Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Jun. 28, 2014 | |
Entity Registrant Name | 'TYSON FOODS INC |
Entity Central Index Key | '0000100493 |
Current Fiscal Year End Date | '--09-27 |
Entity Filer Category | 'Large Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 28-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Amendment Flag | 'false |
Class A [Member] | ' |
Entity Common Stock, Shares Outstanding | 281,687,503 |
Class B [Member] | ' |
Entity Common Stock, Shares Outstanding | 70,010,805 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |||
Sales | $9,682 | $8,731 | $27,475 | $25,480 | |||
Cost of Sales | 9,045 | 8,049 | 25,502 | 23,791 | |||
Gross Profit | 637 | 682 | 1,973 | 1,689 | |||
Operating Expenses: | ' | ' | ' | ' | |||
Selling, general and administrative | 286 | 263 | 849 | 730 | |||
Operating Income | 351 | 419 | 1,124 | 959 | |||
Other (Income) Expense: | ' | ' | ' | ' | |||
Interest income | -1 | -2 | -6 | -5 | |||
Interest expense | 25 | 36 | 78 | 109 | |||
Other, net | 17 | 0 | 18 | -19 | |||
Total Other (Income) Expense | 41 | [1] | 34 | 90 | [1] | 85 | [2] |
Income from Continuing Operations before Income Taxes | 310 | 385 | 1,034 | 874 | |||
Income Tax Expense | 52 | 136 | 314 | 285 | |||
Income from Continuing Operations | 258 | 249 | 720 | 589 | |||
Loss from Discontinued Operation, Net of Tax | 0 | -4 | 0 | -70 | |||
Net Income | 258 | 245 | 720 | 519 | |||
Less: Net income (loss) attributable to noncontrolling interest | -2 | -4 | -7 | 2 | |||
Net Income Attributable to Tyson | 260 | 249 | 727 | 517 | |||
Amounts attributable to Tyson: | ' | ' | ' | ' | |||
Net income from continuing operations attributable to Tyson | 260 | 253 | 727 | 587 | |||
Net Loss from Discontinued Operation | $0 | ($4) | $0 | ($70) | |||
Weighted Average Shares Outstanding: | ' | ' | ' | ' | |||
Diluted, Shares | 356 | 369 | 355 | 366 | |||
Net Income Per Share from Continuing Operations Attributable to Tyson: | ' | ' | ' | ' | |||
Diluted (USD per share) | $0.73 | $0.69 | $2.05 | $1.61 | |||
Net Loss Per Share from Discontinued Operation Attributable to Tyson: | ' | ' | ' | ' | |||
Diluted (USD per share) | $0 | ($0.01) | $0 | ($0.19) | |||
Net Income Per Share Attributable to Tyson: | ' | ' | ' | ' | |||
Diluted (USD per share) | $0.73 | $0.68 | $2.05 | $1.42 | |||
Class A [Member] | ' | ' | ' | ' | |||
Weighted Average Shares Outstanding: | ' | ' | ' | ' | |||
Basic, Shares | 280 | 283 | 275 | 284 | |||
Net Income Per Share from Continuing Operations Attributable to Tyson: | ' | ' | ' | ' | |||
Basic (USD per share) | $0.75 | $0.73 | $2.15 | $1.69 | |||
Net Loss Per Share from Discontinued Operation Attributable to Tyson: | ' | ' | ' | ' | |||
Basic (USD per share) | $0 | ($0.01) | $0 | ($0.20) | |||
Net Income Per Share Attributable to Tyson: | ' | ' | ' | ' | |||
Basic (USD per share) | $0.75 | $0.72 | $2.15 | $1.49 | |||
Dividends Declared Per Share: | ' | ' | ' | ' | |||
Dividends Declared (USD per share) | $0.08 | $0.05 | $0.25 | $0.26 | |||
Class B [Member] | ' | ' | ' | ' | |||
Weighted Average Shares Outstanding: | ' | ' | ' | ' | |||
Basic, Shares | 70 | 70 | 70 | 70 | |||
Net Income Per Share from Continuing Operations Attributable to Tyson: | ' | ' | ' | ' | |||
Basic (USD per share) | $0.68 | $0.66 | $1.94 | $1.52 | |||
Net Loss Per Share from Discontinued Operation Attributable to Tyson: | ' | ' | ' | ' | |||
Basic (USD per share) | $0 | ($0.02) | $0 | ($0.18) | |||
Net Income Per Share Attributable to Tyson: | ' | ' | ' | ' | |||
Basic (USD per share) | $0.68 | $0.64 | $1.94 | $1.34 | |||
Dividends Declared Per Share: | ' | ' | ' | ' | |||
Dividends Declared (USD per share) | $0.07 | $0.05 | $0.23 | $0.23 | |||
[1] | Operating income in Other includes $7 million related to third party transaction fees and Other (Income) Expense includes $22 million related to costs associated with bridge financing facilities, both incurred as part of the Hillshire acquisition. | ||||||
[2] | Includes $19 million related to the recognized currency translation adjustment gain |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $258 | $245 | $720 | $519 |
Other Comprehensive Income (Loss), Net of Taxes: | ' | ' | ' | ' |
Derivatives accounted for as cash flow hedges | -5 | 2 | 0 | -12 |
Investments | 0 | 1 | 3 | -2 |
Currency translation | 12 | -33 | 7 | -49 |
Postretirement benefits | 0 | 1 | 2 | 4 |
Total Other Comprehensive Income (Loss), Net of Taxes | 7 | -29 | 12 | -59 |
Comprehensive Income | 265 | 216 | 732 | 460 |
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | -2 | -4 | -7 | 2 |
Comprehensive Income Attributable to Tyson | $267 | $220 | $739 | $458 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $587 | $1,145 |
Accounts receivable, net | 1,624 | 1,497 |
Inventories | 3,061 | 2,817 |
Other current assets | 241 | 145 |
Total Current Assets | 5,513 | 5,604 |
Net Property, Plant and Equipment | 3,941 | 4,053 |
Goodwill | 1,925 | 1,902 |
Intangible Assets | 151 | 138 |
Other Assets | 525 | 480 |
Total Assets | 12,055 | 12,177 |
Liabilities and Shareholders' Equity | ' | ' |
Current debt | 41 | 513 |
Accounts payable | 1,496 | 1,359 |
Other current liabilities | 1,075 | 1,138 |
Total Current Liabilities | 2,612 | 3,010 |
Long-Term Debt | 1,784 | 1,895 |
Deferred Income Taxes | 404 | 479 |
Other Liabilities | 545 | 560 |
Commitments and Contingencies (Note 15) | ' | ' |
Shareholders' Equity: | ' | ' |
Capital in excess of par value | 2,122 | 2,292 |
Retained earnings | 5,640 | 4,999 |
Accumulated other comprehensive loss | -96 | -108 |
Treasury stock, at cost - 40 million shares at June 28, 2014, and 48 million shares at September 28, 2013 | -1,011 | -1,021 |
Total Tyson Shareholders' Equity | 6,694 | 6,201 |
Noncontrolling Interest | 16 | 32 |
Total Shareholders' Equity | 6,710 | 6,233 |
Total Liabilities and Shareholders' Equity | 12,055 | 12,177 |
Class A [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Common stock | 32 | 32 |
Convertible Class B [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Common stock | $7 | $7 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Treasury Stock, shares | 40 | 48 |
Class A [Member] | ' | ' |
Common stock, par value | 0.1 | 0.1 |
Common stock, shares authorized | 900 | 900 |
Common stock, shares issued | 322 | 322 |
Convertible Class B [Member] | ' | ' |
Common stock, par value | 0.1 | 0.1 |
Common stock, shares authorized | 900 | 900 |
Common stock, shares issued | 70 | 70 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Cash Flows From Operating Activities: | ' | ' |
Net Income | $720 | $519 |
Depreciation and amortization | 382 | 387 |
Deferred income taxes | -64 | -21 |
Convertible debt discount | -92 | 0 |
Other, net | 76 | 80 |
Net changes in working capital | -479 | -193 |
Cash Provided by Operating Activities | 543 | 772 |
Cash Flows From Investing Activities: | ' | ' |
Additions to property, plant and equipment | -437 | -425 |
Purchases of marketable securities | -25 | -123 |
Proceeds from sale of marketable securities | 24 | 22 |
Acquisitions, net of cash acquired | -56 | -106 |
Other, net | 44 | 36 |
Cash Used for Investing Activities | -450 | -596 |
Cash Flows From Financing Activities: | ' | ' |
Payments on debt | -407 | -69 |
Net proceeds from borrowings | 28 | 48 |
Purchases of Tyson Class A common stock | -286 | -298 |
Dividends | -76 | -87 |
Stock options exercised | 61 | 93 |
Other, net | 26 | 13 |
Cash Used for Financing Activities | -654 | -300 |
Effect of Exchange Rate Changes on Cash | 3 | -4 |
Increase (Decrease) in Cash and Cash Equivalents | -558 | -128 |
Cash and Cash Equivalents at Beginning of Year | 1,145 | 1,071 |
Cash and Cash Equivalents at End of Period | $587 | $943 |
Accounting_Policies
Accounting Policies | 9 Months Ended | ||||||||||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||||||||||
Policy Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Accounting Policies | ' | ||||||||||||||||||||||||||||
ACCOUNTING POLICIES | |||||||||||||||||||||||||||||
BASIS OF PRESENTATION | |||||||||||||||||||||||||||||
The consolidated condensed financial statements are unaudited and have been prepared by Tyson Foods, Inc. (“Tyson,” “the Company,” “we,” “us” or “our”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the United States Securities and Exchange Commission. Although we believe the disclosures contained herein are adequate to make the information presented not misleading, these consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the fiscal year ended September 28, 2013. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||||||||||||
We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly our financial position as of June 28, 2014, and the results of operations for the three and nine months ended June 28, 2014, and June 29, 2013. Results of operations and cash flows for the periods presented are not necessarily indicative of results to be expected for the full year. | |||||||||||||||||||||||||||||
CONSOLIDATION | |||||||||||||||||||||||||||||
The consolidated condensed financial statements include the accounts of all wholly-owned subsidiaries, as well as majority-owned subsidiaries over which we exercise control and, when applicable, entities for which we have a controlling financial interest or variable interest entities for which we are the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||||||
SHARE REPURCHASES | |||||||||||||||||||||||||||||
A summary of cumulative share repurchases of our Class A stock is as follows (in millions): | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | ||||||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||||||||||||||||
Shares repurchased: | |||||||||||||||||||||||||||||
Under share repurchase program | — | $ | — | 4 | $ | 100 | 7.1 | $ | 250 | 11.2 | $ | 250 | |||||||||||||||||
To fund certain obligations under equity compensation plans | 0.3 | 11 | 0.4 | 10 | 1 | 36 | 2.3 | 48 | |||||||||||||||||||||
Total share repurchases | 0.3 | $ | 11 | 4.4 | $ | 110 | 8.1 | $ | 286 | 13.5 | $ | 298 | |||||||||||||||||
On January 30, 2014, our Board of Directors approved an increase of 25 million shares authorized for repurchase under our share repurchase program. As of June 28, 2014, 32.1 million shares remained available for repurchases under this program. The share repurchase program has no fixed or scheduled termination date and the timing and extent to which we repurchase shares will depend upon, among other things, our working capital needs, markets, industry conditions, liquidity targets, limitations under our debt obligations and regulatory requirements. In addition to the share repurchase program, we purchase shares on the open market to fund certain obligations under our equity compensation plans. | |||||||||||||||||||||||||||||
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | |||||||||||||||||||||||||||||
In December 2011 and February 2013, the Financial Accounting Standards Board (FASB) issued guidance enhancing disclosures related to offsetting of certain assets and liabilities. This guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. We adopted this guidance in the first quarter of fiscal 2014. The adoption did not have a significant impact on our consolidated condensed financial statements. | |||||||||||||||||||||||||||||
In April 2014, the FASB issued guidance changing the criteria for reporting discontinued operations. The guidance also modifies the related disclosure requirements. The guidance is effective on a prospective basis for annual reporting periods beginning after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. Early adoption is permitted and we adopted in the third quarter of fiscal 2014. The adoption did not have a significant impact on our consolidated condensed financial statements. | |||||||||||||||||||||||||||||
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |||||||||||||||||||||||||||||
In May 2014, the FASB issued guidance changing the criteria for recognizing revenue. The guidance also modifies the related disclosure requirements, clarifies guidance for multiple-element arrangements and provides guidance for transactions that were not addressed fully in previous guidance. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2016, our fiscal 2018. Early adoption is not permitted. The Company is currently evaluating the impact this guidance will have on our consolidated financial statements. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 9 Months Ended |
Jun. 28, 2014 | |
Business Combinations [Abstract] | ' |
Business Combinations and Disposal Group Operation | ' |
ACQUISITIONS AND DISPOSITIONS | |
On July 1, 2014, Tyson and HMB Holdings, Inc. (“Merger Sub”), a wholly-owned subsidiary of Tyson, entered into an agreement and plan of merger with The Hillshire Brands Company (“Hillshire”). Additionally, on July 28, 2014, we announced our plan to sell our Tyson de Mexico and Tyson do Brazil operations, for $575 million. For further description of these transactions, refer to Note 16: Subsequent Events. | |
In June 2014, we sold our 50 percent ownership interest of Dynamic Fuels LLC (Dynamic Fuels) for $30 million cash consideration at closing and up to $35 million in future cash payments contingent on Dynamic Fuels' production volumes over a period of up to 11.5 years. Additionally as part of the terms of the sale, we were released from our guarantee of the $100 million Gulf Opportunity Zone tax-exempt bonds, which were issued in October 2008 to fund a portion of the plant construction costs. Our obligations pursuant to the guarantee were not released until July 2014; however, as of June 28, 2014, the purchaser had placed in escrow the full value of our guarantee as collateral while it secured a suitable replacement to our guarantee, which was obtained on July 8, 2014. Dynamic Fuels previously qualified as a variable interest entity which we consolidated, as we were the primary beneficiary. As a result of the sale, we deconsolidated Dynamic Fuels and recorded a gain of approximately $3 million, which is reflected in Cost of Sales in our Consolidated Condensed Statements of Income. We will recognize the future contingent payments in income as the required volumes are produced. At September 28, 2013, Dynamic Fuels had $166 million of total assets, of which $142 million was net property, plant and equipment, and $113 million of total liabilities, of which $100 million was long-term debt. The plant has been idled since October 2012. | |
In June 2014, we recorded an impairment charge of $49 million related to the planned closure of three Prepared Foods plants. The Company’s Cherokee, Iowa, plant is expected to close in September, while the Company’s plants in Buffalo, New York, and Santa Teresa, New Mexico, are expected to cease operations during the first half of calendar 2015. The impairment charges are reflected in the Consolidated Condensed Statements of Income in Cost of Sales. | |
During the second quarter of fiscal 2014 we acquired one value-added food business as part of our strategic expansion initiative, which is included in our Prepared Foods segment. The aggregate purchase price of the acquisition was $56 million, which included $12 million for property, plant and equipment, $27 million allocated to Intangible Assets and $18 million allocated to Goodwill. | |
During fiscal 2013, we acquired two value-added food businesses as part of our strategic expansion initiative, which are included in our Prepared Foods segment. The aggregate purchase price of the acquisitions were $106 million, which included $50 million for property, plant and equipment, $41 million allocated to Intangible Assets and $12 million allocated to Goodwill. |
Discontinued_Operation
Discontinued Operation | 9 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operation | ' | ||||||||||||||||
DISCONTINUED OPERATION | |||||||||||||||||
After conducting an assessment during fiscal 2013 of our long-term business strategy in China, we determined our Weifang operation (Weifang), which was previously part of our Chicken segment, was no longer core to the execution of our strategy given the capital investment it required to execute our future business plan. Consequently, we conducted an impairment test and recorded a $56 million impairment charge in the second quarter of fiscal 2013. We subsequently sold Weifang which resulted in reporting it as a discontinued operation. The sale was completed in July 2013 and did not result in a significant gain or loss as its carrying value approximated the sales proceeds at the time of sale. Weifang's prior periods results, including the impairment charge, have been reclassified and presented as a discontinued operation in our Consolidated Condensed Statements of Income. The following is a summary of the discontinued operation's results (in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | ||||||||||||||
Sales | $ | — | $ | 36 | $ | — | $ | 108 | |||||||||
Pretax loss | — | (2 | ) | — | (68 | ) | |||||||||||
Income tax expense | — | 2 | — | 2 | |||||||||||||
Loss from discontinued operation, net of tax | $ | — | $ | (4 | ) | $ | — | $ | (70 | ) | |||||||
Inventories
Inventories | 9 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
Processed products, livestock and supplies and other are valued at the lower of cost or market. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, contract grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories. Total inventory consists of the following (in millions): | ||||||||
June 28, 2014 | September 28, 2013 | |||||||
Processed products: | ||||||||
Weighted-average method – chicken, prepared foods and international | $ | 837 | $ | 799 | ||||
First-in, first-out method – beef and pork | 721 | 624 | ||||||
Livestock – first-in, first-out method | 1,120 | 1,002 | ||||||
Supplies and other – weighted-average method | 383 | 392 | ||||||
Total inventory | $ | 3,061 | $ | 2,817 | ||||
Property_Plant_And_Equipment
Property, Plant And Equipment | 9 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property, Plant And Equipment | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): | ||||||||
June 28, 2014 | September 28, 2013 | |||||||
Land | $ | 104 | $ | 100 | ||||
Buildings and leasehold improvements | 3,014 | 2,945 | ||||||
Machinery and equipment | 5,680 | 5,504 | ||||||
Land improvements and other | 274 | 417 | ||||||
Buildings and equipment under construction | 245 | 236 | ||||||
9,317 | 9,202 | |||||||
Less accumulated depreciation | 5,376 | 5,149 | ||||||
Net property, plant and equipment | $ | 3,941 | $ | 4,053 | ||||
Other_Current_Liabilities
Other Current Liabilities | 9 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Other Liabilities, Current [Abstract] | ' | |||||||
Other Current Liabilities | ' | |||||||
OTHER CURRENT LIABILITIES | ||||||||
Other current liabilities are as follows (in millions): | ||||||||
June 28, 2014 | September 28, 2013 | |||||||
Accrued salaries, wages and benefits | $ | 392 | $ | 419 | ||||
Self-insurance reserves | 255 | 267 | ||||||
Other | 428 | 452 | ||||||
Total other current liabilities | $ | 1,075 | $ | 1,138 | ||||
Debt
Debt | 9 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Debt Instruments [Abstract] | ' | |||||||
Debt | ' | |||||||
DEBT | ||||||||
The major components of debt are as follows (in millions): | ||||||||
June 28, 2014 | September 28, 2013 | |||||||
Revolving credit facility | $ | — | $ | — | ||||
Senior notes: | ||||||||
3.25% Convertible senior notes due October 2013 (2013 Notes) | — | 458 | ||||||
6.60% Senior notes due April 2016 (2016 Notes) | 638 | 638 | ||||||
7.00% Notes due May 2018 | 120 | 120 | ||||||
4.50% Senior notes due June 2022 (2022 Notes) | 1,000 | 1,000 | ||||||
7.00% Notes due January 2028 | 18 | 18 | ||||||
Discount on senior notes | (5 | ) | (6 | ) | ||||
GO Zone tax-exempt bonds due October 2033 | — | 100 | ||||||
Other | 54 | 80 | ||||||
Total debt | 1,825 | 2,408 | ||||||
Less current debt | 41 | 513 | ||||||
Total long-term debt | $ | 1,784 | $ | 1,895 | ||||
Revolving Credit Facility | ||||||||
We have a $1.0 billion revolving credit facility that supports short-term funding needs and letters of credit. The facility will mature and the commitments thereunder will terminate in August 2017. After reducing the amount available by outstanding letters of credit issued under this facility, the amount available for borrowing at June 28, 2014, was $959 million. At June 28, 2014, we had outstanding letters of credit issued under this facility totaling $41 million, none of which were drawn upon. We had an additional $145 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of workers’ compensation insurance programs, derivative activities and Dynamic Fuels’ Gulf Opportunity Zone tax-exempt bonds. | ||||||||
The revolving credit facility is unsecured and is fully guaranteed by Tyson Fresh Meats, Inc. (TFM Parent), our wholly owned subsidiary, until such date TFM Parent is released from all of its guarantees of other material indebtedness. If in the future any of our other subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall also be required to guarantee the indebtedness, obligations and liabilities under this facility. | ||||||||
In June 2014, we amended this facility to, among other things, permit the consummation of certain debt financings related to our tender offer to acquire all of the issued and outstanding shares of common stock of Hillshire. | ||||||||
Bridge Facility | ||||||||
In the third quarter of fiscal 2014, we entered into a fully committed 364-day unsecured bridge facility in an aggregate principal amount of $8.2 billion to be available to fund the Hillshire acquisition. The bridge facility commitment was modified in July 2014, which is further described in Note 16: Subsequent Events. As of June 28, 2014, we paid $42 million of costs associated with the bridge facility. These costs were capitalized and we expense them over the facility’s estimated life, which is generally through the date permanent financing is expected and the bridge facility is reduced or eliminated. Accordingly, we recorded $22 million of expense in the third quarter of fiscal 2014, which is reflected in Other, net in the Consolidated Condensed Statements of Income. | ||||||||
2013 Notes | ||||||||
In September 2008, we issued $458 million principal amount 3.25% convertible senior unsecured notes which were due October 15, 2013. In connection with the issuance of the 2013 Notes, we entered into separate call option and warrant transactions with respect to our Class A stock to minimize the potential economic dilution upon conversion of the 2013 Notes. The call options contractually expired upon the maturity of the 2013 Notes. The 2013 Notes matured on October 15, 2013 at which time we paid the $458 million principal value with cash on hand and settled the conversion premium by issuing 11.7 million shares of our Class A stock from available treasury shares. Simultaneously with the settlement of the conversion premium, we received 11.7 million shares of our Class A stock from the call options. | ||||||||
The warrants were settled on various dates from January 2014 through April 2014, resulting in the issuance of 8.9 million shares of Class A stock through March 2014 and 2.8 million shares of Class A stock in April 2014. | ||||||||
2016 Notes | ||||||||
The 2016 Notes carry an interest rate at issuance of 6.60%, with an interest step up feature dependent on their credit rating. On June 7, 2012, Moody's upgraded the credit rating of the 2016 Notes from "Ba1" to "Baa3." This upgrade decreased the interest rate on the 2016 Notes from 6.85% to 6.60%, effective beginning with the six-month interest payment due October 1, 2012. | ||||||||
On February 11, 2013, S&P upgraded the credit rating of the 2016 Notes from "BBB-" to "BBB." This upgrade did not impact the interest rate on the 2016 Notes. | ||||||||
2022 Notes | ||||||||
In June 2012, we issued $1.0 billion of senior unsecured notes, which will mature in June 2022. The 2022 Notes carry a 4.50% interest rate, with interest payments due semi-annually on June 15 and December 15. After the original issue discount of $5 million, based on an issue price of 99.458%, we received net proceeds of $995 million. In addition, we incurred offering expenses of $9 million. | ||||||||
GO Zone Tax-Exempt Bonds | ||||||||
In October 2008, Dynamic Fuels received $100 million in proceeds from the sale of Gulf Opportunity Zone tax-exempt bonds made available by the federal government to the regions affected by Hurricanes Katrina and Rita in 2005. As further described in Note 2: Acquisitions and Dispositions, in the third quarter of fiscal 2014, we sold our interest in Dynamic Fuels, which resulted in the deconsolidation of its assets and liabilities including these bonds. | ||||||||
Debt Covenants | ||||||||
Our revolving credit facility contains affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; make acquisitions and investments; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain minimum interest expense coverage and maximum debt-to-capitalization ratios. | ||||||||
Our 2022 Notes also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets. | ||||||||
We were in compliance with all debt covenants at June 28, 2014. |
Income_Taxes
Income Taxes | 9 Months Ended |
Jun. 28, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
The effective tax rate for continuing operations was 16.8% and 35.4% for the third quarter of fiscal 2014 and 2013, respectively, and 30.4% and 32.6% for the nine months of fiscal 2014 and 2013, respectively. The effective tax rates for the third quarter and nine months of fiscal 2014 and fiscal 2013 were impacted by such items as the domestic production deduction, state income taxes and losses in foreign jurisdictions for which no benefit is recognized. In addition, a benefit resulting from the expiration of statutes of limitations reduced the effective tax rate for the third quarter and nine months of fiscal 2014 by 12.8% and 3.8%, respectively. | |
Unrecognized tax benefits were $137 million and $175 million at June 28, 2014, and September 28, 2013, respectively. The amount of unrecognized tax benefits, if recognized, that would impact our effective tax rate was $111 million and $149 million at June 28, 2014, and September 28, 2013, respectively. | |
We classify interest and penalties on unrecognized tax benefits as income tax expense. At June 28, 2014, and September 28, 2013, before tax benefits, we had $61 million and $63 million, respectively, of accrued interest and penalties on unrecognized tax benefits. | |
We are subject to income tax assessments for U.S. federal income taxes for fiscal years 2011 through 2013. We are also subject to income tax assessments by major state and foreign jurisdictions for fiscal years 2003 through 2013 and 2002 through 2013, respectively. We estimate that during the next twelve months it is reasonably possible that unrecognized tax benefits could decrease by as much as $30 million primarily due to expiration of statutes of limitations in various jurisdictions. |
Other_Income_And_Charges
Other Income And Charges | 9 Months Ended |
Jun. 28, 2014 | |
Other Income and Expenses [Abstract] | ' |
Other Income And Charges | ' |
OTHER INCOME AND CHARGES | |
During the nine months of fiscal 2014, we recorded $7 million of equity earnings in joint ventures, $4 million in net foreign currency exchange gains, $6 million of other than temporary impairment related to an available-for-sale security and $22 million of costs associated with bridge financing facilities for the Hillshire acquisition, which were recorded in the Consolidated Condensed Statements of Income in Other, net. | |
During the nine months of fiscal 2013, we recorded a $19 million currency translation adjustment gain recognized in conjunction with the receipt of proceeds constituting the final resolution of our investment in Canada, which was recorded in the Consolidated Condensed Statements of Income in Other, net. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations | $ | 258 | $ | 249 | $ | 720 | $ | 589 | ||||||||
Less: Net income (loss) attributable to noncontrolling interests | (2 | ) | (4 | ) | (7 | ) | 2 | |||||||||
Net income from continuing operations attributable to Tyson | 260 | 253 | 727 | 587 | ||||||||||||
Less dividends declared: | ||||||||||||||||
Class A | 21 | 14 | 69 | 74 | ||||||||||||
Class B | 5 | 3 | 16 | 16 | ||||||||||||
Undistributed earnings | $ | 234 | $ | 236 | $ | 642 | $ | 497 | ||||||||
Class A undistributed earnings | $ | 190 | $ | 193 | $ | 522 | $ | 406 | ||||||||
Class B undistributed earnings | 44 | 43 | 120 | 91 | ||||||||||||
Total undistributed earnings | $ | 234 | $ | 236 | $ | 642 | $ | 497 | ||||||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per share: | ||||||||||||||||
Class A weighted average shares | 280 | 283 | 275 | 284 | ||||||||||||
Class B weighted average shares, and shares under the if-converted method for diluted earnings per share | 70 | 70 | 70 | 70 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options and restricted stock | 6 | 5 | 5 | 5 | ||||||||||||
Convertible 2013 Notes | — | 11 | — | 7 | ||||||||||||
Warrants | — | — | 5 | — | ||||||||||||
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions | 356 | 369 | 355 | 366 | ||||||||||||
Net Income Per Share from Continuing Operations Attributable to Tyson: | ||||||||||||||||
Class A Basic | $ | 0.75 | $ | 0.73 | $ | 2.15 | $ | 1.69 | ||||||||
Class B Basic | $ | 0.68 | $ | 0.66 | $ | 1.94 | $ | 1.52 | ||||||||
Diluted | $ | 0.73 | $ | 0.69 | $ | 2.05 | $ | 1.61 | ||||||||
Net Income Per Share Attributable to Tyson: | ||||||||||||||||
Class A Basic | $ | 0.75 | $ | 0.72 | $ | 2.15 | $ | 1.49 | ||||||||
Class B Basic | $ | 0.68 | $ | 0.64 | $ | 1.94 | $ | 1.34 | ||||||||
Diluted | $ | 0.73 | $ | 0.68 | $ | 2.05 | $ | 1.42 | ||||||||
We had no stock-based compensation shares that were antidilutive for both the three months ended June 28, 2014 and June 29, 2013. Approximately 4 million of our stock-based compensation shares were antidilutive for both the nine months ended June 28, 2014 and June 29, 2013. These shares were not included in the dilutive earnings per share calculation. | ||||||||||||||||
We have two classes of capital stock, Class A stock and Class B stock. Cash dividends cannot be paid to holders of Class B stock unless they are simultaneously paid to holders of Class A stock. The per share amount of cash dividends paid to holders of Class B stock cannot exceed 90% of the cash dividends paid to holders of Class A stock. | ||||||||||||||||
We allocate undistributed earnings based upon a 1 to 0.9 ratio per share to Class A stock and Class B stock, respectively. We allocate undistributed earnings based on this ratio due to historical dividend patterns, voting control of Class B shareholders and contractual limitations of dividends to Class B stock. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||||
Our business operations give rise to certain market risk exposures mostly due to changes in commodity prices, foreign currency exchange rates and interest rates. We manage a portion of these risks through the use of derivative financial instruments, primarily futures and options, to reduce our exposure to commodity price risk, foreign currency risk and interest rate risk. Forward contracts on various commodities, including grains, livestock and energy, are primarily entered into to manage the price risk associated with forecasted purchases of these inputs used in our production processes. Foreign exchange forward contracts are entered into to manage the fluctuations in foreign currency exchange rates, primarily as a result of certain receivable and payable balances. We also periodically utilize interest rate swaps to manage interest rate risk associated with our variable-rate borrowings. | ||||||||||||||||||
Our risk management programs are periodically reviewed by our Board of Directors’ Audit Committee. These programs are monitored by senior management and may be revised as market conditions dictate. Our current risk management programs utilize industry-standard models that take into account the implicit cost of hedging. Risks associated with our market risks and those created by derivative instruments and the fair values are strictly monitored, using Value-at-Risk and stress tests. Credit risks associated with our derivative contracts are not significant as we minimize counterparty concentrations, utilize margin accounts or letters of credit, and deal with credit-worthy counterparties. Additionally, our derivative contracts are mostly short-term in duration and we generally do not make use of credit-risk-related contingent features. No significant concentrations of credit risk existed at June 28, 2014. | ||||||||||||||||||
We recognize all derivative instruments as either assets or liabilities at fair value in the Consolidated Condensed Balance Sheets, with the exception of normal purchases and normal sales expected to result in physical delivery. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument based upon the exposure being hedged (i.e., cash flow hedge or fair value hedge). We qualify, or designate, a derivative financial instrument as a hedge when contract terms closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. If a derivative instrument is accounted for as a hedge, depending on the nature of the hedge, changes in the fair value of the instrument either will be offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings, or be recognized in other comprehensive income (loss) (OCI) until the hedged item is recognized in earnings. The ineffective portion of an instrument’s change in fair value is recognized in earnings immediately. We designate certain forward contracts as follows: | ||||||||||||||||||
• | Cash Flow Hedges - include certain commodity forward and option contracts of forecasted purchases (i.e., grains) and certain foreign exchange forward contracts. | |||||||||||||||||
• | Fair Value Hedges - include certain commodity forward contracts of firm commitments (i.e., livestock). | |||||||||||||||||
Cash flow hedges | ||||||||||||||||||
Derivative instruments, such as futures and options, are designated as hedges against changes in the amount of future cash flows related to procurement of certain commodities utilized in our production processes. We do not purchase forward and option commodity contracts in excess of our physical consumption requirements and generally do not hedge forecasted transactions beyond 18 months. The objective of these hedges is to reduce the variability of cash flows associated with the forecasted purchase of those commodities. For the derivative instruments we designate and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of Other Comprehensive Income (OCI) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses representing hedge ineffectiveness are recognized in earnings in the current period. Ineffectiveness related to our cash flow hedges was not significant for the three and nine months ended June 28, 2014, and June 29, 2013. | ||||||||||||||||||
We had the following aggregated notional values of outstanding forward and option contracts accounted for as cash flow hedges (in millions, except soy meal tons): | ||||||||||||||||||
Metric | June 28, 2014 | September 28, 2013 | ||||||||||||||||
Commodity: | ||||||||||||||||||
Corn | Bushels | — | 5 | |||||||||||||||
Soy meal | Tons | 151,200 | 96,800 | |||||||||||||||
Foreign Currency | United States dollar | $ | 1 | $ | 60 | |||||||||||||
As of June 28, 2014, the net amounts expected to be reclassified into earnings within the next 12 months are pretax losses of $6 million related to grains. During the three and nine months ended June 28, 2014, and June 29, 2013, we did not reclassify significant pretax gains/losses into earnings as a result of the discontinuance of cash flow hedges due to the probability the original forecasted transaction would not occur by the end of the originally specified time period or within the additional period of time allowed by generally accepted accounting principles. | ||||||||||||||||||
The following table sets forth the pretax impact of cash flow hedge derivative instruments on the Consolidated Condensed Statements of Income (in millions): | ||||||||||||||||||
Gain/(Loss) | Consolidated Condensed | Gain/(Loss) | ||||||||||||||||
Recognized in OCI | Statements of Income | Reclassified from | ||||||||||||||||
On Derivatives | Classification | OCI to Earnings | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Cash Flow Hedge – Derivatives designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | $ | (7 | ) | $ | (5 | ) | Cost of Sales | $ | 1 | $ | (2 | ) | ||||||
Foreign exchange contracts | — | 3 | Other Income/Expense | — | (2 | ) | ||||||||||||
Total | $ | (7 | ) | $ | (2 | ) | $ | 1 | $ | (4 | ) | |||||||
Gain/(Loss) | Consolidated Condensed | Gain/(Loss) | ||||||||||||||||
Recognized in OCI | Statements of Income | Reclassified from | ||||||||||||||||
On Derivatives | Classification | OCI to Earnings | ||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Cash Flow Hedge – Derivatives designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | $ | (1 | ) | $ | (28 | ) | Cost of Sales | $ | (2 | ) | $ | (5 | ) | |||||
Foreign exchange contracts | (1 | ) | (2 | ) | Other Income/Expense | — | (4 | ) | ||||||||||
Total | $ | (2 | ) | $ | (30 | ) | $ | (2 | ) | $ | (9 | ) | ||||||
Fair value hedges | ||||||||||||||||||
We designate certain futures contracts as fair value hedges of firm commitments to purchase livestock for slaughter. Our objective of these hedges is to minimize the risk of changes in fair value created by fluctuations in commodity prices associated with fixed price livestock firm commitments. We had the following aggregated notional values of outstanding forward contracts entered into to hedge firm commitments which are accounted for as a fair value hedge (in millions): | ||||||||||||||||||
Metric | June 28, 2014 | September 28, 2013 | ||||||||||||||||
Commodity: | ||||||||||||||||||
Live Cattle | Pounds | 434 | 209 | |||||||||||||||
Lean Hogs | Pounds | 348 | 384 | |||||||||||||||
For these derivative instruments we designate and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in earnings in the same period. We include the gain or loss on the hedged items (i.e., livestock purchase firm commitments) in the same line item, Cost of Sales, as the offsetting gain or loss on the related livestock forward position. | ||||||||||||||||||
in millions | ||||||||||||||||||
Consolidated Condensed | Three Months Ended | Nine Months Ended | ||||||||||||||||
Statements of Income | ||||||||||||||||||
Classification | June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Gain/(Loss) on forwards | Cost of Sales | $ | (56 | ) | $ | 11 | $ | (96 | ) | $ | 26 | |||||||
Gain/(Loss) on purchase contract | Cost of Sales | 56 | (11 | ) | 96 | (26 | ) | |||||||||||
Ineffectiveness related to our fair value hedges was not significant for the three and nine months ended June 28, 2014, and June 29, 2013. | ||||||||||||||||||
Undesignated positions | ||||||||||||||||||
In addition to our designated positions, we also hold forward and option contracts for which we do not apply hedge accounting. These include certain derivative instruments related to commodities price risk, including grains, livestock, energy and foreign currency risk. We mark these positions to fair value through earnings at each reporting date. We generally do not enter into undesignated positions beyond 18 months. | ||||||||||||||||||
The objective of our undesignated grains, livestock and energy commodity positions is to reduce the variability of cash flows associated with the forecasted purchase of certain grains, energy and livestock inputs to our production processes. We also enter into certain forward sales of boxed beef and boxed pork and forward purchases of cattle and hogs at fixed prices. The fixed price sales contracts lock in the proceeds from a future sale and the fixed cattle and hog purchases lock in the cost. However, the cost of the livestock and the related boxed beef and boxed pork market prices at the time of the sale or purchase could vary from this fixed price. As we enter into fixed forward sales of boxed beef and boxed pork and forward purchases of cattle and hogs, we also enter into the appropriate number of livestock options and futures positions to mitigate a portion of this risk. Changes in market value of the open livestock options and futures positions are marked to market and reported in earnings at each reporting date, even though the economic impact of our fixed prices being above or below the market price is only realized at the time of sale or purchase. These positions generally do not qualify for hedge treatment due to location basis differences between the commodity exchanges and the actual locations when we purchase the commodities. | ||||||||||||||||||
We have a foreign currency cash flow hedging program to hedge portions of forecasted transactions denominated in foreign currencies, primarily with forward and option contracts, to protect against the reduction in value of forecasted foreign currency cash flows. Our undesignated foreign currency positions generally would qualify for cash flow hedge accounting. However, to reduce earnings volatility, we normally will not elect hedge accounting treatment when the position provides an offset to the underlying related transaction that impacts current earnings. | ||||||||||||||||||
We had the following aggregate outstanding notional values related to our undesignated positions (in millions, except soy meal tons): | ||||||||||||||||||
Metric | June 28, 2014 | September 28, 2013 | ||||||||||||||||
Commodity: | ||||||||||||||||||
Corn | Bushels | 3 | 69 | |||||||||||||||
Soy Meal | Tons | 82,800 | 204,600 | |||||||||||||||
Soy Oil | Pounds | 27 | 11 | |||||||||||||||
Live Cattle | Pounds | 109 | 60 | |||||||||||||||
Lean Hogs | Pounds | 74 | 159 | |||||||||||||||
Foreign Currency | United States dollars | $ | 92 | $ | 95 | |||||||||||||
The following table sets forth the pretax impact of the undesignated derivative instruments on the Consolidated Condensed Statements of Income (in millions): | ||||||||||||||||||
Consolidated Condensed | Gain/(Loss) | Gain/(Loss) | ||||||||||||||||
Statements of Income | Recognized in Earnings | Recognized in Earnings | ||||||||||||||||
Classification | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | |||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | Sales | $ | 25 | $ | (7 | ) | $ | 57 | $ | (19 | ) | |||||||
Commodity contracts | Cost of Sales | (47 | ) | (8 | ) | (89 | ) | (15 | ) | |||||||||
Foreign exchange contracts | Other Income/Expense | 3 | (2 | ) | 4 | — | ||||||||||||
Total | $ | (19 | ) | $ | (17 | ) | $ | (28 | ) | $ | (34 | ) | ||||||
The following table sets forth the fair value of all derivative instruments outstanding in the Consolidated Condensed Balance Sheets (in millions): | ||||||||||||||||||
Fair Value | ||||||||||||||||||
June 28, 2014 | September 28, 2013 | |||||||||||||||||
Derivative Assets: | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | $ | 5 | $ | 4 | ||||||||||||||
Foreign exchange contracts | — | 1 | ||||||||||||||||
Total derivative assets – designated | 5 | 5 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | 38 | 25 | ||||||||||||||||
Foreign exchange contracts | 3 | 2 | ||||||||||||||||
Total derivative assets – not designated | 41 | 27 | ||||||||||||||||
Total derivative assets | $ | 46 | $ | 32 | ||||||||||||||
Derivative Liabilities: | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | $ | 121 | $ | 29 | ||||||||||||||
Foreign exchange contracts | — | — | ||||||||||||||||
Total derivative liabilities – designated | 121 | 29 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | 68 | 72 | ||||||||||||||||
Foreign exchange contracts | — | 1 | ||||||||||||||||
Total derivative liabilities – not designated | 68 | 73 | ||||||||||||||||
Total derivative liabilities | $ | 189 | $ | 102 | ||||||||||||||
Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis. We net derivative assets and liabilities, including cash collateral when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. See Note 12: Fair Value Measurements for a reconciliation to amounts reported in the Consolidated Condensed Balance Sheets in Other current assets and Other current liabilities. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows: | ||||||||||||||||||||||||
Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date. | ||||||||||||||||||||||||
Level 2 — Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: | ||||||||||||||||||||||||
• | Quoted prices for similar assets or liabilities in active markets; | |||||||||||||||||||||||
• | Quoted prices for identical or similar assets in non-active markets; | |||||||||||||||||||||||
• | Inputs other than quoted prices that are observable for the asset or liability; and | |||||||||||||||||||||||
• | Inputs derived principally from or corroborated by other observable market data. | |||||||||||||||||||||||
Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||
The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. | ||||||||||||||||||||||||
The following tables set forth by level within the fair value hierarchy our financial assets and liabilities accounted for at fair value on a recurring basis according to the valuation techniques we used to determine their fair values (in millions): | ||||||||||||||||||||||||
June 28, 2014 | Level 1 | Level 2 | Level 3 | Netting (a) | Total | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 43 | $ | — | $ | (11 | ) | $ | 32 | |||||||||||||
Foreign Exchange Forward Contracts | — | 3 | — | — | 3 | |||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Current | — | 2 | — | — | 2 | |||||||||||||||||||
Non-current | — | 28 | 65 | — | 93 | |||||||||||||||||||
Deferred Compensation Assets | 15 | 220 | — | — | 235 | |||||||||||||||||||
Total Assets | $ | 15 | $ | 296 | $ | 65 | $ | (11 | ) | $ | 365 | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 189 | $ | — | $ | (183 | ) | $ | 6 | |||||||||||||
Foreign Exchange Forward Contracts | — | — | — | — | — | |||||||||||||||||||
Total Liabilities | $ | — | $ | 189 | $ | — | $ | (183 | ) | $ | 6 | |||||||||||||
September 28, 2013 | Level 1 | Level 2 | Level 3 | Netting (a) | Total | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 29 | $ | — | $ | (21 | ) | $ | 8 | |||||||||||||
Foreign Exchange Forward Contracts | — | 3 | — | (1 | ) | 2 | ||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Current | — | 1 | — | — | 1 | |||||||||||||||||||
Non-current | 4 | 24 | 65 | — | 93 | |||||||||||||||||||
Deferred Compensation Assets | 23 | 191 | — | — | 214 | |||||||||||||||||||
Total Assets | $ | 27 | $ | 248 | $ | 65 | $ | (22 | ) | $ | 318 | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 101 | $ | — | $ | (101 | ) | $ | — | |||||||||||||
Foreign Exchange Forward Contracts | — | 1 | — | — | 1 | |||||||||||||||||||
Total Liabilities | $ | — | $ | 102 | $ | — | $ | (101 | ) | $ | 1 | |||||||||||||
(a) | Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis. We net derivative assets and liabilities, including cash collateral, when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. At June 28, 2014, and September 28, 2013, we had posted with various counterparties $172 million and $79 million, respectively, of cash collateral related to our commodity derivatives and held no cash collateral. | |||||||||||||||||||||||
The following table provides a reconciliation between the beginning and ending balance of debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions): | ||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
June 28, 2014 | June 29, 2013 | |||||||||||||||||||||||
Balance at beginning of year | $ | 65 | $ | 86 | ||||||||||||||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||||||||||
Included in earnings | — | 1 | ||||||||||||||||||||||
Included in other comprehensive income (loss) | — | (1 | ) | |||||||||||||||||||||
Purchases | 18 | 14 | ||||||||||||||||||||||
Issuances | — | — | ||||||||||||||||||||||
Settlements | (18 | ) | (35 | ) | ||||||||||||||||||||
Balance at end of period | $ | 65 | $ | 65 | ||||||||||||||||||||
Total gains (losses) for the nine-month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period | $ | — | $ | — | ||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | ||||||||||||||||||||||||
Derivative Assets and Liabilities: Our commodities and foreign exchange forward contracts primarily include exchange-traded and over-the-counter contracts which are further described in Note 11: Derivative Financial Instruments. We record our commodity derivatives at fair value using quoted market prices adjusted for credit and non-performance risk and internal models that use as their basis readily observable market inputs including current and forward commodity market prices. Our foreign exchange forward contracts are recorded at fair value based on quoted prices and spot and forward currency prices adjusted for credit and non-performance risk. We classify these instruments in Level 2 when quoted market prices can be corroborated utilizing observable current and forward commodity market prices on active exchanges or observable market transactions of spot currency rates and forward currency prices. | ||||||||||||||||||||||||
Available-for-Sale Securities: Our investments in marketable debt securities are classified as available-for-sale and are reported at fair value based on pricing models and quoted market prices adjusted for credit and non-performance risk. Short-term investments with maturities of less than 12 months are included in Other current assets in the Consolidated Condensed Balance Sheets and primarily include certificates of deposit and commercial paper. All other marketable debt securities are included in Other Assets in the Consolidated Condensed Balance Sheets and have maturities ranging up to 35 years. We classify our investments in U.S. government, U.S. agency, certificates of deposit and commercial paper debt securities as Level 2 as fair value is generally estimated using discounted cash flow models that are primarily industry-standard models that consider various assumptions, including time value and yield curve as well as other readily available relevant economic measures. We classify certain corporate, asset-backed and other debt securities as Level 3 as there is limited activity or less observable inputs into valuation models, including current interest rates and estimated prepayment, default and recovery rates on the underlying portfolio or structured investment vehicle. Significant changes to assumptions or unobservable inputs in the valuation of our Level 3 instruments would not have a significant impact to our consolidated condensed financial statements. | ||||||||||||||||||||||||
We have 0.8 million shares of Syntroleum Corporation common stock. At June 28, 2014, we classified the shares as Level 2 as the fair value could be corroborated based on observable market data. At September 28, 2013, we classified the shares as Level 1 as the fair value was based on unadjusted quoted prices available in active markets. We record the shares in Other Assets in the Consolidated Condensed Balance Sheet. Additionally, at September 28, 2013, we had 0.4 million of Syntroleum Corporation warrants. We classified the warrants as Level 2 as the fair value could be corroborated based on observable market data and was recorded in Other Assets in the Consolidated Condensed Balance Sheet. | ||||||||||||||||||||||||
The following table sets forth our available-for-sale securities' amortized cost basis, fair value and unrealized gain (loss) by significant investment category (in millions): | ||||||||||||||||||||||||
June 28, 2014 | September 28, 2013 | |||||||||||||||||||||||
Amortized | Fair | Unrealized | Amortized | Fair | Unrealized | |||||||||||||||||||
Cost Basis | Value | Gain/(Loss) | Cost Basis | Value | Gain/(Loss) | |||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||
U.S. Treasury and Agency | $ | 26 | $ | 27 | $ | 1 | $ | 25 | $ | 25 | $ | — | ||||||||||||
Corporate and Asset-Backed | 65 | 65 | — | 64 | 65 | 1 | ||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||
Common Stock and Warrants (a) | 3 | 3 | — | 9 | 4 | (5 | ) | |||||||||||||||||
(a) | At June 28, 2014, the amortized cost basis for Equity Securities had been reduced by accumulated other than temporary impairment of approximately $6 million. | |||||||||||||||||||||||
Unrealized holding gains (losses), net of tax, are excluded from earnings and reported in OCI until the security is settled or sold. On a quarterly basis, we evaluate whether losses related to our available-for-sale securities are temporary in nature. Losses on equity securities are recognized in earnings if the decline in value is judged to be other than temporary. If losses related to our debt securities are determined to be other than temporary, the loss would be recognized in earnings if we intend, or more likely than not will be required, to sell the security prior to recovery. For debt securities in which we have the intent and ability to hold until maturity, losses determined to be other than temporary would remain in OCI, other than expected credit losses which are recognized in earnings. We consider many factors in determining whether a loss is temporary, including the length of time and extent to which the fair value has been below cost, the financial condition and near-term prospects of the issuer and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. We recognized $6 million of other than temporary impairment for the nine months ended June 28, 2014, which is recorded in the Consolidated Condensed Statements of Income in Other, net. No other than temporary losses were deferred in OCI as of June 28, 2014, and September 28, 2013. | ||||||||||||||||||||||||
Deferred Compensation Assets: We maintain non-qualified deferred compensation plans for certain executives and other highly compensated employees. Investments are maintained within a trust and include money market funds, mutual funds and life insurance policies. The cash surrender value of the life insurance policies is invested primarily in mutual funds. The investments are recorded at fair value based on quoted market prices and are included in Other Assets in the Consolidated Condensed Balance Sheets. We classify the investments which have observable market prices in active markets in Level 1 as these are generally publicly-traded mutual funds. The remaining deferred compensation assets are classified in Level 2, as fair value can be corroborated based on observable market data. Realized and unrealized gains (losses) on deferred compensation are included in earnings. | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||
In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges. During the third quarter of fiscal 2014, we recorded a $49 million impairment charge related to the planned closure of three Prepared Foods plants. Our valuation of these assets incorporated unobservable Level 3 inputs. | ||||||||||||||||||||||||
Other Financial Instruments | ||||||||||||||||||||||||
Fair value of our debt is principally estimated using Level 2 inputs based on quoted prices for those or similar instruments. Fair value and carrying value for our debt are as follows (in millions): | ||||||||||||||||||||||||
June 28, 2014 | September 28, 2013 | |||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||||
Total Debt | $ | 1,963 | $ | 1,825 | $ | 2,541 | $ | 2,408 | ||||||||||||||||
Other_Comprehensive_Income
Other Comprehensive Income | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||||||||||||||||||
The before and after tax changes in the components of other comprehensive income (loss) are as follows (in millions): | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | |||||||||||||||||||||||||||||||||||||
Before Tax | Tax | After Tax | Before Tax | Tax | After Tax | Before Tax | Tax | After Tax | Before Tax | Tax | After Tax | |||||||||||||||||||||||||||||
Derivatives accounted for as cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||
(Gain) loss reclassified to Cost of Sales | $ | (1 | ) | $ | — | $ | (1 | ) | $ | 2 | $ | (1 | ) | $ | 1 | $ | 2 | $ | (1 | ) | $ | 1 | $ | 5 | $ | (2 | ) | $ | 3 | |||||||||||
(Gain) loss reclassified to Other Income/Expense | — | — | — | 2 | — | 2 | — | — | — | 4 | (1 | ) | 3 | |||||||||||||||||||||||||||
Unrealized gain (loss) | (7 | ) | 3 | (4 | ) | (2 | ) | 1 | (1 | ) | (2 | ) | 1 | (1 | ) | (30 | ) | 12 | (18 | ) | ||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||||||||||
(Gain) loss reclassified to Other Income/Expense | — | — | — | — | — | — | 6 | (2 | ) | 4 | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||
Unrealized gain (loss) | — | — | — | 1 | — | 1 | (1 | ) | — | (1 | ) | (2 | ) | 1 | (1 | ) | ||||||||||||||||||||||||
Currency translation: | ||||||||||||||||||||||||||||||||||||||||
Translation gain reclassified to Other Income/Expense | — | — | — | — | — | — | — | — | — | (19 | ) | (1 | ) | (20 | ) | |||||||||||||||||||||||||
Translation adjustment | 10 | 2 | 12 | (33 | ) | — | (33 | ) | 5 | 2 | 7 | (29 | ) | — | (29 | ) | ||||||||||||||||||||||||
Postretirement benefits | 1 | (1 | ) | — | 1 | — | 1 | 3 | (1 | ) | 2 | 4 | — | 4 | ||||||||||||||||||||||||||
Total Other Comprehensive Income (Loss) | $ | 3 | $ | 4 | $ | 7 | $ | (29 | ) | $ | — | $ | (29 | ) | $ | 13 | $ | (1 | ) | $ | 12 | $ | (68 | ) | $ | 9 | $ | (59 | ) | |||||||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Segment Reporting | ' | |||||||||||||||||
SEGMENT REPORTING | ||||||||||||||||||
We operate in five segments: Chicken, Beef, Pork, Prepared Foods and International. We measure segment profit as operating income (loss). | ||||||||||||||||||
During the second quarter of fiscal 2014, we began reporting our International operation as a separate segment, which was previously included in our Chicken segment. Our International segment became a separate reportable segment as a result of changes to our internal financial reporting to align with previously announced executive leadership changes. All periods presented have been reclassified to reflect this change. Beef, Pork, Prepared Foods and Other results were not impacted by this change. | ||||||||||||||||||
Chicken: Chicken includes our domestic operations related to raising and processing live chickens into fresh, frozen and value-added chicken products, as well as sales from allied 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 logistics operations to move products through our domestic supply chain and the global operations of our chicken breeding stock subsidiary. | ||||||||||||||||||
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 allied 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 allied product processing activities and logistics operations to move products through the supply chain. | ||||||||||||||||||
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. Products primarily include pepperoni, bacon, sausage, beef and pork pizza toppings, pizza crusts, flour and corn tortilla products, appetizers, prepared meals, ethnic foods, soups, sauces, 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, healthcare facilities, the military and other food processors, as well as to international export markets. | ||||||||||||||||||
International: International includes our foreign operations primarily related to raising and processing live chickens into fresh, frozen and value-added chicken products in Brazil, China, India and Mexico. Products are marketed in each respective country to food retailers, foodservice distributors, restaurant operators, hotel chains, noncommercial foodservice establishments and live markets, as well as to other international export markets. | ||||||||||||||||||
The results from Dynamic Fuels are included in Other. We allocate expenses related to corporate activities to the segments, except for third party acquisition related transaction fees which are included in Other. | ||||||||||||||||||
Information on segments and a reconciliation to income from continuing operations before income taxes are as follows (in millions): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | |||||||||||||||
Sales: | ||||||||||||||||||
Chicken | $ | 2,829 | $ | 2,820 | $ | 8,327 | $ | 8,148 | ||||||||||
Beef | 4,189 | 3,723 | 11,748 | 10,655 | ||||||||||||||
Pork | 1,766 | 1,332 | 4,677 | 4,006 | ||||||||||||||
Prepared Foods | 901 | 797 | 2,669 | 2,441 | ||||||||||||||
International | 365 | 343 | 1,020 | 1,001 | ||||||||||||||
Other | — | — | — | 47 | ||||||||||||||
Intersegment Sales | (368 | ) | (284 | ) | (966 | ) | (818 | ) | ||||||||||
Total Sales | $ | 9,682 | $ | 8,731 | $ | 27,475 | $ | 25,480 | ||||||||||
Operating Income (Loss): | ||||||||||||||||||
Chicken | $ | 195 | $ | 215 | $ | 682 | $ | 471 | ||||||||||
Beef | 101 | 114 | 194 | 134 | ||||||||||||||
Pork | 128 | 67 | 356 | 264 | ||||||||||||||
Prepared Foods | (50 | ) | (a) | 24 | (13 | ) | (a) | 85 | ||||||||||
International | (15 | ) | 5 | (73 | ) | — | ||||||||||||
Other | (8 | ) | (b) | (6 | ) | (22 | ) | (b) | 5 | |||||||||
Total Operating Income | 351 | 419 | 1,124 | 959 | ||||||||||||||
Total Other (Income) Expense | 41 | (b) | 34 | 90 | (b) | 85 | (c) | |||||||||||
Income from Continuing Operations before Income Taxes | $ | 310 | $ | 385 | $ | 1,034 | $ | 874 | ||||||||||
(a) | Includes $49 million impairment charge related to the planned closure of three Prepared Foods plants. | |||||||||||||||||
(b) | Operating income in Other includes $7 million related to third party transaction fees and Other (Income) Expense includes $22 million related to costs associated with bridge financing facilities, both incurred as part of the Hillshire acquisition. | |||||||||||||||||
(c) | Includes $19 million related to the recognized currency translation adjustment gain. | |||||||||||||||||
The Chicken segment had sales of $2 million and $5 million in the third quarter of fiscal 2014 and 2013, respectively, and sales of $6 million and $13 million in the nine months of fiscal 2014 and 2013, respectively, from transactions with other operating segments of the Company. The Beef segment had sales of $83 million and $59 million in the third quarter of fiscal 2014 and 2013, respectively, and sales of $213 million and $156 million in the nine months of fiscal 2014 and 2013, respectively, from transactions with other operating segments of the Company. The Pork segment had sales of $283 million and $220 million in the third quarter of fiscal 2014 and 2013, respectively, and sales of $747 million and $649 million in the nine months of fiscal 2014 and 2013, respectively, from transactions with other operating segments of the Company. The aforementioned sales from intersegment transactions, which were at market prices, were included in the segment sales in the above table. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended | |
Jun. 28, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments And Contingencies | ' | |
COMMITMENTS AND CONTINGENCIES | ||
Commitments | ||
We guarantee obligations of certain outside third parties, consisting primarily of leases and grower loans, which are substantially collateralized by the underlying assets. Terms of the underlying debt cover periods up to ten years, and the maximum potential amount of future payments as of June 28, 2014, was $55 million. We also maintain operating leases for various types of equipment, some of which contain residual value guarantees for the market value of the underlying leased assets at the end of the term of the lease. The remaining terms of the lease maturities cover periods over the next 13 years. The maximum potential amount of the residual value guarantees is $52 million, of which $46 million could be recoverable through various recourse provisions and an additional undeterminable recoverable amount based on the fair value of the underlying leased assets. The likelihood of material payments under these guarantees is not considered probable. At June 28, 2014, and September 28, 2013, no material liabilities for guarantees were recorded. | ||
We have cash flow assistance programs in which certain livestock suppliers participate. Under these programs, we pay an amount for livestock equivalent to a standard cost to grow such livestock during periods of low market sales prices. The amounts of such payments that are in excess of the market sales price are recorded as receivables and accrue interest. Participating suppliers are obligated to repay these receivables balances when market sales prices exceed this standard cost, or upon termination of the agreement. Our maximum obligation associated with these programs is limited to the fair value of each participating livestock supplier’s net tangible assets. The potential maximum obligation as of June 28, 2014, was approximately $310 million. The total receivables under these programs were $19 million and $44 million at June 28, 2014, and September 28, 2013, respectively, and are included, net of allowance for uncollectible amounts, in Accounts Receivable in our Consolidated Condensed Balance Sheets. Even though these programs are limited to the net tangible assets of the participating livestock suppliers, we also manage a portion of our credit risk associated with these programs by obtaining security interests in livestock suppliers’ assets. After analyzing residual credit risks and general market conditions, we have recorded an allowance for these programs’ estimated uncollectible receivables of $9 million and $15 million at June 28, 2014, and September 28, 2013, respectively. | ||
Contingencies | ||
We are involved in various claims and legal proceedings. We routinely assess the likelihood of adverse judgments or outcomes to those matters, as well as ranges of probable losses, to the extent losses are reasonably estimable. We record accruals for such matters to the extent that we conclude a loss is probable and the financial impact, should an adverse outcome occur, is reasonably estimable. Such accruals are reflected in the Company’s consolidated condensed financial statements. In our opinion, we have made appropriate and adequate accruals for these matters and believe the probability of a material loss beyond the amounts accrued to be remote; however, the ultimate liability for these matters is uncertain, and if accruals are not adequate, an adverse outcome could have a material effect on the consolidated financial condition or results of operations. Listed below are certain claims made against the Company and/or our subsidiaries for which the potential exposure is considered material to the Company’s consolidated condensed financial statements. We believe we have substantial defenses to the claims made and intend to vigorously defend these matters. | ||
There are eleven lawsuits against our beef and pork subsidiary, Tyson Fresh Meats Inc., in which certain present and past employees allege that we failed to compensate them for the time it takes to engage in pre- and post-shift activities, such as changing into and out of protective and sanitary clothing and walking to and from the changing area, work areas and break areas in violation of the Fair Labor Standards Act (FLSA) and various state laws. These lawsuits involve employees from our plants in Garden City, Kansas (Garcia, et al. v. Tyson Foods, Inc., Tyson Fresh Meats, Inc., D. Kansas, May 15, 2006); Storm Lake, Iowa (Bouaphakeo (f/k/a Sharp), et al. v. Tyson Foods, Inc., N.D. Iowa, February 6, 2007); Columbus Junction, Iowa (Guyton (f/k/a Robinson), et al. v. Tyson Foods, Inc., d.b.a Tyson Fresh Meats, Inc., S.D. Iowa, September 12, 2007); Madison, Nebraska (Acosta, et al. v Tyson Foods, Inc. d.b.a Tyson Fresh Meats, Inc., D. Nebraska, February 29, 2008); Dakota City, Nebraska (Gomez, et al. v. Tyson Foods, Inc., D. Nebraska, January 16, 2008); Perry and Waterloo, Iowa (Edwards, et al. v. Tyson Foods, Inc. d.b.a Tyson Fresh Meats, Inc., S.D. Iowa, March 20, 2008); Logansport, Indiana (Carter, et al. v. Tyson Foods, Inc. and Tyson Fresh Meats, Inc., N.D. Indiana, April 29, 2008); Goodlettsville, Tennessee (Abadeer v. Tyson Foods, Inc., and Tyson Fresh Meats, Inc., M.D. Tennessee, February 6, 2009); Emporia, Kansas (Abdiaziz, et al. v. Tyson Foods, Inc., Tyson Fresh Meats, Inc., D. Kansas, September 30, 2011); and Joslin, Illinois (Murray, et al. v. Tyson Foods, Inc., C.D. Illinois, January 2, 2008; and DeVoss v. Tyson Foods, Inc. d.b.a. Tyson Fresh Meats, C.D. Illinois, March 2, 2011). The actions allege we failed to pay employees for all hours worked, including overtime compensation for the time it takes to change into protective work uniforms, safety equipment and other sanitary and protective clothing worn by employees, and for walking to and from the changing area, work areas and break areas in violation of the FLSA and analogous state laws. The plaintiffs seek back wages, liquidated damages, pre- and post-judgment interest, attorneys’ fees and costs. Each case is proceeding in its jurisdiction. | ||
• | After a trial in the Garcia case, which involves our Garden City, Kansas beef plant, a jury verdict in favor of the plaintiffs was entered on March 17, 2011. Exclusive of pre- and post-judgment interest, attorneys’ fees and costs, the jury found violations of federal and state laws for pre- and post-shift work activities and awarded damages in the amount of $503,011. Plaintiffs’ counsel filed an application for attorneys’ fees and expenses which we contested. On December 7, 2012, the court granted plaintiffs' counsel's application and awarded a total of $3,609,723. We appealed the jury’s verdict and trial court’s award to the Tenth Circuit Court of Appeals Oral arguments were held on November 18, 2013. | |
• | A jury trial was held in the Bouaphakeo case, which involves our Storm Lake, Iowa pork plant, which resulted in a jury verdict in favor of the plaintiffs for violations of federal and state laws for pre- and post-shift work activities. The trial court also awarded the plaintiffs liquidated damages, resulting in total damages awarded in the amount of $5,784,758. The plaintiffs' counsel has also filed an application for attorneys' fees and expenses in the amount of $2,692,145. We have appealed the jury's verdict and trial court's award to the Eighth Circuit Court of Appeals. Oral arguments were held on February 11, 2014. | |
• | A jury trial was held in the Guyton case, which involves our Columbus Junction, Iowa pork plant, which resulted in a jury verdict in favor of Tyson on April 25, 2012. The plaintiffs have appealed to the Eighth Circuit Court of Appeals. Oral arguments were held on February 11, 2014. | |
• | A bench trial was held in the Acosta case, which involves our Madison, Nebraska pork plant, in January 2013. In May 2013 the trial court awarded the plaintiffs $5,733,943 for unpaid overtime wages. Subsequently, the court ordered the class of plaintiffs expanded, and the plaintiffs submitted an updated calculation of $6,258,330 for unpaid overtime wages as reflected by payroll data through May 2013. On January 30, 2014, the trial court entered judgment in favor of the plaintiffs in the amount of $18,774,989. The court denied our post-trial motions, and we appealed to the Eighth Circuit Court of Appeals. | |
• | A jury trial in the Gomez case, which involves our Dakota City, Nebraska beef plant, was held, and the jury found in favor of the plaintiffs on April 3, 2013. On October 2, 2013, the trial court denied the parties’ post-trial motions and entered judgment awarding unpaid overtime wages, liquidated damages, and penalties totaling $4,960,787. We appealed the jury’s verdict and trial court’s award to the Eighth Circuit Court of Appeals. | |
• | The trial court in the Edwards case, which involves our Perry and Waterloo, Iowa pork plants, decertified the state law class and granted other pre-trial motions that resulted in judgment in our favor with respect to the plaintiffs’ claims. The plaintiffs have filed a motion to modify this judgment. | |
• | The parties in the Carter case, which involves our Logansport, Indiana pork plant, agreed to settle all claims for $950,000. The parties’ joint motion for approval of the settlement was granted on May 9, 2014. | |
• | The trial court in the Abadeer case, which involves our Goodlettsville, Tennessee case-ready beef and pork plant, granted the plaintiffs’ motion for summary judgment in part, finding that certain pre- and post-shift activities were compensable and our non-payment for those activities was willful and not in good faith. The parties subsequently agreed to settle all claims for $7,750,000. The parties' joint motion for approval of settlement was granted. | |
On June 19, 2005, the Attorney General and the Secretary of the Environment of the State of Oklahoma filed a complaint in the U.S. District Court for the Northern District of Oklahoma against us, three of our subsidiaries and six other poultry integrators. The complaint, which was subsequently amended, asserts a number of state and federal causes of action including, but not limited to, counts under Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), Resource Conservation and Recovery Act (RCRA), and state-law public nuisance theories. The amended complaint asserts that defendants and certain contract growers who are not named in the amended complaint polluted the surface waters, groundwater and associated drinking water supplies of the Illinois River Watershed (IRW) through the land application of poultry litter. Oklahoma asserts that this alleged pollution has also caused extensive injury to the environment (including soils and sediments) of the IRW and that the defendants have been unjustly enriched. Oklahoma’s claims cover the entire IRW, which encompasses more than one million acres of land and the natural resources (including lakes and waterways) contained therein. Oklahoma seeks wide-ranging relief, including injunctive relief, compensatory damages in excess of $800 million, an unspecified amount in punitive damages and attorneys’ fees. We and the other defendants have denied liability, asserted various defenses, and filed a third-party complaint that asserts claims against other persons and entities whose activities may have contributed to the pollution alleged in the amended complaint. The district court has stayed proceedings on the third party complaint pending resolution of Oklahoma’s claims against the defendants. On October 31, 2008, the defendants filed a motion to dismiss for failure to join the Cherokee Nation as a required party or, in the alternative, for judgment as a matter of law based on the plaintiffs’ lack of standing. This motion was granted in part and denied in part on July 22, 2009. In its ruling, the district court dismissed Oklahoma’s claims for cost recovery and for natural resources damages under CERCLA and for unjust enrichment under Oklahoma common law. This ruling also narrowed the scope of Oklahoma’s remaining claims by dismissing all damage claims under its causes of action for Oklahoma common law nuisance, federal common law nuisance, and Oklahoma common law trespass, leaving only its claims for injunctive relief for trial. On August 18, 2009, the Court granted partial summary judgment in favor of the defendants on Oklahoma’s claims for violations of the Oklahoma Registered Poultry Feeding Operations Act. Oklahoma later voluntarily dismissed the remainder of this claim. On September 2, 2009, the Cherokee Nation filed a motion to intervene in the lawsuit. Its motion to intervene was denied on September 15, 2009, and the Cherokee Nation filed a notice of appeal of that ruling in the Tenth Circuit Court of Appeals on September 17, 2009. A non-jury trial of the case began on September 24, 2009. At the close of Oklahoma’s case-in-chief, the Court granted the defendants’ motions to dismiss claims based on RCRA, nuisance per se, and health risks related to bacteria. The defense rested its case on January 13, 2010, and closing arguments were held on February 11, 2010. On September 21, 2010, the Court of Appeals affirmed the district court’s denial of the Cherokee Nation’s motion to intervene. On October 6, 2010, the Cherokee Nation and the State of Oklahoma filed a petition for rehearing or en banc review seeking reconsideration of this ruling. The Court of Appeals denied this petition. The district court has not yet rendered its decision from the trial, which ended in February 2010. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Jun. 28, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
Hillshire Brands Acquisition | |
On June 8, 2014, we submitted to Hillshire a unilaterally binding offer to acquire its outstanding stock for $63.00 per share in cash. The offer was accompanied by a definitive agreement and plan of merger (the “Merger Agreement”) among Tyson, Merger Sub and Hillshire, which was executed by Tyson and Merger Sub. The offer was contingent upon the termination of the merger agreement between Hillshire and Pinnacle Foods, Inc. (“Pinnacle”), which occurred on July 1, 2014, at which time Hillshire accepted the offer and executed the Merger Agreement. The Merger Agreement required that we pay to or on behalf of Hillshire the termination fee of $163 million due to Pinnacle upon termination of the merger agreement between Hillshire and Pinnacle, which we subsequently paid on July 2, 2014. The transaction is valued at an estimated $8.9 billion, including the assumption of Hillshire’s net debt and $163 million termination fee. | |
On July 16, 2014, pursuant to the Merger Agreement, we commenced a tender offer to purchase all of the issued and outstanding shares of Hillshire common stock at a purchase price of $63.00 per share in cash, without interest. The tender offer is scheduled to expire on August 12, 2014 and is subject to the condition that two-thirds of the outstanding shares of Hillshire common stock shall have been validly tendered prior to the expiration of the tender offer and not withdrawn. The Merger Agreement also contains other customary conditions, including the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Subject to certain conditions and limitations, Hillshire granted Tyson an option to purchase from Hillshire after the successful completion of the tender offer enough additional Hillshire shares so that Tyson will own more than 90% of the outstanding shares of Hillshire common stock, in order to facilitate the completion of the merger through the “short-form” procedures available under Maryland law. Following the consummation of the tender offer, and subject to the satisfaction or waiver of certain conditions set forth in the Merger Agreement, the Merger Agreement provides that Merger Sub will merge with and into Hillshire, with Hillshire surviving the merger as our wholly-owned subsidiary. At and following consummation of the merger, any remaining outstanding shares of Hillshire common stock not owned, directly or indirectly, by us, Merger Sub or Hillshire will be converted into the right to receive $63.00 per share in cash, without interest. | |
We expect to close the acquisition upon the completion of the tender offer, however, there can be no assurance that the acquisition will close at such time. | |
Acquisition Financing | |
In the third quarter of fiscal 2014, we entered into a fully committed 364-day, $8.2 billion unsecured bridge facility. In July 2014, we decreased the bridge facility to $5.7 billion and added a $2.5 billion senior unsecured term loan facility. The committed facilities, together with cash on hand, will be available to fund the Hillshire acquisition, including the payment of related fees and expenses. The lenders are obligated to fund the facilities, subject to customary closing conditions. The bridge facility provides that the commitments will be automatically reduced on a dollar-for-dollar basis by, among other things, the net cash proceeds of certain offerings of debt, equity or equity-linked securities; the committed principal amount of certain term loan facilities; and the net cash proceeds of certain asset sales and will mature on the date that is 364-days after the date on which lenders are obligated to make initial loans under the bridge facility. | |
Permanent funding for the Hillshire acquisition includes a mix of Class A common stock, tangible equity units, term loans, senior notes, and cash on hand. | |
Class A Common Stock: On August 5, 2014, we completed the issuance of 23.8 million shares of our Class A common stock for total proceeds, net of underwriting discounts and other estimated expenses, of $873 million. The amount of shares of Class A common stock sold may increase up to 3.6 million shares if the underwriters exercise their over-allotment option, which expires on August 29, 2014. | |
Tangible Equity Units: On August 5, 2014, we completed the issuance of 30 million, 4.75% tangible equity units. Total proceeds, net of underwriting discounts and other estimated expenses, was $1,454 million. Each tangible equity unit, which has a stated amount of $50, is comprised of a prepaid stock purchase contract and a senior amortizing note due July 15, 2017. The senior amortizing note is payable quarterly and has a stated interest rate of 1.5%. Unless earlier redeemed or settled, each purchase contract will automatically settle on July 15, 2017, and the Company will deliver between a minimum of 31.7 million and a maximum of 39.7 million of the shares, subject to adjustment, based upon the applicable market value of the Class A common stock. Prior to any adjustments, we will deliver the minimum amount of shares upon conversion if our share price is equal to or greater than the conversion price of $47.25 and will deliver the maximum shares upon conversion if our share price is equal to or less than the reference price of $37.80. If our share price upon conversion is between the reference and conversion prices, we will deliver a variable amount of shares between the minimum and maximum amounts. The fair value of the prepaid stock purchase contracts, which is estimated at $1,295 million, will be recorded in Capital in Excess of Par Value, net of its offering expenses. The fair value of the senior amortizing notes, which is estimated at $205 million, will be recorded in debt, of which $65 million is current. | |
Term Loan Facility: The committed unsecured term loan facility provides for total term loan commitments in an aggregate principal amount of $2,500 million, consisting of a $1,306 million 3-year tranche facility, a $594 million 5-year tranche A facility, and a $600 million 5-year tranche B facility. The principal of the 3-year tranche facility and the 5-year tranche A facility each amortize at 2.5% per quarter. The lenders are obligated to fund the loans upon consummation of the tender offer, subject to customary closing conditions. In addition, we estimate the term loan issuance costs will total approximately $13 million. | |
Senior Notes Offering: On August 5, 2014, we launched and priced a public offering of senior unsecured notes with an aggregate principal amount of $3,250 million, consisting of $1,000 million due August 2019 (“2019 Notes”), $1,250 million due August 2024 (“2024 Notes”), $500 million due August 2034 (“2034 Notes”), and $500 million due August 2044 ("2044 Notes"). The 2019 Notes, 2024 Notes, 2034 Notes, and 2044 Notes carry interest rates of 2.65%, 3.95%, 4.88% and 5.15%, respectively, with interest payments due semi-annually on August 15 and February 15. After the original issue discounts of $7 million, we expect to receive net proceeds of $3,243 million. In addition, we estimate that the total senior notes offering costs will total approximately $29 million. We expect to close on the senior notes offering on August 8, 2014. | |
Covenants and Guarantees: The senior notes, term loan facility and bridge facility contain certain covenants which are consistent with our existing covenants that are described in Note 7: Debt. The senior notes, term loan facility and bridge facility are fully guaranteed by TFM Parent, until such date as TFM Parent is released from all of its guarantees of other indebtedness of the Company. | |
Sale of Brazil and Mexico Chicken Operations | |
On July 28, 2014, we announced we reached a definitive agreement to sell our chicken production operations in Brazil and Mexico to JBS SA (“JBS”) for $575 million. The all-cash transaction is subject to customary closing conditions and requires necessary government approvals in Brazil and Mexico. We expect to close the sale by the end of calendar 2014. The combined operations of Brazil and Mexico, which are part of our International segment, had annual sales of approximately $1 billion and we expect to realize a net gain upon completion of the transaction. We intend to use the cash receipts to pay down debt. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 9 Months Ended | |||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Statements | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | ||||||||||||||||||||
TFM Parent, our wholly-owned subsidiary, has fully and unconditionally guaranteed the 2016 Notes. Additionally, TFM Parent has fully and unconditionally guaranteed the 2022 Notes until such date TFM Parent has been released of its guarantee of both (i) Tyson's $1.0 billion revolving credit facility and (ii) the 2016 Notes, at which time TFM Parent's guarantee of the 2022 Notes is permanently released. The following financial information presents condensed consolidating financial statements, which include Tyson Foods, Inc. (TFI Parent); TFM Parent; the Non-Guarantors Subsidiaries (Non-Guarantors) on a combined basis; the elimination entries necessary to consolidate TFI Parent, TFM Parent and the Non-Guarantors; and Tyson Foods, Inc. on a consolidated basis, and is provided as an alternative to providing separate financial statements for the guarantor. | ||||||||||||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income for the three months ended June 28, 2014 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Sales | $ | 114 | $ | 5,807 | $ | 4,234 | $ | (473 | ) | $ | 9,682 | |||||||||
Cost of Sales | 14 | 5,559 | 3,945 | (473 | ) | 9,045 | ||||||||||||||
Gross Profit | 100 | 248 | 289 | — | 637 | |||||||||||||||
Selling, General and Administrative | 16 | 55 | 215 | — | 286 | |||||||||||||||
Operating Income | 84 | 193 | 74 | — | 351 | |||||||||||||||
Other (Income) Expense: | ||||||||||||||||||||
Interest expense, net | 23 | — | 1 | — | 24 | |||||||||||||||
Other, net | 22 | 1 | (6 | ) | — | 17 | ||||||||||||||
Equity in net earnings of subsidiaries | (229 | ) | (18 | ) | — | 247 | — | |||||||||||||
Total Other (Income) Expense | (184 | ) | (17 | ) | (5 | ) | 247 | 41 | ||||||||||||
Income from Continuing Operations before Income Taxes | 268 | 210 | 79 | (247 | ) | 310 | ||||||||||||||
Income Tax Expense | 8 | 62 | (18 | ) | — | 52 | ||||||||||||||
Income from Continuing Operations | 260 | 148 | 97 | (247 | ) | 258 | ||||||||||||||
Loss from Discontinued Operation, Net of Tax | — | — | — | — | — | |||||||||||||||
Net Income | 260 | 148 | 97 | (247 | ) | 258 | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interest | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net Income Attributable to Tyson | $ | 260 | $ | 148 | $ | 99 | $ | (247 | ) | $ | 260 | |||||||||
Comprehensive Income (Loss) | 265 | 156 | 106 | (262 | ) | 265 | ||||||||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Comprehensive Income (Loss) Attributable to Tyson | $ | 265 | $ | 156 | $ | 108 | $ | (262 | ) | $ | 267 | |||||||||
Condensed Consolidating Statement of Income and Comprehensive Income for the three months ended June 29, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Sales | $ | 142 | $ | 4,908 | $ | 4,081 | $ | (400 | ) | $ | 8,731 | |||||||||
Cost of Sales | 8 | 4,679 | 3,762 | (400 | ) | 8,049 | ||||||||||||||
Gross Profit | 134 | 229 | 319 | — | 682 | |||||||||||||||
Selling, General and Administrative | 19 | 54 | 190 | — | 263 | |||||||||||||||
Operating Income | 115 | 175 | 129 | — | 419 | |||||||||||||||
Other (Income) Expense: | ||||||||||||||||||||
Interest expense, net | 9 | 15 | 10 | — | 34 | |||||||||||||||
Other, net | — | (1 | ) | 1 | — | — | ||||||||||||||
Equity in net earnings of subsidiaries | (181 | ) | (15 | ) | — | 196 | — | |||||||||||||
Total Other (Income) Expense | (172 | ) | (1 | ) | 11 | 196 | 34 | |||||||||||||
Income from Continuing Operations before Income Taxes | 287 | 176 | 118 | (196 | ) | 385 | ||||||||||||||
Income Tax Expense | 38 | 56 | 42 | — | 136 | |||||||||||||||
Income from Continuing Operations | 249 | 120 | 76 | (196 | ) | 249 | ||||||||||||||
Loss from Discontinued Operation, Net of Tax | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Net Income | 249 | 120 | 72 | (196 | ) | 245 | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interest | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Net Income Attributable to Tyson | $ | 249 | $ | 120 | $ | 76 | $ | (196 | ) | $ | 249 | |||||||||
Comprehensive Income (Loss) | 216 | 103 | 49 | (152 | ) | 216 | ||||||||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Comprehensive Income (Loss) Attributable to Tyson | $ | 216 | $ | 103 | $ | 53 | $ | (152 | ) | $ | 220 | |||||||||
Condensed Consolidating Statement of Income and Comprehensive Income for the nine months ended June 28, 2014 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Sales | $ | 429 | $ | 16,023 | $ | 12,380 | $ | (1,357 | ) | $ | 27,475 | |||||||||
Cost of Sales | 35 | 15,338 | 11,486 | (1,357 | ) | 25,502 | ||||||||||||||
Gross Profit | 394 | 685 | 894 | — | 1,973 | |||||||||||||||
Selling, General and Administrative | 67 | 167 | 615 | — | 849 | |||||||||||||||
Operating Income | 327 | 518 | 279 | — | 1,124 | |||||||||||||||
Other (Income) Expense: | ||||||||||||||||||||
Interest expense, net | 13 | 49 | 10 | — | 72 | |||||||||||||||
Other, net | 29 | — | (11 | ) | — | 18 | ||||||||||||||
Equity in net earnings of subsidiaries | (532 | ) | (30 | ) | — | 562 | — | |||||||||||||
Total Other (Income) Expense | (490 | ) | 19 | (1 | ) | 562 | 90 | |||||||||||||
Income from Continuing Operations before Income Taxes | 817 | 499 | 280 | (562 | ) | 1,034 | ||||||||||||||
Income Tax Expense | 90 | 158 | 66 | — | 314 | |||||||||||||||
Income from Continuing Operations | 727 | 341 | 214 | (562 | ) | 720 | ||||||||||||||
Loss from Discontinued Operation, Net of Tax | — | — | — | — | — | |||||||||||||||
Net Income | 727 | 341 | 214 | (562 | ) | 720 | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interest | — | — | (7 | ) | — | (7 | ) | |||||||||||||
Net Income Attributable to Tyson | $ | 727 | $ | 341 | $ | 221 | $ | (562 | ) | $ | 727 | |||||||||
Comprehensive Income (Loss) | 732 | 348 | 220 | (568 | ) | 732 | ||||||||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | — | (7 | ) | — | (7 | ) | |||||||||||||
Comprehensive Income (Loss) Attributable to Tyson | $ | 732 | $ | 348 | $ | 227 | $ | (568 | ) | $ | 739 | |||||||||
Condensed Consolidating Statement of Income and Comprehensive Income for the nine months ended June 29, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Sales | $ | 318 | $ | 14,210 | $ | 11,957 | $ | (1,005 | ) | $ | 25,480 | |||||||||
Cost of Sales | 35 | 13,696 | 11,065 | (1,005 | ) | 23,791 | ||||||||||||||
Gross Profit | 283 | 514 | 892 | — | 1,689 | |||||||||||||||
Selling, General and Administrative | 51 | 151 | 528 | — | 730 | |||||||||||||||
Operating Income | 232 | 363 | 364 | — | 959 | |||||||||||||||
Other (Income) Expense: | ||||||||||||||||||||
Interest expense, net | 26 | 46 | 32 | — | 104 | |||||||||||||||
Other, net | 4 | (1 | ) | (22 | ) | — | (19 | ) | ||||||||||||
Equity in net earnings of subsidiaries | (381 | ) | (29 | ) | — | 410 | — | |||||||||||||
Total Other (Income) Expense | (351 | ) | 16 | 10 | 410 | 85 | ||||||||||||||
Income from Continuing Operations before Income Taxes | 583 | 347 | 354 | (410 | ) | 874 | ||||||||||||||
Income Tax Expense | 66 | 109 | 110 | — | 285 | |||||||||||||||
Income from Continuing Operations | 517 | 238 | 244 | (410 | ) | 589 | ||||||||||||||
Loss from Discontinued Operation, Net of Tax | — | — | (70 | ) | — | (70 | ) | |||||||||||||
Net Income | 517 | 238 | 174 | (410 | ) | 519 | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interest | — | — | 2 | — | 2 | |||||||||||||||
Net Income Attributable to Tyson | $ | 517 | $ | 238 | $ | 172 | $ | (410 | ) | $ | 517 | |||||||||
Comprehensive Income (Loss) | 460 | 202 | 80 | (282 | ) | 460 | ||||||||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | — | 2 | — | 2 | |||||||||||||||
Comprehensive Income (Loss) Attributable to Tyson | $ | 460 | $ | 202 | $ | 78 | $ | (282 | ) | $ | 458 | |||||||||
Condensed Consolidating Balance Sheet as of June 28, 2014 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 15 | $ | 572 | $ | — | $ | 587 | ||||||||||
Accounts receivable, net | 1 | 713 | 910 | — | 1,624 | |||||||||||||||
Inventories | 1 | 1,270 | 1,790 | — | 3,061 | |||||||||||||||
Other current assets | 123 | 49 | 245 | (176 | ) | 241 | ||||||||||||||
Total Current Assets | 125 | 2,047 | 3,517 | (176 | ) | 5,513 | ||||||||||||||
Net Property, Plant and Equipment | 30 | 922 | 2,989 | — | 3,941 | |||||||||||||||
Goodwill | — | 881 | 1,044 | — | 1,925 | |||||||||||||||
Intangible Assets | — | 17 | 134 | — | 151 | |||||||||||||||
Other Assets | 168 | 149 | 269 | (61 | ) | 525 | ||||||||||||||
Investment in Subsidiaries | 12,456 | 2,070 | — | (14,526 | ) | — | ||||||||||||||
Total Assets | $ | 12,779 | $ | 6,086 | $ | 7,953 | $ | (14,763 | ) | $ | 12,055 | |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Current debt | $ | — | $ | — | $ | 41 | $ | — | $ | 41 | ||||||||||
Accounts payable | 38 | 699 | 759 | — | 1,496 | |||||||||||||||
Other current liabilities | 4,127 | 308 | 866 | (4,226 | ) | 1,075 | ||||||||||||||
Total Current Liabilities | 4,165 | 1,007 | 1,666 | (4,226 | ) | 2,612 | ||||||||||||||
Long-Term Debt | 1,771 | 1 | 73 | (61 | ) | 1,784 | ||||||||||||||
Deferred Income Taxes | 6 | 76 | 322 | — | 404 | |||||||||||||||
Other Liabilities | 143 | 156 | 246 | — | 545 | |||||||||||||||
Total Tyson Shareholders’ Equity | 6,694 | 4,846 | 5,630 | (10,476 | ) | 6,694 | ||||||||||||||
Noncontrolling Interest | — | — | 16 | — | 16 | |||||||||||||||
Total Shareholders’ Equity | 6,694 | 4,846 | 5,646 | (10,476 | ) | 6,710 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 12,779 | $ | 6,086 | $ | 7,953 | $ | (14,763 | ) | $ | 12,055 | |||||||||
Condensed Consolidating Balance Sheet as of September 28, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 21 | $ | 1,124 | $ | — | $ | 1,145 | ||||||||||
Accounts receivable, net | — | 571 | 926 | — | 1,497 | |||||||||||||||
Inventories | — | 1,039 | 1,778 | — | 2,817 | |||||||||||||||
Other current assets | 351 | 88 | 117 | (411 | ) | 145 | ||||||||||||||
Total Current Assets | 351 | 1,719 | 3,945 | (411 | ) | 5,604 | ||||||||||||||
Net Property, Plant and Equipment | 32 | 891 | 3,130 | — | 4,053 | |||||||||||||||
Goodwill | — | 881 | 1,021 | — | 1,902 | |||||||||||||||
Intangible Assets | — | 21 | 117 | — | 138 | |||||||||||||||
Other Assets | 895 | 162 | 244 | (821 | ) | 480 | ||||||||||||||
Investment in Subsidiaries | 11,975 | 2,035 | — | (14,010 | ) | — | ||||||||||||||
Total Assets | $ | 13,253 | $ | 5,709 | $ | 8,457 | $ | (15,242 | ) | $ | 12,177 | |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Current debt | $ | 457 | $ | 132 | $ | 251 | $ | (327 | ) | $ | 513 | |||||||||
Accounts payable | 27 | 575 | 757 | — | 1,359 | |||||||||||||||
Other current liabilities | 4,625 | 200 | 901 | (4,588 | ) | 1,138 | ||||||||||||||
Total Current Liabilities | 5,109 | 907 | 1,909 | (4,915 | ) | 3,010 | ||||||||||||||
Long-Term Debt | 1,770 | 679 | 241 | (795 | ) | 1,895 | ||||||||||||||
Deferred Income Taxes | 24 | 93 | 362 | — | 479 | |||||||||||||||
Other Liabilities | 149 | 155 | 282 | (26 | ) | 560 | ||||||||||||||
Total Tyson Shareholders’ Equity | 6,201 | 3,875 | 5,631 | (9,506 | ) | 6,201 | ||||||||||||||
Noncontrolling Interest | — | — | 32 | — | 32 | |||||||||||||||
Total Shareholders’ Equity | 6,201 | 3,875 | 5,663 | (9,506 | ) | 6,233 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 13,253 | $ | 5,709 | $ | 8,457 | $ | (15,242 | ) | $ | 12,177 | |||||||||
Condensed Consolidating Statement of Cash Flows for the nine months ended June 28, 2014 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Cash Provided by (Used for) Operating Activities | $ | 12 | $ | 264 | $ | 312 | $ | (45 | ) | $ | 543 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (1 | ) | (109 | ) | (327 | ) | — | (437 | ) | |||||||||||
(Purchases of)/Proceeds from marketable securities, net | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (56 | ) | — | (56 | ) | |||||||||||||
Other, net | 30 | 1 | 13 | — | 44 | |||||||||||||||
Cash Provided by (Used for) Investing Activities | 29 | (108 | ) | (371 | ) | — | (450 | ) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Net change in debt | (370 | ) | — | (9 | ) | — | (379 | ) | ||||||||||||
Purchases of Tyson Class A common stock | (286 | ) | — | — | — | (286 | ) | |||||||||||||
Dividends | (76 | ) | — | (45 | ) | 45 | (76 | ) | ||||||||||||
Stock options exercised | 61 | — | — | — | 61 | |||||||||||||||
Other, net | 26 | — | — | — | 26 | |||||||||||||||
Net change in intercompany balances | 604 | (162 | ) | (442 | ) | — | — | |||||||||||||
Cash Provided by (Used for) Financing Activities | (41 | ) | (162 | ) | (496 | ) | 45 | (654 | ) | |||||||||||
Effect of Exchange Rate Change on Cash | — | — | 3 | — | 3 | |||||||||||||||
Increase (Decrease) in Cash and Cash Equivalents | — | (6 | ) | (552 | ) | — | (558 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Year | — | 21 | 1,124 | — | 1,145 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 15 | $ | 572 | $ | — | $ | 587 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the nine months ended June 29, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Cash Provided by (Used for) Operating Activities | $ | 185 | $ | 196 | $ | 404 | $ | (13 | ) | $ | 772 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (3 | ) | (82 | ) | (340 | ) | — | (425 | ) | |||||||||||
(Purchases of)/Proceeds from marketable securities, net | — | (14 | ) | (87 | ) | — | (101 | ) | ||||||||||||
Acquisitions, net of cash acquired | — | — | (106 | ) | — | (106 | ) | |||||||||||||
Other, net | (3 | ) | 9 | 30 | — | 36 | ||||||||||||||
Cash Provided by (Used for) Investing Activities | (6 | ) | (87 | ) | (503 | ) | (596 | ) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Net change in debt | — | — | (21 | ) | — | (21 | ) | |||||||||||||
Purchases of Tyson Class A common stock | (298 | ) | — | — | — | (298 | ) | |||||||||||||
Dividends | (87 | ) | — | (13 | ) | 13 | (87 | ) | ||||||||||||
Stock options exercised | 93 | — | — | — | 93 | |||||||||||||||
Other, net | 13 | — | — | — | 13 | |||||||||||||||
Net change in intercompany balances | 99 | (105 | ) | 6 | — | — | ||||||||||||||
Cash Provided by (Used for) Financing Activities | (180 | ) | (105 | ) | (28 | ) | 13 | (300 | ) | |||||||||||
Effect of Exchange Rate Change on Cash | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Increase (Decrease) in Cash and Cash Equivalents | (1 | ) | 4 | (131 | ) | — | (128 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Year | 1 | 9 | 1,061 | — | 1,071 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 13 | $ | 930 | $ | — | $ | 943 | ||||||||||
Accounting_Policies_Policy
Accounting Policies (Policy) | 9 Months Ended |
Jun. 28, 2014 | |
Policy Text Block [Abstract] | ' |
Basis Of Presentation | ' |
BASIS OF PRESENTATION | |
The consolidated condensed financial statements are unaudited and have been prepared by Tyson Foods, Inc. (“Tyson,” “the Company,” “we,” “us” or “our”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the United States Securities and Exchange Commission. Although we believe the disclosures contained herein are adequate to make the information presented not misleading, these consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the fiscal year ended September 28, 2013. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly our financial position as of June 28, 2014, and the results of operations for the three and nine months ended June 28, 2014, and June 29, 2013. Results of operations and cash flows for the periods presented are not necessarily indicative of results to be expected for the full year. | |
Consolidation | ' |
CONSOLIDATION | |
The consolidated condensed financial statements include the accounts of all wholly-owned subsidiaries, as well as majority-owned subsidiaries over which we exercise control and, when applicable, entities for which we have a controlling financial interest or variable interest entities for which we are the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Inventories_Policy
Inventories (Policy) | 9 Months Ended |
Jun. 28, 2014 | |
Inventory Disclosure [Abstract] | ' |
Inventory, Policy [Policy Text Block] | ' |
INVENTORIES | |
Processed products, livestock and supplies and other are valued at the lower of cost or market. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, contract grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories. |
Accounting_Policies_Common_Sto
Accounting Policies Common Stock Repurchases (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||||||||||
Common Stock Repurchases [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Common Stock Repurchases | ' | ||||||||||||||||||||||||||||
A summary of cumulative share repurchases of our Class A stock is as follows (in millions): | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | ||||||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||||||||||||||||
Shares repurchased: | |||||||||||||||||||||||||||||
Under share repurchase program | — | $ | — | 4 | $ | 100 | 7.1 | $ | 250 | 11.2 | $ | 250 | |||||||||||||||||
To fund certain obligations under equity compensation plans | 0.3 | 11 | 0.4 | 10 | 1 | 36 | 2.3 | 48 | |||||||||||||||||||||
Total share repurchases | 0.3 | $ | 11 | 4.4 | $ | 110 | 8.1 | $ | 286 | 13.5 | $ | 298 | |||||||||||||||||
Discontinued_Operation_Tables
Discontinued Operation (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Summary of Discontinued Operation's Results | ' | ||||||||||||||||
The following is a summary of the discontinued operation's results (in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | ||||||||||||||
Sales | $ | — | $ | 36 | $ | — | $ | 108 | |||||||||
Pretax loss | — | (2 | ) | — | (68 | ) | |||||||||||
Income tax expense | — | 2 | — | 2 | |||||||||||||
Loss from discontinued operation, net of tax | $ | — | $ | (4 | ) | $ | — | $ | (70 | ) | |||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
Total inventory consists of the following (in millions): | ||||||||
June 28, 2014 | September 28, 2013 | |||||||
Processed products: | ||||||||
Weighted-average method – chicken, prepared foods and international | $ | 837 | $ | 799 | ||||
First-in, first-out method – beef and pork | 721 | 624 | ||||||
Livestock – first-in, first-out method | 1,120 | 1,002 | ||||||
Supplies and other – weighted-average method | 383 | 392 | ||||||
Total inventory | $ | 3,061 | $ | 2,817 | ||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 9 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property, Plant And Equipment And Accumulated Depreciation | ' | |||||||
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): | ||||||||
June 28, 2014 | September 28, 2013 | |||||||
Land | $ | 104 | $ | 100 | ||||
Buildings and leasehold improvements | 3,014 | 2,945 | ||||||
Machinery and equipment | 5,680 | 5,504 | ||||||
Land improvements and other | 274 | 417 | ||||||
Buildings and equipment under construction | 245 | 236 | ||||||
9,317 | 9,202 | |||||||
Less accumulated depreciation | 5,376 | 5,149 | ||||||
Net property, plant and equipment | $ | 3,941 | $ | 4,053 | ||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 9 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Other Liabilities, Current [Abstract] | ' | |||||||
Schedule Of Other Current Liabilities | ' | |||||||
Other current liabilities are as follows (in millions): | ||||||||
June 28, 2014 | September 28, 2013 | |||||||
Accrued salaries, wages and benefits | $ | 392 | $ | 419 | ||||
Self-insurance reserves | 255 | 267 | ||||||
Other | 428 | 452 | ||||||
Total other current liabilities | $ | 1,075 | $ | 1,138 | ||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Debt Instruments [Abstract] | ' | |||||||
Schedule of Major Components Of Debt | ' | |||||||
The major components of debt are as follows (in millions): | ||||||||
June 28, 2014 | September 28, 2013 | |||||||
Revolving credit facility | $ | — | $ | — | ||||
Senior notes: | ||||||||
3.25% Convertible senior notes due October 2013 (2013 Notes) | — | 458 | ||||||
6.60% Senior notes due April 2016 (2016 Notes) | 638 | 638 | ||||||
7.00% Notes due May 2018 | 120 | 120 | ||||||
4.50% Senior notes due June 2022 (2022 Notes) | 1,000 | 1,000 | ||||||
7.00% Notes due January 2028 | 18 | 18 | ||||||
Discount on senior notes | (5 | ) | (6 | ) | ||||
GO Zone tax-exempt bonds due October 2033 | — | 100 | ||||||
Other | 54 | 80 | ||||||
Total debt | 1,825 | 2,408 | ||||||
Less current debt | 41 | 513 | ||||||
Total long-term debt | $ | 1,784 | $ | 1,895 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule Of Earnings Per Share, Basic And Diluted | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations | $ | 258 | $ | 249 | $ | 720 | $ | 589 | ||||||||
Less: Net income (loss) attributable to noncontrolling interests | (2 | ) | (4 | ) | (7 | ) | 2 | |||||||||
Net income from continuing operations attributable to Tyson | 260 | 253 | 727 | 587 | ||||||||||||
Less dividends declared: | ||||||||||||||||
Class A | 21 | 14 | 69 | 74 | ||||||||||||
Class B | 5 | 3 | 16 | 16 | ||||||||||||
Undistributed earnings | $ | 234 | $ | 236 | $ | 642 | $ | 497 | ||||||||
Class A undistributed earnings | $ | 190 | $ | 193 | $ | 522 | $ | 406 | ||||||||
Class B undistributed earnings | 44 | 43 | 120 | 91 | ||||||||||||
Total undistributed earnings | $ | 234 | $ | 236 | $ | 642 | $ | 497 | ||||||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per share: | ||||||||||||||||
Class A weighted average shares | 280 | 283 | 275 | 284 | ||||||||||||
Class B weighted average shares, and shares under the if-converted method for diluted earnings per share | 70 | 70 | 70 | 70 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options and restricted stock | 6 | 5 | 5 | 5 | ||||||||||||
Convertible 2013 Notes | — | 11 | — | 7 | ||||||||||||
Warrants | — | — | 5 | — | ||||||||||||
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions | 356 | 369 | 355 | 366 | ||||||||||||
Net Income Per Share from Continuing Operations Attributable to Tyson: | ||||||||||||||||
Class A Basic | $ | 0.75 | $ | 0.73 | $ | 2.15 | $ | 1.69 | ||||||||
Class B Basic | $ | 0.68 | $ | 0.66 | $ | 1.94 | $ | 1.52 | ||||||||
Diluted | $ | 0.73 | $ | 0.69 | $ | 2.05 | $ | 1.61 | ||||||||
Net Income Per Share Attributable to Tyson: | ||||||||||||||||
Class A Basic | $ | 0.75 | $ | 0.72 | $ | 2.15 | $ | 1.49 | ||||||||
Class B Basic | $ | 0.68 | $ | 0.64 | $ | 1.94 | $ | 1.34 | ||||||||
Diluted | $ | 0.73 | $ | 0.68 | $ | 2.05 | $ | 1.42 | ||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||
Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value | ' | |||||||||||||||||
The following table sets forth the fair value of all derivative instruments outstanding in the Consolidated Condensed Balance Sheets (in millions): | ||||||||||||||||||
Fair Value | ||||||||||||||||||
June 28, 2014 | September 28, 2013 | |||||||||||||||||
Derivative Assets: | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | $ | 5 | $ | 4 | ||||||||||||||
Foreign exchange contracts | — | 1 | ||||||||||||||||
Total derivative assets – designated | 5 | 5 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | 38 | 25 | ||||||||||||||||
Foreign exchange contracts | 3 | 2 | ||||||||||||||||
Total derivative assets – not designated | 41 | 27 | ||||||||||||||||
Total derivative assets | $ | 46 | $ | 32 | ||||||||||||||
Derivative Liabilities: | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | $ | 121 | $ | 29 | ||||||||||||||
Foreign exchange contracts | — | — | ||||||||||||||||
Total derivative liabilities – designated | 121 | 29 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | 68 | 72 | ||||||||||||||||
Foreign exchange contracts | — | 1 | ||||||||||||||||
Total derivative liabilities – not designated | 68 | 73 | ||||||||||||||||
Total derivative liabilities | $ | 189 | $ | 102 | ||||||||||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ' | |||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||
Schedule Of Notional Amount Of Derivatives | ' | |||||||||||||||||
We had the following aggregated notional values of outstanding forward and option contracts accounted for as cash flow hedges (in millions, except soy meal tons): | ||||||||||||||||||
Metric | June 28, 2014 | September 28, 2013 | ||||||||||||||||
Commodity: | ||||||||||||||||||
Corn | Bushels | — | 5 | |||||||||||||||
Soy meal | Tons | 151,200 | 96,800 | |||||||||||||||
Foreign Currency | United States dollar | $ | 1 | $ | 60 | |||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | |||||||||||||||||
The following table sets forth the pretax impact of cash flow hedge derivative instruments on the Consolidated Condensed Statements of Income (in millions): | ||||||||||||||||||
Gain/(Loss) | Consolidated Condensed | Gain/(Loss) | ||||||||||||||||
Recognized in OCI | Statements of Income | Reclassified from | ||||||||||||||||
On Derivatives | Classification | OCI to Earnings | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Cash Flow Hedge – Derivatives designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | $ | (7 | ) | $ | (5 | ) | Cost of Sales | $ | 1 | $ | (2 | ) | ||||||
Foreign exchange contracts | — | 3 | Other Income/Expense | — | (2 | ) | ||||||||||||
Total | $ | (7 | ) | $ | (2 | ) | $ | 1 | $ | (4 | ) | |||||||
Gain/(Loss) | Consolidated Condensed | Gain/(Loss) | ||||||||||||||||
Recognized in OCI | Statements of Income | Reclassified from | ||||||||||||||||
On Derivatives | Classification | OCI to Earnings | ||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Cash Flow Hedge – Derivatives designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | $ | (1 | ) | $ | (28 | ) | Cost of Sales | $ | (2 | ) | $ | (5 | ) | |||||
Foreign exchange contracts | (1 | ) | (2 | ) | Other Income/Expense | — | (4 | ) | ||||||||||
Total | $ | (2 | ) | $ | (30 | ) | $ | (2 | ) | $ | (9 | ) | ||||||
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ' | |||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||
Schedule Of Notional Amount Of Derivatives | ' | |||||||||||||||||
We had the following aggregated notional values of outstanding forward contracts entered into to hedge firm commitments which are accounted for as a fair value hedge (in millions): | ||||||||||||||||||
Metric | June 28, 2014 | September 28, 2013 | ||||||||||||||||
Commodity: | ||||||||||||||||||
Live Cattle | Pounds | 434 | 209 | |||||||||||||||
Lean Hogs | Pounds | 348 | 384 | |||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | |||||||||||||||||
in millions | ||||||||||||||||||
Consolidated Condensed | Three Months Ended | Nine Months Ended | ||||||||||||||||
Statements of Income | ||||||||||||||||||
Classification | June 28, | June 29, | June 28, | June 29, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Gain/(Loss) on forwards | Cost of Sales | $ | (56 | ) | $ | 11 | $ | (96 | ) | $ | 26 | |||||||
Gain/(Loss) on purchase contract | Cost of Sales | 56 | (11 | ) | 96 | (26 | ) | |||||||||||
Not Designated as Hedging Instrument [Member] | ' | |||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||
Schedule Of Notional Amount Of Derivatives | ' | |||||||||||||||||
We had the following aggregate outstanding notional values related to our undesignated positions (in millions, except soy meal tons): | ||||||||||||||||||
Metric | June 28, 2014 | September 28, 2013 | ||||||||||||||||
Commodity: | ||||||||||||||||||
Corn | Bushels | 3 | 69 | |||||||||||||||
Soy Meal | Tons | 82,800 | 204,600 | |||||||||||||||
Soy Oil | Pounds | 27 | 11 | |||||||||||||||
Live Cattle | Pounds | 109 | 60 | |||||||||||||||
Lean Hogs | Pounds | 74 | 159 | |||||||||||||||
Foreign Currency | United States dollars | $ | 92 | $ | 95 | |||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | |||||||||||||||||
The following table sets forth the pretax impact of the undesignated derivative instruments on the Consolidated Condensed Statements of Income (in millions): | ||||||||||||||||||
Consolidated Condensed | Gain/(Loss) | Gain/(Loss) | ||||||||||||||||
Statements of Income | Recognized in Earnings | Recognized in Earnings | ||||||||||||||||
Classification | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | |||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Commodity contracts | Sales | $ | 25 | $ | (7 | ) | $ | 57 | $ | (19 | ) | |||||||
Commodity contracts | Cost of Sales | (47 | ) | (8 | ) | (89 | ) | (15 | ) | |||||||||
Foreign exchange contracts | Other Income/Expense | 3 | (2 | ) | 4 | — | ||||||||||||
Total | $ | (19 | ) | $ | (17 | ) | $ | (28 | ) | $ | (34 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | |||||||||||||||||||||||
The following tables set forth by level within the fair value hierarchy our financial assets and liabilities accounted for at fair value on a recurring basis according to the valuation techniques we used to determine their fair values (in millions): | ||||||||||||||||||||||||
June 28, 2014 | Level 1 | Level 2 | Level 3 | Netting (a) | Total | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 43 | $ | — | $ | (11 | ) | $ | 32 | |||||||||||||
Foreign Exchange Forward Contracts | — | 3 | — | — | 3 | |||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Current | — | 2 | — | — | 2 | |||||||||||||||||||
Non-current | — | 28 | 65 | — | 93 | |||||||||||||||||||
Deferred Compensation Assets | 15 | 220 | — | — | 235 | |||||||||||||||||||
Total Assets | $ | 15 | $ | 296 | $ | 65 | $ | (11 | ) | $ | 365 | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 189 | $ | — | $ | (183 | ) | $ | 6 | |||||||||||||
Foreign Exchange Forward Contracts | — | — | — | — | — | |||||||||||||||||||
Total Liabilities | $ | — | $ | 189 | $ | — | $ | (183 | ) | $ | 6 | |||||||||||||
September 28, 2013 | Level 1 | Level 2 | Level 3 | Netting (a) | Total | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 29 | $ | — | $ | (21 | ) | $ | 8 | |||||||||||||
Foreign Exchange Forward Contracts | — | 3 | — | (1 | ) | 2 | ||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Current | — | 1 | — | — | 1 | |||||||||||||||||||
Non-current | 4 | 24 | 65 | — | 93 | |||||||||||||||||||
Deferred Compensation Assets | 23 | 191 | — | — | 214 | |||||||||||||||||||
Total Assets | $ | 27 | $ | 248 | $ | 65 | $ | (22 | ) | $ | 318 | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Commodity Derivatives | $ | — | $ | 101 | $ | — | $ | (101 | ) | $ | — | |||||||||||||
Foreign Exchange Forward Contracts | — | 1 | — | — | 1 | |||||||||||||||||||
Total Liabilities | $ | — | $ | 102 | $ | — | $ | (101 | ) | $ | 1 | |||||||||||||
(a) | Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis. We net derivative assets and liabilities, including cash collateral, when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. At June 28, 2014, and September 28, 2013, we had posted with various counterparties $172 million and $79 million, respectively, of cash collateral related to our commodity derivatives and held no cash collateral. | |||||||||||||||||||||||
Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||||||
The following table provides a reconciliation between the beginning and ending balance of debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions): | ||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
June 28, 2014 | June 29, 2013 | |||||||||||||||||||||||
Balance at beginning of year | $ | 65 | $ | 86 | ||||||||||||||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||||||||||
Included in earnings | — | 1 | ||||||||||||||||||||||
Included in other comprehensive income (loss) | — | (1 | ) | |||||||||||||||||||||
Purchases | 18 | 14 | ||||||||||||||||||||||
Issuances | — | — | ||||||||||||||||||||||
Settlements | (18 | ) | (35 | ) | ||||||||||||||||||||
Balance at end of period | $ | 65 | $ | 65 | ||||||||||||||||||||
Total gains (losses) for the nine-month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period | $ | — | $ | — | ||||||||||||||||||||
Schedule Of Available For Sale Securities | ' | |||||||||||||||||||||||
The following table sets forth our available-for-sale securities' amortized cost basis, fair value and unrealized gain (loss) by significant investment category (in millions): | ||||||||||||||||||||||||
June 28, 2014 | September 28, 2013 | |||||||||||||||||||||||
Amortized | Fair | Unrealized | Amortized | Fair | Unrealized | |||||||||||||||||||
Cost Basis | Value | Gain/(Loss) | Cost Basis | Value | Gain/(Loss) | |||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||
U.S. Treasury and Agency | $ | 26 | $ | 27 | $ | 1 | $ | 25 | $ | 25 | $ | — | ||||||||||||
Corporate and Asset-Backed | 65 | 65 | — | 64 | 65 | 1 | ||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||
Common Stock and Warrants (a) | 3 | 3 | — | 9 | 4 | (5 | ) | |||||||||||||||||
(a) | At June 28, 2014, the amortized cost basis for Equity Securities had been reduced by accumulated other than temporary impairment of approximately $6 million. | |||||||||||||||||||||||
Schedule Of Fair Value And Carrying Value Of Debt | ' | |||||||||||||||||||||||
Fair value of our debt is principally estimated using Level 2 inputs based on quoted prices for those or similar instruments. Fair value and carrying value for our debt are as follows (in millions): | ||||||||||||||||||||||||
June 28, 2014 | September 28, 2013 | |||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||||
Total Debt | $ | 1,963 | $ | 1,825 | $ | 2,541 | $ | 2,408 | ||||||||||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Components Of Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||||||||||||||
The before and after tax changes in the components of other comprehensive income (loss) are as follows (in millions): | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | |||||||||||||||||||||||||||||||||||||
Before Tax | Tax | After Tax | Before Tax | Tax | After Tax | Before Tax | Tax | After Tax | Before Tax | Tax | After Tax | |||||||||||||||||||||||||||||
Derivatives accounted for as cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||
(Gain) loss reclassified to Cost of Sales | $ | (1 | ) | $ | — | $ | (1 | ) | $ | 2 | $ | (1 | ) | $ | 1 | $ | 2 | $ | (1 | ) | $ | 1 | $ | 5 | $ | (2 | ) | $ | 3 | |||||||||||
(Gain) loss reclassified to Other Income/Expense | — | — | — | 2 | — | 2 | — | — | — | 4 | (1 | ) | 3 | |||||||||||||||||||||||||||
Unrealized gain (loss) | (7 | ) | 3 | (4 | ) | (2 | ) | 1 | (1 | ) | (2 | ) | 1 | (1 | ) | (30 | ) | 12 | (18 | ) | ||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||||||||||
(Gain) loss reclassified to Other Income/Expense | — | — | — | — | — | — | 6 | (2 | ) | 4 | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||
Unrealized gain (loss) | — | — | — | 1 | — | 1 | (1 | ) | — | (1 | ) | (2 | ) | 1 | (1 | ) | ||||||||||||||||||||||||
Currency translation: | ||||||||||||||||||||||||||||||||||||||||
Translation gain reclassified to Other Income/Expense | — | — | — | — | — | — | — | — | — | (19 | ) | (1 | ) | (20 | ) | |||||||||||||||||||||||||
Translation adjustment | 10 | 2 | 12 | (33 | ) | — | (33 | ) | 5 | 2 | 7 | (29 | ) | — | (29 | ) | ||||||||||||||||||||||||
Postretirement benefits | 1 | (1 | ) | — | 1 | — | 1 | 3 | (1 | ) | 2 | 4 | — | 4 | ||||||||||||||||||||||||||
Total Other Comprehensive Income (Loss) | $ | 3 | $ | 4 | $ | 7 | $ | (29 | ) | $ | — | $ | (29 | ) | $ | 13 | $ | (1 | ) | $ | 12 | $ | (68 | ) | $ | 9 | $ | (59 | ) | |||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Segment Reporting Information, By Segment | ' | |||||||||||||||||
Information on segments and a reconciliation to income from continuing operations before income taxes are as follows (in millions): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
June 28, 2014 | June 29, 2013 | June 28, 2014 | June 29, 2013 | |||||||||||||||
Sales: | ||||||||||||||||||
Chicken | $ | 2,829 | $ | 2,820 | $ | 8,327 | $ | 8,148 | ||||||||||
Beef | 4,189 | 3,723 | 11,748 | 10,655 | ||||||||||||||
Pork | 1,766 | 1,332 | 4,677 | 4,006 | ||||||||||||||
Prepared Foods | 901 | 797 | 2,669 | 2,441 | ||||||||||||||
International | 365 | 343 | 1,020 | 1,001 | ||||||||||||||
Other | — | — | — | 47 | ||||||||||||||
Intersegment Sales | (368 | ) | (284 | ) | (966 | ) | (818 | ) | ||||||||||
Total Sales | $ | 9,682 | $ | 8,731 | $ | 27,475 | $ | 25,480 | ||||||||||
Operating Income (Loss): | ||||||||||||||||||
Chicken | $ | 195 | $ | 215 | $ | 682 | $ | 471 | ||||||||||
Beef | 101 | 114 | 194 | 134 | ||||||||||||||
Pork | 128 | 67 | 356 | 264 | ||||||||||||||
Prepared Foods | (50 | ) | (a) | 24 | (13 | ) | (a) | 85 | ||||||||||
International | (15 | ) | 5 | (73 | ) | — | ||||||||||||
Other | (8 | ) | (b) | (6 | ) | (22 | ) | (b) | 5 | |||||||||
Total Operating Income | 351 | 419 | 1,124 | 959 | ||||||||||||||
Total Other (Income) Expense | 41 | (b) | 34 | 90 | (b) | 85 | (c) | |||||||||||
Income from Continuing Operations before Income Taxes | $ | 310 | $ | 385 | $ | 1,034 | $ | 874 | ||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | |||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Statement Of Income and Comprehensive Income | ' | |||||||||||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income for the three months ended June 28, 2014 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Sales | $ | 114 | $ | 5,807 | $ | 4,234 | $ | (473 | ) | $ | 9,682 | |||||||||
Cost of Sales | 14 | 5,559 | 3,945 | (473 | ) | 9,045 | ||||||||||||||
Gross Profit | 100 | 248 | 289 | — | 637 | |||||||||||||||
Selling, General and Administrative | 16 | 55 | 215 | — | 286 | |||||||||||||||
Operating Income | 84 | 193 | 74 | — | 351 | |||||||||||||||
Other (Income) Expense: | ||||||||||||||||||||
Interest expense, net | 23 | — | 1 | — | 24 | |||||||||||||||
Other, net | 22 | 1 | (6 | ) | — | 17 | ||||||||||||||
Equity in net earnings of subsidiaries | (229 | ) | (18 | ) | — | 247 | — | |||||||||||||
Total Other (Income) Expense | (184 | ) | (17 | ) | (5 | ) | 247 | 41 | ||||||||||||
Income from Continuing Operations before Income Taxes | 268 | 210 | 79 | (247 | ) | 310 | ||||||||||||||
Income Tax Expense | 8 | 62 | (18 | ) | — | 52 | ||||||||||||||
Income from Continuing Operations | 260 | 148 | 97 | (247 | ) | 258 | ||||||||||||||
Loss from Discontinued Operation, Net of Tax | — | — | — | — | — | |||||||||||||||
Net Income | 260 | 148 | 97 | (247 | ) | 258 | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interest | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net Income Attributable to Tyson | $ | 260 | $ | 148 | $ | 99 | $ | (247 | ) | $ | 260 | |||||||||
Comprehensive Income (Loss) | 265 | 156 | 106 | (262 | ) | 265 | ||||||||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Comprehensive Income (Loss) Attributable to Tyson | $ | 265 | $ | 156 | $ | 108 | $ | (262 | ) | $ | 267 | |||||||||
Condensed Consolidating Statement of Income and Comprehensive Income for the three months ended June 29, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Sales | $ | 142 | $ | 4,908 | $ | 4,081 | $ | (400 | ) | $ | 8,731 | |||||||||
Cost of Sales | 8 | 4,679 | 3,762 | (400 | ) | 8,049 | ||||||||||||||
Gross Profit | 134 | 229 | 319 | — | 682 | |||||||||||||||
Selling, General and Administrative | 19 | 54 | 190 | — | 263 | |||||||||||||||
Operating Income | 115 | 175 | 129 | — | 419 | |||||||||||||||
Other (Income) Expense: | ||||||||||||||||||||
Interest expense, net | 9 | 15 | 10 | — | 34 | |||||||||||||||
Other, net | — | (1 | ) | 1 | — | — | ||||||||||||||
Equity in net earnings of subsidiaries | (181 | ) | (15 | ) | — | 196 | — | |||||||||||||
Total Other (Income) Expense | (172 | ) | (1 | ) | 11 | 196 | 34 | |||||||||||||
Income from Continuing Operations before Income Taxes | 287 | 176 | 118 | (196 | ) | 385 | ||||||||||||||
Income Tax Expense | 38 | 56 | 42 | — | 136 | |||||||||||||||
Income from Continuing Operations | 249 | 120 | 76 | (196 | ) | 249 | ||||||||||||||
Loss from Discontinued Operation, Net of Tax | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Net Income | 249 | 120 | 72 | (196 | ) | 245 | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interest | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Net Income Attributable to Tyson | $ | 249 | $ | 120 | $ | 76 | $ | (196 | ) | $ | 249 | |||||||||
Comprehensive Income (Loss) | 216 | 103 | 49 | (152 | ) | 216 | ||||||||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Comprehensive Income (Loss) Attributable to Tyson | $ | 216 | $ | 103 | $ | 53 | $ | (152 | ) | $ | 220 | |||||||||
Condensed Consolidating Statement of Income and Comprehensive Income for the nine months ended June 28, 2014 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Sales | $ | 429 | $ | 16,023 | $ | 12,380 | $ | (1,357 | ) | $ | 27,475 | |||||||||
Cost of Sales | 35 | 15,338 | 11,486 | (1,357 | ) | 25,502 | ||||||||||||||
Gross Profit | 394 | 685 | 894 | — | 1,973 | |||||||||||||||
Selling, General and Administrative | 67 | 167 | 615 | — | 849 | |||||||||||||||
Operating Income | 327 | 518 | 279 | — | 1,124 | |||||||||||||||
Other (Income) Expense: | ||||||||||||||||||||
Interest expense, net | 13 | 49 | 10 | — | 72 | |||||||||||||||
Other, net | 29 | — | (11 | ) | — | 18 | ||||||||||||||
Equity in net earnings of subsidiaries | (532 | ) | (30 | ) | — | 562 | — | |||||||||||||
Total Other (Income) Expense | (490 | ) | 19 | (1 | ) | 562 | 90 | |||||||||||||
Income from Continuing Operations before Income Taxes | 817 | 499 | 280 | (562 | ) | 1,034 | ||||||||||||||
Income Tax Expense | 90 | 158 | 66 | — | 314 | |||||||||||||||
Income from Continuing Operations | 727 | 341 | 214 | (562 | ) | 720 | ||||||||||||||
Loss from Discontinued Operation, Net of Tax | — | — | — | — | — | |||||||||||||||
Net Income | 727 | 341 | 214 | (562 | ) | 720 | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interest | — | — | (7 | ) | — | (7 | ) | |||||||||||||
Net Income Attributable to Tyson | $ | 727 | $ | 341 | $ | 221 | $ | (562 | ) | $ | 727 | |||||||||
Comprehensive Income (Loss) | 732 | 348 | 220 | (568 | ) | 732 | ||||||||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | — | (7 | ) | — | (7 | ) | |||||||||||||
Comprehensive Income (Loss) Attributable to Tyson | $ | 732 | $ | 348 | $ | 227 | $ | (568 | ) | $ | 739 | |||||||||
Condensed Consolidating Statement of Income and Comprehensive Income for the nine months ended June 29, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Sales | $ | 318 | $ | 14,210 | $ | 11,957 | $ | (1,005 | ) | $ | 25,480 | |||||||||
Cost of Sales | 35 | 13,696 | 11,065 | (1,005 | ) | 23,791 | ||||||||||||||
Gross Profit | 283 | 514 | 892 | — | 1,689 | |||||||||||||||
Selling, General and Administrative | 51 | 151 | 528 | — | 730 | |||||||||||||||
Operating Income | 232 | 363 | 364 | — | 959 | |||||||||||||||
Other (Income) Expense: | ||||||||||||||||||||
Interest expense, net | 26 | 46 | 32 | — | 104 | |||||||||||||||
Other, net | 4 | (1 | ) | (22 | ) | — | (19 | ) | ||||||||||||
Equity in net earnings of subsidiaries | (381 | ) | (29 | ) | — | 410 | — | |||||||||||||
Total Other (Income) Expense | (351 | ) | 16 | 10 | 410 | 85 | ||||||||||||||
Income from Continuing Operations before Income Taxes | 583 | 347 | 354 | (410 | ) | 874 | ||||||||||||||
Income Tax Expense | 66 | 109 | 110 | — | 285 | |||||||||||||||
Income from Continuing Operations | 517 | 238 | 244 | (410 | ) | 589 | ||||||||||||||
Loss from Discontinued Operation, Net of Tax | — | — | (70 | ) | — | (70 | ) | |||||||||||||
Net Income | 517 | 238 | 174 | (410 | ) | 519 | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interest | — | — | 2 | — | 2 | |||||||||||||||
Net Income Attributable to Tyson | $ | 517 | $ | 238 | $ | 172 | $ | (410 | ) | $ | 517 | |||||||||
Comprehensive Income (Loss) | 460 | 202 | 80 | (282 | ) | 460 | ||||||||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest | — | — | 2 | — | 2 | |||||||||||||||
Comprehensive Income (Loss) Attributable to Tyson | $ | 460 | $ | 202 | $ | 78 | $ | (282 | ) | $ | 458 | |||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet as of June 28, 2014 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 15 | $ | 572 | $ | — | $ | 587 | ||||||||||
Accounts receivable, net | 1 | 713 | 910 | — | 1,624 | |||||||||||||||
Inventories | 1 | 1,270 | 1,790 | — | 3,061 | |||||||||||||||
Other current assets | 123 | 49 | 245 | (176 | ) | 241 | ||||||||||||||
Total Current Assets | 125 | 2,047 | 3,517 | (176 | ) | 5,513 | ||||||||||||||
Net Property, Plant and Equipment | 30 | 922 | 2,989 | — | 3,941 | |||||||||||||||
Goodwill | — | 881 | 1,044 | — | 1,925 | |||||||||||||||
Intangible Assets | — | 17 | 134 | — | 151 | |||||||||||||||
Other Assets | 168 | 149 | 269 | (61 | ) | 525 | ||||||||||||||
Investment in Subsidiaries | 12,456 | 2,070 | — | (14,526 | ) | — | ||||||||||||||
Total Assets | $ | 12,779 | $ | 6,086 | $ | 7,953 | $ | (14,763 | ) | $ | 12,055 | |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Current debt | $ | — | $ | — | $ | 41 | $ | — | $ | 41 | ||||||||||
Accounts payable | 38 | 699 | 759 | — | 1,496 | |||||||||||||||
Other current liabilities | 4,127 | 308 | 866 | (4,226 | ) | 1,075 | ||||||||||||||
Total Current Liabilities | 4,165 | 1,007 | 1,666 | (4,226 | ) | 2,612 | ||||||||||||||
Long-Term Debt | 1,771 | 1 | 73 | (61 | ) | 1,784 | ||||||||||||||
Deferred Income Taxes | 6 | 76 | 322 | — | 404 | |||||||||||||||
Other Liabilities | 143 | 156 | 246 | — | 545 | |||||||||||||||
Total Tyson Shareholders’ Equity | 6,694 | 4,846 | 5,630 | (10,476 | ) | 6,694 | ||||||||||||||
Noncontrolling Interest | — | — | 16 | — | 16 | |||||||||||||||
Total Shareholders’ Equity | 6,694 | 4,846 | 5,646 | (10,476 | ) | 6,710 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 12,779 | $ | 6,086 | $ | 7,953 | $ | (14,763 | ) | $ | 12,055 | |||||||||
Condensed Consolidating Balance Sheet as of September 28, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 21 | $ | 1,124 | $ | — | $ | 1,145 | ||||||||||
Accounts receivable, net | — | 571 | 926 | — | 1,497 | |||||||||||||||
Inventories | — | 1,039 | 1,778 | — | 2,817 | |||||||||||||||
Other current assets | 351 | 88 | 117 | (411 | ) | 145 | ||||||||||||||
Total Current Assets | 351 | 1,719 | 3,945 | (411 | ) | 5,604 | ||||||||||||||
Net Property, Plant and Equipment | 32 | 891 | 3,130 | — | 4,053 | |||||||||||||||
Goodwill | — | 881 | 1,021 | — | 1,902 | |||||||||||||||
Intangible Assets | — | 21 | 117 | — | 138 | |||||||||||||||
Other Assets | 895 | 162 | 244 | (821 | ) | 480 | ||||||||||||||
Investment in Subsidiaries | 11,975 | 2,035 | — | (14,010 | ) | — | ||||||||||||||
Total Assets | $ | 13,253 | $ | 5,709 | $ | 8,457 | $ | (15,242 | ) | $ | 12,177 | |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Current debt | $ | 457 | $ | 132 | $ | 251 | $ | (327 | ) | $ | 513 | |||||||||
Accounts payable | 27 | 575 | 757 | — | 1,359 | |||||||||||||||
Other current liabilities | 4,625 | 200 | 901 | (4,588 | ) | 1,138 | ||||||||||||||
Total Current Liabilities | 5,109 | 907 | 1,909 | (4,915 | ) | 3,010 | ||||||||||||||
Long-Term Debt | 1,770 | 679 | 241 | (795 | ) | 1,895 | ||||||||||||||
Deferred Income Taxes | 24 | 93 | 362 | — | 479 | |||||||||||||||
Other Liabilities | 149 | 155 | 282 | (26 | ) | 560 | ||||||||||||||
Total Tyson Shareholders’ Equity | 6,201 | 3,875 | 5,631 | (9,506 | ) | 6,201 | ||||||||||||||
Noncontrolling Interest | — | — | 32 | — | 32 | |||||||||||||||
Total Shareholders’ Equity | 6,201 | 3,875 | 5,663 | (9,506 | ) | 6,233 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 13,253 | $ | 5,709 | $ | 8,457 | $ | (15,242 | ) | $ | 12,177 | |||||||||
Condensed Consolidating Statement Of Cash Flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the nine months ended June 28, 2014 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Cash Provided by (Used for) Operating Activities | $ | 12 | $ | 264 | $ | 312 | $ | (45 | ) | $ | 543 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (1 | ) | (109 | ) | (327 | ) | — | (437 | ) | |||||||||||
(Purchases of)/Proceeds from marketable securities, net | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | — | (56 | ) | — | (56 | ) | |||||||||||||
Other, net | 30 | 1 | 13 | — | 44 | |||||||||||||||
Cash Provided by (Used for) Investing Activities | 29 | (108 | ) | (371 | ) | — | (450 | ) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Net change in debt | (370 | ) | — | (9 | ) | — | (379 | ) | ||||||||||||
Purchases of Tyson Class A common stock | (286 | ) | — | — | — | (286 | ) | |||||||||||||
Dividends | (76 | ) | — | (45 | ) | 45 | (76 | ) | ||||||||||||
Stock options exercised | 61 | — | — | — | 61 | |||||||||||||||
Other, net | 26 | — | — | — | 26 | |||||||||||||||
Net change in intercompany balances | 604 | (162 | ) | (442 | ) | — | — | |||||||||||||
Cash Provided by (Used for) Financing Activities | (41 | ) | (162 | ) | (496 | ) | 45 | (654 | ) | |||||||||||
Effect of Exchange Rate Change on Cash | — | — | 3 | — | 3 | |||||||||||||||
Increase (Decrease) in Cash and Cash Equivalents | — | (6 | ) | (552 | ) | — | (558 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Year | — | 21 | 1,124 | — | 1,145 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 15 | $ | 572 | $ | — | $ | 587 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the nine months ended June 29, 2013 | in millions | |||||||||||||||||||
TFI | TFM | Non- | Eliminations | Total | ||||||||||||||||
Parent | Parent | Guarantors | ||||||||||||||||||
Cash Provided by (Used for) Operating Activities | $ | 185 | $ | 196 | $ | 404 | $ | (13 | ) | $ | 772 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (3 | ) | (82 | ) | (340 | ) | — | (425 | ) | |||||||||||
(Purchases of)/Proceeds from marketable securities, net | — | (14 | ) | (87 | ) | — | (101 | ) | ||||||||||||
Acquisitions, net of cash acquired | — | — | (106 | ) | — | (106 | ) | |||||||||||||
Other, net | (3 | ) | 9 | 30 | — | 36 | ||||||||||||||
Cash Provided by (Used for) Investing Activities | (6 | ) | (87 | ) | (503 | ) | (596 | ) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Net change in debt | — | — | (21 | ) | — | (21 | ) | |||||||||||||
Purchases of Tyson Class A common stock | (298 | ) | — | — | — | (298 | ) | |||||||||||||
Dividends | (87 | ) | — | (13 | ) | 13 | (87 | ) | ||||||||||||
Stock options exercised | 93 | — | — | — | 93 | |||||||||||||||
Other, net | 13 | — | — | — | 13 | |||||||||||||||
Net change in intercompany balances | 99 | (105 | ) | 6 | — | — | ||||||||||||||
Cash Provided by (Used for) Financing Activities | (180 | ) | (105 | ) | (28 | ) | 13 | (300 | ) | |||||||||||
Effect of Exchange Rate Change on Cash | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Increase (Decrease) in Cash and Cash Equivalents | (1 | ) | 4 | (131 | ) | — | (128 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Year | 1 | 9 | 1,061 | — | 1,071 | |||||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | 13 | $ | 930 | $ | — | $ | 943 | ||||||||||
Accounting_Policies_Share_Repu
Accounting Policies Share Repurchases (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2014 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | ' | ' | $286 | $298 |
Class A [Member] | ' | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | 0.3 | 4.4 | 8.1 | 13.5 |
Payments for Repurchase of Common Stock | ' | 11 | 110 | 286 | 298 |
Share Repurchase Program [Member] | Class A [Member] | ' | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | 0 | 4 | 7.1 | 11.2 |
Payments for Repurchase of Common Stock | ' | 0 | 100 | 250 | 250 |
Increase in authorized shares to repurchase | 25 | ' | ' | ' | ' |
Remaining shares available to repurchase | ' | 32.1 | ' | 32.1 | ' |
Open market repurchases to fund certain obligations under equity compensation plans [Member] | Class A [Member] | ' | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | 0.3 | 0.4 | 1 | 2.3 |
Payments for Repurchase of Common Stock | ' | $11 | $10 | $36 | $48 |
Dispositions_Details
Dispositions (Details) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jul. 31, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Jul. 28, 2014 | |
Prepared Foods [Member] | Prepared Foods [Member] | Prepared Foods [Member] | Prepared Foods [Member] | Dynamic Fuels Deconsolidation [Member] | Dynamic Fuels Deconsolidation [Member] | Dynamic Fuels Deconsolidation [Member] | Dynamic Fuels Deconsolidation [Member] | Dynamic Fuels Deconsolidation [Member] | Dynamic Fuels Deconsolidation [Member] | Scenario, Forecast [Member] | ||
Facility Closing [Member] | Facility Closing [Member] | Operating Segments [Member] | Operating Segments [Member] | Subsequent Event [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Chicken Production Operations in Brazil and Mexico [Member] | |||
Facilities | Facility Closing [Member] | Facility Closing [Member] | Cost of Sales [Member] | Subsequent Event [Member] | ||||||||
International [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Disposal Group, Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $575 | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | |
Proceeds from Divestiture of Businesses | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | |
Future Contingent Cash Payment | ' | ' | ' | ' | ' | ' | 35 | ' | ' | ' | ' | |
Disposal Group, Future Contingent Consideration, Period of production volumes | ' | ' | ' | ' | '11 years 6 months | ' | ' | ' | ' | ' | ' | |
GO Zone tax-exempt bonds due October 2033 | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | |
Gain (Loss) on Disposition of Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | ' | ' | ' | ' | ' | ' | ' | ' | 166 | ' | ' | |
Variable Interest Entity, Consolidated, Carrying Amount, Property, Plant and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 142 | ' | ' | |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 113 | ' | ' | |
Variable Interest Entity, Consolidated, Carrying Amount, Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | |
Asset Impairment Charges | ' | $49 | [1] | $49 | $49 | ' | ' | ' | ' | ' | ' | ' |
Plants Closed | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Includes $49 million impairment charge related to the planned closure of three Prepared Foods plants. |
Acquisitions_Details
Acquisitions (Details) (USD $) | 9 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Sep. 28, 2013 | Mar. 29, 2014 | Sep. 28, 2013 |
Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||||
business | business | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Number of Businesses Acquired | ' | ' | ' | 1 | 2 |
Acquisitions, net of cash acquired | ($56) | ($106) | ' | ($56) | ($106) |
Purchase price of property, plant and equipment | ' | ' | ' | 12 | 50 |
Purchase price of intangible assets | ' | ' | ' | 27 | 41 |
Goodwill | $1,925 | ' | $1,902 | $18 | $12 |
Discontinued_Operation_Summary
Discontinued Operation (Summary of Discontinued Operation's Results) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Loss from discontinued operation, net of tax | $0 | ($4) | $0 | ($70) |
Weifang Operation [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Sales | 0 | 36 | 0 | 108 |
Pretax loss | 0 | -2 | 0 | -68 |
Income tax expense | 0 | 2 | 0 | 2 |
Loss from discontinued operation, net of tax | $0 | ($4) | $0 | ($70) |
Discontinued_Operation_Narrati
Discontinued Operation (Narrative) (Details) (Weifang Operation [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2013 |
Weifang Operation [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Asset Impairment Charges | $56 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventory) (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Processed Products - Weighted-average method b chicken, prepared foods and international | $837 | $799 |
Processed Products - First-in, first-out method b beef and pork | 721 | 624 |
Livestock b first-in, first-out method | 1,120 | 1,002 |
Supplies and other b weighted-average method | 383 | 392 |
Total inventories | $3,061 | $2,817 |
Property_Plant_And_Equipment_D
Property, Plant And Equipment (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $9,317 | $9,202 |
Less accumulated depreciation | 5,376 | 5,149 |
Net property, plant and equipment | 3,941 | 4,053 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 104 | 100 |
Buildings And Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 3,014 | 2,945 |
Machinery And Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 5,680 | 5,504 |
Land Improvements And Other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 274 | 417 |
Buildings And Equipment Under Construction [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $245 | $236 |
Other_Current_Liabilities_Sche
Other Current Liabilities (Schedule of Other Current Liabilities) (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ' | ' |
Accrued salaries, wages and benefits | $392 | $419 |
Self-insurance reserves | 255 | 267 |
Other | 428 | 452 |
Total other current liabilities | $1,075 | $1,138 |
Debt_Major_Components_Of_Debt_
Debt (Major Components Of Debt) (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Sep. 28, 2013 | Sep. 30, 2008 | Jun. 28, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Sep. 28, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | 3.25% Convertible Senior Unsecured Notes Due October 15, 2013 [Member] | 3.25% Convertible Senior Unsecured Notes Due October 15, 2013 [Member] | 3.25% Convertible Senior Unsecured Notes Due October 15, 2013 [Member] | 6.60% Senior Notes Due April 2016 (2016 Notes) [Member] | 6.60% Senior Notes Due April 2016 (2016 Notes) [Member] | 7.00% Notes Due May 2018 [Member] | 7.00% Notes Due May 2018 [Member] | 4.50% Senior Notes Due June 2022 (2022 Notes) [Member] | 4.50% Senior Notes Due June 2022 (2022 Notes) [Member] | 4.50% Senior Notes Due June 2022 (2022 Notes) [Member] | 7.00% Notes Due January 2028 [Member] | 7.00% Notes Due January 2028 [Member] | Go Zone Tax Exempt Bonds Due October Two Thousand Thirty Three [Member] | Go Zone Tax Exempt Bonds Due October Two Thousand Thirty Three [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | 0 | 458 | ' | 638 | 638 | 120 | 120 | 1,000 | 1,000 | ' | 18 | 18 | ' | ' |
Discount on senior notes | -5 | -6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5 | ' | ' | ' | ' |
GO Zone tax-exempt bonds due October 2033 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 100 |
Other | 54 | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | 1,825 | 2,408 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current debt | 41 | 513 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | $1,784 | $1,895 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 3.25% | 6.60% | ' | 7.00% | ' | 4.50% | ' | 4.50% | 7.00% | ' | ' | ' |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 | Oct. 15, 2013 | Sep. 30, 2008 | Oct. 15, 2013 | Sep. 27, 2008 | Jun. 06, 2012 | Jun. 28, 2014 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Oct. 31, 2008 |
Share data in Millions, unless otherwise specified | 3.25% Convertible Senior Unsecured Notes Due October 15, 2013 [Member] | 3.25% Convertible Senior Unsecured Notes Due October 15, 2013 [Member] | 3.25% Convertible Senior Unsecured Notes Due October 15, 2013 [Member] | 2016 Notes [Member] | 2016 Notes [Member] | 2016 Notes [Member] | 4.50% Senior Notes Due June 2022 (2022 Notes) [Member] | 4.50% Senior Notes Due June 2022 (2022 Notes) [Member] | Standby Letters of Credit [Member] | Bilateral Letters Of Credit [Member] | 2008 Warrants [Member] | 2008 Warrants [Member] | Hillshire Brands [Member] | Hillshire Brands [Member] | Other, net [Member] | Other, net [Member] | Dynamic Fuels Deconsolidation [Member] | ||
Class A [Member] | Prior To Credit Rating Adjustment [Member] | After Credit Rating Adjustment [Member] | Class A [Member] | Class A [Member] | Bridge Facility Commitment [Member] | Bridge Facility Commitment [Member] | Hillshire Brands [Member] | Hillshire Brands [Member] | GO Zone Tax-Exempt Bonds Due October 2033 [Member] | ||||||||||
Bridge Facility Commitment [Member] | Bridge Facility Commitment [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available under credit facility | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available for borrowing under credit facility | 959,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit issued amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,000,000 | 145,000,000 | ' | ' | ' | ' | ' | ' | ' |
Bridge Commitments Facility, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '364 days | ' | ' | ' | ' |
Committed Facility Available to Fund Hillshire Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,200,000,000 | ' | ' | ' | ' |
Payments Associated with Bridge Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,000,000 | ' | ' | ' | ' |
Payments of Debt Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,000,000 | 22,000,000 | 22,000,000 | ' |
Debt instrument, face amount | ' | ' | ' | 458,000,000 | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 3.25% | ' | 6.60% | 6.85% | 6.60% | 4.50% | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | 458,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | ' | ' | ' | 11.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Redeemed or Called During Period, Shares | ' | ' | ' | ' | 11.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Treasury Stock Reissued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.8 | 8.9 | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | 5,000,000 | 6,000,000 | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue price percent of face value | ' | ' | ' | ' | ' | ' | ' | ' | 99.46% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Unsecured Debt | ' | ' | ' | ' | ' | ' | ' | ' | 995,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the sale of Gulf Opportunity Zone tax-exempt bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Sep. 28, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Effective tax rate for continuing operations | 16.80% | 35.40% | 30.40% | 32.60% | ' |
Effective Income Tax Rate Reconciliation, Tax Settlement, Domestic, Percent | 12.80% | ' | 3.80% | ' | ' |
Unrecognized tax benefits | $137 | ' | $137 | ' | $175 |
Unrecognized tax benefits that would impact effective tax rate | 111 | ' | 111 | ' | 149 |
Unrecognized tax benefits, income tax penalties and interest accrued | 61 | ' | 61 | ' | 63 |
Unrecognized tax benefits, reductions that could result from tax audit resolutions | $30 | ' | $30 | ' | ' |
Other_Income_And_Charges_Detai
Other Income And Charges (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | |
Other, net [Member] | Other, net [Member] | Hillshire Brands [Member] | Hillshire Brands [Member] | Hillshire Brands [Member] | ||
Bridge Facility Commitment [Member] | Bridge Facility Commitment [Member] | Bridge Facility Commitment [Member] | ||||
Other, net [Member] | Other, net [Member] | |||||
Components of Other Income and Expenses [Line Items] | ' | ' | ' | ' | ' | |
Equity Earnings in Joint Ventures | $7 | ' | ' | ' | ' | |
Foreign Currency Transaction Gain (Loss), Realized | 4 | 19 | [1] | ' | ' | ' |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 6 | ' | ' | ' | ' | |
Amortization of Financing Costs | ' | ' | $22 | $22 | $22 | |
[1] | Includes $19 million related to the recognized currency translation adjustment gain |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' |
Income from continuing operations | $258 | $249 | $720 | $589 |
Less: Net income (loss) attributable to noncontrolling interest | -2 | -4 | -7 | 2 |
Net income from continuing operations attributable to Tyson | 260 | 253 | 727 | 587 |
Undistributed earnings | 234 | 236 | 642 | 497 |
Stock options and restricted stock | 6 | 5 | 5 | 5 |
Convertible 2013 Notes | 0 | 11 | 0 | 7 |
Warrants | 0 | 0 | 5 | 0 |
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions | 356 | 369 | 355 | 366 |
Net Income Per Share from Continuing Operations Attributable to Tyson - Diluted | $0.73 | $0.69 | $2.05 | $1.61 |
Net Income Per Share Attributable to Tyson - Diluted | $0.73 | $0.68 | $2.05 | $1.42 |
Class A [Member] | ' | ' | ' | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' |
Less Dividends Declared: | 21 | 14 | 69 | 74 |
Undistributed earnings | 190 | 193 | 522 | 406 |
Weighted average number of shares outstanding - Basic | 280 | 283 | 275 | 284 |
Net Income Per Share from Continuing Operations Attributable to Tyson - Basic | $0.75 | $0.73 | $2.15 | $1.69 |
Net Income Per Share Attributable to Tyson - Basic | $0.75 | $0.72 | $2.15 | $1.49 |
Class B [Member] | ' | ' | ' | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' |
Less Dividends Declared: | 5 | 3 | 16 | 16 |
Undistributed earnings | $44 | $43 | $120 | $91 |
Weighted average number of shares outstanding - Basic | 70 | 70 | 70 | 70 |
Net Income Per Share from Continuing Operations Attributable to Tyson - Basic | $0.68 | $0.66 | $1.94 | $1.52 |
Net Income Per Share Attributable to Tyson - Basic | $0.68 | $0.64 | $1.94 | $1.34 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' |
Number Of Classes Of Common Stock | ' | ' | 2 | ' |
Percentage amount of per share cash dividends paid to holders of Class B stock that cannot exceed paid to holders of Class A stock | 90.00% | ' | 90.00% | ' |
Class A [Member] | ' | ' | ' | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' |
Undistributed earnings (losses), ratio used to calculate allocation to class of stock | ' | ' | 1 | ' |
Class B [Member] | ' | ' | ' | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' |
Undistributed earnings (losses), ratio used to calculate allocation to class of stock | ' | ' | 0.9 | ' |
Stock Compensation Plan [Member] | ' | ' | ' | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, shares | 0 | 0 | 4 | 4 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Aggregate Outstanding Notionals Related To Cash Flow Hedges) (Details) (Cash Flow Hedging [Member], Designated as Hedging Instrument [Member], USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | bu | bu |
Corn (in bushels) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 0 | 5,000,000 |
Soy Meal (in tons) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 151,200 | 96,800 |
Foreign Currency [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 1 | 60 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Pretax Impact Of Cash Flow Hedge Derivative Instruments On The Consolidated Statements Of Income) (Details) (Cash Flow Hedging [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Derivative [Line Items] | ' | ' | ' | ' |
Gain/(Loss) Recognized in OCI on Derivatives | ($7) | ($2) | ($2) | ($30) |
Gain/(Loss) Reclassified from OCI to Earnings | 1 | -4 | -2 | -9 |
Commodity Contracts [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain/(Loss) Recognized in OCI on Derivatives | -7 | -5 | -1 | -28 |
Commodity Contracts [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain/(Loss) Reclassified from OCI to Earnings | 1 | -2 | -2 | -5 |
Foreign Currency [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain/(Loss) Recognized in OCI on Derivatives | 0 | 3 | -1 | -2 |
Foreign Currency [Member] | Other, net [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain/(Loss) Reclassified from OCI to Earnings | $0 | ($2) | $0 | ($4) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Aggregate Outstanding Notionals Related To Fair Value Hedges) (Details) (Fair Value Hedging [Member], Designated as Hedging Instrument [Member]) | Jun. 28, 2014 | Sep. 28, 2013 |
lb | lb | |
Live Cattle (in pounds) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 434,000,000 | 209,000,000 |
Lean Hogs (in pounds) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 348,000,000 | 384,000,000 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Pretax Impact Of Fair Value Hedge Derivative Instruments On The Consolidated Statements of Income) (Details) (Fair Value Hedging [Member], Cost of Sales [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Forward Contracts [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain/(Loss) on forwards | ($56) | $11 | ($96) | $26 |
Purchase Contracts [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain/(Loss) on forwards | $56 | ($11) | $96 | ($26) |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Aggregate Outstanding Notionals Related To Undesignated Positions) (Details) (Not Designated as Hedging Instrument [Member], USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | bu | bu |
Corn (in bushels) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 3,000,000 | 69,000,000 |
Soy Meal (in tons) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 82,800 | 204,600 |
Soy Oil (in pounds) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 27,000,000 | 11,000,000 |
Live Cattle (in pounds) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 109,000,000 | 60,000,000 |
Lean Hogs (in pounds) | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 74,000,000 | 159,000,000 |
Foreign Currency [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 92 | 95 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments (Pretax Impact Of Undesignated Derivative Instruments On The Consolidated Statements Of Income) (Details) (Not Designated as Hedging Instrument [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Derivative [Line Items] | ' | ' | ' | ' |
Gain/(Loss) Recognized in Earnings | ($19) | ($17) | ($28) | ($34) |
Commodity Contracts [Member] | Sales [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain/(Loss) Recognized in Earnings | 25 | -7 | 57 | -19 |
Commodity Contracts [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain/(Loss) Recognized in Earnings | -47 | -8 | -89 | -15 |
Foreign Currency [Member] | Other, net [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain/(Loss) Recognized in Earnings | $3 | ($2) | $4 | $0 |
Derivative_Financial_Instrumen8
Derivative Financial Instruments (Fair Value Of All Derivative Instruments) (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Derivative Assets | $46 | $32 |
Derivative Liabilities | 189 | 102 |
Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 5 | 5 |
Derivative Liabilities | 121 | 29 |
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 5 | 4 |
Derivative Liabilities | 121 | 29 |
Designated as Hedging Instrument [Member] | Foreign Currency [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 0 | 1 |
Derivative Liabilities | 0 | 0 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 41 | 27 |
Derivative Liabilities | 68 | 73 |
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 38 | 25 |
Derivative Liabilities | 68 | 72 |
Not Designated as Hedging Instrument [Member] | Foreign Currency [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Assets | 3 | 2 |
Derivative Liabilities | $0 | $1 |
Derivative_Financial_Instrumen9
Derivative Financial Instruments (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Jun. 28, 2014 |
M | |
Derivative [Line Items] | ' |
Maximum length of time hedged forecasted transactions, months | '18 months |
Maximum length Of time hedged undesignated positions, months | 18 |
Grain [Member] | ' |
Derivative [Line Items] | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 6 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets and liabilities posted cash collateral | $172 | $79 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign Exchange Forward Contracts, Assets | 3 | 2 |
Available-for-Sale Securities, Current | 2 | 1 |
Available for Sale Securities, Noncurrent | 93 | 93 |
Deferred Compensation Assets | 235 | 214 |
Total Assets | 365 | 318 |
Foreign Exchange Forward Contracts, Liabilities | 0 | 1 |
Total Liabilities | 6 | 1 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign Exchange Forward Contracts, Assets | 0 | 0 |
Available-for-Sale Securities, Current | 0 | 0 |
Available for Sale Securities, Noncurrent | 0 | 4 |
Deferred Compensation Assets | 15 | 23 |
Total Assets | 15 | 27 |
Foreign Exchange Forward Contracts, Liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign Exchange Forward Contracts, Assets | 3 | 3 |
Available-for-Sale Securities, Current | 2 | 1 |
Available for Sale Securities, Noncurrent | 28 | 24 |
Deferred Compensation Assets | 220 | 191 |
Total Assets | 296 | 248 |
Foreign Exchange Forward Contracts, Liabilities | 0 | 1 |
Total Liabilities | 189 | 102 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign Exchange Forward Contracts, Assets | 0 | 0 |
Available-for-Sale Securities, Current | 0 | 0 |
Available for Sale Securities, Noncurrent | 65 | 65 |
Deferred Compensation Assets | 0 | 0 |
Total Assets | 65 | 65 |
Foreign Exchange Forward Contracts, Liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign Exchange Forward Contracts, Assets | 0 | -1 |
Available-for-Sale Securities, Current | 0 | 0 |
Available for Sale Securities, Noncurrent | 0 | 0 |
Deferred Compensation Assets | 0 | 0 |
Total Assets | -11 | -22 |
Foreign Exchange Forward Contracts, Liabilities | 0 | 0 |
Total Liabilities | -183 | -101 |
Commodity [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity Derivatives | 32 | 8 |
Derivative Financial Instruments, Liabilities | 6 | 0 |
Commodity [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity Derivatives | 0 | 0 |
Derivative Financial Instruments, Liabilities | 0 | 0 |
Commodity [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity Derivatives | 43 | 29 |
Derivative Financial Instruments, Liabilities | 189 | 101 |
Commodity [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity Derivatives | 0 | 0 |
Derivative Financial Instruments, Liabilities | 0 | 0 |
Commodity [Member] | Fair Value, Measurements, Recurring [Member] | Netting [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Commodity Derivatives | -11 | -21 |
Derivative Financial Instruments, Liabilities | ($183) | ($101) |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance at beginning of year | $65 | $86 |
Total realized gains (losses) included in earnings | 0 | 1 |
Total unrealized gains (losses) included in other comprehensive income (loss) | 0 | -1 |
Purchases | 18 | 14 |
Issuances | 0 | 0 |
Settlements | -18 | -35 |
Balance at end of period | 65 | 65 |
Total gains (losses) for the nine-month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period | $0 | $0 |
Fair_Value_Measurements_Schedu2
Fair Value Measurements (Schedule Of Available For Sale Securities) (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Sep. 28, 2013 | Sep. 28, 2013 | Jun. 28, 2014 | Sep. 28, 2013 | Jun. 28, 2014 |
In Millions, unless otherwise specified | U.S. Treasury and Agency [Member] | U.S. Treasury and Agency [Member] | Corporate And Asset-Backed [Member] | Corporate And Asset-Backed [Member] | Common Stock and Warrants [Member] | Common Stock and Warrants [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Maximum [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative Other-than-Temporary Impairment Loss | ' | ' | ' | ' | $6 | ' | ' | ' | ' | ' |
Short Term Investment Maturity Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months |
Available For Sale Securities Debt Maturity Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '35 years |
Unrealized Gain/(Loss) | 1 | 0 | 0 | 1 | 0 | -5 | ' | ' | ' | ' |
Number of shares of Syntroleum Corporation acquired | ' | ' | ' | ' | ' | ' | 0.8 | 0.8 | ' | ' |
Shares able to be purchased through warrants | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' |
Amortized Cost Basis | 26 | 25 | 65 | 64 | 3 | 9 | ' | ' | ' | ' |
Fair Value | $27 | $25 | $65 | $65 | $3 | $4 | ' | ' | ' | ' |
Fair_Value_Measurements_Schedu3
Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Debt) (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Total Debt, Fair Value | $1,963 | $2,541 |
Total Debt, Carrying Value | $1,825 | $2,408 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurement (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | |
Common Stock and Warrants [Member] | Facility Closing [Member] | Operating Segments [Member] | Operating Segments [Member] | ||
Prepared Foods [Member] | Facility Closing [Member] | Facility Closing [Member] | |||
Prepared Foods [Member] | Prepared Foods [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $6 | ' | ' | ' | |
Asset Impairment Charges | ' | $49 | [1] | $49 | $49 |
[1] | Includes $49 million impairment charge related to the planned closure of three Prepared Foods plants. |
Other_Comprehensive_Income_Com
Other Comprehensive Income (Components Of Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Total Other Comprehensive Income (Loss), Before Tax | $3 | ($29) | $13 | ($68) |
Total Other Comprehensive Income (Loss), Tax | 4 | 0 | -1 | 9 |
Total Other Comprehensive Income (Loss), Net of Taxes | 7 | -29 | 12 | -59 |
Derivatives accounted for as cash flow hedges [Member] | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax | -7 | -2 | -2 | -30 |
Other Comprehensive Income (Loss), Before Reclassifications, Tax | 3 | 1 | 1 | 12 |
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax | -4 | -1 | -1 | -18 |
Derivatives accounted for as cash flow hedges [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Before Tax | -1 | 2 | 2 | 5 |
Reclassification from Accumulated Other Comprehensive Income, Tax | 0 | -1 | -1 | -2 |
Reclassification from Accumulated Other Comprehensive Income, Net of Tax | -1 | 1 | 1 | 3 |
Derivatives accounted for as cash flow hedges [Member] | Other, net [Member] | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Before Tax | 0 | 2 | 0 | 4 |
Reclassification from Accumulated Other Comprehensive Income, Tax | 0 | 0 | 0 | -1 |
Reclassification from Accumulated Other Comprehensive Income, Net of Tax | 0 | 2 | 0 | 3 |
Investments [Member] | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax | 0 | 1 | -1 | -2 |
Other Comprehensive Income (Loss), Before Reclassifications, Tax | 0 | 0 | 0 | 1 |
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax | 0 | 1 | -1 | -1 |
Investments [Member] | Other, net [Member] | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Before Tax | 0 | 0 | 6 | -1 |
Reclassification from Accumulated Other Comprehensive Income, Tax | 0 | 0 | -2 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Net of Tax | 0 | 0 | 4 | -1 |
Currency translation [Member] | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax | 10 | -33 | 5 | -29 |
Other Comprehensive Income (Loss), Before Reclassifications, Tax | 2 | 0 | 2 | 0 |
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax | 12 | -33 | 7 | -29 |
Currency translation [Member] | Other, net [Member] | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Before Tax | 0 | 0 | 0 | -19 |
Reclassification from Accumulated Other Comprehensive Income, Tax | 0 | 0 | 0 | -1 |
Reclassification from Accumulated Other Comprehensive Income, Net of Tax | 0 | 0 | 0 | -20 |
Postretirement benefits [Member] | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Total Other Comprehensive Income (Loss), Before Tax | 1 | 1 | 3 | 4 |
Total Other Comprehensive Income (Loss), Tax | -1 | 0 | -1 | 0 |
Total Other Comprehensive Income (Loss), Net of Taxes | $0 | $1 | $2 | $4 |
Segment_Reporting_Segment_Repo
Segment Reporting (Segment Reporting Information, By Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | |||||||||
Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Other [Member] | Other [Member] | Other [Member] | Other [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Bridge Facility Commitment [Member] | Other, net [Member] | Other, net [Member] | Other, net [Member] | Other, net [Member] | ||||||||||||||
Chicken [Member] | Chicken [Member] | Chicken [Member] | Chicken [Member] | Beef [Member] | Beef [Member] | Beef [Member] | Beef [Member] | Pork [Member] | Pork [Member] | Pork [Member] | Pork [Member] | Prepared Foods [Member] | Prepared Foods [Member] | Prepared Foods [Member] | Prepared Foods [Member] | International [Member] | International [Member] | International [Member] | International [Member] | Chicken [Member] | Chicken [Member] | Chicken [Member] | Chicken [Member] | Beef [Member] | Beef [Member] | Beef [Member] | Beef [Member] | Pork [Member] | Pork [Member] | Pork [Member] | Pork [Member] | Prepared Foods [Member] | Operating Segments [Member] | Operating Segments [Member] | Hillshire Brands [Member] | Bridge Facility Commitment [Member] | Bridge Facility Commitment [Member] | ||||||||||||||||||||||||
Prepared Foods [Member] | Prepared Foods [Member] | Hillshire Brands [Member] | Hillshire Brands [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Sales | $9,682 | $8,731 | $27,475 | $25,480 | $2,829 | $2,820 | $8,327 | $8,148 | $4,189 | $3,723 | $11,748 | $10,655 | $1,766 | $1,332 | $4,677 | $4,006 | $901 | $797 | $2,669 | $2,441 | $365 | $343 | $1,020 | $1,001 | ($368) | ($284) | ($966) | ($818) | $2 | $5 | $6 | $13 | $83 | $59 | $213 | $156 | $283 | $220 | $747 | $649 | $0 | $0 | $0 | $47 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Operating Income (Loss) | 351 | 419 | 1,124 | 959 | 195 | 215 | 682 | 471 | 101 | 114 | 194 | 134 | 128 | 67 | 356 | 264 | -50 | [1] | 24 | -13 | [1] | 85 | -15 | 5 | -73 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8 | [2] | -6 | -22 | [2] | 5 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total Other (Income) Expense | 41 | [2] | 34 | 90 | [2] | 85 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Income from Continuing Operations before Income Taxes | 310 | 385 | 1,034 | 874 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Asset Impairment Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49 | [1] | 49 | 49 | ' | ' | ' | ' | ' | ||||||||
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | 7 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Amortization of Financing Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | ' | ' | 22 | 22 | |||||||||
Foreign Currency Transaction Gain (Loss), Realized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | $19 | [3] | ' | ' | ||||||||
[1] | Includes $49 million impairment charge related to the planned closure of three Prepared Foods plants. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Operating income in Other includes $7 million related to third party transaction fees and Other (Income) Expense includes $22 million related to costs associated with bridge financing facilities, both incurred as part of the Hillshire acquisition. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Includes $19 million related to the recognized currency translation adjustment gain |
Segment_Reporting_Segment_Repo1
Segment Reporting Segment Reporting (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Segments | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Number of Operating Segments | ' | ' | 5 | ' | |
Sales | $9,682 | $8,731 | $27,475 | $25,480 | |
Intersegment Elimination [Member] | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Sales | -368 | -284 | -966 | -818 | |
Intersegment Elimination [Member] | Chicken [Member] | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Sales | 2 | 5 | 6 | 13 | |
Intersegment Elimination [Member] | Beef [Member] | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Sales | 83 | 59 | 213 | 156 | |
Intersegment Elimination [Member] | Pork [Member] | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Sales | 283 | 220 | 747 | 649 | |
Hillshire Brands [Member] | Bridge Facility Commitment [Member] | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Amortization of Financing Costs | ' | ' | 22 | ' | |
Facility Closing [Member] | Prepared Foods [Member] | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Asset Impairment Charges | ' | ' | 49 | [1] | ' |
Other, net [Member] | Hillshire Brands [Member] | Bridge Facility Commitment [Member] | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Amortization of Financing Costs | $22 | ' | $22 | ' | |
[1] | Includes $49 million impairment charge related to the planned closure of three Prepared Foods plants. |
Commitments_And_Contingencies_
Commitments And Contingencies Commitments (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Jun. 28, 2014 |
In Millions, unless otherwise specified | Guarantee of Indebtedness of Others [Member] | Residual Value Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ' | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Period (in years) | ' | ' | '10 years | ' |
Maximum potential amount | ' | ' | $55 | $52 |
Guarantor Obligations, Maximum Exposure, Remaining Lease Period (in years) | ' | ' | ' | '13 years |
Amount recoverable through various recourse provisions | ' | ' | ' | 46 |
Potential maximum obligation under cash flow assistance programs | 310 | ' | ' | ' |
Total receivables under cash flow assistance programs | 19 | 44 | ' | ' |
Uncollectible receivables estimated under cash flow assistance programs | $9 | $15 | ' | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies Contingencies (Details) (USD $) | Jun. 28, 2014 | Dec. 07, 2012 | Mar. 17, 2011 | Sep. 26, 2011 | Oct. 31, 2012 | Jan. 30, 2014 | 31-May-13 | Oct. 26, 2013 | Jun. 28, 2014 | Aug. 07, 2014 | Jun. 30, 2005 | Jun. 30, 2005 | Jun. 30, 2005 |
Tyson Fresh Meats Inc [Member] | Garcia Case [Member] | Garcia Case [Member] | Bouaphakeo Case [Member] | Bouaphakeo Case [Member] | Acosta Case [Member] | Acosta Case [Member] | Gomez Case [Member] | Carter Case [Member] | Abadeer Case [Member] | Attorney General and the Secretary of the Environment of the State Of Oklahoma [Member] | Attorney General and the Secretary of the Environment of the State Of Oklahoma [Member] | Attorney General and the Secretary of the Environment of the State Of Oklahoma [Member] | |
Claims | Subsequent Event [Member] | acre | Poultry Integrators [Member] | Subsidiaries [Member] | |||||||||
Integrators | Subsidiary | ||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of cases filed | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Awarded, Value | ' | ' | $503,011 | $5,784,758 | ' | $18,774,989 | $5,733,943 | $4,960,787 | ' | ' | ' | ' | ' |
Granted application for attorneys fees and expenses | ' | 3,609,723 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Filed application for attorneys' fees and expenses | ' | ' | ' | ' | 2,692,145 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Settlement Amount | ' | ' | ' | ' | ' | ' | ' | ' | 950,000 | 7,750,000 | ' | ' | ' |
Loss Contingency, Number of Defendants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 3 |
Area of land encompassed, acres | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' |
Loss contingency, damages sought | ' | ' | ' | ' | ' | ' | $6,258,330 | ' | ' | ' | $800,000,000 | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 | Aug. 05, 2014 | Jul. 16, 2014 | Jul. 02, 2014 | Aug. 05, 2014 | Aug. 05, 2014 | Jul. 31, 2014 | Jun. 28, 2014 | Jul. 31, 2014 | Aug. 05, 2014 | Aug. 05, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Aug. 05, 2014 | Aug. 05, 2014 | Aug. 05, 2014 | Aug. 05, 2014 | Sep. 28, 2013 | Jul. 16, 2014 | Jul. 28, 2014 |
Share data in Millions, except Per Share data, unless otherwise specified | Subsequent Event [Member] | Hillshire Brands [Member] | Hillshire Brands [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Term Loan [Member] | Bridge Facility Commitment [Member] | Bridge Facility Commitment [Member] | Two Point Six Five Percentage Senior Unsecured Notes Due August, Two Thousand and Nineteen [Member] | Tangible Equity Units [Member] | 3-Year Tranche [Member] | 5-Year Tranche A [Member] | 5-Year Tranche B [Member] | Three Point Nine Five Percentage Senior Unsecured Notes Due August, Two Thousand and Twenty Four [Member] | Four Point Eight Eight Percentage Senior Unsecured Notes Due August, Two Thousand and Thirty Four [Member] | Five Point One Five Percentage Senior Unsecured Notes Due August, Two Thousand and Forty Four [Member] | Class A [Member] | Chicken Production Operations in Brazil and Mexico [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | ||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Hillshire Brands [Member] | Hillshire Brands [Member] | Unsecured Debt [Member] | Subsequent Event [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Subsequent Event [Member] | International [Member] | Hillshire Brands [Member] | Chicken Production Operations in Brazil and Mexico [Member] | ||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | International [Member] | |||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Per Share of Common Stock | ' | ' | ' | $63 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination Fee Paid to Third Party | ' | ' | ' | ' | $163,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,900,000,000 | ' |
Minimum Percentage Ownership After Completion of Tender Offer | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bridge Commitments Facility, Term | ' | ' | ' | ' | ' | ' | ' | ' | '364 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed Facility Available to Fund Hillshire Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 8,200,000,000 | 5,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Committed Amount, Senior Unsecured Term Loan | ' | ' | ' | ' | ' | ' | ' | 2,500,000,000 | ' | ' | ' | ' | 1,306,000,000 | 594,000,000 | 600,000,000 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.8 | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 873,000,000 | ' | ' | ' |
Maximum Shares to be Issued Upon Exercise of Over-Allotment Option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.6 | ' | ' | ' |
Tangible Equity Units Issued During Period, Units, New Issues | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangible Equity Unit, Dividend Rate, Percentage | ' | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Tangible Equity Units, Net | ' | ' | 1,454,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangible Equity Units, Stated Amount Per Unit | ' | ' | $50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.65% | 1.50% | ' | ' | ' | 3.95% | 4.88% | 5.15% | ' | ' | ' | ' |
Tangible Equity Units, Settlement, Minimum Common Shares to be Issued at Settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.7 | ' | ' | ' |
Tangible Equity Units, Settlement, Maximum Common Shares to be Issued at Settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.7 | ' | ' | ' |
Tangible Equity Unit, Convertible, Conversion Price | ' | ' | $47.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangible Equity Units, Convertible, Reference Price | ' | ' | $37.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangible Equity Units, Carrying Amount of Equity Component | ' | ' | 1,295,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangible Equity Units, Carrying Amount of Debt Component | ' | ' | 205,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangible Equity Units, Carrying Amount of Debt Component, Current | ' | ' | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | ' | ' | ' | ' | ' | 29,000,000 | ' | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | 3,250,000,000 | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | 1,250,000,000 | 500,000,000 | 500,000,000 | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | 5,000,000 | 6,000,000 | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Unsecured Debt | ' | ' | ' | ' | ' | 3,243,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group, Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 575,000,000 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000,000 | ' | ' |
Minimum Percentage of Shares Required to be Validly Tendered Prior to Tender Offer Expiration | ' | ' | ' | 66.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required Quarterly Principal Payment as a Percentage of Remaining Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Income and Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | |||
Sales | $9,682 | $8,731 | $27,475 | $25,480 | |||
Cost of Sales | 9,045 | 8,049 | 25,502 | 23,791 | |||
Gross Profit | 637 | 682 | 1,973 | 1,689 | |||
Selling, general and administrative | 286 | 263 | 849 | 730 | |||
Operating Income | 351 | 419 | 1,124 | 959 | |||
Other (Income) Expense: | ' | ' | ' | ' | |||
Interest expense, net | 24 | 34 | 72 | 104 | |||
Other, net | 17 | 0 | 18 | -19 | |||
Equity in net earnings of subsidiaries | 0 | 0 | 0 | 0 | |||
Total Other (Income) Expense | 41 | [1] | 34 | 90 | [1] | 85 | [2] |
Income from Continuing Operations before Income Taxes | 310 | 385 | 1,034 | 874 | |||
Income Tax Expense | 52 | 136 | 314 | 285 | |||
Income from Continuing Operations | 258 | 249 | 720 | 589 | |||
Loss from Discontinued Operation, Net of Tax | 0 | -4 | 0 | -70 | |||
Net Income | 258 | 245 | 720 | 519 | |||
Less: Net income (loss) attributable to noncontrolling interest | -2 | -4 | -7 | 2 | |||
Net Income Attributable to Tyson | 260 | 249 | 727 | 517 | |||
Comprehensive Income | 265 | 216 | 732 | 460 | |||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | -2 | -4 | -7 | 2 | |||
Comprehensive Income Attributable to Tyson | 267 | 220 | 739 | 458 | |||
TFI Parent [Member] | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | |||
Sales | 114 | 142 | 429 | 318 | |||
Cost of Sales | 14 | 8 | 35 | 35 | |||
Gross Profit | 100 | 134 | 394 | 283 | |||
Selling, general and administrative | 16 | 19 | 67 | 51 | |||
Operating Income | 84 | 115 | 327 | 232 | |||
Other (Income) Expense: | ' | ' | ' | ' | |||
Interest expense, net | 23 | 9 | 13 | 26 | |||
Other, net | 22 | 0 | 29 | 4 | |||
Equity in net earnings of subsidiaries | -229 | -181 | -532 | -381 | |||
Total Other (Income) Expense | -184 | -172 | -490 | -351 | |||
Income from Continuing Operations before Income Taxes | 268 | 287 | 817 | 583 | |||
Income Tax Expense | 8 | 38 | 90 | 66 | |||
Income from Continuing Operations | 260 | 249 | 727 | 517 | |||
Loss from Discontinued Operation, Net of Tax | 0 | 0 | 0 | 0 | |||
Net Income | 260 | 249 | 727 | 517 | |||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 | |||
Net Income Attributable to Tyson | 260 | 249 | 727 | 517 | |||
Comprehensive Income | 265 | 216 | 732 | 460 | |||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 0 | 0 | 0 | 0 | |||
Comprehensive Income Attributable to Tyson | 265 | 216 | 732 | 460 | |||
TFM Parent, Guarantors [Member] | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | |||
Sales | 5,807 | 4,908 | 16,023 | 14,210 | |||
Cost of Sales | 5,559 | 4,679 | 15,338 | 13,696 | |||
Gross Profit | 248 | 229 | 685 | 514 | |||
Selling, general and administrative | 55 | 54 | 167 | 151 | |||
Operating Income | 193 | 175 | 518 | 363 | |||
Other (Income) Expense: | ' | ' | ' | ' | |||
Interest expense, net | 0 | 15 | 49 | 46 | |||
Other, net | 1 | -1 | 0 | -1 | |||
Equity in net earnings of subsidiaries | -18 | -15 | -30 | -29 | |||
Total Other (Income) Expense | -17 | -1 | 19 | 16 | |||
Income from Continuing Operations before Income Taxes | 210 | 176 | 499 | 347 | |||
Income Tax Expense | 62 | 56 | 158 | 109 | |||
Income from Continuing Operations | 148 | 120 | 341 | 238 | |||
Loss from Discontinued Operation, Net of Tax | 0 | 0 | 0 | 0 | |||
Net Income | 148 | 120 | 341 | 238 | |||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 | |||
Net Income Attributable to Tyson | 148 | 120 | 341 | 238 | |||
Comprehensive Income | 156 | 103 | 348 | 202 | |||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 0 | 0 | 0 | 0 | |||
Comprehensive Income Attributable to Tyson | 156 | 103 | 348 | 202 | |||
Non-Guarantors [Member] | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | |||
Sales | 4,234 | 4,081 | 12,380 | 11,957 | |||
Cost of Sales | 3,945 | 3,762 | 11,486 | 11,065 | |||
Gross Profit | 289 | 319 | 894 | 892 | |||
Selling, general and administrative | 215 | 190 | 615 | 528 | |||
Operating Income | 74 | 129 | 279 | 364 | |||
Other (Income) Expense: | ' | ' | ' | ' | |||
Interest expense, net | 1 | 10 | 10 | 32 | |||
Other, net | -6 | 1 | -11 | -22 | |||
Equity in net earnings of subsidiaries | 0 | 0 | 0 | 0 | |||
Total Other (Income) Expense | -5 | 11 | -1 | 10 | |||
Income from Continuing Operations before Income Taxes | 79 | 118 | 280 | 354 | |||
Income Tax Expense | -18 | 42 | 66 | 110 | |||
Income from Continuing Operations | 97 | 76 | 214 | 244 | |||
Loss from Discontinued Operation, Net of Tax | 0 | -4 | 0 | -70 | |||
Net Income | 97 | 72 | 214 | 174 | |||
Less: Net income (loss) attributable to noncontrolling interest | -2 | -4 | -7 | 2 | |||
Net Income Attributable to Tyson | 99 | 76 | 221 | 172 | |||
Comprehensive Income | 106 | 49 | 220 | 80 | |||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | -2 | -4 | -7 | 2 | |||
Comprehensive Income Attributable to Tyson | 108 | 53 | 227 | 78 | |||
Eliminations [Member] | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | |||
Sales | -473 | -400 | -1,357 | -1,005 | |||
Cost of Sales | -473 | -400 | -1,357 | -1,005 | |||
Gross Profit | 0 | 0 | 0 | 0 | |||
Selling, general and administrative | 0 | 0 | 0 | 0 | |||
Operating Income | 0 | 0 | 0 | 0 | |||
Other (Income) Expense: | ' | ' | ' | ' | |||
Interest expense, net | 0 | 0 | 0 | 0 | |||
Other, net | 0 | 0 | 0 | 0 | |||
Equity in net earnings of subsidiaries | 247 | 196 | 562 | 410 | |||
Total Other (Income) Expense | 247 | 196 | 562 | 410 | |||
Income from Continuing Operations before Income Taxes | -247 | -196 | -562 | -410 | |||
Income Tax Expense | 0 | 0 | 0 | 0 | |||
Income from Continuing Operations | -247 | -196 | -562 | -410 | |||
Loss from Discontinued Operation, Net of Tax | 0 | 0 | 0 | 0 | |||
Net Income | -247 | -196 | -562 | -410 | |||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 | |||
Net Income Attributable to Tyson | -247 | -196 | -562 | -410 | |||
Comprehensive Income | -262 | -152 | -568 | -282 | |||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 0 | 0 | 0 | 0 | |||
Comprehensive Income Attributable to Tyson | ($262) | ($152) | ($568) | ($282) | |||
[1] | Operating income in Other includes $7 million related to third party transaction fees and Other (Income) Expense includes $22 million related to costs associated with bridge financing facilities, both incurred as part of the Hillshire acquisition. | ||||||
[2] | Includes $19 million related to the recognized currency translation adjustment gain |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) (USD $) | Jun. 28, 2014 | Sep. 28, 2013 | Jun. 29, 2013 | Sep. 29, 2012 |
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $587 | $1,145 | $943 | $1,071 |
Accounts receivable, net | 1,624 | 1,497 | ' | ' |
Inventories | 3,061 | 2,817 | ' | ' |
Other current assets | 241 | 145 | ' | ' |
Total Current Assets | 5,513 | 5,604 | ' | ' |
Net Property, Plant and Equipment | 3,941 | 4,053 | ' | ' |
Goodwill | 1,925 | 1,902 | ' | ' |
Intangible Assets | 151 | 138 | ' | ' |
Other Assets | 525 | 480 | ' | ' |
Investment in Subsidiaries | 0 | 0 | ' | ' |
Total Assets | 12,055 | 12,177 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Current debt | 41 | 513 | ' | ' |
Accounts payable | 1,496 | 1,359 | ' | ' |
Other current liabilities | 1,075 | 1,138 | ' | ' |
Total Current Liabilities | 2,612 | 3,010 | ' | ' |
Long-Term Debt | 1,784 | 1,895 | ' | ' |
Deferred Income Taxes | 404 | 479 | ' | ' |
Other Liabilities | 545 | 560 | ' | ' |
Total Tyson Shareholders' Equity | 6,694 | 6,201 | ' | ' |
Noncontrolling Interest | 16 | 32 | ' | ' |
Total Shareholders' Equity | 6,710 | 6,233 | ' | ' |
Total Liabilities and Shareholders' Equity | 12,055 | 12,177 | ' | ' |
TFI Parent [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 1 |
Accounts receivable, net | 1 | 0 | ' | ' |
Inventories | 1 | 0 | ' | ' |
Other current assets | 123 | 351 | ' | ' |
Total Current Assets | 125 | 351 | ' | ' |
Net Property, Plant and Equipment | 30 | 32 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible Assets | 0 | 0 | ' | ' |
Other Assets | 168 | 895 | ' | ' |
Investment in Subsidiaries | 12,456 | 11,975 | ' | ' |
Total Assets | 12,779 | 13,253 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Current debt | 0 | 457 | ' | ' |
Accounts payable | 38 | 27 | ' | ' |
Other current liabilities | 4,127 | 4,625 | ' | ' |
Total Current Liabilities | 4,165 | 5,109 | ' | ' |
Long-Term Debt | 1,771 | 1,770 | ' | ' |
Deferred Income Taxes | 6 | 24 | ' | ' |
Other Liabilities | 143 | 149 | ' | ' |
Total Tyson Shareholders' Equity | 6,694 | 6,201 | ' | ' |
Noncontrolling Interest | 0 | 0 | ' | ' |
Total Shareholders' Equity | 6,694 | 6,201 | ' | ' |
Total Liabilities and Shareholders' Equity | 12,779 | 13,253 | ' | ' |
TFM Parent, Guarantors [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 15 | 21 | 13 | 9 |
Accounts receivable, net | 713 | 571 | ' | ' |
Inventories | 1,270 | 1,039 | ' | ' |
Other current assets | 49 | 88 | ' | ' |
Total Current Assets | 2,047 | 1,719 | ' | ' |
Net Property, Plant and Equipment | 922 | 891 | ' | ' |
Goodwill | 881 | 881 | ' | ' |
Intangible Assets | 17 | 21 | ' | ' |
Other Assets | 149 | 162 | ' | ' |
Investment in Subsidiaries | 2,070 | 2,035 | ' | ' |
Total Assets | 6,086 | 5,709 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Current debt | 0 | 132 | ' | ' |
Accounts payable | 699 | 575 | ' | ' |
Other current liabilities | 308 | 200 | ' | ' |
Total Current Liabilities | 1,007 | 907 | ' | ' |
Long-Term Debt | 1 | 679 | ' | ' |
Deferred Income Taxes | 76 | 93 | ' | ' |
Other Liabilities | 156 | 155 | ' | ' |
Total Tyson Shareholders' Equity | 4,846 | 3,875 | ' | ' |
Noncontrolling Interest | 0 | 0 | ' | ' |
Total Shareholders' Equity | 4,846 | 3,875 | ' | ' |
Total Liabilities and Shareholders' Equity | 6,086 | 5,709 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 572 | 1,124 | 930 | 1,061 |
Accounts receivable, net | 910 | 926 | ' | ' |
Inventories | 1,790 | 1,778 | ' | ' |
Other current assets | 245 | 117 | ' | ' |
Total Current Assets | 3,517 | 3,945 | ' | ' |
Net Property, Plant and Equipment | 2,989 | 3,130 | ' | ' |
Goodwill | 1,044 | 1,021 | ' | ' |
Intangible Assets | 134 | 117 | ' | ' |
Other Assets | 269 | 244 | ' | ' |
Investment in Subsidiaries | 0 | 0 | ' | ' |
Total Assets | 7,953 | 8,457 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Current debt | 41 | 251 | ' | ' |
Accounts payable | 759 | 757 | ' | ' |
Other current liabilities | 866 | 901 | ' | ' |
Total Current Liabilities | 1,666 | 1,909 | ' | ' |
Long-Term Debt | 73 | 241 | ' | ' |
Deferred Income Taxes | 322 | 362 | ' | ' |
Other Liabilities | 246 | 282 | ' | ' |
Total Tyson Shareholders' Equity | 5,630 | 5,631 | ' | ' |
Noncontrolling Interest | 16 | 32 | ' | ' |
Total Shareholders' Equity | 5,646 | 5,663 | ' | ' |
Total Liabilities and Shareholders' Equity | 7,953 | 8,457 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Other current assets | -176 | -411 | ' | ' |
Total Current Assets | -176 | -411 | ' | ' |
Net Property, Plant and Equipment | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible Assets | 0 | 0 | ' | ' |
Other Assets | -61 | -821 | ' | ' |
Investment in Subsidiaries | -14,526 | -14,010 | ' | ' |
Total Assets | -14,763 | -15,242 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Current debt | 0 | -327 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Other current liabilities | -4,226 | -4,588 | ' | ' |
Total Current Liabilities | -4,226 | -4,915 | ' | ' |
Long-Term Debt | -61 | -795 | ' | ' |
Deferred Income Taxes | 0 | 0 | ' | ' |
Other Liabilities | 0 | -26 | ' | ' |
Total Tyson Shareholders' Equity | -10,476 | -9,506 | ' | ' |
Noncontrolling Interest | 0 | 0 | ' | ' |
Total Shareholders' Equity | -10,476 | -9,506 | ' | ' |
Total Liabilities and Shareholders' Equity | ($14,763) | ($15,242) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Cash and Cash Equivalents, Period Increase (Decrease) [Abstract] | ' | ' |
Cash Provided by (Used for) Operating Activities | $543 | $772 |
Cash Flows From Investing Activities: | ' | ' |
Additions to property, plant and equipment | -437 | -425 |
(Purchases of)/ Proceeds from marketable securities, net | -1 | -101 |
Acquisitions, net of cash acquired | -56 | -106 |
Other, net | 44 | 36 |
Cash Used for Investing Activities | -450 | -596 |
Cash Flows From Financing Activities: | ' | ' |
Net change in debt | -379 | -21 |
Purchases of Tyson Class A common stock | -286 | -298 |
Dividends | -76 | -87 |
Stock options exercised | 61 | 93 |
Other, net | 26 | 13 |
Net change in intercompany balances | 0 | 0 |
Cash Used for Financing Activities | -654 | -300 |
Effect of Exchange Rate Changes on Cash | 3 | -4 |
Increase (Decrease) in Cash and Cash Equivalents | -558 | -128 |
Cash and Cash Equivalents at Beginning of Year | 1,145 | 1,071 |
Cash and Cash Equivalents at End of Period | 587 | 943 |
TFI Parent [Member] | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) [Abstract] | ' | ' |
Cash Provided by (Used for) Operating Activities | 12 | 185 |
Cash Flows From Investing Activities: | ' | ' |
Additions to property, plant and equipment | -1 | -3 |
(Purchases of)/ Proceeds from marketable securities, net | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Other, net | 30 | -3 |
Cash Used for Investing Activities | 29 | -6 |
Cash Flows From Financing Activities: | ' | ' |
Net change in debt | -370 | 0 |
Purchases of Tyson Class A common stock | -286 | -298 |
Dividends | -76 | -87 |
Stock options exercised | 61 | 93 |
Other, net | 26 | 13 |
Net change in intercompany balances | 604 | 99 |
Cash Used for Financing Activities | -41 | -180 |
Effect of Exchange Rate Changes on Cash | 0 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | 0 | -1 |
Cash and Cash Equivalents at Beginning of Year | 0 | 1 |
Cash and Cash Equivalents at End of Period | 0 | 0 |
TFM Parent, Guarantors [Member] | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) [Abstract] | ' | ' |
Cash Provided by (Used for) Operating Activities | 264 | 196 |
Cash Flows From Investing Activities: | ' | ' |
Additions to property, plant and equipment | -109 | -82 |
(Purchases of)/ Proceeds from marketable securities, net | 0 | -14 |
Acquisitions, net of cash acquired | 0 | 0 |
Other, net | 1 | 9 |
Cash Used for Investing Activities | -108 | -87 |
Cash Flows From Financing Activities: | ' | ' |
Net change in debt | 0 | 0 |
Purchases of Tyson Class A common stock | 0 | 0 |
Dividends | 0 | 0 |
Stock options exercised | 0 | 0 |
Other, net | 0 | 0 |
Net change in intercompany balances | -162 | -105 |
Cash Used for Financing Activities | -162 | -105 |
Effect of Exchange Rate Changes on Cash | 0 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | -6 | 4 |
Cash and Cash Equivalents at Beginning of Year | 21 | 9 |
Cash and Cash Equivalents at End of Period | 15 | 13 |
Non-Guarantors [Member] | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) [Abstract] | ' | ' |
Cash Provided by (Used for) Operating Activities | 312 | 404 |
Cash Flows From Investing Activities: | ' | ' |
Additions to property, plant and equipment | -327 | -340 |
(Purchases of)/ Proceeds from marketable securities, net | -1 | -87 |
Acquisitions, net of cash acquired | -56 | -106 |
Other, net | 13 | 30 |
Cash Used for Investing Activities | -371 | -503 |
Cash Flows From Financing Activities: | ' | ' |
Net change in debt | -9 | -21 |
Purchases of Tyson Class A common stock | 0 | 0 |
Dividends | -45 | -13 |
Stock options exercised | 0 | 0 |
Other, net | 0 | 0 |
Net change in intercompany balances | -442 | 6 |
Cash Used for Financing Activities | -496 | -28 |
Effect of Exchange Rate Changes on Cash | 3 | -4 |
Increase (Decrease) in Cash and Cash Equivalents | -552 | -131 |
Cash and Cash Equivalents at Beginning of Year | 1,124 | 1,061 |
Cash and Cash Equivalents at End of Period | 572 | 930 |
Eliminations [Member] | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) [Abstract] | ' | ' |
Cash Provided by (Used for) Operating Activities | -45 | -13 |
Cash Flows From Investing Activities: | ' | ' |
Additions to property, plant and equipment | 0 | 0 |
(Purchases of)/ Proceeds from marketable securities, net | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Other, net | 0 | 0 |
Cash Used for Investing Activities | 0 | ' |
Cash Flows From Financing Activities: | ' | ' |
Net change in debt | 0 | 0 |
Purchases of Tyson Class A common stock | 0 | 0 |
Dividends | 45 | 13 |
Stock options exercised | 0 | 0 |
Other, net | 0 | 0 |
Net change in intercompany balances | 0 | 0 |
Cash Used for Financing Activities | 45 | 13 |
Effect of Exchange Rate Changes on Cash | 0 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents at Beginning of Year | 0 | 0 |
Cash and Cash Equivalents at End of Period | $0 | $0 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements Condensed Consolidating Financial Statements (Narrative) (Details) (USD $) | Jun. 28, 2014 |
In Billions, unless otherwise specified | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Amount available under credit facility | $1 |