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Segment Reporting (Tables)

9 Months Ended

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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- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

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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
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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