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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Oct. 03, 2020
Quarterly Financial Data [Abstract] |
Quarterly Financial Data (Unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED) Revision of Previously Issued Unaudited Consolidated Condensed Financial Statements As described in Note 1: Business and Summary of Significant Accounting Policies, the Company determined it necessary to revise the accompanying consolidated annual and interim quarterly financial information to correct the misstatement in the periods impacted. The following tables represent revisions to our unaudited consolidated condensed financial information for quarter-to-date interim periods in fiscal 2020 and 2019:
First Quarter | in millions, except per share data
| Quarter ended December 28, 2019 |  | Quarter ended December 29, 2018
| As originally reported | Adjustments | As revised |  | As originally reported | Adjustments | As revised
Consolidated Statements of Income: |  |  |  |  |  |  |
Sales | $ | 10,815 |  | $ | — |  | $ | 10,815 |  |  | $ | 10,193 |  | $ | — |  | $ | 10,193 |
Gross profit | 1,440 |  | — |  | 1,440 |  |  | 1,355 |  | — |  | 1,355 |
Selling, General and Administrative | 614 |  | 68 |  | 682 |  |  | 548 |  | 28 |  | 576 |
Operating income | 826 |  | (68) |  | 758 |  |  | 807 |  | (28) |  | 779 |
Income before Income Taxes | 725 |  | (68) |  | 657 |  |  | 713 |  | (28) |  | 685 |
Income Tax Expense (Benefit) | 164 |  | (16) |  | 148 |  |  | 161 |  | (7) |  | 154 |
Net income | 561 |  | (52) |  | 509 |  |  | 552 |  | (21) |  | 531 |
Net income attributable to Tyson | 557 |  | (52) |  | 505 |  |  | 551 |  | (21) |  | 530 |
Net income per share attributable to Tyson: |  |  |  |  |  |  |
Class A Basic | $ | 1.56 |  | $ | (0.14) |  | $ | 1.42 |  |  | $ | 1.54 |  | $ | (0.05) |  | $ | 1.49 |
Class B Basic | $ | 1.40 |  | $ | (0.13) |  | $ | 1.27 |  |  | $ | 1.39 |  | $ | (0.05) |  | $ | 1.34 |
Diluted | $ | 1.52 |  | $ | (0.14) |  | $ | 1.38 |  |  | $ | 1.50 |  | $ | (0.06) |  | $ | 1.44 |
Consolidated Statements of Comprehensive Income: |  |  |  |  |  |  |
Net income | $ | 561 |  | $ | (52) |  | $ | 509 |  |  | $ | 552 |  | $ | (21) |  | $ | 531 |
Comprehensive Income | 599 |  | (52) |  | 547 |  |  | 549 |  | (21) |  | 528 |
Comprehensive Income Attributable to Tyson | 595 |  | (52) |  | 543 |  |  | 548 |  | (21) |  | 527 |
| As of December 28, 2019 |  | As of December 29, 2018
| As originally reported | Adjustments | As revised |  | As originally reported | Adjustments | As revised
Consolidated Balance Sheets: |  |  |  |  |  |  |
Inventories | $ | 4,304 |  | $ | (247) |  | $ | 4,057 |  |  | $ | 3,777 |  | $ | (150) |  | $ | 3,627 |
Total Current Assets | 7,193 |  | (247) |  | 6,946 |  |  | 6,301 |  | (150) |  | 6,151 |
Total Assets | 33,811 |  | (247) |  | 33,564 |  |  | 32,335 |  | (150) |  | 32,185 |
Deferred Income Taxes | 2,369 |  | (63) |  | 2,306 |  |  | 2,330 |  | (39) |  | 2,291 |
Retained Earnings | 14,178 |  | (184) |  | 13,994 |  |  | 12,719 |  | (111) |  | 12,608 |
Total Tyson Shareholders' Equity | 14,419 |  | (184) |  | 14,235 |  |  | 13,127 |  | (111) |  | 13,016 |
Total Shareholders' Equity | 14,566 |  | (184) |  | 14,382 |  |  | 13,259 |  | (111) |  | 13,148 |
Total Liabilities and Shareholders' Equity | 33,811 |  | (247) |  | 33,564 |  |  | 32,335 |  | (150) |  | 32,185 |
First quarter fiscal 2020 net income also included $52 million pretax restructuring and related charges and $16 million pretax Beef production facility fire costs, net of insurance proceeds. 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 | in millions, except per share data
| Quarter ended March 28, 2020 |  | Quarter ended March 30, 2019
| As originally reported | Adjustments | As revised |  | As originally reported | Adjustments | As revised
Consolidated Statements of Income: |  |  |  |  |  |  |
Sales | $ | 10,888 |  | $ | — |  | $ | 10,888 |  |  | $ | 10,443 |  | $ | — |  | $ | 10,443 |
Gross profit | 1,021 |  | — |  | 1,021 |  |  | 1,192 |  | — |  | 1,192 |
Selling, General and Administrative | 520 |  | (14) |  | 506 |  |  | 557 |  | 43 |  | 600 |
Operating income | 501 |  | 14 |  | 515 |  |  | 635 |  | (43) |  | 592 |
Income before Income Taxes | 491 |  | 14 |  | 505 |  |  | 528 |  | (43) |  | 485 |
Income Tax Expense (Benefit) | 124 |  | 2 |  | 126 |  |  | 98 |  | (11) |  | 87 |
Net income | 367 |  | 12 |  | 379 |  |  | 430 |  | (32) |  | 398 |
Net income attributable to Tyson | 364 |  | 12 |  | 376 |  |  | 426 |  | (32) |  | 394 |
Net income per share attributable to Tyson: |  |  |  |  |  |  |
Class A Basic | $ | 1.03 |  | $ | 0.03 |  | $ | 1.06 |  |  | $ | 1.20 |  | $ | (0.09) |  | $ | 1.11 |
Class B Basic | $ | 0.92 |  | $ | 0.03 |  | $ | 0.95 |  |  | $ | 1.07 |  | $ | (0.08) |  | $ | 0.99 |
Diluted | $ | 1.00 |  | $ | 0.03 |  | $ | 1.03 |  |  | $ | 1.17 |  | $ | (0.09) |  | $ | 1.08 |
Consolidated Statements of Comprehensive Income: |  |  |  |  |  |  |
Net income | $ | 367 |  | $ | 12 |  | $ | 379 |  |  | $ | 430 |  | $ | (32) |  | $ | 398 |
Comprehensive Income | 216 |  | 12 |  | 228 |  |  | 452 |  | (32) |  | 420 |
Comprehensive Income Attributable to Tyson | 213 |  | 12 |  | 225 |  |  | 448 |  | (32) |  | 416 |
| As of March 28, 2020 |  | As of March 30, 2019
| As originally reported | Adjustments | As revised |  | As originally reported | Adjustments | As revised
Consolidated Balance Sheets: |  |  |  |  |  |  |
Inventories | $ | 4,025 |  | $ | (233) |  | $ | 3,792 |  |  | $ | 3,899 |  | $ | (193) |  | $ | 3,706 |
Total Current Assets | 7,099 |  | (233) |  | 6,866 |  |  | 6,376 |  | (193) |  | 6,183 |
Total Assets | 33,890 |  | (233) |  | 33,657 |  |  | 32,498 |  | (193) |  | 32,305 |
Deferred Income Taxes | 2,384 |  | (61) |  | 2,323 |  |  | 2,278 |  | (50) |  | 2,228 |
Retained Earnings | 14,392 |  | (172) |  | 14,220 |  |  | 13,012 |  | (143) |  | 12,869 |
Total Tyson Shareholders' Equity | 14,449 |  | (172) |  | 14,277 |  |  | 13,423 |  | (143) |  | 13,280 |
Total Shareholders' Equity | 14,594 |  | (172) |  | 14,422 |  |  | 13,558 |  | (143) |  | 13,415 |
Total Liabilities and Shareholders' Equity | 33,890 |  | (233) |  | 33,657 |  |  | 32,498 |  | (193) |  | 32,305 |
Second quarter fiscal 2020 net income included $110 million pretax gain from pension plan terminations. 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 | in millions, except per share data
| Quarter ended June 27, 2020 |  | Quarter Ended June 29, 2019
| As originally reported | Adjustments | As revised |  | As originally reported | Adjustments | As revised
Consolidated Statements of Income: |  |  |  |  |  |  |
Sales | $ | 10,022 |  | $ | — |  | $ | 10,022 |  |  | $ | 10,885 |  | $ | — |  | $ | 10,885 |
Gross profit | 1,313 |  | — |  | 1,313 |  |  | 1,336 |  | — |  | 1,336 |
Selling, General and Administrative | 538 |  | 2 |  | 540 |  |  | 555 |  | (10) |  | 545 |
Operating income | 775 |  | (2) |  | 773 |  |  | 781 |  | 10 |  | 791 |
Income before Income Taxes | 667 |  | (2) |  | 665 |  |  | 724 |  | 10 |  | 734 |
Income Tax Expense (Benefit) | 140 |  | (1) |  | 139 |  |  | 43 |  | 2 |  | 45 |
Net income | 527 |  | (1) |  | 526 |  |  | 681 |  | 8 |  | 689 |
Net income attributable to Tyson | 527 |  | (1) |  | 526 |  |  | 676 |  | 8 |  | 684 |
Net income per share attributable to Tyson: |  |  |  |  |  |  |
Class A Basic | $ | 1.48 |  | $ | — |  | $ | 1.48 |  |  | $ | 1.90 |  | $ | 0.02 |  | $ | 1.92 |
Class B Basic | $ | 1.33 |  | $ | — |  | $ | 1.33 |  |  | $ | 1.71 |  | $ | 0.02 |  | $ | 1.73 |
Diluted | $ | 1.44 |  | $ | — |  | $ | 1.44 |  |  | $ | 1.84 |  | $ | 0.03 |  | $ | 1.87 |
Consolidated Statements of Comprehensive Income: |  |  |  |  |  |  |
Net income | $ | 527 |  | $ | (1) |  | $ | 526 |  |  | $ | 681 |  | $ | 8 |  | $ | 689 |
Comprehensive Income | 540 |  | (1) |  | 539 |  |  | 671 |  | 8 |  | 679 |
Comprehensive Income Attributable to Tyson | 540 |  | (1) |  | 539 |  |  | 666 |  | 8 |  | 674 |
| As of June 27, 2020 |  | As of June 29, 2019
| As originally reported | Adjustments | As revised |  | As originally reported | Adjustments | As revised
Consolidated Balance Sheets: |  |  |  |  |  |  |
Inventories | $ | 3,915 |  | $ | (235) |  | $ | 3,680 |  |  | $ | 4,149 |  | $ | (183) |  | $ | 3,966 |
Total Current Assets | 7,699 |  | (235) |  | 7,464 |  |  | 7,433 |  | (183) |  | 7,250 |
Total Assets | 34,558 |  | (235) |  | 34,323 |  |  | 33,665 |  | (183) |  | 33,482 |
Deferred Income Taxes | 2,370 |  | (62) |  | 2,308 |  |  | 2,338 |  | (48) |  | 2,290 |
Retained Earnings | 14,769 |  | (173) |  | 14,596 |  |  | 13,553 |  | (135) |  | 13,418 |
Total Tyson Shareholders' Equity | 14,858 |  | (173) |  | 14,685 |  |  | 13,928 |  | (135) |  | 13,793 |
Total Shareholders' Equity | 15,004 |  | (173) |  | 14,831 |  |  | 14,141 |  | (135) |  | 14,006 |
Total Liabilities and Shareholders' Equity | 34,558 |  | (235) |  | 34,323 |  |  | 33,665 |  | (183) |  | 33,482 |
Third quarter fiscal 2020 net income included $15 million pretax Beef production facility fire insurance proceeds, net of costs and $6 million pretax gain from pension plan terminations. 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 | in millions, except per share data
| Quarter ended October 3, 2020 |  | Quarter ended September 29, 2019
| As originally reported | Adjustments | As revised |  | As originally reported | Adjustments | As revised
Consolidated Statements of Income: |  |  |  |  |  |  |
Sales | $ | 11,460 |  | $ | — |  | $ | 11,460 |  |  | $ | 10,884 |  | $ | — |  | $ | 10,884 |
Gross profit | 1,610 |  | — |  | 1,610 |  |  | 1,139 |  | — |  | 1,139 |
Selling, General and Administrative | 598 |  | 50 |  | 648 |  |  | 535 |  | (4) |  | 531 |
Operating income | 1,012 |  | (50) |  | 962 |  |  | 604 |  | 4 |  | 608 |
Income before Income Taxes | 887 |  | (50) |  | 837 |  |  | 466 |  | 4 |  | 470 |
Income Tax Expense (Benefit) | 192 |  | (12) |  | 180 |  |  | 94 |  | 1 |  | 95 |
Net income | 695 |  | (38) |  | 657 |  |  | 372 |  | 3 |  | 375 |
Net income attributable to Tyson | 692 |  | (38) |  | 654 |  |  | 369 |  | 3 |  | 372 |
Net income per share attributable to Tyson: |  |  |  |  |  |  |
Class A Basic | $ | 1.95 |  | $ | (0.12) |  | $ | 1.83 |  |  | $ | 1.03 |  | $ | 0.01 |  | $ | 1.04 |
Class B Basic | $ | 1.76 |  | $ | (0.10) |  | $ | 1.66 |  |  | $ | 0.93 |  | $ | — |  | $ | 0.93 |
Diluted | $ | 1.90 |  | $ | (0.11) |  | $ | 1.79 |  |  | $ | 1.01 |  | $ | — |  | $ | 1.01 |
Consolidated Statements of Comprehensive Income: |  |  |  |  |  |  |
Net income | $ | 695 |  | $ | (38) |  | $ | 657 |  |  | $ | 372 |  | $ | 3 |  | $ | 375 |
Comprehensive Income | 733 |  | (38) |  | 695 |  |  | 261 |  | 3 |  | 264 |
Comprehensive Income Attributable to Tyson | 730 |  | (38) |  | 692 |  |  | 258 |  | 3 |  | 261 |
| As of October 3, 2020 |  | As of September 29, 2019
| As originally reported | Adjustments | As revised |  | As originally reported | Adjustments | As revised
Consolidated Balance Sheets: |  |  |  |  |  |  |
Inventories | $ | 4,144 |  | $ | (285) |  | $ | 3,859 |  |  | $ | 4,108 |  | $ | (179) |  | $ | 3,929 |
Total Current Assets | 7,883 |  | (285) |  | 7,598 |  |  | 7,169 |  | (179) |  | 6,990 |
Total Assets | 34,741 |  | (285) |  | 34,456 |  |  | 33,097 |  | (179) |  | 32,918 |
Deferred Income Taxes | 2,391 |  | (74) |  | 2,317 |  |  | 2,356 |  | (47) |  | 2,309 |
Retained Earnings | 15,311 |  | (211) |  | 15,100 |  |  | 13,787 |  | (132) |  | 13,655 |
Total Tyson Shareholders' Equity | 15,465 |  | (211) |  | 15,254 |  |  | 14,082 |  | (132) |  | 13,950 |
Total Shareholders' Equity | 15,597 |  | (211) |  | 15,386 |  |  | 14,226 |  | (132) |  | 14,094 |
Total Liabilities and Shareholders' Equity | 34,741 |  | (285) |  | 34,456 |  |  | 33,097 |  | (179) |  | 32,918 |
Fourth quarter fiscal 2020 net income included $23 million pretax restructuring and related charges and $65 million pretax income related to our accounting cycle resulting in a 53-week year in fiscal 2020. Fourth quarter fiscal 2019 net income included $31 million pretax Beef production facility fire costs, a $41 million pretax impairment charge related to the divestiture of a business, $15 million pretax pension plan termination charge and $10 million pretax restructuring and related charges. The revisions set forth above did not impact total cash flows provided by operating activities and for each period presented above, the impacts of the misstatements on individual line items within cash flows provided by operating activities were not material, including net income, change in inventories for the impact of the misstatement, and deferred income taxes for the tax impact of the misstatement.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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