XML 50 R38.htm IDEA: XBRL DOCUMENT
v3.21.2

Segment Reporting (Tables) | 9 Months Ended
--- | ---
Jul. 03, 2021
Segment Reporting [Abstract] |
Segment Reporting Information, By Segment | Information on segments and a reconciliation to income before income taxes are as follows (in millions):
| Three Months Ended |  | Nine Months Ended |
| July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020 |
Sales: |  |  |  |  |  |  |  |
Beef | $ | 4,954 |  |  | $ | 3,653 |  |  | $ | 12,987 |  |  | $ | 11,470 |  |
Pork | 1,715 |  |  | 1,115 |  |  | 4,631 |  |  | 3,760 |  |
Chicken | 3,476 |  |  | 3,112 |  |  | 9,860 |  |  | 9,801 |  |
Prepared Foods | 2,323 |  |  | 2,035 |  |  | 6,600 |  |  | 6,255 |  |
International/Other | 488 |  |  | 402 |  |  | 1,444 |  |  | 1,365 |  |
Intersegment | (478) |  |  | (295) |  |  | (1,284) |  |  | (926) |  |
Total sales | $ | 12,478 |  |  | $ | 10,022 |  |  | $ | 34,238 |  |  | $ | 31,725 |  |
| Three Months Ended |  | Nine Months Ended |
| July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020 |
Operating income (loss): |  |  |  |  |  |  |  |
Beef(a) | $ | 1,120 |  |  | $ | 649 |  |  | $ | 2,093 |  |  | $ | 1,114 |  |
Pork | 67 |  |  | 107 |  |  | 250 |  |  | 391 |  |
Chicken(b) | (279) |  |  | (120) |  |  | (489) |  |  | 36 |  |
Prepared Foods | 150 |  |  | 145 |  |  | 633 |  |  | 494 |  |
International/Other(c) | 4 |  |  | (8) |  |  | — |  |  | 11 |  |
Total operating income | 1,062 |  |  | 773 |  |  | 2,487 |  |  | 2,046 |  |
Total other expense | 96 |  |  | 108 |  |  | 281 |  |  | 219 |  |
Income before income taxes | $ | 966 |  |  | $ | 665 |  |  | $ | 2,206 |  |  | $ | 1,827 |  |
(a) Beef segment results for the nine months ended July 3, 2021 included a $55 million gain from the recovery of cattle inventory from a cattle supplier that misappropriated Company funds as compared to results for the three and nine months ended June 27, 2020, which included a $2 million loss and $56 million loss, respectively, as further described in Note 1: Accounting Policies. (b) Chicken segment results for the three and nine months ended July 3, 2021 included charges of $306 million and $626 million, respectively, related to the recognition of legal contingency accruals, of which $225 million and $545 million, respectively, was recorded as a reduction to Sales pursuant to FASB guidance related to accounting for revenue from contracts with customers and $81 million was recorded as an increase to Cost of Sales in the three and nine months ended July 3, 2021. (c) International/Other results included a $4 million loss and a $23 million loss related to the relocation of a production facility in China for the three and nine months ended July 3, 2021, respectively.
Disaggregation of Revenue, By Segment and Distribution Channel | The following tables further disaggregate our sales to customers by major distribution channels (in millions):
| Three months ended July 3, 2021
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Intersegment |  | Total
Beef | $ | 2,365 |  |  | $ | 1,264 |  |  | $ | 704 |  |  | $ | 491 |  |  | $ | 130 |  |  | $ | 4,954 |
Pork | 500 |  |  | 141 |  |  | 324 |  |  | 419 |  |  | 331 |  |  | 1,715 |
Chicken | 1,500 |  |  | 1,492 |  |  | 197 |  |  | 270 |  |  | 17 |  |  | 3,476 |
Prepared Foods | 1,359 |  |  | 877 |  |  | 37 |  |  | 50 |  |  | — |  |  | 2,323 |
International/Other | — |  |  | — |  |  | 488 |  |  | — |  |  | — |  |  | 488 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | (478) |  |  | (478) |
Total | $ | 5,724 |  |  | $ | 3,774 |  |  | $ | 1,750 |  |  | $ | 1,230 |  |  | $ | — |  |  | $ | 12,478 |
| Three months ended June 27, 2020
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Intersegment |  | Total
Beef | $ | 2,192 |  |  | $ | 650 |  |  | $ | 444 |  |  | $ | 279 |  |  | $ | 88 |  |  | $ | 3,653 |
Pork | 408 |  |  | 85 |  |  | 214 |  |  | 215 |  |  | 193 |  |  | 1,115 |
Chicken | 1,481 |  |  | 1,046 |  |  | 151 |  |  | 420 |  |  | 14 |  |  | 3,112 |
Prepared Foods | 1,322 |  |  | 651 |  |  | 24 |  |  | 38 |  |  | — |  |  | 2,035 |
International/Other | — |  |  | — |  |  | 402 |  |  | — |  |  | — |  |  | 402 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | (295) |  |  | (295) |
Total | $ | 5,403 |  |  | $ | 2,432 |  |  | $ | 1,235 |  |  | $ | 952 |  |  | $ | — |  |  | $ | 10,022 |
| Nine months ended July 3, 2021
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Intersegment |  | Total
Beef | $ | 6,535 |  |  | $ | 3,030 |  |  | $ | 1,915 |  |  | $ | 1,182 |  |  | $ | 325 |  |  | $ | 12,987 |
Pork | 1,342 |  |  | 334 |  |  | 913 |  |  | 1,122 |  |  | 920 |  |  | 4,631 |
Chicken | 4,512 |  |  | 4,033 |  |  | 515 |  |  | 761 |  |  | 39 |  |  | 9,860 |
Prepared Foods | 3,968 |  |  | 2,404 |  |  | 98 |  |  | 130 |  |  | — |  |  | 6,600 |
International/Other | — |  |  | — |  |  | 1,444 |  |  | — |  |  | — |  |  | 1,444 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | (1,284) |  |  | (1,284) |
Total | $ | 16,357 |  |  | $ | 9,801 |  |  | $ | 4,885 |  |  | $ | 3,195 |  |  | $ | — |  |  | $ | 34,238 |
| Nine months ended June 27, 2020
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Intersegment |  | Total
Beef | $ | 5,956 |  |  | $ | 2,699 |  |  | $ | 1,563 |  |  | $ | 967 |  |  | $ | 285 |  |  | $ | 11,470 |
Pork | 1,191 |  |  | 301 |  |  | 768 |  |  | 900 |  |  | 600 |  |  | 3,760 |
Chicken | 4,420 |  |  | 3,592 |  |  | 479 |  |  | 1,269 |  |  | 41 |  |  | 9,801 |
Prepared Foods | 3,758 |  |  | 2,275 |  |  | 95 |  |  | 127 |  |  | — |  |  | 6,255 |
International/Other | — |  |  | — |  |  | 1,365 |  |  | — |  |  | — |  |  | 1,365 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | (926) |  |  | (926) |
Total | $ | 15,325 |  |  | $ | 8,867 |  |  | $ | 4,270 |  |  | $ | 3,263 |  |  | $ | — |  |  | $ | 31,725 |
(a) Includes sales to consumer products and food retailers, such as grocery retailers, warehouse club stores and internet-based retailers. (b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military. (c) Includes sales to international markets for internationally produced products or export sales of domestically produced products. (d) Includes sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Retail, Foodservice or International categories. For the three and nine months ended July 3, 2021, the Chicken segment included a $225 million and $545 million reduction in Other, respectively, due to the recognition of legal contingency accruals.

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration