% Notes due August 2044500 500 
4.55% Notes due June 2047750 750 
5.10% Notes due September 2048 (“2048 Notes”)1,500 1,500 
Discount on senior notes(36)(36)
Term loans:
Term loan facility due May 2026 (6.71% at December 30, 2023)1,000 1,000 
Term loan facility due May 2028 (7.19% at December 30, 2023)750 — 
Other177 164 
Unamortized debt issuance costs(39)(40)
Total debt9,678 9,506 
Less current debt1,308 1,895 
Total long-term debt$8,370 $7,611 
v3.24.0.1
Equity (Tables)
 3 Months Ended
Dec. 30, 2023
Equity [Abstract]  
Schedule of Share Repurchase A summary of share repurchases of our Class A stock is as follows (in millions):
Three Months Ended
December 30, 2023December 31, 2022
SharesDollarsSharesDollars
Shares repurchased:
Under share repurchase program— $— 4.7 $300 
To fund certain obligations under equity compensation plans0.3 13 0.2 13 
Total share repurchases0.3 $13 4.9 $313 
v3.24.0.1
Earnings Per Share (Tables)
 3 Months Ended
Dec. 30, 2023
Earnings Per Share [Abstract]  
Schedule Of Earnings Per Share, Basic And Diluted
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data): 
Three Months Ended
December 30, 2023December 31, 2022
Numerator:
Net income$114 $320 
Less: Net income attributable to noncontrolling interests7 4 
Net income attributable to Tyson107 316 
Less dividends declared:
Class A 143 143 
Class B 31 32 
Undistributed earnings (losses)$(67)$141 
Class A undistributed earnings (losses)$(55)$116 
Class B undistributed earnings (losses)(12)25 
Total undistributed earnings (losses)$(67)$141 
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares284 286 
Class B weighted average shares70 70 
Denominator for diluted earnings per share:
Class A weighted average shares284 286 
Class B weighted average shares under the if-converted method for diluted earnings per share70 70 
Effect of dilutive securities: Stock options, restricted stock and performance units1 2 
Denominator for diluted earnings per share – weighted average shares and assumed conversions355 358 
Net income per share attributable to Tyson:
Class A basic$0.31 $0.91 
Class B basic$0.28 $0.81 
Diluted$0.30 $0.88 
Dividends Declared Per Share:
Class A$0.500 $0.500 
Class B$0.450 $0.450 
v3.24.0.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Dec. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Derivative Instruments, Gain (Loss) [Table Text Block]
The following table sets forth the pretax impact of the cash flow, fair value and undesignated derivative instruments in the Consolidated Condensed Statements of Income (in millions):
Consolidated Condensed Statements of Income ClassificationThree Months Ended
December 30, 2023December 31, 2022
Cost of SalesGain (Loss) on fair value hedges:
Commodity contracts (a) $(1)$(3)
Gain (Loss) on derivatives not designated as hedging instruments:
Commodity contracts(4)15 
Total$(5)$12 
Interest ExpenseGain (Loss) on cash flow hedges reclassified from OCI to Earnings:
Interest rate contracts$— $(1)
Other, netGain (Loss) on derivatives not designated as hedging instruments:
Foreign exchange contracts$5 $5 
Schedule of Income Statement Items Impacted by Derivatives [Table Text Block]
The following table sets forth the total amounts of each income and expense line item presented in the Consolidated Condensed Statements of Income in which the effects of hedges are recorded (in millions):
Consolidated Condensed Statements of Income ClassificationThree Months Ended
December 30, 2023December 31, 2022
Cost of Sales$12,496 $12,292 
Interest Expense105 84 
Other, net(25)(42)
Schedule of Notional Amounts of Outstanding Derivative Positions
We had the following net aggregated outstanding notional amounts related to our derivative financial instruments:
in millions, except soybean meal tonsMetricDecember 30, 2023September 30, 2023
Commodity:
CornBushels103 65 
Soybean MealTons857,008 956,630 
Live CattlePounds318 319 
Lean HogsPounds247 454 
Foreign CurrencyUnited States dollar$236 $171 
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member]  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] The following table sets forth the carrying amount of fair value hedge (assets) liabilities as of December 30, 2023 and September 30, 2023 (in millions):
Consolidated Condensed Balance Sheets ClassificationDecember 30, 2023September 30, 2023
Inventory$(23)$16 
v3.24.0.1
Fair Value Measurements (Tables)
 3 Months Ended
Dec. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis
The following tables set forth by level within the fair value hierarchy our financial assets and liabilities accounted for at fair value on a recurring basis according to the valuation techniques we used to determine their fair values (in millions): 
December 30, 2023Level 1Level 2Level 3Netting (a)Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges$— $24 $— $(10)$14 
Undesignated — 78 — (34)44 
Available-for-sale securities (current)— 15 — — 15 
Other Assets:
Available-for-sale securities (non-current)— 63 30 — 93 
Deferred compensation assets22 412 — — 434 
Total assets$22 $592 $30 $(44)$600 
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges$— $— $— $— $— 
Undesignated — 87 — (76)11 
Total liabilities$— $87 $— $(76)$11 
September 30, 2023Level 1Level 2Level 3Netting (a)Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges$— $7 $— $(2)$5 
Undesignated — 95 — (19)76 
Available-for-sale securities (current)— 15 — — 15 
Other Assets:
Available-for-sale securities (non-current)— 59 30 — 89 
Deferred compensation assets27 375 — — 402 
Total assets$27 $551 $30 $(21)$587 
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges$— $27 $— $(27)$— 
Undesignated — 126 — (107)19 
Total liabilities$— $153 $— $(134)$19 
(a) Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. Additionally, at December 30, 2023, and September 30, 2023, we had $32 million and $113 million, respectively, of net cash collateral with various counterparties where master netting arrangements exist and held no cash collateral.
Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation
The following table provides a reconciliation between the beginning and ending balance of marketable debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions): 
Three Months Ended
December 30, 2023December 31, 2022
Balance at beginning of year$30 $35 
Total realized and unrealized gains (losses):
Included in other comprehensive income (loss)— — 
Purchases1 2 
Issuances— — 
Settlements(1)(4)
Balance at end of period$30 $33 
Total gains (losses) for the three month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period
$— $— 
Schedule Of Available For Sale Securities
The following table sets forth our available-for-sale securities’ amortized cost basis, fair value and unrealized gain (loss) by significant investment category (in millions):
December 30, 2023September 30, 2023
Amortized
Cost Basis		Fair
Value		Unrealized
Gain (Loss)		Amortized
Cost Basis		Fair
Value		Unrealized
Gain (Loss)
Available-for-sale securities:
Debt securities:
U.S. treasury and agency$81 $78 $(3)$79 $74 $(5)
Corporate and asset-backed31 30 (1)31 30 (1)
Schedule Of Fair Value And Carrying Value Of Debt
Fair value of our debt is principally estimated using Level 2 inputs based on quoted prices for those or similar instruments. Fair value and carrying value for our debt are as follows (in millions):
December 30, 2023September 30, 2023
Fair ValueCarrying ValueFair ValueCarrying Value
Total debt$9,293 $9,678 $8,693 $9,506 
Debt Securities, Available-for-sale
The following table sets forth our available-for-sale securities’ amortized cost basis, fair value and unrealized gain (loss) by significant investment category (in millions):
December 30, 2023September 30, 2023
Amortized
Cost Basis		Fair
Value		Unrealized
Gain (Loss)		Amortized
Cost Basis		Fair
Value		Unrealized
Gain (Loss)
Available-for-sale securities:
Debt securities:
U.S. treasury and agency$81 $78 $(3)$79 $74 $(5)
Corporate and asset-backed31 30 (1)31 30 (1)
v3.24.0.1
Segment Reporting (Tables)
 3 Months Ended
Dec. 30, 2023
Segment Reporting [Abstract]  
Segment Reporting Information, By Segment
Information on segments and a reconciliation to income before income taxes are as follows (in millions): 
Three Months Ended
December 30, 2023December 31, 2022
Sales:
Beef$5,023 $4,723 
Pork1,517 1,529 
Chicken4,033 4,263 
Prepared Foods2,543 2,538 
International/Other582 612 
Intersegment(379)(405)
Total Sales$13,319 $13,260 
Three Months Ended
December 30, 2023December 31, 2022
Operating Income (Loss):
Beef(a)
$(206)$166 
Pork(b)
39 (21)
Chicken(c)
177 69 
Prepared Foods243 258 
International/Other(d)
(22)(5)
Total Operating Income231 467 
Total Other (Income) Expense70 33 
Income before Income Taxes$161 $434 
(a) Beef segment results for the three months ended December 30, 2023 included $40 million of costs related to plant closures and a $45 million legal contingency accrual, recognized in Cost of Sales. Additionally, Beef segment results for the three months ended December 31, 2022 included $42 million of insurance proceeds, net of costs incurred, recognized in Cost of Sales.
(b) Pork segment results for the three months ended December 30, 2023 included a $28 million legal contingency accrual, recognized in Cost of Sales.
(c) Chicken segment results for the three months ended December 30, 2023 included insurance proceeds, net of costs incurred, of $24 million and costs related to plant closures of $35 million, recognized in Cost of Sales. Additionally, Chicken segment results for the three months ended December 31, 2022 included $7 million of costs related to a fire at one of our production facilities, net of insurance proceeds, recognized in Cost of Sales.
(d) International/Other results for the three months ended December 30, 2023 included $26 million of costs incurred due to a production facility fire in Europe, net of insurance proceeds, recognized in Cost of Sales.
Disaggregation of Revenue, By Segment and Distribution Channel
The following tables further disaggregate our sales to customers by major distribution channels (in millions):
Three months ended December 30, 2023
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$2,397 $1,315 $632 $578 $101 $5,023 
Pork483 117 353 305 259 1,517 
Chicken1,713 1,607 217 477 19 4,033 
Prepared Foods1,488 961 59 35 — 2,543 
International/Other— — 582 — — 582 
Intersegment— — — — (379)(379)
Total$6,081 $4,000 $1,843 $1,395 $— $13,319 
Three months ended December 31, 2022
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$2,134 $1,129 $697 $647 $116 $4,723 
Pork458 117 332 350 272 1,529 
Chicken1,881 1,606 246 513 17 4,263 
Prepared Foods1,505 938 56 39 — 2,538 
International/Other— — 612 — — 612 
Intersegment— — — — (405)(405)
Total$5,978 $3,790 $1,943 $1,549 $— $13,260 
(a) Includes sales to consumer products and food retailers, such as grocery retailers, warehouse club stores and internet-based retailers.
(b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.
(c) Includes sales to international markets for internationally produced products or export sales of domestically produced products.
(d) Includes sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Retail, Foodservice or International categories.
v3.24.0.1
Accounting Policies Changes in Accounting Principles (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Sep. 30, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Selling, General and Administrative $ 592 $ 501  
Operating Income (Loss) 231 467  
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 161 434  
Income Tax Expense 47 114  
Net Income 114 320  
Net income attributable to Tyson $ 107 $ 316  
Diluted (USD per share) $ 0.30 $ 0.88  
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest $ 177 $ 402  
Comprehensive Income (Loss), Net of Tax, Attributable to Parent 162 398  
Inventory, Net 5,087   $ 5,328
Assets, Current 9,216   8,722
Assets 36,746   36,251
Deferred Income Taxes 2,302   2,308
Retained earnings (18,693)   (18,760)
Total Tyson Shareholders’ Equity 18,150   18,133
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 18,288 19,787 18,255
Liabilities and Equity 36,746   $ 36,251
Deferred income taxes (14) 8  
Increase (Decrease) in Operating Capital 698 63  
Restricted Cash 0 $ 0  
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount     20.00%
Revision of Estimate     $ 30
Goodwill $ 9,885   $ 9,878
Indefinite-Lived Intangibles, Percentage of Fair Value in Excess of Carrying Amount     20.00%
Chicken Reporting Unit      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Goodwill     $ 3,100
Beef Reporting Unit      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Goodwill     300
Pork Reporting Unit      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Goodwill     400
Prepared Foods Brand 1      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Indefinite-Lived Intangibles, Gross     500
Prepared Foods Member 2      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Indefinite-Lived Intangibles, Gross     $ 300
Class A [Member]      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Basic (USD per share) $ 0.31 $ 0.91  
Class B [Member]      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Basic (USD per share) $ 0.28 $ 0.81  
v3.24.0.1
Acquisitions and Dispositions (Details) - USD ($)
$ in Millions
 3 Months Ended
May 22, 2023
Nov. 01, 2022
Dec. 30, 2023
Dec. 31, 2022
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]          
Payments to Acquire Equity Method Investments     $ 26 $ 36  
Business Acquisition [Line Items]          
Payments to Acquire Equity Method Investments     26 36  
Payments to Acquire Businesses, Net of Cash Acquired   $ 75 0 $ 39  
Goodwill     $ 9,885   $ 9,878
Supreme Foods Processing Company          
Business Acquisition [Line Items]          
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions   60.00%      
Williams Sausage Company          
Business Acquisition [Line Items]          
Business Combination, Consideration Transferred $ 223        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Working Capital 4        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents 3        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment 67        
Goodwill 120        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 65        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent $ 30        
Williams Sausage Company | Customer Relationships [Member]          
Business Acquisition [Line Items]          
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 12 years        
Williams Sausage Company | Trademarks and Trade Names          
Business Acquisition [Line Items]          
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 20 years        
Agricultural Development Company          
Business Acquisition [Line Items]          
Business Acquisition, Percentage of Voting Interests Acquired   15.00%      
Williams Sausage Company          
Business Acquisition [Line Items]          
Business Acquisition, Goodwill, Expected Tax Deductible Amount $ 46        
v3.24.0.1
Dispositions (Details)
$ in Millions
 3 Months Ended
Dec. 30, 2023
USD ($)
Cost of Sales  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Business Exit Costs $ 75
v3.24.0.1
Inventories (Schedule Of Inventory) (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Sep. 30, 2023
Inventory Disclosure [Abstract]    
Processed products $ 2,745 $ 2,847
Livestock 1,463 1,594
Supplies and other 879 887
Total inventory 5,087 5,328
Inventory [Line Items]    
Inventory Valuation Reserves $ 186 $ 145
v3.24.0.1
Property, Plant And Equipment (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Sep. 30, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 20,037 $ 19,700
Less accumulated depreciation 10,365 10,066
Net Property, Plant and Equipment 9,672 9,634
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 224 219
Buildings and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 6,670 6,460
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 10,974 10,680
Land improvements and other    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 569 559
Buildings and equipment under construction    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,600 $ 1,782
v3.24.0.1
Restructuring and Related Charges Restructuring (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]      
Business Exit Liability $ 137   $ 165
Plant Closure Payment (34)    
Plant Closure Charges 6    
Plant Closure and Related Cost, Cash Outflows      
Restructuring Cost and Reserve [Line Items]      
Business Exit Costs 6    
Plant Closures and Related Cost, Non-Cash Charges      
Restructuring Cost and Reserve [Line Items]      
Business Exit Costs 69    
2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 30 $ 21  
Restructuring Reserve 54   65
Payments for Restructuring (31)    
Restructuring and Related Cost, Expected Cost 238    
Restructuring Charges 22    
Restructuring and Related Cost, Cost Incurred to Date 220    
Restructuring Reserve, Accrual Adjustment (2)    
2022 Program | Restructuring and Related Cost, Cash Outflows      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 20    
Restructuring and Related Cost, Cost Incurred to Date 194 17  
2022 Program | Restructuring and Related Cost, Non-Cash Charges      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 10    
Restructuring and Related Cost, Cost Incurred to Date 26 4  
2022 Program | Effect on Future Earnings, Cash Charges      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Expected Cost 216    
2022 Program | Effect on Future Earnings, Non-Cash Charges      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Expected Cost 22    
Cost of Sales      
Restructuring Cost and Reserve [Line Items]      
Business Exit Costs 75    
Cost of Sales | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 3 8  
Restructuring and Related Cost, Expected Cost 53    
Restructuring and Related Cost, Cost Incurred to Date 50    
Selling, General and Administrative Expenses [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 27 13  
Restructuring and Related Cost, Expected Cost 185    
Restructuring and Related Cost, Cost Incurred to Date 170    
Employee Severance [Member]      
Restructuring Cost and Reserve [Line Items]      
Business Exit Liability 10   14
Plant Closure Payment (5)    
Plant Closure Charges 1    
Employee Severance [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 8 12  
Restructuring Reserve 46   58
Payments for Restructuring (20)    
Restructuring and Related Cost, Expected Cost 130    
Restructuring Charges 10    
Restructuring and Related Cost, Cost Incurred to Date 129    
Restructuring Reserve, Accrual Adjustment (2)    
Employee Relocation | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 6 4  
Restructuring Reserve 6   5
Payments for Restructuring (5)    
Restructuring and Related Cost, Expected Cost 57    
Restructuring Charges 6    
Restructuring and Related Cost, Cost Incurred to Date 48    
Restructuring Reserve, Accrual Adjustment 0    
Accelerated Depreciation | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 6  
Restructuring and Related Cost, Expected Cost 19    
Restructuring and Related Cost, Cost Incurred to Date 19    
Contract Termination      
Restructuring Cost and Reserve [Line Items]      
Business Exit Liability 127   151
Plant Closure Payment (29)    
Plant Closure Charges 5    
Contract Termination | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 16 (2)  
Restructuring Reserve 0   0
Payments for Restructuring (6)    
Restructuring and Related Cost, Expected Cost 24    
Restructuring Charges 6    
Restructuring and Related Cost, Cost Incurred to Date 18    
Restructuring Reserve, Accrual Adjustment 0    
Other Restructuring [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 1  
Restructuring Reserve 2   $ 2
Payments for Restructuring 0    
Restructuring and Related Cost, Expected Cost 8    
Restructuring Charges 0    
Restructuring and Related Cost, Cost Incurred to Date 6    
Restructuring Reserve, Accrual Adjustment 0    
Beef [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 4 5  
Restructuring and Related Cost, Expected Cost 55    
Restructuring and Related Cost, Cost Incurred to Date 53    
Beef [Member] | Employee Severance [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 1 2  
Restructuring and Related Cost, Expected Cost 25    
Restructuring and Related Cost, Cost Incurred to Date 25    
Beef [Member] | Employee Relocation | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 3 1  
Restructuring and Related Cost, Expected Cost 23    
Restructuring and Related Cost, Cost Incurred to Date 21    
Beef [Member] | Accelerated Depreciation | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 2  
Restructuring and Related Cost, Expected Cost 5    
Restructuring and Related Cost, Cost Incurred to Date 5    
Beef [Member] | Contract Termination | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 0  
Restructuring and Related Cost, Expected Cost 0    
Restructuring and Related Cost, Cost Incurred to Date 0    
Beef [Member] | Other Restructuring [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 0  
Restructuring and Related Cost, Expected Cost 2    
Restructuring and Related Cost, Cost Incurred to Date 2    
Pork [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 1 2  
Restructuring and Related Cost, Expected Cost 18    
Restructuring and Related Cost, Cost Incurred to Date 17    
Pork [Member] | Employee Severance [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 1 1  
Restructuring and Related Cost, Expected Cost 8    
Restructuring and Related Cost, Cost Incurred to Date 8    
Pork [Member] | Employee Relocation | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 1  
Restructuring and Related Cost, Expected Cost 7    
Restructuring and Related Cost, Cost Incurred to Date 6    
Pork [Member] | Accelerated Depreciation | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 0  
Restructuring and Related Cost, Expected Cost 2    
Restructuring and Related Cost, Cost Incurred to Date 2    
Pork [Member] | Contract Termination | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 0  
Restructuring and Related Cost, Expected Cost 0    
Restructuring and Related Cost, Cost Incurred to Date 0    
Pork [Member] | Other Restructuring [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 0  
Restructuring and Related Cost, Expected Cost 1    
Restructuring and Related Cost, Cost Incurred to Date 1    
Chicken [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 4 1  
Restructuring and Related Cost, Expected Cost 28    
Restructuring and Related Cost, Cost Incurred to Date 26    
Chicken [Member] | Employee Severance [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 4 0  
Restructuring and Related Cost, Expected Cost 24    
Restructuring and Related Cost, Cost Incurred to Date 24    
Chicken [Member] | Employee Relocation | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 1  
Restructuring and Related Cost, Expected Cost 4    
Restructuring and Related Cost, Cost Incurred to Date 2    
Chicken [Member] | Accelerated Depreciation | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 0  
Restructuring and Related Cost, Expected Cost 0    
Restructuring and Related Cost, Cost Incurred to Date 0    
Chicken [Member] | Contract Termination | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 0  
Restructuring and Related Cost, Expected Cost 0    
Restructuring and Related Cost, Cost Incurred to Date 0    
Chicken [Member] | Other Restructuring [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 0  
Restructuring and Related Cost, Expected Cost 0    
Restructuring and Related Cost, Cost Incurred to Date 0    
Prepared Foods [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 21 8  
Restructuring and Related Cost, Expected Cost 115    
Restructuring and Related Cost, Cost Incurred to Date 106    
Prepared Foods [Member] | Employee Severance [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 2 4  
Restructuring and Related Cost, Expected Cost 54    
Restructuring and Related Cost, Cost Incurred to Date 54    
Prepared Foods [Member] | Employee Relocation | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 3 1  
Restructuring and Related Cost, Expected Cost 22    
Restructuring and Related Cost, Cost Incurred to Date 19    
Prepared Foods [Member] | Accelerated Depreciation | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 4  
Restructuring and Related Cost, Expected Cost 12    
Restructuring and Related Cost, Cost Incurred to Date 12    
Prepared Foods [Member] | Contract Termination | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 16 (2)  
Restructuring and Related Cost, Expected Cost 24    
Restructuring and Related Cost, Cost Incurred to Date 18    
Prepared Foods [Member] | Other Restructuring [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 1  
Restructuring and Related Cost, Expected Cost 3    
Restructuring and Related Cost, Cost Incurred to Date 3    
Corporate and Other [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 5  
Restructuring and Related Cost, Expected Cost 22    
Restructuring and Related Cost, Cost Incurred to Date 18    
Corporate and Other [Member] | Employee Severance [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 5  
Restructuring and Related Cost, Expected Cost 19    
Restructuring and Related Cost, Cost Incurred to Date 18    
Corporate and Other [Member] | Employee Relocation | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 0  
Restructuring and Related Cost, Expected Cost 1    
Restructuring and Related Cost, Cost Incurred to Date 0    
Corporate and Other [Member] | Accelerated Depreciation | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 0  
Restructuring and Related Cost, Expected Cost 0    
Restructuring and Related Cost, Cost Incurred to Date 0    
Corporate and Other [Member] | Contract Termination | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 0  
Restructuring and Related Cost, Expected Cost 0    
Restructuring and Related Cost, Cost Incurred to Date 0    
Corporate and Other [Member] | Other Restructuring [Member] | 2022 Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring and Related Cost, Incurred Cost 0 $ 0  
Restructuring and Related Cost, Expected Cost 2    
Restructuring and Related Cost, Cost Incurred to Date $ 0    
v3.24.0.1
Other Current Liabilities (Schedule of Other Current Liabilities) (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Sep. 30, 2023
Other Liabilities, Current [Abstract]    
Accrued salaries, wages and benefits $ 741 $ 672
Taxes Payable 200 156
Loss Contingency Accrual 361 289
Other 939 893
Other current liabilities $ 2,241 $ 2,010
v3.24.0.1
Debt (Major Components Of Debt) (Details) - USD ($)
 3 Months Ended
Dec. 30, 2023
Sep. 30, 2023
Debt Instrument [Line Items]    
Document Period End Date Dec. 30, 2023  
Discount on senior notes $ (36,000,000) $ (36,000,000)
Other 177,000,000 164,000,000
Unamortized debt issuance costs (39,000,000) (40,000,000)
Total debt 9,678,000,000 9,506,000,000
Less current debt 1,308,000,000 1,895,000,000
Less current debt 8,370,000,000 7,611,000,000
Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Revolving credit facility 0 0
Commercial paper    
Debt Instrument [Line Items]    
Commercial paper $ 0 592,000,000
3.95% Notes due August 2024    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 3.95%  
Long-term Debt, Gross $ 1,250,000,000 1,250,000,000
4.00% Notes due March 2026 (“2026 Notes”)    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 4.00%  
Long-term Debt, Gross $ 800,000,000 800,000,000
3.55% Notes due June 2027    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 3.55%  
Long-term Debt, Gross $ 1,350,000,000 1,350,000,000
7.00% Notes due January 2028    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 7.00%  
Long-term Debt, Gross $ 18,000,000 18,000,000
4.35% Notes due March 2029 (“2029 Notes”)    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 4.35%  
Long-term Debt, Gross $ 1,000,000,000 1,000,000,000
6.13% Notes due November 2032    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 6.13%  
Long-term Debt, Gross $ 158,000,000 158,000,000
4.88% Notes due August 2034    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 4.88%  
Long-term Debt, Gross $ 500,000,000 500,000,000
5.15% Notes due August 2044    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 5.15%  
Long-term Debt, Gross $ 500,000,000 500,000,000
4.55% Notes due June 2047    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 4.55%  
Long-term Debt, Gross $ 750,000,000 750,000,000
5.10% Notes due September 2048 (“2048 Notes”)    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 5.10%  
Long-term Debt, Gross $ 1,500,000,000 1,500,000,000
Term Loan Facility Due May 2025    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 6.71%  
Long-term Debt, Gross $ 1,000,000,000 1,000,000,000
Term Loan Facility Due May 2028    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 7.19%  
Long-term Debt, Gross $ 750,000,000 $ 0
v3.24.0.1
Debt (Narrative) (Details) - USD ($)
 3 Months Ended
Nov. 01, 2023
Dec. 30, 2023
Dec. 31, 2022
Sep. 30, 2023
May 03, 2023
Debt Instrument [Line Items]          
Document Period End Date   Dec. 30, 2023      
Repayments of Commercial Paper   $ 2,240,000,000 $ 0    
Debt Instrument, Unamortized Discount   36,000,000   $ 36,000,000  
Term Loan Facility Due May 2025          
Debt Instrument [Line Items]          
Debt Instrument, Unused Borrowing Capacity, Amount         $ 1,000,000,000
Long-term Debt, Gross   $ 1,000,000,000   1,000,000,000  
Debt Instrument, Interest Rate, Stated Percentage   6.71%      
Term Loan Facility Due May 2028          
Debt Instrument [Line Items]          
Debt Instrument, Unused Borrowing Capacity, Amount $ 750,000,000       $ 750,000,000
Long-term Debt, Gross   $ 750,000,000   0  
Debt Instrument, Interest Rate, Stated Percentage   7.19%      
Revolving Credit Facility [Member]          
Debt Instrument [Line Items]          
Maximum borrowing capacity   $ 2,250,000,000      
Amount available for borrowing under credit facility   2,250,000,000      
Revolving credit facility   0   0  
Standby Letters of Credit [Member]          
Debt Instrument [Line Items]          
Letters of Credit Outstanding, Amount   0      
Bilateral Letters Of Credit [Member]          
Debt Instrument [Line Items]          
Letters of Credit Outstanding, Amount   97,000,000      
Commercial paper          
Debt Instrument [Line Items]          
Maximum borrowing capacity   1,500,000,000      
Commercial paper   $ 0   $ 592,000,000  
Repayments of Commercial Paper $ 592,000,000        
v3.24.0.1
Equity (Schedule of Share Repurchases) (Details) - Class A [Member] - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Class of Stock [Line Items]    
Treasury Stock, Shares, Acquired 0.3 4.9
Payments for Repurchase of Common Stock $ 13 $ 313
Under share repurchase program    
Class of Stock [Line Items]    
Treasury Stock, Shares, Acquired 0.0 4.7
Payments for Repurchase of Common Stock $ 0 $ 300
To fund certain obligations under equity compensation plans    
Class of Stock [Line Items]    
Treasury Stock, Shares, Acquired 0.3 0.2
Payments for Repurchase of Common Stock $ 13 $ 13
v3.24.0.1
Equity (Narrative) (Details) - shares
shares in Millions
 3 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Share-based Payment Arrangement [Member]    
Class of Stock [Line Items]    
Antidilutive securities excluded from computation of earnings per share, shares 7.0 4.0
Class A [Member]    
Class of Stock [Line Items]    
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased 7.3  
v3.24.0.1
Income Taxes (Details)
$ in Millions, $ in Millions
 1 Months Ended 3 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2021
MXN ($)
Dec. 30, 2023
USD ($)
Dec. 31, 2022
Sep. 30, 2023
USD ($)
Income Tax Disclosure [Abstract]          
Effective tax rate for continuing operations     29.40% 26.10%  
Unrecognized tax benefits     $ 133   $ 131
Income Tax Examination [Line Items]          
Effective Income Tax Rate Reconciliation, Percent     29.40% 26.10%  
Mexican Tax Authority | Tax Year 2015          
Income Tax Disclosure [Abstract]          
Income Tax Examination, Estimate of Possible Loss $ 516 $ 8,700      
Income Tax Examination [Line Items]          
Income Tax Examination, Estimate of Possible Loss $ 516 $ 8,700      
v3.24.0.1
Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Earnings Per Share, Basic and Diluted [Line Items]    
Net Income $ 114 $ 320
Less: Net Income Attributable to Noncontrolling Interests 7 4
Net income attributable to Tyson 107 316
Undistributed earnings (losses) $ (67) $ 141
Effect of dilutive securities: Stock options, restricted stock and performance units 1 2
Denominator for diluted earnings per share – weighted average shares and assumed conversions 355 358
Diluted $ 0.30 $ 0.88
Share-based Payment Arrangement [Member]    
Earnings Per Share, Basic and Diluted [Line Items]    
Antidilutive securities excluded from computation of earnings per share, shares 7 4
Class A [Member]    
Earnings Per Share, Basic and Diluted [Line Items]    
Less dividends declared: $ 143 $ 143
Undistributed earnings (losses) $ (55) $ 116
Weighted average number of shares outstanding - Basic 284 286
Net Income Per Share Attributable to Tyson - Basic $ 0.31 $ 0.91
Common Stock, Dividends, Per Share, Declared $ 0.500 $ 0.500
Class B [Member]    
Earnings Per Share, Basic and Diluted [Line Items]    
Less dividends declared: $ 31 $ 32
Undistributed earnings (losses) $ (12) $ 25
Weighted average number of shares outstanding - Basic 70 70
Net Income Per Share Attributable to Tyson - Basic $ 0.28 $ 0.81
Common Stock, Dividends, Per Share, Declared $ 0.450 $ 0.450
v3.24.0.1
Earnings Per Share (Narrative) (Details)
shares in Millions
 3 Months Ended
Dec. 30, 2023
Classes
shares
Dec. 31, 2022
shares
Earnings Per Share, Basic and Diluted [Line Items]    
Number Of Classes Of Common Stock | Classes 2  
Percentage amount of per share cash dividends paid to holders of Class B stock that cannot exceed paid to holders of Class A stock 90.00%  
Class A [Member]    
Earnings Per Share, Basic and Diluted [Line Items]    
Undistributed earnings (losses), ratio used to calculate allocation to class of stock 1.0  
Class B [Member]    
Earnings Per Share, Basic and Diluted [Line Items]    
Undistributed earnings (losses), ratio used to calculate allocation to class of stock 0.9  
Share-based Payment Arrangement [Member]    
Earnings Per Share, Basic and Diluted [Line Items]    
Antidilutive securities excluded from computation of earnings per share, shares | shares 7 4
v3.24.0.1
Derivative Financial Instruments (Aggregate Outstanding Notionals) (Details)
lb in Millions, bu in Millions, $ in Millions
Dec. 30, 2023
USD ($)
bu
T
lb
Sep. 30, 2023
USD ($)
T
bu
lb
Corn (in bushels)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount | bu 103 65
Soy Meal (in tons)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount | T 857,008 956,630
Live Cattle (in pounds)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount 318 319
Lean Hogs (in pounds)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount 247 454
Foreign Currency [Member]    
Derivative [Line Items]    
Derivative, Notional Amount | $ $ 236 $ 171
v3.24.0.1
Derivative Financial Instruments (Pretax Impact Of Fair Value Hedge Derivative Instruments On The Consolidated Statements of Income) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Sep. 30, 2023
Derivative [Line Items]      
Derivative, Gain (Loss) on Derivative, Net $ (5) $ 12  
Fair Value Hedging [Member]      
Derivative [Line Items]      
Derivative Assets (Liabilities), at Fair Value, Net $ (23)   $ 16
v3.24.0.1
Derivative Financial Instruments (Pretax Impact Of Undesignated Derivative Instruments On The Consolidated Statements Of Income) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Derivative [Line Items]    
Derivative, Gain (Loss) on Derivative, Net $ (5) $ 12
Cost of Sales 12,496 12,292
Other Nonoperating Income (Expense) $ (25) $ (42)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of Sales Cost of Sales
Not Designated as Hedging Instrument | Commodity contracts    
Derivative [Line Items]    
Derivative, Gain (Loss) on Derivative, Net $ (4) $ 15
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of Sales Cost of Sales
Not Designated as Hedging Instrument | Foreign exchange contracts    
Derivative [Line Items]    
Derivative, Gain (Loss) on Derivative, Net $ 5 $ 5
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Fair Value Hedging [Member] | Commodity contracts    
Derivative [Line Items]    
Derivative, Gain (Loss) on Derivative, Net $ (1) $ (3)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of Sales Cost of Sales
Cash Flow Hedging [Member] | Interest Rate Contract [Member]    
Derivative [Line Items]    
Derivative, Gain (Loss) on Derivative, Net $ 0 $ (1)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest expense Interest expense
v3.24.0.1
Derivative Financial Instruments (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Cash Flow Hedging [Member]    
Derivative [Line Items]    
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax $ 0 $ 0
Treasury Rate Locks    
Derivative [Line Items]    
Cash Flow Hedge Gain (Loss) to be Reclassified Over Life of Forecasted Fixed-Rate Debt $ (12)  
v3.24.0.1
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Collateral, Right to Reclaim Cash, Offset $ 32 $ 113
Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Netting (44) (21)
Total assets 600 587
Derivative Liability, Netting (76) (134)
Total liabilities 11 19
Fair Value, Recurring [Member] | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 22 27
Total liabilities 0 0
Fair Value, Recurring [Member] | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 592 551
Total liabilities 87 153
Fair Value, Recurring [Member] | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 30 30
Total liabilities 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Current 15 15
Other Current Assets [Member] | Fair Value, Recurring [Member] | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Netting (10) (2)
Derivative Asset, Subject to Master Netting Arrangement, after Offset 14 5
Other Current Assets [Member] | Fair Value, Recurring [Member] | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Netting (34) (19)
Derivative Asset, Subject to Master Netting Arrangement, after Offset 44 76
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Current 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 1 | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 1 | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Current 15 15
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 2 | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 24 7
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 2 | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 78 95
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Current 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 3 | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 3 | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 0
Other Assets [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation assets 434 402
Debt Securities, Available-for-Sale, Noncurrent 93 89
Other Assets [Member] | Fair Value, Recurring [Member] | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation assets 22 27
Debt Securities, Available-for-Sale, Noncurrent 0 0
Other Assets [Member] | Fair Value, Recurring [Member] | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation assets 412 375
Debt Securities, Available-for-Sale, Noncurrent 63 59
Other Assets [Member] | Fair Value, Recurring [Member] | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation assets 0 0
Debt Securities, Available-for-Sale, Noncurrent 30 30
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, after Offset 0 0
Derivative Liability, Netting 0 (27)
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, after Offset 11 19
Derivative Liability, Netting (76) (107)
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Level 1 | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 0 0
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Level 1 | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 0 0
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Level 2 | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 0 27
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Level 2 | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 87 126
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Level 3 | Designated as hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 0 0
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Level 3 | Undesignated    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset $ 0 $ 0
v3.24.0.1
Fair Value Measurements (Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of year $ 30 $ 35
Total unrealized gains (losses) included in other comprehensive income (loss) 0 0
Purchases 1 2
Issuances 0 0
Settlements (1) (4)
Balance at end of period 30 33
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) $ 0 $ 0
v3.24.0.1
Fair Value Measurements (Schedule Of Available For Sale Securities) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 30, 2023
Sep. 30, 2023
Maximum [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available For Sale Securities Debt Maturity Period 46 years  
Short Term Investment Maturity Period 12 months  
Other Current Assets [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Current $ 15 $ 15
Other Current Assets [Member] | Level 1 | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Current 0 0
Other Current Assets [Member] | Level 2 | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Current 15 15
Other Current Assets [Member] | Level 3 | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Current 0 0
Other Assets [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Noncurrent 93 89
Other Assets [Member] | Level 1 | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Noncurrent 0 0
Other Assets [Member] | Level 2 | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Noncurrent 63 59
Other Assets [Member] | Level 3 | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Noncurrent 30 30
U.S. treasury and agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax (3) (5)
Debt Securities, Available-for-sale 78 74
Debt Securities, Available-for-sale, Amortized Cost 81 79
Corporate and asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax (1) (1)
Debt Securities, Available-for-sale 30 30
Debt Securities, Available-for-sale, Amortized Cost $ 31 $ 31
v3.24.0.1
Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Debt) (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Sep. 30, 2023
Fair Value Disclosures [Abstract]    
Total Debt, Fair Value $ 9,293 $ 8,693
Total Debt, Carrying Value $ 9,678 $ 9,506
v3.24.0.1
Fair Value Measurement (Narrative) (Details) - Maximum [Member]
 3 Months Ended
Dec. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Short Term Investment Maturity Period 12 months
Available For Sale Securities Debt Maturity Period 46 years
v3.24.0.1
Segment Reporting (Segment Reporting Information, By Segment) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Sep. 30, 2023
Segment Reporting Information [Line Items]      
Sales $ 13,319 $ 13,260  
Operating Income (Loss) 231 467  
Total Other (Income) Expense 70 33  
Income before income taxes 161 434  
Loss Contingency Accrual $ 361   $ 289
Segment Reporting Information, By Segment
Information on segments and a reconciliation to income before income taxes are as follows (in millions): 
Three Months Ended
December 30, 2023December 31, 2022
Sales:
Beef$5,023 $4,723 
Pork1,517 1,529 
Chicken4,033 4,263 
Prepared Foods2,543 2,538 
International/Other582 612 
Intersegment(379)(405)
Total Sales$13,319 $13,260 
Three Months Ended
December 30, 2023December 31, 2022
Operating Income (Loss):
Beef(a)
$(206)$166 
Pork(b)
39 (21)
Chicken(c)
177 69 
Prepared Foods243 258 
International/Other(d)
(22)(5)
Total Operating Income231 467 
Total Other (Income) Expense70 33 
Income before Income Taxes$161 $434 
(a) Beef segment results for the three months ended December 30, 2023 included $40 million of costs related to plant closures and a $45 million legal contingency accrual, recognized in Cost of Sales. Additionally, Beef segment results for the three months ended December 31, 2022 included $42 million of insurance proceeds, net of costs incurred, recognized in Cost of Sales.
(b) Pork segment results for the three months ended December 30, 2023 included a $28 million legal contingency accrual, recognized in Cost of Sales.
(c) Chicken segment results for the three months ended December 30, 2023 included insurance proceeds, net of costs incurred, of $24 million and costs related to plant closures of $35 million, recognized in Cost of Sales. Additionally, Chicken segment results for the three months ended December 31, 2022 included $7 million of costs related to a fire at one of our production facilities, net of insurance proceeds, recognized in Cost of Sales.
(d) International/Other results for the three months ended December 30, 2023 included $26 million of costs incurred due to a production facility fire in Europe, net of insurance proceeds, recognized in Cost of Sales.
    
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, Thailand and the Kingdom of Saudi Arabia, 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 and corporate overhead related to Tyson New Ventures, LLC, which are included in International/Other. Intersegment sales transactions, which were at market prices, are included in the segment sales in the table below.
Information on segments and a reconciliation to income before income taxes are as follows (in millions): 
Three Months Ended
December 30, 2023December 31, 2022
Sales:
Beef$5,023 $4,723 
Pork1,517 1,529 
Chicken4,033 4,263 
Prepared Foods2,543 2,538 
International/Other582 612 
Intersegment(379)(405)
Total Sales$13,319 $13,260 
Three Months Ended
December 30, 2023December 31, 2022
Operating Income (Loss):
Beef(a)
$(206)$166 
Pork(b)
39 (21)
Chicken(c)
177 69 
Prepared Foods243 258 
International/Other(d)
(22)(5)
Total Operating Income231 467 
Total Other (Income) Expense70 33 
Income before Income Taxes$161 $434 
(a) Beef segment results for the three months ended December 30, 2023 included $40 million of costs related to plant closures and a $45 million legal contingency accrual, recognized in Cost of Sales. Additionally, Beef segment results for the three months ended December 31, 2022 included $42 million of insurance proceeds, net of costs incurred, recognized in Cost of Sales.
(b) Pork segment results for the three months ended December 30, 2023 included a $28 million legal contingency accrual, recognized in Cost of Sales.
(c) Chicken segment results for the three months ended December 30, 2023 included insurance proceeds, net of costs incurred, of $24 million and costs related to plant closures of $35 million, recognized in Cost of Sales. Additionally, Chicken segment results for the three months ended December 31, 2022 included $7 million of costs related to a fire at one of our production facilities, net of insurance proceeds, recognized in Cost of Sales.
(d) International/Other results for the three months ended December 30, 2023 included $26 million of costs incurred due to a production facility fire in Europe, net of insurance proceeds, recognized in Cost of Sales.

The following tables further disaggregate our sales to customers by major distribution channels (in millions):
Three months ended December 30, 2023
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$2,397 $1,315 $632 $578 $101 $5,023 
Pork483 117 353 305 259 1,517 
Chicken1,713 1,607 217 477 19 4,033 
Prepared Foods1,488 961 59 35 — 2,543 
International/Other— — 582 — — 582 
Intersegment— — — — (379)(379)
Total$6,081 $4,000 $1,843 $1,395 $— $13,319 
Three months ended December 31, 2022
Retail(a)
Foodservice(b)
International(c)
Industrial and Other(d)
IntersegmentTotal
Beef$2,134 $1,129 $697 $647 $116 $4,723 
Pork458 117 332 350 272 1,529 
Chicken1,881 1,606 246 513 17 4,263 
Prepared Foods1,505 938 56 39 — 2,538 
International/Other— — 612 — — 612 
Intersegment— — — — (405)(405)
Total$5,978 $3,790 $1,943 $1,549 $— $13,260 
(a) Includes sales to consumer products and food retailers, such as grocery retailers, warehouse club stores and internet-based retailers.
(b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.
(c) Includes sales to international markets for internationally produced products or export sales of domestically produced products.
(d) Includes sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Retail, Foodservice or International categories 		   
Beef [Member]      
Segment Reporting Information [Line Items]      
Sales $ 5,023 4,723  
Pork [Member]      
Segment Reporting Information [Line Items]      
Sales 1,517 1,529  
Chicken [Member]      
Segment Reporting Information [Line Items]      
Sales 4,033 4,263  
Prepared Foods [Member]      
Segment Reporting Information [Line Items]      
Sales 2,543 2,538  
Corporate and Other [Member]      
Segment Reporting Information [Line Items]      
Sales 582 612  
Broiler Antitrust Civil Litigation [Member]      
Segment Reporting Information [Line Items]      
Loss Contingency Accrual 159   $ 174
Operating Segments [Member] | Beef [Member]      
Segment Reporting Information [Line Items]      
Sales 5,023 4,723  
Operating Income (Loss) (206) 166  
Operating Segments [Member] | Pork [Member]      
Segment Reporting Information [Line Items]      
Sales 1,517 1,529  
Operating Income (Loss) 39 (21)  
Operating Segments [Member] | Chicken [Member]      
Segment Reporting Information [Line Items]      
Sales 4,033 4,263  
Operating Income (Loss) 177 69  
Operating Segments [Member] | Prepared Foods [Member]      
Segment Reporting Information [Line Items]      
Sales 2,543 2,538  
Operating Income (Loss) 243 258  
Segment Reconciling Items [Member] | Corporate and Other [Member]      
Segment Reporting Information [Line Items]      
Sales 582 612  
Operating Income (Loss) (22) (5)  
Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Sales (379) (405)  
Cost of Sales      
Segment Reporting Information [Line Items]      
Business Exit Costs 75    
Cost of Sales | Beef [Member]      
Segment Reporting Information [Line Items]      
Loss Contingency, Loss in Period 45    
Unusual or Infrequent Item, or Both, Insurance Proceeds   42  
Business Exit Costs 40    
Cost of Sales | Chicken [Member]      
Segment Reporting Information [Line Items]      
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds 24 $ 7  
Business Exit Costs 35    
Cost of Sales | Corporate and Other [Member]      
Segment Reporting Information [Line Items]      
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds 26    
Sales | Pork [Member]      
Segment Reporting Information [Line Items]      
Loss Contingency, Loss in Period $ 28    
v3.24.0.1
Segment Reporting Disaggregation of Revenue (By Segment and Distribution Channel) (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]    
Sales $ 13,319 $ 13,260
Beef [Member]    
Disaggregation of Revenue [Line Items]    
Sales 5,023 4,723
Pork [Member]    
Disaggregation of Revenue [Line Items]    
Sales 1,517 1,529
Chicken [Member]    
Disaggregation of Revenue [Line Items]    
Sales 4,033 4,263
Prepared Foods [Member]    
Disaggregation of Revenue [Line Items]    
Sales 2,543 2,538
Corporate and Other [Member]    
Disaggregation of Revenue [Line Items]    
Sales 582 612
Retail    
Disaggregation of Revenue [Line Items]    
Sales [1] 6,081 5,978
Retail | Beef [Member]    
Disaggregation of Revenue [Line Items]    
Sales 2,397 2,134
Retail | Pork [Member]    
Disaggregation of Revenue [Line Items]    
Sales 483 458
Retail | Chicken [Member]    
Disaggregation of Revenue [Line Items]    
Sales 1,713 1,881
Retail | Prepared Foods [Member]    
Disaggregation of Revenue [Line Items]    
Sales 1,488 1,505
Retail | Corporate and Other [Member]    
Disaggregation of Revenue [Line Items]    
Sales 0 0
Foodservice    
Disaggregation of Revenue [Line Items]    
Sales [2] 4,000 3,790
Foodservice | Beef [Member]    
Disaggregation of Revenue [Line Items]    
Sales 1,315 1,129
Foodservice | Pork [Member]    
Disaggregation of Revenue [Line Items]    
Sales 117 117
Foodservice | Chicken [Member]    
Disaggregation of Revenue [Line Items]    
Sales 1,607 1,606
Foodservice | Prepared Foods [Member]    
Disaggregation of Revenue [Line Items]    
Sales 961 938
Foodservice | Corporate and Other [Member]    
Disaggregation of Revenue [Line Items]    
Sales 0 0
International    
Disaggregation of Revenue [Line Items]    
Sales [3] 1,843 1,943
International | Beef [Member]    
Disaggregation of Revenue [Line Items]    
Sales 632 697
International | Pork [Member]    
Disaggregation of Revenue [Line Items]    
Sales 353 332
International | Chicken [Member]    
Disaggregation of Revenue [Line Items]    
Sales 217 246
International | Prepared Foods [Member]    
Disaggregation of Revenue [Line Items]    
Sales 59 56
International | Corporate and Other [Member]    
Disaggregation of Revenue [Line Items]    
Sales 582 612
Industrial and Other    
Disaggregation of Revenue [Line Items]    
Sales [4] 1,395 1,549
Industrial and Other | Beef [Member]    
Disaggregation of Revenue [Line Items]    
Sales 578 647
Industrial and Other | Pork [Member]    
Disaggregation of Revenue [Line Items]    
Sales 305 350
Industrial and Other | Chicken [Member]    
Disaggregation of Revenue [Line Items]    
Sales 477 513
Industrial and Other | Prepared Foods [Member]    
Disaggregation of Revenue [Line Items]    
Sales 35 39
Industrial and Other | Corporate and Other [Member]    
Disaggregation of Revenue [Line Items]    
Sales 0 0
Intersegment Eliminations    
Disaggregation of Revenue [Line Items]    
Sales 0 0
Intersegment Eliminations | Beef [Member]    
Disaggregation of Revenue [Line Items]    
Sales 101 116
Intersegment Eliminations | Pork [Member]    
Disaggregation of Revenue [Line Items]    
Sales 259 272
Intersegment Eliminations | Chicken [Member]    
Disaggregation of Revenue [Line Items]    
Sales 19 17
Intersegment Eliminations | Prepared Foods [Member]    
Disaggregation of Revenue [Line Items]    
Sales 0 0
Intersegment Eliminations | Corporate and Other [Member]    
Disaggregation of Revenue [Line Items]    
Sales 0 0
Intersegment Eliminations    
Disaggregation of Revenue [Line Items]    
Sales $ (379) $ (405)
[1] (a) Includes sales to consumer products and food retailers, such as grocery retailers, warehouse club stores and internet-based retailers
[2]
(b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.
[3]
(c) Includes sales to international markets for internationally produced products or export sales of domestically produced products.
[4] (d) Includes sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Retail, Foodservice or International categories
v3.24.0.1
Segment Reporting (Narrative) (Details)
$ in Millions
 3 Months Ended
Dec. 30, 2023
USD ($)
Segments
Dec. 31, 2022
USD ($)
Sep. 30, 2023
USD ($)
Segment Reporting Information [Line Items]      
Number of Operating Segments | Segments 4    
Sales $ 13,319 $ 13,260  
Loss Contingency Accrual 361   $ 289
Operating Income (Loss) 231 467  
Broiler Antitrust Civil Litigation [Member]      
Segment Reporting Information [Line Items]      
Loss Contingency Accrual 159   $ 174
Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Sales $ (379) $ (405)  
v3.24.0.1
Commitments (Narrative) (Details) - USD ($)
$ in Millions
Dec. 30, 2023
Sep. 30, 2023
Dec. 31, 2022
Guarantor Obligations [Line Items]      
Guarantor Obligations, Current Carrying Value $ 0 $ 0  
Potential maximum obligation under cash flow assistance programs 290    
Total receivables under cash flow assistance programs 17 12  
Restricted Cash 0   $ 0
Restricted Cash, Noncurrent $ 0 $ 0  
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets  
Industrial Revenue Bonds [Member]      
Guarantor Obligations [Line Items]      
Industrial Revenue Bonds $ 802    
Guarantee Obligations [Member]      
Guarantor Obligations [Line Items]      
Guarantor Obligations, Maximum Exposure, Undiscounted $ 0    
v3.24.0.1
Contingencies (Narrative) (Details)
 12 Months Ended
Dec. 22, 2023
USD ($)
Jan. 19, 2021
USD ($)
Dec. 21, 2016
USD ($)
plaintiff
Nov. 29, 2016
USD ($)
plaintiff
Dec. 31, 2004
USD ($)
Dec. 30, 2023
USD ($)
Sep. 30, 2023
USD ($)
Loss Contingencies [Line Items]              
Loss Contingency Accrual           $ 361,000,000 $ 289,000,000
Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission [Member]              
Loss Contingencies [Line Items]              
Loss Contingency, Number of Plaintiffs, Award Increase | plaintiff       4,922      
Estimated Percentage of Settling Complainants     18.00%        
Loss Contingency, Number of Plaintiffs | plaintiff     5,984 5,984      
Loss Contingency, Estimate of Possible Loss Per Complainant     $ 1,226        
Broiler Antitrust Civil Litigation [Member]              
Loss Contingencies [Line Items]              
Litigation Settlement, Amount Awarded to Other Party   $ 221,500,000          
Broiler Antitrust Civil Litigation [Member]              
Loss Contingencies [Line Items]              
Loss Contingency Accrual           159,000,000 $ 174,000,000
Republic of the Philippines, Department of Labor and Employment              
Loss Contingencies [Line Items]              
Loss Contingency, Damages Awarded, Value       $ 268,000,000 $ 62,000,000    
Wage Rate Litigation              
Loss Contingencies [Line Items]              
Litigation Settlement, Amount Awarded to Other Party $ 72,500,000            
Loss Contingency Accrual           $ 72,500,000  
v3.24.0.1
Label Element Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 573,000,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 1,031,000,000