TYSON FOODS, INC., 10-K filed on 11/12/2019
Annual Report
v3.19.3
Document and Entity Information - USD ($)
 12 Months Ended
Sep. 28, 2019
Oct. 26, 2019
Mar. 30, 2019
Document Annual Report true    
Document Type 10-K    
Document Period End Date Sep. 28, 2019    
Document Transition Report false    
Entity File Number 001-14704    
Entity Registrant Name TYSON FOODS, INC.    
Entity Incorporation, State or Country Code DE    
Entity Address, Address Line One 2200 West Don Tyson Parkway,    
Entity Address, City or Town Springdale,    
Entity Address, State or Province AR    
City Area Code (479)    
Entity Tax Identification Number 71-0225165    
Entity Address, Postal Zip Code 72762-6999    
Local Phone Number 290-4000    
Title of 12(b) Security Class A Common Stock    
Entity Listing, Par Value Per Share $ 0.10    
Trading Symbol TSN    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current 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 2019    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class A [Member]      
Entity Public Float     $ 20,029,681,571
Entity Common Stock, Shares Outstanding   295,184,233  
Class B [Member]      
Entity Public Float     $ 718,948
Entity Common Stock, Shares Outstanding   70,010,355  
v3.19.3
Consolidated Statements Of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Sales $ 42,405 $ 40,052 $ 38,260
Cost of Sales 37,383 34,956 33,198
Gross Profit 5,022 5,096 5,062
Operating Expenses:      
Selling, General and Administrative 2,195 2,064 2,141
Operating Income 2,827 3,032 2,921
Other (Income) Expense:      
Interest income (11) (7) (7)
Interest expense 462 350 279
Other, net (55) (56) 21
Total Other (Income) Expense 396 287 293
Income before Income Taxes 2,431 2,745 2,628
Income Tax Expense (Benefit) 396 (282) 850
Net Income 2,035 3,027 1,778
Less: Net Income Attributable to Noncontrolling Interests 13 3 4
Net Income Attributable to Tyson $ 2,022 $ 3,024 $ 1,774
Weighted Average Shares Outstanding:      
Diluted, Shares 366 369 370
Net Income Per Share Attributable to Tyson:      
Diluted (USD per share) $ 5.52 $ 8.19 $ 4.79
Class A [Member]      
Weighted Average Shares Outstanding:      
Basic, Shares 293 295 296
Net Income Per Share Attributable to Tyson:      
Basic (USD per share) $ 5.67 $ 8.44 $ 4.94
Class B [Member]      
Weighted Average Shares Outstanding:      
Basic, Shares 70 70 70
Net Income Per Share Attributable to Tyson:      
Basic (USD per share) $ 5.10 $ 7.59 $ 4.45
v3.19.3
Consolidated Statements of Comprehensive Income Statement - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Statement of Comprehensive Income [Abstract]      
Net Income $ 2,035 $ 3,027 $ 1,778
Other Comprehensive Income (Loss), Net of Taxes:      
Derivatives accounted for as cash flow hedges (15) (7) 0
Investments 2 (1) (1)
Currency translation (23) (29) 6
Postretirement benefits (66) (7) 56
Total Other Comprehensive Income (Loss), Net of Taxes (102) (44) 61
Comprehensive Income 1,933 2,983 1,839
Less: Comprehensive Income Attributable to Noncontrolling Interests 13 3 4
Comprehensive Income Attributable to Tyson $ 1,920 $ 2,980 $ 1,835
v3.19.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 28, 2019
Sep. 29, 2018
Assets    
Cash and cash equivalents $ 484 $ 270
Accounts receivable, net 2,173 1,723
Inventories 4,108 3,513
Other current assets 404 182
Total Current Assets 7,169 5,688
Net Property, Plant and Equipment 7,282 6,169
Goodwill 10,844 9,739
Intangible Assets, net 7,037 6,759
Other Assets 765 754
Total Assets 33,097 29,109
Liabilities and Shareholders’ Equity    
Current debt 2,102 1,911
Accounts payable 1,926 1,694
Other current liabilities 1,485 1,426
Total Current Liabilities 5,513 5,031
Long-Term Debt 9,830 7,962
Deferred Income Taxes 2,356 2,107
Other Liabilities 1,172 1,198
Commitments and Contingencies (Note 20)
Shareholders' Equity:    
Capital in excess of par value 4,378 4,387
Retained earnings 13,787 12,329
Accumulated other comprehensive gain (loss) (117) [1] (15)
Treasury stock, at cost – 82 million shares at September 28, 2019 and September 29, 2018 (4,011) (3,943)
Total Tyson Shareholders’ Equity 14,082 12,803
Noncontrolling Interests 144 8
Total Shareholders’ Equity 14,226 12,811
Total Liabilities and Shareholders’ Equity 33,097 29,109
Class A [Member]    
Shareholders' Equity:    
Common stock ($0.10 par value): 38 38
Total Tyson Shareholders’ Equity 38 38
Convertible Class B [Member]    
Shareholders' Equity:    
Common stock ($0.10 par value): 7 7
Total Tyson Shareholders’ Equity $ 7 $ 7
[1]
(1) Includes reclass from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act, following adoption of the applicable new accounting standard in fiscal 2018.
v3.19.3
Consolidated Balance Sheets (Parentheticals) - $ / shares
shares in Millions
Sep. 28, 2019
Sep. 29, 2018
Treasury Stock, shares 82 82
Class A [Member]    
Common stock, par value $ 0.10 $ 0.10
Common stock, shares authorized 900 900
Common stock, shares issued 378 378
Class B [Member]    
Common stock, par value $ 0.10 $ 0.10
Common stock, shares authorized 900 900
Common stock, shares issued 70 70
v3.19.3
Consolidated Statements Of Shareholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Capital In Excess Of Par Value [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Member]
Treasury Stock [Member]
Shareholders' Equity Attributable To Tyson [Member]
Equity Attributable To Noncontrolling Interests [Member]
Class A [Member]
Class B [Member]
Balance at beginning of year, Common Stock shares at Oct. 01, 2016               364.0  
Balance at beginning of year, Shareholders' Equity Attributable to Tyson at Oct. 01, 2016   $ 4,355 $ 8,348 $ (45) $ (3,093)     $ 36  
Balance at beginning of year, Treasury Stock shares at Oct. 01, 2016         73.0        
Balance at beginning of year, Shareholders' Equity Attributable to Noncontrolling Interest at Oct. 01, 2016             $ 16    
Increase (Decrease) in Shareholders' Equity [Roll Forward]                  
Issuance of Class A common stock, shares               14.0  
Issuance of Class A common stock               $ 2  
Stock-based compensation   23     $ 279        
Net income attributable to Tyson $ 1,774   1,774            
Dividends     (346)         $ (285) $ (61)
Other Comprehensive Income (Loss) 61     61          
Purchase of Class A common stock, shares         14.0     13.5  
Purchase of Class A common stock         $ (860)        
Stock-based compensation, shares         (7.0)        
Net income attributable to noncontrolling interest (4)           4    
Distributions to noncontrolling interest             (2)    
Business combination and other             0    
Balance at end of year, Common Stock shares at Sep. 30, 2017               378.0 70.0
Balance at end of year, Shareholders' Equity Attributable to Tyson at Sep. 30, 2017   4,378 9,776 16 $ (3,674) $ 10,541   $ 38 $ 7
Balance at end of year, Treasury Stock shares at Sep. 30, 2017         80.0        
Balance at end of year, Shareholders' Equity Attributable to Noncontrolling Interest at Sep. 30, 2017             18    
Balance at end of year, Total Shareholders' Equity at Sep. 30, 2017 10,559                
Increase (Decrease) in Shareholders' Equity [Roll Forward]                  
Cumulative Effect of New Accounting Principle in Period of Adoption     0          
Issuance of Class A common stock, shares               0.0  
Issuance of Class A common stock               $ 0  
Stock-based compensation   9     $ 158        
Net income attributable to Tyson 3,024   3,024            
Dividends     (458)         $ (378) $ (80)
Other Comprehensive Income (Loss) (44)     (44)          
Purchase of Class A common stock, shares         6.0     5.9  
Purchase of Class A common stock         $ (427)        
Stock-based compensation, shares         (4.0)        
Net income attributable to noncontrolling interest (3)           3    
Distributions to noncontrolling interest             (3)    
Business combination and other             (10)    
Balance at end of year, Common Stock shares at Sep. 29, 2018               378.0 70.0
Balance at end of year, Shareholders' Equity Attributable to Tyson at Sep. 29, 2018 $ 12,803 4,387 12,329 (15) $ (3,943) 12,803   $ 38 $ 7
Balance at end of year, Treasury Stock shares at Sep. 29, 2018 82.0       82.0        
Balance at end of year, Shareholders' Equity Attributable to Noncontrolling Interest at Sep. 29, 2018 $ 8           8    
Balance at end of year, Total Shareholders' Equity at Sep. 29, 2018 12,811                
Increase (Decrease) in Shareholders' Equity [Roll Forward]                  
Cumulative Effect of New Accounting Principle in Period of Adoption     (13) (13)          
Issuance of Class A common stock, shares               0.0  
Issuance of Class A common stock               $ 0  
Stock-based compensation   9     $ 184        
Net income attributable to Tyson 2,022   2,022            
Dividends     (564)         $ (465) $ (99)
Other Comprehensive Income (Loss) (102)     (102)          
Purchase of Class A common stock, shares         4.0     3.7  
Purchase of Class A common stock         $ (252)        
Stock-based compensation, shares         (4.0)        
Net income attributable to noncontrolling interest (13)           13    
Distributions to noncontrolling interest             (3)    
Business combination and other             126    
Balance at end of year, Common Stock shares at Sep. 28, 2019               378.0 70.0
Balance at end of year, Shareholders' Equity Attributable to Tyson at Sep. 28, 2019 $ 14,082 $ 4,378 13,787 (117) $ (4,011) $ 14,082   $ 38 $ 7
Balance at end of year, Treasury Stock shares at Sep. 28, 2019 82.0       82.0        
Balance at end of year, Shareholders' Equity Attributable to Noncontrolling Interest at Sep. 28, 2019 $ 144           $ 144    
Balance at end of year, Total Shareholders' Equity at Sep. 28, 2019 $ 14,226                
Increase (Decrease) in Shareholders' Equity [Roll Forward]                  
Cumulative Effect of New Accounting Principle in Period of Adoption [1]     $ 0 $ 0          
[1]
(1) Reclass from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act, following adoption of the applicable new accounting standard for the fiscal year ended September 29, 2018.
v3.19.3
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Cash Flows From Operating Activities:      
Net Income $ 2,035 $ 3,027 $ 1,778
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 819 723 642
Amortization 279 220 119
Deferred income taxes 92 (865) (39)
Gain on dispositions of businesses 17 42 0
Impairment of assets 94 175 214
Stock-based compensation expense 77 69 92
Other, net (20) (58) (57)
(Increase) decrease in accounts receivable (226) (2) (55)
(Increase) decrease in inventories (214) (207) (246)
Increase (decrease) in accounts payable (55) (44) 61
Increase (decrease) in income taxes payable/receivable (254) 111 55
Increase (decrease) in interest payable 47 (3) 16
Net changes in other operating assets and liabilities (144) (141) 19
Cash Provided by Operating Activities 2,513 2,963 2,599
Cash Flows from Investing Activities:      
Additions to property, plant and equipment (1,259) (1,200) (1,069)
Purchases of marketable securities (64) (42) (79)
Proceeds from sale of marketable securities 63 37 61
Acquisitions, net of cash acquired (2,462) (1,474) (3,081)
Proceeds from sale of businesses 170 797 0
Other, net 88 (24) 4
Cash Used for Investing Activities (3,464) (1,906) (4,164)
Cash Flows from Financing Activities:      
Proceeds from issuance of debt 4,634 1,148 5,444
Payments on debt 3,208 1,307 3,159
Borrowings on revolving credit facility 1,135 1,755 1,810
Payments on revolving credit facility (1,065) (1,755) (2,110)
Proceeds from issuance of commercial paper 17,722 21,024 8,138
Repayments of commercial paper (17,327) (21,197) (7,360)
Payment of AdvancePierre TRA liability 0 0 (223)
Purchases of Tyson Class A common stock (252) (427) (860)
Dividends (537) (431) (319)
Stock options exercised 99 102 154
Other, net (30) (14) 15
Cash (Used for) Provided by Financing Activities 1,171 (1,102) 1,530
Effect of Exchange Rate Change on Cash (6) (3) 4
Increase (decrease) in Cash and Cash Equivalents 214 (48) (31)
Cash and Cash Equivalents at Beginning of Year 270 318 349
Cash and Cash Equivalents at End of Year $ 484 $ 270 $ 318
v3.19.3
Business And Summary Of Significant Accounting Policies
 12 Months Ended
Sep. 28, 2019
Accounting Policies [Abstract]  
Business And Summary Of Significant Accounting Policies BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Business: Tyson Foods, Inc. (collectively, “Company,” “we,” “us” or “our”), is one of the world's largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under three generations of family leadership, the Company has a broad portfolio of products and brands including Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp® and State Fair®. We innovate continually to make protein more sustainable, tailor food for everywhere it’s available and raise the world’s expectations for how much good food can do.
Consolidation: The consolidated financial statements include the accounts of all wholly-owned subsidiaries, as well as majority-owned subsidiaries over which we exercise control and, when applicable, entities for which we have a controlling financial interest or variable interest entities for which we are the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Fiscal Year: We utilize a 52- or 53-week accounting period ending on the Saturday closest to September 30. The Company’s accounting cycle resulted in a 52-week year for fiscal 2019, fiscal 2018, and fiscal 2017.
Cash and Cash Equivalents: Cash equivalents consist of investments in short-term, highly liquid securities having original maturities of three months or less, which are made as part of our cash management activity. The carrying values of these assets approximate their fair values. We primarily utilize a cash management system with a series of separate accounts consisting of lockbox accounts for receiving cash, concentration accounts where funds are moved to, and several zero-balance disbursement accounts for funding payroll, accounts payable, livestock procurement, livestock grower payments, etc. As a result of our cash management system, checks issued, but not presented to the banks for payment, may result in negative book cash balances. These negative book cash balances are included in accounts payable and other current liabilities. At September 28, 2019, and September 29, 2018, checks outstanding in excess of related book cash balances totaled approximately $200 million and $220 million, respectively.
Accounts Receivable: We record accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances and charged to the provision for doubtful accounts. We calculate this allowance based on our history of write-offs, level of past due accounts and relationships with and economic status of our customers. At September 28, 2019, and September 29, 2018, our allowance for uncollectible accounts was $21 million and $19 million, respectively. We generally do not have collateral for our receivables, but we do periodically evaluate the credit worthiness of our customers.
Inventories: Processed products, livestock and supplies and other are valued at the lower of cost or net realizable value. Cost includes purchased raw materials, live purchase costs, livestock growout costs (primarily feed, livestock grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories.
In fiscal 2019 and fiscal 2018, the cost of inventories was determined by either the first-in, first-out ("FIFO") method or the weighted-average method.
The following table reflects the major components of inventory at September 28, 2019, and September 29, 2018:
 
 
 
in millions

 
2019

 
2018

Processed products
$
2,362

 
$
1,981

Livestock
1,150

 
1,006

Supplies and other
596

 
526

Total inventory
$
4,108

 
$
3,513


Property, Plant and Equipment: Property, plant and equipment are stated at cost and generally depreciated on a straight-line method over the estimated lives for buildings and leasehold improvements of 10 to 33 years, machinery and equipment of 3 to 12 years and land improvements and other of 3 to 20 years. Major repairs and maintenance costs that significantly extend the useful life of the related assets are capitalized. Normal repairs and maintenance costs are charged to operations.
We review the carrying value of long-lived assets at each balance sheet date if indication of impairment exists. Recoverability is assessed using undiscounted cash flows based on historical results and current projections of earnings before interest, taxes, depreciation and amortization. We measure impairment as the excess of carrying value over the fair value of an asset. The fair value of an asset is generally measured using discounted cash flows including market participant assumptions of future operating results and discount rates.
Goodwill and Intangible Assets: Definite life intangibles are initially recorded at fair value and amortized over the estimated period of benefit. Brands and trademarks are generally amortized using the straight-line method over 20 years or less. Customer relationships and supply arrangements are generally amortized over 7 to 30 years based on the pattern of revenue expected to be generated from the use of the asset. The gross cost and accumulated amortization of intangible assets are removed when the recorded amounts are fully amortized and the asset is no longer in use or the contract has expired. Amortization expense is generally recognized in selling, general, and administrative expense. We review the carrying value of definite life intangibles at each balance sheet date if indication of impairment exists. Recoverability is assessed using undiscounted cash flows based on historical results and current projections of earnings before interest, taxes, depreciation and amortization. We measure impairment as the excess of carrying value over the fair value of the definite life intangible asset. We use various valuation techniques to estimate fair value, with the primary techniques being discounted cash flows, relief-from-royalty and multi-period excess earnings valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data.
Goodwill and indefinite life intangible assets are initially recorded at fair value and not amortized, but are reviewed for impairment at least annually or more frequently if impairment indicators arise. Our goodwill is allocated by reporting unit and is evaluated for impairment by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. If it is determined, based on qualitative factors, the fair value of the reporting unit may be more likely than not less than carrying amount, or if significant changes to macro-economic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill impairment test would be required. Additionally, we can elect to forgo the qualitative assessment and perform the quantitative test. The quantitative test is to identify if a potential impairment exists by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of goodwill.
We estimate the fair value of our reporting units using a combination of various valuation techniques, including an income approach (discounted cash flow analysis) and market approaches (earnings before interest, taxes, depreciation and amortization or "EBITDA" multiples of comparable publicly-traded companies and precedent transactions). Our primary technique is discounted cash flow analysis. These approaches use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy and requires us to make various judgmental assumptions about sales, operating margins, growth rates and discount rates which consider our budgets, business plans and economic projections, and are believed to reflect market participant views which would exist in an exit transaction. Assumptions are also made for varying perpetual growth rates for periods beyond the long-term business plan period. Generally, we utilize normalized operating margin assumptions based on future expectations and operating margins historically realized in the reporting units' industries.
Some of the inherent estimates and assumptions used in determining fair value of the reporting units are outside the control of management, including interest rates, cost of capital, tax rates, market EBITDA comparables and credit ratings. While we believe we have made reasonable estimates and assumptions to calculate the fair value of the reporting units, it is possible a material change could occur. If our actual results are not consistent with our estimates and assumptions used to calculate fair value, it could result in additional material impairments of our goodwill.
During fiscal 2019, 2018 and 2017, we determined none of our material reporting units' fair values were below its carrying value.
For our indefinite life intangible assets, a qualitative assessment can also be performed to determine whether the existence of events and circumstances indicates it is more likely than not an intangible asset is impaired. Similar to goodwill, we can also elect to forgo the qualitative test for indefinite life intangible assets and perform the quantitative test. Upon performing the quantitative test, if the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.
The fair value of our indefinite life intangible assets is calculated principally using relief-from-royalty and multi-period excess earnings valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy, and is believed to reflect market participant views which would exist in an exit transaction. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. During fiscal 2019, 2018 and 2017, we determined the fair value of each of our indefinite life intangible assets exceeded its carrying value. The discount rate used in our indefinite life intangible test decreased to 7.5% in fiscal 2019 from 8.2% in fiscal 2018.
Investments: We have investments in joint ventures and other entities. The equity method of accounting is used for entities in which we exercise significant influence but do not have a controlling interest or a variable interest in which we are the primary beneficiary. Investments not accounted for using the equity method do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share. These investments are recorded using the measurement alternative in which our equity interests are recorded at cost, less impairments, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. At each reporting period, we assess if these investments continue to qualify for this measurement alternative. An impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. Adjustments to the carrying value are recorded in Other, net in the Consolidated Statements of Income. Investments in joint ventures and other entities are reported in the Consolidated Balance Sheets in Other Assets.
We also have investments in marketable debt securities. We have determined all of our marketable debt securities are available-for-sale investments. These investments are reported at fair value based on quoted market prices as of the balance sheet date, with unrealized gains and losses, net of tax, recorded in other comprehensive income.
The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is recorded in interest income. The cost of securities sold is based on the specific identification method. Realized gains and losses on the sale of debt securities and declines in value judged to be other than temporary are recorded on a net basis in other income. Interest and dividends on securities classified as available-for-sale are recorded in interest income.
Accrued Self-Insurance: We use a combination of insurance and self-insurance mechanisms in an effort to mitigate the potential liabilities for health and welfare, workers’ compensation, auto liability and general liability risks. Liabilities associated with our risks retained are estimated, in part, by considering claims experience, demographic factors, severity factors and other actuarial assumptions.
Other Current Liabilities: Other current liabilities at September 28, 2019, and September 29, 2018, include:
 
in millions
 
 
2019

 
2018

Accrued salaries, wages and benefits
$
620

 
$
549

Other
865

 
877

Total other current liabilities
$
1,485

 
$
1,426


Defined Benefit Plans: We recognize the funded status of defined pension and postretirement plans in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of the plan assets and the benefit obligation. We measure our plan assets and liabilities at the end of our fiscal year. For a defined benefit pension plan, the benefit obligation is the projected benefit obligation; for any other defined benefit postretirement plan, such as a retiree health care plan, the benefit obligation is the accumulated postretirement benefit obligation. Any overfunded status is recognized as an asset and any underfunded status is recognized as a liability. Any transitional asset/liability, prior service cost or actuarial gain/loss that has not yet been recognized as a component of net periodic cost is recognized in accumulated other comprehensive income. Accumulated other comprehensive income will be adjusted as these amounts are subsequently recognized as a component of net periodic benefit costs in future periods.
Derivative Financial Instruments: We purchase certain commodities, such as grains and livestock in the course of normal operations. As part of our commodity risk management activities, we use derivative financial instruments, primarily futures and options, to reduce our exposure to various market risks related to these purchases, as well as to changes in foreign currency exchange and interest rates. Contract terms of a financial instrument qualifying as a hedge instrument closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. Contracts designated and highly effective at meeting risk reduction and correlation criteria are recorded using hedge accounting. If a derivative instrument is accounted for as a hedge, depending on the nature of the hedge, changes in the fair value of the instrument will be offset either against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of an instrument’s change in fair value is immediately recognized in earnings as a component of cost of sales. Instruments we hold as part of our risk management activities that do not meet the criteria for hedge accounting are marked to fair value with unrealized gains or losses reported currently in earnings. Changes in market value of derivatives used in our risk management activities relating to forward sales contracts are recorded in sales. Changes in market value of derivatives used in our risk management activities surrounding inventories on hand or anticipated purchases of inventories are recorded in cost of sales. Changes in market value of derivatives used in our risk management activities related to interest rates are recorded in interest expense. Changes in the market value of derivatives used in our risk management activities related to foreign exchange contracts are recorded in other, net. We generally do not hedge anticipated transactions beyond 18 months.
Litigation Reserves: There are a variety of legal proceedings pending or threatened against us. Accruals are recorded when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated based on current law, progress of each case, opinions and views of legal counsel and other advisers, our experience in similar matters and intended response to the litigation. These amounts, which are not discounted and are exclusive of claims against third parties, are adjusted periodically as assessment efforts progress or additional information becomes available. We expense amounts for administering or litigating claims as incurred. Accruals for legal proceedings are included in Other current liabilities in the Consolidated Balance Sheets.
Revenue Recognition: We recognize revenue mainly through consumer products retail, foodservice, international, industrial and other distribution channels. Our revenues primarily result from contracts with customers and are generally short term in nature with the delivery of product as the single performance obligation. We recognize revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs upon shipment or delivery to a customer based on terms of the sale. We elected to account for shipping and handling activities that occur after the customer has obtained control of the product as a fulfillment cost rather than an additional promised service. Our contracts are generally less than one year, and therefore we recognize costs paid to third party brokers to obtain contracts as expenses. Additionally, items that are not material in the context of the contract are recognized as expense. Any taxes collected on behalf of government authorities are excluded from net revenues.
Revenue is measured by the transaction price, which is defined as the amount of consideration we expect to receive in exchange for providing goods to customers. The transaction price is adjusted for estimates of known or expected variable consideration, which includes consumer incentives, trade promotions, and allowances, such as coupons, discounts, rebates, volume-based incentives, cooperative advertising, and other programs. Variable consideration related to these programs is recorded as a reduction to revenue based on amounts we expect to pay. We base these estimates on current performance, historical utilization, and projected redemption rates of each program. We review and update these estimates regularly until the incentives or product returns are realized and the impact of any adjustments are recognized in the period the adjustments are identified. In many cases, key sales terms such as pricing and quantities ordered are established on a regular basis such that most customer arrangements and related incentives have a duration of less than one year. Amounts billed and due from customers are short term in nature and are classified as receivables since payments are unconditional and only the passage of time is required before payments are due. Additionally, we do not grant payment financing terms greater than one year. Freight expense associated with products shipped to customers is recognized in cost of sales.
Advertising Expenses: Advertising expense is charged to operations in the period incurred and is recorded as selling, general and administrative expense. Advertising expense totaled $276 million, $243 million and $238 million in fiscal 2019, 2018 and 2017, respectively.
Research and Development: Research and development costs are expensed as incurred. Research and development costs totaled $97 million, $114 million and $113 million in fiscal 2019, 2018 and 2017, respectively.
Business Combinations: We account for acquired businesses using the acquisition method of accounting, which requires that once control of a business is obtained, 100% of the assets acquired and liabilities assumed, including amounts attributable to noncontrolling interests, be recorded at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Acquisition-related expenses including transaction and integration costs are expensed as incurred.
We use various models to determine the value of assets acquired such as net realizable value to value inventory, cost method and market approach to value property, relief-from-royalty and multi-period excess earnings to value intangibles, and discounted cash flow to value goodwill. We make estimates and assumptions about projected future cash flows including sales, operating margins, attrition rates, growth rates, and discount rates based on historical results, business plans, expected synergies, perceived risk, and market place data considering the perspective of marketplace participants. Determining the useful life of an intangible asset also requires judgment as different types of intangible assets will have different useful lives and certain assets may be considered to have indefinite useful lives.
Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Recently Issued Accounting Pronouncements:
In August 2017, the Financial Accounting Standards Board ("FASB") issued guidance that eases certain documentation and assessment requirements of hedge effectiveness and modifies the accounting for components excluded from the assessment. Some of the modifications include the ineffectiveness of derivative gain/loss in highly effective cash flow hedges to be recorded in Other Comprehensive Income, alignment of the recognition and presentation of the effects related to the hedging instrument and hedged item in the financial statements, and additional disclosures required on the cumulative basis adjustment in fair value hedges and the effect of hedging on financial statement lines for components excluded from the assessment. The amendment also simplifies the application of hedge accounting in certain situations to permit new hedging strategies to be eligible for hedge accounting. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020 and the modified retrospective transition method should be applied. We will adopt this guidance beginning in the first quarter of fiscal 2020. Upon adoption, we do not expect this guidance will have a material impact on our consolidated financial statements.
In June 2016, the FASB issued guidance that provides more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2019, our fiscal 2021. Early adoption is permitted for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. The application of the guidance requires various transition methods depending on the specific amendment. We will adopt this guidance beginning in the first quarter of fiscal 2020. We do not expect the adoption of this guidance will have a material impact on our consolidated financial statements.
In February 2016, the FASB issued guidance that created new accounting and reporting guidelines for leasing arrangements. The guidance requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses and cash flows arising from a lease will depend on classification as a finance or operating lease. The guidance also requires qualitative and quantitative disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. Early adoption is permitted. In July 2018, the FASB issued an adoption approach that allows entities to apply the guidance as of the date of the initial application. We will adopt the standard in the first quarter of fiscal 2020 using this transition method, and as a result, we will not adjust comparative period financial information or make the new required lease disclosures for periods before the effective date. We have performed a review of the lease portfolio and have implemented a leasing software solution to support the future state lease accounting requirements. We have elected the package of practical expedients available under the transition guidance which allows us to not reassess prior conclusions related to lease classifications, existing contracts containing leases, and initial direct costs. We continue to finalize our implementation efforts and currently estimate that upon adoption we will record operating right of use assets and related lease liabilities of approximately 2% of total assets, subject to the completion of our assessment including finalizing the impacts from recent business acquisitions. We expect our financial statement disclosures will be expanded to present additional details of our leasing arrangements, but do not expect the adoption of this standard to have a material impact on the Consolidated Statements of Income or our Consolidated Statements of Cash Flows.
v3.19.3
Changes in Accounting Principles
 12 Months Ended
Sep. 28, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Changes In Accounting Principles CHANGES IN ACCOUNTING PRINCIPLES
In August 2018, the FASB issued guidance aligning the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2019, our fiscal 2021. The prospective transition method should be applied to all qualified implementation costs incurred after the adoption date. We elected to early adopt this guidance beginning in the first quarter of fiscal 2019, and it did not have a material impact on our consolidated financial statements.
In May 2017, the FASB issued guidance that clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The prospective transition method should be applied to awards modified on or after the adoption date. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements.
In March 2017, the FASB issued guidance that changes the presentation of net periodic benefit cost related to employer sponsored defined benefit plans and other postretirement benefits. Service cost will be included within the same income statement line item as other compensation costs arising from services rendered during the period, while other components of net periodic benefit pension cost will be presented separately outside of operating income. Additionally, only the service cost component will be eligible for capitalization when applicable. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement, and the prospective transition method should be applied, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. The guidance includes a practical expedient allowing entities to estimate amounts for comparative periods using the information previously disclosed in the pension and other postretirement benefit plan footnote. We adopted this guidance in the first quarter of fiscal 2019 on a retrospective basis using the practical expedient and it did not have a material impact on our consolidated financial statements.
The following reconciliations provide the effect of the reclassification of the net periodic benefit cost from operating expenses to other (income) expense in our consolidated statements of income for fiscal year 2018 and 2017 (in millions):
Twelve Months Ended September 29, 2018:
As Previously Reported
Adjustments
As Recast
Cost of Sales
$
34,926

$
30

$
34,956

Selling, General and Administrative
$
2,071

$
(7
)
$
2,064

Operating Income
$
3,055

$
(23
)
$
3,032

Other (Income) Expense
$
310

$
(23
)
$
287

Twelve Months Ended September 30, 2017:
As Previously Reported
Adjustments
As Recast
Cost of Sales
$
33,177

$
21

$
33,198

Selling, General and Administrative
$
2,152

$
(11
)
$
2,141

Operating Income
$
2,931

$
(10
)
$
2,921

Other (Income) Expense
$
303

$
(10
)
$
293


In November 2016, the FASB issued guidance that requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements.
In October 2016, the FASB issued guidance that requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the period in which the transfer occurs. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The modified retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements.
In August 2016, the FASB issued guidance that aims to eliminate diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements.
In January 2016, the FASB issued guidance that requires most equity investments be measured at fair value, with subsequent other changes in fair value recognized in net income. The guidance also impacts financial liabilities under the fair value option and the presentation and disclosure requirements on the classification and measurement of financial instruments. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. It should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, unless equity securities do not have readily determinable fair values, in which case the amendments should be applied prospectively. We adopted this guidance in the first quarter of fiscal 2019. We did not use prospective amendments for any investments and adoption did not have a material impact on our consolidated financial statements.
In May 2014, the FASB issued guidance that changes the criteria for recognizing revenue. The guidance provides for a single five-step model to be applied to all revenue contracts with customers. The standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts, including disaggregated revenue disclosures. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. This guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. We adopted this guidance in the first quarter of fiscal 2019 using the modified retrospective transition method. Prior periods were not adjusted and, based on our implementation assessment, no cumulative-effect adjustment was made to the opening balance of retained earnings. The adoption of this standard did not have a material impact on our consolidated financial statements. For further description of our revenue recognition policy refer to Part I, Item 1, Notes to the Consolidated Financial Statements, Note 1: Business and Summary of Significant Accounting Policies. For disaggregated revenue information refer to Part I, Item 1, Notes to the Consolidated Condensed Financial Statements, Note 17: Segment Reporting.
v3.19.3
Acquisitions and Dispositions
 12 Months Ended
Sep. 28, 2019
Business Combinations [Abstract]  
Acquisitions and Dispositions ACQUISITIONS AND DISPOSITIONS
Acquisitions
On June 3, 2019, we acquired the Thai and European operations of BRF S.A. ("Thai and European operations") for $326 million, net of cash acquired, subject to certain adjustments, as a part of our growth strategy to expand offerings of value-added protein in global markets. Its results, subsequent to the acquisition closing, are included in International/Other for segment presentation. Certain estimated values for the acquisition, including goodwill, intangible assets, property, plant and equipment, noncontrolling interest, and deferred income taxes are not yet finalized and are subject to revision as additional information becomes available and more detailed analyses are completed. The preliminary purchase price allocation includes $307 million of net working capital, including $56 million of cash acquired, $93 million of Property, Plant and Equipment, $1 million of Goodwill, $23 million of Intangible Assets, $24 million of Other Liabilities, $11 million of Deferred Income Taxes and $7 million of Noncontrolling Interest. Intangible Assets included customer relationships which will be amortized over a life of 7 years. We do not expect the goodwill to be deductible for income tax purposes. During the fourth quarter of fiscal 2019, we recorded measurement period adjustments, including $15 million of purchase price adjustments, which collectively decreased Goodwill by $66 million, including an increase in net working capital of $3 million, a reduction of Intangible Assets of $11 million, a reduction of Property, Plant and Equipment of $13 million, a reduction of Deferred Income Taxes of $4 million, and a reduction of Noncontrolling Interest of $68 million.
On November 30, 2018, we acquired all of the outstanding common stock of MFG (USA) Holdings, Inc. and McKey Luxembourg Holdings S.à.r.l. (“Keystone Foods”) from Marfrig Global Foods ("Marfrig") for $2.3 billion in cash, subject to certain adjustments. We initially funded the acquisition with existing cash on hand, net proceeds from the issuance of a 364-day term loan and borrowings under our commercial paper program. In February 2019, we used the net proceeds from the issuance of senior notes to repay amounts outstanding under the 364-day term loan and commercial paper obligations. Keystone Foods' domestic and international results, subsequent to the acquisition closing, are included in our Chicken segment and International/Other, respectively.
The following table summarizes the preliminary purchase price allocation for Keystone Foods and fair values of the assets acquired and liabilities assumed at the acquisition date, which are subject to change pending finalization of working capital adjustments. Certain estimated values for the acquisition, including goodwill, intangible assets, inventory, property, plant and equipment, and deferred income taxes, are not yet finalized and are subject to revision as additional information becomes available and more detailed analyses are completed. The purchase price was allocated based on information currently available as of the acquisition date. During fiscal 2019, we recorded measurement period adjustments, including $61 million of purchase price adjustments, which collectively increased goodwill by $47 million, primarily consisting of a reduction of Intangible Assets of $86 million, a reduction of Property, Plant and Equipment of $49 million, a reduction of Deferred Income Taxes of $36 million and a reduction in net working capital of $13 million.
 
in millions
 
Cash and cash equivalents
 
$
186

Accounts receivable
 
106

Inventories
 
257

Other current assets
 
34

Property, Plant and Equipment
 
676

Goodwill
 
1,120

Intangible Assets
 
659

Other Assets
 
28

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


The fair value of identifiable intangible assets primarily consisted of customer relationships with a weighted average life of 25 years. As a result of the acquisition, we recognized a total of $1,120 million of goodwill. The purchase price was allocated to assets acquired and liabilities assumed based on their preliminary estimated fair values as of the date of acquisition, and any excess was allocated to goodwill, as shown in the table above. Goodwill represents the value we expect to achieve through the implementation of operational synergies and growth opportunities. The preliminary allocation of goodwill to our segments was $779 million and $341 million to our Chicken segment and International/Other, respectively. We do not expect the goodwill to be deductible for income tax purposes.
We used various valuation techniques to determine fair value, with the primary techniques being discounted cash flow, relief-from-royalty, market pricing multiple and multi-period excess earnings valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, attrition rates, royalty rates, EBITDA multiples, and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data.
The acquisition of Keystone Foods was accounted for using the acquisition method of accounting and, consequently, the results of operations are reported in our consolidated financial statements from the date of acquisition. Keystone Foods sales from the date of acquisition through September 28, 2019 were $1,970 million and its results for that period were not significant to our overall Consolidated Statements of Income.
On August 20, 2018, we acquired the assets of American Proteins, Inc. and AMPRO Products, Inc. ("American Proteins"), a poultry rendering and blending operation for $864 million, as part of our strategic expansion and sustainability initiatives. Its results, subsequent to the acquisition closing, are included in our Chicken segment. The purchase price allocation included $56 million of net working capital, $152 million of Property, Plant and Equipment, $361 million of Intangible Assets, $308 million of Goodwill, and $13 million of Other liabilities. Intangible Assets primarily included $310 million assigned to supply network which will be amortized over 14 years and $51 million assigned to customer relationships which will be amortized over a weighted average of 12 years. All of the goodwill acquired is amortizable for tax purposes. During fiscal 2019, we settled the net-working capital purchase price adjustment reducing the purchase price by $2 million and recorded measurement period adjustments which increased goodwill by $66 million, including a reduction to net working capital of $15 million, a reduction to Property, Plant and Equipment of $3 million, and a reduction to intangible assets of $50 million.
On June 4, 2018, we acquired Tecumseh Poultry, LLC ("Tecumseh"), a vertically integrated value-added protein business for $382 million, net of cash acquired, as part of our strategy to grow in the high quality, branded poultry market. Its results, subsequent to the acquisition closing, are included in our Chicken segment. The purchase price allocation included $13 million of net working capital, including $1 million of cash acquired, $49 million of Property, Plant and Equipment, $227 million of Intangible Assets and $94 million of Goodwill. Intangible Assets included $193 million assigned to brands and trademarks which will be amortized over 20 years. All of the goodwill acquired is amortizable for tax purposes.
On November 10, 2017, we acquired Original Philly Holdings, Inc. ("Original Philly"), a value-added protein business, for $226 million, net of cash acquired, as part of our strategic expansion initiative. Its results, subsequent to the acquisition closing, are included in our Prepared Foods and Chicken segments. The purchase price allocation included $21 million of net working capital, including $10 million of cash acquired, $13 million of Property, Plant and Equipment, $90 million of Intangible Assets and $111 million of Goodwill. We allocated $82 million and $29 million of goodwill to our Prepared Foods and Chicken segments, respectively, using the acquisition method approach. All of the goodwill acquired is amortizable for tax purposes.
On June 7, 2017, we acquired all of the outstanding common stock of AdvancePierre Foods Holdings, Inc. ("AdvancePierre") as part of our strategy to sustainably feed the world with the fastest growing portfolio of protein-packed brands. The purchase price was equal to $40.25 per share for AdvancePierre's outstanding common stock, or approximately $3.2 billion. AdvancePierre's results from operations subsequent to the acquisition closing are included in the Prepared Foods and Chicken segments.
The following unaudited pro forma information presents the combined results of operations as if the acquisition of AdvancePierre had occurred at the beginning of fiscal 2017. AdvancePierre's pre-acquisition results have been added to our historical results. The pro forma results contained in the table below include adjustments for amortization of acquired intangibles, depreciation expense, interest expense related to the financing and related income taxes. Any potential cost savings or other operational efficiencies that could result from the acquisition are not included in these pro forma results. These pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations as they would have been had the acquisitions occurred on the assumed dates, nor is it necessarily an indication of future operating results.
 
 
in millions (unaudited)

 
 
2017

Pro forma sales
 
$
39,330

Pro forma net income attributable to Tyson
 
1,837

Pro forma net income per diluted share attributable to Tyson
 
$
4.97


Dispositions
On April 24, 2017, we announced our intent to sell three non-protein businesses as part of our strategic focus on protein brands. These businesses, which were all part of our Prepared Foods segment, included Sara Lee® Frozen Bakery, Kettle and Van’s® and produce items such as frozen desserts, waffles, snack bars, and soups, sauces and sides. The sale also included the Chef Pierre®, Bistro Collection®, Kettle Collection™, and Van’s® brands, a license to use the Sara Lee® brand in various channels, as well as our Tarboro, North Carolina, Fort Worth, Texas, and Traverse City, Michigan, prepared foods facilities.
We completed the sale of our Kettle business on December 30, 2017, and received net proceeds of $125 million including a working capital adjustment. As a result of the sale, we recorded a pretax gain of $22 million, which is reflected in Cost of Sales in our Consolidated Statement of Income for our fiscal 2018. We utilized the net proceeds to pay down term loan debt.
We completed the sale of our Sara Lee® Frozen Bakery and Van’s® businesses on July 30, 2018 for $623 million including a working capital adjustment. As a result of the sale, we recorded a pretax gain of $11 million, which is reflected in Cost of Sales in our Consolidated Statement of Income for our fiscal 2018. We utilized the net proceeds to repay commercial paper.
Previously in fiscal 2018 and 2017, we recorded pretax impairment charges for these businesses of $101 million and $45 million, respectively, due to revised estimates of the businesses' fair value based on expected net sales proceeds at the time of the impairments. These charges were recorded in Cost of Sales in our Consolidated Statement of Income, and primarily consisted of goodwill previously classified within assets held for sale.
In the first quarter of fiscal 2018, we made the decision to sell TNT Crust, our pizza crust business, which was also included in our Prepared Foods segment, as part of our strategic focus on protein brands. We completed the sale of this business on September 2, 2018, for $57 million net of adjustments. As a result of the sale, we recorded a pretax gain of $9 million, which is reflected in Cost of Sales in our Consolidated Statement of Income for our fiscal 2018. We utilized the net proceeds to repay commercial paper.
We completed the sale of a chicken further processing facility acquired during the Keystone Foods acquisition on August 31, 2019 for $170 million net proceeds, which did not result in a significant gain or loss.
In the fourth quarter of fiscal 2019, we made the decision to sell a Prepared Foods business. We recorded a pretax impairment charge for this business of $41 million due to our estimate of the business' fair value based on current expected net sales proceeds. The remaining carrying value of this business is not significant.
v3.19.3
Property, Plant And Equipment
 12 Months Ended
Sep. 28, 2019
Property, Plant and Equipment, Net [Abstract]  
Property, Plant And Equipment PROPERTY, PLANT AND EQUIPMENT
The following table reflects major categories of property, plant and equipment and accumulated depreciation at September 28, 2019, and September 29, 2018:
 
in millions
 
 
2019

 
2018

Land
$
198

 
$
154

Building and leasehold improvements
4,747

 
4,115

Machinery and equipment
8,607

 
7,720

Land improvements and other
385

 
357

Buildings and equipment under construction
713

 
689

 
14,650

 
13,035

Less accumulated depreciation
7,368

 
6,866

Net property, plant and equipment
$
7,282

 
$
6,169


Approximately $1,772 million required to complete buildings and equipment under construction at September 28, 2019.
v3.19.3
Goodwill And Intangible Assets
 12 Months Ended
Sep. 28, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill And Intangible Assets GOODWILL AND INTANGIBLE ASSETS
The following table reflects goodwill activity for fiscal 2019 and 2018:
in millions
 
 
Beef

 
Pork

 
Chicken

 
Prepared
Foods

 
International/Other

 
Unallocated

 
Consolidated

Balance at September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
$
1,236

 
$
423

 
$
1,565

 
$
3,678

 
$
57

 
$
2,982

 
$
9,941

Accumulated impairment losses
(560
)
 
—

 
—

 
—

 
(57
)
 
—

 
(617
)
 
$
676

 
$
423

 
$
1,565

 
$
3,678

 
$
—

 
$
2,982

 
$
9,324

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal 2018 Activity:

 

 

 

 

 

 

Acquisition
$
—

 
$
—

 
$
365

 
$
82

 
$
—

 
$
—

 
$
447

Measurement period adjustments
—

 
—

 
—

 
—

 
—

 
(2
)
 
(2
)
Allocation of acquired goodwill
—

 
—

 
568

 
2,412

 
—

 
(2,980
)
 
—

Reclass to assets held for sale
—

 
—

 
—

 
(30
)
 
—

 
—

 
(30
)
Balance at September 29, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
1,236

 
423

 
2,498

 
6,142

 
57

 
—

 
10,356

Accumulated impairment losses
(560
)
 
—

 
—

 
—

 
(57
)
 
—

 
(617
)
 
$
676


$
423


$
2,498


$
6,142


$
—


$
—


$
9,739

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal 2019 Activity:
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition
$
—

 
$
—

 
$
779

 
$
—

 
$
342

 
$
—

 
$
1,121

Measurement period adjustments
—

 
—

 
66

 
—

 
—

 
—

 
66

Reclass to assets held for sale
—

 
—

 
(70
)
 
(7
)
 
—

 
—

 
(77
)
Currency translation and other
—

 
—

 
1

 
(1
)
 
(5
)
 
—

 
(5
)
Balance at September 28, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
1,236

 
423

 
3,274

 
6,134

 
394

 
—

 
11,461

Accumulated impairment losses
(560
)
 
—

 
—

 
—

 
(57
)
 
—

 
(617
)

$
676

 
$
423

 
$
3,274

 
$
6,134

 
$
337

 
$
—

 
$
10,844


The following table reflects intangible assets by type at September 28, 2019, and September 29, 2018:
in millions
 
 
2019

 
2018

Amortizable intangible assets:
 
 
 
Brands and trademarks
$
945

 
$
950

Customer relationships
2,389

 
1,793

Supply Arrangements
310


358

Patents, intellectual property and other
34

 
107

Land use rights
8

 
9

  Total gross amortizable intangible assets
$
3,686

 
$
3,217

     Less accumulated amortization
727

 
536

  Total net amortizable intangible assets
$
2,959

 
$
2,681

Brands and trademarks not subject to amortization
4,078

 
4,078

  Total intangible assets
$
7,037

 
$
6,759


Amortization expense of $267 million, $210 million and $107 million was recognized during fiscal 2019, 2018 and 2017, respectively. We estimate amortization expense on intangible assets for the next five fiscal years subsequent to September 28, 2019, will be: 2020 - $276 million; 2021 - $258 million; 2022 - $244 million; 2023 - $225 million; 2024 - $221 million.
v3.19.3
Restructuring and Related Charges
 12 Months Ended
Sep. 28, 2019
Restructuring and Related Activities [Abstract]  
Restructuring and Related Charges RESTRUCTURING AND RELATED CHARGES
In the fourth quarter of fiscal 2017, our Board of Directors approved a multi-year restructuring program (the “Financial Fitness Program”), which is expected to contribute to the Company’s overall strategy of financial fitness through increased operational effectiveness and overhead reduction. The Financial Fitness Program is expected to result in cumulative pretax charges of approximately $280 million which consist primarily of severance and employee related costs, impairments and accelerated depreciation of technology assets, incremental costs to implement new technology, and contract termination costs. The Company recognized restructuring and related charges of $41 million, $59 million and $150 million associated with the program during fiscal 2019, 2018 and 2017, respectively.
For fiscal 2019 and 2018, the restructuring and related charges consisted of $41 million and $59 million, respectively, of incremental costs to implement new technology and accelerated depreciation of technology assets. These costs were recorded in Selling, General and Administrative in our Consolidated Statements of Income. For fiscal 2017, the restructuring and related charges consisted of $53 million severance and employee related costs, $72 million technology impairment and related costs, and $25 million for contract termination costs. Of these costs, $35 million was recorded to Cost of Sales and $115 million was recorded to Selling, General and Administrative in our Consolidated Statements of Income.
We had no restructuring liability at September 28, 2019 and our restructuring liability was $10 million at September 29, 2018.
v3.19.3
Income Taxes
 12 Months Ended
Sep. 28, 2019
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Detail of the provision for income taxes from continuing operations consists of the following:
 
 
 
 
 
in millions

 
2019

 
2018

 
2017

Federal
$
325


$
(426
)

$
755

State
42


118


81

Foreign
29


26


14

 
$
396

 
$
(282
)
 
$
850

 
 
 
 
 
 
Current
$
304


$
583


$
889

Deferred
92


(865
)

(39
)
 
$
396

 
$
(282
)
 
$
850


The reasons for the difference between the statutory federal income tax rate and our effective income tax rate from continuing operations are as follows:
 
2019

 
2018

 
2017

Federal income tax rate
21.0
 %

24.5
 %

35.0
 %
State income taxes
2.9


3.3


2.3

Unrecognized tax benefits, net
(6.6
)

(0.1
)

(0.1
)
Impact of the Tax Act
—


(37.9
)

—

Domestic production deduction
—


(1.7
)

(3.1
)
Impairment and sale of non-protein businesses
—

 
3.1

 
—

Other
(1.0
)
 
(1.5
)
 
(1.8
)
 
16.3
 %
 
(10.3
)%
 
32.3
 %

During fiscal 2019, changes in unrecognized tax benefits decreased tax expense by $160 million, and state tax expense, excluding changes in unrecognized tax benefits and net of federal tax benefit, was $69 million.
During fiscal 2018, the domestic production deduction decreased tax expense by $46 million, and state tax expense, net of federal tax benefit, was $90 million. The change in federal tax rate from the Tax Act resulted in a tax benefit of $1,004 million related to deferred tax remeasurement. Additionally, favorable timing differences deductible in fiscal 2018 at the 24.5% blended tax rate but reversing in future years at 21% resulted in a $35 million tax benefit. The impacts of the non-deductible impairment and sale of certain assets in our non-protein businesses increased the effective tax rate by 3.1%.
During fiscal 2017, the domestic production deduction decreased tax expense by $80 million, and state tax expense, net of federal tax benefit, was $61 million.
Approximately $2,332 million, $2,700 million and $2,603 million of income from continuing operations before income taxes for fiscal 2019, 2018 and 2017, respectively, were from our operations based in the United States.
On December 22, 2017, President Trump signed into law the Tax Act. The Tax Act made significant changes to the U.S. tax code including, but not limited to, (1) reducing the corporate federal income tax rate from 35% to 21% effective January 1, 2018, (2) a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries, (3) the repeal of the domestic production activity deduction beginning with our fiscal 2019, and (4) new provisions designed to tax global intangible low-taxed income and to allow a deduction for foreign-derived intangible income beginning with our fiscal 2019.
Under generally accepted accounting principles ("U.S. GAAP"), specifically ASC Topic 740, Income Taxes, the tax effects of changes in tax laws must be recognized in the period in which the law is enacted, or December 22, 2017, for the Tax Act. ASC 740 also requires deferred tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Thus, at the date of enactment, the Company’s deferred taxes were remeasured based upon the new tax rates. The change in deferred taxes was recorded as an adjustment to our fiscal 2018 deferred tax provision.
During the first quarter of fiscal 2019 we completed our accounting for the Tax Act and recorded an immaterial adjustment to income tax expense.
We recognize deferred income taxes for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The tax effects of major items recorded as deferred tax assets and liabilities as of September 28, 2019, and September 29, 2018, are as follows:
 
 
 
 
 
 
 
in millions

 
2019
 
2018
 
Deferred Tax
 
Deferred Tax
 
Assets

 
Liabilities

 
Assets

 
Liabilities

Property, plant and equipment
$
—

 
$
891

 
$
—

 
$
714

Intangible assets
—

 
1,624

 
—

 
1,533

Accrued expenses
297

 
—

 
230

 
—

Net operating loss and other carryforwards
99

 
—

 
92

 
—

Other
84

 
231

 
98

 
193

 
$
480

 
$
2,746

 
$
420

 
$
2,440

Valuation allowance
$
(86
)
 

 
$
(79
)
 

Net deferred tax liability
 
 
$
2,352

 
 
 
$
2,099


At September 28, 2019, our gross state tax net operating loss carryforwards approximated $691 million and expire in fiscal years 2020 through 2039. Gross foreign net operating loss carryforwards approximated $98 million, of which $65 million expire in fiscal years 2020 through 2031, and the remainder has no expiration. We also have tax credit carryforwards of approximately $42 million, of which $38 million expire in fiscal years 2020 through 2033, and the remainder has no expiration.
We have accumulated undistributed earnings of foreign subsidiaries aggregating approximately $252 million and $210 million at September 28, 2019, and September 29, 2018, respectively. The Tax Act generally eliminates U.S. federal income taxes on dividends from foreign subsidiaries after December 31, 2017. As a result, our intention is that excess cash held by our foreign subsidiaries that is not subject to regulatory restrictions will be repatriated net of applicable withholding taxes which are expected to be immaterial. The remainder of accumulated undistributed earnings are expected to be indefinitely reinvested outside of the United States. If these earnings were distributed in the form of dividends or otherwise, we could be subject to state income taxes and withholding taxes payable to various foreign countries. Due to the uncertainty of the manner in which the undistributed earnings would be brought back to the United States and the tax laws in effect at that time, it is not currently practicable to estimate the tax liability that might be payable on the repatriation of these foreign earnings; however, we do not expect any tax due to be material.
The following table summarizes the activity related to our gross unrecognized tax benefits at September 28, 2019, September 29, 2018, and September 30, 2017:
 
 
 
 
 
in millions

 
2019

 
2018

 
2017

Balance as of the beginning of the year
$
308

 
$
316

 
$
305

Increases related to current year tax positions
20

 
19

 
38

Increases related to prior year tax positions
21

 
8

 
5

Increase related to AdvancePierre acquisition
—

 
—

 
9

Reductions related to prior year tax positions
(17
)
 
(18
)
 
(27
)
Reductions related to settlements
(9
)
 
(8
)
 
(4
)
Reductions related to expirations of statutes of limitations
(154
)
 
(9
)
 
(10
)
Balance as of the end of the year
$
169

 
$
308

 
$
316


The amount of unrecognized tax benefits, if recognized, that would impact our effective tax rate was $116 million at September 28, 2019 and $216 million at September 29, 2018. We classify interest and penalties on unrecognized tax benefits as income tax expense. At September 28, 2019, and September 29, 2018, before tax benefits, we had $46 million and $73 million, respectively, of accrued interest and penalties on unrecognized tax benefits.
As of September 28, 2019, certain United States federal income tax returns are subject to examination for fiscal years 2013 through 2018. We are also subject to income tax examinations by major state and foreign jurisdictions for fiscal years 2012 through 2018 and 2002 through 2018, respectively. We do not expect material changes to our unrecognized tax benefits during the next twelve months.
v3.19.3
Debt
 12 Months Ended
Sep. 28, 2019
Debt Instruments [Abstract]  
Debt DEBT
The following table reflects major components of debt as of September 28, 2019, and September 29, 2018:
 
 
 
in millions

 
2019

 
2018

Revolving credit facility
$
70

 
$
—

Commercial Paper
1,000

 
605

Senior notes:
 
 
 
Notes due May 2019 ("2019 Notes")
—

 
300

Notes due August 2019 ("2019 Notes")
—

 
1,000

Notes due June 2020 (2.68% at 09/28/2019)
350

 
350

Notes due August 2020 (2.60% at 09/28/2019)
400

 
400

4.10% Notes due September 2020
280

 
281

2.25% Notes due August 2021
500

 
500

4.50% Senior notes due June 2022
1,000

 
1,000

3.90% Notes due September 2023
400

 
400

3.95% Notes due August 2024
1,250

 
1,250

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

 
—

3.55% Notes due June 2027
1,350

 
1,350

7.00% Notes due January 2028
18

 
18

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

 
—

6.13% Notes due November 2032
161

 
161

4.88% Notes due August 2034
500

 
500

5.15% Notes due August 2044
500

 
500

4.55% Notes due June 2047
750

 
750

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

 
500

Discount on senior notes
(48
)
 
(15
)
Other
216

 
73

Unamortized debt issuance costs
(65
)
 
(50
)
Total debt
11,932

 
9,873

Less current debt
2,102

 
1,911

Total long-term debt
$
9,830

 
$
7,962

Annual maturities of debt for the five fiscal years subsequent to September 28, 2019 are: 2020 - $2,104 million; 2021 - $535 million; 2022 - $1,033 million; 2023 - $493 million; 2024 - $1,266 million.
Revolving Credit Facility and Letters of Credit
We have a $1.75 billion revolving credit facility that supports short-term funding needs and serves as a backstop to our commercial paper program. This facility will mature and the commitments thereunder will terminate in March 2023. Amounts available for borrowing under this facility totaled $1.68 billion at September 28, 2019, before deducting amounts to backstop our commercial paper program. At September 28, 2019, we had $70 million in borrowings and no outstanding letters of credit issued under this facility. At September 28, 2019 we had $99 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of leasing obligations and workers’ compensation insurance programs and other legal obligations.
If in the future any of our subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall be required to guarantee the indebtedness, obligations and liabilities under this facility.
Commercial Paper Program
We have a commercial paper program under which we may issue unsecured short-term promissory notes ("commercial paper") up to an aggregate maximum principal amount of $1 billion as of September 28, 2019. As of September 28, 2019, we had $1 billion of commercial paper outstanding at a weighted average interest rate of 2.24% with maturities of less than 25 days.
2019 Notes
During fiscal 2019, we extinguished the $300 million outstanding balance of the Senior Notes due May 2019 and the $1 billion outstanding balance of the Senior Notes due August 2019 using cash on hand and other liquidity sources.
364-Day Term Loan
In November 2018, as part of the financing for the Keystone Foods acquisition, we borrowed $1.8 billion under an unsecured term loan facility, which was due November 2019. The interest rate was set based on the selected LIBOR interest period plus 1.125%. In the second quarter of fiscal 2019, we extinguished the $1.8 billion outstanding balance using funds borrowed under the 2026 and 2029 Notes and funds borrowed under the reopening of the 2048 Notes.
2026/2029/2048 Notes
In February 2019, we issued senior unsecured notes with an aggregate principal amount of $1.8 billion, consisting of $800 million due March 2026 and $1 billion due March 2029. Additionally, we reopened the 2048 Notes issuing an additional $1 billion, bringing the aggregate principal amount outstanding on the 2048 Notes to $1.5 billion. The net proceeds from the issuances were used to repay amounts outstanding under the 364-Day Term Loan Agreement and commercial paper obligations and to fund the acquisition of the Thai and European operations. The 2026 Notes carry a fixed interest rate of 4.00% and the 2029 Notes carry a fixed interest rate of 4.35%. Interest payments on the 2026 and 2029 Notes are due semi-annually on March 1 and September 1. After the original issue discounts of $36 million, we received net proceeds of $2,764 million and incurred debt issuance costs of $26 million related to the issuances.
Debt Covenants
Our revolving credit facility contains affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; make acquisitions and investments; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain minimum interest expense coverage and maximum debt-to-capitalization ratios.
Our senior notes also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets.
We were in compliance with all debt covenants at September 28, 2019.
v3.19.3
Equity
 12 Months Ended
Sep. 28, 2019
Equity [Abstract]  
Equity EQUITY
Capital Stock
We have two classes of capital stock, Class A Common stock, $0.10 par value ("Class A stock") and Class B Common Stock, $0.10 par value ("Class B stock"). Holders of Class B stock may convert such stock into Class A stock on a share-for-share basis. Holders of Class B stock are entitled to 10 votes per share, while holders of Class A stock are entitled to one vote per share on matters submitted to shareholders for approval. As of September 28, 2019, Tyson Limited Partnership (the "TLP") owned 99.985% of the outstanding shares of Class B stock and the TLP and members of the Tyson family owned, in the aggregate, 2.15% of the outstanding shares of Class A stock, giving them, collectively, control of approximately 70.97% of the total voting power of the outstanding voting stock.
The Class B stock is considered a participating security requiring the use of the two-class method for the computation of basic earnings per share. The two-class computation method for each period reflects the cash dividends paid for each class of stock, plus the amount of allocated undistributed earnings (losses) computed using the participation percentage, which reflects the dividend rights of each class of stock. Basic earnings per share were computed using the two-class method for all periods presented. The shares of Class B stock are considered to be participating convertible securities since the shares of Class B stock are convertible on a share-for-share basis into shares of Class A stock. Diluted earnings per share were computed assuming the conversion of the Class B shares into Class A shares as of the beginning of each period.
Dividends
Cash dividends cannot be paid to holders of Class B stock unless they are simultaneously paid to holders of Class A stock. The per share amount of the cash dividend paid to holders of Class B stock cannot exceed 90% of the cash dividend simultaneously paid to holders of Class A stock. We pay quarterly cash dividends to Class A and Class B shareholders. We paid Class A dividends per share of $1.50, $1.20, and $0.90 in fiscal 2019, 2018, and 2017, respectively. We paid Class B dividends per share of $1.35, $1.08, and $0.81 in fiscal 2019, 2018, and 2017, respectively. Effective November 11, 2019, the Board of Directors increased the quarterly dividend previously declared on August 8, 2019, to $0.42 per share on our Class A stock and $0.378 per share on our Class B stock. The increased quarterly dividend is payable on December 13, 2019, to shareholders of record at the close of business on November 29, 2019.
Share Repurchases
As of September 28, 2019, 20.7 million shares remained available for repurchase under the Company's share repurchase program. The program has no fixed or scheduled termination date and the timing and extent to which we repurchase shares will depend upon, among other things, our working capital needs, markets, industry conditions, liquidity targets, limitations under our debt obligations and regulatory requirements. In addition to the share repurchase program, we purchase shares on the open market to fund certain obligations under our equity compensation plans.
A summary of cumulative share repurchases of our Class A stock for fiscal 2019, 2018 and 2017 is as follows:
 
 
 
 
 
 
 
 
 
 
in millions
 
 
 
September 28, 2019
 
September 29, 2018
 
September 30, 2017
 
 
Shares
 
Dollars
 
Shares
 
Dollars
 
Shares
 
Dollars
Shares repurchased:
 
 
 
 
 
 
 
 
 
 
 
 
Under share repurchase program
 
2.3

 
$
150

 
4.9

 
$
350

 
12.5

 
$
797

To fund certain obligations under equity compensation plans
 
1.4

 
102

 
1.0

 
77

 
1.0

 
63

Total share repurchases
 
3.7

 
$
252

 
5.9

 
$
427

 
13.5

 
$
860
v3.19.3
Other Income And Charges
 12 Months Ended
Sep. 28, 2019
Other Income and Expenses [Abstract]  
Other Income And Charges OTHER INCOME AND CHARGES
During fiscal 2019, we recognized $48 million of net periodic pension and postretirement benefit cost, excluding the service cost component, and pension plan settlements which were recorded in the Consolidated Statements of Income in Other, net. We recognized $20 million of equity earnings in joint ventures which was also recorded in the Consolidated Statements of Income in Other, net. Additionally, we sold an investment for $79 million in net proceeds resulting in a pretax gain of $55 million, which was recorded in the Consolidated Statements of Income in Other, net.
During fiscal 2018, we recognized a one-time cash bonus to our hourly frontline employees of $109 million using incremental cash savings from the Tax Act, which was predominantly recorded in the Consolidated Statements of Income in Cost of Sales. Additionally, we recorded $11 million of insurance proceeds, $21 million of equity earnings in joint ventures and $1 million in net foreign currency exchange gains, which were recognized in the Consolidated Statements of Income in Other, net.
During fiscal 2017, we recorded $28 million of legal costs related to two former subsidiaries of Hillshire Brands, which were sold by Hillshire Brands in 1986 and 1994, $18 million of acquisition bridge financing fees related to the AdvancePierre acquisition and $19 million of equity earnings in joint ventures, which were recorded in the Consolidated Statements of Income in Other, net.
During fiscal 2017, we recorded a $52 million impairment charge related to our San Diego Prepared Foods operation. The impairment was comprised of $43 million of property, plant and equipment, $8 million of definite lived intangible assets and $1 million of other assets. This charge, of which $44 million was included in the Consolidated Statements of Income in Cost of Sales and $8 million was included in the Consolidated Statements of Income in Selling, General and Administrative, was triggered by a change in a co-manufacturing contract and ongoing losses.
Additionally, in accordance with recently adopted accounting guidance, we have retrospectively recognized $23 million and $10 million of net periodic pension and postretirement benefit credit, excluding the service cost component, for fiscal 2018 and fiscal 2017, respectively, and recorded the amounts in the Consolidated Condensed Statements of Income in Other, net.
v3.19.3
Earnings Per Share
 12 Months Ended
Sep. 28, 2019
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
The earnings and weighted average common shares used in the computation of basic and diluted earnings per share are as follows:
 
in millions, except per share data
 
 
2019

 
2018

 
2017

Numerator:
 
 
 
 
 
Net income
$
2,035

 
$
3,027

 
$
1,778

Less: Net income attributable to noncontrolling interests
13

 
3

 
4

Net income attributable to Tyson
2,022

 
3,024

 
1,774

Less dividends declared:
 
 
 
 
 
Class A
465

 
378

 
285

Class B
99

 
80

 
61

Undistributed earnings
$
1,458

 
$
2,566

 
$
1,428

 
 
 
 
 
 
Class A undistributed earnings
$
1,200

 
$
2,115

 
$
1,177

Class B undistributed earnings
258

 
451

 
251

Total undistributed earnings
$
1,458

 
$
2,566

 
$
1,428

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

 
295

 
296

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

 
70

 
70

Effect of dilutive securities:
 
 
 
 
 
Stock options and restricted stock
3

 
4

 
4

Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions
366

 
369

 
370

 
 
 
 
 
 
Net Income Per Share Attributable to Tyson:
 
 
 
 
 
Class A Basic
$
5.67

 
$
8.44

 
$
4.94

Class B Basic
$
5.10

 
$
7.59

 
$
4.45

Diluted
$
5.52

 
$
8.19

 
$
4.79

Dividends Declared Per Share:
 
 
 
 
 
Class A
$
1.575

 
$
1.275

 
$
0.975

Class B
$
1.418

 
$
1.148

 
$
0.878


Approximately 1 million of our stock-based compensation shares were antidilutive for each of fiscal 2019, 2018 and 2017. These shares were not included in the dilutive earnings per share calculation.
We have two classes of capital stock, Class A stock and Class B stock. Cash dividends cannot be paid to holders of Class B stock unless they are simultaneously paid to holders of Class A stock. The per share amount of cash dividends paid to holders of Class B stock cannot exceed 90% of the cash dividends paid to holders of Class A stock.
We allocate undistributed earnings based upon a 1 to 0.9 ratio per share to Class A stock and Class B stock, respectively. We allocate undistributed earnings based on this ratio due to historical dividend patterns, voting control of Class B shareholders and contractual limitations of dividends to Class B stock.
v3.19.3
Derivative Financial Instruments
 12 Months Ended
Sep. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments DERIVATIVE FINANCIAL INSTRUMENTS
Our business operations give rise to certain market risk exposures mostly due to changes in commodity prices, foreign currency exchange rates and interest rates. We manage a portion of these risks through the use of derivative financial instruments to reduce our exposure to commodity price risk, foreign currency risk and interest rate risk. Our risk management programs are periodically reviewed by our Board of Directors' Audit Committee. These programs are monitored by senior management and may be revised as market conditions dictate. Our current risk management programs utilize industry-standard models that take into account the implicit cost of hedging. Risks associated with our market risks and those created by derivative instruments and the fair values are strictly monitored, using value-at-risk and stress tests. Credit risks associated with our derivative contracts are not significant as we minimize counterparty concentrations, utilize margin accounts or letters of credit, and deal with credit-worthy counterparties. Additionally, our derivative contracts are mostly short-term in duration and we generally do not make use of credit-risk-related contingent features. No significant concentrations of credit risk existed at September 28, 2019.
We had the following aggregated outstanding notional amounts related to our derivative financial instruments:
 
 
 
 
in millions, except soy meal tons
 
 
 
Metric
 
September 28, 2019

 
September 29, 2018

Commodity:
 
 
 
 
 
 
Corn
 
Bushels
 
111

 
112

Soy Meal
 
Tons
 
1,078,800

 
651,700

Live Cattle
 
Pounds
 
14

 
105

Lean Hogs
 
Pounds
 
309

 
39

Foreign Currency
 
United States dollar
 
$
148

 
$
89

Interest Rate Swaps
 
Average monthly debt
 
$
400

 
$
400


We recognize all derivative instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets, with the exception of normal purchases and normal sales expected to result in physical delivery. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument based upon the exposure being hedged (i.e., cash flow hedge or fair value hedge). We designate certain forward contracts as follows:
•
Cash Flow Hedges – include certain commodity forward and option contracts of forecasted purchases (i.e., grains), interest rate swaps and locks, and certain foreign exchange forward contracts.
•
Fair Value Hedges – include certain commodity forward contracts of firm commitments (i.e., 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 during fiscal 2019, 2018 and 2017. As of September 28, 2019, we have net pretax losses of $8 million for our commodity contracts, and $3 million pretax losses related to our interest swaps, which are expected to be reclassified into earnings within the next 12 months. Additionally, we incurred $19 million of realized losses related to treasury rate locks in connection with the issuance of the 2026, 2029 and 2048 Notes, which will be reclassified to earnings over the lives of these notes. During fiscal 2019, 2018 and 2017, we did not reclassify significant pretax gains or losses into earnings as a result of the discontinuance of cash flow hedges.
The following table sets forth the pretax impact of cash flow hedge derivative instruments in the Consolidated Statements of Income:
 
 
 
 
 
 
 
 
 
 
 
in millions
 
 
Gain (Loss)
Recognized in OCI
on Derivatives
 
 
Consolidated
Statements of Income
Classification
 
Gain (Loss)
Reclassified from
OCI to Earnings
 
 
2019

 
2018

 
2017

 
 
 
2019

 
2018

 
2017

Cash Flow Hedge – Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
$
(15
)
 
$
(21
)
 
$
(3
)
 
Cost of Sales
 
$
(18
)
 
$
(12
)
 
$
(4
)
Interest rate hedges
(24
)
 
1

 
—

 
Interest expense
 
(1
)
 
—

 
—

Total
$
(39
)
 
$
(20
)
 
$
(3
)
 
 
 
$
(19
)
 
$
(12
)
 
$
(4
)

Fair value hedges
We designate certain derivative contracts as fair value hedges of firm commitments to purchase livestock for harvest. Our objective of these hedges is to minimize the risk of changes in fair value created by fluctuations in commodity prices associated with fixed price livestock firm commitments. For these derivative instruments we designate and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in earnings in the same period. We include the gain or loss on the hedged items (i.e., livestock purchase firm commitments) in the same line item, Cost of Sales, as the offsetting gain or loss on the related livestock forward position.
 
 
in millions
 
 
 
Consolidated
Statements of Income
Classification
 
2019

 
2018

 
2017

Gain (Loss) on forwards
 
Cost of Sales
 
$
42

 
$
12

 
$
(20
)
Gain (Loss) on purchase contract
 
Cost of Sales
 
(42
)
 
(12
)
 
20


Ineffectiveness related to our fair value hedges was not significant during fiscal 2019, 2018 and 2017.
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.
The following table sets forth the pretax impact of the undesignated derivative instruments in the Consolidated Statements of Income:
 
 
 
 
 
 
in millions
 
 
 
Consolidated
Statements of Income
Classification
 
Gain (Loss)
Recognized
in Earnings
 
 
 
 
 
2019

 
2018

 
2017

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Commodity contracts
 
Sales
 
$
(23
)
 
$
18

 
$
111

Commodity contracts
 
Cost of Sales
 
2

 
(33
)
 
(95
)
Foreign exchange contracts
 
Other Income/Expense
 
8

 
(3
)
 
—

Total
 
 
 
$
(13
)
 
$
(18
)
 
$
16


The fair value of all outstanding derivative instruments in the Consolidated Balance Sheets are included in Note 13: Fair Value Measurements.
v3.19.3
Fair Value Measurements
 12 Months Ended
Sep. 28, 2019
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

September 28, 2019
Level 1

 
Level 2

 
Level 3

 
Netting (a)

 
Total

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

 
$
26

 
$
—

 
$
(3
)
 
$
23

Undesignated
—

 
58

 
—

 
(5
)
 
53

Available for sale securities:
 
 
 
 
 
 
 
 
 
Current
—

 
—

 
1

 
—

 
1

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

 
51

 
51

 
—

 
102

Deferred compensation assets
7

 
311

 
—

 
—

 
318

Total assets
$
7

 
$
446

 
$
52

 
$
(8
)
 
$
497

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

 
$
17

 
$
—

 
$
(13
)
 
$
4

Undesignated
—

 
93

 
—

 
(90
)
 
3

Total liabilities
$
—

 
$
110

 
$
—

 
$
(103
)
 
$
7

 
 
 
 
 
 
 
 
 
 
September 29, 2018
Level 1

 
Level 2

 
Level 3

 
Netting (a)

 
Total

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

 
$
2

 
$
—

 
$
(1
)
 
$
1

Undesignated
—

 
44

 
—

 
(19
)
 
25

Available for sale securities:
 
 
 
 
 
 
 
 
 
Current
—

 
1

 
—

 
—

 
1

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

 
46

 
51

 
—

 
97

Deferred Compensation assets
21

 
295

 
—

 
—

 
316

Total assets
$
21

 
$
388

 
$
51

 
$
(20
)
 
$
440

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

 
$
8

 
$
—

 
$
(8
)
 
$
—

Undesignated
—

 
35

 
—

 
(30
)
 
5

Total liabilities
$
—

 
$
43

 
$
—

 
$
(38
)
 
$
5

(a)
Our derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. Additionally, at September 28, 2019, and September 29, 2018, we had $95 million and $18 million, respectively, of net cash collateral posted with various counterparties where master netting arrangements exist and held no cash collateral.
The following table provides a reconciliation between the beginning and ending balance of marketable debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3):
 
 
 
in millions

 
September 28, 2019

 
September 29, 2018

Balance at beginning of year
$
51

 
$
51

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

 
—

Included in other comprehensive income (loss)
1

 
(1
)
Purchases
20

 
20

Issuances
—

 
—

Settlements
(20
)
 
(19
)
Balance at end of year
$
52

 
$
51

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

 
$
—


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 12: Derivative Financial Instruments. We record our derivative financial instruments at fair value using quoted market prices, adjusted where necessary for credit and non-performance risk and internal models that use readily observable market inputs as their basis, including current and forward market prices and rates. We classify these instruments in Level 2 when quoted market prices can be corroborated utilizing observable current and forward commodity market prices on active exchanges or observable market transactions.
Available for Sale Securities: Our investments in marketable debt securities are classified as available-for-sale and are reported at fair value based on pricing models and quoted market prices adjusted for credit and non-performance risk. Short-term investments with maturities of less than 12 months are included in Other current assets in the Consolidated Balance Sheets and primarily include certificates of deposit and commercial paper. All other marketable debt securities are included in Other Assets in the Consolidated Balance Sheets and have maturities ranging up to 41 years. We classify our investments in U.S. government, U.S. agency, certificates of deposit and commercial paper debt securities as Level 2 as fair value is generally estimated using discounted cash flow models that are primarily industry-standard models that consider various assumptions, including time value and yield curve as well as other readily available relevant economic measures. We classify certain corporate, asset-backed and other debt securities as Level 3 as there is limited activity or less observable inputs into valuation models, including current interest rates and estimated prepayment, default and recovery rates on the underlying portfolio or structured investment vehicle. Significant changes to assumptions or unobservable inputs in the valuation of our Level 3 instruments would not have a significant impact to our consolidated financial statements.
The following table sets forth our available-for-sale securities' amortized cost basis, fair value and unrealized gain (loss) by significant investment category:
 
 
 
 
 
 
 
 
 
in millions
 
 
September 28, 2019
 
September 29, 2018
 
Amortized
Cost Basis

 
Fair
Value

 
Unrealized
Gain/(Loss)

 
Amortized
Cost Basis

 
Fair
Value

 
Unrealized
Gain/(Loss)

Available for Sale Securities:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities:
 
 
 
 
 
 
 
 
 
 
 
United States Treasury and Agency
$
51

 
$
51

 
$
—

 
$
48

 
$
47

 
$
(1
)
Corporate and Asset-Backed
51

 
52

 
1

 
52

 
51

 
(1
)
 
Unrealized holding gains (losses), net of tax, are excluded from earnings and reported in OCI until the security is settled or sold. On a quarterly basis, we evaluate whether losses related to our available-for-sale securities are temporary in nature. Losses on equity securities are recognized in earnings if the decline in value is judged to be other than temporary. If losses related to our debt securities are determined to be other than temporary, the loss would be recognized in earnings if we intend, or more likely than not will be required, to sell the security prior to recovery.
For debt securities in which we have the intent and ability to hold until maturity, losses determined to be other than temporary would remain in OCI, other than expected credit losses which are recognized in earnings. We consider many factors in determining whether a loss is temporary, including the length of time and extent to which the fair value has been below cost, the financial condition and near-term prospects of the issuer and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. We recognized no other than temporary impairment in earnings for fiscal 2019 and fiscal 2018. No other than temporary losses were deferred in OCI as of September 28, 2019, and September 29, 2018.
Deferred Compensation Assets: We maintain non-qualified deferred compensation plans for certain executives and other highly compensated employees. Investments are generally maintained within a trust and include money market funds, mutual funds and life insurance policies. The cash surrender value of the life insurance policies is invested primarily in mutual funds. The investments are recorded at fair value based on quoted market prices and are included in Other Assets in the Consolidated Balance Sheets. We classify the investments which have observable market prices in active markets in Level 1 as these are generally publicly-traded mutual funds. The remaining deferred compensation assets are classified in Level 2, as fair value can be corroborated based on observable market data. Realized and unrealized gains (losses) on deferred compensation are included in earnings.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges.
In fiscal 2019, we recorded a $41 million impairment charge related to a Prepared Foods business held for sale, due to our estimate of the business' fair value based on current expected net sales proceeds. The impairment charge was recorded in Cost of Sales in our Consolidated Statement of Income for fiscal 2019. Our valuation included unobservable Level 3 inputs and was based on expected sales proceeds from a competitive bidding process and ongoing discussions with potential buyers.
In fiscal 2018, we recorded $101 million of impairment charges related to the expected sale of non-protein businesses held for sale, due to revised estimates of the businesses' fair value based on current expected net sales proceeds at the time of the impairment. These charges were recorded in Cost of Sales in our Consolidated Statement of Income, and primarily consisted of Goodwill previously classified within Assets held for sale. Our valuation included unobservable Level 3 inputs and was based on expected sales proceeds from a competitive bidding process and ongoing discussions with potential buyers.
In the fourth quarter of fiscal 2017, we recorded an impairment charge totaling $45 million, related to one of the non-protein businesses held for sale, due to a revised estimate of the business’ fair value based on current expected net sales proceeds. The impairment charge was recorded in Cost of Sales in our Consolidated Statement of Income for fiscal 2017, and consisted of Goodwill and Intangible Assets previously classified within Assets held for sale. Our valuation included unobservable Level 3 inputs and was based on expected sales proceeds following a competitive bidding process.
In the second quarter of fiscal 2017, we recorded a $52 million impairment charge related to our San Diego Prepared Foods operation. The impairment was comprised of $43 million of property, plant and equipment, $8 million of definite lived intangibles assets and $1 million of other assets. This charge, of which $44 million was included in the Consolidated Statements of Income in Cost of Sales and $8 million was included in the Consolidated Statements of Income in Selling, General and Administrative, was triggered by a change in a co-manufacturing contract and ongoing losses. Our valuation of these assets was primarily based on discounted cash flows and relief-from-royalty models, which included unobservable Level 3 inputs.
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
 
 
September 28, 2019
 
September 29, 2018
 
Fair
Value

 
Carrying
Value

 
Fair
Value

 
Carrying
Value

Total Debt
$
12,978

 
$
11,932

 
$
9,775

 
$
9,873


Concentrations of Credit Risk
Our financial instruments exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Our cash equivalents are in high quality securities placed with major banks and financial institutions. Concentrations of credit risk with respect to receivables are limited due to the large number of customers and their dispersion across geographic areas. We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral. At September 28, 2019, and September 29, 2018, 16.2% and 18.6%, respectively, of our net accounts receivable balance was due from Walmart Inc. No other single customer or customer group represented greater than 10% of net accounts receivable.
v3.19.3
Stock-Based Compensation
 12 Months Ended
Sep. 28, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
We issue shares under our stock-based compensation plans by issuing Class A stock from treasury. The total number of shares available for future grant under the Tyson Foods, Inc. 2000 Stock Incentive Plan ("Incentive Plan") was 12,952,617 at September 28, 2019.
Stock Options
Shareholders approved the Incentive Plan in January 2001. The Incentive Plan is administered by the Compensation and Leadership Development Committee of the Board of Directors ("Compensation Committee"). The Incentive Plan includes provisions for granting incentive stock options for shares of Class A stock at a price not less than the fair value at the date of grant. Nonqualified stock options may be granted at a price equal to or more than the fair value of Class A stock on the date the option is granted. Stock options under the Incentive Plan generally become exercisable ratably over three years from the date of grant and must be exercised within 10 years from the date of grant. Our policy is to recognize compensation expense on a straight-line basis over the requisite service period for the entire award. Forfeitures are recognized as they occur.
 
Shares Under
Option

 
Weighted
Average Exercise
Price Per Share

 
Weighted Average Remaining Contractual Life (in Years)
 
Aggregate
Intrinsic Value
(in millions)

Outstanding, September 29, 2018
5,994,148

 
$
48.37

 
 
 
 
Exercised
(2,345,001
)
 
43.27

 
 
 
 
Forfeited or expired
(152,650
)
 
63.04

 
 
 
 
Granted
1,866,175

 
59.42

 
 
 
 
Outstanding, September 28, 2019
5,362,672

 
54.03

 
7.0
 
$
167

 
 
 
 
 
 
 
 
Exercisable, September 28, 2019
2,656,960

 
$
44.14

 
5.3
 
$
109


We generally grant stock options once a year. The weighted average grant-date fair value of options granted in fiscal 2019, 2018 and 2017 was $11.35, $18.31 and $13.42, respectively. The fair value of each option grant is established on the date of grant using a binomial lattice method. We use historical volatility for a period of time comparable to the expected life of the option to determine volatility assumptions. Expected life is calculated based on the contractual term of each grant and takes into account the historical exercise and termination behavior of participants. Risk-free interest rates are based on the five-year Treasury bond rate. In fiscal 2018, an additional grant was awarded for two executive officers who joined the Company subsequent to the initial annual grant. Accordingly, the assumptions below for fiscal 2018 are calculated using the weighted average amounts for the two fiscal 2018 grants. Assumptions as of the grant date used in the fair value calculation of each year’s grants are outlined in the following table.
 
2019

 
2018

 
2017

Expected life (in years)
4.3

 
5.9

 
5.4

Risk-free interest rate
2.8
%
 
2.1
%
 
1.8
%
Expected volatility
25.4
%
 
23.5
%
 
24.7
%
Expected dividend yield
2.5
%
 
1.5
%
 
1.3% - 1.4%


We recognized stock-based compensation expense related to stock options, net of income taxes, of $16 million, $13 million and $22 million for fiscal 2019, 2018 and 2017, respectively. The related tax benefit for fiscal 2019, 2018 and 2017 was $3 million, $6 million and $14 million, respectively. We had 1.2 million, 2.2 million and 4.1 million options vest in fiscal 2019, 2018 and 2017, respectively, with a grant date fair value of $18 million, $27 million and $47 million, respectively.
In fiscal 2019, 2018 and 2017, we received cash of $99 million, $102 million and $154 million, respectively, for the exercise of stock options. Shares are issued from treasury for stock option exercises. The related tax benefit realized from stock options exercised during fiscal 2019, 2018 and 2017, was $21 million, $30 million and $65 million, respectively. The total intrinsic value of options exercised in fiscal 2019, 2018 and 2017, was $79 million, $103 million and $164 million, respectively. Cash flows resulting from tax deductions in excess of the compensation cost of those options (excess tax deductions) are classified as financing cash flows. We realized $14 million, $20 million and $42 million related to excess tax deductions during fiscal 2019, 2018 and 2017, respectively.
As of September 28, 2019, we had $18 million of total unrecognized compensation cost related to stock option plans that will be recognized over a weighted average period of 1.5 years.
Restricted Stock
We issue restricted stock at the market value as of the date of grant, with restrictions expiring over periods through fiscal 2022. Unearned compensation is recognized over the vesting period for the particular grant using a straight-line method.
 
Number of Shares

 
Weighted
Average Grant-
Date Fair Value
Per Share

 
Weighted Average
Remaining
Contractual Life
(in Years)
 
Aggregate
Intrinsic Value
(in millions)

Nonvested, September 29, 2018
1,499,976

 
$
62.68

 
 
 
 
Granted
779,497

 
60.59

 
 
 
 
Dividends
36,077

 
64.39

 
 
 
 
Vested
(540,075
)
 
53.60

 
 
 
 
Forfeited
(113,397
)
 
64.63

 
 
 
 
Nonvested, September 28, 2019
1,662,078

 
$
64.55

 
1.4
 
$
142


As of September 28, 2019, we had $46 million of total unrecognized compensation cost related to restricted stock awards that will be recognized over a weighted average period of 1.9 years.
We recognized stock-based compensation expense related to restricted stock, net of income taxes, of $26 million, $22 million and $18 million for fiscal 2019, 2018 and 2017, respectively. The related tax benefit for fiscal 2019, 2018 and 2017 was $8 million, $9 million and $11 million, respectively. We had 0.5 million, 0.6 million and 0.5 million restricted stock awards vest in fiscal 2019, 2018 and 2017, respectively, with a grant date fair value of $29 million, $27 million and $19 million, respectively.
Performance-Based Shares
We award performance-based shares of our Class A stock to certain employees. These awards are typically granted once a year. Performance-based shares vest based upon the passage of time and the achievement of performance or market performance criteria, ranging from 0% to 200%, as determined by the Compensation Committee prior to the date of the award. Vesting periods for these awards are three years. We review progress toward the attainment of the performance criteria each quarter during the vesting period. When it is probable the minimum performance criteria for an award will be achieved, we begin recognizing the expense equal to the proportionate share of the total fair value of the Class A stock price on the grant date. The total expense recognized over the duration of performance awards will equal the Class A stock price on the date of grant multiplied by the number of shares ultimately awarded based on the level of attainment of the performance criteria. For grants with market performance criteria, the fair value is determined on the grant date and is calculated using the same inputs for expected volatility, expected dividend yield, and risk-free rate as stock options, noted above, with a duration of three years. The total expense recognized over the duration of the award will equal the fair value, regardless if the market performance criteria is met.
The following table summarizes the performance-based shares at the maximum award amounts based upon the respective performance share agreements. Actual shares that will vest depend on the level of attainment of the performance-based criteria.
 
Number of Shares

 
Weighted
Average Grant-
Date Fair Value
Per Share

 
Weighted Average
Remaining
Contractual Life
(in Years)
 
Aggregate
Intrinsic Value
(in millions)

Nonvested, September 29, 2018
2,196,299

 
$
47.99

 
 
 
 
Granted
858,676

 
45.12

 
 
 
 
Vested
(825,361
)
 
35.08

 
 
 
 
Forfeited
(202,555
)
 
52.67

 
 
 
 
Nonvested, September 28, 2019
2,027,059

 
$
51.03

 
1.0
 
$
173


We recognized stock-based compensation expense related to performance shares, net of income taxes, of $16 million, $12 million and $16 million for fiscal 2019, 2018 and 2017, respectively. The related tax benefit for fiscal 2019, 2018 and 2017 was $4 million, $5 million and $10 million, respectively. As of September 28, 2019, we had $26 million of total unrecognized compensation based upon our progress toward the attainment of criteria related to performance-based share awards that will be recognized over a weighted average period of 1.8 years.
v3.19.3
Pensions And Other Postretirement Benefits
 12 Months Ended
Sep. 28, 2019
Retirement Benefits, Description [Abstract]  
Pensions And Other Postretirement Benefits PENSIONS AND OTHER POSTRETIREMENT BENEFITS
At September 28, 2019, we had nine defined benefit pension plans consisting of five funded qualified plans, which are all frozen and noncontributory, and four unfunded non-qualified plans. The benefits provided under these plans are based on a formula using years of service and either a specified benefit rate or compensation level. The non-qualified defined benefit plans are for certain contracted officers and use a formula based on years of service and final average salary. We also have other postretirement benefit plans for which substantially all of our employees may receive benefits if they satisfy applicable eligibility criteria. The postretirement healthcare plans are contributory with participants’ contributions adjusted when deemed necessary.
We have defined contribution retirement programs for various groups of employees. We recognized expenses of $97 million, $84 million and $78 million in fiscal 2019, 2018 and 2017, respectively.
We use a fiscal year end measurement date for our defined benefit plans and other postretirement plans. We recognize the effect of actuarial gains and losses into earnings immediately for other postretirement plans rather than amortizing the effect over future periods. Other postretirement benefits include postretirement medical costs and life insurance.
During fiscal 2017, we issued a notice of intent to terminate two of our qualified pension plans with a termination date of April 30, 2017. The settlements of the terminated plans occurred during fiscal 2019, through purchased annuities, and we incurred a $19 million settlement charge at final liquidation.
During fiscal 2019, we issued a notice of intent to terminate three other qualified pension plans. The settlements of these plans are expected to occur in fiscal 2020, through purchased annuities. Since the amount of the settlements depends on a number of factors determined as of the liquidation date, including the annuity pricing, interest rates and investment performance, we are currently unable to determine the ultimate cost of the settlements. However, based on current market rates, we estimate that we will incur settlement gains at final liquidation in the range of approximately $40 million to $60 million. Contributions to purchase annuities at the time of settlement are expected to be in the range of approximately $10 million to $30 million based on current market conditions of each plan at September 28, 2019.
Benefit Obligations and Funded Status
The following table provides a reconciliation of the changes in the plans’ benefit obligations, assets and funded status at September 28, 2019, and September 29, 2018:
 
 
 
 
 
 
 
 
 
in millions
 
 
Pension Benefits
 
Other Postretirement
 
Qualified
 
Non-Qualified
 
Benefits
 
2019

 
2018

 
2019

 
2018

 
2019

 
2018

Change in benefit obligation
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
1,392

 
$
1,477

 
$
220

 
$
230

 
$
28

 
$
33

Service cost
—

 
—

 
1

 
7

 
2

 
1

Interest cost
56

 
55

 
9

 
8

 
1

 
1

Curtailment
—

 
—

 
—

 
(5
)
 
—

 
—

Plan amendments
—

 
—

 
—

 
5

 
4

 
—

Actuarial (gain)/loss
154

 
(60
)
 
17

 
(10
)
 
6

 
(5
)
Benefits paid
(77
)
 
(80
)
 
(12
)
 
(15
)
 
(4
)
 
(2
)
Business Acquisition
2

 
—

 
4

 
—

 
13

 
—

Plan Terminations
(49
)
 
—

 
—

 
—

 
—

 
—

Other
—

 
—

 
—

 
—

 
27

 
—

Benefit obligation at end of year
1,478

 
1,392

 
239

 
220

 
77

 
28

Change in plan assets
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
1,450

 
1,512

 
—

 
—

 
—

 
—

Actual return on plan assets
146

 
4

 
—

 
—

 
—

 
—

Employer contributions
1

 
14

 
12

 
15

 
4

 
2

Benefits paid
(77
)
 
(80
)
 
(12
)
 
(15
)
 
(4
)
 
(2
)
Business Acquisition
2

 
—

 
—

 
—

 
—

 
—

Plan Terminations
(45
)
 
—

 
—

 
—

 
—

 
—

Fair value of plan assets at end of year
1,477

 
1,450

 
—

 
—

 
—

 
—

Funded status
$
(1
)
 
$
58

 
$
(239
)
 
$
(220
)
 
$
(77
)
 
$
(28
)

Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
 
 
 
 
 
 
in millions
 
 
Pension Benefits
 
Other Postretirement
 
Qualified
 
Non-Qualified
 
Benefits
 
2019

 
2018

 
2019

 
2018

 
2019

 
2018

Other assets
$
16

 
$
61

 
$
—

 
$
—

 
$
—

 
$
—

Other current liabilities
—

 
(3
)
 
(12
)
 
(12
)
 
(3
)
 
(3
)
Other liabilities
(17
)
 
—

 
(227
)
 
(208
)
 
(74
)
 
(25
)
Total assets (liabilities)
$
(1
)
 
$
58

 
$
(239
)
 
$
(220
)
 
$
(77
)
 
$
(28
)

Amounts recognized in Accumulated Other Comprehensive Income consist of:
 
 
 
 
 
 
 
 
 
in millions
 
 
Pension Benefits
 
Other Postretirement
 
Qualified
 
Non-Qualified
 
Benefits
 
2019

 
2018

 
2019

 
2018

 
2019

 
2018

Accumulated other comprehensive (income)/loss:
 
 
 
 
 
 
 
 
 
 
 
   Actuarial (gain) loss
$
(53
)
 
$
(96
)
 
$
46

 
$
31

 
$
27

 
$
—

   Prior service (credit) cost
—

 
—

 
4

 
5

 
(42
)
 
(49
)
Total accumulated other comprehensive (income)/loss:
$
(53
)
 
$
(96
)
 
$
50

 
$
36

 
$
(15
)
 
$
(49
)

We had five pension plans at September 28, 2019, and September 29, 2018, that had an accumulated benefit obligation in excess of plan assets. Plans with accumulated benefit obligations in excess of plan assets are as follows:
 
 
 
 
 
in millions
 
 
Pension Benefits
 
Qualified
 
Non-Qualified
 
2019

 
2018

 
2019

 
2018

Projected benefit obligation
$
381

 
$
49

 
$
239

 
$
220

Accumulated benefit obligation
381

 
49

 
239

 
219

Fair value of plan assets
364

 
45

 
—

 
—


The accumulated benefit obligation for all qualified pension plans was $1,478 million and $1,392 million at September 28, 2019, and September 29, 2018, respectively.
Net Periodic Benefit Cost (Credit)
Components of net periodic benefit cost (credit) for pension and postretirement benefit plans recognized in the Consolidated Statements of Income are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
in millions
 
 
Pension Benefits
 
Other Postretirement
 
Qualified
 
Non-Qualified
 
Benefits
 
2019

 
2018

 
2017

 
2019

 
2018

 
2017

 
2019

 
2018

 
2017

Service cost
$
—

 
$
—

 
$
2

 
$
1

 
$
7

 
$
11

 
$
2

 
$
1

 
$
1

Interest cost
56

 
55

 
57

 
9

 
8

 
8

 
1

 
1

 
1

Expected return on plan assets
(57
)
 
(62
)
 
(59
)
 
—

 
—

 
—

 
—

 
—

 
—

Amortization of prior service cost
—

 
1

 
—

 
1

 
1

 
—

 
(2
)
 
(25
)
 
(25
)
Recognized actuarial loss (gain), net
(1
)
 
—

 
1

 
2

 
3

 
6

 
5

 
(5
)
 
(1
)
Recognized settlement loss (gain)
19

 
—

 
2

 
—

 
—

 
—

 
—

 
—

 
—

Net periodic benefit cost (credit)
$
17

 
$
(6
)
 
$
3

 
$
13

 
$
19

 
$
25

 
$
6

 
$
(28
)
 
$
(24
)

As of September 28, 2019, we expect no amounts to be reclassified into earnings within the next 12 months related to net periodic benefit cost (credit) for the qualified pension plans, excluding pending settlements. As of September 28, 2019, the amounts expected to be reclassified into earnings within the next 12 months related to net periodic benefit cost (credit) for the non-qualified pension plans and the other postretirement benefit plans are not significant.
Assumptions
Weighted average assumptions are as follows:
 
Pension Benefits
 
Other Postretirement
 
Qualified
 
Non-Qualified
 
Benefits
 
2019

 
2018

 
2017

 
2019

 
2018

 
2017

 
2019

 
2018

 
2017

Discount rate to determine net periodic benefit cost
4.26
%
 
3.85
%
 
3.72
%
 
4.31
%
 
3.88
%
 
3.77
%
 
3.99
%
 
3.39
%
 
3.09
%
Discount rate to determine benefit obligations
3.23
%
 
4.26
%
 
3.85
%
 
3.16
%
 
4.31
%
 
3.88
%
 
2.68
%
 
4.11
%
 
3.39
%
Rate of compensation increase
n/a

 
n/a

 
n/a

 
n/a

 
2.53
%
 
2.44
%
 
n/a

 
n/a

 
n/a

Expected return on plan assets
3.50
%
 
4.20
%
 
4.21
%
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a


To determine the expected return on plan assets assumption, we first examined historical rates of return for the various asset classes within the plans. We then determined a long-term projected rate-of-return based on expected returns.
Our discount rate assumptions used to account for pension and other postretirement benefit plans reflect the rates at which the benefit obligations could be effectively settled. The discount rates for two of our plans that are expected to settle in fiscal 2020 were determined using a composite rate comprised of an annuity purchase rate and a lump sum conversion discount rate based on the portions of the populations that are assumed to be purchased under the annuity contract with the insurance company versus those who will elect lump sums, respectively. The discount rates for our other plans were determined using a cash flow matching technique whereby the rates of a yield curve, developed from high-quality debt securities, were applied to the benefit obligations to determine the appropriate discount rate. For all periods presented, all pension and other postretirement benefit plans used the RP-2014 mortality tables.
We have eight other postretirement benefit plans, of which five are healthcare and life insurance related. Two of these plans, with benefit obligations totaling $17 million at September 28, 2019, were not impacted by healthcare cost trend rates as one consists of fixed annual payments and one is life insurance related. One of the healthcare plans, with benefit obligations less than $1 million at September 28, 2019, was not impacted by healthcare cost trend rates due to previous plan amendments. The remaining two plans, with benefit obligations totaling $11 million and $9 million, at September 28, 2019, utilized assumed healthcare cost trend rates of 7.3% and 7.0%, respectively. The healthcare cost trend rates will be grading down to an ultimate rate of 5% in 2026 and 4.5% in 2027. A one-percentage-point change in assumed health-care cost trend rates would not have a significant effect on the postretirement benefit obligation.
Plan Assets
The asset allocation for pension plan assets at September 28, 2019 was approximately 73% fixed income securities and approximately 27% cash. The increased allocation to cash is due to the intent to terminate these plans in the next year. The target asset allocation is 100% fixed income securities. Additionally, one of our foreign subsidiary pension plans had $31 million in plan assets held in an insurance trust at September 28, 2019. The plan trustees have established a set of investment objectives related to the assets of the domestic pension plans and regularly monitor the performance of the funds and portfolio managers. The 100% target asset allocation to fixed income securities is based upon the intent to terminate these plans.
Our domestic plan assets consist mainly of common collective trusts which are primarily comprised of fixed income funds and equity securities. Fixed income securities can include, but are not limited to, direct bond investments, and pooled or indirect bond investments. Derivative instruments may also be used in concert with either fixed income or equity investments to achieve desired exposure or to hedge certain risks. Derivative instruments can include, but are not limited to, futures, options, swaps or swaptions. Our domestic plan assets also include mutual funds. We believe there are no significant concentrations of risk within our plan assets as of September 28, 2019.
At September 28, 2019, 36% of plan assets were held in cash and cash equivalents (Level 1), 61% in corporate and municipal bonds (Level 2). The fair value of plan assets using Level 3 inputs was not significant at September 28, 2019. At September 29, 2018, 97% of plan assets were invested in common collective trusts measured at net asset value. The fair value of plan assets using Level 2 and Level 3 inputs was not significant at September 29, 2018.
Contributions
Our policy is to fund at least the minimum contribution required to meet applicable federal employee benefit and local tax laws. In our sole discretion, we may from time to time fund additional amounts. Expected contributions to pension plans for fiscal 2020 are approximately $33 million. For fiscal 2019, 2018 and 2017, we funded $13 million, $29 million and $53 million, respectively, to pension plans.
Estimated Future Benefit Payments
The following benefit payments are expected to be paid:
 
 
 
 
 
in millions

 
Pension Benefits
 
Other Postretirement
 
Qualified
 
Non-Qualified
 
Benefits
2020
$
1

 
$
12

 
$
4

2021
—

 
12

 
4

2022
1

 
13

 
4

2023
—

 
13

 
4

2024
2

 
13

 
4

2024-2028
4

 
66

 
14


The above benefit payments for other postretirement benefit plans are not expected to be offset by Medicare Part D subsidies in fiscal 2020.
The above 2020 benefit payments do not include anticipated accelerated payments for a plan termination within three of our qualified pension plans. The plan termination process for one of these plans began on October 1, 2018 and for the remaining two plans began on December 31, 2018. Full settlement is expected to occur in fiscal 2020.
Multi-Employer Plans
Additionally, we participate in three multi-employer plans that provide defined benefits to certain employees covered by collective bargaining agreements. Such plans are usually administered by a board of trustees composed of the management of the participating companies and labor representatives.
The risks of participating in multi-employer plans are different from single-employer plans. Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligation of the plan may be borne by the remaining participating employers. If we stop participating in a plan, we may be required to pay that plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.
The net pension cost of the plans is equal to the annual contributions determined in accordance with the provisions of negotiated labor contracts. Contributions to the plans were $2 million in fiscal 2019 and 2018. Assets contributed to such plans are not segregated or otherwise restricted to provide benefits only to our employees. The future cost of the plans is dependent on a number of factors including the funded status of the plans and the ability of the other participating companies to meet ongoing funding obligations.
Our participation in these multi-employer plans for fiscal 2019 is outlined below. The EIN/Pension Plan Number column provides the Employer Identification Number ("EIN") and the three-digit plan number. Unless otherwise noted, the most recent Pension Protection Act ("PPA") zone status available in fiscal 2019 and fiscal 2018 is for the plan's year beginning January 1, 2019, and 2018, respectively. The zone status is based on information that we have received from the plan and is certified by the plan's actuaries. Among other factors, plans in the red zone are generally less than 65 percent funded. Plans that are critical and declining status are projected to have an accumulated funding deficiency. The FIP/RP Status column indicates plans for which a financial improvement plan ("FIP") or rehabilitation plan ("RP") is either pending or has been implemented. The last column lists the expiration date of the collective-bargaining agreements to which the plan is subject. During fiscal 2019, as part of our acquisition of Keystone Foods, we acquired an interest in four multi-employer plans. Our interest in two of these plans was subsequently disposed of in conjunction with the divestiture of a chicken further processing facility acquired during the Keystone Foods acquisition. See Note 3: Acquisitions and Divestitures for additional information on these transactions. Additionally, during fiscal 2019, we initiated our withdrawal from the Retail, Wholesale and Department Store International Union and Industry Pension Fund ("RWDSU Fund"). As a result of our anticipated withdrawal from the RWDSU Fund, we recorded a $15 million termination liability.
In addition to regular contributions, we could be obligated to pay additional contributions (known as complete or partial withdrawal liabilities) if it has unfunded vested benefits.
 
 
 
PPA Zone Status
 
FIP/RP Status
 
Contributions (in millions)
 
Surcharge Imposed
 
 
Pension Fund Plan Name
EIN/Pension Plan Number
 
2019
 
2018
 
Implemented
2019
2018
2017
 
2019
 
Expiration Date of Collective Bargaining Agreement(a)
Bakery and Confectionery Union and Industry International Pension Fund
52-6118572/001
 
Red
 
Red
 
Nov 2012
 
$1
$2
$2
 
10%
 
2015-10-10
Pension Fund of Local 227 (b)
61-6054018/001
 
Green
 
n/a
 
n/a
 
$0.2
n/a
n/a
 
None
 
2019-11-09
Retail, Wholesale and Department Store International Union and Industry Pension Fund (c)
63-0708442/001
 
Red
 
n/a
 
Nov 2015
 
$0.5
n/a
n/a
 
9%
 
2021-11-07

(a)
Renewal negotiations for the Bakery and Confectionery Union and Industry International Pension Fund are in progress.
(b)
Contributions in fiscal 2019 exceeded 5% of plan contributions for the plan year ended October 31, 2018.
(c)
Contributions in fiscal 2019 exceeded 5% of plan contributions for the plan year ended December 31, 2018.
v3.19.3
Comprehensive Income (Loss)
 12 Months Ended
Sep. 28, 2019
Statement of Comprehensive Income [Abstract]  
Comprehensive Income (Loss) COMPREHENSIVE INCOME (LOSS)
The components of accumulated other comprehensive loss are as follows:
 
 
 
in millions

 
2019

 
2018(1)

Accumulated other comprehensive income (loss), net of taxes:
 
 
 
Unrealized net hedging loss
$
(24
)
 
$
(9
)
Unrealized net gain (loss) on investments
1

 
(1
)
Currency translation adjustment
(107
)
 
(84
)
Postretirement benefits reserve adjustments
13

 
79

Total accumulated other comprehensive income (loss)
$
(117
)
 
$
(15
)

(1) Includes reclass from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act, following adoption of the applicable new accounting standard in fiscal 2018.
The before and after tax changes in the components of other comprehensive income (loss) are as follows:
 
 
 
 
 
 
 
 
 
 
in millions
 
 
 
2019
 
2018
 
2017
 
 
Before Tax
Tax
After Tax
 
Before Tax
Tax
After Tax
 
Before Tax
Tax
After Tax
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives accounted for as cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
(Gain) loss reclassified to interest expense
 
$
1

$
—

$
1

 
$
—

$
—

$
—

 
$
—

$
—

$
—

(Gain) loss reclassified to cost of sales
 
18

(5
)
13

 
12

(4
)
8

 
4

(2
)
2

Unrealized gain (loss)
 
(39
)
10

(29
)
 
(20
)
5

(15
)
 
(3
)
1

(2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)
 
3

(1
)
2

 
(2
)
1

(1
)
 
(1
)
—

(1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency translation:
 
 
 
 
 
 
 
 
 
 
 
 
Translation adjustment
 
(23
)
—

(23
)
 
(38
)
2

(36
)
 
6

—

6

Translation loss reclassified to cost of sales
 
—

—

—

 
7

—

7

 
—

—

—

 
 
 
 
 
 
 
 
 
 
 
 
 
Postretirement benefits:
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)
 
(114
)
31

(83
)
 
(8
)
1

(7
)
 
91

(35
)
56

Pension settlement reclassified to other (income) expense
 
23

(6
)
17

 
—

—

—

 
—

—

—

Total other comprehensive income (loss)
 
$
(131
)
$
29

$
(102
)
 
$
(49
)
$
5

$
(44
)
 
$
97

$
(36
)
$
61
v3.19.3
Segment Reporting
 12 Months Ended
Sep. 28, 2019
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
We operate in four reportable segments: Beef, Pork, Chicken, and Prepared Foods. We measure segment profit as operating income (loss). International/Other primarily includes our foreign operations in Australia, China, South Korea, Malaysia, Mexico, the Netherlands, Thailand and the United Kingdom, third-party merger and integration costs and corporate overhead related to Tyson New Ventures, LLC.
Beef: Beef includes our operations related to processing live fed cattle and fabricating dressed beef carcasses into primal and sub-primal 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 allied products such as hides and variety meats, as well as logistics operations to move products through the supply chain.
Pork: Pork includes our operations related to processing live market hogs and fabricating pork carcasses into primal and sub-primal cuts and case-ready products. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes our live swine group, related allied product processing activities and logistics operations to move products through the supply chain.
Chicken: Chicken includes our domestic operations related to raising and processing live chickens into, and purchasing raw materials for fresh, frozen and value-added chicken products, as well as sales from allied products. Our value-added chicken products primarily include breaded chicken strips, nuggets, patties 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®, Gallo Salame®, and Golden Island®. Products primarily include ready-to-eat sandwiches, sandwich components such as flame-grilled hamburgers and Philly steaks, pepperoni, bacon, breakfast sausage, turkey, lunchmeat, hot dogs, flour and corn tortilla products, appetizers, snacks, prepared meals, ethnic foods, side dishes, meat dishes, breadsticks and processed meats. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities, the military and other food processors, as well as to international export markets.
We allocate expenses related to corporate activities to the segments, except for third-party merger and integration costs of $36 million, $26 million and $67 million in fiscal 2019, 2018 and 2017, respectively, which are included in International/Other. Assets and additions to property, plant and equipment relating to corporate activities remain in International/Other. In fiscal 2017, we included $3 billion of unallocated goodwill associated with our acquisition of AdvancePierre in International/Other and we completed the allocation of goodwill to our segments in fiscal 2018. Additionally, as of September 28, 2019, we allocated approximately $342 million of goodwill to International/Other as a result of our Keystone Foods and Thai and European operations acquisitions. Refer to Note 5: Goodwill and Intangible Assets for further description.
Information on segments and a reconciliation to income from continuing operations before income taxes are as follows:
 
in millions
 
 
Beef

 
Pork

 
Chicken

 
Prepared
Foods

 
International/Other

 
Intersegment
Sales

 
Consolidated

Fiscal 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales
$
15,828

 
$
4,932

 
$
13,300

 
$
8,418

 
$
1,289

 
$
(1,362
)
 
$
42,405

Operating Income (Loss)
1,107

 
263

 
621

 
843

 
(7
)
 
 
 
2,827

Total Other (Income) Expense
 
 
 
 
 
 
 
 
 
 
 
 
396

Income before Income Taxes
 
 
 
 
 
 
 
 
 
 
 
 
2,431

Depreciation and amortization
97

 
47

 
513

 
397

 
32

 
 
 
1,086

Total Assets
3,137

 
1,372

 
10,807

 
15,138

 
2,643

 
 
 
33,097

Additions to property, plant and equipment
133

 
128

 
637

 
246

 
115

 
 
 
1,259

Fiscal 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales
$
15,473

 
$
4,879

 
$
12,044

 
$
8,668

 
$
305

 
$
(1,317
)
 
$
40,052

Operating Income (Loss)
1,013

 
361

 
866

 
845

 
(53
)
 
 
 
3,032

Total Other (Income) Expense
 
 
 
 
 
 
 
 
 
 
 
 
287

Income before Income Taxes
 
 
 
 
 
 
 
 
 
 
 
 
2,745

Depreciation and amortization
103

 
42

 
368

 
410

 
10

 
 
 
933

Total Assets
3,061

 
1,265

 
8,794

 
15,063

 
926

 
 
 
29,109

Additions to property, plant and equipment
107

 
150

 
570

 
228

 
145

 
 
 
1,200

Fiscal 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales
$
14,823

 
$
5,238

 
$
11,409

 
$
7,853

 
$
349

 
(1,412
)
 
$
38,260

Operating Income (Loss)
877

 
645

 
1,053

 
452

 
(106
)
 
 
 
2,921

Total Other (Income) Expense
 
 
 
 
 
 
 
 
 
 
 
 
293

Income before Income Taxes
 
 
 
 
 
 
 
 
 
 
 
 
2,628

Depreciation and amortization
92

 
36

 
296

 
315

 
9

 
 
 
748

Total Assets
2,938

 
1,132

 
6,630

 
13,466

 
3,900

 
 
 
28,066

Additions to property, plant and equipment
118

 
101

 
492

 
229

 
129

 
 
 
1,069


The Beef segment had sales of $411 million, $420 million and $386 million for fiscal 2019, 2018 and 2017, respectively, from transactions with other operating segments. The Pork segment had sales of $893 million, $817 million and $966 million for fiscal 2019, 2018 and 2017, respectively, from transactions with other operating segments. The Chicken segment had sales of $58 million, $80 million and $60 million for fiscal 2019, 2018 and 2017, respectively, from transactions with other operating segments. The aforementioned sales from intersegment transactions, which were at market prices, were included in the segment sales in the above table.
Our largest customer, Walmart Inc., accounted for 16.9%, 17.3% and 17.3% of consolidated sales in fiscal 2019, 2018 and 2017, respectively. Sales to Walmart Inc. were included in all the segments. Any extended discontinuance of sales to this customer could, if not replaced, have a material impact on our operations.
The majority of our operations are domiciled in the United States. Approximately 96%, 99% and 98% of sales to external customers for fiscal 2019, 2018 and 2017, respectively, were sourced from the United States. Approximately $24.8 billion and $23.2 billion of long-lived assets were located in the United States at September 28, 2019, and September 29, 2018, respectively. Excluding goodwill and intangible assets, long-lived assets located in the United States totaled approximately $7.5 billion and $6.7 billion at September 28, 2019, and September 29, 2018, respectively. Approximately $1,107 million and $212 million of long-lived assets were located in foreign locations, primarily Brazil, China, the European Union, New Zealand and Thailand at September 28, 2019, and September 29, 2018, respectively. Excluding goodwill and intangible assets, long-lived assets in foreign countries totaled approximately $506 million and $201 million at September 28, 2019, and September 29, 2018, respectively.
We sell certain products in foreign markets, primarily Australia, Canada, Central America, China, the European Union, Japan, Mexico, Malaysia, the Middle East, South Korea, Taiwan and Thailand. Our export sales from the United States totaled $4.1 billion, $4.2 billion and $3.9 billion for fiscal 2019, 2018 and 2017, respectively. Substantially all of our export sales are facilitated through unaffiliated brokers, marketing associations and foreign sales staffs. Sales of products produced in a country other than the United States were less than 10% of consolidated sales for each of fiscal 2019, 2018 and 2017.
The following table further disaggregates our sales to customers by major distribution channels:
 
in millions
 
 
Twelve months ended September 28, 2019
 
 
Consumer Products(a)
 
Foodservice(b)
 
International(c)
 
Industrial and Other(d)
 
Intersegment
 
Total
Beef
$
7,420

 
$
4,151

 
$
2,426

 
$
1,420

 
$
411

 
$
15,828

Pork
1,415

 
400

 
890

 
1,334

 
893

 
4,932

Chicken
5,637

 
5,138

 
690

 
1,777

 
58

 
13,300

Prepared Foods
4,793

 
3,270

 
104

 
251

 
—

 
8,418

International/Other
—

 
—

 
1,289

 
—

 
—

 
1,289

Intersegment
—

 
—

 
—

 
—

 
(1,362
)
 
(1,362
)
Total
$
19,265

 
$
12,959

 
$
5,399

 
$
4,782

 
$
—

 
$
42,405

(a) Includes sales to consumer products and food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers.
(b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.
(c) Includes sales to international markets related to internationally produced products or export sales of domestically produced products.
(d) Includes sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Consumer Products, Foodservice or International categories.
v3.19.3
Supplemental Cash Flow Information
 12 Months Ended
Sep. 28, 2019
Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information SUPPLEMENTAL CASH FLOWS INFORMATION
The following table summarizes cash payments for interest and income taxes:
 
 
 
 
 
in millions

 
2019

 
2018

 
2017

Interest, net of amounts capitalized
$
419

 
$
368

 
$
249

Income taxes, net of refunds
557

 
470

 
779
v3.19.3
Transactions With Related Parties
 12 Months Ended
Sep. 28, 2019
Related Party Transaction, Due from (to) Related Party [Abstract]  
Transactions With Related Parties TRANSACTIONS WITH RELATED PARTIES
We have operating leases for two wastewater facilities with an entity owned by the Donald J. Tyson Revocable Trust (for which Mr. John Tyson, Chairman of the Company, is a trustee), Berry Street Waste Water Treatment Plant, LP (90% of which is owned by the TLP), and the sisters of Mr. Tyson. Total payments of approximately $1 million in each of fiscal 2019, 2018 and 2017 were paid to lease the facilities.
As of September 28, 2019, the TLP, of which John Tyson and director Barbara Tyson are general partners, owned 70 million shares, or 99.985% of our outstanding Class B stock and, along with the members of the Tyson family, owned 6.3 million shares of Class A stock, giving it control of approximately 70.97% of the total voting power of our outstanding voting stock.
In August 2017, the Company committed to invest $5 million for a 17.5% equity interest in Buchan Ltd., a Mauritian private holding company of poultry operations in sub-Saharan Africa. Acacia Foods, B.V. is committed to invest $9 million in Buchan Ltd. Donnie Smith, who during the first quarter of fiscal year 2017 was Chief Executive Officer of the Company, serves as the Chairman of Acacia Foods, B.V. and as a director of Buchan Ltd. John Randal Tyson (son of John Tyson and Chief Sustainability Officer) serves as a director of Buchan Ltd. for the Company. We completed our funding commitment in fiscal 2018.
In fiscal 2019, 2018 and 2017, the Company provided administrative services to the Tyson Limited Partnership, the beneficial owner of 70 million shares of Class B stock, and the Tyson Limited Partnership, through TLP Investment, L.P., reimbursed the Company $0.3 million.
v3.19.3
Commitments And Contingencies
 12 Months Ended
Sep. 28, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies COMMITMENTS AND CONTINGENCIES
Commitments
We lease equipment, properties and certain farms for which total rentals approximated $220 million, $200 million and $186 million, in fiscal 2019, 2018 and 2017, respectively. Most leases have initial terms of up to seven years, some with varying renewal periods. Minimum lease commitments under non-cancelable leases at September 28, 2019, were:
 
in millions

 
Operating Lease Commitments

2020
$
159

2021
113

2022
74

2023
49

2024
40

2025 and beyond
54

Total
$
489

We guarantee obligations of certain outside third parties, consisting primarily of leases, debt and grower loans, which are substantially collateralized by the underlying assets. Terms of the underlying debt cover periods up to 10 years, and the maximum potential amount of future payments as of September 28, 2019, was $14 million. We also maintain operating leases for various types of equipment, some of which contain residual value guarantees for the market value of the underlying leased assets at the end of the term of the lease. The remaining terms of the lease maturities cover periods over the next 10 years. The maximum potential amount of the residual value guarantees is $93 million, all of which could be recoverable through various recourse provisions, including those based on the fair value of the underlying leased assets. The likelihood of material payments under these guarantees is not considered probable. At September 28, 2019, and September 29, 2018, no significant liabilities for guarantees were recorded.
We have cash flow assistance programs in which certain livestock suppliers participate. Under these programs, we pay an amount for livestock equivalent to a standard cost to grow such livestock during periods of low market sales prices. The amounts of such payments that are in excess of the market sales price are recorded as receivables and accrue interest. Participating suppliers are obligated to repay these receivables balances when market sales prices exceed this standard cost, or upon termination of the agreement. Our potential maximum obligation associated with these programs is limited to the fair value of each participating livestock supplier’s net tangible assets. The potential maximum obligation as of September 28, 2019, was approximately $300 million. The total receivables under these programs were $5 million and $6 million at September 28, 2019 and September 29, 2018, respectively. These receivables are included, net of allowance for uncollectible amounts, in Accounts Receivable in our Consolidated Balance Sheets. Even though these programs are limited to the net tangible assets of the participating livestock suppliers, we also manage a portion of our credit risk associated with these programs by obtaining security interests in livestock suppliers’ assets. After analyzing residual credit risks and general market conditions, we had no allowance for these programs' estimated uncollectible receivables at September 28, 2019, and September 29, 2018.
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. Under these 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 September 28, 2019, total amounts under these types of arrangements totaled $698 million.
We enter into agreements with livestock growers that can have fixed and variable payment structures, but are generally cancelable and based on flocks placed with growers. Livestock grower fixed or estimable non-cancelable commitments at September 28, 2019 were:
 
in millions

 
Livestock Grower Commitments

2020
$
253

2021
131

2022
86

2023
58

2024
49

2025 and beyond
122

Total
$
699


Additionally, we enter into other purchase commitments for various items such as grains and livestock contracts, which at September 28, 2019 were:
 
in millions

 
Other Purchase Commitments

2020
$
2,466

2021
311

2022
198

2023
43

2024
19

2025 and beyond
23

Total
$
3,060


Contingencies
We are involved in various claims and legal proceedings. We routinely assess the likelihood of adverse judgments or outcomes to those matters, as well as ranges of probable losses, to the extent losses are reasonably estimable. We record accruals in the Company's Consolidated Financial Statements for matters to the extent that we conclude a loss is probable and the financial impact, should an adverse outcome occur, is reasonably estimable. Additionally, for matters in which losses are reasonably possible, no reasonable estimate of the possible loss or range of loss in excess of amounts accrued, if any, can be made because, among other reasons: (i) the proceedings are in preliminary stages; (ii) specific damages have not been sought; (iii) damage claims are unsupported and/or unreasonable; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; or (vi) novel legal issues or unsettled legal theories are being asserted. In our opinion, we have made appropriate and adequate accruals for these matters. While these accruals reflect the Company’s best estimate of the probable loss for those matters as of the dates of those accruals, the recorded amounts may differ materially from the actual amount of the losses for those matters. Listed below are certain claims made against the Company and/or our subsidiaries for which the potential exposure is considered material to the Company’s Consolidated Financial Statements. We believe we have substantial defenses to the claims made and intend to vigorously defend these matters.
On September 2, 2016, Maplevale Farms, Inc., acting on its own behalf and a putative class of direct purchasers of poultry products, filed a class action complaint against us and certain of our poultry subsidiaries, as well as several other poultry processing companies, in the Northern District of Illinois. Subsequent to the filing of this initial complaint, additional lawsuits making similar claims on behalf of putative classes of direct and indirect purchasers were filed in the United States District Court for the Northern District of Illinois. The court consolidated the complaints, for pre-trial purposes, into actions on behalf of three different putative classes: direct purchasers, indirect purchasers/consumers and commercial/institutional indirect purchasers. The consolidated actions are styled In re Broiler Chicken Antitrust Litigation. Since the original filing, certain putative class members have opted out of the matter and are proceeding with individual direct actions making similar claims, and others may do so in the future. All opt out complaints have been filed in, or transferred to, the Northern District of Illinois and are proceeding on a coordinated pre-trial basis with the consolidated actions. The operative complaints, which have been amended throughout the litigation, allege, among other things, that beginning in January 2008 the defendants conspired and combined to fix, raise, maintain, and stabilize the price of broiler chickens in violation of United States antitrust laws. The complaints on behalf of the putative classes of indirect purchasers also include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws. The plaintiffs also allege that defendants “manipulated and artificially inflated a widely used Broiler price index, the Georgia Dock.” The plaintiffs further allege that the defendants concealed this conduct from the plaintiffs and the members of the putative classes. The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees on behalf of the putative classes. Decisions on class certification and summary judgment motions likely to be filed by defendants are currently expected in late calendar year 2020 and early 2021. If necessary, trial will occur after rulings on class certification and any summary judgment motions. On April 26, 2019, the plaintiffs notified us that the U.S. Department of Justice ("DOJ") Antitrust Division issued a grand jury subpoena to them requesting discovery produced by all parties in the civil case. On June 21, 2019, the DOJ filed a motion to intervene and sought a limited stay of discovery in the civil action, which the court granted in part. Subsequently, we received a grand jury subpoena from the DOJ seeking additional documents and information related to the chicken industry. We are fully cooperating with the DOJ’s request. On October 16, 2019, the court extended the limited stay of discovery in the civil action through June 27, 2020. The Commonwealth of Puerto Rico, on behalf of its citizens, has also initiated a civil lawsuit against us, certain of our subsidiaries, and several other poultry processing companies alleging activities in violation of the Puerto Rican antitrust laws. This lawsuit has been transferred to the Northern District of Illinois for coordinated pre-trial proceedings.
On March 1, 2017, we received a civil investigative demand ("CID") from the Office of the Attorney General, Department of Legal Affairs, of the State of Florida. The CID requests information primarily related to possible anticompetitive conduct in connection with the Georgia Dock, a chicken products pricing index formerly published by the Georgia Department of Agriculture. We have been cooperating with the Attorney General’s office. In July 2019, the Attorney General issued a subpoena to the In re Broiler Chicken Antitrust Litigation plaintiffs requesting all information provided to the DOJ.
On August 18, 2019, we were advised that the In re Broiler Chicken Antitrust Litigation plaintiffs had received a CID from the Louisiana Department of Justice Office of the Attorney General Public Protection Division. The Louisiana CID requests all deposition transcripts related to the In re Broiler Chicken Antitrust Litigation.
On June 18, 2018, a group of plaintiffs acting on their own behalf and on behalf of a putative class of all persons and entities who indirectly purchased pork, filed a class action complaint against us and certain of our pork subsidiaries, as well as several other pork processing companies, in the United States District Court for the District of Minnesota. Subsequent to the filing of the initial complaint, additional lawsuits making similar claims on behalf of putative classes of direct and indirect purchasers were also filed in the same court. The court consolidated the complaints, for pre-trial purposes, into actions on behalf of three different putative classes: direct purchasers, indirect purchasers/consumers and commercial/institutional indirect purchasers. The consolidated actions are styled In re Pork Antitrust Litigation. Since the original filing, a putative class member is proceeding with an individual direct action making similar claims, and others may do so in the future. The individual complaint has been filed in the District of Minnesota and is proceeding on a coordinated pre-trial basis with the consolidated actions. The complaints allege, among other things, that beginning in January 2009 the defendants conspired and combined to fix, raise, maintain, and stabilize the price of pork and pork products in violation of United States antitrust laws. The complaints on behalf of the putative classes of indirect purchasers also include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws. The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees on behalf of the putative classes. On August 8, 2019, this matter was dismissed without prejudice. The plaintiffs filed amended complaints on November 6, 2019, in which the plaintiffs again have alleged that the defendants conspired and combined to fix, raise, maintain, and stabilize the price of pork and pork products in violation of state and federal antitrust, consumer protection, and unjust enrichment common laws, and the plaintiffs again are seeking treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees on behalf of the putative classes. We intend to respond to the amended complaints. The Commonwealth of Puerto Rico, on behalf of its citizens, has also initiated a civil lawsuit against us, certain of our subsidiaries, and several other pork processing companies alleging activities in violation of the Puerto Rican antitrust laws. This lawsuit was transferred to the District of Minnesota and remains pending with an amended complaint due on or before December 6, 2019.
On April 23, 2019, a group of plaintiffs, acting on behalf of themselves and on behalf of a putative class of all persons and entities who directly sold to the named defendants any fed cattle for slaughter and all persons who transacted in live cattle futures and/or options traded on the Chicago Mercantile Exchange or another U.S. exchange, filed a class action complaint against us and our beef and pork subsidiary, Tyson Fresh Meats, Inc., as well as other beef packer defendants, in the United States District Court for the Northern District of Illinois. The plaintiffs allege that the defendants engaged in a conspiracy from January 2015 to the present to reduce fed cattle prices in violation of federal antitrust laws, the Grain Inspection, Packers and Stockyards Act of 1921, and the Commodities Exchange Act by periodically reducing their slaughter volumes so as to reduce demand for fed cattle, curtailing their purchases and slaughters of cash-purchased cattle during those same periods, coordinating their procurement practices for fed cattle settled on a cash basis, importing foreign cattle at a loss so as to reduce domestic demand, and closing and idling plants. In addition, the plaintiffs also allege the defendants colluded to manipulate live cattle futures and options traded on the Chicago Mercantile Exchange. The plaintiffs seek, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief. This complaint was subsequently voluntarily dismissed and re-filed in the United States District Court for the District of Minnesota. Other similar lawsuits were filed by ranchers in other district courts. All actions seeking relief by ranchers and futures traders have now been transferred to the United States District Court for the District of Minnesota action and are consolidated for pre-trial proceedings as In Re Cattle Antitrust Litigation. Following the filing of defendants’ motion to dismiss this matter, the plaintiffs filed a second amended complaint on October 4, 2019.
On April 26, 2019, a group of plaintiffs, acting on behalf of themselves and on behalf of a putative class of indirect purchasers of beef for personal use filed a class action complaint against us, other beef packers, and Agri Stats, Inc., an information services provider, in the United States District Court for the District of Minnesota. Agri-Stats was subsequently dismissed from the suit. 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 defendants’ motions to dismiss this matter are pending. The indirect consumer purchaser litigation is styled as Peterson v. JBS USA Food Company Holdings, et al.
On October 16, 2019, a direct purchaser of beef, on behalf of itself and other direct purchasers of beef, filed a class action complaint against us and other beef packer defendants in the United States District Court for the District of Minnesota. The plaintiff alleges that the defendants conspired to reduce slaughter capacity by closing and idling plants, limiting their purchases of cash cattle, coordinating their procurement of cash cattle, and reducing their slaughter numbers, so as to reduce beef output, all in order to artificially raise prices of beef. The plaintiffs seek, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief.
On August 30, 2019, Judy Jien, Kieo Jibidi and Elaisa Clement, acting on their own behalf and a putative class of non-supervisory production and maintenance employees at chicken processing plants in the continental United States, filed a class action complaint against us and certain of our subsidiaries, as well as several other poultry processing companies, in the United States District Court for the District of Maryland. An additional complaint making similar allegations was also filed by Emily Earnest. The plaintiffs allege that the defendants directly and through a wage survey and benchmarking service exchanged information regarding labor rates in an effort to depress and fix the rates of wages for non-supervisory production and maintenance workers in violation of federal antitrust laws. The plaintiffs seek, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief. The court consolidated the Jien and Earnest cases for coordinated pretrial proceedings. Following the consolidation, two additional lawsuits have been filed by individuals making similar allegations.
Our subsidiary, The Hillshire Brands Company (formerly named Sara Lee Corporation), is a party to a consolidation of cases filed by individual complainants with the Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission ("NLRC") from 1998 through July 1999. The complaint was filed against Aris Philippines, Inc., Sara Lee Corporation, Sara Lee Philippines, Inc., Fashion Accessories Philippines, Inc., and Attorney Cesar C. Cruz (collectively, the “respondents”). The complaint alleges, among other things, that the respondents engaged in unfair labor practices in connection with the termination of manufacturing operations in the Philippines in 1995 by Aris Philippines, Inc., a former subsidiary of The Hillshire Brands Company. In late 2004, a labor arbiter ruled against the respondents and awarded the complainants PHP3,453,664,710 (approximately U.S. $66 million) in damages and fees. The respondents appealed the labor arbiter's ruling, and it was subsequently set aside by the NLRC in December 2006. Subsequent to the NLRC’s decision, the parties filed numerous appeals, motions for reconsideration and petitions for review, certain of which remained outstanding for several years. While various of those appeals, motions and/or petitions were pending, The Hillshire Brands Company, on June 23, 2014, without admitting liability, filed a settlement motion requesting that the Supreme Court of the Philippines order dismissal with prejudice of all claims against it and certain other respondents in exchange for payments allocated by the court among the complainants in an amount not to exceed PHP342,287,800 (approximately U.S. $6.6 million). Based in part on its finding that the consideration to be paid to the complainants as part of such settlement was insufficient, the Supreme Court of the Philippines denied the respondents’ settlement motion and all motions for reconsideration thereof. The Supreme Court of the Philippines also set aside as premature the NLRC’s December 2006 ruling. As a result, the cases were remanded back before the NLRC to rule on the merits of the case. On December 15, 2016, we learned that the NLRC rendered its decision on November 29, 2016, regarding the respondents’ appeals regarding the labor arbiter’s 2004 ruling in favor of the complainants. The NLRC increased the award for 4,922 of the total 5,984 complainants to PHP14,858,495,937 (approximately U.S. $285 million). However, the NLRC approved a prior settlement reached with the group comprising approximately 18% of the class of 5,984 complainants, pursuant to which The Hillshire Brands Company agreed to pay each settling complainant PHP68,000 (approximately U.S. $1,300). The settlement payment was made on December 21, 2016, to the NLRC, which is responsible for distributing the funds to each settling complainant. On December 27, 2016, the respondents filed motions for reconsideration with the NLRC asking that the award be set aside. The NLRC denied respondents' motions for reconsideration in a resolution received on May 5, 2017 and entered a judgment on the award on July 24, 2017. Each of Aris Philippines, Inc., Sara Lee Corporation and Sara Lee Philippines, Inc. appealed this award and sought an injunction to preclude enforcement of the award to the Philippines Court of Appeals. On November 23, 2017, the Court of Appeals granted a writ of preliminary injunction that precluded execution of the NLRC award during the pendency of the appeal. The Court of Appeals subsequently vacated the NLRC’s award on April 12, 2018. Complainants have filed motions for reconsideration with the Court of Appeals. On November 14, 2018, the Court of Appeals denied claimants’ motions for reconsideration and granted defendants’ motion to release and discharge the preliminary injunction bond. Claimants have since filed petitions for writ of certiorari with the Supreme Court of the Philippines. The Supreme Court has accepted the case for review. We continue to maintain an accrual for this matter.
The Hillshire Brands Company was named as a defendant in an asbestos exposure case filed by Mark Lopez in May 2014 in the Superior Court of Alameda County, California. Mr. Lopez was diagnosed with mesothelioma in January 2014 and is now deceased. Mr. Lopez’s family members asserted negligence, premises liability and strict liability claims related to Mr. Lopez’s alleged asbestos exposure from 1954-1986 from the Union Sugar plant in Betteravia, California. The plant, which was sold in 1986, was owned by entities that were predecessors-in-interest to The Hillshire Brands Company. In August 2017, the jury returned a verdict of approximately $13 million in favor of the plaintiffs, and a judgment was entered. We appealed the judgment, but the appellate court affirmed the trial court's judgment in full.
v3.19.3
Quarterly Financial Data (Unaudited)
 12 Months Ended
Sep. 28, 2019
Quarterly Financial Data [Abstract]  
Quarterly Financial Data (Unaudited) QUARTERLY FINANCIAL DATA (UNAUDITED)
 
 
 
in millions, except per share data
 
 
First
Quarter

 
Second
Quarter

 
Third
Quarter

 
Fourth
Quarter

2019
 
 
 
 
 
 
 
Sales
$
10,193

 
$
10,443

 
$
10,885

 
$
10,884

Gross profit
1,355

 
1,192

 
1,336

 
1,139

Operating income
807

 
635

 
781

 
604

Net income
552

 
430

 
681

 
372

Net income attributable to Tyson
551

 
426

 
676

 
369

 
 
 
 
 
 
 
 
Net income per share attributable to Tyson:
 
 
 
 
 
 
 
Class A Basic
$
1.54

 
$
1.20

 
$
1.90

 
$
1.03

Class B Basic
$
1.39

 
$
1.07

 
$
1.71

 
$
0.93

Diluted
$
1.50

 
$
1.17

 
$
1.84

 
$
1.01

2018
 
 
 
 
 
 
 
Sales
$
10,229

 
$
9,773

 
$
10,051

 
$
9,999

Gross profit
1,443

 
1,015

 
1,299

 
1,339

Operating income
922

 
494

 
797

 
819

Net income
1,632

 
316

 
542

 
537

Net income attributable to Tyson
1,631

 
315

 
541

 
537

 
 
 
 
 
 
 
 
Net income per share attributable to Tyson:
 
 
 
 
 
 
 
Class A Basic
$
4.54

 
$
0.88

 
$
1.52

 
$
1.50

Class B Basic
$
4.09

 
$
0.78

 
$
1.37

 
$
1.35

Diluted
$
4.40

 
$
0.85

 
$
1.47

 
$
1.47


First quarter fiscal 2019 net income included $26 million pretax Keystone Foods purchase accounting and acquisition related costs, which included an $11 million purchase accounting adjustment for the amortization of the fair value step-up of inventory and $15 million of acquisition related costs, and $8 million pretax restructuring and related charges.
Second quarter fiscal 2019 net income included $11 million pretax Keystone Foods acquisition related costs and $8 million pretax restructuring and related charges.
Third quarter fiscal 2019 net income included $105 million post tax recognition of previously unrecognized tax benefit, $55 million pretax gain on sale of an investment and $15 million pretax restructuring and related charges.
Fourth quarter fiscal 2019 net income included $31 million pretax Beef production plant fire costs, a $41 million pretax impairment charge related to the divestiture of a business, $15 million pretax pension plan termination charge and $10 million pretax restructuring and related charges.
First quarter fiscal 2018 net income included a $994 million post tax recognition of tax benefit from remeasurement of net deferred tax liabilities at lower enacted tax rates, $4 million pretax impairment charge net of a realized gain related to the divestiture of non-protein businesses and $19 million pretax restructuring and related charges.
Second quarter fiscal 2018 net income included a $9 million post tax recognition of tax benefit from remeasurement of net deferred tax liabilities at lower enacted tax rates, $75 million pretax impairment charge related to the divestiture of non-protein businesses, $109 million one-time cash bonus to frontline employees and $12 million pretax restructuring and related charges.
Third quarter fiscal 2018 net income included $14 million pretax restructuring and related charges.
Fourth quarter fiscal 2018 net income included a $11 million pretax realized gain related to the divestiture of a non-protein business and $14 million pretax restructuring and related charges.
v3.19.3
Valuation And Qualifying Accounts
 12 Months Ended
Sep. 28, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Valuation And Qualifying Accounts
FINANCIAL STATEMENT SCHEDULE
TYSON FOODS, INC.
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
 
 
 
 
 
 
Three Years Ended September 28, 2019
 
 
 
 
 
Additions
 
 
 
 
in millions
 
Balance at
Beginning
of Period

 
Charged to
Costs and
Expenses

 
Charged to
Other 
Accounts

 
(Deductions)

 
Balance at End
of Period

Allowance for Doubtful Accounts:
 
 
 
 
 
 
 
 
 
 
2019
 
$
19

 
$
4

 
$
—

 
$
(2
)
 
$
21

2018
 
34

 
3

 
—

 
(18
)
 
19

2017
 
33

 
10

 
—

 
(9
)
 
34

Inventory Lower of Cost or Net Realizable Value Allowance:
 
 
 
 
 
 
 
 
 
 
2019
 
$
25

 
$
61

 
$
—

 
$
(52
)
 
$
34

2018
 
3

 
68

 
—

 
(46
)
 
25

2017
 
39

 
5

 
—

 
(41
)
 
3

Valuation Allowance on Deferred Tax Assets:
 
 
 
 
 
 
 
 
 
 
2019
 
$
79

 
$
13

 
$
6

 
$
(12
)
 
$
86

2018
 
75

 
12

 
—

 
(8
)
 
79

2017
 
72

 
4

 
—

 
(1
)
 
75
v3.19.3
Business And Summary Of Significant Accounting Policies (Policy)
 12 Months Ended
Sep. 28, 2019
Accounting Policies [Abstract]  
Description Of Business Description of Business: Tyson Foods, Inc. (collectively, “Company,” “we,” “us” or “our”), is one of the world's largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under three generations of family leadership, the Company has a broad portfolio of products and brands including Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp® and State Fair®. We innovate continually to make protein more sustainable, tailor food for everywhere it’s available and raise the world’s expectations for how much good food can do.
Consolidation Consolidation: The consolidated financial statements include the accounts of all wholly-owned subsidiaries, as well as majority-owned subsidiaries over which we exercise control and, when applicable, entities for which we have a controlling financial interest or variable interest entities for which we are the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Fiscal Year
Fiscal Year: We utilize a 52- or 53-week accounting period ending on the Saturday closest to September 30. The Company’s accounting cycle resulted in a 52-week year for fiscal 2019, fiscal 2018, and fiscal 2017.
Cash And Cash Equivalents
Cash and Cash Equivalents: Cash equivalents consist of investments in short-term, highly liquid securities having original maturities of three months or less, which are made as part of our cash management activity. The carrying values of these assets approximate their fair values. We primarily utilize a cash management system with a series of separate accounts consisting of lockbox accounts for receiving cash, concentration accounts where funds are moved to, and several zero-balance disbursement accounts for funding payroll, accounts payable, livestock procurement, livestock grower payments, etc. As a result of our cash management system, checks issued, but not presented to the banks for payment, may result in negative book cash balances. These negative book cash balances are included in accounts payable and other current liabilities. At September 28, 2019, and September 29, 2018, checks outstanding in excess of related book cash balances totaled approximately $200 million and $220 million, respectively.
Accounts Receivable
Accounts Receivable: We record accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances and charged to the provision for doubtful accounts. We calculate this allowance based on our history of write-offs, level of past due accounts and relationships with and economic status of our customers. At September 28, 2019, and September 29, 2018, our allowance for uncollectible accounts was $21 million and $19 million, respectively. We generally do not have collateral for our receivables, but we do periodically evaluate the credit worthiness of our customers.
Inventories
Inventories: Processed products, livestock and supplies and other are valued at the lower of cost or net realizable value. Cost includes purchased raw materials, live purchase costs, livestock growout costs (primarily feed, livestock grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories.
In fiscal 2019 and fiscal 2018, the cost of inventories was determined by either the first-in, first-out ("FIFO") method or the weighted-average method
Property, Plant And Equipment
Property, Plant and Equipment: Property, plant and equipment are stated at cost and generally depreciated on a straight-line method over the estimated lives for buildings and leasehold improvements of 10 to 33 years, machinery and equipment of 3 to 12 years and land improvements and other of 3 to 20 years. Major repairs and maintenance costs that significantly extend the useful life of the related assets are capitalized. Normal repairs and maintenance costs are charged to operations.
We review the carrying value of long-lived assets at each balance sheet date if indication of impairment exists. Recoverability is assessed using undiscounted cash flows based on historical results and current projections of earnings before interest, taxes, depreciation and amortization. We measure impairment as the excess of carrying value over the fair value of an asset. The fair value of an asset is generally measured using discounted cash flows including market participant assumptions of future operating results and discount rates.
Goodwill And Other Intangible Assets
Goodwill and Intangible Assets: Definite life intangibles are initially recorded at fair value and amortized over the estimated period of benefit. Brands and trademarks are generally amortized using the straight-line method over 20 years or less. Customer relationships and supply arrangements are generally amortized over 7 to 30 years based on the pattern of revenue expected to be generated from the use of the asset. The gross cost and accumulated amortization of intangible assets are removed when the recorded amounts are fully amortized and the asset is no longer in use or the contract has expired. Amortization expense is generally recognized in selling, general, and administrative expense. We review the carrying value of definite life intangibles at each balance sheet date if indication of impairment exists. Recoverability is assessed using undiscounted cash flows based on historical results and current projections of earnings before interest, taxes, depreciation and amortization. We measure impairment as the excess of carrying value over the fair value of the definite life intangible asset. We use various valuation techniques to estimate fair value, with the primary techniques being discounted cash flows, relief-from-royalty and multi-period excess earnings valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data.
Goodwill and indefinite life intangible assets are initially recorded at fair value and not amortized, but are reviewed for impairment at least annually or more frequently if impairment indicators arise. Our goodwill is allocated by reporting unit and is evaluated for impairment by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. If it is determined, based on qualitative factors, the fair value of the reporting unit may be more likely than not less than carrying amount, or if significant changes to macro-economic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill impairment test would be required. Additionally, we can elect to forgo the qualitative assessment and perform the quantitative test. The quantitative test is to identify if a potential impairment exists by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of goodwill.
We estimate the fair value of our reporting units using a combination of various valuation techniques, including an income approach (discounted cash flow analysis) and market approaches (earnings before interest, taxes, depreciation and amortization or "EBITDA" multiples of comparable publicly-traded companies and precedent transactions). Our primary technique is discounted cash flow analysis. These approaches use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy and requires us to make various judgmental assumptions about sales, operating margins, growth rates and discount rates which consider our budgets, business plans and economic projections, and are believed to reflect market participant views which would exist in an exit transaction. Assumptions are also made for varying perpetual growth rates for periods beyond the long-term business plan period. Generally, we utilize normalized operating margin assumptions based on future expectations and operating margins historically realized in the reporting units' industries.
Some of the inherent estimates and assumptions used in determining fair value of the reporting units are outside the control of management, including interest rates, cost of capital, tax rates, market EBITDA comparables and credit ratings. While we believe we have made reasonable estimates and assumptions to calculate the fair value of the reporting units, it is possible a material change could occur. If our actual results are not consistent with our estimates and assumptions used to calculate fair value, it could result in additional material impairments of our goodwill.
During fiscal 2019, 2018 and 2017, we determined none of our material reporting units' fair values were below its carrying value.
For our indefinite life intangible assets, a qualitative assessment can also be performed to determine whether the existence of events and circumstances indicates it is more likely than not an intangible asset is impaired. Similar to goodwill, we can also elect to forgo the qualitative test for indefinite life intangible assets and perform the quantitative test. Upon performing the quantitative test, if the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.
The fair value of our indefinite life intangible assets is calculated principally using relief-from-royalty and multi-period excess earnings valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy, and is believed to reflect market participant views which would exist in an exit transaction. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. During fiscal 2019, 2018 and 2017, we determined the fair value of each of our indefinite life intangible assets exceeded its carrying value. The discount rate used in our indefinite life intangible test decreased to 7.5% in fiscal 2019 from 8.2% in fiscal 2018.
Investments
Investments: We have investments in joint ventures and other entities. The equity method of accounting is used for entities in which we exercise significant influence but do not have a controlling interest or a variable interest in which we are the primary beneficiary. Investments not accounted for using the equity method do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share. These investments are recorded using the measurement alternative in which our equity interests are recorded at cost, less impairments, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. At each reporting period, we assess if these investments continue to qualify for this measurement alternative. An impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. Adjustments to the carrying value are recorded in Other, net in the Consolidated Statements of Income. Investments in joint ventures and other entities are reported in the Consolidated Balance Sheets in Other Assets.
We also have investments in marketable debt securities. We have determined all of our marketable debt securities are available-for-sale investments. These investments are reported at fair value based on quoted market prices as of the balance sheet date, with unrealized gains and losses, net of tax, recorded in other comprehensive income.
The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is recorded in interest income. The cost of securities sold is based on the specific identification method. Realized gains and losses on the sale of debt securities and declines in value judged to be other than temporary are recorded on a net basis in other income. Interest and dividends on securities classified as available-for-sale are recorded in interest income.
Accrued Self-Insurance
Accrued Self-Insurance: We use a combination of insurance and self-insurance mechanisms in an effort to mitigate the potential liabilities for health and welfare, workers’ compensation, auto liability and general liability risks. Liabilities associated with our risks retained are estimated, in part, by considering claims experience, demographic factors, severity factors and other actuarial assumptions.
Defined Benefit Plans Defined Benefit Plans: We recognize the funded status of defined pension and postretirement plans in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of the plan assets and the benefit obligation. We measure our plan assets and liabilities at the end of our fiscal year. For a defined benefit pension plan, the benefit obligation is the projected benefit obligation; for any other defined benefit postretirement plan, such as a retiree health care plan, the benefit obligation is the accumulated postretirement benefit obligation. Any overfunded status is recognized as an asset and any underfunded status is recognized as a liability. Any transitional asset/liability, prior service cost or actuarial gain/loss that has not yet been recognized as a component of net periodic cost is recognized in accumulated other comprehensive income. Accumulated other comprehensive income will be adjusted as these amounts are subsequently recognized as a component of net periodic benefit costs in future periods.
Derivative Financial Instruments
Derivative Financial Instruments: We purchase certain commodities, such as grains and livestock in the course of normal operations. As part of our commodity risk management activities, we use derivative financial instruments, primarily futures and options, to reduce our exposure to various market risks related to these purchases, as well as to changes in foreign currency exchange and interest rates. Contract terms of a financial instrument qualifying as a hedge instrument closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. Contracts designated and highly effective at meeting risk reduction and correlation criteria are recorded using hedge accounting. If a derivative instrument is accounted for as a hedge, depending on the nature of the hedge, changes in the fair value of the instrument will be offset either against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of an instrument’s change in fair value is immediately recognized in earnings as a component of cost of sales. Instruments we hold as part of our risk management activities that do not meet the criteria for hedge accounting are marked to fair value with unrealized gains or losses reported currently in earnings. Changes in market value of derivatives used in our risk management activities relating to forward sales contracts are recorded in sales. Changes in market value of derivatives used in our risk management activities surrounding inventories on hand or anticipated purchases of inventories are recorded in cost of sales. Changes in market value of derivatives used in our risk management activities related to interest rates are recorded in interest expense. Changes in the market value of derivatives used in our risk management activities related to foreign exchange contracts are recorded in other, net. We generally do not hedge anticipated transactions beyond 18 months.
Litigation Reserves
Litigation Reserves: There are a variety of legal proceedings pending or threatened against us. Accruals are recorded when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated based on current law, progress of each case, opinions and views of legal counsel and other advisers, our experience in similar matters and intended response to the litigation. These amounts, which are not discounted and are exclusive of claims against third parties, are adjusted periodically as assessment efforts progress or additional information becomes available. We expense amounts for administering or litigating claims as incurred. Accruals for legal proceedings are included in Other current liabilities in the Consolidated Balance Sheets.
Revenue Recognition
Revenue Recognition: We recognize revenue mainly through consumer products retail, foodservice, international, industrial and other distribution channels. Our revenues primarily result from contracts with customers and are generally short term in nature with the delivery of product as the single performance obligation. We recognize revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs upon shipment or delivery to a customer based on terms of the sale. We elected to account for shipping and handling activities that occur after the customer has obtained control of the product as a fulfillment cost rather than an additional promised service. Our contracts are generally less than one year, and therefore we recognize costs paid to third party brokers to obtain contracts as expenses. Additionally, items that are not material in the context of the contract are recognized as expense. Any taxes collected on behalf of government authorities are excluded from net revenues.
Revenue is measured by the transaction price, which is defined as the amount of consideration we expect to receive in exchange for providing goods to customers. The transaction price is adjusted for estimates of known or expected variable consideration, which includes consumer incentives, trade promotions, and allowances, such as coupons, discounts, rebates, volume-based incentives, cooperative advertising, and other programs. Variable consideration related to these programs is recorded as a reduction to revenue based on amounts we expect to pay. We base these estimates on current performance, historical utilization, and projected redemption rates of each program. We review and update these estimates regularly until the incentives or product returns are realized and the impact of any adjustments are recognized in the period the adjustments are identified. In many cases, key sales terms such as pricing and quantities ordered are established on a regular basis such that most customer arrangements and related incentives have a duration of less than one year. Amounts billed and due from customers are short term in nature and are classified as receivables since payments are unconditional and only the passage of time is required before payments are due. Additionally, we do not grant payment financing terms greater than one year.
Freight Expense Freight expense associated with products shipped to customers is recognized in cost of sales.
Marketing, Promotion and Advertising Costs
Advertising Expenses: Advertising expense is charged to operations in the period incurred and is recorded as selling, general and administrative expense. Advertising expense totaled $276 million, $243 million and $238 million in fiscal 2019, 2018 and 2017, respectively.
Research And Development
Research and Development: Research and development costs are expensed as incurred. Research and development costs totaled $97 million, $114 million and $113 million in fiscal 2019, 2018 and 2017, respectively.
Business Combinations
Business Combinations: We account for acquired businesses using the acquisition method of accounting, which requires that once control of a business is obtained, 100% of the assets acquired and liabilities assumed, including amounts attributable to noncontrolling interests, be recorded at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Acquisition-related expenses including transaction and integration costs are expensed as incurred.
We use various models to determine the value of assets acquired such as net realizable value to value inventory, cost method and market approach to value property, relief-from-royalty and multi-period excess earnings to value intangibles, and discounted cash flow to value goodwill. We make estimates and assumptions about projected future cash flows including sales, operating margins, attrition rates, growth rates, and discount rates based on historical results, business plans, expected synergies, perceived risk, and market place data considering the perspective of marketplace participants. Determining the useful life of an intangible asset also requires judgment as different types of intangible assets will have different useful lives and certain assets may be considered to have indefinite useful lives.
Use Of Estimates
Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements:
In August 2017, the Financial Accounting Standards Board ("FASB") issued guidance that eases certain documentation and assessment requirements of hedge effectiveness and modifies the accounting for components excluded from the assessment. Some of the modifications include the ineffectiveness of derivative gain/loss in highly effective cash flow hedges to be recorded in Other Comprehensive Income, alignment of the recognition and presentation of the effects related to the hedging instrument and hedged item in the financial statements, and additional disclosures required on the cumulative basis adjustment in fair value hedges and the effect of hedging on financial statement lines for components excluded from the assessment. The amendment also simplifies the application of hedge accounting in certain situations to permit new hedging strategies to be eligible for hedge accounting. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020 and the modified retrospective transition method should be applied. We will adopt this guidance beginning in the first quarter of fiscal 2020. Upon adoption, we do not expect this guidance will have a material impact on our consolidated financial statements.
In June 2016, the FASB issued guidance that provides more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2019, our fiscal 2021. Early adoption is permitted for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. The application of the guidance requires various transition methods depending on the specific amendment. We will adopt this guidance beginning in the first quarter of fiscal 2020. We do not expect the adoption of this guidance will have a material impact on our consolidated financial statements.
In February 2016, the FASB issued guidance that created new accounting and reporting guidelines for leasing arrangements. The guidance requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses and cash flows arising from a lease will depend on classification as a finance or operating lease. The guidance also requires qualitative and quantitative disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. Early adoption is permitted. In July 2018, the FASB issued an adoption approach that allows entities to apply the guidance as of the date of the initial application. We will adopt the standard in the first quarter of fiscal 2020 using this transition method, and as a result, we will not adjust comparative period financial information or make the new required lease disclosures for periods before the effective date. We have performed a review of the lease portfolio and have implemented a leasing software solution to support the future state lease accounting requirements. We have elected the package of practical expedients available under the transition guidance which allows us to not reassess prior conclusions related to lease classifications, existing contracts containing leases, and initial direct costs. We continue to finalize our implementation efforts and currently estimate that upon adoption we will record operating right of use assets and related lease liabilities of approximately 2% of total assets, subject to the completion of our assessment including finalizing the impacts from recent business acquisitions. We expect our financial statement disclosures will be expanded to present additional details of our leasing arrangements, but do not expect the adoption of this standard to have a material impact on the Consolidated Statements of Income or our Consolidated Statements of Cash Flows.
v3.19.3
Business And Summary Of Significant Accounting Policies (Tables)
 12 Months Ended
Sep. 28, 2019
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
The following reconciliations provide the effect of the reclassification of the net periodic benefit cost from operating expenses to other (income) expense in our consolidated statements of income for fiscal year 2018 and 2017 (in millions):
Twelve Months Ended September 29, 2018:
As Previously Reported
Adjustments
As Recast
Cost of Sales
$
34,926

$
30

$
34,956

Selling, General and Administrative
$
2,071

$
(7
)
$
2,064

Operating Income
$
3,055

$
(23
)
$
3,032

Other (Income) Expense
$
310

$
(23
)
$
287

Twelve Months Ended September 30, 2017:
As Previously Reported
Adjustments
As Recast
Cost of Sales
$
33,177

$
21

$
33,198

Selling, General and Administrative
$
2,152

$
(11
)
$
2,141

Operating Income
$
2,931

$
(10
)
$
2,921

Other (Income) Expense
$
303

$
(10
)
$
293
Inventories
The following table reflects the major components of inventory at September 28, 2019, and September 29, 2018:
 
 
 
in millions

 
2019

 
2018

Processed products
$
2,362

 
$
1,981

Livestock
1,150

 
1,006

Supplies and other
596

 
526

Total inventory
$
4,108

 
$
3,513
Other Current Liabilities
Other Current Liabilities: Other current liabilities at September 28, 2019, and September 29, 2018, include:
 
in millions
 
 
2019

 
2018

Accrued salaries, wages and benefits
$
620

 
$
549

Other
865

 
877

Total other current liabilities
$
1,485

 
$
1,426
v3.19.3
Acquisitions and Dispositions (Tables)
 12 Months Ended
Sep. 28, 2019
Business Acquisition [Line Items]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
The following table summarizes the preliminary purchase price allocation for Keystone Foods and fair values of the assets acquired and liabilities assumed at the acquisition date, which are subject to change pending finalization of working capital adjustments. Certain estimated values for the acquisition, including goodwill, intangible assets, inventory, property, plant and equipment, and deferred income taxes, are not yet finalized and are subject to revision as additional information becomes available and more detailed analyses are completed. The purchase price was allocated based on information currently available as of the acquisition date. During fiscal 2019, we recorded measurement period adjustments, including $61 million of purchase price adjustments, which collectively increased goodwill by $47 million, primarily consisting of a reduction of Intangible Assets of $86 million, a reduction of Property, Plant and Equipment of $49 million, a reduction of Deferred Income Taxes of $36 million and a reduction in net working capital of $13 million.
 
in millions
 
Cash and cash equivalents
 
$
186

Accounts receivable
 
106

Inventories
 
257

Other current assets
 
34

Property, Plant and Equipment
 
676

Goodwill
 
1,120

Intangible Assets
 
659

Other Assets
 
28

Current debt
 
(73
)
Accounts payable
 
(208
)
Other current liabilities
 
(99
)
Long-Term Debt
 
(113
)
Deferred Income Taxes
 
(177
)
Other Liabilities
 
(8
)
Noncontrolling Interests
 
(122
)
Net assets acquired
 
$
2,266
Business Acquisition, Pro Forma Information [Table Text Block] These pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations as they would have been had the acquisitions occurred on the assumed dates, nor is it necessarily an indication of future operating results.
 
 
in millions (unaudited)

 
 
2017

Pro forma sales
 
$
39,330

Pro forma net income attributable to Tyson
 
1,837

Pro forma net income per diluted share attributable to Tyson
 
$
4.97
v3.19.3
Property, Plant And Equipment (Tables)
 12 Months Ended
Sep. 28, 2019
Property, Plant and Equipment, Net [Abstract]  
Schedule Of Property, Plant And Equipment And Accumulated Depreciation
The following table reflects major categories of property, plant and equipment and accumulated depreciation at September 28, 2019, and September 29, 2018:
 
in millions
 
 
2019

 
2018

Land
$
198

 
$
154

Building and leasehold improvements
4,747

 
4,115

Machinery and equipment
8,607

 
7,720

Land improvements and other
385

 
357

Buildings and equipment under construction
713

 
689

 
14,650

 
13,035

Less accumulated depreciation
7,368

 
6,866

Net property, plant and equipment
$
7,282

 
$
6,169
v3.19.3
Goodwill And Intangible Assets (Tables)
 12 Months Ended
Sep. 28, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule Of Goodwill Activity
The following table reflects goodwill activity for fiscal 2019 and 2018:
in millions
 
 
Beef

 
Pork

 
Chicken

 
Prepared
Foods

 
International/Other

 
Unallocated

 
Consolidated

Balance at September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
$
1,236

 
$
423

 
$
1,565

 
$
3,678

 
$
57

 
$
2,982

 
$
9,941

Accumulated impairment losses
(560
)
 
—

 
—

 
—

 
(57
)
 
—

 
(617
)
 
$
676

 
$
423

 
$
1,565

 
$
3,678

 
$
—

 
$
2,982

 
$
9,324

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal 2018 Activity:

 

 

 

 

 

 

Acquisition
$
—

 
$
—

 
$
365

 
$
82

 
$
—

 
$
—

 
$
447

Measurement period adjustments
—

 
—

 
—

 
—

 
—

 
(2
)
 
(2
)
Allocation of acquired goodwill
—

 
—

 
568

 
2,412

 
—

 
(2,980
)
 
—

Reclass to assets held for sale
—

 
—

 
—

 
(30
)
 
—

 
—

 
(30
)
Balance at September 29, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
1,236

 
423

 
2,498

 
6,142

 
57

 
—

 
10,356

Accumulated impairment losses
(560
)
 
—

 
—

 
—

 
(57
)
 
—

 
(617
)
 
$
676


$
423


$
2,498


$
6,142


$
—


$
—


$
9,739

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal 2019 Activity:
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition
$
—

 
$
—

 
$
779

 
$
—

 
$
342

 
$
—

 
$
1,121

Measurement period adjustments
—

 
—

 
66

 
—

 
—

 
—

 
66

Reclass to assets held for sale
—

 
—

 
(70
)
 
(7
)
 
—

 
—

 
(77
)
Currency translation and other
—

 
—

 
1

 
(1
)
 
(5
)
 
—

 
(5
)
Balance at September 28, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
1,236

 
423

 
3,274

 
6,134

 
394

 
—

 
11,461

Accumulated impairment losses
(560
)
 
—

 
—

 
—

 
(57
)
 
—

 
(617
)

$
676

 
$
423

 
$
3,274

 
$
6,134

 
$
337

 
$
—

 
$
10,844
Schedule Of Other Intangible Assets By Type
The following table reflects intangible assets by type at September 28, 2019, and September 29, 2018:
in millions
 
 
2019

 
2018

Amortizable intangible assets:
 
 
 
Brands and trademarks
$
945

 
$
950

Customer relationships
2,389

 
1,793

Supply Arrangements
310


358

Patents, intellectual property and other
34

 
107

Land use rights
8

 
9

  Total gross amortizable intangible assets
$
3,686

 
$
3,217

     Less accumulated amortization
727

 
536

  Total net amortizable intangible assets
$
2,959

 
$
2,681

Brands and trademarks not subject to amortization
4,078

 
4,078

  Total intangible assets
$
7,037

 
$
6,759
v3.19.3
Income Taxes (Tables)
 12 Months Ended
Sep. 28, 2019
Income Tax Disclosure [Abstract]  
Schedule Of Provision For Income Taxes From Continuing Operations
Detail of the provision for income taxes from continuing operations consists of the following:
 
 
 
 
 
in millions

 
2019

 
2018

 
2017

Federal
$
325


$
(426
)

$
755

State
42


118


81

Foreign
29


26


14

 
$
396

 
$
(282
)
 
$
850

 
 
 
 
 
 
Current
$
304


$
583


$
889

Deferred
92


(865
)

(39
)
 
$
396

 
$
(282
)
 
$
850
Schedule Of Reasons For Differences Between Statutory Federal Tax Rate And Effective Income Tax Rate
The reasons for the difference between the statutory federal income tax rate and our effective income tax rate from continuing operations are as follows:
 
2019

 
2018

 
2017

Federal income tax rate
21.0
 %

24.5
 %

35.0
 %
State income taxes
2.9


3.3


2.3

Unrecognized tax benefits, net
(6.6
)

(0.1
)

(0.1
)
Impact of the Tax Act
—


(37.9
)

—

Domestic production deduction
—


(1.7
)

(3.1
)
Impairment and sale of non-protein businesses
—

 
3.1

 
—

Other
(1.0
)
 
(1.5
)
 
(1.8
)
 
16.3
 %
 
(10.3
)%
 
32.3
 %
Schedule Of Tax Effects Of Major Items Recorded As Deferred Tax Assets And Liabilities
The tax effects of major items recorded as deferred tax assets and liabilities as of September 28, 2019, and September 29, 2018, are as follows:
 
 
 
 
 
 
 
in millions

 
2019
 
2018
 
Deferred Tax
 
Deferred Tax
 
Assets

 
Liabilities

 
Assets

 
Liabilities

Property, plant and equipment
$
—

 
$
891

 
$
—

 
$
714

Intangible assets
—

 
1,624

 
—

 
1,533

Accrued expenses
297

 
—

 
230

 
—

Net operating loss and other carryforwards
99

 
—

 
92

 
—

Other
84

 
231

 
98

 
193

 
$
480

 
$
2,746

 
$
420

 
$
2,440

Valuation allowance
$
(86
)
 

 
$
(79
)
 

Net deferred tax liability
 
 
$
2,352

 
 
 
$
2,099
Schedule Of Activity Related To Gross Unrecognized Tax Benefits
The following table summarizes the activity related to our gross unrecognized tax benefits at September 28, 2019, September 29, 2018, and September 30, 2017:
 
 
 
 
 
in millions

 
2019

 
2018

 
2017

Balance as of the beginning of the year
$
308

 
$
316

 
$
305

Increases related to current year tax positions
20

 
19

 
38

Increases related to prior year tax positions
21

 
8

 
5

Increase related to AdvancePierre acquisition
—

 
—

 
9

Reductions related to prior year tax positions
(17
)
 
(18
)
 
(27
)
Reductions related to settlements
(9
)
 
(8
)
 
(4
)
Reductions related to expirations of statutes of limitations
(154
)
 
(9
)
 
(10
)
Balance as of the end of the year
$
169

 
$
308

 
$
316
v3.19.3
Debt (Tables)
 12 Months Ended
Sep. 28, 2019
Debt Instruments [Abstract]  
Schedule Of Major Components Of Debt The following table reflects major components of debt as of September 28, 2019, and September 29, 2018:
 
 
 
in millions

 
2019

 
2018

Revolving credit facility
$
70

 
$
—

Commercial Paper
1,000

 
605

Senior notes:
 
 
 
Notes due May 2019 ("2019 Notes")
—

 
300

Notes due August 2019 ("2019 Notes")
—

 
1,000

Notes due June 2020 (2.68% at 09/28/2019)
350

 
350

Notes due August 2020 (2.60% at 09/28/2019)
400

 
400

4.10% Notes due September 2020
280

 
281

2.25% Notes due August 2021
500

 
500

4.50% Senior notes due June 2022
1,000

 
1,000

3.90% Notes due September 2023
400

 
400

3.95% Notes due August 2024
1,250

 
1,250

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

 
—

3.55% Notes due June 2027
1,350

 
1,350

7.00% Notes due January 2028
18

 
18

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

 
—

6.13% Notes due November 2032
161

 
161

4.88% Notes due August 2034
500

 
500

5.15% Notes due August 2044
500

 
500

4.55% Notes due June 2047
750

 
750

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

 
500

Discount on senior notes
(48
)
 
(15
)
Other
216

 
73

Unamortized debt issuance costs
(65
)
 
(50
)
Total debt
11,932

 
9,873

Less current debt
2,102

 
1,911

Total long-term debt
$
9,830

 
$
7,962
v3.19.3
Equity (Tables)
 12 Months Ended
Sep. 28, 2019
Equity [Abstract]  
Schedule of Share Repurchases
A summary of cumulative share repurchases of our Class A stock for fiscal 2019, 2018 and 2017 is as follows:
 
 
 
 
 
 
 
 
 
 
in millions
 
 
 
September 28, 2019
 
September 29, 2018
 
September 30, 2017
 
 
Shares
 
Dollars
 
Shares
 
Dollars
 
Shares
 
Dollars
Shares repurchased:
 
 
 
 
 
 
 
 
 
 
 
 
Under share repurchase program
 
2.3

 
$
150

 
4.9

 
$
350

 
12.5

 
$
797

To fund certain obligations under equity compensation plans
 
1.4

 
102

 
1.0

 
77

 
1.0

 
63

Total share repurchases
 
3.7

 
$
252

 
5.9

 
$
427

 
13.5

 
$
860
v3.19.3
Earnings Per Share (Tables)
 12 Months Ended
Sep. 28, 2019
Earnings Per Share [Abstract]  
Schedule Of Earnings Per Share, Basic And Diluted
The earnings and weighted average common shares used in the computation of basic and diluted earnings per share are as follows:
 
in millions, except per share data
 
 
2019

 
2018

 
2017

Numerator:
 
 
 
 
 
Net income
$
2,035

 
$
3,027

 
$
1,778

Less: Net income attributable to noncontrolling interests
13

 
3

 
4

Net income attributable to Tyson
2,022

 
3,024

 
1,774

Less dividends declared:
 
 
 
 
 
Class A
465

 
378

 
285

Class B
99

 
80

 
61

Undistributed earnings
$
1,458

 
$
2,566

 
$
1,428

 
 
 
 
 
 
Class A undistributed earnings
$
1,200

 
$
2,115

 
$
1,177

Class B undistributed earnings
258

 
451

 
251

Total undistributed earnings
$
1,458

 
$
2,566

 
$
1,428

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

 
295

 
296

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

 
70

 
70

Effect of dilutive securities:
 
 
 
 
 
Stock options and restricted stock
3

 
4

 
4

Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions
366

 
369

 
370

 
 
 
 
 
 
Net Income Per Share Attributable to Tyson:
 
 
 
 
 
Class A Basic
$
5.67

 
$
8.44

 
$
4.94

Class B Basic
$
5.10

 
$
7.59

 
$
4.45

Diluted
$
5.52

 
$
8.19

 
$
4.79

Dividends Declared Per Share:
 
 
 
 
 
Class A
$
1.575

 
$
1.275

 
$
0.975

Class B
$
1.418

 
$
1.148

 
$
0.878
v3.19.3
Derivative Financial Instruments (Tables)
 12 Months Ended
Sep. 28, 2019
Derivative [Line Items]  
Schedule Of Notional Amount Of Derivatives
We had the following aggregated outstanding notional amounts related to our derivative financial instruments:
 
 
 
 
in millions, except soy meal tons
 
 
 
Metric
 
September 28, 2019

 
September 29, 2018

Commodity:
 
 
 
 
 
 
Corn
 
Bushels
 
111

 
112

Soy Meal
 
Tons
 
1,078,800

 
651,700

Live Cattle
 
Pounds
 
14

 
105

Lean Hogs
 
Pounds
 
309

 
39

Foreign Currency
 
United States dollar
 
$
148

 
$
89

Interest Rate Swaps
 
Average monthly debt
 
$
400

 
$
400
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]  
Derivative [Line Items]  
Derivative Instruments, Gain (Loss)
The following table sets forth the pretax impact of cash flow hedge derivative instruments in the Consolidated Statements of Income:
 
 
 
 
 
 
 
 
 
 
 
in millions
 
 
Gain (Loss)
Recognized in OCI
on Derivatives
 
 
Consolidated
Statements of Income
Classification
 
Gain (Loss)
Reclassified from
OCI to Earnings
 
 
2019

 
2018

 
2017

 
 
 
2019

 
2018

 
2017

Cash Flow Hedge – Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
$
(15
)
 
$
(21
)
 
$
(3
)
 
Cost of Sales
 
$
(18
)
 
$
(12
)
 
$
(4
)
Interest rate hedges
(24
)
 
1

 
—

 
Interest expense
 
(1
)
 
—

 
—

Total
$
(39
)
 
$
(20
)
 
$
(3
)
 
 
 
$
(19
)
 
$
(12
)
 
$
(4
)
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member]  
Derivative [Line Items]  
Derivative Instruments, Gain (Loss)
 
 
in millions
 
 
 
Consolidated
Statements of Income
Classification
 
2019

 
2018

 
2017

Gain (Loss) on forwards
 
Cost of Sales
 
$
42

 
$
12

 
$
(20
)
Gain (Loss) on purchase contract
 
Cost of Sales
 
(42
)
 
(12
)
 
20
Not Designated as Hedging Instrument [Member]  
Derivative [Line Items]  
Derivative Instruments, Gain (Loss)
The following table sets forth the pretax impact of the undesignated derivative instruments in the Consolidated Statements of Income:
 
 
 
 
 
 
in millions
 
 
 
Consolidated
Statements of Income
Classification
 
Gain (Loss)
Recognized
in Earnings
 
 
 
 
 
2019

 
2018

 
2017

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Commodity contracts
 
Sales
 
$
(23
)
 
$
18

 
$
111

Commodity contracts
 
Cost of Sales
 
2

 
(33
)
 
(95
)
Foreign exchange contracts
 
Other Income/Expense
 
8

 
(3
)
 
—

Total
 
 
 
$
(13
)
 
$
(18
)
 
$
16
v3.19.3
Fair Value Measurements (Tables)
 12 Months Ended
Sep. 28, 2019
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

September 28, 2019
Level 1

 
Level 2

 
Level 3

 
Netting (a)

 
Total

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

 
$
26

 
$
—

 
$
(3
)
 
$
23

Undesignated
—

 
58

 
—

 
(5
)
 
53

Available for sale securities:
 
 
 
 
 
 
 
 
 
Current
—

 
—

 
1

 
—

 
1

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

 
51

 
51

 
—

 
102

Deferred compensation assets
7

 
311

 
—

 
—

 
318

Total assets
$
7

 
$
446

 
$
52

 
$
(8
)
 
$
497

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

 
$
17

 
$
—

 
$
(13
)
 
$
4

Undesignated
—

 
93

 
—

 
(90
)
 
3

Total liabilities
$
—

 
$
110

 
$
—

 
$
(103
)
 
$
7

 
 
 
 
 
 
 
 
 
 
September 29, 2018
Level 1

 
Level 2

 
Level 3

 
Netting (a)

 
Total

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

 
$
2

 
$
—

 
$
(1
)
 
$
1

Undesignated
—

 
44

 
—

 
(19
)
 
25

Available for sale securities:
 
 
 
 
 
 
 
 
 
Current
—

 
1

 
—

 
—

 
1

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

 
46

 
51

 
—

 
97

Deferred Compensation assets
21

 
295

 
—

 
—

 
316

Total assets
$
21

 
$
388

 
$
51

 
$
(20
)
 
$
440

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

 
$
8

 
$
—

 
$
(8
)
 
$
—

Undesignated
—

 
35

 
—

 
(30
)
 
5

Total liabilities
$
—

 
$
43

 
$
—

 
$
(38
)
 
$
5

(a)
Our derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. Additionally, at September 28, 2019, and September 29, 2018, we had $95 million and $18 million, respectively, of net cash collateral posted 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

 
September 28, 2019

 
September 29, 2018

Balance at beginning of year
$
51

 
$
51

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

 
—

Included in other comprehensive income (loss)
1

 
(1
)
Purchases
20

 
20

Issuances
—

 
—

Settlements
(20
)
 
(19
)
Balance at end of year
$
52

 
$
51

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

 
$
—
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
 
 
September 28, 2019
 
September 29, 2018
 
Amortized
Cost Basis

 
Fair
Value

 
Unrealized
Gain/(Loss)

 
Amortized
Cost Basis

 
Fair
Value

 
Unrealized
Gain/(Loss)

Available for Sale Securities:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities:
 
 
 
 
 
 
 
 
 
 
 
United States Treasury and Agency
$
51

 
$
51

 
$
—

 
$
48

 
$
47

 
$
(1
)
Corporate and Asset-Backed
51

 
52

 
1

 
52

 
51

 
(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
 
 
September 28, 2019
 
September 29, 2018
 
Fair
Value

 
Carrying
Value

 
Fair
Value

 
Carrying
Value

Total Debt
$
12,978

 
$
11,932

 
$
9,775

 
$
9,873
v3.19.3
Stock-Based Compensation (Tables)
 12 Months Ended
Sep. 28, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Schedule Of Summary Of Stock Options
 
Shares Under
Option

 
Weighted
Average Exercise
Price Per Share

 
Weighted Average Remaining Contractual Life (in Years)
 
Aggregate
Intrinsic Value
(in millions)

Outstanding, September 29, 2018
5,994,148

 
$
48.37

 
 
 
 
Exercised
(2,345,001
)
 
43.27

 
 
 
 
Forfeited or expired
(152,650
)
 
63.04

 
 
 
 
Granted
1,866,175

 
59.42

 
 
 
 
Outstanding, September 28, 2019
5,362,672

 
54.03

 
7.0
 
$
167

 
 
 
 
 
 
 
 
Exercisable, September 28, 2019
2,656,960

 
$
44.14

 
5.3
 
$
109
Schedule Of Assumptions Of Fair Value Calculation Of Each Year's Grants Assumptions as of the grant date used in the fair value calculation of each year’s grants are outlined in the following table.
 
2019

 
2018

 
2017

Expected life (in years)
4.3

 
5.9

 
5.4

Risk-free interest rate
2.8
%
 
2.1
%
 
1.8
%
Expected volatility
25.4
%
 
23.5
%
 
24.7
%
Expected dividend yield
2.5
%
 
1.5
%
 
1.3% - 1.4%
Schedule Of Summary Of Restricted Stock
 
Number of Shares

 
Weighted
Average Grant-
Date Fair Value
Per Share

 
Weighted Average
Remaining
Contractual Life
(in Years)
 
Aggregate
Intrinsic Value
(in millions)

Nonvested, September 29, 2018
1,499,976

 
$
62.68

 
 
 
 
Granted
779,497

 
60.59

 
 
 
 
Dividends
36,077

 
64.39

 
 
 
 
Vested
(540,075
)
 
53.60

 
 
 
 
Forfeited
(113,397
)
 
64.63

 
 
 
 
Nonvested, September 28, 2019
1,662,078

 
$
64.55

 
1.4
 
$
142
Schedule Of Summary Of Performance-Based Shares
The following table summarizes the performance-based shares at the maximum award amounts based upon the respective performance share agreements. Actual shares that will vest depend on the level of attainment of the performance-based criteria.
 
Number of Shares

 
Weighted
Average Grant-
Date Fair Value
Per Share

 
Weighted Average
Remaining
Contractual Life
(in Years)
 
Aggregate
Intrinsic Value
(in millions)

Nonvested, September 29, 2018
2,196,299

 
$
47.99

 
 
 
 
Granted
858,676

 
45.12

 
 
 
 
Vested
(825,361
)
 
35.08

 
 
 
 
Forfeited
(202,555
)
 
52.67

 
 
 
 
Nonvested, September 28, 2019
2,027,059

 
$
51.03

 
1.0
 
$
173
v3.19.3
Pensions And Other Postretirement Benefits (Tables)
 12 Months Ended
Sep. 28, 2019
Retirement Benefits, Description [Abstract]  
Schedule Of Reconciliation Of Changes In Plans' Benefit Obligations, Assets And Funded Status
The following table provides a reconciliation of the changes in the plans’ benefit obligations, assets and funded status at September 28, 2019, and September 29, 2018:
 
 
 
 
 
 
 
 
 
in millions
 
 
Pension Benefits
 
Other Postretirement
 
Qualified
 
Non-Qualified
 
Benefits
 
2019

 
2018

 
2019

 
2018

 
2019

 
2018

Change in benefit obligation
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
1,392

 
$
1,477

 
$
220

 
$
230

 
$
28

 
$
33

Service cost
—

 
—

 
1

 
7

 
2

 
1

Interest cost
56

 
55

 
9

 
8

 
1

 
1

Curtailment
—

 
—

 
—

 
(5
)
 
—

 
—

Plan amendments
—

 
—

 
—

 
5

 
4

 
—

Actuarial (gain)/loss
154

 
(60
)
 
17

 
(10
)
 
6

 
(5
)
Benefits paid
(77
)
 
(80
)
 
(12
)
 
(15
)
 
(4
)
 
(2
)
Business Acquisition
2

 
—

 
4

 
—

 
13

 
—

Plan Terminations
(49
)
 
—

 
—

 
—

 
—

 
—

Other
—

 
—

 
—

 
—

 
27

 
—

Benefit obligation at end of year
1,478

 
1,392

 
239

 
220

 
77

 
28

Change in plan assets
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
1,450

 
1,512

 
—

 
—

 
—

 
—

Actual return on plan assets
146

 
4

 
—

 
—

 
—

 
—

Employer contributions
1

 
14

 
12

 
15

 
4

 
2

Benefits paid
(77
)
 
(80
)
 
(12
)
 
(15
)
 
(4
)
 
(2
)
Business Acquisition
2

 
—

 
—

 
—

 
—

 
—

Plan Terminations
(45
)
 
—

 
—

 
—

 
—

 
—

Fair value of plan assets at end of year
1,477

 
1,450

 
—

 
—

 
—

 
—

Funded status
$
(1
)
 
$
58

 
$
(239
)
 
$
(220
)
 
$
(77
)
 
$
(28
)
Schedule Of Amounts Recognized In The Consolidated Balance Sheets
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
 
 
 
 
 
 
in millions
 
 
Pension Benefits
 
Other Postretirement
 
Qualified
 
Non-Qualified
 
Benefits
 
2019

 
2018

 
2019

 
2018

 
2019

 
2018

Other assets
$
16

 
$
61

 
$
—

 
$
—

 
$
—

 
$
—

Other current liabilities
—

 
(3
)
 
(12
)
 
(12
)
 
(3
)
 
(3
)
Other liabilities
(17
)
 
—

 
(227
)
 
(208
)
 
(74
)
 
(25
)
Total assets (liabilities)
$
(1
)
 
$
58

 
$
(239
)
 
$
(220
)
 
$
(77
)
 
$
(28
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
Amounts recognized in Accumulated Other Comprehensive Income consist of:
 
 
 
 
 
 
 
 
 
in millions
 
 
Pension Benefits
 
Other Postretirement
 
Qualified
 
Non-Qualified
 
Benefits
 
2019

 
2018

 
2019

 
2018

 
2019

 
2018

Accumulated other comprehensive (income)/loss:
 
 
 
 
 
 
 
 
 
 
 
   Actuarial (gain) loss
$
(53
)
 
$
(96
)
 
$
46

 
$
31

 
$
27

 
$
—

   Prior service (credit) cost
—

 
—

 
4

 
5

 
(42
)
 
(49
)
Total accumulated other comprehensive (income)/loss:
$
(53
)
 
$
(96
)
 
$
50

 
$
36

 
$
(15
)
 
$
(49
)
Schedule Of Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Plans with accumulated benefit obligations in excess of plan assets are as follows:
 
 
 
 
 
in millions
 
 
Pension Benefits
 
Qualified
 
Non-Qualified
 
2019

 
2018

 
2019

 
2018

Projected benefit obligation
$
381

 
$
49

 
$
239

 
$
220

Accumulated benefit obligation
381

 
49

 
239

 
219

Fair value of plan assets
364

 
45

 
—

 
—
Schedule Of Components Of Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans Recognized In The Consolidated Statements Of Income
Components of net periodic benefit cost (credit) for pension and postretirement benefit plans recognized in the Consolidated Statements of Income are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
in millions
 
 
Pension Benefits
 
Other Postretirement
 
Qualified
 
Non-Qualified
 
Benefits
 
2019

 
2018

 
2017

 
2019

 
2018

 
2017

 
2019

 
2018

 
2017

Service cost
$
—

 
$
—

 
$
2

 
$
1

 
$
7

 
$
11

 
$
2

 
$
1

 
$
1

Interest cost
56

 
55

 
57

 
9

 
8

 
8

 
1

 
1

 
1

Expected return on plan assets
(57
)
 
(62
)
 
(59
)
 
—

 
—

 
—

 
—

 
—

 
—

Amortization of prior service cost
—

 
1

 
—

 
1

 
1

 
—

 
(2
)
 
(25
)
 
(25
)
Recognized actuarial loss (gain), net
(1
)
 
—

 
1

 
2

 
3

 
6

 
5

 
(5
)
 
(1
)
Recognized settlement loss (gain)
19

 
—

 
2

 
—

 
—

 
—

 
—

 
—

 
—

Net periodic benefit cost (credit)
$
17

 
$
(6
)
 
$
3

 
$
13

 
$
19

 
$
25

 
$
6

 
$
(28
)
 
$
(24
)
Schedule Of Weighted Average Assumptions
Weighted average assumptions are as follows:
 
Pension Benefits
 
Other Postretirement
 
Qualified
 
Non-Qualified
 
Benefits
 
2019

 
2018

 
2017

 
2019

 
2018

 
2017

 
2019

 
2018

 
2017

Discount rate to determine net periodic benefit cost
4.26
%
 
3.85
%
 
3.72
%
 
4.31
%
 
3.88
%
 
3.77
%
 
3.99
%
 
3.39
%
 
3.09
%
Discount rate to determine benefit obligations
3.23
%
 
4.26
%
 
3.85
%
 
3.16
%
 
4.31
%
 
3.88
%
 
2.68
%
 
4.11
%
 
3.39
%
Rate of compensation increase
n/a

 
n/a

 
n/a

 
n/a

 
2.53
%
 
2.44
%
 
n/a

 
n/a

 
n/a

Expected return on plan assets
3.50
%
 
4.20
%
 
4.21
%
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a
Schedule Of Estimated Future Benefit Payments Expected To Be Paid
The following benefit payments are expected to be paid:
 
 
 
 
 
in millions

 
Pension Benefits
 
Other Postretirement
 
Qualified
 
Non-Qualified
 
Benefits
2020
$
1

 
$
12

 
$
4

2021
—

 
12

 
4

2022
1

 
13

 
4

2023
—

 
13

 
4

2024
2

 
13

 
4

2024-2028
4

 
66

 
14


The above benefit payments for other postretirement benefit plans are not expected to be offset by Medicare Part D subsidies in fiscal 2020.
The above 2020 benefit payments do not include anticipated accelerated payments for a plan termination within three of our qualified pension plans. The plan termination process for one of these plans began on October 1, 2018 and for the remaining two plans began on December 31, 2018. Full settlement is expected to occur in fiscal 2020.
Schedule of Multiemployer Plans
In addition to regular contributions, we could be obligated to pay additional contributions (known as complete or partial withdrawal liabilities) if it has unfunded vested benefits.
 
 
 
PPA Zone Status
 
FIP/RP Status
 
Contributions (in millions)
 
Surcharge Imposed
 
 
Pension Fund Plan Name
EIN/Pension Plan Number
 
2019
 
2018
 
Implemented
2019
2018
2017
 
2019
 
Expiration Date of Collective Bargaining Agreement(a)
Bakery and Confectionery Union and Industry International Pension Fund
52-6118572/001
 
Red
 
Red
 
Nov 2012
 
$1
$2
$2
 
10%
 
2015-10-10
Pension Fund of Local 227 (b)
61-6054018/001
 
Green
 
n/a
 
n/a
 
$0.2
n/a
n/a
 
None
 
2019-11-09
Retail, Wholesale and Department Store International Union and Industry Pension Fund (c)
63-0708442/001
 
Red
 
n/a
 
Nov 2015
 
$0.5
n/a
n/a
 
9%
 
2021-11-07

(a)
Renewal negotiations for the Bakery and Confectionery Union and Industry International Pension Fund are in progress.
(b)
Contributions in fiscal 2019 exceeded 5% of plan contributions for the plan year ended October 31, 2018.
(c)
Contributions in fiscal 2019 exceeded 5% of plan contributions for the plan year ended December 31, 2018.
v3.19.3
Comprehensive Income (Loss) (Tables)
 12 Months Ended
Sep. 28, 2019
Statement of Comprehensive Income [Abstract]  
Schedule Of Components Of Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive loss are as follows:
 
 
 
in millions

 
2019

 
2018(1)

Accumulated other comprehensive income (loss), net of taxes:
 
 
 
Unrealized net hedging loss
$
(24
)
 
$
(9
)
Unrealized net gain (loss) on investments
1

 
(1
)
Currency translation adjustment
(107
)
 
(84
)
Postretirement benefits reserve adjustments
13

 
79

Total accumulated other comprehensive income (loss)
$
(117
)
 
$
(15
)

(1) Includes reclass from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act, following adoption of the applicable new accounting standard in fiscal 2018.
Schedule Of Components Of Other Comprehensive Income (Loss)
The before and after tax changes in the components of other comprehensive income (loss) are as follows:
 
 
 
 
 
 
 
 
 
 
in millions
 
 
 
2019
 
2018
 
2017
 
 
Before Tax
Tax
After Tax
 
Before Tax
Tax
After Tax
 
Before Tax
Tax
After Tax
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives accounted for as cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
(Gain) loss reclassified to interest expense
 
$
1

$
—

$
1

 
$
—

$
—

$
—

 
$
—

$
—

$
—

(Gain) loss reclassified to cost of sales
 
18

(5
)
13

 
12

(4
)
8

 
4

(2
)
2

Unrealized gain (loss)
 
(39
)
10

(29
)
 
(20
)
5

(15
)
 
(3
)
1

(2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)
 
3

(1
)
2

 
(2
)
1

(1
)
 
(1
)
—

(1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency translation:
 
 
 
 
 
 
 
 
 
 
 
 
Translation adjustment
 
(23
)
—

(23
)
 
(38
)
2

(36
)
 
6

—

6

Translation loss reclassified to cost of sales
 
—

—

—

 
7

—

7

 
—

—

—

 
 
 
 
 
 
 
 
 
 
 
 
 
Postretirement benefits:
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)
 
(114
)
31

(83
)
 
(8
)
1

(7
)
 
91

(35
)
56

Pension settlement reclassified to other (income) expense
 
23

(6
)
17

 
—

—

—

 
—

—

—

Total other comprehensive income (loss)
 
$
(131
)
$
29

$
(102
)
 
$
(49
)
$
5

$
(44
)
 
$
97

$
(36
)
$
61
v3.19.3
Segment Reporting (Tables)
 12 Months Ended
Sep. 28, 2019
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information, By Segment
Information on segments and a reconciliation to income from continuing operations before income taxes are as follows:
 
in millions
 
 
Beef

 
Pork

 
Chicken

 
Prepared
Foods

 
International/Other

 
Intersegment
Sales

 
Consolidated

Fiscal 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales
$
15,828

 
$
4,932

 
$
13,300

 
$
8,418

 
$
1,289

 
$
(1,362
)
 
$
42,405

Operating Income (Loss)
1,107

 
263

 
621

 
843

 
(7
)
 
 
 
2,827

Total Other (Income) Expense
 
 
 
 
 
 
 
 
 
 
 
 
396

Income before Income Taxes
 
 
 
 
 
 
 
 
 
 
 
 
2,431

Depreciation and amortization
97

 
47

 
513

 
397

 
32

 
 
 
1,086

Total Assets
3,137

 
1,372

 
10,807

 
15,138

 
2,643

 
 
 
33,097

Additions to property, plant and equipment
133

 
128

 
637

 
246

 
115

 
 
 
1,259

Fiscal 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales
$
15,473

 
$
4,879

 
$
12,044

 
$
8,668

 
$
305

 
$
(1,317
)
 
$
40,052

Operating Income (Loss)
1,013

 
361

 
866

 
845

 
(53
)
 
 
 
3,032

Total Other (Income) Expense
 
 
 
 
 
 
 
 
 
 
 
 
287

Income before Income Taxes
 
 
 
 
 
 
 
 
 
 
 
 
2,745

Depreciation and amortization
103

 
42

 
368

 
410

 
10

 
 
 
933

Total Assets
3,061

 
1,265

 
8,794

 
15,063

 
926

 
 
 
29,109

Additions to property, plant and equipment
107

 
150

 
570

 
228

 
145

 
 
 
1,200

Fiscal 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales
$
14,823

 
$
5,238

 
$
11,409

 
$
7,853

 
$
349

 
(1,412
)
 
$
38,260

Operating Income (Loss)
877

 
645

 
1,053

 
452

 
(106
)
 
 
 
2,921

Total Other (Income) Expense
 
 
 
 
 
 
 
 
 
 
 
 
293

Income before Income Taxes
 
 
 
 
 
 
 
 
 
 
 
 
2,628

Depreciation and amortization
92

 
36

 
296

 
315

 
9

 
 
 
748

Total Assets
2,938

 
1,132

 
6,630

 
13,466

 
3,900

 
 
 
28,066

Additions to property, plant and equipment
118

 
101

 
492

 
229

 
129

 
 
 
1,069
Disaggregation of Revenue [Table Text Block]
The following table further disaggregates our sales to customers by major distribution channels:
 
in millions
 
 
Twelve months ended September 28, 2019
 
 
Consumer Products(a)
 
Foodservice(b)
 
International(c)
 
Industrial and Other(d)
 
Intersegment
 
Total
Beef
$
7,420

 
$
4,151

 
$
2,426

 
$
1,420

 
$
411

 
$
15,828

Pork
1,415

 
400

 
890

 
1,334

 
893

 
4,932

Chicken
5,637

 
5,138

 
690

 
1,777

 
58

 
13,300

Prepared Foods
4,793

 
3,270

 
104

 
251

 
—

 
8,418

International/Other
—

 
—

 
1,289

 
—

 
—

 
1,289

Intersegment
—

 
—

 
—

 
—

 
(1,362
)
 
(1,362
)
Total
$
19,265

 
$
12,959

 
$
5,399

 
$
4,782

 
$
—

 
$
42,405

(a) Includes sales to consumer products and food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers.
(b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.
(c) Includes sales to international markets related to internationally produced products or export sales of domestically produced products.
(d) Includes sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Consumer Products, Foodservice or International categories.
v3.19.3
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Sep. 28, 2019
Supplemental Cash Flow Information [Abstract]  
Schedule Of Cash Payments For Interest And Income Taxes
The following table summarizes cash payments for interest and income taxes:
 
 
 
 
 
in millions

 
2019

 
2018

 
2017

Interest, net of amounts capitalized
$
419

 
$
368

 
$
249

Income taxes, net of refunds
557

 
470

 
779
v3.19.3
Commitments And Contingencies (Tables)
 12 Months Ended
Sep. 28, 2019
Commitments and Contingencies Disclosure [Abstract]  
Schedule Of Minimum Lease Commitments Under Non-Cancelable Leases inimum lease commitments under non-cancelable leases at September 28, 2019, were:
 
in millions

 
Operating Lease Commitments

2020
$
159

2021
113

2022
74

2023
49

2024
40

2025 and beyond
54

Total
$
489
Other Commitments [Table Text Block]
We enter into agreements with livestock growers that can have fixed and variable payment structures, but are generally cancelable and based on flocks placed with growers. Livestock grower fixed or estimable non-cancelable commitments at September 28, 2019 were:
 
in millions

 
Livestock Grower Commitments

2020
$
253

2021
131

2022
86

2023
58

2024
49

2025 and beyond
122

Total
$
699
Schedule Of Future Purchase Commitments
Additionally, we enter into other purchase commitments for various items such as grains and livestock contracts, which at September 28, 2019 were:
 
in millions

 
Other Purchase Commitments

2020
$
2,466

2021
311

2022
198

2023
43

2024
19

2025 and beyond
23

Total
$
3,060
v3.19.3
Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Sep. 28, 2019
Quarterly Financial Data [Abstract]  
Schedule Of Quarterly Financial Information
 
 
 
in millions, except per share data
 
 
First
Quarter

 
Second
Quarter

 
Third
Quarter

 
Fourth
Quarter

2019
 
 
 
 
 
 
 
Sales
$
10,193

 
$
10,443

 
$
10,885

 
$
10,884

Gross profit
1,355

 
1,192

 
1,336

 
1,139

Operating income
807

 
635

 
781

 
604

Net income
552

 
430

 
681

 
372

Net income attributable to Tyson
551

 
426

 
676

 
369

 
 
 
 
 
 
 
 
Net income per share attributable to Tyson:
 
 
 
 
 
 
 
Class A Basic
$
1.54

 
$
1.20

 
$
1.90

 
$
1.03

Class B Basic
$
1.39

 
$
1.07

 
$
1.71

 
$
0.93

Diluted
$
1.50

 
$
1.17

 
$
1.84

 
$
1.01

2018
 
 
 
 
 
 
 
Sales
$
10,229

 
$
9,773

 
$
10,051

 
$
9,999

Gross profit
1,443

 
1,015

 
1,299

 
1,339

Operating income
922

 
494

 
797

 
819

Net income
1,632

 
316

 
542

 
537

Net income attributable to Tyson
1,631

 
315

 
541

 
537

 
 
 
 
 
 
 
 
Net income per share attributable to Tyson:
 
 
 
 
 
 
 
Class A Basic
$
4.54

 
$
0.88

 
$
1.52

 
$
1.50

Class B Basic
$
4.09

 
$
0.78

 
$
1.37

 
$
1.35

Diluted
$
4.40

 
$
0.85

 
$
1.47

 
$
1.47
v3.19.3
Business And Summary Of Significant Accounting Policies (Schedule Of Inventories Of Processed Products, Livestock, And Supplies Valued At Lower Of Cost Or Market) (Details) - USD ($)
$ in Millions
Sep. 28, 2019
Sep. 29, 2018
Inventory Disclosure [Abstract]    
Processed products $ 2,362 $ 1,981
Livestock 1,150 1,006
Supplies and other 596 526
Total inventory $ 4,108 $ 3,513
v3.19.3
Business and Summary of Significant Accounting Policies Business and Summary of Significant Accounting Policies (Other Current Liabilities) (Details) - USD ($)
$ in Millions
Sep. 28, 2019
Sep. 29, 2018
Other Liabilities, Current [Abstract]    
Accrued salaries, wages and benefits $ 620 $ 549
Other 865 877
Total other current liabilities $ 1,485 $ 1,426
v3.19.3
Business And Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Accounting Policies [Line Items]      
Checks outstanding in excess of related book cash $ 200 $ 220  
Allowance for uncollectible accounts $ 21 19  
Maximum length of time hedged anticipated transactions 18 months    
Research and development costs $ 97 114 $ 113
Selling, General and Administrative Expenses [Member]      
Accounting Policies [Line Items]      
Advertising Expense $ 276 $ 243 $ 238
Measurement Input, Discount Rate [Member] | Indefinite-lived Intangible Assets [Member]      
Accounting Policies [Line Items]      
Annual Indefinite Life Intangible Test, Discount Rate 7.50% 8.20%  
Minimum [Member] | Customer Relationships [Member]      
Accounting Policies [Line Items]      
Finite-Lived Intangible Asset, Useful Life 7 years    
Maximum [Member] | Brands & Trademarks      
Accounting Policies [Line Items]      
Finite-Lived Intangible Asset, Useful Life 20 years    
Maximum [Member] | Customer Relationships [Member]      
Accounting Policies [Line Items]      
Finite-Lived Intangible Asset, Useful Life 30 years    
Buildings And Leasehold Improvements [Member] | Minimum [Member]      
Accounting Policies [Line Items]      
Property, plant, and equipment estimated lives 10 years    
Buildings And Leasehold Improvements [Member] | Maximum [Member]      
Accounting Policies [Line Items]      
Property, plant, and equipment estimated lives 33 years    
Machinery And Equipment [Member] | Minimum [Member]      
Accounting Policies [Line Items]      
Property, plant, and equipment estimated lives 3 years    
Machinery And Equipment [Member] | Maximum [Member]      
Accounting Policies [Line Items]      
Property, plant, and equipment estimated lives 12 years    
Land Improvements [Member] | Minimum [Member]      
Accounting Policies [Line Items]      
Property, plant, and equipment estimated lives 3 years    
Land Improvements [Member] | Maximum [Member]      
Accounting Policies [Line Items]      
Property, plant, and equipment estimated lives 20 years    
v3.19.3
Business and Summary of Significant Accounting Policies New Accounting Pronouncements (Details)
Sep. 28, 2019
Property, Plant and Equipment [Member]  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Lessee, Operating Leases, Right of Use Assets 2.00%
v3.19.3
Changes In Accounting Principles Changes in Accounting Principles (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 28, 2019
Jun. 29, 2019
Mar. 30, 2019
Dec. 29, 2018
Sep. 29, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 30, 2017
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Cost of Sales                 $ 37,383 $ 34,956 $ 33,198
Selling, General and Administrative                 2,195 2,064 2,141
Operating Income $ 604 $ 781 $ 635 $ 807 $ 819 $ 797 $ 494 $ 922 2,827 3,032 2,921
Other (Income) Expense                 $ (396) (287) (293)
Previously Reported [Member]                      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Cost of Sales                   34,926 33,177
Selling, General and Administrative                   2,071 2,152
Operating Income                   3,055 2,931
Other (Income) Expense                   (310) (303)
Accounting Standards Update 2017-07 [Member] | Restatement Adjustment [Member]                      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Cost of Sales                   30 21
Selling, General and Administrative                   (7) (11)
Operating Income                   (23) (10)
Other (Income) Expense                   $ 23 $ 10
v3.19.3
Acquisitions and Dispositions Preliminary Fair Value of Assets Acquired and Liabilities Assumes at Acquisition Date (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Business Acquisition [Line Items]      
Goodwill, Purchase Accounting Adjustments $ (66) $ 2  
Goodwill $ 10,844 $ 9,739 $ 9,324
v3.19.3
Acquisitions and Dispositions Schedule of Intangible Assets Acquired as Part of Business Combination (Details) - AdvancePierre [Member]
Jun. 07, 2017
Brands & Trademarks  
Acquired Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 15 years
Customer Relationships  
Acquired Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 15 years
v3.19.3
Acquisitions and Dispositions Acquisitions Pro Forma Information (Details) - AdvancePierre [Member]
$ / shares in Units, $ in Millions
 12 Months Ended
Sep. 30, 2017
USD ($)
$ / shares
Business Acquisition [Line Items]  
Pro forma sales $ 39,330
Pro forma net income attributable to Tyson $ 1,837
Pro forma net income per diluted share attributable to Tyson | $ / shares $ 4.97
v3.19.3
Acquisitions (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Jun. 03, 2019
Nov. 30, 2018
Aug. 20, 2018
Jun. 04, 2018
Nov. 10, 2017
Jun. 07, 2017
Sep. 28, 2019
Dec. 29, 2018
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Business Acquisition [Line Items]                      
Goodwill             $ 10,844   $ 10,844 $ 9,739 $ 9,324
Goodwill, Purchase Accounting Adjustments                 (66) 2  
Prepared Foods [Member]                      
Business Acquisition [Line Items]                      
Goodwill             6,134   6,134 6,142 3,678
Goodwill, Purchase Accounting Adjustments                 0 0  
Chicken [Member]                      
Business Acquisition [Line Items]                      
Goodwill             3,274   3,274 2,498 1,565
Goodwill, Purchase Accounting Adjustments                 (66) 0  
Other [Member]                      
Business Acquisition [Line Items]                      
Goodwill             337   337 0 $ 0
Goodwill, Purchase Accounting Adjustments                 0 $ 0  
American Protein [Member]                      
Business Acquisition [Line Items]                      
Consideration Transferred     $ 864                
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred                 (2)    
Net Working Capital     56                
Property, Plant and Equipment     152                
Intangible Assets     361                
Goodwill     308                
Goodwill, Purchase Accounting Adjustments                 (66)    
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Net Working Capital                 (15)    
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles                 50    
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment                 3    
Other Liabilities     13                
Goodwill, Expected Tax Deductible Amount     242                
American Protein [Member] | Supply Network [Member]                      
Business Acquisition [Line Items]                      
Finite-lived Intangible Assets Acquired     $ 310                
Finite-Lived Intangible Asset, Useful Life     14 years                
American Protein [Member] | Customer Relationships [Member]                      
Business Acquisition [Line Items]                      
Finite-lived Intangible Assets Acquired     $ 51                
Finite-Lived Intangible Asset, Useful Life     12 years                
Keystone Foods [Member]                      
Business Acquisition [Line Items]                      
Consideration Transferred   $ 2,300                  
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred                 61    
Property, Plant and Equipment   676                  
Intangible Assets   659                  
Goodwill   1,120         342   342    
Goodwill, Purchase Accounting Adjustments                 (47)    
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Net Working Capital             (13)        
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles                 86    
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment                 49    
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Income Taxes                 $ 36    
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value   (122)                  
Cash and cash equivalents   186                  
Accounts receivable   106                  
Inventories   257                  
Other current assets   34                  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets   28                  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt   (73)                  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable   (208)                  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other   (99)                  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt   (113)                  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent   (177)                  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other   (8)                  
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest   2,266                  
Keystone Foods [Member] | Fair Value Adjustment to Inventory [Member]                      
Business Acquisition [Line Items]                      
Business Acquisition, Fair Value Inventory Adjustment               $ 11      
Keystone Foods [Member] | Chicken [Member]                      
Business Acquisition [Line Items]                      
Goodwill   779                  
Keystone Foods [Member] | Other [Member]                      
Business Acquisition [Line Items]                      
Goodwill   $ 341                  
Keystone Foods [Member] | Customer Relationships [Member]                      
Business Acquisition [Line Items]                      
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life   25 years                  
BRF S.A. Thailand and Europe [Member]                      
Business Acquisition [Line Items]                      
Consideration Transferred $ 326                    
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred             15        
Net Working Capital 307                    
Property, Plant and Equipment 93                    
Intangible Assets 23                    
Goodwill 1                    
Goodwill, Purchase Accounting Adjustments             66        
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Net Working Capital             3        
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles             11        
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment             13        
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Income Taxes             4        
Business Combination, Provisional Information, Initial Accounting incomplete, Adjustment, Noncontrolling Interest             $ 68        
Other Liabilities 24                    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities 11                    
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value (7)                    
Cash and cash equivalents $ 56                    
BRF S.A. Thailand and Europe [Member] | Customer Relationships [Member]                      
Business Acquisition [Line Items]                      
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 7 years                    
Tecumseh Poultry [Member]                      
Business Acquisition [Line Items]                      
Consideration Transferred       $ 382              
Net Working Capital       13              
Property, Plant and Equipment       49              
Intangible Assets       227              
Goodwill       94              
Cash and cash equivalents       1              
Goodwill, Expected Tax Deductible Amount       94              
Tecumseh Poultry [Member] | Brands & Trademarks                      
Business Acquisition [Line Items]                      
Finite-lived Intangible Assets Acquired       $ 193              
Finite-Lived Intangible Asset, Useful Life       20 years              
Original Philly [Member]                      
Business Acquisition [Line Items]                      
Consideration Transferred         $ 226            
Net Working Capital         21            
Property, Plant and Equipment         13            
Intangible Assets         90            
Goodwill         111            
Cash and cash equivalents         10            
Goodwill, Expected Tax Deductible Amount         111            
Original Philly [Member] | Prepared Foods [Member]                      
Business Acquisition [Line Items]                      
Goodwill         82            
Original Philly [Member] | Chicken [Member]                      
Business Acquisition [Line Items]                      
Goodwill         $ 29            
AdvancePierre [Member]                      
Business Acquisition [Line Items]                      
Consideration Transferred           $ 3,200          
Consideration Transferred, Per Share of Common Stock           $ 40.25          
AdvancePierre [Member] | Customer Relationships [Member]                      
Business Acquisition [Line Items]                      
Finite-Lived Intangible Asset, Useful Life           15 years          
AdvancePierre [Member] | Brands & Trademarks                      
Business Acquisition [Line Items]                      
Finite-Lived Intangible Asset, Useful Life           15 years          
v3.19.3
Dispositions (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Mar. 31, 2018
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Aug. 31, 2019
Sep. 02, 2018
Jul. 30, 2018
Dec. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                    
Gain on disposition of business       $ 17 $ 42 $ 0        
Asset Impairment Charges       $ 94 175 214        
Prepared Foods business [Member] | Prepared Foods [Member] | Cost of Sales [Member]                    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                    
Asset Impairment Charges $ 41                  
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Non-Protein Business [Member]                    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                    
Gain on disposition of business   $ 11                
Asset Impairment Charges     $ 75              
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Non-Protein Business [Member] | Prepared Foods [Member] | Cost of Sales [Member]                    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                    
Asset Impairment Charges         101 $ 45        
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Kettle Business [Member] | Prepared Foods [Member]                    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                    
Disposal Group, Including Discontinued Operation, Consideration                   $ 125
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Kettle Business [Member] | Prepared Foods [Member] | Cost of Sales [Member]                    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                    
Gain on disposition of business         22          
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Sara Lee® Frozen Bakery and Van’s® businesses [Member] | Prepared Foods [Member]                    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                    
Disposal Group, Including Discontinued Operation, Consideration                 $ 623  
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Sara Lee® Frozen Bakery and Van’s® businesses [Member] | Prepared Foods [Member] | Cost of Sales [Member]                    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                    
Gain on disposition of business         11          
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | TNT Crust [Member] | Prepared Foods [Member]                    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                    
Disposal Group, Including Discontinued Operation, Consideration               $ 57    
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | TNT Crust [Member] | Prepared Foods [Member] | Cost of Sales [Member]                    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                    
Gain on disposition of business         $ 9          
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Keystone Further Processing Facility [Member]                    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                    
Asset Impairment Charges $ 41                  
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Keystone Further Processing Facility [Member] | Chicken [Member]                    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                    
Disposal Group, Including Discontinued Operation, Consideration             $ 170      
v3.19.3
Property, Plant And Equipment (Details) - USD ($)
$ in Millions
Sep. 28, 2019
Sep. 29, 2018
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 14,650 $ 13,035
Less accumulated depreciation 7,368 6,866
Net property, plant and equipment 7,282 6,169
Amount required to complete construction of buildings and equipment under construction 1,772  
Land [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 198 154
Buildings And Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 4,747 4,115
Machinery And Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 8,607 7,720
Land Improvements And Other [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 385 357
Buildings And Equipment Under Construction [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 713 $ 689
v3.19.3
Goodwill And Intangible Assets (Goodwill Activity) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Goodwill [Roll Forward]      
Goodwill, beginning of period $ 10,356 $ 9,941  
Accumulated impairment losses (617) (617) $ (617)
Goodwill, net 10,844 9,739 9,324
Acquisition 1,121 447  
Goodwill, Written off Related to Sale of Business Unit (77) (30)  
Goodwill, Foreign Currency Translation Gain (Loss) (5)    
Measurement period adjustments 66 (2)  
Allocation of acquired goodwill   0  
Goodwill, end of period 11,461 10,356  
Beef [Member]      
Goodwill [Roll Forward]      
Goodwill, beginning of period 1,236 1,236  
Accumulated impairment losses (560) (560) (560)
Goodwill, net 676 676 676
Acquisition 0 0  
Goodwill, Written off Related to Sale of Business Unit 0 0  
Goodwill, Foreign Currency Translation Gain (Loss) 0    
Measurement period adjustments 0 0  
Allocation of acquired goodwill   0  
Goodwill, end of period 1,236 1,236  
Pork [Member]      
Goodwill [Roll Forward]      
Goodwill, beginning of period 423 423  
Accumulated impairment losses 0 0 0
Goodwill, net 423 423 423
Acquisition 0 0  
Goodwill, Written off Related to Sale of Business Unit 0 0  
Goodwill, Foreign Currency Translation Gain (Loss) 0    
Measurement period adjustments 0 0  
Allocation of acquired goodwill   0  
Goodwill, end of period 423 423  
Chicken [Member]      
Goodwill [Roll Forward]      
Goodwill, beginning of period 2,498 1,565  
Accumulated impairment losses 0 0 0
Goodwill, net 3,274 2,498 1,565
Acquisition 779 365  
Goodwill, Written off Related to Sale of Business Unit (70) 0  
Goodwill, Foreign Currency Translation Gain (Loss) 1    
Measurement period adjustments 66 0  
Allocation of acquired goodwill   568  
Goodwill, end of period 3,274 2,498  
Prepared Foods [Member]      
Goodwill [Roll Forward]      
Goodwill, beginning of period 6,142 3,678  
Accumulated impairment losses 0 0 0
Goodwill, net 6,134 6,142 3,678
Acquisition 0 82  
Goodwill, Written off Related to Sale of Business Unit (7) (30)  
Goodwill, Foreign Currency Translation Gain (Loss) (1)    
Measurement period adjustments 0 0  
Allocation of acquired goodwill   2,412  
Goodwill, end of period 6,134 6,142  
Other [Member]      
Goodwill [Roll Forward]      
Goodwill, beginning of period 57 57  
Accumulated impairment losses (57) (57) (57)
Goodwill, net 337 0 0
Acquisition 342 0  
Goodwill, Written off Related to Sale of Business Unit 0 0  
Goodwill, Foreign Currency Translation Gain (Loss) (5)    
Measurement period adjustments 0 0  
Allocation of acquired goodwill   0  
Goodwill, end of period 394 57  
Unallocated Goodwill [Member]      
Goodwill [Roll Forward]      
Goodwill, beginning of period 0 2,982  
Accumulated impairment losses 0 0 0
Goodwill, net 0 0 $ 2,982
Acquisition 0 0  
Goodwill, Written off Related to Sale of Business Unit 0 0  
Goodwill, Foreign Currency Translation Gain (Loss) 0    
Measurement period adjustments 0 (2)  
Allocation of acquired goodwill   (2,980)  
Goodwill, end of period $ 0 $ 0  
v3.19.3
Goodwill And Intangible Assets (Other Intangible Assets By Type) (Details) - USD ($)
$ in Millions
Sep. 28, 2019
Sep. 29, 2018
Finite-Lived Intangible Assets [Line Items]    
Total gross amortizable intangible assets $ 3,686 $ 3,217
Less accumulated amortization 727 536
Total net amortizable intangible assets 2,959 2,681
Brands and trademarks not subject to amortization 4,078 4,078
Total intangible assets 7,037 6,759
Brands and Trademarks [Member]    
Finite-Lived Intangible Assets [Line Items]    
Total gross amortizable intangible assets 945 950
Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Total gross amortizable intangible assets 2,389 1,793
Supply Arrangement [Member]    
Finite-Lived Intangible Assets [Line Items]    
Total gross amortizable intangible assets 310 358
Patents, Intellectual Property and Other [Member]    
Finite-Lived Intangible Assets [Line Items]    
Total gross amortizable intangible assets 34 107
Land Use Rights [Member]    
Finite-Lived Intangible Assets [Line Items]    
Total gross amortizable intangible assets $ 8 $ 9
v3.19.3
Goodwill And Intangible Assets (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense on intangible assets $ 267 $ 210 $ 107
Estimated amortization expense on intangible assets, 2019 276    
Estimated amortization expense on intangible assets, 2020 258    
Estimated amortization expense on intangible assets, 2021 244    
Estimated amortization expense on intangible assets, 2022 225    
Estimated amortization expense on intangible assets, 2023 $ 221    
v3.19.3
Restructuring Charges by Income Statement Location (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 28, 2019
Jun. 29, 2019
Mar. 30, 2019
Dec. 29, 2018
Sep. 29, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 30, 2017
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Financial Fitness Program [Member]                      
Restructuring Cost and Reserve [Line Items]                      
Restructuring and Related Cost, Incurred Cost $ 10 $ 15 $ 8 $ 8 $ 14 $ 14 $ 12 $ 19 $ 41 $ 59 $ 150
v3.19.3
Current and Estimated Restructuring Charges (Details) - Financial Fitness Program [Member] - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 28, 2019
Jun. 29, 2019
Mar. 30, 2019
Dec. 29, 2018
Sep. 29, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 30, 2017
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Restructuring Cost and Reserve [Line Items]                      
Restructuring and Related Cost, Incurred Cost $ 10 $ 15 $ 8 $ 8 $ 14 $ 14 $ 12 $ 19 $ 41 $ 59 $ 150
Restructuring and Related Cost, Expected Cost $ 280               $ 280    
v3.19.3
Restructuring Reserve (Details) - Financial Fitness Program [Member]
$ in Millions
Sep. 28, 2019
USD ($)
Restructuring Cost and Reserve [Line Items]  
Liability as of September 30, 2017 $ 10
Liability as of September 29, 2018 $ 0
v3.19.3
Restructuring Narrative (Details) - Financial Fitness Program [Member] - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 28, 2019
Jun. 29, 2019
Mar. 30, 2019
Dec. 29, 2018
Sep. 29, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 30, 2017
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Restructuring Cost and Reserve [Line Items]                      
Restructuring and Related Cost, Expected Cost $ 280               $ 280    
Restructuring and Related Cost, Incurred Cost $ 10 $ 15 $ 8 $ 8 $ 14 $ 14 $ 12 $ 19 41 $ 59 $ 150
Employee Severance [Member]                      
Restructuring Cost and Reserve [Line Items]                      
Restructuring and Related Cost, Incurred Cost                     53
Technology Impairment and Related Costs [Member]                      
Restructuring Cost and Reserve [Line Items]                      
Restructuring and Related Cost, Incurred Cost                 $ 41 $ 59 72
Contract Termination [Member]                      
Restructuring Cost and Reserve [Line Items]                      
Restructuring and Related Cost, Incurred Cost                     25
Cost of Sales [Member]                      
Restructuring Cost and Reserve [Line Items]                      
Restructuring Costs                     35
Selling, General and Administrative Expenses [Member]                      
Restructuring Cost and Reserve [Line Items]                      
Restructuring Costs                     $ 115
v3.19.3
Income Taxes (Provision For Income Taxes From Continuing Operations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Income Tax Disclosure [Abstract]      
Federal $ 325 $ (426) $ 755
State 42 118 81
Foreign 29 26 14
Current 304 583 889
Deferred 92 (865) (39)
Income Tax Expense (Benefit) $ 396 $ (282) $ 850
v3.19.3
Income Taxes (Reasons For Differences Between Statutory Federal Tax Rate And Effective Income Tax Rate) (Details)
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Income Tax Disclosure [Abstract]      
Federal income tax rate 21.00% 24.50% 35.00%
State income taxes 2.90% 3.30% 2.30%
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent (6.60%) (0.10%) (0.10%)
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent 0 (0.379) 0
Domestic production deduction 0.00% (1.70%) (3.10%)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent 0.00% 3.10% 0.00%
Other (1.00%) (1.50%) (1.80%)
Effective income tax rate 16.30% (10.30%) 32.30%
v3.19.3
Income Taxes (Tax Effects Of Major Items Recorded As Deferred Tax Assets And Liabilities) (Details) - USD ($)
$ in Millions
Sep. 28, 2019
Sep. 29, 2018
Income Tax Disclosure [Abstract]    
Deferred Tax Assets, Property, plant and equipment $ 0 $ 0
Deferred Tax Liabilities, Property, plant and equipment 891 714
Deferred Tax Assets, Intangible assets 0 0
Deferred Tax Liabilities, Intangible assets 1,624 1,533
Deferred Tax Assets, Accrued expenses 297 230
Deferred Tax Liabilities, Accrued expenses 0 0
Deferred Tax Assets, Net operating loss and other carryforwards 99 92
Deferred Tax Assets, Other 84 98
Deferred Tax Liabilities, Other 231 193
Deferred Tax Assets, Gross 480 420
Deferred Tax Liabilities, Gross 2,746 2,440
Valuation allowance (86) (79)
Net deferred tax liability $ 2,352 $ 2,099
v3.19.3
Income Taxes (Activity Related To Gross Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance as of the beginning of the year $ 308 $ 316 $ 305
Increases related to current year tax positions 20 19 38
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions 21 8 5
Increase related to AdvancePierre acquisition 0 0 9
Reductions related to prior year tax positions (17) (18) (27)
Reductions related to settlements (9) (8) (4)
Reductions related to expirations of statute of limitations (154) (9) (10)
Balance as of the end of the year $ 169 $ 308 $ 316
v3.19.3
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Income Tax Disclosure [Line Items]      
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount $ 160    
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions $ 21 $ 8 $ 5
Federal income tax rate 21.00% 24.50% 35.00%
Impact of the Tax Act   $ 35  
Impairment and Sale of Non-Protein Businesses   3.10%  
Domestic production deduction   $ 46 $ 80
State Income Taxes $ 69 90 61
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Amount   (1,004)  
Income (Loss) from Continuing Operations before Income Taxes, Domestic 2,332 2,700 $ 2,603
Tax credit carryforwards 42    
Accumulated undistributed earnings of foreign subsidiaries 252 210  
Unrecognized tax benefits that would impact effective tax rate 116 216  
Unrecognized tax benefits, income tax penalties and interest accrued 46 $ 73  
Expire in fiscal 2019 - 2031 [Member]      
Income Tax Disclosure [Line Items]      
Tax credit carryforwards 38    
Foreign Country [Member]      
Income Tax Disclosure [Line Items]      
Operating loss carryforwards 98    
Expire in fiscal years 2020-2039 [Domain] | State and Local Jurisdiction [Member]      
Income Tax Disclosure [Line Items]      
Operating loss carryforwards 691    
Expire in fiscal years 2020-2031 [Member] | Foreign Country [Member]      
Income Tax Disclosure [Line Items]      
Operating loss carryforwards $ 65    
v3.19.3
Debt (Major Components Of Debt) (Details) - USD ($)
$ in Millions
Sep. 28, 2019
Feb. 01, 2019
Sep. 29, 2018
Debt Instrument [Line Items]      
Letters of Credit Outstanding, Amount $ 0    
Discount on senior notes (48)   $ (15)
Other 216   73
Unamortized debt issuance costs (65)   (50)
Total debt 11,932   9,873
Less current debt 2,102   1,911
Total long-term debt $ 9,830   7,962
7.00% Notes due May 2018      
Debt Instrument [Line Items]      
Stated interest rate 7.00%    
Notes due May 2019 (2019 Notes)      
Debt Instrument [Line Items]      
Long-term debt, gross $ 0   300
Stated interest rate 2.76%    
Notes due August 2019 (2019 Notes)      
Debt Instrument [Line Items]      
Long-term debt, gross $ 0   1,000
Stated interest rate 2.65%    
Notes due June 2020 (2.68% at 09/28/2019)      
Debt Instrument [Line Items]      
Long-term debt, gross $ 350   350
Stated interest rate 2.87%    
Notes due August 2020 (2.60% at 09/28/2019)      
Debt Instrument [Line Items]      
Long-term debt, gross $ 400   400
Stated interest rate 2.76%    
4.10% Notes due September 2020      
Debt Instrument [Line Items]      
Long-term debt, gross $ 280   281
Stated interest rate 4.10%    
2.25% Notes due August 2021      
Debt Instrument [Line Items]      
Long-term debt, gross $ 500   500
Stated interest rate 2.25%    
4.50% Senior notes due June 2022      
Debt Instrument [Line Items]      
Long-term debt, gross $ 1,000   1,000
Stated interest rate 4.50%    
3.90% Notes due September 2023      
Debt Instrument [Line Items]      
Long-term debt, gross $ 400   400
Stated interest rate 3.90%    
3.95% Notes due August 2024      
Debt Instrument [Line Items]      
Long-term debt, gross $ 1,250   1,250
Stated interest rate 3.95%    
Four Point Zero Zero Percentage Senior Unsecured Notes Due March, Two Thousand Twenty Six [Domain]      
Debt Instrument [Line Items]      
Long-term debt, gross $ 800 $ 800 0
Stated interest rate 4.00% 4.00%  
3.55% Notes due June 2027      
Debt Instrument [Line Items]      
Long-term debt, gross $ 1,350   1,350
Stated interest rate 3.55%    
7.00% Notes due January 2028      
Debt Instrument [Line Items]      
Long-term debt, gross $ 18   18
Stated interest rate 7.00%    
Four Point Three Five Percentage Senior Unsecured Notes Due March Two Thousand And Twenty Nine [Member] [Domain]      
Debt Instrument [Line Items]      
Long-term debt, gross $ 1,000 $ 1,000 0
Stated interest rate 4.35% 4.35%  
6.13% Notes due November 2032      
Debt Instrument [Line Items]      
Long-term debt, gross $ 161   161
Stated interest rate 6.13%    
4.88% Notes due August 2034      
Debt Instrument [Line Items]      
Long-term debt, gross $ 500   500
Stated interest rate 4.88%    
5.15% Notes due August 2044      
Debt Instrument [Line Items]      
Long-term debt, gross $ 500   500
Stated interest rate 5.15%    
4.55% Notes due June 2047      
Debt Instrument [Line Items]      
Long-term debt, gross $ 750   750
Stated interest rate 4.55%    
5.10% Notes due September 2048 (2048 Notes)      
Debt Instrument [Line Items]      
Long-term debt, gross $ 1,500 $ 1,500 500
Stated interest rate 5.10%    
Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Revolving credit facility $ 70   0
Commercial Paper [Member]      
Debt Instrument [Line Items]      
Commercial Paper $ 1,000   $ 605
v3.19.3
Debt (Narrative) (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2018
Feb. 28, 2019
Sep. 28, 2019
Feb. 01, 2019
Sep. 29, 2018
Debt Instrument [Line Items]          
Letters of Credit Outstanding, Amount     $ 0    
Debt Instrument, Unamortized Discount     48   $ 15
Maturities of debt in 2019     2,104    
Maturities of debt in 2020     535    
Maturities of debt in 2021     1,033    
Maturities of debt in 2022     493    
Maturities of debt in 2023     1,266    
Debt Instrument, Basis Spread on Variable Rate 1.125%        
Notes due May 2019 (2019 Notes)          
Debt Instrument [Line Items]          
Long-term debt, gross     0   300
Extinguishment of Debt, Amount     $ 300    
Debt Instrument, Interest Rate, Stated Percentage     2.76%    
Notes due August 2019 (2019 Notes)          
Debt Instrument [Line Items]          
Long-term debt, gross     $ 0   1,000
Extinguishment of Debt, Amount     $ 1,000    
Debt Instrument, Interest Rate, Stated Percentage     2.65%    
3.9% Senior Notes Due September, Two Thousand and Twenty Three [Member]          
Debt Instrument [Line Items]          
Long-term debt, gross     $ 400   400
Debt Instrument, Interest Rate, Stated Percentage     3.90%    
5.1% Notes Due September, Two Thousand and Forty Eight [Member]          
Debt Instrument [Line Items]          
Debt Instrument, Face Amount       $ 1,000  
Long-term debt, gross     $ 1,500 1,500 500
Debt Instrument, Interest Rate, Stated Percentage     5.10%    
7.00% Notes Due May 2018 [Member]          
Debt Instrument [Line Items]          
Debt Instrument, Interest Rate, Stated Percentage     7.00%    
4.00% Senior Unsecured Notes due March, 2026, 4.35% Senior Unsecured Notes Due March, 2029 and 5.10% Senior Unsecured Notes Due September 2048 [Domain]          
Debt Instrument [Line Items]          
Debt Instrument, Unamortized Discount       36  
Proceeds from Issuance of Unsecured Debt   $ 2,764      
Debt Issuance Costs, Gross       26  
Debt Instrument, Face Amount       1,800  
Four Point Zero Zero Percentage Senior Unsecured Notes Due March, Two Thousand Twenty Six [Domain]          
Debt Instrument [Line Items]          
Long-term debt, gross     $ 800 $ 800 0
Debt Instrument, Interest Rate, Stated Percentage     4.00% 4.00%  
Four Point Three Five Percentage Senior Unsecured Notes Due March Two Thousand And Twenty Nine [Member] [Domain]          
Debt Instrument [Line Items]          
Long-term debt, gross     $ 1,000 $ 1,000 0
Debt Instrument, Interest Rate, Stated Percentage     4.35% 4.35%  
Term Loan [Member] | 364-Day due November 2019 [Member] [Domain]          
Debt Instrument [Line Items]          
Extinguishment of Debt, Amount     $ 1,800    
Revolving Credit Facility [Member]          
Debt Instrument [Line Items]          
Maximum borrowing capacity     1,750    
Amount available for borrowing under credit facility     1,680    
Revolving credit facility     70   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     99    
Commercial Paper [Member]          
Debt Instrument [Line Items]          
Maximum borrowing capacity     1,000    
Commercial Paper     $ 1,000   $ 605
Short-term Debt, Weighted Average Interest Rate, at Point in Time     2.24%    
Debt Instrument, Term     25 days    
v3.19.3
Equity (Schedule of Share Repurchases) (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Class of Stock [Line Items]      
Dollars $ 252 $ 427 $ 860
Class A [Member]      
Class of Stock [Line Items]      
Shares 3.7 5.9 13.5
Dollars $ 252 $ 427 $ 860
Share Repurchase Program [Member] | Class A [Member]      
Class of Stock [Line Items]      
Shares 2.3 4.9 12.5
Dollars $ 150 $ 350 $ 797
To fund certain obligations under equity compensation plans [Member] | Class A [Member]      
Class of Stock [Line Items]      
Shares 1.4 1.0 1.0
Dollars $ 102 $ 77 $ 63
v3.19.3
Equity (Narrative) (Details)
shares in Millions
 12 Months Ended
Nov. 11, 2019
$ / shares
Sep. 28, 2019
Classes
$ / shares
shares
Sep. 29, 2018
$ / shares
Sep. 30, 2017
$ / shares
Class of Stock [Line Items]        
Number of classes of common stock | Classes   2    
Cash Dividends, Paid Ratio To Other Class Of Stock, Maximum   90.00%    
Tyson Limited Partnership And Tyson Family [Member]        
Class of Stock [Line Items]        
Related Party Voting Rights Percentage   70.97%    
Class A [Member]        
Class of Stock [Line Items]        
Common stock, par value   $ 0.10 $ 0.10  
Common Stock, Vote Entitlement Per Share   1    
Common Stock, Dividends, Per Share, Cash Paid   1.50 1.20 $ 0.90
Common Stock, Dividends, Per Share, Declared   $ 1.575 1.275 0.975
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | shares   20.7    
Class A [Member] | Subsequent Event [Member]        
Class of Stock [Line Items]        
Common Stock, Dividends, Per Share, Declared $ 0.42      
Class A [Member] | Tyson Limited Partnership And Tyson Family [Member]        
Class of Stock [Line Items]        
Tyson Family Ownership Percentage   2.15%    
Class B [Member]        
Class of Stock [Line Items]        
Common stock, par value   $ 0.10 0.10  
Common Stock, Vote Entitlement Per Share   10    
Common Stock, Dividends, Per Share, Cash Paid   1.35 1.08 0.81
Common Stock, Dividends, Per Share, Declared   $ 1.418 $ 1.148 $ 0.878
Class B [Member] | Subsequent Event [Member]        
Class of Stock [Line Items]        
Common Stock, Dividends, Per Share, Declared $ 0.378      
Class B [Member] | Tyson Limited Partnership [Member]        
Class of Stock [Line Items]        
Tyson Family Ownership Percentage   99.985%    
v3.19.3
Other Income And Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2018
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Components of Other Income and Expenses [Line Items]        
Asset Impairment Charges   $ 94 $ 175 $ 214
Proceeds from Sale of Other Investments   79    
One Time Cash Bonus [Member]        
Components of Other Income and Expenses [Line Items]        
One-Time Cash Bonus $ 109      
San Diego Prepared Foods operation [Member] | Prepared Foods [Member]        
Components of Other Income and Expenses [Line Items]        
Asset Impairment Charges       52
Property, plant, and equipment impairment       43
Impairment of Intangible Assets, Finite-lived       8
Other asset impairment charges       1
Cost of Sales [Member] | One Time Cash Bonus [Member]        
Components of Other Income and Expenses [Line Items]        
One-Time Cash Bonus     109  
Cost of Sales [Member] | San Diego Prepared Foods operation [Member] | Prepared Foods [Member]        
Components of Other Income and Expenses [Line Items]        
Asset Impairment Charges       44
Other Nonoperating Income (Expense) [Member]        
Components of Other Income and Expenses [Line Items]        
Pension and Other Postretirement Benefits Cost (Reversal of Cost)   48    
Insurance Proceeds     11  
Equity Earnings In Joint Ventures   20 21 19
Foreign Currency Transaction Gain, before Tax     1  
Gain on Sale of Investments   $ 55    
Other Nonoperating Income (Expense) [Member] | Bridge Loan [Member] | AdvancePierre [Member]        
Components of Other Income and Expenses [Line Items]        
Business Combination, Acquisition Related Costs       18
Other Nonoperating Income (Expense) [Member] | Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission [Member]        
Components of Other Income and Expenses [Line Items]        
Loss contingency, provision       28
Selling, General and Administrative Expenses [Member] | San Diego Prepared Foods operation [Member] | Prepared Foods [Member]        
Components of Other Income and Expenses [Line Items]        
Asset Impairment Charges       8
Restatement Adjustment [Member] | Accounting Standards Update 2017-07 [Member] | Other Nonoperating Income (Expense) [Member]        
Components of Other Income and Expenses [Line Items]        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)     $ (23) $ (10)
v3.19.3
Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Sep. 28, 2019
Jun. 29, 2019
Mar. 30, 2019
Dec. 29, 2018
Sep. 29, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 30, 2017
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Earnings Per Share, Basic and Diluted [Line Items]                      
Net Income $ 372 $ 681 $ 430 $ 552 $ 537 $ 542 $ 316 $ 1,632 $ 2,035 $ 3,027 $ 1,778
Less: Net income attributable to noncontrolling interest                 13 3 4
Net Income Attributable to Tyson $ 369 $ 676 $ 426 $ 551 $ 537 $ 541 $ 315 $ 1,631 2,022 3,024 1,774
Undistributed earnings                 $ 1,458 $ 2,566 $ 1,428
Stock options and restricted stock                 3 4 4
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions                 366 369 370
Net Income Per Share Attributable to Tyson - Diluted $ 1.01 $ 1.84 $ 1.17 $ 1.50 $ 1.47 $ 1.47 $ 0.85 $ 4.40 $ 5.52 $ 8.19 $ 4.79
Class A [Member]                      
Earnings Per Share, Basic and Diluted [Line Items]                      
Less dividends declared:                 $ 465 $ 378 $ 285
Undistributed earnings                 $ 1,200 $ 2,115 $ 1,177
Weighted average number of shares outstanding - Basic                 293 295 296
Net Income Per Share Attributable to Tyson - Basic 1.03 1.90 1.20 1.54 1.50 1.52 0.88 4.54 $ 5.67 $ 8.44 $ 4.94
Common Stock, Dividends, Per Share, Declared                 $ 1.575 $ 1.275 $ 0.975
Class B [Member]                      
Earnings Per Share, Basic and Diluted [Line Items]                      
Less dividends declared:                 $ 99 $ 80 $ 61
Undistributed earnings                 $ 258 $ 451 $ 251
Weighted average number of shares outstanding - Basic                 70 70 70
Net Income Per Share Attributable to Tyson - Basic $ 0.93 $ 1.71 $ 1.07 $ 1.39 $ 1.35 $ 1.37 $ 0.78 $ 4.09 $ 5.10 $ 7.59 $ 4.45
Common Stock, Dividends, Per Share, Declared                 $ 1.418 $ 1.148 $ 0.878
v3.19.3
Earnings Per Share (Narrative) (Details)
shares in Millions
 12 Months Ended
Sep. 28, 2019
Classes
shares
Sep. 29, 2018
shares
Sep. 30, 2017
shares
Earnings Per Share, Basic and Diluted [Line Items]      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 1    
Cash Dividends, Paid Ratio To Other Class Of Stock, Maximum 90.00%    
Number of classes of common stock | Classes 2    
Class A [Member]      
Earnings Per Share, Basic and Diluted [Line Items]      
Undistributed earnings (losses), ratio used to calculate allocation to class of stock 1    
Class B [Member]      
Earnings Per Share, Basic and Diluted [Line Items]      
Undistributed earnings (losses), ratio used to calculate allocation to class of stock 0.9    
Stock-based compensation [Member]      
Earnings Per Share, Basic and Diluted [Line Items]      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 1 1 1
v3.19.3
Derivative Financial Instruments (Aggregate Outstanding Notionals) (Details)
lb in Millions, bu in Millions, $ in Millions
Sep. 28, 2019
USD ($)
lb
bu
T
Sep. 29, 2018
USD ($)
lb
bu
T
Corn (in bushels)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount | bu 111 112
Soy Meal (in tons)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount | T 1,078,800 651,700
Live Cattle (in pounds)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount | lb 14 105
Lean Hogs [Member]    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount | lb 309 39
Foreign Exchange Contract [Member]    
Derivative [Line Items]    
Derivative, Notional Amount | $ $ 148 $ 89
Interest Rate Swap [Member]    
Derivative [Line Items]    
Derivative, Notional Amount | $ $ 400 $ 400
v3.19.3
Derivative Financial Instruments (Pretax Impact Of Cash Flow Hedge Derivative Instruments On The Consolidated Statements Of Income) (Details) - Cash Flow Hedge [Member] - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Derivative [Line Items]      
Gain/(Loss) Recognized in OCI on Derivatives $ (39) $ (20) $ (3)
Gain/(Loss) Reclassified from OCI to Earnings (19) (12) (4)
Commodity Contracts [Member]      
Derivative [Line Items]      
Gain/(Loss) Recognized in OCI on Derivatives (15) (21) (3)
Commodity Contracts [Member] | Cost of Sales [Member]      
Derivative [Line Items]      
Gain/(Loss) Reclassified from OCI to Earnings (18) (12) (4)
Interest Rate Swap [Member]      
Derivative [Line Items]      
Gain/(Loss) Recognized in OCI on Derivatives     0
Interest Rate Swap [Member] | Interest Expense [Member]      
Derivative [Line Items]      
Gain/(Loss) Reclassified from OCI to Earnings     $ 0
Interest Rate Contract [Member]      
Derivative [Line Items]      
Gain/(Loss) Recognized in OCI on Derivatives (24) 1  
Interest Rate Contract [Member] | Interest Expense [Member]      
Derivative [Line Items]      
Gain/(Loss) Reclassified from OCI to Earnings $ (1) $ 0  
v3.19.3
Derivative Financial Instruments (Pretax Impact Of Fair Value Hedge Derivative Instruments On The Consolidated Statements of Income) (Details) - Fair Value Hedging [Member] - Cost of Sales [Member] - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Future [Member]      
Derivative [Line Items]      
Gain/(Loss) on forwards $ 42 $ 12 $ (20)
Forward Contracts [Member]      
Derivative [Line Items]      
Gain/(Loss) on forwards $ (42) $ (12) $ 20
v3.19.3
Derivative Financial Instruments (Pretax Impact Of Undesignated Derivative Instruments On The Consolidated Statements Of Income) (Details) - Not Designated as Hedging Instrument [Member] - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Derivative [Line Items]      
Gain/(Loss) Recognized in Earnings $ (13) $ (18) $ 16
Commodity Contracts [Member] | Sales [Member]      
Derivative [Line Items]      
Gain/(Loss) Recognized in Earnings (23) 18 111
Commodity Contracts [Member] | Cost of Sales [Member]      
Derivative [Line Items]      
Gain/(Loss) Recognized in Earnings 2 (33) (95)
Foreign Currency [Member] | Other Nonoperating Income (Expense) [Member]      
Derivative [Line Items]      
Gain/(Loss) Recognized in Earnings $ 8 $ (3) $ 0
v3.19.3
Derivative Financial Instruments (Narrative) (Details)
$ in Millions
 12 Months Ended
Sep. 28, 2019
USD ($)
Commodity Contracts [Member]  
Derivative [Line Items]  
Cash flow hedge gain (loss) to be reclassified within twelve months $ (8)
Interest Rate Swap [Member]  
Derivative [Line Items]  
Cash flow hedge gain (loss) to be reclassified within twelve months 3
Treasury Lock [Member]  
Derivative [Line Items]  
Cash Flow Hedge Gain (Loss) to be Reclassified Over Life of Forecasted Fixed-Rate Debt $ (19)
v3.19.3
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($)
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings $ 0 $ 0
Derivative Liability, Collateral, Right to Reclaim Cash, Offset 95,000,000 18,000,000
Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Netting (8,000,000) (20,000,000)
Total Assets 497,000,000 440,000,000
Derivative Liability, Netting (103,000,000) (38,000,000)
Total Liabilities 7,000,000 5,000,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Assets 7,000,000 21,000,000
Total Liabilities 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Assets 446,000,000 388,000,000
Total Liabilities 110,000,000 43,000,000
Fair Value, Recurring [Member] | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Assets 52,000,000 51,000,000
Total Liabilities 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities, Current 1,000,000 1,000,000
Other Current Assets [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 23,000,000 1,000,000
Derivative Asset, Netting (3,000,000) (1,000,000)
Other Current Assets [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 53,000,000 25,000,000
Derivative Asset, Netting (5,000,000) (19,000,000)
Other Current Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities, Current 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities, Current 0 1,000,000
Other Current Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 26,000,000 2,000,000
Other Current Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 58,000,000 44,000,000
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities, Current 1,000,000 0
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 0 0
Other Current Assets [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | Not Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Assets 0 0
Other Assets [Member] | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities, Noncurrent 102,000,000 97,000,000
Deferred Compensation Assets 318,000,000 316,000,000
Other Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities, Noncurrent 0 0
Deferred Compensation Assets 7,000,000 21,000,000
Other Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities, Noncurrent 51,000,000 46,000,000
Deferred Compensation Assets 311,000,000 295,000,000
Other Assets [Member] | Fair Value, Recurring [Member] | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities, Noncurrent 51,000,000 51,000,000
Deferred Compensation Assets 0 0
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities 4,000,000 0
Derivative Liability, Netting (13,000,000) (8,000,000)
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities 3,000,000 5,000,000
Derivative Liability, Netting (90,000,000) (30,000,000)
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities 0 0
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities 0 0
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities 17,000,000 8,000,000
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities 93,000,000 35,000,000
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities 0 0
Other Current Liabilities [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | Not Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Financial Instruments, Liabilities $ 0 $ 0
v3.19.3
Fair Value Measurements (Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Fair Value Disclosures [Abstract]    
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) $ 0 $ 0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of year 51 51
Total realized and unrealized gains (losses), Included in earnings 0 0
Total realized and unrealized gains (losses), Included in other comprehensive income (loss) 1 (1)
Purchases 20 20
Issuances 0 0
Settlements (20) (19)
Balance at end of year $ 52 $ 51
v3.19.3
Fair Value Measurements (Schedule Of Available For Sale Securities) (Details) - USD ($)
$ in Millions
Sep. 28, 2019
Sep. 29, 2018
U.S. Treasury and Agency [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amortized Cost Basis $ 51 $ 48
Fair Value 51 47
Unrealized Gain/(Loss) 0 (1)
Corporate And Asset-Backed [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amortized Cost Basis 51 52
Fair Value 52 51
Unrealized Gain/(Loss) $ 1 $ (1)
v3.19.3
Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Debt) (Details) - USD ($)
$ in Millions
Sep. 28, 2019
Sep. 29, 2018
Fair Value Disclosures [Abstract]    
Total Debt, Fair Value $ 12,978 $ 9,775
Total Debt, Carrying Value $ 11,932 $ 9,873
v3.19.3
Fair Value Measurements Fair Value Measurements (Narrative) (Details) - USD ($)
 3 Months Ended 12 Months Ended
Sep. 28, 2019
Mar. 31, 2018
Sep. 30, 2017
Apr. 01, 2017
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Derivative Liability, Collateral, Right to Reclaim Cash, Offset $ 95,000,000       $ 95,000,000 $ 18,000,000  
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings         0 0  
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale         0    
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Net of Tax, Portion Attributable to Parent         0 0  
Asset Impairment Charges         $ 94,000,000 $ 175,000,000 $ 214,000,000
Wal-Mart Stores, Inc. [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Concentration, Percentage         16.20% 18.60%  
Prepared Foods [Member] | San Diego Prepared Foods operation [Member]              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Asset Impairment Charges             52,000,000
Property, plant, and equipment impairment             43,000,000
Impairment of Intangible Assets, Finite-lived             8,000,000
Impairment of other assets             1,000,000
Prepared Foods [Member] | San Diego Prepared Foods operation [Member] | Cost of Sales [Member]              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Asset Impairment Charges             44,000,000
Prepared Foods [Member] | San Diego Prepared Foods operation [Member] | Selling, General and Administrative Expenses [Member]              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Asset Impairment Charges             8,000,000
Fair Value, Nonrecurring [Member] | Prepared Foods [Member] | San Diego Prepared Foods operation [Member]              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Asset Impairment Charges       $ 52,000,000      
Property, plant, and equipment impairment       43,000,000      
Impairment of Intangible Assets, Finite-lived       8,000,000      
Impairment of other assets       1,000,000      
Fair Value, Nonrecurring [Member] | Prepared Foods [Member] | San Diego Prepared Foods operation [Member] | Cost of Sales [Member]              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Asset Impairment Charges       44,000,000      
Fair Value, Nonrecurring [Member] | Prepared Foods [Member] | San Diego Prepared Foods operation [Member] | Selling, General and Administrative Expenses [Member]              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Asset Impairment Charges       $ 8,000,000      
Prepared Foods business [Member] | Prepared Foods [Member] | Cost of Sales [Member]              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Asset Impairment Charges $ 41,000,000            
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Non-Protein Business [Member]              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Asset Impairment Charges   $ 75,000,000          
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Non-Protein Business [Member] | Prepared Foods [Member] | Cost of Sales [Member]              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Asset Impairment Charges           $ 101,000,000 $ 45,000,000
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Non-Protein Business [Member] | Fair Value, Nonrecurring [Member] | Cost of Sales [Member]              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Asset Impairment Charges     $ 45,000,000     $ 101,000,000  
Maximum [Member]              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Short Term Investment Maturity Period         12 months    
Available For Sale Securities Debt Maturity Period         41 years    
Maximum [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Concentration, Percentage         10.00% 10.00%  
v3.19.3
Stock-Based Compensation (Summary Of Stock Options) (Details) - Stock Options [Member]
$ / shares in Units, $ in Millions
 12 Months Ended
Sep. 28, 2019
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]  
Shares Under Option - Outstanding, September 29, 2018 | shares 5,994,148
Shares Under Option - Exercised | shares (2,345,001)
Shares Under Option - Forfeited or expired | shares (152,650)
Shares Under Option - Granted | shares 1,866,175
Shares Under Option - Outstanding, September 28, 2019 | shares 5,362,672
Weighted Average Exercise Price Per Share - Outstanding, September 29, 2018 | $ / shares $ 48.37
Weighted Average Exercise Price Per Share - Exercised | $ / shares 43.27
Weighted Average Exercise Price Per Share - Forfeited or expired | $ / shares 63.04
Weighted Average Exercise Price Per Share - Granted | $ / shares 59.42
Weighted Average Exercise Price Per Share - Outstanding, September 28, 2019 | $ / shares $ 54.03
Weighted Average Remaining Contractual Life (in Years) - Outstanding, September 28, 2019 7 years
Aggregate Intrinsic Value - Outstanding, September 28, 2019 | $ $ 167
Shares Under Option - Exercisable, September 28, 2019 | shares 2,656,960
Weighted Average Exercise Price Per Share - Exercisable at September 28, 2019 | $ / shares $ 44.14
Weighted Average Remaining Contractual Life (in Years) - Exercisable, September 28, 2019 5 years 3 months 18 days
Aggregate Intrinsic Value - Exercisable, September 28, 2019 | $ $ 109
v3.19.3
Stock-Based Compensation (Assumption Of Fair Value Calculation Of Each Year's Grants) (Details) - Stock Options [Member]
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected life (in years) 4 years 3 months 18 days 5 years 10 months 24 days 5 years 4 months 24 days
Risk-free interest rate 2.80% 2.10% 1.80%
Expected volatility 25.40% 23.50% 24.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate 2.50% 1.50%  
Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate     1.30%
Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate     1.40%
v3.19.3
Stock-Based Compensation (Summary Of Restricted Stock) (Details) - Restricted Stock [Member] - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]      
Number of Shares - Nonvested, September 29, 2018 1,499,976    
Number of Shares - Granted 779,497    
Number of Shares - Dividends 36,077    
Number of Shares - Vested (540,075) (600,000) (500,000)
Number of Shares - Forfeited (113,397)    
Number of Shares - Nonvested, September 28, 2019 1,662,078 1,499,976  
Weighted Average Grant Date Fair Value Per Share - Nonvested, September 29, 2018 $ 62.68    
Weighted Average Grant-Date Fair Value Per Share - Granted $ 60.59    
Weighted Average Grant-Date Fair Value Per Share - Dividends 64.39    
Weighted Average Grant-Date Fair Value Per Share - Vested $ 53.60    
Weighted Average Grant-Date Fair Value Per Share - Forfeited 64.63    
Weighted Average Grant Date Fair Value Per Share - Nonvested, September 28, 2019 $ 64.55 $ 62.68  
Weighted Average Remaining Contractual Life (in Years), Nonvested, September 28, 2019 1 year 4 months 24 days    
Aggregate Intrinsic Value - Nonvested, September 28, 2019 $ 142    
v3.19.3
Stock-Based Compensation (Summary of Performance-Based Shares) (Details) - Performance Shares [Member]
$ / shares in Units, $ in Millions
 12 Months Ended
Sep. 28, 2019
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]  
Number of Shares - Nonvested, September 29, 2018 | shares 2,196,299
Number of Shares - Granted | shares 858,676
Number of Shares - Vested | shares (825,361)
Number of Shares - Forfeited | shares (202,555)
Number of Shares - Nonvested, September 28, 2019 | shares 2,027,059
Weighted Average Grant Date Fair Value Per Share - Nonvested, September 29, 2018 | $ / shares $ 47.99
Weighted Average Grant-Date Fair Value Per Share - Granted | $ / shares 45.12
Weighted Average Grant-Date Fair Value Per Share - Vested | $ / shares 35.08
Weighted Average Grant-Date Fair Value Per Share - Forfeited | $ / shares 52.67
Weighted Average Grant Date Fair Value Per Share - Nonvested, September 28, 2019 | $ / shares $ 51.03
Weighted Average Remaining Contractual Life (in Years), Nonvested, September 28, 2019 1 year
Aggregate Intrinsic Value - Nonvested, September 28, 2019 | $ $ 173
v3.19.3
Stock-Based Compensation (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares available for future grant 12,952,617    
Cash received from exercise of stock options $ 99 $ 102 $ 154
Stock Options [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate 2.50% 1.50%  
Vesting period 3 years    
Expiration period 10 years    
Grant-date fair value of options granted $ 11.35 $ 18.31 $ 13.42
Stock-based compensation expense, net of income taxes $ 16 $ 13 $ 22
Related tax benefit $ 3 $ 6 $ 14
Options vested (in shares) 1,200,000 2,200,000 4,100,000
Grant date fair value of options vested $ 18 $ 27 $ 47
Cash received from exercise of stock options 99 102 154
Tax benefit related to stock options exercised 21 30 65
Total intrinsic value of options exercised 79 103 164
Amount realized, related to excess tax deductions 14 20 $ 42
Total unrecognized compensation cost related to stock option plans $ 18    
Total unrecognized compensation cost, time frame for recognition, weighted average number of years 1 year 6 months    
Stock Options [Member] | Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate     1.30%
Stock Options [Member] | Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate     1.40%
Restricted Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense, net of income taxes $ 26 22 $ 18
Related tax benefit $ 8 $ 9 $ 11
Total unrecognized compensation cost, time frame for recognition, weighted average number of years 1 year 10 months 24 days    
Number of Shares - Vested (540,075) (600,000) (500,000)
Restricted stock awards, grant date fair value of shares vested $ 29 $ 27 $ 19
Total unrecognized compensation cost related to share-based awards other than options $ 46    
Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Stock-based compensation expense, net of income taxes $ 16 12 16
Related tax benefit $ 4 $ 5 $ 10
Total unrecognized compensation cost, time frame for recognition, weighted average number of years 1 year 9 months 18 days    
Number of Shares - Vested (825,361)    
Total unrecognized compensation cost related to share-based awards other than options $ 26    
Performance Shares [Member] | Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting rights, performance criteria 0.00%    
Performance Shares [Member] | Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting rights, performance criteria 200.00%    
v3.19.3
Pensions And Other Postretirement Benefits (Reconciliation Of Changes In Plans' Benefit Obligations, Assets And Funded Status) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Pension Plan [Member]      
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Employer contributions $ 13 $ 29 $ 53
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation at beginning of year 28 33  
Service cost 2 1 1
Interest cost 1 1 1
Curtailment 0 0  
Plan Amendments 4 0  
Actuarial (gain) loss 6 (5)  
Benefits paid (4) (2)  
Defined Benefit Plan, Benefit Obligation, Business Combination 13    
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change 27    
Benefit obligation at end of year 77 28 33
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets at beginning of year 0 0  
Actual return on plan assets 0 0  
Employer contributions 4 2  
Benefits paid (4) (2)  
Fair value of plan assets at end of year 0 0 0
Funded status (77) (28)  
Funded Plan [Member] | Qualified Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation at beginning of year 1,392 1,477  
Service cost 0 0 2
Interest cost 56 55 57
Curtailment 0 0  
Plan Amendments 0 0  
Actuarial (gain) loss 154 (60)  
Benefits paid (77) (80)  
Defined Benefit Plan, Benefit Obligation, Business Combination 2    
Defined Benefit Plan, Benefit Obligation, Payment for Settlement (49)    
Benefit obligation at end of year 1,478 1,392 1,477
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets at beginning of year 1,450 1,512  
Actual return on plan assets 146 4  
Employer contributions 1 14  
Benefits paid (77) (80)  
Defined Benefit Plan, Plan Assets, Business Combination 2    
Defined Benefit Plan, Plan Assets, (Increase) Decrease for Settlement (45)    
Fair value of plan assets at end of year 1,477 1,450 1,512
Funded status (1) 58  
Unfunded Plan [Member] | Nonqualified Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation at beginning of year 220 230  
Service cost 1 7 11
Interest cost 9 8 8
Curtailment 0 (5)  
Plan Amendments 0 5  
Actuarial (gain) loss 17 (10)  
Benefits paid (12) (15)  
Defined Benefit Plan, Benefit Obligation, Business Combination 4    
Benefit obligation at end of year 239 220 230
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets at beginning of year 0 0  
Actual return on plan assets 0 0  
Employer contributions 12 15  
Benefits paid (12) (15)  
Fair value of plan assets at end of year 0 0 $ 0
Funded status $ (239) $ (220)  
v3.19.3
Pensions And Other Postretirement Benefits (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($)
$ in Millions
Sep. 28, 2019
Sep. 29, 2018
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Other assets $ 0 $ 0
Other current liabilities (3) (3)
Other liabilities (74) (25)
Total assets (liabilities) (77) (28)
Funded Plan [Member] | Qualified Plan [Member] | Pension Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Other assets (16) (61)
Other current liabilities 0 (3)
Other liabilities (17) 0
Total assets (liabilities) (1) 58
Unfunded Plan [Member] | Nonqualified Plan [Member] | Pension Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Other assets 0 0
Other current liabilities (12) (12)
Other liabilities (227) (208)
Total assets (liabilities) $ (239) $ (220)
v3.19.3
Pensions And Other Postretirement Benefits Pensions and Other Postretirement Benefits (Amounts Recognized in Other Comprehensive Income) (Details) - USD ($)
$ in Millions
Sep. 28, 2019
Sep. 29, 2018
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Actuarial (gain) loss $ 27 $ 0
Prior service (credit) cost (42) (49)
Total accumulated other comprehensive (income)/loss (15) (49)
Qualified Plan [Member] | Funded Plan [Member] | Pension Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Actuarial (gain) loss (53) (96)
Prior service (credit) cost 0 0
Total accumulated other comprehensive (income)/loss (53) (96)
Nonqualified Plan [Member] | Unfunded Plan [Member] | Pension Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Actuarial (gain) loss 46 31
Prior service (credit) cost 4 5
Total accumulated other comprehensive (income)/loss $ 50 $ 36
v3.19.3
Pensions And Other Postretirement Benefits (Plans With Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - Pension Plan [Member] - USD ($)
$ in Millions
Sep. 28, 2019
Sep. 29, 2018
Funded Plan [Member] | Qualified Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation $ 381 $ 49
Accumulated benefit obligation 381 49
Fair value of plan assets 364 45
Unfunded Plan [Member] | Nonqualified Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation 239 220
Accumulated benefit obligation 239 219
Fair value of plan assets $ 0 $ 0
v3.19.3
Pensions And Other Postretirement Benefits (Components Of Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans Recognized In The Consolidated Statements Of Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 2 $ 1 $ 1
Interest cost 1 1 1
Expected return on plan assets 0 0 0
Amortization of prior service cost (2) (25) (25)
Recognized actuarial loss (gain), net 5 (5) (1)
Recognized settlement loss (gain) 0 0 0
Net periodic benefit (credit) cost 6 (28) (24)
Funded Plan [Member] | Qualified Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 0 0 2
Interest cost 56 55 57
Expected return on plan assets (57) (62) (59)
Amortization of prior service cost 0 1 0
Recognized actuarial loss (gain), net (1) 0 1
Recognized settlement loss (gain) 19 0 2
Net periodic benefit (credit) cost 17 (6) 3
Unfunded Plan [Member] | Nonqualified Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 1 7 11
Interest cost 9 8 8
Expected return on plan assets 0 0 0
Amortization of prior service cost 1 1 0
Recognized actuarial loss (gain), net 2 3 6
Recognized settlement loss (gain) 0 0 0
Net periodic benefit (credit) cost $ 13 $ 19 $ 25
v3.19.3
Pensions And Other Postretirement Benefits (Weighted Average Assumptions) (Details)
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate to determine net periodic benefit cost 3.99% 3.39% 3.09%
Discount rate to determine benefit obligations 2.68% 4.11% 3.39%
Funded Plan [Member] | Qualified Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate to determine net periodic benefit cost 4.26% 3.85% 3.72%
Discount rate to determine benefit obligations 3.23% 4.26% 3.85%
Expected return on plan assets 3.50% 4.20% 4.21%
Unfunded Plan [Member] | Nonqualified Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate to determine net periodic benefit cost 4.31% 3.88% 3.77%
Discount rate to determine benefit obligations 3.16% 4.31% 3.88%
Rate of compensation increase   2.53% 2.44%
v3.19.3
Pensions And Other Postretirement Benefits (Estimated Future Benefit Payments Expected To Be Paid) (Details)
$ in Millions
 3 Months Ended
Dec. 29, 2018
plan
Apr. 01, 2017
plan
Sep. 28, 2019
USD ($)
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
2019     $ 4
2020     4
2021     4
2022     4
2023     4
2024-2028     14
Funded Plan [Member] | Qualified Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Number of Plans Subject to Settlement | plan 3 2  
2019     1
2020     0
2021     1
2022     0
2023     2
2024-2028     4
Unfunded Plan [Member] | Nonqualified Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
2019     12
2020     12
2021     13
2022     13
2023     13
2024-2028     $ 66
v3.19.3
Pensions And Other Postretirement Benefits (Multiemployer Plans) (Details) - Multiemployer Plans, Pension [Member] - USD ($)
$ in Thousands
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Multiemployer Plans [Line Items]      
Multiemployer plan, contributions $ 2,000    
Bakery and Confectionary Union & Industry International Pension Fund [Member]      
Multiemployer Plans [Line Items]      
Multiemployer plan, contributions $ 1,000 $ 2,000 $ 2,000
Surcharge Imposed 10.00%    
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date [1] Oct. 10, 2015    
Pension Fund of Local 227 [Member]      
Multiemployer Plans [Line Items]      
Multiemployer plan, contributions [2] $ 200    
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date [1] Nov. 09, 2019    
Retail, Wholesale and Department Store International Union and Industry Pension Fund [Member]      
Multiemployer Plans [Line Items]      
Multiemployer plan, contributions [3] $ 500    
Surcharge Imposed 9.00%    
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date [1] Nov. 07, 2021    
[1]
Renewal negotiations for the Bakery and Confectionery Union and Industry International Pension Fund are in progress.
[2]
Contributions in fiscal 2019 exceeded 5% of plan contributions for the plan year ended October 31, 2018.
[3]
Contributions in fiscal 2019 exceeded 5% of plan contributions for the plan year ended December 31, 2018.
v3.19.3
Pensions And Other Postretirement Benefits (Narrative) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 29, 2018
USD ($)
plan
Apr. 01, 2017
plan
Sep. 26, 2020
USD ($)
Sep. 28, 2019
USD ($)
plan
Sep. 29, 2018
USD ($)
Sep. 30, 2017
USD ($)
Defined Benefit Plan Disclosure [Line Items]            
Defined contribution retirement programs, expenses recognized       $ 97,000 $ 84,000 $ 78,000
Retail, Wholesale and Department Store International Union and Industry Pension Fund [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Multiemployer Plans, Withdrawal Obligation       15,000    
Multiemployer Plans, Pension [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Multiemployer plan, contributions       2,000    
Multiemployer Plans, Pension [Member] | Retail, Wholesale and Department Store International Union and Industry Pension Fund [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Multiemployer plan, contributions [1]       $ 500    
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date [2]       Nov. 07, 2021    
Multiemployer Plans, Pension [Member] | Bakery and Confectionary Union & Industry International Pension Fund [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Multiemployer plan, contributions       $ 1,000 $ 2,000 $ 2,000
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date [2]       Oct. 10, 2015    
Multiemployer Plans, Pension [Member] | Bakery and Confectionary Union & Industry International Pension Fund [Member] | Pension and Other Postretirement Plans, Contributions, Total [Member] | Multiemployer Plans Not In Excess of 5% Concentration Risk [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Concentration, Percentage           5.00%
Multiemployer Plans, Pension [Member] | Pension Fund of Local 227 [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Multiemployer plan, contributions [3]       $ 200    
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date [2]       Nov. 09, 2019    
Pension Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Number of Plans | plan       9    
Number of defined benefit plans with accumulated benefit obligations in excess of plan assets       5 5  
Expected contributions to pension plans for fiscal 2019       $ 33,000    
Defined benefit plans funding       $ 13,000 $ 29,000 $ 53,000
Other Postretirement Benefits Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Number of Plans | plan       8    
Defined Benefit Plan, Benefit Obligation       $ 77,000 28,000 33,000
Defined Benefit Pension, Fair Value of Plan Assets       0 0 0
Defined benefit plans funding       $ 4,000 2,000  
Postretirement Health Coverage [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Number of Plans | plan       5    
Foreign Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Number of defined benefit plans | plan       1    
Defined Benefit Pension, Fair Value of Plan Assets       $ 31,000    
Unfunded Plan [Member] | Nonqualified Plan [Member] | Pension Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Number of Plans | plan       4    
Defined Benefit Plan, Benefit Obligation       $ 239,000 220,000 230,000
Defined Benefit Pension, Fair Value of Plan Assets       0 0 0
Defined benefit plans funding       $ 12,000 15,000  
Funded Plan [Member] | Qualified Plan [Member] | Pension Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Number of Plans | plan       5    
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits $ 19,000          
Accumulated benefit obligation       $ 1,478,000 1,392,000  
Amounts expected to be reclassified to earnings within next 12 months related to net periodic benefit cost (credit)       0    
Defined Benefit Plan, Benefit Obligation       1,478,000 1,392,000 1,477,000
Number of defined benefit plans | plan 3 2        
Defined Benefit Pension, Fair Value of Plan Assets       1,477,000 1,450,000 $ 1,512,000
Defined benefit plans funding       $ 1,000 $ 14,000  
Other Postretirement Benefit Plans, Fixed Annual Payments or Life Insurance [Member] | Other Postretirement Benefits Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Number of Plans | plan       2    
Defined Benefit Plan, Benefit Obligation       $ 17,000    
Other Postretirement Benefit Plans, Fixed Annual Payments or Life Insurance [Member] | Postretirement Health Coverage [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Number of Plans | plan       1    
Other Postretirement Benefit Plans, Fixed Annual Payments or Life Insurance [Member] | Postretirement Life Insurance [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Number of Plans | plan       1    
Other Postretirement Benefit Plan, Plan Amendments [Member] | Postretirement Health Coverage [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Number of Plans | plan       1    
Other Postretirement Benefit Plan, Plan Amendments [Member] | Maximum [Member] | Postretirement Health Coverage [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Benefit Obligation       $ 1,000    
Other Postretirement Benefit Plan, Heathcare Cost Trend Rates, Hillshire Plan [Member] | Postretirement Health Coverage [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Benefit Obligation       $ 11,000    
Healthcare cost trend rate, assumed       7.30%    
Healthcare cost trend rate, ultimate rate       4.50%    
Other Postretirement Benefit Plan, Heathcare Cost Trend Rates, Keystone Plan [Member] | Postretirement Health Coverage [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Benefit Obligation       $ 9,000    
Healthcare cost trend rate, assumed       7.00%    
Healthcare cost trend rate, ultimate rate       5.00%    
Subsequent Event [Member] | Funded Plan [Member] | Qualified Plan [Member] | Minimum [Member] | Pension Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Gain from Providing Special and Contractual Termination Benefits     $ 40,000      
Defined benefit plans funding     10,000      
Subsequent Event [Member] | Funded Plan [Member] | Qualified Plan [Member] | Maximum [Member] | Pension Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Gain from Providing Special and Contractual Termination Benefits     60,000      
Defined benefit plans funding     $ 30,000      
Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage       36.00%    
Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage       61.00%    
Fixed Income Funds [Member] | Pension Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage       73.00%    
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage       100.00%    
Cash and Cash Equivalents [Member] | Pension Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage       27.00%    
Defined Benefit Plan, Common Collective Trust [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Pension Plan [Member]            
Defined Benefit Plan Disclosure [Line Items]            
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage         97.00%  
[1]
Contributions in fiscal 2019 exceeded 5% of plan contributions for the plan year ended December 31, 2018.
[2]
Renewal negotiations for the Bakery and Confectionery Union and Industry International Pension Fund are in progress.
[3]
Contributions in fiscal 2019 exceeded 5% of plan contributions for the plan year ended October 31, 2018.
v3.19.3
Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
Sep. 28, 2019
 [1]
Sep. 29, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Unrealized net hedging loss $ (24) $ (9)
Unrealized net loss on investments 1 (1)
Currency translation adjustment (107) (84)
Postretirement benefits reserve adjustments 13 79
Total accumulated other comprehensive income (loss) $ (117) $ (15)
[1]
(1) Includes reclass from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act, following adoption of the applicable new accounting standard in fiscal 2018.
v3.19.3
Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss), Before Tax $ (131) $ (49) $ 97
Other comprehensive income (loss), Income Tax 29 5 (36)
Total Other Comprehensive Income (Loss), Net of Taxes (102) (44) 61
Derivatives accounted for as cash flow hedges      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other Comprehensive Income (Loss), before Reclassifications, before Tax (39) (20) (3)
Other Comprehensive Income (Loss), before Reclassifications, Tax 10 5 1
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax (29) (15) (2)
Derivatives accounted for as cash flow hedges | Interest Expense [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax 1 0 0
Reclassification from AOCI, Current Period, Tax 0 0 0
Reclassification from Accumulated Other Comprehensive Income, Net of Tax 1 0 0
Derivatives accounted for as cash flow hedges | Cost of Sales [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax 18 12 4
Reclassification from AOCI, Current Period, Tax (5) (4) (2)
Reclassification from Accumulated Other Comprehensive Income, Net of Tax 13 8 2
Investments [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other Comprehensive Income (Loss), before Reclassifications, before Tax 3 (2) (1)
Other Comprehensive Income (Loss), before Reclassifications, Tax (1) 1 0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 2 (1) (1)
Currency Translation [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other Comprehensive Income (Loss), before Reclassifications, before Tax (23) (38) 6
Other Comprehensive Income (Loss), before Reclassifications, Tax 0 2 0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax (23) (36) 6
Currency Translation [Member] | Cost of Sales [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax 0 7 0
Reclassification from AOCI, Current Period, Tax 0 0 0
Reclassification from Accumulated Other Comprehensive Income, Net of Tax 0 7 0
Postretirement benefits      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other Comprehensive Income (Loss), before Reclassifications, before Tax (114) (8) 91
Other Comprehensive Income (Loss), before Reclassifications, Tax 31 1 (35)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax (83) (7)  
Total Other Comprehensive Income (Loss), Net of Taxes     56
Postretirement benefits | Other Nonoperating Income (Expense) [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax 23 0 0
Reclassification from AOCI, Current Period, Tax (6) 0 0
Reclassification from Accumulated Other Comprehensive Income, Net of Tax $ 17 $ 0 $ 0
v3.19.3
Segment Reporting (Segment Reporting Information, By Segment) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 28, 2019
Jun. 29, 2019
Mar. 30, 2019
Dec. 29, 2018
Sep. 29, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 30, 2017
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Segment Reporting Information [Line Items]                      
Sales $ 10,884 $ 10,885 $ 10,443 $ 10,193 $ 9,999 $ 10,051 $ 9,773 $ 10,229 $ 42,405 $ 40,052 $ 38,260
Operating Income (Loss) 604 $ 781 $ 635 $ 807 819 $ 797 $ 494 $ 922 2,827 3,032 2,921
Total Other (Income) Expense                 396 287 293
Income before Income Taxes                 2,431 2,745 2,628
Depreciation and Amortization                 1,086 933 748
Total Assets 33,097       29,109       33,097 29,109 28,066
Additions to property, plant and equipment                 1,259 1,200 1,069
Beef [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 15,828    
Pork [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 4,932    
Chicken [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 13,300    
Prepared Foods [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 8,418    
Other [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 1,289    
Operating Segments [Member] | Beef [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 15,828 15,473 14,823
Operating Income (Loss)                 1,107 1,013 877
Depreciation and Amortization                 97 103 92
Total Assets 3,137       3,061       3,137 3,061 2,938
Additions to property, plant and equipment                 133 107 118
Operating Segments [Member] | Pork [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 4,932 4,879 5,238
Operating Income (Loss)                 263 361 645
Depreciation and Amortization                 47 42 36
Total Assets 1,372       1,265       1,372 1,265 1,132
Additions to property, plant and equipment                 128 150 101
Operating Segments [Member] | Chicken [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 13,300 12,044 11,409
Operating Income (Loss)                 621 866 1,053
Depreciation and Amortization                 513 368 296
Total Assets 10,807       8,794       10,807 8,794 6,630
Additions to property, plant and equipment                 637 570 492
Operating Segments [Member] | Prepared Foods [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 8,418 8,668 7,853
Operating Income (Loss)                 843 845 452
Depreciation and Amortization                 397 410 315
Total Assets 15,138       15,063       15,138 15,063 13,466
Additions to property, plant and equipment                 246 228 229
Segment Reconciling Items [Member] | Other [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 1,289 305 349
Operating Income (Loss)                 (7) (53) (106)
Depreciation and Amortization                 32 10 9
Total Assets $ 2,643       $ 926       2,643 926 3,900
Additions to property, plant and equipment                 115 145 129
Intersegment Eliminations [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 (1,362) (1,317) (1,412)
Intersegment Eliminations [Member] | Beef [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 (411) (420) (386)
Intersegment Eliminations [Member] | Pork [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 (893) (817) (966)
Intersegment Eliminations [Member] | Chicken [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 $ (58) $ (80) $ (60)
v3.19.3
Disaggregation of Revenue (By Segment and Distribution Channel) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 28, 2019
Jun. 29, 2019
Mar. 30, 2019
Dec. 29, 2018
Sep. 29, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 30, 2017
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Disaggregation of Revenue [Line Items]                      
Sales $ 10,884 $ 10,885 $ 10,443 $ 10,193 $ 9,999 $ 10,051 $ 9,773 $ 10,229 $ 42,405 $ 40,052 $ 38,260
Beef [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 15,828    
Pork [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 4,932    
Chicken [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 13,300    
Prepared Foods [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 8,418    
Other [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 1,289    
Retail Sales Channel [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 19,265    
Retail Sales Channel [Member] | Beef [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 7,420    
Retail Sales Channel [Member] | Pork [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 1,415    
Retail Sales Channel [Member] | Chicken [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 5,637    
Retail Sales Channel [Member] | Prepared Foods [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 4,793    
Retail Sales Channel [Member] | Other [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 0    
Foodservice Sales Channel [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 12,959    
Foodservice Sales Channel [Member] | Beef [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 4,151    
Foodservice Sales Channel [Member] | Pork [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 400    
Foodservice Sales Channel [Member] | Chicken [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 5,138    
Foodservice Sales Channel [Member] | Prepared Foods [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 3,270    
Foodservice Sales Channel [Member] | Other [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 0    
International Sales Channel [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 5,399    
International Sales Channel [Member] | Beef [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 2,426    
International Sales Channel [Member] | Pork [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 890    
International Sales Channel [Member] | Chicken [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 690    
International Sales Channel [Member] | Prepared Foods [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 104    
International Sales Channel [Member] | Other [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 1,289    
Industrial and Other Sales Channel [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 4,782    
Industrial and Other Sales Channel [Member] | Beef [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 1,420    
Industrial and Other Sales Channel [Member] | Pork [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 1,334    
Industrial and Other Sales Channel [Member] | Chicken [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 1,777    
Industrial and Other Sales Channel [Member] | Prepared Foods [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 251    
Industrial and Other Sales Channel [Member] | Other [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 0    
Intersegment Eliminations [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 0    
Intersegment Eliminations [Member] | Beef [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 411    
Intersegment Eliminations [Member] | Pork [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 893    
Intersegment Eliminations [Member] | Chicken [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 58    
Intersegment Eliminations [Member] | Prepared Foods [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 0    
Intersegment Eliminations [Member] | Other [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 0    
Intersegment Eliminations [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 (1,362) (1,317) (1,412)
Intersegment Eliminations [Member] | Beef [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 (411) (420) (386)
Intersegment Eliminations [Member] | Pork [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 (893) (817) (966)
Intersegment Eliminations [Member] | Chicken [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 (58) $ (80) $ (60)
Intersegment Eliminations [Member] | Intersegment Eliminations [Member]                      
Disaggregation of Revenue [Line Items]                      
Sales                 $ (1,362)    
v3.19.3
Segment Reporting (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 10 Months Ended 12 Months Ended
Sep. 28, 2019
Jun. 29, 2019
Mar. 30, 2019
Dec. 29, 2018
Sep. 29, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 30, 2017
Sep. 28, 2019
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Nov. 30, 2018
Segment Reporting Information [Line Items]                          
Number of segments                   4      
Goodwill $ 10,844       $ 9,739       $ 10,844 $ 10,844 $ 9,739 $ 9,324  
Sales 10,884 $ 10,885 $ 10,443 $ 10,193 9,999 $ 10,051 $ 9,773 $ 10,229   42,405 40,052 38,260  
UNITED STATES                          
Segment Reporting Information [Line Items]                          
Long-lived assets 24,800       23,200       24,800 24,800 23,200    
UNITED STATES | Long-Lived Assets Excluding Goodwill and Intangibles [Member]                          
Segment Reporting Information [Line Items]                          
Long-lived assets 7,500       6,700       7,500 7,500 6,700    
Non-US [Member]                          
Segment Reporting Information [Line Items]                          
Long-lived assets 1,107       212       1,107 1,107 212    
Non-US [Member] | Long-Lived Assets Excluding Goodwill and Intangibles [Member]                          
Segment Reporting Information [Line Items]                          
Long-lived assets 506       201       506 506 201    
Export sales [Member] | UNITED STATES                          
Segment Reporting Information [Line Items]                          
Sales                   $ 4,100 $ 4,200 $ 3,900  
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | UNITED STATES                          
Segment Reporting Information [Line Items]                          
Concentration, Percentage                   96.00% 99.00% 98.00%  
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | Maximum [Member]                          
Segment Reporting Information [Line Items]                          
Concentration, Percentage                   10.00% 10.00% 10.00%  
Wal-Mart Stores, Inc. [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]                          
Segment Reporting Information [Line Items]                          
Concentration, Percentage                   16.90% 17.30% 17.30%  
Other [Member]                          
Segment Reporting Information [Line Items]                          
Goodwill 337       0       337 $ 337 $ 0 $ 0  
Sales                   1,289      
Beef [Member]                          
Segment Reporting Information [Line Items]                          
Goodwill 676       676       676 676 676 676  
Sales                   15,828      
Pork [Member]                          
Segment Reporting Information [Line Items]                          
Goodwill 423       423       423 423 423 423  
Sales                   4,932      
Chicken [Member]                          
Segment Reporting Information [Line Items]                          
Goodwill 3,274       2,498       3,274 3,274 2,498 1,565  
Sales                   13,300      
Prepared Foods [Member]                          
Segment Reporting Information [Line Items]                          
Goodwill 6,134       $ 6,142       6,134 6,134 6,142 3,678  
Sales                   8,418      
Segment Reconciling Items [Member] | Other [Member]                          
Segment Reporting Information [Line Items]                          
Business Combination, Acquisition Related Costs                   36 26 67  
Sales                   1,289 305 349  
Operating Segments [Member] | Beef [Member]                          
Segment Reporting Information [Line Items]                          
Sales                   15,828 15,473 14,823  
Operating Segments [Member] | Pork [Member]                          
Segment Reporting Information [Line Items]                          
Sales                   4,932 4,879 5,238  
Operating Segments [Member] | Chicken [Member]                          
Segment Reporting Information [Line Items]                          
Sales                   13,300 12,044 11,409  
Operating Segments [Member] | Prepared Foods [Member]                          
Segment Reporting Information [Line Items]                          
Sales                   8,418 8,668 7,853  
Intersegment Eliminations [Member]                          
Segment Reporting Information [Line Items]                          
Sales                   (1,362) (1,317) (1,412)  
Intersegment Eliminations [Member] | Beef [Member]                          
Segment Reporting Information [Line Items]                          
Sales                   (411) (420) (386)  
Intersegment Eliminations [Member] | Pork [Member]                          
Segment Reporting Information [Line Items]                          
Sales                   (893) (817) (966)  
Intersegment Eliminations [Member] | Chicken [Member]                          
Segment Reporting Information [Line Items]                          
Sales                   (58) $ (80) (60)  
AdvancePierre [Member]                          
Segment Reporting Information [Line Items]                          
Goodwill                       $ 3,000  
Keystone Foods [Member]                          
Segment Reporting Information [Line Items]                          
Business Combination, Acquisition Related Costs     $ 11 $ 15                  
Goodwill $ 342               342 $ 342     $ 1,120
Sales                 $ 1,970        
Keystone Foods [Member] | Other [Member]                          
Segment Reporting Information [Line Items]                          
Goodwill                         341
Keystone Foods [Member] | Chicken [Member]                          
Segment Reporting Information [Line Items]                          
Goodwill                         $ 779
v3.19.3
Supplemental Cash Flow Information (Cash Payments For Interest And Income Taxes) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Supplemental Cash Flow Information [Abstract]      
Interest, net of amounts capitalized $ 419 $ 368 $ 249
Income taxes, net of refunds $ 557 $ 470 $ 779
v3.19.3
Transactions With Related Parties (Details)
shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Aug. 31, 2017
USD ($)
Sep. 28, 2019
USD ($)
shares
Sep. 29, 2018
USD ($)
Sep. 30, 2017
USD ($)
Donald J. Tyson Revocable Trust, Berry Street Waste Water Treatment Plant, LP, and the sisters of Mr. Tyson [Member]        
Related Party Transaction [Line Items]        
Related Party Transaction, Amounts of Transaction   $ 1.0    
Donald J. Tyson Revocable Trust, Berry Street Waste Water Treatment Plant, LP, and the sisters of Mr. Tyson [Member] | Water Plant [Member]        
Related Party Transaction [Line Items]        
Related Party Transaction, Expenses from Transactions with Related Party   $ 1.0 $ 1.0 $ 1.0
Related Party Transaction, Number of Operating Leases   2    
Tyson Family Ownership Percentage   90.00%    
Tyson Limited Partnership [Member]        
Related Party Transaction [Line Items]        
Related Party Transaction, Amounts of Transaction   $ 0.3    
Tyson Limited Partnership [Member] | Class B [Member]        
Related Party Transaction [Line Items]        
Tyson Family Ownership Percentage   99.985%    
Related Party Ownership of Shares Outstanding | shares   70.0    
Tyson Limited Partnership And Tyson Family [Member]        
Related Party Transaction [Line Items]        
Related Party Voting Rights Percentage   70.97%    
Tyson Limited Partnership And Tyson Family [Member] | Class A [Member]        
Related Party Transaction [Line Items]        
Tyson Family Ownership Percentage   2.15%    
Related Party Ownership of Shares Outstanding | shares   6.3    
Donald Smith and John Randal Tyson [Member] | Buchan, Ltd [Member]        
Related Party Transaction [Line Items]        
Related Party Transaction, Amounts of Transaction $ 5.0      
Equity Method Investment, Ownership Percentage 17.50%      
Due from Joint Ventures, Current     $ 9.0  
v3.19.3
Commitments (Minimum Lease Commitments Under Non-Cancelable Leases) (Details)
$ in Millions
Sep. 28, 2019
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2019 $ 159
2020 113
2021 74
2022 49
2023 40
2024 and beyond 54
Total $ 489
v3.19.3
Commitments (Future Purchase Commitments) (Details)
$ in Millions
Sep. 28, 2019
USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]  
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months $ 2,466
Unrecorded Unconditional Purchase Obligation, Due within Two Years 311
Unrecorded Unconditional Purchase Obligation, Due within Three Years 198
Unrecorded Unconditional Purchase Obligation, Due within Four Years 43
Unrecorded Unconditional Purchase Obligation, Due within Five Years 19
Unrecorded Unconditional Purchase Obligation, Due after Five Years 23
Unrecorded Unconditional Purchase Obligation 3,060
Grower Commitments [Member]  
Unrecorded Unconditional Purchase Obligation [Line Items]  
Other Commitment, Due in Next Twelve Months 253
2020 131
2021 86
2022 58
2023 49
2024 and beyond 122
Total $ 699
v3.19.3
Commitments (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Guarantor Obligations [Line Items]      
Operating Leases, Rent Expense $ 220 $ 200 $ 186
Lease, Maximum Initial Term 7 years    
Cash Flow Assistance Program, Estimated Allowance For Uncollectible Receivables $ 0 0  
Guarantor Obligations, Current Carrying Value 0 0  
Potential maximum obligation under cash flow assistance program 300    
Total receivables under cash flow assistance program 5 $ 6  
Industrial Revenue Bonds [Member]      
Guarantor Obligations [Line Items]      
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset $ 698    
Guarantee Obligations [Member]      
Guarantor Obligations [Line Items]      
Guarantor Obligations, Maximum Exposure, Period 10 years    
Maximum potential amount $ 14    
Lease Residual Value Guarantees [Domain]      
Guarantor Obligations [Line Items]      
Maximum potential amount $ 93    
Maximum [Member] | Lease Residual Value Guarantees [Domain]      
Guarantor Obligations [Line Items]      
Lease, Maximum Initial Term 10 years    
v3.19.3
Contingencies (Narrative) (Details)
 1 Months Ended 12 Months Ended
Dec. 21, 2016
USD ($)
Plantiffs
Dec. 21, 2016
PHP (₱)
Plantiffs
Dec. 15, 2016
USD ($)
Plantiffs
Dec. 15, 2016
PHP (₱)
Plantiffs
Dec. 14, 2016
Plantiffs
Aug. 31, 2018
USD ($)
Sep. 30, 2006
USD ($)
Sep. 30, 2006
PHP (₱)
Jun. 23, 2014
USD ($)
Jun. 23, 2014
PHP (₱)
Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission [Member]                    
Loss Contingencies [Line Items]                    
Loss contingency, damages awarded     $ 285,000,000 ₱ 14,858,495,937     $ 66,000,000 ₱ 3,453,664,710    
Estimated Percentage of Settling Complainants 18.00% 18.00%                
Loss Contingency, Number of Plaintiffs | Plantiffs 5,984 5,984 5,984 5,984 4,922          
Loss Contingency, Estimate of Possible Loss Per Complainant $ 1,300 ₱ 68,000                
Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission [Member] | Maximum [Member]                    
Loss Contingencies [Line Items]                    
Loss Contingency, Estimate of Possible Loss                 $ 6,600,000 ₱ 342,287,800
Hillshire Brands Company vs. Mark Lopez [Member]                    
Loss Contingencies [Line Items]                    
Loss contingency, damages awarded | $           $ 13,000,000        
v3.19.3
Quarterly Financial Data (Unaudited) (Schedule Of Quarterly Financial Information) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Sep. 28, 2019
Jun. 29, 2019
Mar. 30, 2019
Dec. 29, 2018
Sep. 29, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 30, 2017
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Sales $ 10,884 $ 10,885 $ 10,443 $ 10,193 $ 9,999 $ 10,051 $ 9,773 $ 10,229 $ 42,405 $ 40,052 $ 38,260
Gross profit 1,139 1,336 1,192 1,355 1,339 1,299 1,015 1,443 5,022 5,096 5,062
Operating Income (Loss) 604 781 635 807 819 797 494 922 2,827 3,032 2,921
Net Income 372 681 430 552 537 542 316 1,632 2,035 3,027 1,778
Net Income Attributable to Tyson $ 369 $ 676 $ 426 $ 551 $ 537 $ 541 $ 315 $ 1,631 $ 2,022 $ 3,024 $ 1,774
Diluted (USD per share) $ 1.01 $ 1.84 $ 1.17 $ 1.50 $ 1.47 $ 1.47 $ 0.85 $ 4.40 $ 5.52 $ 8.19 $ 4.79
Class A [Member]                      
Basic (USD per share) 1.03 1.90 1.20 1.54 1.50 1.52 0.88 4.54 5.67 8.44 4.94
Class B [Member]                      
Basic (USD per share) $ 0.93 $ 1.71 $ 1.07 $ 1.39 $ 1.35 $ 1.37 $ 0.78 $ 4.09 $ 5.10 $ 7.59 $ 4.45
v3.19.3
Quarterly Financial Data (Unaudited) (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 28, 2019
Jun. 29, 2019
Mar. 30, 2019
Dec. 29, 2018
Sep. 29, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 30, 2017
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Quarterly Financial Data [Line Items]                      
Gain on disposition of business                 $ 17 $ 42 $ 0
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions                 21 8 5
Asset Impairment Charges                 94 175 214
Keystone Foods [Member]                      
Quarterly Financial Data [Line Items]                      
Business Acquisition, Expense from Purchase Accounting and Acquisition Related Costs       $ 26              
Business Combination, Acquisition Related Costs     $ 11 15              
Fair Value Adjustment to Inventory [Member] | Keystone Foods [Member]                      
Quarterly Financial Data [Line Items]                      
Business Acquisition, Fair Value Inventory Adjustment       11              
Financial Fitness Program [Member]                      
Quarterly Financial Data [Line Items]                      
Restructuring and Related Cost, Incurred Cost $ 10 $ 15 $ 8 $ 8 $ 14 $ 14 $ 12 $ 19 $ 41 $ 59 $ 150
After Tax [Member]                      
Quarterly Financial Data [Line Items]                      
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions   105                  
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability             (9) (994)      
Activity From Fire Related Damages [Domain]                      
Quarterly Financial Data [Line Items]                      
Other Nonrecurring (Income) Expense 31                    
Equity Securities [Member]                      
Quarterly Financial Data [Line Items]                      
Gain on Sale of Investments   $ 55                  
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Non-Protein Business [Member]                      
Quarterly Financial Data [Line Items]                      
Gain on disposition of business         $ 11            
Asset Impairment Charges             75        
Asset Impairment Charges, Net of (Gain) Loss on Disposition of Business               $ 4      
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Keystone Further Processing Facility [Member]                      
Quarterly Financial Data [Line Items]                      
Asset Impairment Charges 41                    
Multiemployer Plans, Pension [Member]                      
Quarterly Financial Data [Line Items]                      
Pension Cost (Reversal of Cost) $ 15                    
One Time Cash Bonus [Member]                      
Quarterly Financial Data [Line Items]                      
One-Time Cash Bonus             $ 109        
v3.19.3
Valuation And Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Sep. 30, 2017
Allowance for Doubtful Accounts [Member]      
Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 19 $ 34 $ 33
Charged to Costs and Expenses 4 3 10
Charged to Other Accounts 0 0 0
(Deductions) (2) (18) (9)
Balance at End of Period 21 19 34
Inventory Lower of Cost or Market Allowance [Member]      
Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 25 3 39
Charged to Costs and Expenses 61 68 5
Charged to Other Accounts 0 0 0
(Deductions) (52) (46) (41)
Balance at End of Period 34 25 3
Valuation Allowance on Deferred Tax Assets [Member]      
Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 79 75 72
Charged to Costs and Expenses 13 12 4
Charged to Other Accounts 6 0 0
(Deductions) (12) (8) (1)
Balance at End of Period $ 86 $ 79 $ 75