2020 Form 10-K Financial Statement

#000010049320000132 Filed on November 16, 2020

View on sec.gov

Income Statement

Concept 2020 2019 Q3 2019 Q2
Revenue $43.19B $10.88B $10.89B
YoY Change 1.84% 8.85% 8.3%
Cost Of Revenue $37.80B $9.745B $9.549B
YoY Change 1.12% 12.53% 9.11%
Gross Profit $5.384B $1.139B $1.336B
YoY Change 7.21% -14.94% 2.85%
Gross Profit Margin 12.47% 10.46% 12.27%
Selling, General & Admin $2.376B $582.0M $555.0M
YoY Change 5.51% 15.02% 10.56%
% of Gross Profit 44.13% 51.1% 41.54%
Research & Development $98.00M
YoY Change 1.03%
% of Gross Profit 1.82%
Depreciation & Amortization $1.178B $289.0M $286.0M
YoY Change 8.47% 17.48% 20.17%
% of Gross Profit 21.88% 25.37% 21.41%
Operating Expenses $2.474B $582.0M $555.0M
YoY Change 5.32% 15.02% 10.56%
Operating Profit $3.008B $604.0M $781.0M
YoY Change 8.59% -26.25% -2.01%
Interest Expense -$475.0M -$118.0M -$109.0M
YoY Change 10.21% 28.26% 26.74%
% of Operating Profit -15.79% -19.54% -13.96%
Other Income/Expense, Net -$344.0M -$20.00M -$57.00M
YoY Change -13.13% -166.67% -22.97%
Pretax Income $2.664B $409.0M $724.0M
YoY Change 12.22% -45.97% 0.14%
Income Tax $593.0M $79.00M $43.00M
% Of Pretax Income 22.26% 19.32% 5.94%
Net Earnings $2.061B $369.0M $676.0M
YoY Change 4.09% -31.28% 24.95%
Net Earnings / Revenue 4.77% 3.39% 6.21%
Basic Earnings Per Share
Diluted Earnings Per Share $5.64 $1.01 $1.84
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 365.0M shares 367.0M shares

Balance Sheet

Concept 2020 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.420B $484.0M $406.0M
YoY Change 193.39% 79.26% 138.82%
Cash & Equivalents $1.420B $484.0M $406.0M
Short-Term Investments
Other Short-Term Assets $367.0M $404.0M $426.0M
YoY Change -9.16% 121.98% 117.35%
Inventory $3.859B $4.108B $4.149B
Prepaid Expenses
Receivables $1.952B $2.173B $2.452B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.598B $7.169B $7.433B
YoY Change 8.7% 26.04% 22.31%
LONG-TERM ASSETS
Property, Plant & Equipment $8.128B $7.282B $7.271B
YoY Change 11.62% 18.04% 22.72%
Goodwill $10.84B $10.94B
YoY Change 11.35% 15.22%
Intangibles $7.037B $7.206B
YoY Change 4.11% 12.51%
Long-Term Investments
YoY Change
Other Assets $1.057B $765.0M $811.0M
YoY Change 38.17% 1.46% 10.64%
Total Long-Term Assets $26.86B $25.75B $26.23B
YoY Change 3.59% 9.94% 16.27%
TOTAL ASSETS
Total Short-Term Assets $7.598B $7.169B $7.433B
Total Long-Term Assets $26.86B $25.75B $26.23B
Total Assets $34.46B $32.92B $33.67B
YoY Change 4.67% 13.09% 17.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.876B $1.926B $1.958B
YoY Change -2.6% 13.7% 26.65%
Accrued Expenses $984.0M $620.0M $587.0M
YoY Change 58.71% 12.93% 18.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $548.0M $2.102B $2.125B
YoY Change -73.93% 9.99% 62.46%
Total Short-Term Liabilities $4.234B $5.513B $5.597B
YoY Change -23.2% 9.58% 36.11%
LONG-TERM LIABILITIES
Long-Term Debt $10.79B $9.830B $10.46B
YoY Change 9.78% 23.46% 18.18%
Other Long-Term Liabilities $1.728B $1.172B $1.128B
YoY Change 47.44% -2.17% -4.97%
Total Long-Term Liabilities $12.52B $1.172B $1.128B
YoY Change 13.79% -2.17% -4.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.234B $5.513B $5.597B
Total Long-Term Liabilities $12.52B $1.172B $1.128B
Total Liabilities $19.20B $6.685B $6.725B
YoY Change 1.23% 7.32% 26.91%
SHAREHOLDERS EQUITY
Retained Earnings $13.79B $13.55B
YoY Change 11.83% 13.77%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.011B $4.025B
YoY Change 1.72% 3.47%
Treasury Stock Shares 82.00M shares 83.00M shares
Shareholders Equity $15.25B $14.08B $13.93B
YoY Change
Total Liabilities & Shareholders Equity $34.46B $33.10B $33.67B
YoY Change 4.67% 13.7% 17.55%

Cashflow Statement

Concept 2020 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $2.061B $369.0M $676.0M
YoY Change 4.09% -31.28% 24.95%
Depreciation, Depletion And Amortization $1.178B $289.0M $286.0M
YoY Change 8.47% 17.48% 20.17%
Cash From Operating Activities $3.874B $978.0M $596.0M
YoY Change 54.16% -5.87% -24.08%
INVESTING ACTIVITIES
Capital Expenditures $1.199B -$288.0M -$315.0M
YoY Change -4.77% -7.99% -3.96%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $52.00M $159.0M -$254.0M
YoY Change -159.09% -193.53% -37.9%
Cash From Investing Activities -$1.423B -$129.0M -$569.0M
YoY Change -58.92% -73.29% -22.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $207.0M
YoY Change -17.86%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.468B -761.0M 20.00M
YoY Change -225.36% 67.25% -128.17%
NET CHANGE
Cash From Operating Activities $3.874B 978.0M 596.0M
Cash From Investing Activities -$1.423B -129.0M -569.0M
Cash From Financing Activities -$1.468B -761.0M 20.00M
Net Change In Cash $982.0M 88.00M 47.00M
YoY Change 358.88% -12.87% -304.35%
FREE CASH FLOW
Cash From Operating Activities $3.874B $978.0M $596.0M
Capital Expenditures $1.199B -$288.0M -$315.0M
Free Cash Flow $2.675B $1.266B $911.0M
YoY Change 113.32% -6.36% -18.15%

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CY2019 us-gaap Gain Loss On Sale Of Business
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CY2018 us-gaap Gain Loss On Sale Of Business
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CY2019 us-gaap Asset Impairment Charges
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CY2019 us-gaap Other Noncash Income Expense
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CY2018 us-gaap Other Noncash Income Expense
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CY2019 us-gaap Increase Decrease In Inventories
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CY2019 us-gaap Increase Decrease In Interest Payable Net
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CY2019 us-gaap Net Cash Provided By Used In Operating Activities
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CY2018 us-gaap Net Cash Provided By Used In Operating Activities
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CY2019 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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CY2020 us-gaap Payments To Acquire Marketable Securities
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42000000 USD
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87000000 USD
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CY2019 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2019 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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CY2018 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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CY2019 us-gaap Proceeds From Stock Options Exercised
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CY2018 us-gaap Proceeds From Stock Options Exercised
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CY2019 us-gaap Proceeds From Payments For Other Financing Activities
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CY2018 us-gaap Proceeds From Payments For Other Financing Activities
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2017Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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484000000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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270000000 USD
CY2020Q4 us-gaap Restricted Cash
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CY2018Q3 us-gaap Restricted Cash
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CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020 us-gaap Nature Of Operations
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<span style="font-family:inherit;font-size:10pt;font-weight:bold;">Description of Business:</span><span style="font-family:inherit;font-size:10pt;"> Tyson Foods, Inc. (collectively, “Company,” “we,” “us” or “our”), is one of the world's largest food companies and a recognized leader in protein. </span><span style="font-family:inherit;font-size:10pt;">Founded in 1935 by John W. Tyson and grown under three generations of family leadership, the Company has a broad portfolio of products and brands including Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp® and State Fair®.</span> We innovate continually to make protein more sustainable, tailor food for everywhere it’s available and raise the world’s expectations for how much good food can do.
CY2020 us-gaap Fiscal Period
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<div style="line-height:120%;padding-top:12px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Fiscal Year:</span><span style="font-family:inherit;font-size:10pt;"> We utilize a 52- or 53-week accounting period ending on the Saturday closest to September 30. The Company’s accounting cycle resulted in a 53-week year for fiscal 2020 and a 52-week year for fiscal </span><span style="font-family:inherit;font-size:10pt;">2019</span><span style="font-family:inherit;font-size:10pt;"> and fiscal </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;">.</span></div>
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CY2020Q4 us-gaap Reporting Unit Percentage Of Fair Value In Excess Of Carrying Amount
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CY2020Q4 tsn Indefinitelivedintangibles Percentageof Fair Valuein Excessof Carrying Amount
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CY2020Q4 us-gaap Employee Related Liabilities Current
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CY2020Q4 us-gaap Other Liabilities Current
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CY2019Q3 us-gaap Other Liabilities Current
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CY2020 tsn Maximum Length Of Time Hedged Anticipated Transactions
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CY2020 us-gaap Research And Development Expense
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CY2020 us-gaap Use Of Estimates
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<div style="line-height:120%;padding-top:12px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates:</span><span style="font-family:inherit;font-size:10pt;"> The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</span></div>
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
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7985000000 USD
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1102000000 USD
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7368000000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
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CY2018Q3 us-gaap Goodwill
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CY2019 us-gaap Goodwill Acquired During Period
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CY2019Q3 us-gaap Goodwill
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CY2020 us-gaap Goodwill Purchase Accounting Adjustments
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CY2020 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2020Q4 us-gaap Goodwill Gross
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CY2020Q4 us-gaap Goodwill
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210000000 USD
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261000000 USD
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CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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CY2020 us-gaap Operating Lease Cost
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CY2020 us-gaap Variable Lease Cost
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CY2020 us-gaap Short Term Lease Cost
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CY2020 us-gaap Lease Cost
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CY2020 us-gaap Operating Lease Payments
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CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Current
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CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
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33000000 USD
CY2020Q4 us-gaap Operating Lease Liability
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529000000 USD
CY2019 us-gaap Lease And Rental Expense
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CY2018 us-gaap Lease And Rental Expense
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due
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CY2019Q3 us-gaap Other Commitment Due In Second Year
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CY2019Q3 us-gaap Other Commitment Due In Third Year
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CY2019Q3 us-gaap Other Commitment Due In Fourth Year
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58000000 USD
CY2019Q3 us-gaap Other Commitment Due In Fifth Year
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CY2019Q3 us-gaap Other Commitment Due After Fifth Year
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122000000 USD
CY2019Q3 us-gaap Other Commitment
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699000000 USD
CY2020 us-gaap Restructuring And Related Cost Incurred Cost
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77000000 USD
CY2018 us-gaap Restructuring And Related Cost Incurred Cost
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0
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Percent
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0
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0
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CY2020Q4 tsn Deferred Tax Liability Rou Asset
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CY2019 us-gaap Undistributed Earnings
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51000000 USD
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20000000 USD
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
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CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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20000000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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53000000 USD
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52000000 USD
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0 USD
CY2020 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
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9979081 shares
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97000000 USD
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84000000 USD
CY2019Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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OtherComprehensiveIncomeLossBeforeTax
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CY2020 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-10000000 USD
CY2020 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
30000000 USD
CY2019Q3 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
1000000 USD
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AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-136000000 USD
CY2020Q4 tsn Multiemployer Plan Numberof Plans
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3
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-15000000 USD
CY2019Q3 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
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2000000 USD
CY2019Q3 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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OtherComprehensiveIncomeLossBeforeTax
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CY2019 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
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CY2019 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2018 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
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CY2018 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
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CY2018 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2020 us-gaap Number Of Operating Segments
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4
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InterestPaidNet
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CY2019 us-gaap Interest Paid Net
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419000000 USD
CY2020 us-gaap Revenues
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CY2020 us-gaap Operating Income Loss
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CY2020 us-gaap Nonoperating Income Expense
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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2770000000 USD
CY2020 us-gaap Depreciation Depletion And Amortization
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CY2020Q4 us-gaap Assets
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CY2020 us-gaap Property Plant And Equipment Additions
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CY2019 us-gaap Revenues
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CY2019 us-gaap Operating Income Loss
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CY2019 us-gaap Nonoperating Income Expense
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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2431000000 USD
CY2019 us-gaap Depreciation Depletion And Amortization
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CY2019Q3 us-gaap Assets
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CY2019 us-gaap Property Plant And Equipment Additions
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CY2018 us-gaap Revenues
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CY2018 us-gaap Operating Income Loss
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CY2018 us-gaap Nonoperating Income Expense
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CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2745000000 USD
CY2018 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
933000000 USD
CY2018Q3 us-gaap Assets
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CY2018 us-gaap Property Plant And Equipment Additions
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1200000000 USD
CY2020 us-gaap Revenues
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43185000000 USD
CY2019 us-gaap Revenues
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42405000000 USD
CY2018 us-gaap Interest Paid Net
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368000000 USD
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
511000000 USD
CY2019 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
557000000 USD
CY2018 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
470000000 USD
CY2020Q4 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
0 USD
CY2020Q4 tsn Cash Flow Assistance Program Potential Maximum Obligation
CashFlowAssistanceProgramPotentialMaximumObligation
320000000 USD
CY2020Q4 tsn Cash Flow Assistance Program Receivables
CashFlowAssistanceProgramReceivables
29000000 USD
CY2019Q3 tsn Cash Flow Assistance Program Receivables
CashFlowAssistanceProgramReceivables
5000000 USD
CY2020Q4 tsn Cash Flow Assistance Program Estimated Allowance For Uncollectible Receivables
CashFlowAssistanceProgramEstimatedAllowanceForUncollectibleReceivables
0 USD
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
46000000 USD
CY2019Q3 us-gaap Restricted Cash
RestrictedCash
0 USD
CY2020Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
2371000000 USD
CY2020Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
414000000 USD
CY2020Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
253000000 USD
CY2020Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
111000000 USD
CY2020Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
79000000 USD
CY2020Q4 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears
152000000 USD
CY2020Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
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3380000000 USD
CY2019Q4 us-gaap Revenues
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CY2020Q1 us-gaap Revenues
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CY2020Q2 us-gaap Revenues
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us-gaap Revenues
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us-gaap Gross Profit
GrossProfit
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OperatingIncomeLoss
775000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2020Q1 us-gaap Profit Loss
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CY2020Q2 us-gaap Profit Loss
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us-gaap Profit Loss
ProfitLoss
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CY2019Q4 us-gaap Net Income Loss
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557000000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
364000000 USD
CY2020Q2 us-gaap Net Income Loss
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527000000 USD
us-gaap Net Income Loss
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692000000 USD
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1.52
CY2020Q1 us-gaap Earnings Per Share Diluted
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1.00
CY2020Q2 us-gaap Earnings Per Share Diluted
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1.44
us-gaap Earnings Per Share Diluted
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1.90
CY2018Q4 us-gaap Revenues
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CY2019Q1 us-gaap Revenues
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CY2019Q2 us-gaap Revenues
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CY2019Q3 us-gaap Revenues
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CY2019Q1 us-gaap Gross Profit
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CY2019Q2 us-gaap Gross Profit
GrossProfit
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CY2019Q3 us-gaap Gross Profit
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1139000000 USD
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
807000000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2019Q2 us-gaap Operating Income Loss
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CY2018Q4 us-gaap Profit Loss
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CY2019Q1 us-gaap Profit Loss
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CY2019Q2 us-gaap Profit Loss
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CY2019Q3 us-gaap Profit Loss
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CY2019Q3 us-gaap Net Income Loss
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CY2018Q4 us-gaap Earnings Per Share Diluted
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1.50
CY2019Q1 us-gaap Earnings Per Share Diluted
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1.17
tsn Pretax Incomefrom53weekaccountingcycle
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65000000 USD
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EarningsPerShareDiluted
1.84
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.01

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