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Segment Reporting | 9 Months Ended
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Jun. 29, 2024
Segment Reporting [Abstract] |
Segment Reporting | SEGMENT REPORTING We operate in four reportable segments: Beef, Pork, Chicken, and Prepared Foods. We measure segment profit as operating income (loss). International/Other primarily includes our foreign operations in Australia, China, Malaysia, Mexico, the Netherlands, South Korea, Thailand and the Kingdom of Saudi Arabia, third-party merger and integration costs and corporate overhead related to Tyson New Ventures, LLC. Beef Beef includes our operations related to processing live fed cattle and fabricating dressed beef carcasses into primal and sub-primal meat cuts and case-ready products. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes sales from specialty products such as hides and variety meats, as well as logistics operations to move products through the supply chain. Pork Pork includes our operations related to processing live market hogs and fabricating pork carcasses into primal and sub-primal cuts and case-ready products. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes our live swine group, related specialty product processing activities and logistics operations to move products through the supply chain. Chicken Chicken includes our domestic operations related to raising and processing live chickens into, and purchasing raw materials for fresh, frozen and value-added chicken products, as well as sales from specialty products. Our value-added chicken products primarily include breaded chicken strips, nuggets, patties and other ready-to-fix or fully cooked chicken parts. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes logistics operations to move products through our domestic supply chain and the global operations of our chicken breeding stock subsidiary. Prepared Foods Prepared Foods includes our operations related to manufacturing and marketing frozen and refrigerated food products and logistics operations to move products through the supply chain. This segment includes brands such as Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, State Fair®, as well as artisanal brands Aidells® and Gallo Salame®. Products primarily include ready-to-eat sandwiches, sandwich components such as flame-grilled hamburgers and Philly steaks, pepperoni, bacon, breakfast sausage, turkey, lunchmeat, hot dogs, flour and corn tortilla products, appetizers, snacks, prepared meals, ethnic foods, side dishes, meat dishes, breadsticks and processed meats. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities, the military and other food processors, as well as to international export markets. We allocate expenses related to corporate activities to the segments, except for third-party merger and integration costs and corporate overhead related to Tyson New Ventures, LLC, which are included in International/Other. Intersegment sales transactions, which were at market prices, are included in the segment sales in the table below. Information on segments and a reconciliation to income before income taxes are as follows (in millions):
| Three Months Ended |  | Nine Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Sales: |  |  |  |  |  |  |
Beef | $ | 5,241 |  |  | $ | 4,956 |  |  | $ | 15,218 |  |  | $ | 14,296 |
Pork | 1,462 |  |  | 1,324 |  |  | 4,465 |  |  | 4,274 |
Chicken | 4,076 |  |  | 4,212 |  |  | 12,174 |  |  | 12,905 |
Prepared Foods | 2,432 |  |  | 2,383 |  |  | 7,379 |  |  | 7,343 |
International/Other | 582 |  |  | 633 |  |  | 1,744 |  |  | 1,879 |
Intersegment | (440) |  |  | (368) |  |  | (1,236) |  |  | (1,164) |
Total Sales | $ | 13,353 |  |  | $ | 13,140 |  |  | $ | 39,744 |  |  | $ | 39,533 |
| Three Months Ended |  | Nine Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Operating Income (Loss): |  |  |  |  |  |  |
Beef(a) | $ | (69) |  |  | $ | 66 |  |  | $ | (310) |  |  | $ | 232 |
Pork(b) | (62) |  |  | (74) |  |  | (24) |  |  | (128) |
Chicken(c) | 244 |  |  | (314) |  |  | 579 |  |  | (503) |
Prepared Foods | 203 |  |  | 206 |  |  | 676 |  |  | 705 |
International/Other(d) | 25 |  |  | (234) |  |  | (37) |  |  | (238) |
Total Operating Income (Loss) | 341 |  |  | (350) |  |  | 884 |  |  | 68 |
Total Other (Income) Expense | 88 |  |  | 76 |  |  | 267 |  |  | 190 |
Income (Loss) before Income Taxes | $ | 253 |  |  | $ | (426) |  |  | $ | 617 |  |  | $ | (122) |
(a) Beef segment results for the nine months ended June 29, 2024 included a $45 million legal contingency accrual and $41 million of costs related to plant closures recognized in Cost of Sales. 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. (b) Pork segment results for the three and nine months ended June 29, 2024 included $39 million and $73 million, respectively, of costs related to plant closures, recognized in Cost of Sales. Additionally, Pork segment results for the three and nine months ended June 29, 2024 included $45 million and $73 million, respectively, related to the recognition of legal contingency accruals, of which the amount recognized in the third quarter of fiscal 2024 was a reduction to Sales and the remainder was recognized in Cost of Sales. (c) Chicken segment results for the three and nine months ended June 29, 2024 included $2 million and $41 million, respectively, of costs related to plant closures and $5 million of production facility fire costs incurred, net of insurance proceeds, and $19 million of insurance proceeds, net of costs incurred, respectively, recognized in Cost of Sales. Chicken segment results for the three and nine months ended June 29, 2024 included a $56 million legal contingency accrual, recognized in Costs of Sales. Chicken segment results for the three and nine months ended July 1, 2023 included production facility fire 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 a charge of $38 million related to the recognition of a legal contingency accrual, recognized as a reduction to Sales, and $210 million of goodwill impairment. (d) International/Other results for the three and nine months ended June 29, 2024 included $3 million and $83 million, respectively, of costs, net of insurance proceeds, related to a fire at our production facility in the Netherlands and subsequent decision to sell, recognized in Cost of Sales. International/Other results for the three and nine months ended July 1, 2023 included $238 million of goodwill impairment. The following tables further disaggregate our sales to customers by major distribution channels (in millions):
| Three months ended June 29, 2024
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Total External Customers |  | Intersegment |  | Total
Beef | $ | 2,566 |  |  | $ | 1,318 |  |  | $ | 707 |  |  | $ | 541 |  |  | $ | 5,132 |  |  | $ | 109 |  |  | $ | 5,241 |
Pork | 464 |  |  | 141 |  |  | 322 |  |  | 228 |  |  | 1,155 |  |  | 307 |  |  | 1,462 |
Chicken | 1,720 |  |  | 1,567 |  |  | 256 |  |  | 509 |  |  | 4,052 |  |  | 24 |  |  | 4,076 |
Prepared Foods | 1,434 |  |  | 876 |  |  | 58 |  |  | 64 |  |  | 2,432 |  |  | — |  |  | 2,432 |
International/Other | — |  |  | — |  |  | 582 |  |  | — |  |  | 582 |  |  | — |  |  | 582 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (440) |  |  | (440) |
Total | $ | 6,184 |  |  | $ | 3,902 |  |  | $ | 1,925 |  |  | $ | 1,342 |  |  | $ | 13,353 |  |  | $ | — |  |  | $ | 13,353 |
| Three months ended July 1, 2023
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Total External Customers |  | Intersegment |  | Total
Beef | $ | 2,313 |  |  | $ | 1,257 |  |  | $ | 671 |  |  | $ | 575 |  |  | $ | 4,816 |  |  | $ | 140 |  |  | $ | 4,956 |
Pork | 394 |  |  | 125 |  |  | 294 |  |  | 305 |  |  | 1,118 |  |  | 206 |  |  | 1,324 |
Chicken | 1,823 |  |  | 1,636 |  |  | 264 |  |  | 467 |  |  | 4,190 |  |  | 22 |  |  | 4,212 |
Prepared Foods | 1,396 |  |  | 898 |  |  | 55 |  |  | 34 |  |  | 2,383 |  |  | — |  |  | 2,383 |
International/Other | — |  |  | — |  |  | 633 |  |  | — |  |  | 633 |  |  | — |  |  | 633 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (368) |  |  | (368) |
Total | $ | 5,926 |  |  | $ | 3,916 |  |  | $ | 1,917 |  |  | $ | 1,381 |  |  | $ | 13,140 |  |  | $ | — |  |  | $ | 13,140 |
| Nine months ended June 29, 2024
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Total External Customers |  | Intersegment |  | Total
Beef | $ | 7,330 |  |  | $ | 3,920 |  |  | $ | 2,001 |  |  | $ | 1,668 |  |  | $ | 14,919 |  |  | $ | 299 |  |  | $ | 15,218 |
Pork | 1,374 |  |  | 379 |  |  | 1,050 |  |  | 797 |  |  | 3,600 |  |  | 865 |  |  | 4,465 |
Chicken | 5,188 |  |  | 4,782 |  |  | 698 |  |  | 1,434 |  |  | 12,102 |  |  | 72 |  |  | 12,174 |
Prepared Foods | 4,336 |  |  | 2,733 |  |  | 168 |  |  | 142 |  |  | 7,379 |  |  | — |  |  | 7,379 |
International/Other | — |  |  | — |  |  | 1,744 |  |  | — |  |  | 1,744 |  |  | — |  |  | 1,744 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,236) |  |  | (1,236) |
Total | $ | 18,228 |  |  | $ | 11,814 |  |  | $ | 5,661 |  |  | $ | 4,041 |  |  | $ | 39,744 |  |  | $ | — |  |  | $ | 39,744 |
| Nine months ended July 1, 2023
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Total External Customers |  | Intersegment |  | Total
Beef | $ | 6,581 |  |  | $ | 3,577 |  |  | $ | 1,978 |  |  | $ | 1,782 |  |  | $ | 13,918 |  |  | $ | 378 |  |  | $ | 14,296 |
Pork | 1,268 |  |  | 356 |  |  | 926 |  |  | 994 |  |  | 3,544 |  |  | 730 |  |  | 4,274 |
Chicken | 5,668 |  |  | 4,902 |  |  | 758 |  |  | 1,521 |  |  | 12,849 |  |  | 56 |  |  | 12,905 |
Prepared Foods | 4,334 |  |  | 2,734 |  |  | 162 |  |  | 113 |  |  | 7,343 |  |  | — |  |  | 7,343 |
International/Other | — |  |  | — |  |  | 1,879 |  |  | — |  |  | 1,879 |  |  | — |  |  | 1,879 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,164) |  |  | (1,164) |
Total | $ | 17,851 |  |  | $ | 11,569 |  |  | $ | 5,703 |  |  | $ | 4,410 |  |  | $ | 39,533 |  |  | $ | — |  |  | $ | 39,533 |
(a) Includes external sales to consumer products and food retailers, such as grocery retailers, warehouse club stores and internet-based retailers. (b) Includes external sales to fo odservice distr ibutors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military. (c) Includes external sales to international markets for internationally produced products or export sales of domestically produced products. (d) Includes external 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 June 29, 2024, the Pork segment included a $45 million reduction in Other due to the recognition of a legal contingency accrual. For the three and nine months ended July 1, 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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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