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v3.23.2

Segment Reporting (Tables) | 9 Months Ended
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Jul. 01, 2023
Segment Reporting [Abstract] |
Segment Reporting Information, By Segment | Information on segments and a reconciliation to income before income taxes are as follows (in millions):
| Three Months Ended |  | Nine Months Ended |
| July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022 |
Sales: |  |  |  |  |  |  |  |
Beef | $ | 4,956 |  |  | $ | 4,959 |  |  | $ | 14,296 |  |  | $ | 14,995 |  |
Pork | 1,324 |  |  | 1,619 |  |  | 4,274 |  |  | 4,810 |  |
Chicken | 4,212 |  |  | 4,366 |  |  | 12,905 |  |  | 12,342 |  |
Prepared Foods | 2,383 |  |  | 2,447 |  |  | 7,343 |  |  | 7,173 |  |
International/Other | 633 |  |  | 602 |  |  | 1,879 |  |  | 1,717 |  |
Intersegment | (368) |  |  | (498) |  |  | (1,164) |  |  | (1,492) |  |
Total Sales | $ | 13,140 |  |  | $ | 13,495 |  |  | $ | 39,533 |  |  | $ | 39,545 |  |
| Three Months Ended |  | Nine Months Ended |
| July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022 |
Operating Income (Loss): |  |  |  |  |  |  |  |
Beef(a) | $ | 66 |  |  | $ | 533 |  |  | $ | 232 |  |  | $ | 2,127 |  |
Pork | (74) |  |  | 25 |  |  | (128) |  |  | 248 |  |
Chicken(b) | (314) |  |  | 277 |  |  | (503) |  |  | 615 |  |
Prepared Foods | 206 |  |  | 186 |  |  | 705 |  |  | 635 |  |
International/Other(c) | (234) |  |  | 12 |  |  | (238) |  |  | 19 |  |
Total Operating Income (Loss) | (350) |  |  | 1,033 |  |  | 68 |  |  | 3,644 |  |
Total Other (Income) Expense | 76 |  |  | 47 |  |  | 190 |  |  | 161 |  |
Income (Loss) before Income Taxes | $ | (426) |  |  | $ | 986 |  |  | $ | (122) |  |  | $ | 3,483 |  |
(a) Beef segment results for the nine months ended July 1, 2023 included $42 million of insurance proceeds, net of costs incurred, recognized in Cost of Sales. Additionally, Beef segment results for the three and nine months ended July 2, 2022 included $27 million recognized in Cost of Sales of insurance proceeds related to a fire at one of our production facilities in the fourth quarter of fiscal 2019. (b) Chicken segment results for the three and nine months ended July 1, 2023 included insurance proceeds, net of costs incurred, of $22 million and $15 million, respectively, recognized in Cost of Sales, and costs related to plant closures of $15 million and $107 million, respectively, recognized in Cost of Sales. Chicken segment results for the three and nine months ended July 1, 2023 included charges of $38 million related to the recognition of a legal contingency accrual, recognized as a reduction to Sales pursuant to FASB guidance related to accounting for revenue from contracts with customers, and $210 million of goodwill impairment. Additionally, Chicken segment results for the three and nine months ended July 2, 2022 included insurance proceeds, net of costs incurred, of $8 million and $26 million, respectively, recognized in Cost of Sales. (c) International/Other results for the three and nine months ended July 1, 2023 included $238 million of goodwill impairment.
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 1, 2023
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Intersegment |  | Total
Beef | $ | 2,313 |  |  | $ | 1,257 |  |  | $ | 671 |  |  | $ | 575 |  |  | $ | 140 |  |  | $ | 4,956 |
Pork | 394 |  |  | 125 |  |  | 294 |  |  | 305 |  |  | 206 |  |  | 1,324 |
Chicken | 1,823 |  |  | 1,636 |  |  | 264 |  |  | 467 |  |  | 22 |  |  | 4,212 |
Prepared Foods | 1,396 |  |  | 898 |  |  | 55 |  |  | 34 |  |  | — |  |  | 2,383 |
International/Other | — |  |  | — |  |  | 633 |  |  | — |  |  | — |  |  | 633 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | (368) |  |  | (368) |
Total | $ | 5,926 |  |  | $ | 3,916 |  |  | $ | 1,917 |  |  | $ | 1,381 |  |  | $ | — |  |  | $ | 13,140 |
| Three months ended July 2, 2022
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Intersegment |  | Total
Beef | $ | 2,130 |  |  | $ | 1,255 |  |  | $ | 828 |  |  | $ | 611 |  |  | $ | 135 |  |  | $ | 4,959 |
Pork | 466 |  |  | 133 |  |  | 313 |  |  | 405 |  |  | 302 |  |  | 1,619 |
Chicken | 1,889 |  |  | 1,607 |  |  | 294 |  |  | 515 |  |  | 61 |  |  | 4,366 |
Prepared Foods | 1,412 |  |  | 944 |  |  | 52 |  |  | 39 |  |  | — |  |  | 2,447 |
International/Other | — |  |  | — |  |  | 602 |  |  | — |  |  | — |  |  | 602 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | (498) |  |  | (498) |
Total | $ | 5,897 |  |  | $ | 3,939 |  |  | $ | 2,089 |  |  | $ | 1,570 |  |  | $ | — |  |  | $ | 13,495 |
| Nine months ended July 1, 2023
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Intersegment |  | Total
Beef | $ | 6,581 |  |  | $ | 3,577 |  |  | $ | 1,978 |  |  | $ | 1,782 |  |  | $ | 378 |  |  | $ | 14,296 |
Pork | 1,268 |  |  | 356 |  |  | 926 |  |  | 994 |  |  | 730 |  |  | 4,274 |
Chicken | 5,668 |  |  | 4,902 |  |  | 758 |  |  | 1,521 |  |  | 56 |  |  | 12,905 |
Prepared Foods | 4,334 |  |  | 2,734 |  |  | 162 |  |  | 113 |  |  | — |  |  | 7,343 |
International/Other | — |  |  | — |  |  | 1,879 |  |  | — |  |  | — |  |  | 1,879 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | (1,164) |  |  | (1,164) |
Total | $ | 17,851 |  |  | $ | 11,569 |  |  | $ | 5,703 |  |  | $ | 4,410 |  |  | $ | — |  |  | $ | 39,533 |
| Nine months ended July 2, 2022
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Intersegment |  | Total
Beef | $ | 6,561 |  |  | $ | 3,755 |  |  | $ | 2,492 |  |  | $ | 1,776 |  |  | $ | 411 |  |  | $ | 14,995 |
Pork | 1,374 |  |  | 391 |  |  | 884 |  |  | 1,204 |  |  | 957 |  |  | 4,810 |
Chicken | 5,221 |  |  | 4,757 |  |  | 792 |  |  | 1,448 |  |  | 124 |  |  | 12,342 |
Prepared Foods | 4,147 |  |  | 2,770 |  |  | 142 |  |  | 114 |  |  | — |  |  | 7,173 |
International/Other | — |  |  | — |  |  | 1,717 |  |  | — |  |  | — |  |  | 1,717 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | (1,492) |  |  | (1,492) |
Total | $ | 17,303 |  |  | $ | 11,673 |  |  | $ | 6,027 |  |  | $ | 4,542 |  |  | $ | — |  |  | $ | 39,545 |
(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 third quarter and nine months of fiscal 2023, the Chicken segment included a $38 million reduction in Other due to the recognition of a legal contingency accrual.

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