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v3.22.1

Segment Reporting (Tables) | 6 Months Ended
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Apr. 02, 2022
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 |  | Six Months Ended |
| April 2, 2022 |  | April 3, 2021 |  | April 2, 2022 |  | April 3, 2021 |
Sales: |  |  |  |  |  |  |  |
Beef | $ | 5,034 |  |  | $ | 4,046 |  |  | $ | 10,036 |  |  | $ | 8,033 |  |
Pork | 1,565 |  |  | 1,477 |  |  | 3,191 |  |  | 2,916 |  |
Chicken | 4,086 |  |  | 3,553 |  |  | 7,976 |  |  | 6,384 |  |
Prepared Foods | 2,393 |  |  | 2,164 |  |  | 4,726 |  |  | 4,277 |  |
International/Other | 565 |  |  | 487 |  |  | 1,115 |  |  | 956 |  |
Intersegment | (526) |  |  | (427) |  |  | (994) |  |  | (806) |  |
Total Sales | $ | 13,117 |  |  | $ | 11,300 |  |  | $ | 26,050 |  |  | $ | 21,760 |  |
| Three Months Ended |  | Six Months Ended |
| April 2, 2022 |  | April 3, 2021 |  | April 2, 2022 |  | April 3, 2021 |
Operating Income (Loss): |  |  |  |  |  |  |  |
Beef(a) | $ | 638 |  |  | $ | 445 |  |  | $ | 1,594 |  |  | $ | 973 |  |
Pork | 59 |  |  | 67 |  |  | 223 |  |  | 183 |  |
Chicken(b) | 198 |  |  | 6 |  |  | 338 |  |  | (210) |  |
Prepared Foods | 263 |  |  | 217 |  |  | 449 |  |  | 483 |  |
International/Other(c) | (2) |  |  | (15) |  |  | 7 |  |  | (4) |  |
Total Operating Income | 1,156 |  |  | 720 |  |  | 2,611 |  |  | 1,425 |  |
Total Other (Income) Expense | 69 |  |  | 96 |  |  | 114 |  |  | 185 |  |
Income before Income Taxes | $ | 1,087 |  |  | $ | 624 |  |  | $ | 2,497 |  |  | $ | 1,240 |  |
(a) Beef segment results for the six months ended April 3, 2021 included a $55 million gain from the recovery of cattle inventory from a cattle supplier that misappropriated Company funds. (b) Chicken segment results for the three months ended April 2, 2022 included $5 million of costs related to a fire at one of our production facilities, net of insurance proceeds. Chicken segment results for the six months ended April 2, 2022 included $18 million of insurance proceeds, net of costs incurred, recognized in Cost of Sales. Additionally, Chicken segment results for the six months ended April 3, 2021 included a $320 million charge related to the recognition of a legal contingency accrual. The accrual was recorded as a reduction to Sales pursuant to FASB guidance related to accounting for revenue from contracts with customers. (c) International/Other results for the three and six months ended April 3, 2021 included a $19 million loss related to the relocation of a production facility in China.
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 April 2, 2022
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Intersegment |  | Total
Beef | $ | 2,213 |  |  | $ | 1,264 |  |  | $ | 808 |  |  | $ | 603 |  |  | $ | 146 |  |  | $ | 5,034 |
Pork | 430 |  |  | 122 |  |  | 267 |  |  | 401 |  |  | 345 |  |  | 1,565 |
Chicken | 1,699 |  |  | 1,590 |  |  | 277 |  |  | 485 |  |  | 35 |  |  | 4,086 |
Prepared Foods | 1,410 |  |  | 897 |  |  | 44 |  |  | 42 |  |  | — |  |  | 2,393 |
International/Other | — |  |  | — |  |  | 565 |  |  | — |  |  | — |  |  | 565 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | (526) |  |  | (526) |
Total | $ | 5,752 |  |  | $ | 3,873 |  |  | $ | 1,961 |  |  | $ | 1,531 |  |  | $ | — |  |  | $ | 13,117 |
| Three months ended April 3, 2021
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Intersegment |  | Total
Beef | $ | 2,036 |  |  | $ | 945 |  |  | $ | 593 |  |  | $ | 368 |  |  | $ | 104 |  |  | $ | 4,046 |
Pork | 410 |  |  | 101 |  |  | 296 |  |  | 361 |  |  | 309 |  |  | 1,477 |
Chicken | 1,576 |  |  | 1,356 |  |  | 166 |  |  | 441 |  |  | 14 |  |  | 3,553 |
Prepared Foods | 1,306 |  |  | 787 |  |  | 30 |  |  | 41 |  |  | — |  |  | 2,164 |
International/Other | — |  |  | — |  |  | 487 |  |  | — |  |  | — |  |  | 487 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | (427) |  |  | (427) |
Total | $ | 5,328 |  |  | $ | 3,189 |  |  | $ | 1,572 |  |  | $ | 1,211 |  |  | $ | — |  |  | $ | 11,300 |
| Six months ended April 2, 2022
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Intersegment |  | Total
Beef | $ | 4,431 |  |  | $ | 2,500 |  |  | $ | 1,664 |  |  | $ | 1,165 |  |  | $ | 276 |  |  | $ | 10,036 |
Pork | 908 |  |  | 258 |  |  | 571 |  |  | 799 |  |  | 655 |  |  | 3,191 |
Chicken | 3,332 |  |  | 3,150 |  |  | 498 |  |  | 933 |  |  | 63 |  |  | 7,976 |
Prepared Foods | 2,735 |  |  | 1,826 |  |  | 90 |  |  | 75 |  |  | — |  |  | 4,726 |
International/Other | — |  |  | — |  |  | 1,115 |  |  | — |  |  | — |  |  | 1,115 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | (994) |  |  | (994) |
Total | $ | 11,406 |  |  | $ | 7,734 |  |  | $ | 3,938 |  |  | $ | 2,972 |  |  | $ | — |  |  | $ | 26,050 |
| Six months ended April 3, 2021
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Intersegment |  | Total
Beef | $ | 4,170 |  |  | $ | 1,766 |  |  | $ | 1,211 |  |  | $ | 691 |  |  | $ | 195 |  |  | $ | 8,033 |
Pork | 842 |  |  | 193 |  |  | 589 |  |  | 703 |  |  | 589 |  |  | 2,916 |
Chicken | 3,012 |  |  | 2,541 |  |  | 318 |  |  | 491 |  |  | 22 |  |  | 6,384 |
Prepared Foods | 2,609 |  |  | 1,527 |  |  | 61 |  |  | 80 |  |  | — |  |  | 4,277 |
International/Other | — |  |  | — |  |  | 956 |  |  | — |  |  | — |  |  | 956 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | (806) |  |  | (806) |
Total | $ | 10,633 |  |  | $ | 6,027 |  |  | $ | 3,135 |  |  | $ | 1,965 |  |  | $ | — |  |  | $ | 21,760 |
(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 six months ended April 3, 2021, the Chicken segment included a $320 million reduction in Other due to the recognition of a legal contingency accrual.

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