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v3.25.1

Segment Reporting (Tables) | 6 Months Ended
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Mar. 29, 2025
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
| March 29, 2025 |  | March 30, 2024 |  | March 29, 2025 |  | March 30, 2024
Sales: |  |  |  |  |  |  |
Beef | $ | 5,196 |  |  | $ | 4,954 |  |  | $ | 10,531 |  |  | $ | 9,977 |
Pork | 1,244 |  |  | 1,486 |  |  | 2,861 |  |  | 3,003 |
Chicken | 4,141 |  |  | 4,065 |  |  | 8,206 |  |  | 8,098 |
Prepared Foods | 2,396 |  |  | 2,404 |  |  | 4,869 |  |  | 4,947 |
International/Other | 566 |  |  | 580 |  |  | 1,150 |  |  | 1,162 |
Intersegment | (469) |  |  | (417) |  |  | (920) |  |  | (796) |
Total Sales | $ | 13,074 |  |  | $ | 13,072 |  |  | $ | 26,697 |  |  | $ | 26,391 |
| Three Months Ended |  | Six Months Ended
| March 29, 2025 |  | March 30, 2024 |  | March 29, 2025 |  | March 30, 2024
Operating Income (Loss): |  |  |  |  |  |  |
Beef(a) | $ | (258) |  |  | $ | (35) |  |  | $ | (322) |  |  | $ | (241) |
Pork(b) | (195) |  |  | (1) |  |  | (136) |  |  | 38 |
Chicken(c) | 262 |  |  | 158 |  |  | 613 |  |  | 335 |
Prepared Foods(d) | 244 |  |  | 230 |  |  | 453 |  |  | 473 |
International/Other(e) | 47 |  |  | (40) |  |  | 72 |  |  | (62) |
Total Operating Income (Loss) | 100 |  |  | 312 |  |  | 680 |  |  | 543 |
Total Other (Income) Expense | 70 |  |  | 109 |  |  | 172 |  |  | 179 |
Income before Income Taxes | $ | 30 |  |  | $ | 203 |  |  | $ | 508 |  |  | $ | 364 |
(a) Beef segment results for the three and six months ended March 29, 2025 included $16 million and $48 million, respectively, in network optimization plan charges, recognized in Cost of Sales. Additionally, Beef segment results for the three and six months ended March 29, 2025 included a $93 million legal contingency accrual, recognized as a reduction to Sales. Beef segment results for the six months ended March 30, 2024 included $41 million of costs related to plant closures and disposals and a $45 million legal contingency accrual, recognized in Cost of Sales. (b) Pork segment results for the three and six months ended March 29, 2025 included a $250 million legal contingency accrual, recognized as a reduction to Sales. Pork segment results for the three and six months ended March 30, 2024 included $34 million of costs related to plant closures and disposals, recognized in Cost of Sales. Pork segment results for the six months ended March 30, 2024 included a $28 million legal contingency accrual, recognized in Cost of Sales. (c) Chicken segment results for the three and six months ended March 29, 2025 included $6 million and $12 million, respectively, of brand discontinuation charges, recognized in Selling, General and Administrative, and network optimization plan charges of $21 million and $32 million, respectively, primarily recognized in Cost of Sales. Chicken segment results for the three and six months ended March 29, 2025 included costs related to plant closures and disposals of $23 million, recognized in Cost of Sales. Chicken segment results for the six months ended March 30, 2024 included $24 million of insurance proceeds, net of costs incurred, and $39 million of costs related to plant closures and disposals recognized in Cost of Sales. (d) Prepared Foods segment results for the six months ended March 29, 2025 included $25 million in network optimization plan charges, recognized in Cost of Sales. Prepared Foods segment results for the three and six months ended March 30, 2024 included restructuring and related charges of $3 million and $24 million, respectively, primarily recognized in Selling, General and Administrative. (e) International/Other results for the three and six months ended March 29, 2025 included $6 million and $11 million, respectively, in network optimization plan charges, recognized in Cost of Sales. International/Other results for the three and six months ended March 30, 2024 included $54 million and $80 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.
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 March 29, 2025
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Total External Customers |  | Intersegment |  | Total
Beef | $ | 2,647 |  |  | $ | 1,341 |  |  | $ | 590 |  |  | $ | 506 |  |  | $ | 5,084 |  |  | $ | 112 |  |  | $ | 5,196 |
Pork | 443 |  |  | 126 |  |  | 316 |  |  | 30 |  |  | 915 |  |  | 329 |  |  | 1,244 |
Chicken | 1,786 |  |  | 1,561 |  |  | 270 |  |  | 496 |  |  | 4,113 |  |  | 28 |  |  | 4,141 |
Prepared Foods | 1,427 |  |  | 857 |  |  | 53 |  |  | 59 |  |  | 2,396 |  |  | — |  |  | 2,396 |
International/Other | — |  |  | — |  |  | 566 |  |  | — |  |  | 566 |  |  | — |  |  | 566 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (469) |  |  | (469) |
Total | $ | 6,303 |  |  | $ | 3,885 |  |  | $ | 1,795 |  |  | $ | 1,091 |  |  | $ | 13,074 |  |  | $ | — |  |  | $ | 13,074 |
| Three months ended March 30, 2024
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Total External Customers |  | Intersegment |  | Total
Beef | $ | 2,367 |  |  | $ | 1,287 |  |  | $ | 662 |  |  | $ | 549 |  |  | $ | 4,865 |  |  | $ | 89 |  |  | $ | 4,954 |
Pork | 427 |  |  | 121 |  |  | 375 |  |  | 264 |  |  | 1,187 |  |  | 299 |  |  | 1,486 |
Chicken | 1,755 |  |  | 1,608 |  |  | 225 |  |  | 448 |  |  | 4,036 |  |  | 29 |  |  | 4,065 |
Prepared Foods | 1,414 |  |  | 896 |  |  | 51 |  |  | 43 |  |  | 2,404 |  |  | — |  |  | 2,404 |
International/Other | — |  |  | — |  |  | 580 |  |  | — |  |  | 580 |  |  | — |  |  | 580 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (417) |  |  | (417) |
Total | $ | 5,963 |  |  | $ | 3,912 |  |  | $ | 1,893 |  |  | $ | 1,304 |  |  | $ | 13,072 |  |  | $ | — |  |  | $ | 13,072 |
| Six months ended March 29, 2025
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Total External Customers |  | Intersegment |  | Total
Beef | $ | 5,304 |  |  | $ | 2,707 |  |  | $ | 1,245 |  |  | $ | 1,055 |  |  | $ | 10,311 |  |  | $ | 220 |  |  | $ | 10,531 |
Pork | 996 |  |  | 252 |  |  | 647 |  |  | 315 |  |  | 2,210 |  |  | 651 |  |  | 2,861 |
Chicken | 3,444 |  |  | 3,213 |  |  | 539 |  |  | 961 |  |  | 8,157 |  |  | 49 |  |  | 8,206 |
Prepared Foods | 2,899 |  |  | 1,751 |  |  | 110 |  |  | 109 |  |  | 4,869 |  |  | — |  |  | 4,869 |
International/Other | — |  |  | — |  |  | 1,150 |  |  | — |  |  | 1,150 |  |  | — |  |  | 1,150 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (920) |  |  | (920) |
Total | $ | 12,643 |  |  | $ | 7,923 |  |  | $ | 3,691 |  |  | $ | 2,440 |  |  | $ | 26,697 |  |  | $ | — |  |  | $ | 26,697 |
| Six months ended March 30, 2024
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Total External Customers |  | Intersegment |  | Total
Beef | $ | 4,764 |  |  | $ | 2,602 |  |  | $ | 1,294 |  |  | $ | 1,127 |  |  | $ | 9,787 |  |  | $ | 190 |  |  | $ | 9,977 |
Pork | 910 |  |  | 238 |  |  | 728 |  |  | 569 |  |  | 2,445 |  |  | 558 |  |  | 3,003 |
Chicken | 3,468 |  |  | 3,215 |  |  | 442 |  |  | 925 |  |  | 8,050 |  |  | 48 |  |  | 8,098 |
Prepared Foods | 2,902 |  |  | 1,857 |  |  | 110 |  |  | 78 |  |  | 4,947 |  |  | — |  |  | 4,947 |
International/Other | — |  |  | — |  |  | 1,162 |  |  | — |  |  | 1,162 |  |  | — |  |  | 1,162 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (796) |  |  | (796) |
Total | $ | 12,044 |  |  | $ | 7,912 |  |  | $ | 3,736 |  |  | $ | 2,699 |  |  | $ | 26,391 |  |  | $ | — |  |  | $ | 26,391 |
(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. Additionally, during the three and six months ended March 29, 2025, Beef and Pork segments included a $93 million and $250 million reduction in Other, respectively, due to the recognition of legal contingency accruals.

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