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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 December 30, 2023
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to            
tysonfamilybrandssec03.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 December 30, 2023.
ClassOutstanding Shares
Class A Common Stock, $0.10 Par Value (Class A stock)286,339,323
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 Ended
 December 30, 2023December 31, 2022
Sales$13,319 $13,260 
Cost of Sales12,496 12,292 
Gross Profit823 968 
Selling, General and Administrative592 501 
Operating Income231 467 
Other (Income) Expense:
Interest income(10)(9)
Interest expense105 84 
Other, net(25)(42)
Total Other (Income) Expense70 33 
Income before Income Taxes161 434 
Income Tax Expense47 114 
Net Income114 320 
Less: Net Income Attributable to Noncontrolling Interests7 4 
Net Income Attributable to Tyson$107 $316 
Net Income Per Share Attributable to Tyson:
Class A Basic$0.31 $0.91 
Class B Basic$0.28 $0.81 
Diluted$0.30 $0.88 

See accompanying Notes to Consolidated Condensed Financial Statements.
1


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

Three Months Ended
December 30, 2023December 31, 2022
Net Income$114 $320 
Other Comprehensive Income (Loss), Net of Taxes:
Derivatives accounted for as cash flow hedges 1 
Investments2  
Currency translation58 81 
Postretirement benefits3  
Total Other Comprehensive Income (Loss), Net of Taxes63 82 
Comprehensive Income177 402 
Less: Comprehensive Income Attributable to Noncontrolling Interests15 4 
Comprehensive Income Attributable to Tyson$162 $398 
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)
December 30, 2023September 30, 2023
Assets
Current Assets:
Cash and cash equivalents$1,484 $573 
Accounts receivable, net2,263 2,476 
Inventories5,087 5,328 
Other current assets382 345 
Total Current Assets9,216 8,722 
Net Property, Plant and Equipment9,672 9,634 
Goodwill9,885 9,878 
Intangible Assets, net6,046 6,098 
Other Assets1,927 1,919 
Total Assets$36,746 $36,251 
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt$1,308 $1,895 
Accounts payable2,623 2,594 
Other current liabilities2,241 2,010 
Total Current Liabilities6,172 6,499 
Long-Term Debt8,370 7,611 
Deferred Income Taxes2,302 2,308 
Other Liabilities1,614 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 value4,526 4,560 
Retained earnings18,693 18,760 
Accumulated other comprehensive gain (loss)(205)(260)
Treasury stock, at cost – 91 million shares at December 30, 2023 and 92 million shares at September 30, 2023(4,909)(4,972)
Total Tyson Shareholders’ Equity18,150 18,133 
Noncontrolling Interests138 122 
Total Shareholders’ Equity18,288 18,255 
Total Liabilities and Shareholders’ Equity$36,746 $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 Ended
December 30, 2023December 31, 2022
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 period4,560 4,553 
Stock-based compensation and other(34)(29)
Balance at end of period4,526 4,524 
Retained Earnings:
Balance at beginning of period18,760 20,084 
Net income attributable to Tyson107 316 
Dividends(174)(175)
Balance at end of period18,693 20,225 
Accumulated Other Comprehensive Income (Loss), Net of Tax:
Balance at beginning of period(260)(297)
Other comprehensive income55 82 
Balance at end of period(205)(215)
Treasury Stock:
Balance at beginning of period92 (4,972)88 (4,683)
Purchase of Class A common stock (13)5 (313)
Stock-based compensation(1)76 (1)52 
Balance at end of period91 (4,909)92 (4,944)
Total Shareholders’ Equity Attributable to Tyson$18,150 $19,635 
Equity Attributable to Noncontrolling Interests:
Balance at beginning of period$122 $109 
Net income attributable to noncontrolling interests7 4 
Business combinations1 28 
Currency translation and other8 11 
Total Equity Attributable to Noncontrolling Interests$138 $152 
Total Shareholders’ Equity$18,288 $19,787 
See accompanying Notes to Consolidated Condensed Financial Statements.
4


TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 Three Months Ended
 December 30, 2023December 31, 2022
Cash Flows From Operating Activities:
Net income $114 $320 
Depreciation and amortization373 303 
Deferred income taxes(14)8 
Other, net129 68 
Net changes in operating assets and liabilities698 63 
Cash Provided by Operating Activities1,300 762 
Cash Flows From Investing Activities:
Additions to property, plant and equipment(354)(589)
Purchases of marketable securities(7)(7)
Proceeds from sale of marketable securities6 7 
Acquisition, net of cash acquired (39)
Acquisition of equity investments(26)(36)
Other, net3 (5)
Cash Used for Investing Activities(378)(669)
Cash Flows From Financing Activities:
Proceeds from issuance of debt771 54 
Payments on debt(32)(58)
Proceeds from issuance of commercial paper1,649  
Repayments of commercial paper(2,240) 
Purchases of Tyson Class A common stock(13)(313)
Dividends(171)(169)
Stock options exercised7 4 
Other, net3  
Cash Used for Financing Activities(26)(482)
Effect of Exchange Rate Changes on Cash15 12 
Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash911 (377)
Cash and Cash Equivalents and Restricted Cash at Beginning of Year573 1,031 
Cash and Cash Equivalents and Restricted Cash at End of Period1,484 654 
Less: Restricted Cash at End of Period  
Cash and Cash Equivalents at End of Period$1,484 $654 
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 December 30, 2023 and the results of operations for the three months ended December 30, 2023 and December 31, 2022. 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 quarter 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 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.

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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 is effective February 12, 2024, and directs live poultry dealers to amend broiler grower contracts to reflect certain new requirements. We are still evaluating the impact the new requirements will have on our consolidated financial statements.
Recently Issued Accounting Pronouncements
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 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 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 December 30, 2023, 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 $4 million of net working capital, including $3 million of cash acquired, $67 million of Property, Plant and Equipment, $120 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. $46 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 December 30, 2023 were insignificant to our Consolidated Condensed Statements of Income. We are accounting for the investment in ADC under the equity method.
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 December 30, 2023, 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 $186 million and $145 million as of December 30, 2023 and September 30, 2023, respectively.

7


The following table reflects the major components of inventory (in millions):
December 30, 2023September 30, 2023
Processed products$2,745 $2,847 
Livestock1,463 1,594 
Supplies and other879 887 
Total inventory$5,087 $5,328 
NOTE 4: PROPERTY, PLANT AND EQUIPMENT
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): 
December 30, 2023September 30, 2023
Land$224 $219 
Buildings and leasehold improvements6,670 6,460 
Machinery and equipment10,974 10,680 
Land improvements and other569 559 
Buildings and equipment under construction1,600 1,782 
20,037 19,700 
Less accumulated depreciation10,365 10,066 
Net Property, Plant and Equipment$9,672 $9,634 
NOTE 5: OTHER CURRENT LIABILITIES
Other current liabilities are as follows (in millions):
December 30, 2023September 30, 2023
Accrued salaries, wages and benefits$741 $672 
Taxes payable200 156 
Accrued current legal contingencies361 289 
Other939 893 
Total other current liabilities$2,241 $2,010 
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 $8 $24 $54 $19 $130 
Relocation and related costs23 7 4 22 1 57 
Accelerated depreciation5 2  12  19 
Contract and lease terminations   24  24 
Professional and other fees2 1  3 2 8 
Total 2022 Program$55 $18 $28 $115 $22 $238 
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 $53 million and $185 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 $216 million of charges that have resulted or will result in cash outflows and $22 million in non-cash charges.

8


The following table reflects the pretax impact of the 2022 Program’s restructuring and related charges during the first quarter of fiscal 2024 by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$1 $1 $4 $2 $ $8 
Relocation and related costs3   3  6 
Accelerated depreciation      
Contract and lease terminations   16  16 
Professional and other fees      
Total$4 $1 $4 $21 $ $30 
For the first quarter of fiscal 2024, we recorded restructuring and related charges of $3 million and $27 million in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income. Included in the above results are $20 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 quarter of fiscal 2023 by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$2 $1 $ $4 $5 $12 
Relocation and related costs1 1 1 1  4 
Accelerated depreciation2   4  6 
Contract and lease terminations   (2) (2)
Professional and other fees   1  1 
Total$5 $2 $1 $8 $5 $21 
For the first quarter of fiscal 2023, we recorded restructuring and related charges associated with the 2022 Program of $8 million and $13 million in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income. Included in the above results are $17 million of charges that have resulted or will result in cash outflows and $4 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 $8 $24 $54 $18 $129 
Relocation and related costs21 6 2 19  48 
Accelerated depreciation5 2  12  19 
Contract and lease terminations   18  18 
Professional and other fees2 1  3  6 
Total$53 $17 $26 $106 $18 $220 
Through the first quarter of fiscal 2024, we recorded restructuring and related charges to date of $50 million and $170 million in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income. Included in the above results are $194 million of charges to date that have resulted or will result in cash outflows and $26 million in non-cash charges to date.

9


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 December 30, 2023 (in millions):
Balance at September 30, 2023Restructuring ExpensePaymentsChanges in EstimatesBalance at December 30, 2023
Severance costs$58 $10 $(20)$(2)$46 
Relocation and related costs5 6 (5) 6 
Contract and lease termination 6 (6)  
Professional and other fees2    2 
Total$65 $22 $(31)$(2)$54 
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 December 30, 2023, we have shifted production to other facilities and ceased operations at our Glen Allen, Van Buren, Dexter, Noel and North Little Rock facilities, and expect to shift production and cease operations at Corydon during the third quarter of fiscal 2024. 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, to optimize asset utilization. We shifted production to other facilities and ceased operations at both plants during the first quarter of fiscal 2024.
As a result of the plant closures, we recorded $75 million of charges in the first quarter of fiscal 2024, 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 and included $6 million of charges that have resulted or will result in cash outflows and $69 million in non-cash charges. We did not incur plant closure charges in the first quarter of fiscal 2023.
The following table reflects our liability related to plant closures as of December 30, 2023 (in millions):
Balance at September 30, 2023Plant Closure ChargesPaymentsBalance at December 30, 2023
Contract termination$151 $5 $(29)$127 
Severance and retention14 1 (5)10 
Total$165 $6 $(34)$137 
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.

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NOTE 7: DEBT
The major components of debt are as follows (in millions):
December 30, 2023September 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 
6.13% Notes due November 2032158 158 
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(36)(36)
Term loans:
Term loan facility due May 2026 (6.71% at December 30, 2023)1,000 1,000 
Term loan facility due May 2028 (7.19% at December 30, 2023)750  
Other177 164 
Unamortized debt issuance costs(39)(40)
Total debt9,678 9,506 
Less current debt1,308 1,895 
Total long-term debt$8,370 $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 December 30, 2023, 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 December 30, 2023 we had $97 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 December 30, 2023, we had no commercial paper outstanding. Our ability to access commercial paper in the future may be limited or its costs increased.
Term Loan Facilities
We have a $1.0 billion term loan facility that matures in May 2026 and a $750 million term loan facility that matures in May 2028. In the first quarter of fiscal 2024, we borrowed the full $750 million available under the loan facility that matures in May 2028 and used it to repay $592 million of outstanding commercial paper obligations. Both term loans may be prepaid under certain conditions and contain covenants that are similar to those contained in the revolving credit facility.
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 a minimum interest expense coverage ratio.
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.
11


We were in compliance with all debt covenants at December 30, 2023.
NOTE 8: EQUITY
Share Repurchases
As of December 30, 2023, 7.3 million shares remained available for repurchase under the Company's share repurchase program. The 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
December 30, 2023December 31, 2022
SharesDollarsSharesDollars
Shares repurchased:
Under share repurchase program $ 4.7 $300 
To fund certain obligations under equity compensation plans0.3 13 0.2 13 
Total share repurchases0.3 $13 4.9 $313 
NOTE 9: INCOME TAXES
Our effective tax rate was 29.4% and 26.1% for the first quarter of fiscal 2024 and 2023, respectively. The effective tax rate for the first quarter of fiscal 2024 is higher than the federal statutory tax rate primarily due to state taxes and net unfavorable permanent book-to-tax differences, partially offset by various tax benefits. The effective tax rate for the first quarter of fiscal 2023 was higher than the federal statutory tax rate primarily due to state taxes.
Unrecognized tax benefits were $133 million and $131 million at December 30, 2023 and September 30, 2023, respectively.
In December 2021, we received an assessment from the Mexican tax authorities related to the 2015 sale of our direct and indirect equity interests in subsidiaries which held our Mexico operations. The assessment totals approximately $516 million (8.7 billion Mexican pesos), which includes tax, inflation adjustment, interest and penalties. We believe the assertions made in the assessment letter have no merit and will defend our positions through the Mexican administrative appeal process and litigation, if necessary. Based on our analysis of this assessment in accordance with FASB guidance related to unrecognized tax benefits, we have not recorded a liability related to the issue.
12


NOTE 10: 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
December 30, 2023December 31, 2022
Numerator:
Net income$114 $320 
Less: Net income attributable to noncontrolling interests7 4 
Net income attributable to Tyson107 316 
Less dividends declared:
Class A 143 143 
Class B 31 32 
Undistributed earnings (losses)$(67)$141 
Class A undistributed earnings (losses)$(55)$116 
Class B undistributed earnings (losses)(12)25 
Total undistributed earnings (losses)$(67)$141 
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares284 286 
Class B weighted average shares70 70 
Denominator for diluted earnings per share:
Class A weighted average shares284 286 
Class B weighted average shares under the if-converted method for diluted earnings per share70 70 
Effect of dilutive securities: Stock options, restricted stock and performance units1 2 
Denominator for diluted earnings per share – weighted average shares and assumed conversions355 358 
Net income per share attributable to Tyson:
Class A basic$0.31 $0.91 
Class B basic$0.28 $0.81 
Diluted$0.30 $0.88 
Dividends Declared Per Share:
Class A$0.500 $0.500 
Class B$0.450 $0.450 
Approximately 7 million and 4 million of our stock-based compensation shares were antidilutive for the three months ended December 30, 2023 and December 31, 2022, 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 (losses) 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.


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NOTE 11: 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 existed at December 30, 2023.
We had the following net aggregated outstanding notional amounts related to our derivative financial instruments:
in millions, except soybean meal tonsMetricDecember 30, 2023September 30, 2023
Commodity:
CornBushels103 65 
Soybean MealTons857,008 956,630 
Live CattlePounds318 319 
Lean HogsPounds247 454 
Foreign CurrencyUnited States dollar$236 $171 
We recognize all derivative instruments as either assets or liabilities at fair value in the Consolidated Condensed Balance Sheets, with the exception of normal purchases and normal sales expected to result in physical delivery. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument based upon the exposure being hedged (e.g., 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 (e.g., grains), interest rate swaps and locks and certain foreign exchange forward contracts
Fair Value Hedges – include certain commodity forward contracts of firm commitments (e.g., 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 as well as interest rates to our variable rate debt. For the derivative instruments we designate and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses representing hedge ineffectiveness are recognized in earnings in the current period. Ineffectiveness related to our cash flow hedges was not significant for the three months ended December 30, 2023, and December 31, 2022. As of December 30, 2023, we had $12 million of realized losses related to treasury rate locks in connection with the issuance of the 2026, 2029 and 2048 Notes, which will be reclassified to earnings over the lives of these notes. During the three months ended December 30, 2023 and December 31, 2022, we did not reclassify significant pretax gains or losses into earnings as a result of the discontinuance of cash flow hedges. For the three months ended December 30, 2023 and December 31, 2022, we had no gains or losses recognized in OCI on derivatives designated as cash flow hedges.
Fair Value Hedges
We designate certain derivative contracts as fair value hedges of firm commitments to purchase livestock for harvest. Our objective of these hedges is to minimize the risk of changes in fair value created by fluctuations in commodity prices associated with fixed price livestock firm commitments. For these derivative instruments we designate and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in earnings in the same period. We include the gain or loss on the hedged items (e.g., livestock purchase firm commitments) in the same line item, Cost of Sales, as the offsetting gain or loss on the related livestock forward position. Ineffectiveness related to fair value hedges was not significant for the three months ended December 30, 2023, and December 31, 2022. The following table sets forth the carrying amount of fair value hedge (assets) liabilities as of December 30, 2023 and September 30, 2023 (in millions):
Consolidated Condensed Balance Sheets ClassificationDecember 30, 2023September 30, 2023
Inventory$(23)$16 
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.

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Reclassification to Earnings
The following table sets forth the total amounts of each income and expense line item presented in the Consolidated Condensed Statements of Income in which the effects of hedges are recorded (in millions):
Consolidated Condensed Statements of Income ClassificationThree Months Ended
December 30, 2023December 31, 2022
Cost of Sales$12,496 $12,292 
Interest Expense105 84 
Other, net(25)(42)
The following table sets forth the pretax impact of the cash flow, fair value and undesignated derivative instruments in the Consolidated Condensed Statements of Income (in millions):
Consolidated Condensed Statements of Income ClassificationThree Months Ended
December 30, 2023December 31, 2022
Cost of SalesGain (Loss) on fair value hedges:
Commodity contracts (a) $(1)$(3)
Gain (Loss) on derivatives not designated as hedging instruments:
Commodity contracts(4)15 
Total$(5)$12 
Interest ExpenseGain (Loss) on cash flow hedges reclassified from OCI to Earnings:
Interest rate contracts$ $(1)
Other, netGain (Loss) on derivatives not designated as hedging instruments:
Foreign exchange contracts$5 $5 
(a) Amounts represent gains/(losses) on commodity contracts designated as fair value hedges of firm commitments that were realized during the period presented, which were offset by a corresponding gain/(loss) on the underlying hedged inventory. Gains or losses related to changes in the fair value of unrealized commodity contracts, along with the offsetting gain or loss on the hedged inventory, are also marked-to-market through earnings with no impact on a net basis.
The fair value of all outstanding derivative instruments in the Consolidated Condensed Balance Sheets are included in Note 12: Fair Value Measurements.
NOTE 12: 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.
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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): 
December 30, 2023Level 1Level 2Level 3Netting (a)Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges$ $24 $ $(10)$14 
Undesignated  78  (34)44 
Available-for-sale securities (current) 15  — 15 
Other Assets:
Available-for-sale securities (non-current) 63 30 — 93 
Deferred compensation assets22 412  — 434 
Total assets$22 $592 $30 $(44)$600 
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges$ $ $ $ $ 
Undesignated  87  (76)11 
Total liabilities$ $87 $ $(76)$11 
September 30, 2023Level 1Level 2Level 3Netting (a)Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges$ $7 $ $(2)$5 
Undesignated  95  (19)76 
Available-for-sale securities (current) 15  — 15 
Other Assets:
Available-for-sale securities (non-current) 59 30 — 89 
Deferred compensation assets27 375  — 402 
Total assets$27 $551 $30 $(21)$587 
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges$ $27 $ $(27)$ 
Undesignated  126  (107)19 
Total liabilities$ $153 $ $(134)$19 
(a) Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. Additionally, at December 30, 2023, and September 30, 2023, we had $32 million and $113 million, respectively, of net cash collateral with various counterparties where master netting arrangements exist and held no cash collateral.
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The following table provides a reconciliation between the beginning and ending balance of marketable debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions): 
Three Months Ended
December 30, 2023December 31, 2022
Balance at beginning of year$30 $35 
Total realized and unrealized gains (losses):
Included in other comprehensive income (loss)  
Purchases1 2 
Issuances  
Settlements(1)(4)
Balance at end of period$30 $33 
Total gains (losses) for the three month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period
$ $ 
The following methods and assumptions were used to estimate the fair value of each class of financial instrument:
Derivative Assets and Liabilities
Our derivative financial instruments primarily include exchange-traded and over-the-counter contracts which are further described in Note 11: Derivative Financial Instruments. We record our derivative financial instruments at fair value using quoted market prices, adjusted where necessary for credit and non-performance risk and internal models that use readily observable market inputs as their basis, including current and forward market prices and rates. 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 Condensed Balance Sheets. All other marketable debt securities are included in Other Assets in the Consolidated Condensed Balance Sheets and have maturities ranging up to 46 years.
We classify our investments in U.S. government, U.S. agency, certificates of deposit and commercial paper debt securities as Level 2 as fair value is generally estimated using discounted cash flow models that are primarily industry-standard models that consider various assumptions, including time value and yield curve as well as other readily available relevant economic measures. We classify certain corporate, asset-backed and other debt securities as Level 3 as there is limited activity or less observable inputs into valuation models, including current interest rates and estimated prepayment, default and recovery rates on the underlying portfolio or structured investment vehicle. Significant changes to assumptions or unobservable inputs in the valuation of our Level 3 instruments would not have a significant impact to our consolidated condensed financial statements.
The following table sets forth our available-for-sale securities’ amortized cost basis, fair value and unrealized gain (loss) by significant investment category (in millions):
December 30, 2023September 30, 2023
Amortized
Cost Basis
Fair
Value
Unrealized
Gain (Loss)
Amortized
Cost Basis
Fair
Value
Unrealized
Gain (Loss)
Available-for-sale securities:
Debt securities:
U.S. treasury and agency$81 $78 $(3)$79 $74 $(5)
Corporate and asset-backed31 30 (1)31 30 (1)
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 due to credit or non-credit factors. Losses on debt securities where we have the intent, or will more than likely be required, to sell the security prior to recovery, would be recorded as a direct write-off of amortized cost basis through earnings. Losses on debt securities where we do not have the intent, or would not more than likely be required to sell the security prior to recovery, would be further evaluated to determine whether the loss is credit or non-credit related. Credit-related losses would be recorded through an allowance for credit losses through earnings and non-credit related losses through OCI.
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We consider many factors in determining whether a loss is credit-related, including the financial condition and near-term prospects of the issuer, borrower repayment characteristics for asset-backed securities, and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. We recognized no direct write-offs or allowances for credit losses in earnings for the three months ended December 30, 2023, and December 31, 2022.
Deferred Compensation Assets
We maintain non-qualified deferred compensation plans for certain executives and other highly compensated team members. 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 Condensed Balance Sheets. We classify the investments which have observable market prices in active markets in Level 1 as these are generally publicly-traded mutual funds. The remaining deferred compensation assets are classified in Level 2, as fair value can be corroborated based on observable market data. Realized and unrealized gains (losses) on deferred compensation are included in earnings.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges and, with respect to our equity investments without readily determinable fair values, recorded by applying the measurement alternative for which such investments are recorded at cost and adjusted for an observable price change in an orderly transaction for an identical or similar investment of the same issuer. We did not have any significant measurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition during the three months ended December 30, 2023 and December 31, 2022.
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):
December 30, 2023September 30, 2023
Fair ValueCarrying ValueFair ValueCarrying Value
Total debt$9,293 $9,678 $8,693 $9,506 
NOTE 13: OTHER COMPREHENSIVE INCOME
The before and after-tax changes in the components of other comprehensive income are as follows (in millions):
Three Months Ended
December 30, 2023December 31, 2022
Before TaxTaxAfter TaxBefore TaxTaxAfter Tax
Derivatives accounted for as cash flow hedges:
(Gain) loss reclassified to interest expense$ $ $ $1 $ $1 
Investments:
Unrealized gain (loss)2  2