XML 52 R38.htm IDEA: XBRL DOCUMENT v3.24.2.u1

Segment Reporting (Tables)

9 Months Ended

Jun. 29, 2024

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
			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.

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 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 foodservice distributors, 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.

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
-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

+ 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
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ 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