10-Q 1 tsn-20220402.htm 10-Q tsn-20220402
000010049310/12022Q2FALSE0.100.109009003783780.100.10900900707083832.254.503.903.954.003.557.004.356.134.885.154.555.1000001004932021-10-032022-04-02iso4217:USDxbrli:shares0000100493us-gaap:CommonClassAMember2022-04-02xbrli:shares0000100493us-gaap:CommonClassBMember2022-04-0200001004932022-01-022022-04-02iso4217:USD00001004932021-01-032021-04-0300001004932020-10-042021-04-030000100493us-gaap:CommonClassAMember2022-01-022022-04-020000100493us-gaap:CommonClassAMember2021-01-032021-04-030000100493us-gaap:CommonClassAMember2021-10-032022-04-020000100493us-gaap:CommonClassAMember2020-10-042021-04-030000100493us-gaap:CommonClassBMember2022-01-022022-04-020000100493us-gaap:CommonClassBMember2021-01-032021-04-030000100493us-gaap:CommonClassBMember2021-10-032022-04-020000100493us-gaap:CommonClassBMember2020-10-042021-04-0300001004932022-04-0200001004932021-10-020000100493us-gaap:CommonClassAMember2021-10-020000100493us-gaap:CommonClassBMember2021-10-020000100493us-gaap:CommonClassAMember2022-01-010000100493us-gaap:CommonClassAMember2021-01-020000100493us-gaap:CommonClassAMember2021-04-030000100493us-gaap:CommonClassAMember2020-10-030000100493us-gaap:CommonClassBMember2022-01-010000100493us-gaap:CommonClassBMember2021-01-020000100493us-gaap:CommonClassBMember2021-04-030000100493us-gaap:CommonClassBMember2020-10-030000100493us-gaap:AdditionalPaidInCapitalMember2022-01-010000100493us-gaap:AdditionalPaidInCapitalMember2021-01-020000100493us-gaap:AdditionalPaidInCapitalMember2021-10-020000100493us-gaap:AdditionalPaidInCapitalMember2020-10-030000100493us-gaap:AdditionalPaidInCapitalMember2022-01-022022-04-020000100493us-gaap:AdditionalPaidInCapitalMember2021-01-032021-04-030000100493us-gaap:AdditionalPaidInCapitalMember2021-10-032022-04-020000100493us-gaap:AdditionalPaidInCapitalMember2020-10-042021-04-030000100493us-gaap:AdditionalPaidInCapitalMember2022-04-020000100493us-gaap:AdditionalPaidInCapitalMember2021-04-030000100493us-gaap:RetainedEarningsMember2022-01-010000100493us-gaap:RetainedEarningsMember2021-01-020000100493us-gaap:RetainedEarningsMember2021-10-020000100493us-gaap:RetainedEarningsMember2020-10-030000100493us-gaap:RetainedEarningsMember2022-01-022022-04-020000100493us-gaap:RetainedEarningsMember2021-01-032021-04-030000100493us-gaap:RetainedEarningsMember2021-10-032022-04-020000100493us-gaap:RetainedEarningsMember2020-10-042021-04-030000100493us-gaap:RetainedEarningsMember2022-04-020000100493us-gaap:RetainedEarningsMember2021-04-030000100493us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-010000100493us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-020000100493us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-020000100493us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-030000100493us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-022022-04-020000100493us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-032021-04-030000100493us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-032022-04-020000100493us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-042021-04-030000100493us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-020000100493us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-030000100493us-gaap:TreasuryStockMember2022-01-010000100493us-gaap:TreasuryStockMember2021-01-020000100493us-gaap:TreasuryStockMember2021-10-020000100493us-gaap:TreasuryStockMember2020-10-030000100493us-gaap:TreasuryStockMember2022-01-022022-04-020000100493us-gaap:TreasuryStockMember2021-01-032021-04-030000100493us-gaap:TreasuryStockMember2021-10-032022-04-020000100493us-gaap:TreasuryStockMember2020-10-042021-04-030000100493us-gaap:TreasuryStockMember2022-04-020000100493us-gaap:TreasuryStockMember2021-04-030000100493us-gaap:ParentMember2022-04-020000100493us-gaap:ParentMember2021-04-030000100493us-gaap:NoncontrollingInterestMember2022-01-010000100493us-gaap:NoncontrollingInterestMember2021-01-020000100493us-gaap:NoncontrollingInterestMember2021-10-020000100493us-gaap:NoncontrollingInterestMember2020-10-030000100493us-gaap:NoncontrollingInterestMember2022-01-022022-04-020000100493us-gaap:NoncontrollingInterestMember2021-01-032021-04-030000100493us-gaap:NoncontrollingInterestMember2021-10-032022-04-020000100493us-gaap:NoncontrollingInterestMember2020-10-042021-04-030000100493us-gaap:NoncontrollingInterestMember2022-04-020000100493us-gaap:NoncontrollingInterestMember2021-04-0300001004932021-04-0300001004932020-10-030000100493tsn:MalaysianProducerOfFeedAndPoultryMember2021-07-03xbrli:pure0000100493tsn:MalaysianProducerOfFeedAndPoultryMember2021-04-042021-07-030000100493tsn:PetTreatsBusinessMember2021-07-060000100493tsn:PetTreatsBusinessMember2021-07-062021-07-060000100493us-gaap:LandMember2022-04-020000100493us-gaap:LandMember2021-10-020000100493tsn:BuildingsAndLeaseholdImprovementsMember2022-04-020000100493tsn:BuildingsAndLeaseholdImprovementsMember2021-10-020000100493us-gaap:MachineryAndEquipmentMember2022-04-020000100493us-gaap:MachineryAndEquipmentMember2021-10-020000100493tsn:LandImprovementsAndOtherMember2022-04-020000100493tsn:LandImprovementsAndOtherMember2021-10-020000100493us-gaap:ConstructionInProgressMember2022-04-020000100493us-gaap:ConstructionInProgressMember2021-10-020000100493us-gaap:OtherCurrentAssetsMember2022-04-020000100493us-gaap:OtherCurrentAssetsMember2021-10-020000100493us-gaap:RevolvingCreditFacilityMember2022-04-020000100493us-gaap:RevolvingCreditFacilityMember2021-10-020000100493us-gaap:CommercialPaperMember2022-04-020000100493us-gaap:CommercialPaperMember2021-10-020000100493tsn:FourPointFiveZeroPercentageSeniorUnsecuredNotesDueJuneTwoThousandAndTwentyTwoMember2022-04-020000100493tsn:FourPointFiveZeroPercentageSeniorUnsecuredNotesDueJuneTwoThousandAndTwentyTwoMember2021-10-020000100493tsn:ThreePointNinePercentageSeniorNotesDueSeptemberTwoThousandandTwentyThreeMember2022-04-020000100493tsn:ThreePointNinePercentageSeniorNotesDueSeptemberTwoThousandandTwentyThreeMember2021-10-020000100493tsn:ThreePointNineFivePercentageSeniorUnsecuredNotesDueAugustTwoThousandandTwentyFourMember2022-04-020000100493tsn:ThreePointNineFivePercentageSeniorUnsecuredNotesDueAugustTwoThousandandTwentyFourMember2021-10-020000100493tsn:FourPointZeroZeroPercentageSeniorUnsecuredNotesDueMarchTwoThousandTwentySixDomain2022-04-020000100493tsn:FourPointZeroZeroPercentageSeniorUnsecuredNotesDueMarchTwoThousandTwentySixDomain2021-10-020000100493tsn:ThreePointFiveFivePercentageSeniorUnsecuredNotesDueJuneTwoThousandandTwentySevenMember2022-04-020000100493tsn:ThreePointFiveFivePercentageSeniorUnsecuredNotesDueJuneTwoThousandandTwentySevenMember2021-10-020000100493tsn:SevenPointZeroZeroPercentageDueJanuaryTwoThousandAndTwentyEightMember2022-04-020000100493tsn:SevenPointZeroZeroPercentageDueJanuaryTwoThousandAndTwentyEightMember2021-10-020000100493tsn:FourPointThreeFivePercentageSeniorUnsecuredNotesDueMarchTwoThousandAndTwentyNineMemberDomain2022-04-020000100493tsn:FourPointThreeFivePercentageSeniorUnsecuredNotesDueMarchTwoThousandAndTwentyNineMemberDomain2021-10-020000100493tsn:SixPointOneThreePercentageUnsecuredNotesDueNovemberTwoThousandAndThirtyTwoMember2022-04-020000100493tsn:SixPointOneThreePercentageUnsecuredNotesDueNovemberTwoThousandAndThirtyTwoMember2021-10-020000100493tsn:FourPointEightEightPercentageSeniorUnsecuredNotesDueAugustTwoThousandandThirtyFourMember2022-04-020000100493tsn:FourPointEightEightPercentageSeniorUnsecuredNotesDueAugustTwoThousandandThirtyFourMember2021-10-020000100493tsn:FivePointOneFivePercentageSeniorUnsecuredNotesDueAugustTwoThousandandFortyFourMember2022-04-020000100493tsn:FivePointOneFivePercentageSeniorUnsecuredNotesDueAugustTwoThousandandFortyFourMember2021-10-020000100493tsn:FourPointFiveFivePercentageSeniorNotesDueJuneTwoThousandandFortySevenMember2022-04-020000100493tsn:FourPointFiveFivePercentageSeniorNotesDueJuneTwoThousandandFortySevenMember2021-10-020000100493tsn:FivePointOnePercentageSeniorNotesDueSeptemberTwoThousandandFortyEightMember2022-04-020000100493tsn:FivePointOnePercentageSeniorNotesDueSeptemberTwoThousandandFortyEightMember2021-10-020000100493us-gaap:RevolvingCreditFacilityMember2021-09-300000100493us-gaap:StandbyLettersOfCreditMember2022-04-020000100493tsn:BilateralLettersOfCreditMember2022-04-020000100493tsn:FourPointFiveZeroPercentageSeniorUnsecuredNotesDueJuneTwoThousandAndTwentyTwoMember2022-03-152022-03-150000100493tsn:TwoPointTwentyFivePercentageUnsecuredNotesDueAugustTwoThousandTwentyOneMember2022-04-020000100493tsn:ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2022-01-022022-04-020000100493tsn:ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2021-01-032021-04-030000100493tsn:ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2021-10-032022-04-020000100493tsn:ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2020-10-042021-04-030000100493tsn:OpenMarketRepurchasesMemberus-gaap:CommonClassAMember2022-01-022022-04-020000100493tsn:OpenMarketRepurchasesMemberus-gaap:CommonClassAMember2021-01-032021-04-030000100493tsn:OpenMarketRepurchasesMemberus-gaap:CommonClassAMember2021-10-032022-04-020000100493tsn:OpenMarketRepurchasesMemberus-gaap:CommonClassAMember2020-10-042021-04-030000100493us-gaap:MexicanTaxAuthorityMemberus-gaap:TaxYear2015Member2021-12-012021-12-31iso4217:MXN0000100493us-gaap:StockCompensationPlanMember2022-01-022022-04-020000100493us-gaap:StockCompensationPlanMember2021-10-032022-04-020000100493us-gaap:StockCompensationPlanMember2020-10-042021-04-030000100493us-gaap:StockCompensationPlanMember2021-01-032021-04-03tsn:Classes0000100493tsn:CornMember2022-04-02utr:bu0000100493tsn:CornMember2021-10-020000100493tsn:SoybeanMealMember2022-04-02utr:T0000100493tsn:SoybeanMealMember2021-10-020000100493tsn:LiveCattleMember2022-04-02utr:lb0000100493tsn:LiveCattleMember2021-10-020000100493tsn:LeanHogsMember2022-04-020000100493tsn:LeanHogsMember2021-10-020000100493us-gaap:ForeignExchangeContractMember2022-04-020000100493us-gaap:ForeignExchangeContractMember2021-10-020000100493us-gaap:TreasuryLockMember2022-04-020000100493us-gaap:CashFlowHedgingMember2020-10-042021-04-030000100493us-gaap:CashFlowHedgingMember2021-10-032022-04-020000100493us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2021-10-032022-04-020000100493us-gaap:FairValueHedgingMember2022-04-020000100493us-gaap:FairValueHedgingMember2021-10-020000100493us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2022-01-022022-04-020000100493us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2021-01-032021-04-030000100493us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2021-10-032022-04-020000100493us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2020-10-042021-04-030000100493us-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:FairValueHedgingMember2022-01-022022-04-020000100493us-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:FairValueHedgingMember2021-01-032021-04-030000100493us-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:FairValueHedgingMember2021-10-032022-04-020000100493us-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:FairValueHedgingMember2020-10-042021-04-030000100493us-gaap:CostOfSalesMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2022-01-022022-04-020000100493us-gaap:CostOfSalesMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2021-01-032021-04-030000100493us-gaap:CostOfSalesMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2021-10-032022-04-020000100493us-gaap:CostOfSalesMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2020-10-042021-04-030000100493us-gaap:CostOfSalesMember2022-01-022022-04-020000100493us-gaap:CostOfSalesMember2021-01-032021-04-030000100493us-gaap:CostOfSalesMember2021-10-032022-04-020000100493us-gaap:CostOfSalesMember2020-10-042021-04-030000100493us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2022-01-022022-04-020000100493us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2021-01-032021-04-030000100493us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2021-10-032022-04-020000100493us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2020-10-042021-04-030000100493us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-01-022022-04-020000100493us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-01-032021-04-030000100493us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-10-032022-04-020000100493us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-10-042021-04-030000100493us-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-04-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-04-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-04-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-04-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:NondesignatedMember2022-04-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2022-04-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2022-04-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2022-04-020000100493us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherAssetsMember2022-04-020000100493us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherAssetsMember2022-04-020000100493us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherAssetsMember2022-04-020000100493us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherAssetsMember2022-04-020000100493us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-04-020000100493us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-020000100493us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-020000100493us-gaap:FairValueMeasurementsRecurringMember2022-04-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-04-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-04-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-04-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-04-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:NondesignatedMember2022-04-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2022-04-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2022-04-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2022-04-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-10-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2021-10-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2021-10-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2021-10-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:NondesignatedMember2021-10-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2021-10-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2021-10-020000100493us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2021-10-020000100493us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherAssetsMember2021-10-020000100493us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherAssetsMember2021-10-020000100493us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherAssetsMember2021-10-020000100493us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherAssetsMember2021-10-020000100493us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-10-020000100493us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-10-020000100493us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-10-020000100493us-gaap:FairValueMeasurementsRecurringMember2021-10-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-10-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2021-10-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2021-10-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2021-10-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:NondesignatedMember2021-10-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2021-10-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2021-10-020000100493us-gaap:OtherCurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2021-10-020000100493srt:MaximumMember2021-10-032022-04-020000100493us-gaap:USTreasuryAndGovernmentMember2022-04-020000100493us-gaap:USTreasuryAndGovernmentMember2021-10-020000100493tsn:CorporateAndAssetBackedMember2022-04-020000100493tsn:CorporateAndAssetBackedMember2021-10-020000100493us-gaap:OtherNonoperatingIncomeExpenseMember2021-10-032022-04-020000100493us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:InterestExpenseMember2022-01-022022-04-020000100493us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:InterestExpenseMember2021-01-032021-04-030000100493us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:InterestExpenseMember2021-10-032022-04-020000100493us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:InterestExpenseMember2020-10-042021-04-030000100493us-gaap:CostOfSalesMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-01-022022-04-020000100493us-gaap:CostOfSalesMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-032021-04-030000100493us-gaap:CostOfSalesMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-10-032022-04-020000100493us-gaap:CostOfSalesMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-10-042021-04-030000100493us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-022022-04-020000100493us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-032021-04-030000100493us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-10-032022-04-020000100493us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-10-042021-04-030000100493us-gaap:AccumulatedTranslationAdjustmentMember2022-01-022022-04-020000100493us-gaap:AccumulatedTranslationAdjustmentMember2021-01-032021-04-030000100493us-gaap:AccumulatedTranslationAdjustmentMember2021-10-032022-04-020000100493us-gaap:AccumulatedTranslationAdjustmentMember2020-10-042021-04-030000100493us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-022022-04-020000100493us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-032021-04-030000100493us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-10-032022-04-020000100493us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-10-042021-04-03tsn:Segments0000100493tsn:BeefMemberus-gaap:OperatingSegmentsMember2022-01-022022-04-020000100493tsn:BeefMemberus-gaap:OperatingSegmentsMember2021-01-032021-04-030000100493tsn:BeefMemberus-gaap:OperatingSegmentsMember2021-10-032022-04-020000100493tsn:BeefMemberus-gaap:OperatingSegmentsMember2020-10-042021-04-030000100493tsn:PorkMemberus-gaap:OperatingSegmentsMember2022-01-022022-04-020000100493tsn:PorkMemberus-gaap:OperatingSegmentsMember2021-01-032021-04-030000100493tsn:PorkMemberus-gaap:OperatingSegmentsMember2021-10-032022-04-020000100493tsn:PorkMemberus-gaap:OperatingSegmentsMember2020-10-042021-04-030000100493us-gaap:OperatingSegmentsMembertsn:ChickenMember2022-01-022022-04-020000100493us-gaap:OperatingSegmentsMembertsn:ChickenMember2021-01-032021-04-030000100493us-gaap:OperatingSegmentsMembertsn:ChickenMember2021-10-032022-04-020000100493us-gaap:OperatingSegmentsMembertsn:ChickenMember2020-10-042021-04-030000100493tsn:PreparedFoodsMemberus-gaap:OperatingSegmentsMember2022-01-022022-04-020000100493tsn:PreparedFoodsMemberus-gaap:OperatingSegmentsMember2021-01-032021-04-030000100493tsn:PreparedFoodsMemberus-gaap:OperatingSegmentsMember2021-10-032022-04-020000100493tsn:PreparedFoodsMemberus-gaap:OperatingSegmentsMember2020-10-042021-04-030000100493us-gaap:CorporateAndOtherMemberus-gaap:MaterialReconcilingItemsMember2022-01-022022-04-020000100493us-gaap:CorporateAndOtherMemberus-gaap:MaterialReconcilingItemsMember2021-01-032021-04-030000100493us-gaap:CorporateAndOtherMemberus-gaap:MaterialReconcilingItemsMember2021-10-032022-04-020000100493us-gaap:CorporateAndOtherMemberus-gaap:MaterialReconcilingItemsMember2020-10-042021-04-030000100493us-gaap:IntersegmentEliminationMember2022-01-022022-04-020000100493us-gaap:IntersegmentEliminationMember2021-01-032021-04-030000100493us-gaap:IntersegmentEliminationMember2021-10-032022-04-020000100493us-gaap:IntersegmentEliminationMember2020-10-042021-04-030000100493tsn:BeefMembertsn:RevisedResultsDueToMisappropriatedCompanyFundsMember2020-10-042021-04-030000100493tsn:ChickenMember2022-01-022022-04-020000100493tsn:ChickenMember2021-10-032022-04-020000100493tsn:ChickenMemberus-gaap:SalesMember2020-10-042021-04-030000100493tsn:BeefMembertsn:RetailSalesChannelMember2022-01-022022-04-020000100493tsn:BeefMembertsn:FoodserviceSalesChannelMember2022-01-022022-04-020000100493tsn:BeefMembertsn:InternationalSalesChannelMember2022-01-022022-04-020000100493tsn:IndustrialandOtherSalesChannelMembertsn:BeefMember2022-01-022022-04-020000100493tsn:BeefMemberus-gaap:IntersegmentEliminationMember2022-01-022022-04-020000100493tsn:BeefMember2022-01-022022-04-020000100493tsn:PorkMembertsn:RetailSalesChannelMember2022-01-022022-04-020000100493tsn:PorkMembertsn:FoodserviceSalesChannelMember2022-01-022022-04-020000100493tsn:PorkMembertsn:InternationalSalesChannelMember2022-01-022022-04-020000100493tsn:IndustrialandOtherSalesChannelMembertsn:PorkMember2022-01-022022-04-020000100493tsn:PorkMemberus-gaap:IntersegmentEliminationMember2022-01-022022-04-020000100493tsn:PorkMember2022-01-022022-04-020000100493tsn:ChickenMembertsn:RetailSalesChannelMember2022-01-022022-04-020000100493tsn:ChickenMembertsn:FoodserviceSalesChannelMember2022-01-022022-04-020000100493tsn:InternationalSalesChannelMembertsn:ChickenMember2022-01-022022-04-020000100493tsn:IndustrialandOtherSalesChannelMembertsn:ChickenMember2022-01-022022-04-020000100493us-gaap:IntersegmentEliminationMembertsn:ChickenMember2022-01-022022-04-020000100493tsn:PreparedFoodsMembertsn:RetailSalesChannelMember2022-01-022022-04-020000100493tsn:PreparedFoodsMembertsn:FoodserviceSalesChannelMember2022-01-022022-04-020000100493tsn:PreparedFoodsMembertsn:InternationalSalesChannelMember2022-01-022022-04-020000100493tsn:IndustrialandOtherSalesChannelMembertsn:PreparedFoodsMember2022-01-022022-04-020000100493tsn:PreparedFoodsMemberus-gaap:IntersegmentEliminationMember2022-01-022022-04-020000100493tsn:PreparedFoodsMember2022-01-022022-04-020000100493us-gaap:CorporateAndOtherMembertsn:RetailSalesChannelMember2022-01-022022-04-020000100493us-gaap:CorporateAndOtherMembertsn:FoodserviceSalesChannelMember2022-01-022022-04-020000100493tsn:InternationalSalesChannelMemberus-gaap:CorporateAndOtherMember2022-01-022022-04-020000100493tsn:IndustrialandOtherSalesChannelMemberus-gaap:CorporateAndOtherMember2022-01-022022-04-020000100493us-gaap:CorporateAndOtherMemberus-gaap:IntersegmentEliminationMember2022-01-022022-04-020000100493us-gaap:CorporateAndOtherMember2022-01-022022-04-020000100493tsn:RetailSalesChannelMember2022-01-022022-04-020000100493tsn:FoodserviceSalesChannelMember2022-01-022022-04-020000100493tsn:InternationalSalesChannelMember2022-01-022022-04-020000100493tsn:IndustrialandOtherSalesChannelMember2022-01-022022-04-020000100493us-gaap:IntersegmentEliminationMember2022-01-022022-04-020000100493tsn:BeefMembertsn:RetailSalesChannelMember2021-01-032021-04-030000100493tsn:BeefMembertsn:FoodserviceSalesChannelMember2021-01-032021-04-030000100493tsn:BeefMembertsn:InternationalSalesChannelMember2021-01-032021-04-030000100493tsn:IndustrialandOtherSalesChannelMembertsn:BeefMember2021-01-032021-04-030000100493tsn:BeefMemberus-gaap:IntersegmentEliminationMember2021-01-032021-04-030000100493tsn:BeefMember2021-01-032021-04-030000100493tsn:PorkMembertsn:RetailSalesChannelMember2021-01-032021-04-030000100493tsn:PorkMembertsn:FoodserviceSalesChannelMember2021-01-032021-04-030000100493tsn:PorkMembertsn:InternationalSalesChannelMember2021-01-032021-04-030000100493tsn:IndustrialandOtherSalesChannelMembertsn:PorkMember2021-01-032021-04-030000100493tsn:PorkMemberus-gaap:IntersegmentEliminationMember2021-01-032021-04-030000100493tsn:PorkMember2021-01-032021-04-030000100493tsn:ChickenMembertsn:RetailSalesChannelMember2021-01-032021-04-030000100493tsn:ChickenMembertsn:FoodserviceSalesChannelMember2021-01-032021-04-030000100493tsn:InternationalSalesChannelMembertsn:ChickenMember2021-01-032021-04-030000100493tsn:IndustrialandOtherSalesChannelMembertsn:ChickenMember2021-01-032021-04-030000100493us-gaap:IntersegmentEliminationMembertsn:ChickenMember2021-01-032021-04-030000100493tsn:ChickenMember2021-01-032021-04-030000100493tsn:PreparedFoodsMembertsn:RetailSalesChannelMember2021-01-032021-04-030000100493tsn:PreparedFoodsMembertsn:FoodserviceSalesChannelMember2021-01-032021-04-030000100493tsn:PreparedFoodsMembertsn:InternationalSalesChannelMember2021-01-032021-04-030000100493tsn:IndustrialandOtherSalesChannelMembertsn:PreparedFoodsMember2021-01-032021-04-030000100493tsn:PreparedFoodsMemberus-gaap:IntersegmentEliminationMember2021-01-032021-04-030000100493tsn:PreparedFoodsMember2021-01-032021-04-030000100493us-gaap:CorporateAndOtherMembertsn:RetailSalesChannelMember2021-01-032021-04-030000100493us-gaap:CorporateAndOtherMembertsn:FoodserviceSalesChannelMember2021-01-032021-04-030000100493tsn:InternationalSalesChannelMemberus-gaap:CorporateAndOtherMember2021-01-032021-04-030000100493tsn:IndustrialandOtherSalesChannelMemberus-gaap:CorporateAndOtherMember2021-01-032021-04-030000100493us-gaap:CorporateAndOtherMemberus-gaap:IntersegmentEliminationMember2021-01-032021-04-030000100493us-gaap:CorporateAndOtherMember2021-01-032021-04-030000100493tsn:RetailSalesChannelMember2021-01-032021-04-030000100493tsn:FoodserviceSalesChannelMember2021-01-032021-04-030000100493tsn:InternationalSalesChannelMember2021-01-032021-04-030000100493tsn:IndustrialandOtherSalesChannelMember2021-01-032021-04-030000100493us-gaap:IntersegmentEliminationMember2021-01-032021-04-030000100493tsn:BeefMembertsn:RetailSalesChannelMember2021-10-032022-04-020000100493tsn:BeefMembertsn:FoodserviceSalesChannelMember2021-10-032022-04-020000100493tsn:BeefMembertsn:InternationalSalesChannelMember2021-10-032022-04-020000100493tsn:IndustrialandOtherSalesChannelMembertsn:BeefMember2021-10-032022-04-020000100493tsn:BeefMemberus-gaap:IntersegmentEliminationMember2021-10-032022-04-020000100493tsn:BeefMember2021-10-032022-04-020000100493tsn:PorkMembertsn:RetailSalesChannelMember2021-10-032022-04-020000100493tsn:PorkMembertsn:FoodserviceSalesChannelMember2021-10-032022-04-020000100493tsn:PorkMembertsn:InternationalSalesChannelMember2021-10-032022-04-020000100493tsn:IndustrialandOtherSalesChannelMembertsn:PorkMember2021-10-032022-04-020000100493tsn:PorkMemberus-gaap:IntersegmentEliminationMember2021-10-032022-04-020000100493tsn:PorkMember2021-10-032022-04-020000100493tsn:ChickenMembertsn:RetailSalesChannelMember2021-10-032022-04-020000100493tsn:ChickenMembertsn:FoodserviceSalesChannelMember2021-10-032022-04-020000100493tsn:InternationalSalesChannelMembertsn:ChickenMember2021-10-032022-04-020000100493tsn:IndustrialandOtherSalesChannelMembertsn:ChickenMember2021-10-032022-04-020000100493us-gaap:IntersegmentEliminationMembertsn:ChickenMember2021-10-032022-04-020000100493tsn:PreparedFoodsMembertsn:RetailSalesChannelMember2021-10-032022-04-020000100493tsn:PreparedFoodsMembertsn:FoodserviceSalesChannelMember2021-10-032022-04-020000100493tsn:PreparedFoodsMembertsn:InternationalSalesChannelMember2021-10-032022-04-020000100493tsn:IndustrialandOtherSalesChannelMembertsn:PreparedFoodsMember2021-10-032022-04-020000100493tsn:PreparedFoodsMemberus-gaap:IntersegmentEliminationMember2021-10-032022-04-020000100493tsn:PreparedFoodsMember2021-10-032022-04-020000100493us-gaap:CorporateAndOtherMembertsn:RetailSalesChannelMember2021-10-032022-04-020000100493us-gaap:CorporateAndOtherMembertsn:FoodserviceSalesChannelMember2021-10-032022-04-020000100493tsn:InternationalSalesChannelMemberus-gaap:CorporateAndOtherMember2021-10-032022-04-020000100493tsn:IndustrialandOtherSalesChannelMemberus-gaap:CorporateAndOtherMember2021-10-032022-04-020000100493us-gaap:CorporateAndOtherMemberus-gaap:IntersegmentEliminationMember2021-10-032022-04-020000100493us-gaap:CorporateAndOtherMember2021-10-032022-04-020000100493tsn:RetailSalesChannelMember2021-10-032022-04-020000100493tsn:FoodserviceSalesChannelMember2021-10-032022-04-020000100493tsn:InternationalSalesChannelMember2021-10-032022-04-020000100493tsn:IndustrialandOtherSalesChannelMember2021-10-032022-04-020000100493us-gaap:IntersegmentEliminationMember2021-10-032022-04-020000100493tsn:BeefMembertsn:RetailSalesChannelMember2020-10-042021-04-030000100493tsn:BeefMembertsn:FoodserviceSalesChannelMember2020-10-042021-04-030000100493tsn:BeefMembertsn:InternationalSalesChannelMember2020-10-042021-04-030000100493tsn:IndustrialandOtherSalesChannelMembertsn:BeefMember2020-10-042021-04-030000100493tsn:BeefMemberus-gaap:IntersegmentEliminationMember2020-10-042021-04-030000100493tsn:BeefMember2020-10-042021-04-030000100493tsn:PorkMembertsn:RetailSalesChannelMember2020-10-042021-04-030000100493tsn:PorkMembertsn:FoodserviceSalesChannelMember2020-10-042021-04-030000100493tsn:PorkMembertsn:InternationalSalesChannelMember2020-10-042021-04-030000100493tsn:IndustrialandOtherSalesChannelMembertsn:PorkMember2020-10-042021-04-030000100493tsn:PorkMemberus-gaap:IntersegmentEliminationMember2020-10-042021-04-030000100493tsn:PorkMember2020-10-042021-04-030000100493tsn:ChickenMembertsn:RetailSalesChannelMember2020-10-042021-04-030000100493tsn:ChickenMembertsn:FoodserviceSalesChannelMember2020-10-042021-04-030000100493tsn:InternationalSalesChannelMembertsn:ChickenMember2020-10-042021-04-030000100493tsn:IndustrialandOtherSalesChannelMembertsn:ChickenMember2020-10-042021-04-030000100493us-gaap:IntersegmentEliminationMembertsn:ChickenMember2020-10-042021-04-030000100493tsn:ChickenMember2020-10-042021-04-030000100493tsn:PreparedFoodsMembertsn:RetailSalesChannelMember2020-10-042021-04-030000100493tsn:PreparedFoodsMembertsn:FoodserviceSalesChannelMember2020-10-042021-04-030000100493tsn:PreparedFoodsMembertsn:InternationalSalesChannelMember2020-10-042021-04-030000100493tsn:IndustrialandOtherSalesChannelMembertsn:PreparedFoodsMember2020-10-042021-04-030000100493tsn:PreparedFoodsMemberus-gaap:IntersegmentEliminationMember2020-10-042021-04-030000100493tsn:PreparedFoodsMember2020-10-042021-04-030000100493us-gaap:CorporateAndOtherMembertsn:RetailSalesChannelMember2020-10-042021-04-030000100493us-gaap:CorporateAndOtherMembertsn:FoodserviceSalesChannelMember2020-10-042021-04-030000100493tsn:InternationalSalesChannelMemberus-gaap:CorporateAndOtherMember2020-10-042021-04-030000100493tsn:IndustrialandOtherSalesChannelMemberus-gaap:CorporateAndOtherMember2020-10-042021-04-030000100493us-gaap:CorporateAndOtherMemberus-gaap:IntersegmentEliminationMember2020-10-042021-04-030000100493us-gaap:CorporateAndOtherMember2020-10-042021-04-030000100493tsn:RetailSalesChannelMember2020-10-042021-04-030000100493tsn:FoodserviceSalesChannelMember2020-10-042021-04-030000100493tsn:InternationalSalesChannelMember2020-10-042021-04-030000100493tsn:IndustrialandOtherSalesChannelMember2020-10-042021-04-030000100493us-gaap:IntersegmentEliminationMember2020-10-042021-04-030000100493us-gaap:OtherAssetsMember2022-04-020000100493us-gaap:OtherAssetsMember2021-10-020000100493tsn:IndustrialRevenueBondsMember2022-04-020000100493tsn:BroilerAntitrustCivilLitigationClassActionMember2021-01-192021-01-190000100493tsn:RepublicOfThePhilippinesDepartmentOfLaborAndEmploymentMember2004-01-012004-12-310000100493tsn:RepublicofthePhilippinesDepartmentofLaborandEmploymentandtheNationalLaborRelationsCommissionMember2016-11-292016-11-29tsn:plaintiff0000100493tsn:RepublicOfThePhilippinesDepartmentOfLaborAndEmploymentMember2016-11-292016-11-290000100493tsn:RepublicofthePhilippinesDepartmentofLaborandEmploymentandtheNationalLaborRelationsCommissionMember2016-12-212016-12-21

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 April 2, 2022
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to            
tsn-20220402_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, 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 April 2, 2022.
ClassOutstanding Shares
Class A Common Stock, $0.10 Par Value (Class A stock)291,539,008
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
  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
 April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Sales$13,117 $11,300 $26,050 $21,760 
Cost of Sales11,382 10,047 22,300 19,330 
Gross Profit1,735 1,253 3,750 2,430 
Selling, General and Administrative579 533 1,139 1,005 
Operating Income1,156 720 2,611 1,425 
Other (Income) Expense:
Interest income(3)(2)(6)(4)
Interest expense97 110 197 220 
Other, net(25)(12)(77)(31)
Total Other (Income) Expense69 96 114 185 
Income before Income Taxes1,087 624 2,497 1,240 
Income Tax Expense254 147 538 291 
Net Income833 477 1,959 949 
Less: Net Income Attributable to Noncontrolling Interests4 1 9 6 
Net Income Attributable to Tyson$829 $476 $1,950 $943 
Weighted Average Shares Outstanding:
Class A Basic291 293 291 293 
Class B Basic70 70 70 70 
Diluted364 365 364 365 
Net Income Per Share Attributable to Tyson:
Class A Basic$2.34 $1.34 $5.50 $2.65 
Class B Basic$2.11 $1.20 $4.95 $2.38 
Diluted$2.28 $1.30 $5.35 $2.58 
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
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Net Income$833 $477 $1,959 $949 
Other Comprehensive Income (Loss), Net of Taxes:
Derivatives accounted for as cash flow hedges1 1 1 2 
Investments(3)(1)(4)(1)
Currency translation28 (49)27 26 
Postretirement benefits2 1 4 2 
Total Other Comprehensive Income (Loss), Net of Taxes28 (48)28 29 
Comprehensive Income861 429 1,987 978 
Less: Comprehensive Income Attributable to Noncontrolling Interests4 1 9 6 
Comprehensive Income Attributable to Tyson$857 $428 $1,978 $972 
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)
April 2, 2022October 2, 2021
Assets
Current Assets:
Cash and cash equivalents$1,151 $2,507 
Accounts receivable, net2,408 2,400 
Inventories4,990 4,382 
Other current assets448 533 
Total Current Assets8,997 9,822 
Net Property, Plant and Equipment8,193 7,837 
Goodwill10,548 10,549 
Intangible Assets, net6,397 6,519 
Other Assets1,763 1,582 
Total Assets$35,898 $36,309 
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt$79 $1,067 
Accounts payable2,269 2,225 
Other current liabilities2,309 3,033 
Total Current Liabilities4,657 6,325 
Long-Term Debt8,270 8,281 
Deferred Income Taxes2,297 2,195 
Other Liabilities1,518 1,654 
Commitments and Contingencies (Note 14)
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 value4,510 4,486 
Retained earnings19,119 17,502 
Accumulated other comprehensive gain (loss)(144)(172)
Treasury stock, at cost – 86 million shares at April 2, 2022 and 83 million shares at October 2, 2021(4,516)(4,138)
Total Tyson Shareholders’ Equity19,014 17,723 
Noncontrolling Interests142 131 
Total Shareholders’ Equity19,156 17,854 
Total Liabilities and Shareholders’ Equity$35,898 $36,309 
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
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
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 period4,471 4,411 4,486 4,433 
Stock-based compensation and Other39 32 24 10 
Balance at end of period4,510 4,443 4,510 4,443 
Retained Earnings:
Balance at beginning of period18,453 15,399 17,502 15,100 
Net income attributable to Tyson829 476 1,950 943 
Dividends(163)(159)(333)(327)
Balance at end of period19,119 15,716 19,119 15,716 
Accumulated Other Comprehensive Income (Loss), Net of Tax:
Balance at beginning of period(172)(102)(172)(179)
Other comprehensive income (loss)28 (48)28 29 
Balance at end of period(144)(150)(144)(150)
Treasury Stock:
Balance at beginning of period85 (4,394)83 (4,115)83 (4,138)83 (4,145)
Purchase of Class A common stock2 (175) (17)6 (523) (34)
Stock-based compensation(1)53  9 (3)145  56 
Balance at end of period86 (4,516)83 (4,123)86 (4,516)83 (4,123)
Total Shareholders’ Equity Attributable to Tyson$19,014 $15,931 $19,014 $15,931 
Equity Attributable to Noncontrolling Interests:
Balance at beginning of period$139 $143 $131 $132 
Net income attributable to noncontrolling interests4 1 9 6 
Distributions to noncontrolling interest  — (2)
Other(1)(5)2 3 
Total Equity Attributable to Noncontrolling Interests$142 $139 $142 $139 
Total Shareholders’ Equity$19,156 $16,070 $19,156 $16,070 
See accompanying Notes to Consolidated Condensed Financial Statements.
4


TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 Six Months Ended
 April 2, 2022April 3, 2021
Cash Flows From Operating Activities:
Net income$1,959 $949 
Depreciation and amortization595 604 
Deferred income taxes98 27 
Other, net27 46 
Net changes in operating assets and liabilities(1,455)(277)
Cash Provided by Operating Activities1,224 1,349 
Cash Flows From Investing Activities:
Additions to property, plant and equipment(847)(557)
Purchases of marketable securities(18)(41)
Proceeds from sale of marketable securities18 41 
Acquisition of equity investments(96) 
Other, net58 49 
Cash Used for Investing Activities(885)(508)
Cash Flows From Financing Activities:
Proceeds from issuance of debt47 557 
Payments on debt(1,088)(1,570)
Purchases of Tyson Class A common stock(511)(34)
Dividends(328)(318)
Stock options exercised113 22 
Other, net (2)
Cash Used for Financing Activities(1,767)(1,345)
Effect of Exchange Rate Changes on Cash6 10 
Decrease in Cash and Cash Equivalents and Restricted Cash(1,422)(494)
Cash and Cash Equivalents and Restricted Cash at Beginning of Year2,637 1,466 
Cash and Cash Equivalents and Restricted Cash at End of Period1,215 972 
Less: Restricted Cash at End of Period64 95 
Cash and Cash Equivalents at End of Period$1,151 $877 
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 2, 2021. 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 April 2, 2022, and the results of operations for the three and six months ended April 2, 2022, and April 3, 2021. 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. There have been no material changes to the summary of certain accounting estimates, the description of the estimates and the levels of subjectivity and judgment they require found in our Annual Report on Form 10-K for the fiscal year ended October 2, 2021.
Recently Issued Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board ("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 31, 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.
Changes in Accounting Principles
In August 2020, the 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 elected to early adopt this guidance beginning in the first quarter of fiscal 2022 and it did not have an impact on our consolidated financial statements.
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. We adopted this guidance in the first quarter of fiscal 2022 and it did not have an impact on our consolidated financial statements.

6


NOTE 2: ACQUISITIONS AND DISPOSITIONS
Acquisition
In the third quarter of fiscal 2021, we acquired a 49% minority interest in a Malaysian producer of feed and poultry products for $44 million in addition to future contingent payments of up to approximately $65 million. We are accounting for the investment under the equity method.
Disposition
We completed the sale of our pet treats business, which was included in our Prepared Foods segment, on July 6, 2021 for $1.2 billion, subject to certain adjustments. As a result of the sale, we recorded a pretax gain of $784 million, or post tax gain of $510 million, which was reflected in Cost of Sales in our Consolidated Statement of Income in the fourth quarter of fiscal 2021. The business had a net carrying value of approximately $411 million, which included $44 million of working capital consisting of inventory, accounts receivable and accounts payable, $17 million of property, plant and equipment and $350 million of goodwill. The goodwill was not deductible for tax purposes. The Company concluded the business was not a significant disposal and did not represent a strategic shift, and therefore was not classified as a discontinued operation for any of the periods presented.
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 April 2, 2022, 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 2, 2021.
The following table reflects the major components of inventory (in millions):
April 2, 2022October 2, 2021
Processed products$2,778 $2,426 
Livestock1,361 1,215 
Supplies and other851 741 
Total inventory$4,990 $4,382 
NOTE 4: PROPERTY, PLANT AND EQUIPMENT
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): 
April 2, 2022October 2, 2021
Land$219 $210 
Buildings and leasehold improvements5,496 5,370 
Machinery and equipment9,690 9,507 
Land improvements and other478 453 
Buildings and equipment under construction1,326 976 
17,209 16,516 
Less accumulated depreciation9,016 8,679 
Net Property, Plant and Equipment$8,193 $7,837 
NOTE 5: OTHER CURRENT LIABILITIES
Other current liabilities are as follows (in millions):
April 2, 2022October 2, 2021
Accrued salaries, wages and benefits$774 $897 
Taxes payable466 729 
Accrued current legal contingencies (a)267 567 
Other802 840 
Total other current liabilities$2,309 $3,033 
(a) $64 million and $127 million of funds held in an escrow account for litigation settlements were included as restricted cash within Other current assets in the Consolidated Condensed Balance Sheets as of April 2, 2022 and October 2, 2021, respectively.
7


NOTE 6: DEBT
The major components of debt are as follows (in millions):
April 2, 2022October 2, 2021
Revolving credit facility$ $ 
Commercial paper  
Senior notes:
4.50% Senior notes due June 2022 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(40)(42)
Other207 212 
Unamortized debt issuance costs(46)(50)
Total debt8,349 9,348 
Less current debt79 1,067 
Total long-term debt$8,270 $8,281 
Revolving Credit Facility and Letters of Credit
In September 2021, we amended our existing credit facility which, among other things, increased our line of credit from $1.75 billion to $2.25 billion with the option to establish incremental commitment increases of up to $500 million if certain conditions are met. The revolving credit facility 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 April 2, 2022, amounts available for borrowing under this facility totaled $2.25 billion and we had no borrowings and no outstanding letters of credit issued under this facility. At April 2, 2022, we had $93 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of 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. In December 2021, we amended our existing commercial paper program, which increased our maximum borrowing capacity to $1.5 billion. As of April 2, 2022, we had no commercial paper outstanding. Our ability to access commercial paper in the future may be limited or its costs increased.
June 2022 Notes
On March 15, 2022, we redeemed the $1 billion outstanding balance of the Senior Notes due June 2022 using cash on hand.
Debt Covenants
Our revolving credit facility contains affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; make acquisitions and investments; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain 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.
We were in compliance with all debt covenants at April 2, 2022.
8


NOTE 7: EQUITY
Share Repurchases
As of April 2, 2022, 13.8 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 EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
SharesDollarsSharesDollarsSharesDollarsSharesDollars
Shares repurchased:
Under share repurchase program1.5 $132  $ 5.1 $432  $ 
To fund certain obligations under equity compensation plans0.5 43 0.2 17 1.1 91 0.5 34 
Total share repurchases2.0 $175 0.2 $17 6.2 $523 0.5 $34 
NOTE 8: INCOME TAXES
Our effective tax rate was 23.4% and 23.5% for the second quarter of fiscal 2022 and 2021, respectively and 21.6% and 23.5% for the first six months of fiscal 2022 and 2021, respectively. The effective tax rates for the second quarter and first six months of fiscal 2022 and 2021 were higher than the federal statutory tax rate primarily due to state taxes, partially offset by various tax benefits. The effective tax rate for the first six months of fiscal 2022 also includes a $36 million benefit from the remeasurement of deferred income taxes, primarily due to legislation decreasing state tax rates enacted in the first quarter.
Unrecognized tax benefits were $157 million and $152 million at April 2, 2022 and October 2, 2021, respectively. We do not expect material changes to our unrecognized tax benefits during the next twelve months.
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. At that time, the assessment totaled approximately $380 million (7.8 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.
9


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 EndedSix Months Ended
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Numerator:
Net income$833 $477 $1,959 $949 
Less: Net income attributable to noncontrolling interests4 1 9 6 
Net income attributable to Tyson829 476 1,950 943 
Less dividends declared:
Class A 134 131 274 269 
Class B 29 28 59 58 
Undistributed earnings$666 $317 $1,617 $616 
Class A undistributed earnings$547 $261 $1,329 $507 
Class B undistributed earnings119 56 288 109 
Total undistributed earnings$666 $317 $1,617 $616 
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares291 293 291 293 
Class B weighted average shares, and shares under the if-converted method for diluted earnings per share70 70 70 70 
Effect of dilutive securities:
Stock options, restricted stock and performance units3 2 3 2 
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions364 365 364 365 
Net income per share attributable to Tyson:
Class A basic$2.34 $1.34 $5.50 $2.65 
Class B basic$2.11 $1.20 $4.95 $2.38 
Diluted$2.28 $1.30 $5.35 $2.58 
Dividends Declared Per Share:
Class A$0.460 $0.445 $0.935 $0.915 
Class B$0.414 $0.401 $0.842 $0.824 
Approximately 2 million of our stock-based compensation shares were antidilutive for the three and six months ended April 2, 2022. Approximately 5 million of our stock-based compensation shares were antidilutive for the three and six months ended April 3, 2021. 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.
10


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 April 2, 2022.
We had the following net aggregated outstanding notional amounts related to our derivative financial instruments:
in millions, except soybean meal tonsMetricApril 2, 2022October 2, 2021
Commodity:
CornBushels30 37 
Soybean MealTons404,200 1,026,733