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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 March 30, 2024
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to            
Logo-Lineup 1.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, a 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 March 30, 2024.
ClassOutstanding Shares
Class A Common Stock, $0.10 Par Value (Class A stock)286,015,881
Class B Common Stock, $0.10 Par Value (Class B stock)70,009,005
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
  PAGE
Item 1.
Item 2.
Item 3.
Item 4.



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 EndedSix Months Ended
 March 30, 2024April 1, 2023March 30, 2024April 1, 2023
Sales$13,072 $13,133 $26,391 $26,393 
Cost of Sales12,206 12,606 24,702 24,898 
Gross Profit866 527 1,689 1,495 
Selling, General and Administrative554 576 1,146 1,077 
Operating Income (Loss)312 (49)543 418 
Other (Income) Expense:
Interest income(14)(7)(24)(16)
Interest expense111 89 216 173 
Other, net12 (1)(13)(43)
Total Other (Income) Expense109 81 179 114 
Income (Loss) before Income Taxes203 (130)364 304 
Income Tax Expense (Benefit)55 (39)102 75 
Net Income (Loss)148 (91)262 229 
Less: Net Income Attributable to Noncontrolling Interests3 6 10 10 
Net Income (Loss) Attributable to Tyson$145 $(97)$252 $219 
Net Income (Loss) Per Share Attributable to Tyson:
Class A Basic$0.42 $(0.28)$0.73 $0.63 
Class B Basic$0.37 $(0.25)$0.65 $0.56 
Diluted$0.41 $(0.28)$0.71 $0.61 
See accompanying Notes to Consolidated Condensed Financial Statements.
1


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

Three Months EndedSix Months Ended
March 30, 2024April 1, 2023March 30, 2024April 1, 2023
Net Income (Loss)$148 $(91)$262 $229 
Other Comprehensive Income (Loss), Net of Taxes:
Derivatives accounted for as cash flow hedges1  1 1 
Investments 2 2 2 
Currency translation(54)18 4 99 
Postretirement benefits(1)1 2 1 
Total Other Comprehensive Income (Loss), Net of Taxes(54)21 9 103 
Comprehensive Income (Loss)94 (70)271 332 
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests(4)6 11 10 
Comprehensive Income (Loss) Attributable to Tyson$98 $(76)$260 $322 
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)
March 30, 2024September 30, 2023
Assets
Current Assets:
Cash and cash equivalents$2,182 $573 
Accounts receivable, net2,358 2,476 
Inventories5,056 5,328 
Other current assets370 345 
Total Current Assets9,966 8,722 
Net Property, Plant and Equipment9,593 9,634 
Goodwill9,878 9,878 
Intangible Assets, net5,985 6,098 
Other Assets2,043 1,919 
Total Assets$37,465 $36,251 
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt$1,315 $1,895 
Accounts payable2,244 2,594 
Other current liabilities2,074 2,010 
Total Current Liabilities5,633 6,499 
Long-Term Debt9,645 7,611 
Deferred Income Taxes2,292 2,308 
Other Liabilities1,672 1,578 
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 value4,556 4,560 
Retained earnings18,667 18,760 
Accumulated other comprehensive gain (loss)(252)(260)
Treasury stock, at cost – 91 million shares at March 30, 2024 and 92 million shares at September 30, 2023(4,927)(4,972)
Total Tyson Shareholders’ Equity18,089 18,133 
Noncontrolling Interests134 122 
Total Shareholders’ Equity18,223 18,255 
Total Liabilities and Shareholders’ Equity$37,465 $36,251 
See accompanying Notes to Consolidated Condensed Financial Statements.
3


TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions)
(Unaudited)
Three Months EndedSix Months Ended
March 30, 2024April 1, 2023March 30, 2024April 1, 2023
SharesAmountSharesAmountSharesAmountSharesAmount
Class A Common Stock:
Balance at beginning and end of period378 $38 378 $38 378 $38 378 $38 
Class B Common Stock:
Balance at beginning and end of period70 7 70 7 70 7 70 7 
Capital in Excess of Par Value:
Balance at beginning of period4,526 4,524 4,560 4,553 
Stock-based compensation and other30 17 (4)(12)
Balance at end of period4,556 4,541 4,556 4,541 
Retained Earnings:
Balance at beginning of period18,693 20,225 18,760 20,084 
Net Income (Loss) Attributable to Tyson145 (97)252 219 
Dividends(171)(166)(345)(341)
Balance at end of period18,667 19,962 18,667 19,962 
Accumulated Other Comprehensive Income (Loss), Net of Tax:
Balance at beginning of period(205)(215)(260)(297)
Other comprehensive income (loss)(47)21 8 103 
Balance at end of period(252)(194)(252)(194)
Treasury Stock:
Balance at beginning of period91 (4,909)92 (4,944)92 (4,972)88 (4,683)
Purchase of Class A common stock (18) (19) (31)5 (332)
Stock-based compensation   8 (1)76 (1)60 
Balance at end of period91 (4,927)92 (4,955)91 (4,927)92 (4,955)
Total Shareholders’ Equity Attributable to Tyson$18,089 $19,399 $18,089 $19,399 
Equity Attributable to Noncontrolling Interests:
Balance at beginning of period$138 $152 $122 $109 
Net income attributable to noncontrolling interests3 6 10 10 
Business combinations  1 28 
Currency translation and other(7)1 1 12 
Total Equity Attributable to Noncontrolling Interests$134 $159 $134 $159 
Total Shareholders’ Equity$18,223 $19,558 $18,223 $19,558 
See accompanying Notes to Consolidated Condensed Financial Statements.
4


TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 Six Months Ended
 March 30, 2024April 1, 2023
Cash Flows From Operating Activities:
Net income $262 $229 
Depreciation and amortization722 620 
Deferred income taxes(21)(29)
Other, net142 191 
Net changes in operating assets and liabilities72 (242)
Cash Provided by Operating Activities1,177 769 
Cash Flows From Investing Activities:
Additions to property, plant and equipment(621)(1,097)
Purchases of marketable securities(13)(15)
Proceeds from sale of marketable securities12 14 
Acquisition, net of cash acquired (39)
Acquisition of equity investments(26)(37)
Other, net27 (2)
Cash Used for Investing Activities(621)(1,176)
Cash Flows From Financing Activities:
Proceeds from issuance of debt2,327 88 
Payments on debt(308)(121)
Proceeds from issuance of commercial paper1,649 4,773 
Repayments of commercial paper(2,240)(4,182)
Purchases of Tyson Class A common stock(31)(332)
Dividends(342)(336)
Stock options exercised8 8 
Other, net(12)1 
Cash Provided by (Used for) Financing Activities1,051 (101)
Effect of Exchange Rate Changes on Cash2 20 
Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash1,609 (488)
Cash and Cash Equivalents and Restricted Cash at Beginning of Year573 1,031 
Cash and Cash Equivalents and Restricted Cash at End of Period2,182 543 
Less: Restricted Cash at End of Period  
Cash and Cash Equivalents at End of Period$2,182 $543 
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 September 30, 2023. 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 March 30, 2024 and the results of operations for the three and six months ended March 30, 2024 and April 1, 2023. 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.
Goodwill and Intangible Assets
Goodwill is initially recorded at fair value and not amortized, but is reviewed for impairment at least annually or more frequently if impairment indicators arise. Our goodwill 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 the carrying amount, or if significant changes to macroeconomic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill impairment test would be required. 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 carrying amount of the reporting unit exceeds the fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of goodwill.
Our qualitative assessment for the first and second quarters of fiscal 2024 did not indicate that it was more likely than not the fair value of any of our reporting units or indefinite lived intangibles was less than the carrying amount, and as such, no quantitative test was deemed necessary. We consider reporting units and indefinite lived intangibles that have 20% or less excess fair value over carrying amount to have a heightened risk of impairment. The following reporting units and indefinite lived intangibles were considered at heightened risk of impairment as of the date of the most recent estimated fair value determination, which was in the fourth quarter of fiscal 2023: our Chicken segment reporting units, our Beef reporting unit and our Pork reporting unit with goodwill totaling $3.1 billion, $0.3 billion and $0.4 billion, respectively, and two Prepared Foods brands with carrying values of $0.5 billion and $0.3 billion.
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, market EBITDA comparables 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, it could result in additional material impairments of our goodwill.
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. During the first quarter of fiscal 2023, we revised estimates and recorded adjustments of approximately $30 million primarily to reduce certain employee compensation accruals recorded as of October 1, 2022.

6


New Regulation
On November 28, 2023, the United States Department of Agriculture published the Transparency in Poultry Grower Contracting and Tournaments rule that amended section 202(a) of the Packers and Stockyards Act to introduce new disclosure requirements that live poultry dealers must furnish to contract broiler growers. The rule was effective February 12, 2024, and directed live poultry dealers to amend broiler grower contracts to reflect certain new requirements. In compliance with the rule, we offered amendments to all our broiler growers which encompassed the new requirements, including but not limited to minimum number of flock placements and stocking density. As the amendments to certain contracts created fixed minimum payments associated with embedded leases, we recognized an additional $72 million right-of-use asset and a corresponding operating lease liability in the second quarter of fiscal 2024. These are reflected in the Consolidated Condensed Balance Sheets within Other Assets, Other current liabilities and Other Liabilities.
Recently Issued Accounting Pronouncements
In March 2024, the SEC issued a final rule that will require registrants to provide certain climate-related information in their registration statements and annual reports. The rule is effective for annual reporting periods beginning in 2025, our fiscal 2026, and will be applied prospectively. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
In December 2023, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for annual reporting periods beginning after December 15, 2024, our fiscal 2026 and will be applied prospectively. We are currently evaluating the impact this guidance will have on disclosures in our consolidated financial statements.
In November 2023, the FASB issued authoritative guidance to improve the disclosures about a public entity's reportable segments and address requests from investors for additional, more detailed information about a reportable segment's expenses. The guidance is effective for annual reporting periods beginning after December 15, 2023, our fiscal 2025, and interim reporting periods within fiscal years beginning after December 15, 2024, our fiscal 2026. Amendments will be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact this guidance will have on disclosures in our consolidated financial statements.
In March 2023, the FASB issued authoritative guidance intended to address issues related to arrangements between entities under common control such as terms and conditions an entity should consider for determining whether a lease exists and the classification and accounting for that lease as well as accounting for leasehold improvements associated with leases between entities under common control. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2023, our fiscal 2025 and can be applied using either the prospective or retrospective approach. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
In September 2022, the FASB issued guidance that requires additional disclosures for supplier finance programs to allow users to better understand the nature, activity and potential magnitude of the programs. The guidance, except for a requirement for rollforward information, is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2022, our fiscal 2024. Disclosure of rollforward information is effective for fiscal years beginning after December 15, 2023, our fiscal 2025. Early adoption is permitted and the retrospective transition method should be applied for all amendments except rollforward information, which should be applied prospectively. We elected to early adopt the initial disclosure requirement for the fiscal year ended September 30, 2023, and it did not have a material impact on our consolidated financial statements.
NOTE 2: ACQUISITIONS AND DISPOSITIONS
In the third quarter of fiscal 2023, we acquired Williams Sausage Company for $223 million, net of cash acquired, subject to certain adjustments, as part of our growth strategy to increase our capacity and product portfolio. Its results, subsequent to the acquisition closing, are included in our Prepared Foods segment and through March 30, 2024 were insignificant to our Consolidated Condensed Statements of Income. Certain estimated values for the acquisition, including goodwill, intangible assets, property, plant and equipment, other liabilities, and deferred taxes are not yet finalized and are subject to revision as additional information becomes available and more detailed analyses are completed. The preliminary purchase price allocation includes $5 million of net working capital, including $3 million of cash acquired, $67 million of Property, Plant and Equipment, $119 million of Goodwill, $65 million of Intangible Assets, and $30 million of Deferred Income Taxes. Intangible Assets include brands and trademarks and customer relationships which will be amortized over a life of 20 and 12 years, respectively. $50 million of the goodwill is deductible for U.S. income tax purposes. The acquisition of Williams Sausage Company was accounted for using the acquisition method of accounting.
In the first quarter of fiscal 2023, we completed the acquisition of a 60% equity stake in Supreme Foods Processing Company ("SFPC"), a producer and distributor of value-added and cooked chicken and beef products, and a 15% equity stake in Agricultural Development Company ("ADC"), a fully integrated poultry company, for a total purchase price of $75 million, net of cash acquired. Both SFPC and ADC were subsidiaries of Tanmiah Food Company. The results of SFPC, subsequent to the acquisition closing, are included in International/Other for segment presentation and through March 30, 2024 were insignificant to our Consolidated Condensed Statements of Income. We are accounting for the investment in ADC under the equity method.

7


NOTE 3: 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 March 30, 2024, the cost of inventories was determined by either the first-in, first-out method or the weighted-average method, which is consistent with the methods used at September 30, 2023. Inventories are presented net of lower of cost or net realizable value adjustments of $139 million and $145 million as of March 30, 2024 and September 30, 2023, respectively.
The following table reflects the major components of inventory (in millions):
March 30, 2024September 30, 2023
Processed products$2,735 $2,847 
Livestock1,469 1,594 
Supplies and other852 887 
Total inventory$5,056 $5,328 
NOTE 4: PROPERTY, PLANT AND EQUIPMENT
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): 
March 30, 2024September 30, 2023
Land$220 $219 
Buildings and leasehold improvements6,761 6,460 
Machinery and equipment11,280 10,680 
Land improvements and other584 559 
Buildings and equipment under construction1,230 1,782 
20,075 19,700 
Less accumulated depreciation10,482 10,066 
Net Property, Plant and Equipment$9,593 $9,634 
NOTE 5: OTHER CURRENT LIABILITIES
Other current liabilities are as follows (in millions):
March 30, 2024September 30, 2023
Accrued salaries, wages and benefits$753 $672 
Taxes payable217 156 
Accrued current legal contingencies262 289 
Other842 893 
Total other current liabilities$2,074 $2,010 

8


NOTE 6: RESTRUCTURING AND RELATED CHARGES
2022 Program
The Company approved a restructuring program in fiscal 2022 (the “2022 Program”) to improve business performance, increase collaboration, enhance team member agility, enable faster decision-making and reduce redundancies. The following table reflects the total pretax anticipated expenses associated with the 2022 Program (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$25 $7 $22 $53 $18 $125 
Relocation and related costs22 7 3 22 1 55 
Accelerated depreciation5 2  12  19 
Contract and lease terminations   21  21 
Professional and other fees2 1  3 2 8 
Total 2022 Program$54 $17 $25 $111 $21 $228 
Restructuring costs include severance expenses and related charges directly associated with the 2022 Program such as relocation, contract and lease terminations, professional fees and accelerated depreciation resulting from the closure of facilities. We anticipate that $48 million and $180 million of the total pretax anticipated expense will be recorded in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income. Included in the table above are $202 million of charges that have resulted or will result in cash outflows and $26 million in non-cash charges.
The following table reflects the pretax impact of the 2022 Program’s restructuring and related charges during the second quarter of fiscal 2024 by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$ $(1)$(2)$(1)$ $(4)
Relocation and related costs 1  1  2 
Accelerated depreciation      
Contract and lease terminations   3  3 
Professional and other fees      
Total$ $ $(2)$3 $ $1 
For the second quarter of fiscal 2024, we recorded restructuring and related (reduction) charges of $(3) million and $4 million in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income.
The following table reflects the pretax impact of the 2022 Program’s restructuring and related charges during the second quarter of fiscal 2023 by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$ $ $(1)$2 $1 $2 
Relocation and related costs6 1 1 5  13 
Accelerated depreciation1 1  2  4 
Contract and lease terminations      
Professional and other fees1   2  3 
Total$8 $2 $ $11 $1 $22 
For the second quarter of fiscal 2023, we recorded restructuring and related (reduction) charges of $(4) million and $26 million in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income.
9


The following table reflects the pretax impact of the 2022 Program’s restructuring and related charges during the first six months of fiscal 2024 by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$1 $ $2 $1 $ $4 
Relocation and related costs3 1  4  8 
Accelerated depreciation      
Contract and lease terminations   19  19 
Professional and other fees      
Total$4 $1 $2 $24 $ $31 
For the first six months of fiscal 2024, we recorded restructuring and related charges of $31 million in Selling, General and Administrative in our Consolidated Condensed Statements of Income. Included in the above results are $21 million of charges that have resulted or will result in cash outflows and $10 million in non-cash charges.
The following table reflects the pretax impact of the 2022 Program’s restructuring and related charges during the first six months of fiscal 2023 by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$2 $1 $(1)$6 $6 $14 
Relocation and related costs7 2 2 6  17 
Accelerated depreciation3 1  6  10 
Contract and lease terminations   (2) (2)
Professional and other fees1   3  4 
Total$13 $4 $1 $19 $6 $43 
For the first six months of fiscal 2023, we recorded restructuring and related charges of $4 million and $39 million in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income. Included in the above results are $35 million of charges that have resulted or will result in cash outflows and $8 million in non-cash charges.
The following table reflects the pretax 2022 Program charges to date by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$25 $7 $22 $53 $18 $125 
Relocation and related costs21 7 2 20  50 
Accelerated depreciation5 2  12  19 
Contract and lease terminations   21  21 
Professional and other fees2 1  3  6 
Total$53 $17 $24 $109 $18 $221 
Through the second quarter of fiscal 2024, we recorded restructuring and related charges to date of $47 million and $174 million in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income. Included in the above results are $195 million of charges to date that have resulted or will result in cash outflows and $26 million in non-cash charges to date.
The following table reflects our liability related to the 2022 Program, which was recognized in other current liabilities in our Consolidated Condensed Balance sheet as of March 30, 2024 (in millions):
Balance at September 30, 2023Restructuring ExpensePaymentsChanges in EstimatesBalance at March 30, 2024
Severance costs$58 $6 $(36)$(2)$26 
Relocation and related costs5 8 (8) 5 
Contract and lease termination 9 (9)  
Professional and other fees2   (1)1 
Total$65 $23 $(53)$(3)$32 
10


As the Company continues to evaluate its business strategies and long-term growth targets, additional restructuring activities may occur.
Plant Closures
During fiscal 2023, as part of a strategic review of assets, the Company approved the closure of six Chicken segment processing facilities located in Glen Allen, Virginia; Van Buren, Arkansas; Corydon, Indiana; Dexter, Missouri; Noel, Missouri; and North Little Rock, Arkansas, to optimize asset utilization. As of March 30, 2024, we shifted production to other facilities and ceased operations at all six facilities. Additionally, during the first quarter of fiscal 2024, the Company approved the closure of two case ready value-added plants in our Beef segment located in Columbia, South Carolina and Jacksonville, Florida and during the second quarter of fiscal 2024 approved the closure of a Pork segment processing facility in Perry, Iowa to optimize asset utilization. We shifted production to other facilities and ceased operations at our Columbia and Jacksonville facilities during the first quarter of fiscal 2024 and expect to shift production and cease operations at our Perry facility during the third quarter of fiscal 2024.
As a result of the plant closures, we recorded $39 million and $114 million of charges in the second quarter and first six months of fiscal 2024, respectively, and $92 million of charges in the second quarter and first six months of fiscal 2023, primarily related to accelerated depreciation, severance, retention and related costs. The charges are reflected in the Consolidated Condensed Statements of Income in Cost of Sales. Included in the results for the first six months of fiscal 2024 are $2 million of charges that have resulted or will result in cash outflows and $112 million in non-cash charges. Included in the results for the first six months of fiscal 2023 are $83 million of charges that have resulted or will result in cash outflows and $9 million of non-cash charges.
The following table reflects our liability related to plant closures as of March 30, 2024 (in millions):
Balance at September 30, 2023Plant Closure ChargesPaymentsBalance at March 30, 2024
Contract termination$151 $11 $(50)$112 
Severance and retention14 5 (9)10 
Total$165 $16 $(59)$122 
During the first quarter of fiscal 2024, we experienced a fire at a production facility in the Netherlands which is included in International/Other for segment presentation. In the second quarter of fiscal 2024, we recognized additional charges due to our current intention to discontinue use of certain productive assets associated with this facility. For the second quarter and first six months of fiscal 2024, these charges totaled $54 million and $80 million, respectively, primarily related to property, plant and equipment impairments, severance costs, inventory write-offs and clean-up costs, partially offset by insurance proceeds. The net charges are reflected in the Consolidated Condensed Statements of Income in Cost of Sales and, for the first six months of fiscal 2024, included $32 million of charges that have resulted or will result in cash outflows and $53 million of non-cash charges, offset by $5 million of insurance proceeds.
We continue to strategically evaluate optimization of such items as network capacity, manufacturing efficiencies and business technology. If we have a significant change in strategies, outlook, or a manner in which we plan to use these assets, we may experience future charges.

11


NOTE 7: DEBT
The major components of debt are as follows (in millions):
March 30, 2024September 30, 2023
Revolving credit facility$ $ 
Commercial paper 592 
Senior notes:
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 
5.40% Notes due March 2029 ("5.40% 2029 Notes")600  
6.13% Notes due November 2032158 158 
5.70% Notes due March 2034 ("5.70% 2034 Notes")900  
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(38)(36)
Term loans:
Term loan facility due May 2026 (6.68% at March 30, 2024)750 1,000 
Term loan facility due May 2028 (7.17% at March 30, 2024)750  
Other223 164 
Unamortized debt issuance costs(51)(40)
Total debt10,960 9,506 
Less current debt1,315 1,895 
Total long-term debt$9,645 $7,611 
Revolving Credit Facility and Letters of Credit
We have a $2.25 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 September 2026 with options for two one-year extensions. At March 30, 2024, amounts available for borrowing under this facility totaled $2.25 billion and we had no outstanding borrowings and no outstanding letters of credit issued under this facility. At March 30, 2024 we had $90 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of workers’ compensation insurance programs 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 $1.5 billion. As of March 30, 2024, we had no commercial paper outstanding. Our ability to access commercial paper in the future may be limited or its costs increased.
5.40% 2029 Notes/5.70% 2034 Notes
In March 2024, we issued senior unsecured notes with an aggregate principal amount of $1.5 billion, consisting of $600 million due March 2029 ("5.40% 2029 Notes") and $900 million due March 2034 ("5.70% 2034 Notes"). A portion of the net proceeds from the issuances were used to repay $250 million of the amount outstanding under our term loan facility due May 2026 and we expect to use the remainder of the proceeds to retire the August 2024 notes. Interest payments on the 5.40% 2029 Notes and 5.70% 2034 Notes are due semi-annually on March 15 and September 15, beginning September 15, 2024. After the original issue discounts of $3 million, we received net proceeds of $1,497 million and incurred debt issuance costs of $14 million related to the issuances.