Company Quick10K Filing
Tyson Foods
Price85.20 EPS6
Shares366 P/E15
MCap31,183 P/FCF12
Net Debt9,346 EBIT2,431
TEV40,529 TEV/EBIT17
TTM 2019-09-28, in MM, except price, ratios
10-Q 2021-01-02 Filed 2021-02-11
10-K 2020-10-03 Filed 2020-11-16
10-Q 2020-06-27 Filed 2020-08-03
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8-K 2020-11-16
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8-K 2020-02-06
8-K 2019-11-12
8-K 2019-09-03
8-K 2019-08-05
8-K 2019-05-09
8-K 2019-05-06
8-K 2019-02-25
8-K 2019-02-13
8-K 2019-02-07
8-K 2019-02-07
8-K 2018-12-06
8-K 2018-11-30
8-K 2018-11-13
8-K 2018-10-04
8-K 2018-09-25
8-K 2018-09-14
8-K 2018-08-17
8-K 2018-08-17
8-K 2018-08-06
8-K 2018-07-30
8-K 2018-07-12
8-K 2018-06-12
8-K 2018-05-07
8-K 2018-03-20
8-K 2018-02-08
8-K 2018-02-08

TSN 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1: Accounting Policies
Note 2: Inventories
Note 3: Property, Plant and Equipment
Note 4: Restructuring and Related Charges
Note 5: Other Current Liabilities
Note 6: Debt
Note 7: Equity
Note 8: Income Taxes
Note 9: Earnings per Share
Note 10: Derivative Financial Instruments
Note 11: Fair Value Measurements
Note 12: Pensions and Other Postretirement Benefit Plans
Note 13: Other Comprehensive Income (Loss)
Note 14: Segment Reporting
Note 15: Commitments and Contingencies
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
EX-10.1 tsn2021q1exh-101.htm
EX-10.2 tsn2021q1exh-102.htm
EX-10.3 tsn2021q1exh-103.htm
EX-10.4 tsn2021q1exh-104.htm
EX-10.5 tsn2021q1exh-105.htm
EX-10.6 tsn2021q1exh-106.htm
EX-10.7 tsn2021q1exh-107.htm
EX-10.8 tsn2021q1exh-108.htm
EX-10.9 tsn2021q1exh-109.htm
EX-10.10 tsn2021q1exh-1010.htm
EX-10.11 tsn2021q1exh-1011.htm
EX-10.12 tsn2021q1exh-1012.htm
EX-10.13 tsn2021q1exh-1013.htm
EX-10.14 tsn2021q1exh-1014.htm
EX-10.15 tsn2021q1exh-1015.htm
EX-10.16 tsn2021q1exh-1016.htm
EX-31.1 tsn2021q1exh-311.htm
EX-31.2 tsn2021q1exh-312.htm
EX-32.1 tsn2021q1exh-321.htm
EX-32.2 tsn2021q1exh-322.htm

Tyson Foods Earnings 2021-01-02

Balance SheetIncome StatementCash Flow
35282114702012201420172020
Assets, Equity
151296302012201420172020
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended January 2, 2021
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to            
tsn-20210102_g1.jpg
001-14704
(Commission File Number)
______________________________________________
TYSON FOODS, INC.
(Exact name of registrant as specified in its charter)
______________________________________________
Delaware71-0225165
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
2200 West Don Tyson Parkway,
Springdale,Arkansas72762-6999
(Address of Principal Executive Offices)(Zip Code)
(479)290-4000
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Class A Common StockPar Value$0.10TSNNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
Non-Accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of January 2, 2021.
ClassOutstanding Shares
Class A Common Stock, $0.10 Par Value (Class A stock)294,722,280
Class B Common Stock, $0.10 Par Value (Class B stock)70,010,355 
Class B stock is not listed for trading on any exchange or market system. However, Class B stock is convertible into Class A stock on a share-for-share basis.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
  PAGE
Item 1.
Item 2.
Item 3.
Item 4.

PART II. OTHER INFORMATION

Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.




PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
 Three Months Ended
 January 2, 2021December 28, 2019
Sales$10,460 $10,815 
Cost of Sales9,283 9,375 
Gross Profit1,177 1,440 
Selling, General and Administrative472 682 
Operating Income705 758 
Other (Income) Expense:
Interest income(2)(3)
Interest expense110 120 
Other, net(19)(16)
Total Other (Income) Expense89 101 
Income before Income Taxes616 657 
Income Tax Expense144 148 
Net Income472 509 
Less: Net Income Attributable to Noncontrolling Interests5 4 
Net Income Attributable to Tyson$467 $505 
Weighted Average Shares Outstanding:
Class A Basic293 293 
Class B Basic70 70 
Diluted365 367 
Net Income Per Share Attributable to Tyson:
Class A Basic$1.31 $1.42 
Class B Basic$1.18 $1.27 
Diluted$1.28 $1.38 
See accompanying Notes to Consolidated Condensed Financial Statements.
1


TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited) 

Three Months Ended
January 2, 2021December 28, 2019
Net Income$472 $509 
Other Comprehensive Income (Loss), Net of Taxes:
Derivatives accounted for as cash flow hedges
1 3 
Investments
  
Currency translation
75 35 
Postretirement benefits
1  
Total Other Comprehensive Income (Loss), Net of Taxes77 38 
Comprehensive Income549 547 
Less: Comprehensive Income Attributable to Noncontrolling Interests5 4 
Comprehensive Income Attributable to Tyson$544 $543 
See accompanying Notes to Consolidated Condensed Financial Statements.

2


TYSON FOODS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions, except share and per share data)
(Unaudited) 
January 2, 2021October 3, 2020
Assets
Current Assets:
Cash and cash equivalents$2,406 $1,420 
Accounts receivable, net1,900 1,952 
Inventories3,915 3,859 
Other current assets323 367 
Total Current Assets8,544 7,598 
Net Property, Plant and Equipment7,664 7,596 
Goodwill10,913 10,899 
Intangible Assets, net6,719 6,774 
Other Assets1,618 1,589 
Total Assets$35,458 $34,456 
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt$566 $548 
Accounts payable1,997 1,876 
Other current liabilities2,286 1,810 
Total Current Liabilities4,849 4,234 
Long-Term Debt10,791 10,791 
Deferred Income Taxes2,331 2,317 
Other Liabilities1,706 1,728 
Commitments and Contingencies (Note 15)
Shareholders’ Equity:
Common stock ($0.10 par value):
Class A-authorized 900 million shares, issued 378 million shares38 38 
Convertible Class B-authorized 900 million shares, issued 70 million shares7 7 
Capital in excess of par value4,411 4,433 
Retained earnings15,399 15,100 
Accumulated other comprehensive gain (loss)(102)(179)
Treasury stock, at cost – 83 million shares at January 2, 2021 and October 3, 2020(4,115)(4,145)
Total Tyson Shareholders’ Equity15,638 15,254 
Noncontrolling Interests143 132 
Total Shareholders’ Equity15,781 15,386 
Total Liabilities and Shareholders’ Equity$35,458 $34,456 
See accompanying Notes to Consolidated Condensed Financial Statements.
3


TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions)
(Unaudited) 
Three Months Ended
January 2, 2021December 28, 2019
SharesAmountSharesAmount
Class A Common Stock:
Balance at beginning and end of period378 $38 378 $38 
Class B Common Stock:
Balance at beginning and end of period70 7 70 7 
Capital in Excess of Par Value:
Balance at beginning of period
4,433 4,378 
Stock-based compensation
(22)(24)
Balance at end of period4,411 4,354 
Retained Earnings:
Balance at beginning of period
15,100 13,655 
Net income attributable to Tyson
467 505 
Dividends
(168)(166)
Balance at end of period15,399 13,994 
Accumulated Other Comprehensive Income (Loss), Net of Tax:
Balance at beginning of period
(179)(117)
Other comprehensive income (loss)77 38 
Balance at end of period(102)(79)
Treasury Stock:
Balance at beginning of period
83 (4,145)82 (4,011)
Purchase of Class A common stock (17)2 (132)
Stock-based compensation
 47 (1)64 
Balance at end of period83 (4,115)83 (4,079)
Total Shareholders’ Equity Attributable to Tyson
$15,638 $14,235 
Equity Attributable to Noncontrolling Interests:
Balance at beginning of period$132 $144 
Net income attributable to noncontrolling interests
5 4 
Other6 (1)
Total Equity Attributable to Noncontrolling Interests
$143 $147 
Total Shareholders’ Equity$15,781 $14,382 
See accompanying Notes to Consolidated Condensed Financial Statements.


4


TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited) 
 Three Months Ended
 January 2, 2021December 28, 2019
Cash Flows From Operating Activities:
Net income$472 $509 
Depreciation and amortization298 288 
Deferred income taxes17 (13)
Other, net18 27 
Net changes in operating assets and liabilities580 83 
Cash Provided by Operating Activities1,385 894 
Cash Flows From Investing Activities:
Additions to property, plant and equipment(289)(312)
Purchases of marketable securities(14)(35)
Proceeds from sale of marketable securities15 19 
Proceeds from sale of business 29 
Other, net29 (82)
Cash Used for Investing Activities(259)(381)
Cash Flows From Financing Activities:
Proceeds from issuance of debt29 38 
Payments on debt(29)(31)
Borrowings on revolving credit facility 180 
Payments on revolving credit facility (250)
Proceeds from issuance of commercial paper 4,675 
Repayments of commercial paper (4,855)
Purchases of Tyson Class A common stock(17)(132)
Dividends(159)(150)
Stock options exercised4 20 
Other, net(1)(2)
Cash Used for Financing Activities(173)(507)
Effect of Exchange Rate Changes on Cash16 7 
Increase in Cash and Cash Equivalents and Restricted Cash969 13 
Cash and Cash Equivalents and Restricted Cash at Beginning of Year1,466 484 
Cash and Cash Equivalents and Restricted Cash at End of Period2,435 497 
Less: Restricted Cash at End of Period29  
Cash and Cash Equivalents at End of Period$2,406 $497 
See accompanying Notes to Consolidated Condensed Financial Statements.
5


TYSON FOODS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1: ACCOUNTING POLICIES
Basis of Presentation
The consolidated condensed financial statements are unaudited and have been prepared by Tyson Foods, Inc. (“Tyson,” “the Company,” “we,” “us” or “our”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Although we believe the disclosures contained herein are adequate to make the information presented not misleading, these consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended October 3, 2020, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on February 11, 2021 (the “10-K/A”). Preparation of consolidated condensed financial statements requires us to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly our financial position as of January 2, 2021, and the results of operations for the three months ended January 2, 2021, and December 28, 2019. Results of operations and cash flows for the periods presented are not necessarily indicative of results to be expected for the full year.
Consolidation
The consolidated condensed financial statements include the accounts of all wholly-owned subsidiaries, as well as majority-owned subsidiaries over which we exercise control and, when applicable, entities for which we have a controlling financial interest or variable interest entities for which we are the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
The consolidated condensed 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 condensed financial statements and accompanying notes. Actual results could differ from those estimates.
Risks and Uncertainties
We have considered the impact of the global novel coronavirus pandemic (“COVID-19” or “pandemic”) on our consolidated condensed financial statements. In addition to the COVID-19 impacts already experienced, there likely will be future impacts, the extent of which is uncertain and largely subject to whether the severity worsens or duration lengthens. Consequently, this may subject us to future risk of material goodwill, intangible and long-lived asset impairments, increased reserves for uncollectible accounts, and adjustments for inventory and market volatility for items subject to fair value measurements such as derivatives and investments.
Revision of Previously Issued Unaudited Consolidated Condensed Financial Statements
As previously disclosed in the 10-K/A for the year ended October 3, 2020, during the first quarter of fiscal 2021, the Company discovered information that led to an internal investigation relating to one of its cattle suppliers and determined that this supplier made misrepresentations regarding the number of cattle the supplier purchased on behalf of the Company’s Beef segment. Based upon its investigation, the Company determined that the misappropriation of Company funds by the supplier caused the Company to overstate live cattle inventory for fiscal years and interim periods from 2017 through 2020. The resulting loss to the Company and related inventory misstatement was isolated to the Beef segment and was attributable solely to this cattle supplier. Although the Company evaluated the materiality of the misstatements and concluded that the misstatements did not have a material impact on the previously issued annual or interim financial statements, the Company revised its previously issued 2020, 2019 and 2018 annual financial statements to correct for such misstatements as set forth in the 10-K/A. In connection with the filing of this Quarterly Report on Form 10-Q, the Company has revised the accompanying consolidated condensed interim financial statements as of and for the quarter ended December 28, 2019 to correct for the impact of the misstatements. The applicable notes to the accompanying financials have also been corrected to reflect the impact of the revisions of the previously filed consolidated condensed interim financial statements.
6


The following tables represent revisions to our consolidated condensed financial information for the first quarter of fiscal 2020:
First Quarterin millions, except per share data
Quarter ended December 28, 2019
As originally reportedAdjustmentsAs revised
Consolidated Statement of Income:
Selling, General and Administrative$614 $68 $682 
Operating Income826 (68)758 
Income before Income Taxes725 (68)657 
Income Tax Expense (Benefit)164 (16)148 
Net Income561 (52)509 
Net Income Attributable to Tyson557 (52)505 
Net Income Per Share Attributable to Tyson
Class A Basic$1.56 $(0.14)$1.42 
Class B Basic$1.40 $(0.13)$1.27 
Diluted$1.52 $(0.14)$1.38 
Consolidated Statement of Comprehensive Income:
Net Income$561 $(52)$509 
Comprehensive Income599 (52)547 
Comprehensive Income Attributable to Tyson595 (52)543 
As of December 28, 2019
As originally reportedAdjustmentsAs revised
Consolidated Balance Sheet:
Inventories$4,304 $(247)$4,057 
Total Current Assets7,193 (247)6,946 
Total Assets33,811 (247)33,564 
Deferred Income Taxes2,369 (63)2,306 
Retained Earnings(a)
14,178 (184)13,994 
Total Tyson Shareholders' Equity14,419 (184)14,235 
Total Shareholders' Equity14,566 (184)14,382 
Total Liabilities and Shareholders' Equity33,811 (247)33,564 
Quarter ended December 28, 2019
As originally reportedAdjustmentsAs revised
Consolidated Statement of Cash Flows:
Net Income$561 $(52)$509 
Deferred income taxes3 (16)(13)
Net changes in operating assets and liabilities15 68 83 
(a) The adjustment to retained earnings includes an impact of $132 million related to misstatements that originated prior to fiscal 2020.
Recently Issued Accounting Pronouncements
In August 2020, the Financial Accounting Standards Board (“FASB”) issued guidance that simplifies the accounting for debt with conversion options, revises the criteria for applying the derivative scope exception for contracts in an entity’s own equity, and improves the consistency for the calculation of earnings per share. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2021, our fiscal 2023. Early adoption is permitted for annual periods and interim periods within those annual periods beginning after December 15, 2020, our fiscal 2022. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
7


In March 2020, the FASB issued guidance providing optional expedients and exceptions to account for the effects of reference rate reform to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The optional guidance, which became effective on March 12, 2020 and can be applied through December 21, 2022, has not impacted our consolidated financial statements. The Company has various contracts that reference LIBOR and is assessing how this standard may be applied to specific contract modifications through December 31, 2022.
In December 2019, the FASB issued guidance that simplifies the accounting for income taxes by removing certain exceptions to general principles in Topic 740 and clarifies other general principles by adding certain requirements to Topic 740. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2020, our fiscal 2022. Early adoption is permitted for periods for which financial statements have not yet been issued, beginning our fiscal 2020. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. The application of the guidance requires various transition methods depending on the specific amendment. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Changes in Accounting Principles
In June 2016, the FASB issued guidance that provides more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2019, our fiscal 2021. For available-for-sale debt securities previously impaired, the amendments should be applied prospectively; otherwise, the modified-retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2021 using the modified retrospective transition method. Prior periods were not adjusted and, based on our implementation assessment, no cumulative-effect adjustment was made to the opening balance of retained earnings. The adoption of this standard did not have a material impact on our consolidated financial statements. For further description of our policy for available-for-sale debt securities, refer to Note 11: Fair Value Measurements.
NOTE 2: INVENTORIES
Processed products, livestock, and supplies and other are valued at the lower of cost or net realizable value. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, livestock grower pay and catch and haul costs), labor and manufacturing, and production overhead, which are related to the purchase and production of inventories. At January 2, 2021, the cost of inventories was determined by either the first-in, first-out (“FIFO”) method or the weighted-average method, which is consistent with the methods used at October 3, 2020.
The following table reflects the major components of inventory (in millions):
January 2, 2021October 3, 2020
Processed products$2,142 $2,223 
Livestock1,068 977 
Supplies and other705 659 
Total inventory$3,915 $3,859 
NOTE 3: PROPERTY, PLANT AND EQUIPMENT
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): 
January 2, 2021October 3, 2020
Land$208 $196 
Buildings and leasehold improvements5,030 4,961 
Machinery and equipment9,112 9,013 
Land improvements and other424 420 
Buildings and equipment under construction1,079 991 
15,853 15,581 
Less accumulated depreciation8,189 7,985 
Net Property, Plant and Equipment$7,664 $7,596 


8


NOTE 4: RESTRUCTURING AND RELATED CHARGES
In the first quarter of fiscal 2020, the Company approved a restructuring program (the “2020 Program”), which is expected to contribute to the Company’s overall strategy of financial fitness through the elimination of overhead and consolidation of certain enterprise functions. We recognized $60 million of cumulative pretax charges in fiscal 2020 associated with the 2020 Program consisting of severance and employee related costs. As part of the 2020 Program, we are eliminating positions across several areas and job levels, with eliminated positions originating from the corporate offices in Springdale, Arkansas and Chicago, Illinois, as well as certain production facility and supply chain administrative positions. The majority of the positions have already been or are expected to be eliminated by the end of fiscal 2021. We do not anticipate future costs of the 2020 Program to be significant.
For the three months ended January 2, 2021, we did not incur restructuring and related charges. For the three months ended December 28, 2019, we recognized restructuring and related charges of $52 million, primarily consisting of severance and employee related costs, of which $9 million was recorded in Cost of Sales and $43 million was recorded in Selling, General and Administrative in our Consolidated Condensed Statements of Income.
Our restructuring liability was $23 million at January 2, 2021 and $37 million at October 3, 2020. The change in the restructuring liability was due to reductions of $14 million, primarily consisting of payments, during the three months ended January 2, 2021.
NOTE 5: OTHER CURRENT LIABILITIES
Other current liabilities are as follows (in millions):
January 2, 2021October 3, 2020
Accrued salaries, wages and benefits$655 $823 
Taxes payable407 152 
Accrued current legal contingencies339 18 
Other885 817 
Total other current liabilities$2,286 $1,810 

9


NOTE 6: DEBT
The major components of debt are as follows (in millions):
January 2, 2021October 3, 2020
Revolving credit facility$ $ 
Commercial paper  
Senior notes:
2.25% Notes due August 2021500 500 
4.50% Senior notes due June 20221,000 1,000 
3.90% Senior notes due September 2023400 400 
3.95% Notes due August 20241,250 1,250 
4.00% Notes due March 2026 (“2026 Notes”)800 800 
3.55% Notes due June 20271,350 1,350 
7.00% Notes due January 202818 18 
4.35% Notes due March 2029 (“2029 Notes”)1,000 1,000 
6.13% Notes due November 2032160 160 
4.88% Notes due August 2034500 500 
5.15% Notes due August 2044500 500 
4.55% Notes due June 2047750 750 
5.10% Notes due September 2048 (“2048 Notes”)1,500 1,500 
Discount on senior notes(44)(45)
Term loan:
Term loan facility due March 2022 (1.69% at 1/2/2021)1,500 1,500 
Other231 216 
Unamortized debt issuance costs(58)(60)
Total debt11,357 11,339 
Less current debt566 548 
Total long-term debt$10,791 $10,791 
Term Loan Facility due March 2022
On March 27, 2020, we executed a new $1.5 billion term loan facility to refinance our short-term promissory notes (“commercial paper program”), repay outstanding balances under our revolving credit facility and for general liquidity purposes. In February 2021, we repaid $750 million of the $1.5 billion outstanding. The term loan facility expires on March 27, 2022 and is subject to prepayment under certain conditions. Additionally, the term loan facility contains covenants that are similar to those contained in the revolving credit facility.
Revolving Credit Facility and Letters of Credit
We have a $1.75 billion revolving credit facility that supports short-term funding needs and serves as a backstop to our commercial paper program. The facility will mature and the commitments thereunder will terminate in March 2023. At January 2, 2021, amounts available for borrowing under this facility totaled $1.75 billion and we had no borrowings and no outstanding letters of credit issued under this facility. At January 2, 2021, we had $101 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 and workers’ compensation insurance programs and other legal obligations. In the future, if any of our subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall be required to guarantee the indebtedness, obligations and liabilities under this facility.
Commercial Paper Program
We have a commercial paper program under which we may issue unsecured short-term promissory notes up to an aggregate maximum principal amount of $1 billion. As of January 2, 2021, we had no commercial paper outstanding. Our ability to access commercial paper in the future may be limited or its costs increased, due to market conditions which have been impacted in part by COVID-19.

10


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 January 2, 2021.
NOTE 7: EQUITY
Share Repurchases
As of January 2, 2021, 18.9 million shares remained available for repurchase under our share repurchase program. The share repurchase program has no fixed or scheduled termination date and the timing and extent to which we repurchase shares will depend upon, among other things, our working capital needs, markets, industry conditions, liquidity targets, limitations under our debt obligations and regulatory requirements. In addition to the share repurchase program, we purchase shares on the open market to fund certain obligations under our equity compensation plans. A summary of share repurchases of our Class A stock is as follows (in millions):
Three Months Ended
January 2, 2021December 28, 2019
SharesDollarsSharesDollars
Shares repurchased:
Under share repurchase program $ 1.1 $100 
To fund certain obligations under equity compensation plans0.3 17 0.4 32 
Total share repurchases0.3 $17 1.5 $132 
NOTE 8: INCOME TAXES
Our effective tax rate was 23.4% and 22.5% for the first quarter of fiscal 2021 and 2020, respectively. The effective tax rates for the first quarter of fiscal 2021 and 2020 were higher than the federal statutory tax rate primarily due to state taxes, partially offset by various tax benefits.
Unrecognized tax benefits were $163 million and $165 million at January 2, 2021 and October 3, 2020, respectively. We do not expect material changes to our unrecognized tax benefits during the next twelve months.
11


NOTE 9: EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data): 
Three Months Ended
January 2, 2021December 28, 2019
Numerator:
Net income$472 $509 
Less: Net income attributable to noncontrolling interests5 4 
Net income attributable to Tyson467 505 
Less dividends declared:
Class A 138 137 
Class B 30 29 
Undistributed earnings$299 $339 
Class A undistributed earnings$246 $279 
Class B undistributed earnings53 60 
Total undistributed earnings$299 $339 
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares293 293 
Class B weighted average shares, and shares under the if-converted method for diluted earnings per share70 70 
Effect of dilutive securities:
Stock options, restricted stock and performance units2 4 
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions365 367 
Net income per share attributable to Tyson:
Class A basic$1.31 $1.42 
Class B basic$1.18 $1.27 
Diluted$1.28 $1.38 
Dividends Declared Per Share:
Class A$0.470 $0.465 
Class B$0.423 $0.419 
Approximately 6 million and 2 million of our stock-based compensation shares were antidilutive for the three months ended January 2, 2021 and December 28, 2019, respectively. These shares were not included in the diluted 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 1.0 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.
12


NOTE 10: 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 and risks are monitored by senior management and may be revised as market conditions dictate. Our current risk management programs utilize various industry-standard models that take into account the implicit cost of hedging. Credit risks associated with our derivative contracts are not significant as we minimize counterparty exposure by dealing with credit-worthy counterparties and utilizing exchange traded instruments, margin accounts or letters of credit. 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 related to our derivative financial instruments existed at January 2, 2021.
We had the following aggregated outstanding notional amounts related to our derivative financial instruments:
in millions, except soybean meal tonsMetricJanuary 2, 2021October 3, 2020
Commodity:
CornBushels5 43 
Soybean MealTons579,833 428,300