Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Oct. 03, 2015 | Oct. 31, 2015 | Mar. 28, 2015 | |
Entity Registrant Name | TYSON FOODS INC | ||
Entity Central Index Key | 100,493 | ||
Current Fiscal Year End Date | --10-03 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Oct. 3, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 295,644,459 | ||
Entity Public Float | $ 11,395,283,906 | ||
Class B [Member] | |||
Entity Common Stock, Shares Outstanding | 70,010,805 | ||
Entity Public Float | $ 412,319 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Sales | $ 41,373 | $ 37,580 | $ 34,374 |
Cost of Sales | 37,456 | 34,895 | 32,016 |
Gross Profit | 3,917 | 2,685 | 2,358 |
Operating Expenses: | |||
Selling, General and Administrative | 1,748 | 1,255 | 983 |
Operating Income | 2,169 | 1,430 | 1,375 |
Other (Income) Expense: | |||
Interest income | (9) | (7) | (7) |
Interest expense | 293 | 132 | 145 |
Other, net | (36) | 53 | (20) |
Total Other (Income) Expense | 248 | 178 | 118 |
Income from Continuing Operations before Income Taxes | 1,921 | 1,252 | 1,257 |
Income Tax Expense | 697 | 396 | 409 |
Income from Continuing Operations | 1,224 | 856 | 848 |
Loss from Discontinued Operation, Net of Tax | 0 | 0 | (70) |
Net Income | 1,224 | 856 | 778 |
Net Income (Loss) Attributable to Noncontrolling Interest | 4 | (8) | 0 |
Net Income Attributable to Tyson | 1,220 | 864 | 778 |
Amounts attributable to Tyson: | |||
Net Income from Continuing Operations Attributable to Tyson | 1,220 | 864 | 848 |
Net Loss from Discontinued Operation Attributable to Tyson | $ 0 | $ 0 | $ (70) |
Weighted Average Shares Outstanding: | |||
Diluted | 413 | 364 | 367 |
Net Income per Share from Continuing Operations Attributable to Tyson: | |||
Diluted (USD per share) | $ 2.95 | $ 2.37 | $ 2.31 |
Net Loss Per Share from Discontinued Operation Attributable to Tyson: | |||
Diluted (USD per share) | 0 | 0 | (0.19) |
Net Income Per Share Attributable to Tyson: | |||
Diluted (USD per share) | $ 2.95 | $ 2.37 | $ 2.12 |
Class A [Member] | |||
Weighted Average Shares Outstanding: | |||
Basic | 335 | 284 | 282 |
Net Income per Share from Continuing Operations Attributable to Tyson: | |||
Basic (USD per share) | $ 3.06 | $ 2.48 | $ 2.46 |
Net Loss Per Share from Discontinued Operation Attributable to Tyson: | |||
Basic (USD per share) | 0 | 0 | (0.20) |
Net Income Per Share Attributable to Tyson: | |||
Basic (USD per share) | 3.06 | 2.48 | 2.26 |
Dividends Declared Per Share: | |||
Dividends Declared (USD per share) | $ 0.425 | $ 0.325 | $ 0.310 |
Class B [Member] | |||
Weighted Average Shares Outstanding: | |||
Basic | 70 | 70 | 70 |
Net Income per Share from Continuing Operations Attributable to Tyson: | |||
Basic (USD per share) | $ 2.79 | $ 2.26 | $ 2.22 |
Net Loss Per Share from Discontinued Operation Attributable to Tyson: | |||
Basic (USD per share) | 0 | 0 | (0.18) |
Net Income Per Share Attributable to Tyson: | |||
Basic (USD per share) | 2.79 | 2.26 | 2.04 |
Dividends Declared Per Share: | |||
Dividends Declared (USD per share) | $ 0.383 | $ 0.294 | $ 0.279 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 1,224 | $ 856 | $ 778 |
Other Comprehensive Income (Loss), Net of Taxes: | |||
Derivatives accounted for as cash flow hedges | 2 | 1 | (14) |
Investments | (1) | 4 | (3) |
Currency translation | 36 | (30) | (37) |
Postretirement benefits | 20 | (14) | 9 |
Total Other Comprehensive Income (Loss), Net of Taxes | 57 | (39) | (45) |
Comprehensive Income | 1,281 | 817 | 733 |
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 4 | (8) | 0 |
Comprehensive Income Attributable to Tyson | $ 1,277 | $ 825 | $ 733 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 |
Assets | ||
Cash and cash equivalents | $ 688 | $ 438 |
Accounts receivable, net | 1,620 | 1,684 |
Inventories | 2,878 | 3,274 |
Other current assets | 195 | 379 |
Assets held for sale | 0 | 446 |
Total Current Assets | 5,381 | 6,221 |
Net Property, Plant and Equipment | 5,176 | 5,130 |
Goodwill | 6,667 | 6,706 |
Intangible Assets | 5,168 | 5,276 |
Other Assets | 612 | 623 |
Total Assets | 23,004 | 23,956 |
Liabilities and Shareholders’ Equity | ||
Current debt | 715 | 643 |
Accounts payable | 1,662 | 1,806 |
Other current liabilities | 1,158 | 1,207 |
Liabilities held for sale | 0 | 141 |
Total Current Liabilities | 3,535 | 3,797 |
Long-Term Debt | 6,010 | 7,535 |
Deferred Income Taxes | 2,449 | 2,450 |
Other Liabilities | $ 1,304 | $ 1,270 |
Commitments and Contingencies (Note 20) | ||
Shareholders' Equity: | ||
Capital in excess of par value | $ 4,307 | $ 4,257 |
Retained earnings | 6,813 | 5,748 |
Accumulated other comprehensive loss | (90) | (147) |
Treasury stock, at cost - 47 million shares in 2015 and 40 million shares in 2014 | (1,381) | (1,010) |
Total Tyson Shareholders’ Equity | 9,691 | 8,890 |
Noncontrolling Interests | 15 | 14 |
Total Shareholders’ Equity | 9,706 | 8,904 |
Total Liabilities and Shareholders’ Equity | 23,004 | 23,956 |
Class A [Member] | ||
Shareholders' Equity: | ||
Common stock ($0.10 par value): | 35 | 35 |
Total Tyson Shareholders’ Equity | 35 | 35 |
Class B [Member] | ||
Shareholders' Equity: | ||
Common stock ($0.10 par value): | 7 | 7 |
Total Tyson Shareholders’ Equity | $ 7 | $ 7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Oct. 03, 2015 | Sep. 27, 2014 |
Treasury Stock, shares | 47,000,000 | 40,000,000 |
Class A [Member] | ||
Common stock, par value | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 346,000,000 | 346,000,000 |
Class B [Member] | ||
Common stock, par value | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 70,000,000 | 70,000,000 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Capital In Excess Of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net Of Tax [Member] | Treasury Stock [Member] | Shareholders' Equity Attributable To Tyson [Member] | Equity Attributable To Noncontrolling Interests [Member] | 2008 Warrants [Member]Capital In Excess Of Par Value [Member] | 2008 Warrants [Member]Treasury Stock [Member] | 3.25% Convertible senior notes due October 2013 [Member]Capital In Excess Of Par Value [Member] | 3.25% Convertible senior notes due October 2013 [Member]Treasury Stock [Member] | Class A [Member] | Class A [Member]2008 Warrants [Member] | Class B [Member] |
Balance at beginning of year, Common Stock shares at Sep. 29, 2012 | 322 | 70 | ||||||||||||
Balance at beginning of year, Shareholders' Equity Attributable to Tyson at Sep. 29, 2012 | $ 2,278 | $ 4,327 | $ (63) | $ (569) | $ 32 | $ 7 | ||||||||
Balance at beginning of year, Treasury Stock shares at Sep. 29, 2012 | 33 | |||||||||||||
Balance at beginning of year, Shareholders' Equity Attributable to Noncontrolling Interest at Sep. 29, 2012 | $ 30 | |||||||||||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||||||||
Issuance of Class A common stock, shares | 0 | |||||||||||||
Issuance of Class A common stock | 0 | $ 0 | ||||||||||||
Issuance of tangible equity units | 0 | |||||||||||||
Convertible debt settlement | $ 0 | $ 0 | ||||||||||||
Convertible note hedge settlement | 0 | $ 0 | ||||||||||||
Warrant settlement | $ 0 | $ 0 | ||||||||||||
Stock-based compensation | 14 | $ 162 | ||||||||||||
Net income attributable to Tyson | $ 778 | 778 | ||||||||||||
Dividends | (106) | $ (87) | $ (19) | |||||||||||
Other Comprehensive Income (Loss) | (45) | (45) | ||||||||||||
Purchase of Class A common stock, shares | 24 | 23.9 | ||||||||||||
Purchase of Class A common stock | $ (614) | |||||||||||||
Convertible debt settlement, shares | 0 | |||||||||||||
Convertible note hedge settlement, shares | 0 | |||||||||||||
Warrant settlement, shares | 0 | |||||||||||||
Stock-based compensation, shares | (9) | |||||||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | ||||||||||||
Contributions by noncontrolling interest | 3 | |||||||||||||
Distributions to noncontrolling interest | 0 | |||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | (1) | |||||||||||||
Balance at end of year, Common Stock shares at Sep. 28, 2013 | 322 | 70 | ||||||||||||
Balance at end of year, Shareholders' Equity Attributable to Tyson at Sep. 28, 2013 | 2,292 | 4,999 | (108) | $ (1,021) | $ 6,201 | $ 32 | $ 7 | |||||||
Balance at end of year, Treasury Stock shares at Sep. 28, 2013 | 48 | |||||||||||||
Balance at end of year, Shareholders' Equity Attributable to Noncontrolling Interest at Sep. 28, 2013 | 32 | |||||||||||||
Balance at end of year, Total Shareholders' Equity at Sep. 28, 2013 | 6,233 | |||||||||||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||||||||
Issuance of Class A common stock, shares | 24 | |||||||||||||
Issuance of Class A common stock | 870 | $ 3 | ||||||||||||
Issuance of tangible equity units | 1,255 | |||||||||||||
Convertible debt settlement | (248) | $ 248 | ||||||||||||
Convertible note hedge settlement | 341 | $ (341) | ||||||||||||
Warrant settlement | (289) | $ 289 | ||||||||||||
Stock-based compensation | 36 | $ 110 | ||||||||||||
Net income attributable to Tyson | 864 | 864 | ||||||||||||
Dividends | (115) | $ (94) | $ (21) | |||||||||||
Other Comprehensive Income (Loss) | (39) | (39) | ||||||||||||
Purchase of Class A common stock, shares | 8 | 8.3 | ||||||||||||
Purchase of Class A common stock | $ (295) | |||||||||||||
Convertible debt settlement, shares | (12) | |||||||||||||
Convertible note hedge settlement, shares | 12 | |||||||||||||
Warrant settlement, shares | (12) | (11.7) | ||||||||||||
Stock-based compensation, shares | (4) | |||||||||||||
Net loss attributable to noncontrolling interests | 8 | (8) | ||||||||||||
Contributions by noncontrolling interest | 0 | |||||||||||||
Distributions to noncontrolling interest | (11) | |||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 1 | |||||||||||||
Balance at end of year, Common Stock shares at Sep. 27, 2014 | 346 | 70 | ||||||||||||
Balance at end of year, Shareholders' Equity Attributable to Tyson at Sep. 27, 2014 | $ 8,890 | 4,257 | 5,748 | (147) | $ (1,010) | 8,890 | $ 35 | $ 7 | ||||||
Balance at end of year, Treasury Stock shares at Sep. 27, 2014 | 40 | 40 | ||||||||||||
Balance at end of year, Shareholders' Equity Attributable to Noncontrolling Interest at Sep. 27, 2014 | $ 14 | 14 | ||||||||||||
Balance at end of year, Total Shareholders' Equity at Sep. 27, 2014 | 8,904 | |||||||||||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||||||||
Issuance of Class A common stock, shares | 0 | |||||||||||||
Issuance of Class A common stock | 0 | $ 0 | ||||||||||||
Issuance of tangible equity units | 0 | |||||||||||||
Convertible debt settlement | 0 | $ 0 | ||||||||||||
Convertible note hedge settlement | $ 0 | $ 0 | ||||||||||||
Warrant settlement | $ 0 | $ 0 | ||||||||||||
Stock-based compensation | 50 | $ 124 | ||||||||||||
Net income attributable to Tyson | 1,220 | 1,220 | ||||||||||||
Dividends | (155) | $ (129) | $ (26) | |||||||||||
Other Comprehensive Income (Loss) | 57 | 57 | ||||||||||||
Purchase of Class A common stock, shares | 12 | 11.9 | ||||||||||||
Purchase of Class A common stock | $ (495) | |||||||||||||
Convertible debt settlement, shares | 0 | |||||||||||||
Convertible note hedge settlement, shares | 0 | |||||||||||||
Warrant settlement, shares | 0 | |||||||||||||
Stock-based compensation, shares | (5) | |||||||||||||
Net loss attributable to noncontrolling interests | (4) | 4 | ||||||||||||
Contributions by noncontrolling interest | 0 | |||||||||||||
Distributions to noncontrolling interest | (1) | |||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | (2) | |||||||||||||
Balance at end of year, Common Stock shares at Oct. 03, 2015 | 346 | 70 | ||||||||||||
Balance at end of year, Shareholders' Equity Attributable to Tyson at Oct. 03, 2015 | $ 9,691 | $ 4,307 | $ 6,813 | $ (90) | $ (1,381) | $ 9,691 | $ 35 | $ 7 | ||||||
Balance at end of year, Treasury Stock shares at Oct. 03, 2015 | 47 | 47 | ||||||||||||
Balance at end of year, Shareholders' Equity Attributable to Noncontrolling Interest at Oct. 03, 2015 | $ 15 | $ 15 | ||||||||||||
Balance at end of year, Total Shareholders' Equity at Oct. 03, 2015 | $ 9,706 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Cash Flows From Operating Activities: | |||
Net Income | $ 1,224 | $ 856 | $ 778 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation | 609 | 494 | 474 |
Amortization | 102 | 36 | 45 |
Deferred income taxes | 38 | (105) | (12) |
Convertible debt discount | 0 | (92) | 0 |
Gain on disposition of Business | (177) | 0 | 0 |
Impairment of assets | 285 | 107 | 74 |
Share-based Compensation | 69 | 51 | 36 |
Other, net | 71 | (20) | (10) |
Increase in accounts receivable | 66 | (93) | (126) |
(Increase) decrease in inventories | 220 | (148) | 15 |
Increase (decrease) in accounts payable | (162) | 202 | (12) |
Increase (decrease) in income taxes payable/receivable | 177 | (133) | 80 |
Increase (decrease) in interest payable | (23) | 5 | (1) |
Net changes in other operating assets and liabilities | 71 | 18 | (27) |
Cash Provided by Operating Activities | 2,570 | 1,178 | 1,314 |
Cash Flows from Investing Activities: | |||
Additions to property, plant and equipment | (854) | (632) | (558) |
Purchases of marketable securities | (38) | (18) | (135) |
Proceeds from sale of marketable securities | 52 | 33 | 117 |
Acquisitions, net of cash acquired | 0 | (8,193) | (106) |
Proceeds from sale of businesses | 539 | 0 | 0 |
Other, net | 31 | 10 | 39 |
Cash Provided by (Used for) Investing Activities | (270) | (8,800) | (643) |
Cash Flows from Financing Activities: | |||
Payments on debt | (1,995) | (639) | (91) |
Proceeds from issuance of long-term debt | 501 | 5,576 | 68 |
Borrowings on revolving credit facility | 1,345 | 0 | 0 |
Payments on revolving credit facility | (1,345) | 0 | 0 |
Proceeds from Issuance of Debt Component of Tangible Equity Units | 0 | 205 | 0 |
Proceeds from issuance of common stock, net of issuance costs | 0 | 873 | 0 |
Proceeds from issuance of equity component of tangible equity units | 0 | 1,255 | 0 |
Purchases of Tyson Class A common stock | (495) | (295) | (614) |
Dividends | (147) | (104) | (104) |
Stock options exercised | 84 | 67 | 123 |
Other, net | 17 | (23) | 18 |
Cash Provided by (Used for) Financing Activities | (2,035) | 6,915 | (600) |
Effect of Exchange Rate Change on Cash | (15) | 0 | 3 |
Increase (Decrease) in Cash and Cash Equivalents | 250 | (707) | 74 |
Cash and Cash Equivalents at Beginning of Year | 438 | 1,145 | 1,071 |
Cash and Cash Equivalents at End of Period | $ 688 | $ 438 | $ 1,145 |
Business And Summary Of Signifi
Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Oct. 03, 2015 | |
Accounting Policies [Abstract] | |
Business And Summary Of Significant Accounting Policies | BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business: Tyson Foods, Inc. (collectively, “Company,” “we,” “us” or “our”), founded in 1935 with world headquarters in Springdale, Arkansas, is one of the world's largest food companies with leading brands such as Tyson®, Jimmy Dean®, Hillshire Farm®, Sara Lee®, Ball Park®, Wright®, Aidells® and State Fair®. We are a recognized market leader in chicken, beef and pork as well as prepared foods, including bacon, breakfast sausage, turkey, lunchmeat, hot dogs, pizza crusts and toppings, tortillas and desserts. Consolidation: The consolidated 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. Fiscal Year: We utilize a 52- or 53-week accounting period ending on the Saturday closest to September 30. The Company’s accounting cycle resulted in a 53-week year for fiscal 2015 and a 52-week year for fiscal 2014 and 2013 . Cash and Cash Equivalents: Cash equivalents consist of investments in short-term, highly liquid securities having original maturities of three months or less, which are made as part of our cash management activity. The carrying values of these assets approximate their fair values. We primarily utilize a cash management system with a series of separate accounts consisting of lockbox accounts for receiving cash, concentration accounts where funds are moved to, and several zero-balance disbursement accounts for funding payroll, accounts payable, livestock procurement, grower payments, etc. As a result of our cash management system, checks issued, but not presented to the banks for payment, may result in negative book cash balances. These negative book cash balances are included in accounts payable and other current liabilities. At October 3, 2015 , and September 27, 2014 , checks outstanding in excess of related book cash balances totaled approximately $257 million and $298 million , respectively. Accounts Receivable: We record accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances and charged to the provision for doubtful accounts. We calculate this allowance based on our history of write-offs, level of past due accounts and relationships with and economic status of our customers. At October 3, 2015 , and September 27, 2014 , our allowance for uncollectible accounts was $27 million and $34 million , respectively. We generally do not have collateral for our receivables, but we do periodically evaluate the credit worthiness of our customers. 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, grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories. In fiscal 2015, 63% of the cost of inventories was determined by the first-in, first-out ("FIFO") method as compared to 66% in fiscal 2014. The remaining cost of inventories for both years is determined by the weighted-average method. The following table reflects the major components of inventory at October 3, 2015 , and September 27, 2014 : in millions 2015 2014 Processed products $ 1,631 $ 1,794 Livestock 831 1,066 Supplies and other 416 414 Total inventory $ 2,878 $ 3,274 Property, Plant and Equipment: Property, plant and equipment are stated at cost and generally depreciated on a straight-line method over the estimated lives for buildings and leasehold improvements of 10 to 33 years , machinery and equipment of three to 12 years and land improvements and other of three to 20 years . Major repairs and maintenance costs that significantly extend the useful life of the related assets are capitalized. Normal repairs and maintenance costs are charged to operations. We review the carrying value of long-lived assets at each balance sheet date if indication of impairment exists. Recoverability is assessed using undiscounted cash flows based on historical results and current projections of earnings before interest, taxes, depreciation and amortization. We measure impairment as the excess of carrying value over the fair value of an asset. The fair value of an asset is measured using discounted cash flows including market participant assumptions of future operating results and discount rates. Goodwill and Intangible Assets: Definite life intangibles are initially recorded at fair value and amortized over the estimated period of benefit, which is generally based on the straight-line method over 20 years or less. Amortization expense is generally recognized in selling, general, and administrative expense. We review the carrying value of definite life intangibles at each balance sheet date if indication of impairment exists. Recoverability is assessed using undiscounted cash flows based on historical results and current projections of earnings before interest, taxes, depreciation and amortization. We measure impairment as the excess of carrying value over the fair value of the definite life intangible asset. We use various valuation techniques to estimate fair value, with the primary techniques being discounted cash flows, relief-from-royalty and multi-period excess earnings valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. Goodwill and indefinite life intangible assets are initially recorded at fair value and not amortized, but are reviewed for impairment at least annually or more frequently if impairment indicators arise. Our goodwill is allocated by reporting unit and is evaluated for impairment by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. If it is determined, based on qualitative factors, the fair value of the reporting unit may be more likely than not less than carrying amount, or if significant changes to macro-economic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill impairment test would be required. Additionally, we can elect to forgo the qualitative assessment and perform the quantitative test. The first step of the quantitative test is to identify if a potential impairment exists by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered to have a potential impairment and the second step of the quantitative impairment test is not necessary. However, if the carrying amount of a reporting unit exceeds its fair value, the second step is performed to determine if goodwill is impaired and to measure the amount of impairment loss to recognize, if any. The second step compares the implied fair value of goodwill with the carrying amount of goodwill. If the implied fair value of goodwill exceeds the carrying amount, then goodwill is not considered impaired. However, if the carrying amount of goodwill exceeds the implied fair value, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination (i.e., the fair value of the reporting unit is allocated to all the assets and liabilities, including any unrecognized intangible assets, as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was determined as the exit price a market participant would pay for the same business). We have elected to make the first day of the fourth quarter the annual impairment assessment date for goodwill and indefinite life intangible assets. We estimate the fair value of our reporting units using a discounted cash flow analysis, which uses significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. This analysis requires us to make various judgmental estimates and assumptions about sales, operating margins, growth rates and discount factors and is believed to reflect market participant views which would exist in an exit transaction. Generally, we utilize normalized operating margin assumptions based on future expectations and operating margins historically realized in the reporting units' industries. Some of the inherent estimates and assumptions used in determining fair value of the reporting units are outside the control of management, including interest rates, cost of capital, tax rates and credit ratings. While we believe we have made reasonable estimates and assumptions to calculate the fair value of the reporting units, it is possible a material change could occur. If our actual results are not consistent with our estimates and assumptions used to calculate fair value, we may be required to perform the second step of the quantitative test in future years, which could result in material impairments of our goodwill. The discount rate used in our annual goodwill impairment test decreased to 6.8% in fiscal 2015 from 7.9% in fiscal 2014. The discount rate used in our indefinite life intangible test was 8.0% in fiscal 2015. We did not have material indefinite life intangible assets prior to the acquisition of Hillshire Brands in August 2014. During fiscal 2015, 2014 and 2013, all of our material reporting units that underwent a quantitative test passed the first step of the goodwill impairment analysis and therefore, the second step was not necessary. In fiscal 2015, we recorded a $23 million full impairment of an immaterial reporting unit’s goodwill. For our indefinite life intangible assets, a qualitative assessment can also be performed to determine whether the existence of events and circumstances indicates it is more likely than not an intangible asset is impaired. Similar to goodwill, we can also elect to forgo the qualitative test for indefinite life intangible assets and perform the quantitative test. Upon performing the quantitative test, if the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The fair value of our indefinite life intangible assets is calculated principally using relief-from-royalty and multi-period excess earnings valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy, and is believed to reflect market participant views which would exist in an exit transaction. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. Investments: We have investments in joint ventures and other entities. We generally use the cost method of accounting when our voting interests are less than 20 percent. We use the equity method of accounting when our voting interests are in excess of 20 percent and we do not have a controlling interest or a variable interest in which we are the primary beneficiary. Investments in joint ventures and other entities are reported in the Consolidated Balance Sheets in Other Assets. We also have investments in marketable debt securities. We have determined all of our marketable debt securities are available-for-sale investments. These investments are reported at fair value based on quoted market prices as of the balance sheet date, with unrealized gains and losses, net of tax, recorded in other comprehensive income. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is recorded in interest income. The cost of securities sold is based on the specific identification method. Realized gains and losses on the sale of debt securities and declines in value judged to be other than temporary are recorded on a net basis in other income. Interest and dividends on securities classified as available-for-sale are recorded in interest income. Accrued Self-Insurance: We use a combination of insurance and self-insurance mechanisms in an effort to mitigate the potential liabilities for health and welfare, workers’ compensation, auto liability and general liability risks. Liabilities associated with our risks retained are estimated, in part, by considering claims experience, demographic factors, severity factors and other actuarial assumptions. Other Current Liabilities: Other current liabilities at October 3, 2015 , and September 27, 2014 , include: in millions 2015 2014 Accrued salaries, wages and benefits $ 478 $ 490 Accrued marketing, advertising and promotion expense 192 185 Other 488 532 Total other current liabilities $ 1,158 $ 1,207 Defined Benefit Plans: We recognize the funded status of defined pension and postretirement plans in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of the plan assets and the benefit obligation. We measure our plan assets and liabilities at the end of our fiscal year. For a defined benefit pension plan, the benefit obligation is the projected benefit obligation; for any other defined benefit postretirement plan, such as a retiree health care plan, the benefit obligation is the accumulated postretirement benefit obligation. Any overfunded status is recognized as an asset and any underfunded status is recognized as a liability. Any transitional asset/liability, prior service cost or actuarial gain/loss that has not yet been recognized as a component of net periodic cost is recognized in accumulated other comprehensive income. Accumulated other comprehensive income will be adjusted as these amounts are subsequently recognized as a component of net periodic benefit costs in future periods. Derivative Financial Instruments: We purchase certain commodities, such as grains and livestock in the course of normal operations. As part of our commodity risk management activities, we use derivative financial instruments, primarily futures and options, to reduce our exposure to various market risks related to these purchases, as well as to changes in foreign currency exchange rates. Contract terms of a financial instrument qualifying as a hedge instrument closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. Contracts designated and highly effective at meeting risk reduction and correlation criteria are recorded using hedge accounting. If a derivative instrument is accounted for as a hedge, changes in the fair value of the instrument will be offset either against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of an instrument’s change in fair value is immediately recognized in earnings as a component of cost of sales. Instruments we hold as part of our risk management activities that do not meet the criteria for hedge accounting are marked to fair value with unrealized gains or losses reported currently in earnings. Changes in market value of derivatives used in our risk management activities relating to forward sales contracts are recorded in sales, while changes surrounding inventories on hand or anticipated purchases of inventories or supplies are recorded in cost of sales. We generally do not hedge anticipated transactions beyond 18 months. Revenue Recognition: We recognize revenue when title and risk of loss are transferred to customers, which is generally on delivery based on terms of sale. Revenue is recognized as the net amount estimated to be received after deducting estimated amounts for discounts, trade allowances and product returns. Litigation Reserves: There are a variety of legal proceedings pending or threatened against us. Accruals are recorded when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated based on current law, progress of each case, opinions and views of legal counsel and other advisers, our experience in similar matters and intended response to the litigation. These amounts, which are not discounted and are exclusive of claims against third parties, are adjusted periodically as assessment efforts progress or additional information becomes available. We expense amounts for administering or litigating claims as incurred. Accruals for legal proceedings are included in Other current liabilities in the Consolidated Balance Sheets. Freight Expense: Freight expense associated with products shipped to customers is recognized in cost of sales. Advertising and Promotion Expenses: Advertising and promotion expenses are charged to operations in the period incurred. Customer incentive and trade promotion activities are recorded as a reduction to sales based on amounts estimated as being due to customers, based primarily on historical utilization and redemption rates, while other advertising and promotional activities are recorded as selling, general and administrative expenses. Advertising and promotion expenses for fiscal 2015 , 2014 and 2013 were $966 million , $641 million and $555 million , respectively. Research and Development: Research and development costs are expensed as incurred. Research and development costs totaled $75 million , $52 million and $50 million in fiscal 2015 , 2014 and 2013 , respectively. Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Reclassification: We reclassified Share-based compensation expense, which was previously included in Other, net within the cash flows from operating activities in the Consolidated Statements of Cash Flows to conform to the current period presentation. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronoucements | 12 Months Ended |
Oct. 03, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | RECENTLY ISSUED ACCOUNTING PRONOUCEMENTS In May 2014, the Financial Accounting Standards Board (FASB) issued guidance changing the criteria for recognizing revenue. The guidance provides for a single five-step model to be applied to all revenue contracts with customers. The standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. This guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. Early adoption is permitted for fiscal years beginning after December 15, 2016. The Company is currently evaluating the impact this guidance will have on our consolidated financial statements. In February 2015, the FASB issued guidance changing the analysis procedures that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The new guidance affects the following areas: (1) limited partnerships and similar legal entities, (2) evaluating fees paid to a decision maker or a service provider as a variable interest, (3) the effect of fee arrangements on the primary beneficiary determination, (4) the effect of related parties on the primary beneficiary determination, and (5) certain investment funds. This guidance is effective for annual reporting periods and interim periods within those annual reporting periods, beginning after December 15, 2015, our fiscal 2017. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on our consolidated financial statements. In April 2015, the FASB issued guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2015, our fiscal 2017. Early adoption is permitted. This new guidance is not expected to have a material impact on our consolidated financial statements. In April 2015, the FASB issued guidance on the recognition of fees paid by a customer for cloud computing arrangements. The new guidance clarifies that if a cloud computing arrangement includes a software license, the customer should account for the software license consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2015, our fiscal 2017. The Company is currently evaluating the impact this guidance will have on our consolidated financial statements. In July 2015, the FASB issued guidance which requires management to evaluate inventory at the lower of cost and net realizable value. 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 permitted and the prospective transition method should be applied. The Company is currently evaluating the impact this guidance will have on our consolidated 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 it in fiscal 2014. The adoption did not have a significant impact on our consolidated financial statements. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Oct. 03, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | ACQUISITIONS AND DISPOSITIONS Acquisitions On August 28, 2014, we acquired all of the outstanding stock of The Hillshire Brands Company ("Hillshire Brands") as part of our strategic expansion initiative. The purchase price was equal to $63.00 per share for Hillshire Brands' outstanding common stock, or $8,081 million . In addition, we paid $163 million in cash for breakage costs incurred by Hillshire Brands related to a previously announced acquisition. We funded the acquisition with existing cash on hand, net proceeds from the issuance of new senior notes, Class A common stock (Class A stock), and tangible equity units as well as borrowings under a new term loan facility (refer to Note 7: Debt and Note 8: Equity). Hillshire Brands' results from operations subsequent to the acquisition closing are included in the Prepared Foods segment. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date. The purchase price was allocated based on information available at the acquisition date. During fiscal 2015, we recorded measurement period adjustments, which reduced goodwill by $14 million , after obtaining additional information regarding, among other things, asset valuations and liabilities assumed. The amount was not considered material and therefore prior periods have not been revised. The purchase price allocation was finalized during the fourth quarter of fiscal 2015. in millions Cash and cash equivalents $ 72 Accounts receivable 236 Inventories 414 Other current assets 343 Property, Plant and Equipment 1,301 Goodwill 4,790 Intangible Assets 5,141 Other Assets 64 Accounts payable (347 ) Other current liabilities (327 ) Long-Term Debt (869 ) Deferred Income Taxes (2,074 ) Other Liabilities (500 ) Net asset acquired $ 8,244 The fair value of identifiable intangible assets at the acquisition date is as follows: in millions Intangible Asset Category Type Life in Years Fair Value Brands & trademarks Non-amortizable Indefinite $ 4,062 Brands & trademarks Amortizable 20 years 532 Customer relationships Amortizable Weighted average life of 16 years 541 Non-compete agreements Amortizable 1 year 6 Total identifiable intangible assets $ 5,141 As a result of the acquisition, we recognized a total of $4,790 million of goodwill. The purchase price was assigned to assets acquired and liabilities assumed based on their estimated fair values as of the date of acquisition, and any excess was allocated to goodwill, as shown in the table above. Goodwill represents the value we expect to achieve through the implementation of operational synergies and growth opportunities primarily in our Prepared Foods segment. We completed the allocation of goodwill to our segments in the fourth quarter of fiscal 2015 using the with-and-without approach of the synergy impact to fair value of our reporting units. The allocation of goodwill to our Chicken, Beef, Pork, and Prepared Foods segments was $658 million , $113 million , $106 million and $3,913 million , respectively. The fair value of this goodwill is not deductible for United States income tax purposes. We used various valuation techniques to determine fair value, with the primary techniques being discounted cash flow analysis, relief-from-royalty and multi-period excess earnings valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. The acquisition of Hillshire Brands was accounted for using the acquisition method of accounting, and consequently, the results of operations for Hillshire Brands are reported in our consolidated financial statements from the date of acquisition. The following unaudited pro forma information presents the combined results of operations as if the acquisition of Hillshire Brands had occurred at the beginning of fiscal 2013. Hillshire Brands' pre-acquisition results have been added to our historical results. The pro forma results contained in the table below include adjustments for amortization of acquired intangibles, depreciation expense, interest expense related to the financing and related income taxes. Any potential cost savings or other operational efficiencies that could result from the acquisition are not included in these pro forma results. The 2013 pro forma results include transaction related expenses incurred by Hillshire Brands prior to the acquisition of $168 million , including items such as consultant fees, accelerated stock compensation and other deal costs; transaction related expenses incurred by the Company of $115 million , including fees paid to third parties, financing costs and other deal costs; and $32 million of expense related to the fair value inventory adjustment at the date of acquisition. These pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations as they would have been had the acquisitions occurred on the assumed dates, nor is it necessarily an indication of future operating results. in millions (unaudited) 2014 2013 Pro forma sales $ 41,311 $ 38,195 Pro forma net income from continuing operations attributable to Tyson 1,047 655 Pro forma net income per diluted share from continuing operations attributable to Tyson $ 2.50 $ 1.52 During fiscal 2014 we acquired a 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 was $106 million , which included $50 million for Property, Plant and Equipment, $41 million allocated to Intangible Assets and $12 million allocated to Goodwill. Dispositions In fiscal 2014, we announced our plan to sell our Brazil and Mexico operations, which are included in Other, to JBS SA ("JBS") for $575 million in cash less debt and other adjustments. As a result, we conducted an impairment test and recorded a $39 million impairment charge in the fourth quarter of fiscal 2014 related to our Brazil operation. We completed the sale of the Brazil operation in the first quarter of fiscal 2015 and received net proceeds of $148 million including working capital, net debt adjustments and cash transferred. The sale did not result in a significant gain or loss as the carrying value of the Brazil operation approximated the sales proceeds at the time of sale. We completed the sale of the Mexico operation in the fourth quarter of fiscal 2015 and received net proceeds of approximately $374 million including working capital, net debt adjustments and cash transferred. As a result of the sale, we recorded a pre-tax gain of $161 million , which is reflected in Cost of Sales in our Consolidated Statements of Income. We utilized the net proceeds to retire the 2.75% senior notes due September 2015. The assets and liabilities related to the Brazil and Mexico operations were classified as held for sale on the balance sheet at September 27, 2014. The following table summarizes the net assets and liabilities held for sale: in millions 2014 Assets held for sale: Accounts receivable, net $ 74 Inventories 141 Other current assets 72 Net property, plant and equipment 132 Goodwill 16 Other assets 11 Total assets held for sale $ 446 Liabilities held for sale: Current debt $ 32 Accounts payable 61 Other current liabilities 27 Long-term debt 9 Deferred income taxes 12 Total liabilities held for sale $ 141 In the fourth quarter of fiscal 2015, to better align our overall production capacity with current cattle supplies, we ceased beef operations at our Denison, Iowa plant. As a result, we recorded $12 million in closure and impairment charges during the fourth quarter of fiscal 2015. These charges impact the Beef segment’s operating income and are reflected in Cost of Sales in our Consolidated Statements of Income. In the fourth quarter of fiscal 2015, we recorded $59 million impairment and other related charges associated with a Prepared Foods project designed to optimize the combined Tyson and Hillshire Brands network capacity and to enhance manufacturing efficiencies for the future. As a result of this project, we expect to close our Chicago, Illinois hospitality plant and our Jefferson, Wisconsin plant in the back half of fiscal 2016. These charges are reflected in the Prepared Foods segment’s operating income, of which $49 million is included in the Consolidated Statements of Income in Cost of Sales and $10 million is included in the Consolidated Statements of Income in Selling, General and Administrative. In fiscal 2015, as part of our ongoing efforts to increase efficiencies in our Chicken business, we announced the planned closure of our Buena Vista, Georgia plant. The plant closed in May 2015 and the closure costs did not have a significant impact on the Company's operating results. In fiscal 2014, we recorded impairment charges of $52 million related to the closure of three Prepared Foods plants. The Company’s Cherokee, Iowa plant closed in September 2014 and the Buffalo, New York and Santa Teresa, New Mexico plants each closed in January 2015. Additionally, in April 2014, Hillshire Brands announced that it would discontinue all production at its Florence, Alabama plant. The plant closed in December 2014 and the closure costs did not have a significant impact on the Company's financial results. In fiscal 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. 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 Statements of Income. We will recognize the future contingent payments in income as the required volumes are produced. |
Discontinued Operation
Discontinued Operation | 12 Months Ended |
Oct. 03, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operation [Text Block] | DISCONTINUED OPERATION After conducting an assessment during fiscal 2013 of our long-term business strategy in China, we determined our Weifang operation (Weifang), which is included in Other in Note 17: Segment Reporting, 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 based on the accounting guidance in effect at that time. 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 period's results, including the impairment charge, have been reclassified and presented as a discontinued operation in our Consolidated Statements of Income. The following is a summary of the discontinued operation's results: in millions 2015 2014 2013 Sales $ — $ — $ 108 Pretax loss — — (68 ) Income tax expense — — 2 Loss from discontinued operation, net of tax $ — $ — $ (70 ) |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Oct. 03, 2015 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT The following table reflects major categories of property, plant and equipment and accumulated depreciation at October 3, 2015 , and September 27, 2014 : in millions 2015 2014 Land $ 122 $ 126 Building and leasehold improvements 3,581 3,501 Machinery and equipment 6,452 6,144 Land improvements and other 286 276 Buildings and equipment under construction 375 334 10,816 10,381 Less accumulated depreciation 5,640 5,251 Net property, plant and equipment $ 5,176 $ 5,130 Approximately $565 million will be required to complete buildings and equipment under construction at October 3, 2015 . |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Oct. 03, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The following table reflects goodwill activity for fiscal 2015 and 2014 : in millions Chicken Beef Pork Prepared Foods Other (a) Unallocated Consolidated Balance at September 28, 2013 Goodwill $ 908 $ 1,123 $ 317 $ 75 $ 68 $ — $ 2,491 Accumulated impairment losses — (560 ) — — (29 ) — (589 ) 908 563 317 75 39 — 1,902 Fiscal 2014 Activity: Acquisition — — — 18 5 4,804 4,827 Reclass to assets held for sale — — — — (16 ) — (16 ) Impairment losses — — — — (5 ) — (5 ) Currency translation and other (1 ) — — (1 ) — — (2 ) Balance at September 27, 2014 Goodwill 907 1,123 317 92 57 4,804 7,300 Accumulated impairment losses — (560 ) — — (34 ) — (594 ) $ 907 $ 563 $ 317 $ 92 $ 23 $ 4,804 $ 6,706 Fiscal 2015 Activity: Acquisition $ — $ — $ — $ — $ — $ — $ — Measurement period adjustments — — — — — (14 ) (14 ) Allocation of acquired goodwill 658 113 106 3,913 — (4,790 ) — Impairment losses — — — — (23 ) — (23 ) Currency translation and other (2 ) — — — — — (2 ) Balance at October 3, 2015 Goodwill 1,563 1,236 423 4,005 57 — 7,284 Accumulated impairment losses — (560 ) — — (57 ) — (617 ) $ 1,563 $ 676 $ 423 $ 4,005 $ — $ — $ 6,667 (a) Other included the goodwill from our international chicken operation. On August 28, 2014, we acquired and consolidated Hillshire Brands. The unallocated portion of goodwill at September 27, 2014, is attributable to our acquisition of Hillshire Brands. During fiscal 2015, we recorded measurement period adjustments, which reduced goodwill by $14 million and completed the allocation of goodwill to our segments (see Note 3: Acquisitions and Dispositions). The following table reflects intangible assets by type at October 3, 2015 , and September 27, 2014 : in millions 2015 2014 Amortizable intangible assets: Brands and trademarks $ 594 $ 611 Customer relationships 564 570 Patents, intellectual property and other 115 136 Non-compete agreements — 6 Land use rights 9 8 Total gross amortizable intangible assets $ 1,282 $ 1,331 Less accumulated amortization 192 133 Total net amortizable intangible assets $ 1,090 $ 1,198 Brands and trademarks not subject to amortization 4,078 4,078 Total intangible assets $ 5,168 $ 5,276 Amortization expense of $92 million , $26 million and $17 million was recognized during fiscal 2015 , 2014 and 2013 , respectively. We estimate amortization expense on intangible assets for the next five fiscal years subsequent to October 3, 2015 , will be: 2016 - $80 million ; 2017 - $78 million ; 2018 - $76 million ; 2019 - $72 million ; 2020 - $69 million . |
Debt
Debt | 12 Months Ended |
Oct. 03, 2015 | |
Debt Instruments [Abstract] | |
Debt | DEBT The following table reflects major components of debt as of October 3, 2015 , and September 27, 2014 : in millions 2015 2014 Revolving credit facility $ — $ — Senior notes: 2.75% Senior notes due September 2015 (2015 Notes) — 407 6.60% Senior notes due April 2016 638 638 7.00% Notes due May 2018 120 120 2.65% Notes due August 2019 1,000 1,000 4.10% Notes due September 2020 285 287 4.50% Senior notes due June 2022 1,000 1,000 3.95% Notes due August 2024 1,250 1,250 7.00% Notes due January 2028 18 18 6.13% Notes due November 2032 163 164 4.88% Notes due August 2034 500 500 5.15% Notes due August 2044 500 500 Discount on senior notes (10 ) (12 ) Term loans: 3-year tranche A — 1,172 3-year tranche B (1.31% at 10/3/2015) 500 — 5-year tranche A — 353 5-year tranche B (1.69% at 10/3/2015) 552 552 Amortizing Notes - Tangible Equity Units (see Note 8: Equity) 140 205 Other 69 24 Total debt 6,725 8,178 Less current debt 715 643 Total long-term debt $ 6,010 $ 7,535 Annual maturities of debt for the five fiscal years subsequent to October 3, 2015 , are: 2016 - $715 million ; 2017 - $79 million ; 2018 - $627 million ; 2019 - $1,559 million ; 2020 - $285 million . Revolving Credit Facility We have a $1.25 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 September 2019 . After reducing for the amount borrowed and outstanding letters of credit issued under this facility, the amount available for borrowing at October 3, 2015 , was $1,244 million . At October 3, 2015 , we had outstanding letters of credit issued under this facility totaling $6 million , none of which were drawn upon. We had an additional $93 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 leasing obligations and workers’ compensation insurance programs. 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. 2013 Notes In September 2008, we issued $458 million principal amount 3.25% convertible senior unsecured notes 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 in fiscal 2014 resulting in the issuance of 11.7 million shares of Class A stock. 2015 Notes In July 2015, we exercised an early redemption option to retire the outstanding $401 million balance of the 2015 Notes using cash proceeds from the sale of the Mexico operation as further described in Note 3: Acquisitions and Dispositions. Term Loans In April 2015, we entered into a term loan agreement, which provided total borrowings in an aggregate principal amount of $500 million , the full balance of which was used to prepay outstanding borrowings under the existing 3 -year tranche A term loan facility. The $500 million 3 -year tranche B term loan facility is due April 7, 2018. Interest is reset based on the selected LIBOR interest period plus 1.125% . Debt Covenants Our revolving credit and term loan facilities contain 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 senior 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 October 3, 2015 . |
Equity
Equity | 12 Months Ended |
Oct. 03, 2015 | |
Equity [Abstract] | |
Equity | EQUITY Capital Stock We have two classes of capital stock, Class A stock, $0.10 par value and Class B Common Stock, $0.10 par value (Class B stock). Holders of Class B stock may convert such stock into Class A stock on a share-for-share basis. Holders of Class B stock are entitled to 10 votes per share, while holders of Class A stock are entitled to one vote per share on matters submitted to shareholders for approval. As of October 3, 2015 , Tyson Limited Partnership (the TLP) owned 99.985% of the outstanding shares of Class B stock and the TLP and members of the Tyson family owned, in the aggregate, 1.79% of the outstanding shares of Class A stock, giving them, collectively, control of approximately 70.64% of the total voting power of the outstanding voting stock. The Class B stock is considered a participating security requiring the use of the two-class method for the computation of basic earnings per share. The two-class computation method for each period reflects the cash dividends paid for each class of stock, plus the amount of allocated undistributed earnings (losses) computed using the participation percentage, which reflects the dividend rights of each class of stock. Basic earnings per share were computed using the two-class method for all periods presented. The shares of Class B stock are considered to be participating convertible securities since the shares of Class B stock are convertible on a share-for-share basis into shares of Class A stock. Diluted earnings per share were computed assuming the conversion of the Class B shares into Class A shares as of the beginning of each period. Dividends 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 the cash dividend paid to holders of Class B stock cannot exceed 90% of the cash dividend simultaneously paid to holders of Class A stock. We pay quarterly cash dividends to Class A and Class B shareholders. We paid Class A dividends per share of $0.40 , $0.30 , and $0.30 in fiscal 2015, 2014, and 2013, respectively. We paid Class B dividends per share of $0.36 , $0.27 , and $0.27 in fiscal 2015, 2014, and 2013, respectively. Fiscal 2013 included a special dividend of $0.10 per share for Class A stock and $0.09 per share for Class B. On November 19, 2015, the Board of Directors increased the quarterly dividend previously declared on July 30, 2015, to $0.15 per share on our Class A stock and $0.135 per share on our Class B stock. The increased quarterly dividend is payable on December 15, 2015, to shareholders of record at the close of business on December 1, 2015. Share Repurchases In fiscal 2014, our Board of Directors approved an increase of 25 million shares authorized for repurchase under our share repurchase program. As of October 3, 2015 , 21.1 million shares remained available for repurchase. 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, market conditions, liquidity targets, 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. A summary of cumulative share repurchases of our Class A Stock is as follows: in millions October 3, 2015 September 27, 2014 September 28, 2013 Shares Dollars Shares Dollars Shares Dollars Shares repurchased: Under share repurchase program 11.0 $ 455 7.1 $ 250 21.1 $ 550 To fund certain obligations under equity compensation plans 0.9 40 1.2 45 2.8 64 Total share repurchases 11.9 $ 495 8.3 $ 295 23.9 $ 614 Subsequent to October 3, 2015, we have repurchased approximately 5.7 million shares of our common stock under our share repurchase program. These shares were repurchased for $257 million . Share Issuance In fiscal 2014, we issued 23.8 million shares of our Class A stock, to provide funding for the Hillshire Brands acquisition. Total proceeds, net of underwriting discounts and other offering related fees and expenses were $873 million . Tangible Equity Units In fiscal 2014, we completed the public issuance of 30 million , 4.75% tangible equity units (TEUs). Total proceeds, net of underwriting discounts and other expenses, were $1,454 million . Each TEU, which has a stated amount of $50 , is comprised of a prepaid stock purchase contract and a senior amortizing note due July 15, 2017. We allocated the proceeds from the issuance of the TEUs to equity and debt based on the relative fair values of the respective components of each TEU. The fair value of the prepaid stock purchase contracts, which was $1,295 million , was recorded in Capital in Excess of Par Value, net of issuance costs. The fair value of the senior amortizing notes, which was $205 million , was recorded in debt. Issuance costs associated with the TEU debt were recorded as deferred financing costs in the Consolidated Balance Sheets in Other Assets and are amortized over the term of the instrument to July 15, 2017. The aggregate values assigned upon issuance of each component of the TEU's, based on the relative fair value of the respective components of each TEU, were as follows: in millions, except price per TEU Equity Component Debt Component Total Price per TEU $ 43.17 $ 6.83 $ 50.00 Gross Proceeds 1,295 205 1,500 Issuance cost (40 ) (6 ) (46 ) Net proceeds $ 1,255 $ 199 $ 1,454 Each senior amortizing note has an initial principal amount of $6.83 and bears interest at 1.5% per annum. On each January 15, April 15, July 15 and October 15, we will pay equal quarterly cash installments of $0.59 per amortizing note which cash payment in the aggregate (principal and interest) is equivalent to 4.75% per year with respect to the $50 stated amount per TEU. Each installment constitutes a payment of interest and partial repayment of principal. Unless settled earlier at the holder's or the Company's option, each purchase contract will automatically settle on July 15, 2017, subject to postponement in certain limited circumstances. We will deliver between a minimum of 31.8 million shares and a maximum of 39.8 million shares of our Class A stock, subject to adjustment, based upon the Applicable Market Value (as defined below) of our Class A stock as described below: • If the Applicable Market Value is equal to or greater than the conversion price of $47.14 per share, we will deliver 1.0606 shares of Class A stock per purchase contract, or a minimum of 31.8 million Class A shares. • If the Applicable Market Value is greater than the reference price of $37.71 but less than the conversion price of $47.14 per share, we will deliver a number of shares per purchase contract equal to $50 , divided by the Applicable Market Value. • If the Applicable Market Value is less than or equal to the reference price of $37.71 per share, we will deliver 1.3260 shares of Class A stock per purchase contract, or a maximum of 39.8 million Class A shares. The "Applicable Market Value" means the average of the closing prices of our Class A stock on each of the 20 consecutive trading days beginning on, and including, the 23rd scheduled trading day immediately preceding July 15, 2017. On September 15, 2015, we paid our quarterly dividend to shareholders of record at September 1, 2015, equal to $0.10 per share on our Class A stock. The amount of the distribution exceeded the $0.075 per share dividend threshold amount. Consequently, the settlement rates, reference price and conversion price were adjusted and are reflected above. The TEUs have a dilutive effect on our earnings per share. The 31.8 million minimum shares to be issued are included in the calculation of Class A Basic weighted average shares. The 8 million share difference between the minimum shares and the 39.8 million maximum shares are potentially dilutive securities, and accordingly, are included in our diluted earnings per share on a pro rata basis to the extent the Applicable Market Value is higher than the reference price but is less than the conversion price. |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 03, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Detail of the provision for income taxes from continuing operations consists of the following: in millions 2015 2014 2013 Federal $ 564 $ 325 $ 341 State 89 67 38 Foreign 44 4 30 $ 697 $ 396 $ 409 Current $ 659 $ 501 $ 421 Deferred 38 (105 ) (12 ) $ 697 $ 396 $ 409 The reasons for the difference between the statutory federal income tax rate and our effective income tax rate from continuing operations are as follows: 2015 2014 2013 Federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes 3.1 2.8 2.4 Unrecognized tax benefits, net (1.8 ) (4.7 ) (0.2 ) Domestic production deduction (3.7 ) (4.0 ) (3.2 ) Foreign rate differences and valuation allowances 3.8 2.8 0.3 Other (0.1 ) (0.3 ) (1.7 ) 36.3 % 31.6 % 32.6 % During fiscal 2015, the domestic production deduction and changes in unrecognized tax benefits decreased tax expense by $72 million and $34 million , respectively, and state tax expense, net of federal tax benefit, was $59 million . Additionally, foreign rate differences, mostly driven by the China impairment, unfavorably impacted tax expense by $73 million . The sale of the Mexico and Brazil operations and related repatriation of proceeds did not have a significant impact on the effective income tax rate. During fiscal 2014, the domestic production deduction and the decrease in unrecognized tax benefits decreased tax expense by $50 million and $58 million , respectively. During fiscal 2013, the domestic production deduction and estimated general business credits decreased tax expense by $40 million and $17 million , respectively. Approximately $1,908 million , $1,270 million , and $1,204 million of income from continuing operations before income taxes for fiscal 2015 , 2014 and 2013 , respectively, were from our domestic operations based in the United States. We recognize deferred income taxes for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The tax effects of major items recorded as deferred tax assets and liabilities as of October 3, 2015 , and September 27, 2014 , are as follows: in millions 2015 2014 Deferred Tax Deferred Tax Assets Liabilities Assets Liabilities Property, plant and equipment $ — $ 783 $ — $ 732 Intangible assets — 2,000 — 2,031 Accrued expenses 439 — 474 — Net operating loss and other carryforwards 97 — 96 — Other 122 238 125 269 $ 658 $ 3,021 $ 695 $ 3,032 Valuation allowance $ (68 ) $ (51 ) Net deferred tax liability $ 2,431 $ 2,388 We record deferred tax amounts in Other current assets, Other Assets, Other current liabilities and Deferred Income Taxes in the Consolidated Balance Sheets. At October 3, 2015 , our gross state tax net operating loss carryforwards approximated $938 million and expire in fiscal years 2016 through 2035 . Gross foreign net operating loss carryforwards approximated $29 million and expire in fiscal years 2016 through 2021 . We also have tax credit carryforwards of approximately $46 million that expire in fiscal years 2016 through 2035 . We have accumulated undistributed earnings of foreign subsidiaries aggregating approximately $139 million and $403 million at October 3, 2015 , and September 27, 2014 , respectively. In fiscal 2015, the Company completed the sales of the Mexico and Brazil operations and repatriated the related net proceeds resulting in a significant decrease in the balance of accumulated undistributed earnings. The accumulated undistributed earnings at October 3, 2015 are expected to be indefinitely reinvested outside of the United States. If those earnings were distributed in the form of dividends or otherwise, we could be subject to federal income taxes (subject to an adjustment for foreign tax credits), state income taxes and withholding taxes payable to the various foreign countries. Due to the uncertainty of the manner in which the undistributed earnings would be brought back to the United States, the tax laws in effect at that time, as well as the availability of the Company to claim foreign tax credits, it is not currently practicable to estimate the tax liability that might be payable on the repatriation of these foreign earnings. The following table summarizes the activity related to our gross unrecognized tax benefits at October 3, 2015 , September 27, 2014 , and September 28, 2013 : in millions 2015 2014 2013 Balance as of the beginning of the year $ 272 $ 175 $ 168 Increases related to current year tax positions 78 11 3 Increases related to prior year tax positions 11 17 15 Change related to Hillshire Brands balances — 136 — Reductions related to prior year tax positions (18 ) (20 ) (6 ) Reductions related to settlements — (1 ) (2 ) Reductions related to expirations of statute of limitations (37 ) (46 ) (3 ) Balance as of the end of the year $ 306 $ 272 $ 175 The amount of unrecognized tax benefits, if recognized, that would impact our effective tax rate was $244 million and $241 million at October 3, 2015 , and September 27, 2014 , respectively. We classify interest and penalties on unrecognized tax benefits as income tax expense. At October 3, 2015 , and September 27, 2014 , before tax benefits, we had $46 million and $54 million , respectively, of accrued interest and penalties on unrecognized tax benefits. As of October 3, 2015 , we are subject to income tax examinations for United States federal income taxes for fiscal years 2011 through 2014. We are also subject to income tax examinations by major state and foreign jurisdictions for fiscal years 2005 through 2014 and 2002 through 2014, respectively. We estimate that during the next twelve months it is reasonably possible that unrecognized tax benefits could decrease by as much as $14 million primarily due to expiration of statutes in various jurisdictions. |
Other Income And Charges
Other Income And Charges | 12 Months Ended |
Oct. 03, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income And Charges | OTHER INCOME AND CHARGES Following the sale of our Mexico and Brazil chicken production operations, we have continued to review our strategies and outlook for the remaining international businesses, which operations include our chicken production operations in China. Despite our belief in the potential for this business, our Chinese operations have not achieved profitability. Given the ongoing losses being generated in this business, recent changes in the strategy and management of the business, and the depressed economic outlook for China, we assessed our Chinese operations for potential impairment in the fourth quarter of fiscal 2015. As a result of this evaluation, during the fourth quarter of fiscal 2015, we recorded a $169 million impairment charge. The impairment was comprised of $126 million of property, plant and equipment, $23 million of goodwill and $20 million of other assets. The China operation is included in Other for segment reporting and the impairment is included in Cost of Sales in the Consolidated Statements of Income. During fiscal 2015, we recorded $12 million of equity earnings in joint ventures and $21 million of gains on the sale of equity securities, which were recorded in the Consolidated Statements of Income in Other, net. During fiscal 2014, we recorded $11 million of equity earnings in joint ventures, $3 million in net foreign currency exchange gains, $6 million of other than temporary impairment related to an available-for-sale security and $60 million of costs associated with bridge financing facilities for the Hillshire Brands acquisition, which were recorded in the Consolidated Statements of Income in Other, net. During 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 Statements of Income in Other, net. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 03, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The earnings and weighted average common shares used in the computation of basic and diluted earnings per share are as follows: in millions, except per share data 2015 2014 2013 Numerator: Income from continuing operations $ 1,224 $ 856 $ 848 Less: Net income (loss) attributable to noncontrolling interests 4 (8 ) — Net income from continuing operations attributable to Tyson 1,220 864 848 Less dividends declared: Class A 129 94 87 Class B 26 21 19 Undistributed earnings $ 1,065 $ 749 $ 742 Class A undistributed earnings $ 896 $ 612 $ 606 Class B undistributed earnings 169 137 136 Total undistributed earnings $ 1,065 $ 749 $ 742 Denominator: Denominator for basic earnings per share: Class A weighted average shares 335 284 282 Class B weighted average shares, and shares under if-converted method for diluted earnings per share 70 70 70 Effect of dilutive securities: Stock options and restricted stock 5 5 5 Tangible Equity Units 3 1 — Convertible 2013 Notes — — 7 Warrants — 4 3 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions 413 364 367 Net Income Per Share from Continuing Operations Attributable to Tyson: Class A Basic $ 3.06 $ 2.48 $ 2.46 Class B Basic $ 2.79 $ 2.26 $ 2.22 Diluted $ 2.95 $ 2.37 $ 2.31 Net Income Per Share Attributable to Tyson: Class A Basic $ 3.06 $ 2.48 $ 2.26 Class B Basic $ 2.79 $ 2.26 $ 2.04 Diluted $ 2.95 $ 2.37 $ 2.12 We had approximately 5 million and 4 million of our stock-based compensation shares that were antidilutive for fiscal 2015 and 2014, respectively. We had no stock-based compensation shares that were antidilutive for fiscal 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 Instrument
Derivative Financial Instruments | 12 Months Ended |
Oct. 03, 2015 | |
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 to reduce our exposure to commodity price risk, foreign currency risk and interest rate risk. 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 October 3, 2015 . We had the following aggregated outstanding notional amounts related to our derivative financial instruments: in millions, except soy meal tons Metric October 3, 2015 September 27, 2014 Corn Bushels 18 — Soy Meal Tons 284,900 198,100 Live Cattle Pounds 102 405 Lean Hogs Pounds 166 350 Foreign Currency United States dollar $ 42 $ 109 We recognize all derivative instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets, with the exception of normal purchases and normal sales expected to result in physical delivery. 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 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 are designated as hedges against changes in the amount of future cash flows related to procurement of certain commodities utilized in our production processes. 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 during fiscal 2015 , 2014 and 2013 . As of October 3, 2015 , the net amounts expected to be reclassified into earnings within the next 12 months are pretax losses of $1 million . During fiscal 2015 , 2014 and 2013 , we did not reclassify significant pretax gains/losses into earnings as a result of the discontinuance of cash flow hedges. The following table sets forth the pretax impact of cash flow hedge derivative instruments in the Consolidated Statements of Income: in millions Gain (Loss) Recognized in OCI on Derivatives Consolidated Statements of Income Classification Gain (Loss) Reclassified from OCI to Earnings 2015 2014 2013 2015 2014 2013 Cash Flow Hedge – Derivatives designated as hedging instruments: Commodity contracts $ (4 ) $ (7 ) $ (29 ) Cost of Sales $ (7 ) $ (10 ) $ (5 ) Foreign exchange contracts — (1 ) (2 ) Other Income/Expense — — (4 ) Total $ (4 ) $ (8 ) $ (31 ) $ (7 ) $ (10 ) $ (9 ) Fair value hedges We designate certain derivative 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. 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 Statements of Income Classification 2015 2014 2013 Gain (Loss) on forwards Cost of Sales $ 17 $ (154 ) $ 21 Gain (Loss) on purchase contract Cost of Sales (17 ) 154 (21 ) Ineffectiveness related to our fair value hedges was not significant during fiscal 2015 , 2014 and 2013 . Undesignated positions In addition to our designated positions, we also hold derivative 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. The following table sets forth the pretax impact of the undesignated derivative instruments in the Consolidated Statements of Income: in millions Consolidated Statements of Income Classification Gain (Loss) Recognized in Earnings 2015 2014 2013 Derivatives not designated as hedging instruments: Commodity contracts Sales $ (62 ) $ 75 $ (10 ) Commodity contracts Cost of Sales (33 ) (136 ) (24 ) Foreign exchange contracts Other Income/Expense (4 ) — 2 Total $ (99 ) $ (61 ) $ (32 ) The fair value of all outstanding derivative instruments in the Consolidated Balance Sheets are included in Note 13: Fair Value Measurements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Oct. 03, 2015 | |
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 October 3, 2015 Level 1 Level 2 Level 3 Netting (a) Total Assets: Derivative Financial Instruments: Designated as hedges $ — $ 52 $ — $ (35 ) $ 17 Undesignated — 9 — (9 ) — Available for Sale Securities: Current — 1 1 — 2 Non-current — 33 60 — 93 Deferred Compensation Assets 9 222 — — 231 Total Assets $ 9 $ 317 $ 61 $ (44 ) $ 343 Liabilities: Derivative Financial Instruments: Designated as hedges $ — $ 2 $ — $ (2 ) $ — Undesignated — 49 — (47 ) 2 Total Liabilities $ — $ 51 $ — $ (49 ) $ 2 September 27, 2014 Level 1 Level 2 Level 3 Netting (a) Total Assets: Derivative Financial Instruments: Designated as hedges $ — $ 17 $ — $ (17 ) $ — Undesignated — 42 — (33 ) 9 Available for Sale Securities: Current — 1 — — 1 Non-current 1 24 67 — 92 Deferred Compensation Assets 15 218 — — 233 Total Assets $ 16 $ 302 $ 67 $ (50 ) $ 335 Liabilities: Derivative Financial Instruments: Designated as hedges $ — $ 78 $ — $ (78 ) $ — Undesignated — 82 — (70 ) 12 Total Liabilities $ — $ 160 $ — $ (148 ) $ 12 (a) Our derivative assets and liabilities are presented in our Consolidated 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 October 3, 2015 , and September 27, 2014 , we had posted with various counterparties $5 million and $98 million , respectively, of cash collateral related to our derivative financial instruments 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 October 3, 2015 September 27, 2014 Balance at beginning of year $ 67 $ 65 Total realized and unrealized gains (losses): Included in earnings — — Included in other comprehensive income (loss) — — Purchases 20 25 Issuances — — Settlements (26 ) (23 ) Balance at end of year $ 61 $ 67 Total gains (losses) for the periods included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of year $ — $ — The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Assets and Liabilities: Our derivative financial instruments primarily include exchange-traded and over-the-counter contracts which are further described in Note 12: Derivative Financial Instruments. We record our derivative financial instruments 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 market prices. 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. 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 Balance Sheets and primarily include certificates of deposit and commercial paper. All other marketable debt securities are included in Other Assets in the Consolidated Balance Sheets and have maturities ranging up to 35 years. We classify our investments in United States government, United States 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 financial statements. in millions October 3, 2015 September 27, 2014 Amortized Cost Basis Fair Value Unrealized Gain/(Loss) Amortized Cost Basis Fair Value Unrealized Gain/(Loss) Available for Sale Securities: Debt Securities: United States Treasury and Agency $ 33 $ 34 $ 1 $ 25 $ 25 $ — Corporate and Asset-Backed 60 61 1 65 67 2 Equity Securities: Common Stock and Warrants (a) — — — 1 1 — (a) At October 3, 2015 , and September 27, 2014, the amortized cost basis for Equity Securities had been reduced by accumulated other than temporary impairment of approximately nil and $2 million , respectively. 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 no other than temporary impairment in earnings for fiscal 2015, and $6 million of other than temporary impairment for fiscal 2014, which was recorded in the Consolidated Statements of Income in Other, net. No other than temporary losses were deferred in OCI as of October 3, 2015 , and September 27, 2014 . Deferred Compensation Assets: We maintain non-qualified deferred compensation plans for certain executives and other highly compensated employees. Investments are generally 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 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. In fiscal 2015, to better align our overall production capacity with current cattle supplies, we ceased beef operations at our Denison, Iowa plant. As a result, we recorded a $12 million impairment charge during the fourth quarter of fiscal 2015. This charge impacts the Beef segment’s operating income and is reflected in Cost of Sales in our Consolidated Statements of Income. Our valuation of these assets was primarily based on discounted cash flow models which included unobservable Level 3 inputs. In the fourth quarter of fiscal 2015, we recorded $59 million impairment and other related charges associated with a Prepared Foods project designed to optimize the combined Tyson and Hillshire Brands network capacity and to enhance manufacturing efficiencies for the future. This charge is reflected in the Prepared Foods segment’s operating income, of which $49 million is included in the Consolidated Statements of Income in Cost of Sales and $10 million is included in the Consolidated Statements of Income in Selling, General and Administrative. Our valuation of these assets was primarily based on discounted cash flow models which included unobservable Level 3 inputs. Following the sale of our Mexico and Brazil chicken operations in fiscal 2015, we reviewed our long-term business strategy and outlook for the remaining international businesses, which includes our chicken production operations in China and India. We assessed our Chinese operation for a potential impairment in the fourth quarter of fiscal 2015 and as a result of this evaluation, we recorded a $169 million charge to impair its long-lived assets to their fair value and to fully impair its goodwill. The China operation is included in Other for segment reporting and the impairment is included in Cost of Sales in the Consolidated Statements of Income. This impairment was comprised of $126 million of property, plant and equipment, $23 million of goodwill and $20 million of other assets. We utilized a discounted cash flow analysis which included unobservable Level 3 inputs. In fiscal 2014, we recorded a $52 million impairment charge related to the closure of three Prepared Foods plants, which is recorded in the Consolidated Statements of Income in Cost of Sales and in the Prepared Foods segment. Our valuation of these assets was primarily based on discounted cash flow models which included unobservable Level 3 inputs. In fiscal 2014, we announced our plan to sell our Brazil operation. As a result, we recorded a $39 million charge to impair its assets to its fair value of $144 million . The impairment charge was recorded in the Consolidated Statements of Income in Cost of Sales and in Other for segment reporting. The fair value used to determine the impairment was based upon the contracted sales price. 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 October 3, 2015 September 27, 2014 Fair Value Carrying Value Fair Value Carrying Value Total Debt $ 6,900 $ 6,725 $ 8,347 $ 8,178 Concentrations of Credit Risk Our financial instruments exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Our cash equivalents are in high quality securities placed with major banks and financial institutions. Concentrations of credit risk with respect to receivables are limited due to the large number of customers and their dispersion across geographic areas. We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral. At October 3, 2015 , and September 27, 2014 , 20.0% and 18.6% , respectively, of our net accounts receivable balance was due from Wal-Mart Stores, Inc. No other single customer or customer group represented greater than 10% of net accounts receivable. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Oct. 03, 2015 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION We issue shares under our stock-based compensation plans by issuing Class A stock from treasury. The total number of shares available for future grant under the Tyson Foods, Inc. 2000 Stock Incentive Plan (Incentive Plan) was 24,293,913 at October 3, 2015 . Stock Options Shareholders approved the Incentive Plan in January 2001. The Incentive Plan is administered by the Compensation and Leadership Development Committee of the Board of Directors (Compensation Committee). The Incentive Plan includes provisions for granting incentive stock options for shares of Class A stock at a price not less than the fair value at the date of grant. Nonqualified stock options may be granted at a price equal to or more than the fair value of Class A stock on the date the option is granted. Stock options under the Incentive Plan generally become exercisable ratably over three years from the date of grant and must be exercised within 10 years from the date of grant. Our policy is to recognize compensation expense on a straight-line basis over the requisite service period for the entire award. Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in millions) Outstanding, September 27, 2014 13,724,409 $ 21.30 Exercised (3,900,576 ) 21.47 Forfeited or expired (177,491 ) 37.23 Granted 5,088,723 42.26 Outstanding, October 3, 2015 14,735,065 28.30 7.1 $ 237 Exercisable, October 3, 2015 6,789,969 $ 18.73 5.4 $ 174 We generally grant stock options once a year. The weighted average grant-date fair value of options granted in fiscal 2015 , 2014 and 2013 was $11.51 , $10.83 and $6.44 , respectively. The fair value of each option grant is established on the date of grant using a binomial lattice method. We use historical volatility for a period of time comparable to the expected life of the option to determine volatility assumptions. Expected life is calculated based on the contractual term of each grant and takes into account the historical exercise and termination behavior of participants. Risk-free interest rates are based on the five-year Treasury bond rate. Assumptions as of the grant date used in the fair value calculation of each year’s grants are outlined in the following table. 2015 2014 2013 Expected life (in years) 6.1 6.0 6.2 Risk-free interest rate 1.6 % 1.3 % 0.7 % Expected volatility 26.7 % 36.0 % 36.8 % Expected dividend yield 1.0 % 1.0 % 1.0 % We recognized stock-based compensation expense related to stock options, net of income taxes, of $27 million , $20 million and $14 million for fiscal 2015 , 2014 and 2013 , respectively. The related tax benefit for fiscal 2015 , 2014 and 2013 was $17 million , $13 million and $9 million , respectively. We had 3.8 million , 4.8 million and 3.9 million options vest in fiscal 2015 , 2014 and 2013 , respectively, with a grant date fair value of $32 million , $30 million and $22 million , respectively. In fiscal 2015 , 2014 and 2013 , we received cash of $84 million , $67 million and $123 million , respectively, for the exercise of stock options. Shares are issued from treasury for stock option exercises. The related tax benefit realized from stock options exercised during fiscal 2015 , 2014 and 2013 , was $30 million , $33 million and $35 million , respectively. The total intrinsic value of options exercised in fiscal 2015 , 2014 and 2013 , was $79 million , $87 million and $90 million , respectively. Cash flows resulting from tax deductions in excess of the compensation cost of those options (excess tax deductions) are classified as financing cash flows. We realized $19 million , $24 million and $18 million related to excess tax deductions during fiscal 2015 , 2014 and 2013 , respectively. As of October 3, 2015 , we had $45 million of total unrecognized compensation cost related to stock option plans that will be recognized over a weighted average period of 1.4 years . Restricted Stock We issue restricted stock at the market value as of the date of grant, with restrictions expiring over periods through fiscal 2018. Unearned compensation is recognized over the vesting period for the particular grant using a straight-line method. Number of Shares Weighted Average Grant- Date Fair Value Per Share Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in millions) Nonvested, September 27, 2014 938,944 $ 23.18 Granted 742,036 42.39 Dividends 11,431 34.99 Vested (520,964 ) 20.28 Forfeited (63,519 ) 36.61 Nonvested, October 3, 2015 1,107,928 $ 36.76 1.6 $ 49 As of October 3, 2015 , we had $24 million of total unrecognized compensation cost related to restricted stock awards that will be recognized over a weighted average period of 2.1 years . We recognized stock-based compensation expense related to restricted stock, net of income taxes, of $9 million , $6 million and $5 million for fiscal 2015 , 2014 and 2013 , respectively. The related tax benefit for fiscal 2015 , 2014 and 2013 was $6 million , $4 million and $3 million , respectively. We had 0.5 million , 0.6 million and 1.4 million restricted stock awards vest in fiscal 2015 , 2014 and 2013 , respectively, with a grant date fair value of $10 million , $11 million and $20 million , respectively. Performance-Based Shares We award performance-based shares of our Class A stock to certain senior executives. These awards are typically granted once a year. Performance-based shares vest based upon the passage of time and the achievement of performance or market performance criteria, ranging from 0% to 200% , as determined by the Compensation Committee prior to the date of the award. Vesting periods for these awards are generally three years . We review progress toward the attainment of the performance criteria each quarter during the vesting period. When it is probable the minimum performance criteria for an award will be achieved, we begin recognizing the expense equal to the proportionate share of the total fair value of the Class A stock price on the grant date. The total expense recognized over the duration of performance awards will equal the Class A stock price on the date of grant multiplied by the number of shares ultimately awarded based on the level of attainment of the performance criteria. For grants with market performance criteria, the fair value is determined on the grant date and is calculated using the same inputs for expected volatility, expected dividend yield, and risk-free rate as stock options, noted above, with a duration of three years . The total expense recognized over the duration of the award will equal the fair value, regardless if the market performance criteria is met. The following table summarizes the performance-based shares at the maximum award amounts based upon the respective performance share agreements. Actual shares that will vest depend on the level of attainment of the performance-based criteria. Number of Shares Weighted Average Grant- Date Fair Value Per Share Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in millions) Nonvested, September 27, 2014 1,403,603 $ 26.77 Granted 522,746 46.16 Vested (25,922 ) 17.36 Forfeited (65,327 ) 37.98 Nonvested, October 3, 2015 1,835,100 $ 32.03 0.9 $ 81 We recognized stock-based compensation expense related to performance shares, net of income taxes, of $5 million , $4 million and $2 million for fiscal 2015 , 2014 and 2013 , respectively. The related tax benefit for fiscal 2015 , 2014 and 2013 was $3 million , $2 million and $2 million , respectively. As of October 3, 2015 , we had $11 million of total unrecognized compensation based upon our progress toward the attainment of criteria related to performance-based share awards that will be recognized over a weighted average period of 1.7 years . |
Pensions And Other Postretireme
Pensions And Other Postretirement Benefits | 12 Months Ended |
Oct. 03, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pensions And Other Postretirement Benefits | PENSIONS AND OTHER POSTRETIREMENT BENEFITS At October 3, 2015 , we had nine defined benefit pension plans consisting of six funded qualified plans and three unfunded non-qualified plans. In regards to our qualified plans, five are frozen and noncontributory. The benefits provided under these plans are based on a formula using years of service and either a specified benefit rate or compensation level. The non-qualified defined benefit plans are for certain contracted officers and use a formula based on years of service and final average salary. We also have other postretirement benefit plans for which substantially all of our employees may receive benefits if they satisfy applicable eligibility criteria. The postretirement healthcare plans are contributory with participants’ contributions adjusted when deemed necessary. We have defined contribution retirement programs for various groups of employees. We recognized expenses of $62 million , $53 million and $50 million in fiscal 2015 , 2014 and 2013 , respectively. We use a fiscal year end measurement date for our defined benefit plans and other postretirement plans. We recognize the effect of actuarial gains and losses into earnings immediately for other postretirement plans rather than amortizing the effect over future periods. Other postretirement benefits include postretirement medical costs and life insurance. Benefit Obligations and Funded Status The following table provides a reconciliation of the changes in the plans’ benefit obligations, assets and funded status at October 3, 2015 , and September 27, 2014 : in millions Pension Benefits Other Postretirement Qualified Non-Qualified Benefits 2015 2014 2015 2014 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 1,849 $ 86 $ 182 $ 85 $ 163 $ 71 Service cost 10 1 8 7 5 2 Interest cost 78 10 8 5 7 3 Plan amendments — — — — (60 ) — Plan participants’ contributions — — — — 2 1 Actuarial (gain)/loss (50 ) (37 ) 11 15 9 (8 ) Benefits paid (102 ) (11 ) (8 ) (3 ) (12 ) (6 ) Business acquisition — 1,800 — 73 — 100 Benefit obligation at end of year 1,785 1,849 201 182 114 163 Change in plan assets Fair value of plan assets at beginning of year 1,647 85 3 — — — Actual return on plan assets 25 (36 ) — — — — Employer contributions 6 6 8 3 10 5 Plan participants’ contributions — — — — 2 1 Benefits paid (102 ) (11 ) (8 ) (3 ) (12 ) (6 ) Business acquisition — 1,603 — 3 — — Other — — (3 ) — — — Fair value of plan assets at end of year 1,576 1,647 — 3 — — Funded status $ (209 ) $ (202 ) $ (201 ) $ (179 ) $ (114 ) $ (163 ) Amounts recognized in the Consolidated Balance Sheets consist of: in millions Pension Benefits Other Postretirement Qualified Non-Qualified Benefits 2015 2014 2015 2014 2015 2014 Other current liabilities $ — $ — $ (9 ) $ (5 ) $ (20 ) $ (7 ) Other liabilities (209 ) (202 ) (192 ) (174 ) (94 ) (156 ) Total liabilities $ (209 ) $ (202 ) $ (201 ) $ (179 ) $ (114 ) $ (163 ) Amounts recognized in Accumulated Other Comprehensive Income consist of: in millions Pension Benefits Other Postretirement Qualified Non-Qualified Benefits 2015 2014 2015 2014 2015 2014 Accumulated other comprehensive (income)/loss: Actuarial loss $ 57 $ 39 $ 43 $ 36 $ — $ — Prior service cost/(credit) (a) — — — — (59 ) (2 ) Total accumulated other comprehensive (income)/loss: $ 57 $ 39 $ 43 $ 36 $ (59 ) $ (2 ) (a) The change in prior service cost is primarily attributed to the plan amendments to the other postretirement benefits as noted within the change in benefit obligation with remainder of the change being immaterial. At October 3, 2015 , eight pension plans had an accumulated benefit obligation in excess of plan assets. At September 27, 2014 , seven pension plans had an accumulated benefit obligation in excess of plan assets. Plans with accumulated benefit obligations in excess of plan assets are as follows: in millions Pension Benefits Qualified Non-Qualified 2015 2014 2015 2014 Projected benefit obligation $ 1,781 $ 1,829 $ 201 $ 182 Accumulated benefit obligation 1,781 1,829 193 172 Fair value of plan assets 1,572 1,627 — 3 The accumulated benefit obligation for all qualified pension plans was $1,785 million and $1,849 million at October 3, 2015 , and September 27, 2014 , respectively. Net Periodic Benefit Cost Components of net periodic benefit cost for pension and postretirement benefit plans recognized in the Consolidated Statements of Income are as follows: in millions Pension Benefits Other Postretirement Qualified Non-Qualified Benefits 2015 2014 2013 2015 2014 2013 2015 2014 2013 Service cost $ 10 $ 1 $ — $ 8 $ 7 $ 5 $ 5 $ 2 $ 2 Interest cost 78 10 4 8 5 3 7 3 2 Expected return on plan assets (102 ) (13 ) (5 ) — — — — — — Amortization of prior service cost — — — — — 1 (1 ) — (1 ) Recognized actuarial (gain) loss, net 2 2 4 4 2 3 9 (8 ) 7 Recognized settlement (gain) loss 8 — — — — — (2 ) — — Net periodic benefit (credit) cost $ (4 ) $ — $ 3 $ 20 $ 14 $ 12 $ 18 $ (3 ) $ 10 As of October 3, 2015 , the amounts expected to be reclassified into earnings within the next 12 months related to net periodic benefit cost for the qualified and non-qualified pensions are $2 million and $5 million , respectively. As of October 3, 2015 , the amount expected to be reclassified into earnings within the next 12 months related to net periodic benefit credit for the other postretirement benefits is $18 million . Assumptions Weighted average assumptions are as follows: Pension Benefits Other Postretirement Qualified Non-Qualified Benefits 2015 2014 2013 2015 2014 2013 2015 2014 2013 Discount rate to determine net periodic benefit cost 4.32 % 4.37 % 4.02 % 4.36 % 5.01 % 4.23 % 3.97 % 4.41 % 3.66 % Discount rate to determine benefit obligations 4.47 % 4.32 % 4.77 % 4.41 % 4.36 % 5.09 % 3.54 % 3.97 % 4.48 % Rate of compensation increase 0.01 % 0.01 % n/a 2.31 % 2.11 % 3.50 % n/a n/a n/a Expected return on plan assets 4.61 % 6.37 % 5.44 % n/a n/a n/a n/a n/a n/a To determine the expected return on plan assets assumption, we first examined historical rates of return for the various asset classes within the plans. We then determined a long-term projected rate-of-return based on expected returns. Our discount rate assumptions used to account for pension and other postretirement benefit plans reflect the rates at which the benefit obligations could be effectively settled. These were determined using a cash flow matching technique whereby the rates of a yield curve, developed from high-quality debt securities, were applied to the benefit obligations to determine the appropriate discount rate. As of October 3, 2015 and September 27, 2014, all pension and other postretirement benefit plans used the RP-2014 mortality tables. We have five other postretirement benefit plans which are healthcare and life insurance related. Two of these plans, which benefit obligations totaled $24 million at October 3, 2015 , were not impacted by healthcare cost trend rates as one consists of fixed annual payments and one is life insurance related. Two of the healthcare plans, which benefit obligations totaled $23 million at October 3, 2015 , were not impacted by healthcare cost trend rates due to plan amendments. The remaining plan, which the benefit obligation totaled $67 million at October 3, 2015 , utilized assumed healthcare cost trend rates of 9.0% and 7.6% for retirees who qualify and do not qualify for Medicare, respectively. The healthcare cost trend rate will be grading down to an ultimate rate of 4.5% in 2024/2025. A one-percentage-point change in assumed health-care cost trend rates would have the following effects: in millions One Percentage Point Increase One Percentage Point Decrease Effect on postretirement benefit obligation $ 8 $ 7 Effect on total service and interest components — — Plan Assets The following table sets forth the actual and target asset allocation for pension plan assets: 2015 2014 Target Asset Allocation Cash 0.3 % 4.9 % — % Fixed Income Securities 85.4 80.5 86.0 United States Stock Funds 3.9 6.0 4.0 International Stock Funds 6.8 6.2 6.5 Real Estate 3.6 2.0 3.5 Other — 0.4 — Total 100.0 % 100.0 % 100.0 % Additionally, one of our foreign subsidiary pension plans had $14 million and $15 million in plan assets held in an insurance trust at October 3, 2015 , and September 27, 2014 , respectively. The plan trustees have established a set of investment objectives related to the assets of the domestic pension plans and regularly monitor the performance of the funds and portfolio managers. Objectives for the pension assets are (i) to provide growth of capital and income, (ii) to achieve a target weighted average annual rate of return competitive with funds with similar investment objectives and (iii) to diversify to reduce risk. The target asset allocations are based upon the funded status of the plans. As pension obligations become better funded, we will lower risk by increasing the allocation to fixed income. As noted in the previous table, on an aggregate fair value basis, the plan assets are currently at approximately 85% fixed income securities and 11% equity securities. Fixed income securities can include, but are not limited to, direct bond investments, and pooled or indirect bond investments. Other investments may include, but are not limited to, international and domestic equities, real estate, commodities and private equity. Derivative instruments may also be used in concert with either fixed income or equity investments to achieve desired exposure or to hedge certain risks. Derivative instruments can include, but are not limited to, futures, options, swaps or swaptions. We believe there are no significant concentrations of risk within our plan assets as of October 3, 2015 . The following tables show the categories of pension plan assets and the level under which fair values were determined in the fair value hierarchy, which is described in Note 13: Fair Value Measurements. in millions October 3, 2015 Level 1 Level 2 (a) Level 3 (b) Total Cash and cash equivalents $ 5 $ — $ — $ 5 Fixed Income Securities: Bond and fixed income funds — 1,334 — 1,334 Total fixed income securities — 1,334 — 1,334 Equity Securities: United States securities funds — 61 — 61 Non-United States securities funds — 106 — 106 Global real estate funds — 56 — 56 Total equity securities — 223 — 223 Insurance contract at contract value — — 14 14 Total plan assets $ 5 $ 1,557 $ 14 $ 1,576 in millions September 27, 2014 Level 1 Level 2 (a) Level 3 (b) Total Cash and cash equivalents $ 79 $ — $ — $ 79 Fixed Income Securities: Bond and fixed income funds — 377 — 377 Corporate bonds — 680 — 680 Government and municipal bonds — 253 — 253 Mortgage backed securities — — 7 7 Total fixed income securities — 1,310 7 1,317 Equity Securities: United States securities funds — 84 — 84 Non- United States securities funds — 101 — 101 Commodity funds — 14 — 14 Global real estate funds — 33 — 33 Total equity securities — 232 — 232 Other — 7 — 7 Insurance contract at contract value — — 15 15 Total plan assets $ 79 $ 1,549 $ 22 $ 1,650 (a) We classify our investments in United States government, United States agency, fixed income funds, bond funds, corporate bonds, and other 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. Funds are valued using the net asset value (NAV) provided by the trustee, which is a practical expedient to estimating fair value. The NAV is based on the fair value of the underlying investments within the funds and is determined daily. (b) We classify certain mortgage-backed, asset-backed and insurance contracts 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. The insurance contracts are valued using the plan’s own assumptions about the assumptions market participants would use in pricing the assets based on the best information available, such as investment manager pricing. Significant changes to assumptions or unobservable inputs in the valuation of our Level 3 instruments would not have a significant impact to our consolidated financial statements. A reconciliation of the change in the fair value measurement of the defined benefit plans’ consolidated assets using significant unobservable inputs (Level 3) is as follows: in millions Mortgage backed securities Insurance contract Total Balance at September 27, 2014 $ 7 $ 15 22 Actual return on plan assets: Assets still held at reporting date — — — Assets sold during the period — — — Purchases, sales and settlements, net (7 ) (1 ) (8 ) Transfers in and/or out of Level 3 — — — Balance at October 3, 2015 $ — $ 14 $ 14 Contributions Our policy is to fund at least the minimum contribution required to meet applicable federal employee benefit and local tax laws. In our sole discretion, we may from time to time fund additional amounts. Expected contributions to pension plans for fiscal 2016 are approximately $63 million . For fiscal 2015 , 2014 and 2013 , we funded $14 million , $9 million and $8 million plans, respectively, to pension plans. Estimated Future Benefit Payments The following benefit payments are expected to be paid: in millions Pension Benefits Other Postretirement Qualified Non-Qualified Benefits 2016 $ 81 $ 9 $ 20 2017 83 9 14 2018 87 10 10 2019 89 10 7 2020 92 10 7 2021-2025 508 59 33 The above benefit payments for other postretirement benefit plans are not expected to be offset by Medicare Part D subsidies in fiscal 2016 or thereafter. The above benefit payments do not include anticipated payments for a partial settlement for deferred vested participants within two of our qualified pension plans. Assuming an election rate of 50% and changes to the benefit obligation and accumulated other comprehensive income due to remeasurement, the partial settlement will include approximate payments of $252 million resulting in $2 million of income to be reclassified into earnings. Actual results may differ from estimated amounts. Multi-Employer Plans Additionally, we participate in a multi-employer plan that provides defined benefits to certain employees covered by collective bargaining agreements. Such plans are usually administered by a board of trustees composed of the management of the participating companies and labor representatives. The risks of participating in multiemployer plans are different from single-employer plans. Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligation of the plan may be borne by the remaining participating employers. If we stop participating in a plan, we may be required to pay that plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. Contributions to the pension funds were not in excess of 5% of the total plan contributions for plan year 2015. The net pension cost of the plan is equal to the annual contribution determined in accordance with the provisions of negotiated labor contracts. Contributions to the plan were $1 million in fiscal 2015 and 2014. Assets contributed to such plans are not segregated or otherwise restricted to provide benefits only to our employees. The future cost of the plan is dependent on a number of factors including the funded status of the plan and the ability of the other participating companies to meet ongoing funding obligations. Our participation in this multiemployer plan for fiscal 2015 is outlined below. The EIN/Pension Plan Number column provides the Employer Identification Number (EIN) and the three digit plan number. Unless otherwise noted, the most recent Pension Protection Act ("PPA") zone status available in fiscal 2015 and fiscal 2014 is for the plan's year beginning January 1, 2015, and 2014, respectively. The zone status is based on information that we have received from the plan and is certified by the plan's actuaries. For fiscal 2015, the zone status was updated to a secondary classification, critical and declining, within the red zone. Among other factors, plans in the red zone are generally less than 65 percent funded. Plans that are critical and declining status are projected to have an accumulated funding deficiency. The FIP/RP Status column indicates plans for which a financial improvement plan (FIP) or rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreements to which the plan is subject. There have been no significant changes that affect the comparability of contributions from year to year. In addition to regular contributions, we could be obligated to pay additional contributions (known as complete or partial withdrawal liabilities) if it has unfunded vested benefits. PPA Zone Status FIP/RP Status Contributions (in millions) Surcharge Imposed Pension Fund Plan Name EIN/Pension Plan Number 2015 2014 Implemented 2015 2014 2015 Expiration Date of Collective Bargaining Agreement (a) Bakery and Confectionery Union and Industry International Pension Fund 52-6118572/001 Red Red Nov 2012 $1 $1 10% October 2015 (a) Renewal negotiations are in progress. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Oct. 03, 2015 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) | COMPREHENSIVE INCOME (LOSS) The components of accumulated other comprehensive loss are as follows: in millions 2015 2014 Accumulated other comprehensive income (loss), net of taxes: Unrealized net hedging loss $ (1 ) $ (3 ) Unrealized net gain on investments 1 2 Currency translation adjustment (63 ) (99 ) Postretirement benefits reserve adjustments (27 ) (47 ) Total accumulated other comprehensive loss $ (90 ) $ (147 ) The before and after tax changes in the components of other comprehensive income (loss) are as follows: in millions 2015 2014 2013 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 $ 7 $ (3 ) $ 4 $ 10 $ (4 ) $ 6 $ 5 $ (2 ) $ 3 (Gain) loss reclassified to Other Income/Expense — — — — — — 4 (2 ) 2 Unrealized gain (loss) (4 ) 2 (2 ) (8 ) 3 (5 ) (31 ) 12 (19 ) Investments: (Gain) loss reclassified to Other Income/Expense (21 ) 8 (13 ) 8 (2 ) 6 (1 ) — (1 ) Unrealized gain (loss) 21 (9 ) 12 (2 ) — (2 ) (4 ) 2 (2 ) Currency translation: Translation loss reclassified to Cost of Sales (a) 115 (8 ) 107 — — — (19 ) (1 ) (20 ) Translation adjustment (86 ) 15 (71 ) (32 ) 2 (30 ) (20 ) 3 (17 ) Postretirement benefits 32 (12 ) 20 (23 ) 9 (14 ) 15 (6 ) 9 Total Other Comprehensive Income (Loss) $ 64 $ (7 ) $ 57 $ (47 ) $ 8 $ (39 ) $ (51 ) $ 6 $ (45 ) (a) Translation loss reclassified to Cost of Sales related to disposition of a foreign operation, which is further described in Note 3: Acquisitions and Dispositions. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Oct. 03, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING We operate in four reportable segments: Chicken, Beef, Pork and Prepared Foods. We measure segment profit as operating income (loss). Following the sale of our Mexico and Brazil operations in fiscal 2015 (see Note 3: Acquisitions and Dispositions), we began reporting our international operation, which was previously reported as the International segment, in Other. Other now includes our foreign chicken production operations in China and India and third-party merger and integration costs. All periods presented have been reclassified to reflect this change. Chicken, Beef, Pork and Prepared Foods 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. In fiscal 2014, we completed the acquisition of Hillshire Brands, a manufacturer and marketer of branded, convenient foods which includes brands such as Jimmy Dean®, Ball Park®, Hillshire Farm®, State Fair®, Van's®, Sara Lee® and Chef Pierre® pies as well as artisanal brands Aidells®, Gallo Salame®, and Golden Island® premium jerky. Hillshire Brands' results from operations are reported in the Prepared Foods segment from the date of acquisition. Products primarily include pepperoni, bacon, breakfast sausage, turkey, lunchmeat, hot dogs, pizza crusts and toppings, flour and corn tortilla products, desserts, 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. We allocate expenses related to corporate activities to the segments, except for third-party merger and integration costs of $47 million and $59 million in fiscal 2015 and 2014, respectively, which are included in Other. Assets and additions to property, plant and equipment relating to corporate activities remain in Other. In addition, at September 27, 2014, we included $4.8 billion of goodwill associated with our acquisition of Hillshire Brands in Other and we completed the allocation of goodwill to our segments in fiscal 2015. See Note 6: Goodwill and Intangible Assets for further description regarding the allocation of goodwill. The results from Dynamic Fuels are also included in Other in fiscal 2014 and fiscal 2013. Information on segments and a reconciliation to income from continuing operations before income taxes are follows: in millions Chicken Beef Pork Prepared Foods Other Intersegment Sales Consolidated Fiscal 2015 Sales $ 11,390 $ 17,236 $ 5,262 $ 7,822 $ 879 $ (1,216 ) $ 41,373 Operating Income (Loss) 1,366 (66 ) 380 588 (99 ) 2,169 Total Other (Income) Expense 248 Income from Continuing Operations before Income Taxes 1,921 Depreciation and amortization 272 97 31 280 21 701 Total Assets 5,731 3,009 927 12,006 1,331 23,004 Additions to property, plant and equipment 405 113 50 167 119 854 Fiscal 2014 Sales $ 11,116 $ 16,177 $ 6,304 $ 3,927 $ 1,381 $ (1,325 ) $ 37,580 Operating Income (Loss) 883 347 455 (60 ) (195 ) 1,430 Total Other (Income) Expense 178 Income from Continuing Operations before Income Taxes 1,252 Depreciation and amortization 253 91 33 95 48 520 Total Assets 4,807 3,103 965 8,608 6,473 23,956 Additions to property, plant and equipment 307 115 36 77 97 632 Fiscal 2013 Sales $ 10,988 $ 14,400 $ 5,408 $ 3,322 $ 1,370 $ (1,114 ) $ 34,374 Operating Income (Loss) 683 296 332 101 (37 ) 1,375 Total Other (Income) Expense 118 Income from Continuing Operations before Income Taxes 1,257 Depreciation and amortization 253 91 31 67 49 491 Total Assets 4,944 2,798 931 1,176 2,328 12,177 Additions to property, plant and equipment 253 105 22 87 91 558 The Chicken segment had sales of $18 million , $7 million and $16 million for fiscal 2015 , 2014 and 2013 , respectively, from transactions with other operating segments. The Pork segment had sales of $847 million , $1.0 billion and $872 million for fiscal 2015 , 2014 and 2013 , respectively, from transactions with other operating segments. The Beef segment had sales of $351 million , $307 million and $226 million for fiscal 2015 , 2014 and 2013 , respectively, from transactions with other operating segments. The aforementioned sales from intersegment transactions, which were at market prices, were included in the segment sales in the above table. Our largest customer, Wal-Mart Stores, Inc., accounted for 16.8% , 14.6% and 13.0% of consolidated sales in fiscal 2015 , 2014 and 2013 , respectively. Sales to Wal-Mart Stores, Inc. were included in all the segments. Any extended discontinuance of sales to this customer could, if not replaced, have a material impact on our operations. The majority of our operations are domiciled in the United States. Approximately 97% , 96% and 96% of sales to external customers for fiscal 2015 , 2014 and 2013 , respectively, were sourced from the United States. Approximately $17.4 billion of long-lived assets were located in the United States at October 3, 2015 , and September 27, 2014 . Excluding goodwill and intangible assets, long-lived assets totaled approximately $5.6 billion and $5.4 billion at October 3, 2015 , and September 27, 2014 , respectively. Approximately $191 million and $324 million of long-lived assets were located in foreign countries, primarily Brazil, China and India, at October 3, 2015 , and September 27, 2014 , respectively. Excluding goodwill and intangible assets, long-lived assets in foreign countries totaled approximately $165 million and $272 million at October 3, 2015 , and September 27, 2014 , respectively. We sell certain products in foreign markets, primarily Brazil, Canada, Central America, China, the European Union, Japan, Mexico, the Middle East, South Korea, and Taiwan. Our export sales from the United States totaled $4.1 billion , $4.7 billion and $4.2 billion for fiscal 2015 , 2014 and 2013 , respectively. Substantially all of our export sales are facilitated through unaffiliated brokers, marketing associations and foreign sales staffs. Sales of products produced in a country other than the United States were less than 10% of consolidated sales for each of fiscal 2015 , 2014 and 2013 . |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Oct. 03, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOWS INFORMATION The following table summarizes cash payments for interest and income taxes: in millions 2015 2014 2013 Interest, net of amounts capitalized $ 308 $ 118 $ 114 Income taxes, net of refunds 437 590 310 |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Oct. 03, 2015 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |
Transactions With Related Parties | TRANSACTIONS WITH RELATED PARTIES We have operating leases for two wastewater facilities with an entity owned by the Donald J. Tyson Revocable Trust (for which Mr. John Tyson, Chairman of the Company, is a trustee), Berry Street Waste Water Treatment Plant, LP ( 90% of which is owned by TLP), and the sisters of Mr. Tyson. Total payments of approximately $1 million in each of fiscal 2015 , 2014 and 2013 were paid to lease the facilities. In fiscal 2014, we purchased real estate from JHT, LLC, for $0.5 million to build a new data center. The JHT, LLC (for which Mr. John Tyson is the manager), is owned 50% by the Donald J. Tyson Revocable Trust and 50% by the Randal W. Tyson Testamentary Trust. As of October 3, 2015, the TLP, of which John Tyson and director Barbara Tyson are general partners, owned 70 million shares, or 99.985% of Class B stock and, along with the members of the Tyson family, owned 5.4 million shares of Class A stock, giving it control of approximately 70.64% of the total voting power of our outstanding voting stock. In fiscal 2013, as part of the Company's previously approved stock repurchase plan, we purchased one million shares of Class A stock from the TLP for $29.85 million or $29.85 per share. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Oct. 03, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Commitments We lease equipment, properties and certain farms for which total rentals approximated $165 million , $161 million and $200 million , in fiscal 2015 , 2014 and 2013 , respectively. Most leases have initial terms of up to seven years, some with varying renewal periods. The most significant obligations assumed under the terms of the leases are the upkeep of the facilities and payments of insurance and property taxes. Minimum lease commitments under non-cancelable leases at October 3, 2015 , were: in millions 2016 $ 125 2017 98 2018 72 2019 48 2020 39 2021 and beyond 111 Total $ 493 We guarantee obligations of certain outside third parties, consisting primarily of leases, debt and grower loans, which are substantially collateralized by the underlying assets. Terms of the underlying debt cover periods up to 10 years, and the maximum potential amount of future payments as of October 3, 2015 , was $38 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 12 years. The maximum potential amount of the residual value guarantees is $81 million , of which $74 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 October 3, 2015 , and September 27, 2014 , 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 October 3, 2015 , was approximately $310 million . There were no receivables under this program at October 3, 2015 and $4 million at September 27, 2014 . These receivables are included, net of allowance for uncollectible amounts, in Accounts Receivable in our Consolidated 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 had no allowance for these programs' estimated uncollectible receivables at October 3, 2015 , and September 27, 2014 . Additionally, we enter into future purchase commitments for various items, such as grains, livestock contracts and fixed grower fees. At October 3, 2015 , these commitments totaled: in millions 2016 $ 1,655 2017 434 2018 278 2019 117 2020 92 2021 and beyond 185 Total $ 2,761 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 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 financial statements. We believe we have substantial defenses to the claims made and intend to vigorously defend these matters. Below are the details of seven lawsuits involving our beef, pork and prepared foods plants 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 and various 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. • Bouaphakeo (f/k/a Sharp), et al. v. Tyson Foods, Inc., N.D. Iowa, February 6, 2007 - A jury trial was held involving 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 appealed the jury's verdict and trial court's award to the Eighth Circuit Court of Appeals. The appellate court affirmed the jury verdict and judgment on August 25, 2014, and we filed a petition for rehearing on September 22, 2014, which was denied. We filed a petition for a writ of certiorari with the United States Supreme Court, which was granted on June 8, 2015. Oral arguments before the Supreme Court occurred on November 10, 2015. • Acosta, et al. v Tyson Foods, Inc. d.b.a Tyson Fresh Meats, Inc., D. Nebraska, February 29, 2008 - A bench trial was held involving 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 , which represents a tripling of the plaintiffs’ alleged damages. The court denied our post-trial motions, and we appealed to the Eighth Circuit Court of Appeals. On August 26, 2015, the Eighth Circuit reversed the district court’s order and judgment, and the trial court subsequently entered judgment in our favor and dismissed the case. • Gomez, et al. v. Tyson Foods, Inc., D. Nebraska, January 16, 2008 - A jury trial involving 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. On August 26, 2015, the Eighth Circuit reversed the jury verdict and judgment, and the trial court subsequently entered judgment in our favor and dismissed the case. • Edwards, et al. v. Tyson Foods, Inc. d.b.a Tyson Fresh Meats, Inc., S.D. Iowa, March 20, 2008 - The trial court in this 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. • 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 - these cases involve our Joslin, Illinois beef plant and are in their preliminary stages. • Dozier, Southerland, et al. v. The Hillshire Brands Company, E.D. North Carolina, September 2, 2014 - This case involves our Tarboro, North Carolina prepared foods plant and is in its preliminary stages. • Awad, et al. v. Tyson Foods, Inc. and Tyson Fresh Meats, Inc., M.D. Tennessee, February 12, 2015 - This case involves our Goodlettsville, Tennessee case ready beef plant and is in its preliminary stages. Our subsidiary, The Hillshire Brands Company (formerly named Sara Lee Corporation), is a party to a consolidation of cases filed by individual complainants with the Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission (NLRC) from 1998 through July 1999. The complaint is filed against Aris Philippines, Inc., Sara Lee Corporation, Sara Lee Philippines, Inc., Fashion Accessories Philippines, Inc., and Attorney Cesar C. Cruz (collectively, the “respondents”). The complaint alleges, among other things, that the respondents engaged in unfair labor practices in connection with the termination of manufacturing operations in the Philippines by Aris Philippines, Inc., a former subsidiary of The Hillshire Brands Company. In 2006, an arbitrator ruled against the respondents and awarded the complainants PHP 3,453,664,710 (approximately US $74 million ) in damages and fees. The respondents appealed the arbitrator’s ruling, and it was subsequently set aside by the NLRC in December 2006. Subsequent to the NLRC’s decision, the parties filed numerous appeals, motions for reconsideration and petitions for review, certain of which remained outstanding for several years. While various of those appeals, motions and/or petitions were pending, The Hillshire Brands Company, on June 23, 2014, without admitting liability, filed a settlement motion requesting that the Supreme Court of the Philippines order dismissal with prejudice of all claims against it and its predecessors-in-interest in exchange for payments allocated by the court among the complainants in an amount not to exceed PHP 342,287,800 (approximately US $7 million ). |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Oct. 03, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED) in millions, except per share data First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Sales $ 10,817 $ 9,979 $ 10,071 $ 10,506 Gross profit 956 989 986 986 Operating income 509 547 563 550 Net income 310 311 344 259 Net income attributable to Tyson 309 310 343 258 Net income per share attributable to Tyson: Class A Basic $ 0.77 $ 0.78 $ 0.86 $ 0.65 Class B Basic $ 0.71 $ 0.71 $ 0.78 $ 0.59 Diluted $ 0.74 $ 0.75 $ 0.83 $ 0.63 2014 Sales $ 8,761 $ 9,032 $ 9,682 $ 10,105 Gross profit 685 651 637 712 Operating income 412 361 351 306 Net income 252 210 258 136 Net income attributable to Tyson 254 213 260 137 Net income per share attributable to Tyson: Class A Basic (a) $ 0.76 $ 0.64 $ 0.75 $ 0.37 Class B Basic $ 0.68 $ 0.58 $ 0.68 $ 0.32 Diluted (a) $ 0.72 $ 0.60 $ 0.73 $ 0.35 (a) The sum of the quarterly earnings per share amounts will not equal the total for the year due to the effects of rounding and dilution impact as a result of issuing Class A shares and tangible equity units in the fourth quarter of fiscal 2014. First quarter fiscal 2015 net income included $19 million pretax expense related to merger and integration, $36 million pretax loss due to costs related to a legacy Hillshire Brands plant fire and a $26 million unrecognized tax benefit gain. Second quarter fiscal 2015 net income included $14 million pretax expense related to merger and integration and $8 million pretax gain due to insurance proceeds (net of costs) related to a legacy Hillshire Brands plant fire. Third quarter fiscal 2015 net income included $16 million pretax expense related to merger and integration, $11 million pretax gains due to insurance proceeds (net of costs) related to a legacy Hillshire Brands plant fire and $21 million pretax gains on sale of equity securities. Fourth quarter fiscal 2015 net income included $8 million pretax expense related to merger and integration, $25 million pretax gains due to insurance proceeds related to a legacy Hillshire Brands plant fire, $169 million pretax China impairment charge, $59 million pretax impairment charges related to our Prepared Foods network optimization, $12 million pretax closure and impairment charges related to the Denison plant closure, $161 million pretax gain on the sale of the Mexico operation and $39 million pretax gain related to our accounting cycle resulting in a 53-week year in fiscal 2015. Third quarter fiscal 2014 net income included $29 million of pretax expense related to the Hillshire Brands acquisition fees paid to third parties, $49 million of pretax expense related to the closure of three Prepared Foods facilities and a $40 million unrecognized tax benefit gain. Fourth quarter fiscal 2014 net income included a $42 million pretax impairment and other costs related to the sale of our Brazil operation and Mexico's undistributed earnings tax, $119 million pretax expense related to the Hillshire Brands acquisition, integration and costs associated with our Prepared Foods improvement plan, $40 million pretax expense related to the Hillshire Brands post-closing results, purchase price accounting adjustments and ongoing costs related to a legacy Hillshire Brands plant fire, $27 million pretax expense related to the Hillshire Brands acquisition financing incremental interest cost and a $12 million unrecognized tax benefit gain. |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Oct. 03, 2015 | |
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 $1.25 billion revolving credit facility and (ii) the 2016 Notes, at which time TFM Parent's guarantee of the 2019, 2022, 2024, 2034 and 2044 Notes is permanently released. The following financial information presents condensed consolidating financial statements, which include Tyson Foods, Inc. (TFI Parent); TFM Parent; the Non-Guarantor 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 year ended October 3, 2015 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Sales $ 897 $ 22,155 $ 20,345 $ (2,024 ) $ 41,373 Cost of Sales 26 21,675 17,774 (2,019 ) 37,456 Gross Profit 871 480 2,571 (5 ) 3,917 Selling, General and Administrative 128 260 1,365 (5 ) 1,748 Operating Income 743 220 1,206 — 2,169 Other (Income) Expense: Interest expense, net 263 2 19 — 284 Other, net (22 ) (2 ) (12 ) — (36 ) Equity in net earnings of subsidiaries (925 ) (109 ) — 1,034 — Total Other (Income) Expense (684 ) (109 ) 7 1,034 248 Income from Continuing Operations before Income Taxes 1,427 329 1,199 (1,034 ) 1,921 Income Tax Expense 207 72 418 — 697 Income from Continuing Operations 1,220 257 781 (1,034 ) 1,224 Loss from Discontinued Operation, Net of Tax — — — — — Net Income 1,220 257 781 (1,034 ) 1,224 Less: Net Gain (Loss) Attributable to Noncontrolling Interests — — 4 — 4 Net Income Attributable to Tyson $ 1,220 $ 257 $ 777 $ (1,034 ) $ 1,220 Comprehensive Income (Loss) $ 1,281 $ 291 $ 840 $ (1,131 ) $ 1,281 Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest — — 4 — 4 Comprehensive Income (Loss) Attributable to Tyson $ 1,281 $ 291 $ 836 $ (1,131 ) $ 1,277 Condensed Consolidating Statement of Income and Comprehensive Income for the year ended September 27, 2014 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Sales $ 579 $ 21,924 $ 16,926 $ (1,849 ) $ 37,580 Cost of Sales 74 20,971 15,689 (1,839 ) 34,895 Gross Profit 505 953 1,237 (10 ) 2,685 Selling, General and Administrative 141 240 884 (10 ) 1,255 Operating Income 364 713 353 — 1,430 Other (Income) Expense: Interest expense, net 63 49 13 — 125 Other, net 67 (1 ) (13 ) — 53 Equity in net earnings of subsidiaries (731 ) (43 ) — 774 — Total Other (Income) Expense (601 ) 5 — 774 178 Income from Continuing Operations before Income Taxes 965 708 353 (774 ) 1,252 Income Tax Expense 101 227 68 — 396 Income from Continuing Operations 864 481 285 (774 ) 856 Loss from Discontinued Operation, Net of Tax — — — — — Net Income 864 481 285 (774 ) 856 Less: Net Gain (Loss) Attributable to Noncontrolling Interests — — (8 ) — (8 ) Net Income Attributable to Tyson $ 864 $ 481 $ 293 $ (774 ) $ 864 Comprehensive Income (Loss) $ 817 $ 449 $ 243 $ (692 ) $ 817 Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests — — (8 ) — (8 ) Comprehensive Income (Loss) Attributable to Tyson $ 817 $ 449 $ 251 $ (692 ) $ 825 Condensed Consolidating Statement of Income and Comprehensive Income for the year ended September 28, 2013 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Sales $ 431 $ 19,243 $ 16,120 $ (1,420 ) $ 34,374 Cost of Sales 40 18,464 14,932 (1,420 ) 32,016 Gross Profit 391 779 1,188 — 2,358 Selling, General and Administrative 68 201 714 — 983 Operating Income 323 578 474 — 1,375 Other (Income) Expense: Interest expense, net 36 62 40 — 138 Other, net 4 (1 ) (23 ) — (20 ) Equity in net earnings of subsidiaries (582 ) (40 ) — 622 — Total Other (Income) Expense (542 ) 21 17 622 118 Income from Continuing Operations before Income Taxes 865 557 457 (622 ) 1,257 Income Tax Expense 87 172 150 — 409 Income from Continuing Operations 778 385 307 (622 ) 848 Loss from Discontinued Operation, Net of Tax — — (70 ) — (70 ) Net Income 778 385 237 (622 ) 778 Less: Net Gain (Loss) Attributable to Noncontrolling Interests — — — — — Net Income Attributable to Tyson $ 778 $ 385 $ 237 $ (622 ) $ 778 Comprehensive Income (Loss) $ 733 $ 380 $ 212 $ (592 ) $ 733 Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests — — — — — Comprehensive Income (Loss) Attributable to Tyson $ 733 $ 380 $ 212 $ (592 ) $ 733 Condensed Consolidating Balance Sheet as of October 3, 2015 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Assets Current Assets: Cash and cash equivalents $ — $ 12 $ 676 $ — $ 688 Accounts receivable, net — 578 1,042 — 1,620 Inventories 1 1,009 1,868 — 2,878 Other current assets 43 91 147 (86 ) 195 Assets held for sale — — — — — Total Current Assets 44 1,690 3,733 (86 ) 5,381 Net Property, Plant and Equipment 26 975 4,175 — 5,176 Goodwill — 881 5,786 — 6,667 Intangible Assets — 10 5,158 — 5,168 Other Assets 129 146 337 — 612 Investment in Subsidiaries 21,850 2,177 — (24,027 ) — Total Assets $ 22,049 $ 5,879 $ 19,189 $ (24,113 ) $ 23,004 Liabilities and Shareholders’ Equity Current Liabilities: Current debt $ 710 $ 1 $ 22 $ (18 ) $ 715 Accounts payable 28 698 936 — 1,662 Other current liabilities 5,930 152 939 (5,863 ) 1,158 Liabilities held for sale — — — — — Total Current Liabilities 6,668 851 1,897 (5,881 ) 3,535 Long-Term Debt 5,498 1 511 — 6,010 Deferred Income Taxes — 98 2,351 — 2,449 Other Liabilities 192 118 994 — 1,304 Total Tyson Shareholders’ Equity 9,691 4,811 13,421 (18,232 ) 9,691 Noncontrolling Interests — — 15 — 15 Total Shareholders’ Equity 9,691 4,811 13,436 (18,232 ) 9,706 Total Liabilities and Shareholders’ Equity $ 22,049 $ 5,879 $ 19,189 $ (24,113 ) $ 23,004 Condensed Consolidating Balance Sheet as of September 27, 2014 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Assets Current Assets: Cash and cash equivalents $ — $ 41 $ 397 $ — $ 438 Accounts receivable, net 3 665 1,016 — 1,684 Inventories — 1,272 2,002 — 3,274 Other current assets 42 78 379 (120 ) 379 Assets held for sale 3 — 443 — 446 Total Current Assets 48 2,056 4,237 (120 ) 6,221 Net Property, Plant and Equipment 30 932 4,168 — 5,130 Goodwill — 881 5,825 — 6,706 Intangible Assets — 15 5,261 — 5,276 Other Assets 204 148 326 (55 ) 623 Investment in Subsidiaries 20,845 2,049 — (22,894 ) — Total Assets $ 21,127 $ 6,081 $ 19,817 $ (23,069 ) $ 23,956 Liabilities and Shareholders’ Equity Current Liabilities: Current debt $ 240 $ — $ 403 $ — $ 643 Accounts payable 35 755 1,016 — 1,806 Other current liabilities 4,718 235 921 (4,667 ) 1,207 Liabilities held for sale — — 141 — 141 Total Current Liabilities 4,993 990 2,481 (4,667 ) 3,797 Long-Term Debt 7,056 2 532 (55 ) 7,535 Deferred Income Taxes 21 96 2,333 — 2,450 Other Liabilities 167 125 978 — 1,270 Total Tyson Shareholders’ Equity 8,890 4,868 13,479 (18,347 ) 8,890 Noncontrolling Interests — — 14 — 14 Total Shareholders’ Equity 8,890 4,868 13,493 (18,347 ) 8,904 Total Liabilities and Shareholders’ Equity $ 21,127 $ 6,081 $ 19,817 $ (23,069 ) $ 23,956 Condensed Consolidating Statement of Cash Flows for the year ended October 3, 2015 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Cash Provided by (Used for) Operating Activities $ 274 $ 476 $ 1,841 $ (21 ) $ 2,570 Cash Flows from Investing Activities: Additions to property, plant and equipment — (159 ) (695 ) — (854 ) (Purchases of)/Proceeds from marketable securities, net 21 — (7 ) — 14 Acquisitions, net of cash acquired — — — — — Proceeds from sale of businesses — — 539 — 539 Other, net 23 1 7 — 31 Cash Provided by (Used for) Investing Activities 44 (158 ) (156 ) — (270 ) Cash Flows from Financing Activities: Net change in debt (1,092 ) — (402 ) — (1,494 ) Proceeds from issuance of common stock, net of issuance costs — — — — — Proceeds from issuance of equity component of tangible equity units — — — — — Purchases of Tyson Class A common stock (495 ) — — — (495 ) Dividends (147 ) — (21 ) 21 (147 ) Stock options exercised 84 — — — 84 Other, net 22 — (5 ) — 17 Net change in intercompany balances 1,310 (347 ) (963 ) — — Cash Provided by (Used for) Financing Activities (318 ) (347 ) (1,391 ) 21 (2,035 ) Effect of Exchange Rate Change on Cash — — (15 ) — (15 ) Increase (Decrease) in Cash and Cash Equivalents — (29 ) 279 — 250 Cash and Cash Equivalents at Beginning of Year — 41 397 — 438 Cash and Cash Equivalents at End of Period $ — $ 12 $ 676 $ — $ 688 Condensed Consolidating Statement of Cash Flows for the year ended September 27, 2014 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Cash Provided by (Used for) Operating Activities $ 132 $ 431 $ 660 $ (45 ) $ 1,178 Cash Flows from Investing Activities: Additions to property, plant and equipment (1 ) (147 ) (484 ) — (632 ) (Purchases of)/Proceeds from marketable securities, net — — 15 — 15 Acquisitions, net of cash acquired (8,193 ) — — — (8,193 ) Proceeds from sale of businesses — — — — — Other, net 5 2 3 — 10 Cash Provided by (Used for) Investing Activities (8,189 ) (145 ) (466 ) — (8,800 ) Cash Flows from Financing Activities: Net change in debt 5,154 — (12 ) — 5,142 Proceeds from issuance of common stock, net of issuance costs 873 — — — 873 Proceeds from issuance of equity component of tangible equity units 1,255 — — — 1,255 Purchases of Tyson Class A common stock (295 ) — — — (295 ) Dividends (104 ) — (45 ) 45 (104 ) Stock options exercised 67 — — — 67 Other, net (22 ) — (1 ) — (23 ) Net change in intercompany balances 1,129 (266 ) (863 ) — — Cash Provided by (Used for) Financing Activities 8,057 (266 ) (921 ) 45 6,915 Effect of Exchange Rate Change on Cash — — — — — Increase (Decrease) in Cash and Cash Equivalents — 20 (727 ) — (707 ) Cash and Cash Equivalents at Beginning of Year — 21 1,124 — 1,145 Cash and Cash Equivalents at End of Period $ — $ 41 $ 397 $ — $ 438 Condensed Consolidating Statement of Cash Flows for the year ended September 28, 2013 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Cash Provided by (Used for) Operating Activities $ 294 $ 337 $ 696 $ (13 ) $ 1,314 Cash Flows from Investing Activities: Additions to property, plant and equipment (4 ) (113 ) (441 ) — (558 ) (Purchases of)/Proceeds from marketable securities, net — (13 ) (5 ) — (18 ) Acquisitions, net of cash acquired — — (106 ) — (106 ) Proceeds from sale of businesses — — — — — Other, net — 3 36 — 39 Cash Provided by (Used for) Investing Activities (4 ) (123 ) (516 ) — (643 ) Cash Flows from Financing Activities: Net change in debt 5 — (28 ) — (23 ) Proceeds from issuance of common stock, net of issuance costs — — — — — Proceeds from issuance of equity component of tangible equity units — — — — — Purchases of Tyson Class A common stock (614 ) — — — (614 ) Dividends (104 ) — (13 ) 13 (104 ) Stock options exercised 123 — — — 123 Other, net 18 — — — 18 Net change in intercompany balances 281 (202 ) (79 ) — — Cash Provided by (Used for) Financing Activities (291 ) (202 ) (120 ) 13 (600 ) Effect of Exchange Rate Change on Cash — — 3 — 3 Increase (Decrease) in Cash and Cash Equivalents (1 ) 12 63 — 74 Cash and Cash Equivalents at Beginning of Year 1 9 1,061 — 1,071 Cash and Cash Equivalents at End of Period $ — $ 21 $ 1,124 $ — $ 1,145 |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Oct. 03, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | FINANCIAL STATEMENT SCHEDULE TYSON FOODS, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Three Years Ended October 3, 2015 in millions Additions Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts (Deductions) Balance at End of Period Allowance for Doubtful Accounts: 2015 $ 34 $ 1 $ — $ (8 ) $ 27 2014 46 5 — (17 ) 34 2013 33 17 — (4 ) 46 Inventory Lower of Cost or Market Allowance: 2015 $ 7 $ 99 $ — $ (48 ) $ 58 2014 16 14 — (23 ) 7 2013 24 49 — (57 ) 16 Valuation Allowance on Deferred Tax Assets: 2015 $ 51 $ 21 $ — $ (4 ) $ 68 2014 77 26 13 (65 ) 51 2013 78 8 — (9 ) 77 |
Business And Summary Of Signi31
Business And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Oct. 03, 2015 | |
Accounting Policies [Abstract] | |
Description Of Business | Description of Business: Tyson Foods, Inc. (collectively, “Company,” “we,” “us” or “our”), founded in 1935 with world headquarters in Springdale, Arkansas, is one of the world's largest food companies with leading brands such as Tyson®, Jimmy Dean®, Hillshire Farm®, Sara Lee®, Ball Park®, Wright®, Aidells® and State Fair®. We are a recognized market leader in chicken, beef and pork as well as prepared foods, including bacon, breakfast sausage, turkey, lunchmeat, hot dogs, pizza crusts and toppings, tortillas and desserts. |
Consolidation | Consolidation: The consolidated 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. |
Fiscal Year | Fiscal Year: We utilize a 52- or 53-week accounting period ending on the Saturday closest to September 30. The Company’s accounting cycle resulted in a 53-week year for fiscal 2015 and a 52-week year for fiscal 2014 and 2013 . |
Cash And Cash Equivalents | Cash and Cash Equivalents: Cash equivalents consist of investments in short-term, highly liquid securities having original maturities of three months or less, which are made as part of our cash management activity. The carrying values of these assets approximate their fair values. We primarily utilize a cash management system with a series of separate accounts consisting of lockbox accounts for receiving cash, concentration accounts where funds are moved to, and several zero-balance disbursement accounts for funding payroll, accounts payable, livestock procurement, grower payments, etc. As a result of our cash management system, checks issued, but not presented to the banks for payment, may result in negative book cash balances. These negative book cash balances are included in accounts payable and other current liabilities. At October 3, 2015 , and September 27, 2014 , checks outstanding in excess of related book cash balances totaled approximately $257 million and $298 million , respectively. |
Accounts Receivable | Accounts Receivable: We record accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances and charged to the provision for doubtful accounts. We calculate this allowance based on our history of write-offs, level of past due accounts and relationships with and economic status of our customers. At October 3, 2015 , and September 27, 2014 , our allowance for uncollectible accounts was $27 million and $34 million , respectively. We generally do not have collateral for our receivables, but we do periodically evaluate the credit worthiness of our customers. |
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, grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories. In fiscal 2015, 63% of the cost of inventories was determined by the first-in, first-out ("FIFO") method as compared to 66% in fiscal 2014. The remaining cost of inventories for both years is determined by the weighted-average method. |
Property, Plant And Equipment | Property, Plant and Equipment: Property, plant and equipment are stated at cost and generally depreciated on a straight-line method over the estimated lives for buildings and leasehold improvements of 10 to 33 years , machinery and equipment of three to 12 years and land improvements and other of three to 20 years . Major repairs and maintenance costs that significantly extend the useful life of the related assets are capitalized. Normal repairs and maintenance costs are charged to operations. We review the carrying value of long-lived assets at each balance sheet date if indication of impairment exists. Recoverability is assessed using undiscounted cash flows based on historical results and current projections of earnings before interest, taxes, depreciation and amortization. We measure impairment as the excess of carrying value over the fair value of an asset. The fair value of an asset is measured using discounted cash flows including market participant assumptions of future operating results and discount rates. |
Goodwill And Other Intangible Assets | Goodwill and Intangible Assets: Definite life intangibles are initially recorded at fair value and amortized over the estimated period of benefit, which is generally based on the straight-line method over 20 years or less. Amortization expense is generally recognized in selling, general, and administrative expense. We review the carrying value of definite life intangibles at each balance sheet date if indication of impairment exists. Recoverability is assessed using undiscounted cash flows based on historical results and current projections of earnings before interest, taxes, depreciation and amortization. We measure impairment as the excess of carrying value over the fair value of the definite life intangible asset. We use various valuation techniques to estimate fair value, with the primary techniques being discounted cash flows, relief-from-royalty and multi-period excess earnings valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. Goodwill and indefinite life intangible assets are initially recorded at fair value and not amortized, but are reviewed for impairment at least annually or more frequently if impairment indicators arise. Our goodwill is allocated by reporting unit and is evaluated for impairment by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. If it is determined, based on qualitative factors, the fair value of the reporting unit may be more likely than not less than carrying amount, or if significant changes to macro-economic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill impairment test would be required. Additionally, we can elect to forgo the qualitative assessment and perform the quantitative test. The first step of the quantitative test is to identify if a potential impairment exists by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered to have a potential impairment and the second step of the quantitative impairment test is not necessary. However, if the carrying amount of a reporting unit exceeds its fair value, the second step is performed to determine if goodwill is impaired and to measure the amount of impairment loss to recognize, if any. The second step compares the implied fair value of goodwill with the carrying amount of goodwill. If the implied fair value of goodwill exceeds the carrying amount, then goodwill is not considered impaired. However, if the carrying amount of goodwill exceeds the implied fair value, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination (i.e., the fair value of the reporting unit is allocated to all the assets and liabilities, including any unrecognized intangible assets, as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was determined as the exit price a market participant would pay for the same business). We have elected to make the first day of the fourth quarter the annual impairment assessment date for goodwill and indefinite life intangible assets. We estimate the fair value of our reporting units using a discounted cash flow analysis, which uses significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. This analysis requires us to make various judgmental estimates and assumptions about sales, operating margins, growth rates and discount factors and is believed to reflect market participant views which would exist in an exit transaction. Generally, we utilize normalized operating margin assumptions based on future expectations and operating margins historically realized in the reporting units' industries. Some of the inherent estimates and assumptions used in determining fair value of the reporting units are outside the control of management, including interest rates, cost of capital, tax rates and credit ratings. While we believe we have made reasonable estimates and assumptions to calculate the fair value of the reporting units, it is possible a material change could occur. If our actual results are not consistent with our estimates and assumptions used to calculate fair value, we may be required to perform the second step of the quantitative test in future years, which could result in material impairments of our goodwill. The discount rate used in our annual goodwill impairment test decreased to 6.8% in fiscal 2015 from 7.9% in fiscal 2014. The discount rate used in our indefinite life intangible test was 8.0% in fiscal 2015. We did not have material indefinite life intangible assets prior to the acquisition of Hillshire Brands in August 2014. During fiscal 2015, 2014 and 2013, all of our material reporting units that underwent a quantitative test passed the first step of the goodwill impairment analysis and therefore, the second step was not necessary. In fiscal 2015, we recorded a $23 million full impairment of an immaterial reporting unit’s goodwill. For our indefinite life intangible assets, a qualitative assessment can also be performed to determine whether the existence of events and circumstances indicates it is more likely than not an intangible asset is impaired. Similar to goodwill, we can also elect to forgo the qualitative test for indefinite life intangible assets and perform the quantitative test. Upon performing the quantitative test, if the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The fair value of our indefinite life intangible assets is calculated principally using relief-from-royalty and multi-period excess earnings valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy, and is believed to reflect market participant views which would exist in an exit transaction. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. |
Investments | Investments: We have investments in joint ventures and other entities. We generally use the cost method of accounting when our voting interests are less than 20 percent. We use the equity method of accounting when our voting interests are in excess of 20 percent and we do not have a controlling interest or a variable interest in which we are the primary beneficiary. Investments in joint ventures and other entities are reported in the Consolidated Balance Sheets in Other Assets. We also have investments in marketable debt securities. We have determined all of our marketable debt securities are available-for-sale investments. These investments are reported at fair value based on quoted market prices as of the balance sheet date, with unrealized gains and losses, net of tax, recorded in other comprehensive income. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is recorded in interest income. The cost of securities sold is based on the specific identification method. Realized gains and losses on the sale of debt securities and declines in value judged to be other than temporary are recorded on a net basis in other income. Interest and dividends on securities classified as available-for-sale are recorded in interest income. |
Accrued Self-Insurance | Accrued Self-Insurance: We use a combination of insurance and self-insurance mechanisms in an effort to mitigate the potential liabilities for health and welfare, workers’ compensation, auto liability and general liability risks. Liabilities associated with our risks retained are estimated, in part, by considering claims experience, demographic factors, severity factors and other actuarial assumptions. |
Defined Benefit Plans | Defined Benefit Plans: We recognize the funded status of defined pension and postretirement plans in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of the plan assets and the benefit obligation. We measure our plan assets and liabilities at the end of our fiscal year. For a defined benefit pension plan, the benefit obligation is the projected benefit obligation; for any other defined benefit postretirement plan, such as a retiree health care plan, the benefit obligation is the accumulated postretirement benefit obligation. Any overfunded status is recognized as an asset and any underfunded status is recognized as a liability. Any transitional asset/liability, prior service cost or actuarial gain/loss that has not yet been recognized as a component of net periodic cost is recognized in accumulated other comprehensive income. Accumulated other comprehensive income will be adjusted as these amounts are subsequently recognized as a component of net periodic benefit costs in future periods. |
Financial Instruments | Financial Instruments: We purchase certain commodities, such as grains and livestock in the course of normal operations. As part of our commodity risk management activities, we use derivative financial instruments, primarily futures and options, to reduce our exposure to various market risks related to these purchases, as well as to changes in foreign currency exchange rates. Contract terms of a financial instrument qualifying as a hedge instrument closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. Contracts designated and highly effective at meeting risk reduction and correlation criteria are recorded using hedge accounting. If a derivative instrument is accounted for as a hedge, changes in the fair value of the instrument will be offset either against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of an instrument’s change in fair value is immediately recognized in earnings as a component of cost of sales. Instruments we hold as part of our risk management activities that do not meet the criteria for hedge accounting are marked to fair value with unrealized gains or losses reported currently in earnings. Changes in market value of derivatives used in our risk management activities relating to forward sales contracts are recorded in sales, while changes surrounding inventories on hand or anticipated purchases of inventories or supplies are recorded in cost of sales. We generally do not hedge anticipated transactions beyond 18 months. |
Revenue Recognition | Revenue Recognition: We recognize revenue when title and risk of loss are transferred to customers, which is generally on delivery based on terms of sale. Revenue is recognized as the net amount estimated to be received after deducting estimated amounts for discounts, trade allowances and product returns. |
Litigation Reserves | Litigation Reserves: There are a variety of legal proceedings pending or threatened against us. Accruals are recorded when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated based on current law, progress of each case, opinions and views of legal counsel and other advisers, our experience in similar matters and intended response to the litigation. These amounts, which are not discounted and are exclusive of claims against third parties, are adjusted periodically as assessment efforts progress or additional information becomes available. We expense amounts for administering or litigating claims as incurred. Accruals for legal proceedings are included in Other current liabilities in the Consolidated Balance Sheets |
Freight Expense | Freight Expense: Freight expense associated with products shipped to customers is recognized in cost of sales. |
Advertising And Promotion Expenses | Advertising and Promotion Expenses: Advertising and promotion expenses are charged to operations in the period incurred. Customer incentive and trade promotion activities are recorded as a reduction to sales based on amounts estimated as being due to customers, based primarily on historical utilization and redemption rates, while other advertising and promotional activities are recorded as selling, general and administrative expenses. Advertising and promotion expenses for fiscal 2015 , 2014 and 2013 were $966 million , $641 million and $555 million , respectively. |
Research And Development | Research and Development: Research and development costs are expensed as incurred. Research and development costs totaled $75 million , $52 million and $50 million in fiscal 2015 , 2014 and 2013 , respectively. |
Use Of Estimates | Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Reclassification | Reclassification: We reclassified Share-based compensation expense, which was previously included in Other, net within the cash flows from operating activities in the Consolidated Statements of Cash Flows to conform to the current period presentation. |
Business And Summary Of Signi32
Business And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Inventory, Current | The following table reflects the major components of inventory at October 3, 2015 , and September 27, 2014 : in millions 2015 2014 Processed products $ 1,631 $ 1,794 Livestock 831 1,066 Supplies and other 416 414 Total inventory $ 2,878 $ 3,274 |
Other Current Liabilities | Other Current Liabilities: Other current liabilities at October 3, 2015 , and September 27, 2014 , include: in millions 2015 2014 Accrued salaries, wages and benefits $ 478 $ 490 Accrued marketing, advertising and promotion expense 192 185 Other 488 532 Total other current liabilities $ 1,158 $ 1,207 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date. The purchase price was allocated based on information available at the acquisition date. During fiscal 2015, we recorded measurement period adjustments, which reduced goodwill by $14 million , after obtaining additional information regarding, among other things, asset valuations and liabilities assumed. The amount was not considered material and therefore prior periods have not been revised. The purchase price allocation was finalized during the fourth quarter of fiscal 2015. in millions Cash and cash equivalents $ 72 Accounts receivable 236 Inventories 414 Other current assets 343 Property, Plant and Equipment 1,301 Goodwill 4,790 Intangible Assets 5,141 Other Assets 64 Accounts payable (347 ) Other current liabilities (327 ) Long-Term Debt (869 ) Deferred Income Taxes (2,074 ) Other Liabilities (500 ) Net asset acquired $ 8,244 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The fair value of identifiable intangible assets at the acquisition date is as follows: in millions Intangible Asset Category Type Life in Years Fair Value Brands & trademarks Non-amortizable Indefinite $ 4,062 Brands & trademarks Amortizable 20 years 532 Customer relationships Amortizable Weighted average life of 16 years 541 Non-compete agreements Amortizable 1 year 6 Total identifiable intangible assets $ 5,141 |
Schedule of Indefinite-lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The fair value of identifiable intangible assets at the acquisition date is as follows: in millions Intangible Asset Category Type Life in Years Fair Value Brands & trademarks Non-amortizable Indefinite $ 4,062 Brands & trademarks Amortizable 20 years 532 Customer relationships Amortizable Weighted average life of 16 years 541 Non-compete agreements Amortizable 1 year 6 Total identifiable intangible assets $ 5,141 |
Business Acquisition, Pro Forma Information [Table Text Block] | These pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations as they would have been had the acquisitions occurred on the assumed dates, nor is it necessarily an indication of future operating results. in millions (unaudited) 2014 2013 Pro forma sales $ 41,311 $ 38,195 Pro forma net income from continuing operations attributable to Tyson 1,047 655 Pro forma net income per diluted share from continuing operations attributable to Tyson $ 2.50 $ 1.52 |
Summary of Net Assets and Liabilities Held for Sale | The following table summarizes the net assets and liabilities held for sale: in millions 2014 Assets held for sale: Accounts receivable, net $ 74 Inventories 141 Other current assets 72 Net property, plant and equipment 132 Goodwill 16 Other assets 11 Total assets held for sale $ 446 Liabilities held for sale: Current debt $ 32 Accounts payable 61 Other current liabilities 27 Long-term debt 9 Deferred income taxes 12 Total liabilities held for sale $ 141 The following is a summary of the discontinued operation's results: in millions 2015 2014 2013 Sales $ — $ — $ 108 Pretax loss — — (68 ) Income tax expense — — 2 Loss from discontinued operation, net of tax $ — $ — $ (70 ) |
Discontinued Operation (Tables)
Discontinued Operation (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Summary of Discontinued Operation's Results | The following table summarizes the net assets and liabilities held for sale: in millions 2014 Assets held for sale: Accounts receivable, net $ 74 Inventories 141 Other current assets 72 Net property, plant and equipment 132 Goodwill 16 Other assets 11 Total assets held for sale $ 446 Liabilities held for sale: Current debt $ 32 Accounts payable 61 Other current liabilities 27 Long-term debt 9 Deferred income taxes 12 Total liabilities held for sale $ 141 The following is a summary of the discontinued operation's results: in millions 2015 2014 2013 Sales $ — $ — $ 108 Pretax loss — — (68 ) Income tax expense — — 2 Loss from discontinued operation, net of tax $ — $ — $ (70 ) |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule Of Property, Plant And Equipment And Accumulated Depreciation | The following table reflects major categories of property, plant and equipment and accumulated depreciation at October 3, 2015 , and September 27, 2014 : in millions 2015 2014 Land $ 122 $ 126 Building and leasehold improvements 3,581 3,501 Machinery and equipment 6,452 6,144 Land improvements and other 286 276 Buildings and equipment under construction 375 334 10,816 10,381 Less accumulated depreciation 5,640 5,251 Net property, plant and equipment $ 5,176 $ 5,130 |
Goodwill And Other Intangible36
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Goodwill Activity | The following table reflects goodwill activity for fiscal 2015 and 2014 : in millions Chicken Beef Pork Prepared Foods Other (a) Unallocated Consolidated Balance at September 28, 2013 Goodwill $ 908 $ 1,123 $ 317 $ 75 $ 68 $ — $ 2,491 Accumulated impairment losses — (560 ) — — (29 ) — (589 ) 908 563 317 75 39 — 1,902 Fiscal 2014 Activity: Acquisition — — — 18 5 4,804 4,827 Reclass to assets held for sale — — — — (16 ) — (16 ) Impairment losses — — — — (5 ) — (5 ) Currency translation and other (1 ) — — (1 ) — — (2 ) Balance at September 27, 2014 Goodwill 907 1,123 317 92 57 4,804 7,300 Accumulated impairment losses — (560 ) — — (34 ) — (594 ) $ 907 $ 563 $ 317 $ 92 $ 23 $ 4,804 $ 6,706 Fiscal 2015 Activity: Acquisition $ — $ — $ — $ — $ — $ — $ — Measurement period adjustments — — — — — (14 ) (14 ) Allocation of acquired goodwill 658 113 106 3,913 — (4,790 ) — Impairment losses — — — — (23 ) — (23 ) Currency translation and other (2 ) — — — — — (2 ) Balance at October 3, 2015 Goodwill 1,563 1,236 423 4,005 57 — 7,284 Accumulated impairment losses — (560 ) — — (57 ) — (617 ) $ 1,563 $ 676 $ 423 $ 4,005 $ — $ — $ 6,667 (a) Other included the goodwill from our international chicken operation. |
Schedule Of Other Intangible Assets By Type | The following table reflects intangible assets by type at October 3, 2015 , and September 27, 2014 : in millions 2015 2014 Amortizable intangible assets: Brands and trademarks $ 594 $ 611 Customer relationships 564 570 Patents, intellectual property and other 115 136 Non-compete agreements — 6 Land use rights 9 8 Total gross amortizable intangible assets $ 1,282 $ 1,331 Less accumulated amortization 192 133 Total net amortizable intangible assets $ 1,090 $ 1,198 Brands and trademarks not subject to amortization 4,078 4,078 Total intangible assets $ 5,168 $ 5,276 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Debt Instruments [Abstract] | |
Schedule Of Major Components Of Debt | The following table reflects major components of debt as of October 3, 2015 , and September 27, 2014 : in millions 2015 2014 Revolving credit facility $ — $ — Senior notes: 2.75% Senior notes due September 2015 (2015 Notes) — 407 6.60% Senior notes due April 2016 638 638 7.00% Notes due May 2018 120 120 2.65% Notes due August 2019 1,000 1,000 4.10% Notes due September 2020 285 287 4.50% Senior notes due June 2022 1,000 1,000 3.95% Notes due August 2024 1,250 1,250 7.00% Notes due January 2028 18 18 6.13% Notes due November 2032 163 164 4.88% Notes due August 2034 500 500 5.15% Notes due August 2044 500 500 Discount on senior notes (10 ) (12 ) Term loans: 3-year tranche A — 1,172 3-year tranche B (1.31% at 10/3/2015) 500 — 5-year tranche A — 353 5-year tranche B (1.69% at 10/3/2015) 552 552 Amortizing Notes - Tangible Equity Units (see Note 8: Equity) 140 205 Other 69 24 Total debt 6,725 8,178 Less current debt 715 643 Total long-term debt $ 6,010 $ 7,535 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Equity [Abstract] | |
Schedule of Share Repurchases | A summary of cumulative share repurchases of our Class A Stock is as follows: in millions October 3, 2015 September 27, 2014 September 28, 2013 Shares Dollars Shares Dollars Shares Dollars Shares repurchased: Under share repurchase program 11.0 $ 455 7.1 $ 250 21.1 $ 550 To fund certain obligations under equity compensation plans 0.9 40 1.2 45 2.8 64 Total share repurchases 11.9 $ 495 8.3 $ 295 23.9 $ 614 |
Schedule of Tangible Equity Units | The aggregate values assigned upon issuance of each component of the TEU's, based on the relative fair value of the respective components of each TEU, were as follows: in millions, except price per TEU Equity Component Debt Component Total Price per TEU $ 43.17 $ 6.83 $ 50.00 Gross Proceeds 1,295 205 1,500 Issuance cost (40 ) (6 ) (46 ) Net proceeds $ 1,255 $ 199 $ 1,454 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Provision For Income Taxes From Continuing Operations | Detail of the provision for income taxes from continuing operations consists of the following: in millions 2015 2014 2013 Federal $ 564 $ 325 $ 341 State 89 67 38 Foreign 44 4 30 $ 697 $ 396 $ 409 Current $ 659 $ 501 $ 421 Deferred 38 (105 ) (12 ) $ 697 $ 396 $ 409 |
Schedule Of Reasons For Differences Between Statutory Federal Tax Rate And Effective Income Tax Rate | The reasons for the difference between the statutory federal income tax rate and our effective income tax rate from continuing operations are as follows: 2015 2014 2013 Federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes 3.1 2.8 2.4 Unrecognized tax benefits, net (1.8 ) (4.7 ) (0.2 ) Domestic production deduction (3.7 ) (4.0 ) (3.2 ) Foreign rate differences and valuation allowances 3.8 2.8 0.3 Other (0.1 ) (0.3 ) (1.7 ) 36.3 % 31.6 % 32.6 % |
Schedule Of Tax Effects Of Major Items Recorded As Deferred Tax Assets And Liabilities | The tax effects of major items recorded as deferred tax assets and liabilities as of October 3, 2015 , and September 27, 2014 , are as follows: in millions 2015 2014 Deferred Tax Deferred Tax Assets Liabilities Assets Liabilities Property, plant and equipment $ — $ 783 $ — $ 732 Intangible assets — 2,000 — 2,031 Accrued expenses 439 — 474 — Net operating loss and other carryforwards 97 — 96 — Other 122 238 125 269 $ 658 $ 3,021 $ 695 $ 3,032 Valuation allowance $ (68 ) $ (51 ) Net deferred tax liability $ 2,431 $ 2,388 |
Schedule Of Activity Related To Gross Unrecognized Tax Benefits | The following table summarizes the activity related to our gross unrecognized tax benefits at October 3, 2015 , September 27, 2014 , and September 28, 2013 : in millions 2015 2014 2013 Balance as of the beginning of the year $ 272 $ 175 $ 168 Increases related to current year tax positions 78 11 3 Increases related to prior year tax positions 11 17 15 Change related to Hillshire Brands balances — 136 — Reductions related to prior year tax positions (18 ) (20 ) (6 ) Reductions related to settlements — (1 ) (2 ) Reductions related to expirations of statute of limitations (37 ) (46 ) (3 ) Balance as of the end of the year $ 306 $ 272 $ 175 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share, Basic And Diluted | The earnings and weighted average common shares used in the computation of basic and diluted earnings per share are as follows: in millions, except per share data 2015 2014 2013 Numerator: Income from continuing operations $ 1,224 $ 856 $ 848 Less: Net income (loss) attributable to noncontrolling interests 4 (8 ) — Net income from continuing operations attributable to Tyson 1,220 864 848 Less dividends declared: Class A 129 94 87 Class B 26 21 19 Undistributed earnings $ 1,065 $ 749 $ 742 Class A undistributed earnings $ 896 $ 612 $ 606 Class B undistributed earnings 169 137 136 Total undistributed earnings $ 1,065 $ 749 $ 742 Denominator: Denominator for basic earnings per share: Class A weighted average shares 335 284 282 Class B weighted average shares, and shares under if-converted method for diluted earnings per share 70 70 70 Effect of dilutive securities: Stock options and restricted stock 5 5 5 Tangible Equity Units 3 1 — Convertible 2013 Notes — — 7 Warrants — 4 3 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions 413 364 367 Net Income Per Share from Continuing Operations Attributable to Tyson: Class A Basic $ 3.06 $ 2.48 $ 2.46 Class B Basic $ 2.79 $ 2.26 $ 2.22 Diluted $ 2.95 $ 2.37 $ 2.31 Net Income Per Share Attributable to Tyson: Class A Basic $ 3.06 $ 2.48 $ 2.26 Class B Basic $ 2.79 $ 2.26 $ 2.04 Diluted $ 2.95 $ 2.37 $ 2.12 |
Derivative Financial Instrume41
Derivative Financial Instruments (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Derivative [Line Items] | |
Schedule Of Notional Amount Of Derivatives | We had the following aggregated outstanding notional amounts related to our derivative financial instruments: in millions, except soy meal tons Metric October 3, 2015 September 27, 2014 Corn Bushels 18 — Soy Meal Tons 284,900 198,100 Live Cattle Pounds 102 405 Lean Hogs Pounds 166 350 Foreign Currency United States dollar $ 42 $ 109 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |
Derivative [Line Items] | |
Schedule Of Derivative Instruments, Gain (Loss) In Statement Of Financial Performance | The following table sets forth the pretax impact of cash flow hedge derivative instruments in the Consolidated Statements of Income: in millions Gain (Loss) Recognized in OCI on Derivatives Consolidated Statements of Income Classification Gain (Loss) Reclassified from OCI to Earnings 2015 2014 2013 2015 2014 2013 Cash Flow Hedge – Derivatives designated as hedging instruments: Commodity contracts $ (4 ) $ (7 ) $ (29 ) Cost of Sales $ (7 ) $ (10 ) $ (5 ) Foreign exchange contracts — (1 ) (2 ) Other Income/Expense — — (4 ) Total $ (4 ) $ (8 ) $ (31 ) $ (7 ) $ (10 ) $ (9 ) |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |
Derivative [Line Items] | |
Schedule Of Derivative Instruments, Gain (Loss) In Statement Of Financial Performance | in millions Consolidated Statements of Income Classification 2015 2014 2013 Gain (Loss) on forwards Cost of Sales $ 17 $ (154 ) $ 21 Gain (Loss) on purchase contract Cost of Sales (17 ) 154 (21 ) |
Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Schedule Of Derivative Instruments, Gain (Loss) In Statement Of Financial Performance | The following table sets forth the pretax impact of the undesignated derivative instruments in the Consolidated Statements of Income: in millions Consolidated Statements of Income Classification Gain (Loss) Recognized in Earnings 2015 2014 2013 Derivatives not designated as hedging instruments: Commodity contracts Sales $ (62 ) $ 75 $ (10 ) Commodity contracts Cost of Sales (33 ) (136 ) (24 ) Foreign exchange contracts Other Income/Expense (4 ) — 2 Total $ (99 ) $ (61 ) $ (32 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
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 October 3, 2015 Level 1 Level 2 Level 3 Netting (a) Total Assets: Derivative Financial Instruments: Designated as hedges $ — $ 52 $ — $ (35 ) $ 17 Undesignated — 9 — (9 ) — Available for Sale Securities: Current — 1 1 — 2 Non-current — 33 60 — 93 Deferred Compensation Assets 9 222 — — 231 Total Assets $ 9 $ 317 $ 61 $ (44 ) $ 343 Liabilities: Derivative Financial Instruments: Designated as hedges $ — $ 2 $ — $ (2 ) $ — Undesignated — 49 — (47 ) 2 Total Liabilities $ — $ 51 $ — $ (49 ) $ 2 September 27, 2014 Level 1 Level 2 Level 3 Netting (a) Total Assets: Derivative Financial Instruments: Designated as hedges $ — $ 17 $ — $ (17 ) $ — Undesignated — 42 — (33 ) 9 Available for Sale Securities: Current — 1 — — 1 Non-current 1 24 67 — 92 Deferred Compensation Assets 15 218 — — 233 Total Assets $ 16 $ 302 $ 67 $ (50 ) $ 335 Liabilities: Derivative Financial Instruments: Designated as hedges $ — $ 78 $ — $ (78 ) $ — Undesignated — 82 — (70 ) 12 Total Liabilities $ — $ 160 $ — $ (148 ) $ 12 (a) Our derivative assets and liabilities are presented in our Consolidated 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 October 3, 2015 , and September 27, 2014 , we had posted with various counterparties $5 million and $98 million , respectively, of cash collateral related to our derivative financial instruments 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 October 3, 2015 September 27, 2014 Balance at beginning of year $ 67 $ 65 Total realized and unrealized gains (losses): Included in earnings — — Included in other comprehensive income (loss) — — Purchases 20 25 Issuances — — Settlements (26 ) (23 ) Balance at end of year $ 61 $ 67 Total gains (losses) for the periods included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of year $ — $ — |
Schedule Of Available For Sale Securities | in millions October 3, 2015 September 27, 2014 Amortized Cost Basis Fair Value Unrealized Gain/(Loss) Amortized Cost Basis Fair Value Unrealized Gain/(Loss) Available for Sale Securities: Debt Securities: United States Treasury and Agency $ 33 $ 34 $ 1 $ 25 $ 25 $ — Corporate and Asset-Backed 60 61 1 65 67 2 Equity Securities: Common Stock and Warrants (a) — — — 1 1 — (a) At October 3, 2015 , and September 27, 2014, the amortized cost basis for Equity Securities had been reduced by accumulated other than temporary impairment of approximately nil and $2 million , respectively. |
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 October 3, 2015 September 27, 2014 Fair Value Carrying Value Fair Value Carrying Value Total Debt $ 6,900 $ 6,725 $ 8,347 $ 8,178 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Share-based Compensation [Abstract] | |
Schedule Of Summary Of Stock Options | Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in millions) Outstanding, September 27, 2014 13,724,409 $ 21.30 Exercised (3,900,576 ) 21.47 Forfeited or expired (177,491 ) 37.23 Granted 5,088,723 42.26 Outstanding, October 3, 2015 14,735,065 28.30 7.1 $ 237 Exercisable, October 3, 2015 6,789,969 $ 18.73 5.4 $ 174 |
Schedule Of Assumptions Of Fair Value Calculation Of Each Year's Grants | Assumptions as of the grant date used in the fair value calculation of each year’s grants are outlined in the following table. 2015 2014 2013 Expected life (in years) 6.1 6.0 6.2 Risk-free interest rate 1.6 % 1.3 % 0.7 % Expected volatility 26.7 % 36.0 % 36.8 % Expected dividend yield 1.0 % 1.0 % 1.0 % |
Schedule Of Summary Of Restricted Stock | Number of Shares Weighted Average Grant- Date Fair Value Per Share Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in millions) Nonvested, September 27, 2014 938,944 $ 23.18 Granted 742,036 42.39 Dividends 11,431 34.99 Vested (520,964 ) 20.28 Forfeited (63,519 ) 36.61 Nonvested, October 3, 2015 1,107,928 $ 36.76 1.6 $ 49 |
Schedule Of Summary Of Performance-Based Shares | Number of Shares Weighted Average Grant- Date Fair Value Per Share Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in millions) Nonvested, September 27, 2014 1,403,603 $ 26.77 Granted 522,746 46.16 Vested (25,922 ) 17.36 Forfeited (65,327 ) 37.98 Nonvested, October 3, 2015 1,835,100 $ 32.03 0.9 $ 81 |
Pensions And Other Postretire44
Pensions And Other Postretirement Benefits (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Schedule Of Reconciliation Of Changes In Plans' Benefit Obligations, Assets And Funded Status | The following table provides a reconciliation of the changes in the plans’ benefit obligations, assets and funded status at October 3, 2015 , and September 27, 2014 : in millions Pension Benefits Other Postretirement Qualified Non-Qualified Benefits 2015 2014 2015 2014 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 1,849 $ 86 $ 182 $ 85 $ 163 $ 71 Service cost 10 1 8 7 5 2 Interest cost 78 10 8 5 7 3 Plan amendments — — — — (60 ) — Plan participants’ contributions — — — — 2 1 Actuarial (gain)/loss (50 ) (37 ) 11 15 9 (8 ) Benefits paid (102 ) (11 ) (8 ) (3 ) (12 ) (6 ) Business acquisition — 1,800 — 73 — 100 Benefit obligation at end of year 1,785 1,849 201 182 114 163 Change in plan assets Fair value of plan assets at beginning of year 1,647 85 3 — — — Actual return on plan assets 25 (36 ) — — — — Employer contributions 6 6 8 3 10 5 Plan participants’ contributions — — — — 2 1 Benefits paid (102 ) (11 ) (8 ) (3 ) (12 ) (6 ) Business acquisition — 1,603 — 3 — — Other — — (3 ) — — — Fair value of plan assets at end of year 1,576 1,647 — 3 — — Funded status $ (209 ) $ (202 ) $ (201 ) $ (179 ) $ (114 ) $ (163 ) |
Schedule Of Amounts Recognized In The Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets consist of: in millions Pension Benefits Other Postretirement Qualified Non-Qualified Benefits 2015 2014 2015 2014 2015 2014 Other current liabilities $ — $ — $ (9 ) $ (5 ) $ (20 ) $ (7 ) Other liabilities (209 ) (202 ) (192 ) (174 ) (94 ) (156 ) Total liabilities $ (209 ) $ (202 ) $ (201 ) $ (179 ) $ (114 ) $ (163 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in Accumulated Other Comprehensive Income consist of: in millions Pension Benefits Other Postretirement Qualified Non-Qualified Benefits 2015 2014 2015 2014 2015 2014 Accumulated other comprehensive (income)/loss: Actuarial loss $ 57 $ 39 $ 43 $ 36 $ — $ — Prior service cost/(credit) (a) — — — — (59 ) (2 ) Total accumulated other comprehensive (income)/loss: $ 57 $ 39 $ 43 $ 36 $ (59 ) $ (2 ) (a) The change in prior service cost is primarily attributed to the plan amendments to the other postretirement benefits as noted within the change in benefit obligation with remainder of the change being immaterial. |
Schedule Of Plans With Accumulated Benefit Obligations In Excess Of Plan Assets | Plans with accumulated benefit obligations in excess of plan assets are as follows: in millions Pension Benefits Qualified Non-Qualified 2015 2014 2015 2014 Projected benefit obligation $ 1,781 $ 1,829 $ 201 $ 182 Accumulated benefit obligation 1,781 1,829 193 172 Fair value of plan assets 1,572 1,627 — 3 |
Schedule Of Components Of Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans Recognized In The Consolidated Statements Of Income | Components of net periodic benefit cost for pension and postretirement benefit plans recognized in the Consolidated Statements of Income are as follows: in millions Pension Benefits Other Postretirement Qualified Non-Qualified Benefits 2015 2014 2013 2015 2014 2013 2015 2014 2013 Service cost $ 10 $ 1 $ — $ 8 $ 7 $ 5 $ 5 $ 2 $ 2 Interest cost 78 10 4 8 5 3 7 3 2 Expected return on plan assets (102 ) (13 ) (5 ) — — — — — — Amortization of prior service cost — — — — — 1 (1 ) — (1 ) Recognized actuarial (gain) loss, net 2 2 4 4 2 3 9 (8 ) 7 Recognized settlement (gain) loss 8 — — — — — (2 ) — — Net periodic benefit (credit) cost $ (4 ) $ — $ 3 $ 20 $ 14 $ 12 $ 18 $ (3 ) $ 10 |
Schedule Of Weighted Average Assumptions | Weighted average assumptions are as follows: Pension Benefits Other Postretirement Qualified Non-Qualified Benefits 2015 2014 2013 2015 2014 2013 2015 2014 2013 Discount rate to determine net periodic benefit cost 4.32 % 4.37 % 4.02 % 4.36 % 5.01 % 4.23 % 3.97 % 4.41 % 3.66 % Discount rate to determine benefit obligations 4.47 % 4.32 % 4.77 % 4.41 % 4.36 % 5.09 % 3.54 % 3.97 % 4.48 % Rate of compensation increase 0.01 % 0.01 % n/a 2.31 % 2.11 % 3.50 % n/a n/a n/a Expected return on plan assets 4.61 % 6.37 % 5.44 % n/a n/a n/a n/a n/a n/a |
Schedule of Health Care Cost Trend Rates | A one-percentage-point change in assumed health-care cost trend rates would have the following effects: in millions One Percentage Point Increase One Percentage Point Decrease Effect on postretirement benefit obligation $ 8 $ 7 Effect on total service and interest components — — |
Schedule Of Actual And Target Asset Allocation For Pension Plan Assets | The following table sets forth the actual and target asset allocation for pension plan assets: 2015 2014 Target Asset Allocation Cash 0.3 % 4.9 % — % Fixed Income Securities 85.4 80.5 86.0 United States Stock Funds 3.9 6.0 4.0 International Stock Funds 6.8 6.2 6.5 Real Estate 3.6 2.0 3.5 Other — 0.4 — Total 100.0 % 100.0 % 100.0 % |
Schedule Of Categories Of Pension Plan Assets And Level Under Which Fair Values Were Determined In Fair Value Hierarchy | The following tables show the categories of pension plan assets and the level under which fair values were determined in the fair value hierarchy, which is described in Note 13: Fair Value Measurements. in millions October 3, 2015 Level 1 Level 2 (a) Level 3 (b) Total Cash and cash equivalents $ 5 $ — $ — $ 5 Fixed Income Securities: Bond and fixed income funds — 1,334 — 1,334 Total fixed income securities — 1,334 — 1,334 Equity Securities: United States securities funds — 61 — 61 Non-United States securities funds — 106 — 106 Global real estate funds — 56 — 56 Total equity securities — 223 — 223 Insurance contract at contract value — — 14 14 Total plan assets $ 5 $ 1,557 $ 14 $ 1,576 in millions September 27, 2014 Level 1 Level 2 (a) Level 3 (b) Total Cash and cash equivalents $ 79 $ — $ — $ 79 Fixed Income Securities: Bond and fixed income funds — 377 — 377 Corporate bonds — 680 — 680 Government and municipal bonds — 253 — 253 Mortgage backed securities — — 7 7 Total fixed income securities — 1,310 7 1,317 Equity Securities: United States securities funds — 84 — 84 Non- United States securities funds — 101 — 101 Commodity funds — 14 — 14 Global real estate funds — 33 — 33 Total equity securities — 232 — 232 Other — 7 — 7 Insurance contract at contract value — — 15 15 Total plan assets $ 79 $ 1,549 $ 22 $ 1,650 (a) We classify our investments in United States government, United States agency, fixed income funds, bond funds, corporate bonds, and other 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. Funds are valued using the net asset value (NAV) provided by the trustee, which is a practical expedient to estimating fair value. The NAV is based on the fair value of the underlying investments within the funds and is determined daily. (b) We classify certain mortgage-backed, asset-backed and insurance contracts 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. The insurance contracts are valued using the plan’s own assumptions about the assumptions market participants would use in pricing the assets based on the best information available, such as investment manager pricing. Significant changes to assumptions or unobservable inputs in the valuation of our Level 3 instruments would not have a significant impact to our consolidated financial statements. |
Schedule Of Reconciliation Of Change In Fair Value Measurement Of Defined Benefit Plans' Consolidated Assets Using Significant Unobservable Inputs | A reconciliation of the change in the fair value measurement of the defined benefit plans’ consolidated assets using significant unobservable inputs (Level 3) is as follows: in millions Mortgage backed securities Insurance contract Total Balance at September 27, 2014 $ 7 $ 15 22 Actual return on plan assets: Assets still held at reporting date — — — Assets sold during the period — — — Purchases, sales and settlements, net (7 ) (1 ) (8 ) Transfers in and/or out of Level 3 — — — Balance at October 3, 2015 $ — $ 14 $ 14 |
Schedule Of Estimated Future Benefit Payments Expected To Be Paid | The following benefit payments are expected to be paid: in millions Pension Benefits Other Postretirement Qualified Non-Qualified Benefits 2016 $ 81 $ 9 $ 20 2017 83 9 14 2018 87 10 10 2019 89 10 7 2020 92 10 7 2021-2025 508 59 33 |
Schedule of Multiemployer Plans | In addition to regular contributions, we could be obligated to pay additional contributions (known as complete or partial withdrawal liabilities) if it has unfunded vested benefits. PPA Zone Status FIP/RP Status Contributions (in millions) Surcharge Imposed Pension Fund Plan Name EIN/Pension Plan Number 2015 2014 Implemented 2015 2014 2015 Expiration Date of Collective Bargaining Agreement (a) Bakery and Confectionery Union and Industry International Pension Fund 52-6118572/001 Red Red Nov 2012 $1 $1 10% October 2015 (a) Renewal negotiations are in progress. |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Statement of Comprehensive Income [Abstract] | |
Schedule Of Components Of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss are as follows: in millions 2015 2014 Accumulated other comprehensive income (loss), net of taxes: Unrealized net hedging loss $ (1 ) $ (3 ) Unrealized net gain on investments 1 2 Currency translation adjustment (63 ) (99 ) Postretirement benefits reserve adjustments (27 ) (47 ) Total accumulated other comprehensive loss $ (90 ) $ (147 ) |
Schedule Of 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 2015 2014 2013 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 $ 7 $ (3 ) $ 4 $ 10 $ (4 ) $ 6 $ 5 $ (2 ) $ 3 (Gain) loss reclassified to Other Income/Expense — — — — — — 4 (2 ) 2 Unrealized gain (loss) (4 ) 2 (2 ) (8 ) 3 (5 ) (31 ) 12 (19 ) Investments: (Gain) loss reclassified to Other Income/Expense (21 ) 8 (13 ) 8 (2 ) 6 (1 ) — (1 ) Unrealized gain (loss) 21 (9 ) 12 (2 ) — (2 ) (4 ) 2 (2 ) Currency translation: Translation loss reclassified to Cost of Sales (a) 115 (8 ) 107 — — — (19 ) (1 ) (20 ) Translation adjustment (86 ) 15 (71 ) (32 ) 2 (30 ) (20 ) 3 (17 ) Postretirement benefits 32 (12 ) 20 (23 ) 9 (14 ) 15 (6 ) 9 Total Other Comprehensive Income (Loss) $ 64 $ (7 ) $ 57 $ (47 ) $ 8 $ (39 ) $ (51 ) $ 6 $ (45 ) (a) Translation loss reclassified to Cost of Sales related to disposition of a foreign operation, which is further described in Note 3: Acquisitions and Dispositions. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | Information on segments and a reconciliation to income from continuing operations before income taxes are follows: in millions Chicken Beef Pork Prepared Foods Other Intersegment Sales Consolidated Fiscal 2015 Sales $ 11,390 $ 17,236 $ 5,262 $ 7,822 $ 879 $ (1,216 ) $ 41,373 Operating Income (Loss) 1,366 (66 ) 380 588 (99 ) 2,169 Total Other (Income) Expense 248 Income from Continuing Operations before Income Taxes 1,921 Depreciation and amortization 272 97 31 280 21 701 Total Assets 5,731 3,009 927 12,006 1,331 23,004 Additions to property, plant and equipment 405 113 50 167 119 854 Fiscal 2014 Sales $ 11,116 $ 16,177 $ 6,304 $ 3,927 $ 1,381 $ (1,325 ) $ 37,580 Operating Income (Loss) 883 347 455 (60 ) (195 ) 1,430 Total Other (Income) Expense 178 Income from Continuing Operations before Income Taxes 1,252 Depreciation and amortization 253 91 33 95 48 520 Total Assets 4,807 3,103 965 8,608 6,473 23,956 Additions to property, plant and equipment 307 115 36 77 97 632 Fiscal 2013 Sales $ 10,988 $ 14,400 $ 5,408 $ 3,322 $ 1,370 $ (1,114 ) $ 34,374 Operating Income (Loss) 683 296 332 101 (37 ) 1,375 Total Other (Income) Expense 118 Income from Continuing Operations before Income Taxes 1,257 Depreciation and amortization 253 91 31 67 49 491 Total Assets 4,944 2,798 931 1,176 2,328 12,177 Additions to property, plant and equipment 253 105 22 87 91 558 |
Supplemental Cash Flow Inform47
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Cash Payments For Interest And Income Taxes | The following table summarizes cash payments for interest and income taxes: in millions 2015 2014 2013 Interest, net of amounts capitalized $ 308 $ 118 $ 114 Income taxes, net of refunds 437 590 310 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Minimum Lease Commitments Under Non-Cancelable Leases | Minimum lease commitments under non-cancelable leases at October 3, 2015 , were: in millions 2016 $ 125 2017 98 2018 72 2019 48 2020 39 2021 and beyond 111 Total $ 493 |
Schedule Of Future Purchase Commitments | At October 3, 2015 , these commitments totaled: in millions 2016 $ 1,655 2017 434 2018 278 2019 117 2020 92 2021 and beyond 185 Total $ 2,761 |
Quarterly Financial Data (Una49
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule Of Quarterly Financial Information | in millions, except per share data First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Sales $ 10,817 $ 9,979 $ 10,071 $ 10,506 Gross profit 956 989 986 986 Operating income 509 547 563 550 Net income 310 311 344 259 Net income attributable to Tyson 309 310 343 258 Net income per share attributable to Tyson: Class A Basic $ 0.77 $ 0.78 $ 0.86 $ 0.65 Class B Basic $ 0.71 $ 0.71 $ 0.78 $ 0.59 Diluted $ 0.74 $ 0.75 $ 0.83 $ 0.63 2014 Sales $ 8,761 $ 9,032 $ 9,682 $ 10,105 Gross profit 685 651 637 712 Operating income 412 361 351 306 Net income 252 210 258 136 Net income attributable to Tyson 254 213 260 137 Net income per share attributable to Tyson: Class A Basic (a) $ 0.76 $ 0.64 $ 0.75 $ 0.37 Class B Basic $ 0.68 $ 0.58 $ 0.68 $ 0.32 Diluted (a) $ 0.72 $ 0.60 $ 0.73 $ 0.35 (a) The sum of the quarterly earnings per share amounts will not equal the total for the year due to the effects of rounding and dilution impact as a result of issuing Class A shares and tangible equity units in the fourth quarter of fiscal 2014. |
Condensed Consolidating Finan50
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Oct. 03, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule Of Condensed Consolidating Statement Of Income | Condensed Consolidating Statement of Income and Comprehensive Income for the year ended October 3, 2015 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Sales $ 897 $ 22,155 $ 20,345 $ (2,024 ) $ 41,373 Cost of Sales 26 21,675 17,774 (2,019 ) 37,456 Gross Profit 871 480 2,571 (5 ) 3,917 Selling, General and Administrative 128 260 1,365 (5 ) 1,748 Operating Income 743 220 1,206 — 2,169 Other (Income) Expense: Interest expense, net 263 2 19 — 284 Other, net (22 ) (2 ) (12 ) — (36 ) Equity in net earnings of subsidiaries (925 ) (109 ) — 1,034 — Total Other (Income) Expense (684 ) (109 ) 7 1,034 248 Income from Continuing Operations before Income Taxes 1,427 329 1,199 (1,034 ) 1,921 Income Tax Expense 207 72 418 — 697 Income from Continuing Operations 1,220 257 781 (1,034 ) 1,224 Loss from Discontinued Operation, Net of Tax — — — — — Net Income 1,220 257 781 (1,034 ) 1,224 Less: Net Gain (Loss) Attributable to Noncontrolling Interests — — 4 — 4 Net Income Attributable to Tyson $ 1,220 $ 257 $ 777 $ (1,034 ) $ 1,220 Comprehensive Income (Loss) $ 1,281 $ 291 $ 840 $ (1,131 ) $ 1,281 Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest — — 4 — 4 Comprehensive Income (Loss) Attributable to Tyson $ 1,281 $ 291 $ 836 $ (1,131 ) $ 1,277 Condensed Consolidating Statement of Income and Comprehensive Income for the year ended September 27, 2014 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Sales $ 579 $ 21,924 $ 16,926 $ (1,849 ) $ 37,580 Cost of Sales 74 20,971 15,689 (1,839 ) 34,895 Gross Profit 505 953 1,237 (10 ) 2,685 Selling, General and Administrative 141 240 884 (10 ) 1,255 Operating Income 364 713 353 — 1,430 Other (Income) Expense: Interest expense, net 63 49 13 — 125 Other, net 67 (1 ) (13 ) — 53 Equity in net earnings of subsidiaries (731 ) (43 ) — 774 — Total Other (Income) Expense (601 ) 5 — 774 178 Income from Continuing Operations before Income Taxes 965 708 353 (774 ) 1,252 Income Tax Expense 101 227 68 — 396 Income from Continuing Operations 864 481 285 (774 ) 856 Loss from Discontinued Operation, Net of Tax — — — — — Net Income 864 481 285 (774 ) 856 Less: Net Gain (Loss) Attributable to Noncontrolling Interests — — (8 ) — (8 ) Net Income Attributable to Tyson $ 864 $ 481 $ 293 $ (774 ) $ 864 Comprehensive Income (Loss) $ 817 $ 449 $ 243 $ (692 ) $ 817 Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests — — (8 ) — (8 ) Comprehensive Income (Loss) Attributable to Tyson $ 817 $ 449 $ 251 $ (692 ) $ 825 Condensed Consolidating Statement of Income and Comprehensive Income for the year ended September 28, 2013 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Sales $ 431 $ 19,243 $ 16,120 $ (1,420 ) $ 34,374 Cost of Sales 40 18,464 14,932 (1,420 ) 32,016 Gross Profit 391 779 1,188 — 2,358 Selling, General and Administrative 68 201 714 — 983 Operating Income 323 578 474 — 1,375 Other (Income) Expense: Interest expense, net 36 62 40 — 138 Other, net 4 (1 ) (23 ) — (20 ) Equity in net earnings of subsidiaries (582 ) (40 ) — 622 — Total Other (Income) Expense (542 ) 21 17 622 118 Income from Continuing Operations before Income Taxes 865 557 457 (622 ) 1,257 Income Tax Expense 87 172 150 — 409 Income from Continuing Operations 778 385 307 (622 ) 848 Loss from Discontinued Operation, Net of Tax — — (70 ) — (70 ) Net Income 778 385 237 (622 ) 778 Less: Net Gain (Loss) Attributable to Noncontrolling Interests — — — — — Net Income Attributable to Tyson $ 778 $ 385 $ 237 $ (622 ) $ 778 Comprehensive Income (Loss) $ 733 $ 380 $ 212 $ (592 ) $ 733 Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests — — — — — Comprehensive Income (Loss) Attributable to Tyson $ 733 $ 380 $ 212 $ (592 ) $ 733 |
Schedule Of Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet as of October 3, 2015 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Assets Current Assets: Cash and cash equivalents $ — $ 12 $ 676 $ — $ 688 Accounts receivable, net — 578 1,042 — 1,620 Inventories 1 1,009 1,868 — 2,878 Other current assets 43 91 147 (86 ) 195 Assets held for sale — — — — — Total Current Assets 44 1,690 3,733 (86 ) 5,381 Net Property, Plant and Equipment 26 975 4,175 — 5,176 Goodwill — 881 5,786 — 6,667 Intangible Assets — 10 5,158 — 5,168 Other Assets 129 146 337 — 612 Investment in Subsidiaries 21,850 2,177 — (24,027 ) — Total Assets $ 22,049 $ 5,879 $ 19,189 $ (24,113 ) $ 23,004 Liabilities and Shareholders’ Equity Current Liabilities: Current debt $ 710 $ 1 $ 22 $ (18 ) $ 715 Accounts payable 28 698 936 — 1,662 Other current liabilities 5,930 152 939 (5,863 ) 1,158 Liabilities held for sale — — — — — Total Current Liabilities 6,668 851 1,897 (5,881 ) 3,535 Long-Term Debt 5,498 1 511 — 6,010 Deferred Income Taxes — 98 2,351 — 2,449 Other Liabilities 192 118 994 — 1,304 Total Tyson Shareholders’ Equity 9,691 4,811 13,421 (18,232 ) 9,691 Noncontrolling Interests — — 15 — 15 Total Shareholders’ Equity 9,691 4,811 13,436 (18,232 ) 9,706 Total Liabilities and Shareholders’ Equity $ 22,049 $ 5,879 $ 19,189 $ (24,113 ) $ 23,004 Condensed Consolidating Balance Sheet as of September 27, 2014 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Assets Current Assets: Cash and cash equivalents $ — $ 41 $ 397 $ — $ 438 Accounts receivable, net 3 665 1,016 — 1,684 Inventories — 1,272 2,002 — 3,274 Other current assets 42 78 379 (120 ) 379 Assets held for sale 3 — 443 — 446 Total Current Assets 48 2,056 4,237 (120 ) 6,221 Net Property, Plant and Equipment 30 932 4,168 — 5,130 Goodwill — 881 5,825 — 6,706 Intangible Assets — 15 5,261 — 5,276 Other Assets 204 148 326 (55 ) 623 Investment in Subsidiaries 20,845 2,049 — (22,894 ) — Total Assets $ 21,127 $ 6,081 $ 19,817 $ (23,069 ) $ 23,956 Liabilities and Shareholders’ Equity Current Liabilities: Current debt $ 240 $ — $ 403 $ — $ 643 Accounts payable 35 755 1,016 — 1,806 Other current liabilities 4,718 235 921 (4,667 ) 1,207 Liabilities held for sale — — 141 — 141 Total Current Liabilities 4,993 990 2,481 (4,667 ) 3,797 Long-Term Debt 7,056 2 532 (55 ) 7,535 Deferred Income Taxes 21 96 2,333 — 2,450 Other Liabilities 167 125 978 — 1,270 Total Tyson Shareholders’ Equity 8,890 4,868 13,479 (18,347 ) 8,890 Noncontrolling Interests — — 14 — 14 Total Shareholders’ Equity 8,890 4,868 13,493 (18,347 ) 8,904 Total Liabilities and Shareholders’ Equity $ 21,127 $ 6,081 $ 19,817 $ (23,069 ) $ 23,956 |
Schedule Of Condensed Consolidating Statement Of Cash Flows | Condensed Consolidating Statement of Cash Flows for the year ended October 3, 2015 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Cash Provided by (Used for) Operating Activities $ 274 $ 476 $ 1,841 $ (21 ) $ 2,570 Cash Flows from Investing Activities: Additions to property, plant and equipment — (159 ) (695 ) — (854 ) (Purchases of)/Proceeds from marketable securities, net 21 — (7 ) — 14 Acquisitions, net of cash acquired — — — — — Proceeds from sale of businesses — — 539 — 539 Other, net 23 1 7 — 31 Cash Provided by (Used for) Investing Activities 44 (158 ) (156 ) — (270 ) Cash Flows from Financing Activities: Net change in debt (1,092 ) — (402 ) — (1,494 ) Proceeds from issuance of common stock, net of issuance costs — — — — — Proceeds from issuance of equity component of tangible equity units — — — — — Purchases of Tyson Class A common stock (495 ) — — — (495 ) Dividends (147 ) — (21 ) 21 (147 ) Stock options exercised 84 — — — 84 Other, net 22 — (5 ) — 17 Net change in intercompany balances 1,310 (347 ) (963 ) — — Cash Provided by (Used for) Financing Activities (318 ) (347 ) (1,391 ) 21 (2,035 ) Effect of Exchange Rate Change on Cash — — (15 ) — (15 ) Increase (Decrease) in Cash and Cash Equivalents — (29 ) 279 — 250 Cash and Cash Equivalents at Beginning of Year — 41 397 — 438 Cash and Cash Equivalents at End of Period $ — $ 12 $ 676 $ — $ 688 Condensed Consolidating Statement of Cash Flows for the year ended September 27, 2014 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Cash Provided by (Used for) Operating Activities $ 132 $ 431 $ 660 $ (45 ) $ 1,178 Cash Flows from Investing Activities: Additions to property, plant and equipment (1 ) (147 ) (484 ) — (632 ) (Purchases of)/Proceeds from marketable securities, net — — 15 — 15 Acquisitions, net of cash acquired (8,193 ) — — — (8,193 ) Proceeds from sale of businesses — — — — — Other, net 5 2 3 — 10 Cash Provided by (Used for) Investing Activities (8,189 ) (145 ) (466 ) — (8,800 ) Cash Flows from Financing Activities: Net change in debt 5,154 — (12 ) — 5,142 Proceeds from issuance of common stock, net of issuance costs 873 — — — 873 Proceeds from issuance of equity component of tangible equity units 1,255 — — — 1,255 Purchases of Tyson Class A common stock (295 ) — — — (295 ) Dividends (104 ) — (45 ) 45 (104 ) Stock options exercised 67 — — — 67 Other, net (22 ) — (1 ) — (23 ) Net change in intercompany balances 1,129 (266 ) (863 ) — — Cash Provided by (Used for) Financing Activities 8,057 (266 ) (921 ) 45 6,915 Effect of Exchange Rate Change on Cash — — — — — Increase (Decrease) in Cash and Cash Equivalents — 20 (727 ) — (707 ) Cash and Cash Equivalents at Beginning of Year — 21 1,124 — 1,145 Cash and Cash Equivalents at End of Period $ — $ 41 $ 397 $ — $ 438 Condensed Consolidating Statement of Cash Flows for the year ended September 28, 2013 in millions TFI Parent TFM Parent Non- Guarantors Eliminations Total Cash Provided by (Used for) Operating Activities $ 294 $ 337 $ 696 $ (13 ) $ 1,314 Cash Flows from Investing Activities: Additions to property, plant and equipment (4 ) (113 ) (441 ) — (558 ) (Purchases of)/Proceeds from marketable securities, net — (13 ) (5 ) — (18 ) Acquisitions, net of cash acquired — — (106 ) — (106 ) Proceeds from sale of businesses — — — — — Other, net — 3 36 — 39 Cash Provided by (Used for) Investing Activities (4 ) (123 ) (516 ) — (643 ) Cash Flows from Financing Activities: Net change in debt 5 — (28 ) — (23 ) Proceeds from issuance of common stock, net of issuance costs — — — — — Proceeds from issuance of equity component of tangible equity units — — — — — Purchases of Tyson Class A common stock (614 ) — — — (614 ) Dividends (104 ) — (13 ) 13 (104 ) Stock options exercised 123 — — — 123 Other, net 18 — — — 18 Net change in intercompany balances 281 (202 ) (79 ) — — Cash Provided by (Used for) Financing Activities (291 ) (202 ) (120 ) 13 (600 ) Effect of Exchange Rate Change on Cash — — 3 — 3 Increase (Decrease) in Cash and Cash Equivalents (1 ) 12 63 — 74 Cash and Cash Equivalents at Beginning of Year 1 9 1,061 — 1,071 Cash and Cash Equivalents at End of Period $ — $ 21 $ 1,124 $ — $ 1,145 |
Business And Summary Of Signi51
Business And Summary Of Significant Accounting Policies (Schedule Of Inventories Of Processed Products, Livestock, And Supplies Valued At Lower Of Cost Or Market) (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 |
Inventory Disclosure [Abstract] | ||
Processed products | $ 1,631 | $ 1,794 |
Livestock | 831 | 1,066 |
Supplies and other | 416 | 414 |
Total inventory | $ 2,878 | $ 3,274 |
Business And Summary Of Signi52
Business And Summary Of Significant Accounting Policies Business and Summary of Significant Accounting Policies (Other Current Liabilities) (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 |
Other Liabilities, Current [Abstract] | ||
Accrued salaries, wages and benefits | $ 478 | $ 490 |
Accrued marketing, advertising and promotion expense | 192 | 185 |
Other | 488 | 532 |
Total other current liabilities | $ 1,158 | $ 1,207 |
Business And Summary Of Signi53
Business And Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Accounting Policies [Line Items] | |||
Checks outstanding in excess of related book cash | $ 257 | $ 298 | |
Allowance for uncollectible accounts | $ 27 | $ 34 | |
Percentage of FIFO Inventory | 63.00% | 66.00% | |
Goodwill, Impairment Loss | $ 23 | $ 5 | |
Maximum length of time hedged anticipated transactions | 18 months | ||
Advertising and promotion expenses | $ 966 | 641 | $ 555 |
Research and development costs | 75 | $ 52 | $ 50 |
Immaterial Reporting Unit [Member] | |||
Accounting Policies [Line Items] | |||
Goodwill, Impairment Loss | $ 23 | ||
Goodwill [Member] | |||
Accounting Policies [Line Items] | |||
Fair Value Inputs, Discount Rate | 6.80% | 7.90% | |
Indefinite-lived Intangible Assets [Member] | |||
Accounting Policies [Line Items] | |||
Fair Value Inputs, Discount Rate | 8.00% | ||
Maximum [Member] | |||
Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Buildings And Leasehold Improvements [Member] | Minimum [Member] | |||
Accounting Policies [Line Items] | |||
Property, plant, and equipment estimated lives | 10 years | ||
Buildings And Leasehold Improvements [Member] | Maximum [Member] | |||
Accounting Policies [Line Items] | |||
Property, plant, and equipment estimated lives | 33 years | ||
Machinery And Equipment [Member] | Minimum [Member] | |||
Accounting Policies [Line Items] | |||
Property, plant, and equipment estimated lives | 3 years | ||
Machinery And Equipment [Member] | Maximum [Member] | |||
Accounting Policies [Line Items] | |||
Property, plant, and equipment estimated lives | 12 years | ||
Land Improvements and Other [Member] | Minimum [Member] | |||
Accounting Policies [Line Items] | |||
Property, plant, and equipment estimated lives | 3 years | ||
Land Improvements and Other [Member] | Maximum [Member] | |||
Accounting Policies [Line Items] | |||
Property, plant, and equipment estimated lives | 20 years |
Acquisitions and Dispositions F
Acquisitions and Dispositions Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 | Aug. 28, 2014 | Sep. 28, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 6,667 | $ 6,706 | $ 1,902 | |
Hillshire Brands Company [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 72 | |||
Accounts receivable | 236 | |||
Inventories | 414 | |||
Other current assets | 343 | |||
Property, Plant and Equipment | 1,301 | |||
Goodwill | $ 4,800 | 4,790 | ||
Intangible Assets | 5,141 | |||
Other Assets | 64 | |||
Accounts payable | (347) | |||
Other current liabilities | (327) | |||
Long-Term Debt | (869) | |||
Deferred Income Taxes | (2,074) | |||
Other Liabilities | (500) | |||
Net asset acquired | $ 8,244 |
Acquisitions and Dispositions S
Acquisitions and Dispositions Schedule of Intangible Assets Acquired as Part of Business Combination (Details) - Hillshire Brands Company [Member] $ in Millions | Aug. 28, 2014USD ($) |
Schedule of Intangible Assets Acquired as Part of Business Combination [Line Items] | |
Total identifiable intangible assets | $ 5,141 |
Trademarks [Member] | |
Schedule of Intangible Assets Acquired as Part of Business Combination [Line Items] | |
Fair Value, Finite-lived Intangible Assets | $ 532 |
Life in Years | 20 years |
Customer Relationships [Member] | |
Schedule of Intangible Assets Acquired as Part of Business Combination [Line Items] | |
Fair Value, Finite-lived Intangible Assets | $ 541 |
Life in Years | 16 years |
Noncompete Agreements [Member] | |
Schedule of Intangible Assets Acquired as Part of Business Combination [Line Items] | |
Fair Value, Finite-lived Intangible Assets | $ 6 |
Life in Years | 1 year |
Trademarks [Member] | |
Schedule of Intangible Assets Acquired as Part of Business Combination [Line Items] | |
Fair Value, Indefinite-lived Intangible Assets | $ 4,062 |
Acquisitions and Dispositions A
Acquisitions and Dispositions Acquisitions Pro Forma Information (Details) - Hillshire Brands Company [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Business Acquisition [Line Items] | ||
Pro forma sales | $ 41,311 | $ 38,195 |
Pro forma net income from continuing operations attributable to Tyson | $ 1,047 | $ 655 |
Pro forma net income per diluted share from continuing operations attributable to Tyson (in dollars per share) | $ 2.50 | $ 1.52 |
Acquisitions and Dispositions57
Acquisitions and Dispositions Summary of Net Assets Held for Sale (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total assets held for sale | $ 0 | $ 446 |
Total liabilities held for sale | $ 0 | 141 |
Other [Member] | Chicken Production Operations in Brazil and Mexico [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | 74 | |
Inventories | 141 | |
Other current assets | 72 | |
Net property, plant and equipment | 132 | |
Goodwill | 16 | |
Other assets | 11 | |
Total assets held for sale | 446 | |
Current debt | 32 | |
Accounts payable | 61 | |
Other current liabilities | 27 | |
Long-term debt | 9 | |
Deferred income taxes | 12 | |
Total liabilities held for sale | $ 141 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ / shares in Units, $ in Millions | Aug. 28, 2014USD ($)$ / shares | Oct. 03, 2015USD ($) | Sep. 27, 2014USD ($)business | Sep. 28, 2013USD ($)business |
Business Acquisition [Line Items] | ||||
Goodwill, Purchase Accounting Adjustments | $ 14 | |||
Goodwill | 6,667 | $ 6,706 | $ 1,902 | |
Acquisitions, net of cash acquired | 0 | 8,193 | 106 | |
Chicken [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Goodwill | 1,563 | 907 | 908 | |
Beef [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Goodwill | 676 | 563 | 563 | |
Pork [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Goodwill | 423 | 317 | 317 | |
Prepared Foods [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Goodwill | 4,005 | 92 | 75 | |
Hillshire Brands Company [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price per share of acquired entity's common stock (in dollars per share) | $ / shares | $ 63 | |||
Purchase price | $ 8,081 | |||
Breakage costs incurred related to a previously proposed acquisition | 163 | |||
Goodwill, Purchase Accounting Adjustments | $ 14 | |||
Goodwill | 4,790 | 4,800 | ||
Business Combination, Pro Forma Information, Transaction Related Expenses Incurred by Acquiree Included in Pro Forma Results | 168 | |||
Business Combination, Pro Forma Information, Transaction Related Expenses Incurred Included in Pro Forma Results | 115 | |||
Business Combination, Pro Forma Information, Fair Value Inventory Adjustment Included in Pro Forma Results | 32 | |||
Property, Plant and Equipment | 1,301 | |||
Intangible Assets | 5,141 | |||
Hillshire Brands Company [Member] | Chicken [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 658 | |||
Hillshire Brands Company [Member] | Beef [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 113 | |||
Hillshire Brands Company [Member] | Pork [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 106 | |||
Hillshire Brands Company [Member] | Prepared Foods [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 3,913 | |||
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 18 | $ 12 | ||
Number of Businesses Acquired | business | 1 | 2 | ||
Acquisitions, net of cash acquired | $ 56 | $ 106 | ||
Property, Plant and Equipment | 12 | 50 | ||
Intangible Assets | $ 27 | $ 41 |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Oct. 03, 2015USD ($) | Dec. 27, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($)Facilities | Oct. 03, 2015USD ($) | Sep. 27, 2014USD ($)Facilities | Sep. 28, 2013USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset Impairment Charges | $ 285 | $ 107 | $ 74 | ||||
Proceeds from sale of businesses | 539 | 0 | 0 | ||||
Gain on disposition of Business | $ 177 | 0 | $ 0 | ||||
Beef [Member] | Operating Segments [Member] | Facility Closing [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset Impairment Charges | $ 12 | ||||||
Prepared Foods [Member] | Operating Segments [Member] | Facility Closing [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset Impairment Charges | 59 | $ 49 | $ 52 | ||||
Plants Closed | Facilities | 3 | 3 | |||||
Cost of Sales [Member] | Prepared Foods [Member] | Operating Segments [Member] | Facility Closing [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset Impairment Charges | 49 | ||||||
Selling, General and Administrative Expenses [Member] | Prepared Foods [Member] | Operating Segments [Member] | Facility Closing [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset Impairment Charges | $ 10 | ||||||
2.75% Senior notes due September 2015 [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Stated interest rate | 2.75% | 2.75% | |||||
Chicken Production Operations in Brazil and Mexico [Member] | Other [Member] | Other [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Consideration | $ 575 | $ 575 | |||||
Chicken Production Operations in Brazil [Member] | Other [Member] | Other [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset Impairment Charges | $ 39 | ||||||
Proceeds from sale of businesses | $ 148 | ||||||
Chicken Production Operations in Mexico [Member] | Other [Member] | Other [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of businesses | $ 374 | ||||||
Chicken Production Operations in Mexico [Member] | Cost of Sales [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on disposition of Business | 161 | ||||||
Chicken Production Operations in Mexico [Member] | Cost of Sales [Member] | Other [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on disposition of Business | $ 161 | ||||||
Dynamic Fuels Deconsolidation [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Future Contingent Consideration, Period of production volumes | 11 years 6 months | ||||||
Guarantor Obligations Release of Guarantees | $ 100 | ||||||
Dynamic Fuels Deconsolidation [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of businesses | $ 30 | ||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | ||||||
Future Contingent Cash Payment | $ 35 | ||||||
Dynamic Fuels Deconsolidation [Member] | Cost of Sales [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on disposition of Business | $ 3 |
Discontinued Operation (Summary
Discontinued Operation (Summary of Discontinued Operation's Results) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from Discontinued Operation, Net of Tax | $ 0 | $ 0 | $ (70) |
Weifang Operation [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales | 0 | 0 | 108 |
Pretax loss | 0 | 0 | (68) |
Income tax expense | 0 | 0 | 2 |
Loss from Discontinued Operation, Net of Tax | $ 0 | $ 0 | $ (70) |
Discontinued Operation (Narrati
Discontinued Operation (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 30, 2013USD ($) | |
Weifang Operation [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Impairment of assets | $ 56 |
Property, Plant And Equipment62
Property, Plant And Equipment (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 10,816 | $ 10,381 |
Less accumulated depreciation | 5,640 | 5,251 |
Net property, plant and equipment | 5,176 | 5,130 |
Amount required to complete construction of buildings and equipment under construction | 565 | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 122 | 126 |
Buildings And Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,581 | 3,501 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,452 | 6,144 |
Land Improvements And Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 286 | 276 |
Buildings And Equipment Under Construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 375 | $ 334 |
Goodwill And Other Intangible63
Goodwill And Other Intangible Assets (Goodwill Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | ||
Goodwill [Roll Forward] | ||||
Goodwill, beginning of period | $ 7,300 | $ 2,491 | ||
Accumulated impairment losses | (617) | (594) | $ (589) | |
Goodwill, net | 6,667 | 6,706 | 1,902 | |
Goodwill acquired | 0 | 4,827 | ||
Reclass to assets held for sale | (16) | |||
Goodwill, Purchase Accounting Adjustments | (14) | |||
Allocation of Acquired Goodwill | 0 | |||
Impairment losses | (23) | (5) | ||
Currency translation and other | (2) | (2) | ||
Goodwill, end of period | 7,284 | 7,300 | ||
Chicken [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning of period | 907 | 908 | ||
Accumulated impairment losses | 0 | 0 | 0 | |
Goodwill, net | 1,563 | 907 | 908 | |
Goodwill acquired | 0 | 0 | ||
Reclass to assets held for sale | 0 | |||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Allocation of Acquired Goodwill | 658 | |||
Impairment losses | 0 | 0 | ||
Currency translation and other | (2) | (1) | ||
Goodwill, end of period | 1,563 | 907 | ||
Beef [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning of period | 1,123 | 1,123 | ||
Accumulated impairment losses | (560) | (560) | (560) | |
Goodwill, net | 676 | 563 | 563 | |
Goodwill acquired | 0 | 0 | ||
Reclass to assets held for sale | 0 | |||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Allocation of Acquired Goodwill | 113 | |||
Impairment losses | 0 | 0 | ||
Currency translation and other | 0 | 0 | ||
Goodwill, end of period | 1,236 | 1,123 | ||
Pork [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning of period | 317 | 317 | ||
Accumulated impairment losses | 0 | 0 | 0 | |
Goodwill, net | 423 | 317 | 317 | |
Goodwill acquired | 0 | 0 | ||
Reclass to assets held for sale | 0 | |||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Allocation of Acquired Goodwill | 106 | |||
Impairment losses | 0 | 0 | ||
Currency translation and other | 0 | 0 | ||
Goodwill, end of period | 423 | 317 | ||
Prepared Foods [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning of period | 92 | 75 | ||
Accumulated impairment losses | 0 | 0 | 0 | |
Goodwill, net | 4,005 | 92 | 75 | |
Goodwill acquired | 0 | 18 | ||
Reclass to assets held for sale | 0 | |||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Allocation of Acquired Goodwill | 3,913 | |||
Impairment losses | 0 | 0 | ||
Currency translation and other | 0 | (1) | ||
Goodwill, end of period | 4,005 | 92 | ||
Other [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning of period | [1] | 57 | 68 | |
Accumulated impairment losses | [1] | (57) | (34) | (29) |
Goodwill, net | [1] | 0 | 23 | 39 |
Goodwill acquired | [1] | 0 | 5 | |
Reclass to assets held for sale | [1] | (16) | ||
Goodwill, Purchase Accounting Adjustments | [1] | 0 | ||
Allocation of Acquired Goodwill | [1] | 0 | ||
Impairment losses | [1] | (23) | (5) | |
Currency translation and other | [1] | 0 | 0 | |
Goodwill, end of period | [1] | 57 | 57 | |
Unallocated Goodwill [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning of period | 4,804 | 0 | ||
Accumulated impairment losses | 0 | 0 | 0 | |
Goodwill, net | 0 | 4,804 | $ 0 | |
Goodwill acquired | 0 | 4,804 | ||
Reclass to assets held for sale | 0 | |||
Goodwill, Purchase Accounting Adjustments | (14) | |||
Allocation of Acquired Goodwill | (4,790) | |||
Impairment losses | 0 | 0 | ||
Currency translation and other | 0 | 0 | ||
Goodwill, end of period | $ 0 | $ 4,804 | ||
[1] | Other included the goodwill from our international chicken operation. |
Goodwill And Other Intangible64
Goodwill And Other Intangible Assets (Other Intangible Assets By Type) (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | $ 1,282 | $ 1,331 |
Less accumulated amortization | 192 | 133 |
Total net amortizable intangible assets | 1,090 | 1,198 |
Brands and trademarks not subject to amortization | 4,078 | 4,078 |
Total intangible assets | 5,168 | 5,276 |
Brands and Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 594 | 611 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 564 | 570 |
Patents, Intellectual Property and Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 115 | 136 |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 0 | 6 |
Land Use Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | $ 9 | $ 8 |
Goodwill And Other Intangible65
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | $ 14 | ||
Amortization expense on intangible assets | 92 | $ 26 | $ 17 |
Estimated amortization expense on intangible assets, 2015 | 80 | ||
Estimated amortization expense on intangible assets, 2016 | 78 | ||
Estimated amortization expense on intangible assets, 2017 | 76 | ||
Estimated amortization expense on intangible assets, 2018 | 72 | ||
Estimated amortization expense on intangible assets, 2019 | 69 | ||
Hillshire Brands Company [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | $ 14 |
Debt (Major Components Of Debt)
Debt (Major Components Of Debt) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | Oct. 03, 2015 | Sep. 27, 2014 | |
Debt Instrument [Line Items] | |||
Revolving credit facility | $ 0 | $ 0 | |
Discount on senior notes | (10) | (12) | |
Tangible Equity Units, Carrying Amount of Debt Component | 140 | 205 | |
Other | 69 | 24 | |
Total debt | 6,725 | 8,178 | |
Less current debt | 715 | 643 | |
Total long-term debt | 6,010 | 7,535 | |
2.75% Senior notes due September 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 0 | 407 | |
Stated interest rate | 2.75% | ||
6.60% Senior Notes Due April 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 638 | 638 | |
Stated interest rate | 6.60% | ||
7.00% Notes Due May 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 120 | 120 | |
Stated interest rate | 7.00% | ||
2.65% Senior notes due August 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 1,000 | 1,000 | |
Stated interest rate | 2.65% | ||
4.10% Notes due September 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 285 | 287 | |
Stated interest rate | 4.10% | ||
4.50% Senior Notes Due June 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 1,000 | 1,000 | |
Stated interest rate | 4.50% | ||
3.95% Notes due August 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 1,250 | 1,250 | |
Stated interest rate | 3.95% | ||
7.00% Notes due January 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 18 | 18 | |
Stated interest rate | 7.00% | ||
6.13% Notes due November 2032 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 163 | 164 | |
Stated interest rate | 6.13% | ||
4.88% Notes due August 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 500 | 500 | |
Stated interest rate | 4.88% | ||
5.15% Notes due August 2044 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 500 | 500 | |
Stated interest rate | 5.15% | ||
3-Year Tranche A [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 0 | 1,172 | |
Debt Instrument, Term | 3 years | ||
3-Year Tranche B [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 500 | 0 | |
Stated interest rate | 1.31% | ||
Debt Instrument, Term | 3 years | 3 years | |
5-Year Tranche A [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 0 | 353 | |
Debt Instrument, Term | 5 years | ||
5-Year Tranche B [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 552 | $ 552 | |
Stated interest rate | 1.69% | ||
Debt Instrument, Term | 5 years |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) shares in Millions | Oct. 15, 2013 | Jul. 31, 2015 | Apr. 30, 2015 | Oct. 03, 2015 | Sep. 27, 2014 | Apr. 07, 2015 | Sep. 30, 2008 |
Debt Instrument [Line Items] | |||||||
Maturities of debt in 2016 | $ 715,000,000 | ||||||
Maturities of debt in 2017 | 79,000,000 | ||||||
Maturities of debt in 2018 | 627,000,000 | ||||||
Maturities of debt in 2019 | 1,559,000,000 | ||||||
Maturities of debt in 2020 | 285,000,000 | ||||||
Maximum borrowing capacity under credit facility | 1,250,000,000 | ||||||
Amount available for borrowing under credit facility | $ 1,244,000,000 | ||||||
3.25% Convertible senior notes due October 2013 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 458,000,000 | ||||||
Interest rate | 3.25% | ||||||
Repayments of Long-term Debt | $ 458,000,000 | ||||||
2.75% Senior notes due September 2015 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.75% | ||||||
Repayments of Debt | $ 401,000,000 | ||||||
Class A [Member] | 3.25% Convertible senior notes due October 2013 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 11.7 | ||||||
Stock Redeemed or Called During Period, Shares | 11.7 | ||||||
Class A [Member] | 2008 Warrants [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 11.7 | ||||||
Standby Letters of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit issued amount | $ 6,000,000 | ||||||
Bilateral Letters Of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit issued amount | $ 93,000,000 | ||||||
Term Loan [Member] | 3-Year Tranche B [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 1.31% | ||||||
Loans Payable to Bank | $ 500,000,000 | ||||||
Debt Instrument, Term | 3 years | 3 years | |||||
Loans Receivable, Basis Spread on Variable Rate | 1.125% | ||||||
Term Loan [Member] | 3-Year Tranche A [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Term | 3 years |
Equity (Schedule of Share Repur
Equity (Schedule of Share Repurchases) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Class of Stock [Line Items] | |||
Dollars | $ 495 | $ 295 | $ 614 |
Class A [Member] | |||
Class of Stock [Line Items] | |||
Shares | 11.9 | 8.3 | 23.9 |
Dollars | $ 495 | $ 295 | $ 614 |
Class A [Member] | Share Repurchase Program [Member] | |||
Class of Stock [Line Items] | |||
Shares | 11 | 7.1 | 21.1 |
Dollars | $ 455 | $ 250 | $ 550 |
Class A [Member] | Open Market Repurchases [Member] | |||
Class of Stock [Line Items] | |||
Shares | 0.9 | 1.2 | 2.8 |
Dollars | $ 40 | $ 45 | $ 64 |
Equity (Schedule of Tangible Eq
Equity (Schedule of Tangible Equity Units) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Equity [Abstract] | |||
Price per TEU, Equity Component (in dollars per share) | $ 43.17 | ||
Price per TEU, Debt Component (in dollars per share) | 6.83 | ||
Price per TEU, Total (in dollars per share) | $ 50 | ||
Gross Proceeds, Equity Component | $ 1,295 | ||
Gross Proceeds, Debt Component | $ 0 | 205 | $ 0 |
Gross Proceeds, Total | 1,500 | ||
Issuance cost, Equity Component | (40) | ||
Issuance cost, Debt Component | (6) | ||
Issuance cost, Total | (46) | ||
Net proceeds, Equity Component | $ 0 | 1,255 | $ 0 |
Net proceeds, Debt Component | 199 | ||
Net proceeds, Total | $ 1,454 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) | Nov. 19, 2015$ / shares | Sep. 15, 2015$ / shares | Nov. 23, 2015USD ($)shares | Oct. 03, 2015USD ($)sharesClasses$ / shares | Sep. 27, 2014USD ($)$ / sharesshares | Sep. 28, 2013USD ($)$ / sharesshares |
Class of Stock [Line Items] | ||||||
Number of classes of common stock | Classes | 2 | |||||
Cash Dividends, Paid Ratio To Other Class Of Stock, Maximum | 90.00% | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | shares | 21,100,000 | |||||
Purchases of Tyson Class A common stock | $ | $ 495,000,000 | $ 295,000,000 | $ 614,000,000 | |||
Proceeds from issuance of common stock, net of issuance costs | $ | 0 | $ 873,000,000 | $ 0 | |||
TEUs issued (in units) | shares | 30,000,000 | |||||
TEUs, Dividend Rate | 4.75% | |||||
Net proceeds from issuance of TEUs | $ | $ 1,454,000,000 | |||||
TEUs, stated amount per unit (in dollars per unit) | $ 50 | |||||
TEUs, Equity Component | $ | $ 1,295,000,000 | |||||
TEUs, Debt Component | $ | $ 140,000,000 | 205,000,000 | ||||
Convertible Debt [Member] | Tangible Equity Unit, Senior Amortizing Note [Member] | ||||||
Class of Stock [Line Items] | ||||||
Senior amortizing note, initial principal amount | $ | $ 6.83 | |||||
Senior amortizing note, interest rate | 1.50% | |||||
Senior amortizing note, quarterly principal and interest payment, first three annual quarters | $ | $ 0.59 | |||||
Hillshire Brands Company [Member] | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from issuance of common stock, net of issuance costs | $ | $ 873,000,000 | |||||
Tyson Limited Partnership And Tyson Family [Member] | ||||||
Class of Stock [Line Items] | ||||||
Related Party Voting Rights Percentage | 70.64% | |||||
Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, par value | $ 0.1 | $ 0.1 | ||||
Common Stock, Vote Entitlement Per Share | 1 | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | 0.40 | 0.30 | $ 0.30 | ||
Common Stock, Special Dividends Included in Dividends, Per Share, Cash Paid | 0.10 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.425 | $ 0.325 | $ 0.310 | |||
Purchase of Class A common stock, shares | shares | 11,900,000 | 8,300,000 | 23,900,000 | |||
Purchases of Tyson Class A common stock | $ | $ 495,000,000 | $ 295,000,000 | $ 614,000,000 | |||
Stock Issued During Period, Shares, New Issues | shares | 0 | 24,000,000 | 0 | |||
Class A [Member] | Convertible Debt [Member] | Tangible Equity Unit, Senior Amortizing Note [Member] | ||||||
Class of Stock [Line Items] | ||||||
Senior amortizing note, conversion price | $ 47.14 | |||||
Senior amortizing note, number of shares per contract if Applicable Market Value equal to or greater than conversion price | shares | 1.0606 | |||||
Senior amortizing note, reference price | $ 37.71 | |||||
Senior amortizing note, if applicable market value greater than reference price, number of shares equal to amount divided by Applicable Market Value | $ 50 | |||||
Senior amortizing note, number of shares per contract, if Applicable Market Value is less than or equal to reference price | shares | 1.3260 | |||||
Senior amortizing note, consecutive trading days for calculation of applicable market value | 20 days | |||||
Debt Instrument, Convertible, Dividend Threshold Amount | $ 0.075 | |||||
Senior amortizing note, incremental common shares attributable to dilutive effect of conversion, if applicable market value higher than reference price | shares | 8,000,000 | |||||
Class A [Member] | Convertible Debt [Member] | Tangible Equity Unit, Senior Amortizing Note [Member] | Minimum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Senior amortizing note, number of shares to be issued | shares | 31,800,000 | |||||
Class A [Member] | Convertible Debt [Member] | Tangible Equity Unit, Senior Amortizing Note [Member] | Maximum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Senior amortizing note, number of shares to be issued | shares | 39,800,000 | |||||
Class A [Member] | Hillshire Brands Company [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | shares | 23,800,000 | |||||
Class A [Member] | Share Repurchase Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Repurchase Program, Increase (Decrease) in Authorized Shares | shares | 25,000,000 | |||||
Purchase of Class A common stock, shares | shares | 11,000,000 | 7,100,000 | 21,100,000 | |||
Purchases of Tyson Class A common stock | $ | $ 455,000,000 | $ 250,000,000 | $ 550,000,000 | |||
Class A [Member] | Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.15 | |||||
Class A [Member] | Subsequent Event [Member] | Share Repurchase Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Purchase of Class A common stock, shares | shares | 5,700,000 | |||||
Purchases of Tyson Class A common stock | $ | $ 257,000,000 | |||||
Class A [Member] | Tyson Limited Partnership [Member] | ||||||
Class of Stock [Line Items] | ||||||
Purchase of Class A common stock, shares | shares | 1,000,000 | |||||
Purchases of Tyson Class A common stock | $ | $ 29,850,000 | |||||
Class A [Member] | Tyson Limited Partnership And Tyson Family [Member] | ||||||
Class of Stock [Line Items] | ||||||
Tyson Family Ownership Percentage | 1.79% | |||||
Class B [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, par value | $ 0.1 | $ 0.1 | ||||
Common Stock, Vote Entitlement Per Share | 10 | |||||
Common Stock, Dividends, Per Share, Cash Paid | 0.36 | 0.27 | $ 0.27 | |||
Common Stock, Special Dividends Included in Dividends, Per Share, Cash Paid | 0.09 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.383 | $ 0.294 | $ 0.279 | |||
Class B [Member] | Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.135 | |||||
Class B [Member] | Tyson Limited Partnership [Member] | ||||||
Class of Stock [Line Items] | ||||||
Tyson Family Ownership Percentage | 99.985% |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes From Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 564 | $ 325 | $ 341 |
State | 89 | 67 | 38 |
Foreign | 44 | 4 | 30 |
Current | 659 | 501 | 421 |
Deferred | 38 | (105) | (12) |
Income Tax Expense | $ 697 | $ 396 | $ 409 |
Income Taxes (Reasons For Diffe
Income Taxes (Reasons For Differences Between Statutory Federal Tax Rate And Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes | 3.10% | 2.80% | 2.40% |
Unrecognized tax benefits, net | (1.80%) | (4.70%) | (0.20%) |
Domestic production deduction | (3.70%) | (4.00%) | (3.20%) |
Foreign rate differences and valuation allowances | 3.80% | 2.80% | 0.30% |
Other | (0.10%) | (0.30%) | (1.70%) |
Effective income tax rate | 36.30% | 31.60% | 32.60% |
Income Taxes (Tax Effects Of Ma
Income Taxes (Tax Effects Of Major Items Recorded As Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Property, plant and equipment | $ 0 | $ 0 |
Deferred Tax Liabilities, Property, plant and equipment | 783 | 732 |
Deferred Tax Assets, Intangible assets | 0 | 0 |
Deferred Tax Liabilities, Intangible assets | 2,000 | 2,031 |
Deferred Tax Assets, Accrued expenses | 439 | 474 |
Deferred Tax Liabilities, Accrued expenses | 0 | 0 |
Deferred Tax Assets, Net operating loss and other carryforwards | 97 | 96 |
Deferred Tax Liabilities, Net operating loss and other carryforwards | 0 | 0 |
Deferred Tax Assets, Other | 122 | 125 |
Deferred Tax Liabilities, Other | 238 | 269 |
Deferred Tax Assets, Gross | 658 | 695 |
Deferred Tax Liabilities, Gross | 3,021 | 3,032 |
Deferred Tax Assets, Valuation allowance | (68) | (51) |
Deferred Tax Liabilities, Net | $ 2,431 | $ 2,388 |
Income Taxes (Activity Related
Income Taxes (Activity Related To Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance as of the beginning of the year | $ 272 | $ 175 | $ 168 |
Increases related to current year tax positions | 78 | 11 | 3 |
Increases related to prior year tax positions | 11 | 17 | 15 |
Change related to Hillshire Brands balances | 0 | 136 | 0 |
Reductions related to prior year tax positions | (18) | (20) | (6) |
Reductions related to settlements | 0 | (1) | (2) |
Reductions related to expirations of statute of limitations | (37) | (46) | (3) |
Balance as of the end of the year | $ 306 | $ 272 | $ 175 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Income Tax Disclosures [Line Items] | |||
Domestic production deduction | $ 72 | $ 50 | $ 40 |
Decrease in unrecognized tax benefits | 34 | 58 | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 59 | ||
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount | 73 | ||
General business credits | 17 | ||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 1,908 | 1,270 | $ 1,204 |
Tax credit carryforwards | 46 | ||
Accumulated undistributed earnings of foreign subsidiaries | 139 | 403 | |
Unrecognized tax benefits that would impact effective tax rate | 244 | 241 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 46 | $ 54 | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 14 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Disclosures [Line Items] | |||
Operating loss carryforwards | 938 | ||
Foreign Country [Member] | |||
Income Tax Disclosures [Line Items] | |||
Operating loss carryforwards | $ 29 |
Other Income And Charges (Detai
Other Income And Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Oct. 03, 2015 | Jun. 27, 2015 | Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | ||
Components of Other Income and Charges [Line Items] | ||||||
Asset Impairment Charges | $ 285 | $ 107 | $ 74 | |||
Goodwill, Impairment Loss | 23 | 5 | ||||
Gain (Loss) on Sale of Equity Investments | $ 21 | |||||
Other Nonoperating Income (Expense) [Member] | ||||||
Components of Other Income and Charges [Line Items] | ||||||
Equity Earnings In Joint Ventures | 12 | 11 | ||||
Gain (Loss) on Sale of Equity Investments | 21 | |||||
Foreign currency exchange gains, net | 3 | |||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 6 | |||||
Recognized currency translation adjustment gain | $ 19 | |||||
Hillshire Brands Company [Member] | Bridge Facility Commitment [Member] | Other Nonoperating Income (Expense) [Member] | ||||||
Components of Other Income and Charges [Line Items] | ||||||
Expense Associated with Bridge Facility | 60 | |||||
Chicken Production Operations in China [Member] | ||||||
Components of Other Income and Charges [Line Items] | ||||||
Property, Plant and Equipment, Transfers and Changes | $ 126 | |||||
Goodwill, Impairment Loss | 23 | |||||
Impairment of other assets | 20 | |||||
Chicken Production Operations in China [Member] | Cost of Sales [Member] | ||||||
Components of Other Income and Charges [Line Items] | ||||||
Asset Impairment Charges | 169 | |||||
Other [Member] | ||||||
Components of Other Income and Charges [Line Items] | ||||||
Goodwill, Impairment Loss | [1] | $ 23 | $ 5 | |||
Other [Member] | Chicken Production Operations in China [Member] | Cost of Sales [Member] | ||||||
Components of Other Income and Charges [Line Items] | ||||||
Asset Impairment Charges | $ 169 | |||||
[1] | Other included the goodwill from our international chicken operation. |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Oct. 03, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |||||
Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||||||
Income from continuing operations | $ 1,224 | $ 856 | $ 848 | ||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | 4 | (8) | 0 | ||||||||||||
Net income from continuing operations attributable to Tyson | 1,220 | 864 | 848 | ||||||||||||
Undistributed earnings | $ 1,065 | $ 749 | $ 742 | ||||||||||||
Stock options and restricted stock | 5 | 5 | 5 | ||||||||||||
Tangible Equity Units | 3 | 1 | 0 | ||||||||||||
Convertible 2013 Notes | 0 | 0 | 7 | ||||||||||||
Warrants | 0 | 4 | 3 | ||||||||||||
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions | 413 | 364 | 367 | ||||||||||||
Net Income Per Share from Continuing Operations Attributable to Tyson - Diluted | $ 2.95 | $ 2.37 | $ 2.31 | ||||||||||||
Net Income Per Share Attributable to Tyson - Diluted | $ 0.63 | $ 0.83 | $ 0.75 | $ 0.74 | $ 0.35 | [1] | $ 0.73 | [1] | $ 0.60 | [1] | $ 0.72 | [1] | $ 2.95 | $ 2.37 | $ 2.12 |
Class A [Member] | |||||||||||||||
Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||||||
Less dividends: | $ 129 | $ 94 | $ 87 | ||||||||||||
Undistributed earnings | $ 896 | $ 612 | $ 606 | ||||||||||||
Weighted average number of shares outstanding - Basic | 335 | 284 | 282 | ||||||||||||
Net Income Per Share from Continuing Operations Attributable to Tyson - Basic | $ 3.06 | $ 2.48 | $ 2.46 | ||||||||||||
Net Income Per Share Attributable to Tyson - Basic | 0.65 | 0.86 | 0.78 | 0.77 | 0.37 | [1] | 0.75 | [1] | 0.64 | [1] | 0.76 | [1] | $ 3.06 | $ 2.48 | $ 2.26 |
Class B [Member] | |||||||||||||||
Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||||||
Less dividends: | $ 26 | $ 21 | $ 19 | ||||||||||||
Undistributed earnings | $ 169 | $ 137 | $ 136 | ||||||||||||
Weighted average number of shares outstanding - Basic | 70 | 70 | 70 | ||||||||||||
Net Income Per Share from Continuing Operations Attributable to Tyson - Basic | $ 2.79 | $ 2.26 | $ 2.22 | ||||||||||||
Net Income Per Share Attributable to Tyson - Basic | $ 0.59 | $ 0.78 | $ 0.71 | $ 0.71 | $ 0.32 | $ 0.68 | $ 0.58 | $ 0.68 | $ 2.79 | $ 2.26 | $ 2.04 | ||||
[1] | The sum of the quarterly earnings per share amounts will not equal the total for the year due to the effects of rounding and dilution impact as a result of issuing Class A shares and tangible equity units in the fourth quarter of fiscal 2014. |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) shares in Millions | 12 Months Ended | ||
Oct. 03, 2015Classesshares | Sep. 27, 2014shares | Sep. 28, 2013shares | |
Earnings Per Share, Basic and Diluted [Line Items] | |||
Number of classes of common stock | 2 | ||
Cash Dividends, Paid Ratio To Other Class Of Stock, Maximum | 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-based compensation [Member] | |||
Earnings Per Share, Basic and Diluted [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 5 | 4 | 0 |
Derivative Financial Instrume79
Derivative Financial Instruments (Aggregate Outstanding Notionals) (Details) lb in Millions, bu in Millions, $ in Millions | Oct. 03, 2015USD ($)lbbuT | Sep. 27, 2014USD ($)lbbuT |
Corn (in bushels) | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | bu | 18 | 0 |
Soy Meal (in tons) | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | T | 284,900 | 198,100 |
Live Cattle (in pounds) | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 102 | 405 |
Lean Hogs (in pounds) | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 166 | 350 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ | $ 42 | $ 109 |
Derivative Financial Instrume80
Derivative Financial Instruments (Pretax Impact Of Cash Flow Hedge Derivative Instruments On The Consolidated Statements Of Income) (Details) - Cash Flow Hedge [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Derivative [Line Items] | |||
Gain/(Loss) Recognized in OCI on Derivatives | $ (4) | $ (8) | $ (31) |
Gain/(Loss) Reclassified from OCI to Earnings | (7) | (10) | (9) |
Commodity Contracts [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in OCI on Derivatives | (4) | (7) | (29) |
Commodity Contracts [Member] | Cost of Sales [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) Reclassified from OCI to Earnings | (7) | (10) | (5) |
Foreign Currency [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in OCI on Derivatives | 0 | (1) | (2) |
Foreign Currency [Member] | Other Nonoperating Income (Expense) [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) Reclassified from OCI to Earnings | $ 0 | $ 0 | $ (4) |
Derivative Financial Instrume81
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 ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) on forwards | $ 17 | $ (154) | $ 21 |
Purchase Contracts [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) on forwards | $ (17) | $ 154 | $ (21) |
Derivative Financial Instrume82
Derivative Financial Instruments (Pretax Impact Of Undesignated Derivative Instruments On The Consolidated Statements Of Income) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Earnings | $ (99) | $ (61) | $ (32) |
Commodity Contracts [Member] | Sales [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Earnings | (62) | 75 | (10) |
Commodity Contracts [Member] | Cost of Sales [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Earnings | (33) | (136) | (24) |
Foreign Currency [Member] | Other Nonoperating Income (Expense) [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Earnings | $ (4) | $ 0 | $ 2 |
Derivative Financial Instrume83
Derivative Financial Instruments (Narrative) (Details) $ in Millions | 12 Months Ended |
Oct. 03, 2015USD ($) | |
Grain [Member] | |
Derivative [Line Items] | |
Cash flow hedge gain (loss) to be reclassified within twelve months | $ (1) |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets and liabilities posted cash collateral | $ 5 | $ 98 | |
Derivative, Collateral, Obligation to Return Cash | 0 | ||
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Net of Tax, Portion Attributable to Parent | 0 | ||
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (44) | (50) |
Available-for-sale Securities, Current | 2 | 1 | |
Available-for-sale Securities, Noncurrent | 93 | 92 | |
Deferred Compensation Assets | 231 | 233 | |
Total Assets | 343 | 335 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (49) | (148) |
Total Liabilities | 2 | 12 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Current | 0 | 0 | |
Available-for-sale Securities, Noncurrent | 0 | 1 | |
Deferred Compensation Assets | 9 | 15 | |
Total Assets | 9 | 16 | |
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] | |||
Available-for-sale Securities, Current | 1 | 1 | |
Available-for-sale Securities, Noncurrent | 33 | 24 | |
Deferred Compensation Assets | 222 | 218 | |
Total Assets | 317 | 302 | |
Total Liabilities | 51 | 160 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Current | 1 | 0 | |
Available-for-sale Securities, Noncurrent | 60 | 67 | |
Deferred Compensation Assets | 0 | 0 | |
Total Assets | 61 | 67 | |
Total Liabilities | 0 | 0 | |
Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 17 | 0 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (35) | (17) |
Derivatives Liabilities | 0 | 0 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (2) | (78) |
Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 0 | 0 | |
Derivatives Liabilities | 0 | 0 | |
Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 52 | 17 | |
Derivatives Liabilities | 2 | 78 | |
Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 0 | 0 | |
Derivatives Liabilities | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 0 | 9 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (9) | (33) |
Derivatives Liabilities | 2 | 12 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (47) | (70) |
Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 0 | 0 | |
Derivatives Liabilities | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 9 | 42 | |
Derivatives Liabilities | 49 | 82 | |
Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 0 | 0 | |
Derivatives Liabilities | 0 | 0 | |
Common Stock and Warrants [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | $ 6 | |
[1] | Our derivative assets and liabilities are presented in our Consolidated 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 October 3, 2015, and September 27, 2014, we had posted with various counterparties $5 million and $98 million, respectively, of cash collateral related to our derivative financial instruments and held no cash collateral. |
Fair Value Measurements (Sche85
Fair Value Measurements (Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 03, 2015 | Sep. 27, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of year | $ 67 | $ 65 |
Total realized and unrealized gains (losses), Included in earnings | 0 | 0 |
Total realized and unrealized gains (losses), Included in other comprehensive income (loss) | 0 | 0 |
Purchases | 20 | 25 |
Issuances | 0 | 0 |
Settlements | (26) | (23) |
Balance at end of year | 61 | 67 |
Total gains (losses) for the periods included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of year | $ 0 | $ 0 |
Fair Value Measurements (Sche86
Fair Value Measurements (Schedule Of Available For Sale Securities) (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 | |
U.S. Treasury and Agency [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amortized Cost Basis | $ 33 | $ 25 | |
Fair Value | 34 | 25 | |
Unrealized Gain/(Loss) | 1 | 0 | |
Corporate And Asset-Backed [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amortized Cost Basis | 60 | 65 | |
Fair Value | 61 | 67 | |
Unrealized Gain/(Loss) | 1 | 2 | |
Common Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amortized Cost Basis | [1] | 0 | 1 |
Fair Value | [1] | 0 | 1 |
Unrealized Gain/(Loss) | [1] | 0 | 0 |
Cumulative Other-than-Temporary Impairment Loss | $ 2 | ||
Common Stock and Warrants [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cumulative Other-than-Temporary Impairment Loss | $ 0 | ||
[1] | At October 3, 2015, and September 27, 2014, the amortized cost basis for Equity Securities had been reduced by accumulated other than temporary impairment of approximately nil and $2 million |
Fair Value Measurements (Sche87
Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Debt) (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 |
Fair Value Disclosures [Abstract] | ||
Debt Instrument, Fair Value Disclosure | $ 6,900 | $ 8,347 |
Total Debt, Carrying Value | $ 6,725 | $ 8,178 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Oct. 03, 2015USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($)Facilities | Oct. 03, 2015USD ($) | Sep. 27, 2014USD ($)Facilities | Sep. 28, 2013USD ($) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Net of Tax, Portion Attributable to Parent | $ 0 | ||||||
Asset Impairment Charges | 285 | $ 107 | $ 74 | ||||
Goodwill, Impairment Loss | $ 23 | $ 5 | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wal-Mart Stores, Inc. [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Concentration, Percentage | 20.00% | 18.60% | |||||
Beef [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Goodwill, Impairment Loss | $ 0 | $ 0 | |||||
Prepared Foods [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Goodwill, Impairment Loss | 0 | 0 | |||||
Other [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Goodwill, Impairment Loss | [1] | 23 | 5 | ||||
Chicken Production Operations in China [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Property, Plant and Equipment, Transfers and Changes | $ 126 | ||||||
Goodwill, Impairment Loss | 23 | ||||||
Impairment of other assets | 20 | ||||||
Chicken Production Operations in China [Member] | Cost of Sales [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | 169 | ||||||
Chicken Production Operations in China [Member] | Cost of Sales [Member] | Other [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | 169 | ||||||
Other [Member] | Chicken Production Operations in Brazil [Member] | Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 144 | 144 | |||||
Other [Member] | Chicken Production Operations in Brazil [Member] | Other [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | $ 39 | ||||||
Facility Closing [Member] | Operating Segments [Member] | Beef [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | 12 | ||||||
Facility Closing [Member] | Operating Segments [Member] | Prepared Foods [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | 59 | $ 49 | $ 52 | ||||
Plants Closed | Facilities | 3 | 3 | |||||
Facility Closing [Member] | Operating Segments [Member] | Cost of Sales [Member] | Prepared Foods [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | 49 | ||||||
Facility Closing [Member] | Operating Segments [Member] | Selling, General and Administrative Expenses [Member] | Prepared Foods [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | 10 | ||||||
Fair Value, Measurements, Nonrecurring [Member] | Chicken Production Operations in China [Member] | Cost of Sales [Member] | Other [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | 169 | ||||||
Fair Value, Measurements, Nonrecurring [Member] | Other [Member] | Chicken Production Operations in Brazil [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | $ 39 | ||||||
Fair Value, Measurements, Nonrecurring [Member] | Facility Closing [Member] | Operating Segments [Member] | Beef [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | 12 | ||||||
Fair Value, Measurements, Nonrecurring [Member] | Facility Closing [Member] | Operating Segments [Member] | Prepared Foods [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | 59 | 52 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Facility Closing [Member] | Operating Segments [Member] | Cost of Sales [Member] | Prepared Foods [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | 49 | ||||||
Fair Value, Measurements, Nonrecurring [Member] | Facility Closing [Member] | Operating Segments [Member] | Selling, General and Administrative Expenses [Member] | Prepared Foods [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | $ 10 | ||||||
Common Stock and Warrants [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | $ 6 | |||||
Maximum [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Short Term Investment Maturity Period | 12 months | ||||||
Available For Sale Securities Debt Maturity Period | 35 years | ||||||
[1] | Other included the goodwill from our international chicken operation. |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Options) (Details) - Stock Options [Member] $ / shares in Units, $ in Millions | 12 Months Ended |
Oct. 03, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Shares Under Option - Outstanding, September 27, 2014 | 13,724,409 |
Shares Under Option - Exercised | (3,900,576) |
Shares Under Option - Canceled | (177,491) |
Shares Under Option - Granted | 5,088,723 |
Shares Under Option - Outstanding, October 3, 2015 | 14,735,065 |
Weighted Average Exercise Price Per Share - Outstanding, September 27, 2014 | $ / shares | $ 21.30 |
Weighted Average Exercise Price Per Share - Exercised | $ / shares | 21.47 |
Weighted Average Exercise Price Per Share - Canceled | $ / shares | 37.23 |
Weighted Average Exercise Price Per Share - Granted | $ / shares | 42.26 |
Weighted Average Exercise Price Per Share - Outstanding, October 3, 2015 | $ / shares | $ 28.30 |
Weighted Average Remaining Contractual Life (in Years) - Outstanding, October 3, 2015 | 7 years 1 month |
Aggregate Intrinsic Value - Outstanding, October 3, 2015 | $ | $ 237 |
Shares Under Option - Exercisable, October 3, 2015 | 6,789,969 |
Weighted Average Exercise Price Per Share - Exercisable at October 3, 2015 | $ / shares | $ 18.73 |
Weighted Average Remaining Contractual Life (in Years) - Exercisable, October 3, 2015 | 5 years 5 months |
Aggregate Intrinsic Value - Exercisable, October 3, 2015 | $ | $ 174 |
Stock-Based Compensation (Assum
Stock-Based Compensation (Assumption Of Fair Value Calculation Of Each Year's Grants) (Details) | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected life (in years) | 6 years 1 month | 6 years | 6 years 2 months |
Risk-free interest rate | 1.60% | 1.30% | 0.70% |
Expected volatility | 26.70% | 36.00% | 36.80% |
Expected dividend yield | 1.00% | 1.00% | 1.00% |
Stock-Based Compensation (Sum91
Stock-Based Compensation (Summary Of Restricted Stock) (Details) - Restricted Stock [Member] $ / shares in Units, $ in Millions | 12 Months Ended | ||
Oct. 03, 2015USD ($)$ / sharesshares | Sep. 27, 2014$ / sharesshares | Sep. 28, 2013shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Number of Shares - Nonvested, September 27, 2014 | 938,944 | ||
Number of Shares - Granted | 742,036 | ||
Number of Shares - Dividends | 11,431 | ||
Number of Shares - Vested | (520,964) | (600,000) | (1,400,000) |
Number of Shares - Forfeited | (63,519) | ||
Number of Shares - Nonvested, October 3, 2015 | 1,107,928 | 938,944 | |
Weighted Average Grant Date Fair Value Per Share - Nonvested, September 27, 2014 | $ / shares | $ 23.18 | ||
Weighted Average Grant-Date Fair Value Per Share - Granted | $ / shares | $ 42.39 | ||
Weighted Average Grant-Date Fair Value Per Share - Dividends | $ / shares | 34.99 | ||
Weighted Average Grant-Date Fair Value Per Share - Vested | $ / shares | $ 20.28 | ||
Weighted Average Grant-Date Fair Value Per Share - Forfeited | $ / shares | 36.61 | ||
Weighted Average Grant Date Fair Value Per Share - Nonvested, October 3, 2015 | $ / shares | $ 36.76 | $ 23.18 | |
Weighted Average Remaining Contractual Life (in Years), Nonvested, October 3, 2015 | 1 year 7 months | ||
Aggregate Intrinsic Value - Nonvested, October 3, 2015 | $ | $ 49 |
Stock-Based Compensation (Sum92
Stock-Based Compensation (Summary of Performance-Based Shares) (Details) - Performance Shares [Member] $ / shares in Units, $ in Millions | 12 Months Ended |
Oct. 03, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Number of Shares - Nonvested, September 27, 2014 | 1,403,603 |
Number of Shares - Granted | 522,746 |
Number of Shares - Vested | (25,922) |
Number of Shares - Forfeited | (65,327) |
Number of Shares - Nonvested, October 3, 2015 | 1,835,100 |
Weighted Average Grant Date Fair Value Per Share - Nonvested, September 27, 2014 | $ / shares | $ 26.77 |
Weighted Average Grant-Date Fair Value Per Share - Granted | $ / shares | 46.16 |
Weighted Average Grant-Date Fair Value Per Share - Vested | $ / shares | 17.36 |
Weighted Average Grant-Date Fair Value Per Share - Forfeited | $ / shares | 37.98 |
Weighted Average Grant Date Fair Value Per Share - Nonvested, October 3, 2015 | $ / shares | $ 32.03 |
Weighted Average Remaining Contractual Life (in Years), Nonvested, October 3, 2015 | 11 months |
Aggregate Intrinsic Value - Nonvested, October 3, 2015 | $ | $ 81 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grant | 24,293,913 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Expiration period | 10 years | ||
Grant-date fair value of options granted | $ 11.51 | $ 10.83 | $ 6.44 |
Stock-based compensation expense, net of income taxes | $ 27 | $ 20 | $ 14 |
Related tax benefit | $ 17 | $ 13 | $ 9 |
Options vested (in shares) | 3,800,000 | 4,800,000 | 3,900,000 |
Grant date fair value of options vested | $ 32 | $ 30 | $ 22 |
Cash received from exercise of stock options | 84 | 67 | 123 |
Tax benefit related to stock options exercised | 30 | 33 | 35 |
Total intrinsic value of options exercised | 79 | 87 | 90 |
Amount realized, related to excess tax deductions | 19 | 24 | 18 |
Total unrecognized compensation cost related to stock option plans | $ 45 | ||
Total unrecognized compensation cost, time frame for recognition, weighted average number of years | 1 year 5 months | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, net of income taxes | $ 9 | 6 | 5 |
Related tax benefit | $ 6 | $ 4 | $ 3 |
Number of Shares - Vested | (520,964) | (600,000) | (1,400,000) |
Total unrecognized compensation cost, time frame for recognition, weighted average number of years | 2 years 1 month | ||
Total unrecognized compensation cost related to share-based awards other than options | $ 24 | ||
Restricted stock awards, grant date fair value of shares vested | $ 10 | $ 11 | $ 20 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Stock-based compensation expense, net of income taxes | $ 5 | 4 | 2 |
Related tax benefit | $ 3 | $ 2 | $ 2 |
Number of Shares - Vested | (25,922) | ||
Total unrecognized compensation cost, time frame for recognition, weighted average number of years | 1 year 8 months | ||
Total unrecognized compensation cost related to share-based awards other than options | $ 11 | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting rights, performance criteria | 0.00% | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting rights, performance criteria | 200.00% |
Pensions And Other Postretire94
Pensions And Other Postretirement Benefits (Reconciliation Of Changes In Plans' Benefit Obligations, Assets And Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance | $ 1,650 | ||
Employer contributions | 14 | $ 9 | $ 8 |
Ending balance | 1,576 | 1,650 | |
Funded Qualified Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 1,849 | 86 | |
Service cost | 10 | 1 | 0 |
Interest cost | 78 | 10 | 4 |
Plan Amendments | 0 | 0 | |
Plan participants' contributions | 0 | 0 | |
Actuarial (gain) loss | (50) | (37) | |
Benefits paid | (102) | (11) | |
Business acquisition | 0 | 1,800 | |
Benefit obligation at end of year | 1,785 | 1,849 | 86 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance | 1,647 | 85 | |
Actual return on plan assets | 25 | (36) | |
Employer contributions | 6 | 6 | |
Plan participants' contributions | 0 | 0 | |
Benefits paid | (102) | (11) | |
Business acquisition | 0 | 1,603 | |
Other | 0 | 0 | |
Ending balance | 1,576 | 1,647 | 85 |
Funded status | (209) | (202) | |
Unfunded Non-Qualified Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 182 | 85 | |
Service cost | 8 | 7 | 5 |
Interest cost | 8 | 5 | 3 |
Plan Amendments | 0 | 0 | |
Plan participants' contributions | 0 | 0 | |
Actuarial (gain) loss | 11 | 15 | |
Benefits paid | (8) | (3) | |
Business acquisition | 0 | 73 | |
Benefit obligation at end of year | 201 | 182 | 85 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance | 3 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 8 | 3 | |
Plan participants' contributions | 0 | 0 | |
Benefits paid | (8) | (3) | |
Business acquisition | 0 | 3 | |
Other | (3) | 0 | |
Ending balance | 0 | 3 | 0 |
Funded status | (201) | (179) | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 163 | 71 | |
Service cost | 5 | 2 | 2 |
Interest cost | 7 | 3 | 2 |
Plan Amendments | (60) | 0 | |
Plan participants' contributions | 2 | 1 | |
Actuarial (gain) loss | 9 | (8) | |
Benefits paid | (12) | (6) | |
Business acquisition | 0 | 100 | |
Benefit obligation at end of year | 114 | 163 | 71 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 10 | 5 | |
Plan participants' contributions | 2 | 1 | |
Benefits paid | (12) | (6) | |
Business acquisition | 0 | 0 | |
Other | 0 | 0 | |
Ending balance | 0 | 0 | $ 0 |
Funded status | $ (114) | $ (163) |
Pensions And Other Postretire95
Pensions And Other Postretirement Benefits (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 |
Funded Qualified Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other current liabilities | $ 0 | $ 0 |
Other liabilities | (209) | (202) |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | (209) | (202) |
Unfunded Non-Qualified Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other current liabilities | (9) | (5) |
Other liabilities | (192) | (174) |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | (201) | (179) |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other current liabilities | (20) | (7) |
Other liabilities | (94) | (156) |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $ (114) | $ (163) |
Pensions And Other Postretire96
Pensions And Other Postretirement Benefits Pensions and Other Postretirement Benefits (Amounts Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 | |
Funded Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated other comprehensive (income)/loss, Actuarial loss | $ 57 | $ 39 | |
Accumulated other comprehensive (income)/loss, Prior service cost/(credit) | [1] | 0 | 0 |
Total accumulated other comprehensive (income)/loss | 57 | 39 | |
Unfunded Non-Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated other comprehensive (income)/loss, Actuarial loss | 43 | 36 | |
Accumulated other comprehensive (income)/loss, Prior service cost/(credit) | [1] | 0 | 0 |
Total accumulated other comprehensive (income)/loss | 43 | 36 | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated other comprehensive (income)/loss, Actuarial loss | 0 | 0 | |
Accumulated other comprehensive (income)/loss, Prior service cost/(credit) | [1] | (59) | (2) |
Total accumulated other comprehensive (income)/loss | $ (59) | $ (2) | |
[1] | The change in prior service cost is primarily attributed to the plan amendments to the other postretirement benefits as noted within the change in benefit obligation with remainder of the change being immaterial. |
Pensions And Other Postretire97
Pensions And Other Postretirement Benefits (Plans With Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 |
Funded Qualified Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 1,781 | $ 1,829 |
Accumulated benefit obligation | 1,781 | 1,829 |
Fair value of plan assets | 1,572 | 1,627 |
Unfunded Non-Qualified Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 201 | 182 |
Accumulated benefit obligation | 193 | 172 |
Fair value of plan assets | $ 0 | $ 3 |
Pensions And Other Postretire98
Pensions And Other Postretirement Benefits (Components Of Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans Recognized In The Consolidated Statements Of Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Funded Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 10 | $ 1 | $ 0 |
Interest cost | 78 | 10 | 4 |
Expected return on plan assets | (102) | (13) | (5) |
Amortization of prior service cost | 0 | 0 | 0 |
Recognized actuarial (gain) loss, net | 2 | 2 | 4 |
Recognized settlement (gain) loss | 8 | 0 | 0 |
Net periodic benefit (credit) cost | (4) | 0 | 3 |
Unfunded Non-Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 8 | 7 | 5 |
Interest cost | 8 | 5 | 3 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 1 |
Recognized actuarial (gain) loss, net | 4 | 2 | 3 |
Recognized settlement (gain) loss | 0 | 0 | 0 |
Net periodic benefit (credit) cost | 20 | 14 | 12 |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 5 | 2 | 2 |
Interest cost | 7 | 3 | 2 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | (1) | 0 | (1) |
Recognized actuarial (gain) loss, net | 9 | (8) | 7 |
Recognized settlement (gain) loss | (2) | 0 | 0 |
Net periodic benefit (credit) cost | $ 18 | $ (3) | $ 10 |
Pensions And Other Postretire99
Pensions And Other Postretirement Benefits (Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Funded Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate to determine net periodic benefit cost | 4.32% | 4.37% | 4.02% |
Discount rate to determine benefit obligations | 4.47% | 4.32% | 4.77% |
Rate of compensation increase | 0.01% | 0.01% | |
Expected return on plan assets | 4.61% | 6.37% | 5.44% |
Unfunded Non-Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate to determine net periodic benefit cost | 4.36% | 5.01% | 4.23% |
Discount rate to determine benefit obligations | 4.41% | 4.36% | 5.09% |
Rate of compensation increase | 2.31% | 2.11% | 3.50% |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate to determine net periodic benefit cost | 3.97% | 4.41% | 3.66% |
Discount rate to determine benefit obligations | 3.54% | 3.97% | 4.48% |
Pensions And Other Postretir100
Pensions And Other Postretirement Benefits (Health Care Cost Trend Rates) (Details) $ in Millions | 12 Months Ended |
Oct. 03, 2015USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
One Percentage Point Increase, Effect on postretirement benefit obligation | $ 8 |
One Percentage Point Decrease, Effect on postretirement benefit obligation | 7 |
One Percentage Point Increase, Effect on total service and interest components | 0 |
One Percentage Point Decrease, Effect on total service and interest components | $ 0 |
Pensions And Other Postretir101
Pensions And Other Postretirement Benefits (Actual And Target Asset Allocation For Pension Plan Assets) (Details) | 12 Months Ended | |
Oct. 03, 2015 | Sep. 27, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Plan Asset Allocations | 100.00% | 100.00% |
Target Plan Asset Allocations | 100.00% | |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Plan Asset Allocations | 0.30% | 4.90% |
Target Plan Asset Allocations | 0.00% | |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Plan Asset Allocations | 85.40% | 80.50% |
Target Plan Asset Allocations | 86.00% | |
Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Plan Asset Allocations | 11.00% | |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Plan Asset Allocations | 3.60% | 2.00% |
Target Plan Asset Allocations | 3.50% | |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Plan Asset Allocations | 0.00% | 0.40% |
Target Plan Asset Allocations | 0.00% | |
U.S. Stock Funds [Member] | Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Plan Asset Allocations | 3.90% | 6.00% |
Target Plan Asset Allocations | 4.00% | |
International Stock Funds [Member] | Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Plan Asset Allocations | 6.80% | 6.20% |
Target Plan Asset Allocations | 6.50% |
Pensions And Other Postretir102
Pensions And Other Postretirement Benefits (Categories Of Pension Plan Assets And Level Under Which Fair Values Were Determined In Fair Value Hierarchy) (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | $ 1,576 | $ 1,650 | ||
Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 5 | 79 | ||
Total Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 1,334 | 1,317 | ||
Bond and Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 1,334 | 377 | ||
Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 680 | |||
Government and Municipal Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 253 | |||
Mortgage Backed Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 7 | |||
Total Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 223 | 232 | ||
US Securities Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 61 | 84 | ||
Non-US Securities Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 106 | 101 | ||
Commodity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 14 | |||
Global Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 56 | 33 | ||
Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 7 | |||
Insurance Contract At Contract Value [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 14 | 15 | ||
Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 5 | 79 | ||
Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 5 | 79 | ||
Level 1 [Member] | Total Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 0 | 0 | ||
Level 1 [Member] | Bond and Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 0 | 0 | ||
Level 1 [Member] | Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 0 | |||
Level 1 [Member] | Government and Municipal Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 0 | |||
Level 1 [Member] | Mortgage Backed Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 0 | |||
Level 1 [Member] | Total Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 0 | 0 | ||
Level 1 [Member] | US Securities Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 0 | 0 | ||
Level 1 [Member] | Non-US Securities Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 0 | 0 | ||
Level 1 [Member] | Commodity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 0 | |||
Level 1 [Member] | Global Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 0 | 0 | ||
Level 1 [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 0 | |||
Level 1 [Member] | Insurance Contract At Contract Value [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 0 | 0 | ||
Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [1] | 1,557 | 1,549 | |
Level 2 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [1] | 0 | 0 | |
Level 2 [Member] | Total Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [1] | 1,334 | 1,310 | |
Level 2 [Member] | Bond and Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [1] | 1,334 | 377 | |
Level 2 [Member] | Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [1] | 680 | ||
Level 2 [Member] | Government and Municipal Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [1] | 253 | ||
Level 2 [Member] | Mortgage Backed Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [1] | 0 | ||
Level 2 [Member] | Total Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [1] | 223 | 232 | |
Level 2 [Member] | US Securities Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [1] | 61 | 84 | |
Level 2 [Member] | Non-US Securities Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [1] | 106 | 101 | |
Level 2 [Member] | Commodity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [1] | 14 | ||
Level 2 [Member] | Global Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [1] | 56 | 33 | |
Level 2 [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [1] | 7 | ||
Level 2 [Member] | Insurance Contract At Contract Value [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [1] | 0 | 0 | |
Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [2] | 14 | 22 | |
Level 3 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [2] | 0 | 0 | |
Level 3 [Member] | Total Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [2] | 0 | 7 | |
Level 3 [Member] | Bond and Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [2] | 0 | 0 | |
Level 3 [Member] | Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [2] | 0 | ||
Level 3 [Member] | Government and Municipal Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [2] | 0 | ||
Level 3 [Member] | Mortgage Backed Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | 0 | 7 | [2] | |
Level 3 [Member] | Total Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [2] | 0 | 0 | |
Level 3 [Member] | US Securities Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [2] | 0 | 0 | |
Level 3 [Member] | Non-US Securities Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [2] | 0 | 0 | |
Level 3 [Member] | Commodity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [2] | 0 | ||
Level 3 [Member] | Global Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [2] | 0 | 0 | |
Level 3 [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [2] | 0 | ||
Level 3 [Member] | Insurance Contract At Contract Value [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan assets | [2] | $ 14 | $ 15 | |
[1] | We classify our investments in United States government, United States agency, fixed income funds, bond funds, corporate bonds, and other 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. Funds are valued using the net asset value (NAV) provided by the trustee, which is a practical expedient to estimating fair value. The NAV is based on the fair value of the underlying investments within the funds and is determined daily. | |||
[2] | We classify certain mortgage-backed, asset-backed and insurance contracts 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. The insurance contracts are valued using the plan’s own assumptions about the assumptions market participants would use in pricing the assets based on the best information available, such as investment manager pricing. Significant changes to assumptions or unobservable inputs in the valuation of our Level 3 instruments would not have a significant impact to our consolidated financial statements. |
Pensions And Other Postretir103
Pensions And Other Postretirement Benefits (Reconciliation Of Change In Fair Value Measurement Of Defined Benefit Plans' Consolidated Assets Using Significant Unobservable Inputs) (Details) $ in Millions | 12 Months Ended | |
Oct. 03, 2015USD ($) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Beginning balance | $ 1,650 | |
Ending balance | 1,576 | |
Mortgage Backed Securities [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Beginning balance | 7 | |
Insurance Contract [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Beginning balance | 15 | |
Ending balance | 14 | |
Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Beginning balance | 22 | [1] |
Assets still held at reporting date | 0 | |
Assets sold during the period | 0 | |
Purchases, sales and settlements, net | (8) | |
Transfers in and/or out of Level 3 | 0 | |
Ending balance | 14 | [1] |
Level 3 [Member] | Mortgage Backed Securities [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Beginning balance | 7 | [1] |
Assets still held at reporting date | 0 | |
Assets sold during the period | 0 | |
Purchases, sales and settlements, net | (7) | |
Transfers in and/or out of Level 3 | 0 | |
Ending balance | 0 | |
Level 3 [Member] | Insurance Contract [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Beginning balance | 15 | [1] |
Assets still held at reporting date | 0 | |
Assets sold during the period | 0 | |
Purchases, sales and settlements, net | (1) | |
Transfers in and/or out of Level 3 | 0 | |
Ending balance | $ 14 | [1] |
[1] | We classify certain mortgage-backed, asset-backed and insurance contracts 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. The insurance contracts are valued using the plan’s own assumptions about the assumptions market participants would use in pricing the assets based on the best information available, such as investment manager pricing. Significant changes to assumptions or unobservable inputs in the valuation of our Level 3 instruments would not have a significant impact to our consolidated financial statements. |
Pensions And Other Postretir104
Pensions And Other Postretirement Benefits (Estimated Future Benefit Payments Expected To Be Paid) (Details) $ in Millions | Oct. 03, 2015USD ($) |
Funded Qualified Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 81 |
2,017 | 83 |
2,018 | 87 |
2,019 | 89 |
2,020 | 92 |
2021-2025 | 508 |
Unfunded Non-Qualified Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 9 |
2,017 | 9 |
2,018 | 10 |
2,019 | 10 |
2,020 | 10 |
2021-2025 | 59 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 20 |
2,017 | 14 |
2,018 | 10 |
2,019 | 7 |
2,020 | 7 |
2021-2025 | $ 33 |
Pensions And Other Postretir105
Pensions And Other Postretirement Benefits (Multiemployer Plans) (Details) - Multiemployer Plans, Pension [Member] - Bakery and Confectionary Union & Industry International Pension Fund [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | ||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contributions | $ 1 | $ 1 | |
Surcharge Imposed | 10.00% | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | [1] | Oct. 10, 2015 | |
[1] | Renewal negotiations are in progress. |
Pensions And Other Postretir106
Pensions And Other Postretirement Benefits (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015USD ($)plan | Sep. 27, 2014USD ($)plan | Sep. 28, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Number of Plans | plan | 9 | ||
Defined contribution retirement programs, expenses recognized | $ 62 | $ 53 | $ 50 |
Number of defined benefit plans with accumulated benefit obligations in excess of plan assets | plan | 8 | 7 | |
Healthcare cost trend rate, assumed, retirees who do qualify for Medicare | 9.00% | ||
Healthcare cost trend rate, assumed, retirees who do not yet qualify for Medicare | 7.60% | ||
Healthcare cost trend rate, ultimate rate | 4.50% | ||
Defined benefit pension plan assets | $ 1,576 | $ 1,650 | |
Plan asset allocations | 100.00% | 100.00% | |
Expected contributions to pension plans for fiscal 2016 | $ 63 | ||
Defined benefit plans funding | 14 | $ 9 | 8 |
Multiemployer Plans, Pension [Member] | Bakery and Confectionary Union & Industry International Pension Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer plan, contributions | $ 1 | 1 | |
Multiemployer Plans, Pension [Member] | Bakery and Confectionary Union & Industry International Pension Fund [Member] | Pension and Other Postretirement Plans, Contributions, Total [Member] | Multiemployer Plans Concentration Risk [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Concentration, Percentage (less than) | 5.00% | ||
Unfunded Non-Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Number of Unfunded Non-Qualified Plans | plan | 3 | ||
Amounts expected to be reclassified to earnings within next 12 months | $ 5 | ||
Defined Benefit Plan, Benefit Obligation | 201 | 182 | 85 |
Defined benefit pension plan assets | 0 | 3 | 0 |
Defined benefit plans funding | $ 8 | 3 | |
Funded Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Number of Funded Qualified Plans | plan | 6 | ||
Defined Benefit Plan, Number of Frozen and Noncontributory Qualified Plans | plan | 5 | ||
Number of defined benefit plans | plan | 2 | ||
Accumulated benefit obligation | $ 1,785 | 1,849 | |
Amounts expected to be reclassified to earnings within next 12 months | 2 | ||
Defined Benefit Plan, Benefit Obligation | 1,785 | 1,849 | 86 |
Defined benefit pension plan assets | 1,576 | 1,647 | 85 |
Defined benefit plans funding | $ 6 | 6 | |
Assumed Pension Plan Settlement Election Rate | 50.00% | ||
Defined Benefit Plan, Settlements, Plan Assets | $ 252 | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 2 | ||
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts expected to be reclassified to earnings within next 12 months | (18) | ||
Defined Benefit Plan, Benefit Obligation | 114 | 163 | 71 |
Defined benefit pension plan assets | 0 | 0 | $ 0 |
Defined benefit plans funding | $ 10 | 5 | |
Postretirement Health Coverage [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Number of Plans Subject to Partial Settlement, Health and Life Insurance Related | plan | 5 | ||
Defined Benefit Plans, Not Impacted by Heathcare Cost Trend Rates | plan | 2 | ||
Defined Benefit Plan, Benefit Obligation Not Impacted by Healthcare Cost Trend Due to Plan Amendments | $ 23 | ||
Defined Benefit Plan, Benefit Obligation Not Impacted by Healthcare Cost Trend | 24 | ||
Defined Benefit Plan, Benefit Obligation | $ 67 | ||
Defined Benefit Plans, Not Impacted by Heathcare Cost Trend Rates, Consisting of Fixed Annual Payments | plan | 1 | ||
Defined Benefit Plans, Not Impacted by Heathcare Cost Trend Rates, Life Insurance Related | plan | 1 | ||
Foreign Subsidiary Pension Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 1 | ||
Defined benefit pension plan assets | $ 14 | $ 15 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 85.40% | 80.50% | |
Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 11.00% |
Comprehensive Income (Loss) (Co
Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Unrealized net hedging gain (loss) | $ (1) | $ (3) |
Unrealized net gain (loss) on investments | 1 | 2 |
Currency translation adjustment | (63) | (99) |
Postretirement benefits reserve adjustments | (27) | (47) |
Total accumulated other comprehensive loss | $ (90) | $ (147) |
Comprehensive Income (Loss) 108
Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | ||
Other Comprehensive Income Loss [Line Items] | ||||
Other comprehensive income (loss), Before Tax | $ 64 | $ (47) | $ (51) | |
Other comprehensive income (loss), Income Tax | (7) | 8 | 6 | |
Total Other Comprehensive Income (Loss), Net of Taxes | 57 | (39) | (45) | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (4) | (8) | (31) | |
Other Comprehensive Income (Loss), before Reclassifications, Tax | 2 | 3 | 12 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (2) | (5) | (19) | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Cost of Sales [Member] | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 7 | 10 | 5 | |
Reclassification from AOCI, Current Period, Tax | (3) | (4) | (2) | |
Reclassification from Accumulated Other Comprehensive Income, Net of Tax | 4 | 6 | 3 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 4 | |
Reclassification from AOCI, Current Period, Tax | 0 | 0 | (2) | |
Reclassification from Accumulated Other Comprehensive Income, Net of Tax | 0 | 0 | 2 | |
Investments [Member] | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 21 | (2) | (4) | |
Other Comprehensive Income (Loss), before Reclassifications, Tax | (9) | 0 | 2 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 12 | (2) | (2) | |
Investments [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (21) | 8 | (1) | |
Reclassification from AOCI, Current Period, Tax | 8 | (2) | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Net of Tax | (13) | 6 | (1) | |
Currency Translation [Member] | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (86) | (32) | (20) | |
Other Comprehensive Income (Loss), before Reclassifications, Tax | 15 | 2 | 3 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (71) | (30) | (17) | |
Currency Translation [Member] | Cost of Sales [Member] | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | 115 | 0 | (19) |
Reclassification from AOCI, Current Period, Tax | [1] | (8) | 0 | (1) |
Reclassification from Accumulated Other Comprehensive Income, Net of Tax | [1] | 107 | 0 | (20) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Other comprehensive income (loss), Before Tax | 32 | (23) | 15 | |
Other comprehensive income (loss), Income Tax | (12) | 9 | (6) | |
Total Other Comprehensive Income (Loss), Net of Taxes | $ 20 | $ (14) | $ 9 | |
[1] | Translation loss reclassified to Cost of Sales related to disposition of a foreign operation, which is further described in Note 3: Acquisitions and Dispositions. |
Segment Reporting (Segment Repo
Segment Reporting (Segment Reporting Information, By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 03, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 10,506 | $ 10,071 | $ 9,979 | $ 10,817 | $ 10,105 | $ 9,682 | $ 9,032 | $ 8,761 | $ 41,373 | $ 37,580 | $ 34,374 |
Operating Income (Loss) | 550 | $ 563 | $ 547 | $ 509 | 306 | $ 351 | $ 361 | $ 412 | 2,169 | 1,430 | 1,375 |
Total Other (Income) Expense | 248 | 178 | 118 | ||||||||
Income from Continuing Operations before Income Taxes | 1,921 | 1,252 | 1,257 | ||||||||
Depreciation and Amortization | 701 | 520 | 491 | ||||||||
Total Assets | 23,004 | 23,956 | 23,004 | 23,956 | 12,177 | ||||||
Additions to property, plant and equipment | 854 | 632 | 558 | ||||||||
Operating Segments [Member] | Chicken [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 11,390 | 11,116 | 10,988 | ||||||||
Operating Income (Loss) | 1,366 | 883 | 683 | ||||||||
Depreciation and Amortization | 272 | 253 | 253 | ||||||||
Total Assets | 5,731 | 4,807 | 5,731 | 4,807 | 4,944 | ||||||
Additions to property, plant and equipment | 405 | 307 | 253 | ||||||||
Operating Segments [Member] | Beef [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 17,236 | 16,177 | 14,400 | ||||||||
Operating Income (Loss) | (66) | 347 | 296 | ||||||||
Depreciation and Amortization | 97 | 91 | 91 | ||||||||
Total Assets | 3,009 | 3,103 | 3,009 | 3,103 | 2,798 | ||||||
Additions to property, plant and equipment | 113 | 115 | 105 | ||||||||
Operating Segments [Member] | Pork [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 5,262 | 6,304 | 5,408 | ||||||||
Operating Income (Loss) | 380 | 455 | 332 | ||||||||
Depreciation and Amortization | 31 | 33 | 31 | ||||||||
Total Assets | 927 | 965 | 927 | 965 | 931 | ||||||
Additions to property, plant and equipment | 50 | 36 | 22 | ||||||||
Operating Segments [Member] | Prepared Foods [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 7,822 | 3,927 | 3,322 | ||||||||
Operating Income (Loss) | 588 | (60) | 101 | ||||||||
Depreciation and Amortization | 280 | 95 | 67 | ||||||||
Total Assets | 12,006 | 8,608 | 12,006 | 8,608 | 1,176 | ||||||
Additions to property, plant and equipment | 167 | 77 | 87 | ||||||||
Other [Member] | Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 879 | 1,381 | 1,370 | ||||||||
Operating Income (Loss) | (99) | (195) | (37) | ||||||||
Depreciation and Amortization | 21 | 48 | 49 | ||||||||
Total Assets | $ 1,331 | $ 6,473 | 1,331 | 6,473 | 2,328 | ||||||
Additions to property, plant and equipment | 119 | 97 | 91 | ||||||||
Intersegment Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | (1,216) | (1,325) | (1,114) | ||||||||
Intersegment Elimination [Member] | Chicken [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 18 | 7 | 16 | ||||||||
Intersegment Elimination [Member] | Beef [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 351 | 307 | 226 | ||||||||
Intersegment Elimination [Member] | Pork [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 847 | $ 1,000 | $ 872 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Oct. 03, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 27, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($) | Mar. 29, 2014USD ($) | Dec. 28, 2013USD ($) | Oct. 03, 2015USD ($)Segments | Sep. 27, 2014USD ($) | Sep. 28, 2013USD ($) | Aug. 28, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||||||||||||
Number of segments | Segments | 4 | |||||||||||
Goodwill | $ 6,667 | $ 6,706 | $ 6,667 | $ 6,706 | $ 1,902 | |||||||
Sales | 10,506 | $ 10,071 | $ 9,979 | $ 10,817 | 10,105 | $ 9,682 | $ 9,032 | $ 8,761 | 41,373 | 37,580 | $ 34,374 | |
UNITED STATES | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Long-lived assets | 17,400 | 17,400 | 17,400 | 17,400 | ||||||||
UNITED STATES | Long-Lived Assets Excluding Goodwill and Intangibles [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Long-lived assets | 5,600 | 5,400 | 5,600 | 5,400 | ||||||||
Other than the United States [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Long-lived assets | 191 | 324 | 191 | 324 | ||||||||
Other than the United States [Member] | Long-Lived Assets Excluding Goodwill and Intangibles [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Long-lived assets | 165 | 272 | $ 165 | $ 272 | ||||||||
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | Wal-Mart Stores, Inc. [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Concentration, Percentage | 16.80% | 14.60% | 13.00% | |||||||||
Geographic Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | UNITED STATES | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Concentration, Percentage | 97.00% | 96.00% | 96.00% | |||||||||
Export sales [Member] | UNITED STATES | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | $ 4,100 | $ 4,700 | $ 4,200 | |||||||||
Chicken [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill | 1,563 | 907 | 1,563 | 907 | 908 | |||||||
Beef [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill | 676 | 563 | 676 | 563 | 563 | |||||||
Pork [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill | 423 | 317 | 423 | 317 | 317 | |||||||
Prepared Foods [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill | 4,005 | 92 | 4,005 | 92 | 75 | |||||||
Intersegment Sales [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | (1,216) | (1,325) | (1,114) | |||||||||
Intersegment Sales [Member] | Chicken [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | 18 | 7 | 16 | |||||||||
Intersegment Sales [Member] | Beef [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | 351 | 307 | 226 | |||||||||
Intersegment Sales [Member] | Pork [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sales | 847 | 1,000 | $ 872 | |||||||||
Hillshire Brands Company [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Business Combination, Acquisition Related Costs | $ 8 | $ 16 | $ 14 | $ 19 | $ 47 | 59 | ||||||
Goodwill | $ 4,800 | $ 4,800 | $ 4,790 | |||||||||
Hillshire Brands Company [Member] | Chicken [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill | 658 | |||||||||||
Hillshire Brands Company [Member] | Beef [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill | 113 | |||||||||||
Hillshire Brands Company [Member] | Pork [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill | 106 | |||||||||||
Hillshire Brands Company [Member] | Prepared Foods [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill | $ 3,913 | |||||||||||
Maximum [Member] | Geographic Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | Other than the United States [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Concentration, Percentage | 10.00% | 10.00% | 10.00% |
Supplemental Cash Flow Infor111
Supplemental Cash Flow Information (Cash Payments For Interest And Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest, net of amounts capitalized | $ 308 | $ 118 | $ 114 |
Income taxes, net of refunds | $ 437 | $ 590 | $ 310 |
Transactions With Related Pa112
Transactions With Related Parties (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Oct. 03, 2015USD ($)leaseshares | Sep. 27, 2014USD ($)leaseshares | Sep. 28, 2013USD ($)lease$ / sharesshares | |
Related Party Transaction [Line Items] | |||
Purchases of Tyson Class A common stock | $ 495,000 | $ 295,000 | $ 614,000 |
Class A [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of Tyson Class A common stock, shares | shares | 11,900,000 | 8,300,000 | 23,900,000 |
Purchases of Tyson Class A common stock | $ 495,000 | $ 295,000 | $ 614,000 |
Tyson Limited Partnership [Member] | Class A [Member] | |||
Related Party Transaction [Line Items] | |||
Shares, Outstanding | shares | 5,400,000 | ||
Purchase of Tyson Class A common stock, shares | shares | 1,000,000 | ||
Purchases of Tyson Class A common stock | $ 29,850 | ||
Share Price | $ / shares | $ 29.85 | ||
Tyson Limited Partnership [Member] | Class B [Member] | |||
Related Party Transaction [Line Items] | |||
Tyson Family Ownership Percentage | 99.985% | ||
Shares, Outstanding | shares | 70,000,000 | ||
JHT, LLC [Domain] | |||
Related Party Transaction [Line Items] | |||
Payments to Acquire Land Held-for-use | $ 500 | ||
Tyson Limited Partnership And Tyson Family [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Voting Rights Percentage | 70.64% | ||
Tyson Limited Partnership And Tyson Family [Member] | Class A [Member] | |||
Related Party Transaction [Line Items] | |||
Tyson Family Ownership Percentage | 1.79% | ||
Water Plant [Member] | John Tyson, certain members of the Tyson family, the Donald J. Tyson Revocable Trust and the Randal W. Tyson Testamentary Trust [Member] | |||
Related Party Transaction [Line Items] | |||
Operating Lease, Number of Leases | lease | 2 | 2 | 2 |
Related Party Transaction, Amounts of Transaction | $ 1,000 | $ 1,000 | $ 1,000 |
Water Plant [Member] | Tyson Limited Partnership [Member] | |||
Related Party Transaction [Line Items] | |||
Tyson Family Ownership Percentage | 90.00% | ||
Donald J. Tyson Revocable Trust [Member] | Board of Directors Chairman [Member] | |||
Related Party Transaction [Line Items] | |||
Tyson Family Ownership Percentage | 50.00% | ||
Randal W. Tyson Testamentary Trust [Member] [Member] | Board of Directors Chairman [Member] | |||
Related Party Transaction [Line Items] | |||
Tyson Family Ownership Percentage | 50.00% |
Commitments (Minimum Lease Comm
Commitments (Minimum Lease Commitments Under Non-Cancelable Leases) (Details) $ in Millions | Oct. 03, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 125 |
2,017 | 98 |
2,018 | 72 |
2,019 | 48 |
2,020 | 39 |
2021 and beyond | 111 |
Total | $ 493 |
Commitments (Future Purchase Co
Commitments (Future Purchase Commitments) (Details) $ in Millions | Oct. 03, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 1,655 |
2,017 | 434 |
2,018 | 278 |
2,019 | 117 |
2,020 | 92 |
2021 and beyond | 185 |
Total | $ 2,761 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $ 165,000,000 | $ 161,000,000 | $ 200,000,000 |
Lease, Maximum Initial Term | 7 years | ||
Guarantor Obligations [Line Items] | |||
Potential maximum obligation under cash flow assistance program | $ 310,000,000 | ||
Total receivables under cash flow assistance program | 0 | 4,000,000 | |
Estimated uncollectible receivables under cash flow assistance program | $ 0 | $ 0 | |
Guarantee of Indebtedness of Others [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Period | 10 years | ||
Maximum potential amount | $ 38,000,000 | ||
Residual Value Guarantees [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum potential amount | $ 81,000,000 | ||
Guarantor Obligations, Maximum Exposure, Remaining Lease Period | 12 years | ||
Amount recoverable through various recourse provisions | $ 74,000,000 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) | Sep. 22, 2014USD ($) | Aug. 25, 2014USD ($) | Jan. 30, 2014USD ($) | Oct. 02, 2013USD ($) | May. 31, 2013USD ($) | Sep. 30, 2006USD ($) | Sep. 30, 2006PHP | Oct. 03, 2015Claims | Jun. 23, 2014USD ($) | Jun. 23, 2014PHP |
Loss Contingencies [Line Items] | ||||||||||
Number of cases filed | Claims | 7 | |||||||||
Bouaphakeo Case [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss contingency, damages awarded | $ 5,784,758 | |||||||||
Loss contingency, damages sought | $ 2,692,145 | |||||||||
Acosta Case [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss contingency, damages awarded | $ 18,774,989 | $ 5,733,943 | ||||||||
Loss contingency, damages sought | $ 6,258,330 | |||||||||
Gomez Case [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss contingency, damages awarded | $ 4,960,787 | |||||||||
Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss contingency, damages awarded | $ 74,000,000 | PHP 3,453,664,710 | ||||||||
Loss contingency, range of possible loss, maximum | $ 7,000,000 | PHP 342,287,800 |
Quarterly Financial Data (Un117
Quarterly Financial Data (Unaudited) (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Oct. 03, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |||||
Sales | $ 10,506 | $ 10,071 | $ 9,979 | $ 10,817 | $ 10,105 | $ 9,682 | $ 9,032 | $ 8,761 | $ 41,373 | $ 37,580 | $ 34,374 | ||||
Gross profit | 986 | 986 | 989 | 956 | 712 | 637 | 651 | 685 | 3,917 | 2,685 | 2,358 | ||||
Operating Income | 550 | 563 | 547 | 509 | 306 | 351 | 361 | 412 | 2,169 | 1,430 | 1,375 | ||||
Net Income | 259 | 344 | 311 | 310 | 136 | 258 | 210 | 252 | 1,224 | 856 | 778 | ||||
Net Income Attributable to Tyson | $ 258 | $ 343 | $ 310 | $ 309 | $ 137 | $ 260 | $ 213 | $ 254 | $ 1,220 | $ 864 | $ 778 | ||||
Diluted (USD per share) | $ 0.63 | $ 0.83 | $ 0.75 | $ 0.74 | $ 0.35 | [1] | $ 0.73 | [1] | $ 0.60 | [1] | $ 0.72 | [1] | $ 2.95 | $ 2.37 | $ 2.12 |
Class A [Member] | |||||||||||||||
Basic (USD per share) | 0.65 | 0.86 | 0.78 | 0.77 | 0.37 | [1] | 0.75 | [1] | 0.64 | [1] | 0.76 | [1] | 3.06 | 2.48 | 2.26 |
Class B [Member] | |||||||||||||||
Basic (USD per share) | $ 0.59 | $ 0.78 | $ 0.71 | $ 0.71 | $ 0.32 | $ 0.68 | $ 0.58 | $ 0.68 | $ 2.79 | $ 2.26 | $ 2.04 | ||||
[1] | The sum of the quarterly earnings per share amounts will not equal the total for the year due to the effects of rounding and dilution impact as a result of issuing Class A shares and tangible equity units in the fourth quarter of fiscal 2014. |
Quarterly Financial Data (Un118
Quarterly Financial Data (Unaudited) (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Oct. 03, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 27, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($)Facilities | Oct. 03, 2015USD ($) | Sep. 27, 2014USD ($)Facilities | Sep. 28, 2013USD ($) | |
Quarterly Financial Data [Line Items] | |||||||||
Tax Expense Adjustment- related to tax contingencies | $ 26 | $ 12 | $ 40 | ||||||
Gain (Loss) on Sale of Equity Investments | $ 21 | ||||||||
Asset Impairment Charges | $ 285 | $ 107 | $ 74 | ||||||
Gain on disposition of Business | 177 | 0 | $ 0 | ||||||
Estimated Pretax Impact of Additional Week | $ 39 | ||||||||
Operating Segments [Member] | Prepared Foods [Member] | Facility Closing [Member] | |||||||||
Quarterly Financial Data [Line Items] | |||||||||
Asset Impairment Charges | 59 | $ 49 | $ 52 | ||||||
Plants Closed | Facilities | 3 | 3 | |||||||
Operating Segments [Member] | Beef [Member] | Facility Closing [Member] | |||||||||
Quarterly Financial Data [Line Items] | |||||||||
Asset Impairment Charges | 12 | ||||||||
Other [Member] | Chicken Production Operations in Brazil and Mexico [Member] | |||||||||
Quarterly Financial Data [Line Items] | |||||||||
Asset impairment Charges and Undistributed Earnings Tax | 42 | ||||||||
Cost of Sales [Member] | Chicken Production Operations in Mexico [Member] | |||||||||
Quarterly Financial Data [Line Items] | |||||||||
Gain on disposition of Business | 161 | ||||||||
Cost of Sales [Member] | Chicken Production Operations in China [Member] | |||||||||
Quarterly Financial Data [Line Items] | |||||||||
Asset Impairment Charges | 169 | ||||||||
Cost of Sales [Member] | Operating Segments [Member] | Prepared Foods [Member] | Facility Closing [Member] | |||||||||
Quarterly Financial Data [Line Items] | |||||||||
Asset Impairment Charges | 49 | ||||||||
Hillshire Brands Company [Member] | |||||||||
Quarterly Financial Data [Line Items] | |||||||||
Business Combination, Acquisition Related Costs | 8 | 16 | $ 14 | 19 | $ 47 | $ 59 | |||
Pre-Tax Loss Related to Legacy Hillshire Brands Plant Fire | $ 36 | ||||||||
Pre-Tax Gain due to Insurance Proceeds (Net of Costs) Related to a Legacy Hillshire Brands Plant Fire | $ 25 | $ 11 | $ 8 | ||||||
Acquisition fees paid to third parties | $ 29 | ||||||||
Net Income, Adjustment Hillshire Brands acquisition, integration and cost associated with the Prepared Foods improvement plan | 119 | ||||||||
Net Income, Adjustment Hillshire Brands post- closing results, purchases price accounting adjustments and ongoing cost related to legacy Hillshire plant fire | 40 | ||||||||
Net income, adjustment Hillshire Brands acquisition financing incremental interest cost | $ 27 |
Condensed Consolidating Fina119
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 03, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | $ 10,506 | $ 10,071 | $ 9,979 | $ 10,817 | $ 10,105 | $ 9,682 | $ 9,032 | $ 8,761 | $ 41,373 | $ 37,580 | $ 34,374 |
Cost of Sales | 37,456 | 34,895 | 32,016 | ||||||||
Gross Profit | 986 | 986 | 989 | 956 | 712 | 637 | 651 | 685 | 3,917 | 2,685 | 2,358 |
Selling, General and Administrative | 1,748 | 1,255 | 983 | ||||||||
Operating Income | 550 | 563 | 547 | 509 | 306 | 351 | 361 | 412 | 2,169 | 1,430 | 1,375 |
Other (Income) Expense: | |||||||||||
Interest expense, net | 284 | 125 | 138 | ||||||||
Other, net | (36) | 53 | (20) | ||||||||
Equity in net earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Total Other (Income) Expense | 248 | 178 | 118 | ||||||||
Income from Continuing Operations before Income Taxes | 1,921 | 1,252 | 1,257 | ||||||||
Income Tax Expense | 697 | 396 | 409 | ||||||||
Income from Continuing Operations | 1,224 | 856 | 848 | ||||||||
Loss from Discontinued Operation, Net of Tax | 0 | 0 | (70) | ||||||||
Net Income | 259 | 344 | 311 | 310 | 136 | 258 | 210 | 252 | 1,224 | 856 | 778 |
Net Income (Loss) Attributable to Noncontrolling Interest | 4 | (8) | 0 | ||||||||
Net Income Attributable to Tyson | $ 258 | $ 343 | $ 310 | $ 309 | $ 137 | $ 260 | $ 213 | $ 254 | 1,220 | 864 | 778 |
Comprehensive Income (Loss) | 1,281 | 817 | 733 | ||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 4 | (8) | 0 | ||||||||
Comprehensive Income Attributable to Tyson | 1,277 | 825 | 733 | ||||||||
TFI Parent [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | 897 | 579 | 431 | ||||||||
Cost of Sales | 26 | 74 | 40 | ||||||||
Gross Profit | 871 | 505 | 391 | ||||||||
Selling, General and Administrative | 128 | 141 | 68 | ||||||||
Operating Income | 743 | 364 | 323 | ||||||||
Other (Income) Expense: | |||||||||||
Interest expense, net | 263 | 63 | 36 | ||||||||
Other, net | (22) | 67 | 4 | ||||||||
Equity in net earnings of subsidiaries | (925) | (731) | (582) | ||||||||
Total Other (Income) Expense | (684) | (601) | (542) | ||||||||
Income from Continuing Operations before Income Taxes | 1,427 | 965 | 865 | ||||||||
Income Tax Expense | 207 | 101 | 87 | ||||||||
Income from Continuing Operations | 1,220 | 864 | 778 | ||||||||
Loss from Discontinued Operation, Net of Tax | 0 | 0 | 0 | ||||||||
Net Income | 1,220 | 864 | 778 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to Tyson | 1,220 | 864 | 778 | ||||||||
Comprehensive Income (Loss) | 1,281 | 817 | 733 | ||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to Tyson | 1,281 | 817 | 733 | ||||||||
TFM Parent, Guarantors [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | 22,155 | 21,924 | 19,243 | ||||||||
Cost of Sales | 21,675 | 20,971 | 18,464 | ||||||||
Gross Profit | 480 | 953 | 779 | ||||||||
Selling, General and Administrative | 260 | 240 | 201 | ||||||||
Operating Income | 220 | 713 | 578 | ||||||||
Other (Income) Expense: | |||||||||||
Interest expense, net | 2 | 49 | 62 | ||||||||
Other, net | (2) | (1) | (1) | ||||||||
Equity in net earnings of subsidiaries | (109) | (43) | (40) | ||||||||
Total Other (Income) Expense | (109) | 5 | 21 | ||||||||
Income from Continuing Operations before Income Taxes | 329 | 708 | 557 | ||||||||
Income Tax Expense | 72 | 227 | 172 | ||||||||
Income from Continuing Operations | 257 | 481 | 385 | ||||||||
Loss from Discontinued Operation, Net of Tax | 0 | 0 | 0 | ||||||||
Net Income | 257 | 481 | 385 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to Tyson | 257 | 481 | 385 | ||||||||
Comprehensive Income (Loss) | 291 | 449 | 380 | ||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to Tyson | 291 | 449 | 380 | ||||||||
Non-Guarantors [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | 20,345 | 16,926 | 16,120 | ||||||||
Cost of Sales | 17,774 | 15,689 | 14,932 | ||||||||
Gross Profit | 2,571 | 1,237 | 1,188 | ||||||||
Selling, General and Administrative | 1,365 | 884 | 714 | ||||||||
Operating Income | 1,206 | 353 | 474 | ||||||||
Other (Income) Expense: | |||||||||||
Interest expense, net | 19 | 13 | 40 | ||||||||
Other, net | (12) | (13) | (23) | ||||||||
Equity in net earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Total Other (Income) Expense | 7 | 0 | 17 | ||||||||
Income from Continuing Operations before Income Taxes | 1,199 | 353 | 457 | ||||||||
Income Tax Expense | 418 | 68 | 150 | ||||||||
Income from Continuing Operations | 781 | 285 | 307 | ||||||||
Loss from Discontinued Operation, Net of Tax | 0 | 0 | (70) | ||||||||
Net Income | 781 | 285 | 237 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 4 | (8) | 0 | ||||||||
Net Income Attributable to Tyson | 777 | 293 | 237 | ||||||||
Comprehensive Income (Loss) | 840 | 243 | 212 | ||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 4 | (8) | 0 | ||||||||
Comprehensive Income Attributable to Tyson | 836 | 251 | 212 | ||||||||
Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | (2,024) | (1,849) | (1,420) | ||||||||
Cost of Sales | (2,019) | (1,839) | (1,420) | ||||||||
Gross Profit | (5) | (10) | 0 | ||||||||
Selling, General and Administrative | (5) | (10) | 0 | ||||||||
Operating Income | 0 | 0 | 0 | ||||||||
Other (Income) Expense: | |||||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Other, net | 0 | 0 | 0 | ||||||||
Equity in net earnings of subsidiaries | 1,034 | 774 | 622 | ||||||||
Total Other (Income) Expense | 1,034 | 774 | 622 | ||||||||
Income from Continuing Operations before Income Taxes | (1,034) | (774) | (622) | ||||||||
Income Tax Expense | 0 | 0 | 0 | ||||||||
Income from Continuing Operations | (1,034) | (774) | (622) | ||||||||
Loss from Discontinued Operation, Net of Tax | 0 | 0 | 0 | ||||||||
Net Income | (1,034) | (774) | (622) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to Tyson | (1,034) | (774) | (622) | ||||||||
Comprehensive Income (Loss) | (1,131) | (692) | (592) | ||||||||
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to Tyson | $ (1,131) | $ (692) | $ (592) |
Condensed Consolidating Fina120
Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Assets | ||||
Cash and cash equivalents | $ 688 | $ 438 | $ 1,145 | $ 1,071 |
Accounts receivable, net | 1,620 | 1,684 | ||
Inventories | 2,878 | 3,274 | ||
Other current assets | 195 | 379 | ||
Assets held for sale | 0 | 446 | ||
Total Current Assets | 5,381 | 6,221 | ||
Net Property, Plant and Equipment | 5,176 | 5,130 | ||
Goodwill | 6,667 | 6,706 | 1,902 | |
Intangible Assets | 5,168 | 5,276 | ||
Other Assets | 612 | 623 | ||
Investment in Subsidiaries | 0 | 0 | ||
Total Assets | 23,004 | 23,956 | 12,177 | |
Liabilities and Shareholders’ Equity | ||||
Current debt | 715 | 643 | ||
Accounts payable | 1,662 | 1,806 | ||
Other current liabilities | 1,158 | 1,207 | ||
Liabilities held for sale | 0 | 141 | ||
Total Current Liabilities | 3,535 | 3,797 | ||
Long-Term Debt | 6,010 | 7,535 | ||
Deferred Income Taxes | 2,449 | 2,450 | ||
Other Liabilities | 1,304 | 1,270 | ||
Total Tyson Shareholders’ Equity | 9,691 | 8,890 | ||
Noncontrolling Interests | 15 | 14 | ||
Total Shareholders’ Equity | 9,706 | 8,904 | 6,233 | |
Total Liabilities and Shareholders’ Equity | 23,004 | 23,956 | ||
TFI Parent [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 1 |
Accounts receivable, net | 0 | 3 | ||
Inventories | 1 | 0 | ||
Other current assets | 43 | 42 | ||
Assets held for sale | 0 | 3 | ||
Total Current Assets | 44 | 48 | ||
Net Property, Plant and Equipment | 26 | 30 | ||
Goodwill | 0 | 0 | ||
Intangible Assets | 0 | 0 | ||
Other Assets | 129 | 204 | ||
Investment in Subsidiaries | 21,850 | 20,845 | ||
Total Assets | 22,049 | 21,127 | ||
Liabilities and Shareholders’ Equity | ||||
Current debt | 710 | 240 | ||
Accounts payable | 28 | 35 | ||
Other current liabilities | 5,930 | 4,718 | ||
Liabilities held for sale | 0 | 0 | ||
Total Current Liabilities | 6,668 | 4,993 | ||
Long-Term Debt | 5,498 | 7,056 | ||
Deferred Income Taxes | 0 | 21 | ||
Other Liabilities | 192 | 167 | ||
Total Tyson Shareholders’ Equity | 9,691 | 8,890 | ||
Noncontrolling Interests | 0 | 0 | ||
Total Shareholders’ Equity | 9,691 | 8,890 | ||
Total Liabilities and Shareholders’ Equity | 22,049 | 21,127 | ||
TFM Parent, Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 12 | 41 | 21 | 9 |
Accounts receivable, net | 578 | 665 | ||
Inventories | 1,009 | 1,272 | ||
Other current assets | 91 | 78 | ||
Assets held for sale | 0 | 0 | ||
Total Current Assets | 1,690 | 2,056 | ||
Net Property, Plant and Equipment | 975 | 932 | ||
Goodwill | 881 | 881 | ||
Intangible Assets | 10 | 15 | ||
Other Assets | 146 | 148 | ||
Investment in Subsidiaries | 2,177 | 2,049 | ||
Total Assets | 5,879 | 6,081 | ||
Liabilities and Shareholders’ Equity | ||||
Current debt | 1 | 0 | ||
Accounts payable | 698 | 755 | ||
Other current liabilities | 152 | 235 | ||
Liabilities held for sale | 0 | 0 | ||
Total Current Liabilities | 851 | 990 | ||
Long-Term Debt | 1 | 2 | ||
Deferred Income Taxes | 98 | 96 | ||
Other Liabilities | 118 | 125 | ||
Total Tyson Shareholders’ Equity | 4,811 | 4,868 | ||
Noncontrolling Interests | 0 | 0 | ||
Total Shareholders’ Equity | 4,811 | 4,868 | ||
Total Liabilities and Shareholders’ Equity | 5,879 | 6,081 | ||
Non-Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 676 | 397 | 1,124 | 1,061 |
Accounts receivable, net | 1,042 | 1,016 | ||
Inventories | 1,868 | 2,002 | ||
Other current assets | 147 | 379 | ||
Assets held for sale | 0 | 443 | ||
Total Current Assets | 3,733 | 4,237 | ||
Net Property, Plant and Equipment | 4,175 | 4,168 | ||
Goodwill | 5,786 | 5,825 | ||
Intangible Assets | 5,158 | 5,261 | ||
Other Assets | 337 | 326 | ||
Investment in Subsidiaries | 0 | 0 | ||
Total Assets | 19,189 | 19,817 | ||
Liabilities and Shareholders’ Equity | ||||
Current debt | 22 | 403 | ||
Accounts payable | 936 | 1,016 | ||
Other current liabilities | 939 | 921 | ||
Liabilities held for sale | 0 | 141 | ||
Total Current Liabilities | 1,897 | 2,481 | ||
Long-Term Debt | 511 | 532 | ||
Deferred Income Taxes | 2,351 | 2,333 | ||
Other Liabilities | 994 | 978 | ||
Total Tyson Shareholders’ Equity | 13,421 | 13,479 | ||
Noncontrolling Interests | 15 | 14 | ||
Total Shareholders’ Equity | 13,436 | 13,493 | ||
Total Liabilities and Shareholders’ Equity | 19,189 | 19,817 | ||
Eliminations [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Other current assets | (86) | (120) | ||
Assets held for sale | 0 | 0 | ||
Total Current Assets | (86) | (120) | ||
Net Property, Plant and Equipment | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible Assets | 0 | 0 | ||
Other Assets | 0 | (55) | ||
Investment in Subsidiaries | (24,027) | (22,894) | ||
Total Assets | (24,113) | (23,069) | ||
Liabilities and Shareholders’ Equity | ||||
Current debt | (18) | 0 | ||
Accounts payable | 0 | 0 | ||
Other current liabilities | (5,863) | (4,667) | ||
Liabilities held for sale | 0 | 0 | ||
Total Current Liabilities | (5,881) | (4,667) | ||
Long-Term Debt | 0 | (55) | ||
Deferred Income Taxes | 0 | 0 | ||
Other Liabilities | 0 | 0 | ||
Total Tyson Shareholders’ Equity | (18,232) | (18,347) | ||
Noncontrolling Interests | 0 | 0 | ||
Total Shareholders’ Equity | (18,232) | (18,347) | ||
Total Liabilities and Shareholders’ Equity | $ (24,113) | $ (23,069) |
Condensed Consolidating Fina121
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Cash Provided by (Used for) Operating Activities | $ 2,570 | $ 1,178 | $ 1,314 |
Cash Flows from Investing Activities: | |||
Additions to property, plant and equipment | (854) | (632) | (558) |
(Purchases of)/Proceeds from marketable securities, net | 14 | 15 | (18) |
Acquisitions, net of cash acquired | 0 | (8,193) | (106) |
Proceeds from sale of businesses | 539 | 0 | 0 |
Other, net | 31 | 10 | 39 |
Cash Provided by (Used for) Investing Activities | (270) | (8,800) | (643) |
Cash Flows from Financing Activities: | |||
Net change in debt | (1,494) | 5,142 | (23) |
Proceeds from issuance of common stock, net of issuance costs | 0 | 873 | 0 |
Proceeds from issuance of equity component of tangible equity units | 0 | 1,255 | 0 |
Purchases of Tyson Class A common stock | (495) | (295) | (614) |
Dividends | (147) | (104) | (104) |
Stock options exercised | 84 | 67 | 123 |
Other, net | 17 | (23) | 18 |
Net change in intercompany balances | 0 | 0 | 0 |
Cash Provided by (Used for) Financing Activities | (2,035) | 6,915 | (600) |
Effect of Exchange Rate Change on Cash | (15) | 0 | 3 |
Increase (Decrease) in Cash and Cash Equivalents | 250 | (707) | 74 |
Cash and Cash Equivalents at Beginning of Year | 438 | 1,145 | 1,071 |
Cash and Cash Equivalents at End of Period | 688 | 438 | 1,145 |
TFI Parent [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash Provided by (Used for) Operating Activities | 274 | 132 | 294 |
Cash Flows from Investing Activities: | |||
Additions to property, plant and equipment | 0 | (1) | (4) |
(Purchases of)/Proceeds from marketable securities, net | 21 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | (8,193) | 0 |
Proceeds from sale of businesses | 0 | 0 | 0 |
Other, net | 23 | 5 | 0 |
Cash Provided by (Used for) Investing Activities | 44 | (8,189) | (4) |
Cash Flows from Financing Activities: | |||
Net change in debt | (1,092) | 5,154 | 5 |
Proceeds from issuance of common stock, net of issuance costs | 0 | 873 | 0 |
Proceeds from issuance of equity component of tangible equity units | 0 | 1,255 | 0 |
Purchases of Tyson Class A common stock | (495) | (295) | (614) |
Dividends | (147) | (104) | (104) |
Stock options exercised | 84 | 67 | 123 |
Other, net | 22 | (22) | 18 |
Net change in intercompany balances | 1,310 | 1,129 | 281 |
Cash Provided by (Used for) Financing Activities | (318) | 8,057 | (291) |
Effect of Exchange Rate Change on Cash | 0 | 0 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 | (1) |
Cash and Cash Equivalents at Beginning of Year | 0 | 0 | 1 |
Cash and Cash Equivalents at End of Period | 0 | 0 | 0 |
TFM Parent, Guarantors [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash Provided by (Used for) Operating Activities | 476 | 431 | 337 |
Cash Flows from Investing Activities: | |||
Additions to property, plant and equipment | (159) | (147) | (113) |
(Purchases of)/Proceeds from marketable securities, net | 0 | 0 | (13) |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses | 0 | 0 | 0 |
Other, net | 1 | 2 | 3 |
Cash Provided by (Used for) Investing Activities | (158) | (145) | (123) |
Cash Flows from Financing Activities: | |||
Net change in debt | 0 | 0 | 0 |
Proceeds from issuance of common stock, net of issuance costs | 0 | 0 | 0 |
Proceeds from issuance of equity component of tangible equity units | 0 | 0 | 0 |
Purchases of Tyson Class A common stock | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 |
Stock options exercised | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net change in intercompany balances | (347) | (266) | (202) |
Cash Provided by (Used for) Financing Activities | (347) | (266) | (202) |
Effect of Exchange Rate Change on Cash | 0 | 0 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | (29) | 20 | 12 |
Cash and Cash Equivalents at Beginning of Year | 41 | 21 | 9 |
Cash and Cash Equivalents at End of Period | 12 | 41 | 21 |
Non-Guarantors [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash Provided by (Used for) Operating Activities | 1,841 | 660 | 696 |
Cash Flows from Investing Activities: | |||
Additions to property, plant and equipment | (695) | (484) | (441) |
(Purchases of)/Proceeds from marketable securities, net | (7) | 15 | (5) |
Acquisitions, net of cash acquired | 0 | 0 | (106) |
Proceeds from sale of businesses | 539 | 0 | 0 |
Other, net | 7 | 3 | 36 |
Cash Provided by (Used for) Investing Activities | (156) | (466) | (516) |
Cash Flows from Financing Activities: | |||
Net change in debt | (402) | (12) | (28) |
Proceeds from issuance of common stock, net of issuance costs | 0 | 0 | 0 |
Proceeds from issuance of equity component of tangible equity units | 0 | 0 | 0 |
Purchases of Tyson Class A common stock | 0 | 0 | 0 |
Dividends | (21) | (45) | (13) |
Stock options exercised | 0 | 0 | 0 |
Other, net | (5) | (1) | 0 |
Net change in intercompany balances | (963) | (863) | (79) |
Cash Provided by (Used for) Financing Activities | (1,391) | (921) | (120) |
Effect of Exchange Rate Change on Cash | (15) | 0 | 3 |
Increase (Decrease) in Cash and Cash Equivalents | 279 | (727) | 63 |
Cash and Cash Equivalents at Beginning of Year | 397 | 1,124 | 1,061 |
Cash and Cash Equivalents at End of Period | 676 | 397 | 1,124 |
Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash Provided by (Used for) Operating Activities | (21) | (45) | (13) |
Cash Flows from Investing Activities: | |||
Additions to property, plant and equipment | 0 | 0 | 0 |
(Purchases of)/Proceeds from marketable securities, net | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Cash Provided by (Used for) Investing Activities | 0 | 0 | 0 |
Cash Flows from Financing Activities: | |||
Net change in debt | 0 | 0 | 0 |
Proceeds from issuance of common stock, net of issuance costs | 0 | 0 | 0 |
Proceeds from issuance of equity component of tangible equity units | 0 | 0 | 0 |
Purchases of Tyson Class A common stock | 0 | 0 | 0 |
Dividends | 21 | 45 | 13 |
Stock options exercised | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net change in intercompany balances | 0 | 0 | 0 |
Cash Provided by (Used for) Financing Activities | 21 | 45 | 13 |
Effect of Exchange Rate Change on Cash | 0 | 0 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents at Beginning of Year | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Period | $ 0 | $ 0 | $ 0 |
Condensed Consolidating Fina122
Condensed Consolidating Financial Statements (Narrative) (Details) | Oct. 03, 2015USD ($) |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Amount available under credit facility | $ 1,250,000,000 |
Valuation And Qualifying Acc123
Valuation And Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 34 | $ 46 | $ 33 |
Charged to Costs and Expenses | 1 | 5 | 17 |
Charged to Other Accounts | 0 | 0 | 0 |
(Deductions) | (8) | (17) | (4) |
Balance at End of Period | 27 | 34 | 46 |
Inventory Lower of Cost or Market Allowance [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 7 | 16 | 24 |
Charged to Costs and Expenses | 99 | 14 | 49 |
Charged to Other Accounts | 0 | 0 | 0 |
(Deductions) | (48) | (23) | (57) |
Balance at End of Period | 58 | 7 | 16 |
Valuation Allowance on Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 51 | 77 | 78 |
Charged to Costs and Expenses | 21 | 26 | 8 |
Charged to Other Accounts | 0 | 13 | 0 |
(Deductions) | (4) | (65) | (9) |
Balance at End of Period | $ 68 | $ 51 | $ 77 |