Document and Entity Information

6 Months Ended

Mar. 29, 2014

Entity Registrant Name

TYSON FOODS INC

Entity Central Index Key

0000100493

Current Fiscal Year End Date

--09-27

Entity Filer Category

Large Accelerated Filer

Document Type

10-Q

Document Period End Date

Mar. 29, 2014

Document Fiscal Year Focus

2014

Document Fiscal Period Focus

Q2

Amendment Flag

false

Class A [Member]

Entity Common Stock, Shares Outstanding

278,405,313

Class B [Member]

Entity Common Stock, Shares Outstanding

70,010,805

Consolidated Condensed Statements Of Income (USD $)

In Millions, except Per Share data, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Mar. 30, 2013

Sales

$ 9,032

$ 8,383

$ 17,793

$ 16,749

Cost of Sales

8,381

7,915

16,457

15,742

Gross Profit

651

468

1,336

1,007

Operating Expenses:

Selling, general and administrative

290

232

563

467

Operating Income

361

236

773

540

Other (Income) Expense:

Interest income

(3)

(2)

(5)

(3)

Interest expense

25

36

53

73

Other, net

(2)

(19)

1

(19)

Total Other (Income) Expense

20

15 ¹

49

51 ¹

Income from Continuing Operations before Income Taxes

341

221

724

489

Income Tax Expense

131

53

262

149

Income from Continuing Operations

210

168

462

340

Loss from Discontinued Operation, Net of Tax

0

(62)

0

(66)

Net Income

210

106

462

274

Less: Net income (loss) attributable to noncontrolling interest

(3)

11

(5)

6

Net Income Attributable to Tyson

213

95

467

268

Amounts attributable to Tyson:

Net income from continuing operations attributable to Tyson

213

157

467

334

Net Loss from Discontinued Operation

$ 0

$ (62)

$ 0

$ (66)

Weighted Average Shares Outstanding:

Diluted, Shares

356

366

355

364

Net Income Per Share from Continuing Operations Attributable to Tyson:

Diluted (USD per share)

$ 0.60

$ 0.43

$ 1.32

$ 0.92

Net Loss Per Share from Discontinued Operation Attributable to Tyson:

Diluted (USD per share)

$ 0.00

$ (0.17)

$ 0.00

$ (0.18)

Net Income Per Share Attributable to Tyson:

Diluted (USD per share)

$ 0.60

$ 0.26

$ 1.32

$ 0.74

Class A [Member]

Weighted Average Shares Outstanding:

Basic, Shares

273

283

272

284

Net Income Per Share from Continuing Operations Attributable to Tyson:

Basic (USD per share)

$ 0.64

$ 0.45

$ 1.40

$ 0.96

Net Loss Per Share from Discontinued Operation Attributable to Tyson:

Basic (USD per share)

$ 0.00

$ (0.18)

$ 0.00

$ (0.19)

Net Income Per Share Attributable to Tyson:

Basic (USD per share)

$ 0.64

$ 0.27

$ 1.40

$ 0.77

Dividends Declared Per Share:

Dividends Declared (USD per share)

$ 0.075

$ 0.050

$ 0.175

$ 0.210

Class B [Member]

Weighted Average Shares Outstanding:

Basic, Shares

70

Net Income Per Share from Continuing Operations Attributable to Tyson:

Basic (USD per share)

$ 0.58

$ 0.40

$ 1.26

$ 0.86

Net Loss Per Share from Discontinued Operation Attributable to Tyson:

Basic (USD per share)

$ 0.00

$ (0.15)

$ 0.00

$ (0.16)

Net Income Per Share Attributable to Tyson:

Basic (USD per share)

$ 0.58

$ 0.25

$ 1.26

$ 0.70

Dividends Declared Per Share:

Dividends Declared (USD per share)

$ 0.068

$ 0.045

$ 0.158

$ 0.189

[1] Includes $19 million related to the recognized currency translation adjustment gain

Consolidated Condensed Statements of Comprehensive Income (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Mar. 30, 2013

Statement of Comprehensive Income [Abstract]

Net Income

$ 210

$ 106

$ 462

$ 274

Other Comprehensive Income (Loss), Net of Taxes:

Derivatives accounted for as cash flow hedges

7

(5)

5

(14)

Investments

0

(1)

3

(3)

Currency translation

6

(15)

(5)

(16)

Postretirement benefits

0

2

3

Total Other Comprehensive Income (Loss), Net of Taxes

13

(19)

5

(30)

Comprehensive Income

223

87

467

244

Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests

(3)

11

(5)

6

Comprehensive Income Attributable to Tyson

$ 226

$ 76

$ 472

$ 238

Consolidated Condensed Balance Sheets (USD $)

In Millions, unless otherwise specified

Mar. 29, 2014

Sep. 28, 2013

Assets

Cash and cash equivalents

$ 438

$ 1,145

Accounts receivable, net

1,548

1,497

Inventories

2,968

2,817

Other current assets

230

145

Total Current Assets

5,184

5,604

Net Property, Plant and Equipment

4,105

4,053

Goodwill

1,925

1,902

Intangible Assets

156

138

Other Assets

516

480

Total Assets

11,886

12,177

Liabilities and Shareholders' Equity

Current debt

52

513

Accounts payable

1,429

1,359

Other current liabilities

1,024

1,138

Total Current Liabilities

2,505

3,010

Long-Term Debt

1,888

1,895

Deferred Income Taxes

444

479

Other Liabilities

585

560

Commitments and Contingencies (Note 15)

Shareholders' Equity:

Capital in excess of par value

2,181

2,292

Retained earnings

5,407

4,999

Accumulated other comprehensive loss

(103)

(108)

Treasury stock, at cost - 43 million shares at March 29, 2014, and 48 million shares at September 28, 2013

(1,088)

(1,021)

Total Tyson Shareholders' Equity

6,436

6,201

Noncontrolling Interest

28

32

Total Shareholders' Equity

6,464

6,233

Total Liabilities and Shareholders' Equity

11,886

12,177

Class A [Member]

Shareholders' Equity:

Common stock

32

Convertible Class B [Member]

Shareholders' Equity:

Common stock

$ 7

Condensed Consolidated Balance Sheets (Parentheticals) (USD $)

In Millions, except Per Share data, unless otherwise specified

Mar. 29, 2014

Sep. 28, 2013

Treasury Stock, shares

43

48

Class A [Member]

Common stock, par value

$ 0.10

Common stock, shares authorized

900

Common stock, shares issued

322

Convertible Class B [Member]

Common stock, par value

$ 0.10

Common stock, shares authorized

900

Common stock, shares issued

70

Consolidated Condensed Statements Of Cash Flows (USD $)

In Millions, unless otherwise specified

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Cash Flows From Operating Activities:

Net Income

$ 462

$ 274

Depreciation and amortization

254

259

Deferred income taxes

(24)

Convertible debt discount

(92)

0

Other, net

32

57

Net changes in working capital

(367)

(336)

Cash Provided by Operating Activities

265

230

Cash Flows From Investing Activities:

Additions to property, plant and equipment

(293)

(290)

Purchases of marketable securities

(21)

(79)

Proceeds from sale of marketable securities

18

16

Acquisitions, net of cash acquired

(56)

(10)

Other, net

8

30

Cash Used for Investing Activities

(344)

(333)

Cash Flows From Financing Activities:

Payments on debt

(390)

(55)

Net proceeds from borrowings

14

37

Purchases of Tyson Class A common stock

(275)

(188)

Dividends

(50)

(70)

Stock options exercised

49

69

Other, net

19

2

Cash Used for Financing Activities

(633)

(205)

Effect of Exchange Rate Changes on Cash

5

(1)

Increase (Decrease) in Cash and Cash Equivalents

(707)

(309)

Cash and Cash Equivalents at Beginning of Year

1,145

1,071

Cash and Cash Equivalents at End of Period

$ 438

$ 762

Accounting Policies

ACCOUNTING POLICIES

BASIS OF PRESENTATION

The consolidated condensed financial statements 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. 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 28, 2013. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly our financial position as of March 29, 2014, and the results of operations for the three and six months ended March 29, 2014, and March 30, 2013. 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.

VARIABLE INTEREST ENTITIES

We have an investment in a joint venture, Dynamic Fuels LLC (Dynamic Fuels), in which we have a 50 percent ownership interest. Dynamic Fuels qualifies as a variable interest entity for which we consolidate as we are the primary beneficiary. At March 29, 2014, Dynamic Fuels had $154 million of total assets, of which $137 million was net property, plant and equipment, and $114 million of total liabilities, of which $100 million was long-term debt. At September 28, 2013, Dynamic Fuels had $166 million of total assets, of which $142 million was net property, plant and equipment, and $113 million of total liabilities, of which $100 million was long-term debt.

SHARE REPURCHASES

A summary of cumulative share repurchases of our Class A stock is as follows (in millions):



	Three Months Ended						Six Months Ended
	March 29, 2014			March 30, 2013			March 29, 2014			March 30, 2013
	Shares	Dollars		Shares	Dollars		Shares	Dollars		Shares	Dollars
Shares repurchased:
Under share repurchase program	2.5	$	100	2.1	$	50	7.1	$	250	7.2	$	150
To fund certain obligations under equity compensation plans	0.4	16		1.1	23		0.7	25		1.9	38
Total share repurchases	2.9	$	116	3.2	$	73	7.8	$	275	9.1	$	188

On January 30, 2014, our Board of Directors approved an increase of 25 million shares authorized for repurchase under our share repurchase program. As of March 29, 2014, 32.1 million shares remained available for repurchases under this 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.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

In December 2011 and February 2013, the Financial Accounting Standards Board (FASB) issued guidance enhancing disclosures related to offsetting of certain assets and liabilities. This guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. We adopted this guidance in the first quarter of fiscal 2014. The adoption did not have a significant impact on our consolidated condensed financial statements.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In April 2014, the FASB issued guidance changing the criteria for reporting discontinued operations. The guidance also modifies the related disclosure requirements. The guidance is effective on a prospective basis for annual reporting periods beginning after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. Early adoption is permitted. This new guidance is not expected to have a material impact on our consolidated condensed financial statements.

Acquisitions

ACQUISITIONS

During the second quarter of fiscal 2014 we acquired one value-added food business as part of our strategic expansion initiative, which is included in our Prepared Foods segment. The aggregate purchase price of the acquisition was $56 million, which included $12 million for property, plant and equipment, $27 million allocated to Intangible Assets and $18 million allocated to Goodwill.

During fiscal 2013, we acquired two value-added food businesses as part of our strategic expansion initiative, which are included in our Prepared Foods segment. The aggregate purchase price of the acquisitions were $106 million, which included $50 million for property, plant and equipment, $41 million allocated to Intangible Assets and $12 million allocated to Goodwill.

Discontinued Operation

DISCONTINUED OPERATION

After conducting an assessment during fiscal 2013 of our long-term business strategy in China, we determined our Weifang operation (Weifang), which was previously part of our Chicken segment, was no longer core to the execution of our strategy given the capital investment it required to execute our future business plan. Consequently, we conducted an impairment test and recorded a $56 million impairment charge in the second quarter of fiscal 2013. We subsequently sold Weifang which resulted in reporting it as a discontinued operation. The sale was completed in July 2013 and did not result in a significant gain or loss as its carrying value approximated the sales proceeds at the time of sale. Weifang's prior periods results, including the impairment charge, have been reclassified and presented as a discontinued operation in our Consolidated Condensed Statements of Income. The following is a summary of the discontinued operation's results (in millions):



	Three Months Ended					Six Months Ended
	March 29, 2014		March 30, 2013			March 29, 2014		March 30, 2013
Sales	$	—	$	36		$	—	$	72

Pretax loss	—		(62		)	—		(66		)
Income tax expense	—		—			—		—
Loss from discontinued operation, net of tax	$	—	$	(62	)	$	—	$	(66	)

Inventories

INVENTORIES

Processed products, livestock and supplies and other are valued at the lower of cost or market. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, contract grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories. Total inventory consists of the following (in millions):



	March 29, 2014		September 28, 2013
Processed products:
Weighted-average method – chicken, prepared foods and international	$	745	$	799
First-in, first-out method – beef and pork	713		624
Livestock – first-in, first-out method	1,109		1,002
Supplies and other – weighted-average method	401		392
Total inventory	$	2,968	$	2,817

Property, Plant And Equipment

PROPERTY, PLANT AND EQUIPMENT

The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions):



	March 29, 2014		September 28, 2013
Land	$	102	$	100
Buildings and leasehold improvements	2,983		2,945
Machinery and equipment	5,615		5,504
Land improvements and other	423		417
Buildings and equipment under construction	293		236
	9,416		9,202
Less accumulated depreciation	5,311		5,149
Net property, plant and equipment	$	4,105	$	4,053

Other Current Liabilities

OTHER CURRENT LIABILITIES

Other current liabilities are as follows (in millions):



	March 29, 2014		September 28, 2013
Accrued salaries, wages and benefits	$	324	$	419
Self-insurance reserves	269		267
Other	431		452
Total other current liabilities	$	1,024	$	1,138

Debt

DEBT

The major components of debt are as follows (in millions):



	March 29, 2014			September 28, 2013
Revolving credit facility	$	—		$	—
Senior notes:
3.25% Convertible senior notes due October 2013 (2013 Notes)	—			458
6.60% Senior notes due April 2016 (2016 Notes)	638			638
7.00% Notes due May 2018	120			120
4.50% Senior notes due June 2022 (2022 Notes)	1,000			1,000
7.00% Notes due January 2028	18			18
Discount on senior notes	(5		)	(6		)
GO Zone tax-exempt bonds due October 2033 (0.07% at 3/29/2014)	100			100
Other	69			80
Total debt	1,940			2,408
Less current debt	52			513
Total long-term debt	$	1,888		$	1,895

Revolving Credit Facility

We have a $1.0 billion revolving credit facility that supports short-term funding needs and letters of credit. The facility will mature and the commitments thereunder will terminate in August 2017. After reducing the amount available by outstanding letters of credit issued under this facility, the amount available for borrowing at March 29, 2014, was $955 million. At March 29, 2014, we had outstanding letters of credit issued under this facility totaling $45 million, none of which were drawn upon. We had an additional $145 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, derivative activities and Dynamic Fuels’ Gulf Opportunity Zone tax-exempt bonds.

The revolving credit facility is unsecured. However, if at any time (the Collateral Trigger Date) we shall fail to have (a) a corporate rating from Moody's Investors Service, Inc. (Moody's) of "Ba1" or better, (b) a corporate rating from Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business (S&P), of "BB+" or better, or (c) a corporate rating from Fitch Ratings, a wholly owned subsidiary of Fimalac, S.A. (Fitch), of "BB+" or better, we, any subsidiary that has guaranteed any material indebtedness of the Company, and substantially all of our other domestic subsidiaries shall be required to secure the obligations under the credit agreement and related documents with a first-priority perfected security interest in our and such subsidiary's cash, deposit and securities accounts, accounts receivable and related assets, inventory and proceeds of any of the foregoing (the Collateral Requirement).

If on any date prior to any Collateral Trigger Date we shall have (a) a corporate rating from Moody's of "Baa2" or better, (b) a corporate rating from S&P of "BBB" or better and (c) a corporate rating from Fitch of "BBB" or better, in each case with stable or better outlook, then the Collateral Requirement will no longer be effective.

This facility is fully guaranteed by Tyson Fresh Meats, Inc. (TFM Parent), our wholly owned subsidiary, until such date TFM Parent is released from all of its guarantees of other material indebtedness. If in the future any of our other subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall also be required to guarantee the indebtedness, obligations and liabilities under this facility.

2013 Notes

In September 2008, we issued $458 million principal amount 3.25% convertible senior unsecured notes which were due October 15, 2013. In connection with the issuance of the 2013 Notes, we entered into separate call option and warrant transactions with respect to our Class A stock to minimize the potential economic dilution upon conversion of the 2013 Notes. The call options contractually expired upon the maturity of the 2013 Notes. The 2013 Notes matured on October 15, 2013 at which time we paid the $458 million principal value with cash on hand, and settled the conversion premium by issuing 11.7 million shares of our Class A stock from available treasury shares. Simultaneous to the settlement of the conversion premium, we received 11.7 million shares of our Class A stock from the call options.

The warrants were settled on various dates from January 2014 through April 2014, resulting in the issuance of 8.9 million shares of Class A stock through March 2014 and 2.8 million shares of Class A stock in April 2014.

2016 Notes

The 2016 Notes carry an interest rate at issuance of 6.60%, with an interest step up feature dependent on their credit rating. On June 7, 2012, Moody's upgraded the credit rating of the 2016 Notes from "Ba1" to "Baa3." This upgrade decreased the interest rate on the 2016 Notes from 6.85% to 6.60%, effective beginning with the six-month interest payment due October 1, 2012.

On February 11, 2013, S&P upgraded the credit rating of the 2016 Notes from "BBB-" to "BBB." This upgrade did not impact the interest rate on the 2016 Notes.

2022 Notes

In June 2012, we issued $1.0 billion of senior unsecured notes, which will mature in June 2022. The 2022 Notes carry a 4.50% interest rate, with interest payments due semi-annually on June 15 and December 15. After the original issue discount of $5 million, based on an issue price of 99.458%, we received net proceeds of $995 million. In addition, we incurred offering expenses of $9 million.

GO Zone Tax-Exempt Bonds

In October 2008, Dynamic Fuels received $100 million in proceeds from the sale of Gulf Opportunity Zone tax-exempt bonds made available by the federal government to the regions affected by Hurricanes Katrina and Rita in 2005. These floating rate bonds are due October 1, 2033. We issued a letter of credit to effectively guarantee the bond issuance. If any amounts are disbursed related to this guarantee, we would seek recovery of 50% (up to $50 million) from Syntroleum Corporation, our joint venture partner, in accordance with our 2008 warrant agreement with Syntroleum Corporation.

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; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into sale/leaseback or hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain minimum interest expense coverage and maximum debt-to-capitalization ratios.

Our 2022 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 March 29, 2014.

Income Taxes

INCOME TAXES

The effective tax rate for continuing operations was 38.3% and 23.9% for the second quarter of fiscal 2014 and 2013, respectively, and 36.2% and 30.4% for the first six months of fiscal 2014 and 2013, respectively. The effective tax rates for the second quarter and first six months of fiscal 2014 and fiscal 2013 were impacted by such items as the domestic production deduction, state income taxes and losses in foreign jurisdictions for which no benefit is recognized. The effective tax rates for the second quarter and first six months of fiscal 2013 were also impacted by the non-taxable currency translation adjustment gain, the retroactive extension of tax credits, and the change in tax reserves.

Unrecognized tax benefits were $169 million and $175 million at March 29, 2014, and September 28, 2013, respectively. The amount of unrecognized tax benefits, if recognized, that would impact our effective tax rate was $144 million and $149 million at March 29, 2014, and September 28, 2013, respectively.

We classify interest and penalties on unrecognized tax benefits as income tax expense. At March 29, 2014, and September 28, 2013, before tax benefits, we had $72 million and $63 million, respectively, of accrued interest and penalties on unrecognized tax benefits.

We are subject to income tax examinations for U.S. federal income taxes for fiscal years 2007 through 2012. We are also subject to income tax examinations by major state and foreign jurisdictions for fiscal years 2003 through 2012 and 2002 through 2012, respectively. We estimate that during the next twelve months it is reasonably possible that unrecognized tax benefits could decrease by as much as $42 million primarily due to expiration of statutes of limitations in various jurisdictions and settlements with taxing authorities.

Other Income And Charges

OTHER INCOME AND CHARGES

During the first six months of fiscal 2014, we recorded $4 million of equity earnings in joint ventures, $1 million in net foreign currency exchange gains and $6 million of other than temporary impairment related to an available-for-sale security, which were recorded in the Consolidated Condensed Statements of Income in Other, net.

During the second quarter and first six months of fiscal 2013, we recorded a $19 million currency translation adjustment gain recognized in conjunction with the receipt of proceeds constituting the final resolution of our investment in Canada, which was recorded in the Consolidated Condensed Statements of Income in Other, net.

Earnings Per Share

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					Six Months Ended
	March 29, 2014			March 30, 2013		March 29, 2014			March 30, 2013
Numerator:
Income from continuing operations	$	210		$	168	$	462		$	340
Less: Net income (loss) attributable to noncontrolling interests	(3		)	11		(5		)	6
Net income from continuing operations attributable to Tyson	213			157		467			334
Less dividends declared:
Class A	20			14		48			60
Class B	5			3		11			13
Undistributed earnings	$	188		$	140	$	408		$	261

Class A undistributed earnings	$	153		$	114	$	332		$	213
Class B undistributed earnings	35			26		76			48
Total undistributed earnings	$	188		$	140	$	408		$	261
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares	273			283		272			284
Class B weighted average shares, and shares under the if-converted method for diluted earnings per share	70			70		70			70
Effect of dilutive securities:
Stock options and restricted stock	6			5		5			5
Convertible 2013 Notes	—			8		—			5
Warrants	7			—		8			—
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions	356			366		355			364

Net Income Per Share from Continuing Operations Attributable to Tyson:
Class A Basic	$	0.64		$	0.45	$	1.40		$	0.96
Class B Basic	$	0.58		$	0.40	$	1.26		$	0.86
Diluted	$	0.60		$	0.43	$	1.32		$	0.92
Net Income Per Share Attributable to Tyson:
Class A Basic	$	0.64		$	0.27	$	1.40		$	0.77
Class B Basic	$	0.58		$	0.25	$	1.26		$	0.70
Diluted	$	0.60		$	0.26	$	1.32		$	0.74

Approximately 4 million of our stock-based compensation shares were antidilutive for both the three and six months ended March 29, 2014. Approximately 4 million and 7 million shares were antidilutive for the three and six months ended March 30, 2013, respectively. These shares were not included in the dilutive 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 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.

Derivative Financial Instruments

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, primarily futures and options, to reduce our exposure to commodity price risk, foreign currency risk and interest rate risk. Forward contracts on various commodities, including grains, livestock and energy, are primarily entered into to manage the price risk associated with forecasted purchases of these inputs used in our production processes. Foreign exchange forward contracts are entered into to manage the fluctuations in foreign currency exchange rates, primarily as a result of certain receivable and payable balances. We also periodically utilize interest rate swaps to manage interest rate risk associated with our variable-rate borrowings.

Our risk management programs are periodically reviewed by our Board of Directors’ Audit Committee. These programs are monitored by senior management and may be revised as market conditions dictate. Our current risk management programs utilize industry-standard models that take into account the implicit cost of hedging. Risks associated with our market risks and those created by derivative instruments and the fair values are strictly monitored, using Value-at-Risk and stress tests. Credit risks associated with our derivative contracts are not significant as we minimize counterparty concentrations, utilize margin accounts or letters of credit, and deal with credit-worthy counterparties. 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 March 29, 2014.

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. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument based upon the exposure being hedged (i.e., cash flow hedge or fair value hedge). We qualify, or designate, a derivative financial instrument as a hedge when contract terms closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. If a derivative instrument is accounted for as a hedge, depending on the nature of the hedge, changes in the fair value of the instrument either will be offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings, or be recognized in other comprehensive income (loss) (OCI) until the hedged item is recognized in earnings. The ineffective portion of an instrument’s change in fair value is recognized in earnings immediately. We designate certain forward contracts as follows:


•	Cash Flow Hedges - include certain commodity forward and option contracts of forecasted purchases (i.e., grains) and certain foreign exchange forward contracts.


•	Fair Value Hedges - include certain commodity forward contracts of firm commitments (i.e., livestock).

Cash flow hedges

Derivative instruments, such as futures and options, are designated as hedges against changes in the amount of future cash flows related to procurement of certain commodities utilized in our production processes. We do not purchase forward and option commodity contracts in excess of our physical consumption requirements and generally do not hedge forecasted transactions beyond 18 months. The objective of these hedges is to reduce the variability of cash flows associated with the forecasted purchase of those commodities. 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 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 and six months ended March 29, 2014, and March 30, 2013.

We had the following aggregated notional values of outstanding forward and option contracts accounted for as cash flow hedges (in millions, except soy meal tons):



	Metric	March 29, 2014		September 28, 2013
Commodity:
Corn	Bushels	4		5
Soy meal	Tons	70,300		96,800
Foreign Currency	United States dollar	$	31	$	60

As of March 29, 2014, the net amounts expected to be reclassified into earnings within the next 12 months are pretax gains of $2 million related to grains. During the three and six months ended March 29, 2014, and March 30, 2013, we did not reclassify significant pretax gains/losses into earnings as a result of the discontinuance of cash flow hedges due to the probability the original forecasted transaction would not occur by the end of the originally specified time period or within the additional period of time allowed by generally accepted accounting principles.

The following table sets forth the pretax impact of cash flow hedge derivative instruments on the Consolidated Condensed Statements of Income (in millions):



	Gain/(Loss) Recognized in OCI On Derivatives						Consolidated Condensed Statements of Income Classification	Gain/(Loss) Reclassified from OCI to Earnings
	Three Months Ended							Three Months Ended
	March 29, 2014			March 30, 2013				March 29, 2014			March 30, 2013
Cash Flow Hedge – Derivatives designated as hedging instruments:
Commodity contracts	$	8		$	(10	)	Cost of Sales	$	(3	)	$	(7	)
Foreign exchange contracts	—			(5		)	Other Income/Expense	—			—
Total	$	8		$	(15	)		$	(3	)	$	(7	)

	Gain/(Loss) Recognized in OCI On Derivatives						Consolidated Condensed Statements of Income Classification	Gain/(Loss) Reclassified from OCI to Earnings
	Six Months Ended							Six Months Ended
	March 29, 2014			March 30, 2013				March 29, 2014			March 30, 2013
Cash Flow Hedge – Derivatives designated as hedging instruments:
Commodity contracts	$	6		$	(23	)	Cost of Sales	$	(3	)	$	(3	)
Foreign exchange contracts	(1		)	(5		)	Other Income/Expense	—			(2		)
Total	$	5		$	(28	)		$	(3	)	$	(5	)

Fair value hedges

We designate certain futures contracts as fair value hedges of firm commitments to purchase livestock for slaughter. 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. We had the following aggregated notional values of outstanding forward contracts entered into to hedge firm commitments which are accounted for as a fair value hedge (in millions):



	Metric	March 29, 2014	September 28, 2013
Commodity:
Live Cattle	Pounds	358	209
Lean Hogs	Pounds	470	384

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 (i.e., livestock purchase firm commitments) in the same line item, Cost of Sales, as the offsetting gain or loss on the related livestock forward position.



											in millions
	Consolidated Condensed Statements of Income Classification	Three Months Ended						Six Months Ended
	Consolidated Condensed Statements of Income Classification	March 29, 2014			March 30, 2013			March 29, 2014			March 30, 2013
Gain/(Loss) on forwards	Cost of Sales	$	(34	)	$	11		$	(40	)	$	15
Gain/(Loss) on purchase contract	Cost of Sales	34			(11		)	40			(15		)

Ineffectiveness related to our fair value hedges was not significant for the three and six months ended March 29, 2014, and March 30, 2013.

Undesignated positions

In addition to our designated positions, we also hold forward and option 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. We generally do not enter into undesignated positions beyond 18 months.

The objective of our undesignated grains, livestock and energy commodity positions is to reduce the variability of cash flows associated with the forecasted purchase of certain grains, energy and livestock inputs to our production processes. We also enter into certain forward sales of boxed beef and boxed pork and forward purchases of cattle and hogs at fixed prices. The fixed price sales contracts lock in the proceeds from a future sale and the fixed cattle and hog purchases lock in the cost. However, the cost of the livestock and the related boxed beef and boxed pork market prices at the time of the sale or purchase could vary from this fixed price. As we enter into fixed forward sales of boxed beef and boxed pork and forward purchases of cattle and hogs, we also enter into the appropriate number of livestock options and futures positions to mitigate a portion of this risk. Changes in market value of the open livestock options and futures positions are marked to market and reported in earnings at each reporting date, even though the economic impact of our fixed prices being above or below the market price is only realized at the time of sale or purchase. These positions generally do not qualify for hedge treatment due to location basis differences between the commodity exchanges and the actual locations when we purchase the commodities.

We have a foreign currency cash flow hedging program to hedge portions of forecasted transactions denominated in foreign currencies, primarily with forward and option contracts, to protect against the reduction in value of forecasted foreign currency cash flows. Our undesignated foreign currency positions generally would qualify for cash flow hedge accounting. However, to reduce earnings volatility, we normally will not elect hedge accounting treatment when the position provides an offset to the underlying related transaction that impacts current earnings.

We had the following aggregate outstanding notional values related to our undesignated positions (in millions, except soy meal tons):



	Metric	March 29, 2014		September 28, 2013
Commodity:
Corn	Bushels	35		69
Soy Meal	Tons	274,400		204,600
Soy Oil	Pounds	35		11
Live Cattle	Pounds	137		60
Lean Hogs	Pounds	153		159
Foreign Currency	United States dollars	$	100	$	95

The following table sets forth the pretax impact of the undesignated derivative instruments on the Consolidated Condensed Statements of Income (in millions):



	Consolidated Condensed Statements of Income Classification	Gain/(Loss) Recognized in Earnings						Gain/(Loss) Recognized in Earnings
		Three Months Ended						Six Months Ended
		March 29, 2014			March 30, 2013			March 29, 2014			March 30, 2013
Derivatives not designated as hedging instruments:
Commodity contracts	Sales	$	30		$	(23	)	$	32		$	(12	)
Commodity contracts	Cost of Sales	(40		)	—			(42		)	(7		)
Foreign exchange contracts	Other Income/Expense	2			1			1			2
Total		$	(8	)	$	(22	)	$	(9	)	$	(17	)

The following table sets forth the fair value of all derivative instruments outstanding in the Consolidated Condensed Balance Sheets (in millions):



	Fair Value
	March 29, 2014		September 28, 2013
Derivative Assets:
Derivatives designated as hedging instruments:
Commodity contracts	$	5	$	4
Foreign exchange contracts	—		1
Total derivative assets – designated	5		5

Derivatives not designated as hedging instruments:
Commodity contracts	45		25
Foreign exchange contracts	1		2
Total derivative assets – not designated	46		27

Total derivative assets	$	51	$	32
Derivative Liabilities:
Derivatives designated as hedging instruments:
Commodity contracts	$	119	$	29
Foreign exchange contracts	—		—
Total derivative liabilities – designated	119		29
Derivatives not designated as hedging instruments:
Commodity contracts	66		72
Foreign exchange contracts	1		1
Total derivative liabilities – not designated	67		73

Total derivative liabilities	$	186	$	102

Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis. We net derivative assets and liabilities, including cash collateral when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. See Note 12: Fair Value Measurements for a reconciliation to amounts reported in the Consolidated Condensed Balance Sheets in Other current assets and Other current liabilities.

Fair Value Measurements

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.

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):



March 29, 2014	Level 1		Level 2		Level 3		Netting (a)			Total
Assets:
Commodity Derivatives	$	—	$	50	$	—	$	(35	)	$	15
Foreign Exchange Forward Contracts	—		1		—		—			1
Available-for-Sale Securities:
Current	—		2		—		—			2
Non-current	3		24		67		—			94
Deferred Compensation Assets	12		214		—		—			226
Total Assets	$	15	$	291	$	67	$	(35	)	$	338
Liabilities:
Commodity Derivatives	$	—	$	185	$	—	$	(183	)	$	2
Foreign Exchange Forward Contracts	—		1		—		—			1
Total Liabilities	$	—	$	186	$	—	$	(183	)	$	3



September 28, 2013	Level 1		Level 2		Level 3		Netting (a)			Total
Assets:
Commodity Derivatives	$	—	$	29	$	—	$	(21	)	$	8
Foreign Exchange Forward Contracts	—		3		—		(1		)	2
Available-for-Sale Securities:
Current	—		1		—		—			1
Non-current	4		24		65		—			93
Deferred Compensation Assets	23		191		—		—			214
Total Assets	$	27	$	248	$	65	$	(22	)	$	318
Liabilities:
Commodity Derivatives	$	—	$	101	$	—	$	(101	)	$	—
Foreign Exchange Forward Contracts	—		1		—		—			1
Total Liabilities	$	—	$	102	$	—	$	(101	)	$	1

(a)

Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis. We net derivative assets and liabilities, including cash collateral, when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. At March 29, 2014, and September 28, 2013, we had posted with various counterparties $148 million and $79 million, respectively, of cash collateral related to our commodity derivatives and held no cash collateral.

The following table provides a reconciliation between the beginning and ending balance of debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions):



	Six Months Ended
	March 29, 2014			March 30, 2013
Balance at beginning of year	$	65		$	86
Total realized and unrealized gains (losses):
Included in earnings	—			1
Included in other comprehensive income (loss)	—			—
Purchases	15			9
Issuances	—			—
Settlements	(13		)	(31		)
Balance at end of period	$	67		$	65
Total gains (losses) for the six-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 commodities and foreign exchange forward contracts primarily include exchange-traded and over-the-counter contracts which are further described in Note 11: Derivative Financial Instruments. We record our commodity derivatives at fair value using quoted market prices adjusted for credit and non-performance risk and internal models that use as their basis readily observable market inputs including current and forward commodity market prices. Our foreign exchange forward contracts are recorded at fair value based on quoted prices and spot and forward currency prices adjusted for credit and non-performance risk. 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 of spot currency rates and forward currency prices.

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 and primarily include certificates of deposit and commercial paper. All other marketable debt securities are included in Other Assets in the Consolidated Condensed Balance Sheets and have maturities ranging up to 35 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.

Additionally, we have 0.8 million shares of Syntroleum Corporation common stock and 0.4 million warrants, which expire in June 2015, to purchase an equivalent amount of Syntroleum Corporation common stock at an average price of $28.70. We record the shares and warrants in Other Assets in the Consolidated Condensed Balance Sheets at fair value based on quoted market prices. We classify the shares as Level 1 as the fair value is based on unadjusted quoted prices available in active markets. We classify the warrants as Level 2 as fair value can be corroborated based on observable market data.

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):



	March 29, 2014						September 28, 2013
	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	$	26	$	26	$	—	$	25	$	25	$	—
Corporate and Asset-Backed	66		67		1		64		65		1
Equity Securities:
Common Stock and Warrants (a)	3		3		—		9		4		(5		)


(a)	At March 29, 2014, the amortized cost basis for Equity Securities had been reduced by accumulated other than temporary impairment of approximately $6 million.

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 temporary in nature. Losses on equity securities are recognized in earnings if the decline in value is judged to be other than temporary. If losses related to our debt securities are determined to be other than temporary, the loss would be recognized in earnings if we intend, or more likely than not will be required, to sell the security prior to recovery. For debt securities in which we have the intent and ability to hold until maturity, losses determined to be other than temporary would remain in OCI, other than expected credit losses which are recognized in earnings. We consider many factors in determining whether a loss is temporary, including the length of time and extent to which the fair value has been below cost, the financial condition and near-term prospects of the issuer and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. We recognized $6 million of other than temporary impairment for the six months ended March 29, 2014, which is recorded in the Consolidated Condensed Statements of Income in Other, net. No other than temporary losses were deferred in OCI as of March 29, 2014, and September 28, 2013.

Deferred Compensation Assets: We maintain non-qualified deferred compensation plans for certain executives and other highly compensated employees. Investments are 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. 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 and six months ended March 29, 2014 and March 30, 2013.

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):



	March 29, 2014				September 28, 2013
	Fair Value		Carrying Value		Fair Value		Carrying Value
Total Debt	$	2,073	$	1,940	$	2,541	$	2,408

Other Comprehensive Income

Other Comprehensive Income (Loss)

OTHER COMPREHENSIVE INCOME (LOSS)

The before and after tax changes in the components of other comprehensive income (loss) are as follows (in millions):



	Three Months Ended																Six Months Ended
	March 29, 2014							March 30, 2013									March 29, 2014									March 30, 2013
	Before Tax		Tax			After Tax		Before Tax			Tax			After Tax			Before Tax			Tax			After Tax			Before Tax			Tax			After Tax

Derivatives accounted for as cash flow hedges:
(Gain) loss reclassified to Cost of Sales	$	3	$	(1	)	$	2	$	7		$	(3	)	$	4		$	3		$	(1	)	$	2		$	3		$	(1	)	$	2
(Gain) loss reclassified to Other Income/Expense	—		—			—		—			—			—			—			—			—			2			(1		)	1
Unrealized gain (loss)	8		(3		)	5		(15		)	6			(9		)	5			(2		)	3			(28		)	11			(17		)

Investments:
(Gain) loss reclassified to Other Income/Expense	—		—			—		(1		)	—			(1		)	6			(2		)	4			(1		)	—			(1		)
Unrealized gain (loss)	—		—			—		1			(1		)	—			(1		)	—			(1		)	(3		)	1			(2		)

Currency translation:
Translation gain reclassified to Other Income/Expense	—		—			—		(19		)	(1		)	(20		)	—			—			—			(19		)	(1		)	(20		)
Translation adjustment	6		—			6		5			—			5			(5		)	—			(5		)	4			—			4

Postretirement benefits	1		(1		)	—		2			—			2			2			—			2			3			—			3
Total Other Comprehensive Income (Loss)	$	18	$	(5	)	$	13	$	(20	)	$	1		$	(19	)	$	10		$	(5	)	$	5		$	(39	)	$	9		$	(30	)

Segment Reporting

SEGMENT REPORTING

We operate in five segments: Chicken, Beef, Pork, Prepared Foods and International. We measure segment profit as operating income (loss).

During the second quarter of fiscal 2014, we began reporting our International operation as a separate segment, which was previously included in our Chicken segment. Our International segment became a separate reportable segment as a result of changes to our internal financial reporting to align with previously announced executive leadership changes. All periods presented have been reclassified to reflect this change. Beef, Pork, Prepared Foods and Other results were not impacted by this change.

Chicken: Chicken includes our domestic operations related to raising and processing live chickens into fresh, frozen and value-added chicken products, as well as sales from allied products. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes logistics operations to move products through our domestic supply chain and the global operations of our chicken breeding stock subsidiary.

Beef: Beef includes our operations related to processing live fed cattle and fabricating dressed beef carcasses into primal and sub-primal meat cuts and case-ready products. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes sales from allied products such as hides and variety meats, as well as logistics operations to move products through the supply chain.

Pork: Pork includes our operations related to processing live market hogs and fabricating pork carcasses into primal and sub-primal cuts and case-ready products. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes our live swine group, related allied product processing activities and logistics operations to move products through the supply chain.

Prepared Foods: Prepared Foods includes our operations related to manufacturing and marketing frozen and refrigerated food products and logistics operations to move products through the supply chain. Products primarily include pepperoni, bacon, sausage, beef and pork pizza toppings, pizza crusts, flour and corn tortilla products, appetizers, prepared meals, ethnic foods, soups, sauces, side dishes, meat dishes, breadsticks and processed meats. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets.

International: International includes our foreign operations primarily related to raising and processing live chickens into fresh, frozen and value-added chicken products in Brazil, China, India and Mexico. Products are marketed in each respective country to food retailers, foodservice distributors, restaurant operators, hotel chains, noncommercial foodservice establishments and live markets, as well as to other international export markets.

The results from Dynamic Fuels are included in Other.

Information on segments and a reconciliation to income from continuing operations before income taxes are as follows (in millions):



	Three Months Ended							Six Months Ended
	March 29, 2014			March 30, 2013				March 29, 2014			March 30, 2013
Sales:
Chicken	$	2,842		$	2,733			$	5,498		$	5,328
Beef	3,825			3,447				7,559			6,932
Pork	1,487			1,311				2,911			2,674
Prepared Foods	861			803				1,768			1,644
International	328			331				655			658
Other	—			27				—			47
Intersegment Sales	(311		)	(269		)		(598		)	(534		)
Total Sales	$	9,032		$	8,383			$	17,793		$	16,749

Operating Income (Loss):
Chicken	$	234		$	143			$	487		$	256
Beef	35			(26		)		93			20
Pork	107			72				228			197
Prepared Foods	21			28				37			61
International	(30		)	(3		)		(58		)	(5		)
Other	(6		)	22				(14		)	11
Total Operating Income	361			236				773			540

Total Other (Income) Expense	20			15			(a)	49			51			(a)

Income from Continuing Operations before Income Taxes	$	341		$	221			$	724		$	489


(a)	Includes $19 million related to the recognized currency translation adjustment gain

The Chicken segment had sales of $2 million and $6 million in the second quarter of fiscal 2014 and 2013, respectively, and sales of $4 million and $8 million in the first six months of fiscal 2014 and 2013, respectively, from transactions with other operating segments of the Company. The Beef segment had sales of $67 million and $54 million in the second quarter of fiscal 2014 and 2013, respectively, and sales of $130 million and $97 million in the first six months of fiscal 2014 and 2013, respectively, from transactions with other operating segments of the Company. The Pork segment had sales of $242 million and $209 million in the second quarter of fiscal 2014 and 2013, respectively, and sales of $464 million and $429 million in the first six months of fiscal 2014 and 2013, respectively, from transactions with other operating segments of the Company. The aforementioned sales from intersegment transactions, which were at market prices, were included in the segment sales in the above table.

Commitments And Contingencies

COMMITMENTS AND CONTINGENCIES

Commitments

We guarantee obligations of certain outside third parties, which consist primarily of leases and grower loans, which are substantially collateralized by the underlying assets. Terms of the underlying debt cover periods up to ten years, and the maximum potential amount of future payments as of March 29, 2014, was $53 million. We also maintain operating leases for various types of equipment, some of which contain residual value guarantees for the market value of the underlying leased assets at the end of the term of the lease. The remaining terms of the lease maturities cover periods over the next 14 years. The maximum potential amount of the residual value guarantees is $50 million, of which $44 million could be recoverable through various recourse provisions and an additional undeterminable recoverable amount based on the fair value of the underlying leased assets. The likelihood of material payments under these guarantees is not considered probable. At March 29, 2014, and September 28, 2013, no material liabilities for guarantees were recorded.

We have cash flow assistance programs in which certain livestock suppliers participate. Under these programs, we pay an amount for livestock equivalent to a standard cost to grow such livestock during periods of low market sales prices. The amounts of such payments that are in excess of the market sales price are recorded as receivables and accrue interest. Participating suppliers are obligated to repay these receivables balances when market sales prices exceed this standard cost, or upon termination of the agreement. Our maximum obligation associated with these programs is limited to the fair value of each participating livestock supplier’s net tangible assets. The potential maximum obligation as of March 29, 2014, was approximately $310 million. The total receivables under these programs were $32 million and $44 million at March 29, 2014, and September 28, 2013, respectively, and are included, net of allowance for uncollectible amounts, in Accounts Receivable in our Consolidated Condensed Balance Sheets. Even though these programs are limited to the net tangible assets of the participating livestock suppliers, we also manage a portion of our credit risk associated with these programs by obtaining security interests in livestock suppliers’ assets. After analyzing residual credit risks and general market conditions, we have recorded an allowance for these programs’ estimated uncollectible receivables of $10 million and $15 million at March 29, 2014, and September 28, 2013, respectively.

Contingencies

We are involved in various claims and legal proceedings. We routinely assess the likelihood of adverse judgments or outcomes to those matters, as well as ranges of probable losses, to the extent losses are reasonably estimable. We record accruals for such matters to the extent that we conclude a loss is probable and the financial impact, should an adverse outcome occur, is reasonably estimable. Such accruals are reflected in the Company’s consolidated condensed financial statements. In our opinion, we have made appropriate and adequate accruals for these matters and believe the probability of a material loss beyond the amounts accrued to be remote; however, the ultimate liability for these matters is uncertain, and if accruals are not adequate, an adverse outcome could have a material effect on the consolidated financial condition or results of operations. Listed below are certain claims made against the Company and/or our subsidiaries for which the potential exposure is considered material to the Company’s consolidated condensed financial statements. We believe we have substantial defenses to the claims made and intend to vigorously defend these matters.

There are eleven lawsuits against our beef and pork subsidiary, Tyson Fresh Meats Inc., in which certain present and past employees allege that we failed to compensate them for the time it takes to engage in pre- and post-shift activities, such as changing into and out of protective and sanitary clothing and walking to and from the changing area, work areas and break areas in violation of the Fair Labor Standards Act (FLSA) and various state laws. These lawsuits involve employees from our plants in Garden City, Kansas (Garcia, et al. v. Tyson Foods, Inc., Tyson Fresh Meats, Inc., D. Kansas, May 15, 2006); Storm Lake, Iowa (Bouaphakeo (f/k/a Sharp), et al. v. Tyson Foods, Inc., N.D. Iowa, February 6, 2007); Columbus Junction, Iowa (Guyton (f/k/a Robinson), et al. v. Tyson Foods, Inc., d.b.a Tyson Fresh Meats, Inc., S.D. Iowa, September 12, 2007); Madison, Nebraska (Acosta, et al. v Tyson Foods, Inc. d.b.a Tyson Fresh Meats, Inc., D. Nebraska, February 29, 2008); Dakota City, Nebraska (Gomez, et al. v. Tyson Foods, Inc., D. Nebraska, January 16, 2008); Perry and Waterloo, Iowa (Edwards, et al. v. Tyson Foods, Inc. d.b.a Tyson Fresh Meats, Inc., S.D. Iowa, March 20, 2008); Logansport, Indiana (Carter, et al. v. Tyson Foods, Inc. and Tyson Fresh Meats, Inc., N.D. Indiana, April 29, 2008); Goodlettsville, Tennessee (Abadeer v. Tyson Foods, Inc., and Tyson Fresh Meats, Inc., M.D. Tennessee, February 6, 2009); Emporia, Kansas (Abdiaziz, et al. v. Tyson Foods, Inc., Tyson Fresh Meats, Inc., D. Kansas, September 30, 2011); and Joslin, Illinois (Murray, et al. v. Tyson Foods, Inc., C.D. Illinois, January 2, 2008; and DeVoss v. Tyson Foods, Inc. d.b.a. Tyson Fresh Meats, C.D. Illinois, March 2, 2011). The actions allege we failed to pay employees for all hours worked, including overtime compensation for the time it takes to change into protective work uniforms, safety equipment and other sanitary and protective clothing worn by employees, and for walking to and from the changing area, work areas and break areas in violation of the FLSA and analogous state laws. The plaintiffs seek back wages, liquidated damages, pre- and post-judgment interest, attorneys’ fees and costs. Each case is proceeding in its jurisdiction.

•

After a trial in the Garcia case, which involves our Garden City, Kansas beef plant, a jury verdict in favor of the plaintiffs was entered on March 17, 2011. Exclusive of pre- and post-judgment interest, attorneys’ fees and costs, the jury found violations of federal and state laws for pre- and post-shift work activities and awarded damages in the amount of $503,011. Plaintiffs’ counsel filed an application for attorneys’ fees and expenses which we contested. On December 7, 2012, the court granted plaintiffs' counsel's application and awarded a total of $3,609,723. We appealed the jury’s verdict and trial court’s award to the Tenth Circuit Court of Appeals, and oral arguments were held on November 18, 2013.

•

A jury trial was held in the Bouaphakeo case, which involves our Storm Lake, Iowa pork plant, which resulted in a jury verdict in favor of the plaintiffs for violations of federal and state laws for pre- and post-shift work activities. The trial court also awarded the plaintiffs liquidated damages, resulting in total damages awarded in the amount of $5,784,758. The plaintiffs' counsel has also filed an application for attorneys' fees and expenses in the amount of $2,692,145. We have appealed the jury's verdict and trial court's award to the Eighth Circuit Court of Appeals. Oral arguments were held on February 11, 2014.


•	A jury trial was held in the Guyton case, which involves our Columbus Junction, Iowa pork plant, which resulted in a jury verdict in favor of Tyson on April 25, 2012. The plaintiffs have appealed to the Eighth Circuit Court of Appeals. Oral arguments were held on February 11, 2014.

•

A bench trial was held in the Acosta case, which involves our Madison, Nebraska pork plant, in January 2013. In May 2013 the trial court awarded the plaintiffs $5,733,943 for unpaid overtime wages. Subsequently, the court ordered the class of plaintiffs expanded, and the plaintiffs submitted an updated calculation of $6,258,330 for unpaid overtime wages as reflected by payroll data through May 2013. On January 30, 2014, the trial court entered judgment in favor of the plaintiffs in the amount of $18,774,989. The court denied our post-trial motions, and we appealed to the Eighth Circuit Court of Appeals.

•

A jury trial in the Gomez case, which involves our Dakota City, Nebraska beef plant, was held, and the jury found in favor of the plaintiffs on April 3, 2013. On October 2, 2013, the trial court denied the parties’ post-trial motions and entered judgment awarding unpaid overtime wages, liquidated damages, and penalties totaling $4,960,787. We appealed the jury’s verdict and trial court’s award to the Eighth Circuit Court of Appeals.


•	The trial court in the Edwards case, which involves our Perry and Waterloo, Iowa pork plants, decertified the state law class and granted other pre-trial motions that resulted in judgment in our favor with respect to the plaintiffs’ claims. The plaintiffs have filed a motion to modify this judgment.


•	The parties in the Carter case, which involves our Logansport, Indiana pork plant, agreed to settle all claims for $950,000. The parties’ joint motion for approval of the settlement is currently pending.

•

The trial court in the Abadeer case, which involves our Goodlettsville, Tennessee case-ready beef and pork plant, granted the plaintiffs’ motion for summary judgment in part, finding that certain pre- and post-shift activities were compensable and our non-payment for those activities was willful and not in good faith. The trial for the remaining issues, including damages, originally scheduled in April 2014, is now scheduled to begin in August 2014.

We have pending one wage and hour action involving our Tyson Prepared Foods plant located in Jefferson, Wisconsin (Weissman, et al. v. Tyson Prepared Foods, Inc., Jefferson County (Wisconsin) Circuit Court, October 20, 2010). The plaintiffs allege that employees should be paid for the time it takes to engage in pre- and post-shift activities such as changing into and out of protective and sanitary clothing and the associated time it takes to walk to and from their workstations post-donning and pre-doffing of protective and sanitary clothing, and that they are entitled to back wages, liquidated damages, pre- and post-judgment interest, and attorneys’ fees and costs. The trial court granted our motion for summary judgment seeking dismissal of the claims, but the state appellate court reversed and remanded the case to the trial court. The parties subsequently agreed to settle all claims for $500,000.

On June 19, 2005, the Attorney General and the Secretary of the Environment of the State of Oklahoma filed a complaint in the U.S. District Court for the Northern District of Oklahoma against us, three of our subsidiaries and six other poultry integrators. The complaint, which was subsequently amended, asserts a number of state and federal causes of action including, but not limited to, counts under Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), Resource Conservation and Recovery Act (RCRA), and state-law public nuisance theories. The amended complaint asserts that defendants and certain contract growers who are not named in the amended complaint polluted the surface waters, groundwater and associated drinking water supplies of the Illinois River Watershed (IRW) through the land application of poultry litter. Oklahoma asserts that this alleged pollution has also caused extensive injury to the environment (including soils and sediments) of the IRW and that the defendants have been unjustly enriched. Oklahoma’s claims cover the entire IRW, which encompasses more than one million acres of land and the natural resources (including lakes and waterways) contained therein. Oklahoma seeks wide-ranging relief, including injunctive relief, compensatory damages in excess of $800 million, an unspecified amount in punitive damages and attorneys’ fees. We and the other defendants have denied liability, asserted various defenses, and filed a third-party complaint that asserts claims against other persons and entities whose activities may have contributed to the pollution alleged in the amended complaint. The district court has stayed proceedings on the third party complaint pending resolution of Oklahoma’s claims against the defendants. On October 31, 2008, the defendants filed a motion to dismiss for failure to join the Cherokee Nation as a required party or, in the alternative, for judgment as a matter of law based on the plaintiffs’ lack of standing. This motion was granted in part and denied in part on July 22, 2009. In its ruling, the district court dismissed Oklahoma’s claims for cost recovery and for natural resources damages under CERCLA and for unjust enrichment under Oklahoma common law. This ruling also narrowed the scope of Oklahoma’s remaining claims by dismissing all damage claims under its causes of action for Oklahoma common law nuisance, federal common law nuisance, and Oklahoma common law trespass, leaving only its claims for injunctive relief for trial. On August 18, 2009, the Court granted partial summary judgment in favor of the defendants on Oklahoma’s claims for violations of the Oklahoma Registered Poultry Feeding Operations Act. Oklahoma later voluntarily dismissed the remainder of this claim. On September 2, 2009, the Cherokee Nation filed a motion to intervene in the lawsuit. Its motion to intervene was denied on September 15, 2009, and the Cherokee Nation filed a notice of appeal of that ruling in the Tenth Circuit Court of Appeals on September 17, 2009. A non-jury trial of the case began on September 24, 2009. At the close of Oklahoma’s case-in-chief, the Court granted the defendants’ motions to dismiss claims based on RCRA, nuisance per se, and health risks related to bacteria. The defense rested its case on January 13, 2010, and closing arguments were held on February 11, 2010. On September 21, 2010, the Court of Appeals affirmed the district court’s denial of the Cherokee Nation’s motion to intervene. On October 6, 2010, the Cherokee Nation and the State of Oklahoma filed a petition for rehearing or en banc review seeking reconsideration of this ruling. The Court of Appeals denied this petition. The district court has not yet rendered its decision from the trial, which ended in February 2010.

Condensed Consolidating Financial Statements

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

TFM Parent, our wholly-owned subsidiary, has fully and unconditionally guaranteed the 2016 Notes. Additionally, TFM Parent has fully and unconditionally guaranteed the 2022 Notes until such date TFM Parent has been released of its guarantee of both (i) Tyson's $1.0 billion revolving credit facility and (ii) the 2016 Notes, at which time TFM Parent's guarantee of the 2022 Notes is permanently released. The following financial information presents condensed consolidating financial statements, which include Tyson Foods, Inc. (TFI Parent); TFM Parent; the Non-Guarantors Subsidiaries (Non-Guarantors) on a combined basis; the elimination entries necessary to consolidate TFI Parent, TFM Parent and the Non-Guarantors; and Tyson Foods, Inc. on a consolidated basis, and is provided as an alternative to providing separate financial statements for the guarantor.




Condensed Consolidating Statement of Income and Comprehensive Income for the three months ended March 29, 2014													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	148		$	5,168		$	4,159		$	(443	)	$	9,032
Cost of Sales	4			4,953			3,867			(443		)	8,381
Gross Profit	144			215			292			—			651
Selling, General and Administrative	28			57			205			—			290
Operating Income	116			158			87			—			361
Other (Income) Expense:
Interest expense, net	(15		)	34			3			—			22
Other, net	1			—			(3		)	—			(2		)
Equity in net earnings of subsidiaries	(128		)	(6		)	—			134			—
Total Other (Income) Expense	(142		)	28			—			134			20
Income from Continuing Operations before Income Taxes	258			130			87			(134		)	341
Income Tax Expense	45			44			42			—			131
Income from Continuing Operations	213			86			45			(134		)	210
Loss from Discontinued Operation, Net of Tax	—			—			—			—			—
Net Income	213			86			45			(134		)	210
Less: Net Income (Loss) Attributable to Noncontrolling Interest	—			—			(3		)	—			(3		)
Net Income Attributable to Tyson	$	213		$	86		$	48		$	(134	)	$	213

Comprehensive Income (Loss)	224			91			51			(143		)	223
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	—			—			(3		)	—			(3		)
Comprehensive Income (Loss) Attributable to Tyson	$	224		$	91		$	54		$	(143	)	$	226




Condensed Consolidating Statement of Income and Comprehensive Income for the three months ended March 30, 2013													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	101		$	4,552		$	4,008		$	(278	)	$	8,383
Cost of Sales	11			4,479			3,703			(278		)	7,915
Gross Profit	90			73			305			—			468
Selling, General and Administrative	12			45			175			—			232
Operating Income	78			28			130			—			236
Other (Income) Expense:
Interest expense, net	9			15			10			—			34
Other, net	4			—			(23		)	—			(19		)
Equity in net earnings of subsidiaries	(51		)	10			—			41			—
Total Other (Income) Expense	(38		)	25			(13		)	41			15
Income from Continuing Operations before Income Taxes	116			3			143			(41		)	221
Income Tax Expense	21			2			30			—			53
Income from Continuing Operations	95			1			113			(41		)	168
Loss from Discontinued Operation, Net of Tax	—			—			(62		)	—			(62		)
Net Income	95			1			51			(41		)	106
Less: Net Income (Loss) Attributable to Noncontrolling Interest	—			—			11			—			11
Net Income Attributable to Tyson	$	95		$	1		$	40		$	(41	)	$	95

Comprehensive Income (Loss)	87			(22		)	(19		)	41			87
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	—			—			11			—			11
Comprehensive Income (Loss) Attributable to Tyson	$	87		$	(22	)	$	(30	)	$	41		$	76




Condensed Consolidating Statement of Income and Comprehensive Income for the six months ended March 29, 2014													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	315		$	10,216		$	8,146		$	(884	)	$	17,793
Cost of Sales	21			9,779			7,541			(884		)	16,457
Gross Profit	294			437			605			—			1,336
Selling, General and Administrative	51			112			400			—			563
Operating Income	243			325			205			—			773
Other (Income) Expense:
Interest expense, net	(10		)	49			9			—			48
Other, net	7			(1		)	(5		)	—			1
Equity in net earnings of subsidiaries	(303		)	(12		)	—			315			—
Total Other (Income) Expense	(306		)	36			4			315			49
Income from Continuing Operations before Income Taxes	549			289			201			(315		)	724
Income Tax Expense	82			96			84			—			262
Income from Continuing Operations	467			193			117			(315		)	462
Loss from Discontinued Operation, Net of Tax	—			—			—			—			—
Net Income	467			193			117			(315		)	462
Less: Net Income (Loss) Attributable to Noncontrolling Interest	—			—			(5		)	—			(5		)
Net Income Attributable to Tyson	$	467		$	193		$	122		$	(315	)	$	467

Comprehensive Income (Loss)	467			192			114			(306		)	467
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	—			—			(5		)	—			(5		)
Comprehensive Income (Loss) Attributable to Tyson	$	467		$	192		$	119		$	(306	)	$	472




Condensed Consolidating Statement of Income and Comprehensive Income for the six months ended March 30, 2013													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	176		$	9,302		$	7,876		$	(605	)	$	16,749
Cost of Sales	27			9,017			7,303			(605		)	15,742
Gross Profit	149			285			573			—			1,007
Selling, General and Administrative	32			97			338			—			467
Operating Income	117			188			235			—			540
Other (Income) Expense:
Interest expense, net	17			31			22			—			70
Other, net	4			—			(23		)	—			(19		)
Equity in net earnings of subsidiaries	(200		)	(14		)	—			214			—
Total Other (Income) Expense	(179		)	17			(1		)	214			51
Income from Continuing Operations before Income Taxes	296			171			236			(214		)	489
Income Tax Expense	28			53			68			—			149
Income from Continuing Operations	268			118			168			(214		)	340
Loss from Discontinued Operation, Net of Tax	—			—			(66		)	—			(66		)
Net Income	268			118			102			(214		)	274
Less: Net Income (Loss) Attributable to Noncontrolling Interest	—			—			6			—			6
Net Income Attributable to Tyson	$	268		$	118		$	96		$	(214	)	$	268

Comprehensive Income (Loss)	244			99			31			(130		)	244
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	—			—			6			—			6
Comprehensive Income (Loss) Attributable to Tyson	$	244		$	99		$	25		$	(130	)	$	238



Condensed Consolidating Balance Sheet as of March 29, 2014										in millions
	TFI Parent		TFM Parent		Non- Guarantors		Eliminations			Total
Assets
Current Assets:
Cash and cash equivalents	$	—	$	20	$	418	$	—		$	438
Accounts receivable, net	1		636		911		—			1,548
Inventories	—		1,245		1,723		—			2,968
Other current assets	137		46		222		(175		)	230
Total Current Assets	138		1,947		3,274		(175		)	5,184
Net Property, Plant and Equipment	31		906		3,168		—			4,105
Goodwill	—		881		1,044		—			1,925
Intangible Assets	—		18		138		—			156
Other Assets	165		145		265		(59		)	516
Investment in Subsidiaries	12,230		2,046		—		(14,276		)	—
Total Assets	$	12,564	$	5,943	$	7,889	$	(14,510	)	$	11,886

Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt	$	—	$	—	$	52	$	—		$	52
Accounts payable	36		650		743		—			1,429
Other current liabilities	4,157		286		822		(4,241		)	1,024
Total Current Liabilities	4,193		936		1,617		(4,241		)	2,505
Long-Term Debt	1,771		1		175		(59		)	1,888
Deferred Income Taxes	26		73		345		—			444
Other Liabilities	138		156		291		—			585

Total Tyson Shareholders’ Equity	6,436		4,777		5,433		(10,210		)	6,436
Noncontrolling Interest	—		—		28		—			28
Total Shareholders’ Equity	6,436		4,777		5,461		(10,210		)	6,464
Total Liabilities and Shareholders’ Equity	$	12,564	$	5,943	$	7,889	$	(14,510	)	$	11,886



Condensed Consolidating Balance Sheet as of September 28, 2013										in millions
	TFI Parent		TFM Parent		Non- Guarantors		Eliminations			Total
Assets
Current Assets:
Cash and cash equivalents	$	—	$	21	$	1,124	$	—		$	1,145
Accounts receivable, net	—		571		926		—			1,497
Inventories	—		1,039		1,778		—			2,817
Other current assets	351		88		117		(411		)	145
Total Current Assets	351		1,719		3,945		(411		)	5,604
Net Property, Plant and Equipment	32		891		3,130		—			4,053
Goodwill	—		881		1,021		—			1,902
Intangible Assets	—		21		117		—			138
Other Assets	895		162		244		(821		)	480
Investment in Subsidiaries	11,975		2,035		—		(14,010		)	—
Total Assets	$	13,253	$	5,709	$	8,457	$	(15,242	)	$	12,177

Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt	$	457	$	132	$	251	$	(327	)	$	513
Accounts payable	27		575		757		—			1,359
Other current liabilities	4,625		200		901		(4,588		)	1,138
Total Current Liabilities	5,109		907		1,909		(4,915		)	3,010
Long-Term Debt	1,770		679		241		(795		)	1,895
Deferred Income Taxes	24		93		362		—			479
Other Liabilities	149		155		282		(26		)	560

Total Tyson Shareholders’ Equity	6,201		3,875		5,631		(9,506		)	6,201
Noncontrolling Interest	—		—		32		—			32
Total Shareholders’ Equity	6,201		3,875		5,663		(9,506		)	6,233
Total Liabilities and Shareholders’ Equity	$	13,253	$	5,709	$	8,457	$	(15,242	)	$	12,177



Condensed Consolidating Statement of Cash Flows for the six months ended March 29, 2014													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Cash Provided by (Used for) Operating Activities	$	10		$	129		$	171		$	(45	)	$	265
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(1		)	(67		)	(225		)	—			(293		)
(Purchases of)/Proceeds from marketable securities, net	—			—			(3		)	—			(3		)
Acquisitions, net of cash acquired	—			—			(56		)	—			(56		)
Other, net	—			1			7			—			8
Cash Provided by (Used for) Investing Activities	(1		)	(66		)	(277		)	—			(344		)
Cash Flows from Financing Activities:
Net change in debt	(370		)	—			(6		)	—			(376		)
Purchases of Tyson Class A common stock	(275		)	—			—			—			(275		)
Dividends	(50		)	—			(45		)	45			(50		)
Stock options exercised	49			—			—			—			49
Other, net	19			—			—			—			19
Net change in intercompany balances	618			(64		)	(554		)	—			—
Cash Provided by (Used for) Financing Activities	(9		)	(64		)	(605		)	45			(633		)
Effect of Exchange Rate Change on Cash	—			—			5			—			5
Increase (Decrease) in Cash and Cash Equivalents	—			(1		)	(706		)	—			(707		)
Cash and Cash Equivalents at Beginning of Year	—			21			1,124			—			1,145
Cash and Cash Equivalents at End of Period	$	—		$	20		$	418		$	—		$	438



Condensed Consolidating Statement of Cash Flows for the six months ended March 30, 2013													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Cash Provided by (Used for) Operating Activities	$	89		$	76		$	78		$	(13	)	$	230
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(2		)	(54		)	(234		)	—			(290		)
(Purchases of)/Proceeds from marketable securities, net	—			(13		)	(50		)	—			(63		)
Acquisitions, net of cash acquired	—			—			(10		)	—			(10		)
Other, net	(3		)	—			33			—			30
Cash Provided by (Used for) Investing Activities	(5		)	(67		)	(261		)	—			(333		)
Cash Flows from Financing Activities:
Net change in debt	(1		)	—			(17		)	—			(18		)
Purchases of Tyson Class A common stock	(188		)	—			—			—			(188		)
Dividends	(70		)	—			(13		)	13			(70		)
Stock options exercised	69			—			—			—			69
Other, net	2			—			—			—			2
Net change in intercompany balances	103			4			(107		)	—			—
Cash Provided by (Used for) Financing Activities	(85		)	4			(137		)	13			(205		)
Effect of Exchange Rate Change on Cash	—			—			(1		)	—			(1		)
Increase (Decrease) in Cash and Cash Equivalents	(1		)	13			(321		)	—			(309		)
Cash and Cash Equivalents at Beginning of Year	1			9			1,061			—			1,071
Cash and Cash Equivalents at End of Period	$	—		$	22		$	740		$	—		$	762

Accounting Policies (Policy)

Basis Of Presentation

BASIS OF PRESENTATION

The consolidated condensed financial statements 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. 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 28, 2013. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly our financial position as of March 29, 2014, and the results of operations for the three and six months ended March 29, 2014, and March 30, 2013. Results of operations and cash flows for the periods presented are not necessarily indicative of results to be expected for the full year.

Consolidation

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.

Inventories (Policy)

Inventory, Policy [Policy Text Block]

INVENTORIES

Processed products, livestock and supplies and other are valued at the lower of cost or market. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, contract grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories.

Accounting Policies Common Stock Repurchases (Tables)

Schedule of Common Stock Repurchases

A summary of cumulative share repurchases of our Class A stock is as follows (in millions):



	Three Months Ended						Six Months Ended
	March 29, 2014			March 30, 2013			March 29, 2014			March 30, 2013
	Shares	Dollars		Shares	Dollars		Shares	Dollars		Shares	Dollars
Shares repurchased:
Under share repurchase program	2.5	$	100	2.1	$	50	7.1	$	250	7.2	$	150
To fund certain obligations under equity compensation plans	0.4	16		1.1	23		0.7	25		1.9	38
Total share repurchases	2.9	$	116	3.2	$	73	7.8	$	275	9.1	$	188

Discontinued Operation (Tables)

Summary of Discontinued Operation's Results

The following is a summary of the discontinued operation's results (in millions):



	Three Months Ended					Six Months Ended
	March 29, 2014		March 30, 2013			March 29, 2014		March 30, 2013
Sales	$	—	$	36		$	—	$	72

Pretax loss	—		(62		)	—		(66		)
Income tax expense	—		—			—		—
Loss from discontinued operation, net of tax	$	—	$	(62	)	$	—	$	(66	)

Inventories (Tables)

Schedule of Inventory

Total inventory consists of the following (in millions):



	March 29, 2014		September 28, 2013
Processed products:
Weighted-average method – chicken, prepared foods and international	$	745	$	799
First-in, first-out method – beef and pork	713		624
Livestock – first-in, first-out method	1,109		1,002
Supplies and other – weighted-average method	401		392
Total inventory	$	2,968	$	2,817

Property, Plant And Equipment (Tables)

Property, Plant And Equipment And Accumulated Depreciation

The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions):



	March 29, 2014		September 28, 2013
Land	$	102	$	100
Buildings and leasehold improvements	2,983		2,945
Machinery and equipment	5,615		5,504
Land improvements and other	423		417
Buildings and equipment under construction	293		236
	9,416		9,202
Less accumulated depreciation	5,311		5,149
Net property, plant and equipment	$	4,105	$	4,053

Other Current Liabilities (Tables)

Schedule Of Other Current Liabilities

Other current liabilities are as follows (in millions):



	March 29, 2014		September 28, 2013
Accrued salaries, wages and benefits	$	324	$	419
Self-insurance reserves	269		267
Other	431		452
Total other current liabilities	$	1,024	$	1,138

Debt (Tables)

Schedule of Major Components Of Debt

The major components of debt are as follows (in millions):



	March 29, 2014			September 28, 2013
Revolving credit facility	$	—		$	—
Senior notes:
3.25% Convertible senior notes due October 2013 (2013 Notes)	—			458
6.60% Senior notes due April 2016 (2016 Notes)	638			638
7.00% Notes due May 2018	120			120
4.50% Senior notes due June 2022 (2022 Notes)	1,000			1,000
7.00% Notes due January 2028	18			18
Discount on senior notes	(5		)	(6		)
GO Zone tax-exempt bonds due October 2033 (0.07% at 3/29/2014)	100			100
Other	69			80
Total debt	1,940			2,408
Less current debt	52			513
Total long-term debt	$	1,888		$	1,895

Earnings Per Share (Tables)

Schedule Of Earnings Per Share, Basic And Diluted

The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data):



	Three Months Ended					Six Months Ended
	March 29, 2014			March 30, 2013		March 29, 2014			March 30, 2013
Numerator:
Income from continuing operations	$	210		$	168	$	462		$	340
Less: Net income (loss) attributable to noncontrolling interests	(3		)	11		(5		)	6
Net income from continuing operations attributable to Tyson	213			157		467			334
Less dividends declared:
Class A	20			14		48			60
Class B	5			3		11			13
Undistributed earnings	$	188		$	140	$	408		$	261

Class A undistributed earnings	$	153		$	114	$	332		$	213
Class B undistributed earnings	35			26		76			48
Total undistributed earnings	$	188		$	140	$	408		$	261
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares	273			283		272			284
Class B weighted average shares, and shares under the if-converted method for diluted earnings per share	70			70		70			70
Effect of dilutive securities:
Stock options and restricted stock	6			5		5			5
Convertible 2013 Notes	—			8		—			5
Warrants	7			—		8			—
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions	356			366		355			364

Net Income Per Share from Continuing Operations Attributable to Tyson:
Class A Basic	$	0.64		$	0.45	$	1.40		$	0.96
Class B Basic	$	0.58		$	0.40	$	1.26		$	0.86
Diluted	$	0.60		$	0.43	$	1.32		$	0.92
Net Income Per Share Attributable to Tyson:
Class A Basic	$	0.64		$	0.27	$	1.40		$	0.77
Class B Basic	$	0.58		$	0.25	$	1.26		$	0.70
Diluted	$	0.60		$	0.26	$	1.32		$	0.74

Derivative Financial Instruments (Tables)

Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value

The following table sets forth the fair value of all derivative instruments outstanding in the Consolidated Condensed Balance Sheets (in millions):



	Fair Value
	March 29, 2014		September 28, 2013
Derivative Assets:
Derivatives designated as hedging instruments:
Commodity contracts	$	5	$	4
Foreign exchange contracts	—		1
Total derivative assets – designated	5		5

Derivatives not designated as hedging instruments:
Commodity contracts	45		25
Foreign exchange contracts	1		2
Total derivative assets – not designated	46		27

Total derivative assets	$	51	$	32
Derivative Liabilities:
Derivatives designated as hedging instruments:
Commodity contracts	$	119	$	29
Foreign exchange contracts	—		—
Total derivative liabilities – designated	119		29
Derivatives not designated as hedging instruments:
Commodity contracts	66		72
Foreign exchange contracts	1		1
Total derivative liabilities – not designated	67		73

Total derivative liabilities	$	186	$	102

Schedule Of Notional Amount Of Derivatives

We had the following aggregated notional values of outstanding forward and option contracts accounted for as cash flow hedges (in millions, except soy meal tons):



	Metric	March 29, 2014		September 28, 2013
Commodity:
Corn	Bushels	4		5
Soy meal	Tons	70,300		96,800
Foreign Currency	United States dollar	$	31	$	60

Derivative Instruments, Gain (Loss) [Table Text Block]

The following table sets forth the pretax impact of cash flow hedge derivative instruments on the Consolidated Condensed Statements of Income (in millions):



	Gain/(Loss) Recognized in OCI On Derivatives						Consolidated Condensed Statements of Income Classification	Gain/(Loss) Reclassified from OCI to Earnings
	Three Months Ended							Three Months Ended
	March 29, 2014			March 30, 2013				March 29, 2014			March 30, 2013
Cash Flow Hedge – Derivatives designated as hedging instruments:
Commodity contracts	$	8		$	(10	)	Cost of Sales	$	(3	)	$	(7	)
Foreign exchange contracts	—			(5		)	Other Income/Expense	—			—
Total	$	8		$	(15	)		$	(3	)	$	(7	)

	Gain/(Loss) Recognized in OCI On Derivatives						Consolidated Condensed Statements of Income Classification	Gain/(Loss) Reclassified from OCI to Earnings
	Six Months Ended							Six Months Ended
	March 29, 2014			March 30, 2013				March 29, 2014			March 30, 2013
Cash Flow Hedge – Derivatives designated as hedging instruments:
Commodity contracts	$	6		$	(23	)	Cost of Sales	$	(3	)	$	(3	)
Foreign exchange contracts	(1		)	(5		)	Other Income/Expense	—			(2		)
Total	$	5		$	(28	)		$	(3	)	$	(5	)

Schedule Of Notional Amount Of Derivatives

We had the following aggregated notional values of outstanding forward contracts entered into to hedge firm commitments which are accounted for as a fair value hedge (in millions):



	Metric	March 29, 2014	September 28, 2013
Commodity:
Live Cattle	Pounds	358	209
Lean Hogs	Pounds	470	384

Derivative Instruments, Gain (Loss) [Table Text Block]



											in millions
	Consolidated Condensed Statements of Income Classification	Three Months Ended						Six Months Ended
	Consolidated Condensed Statements of Income Classification	March 29, 2014			March 30, 2013			March 29, 2014			March 30, 2013
Gain/(Loss) on forwards	Cost of Sales	$	(34	)	$	11		$	(40	)	$	15
Gain/(Loss) on purchase contract	Cost of Sales	34			(11		)	40			(15		)

Schedule Of Notional Amount Of Derivatives

We had the following aggregate outstanding notional values related to our undesignated positions (in millions, except soy meal tons):



	Metric	March 29, 2014		September 28, 2013
Commodity:
Corn	Bushels	35		69
Soy Meal	Tons	274,400		204,600
Soy Oil	Pounds	35		11
Live Cattle	Pounds	137		60
Lean Hogs	Pounds	153		159
Foreign Currency	United States dollars	$	100	$	95

Derivative Instruments, Gain (Loss) [Table Text Block]

The following table sets forth the pretax impact of the undesignated derivative instruments on the Consolidated Condensed Statements of Income (in millions):



	Consolidated Condensed Statements of Income Classification	Gain/(Loss) Recognized in Earnings						Gain/(Loss) Recognized in Earnings
		Three Months Ended						Six Months Ended
		March 29, 2014			March 30, 2013			March 29, 2014			March 30, 2013
Derivatives not designated as hedging instruments:
Commodity contracts	Sales	$	30		$	(23	)	$	32		$	(12	)
Commodity contracts	Cost of Sales	(40		)	—			(42		)	(7		)
Foreign exchange contracts	Other Income/Expense	2			1			1			2
Total		$	(8	)	$	(22	)	$	(9	)	$	(17	)

Fair Value Measurements (Tables)

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

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):



March 29, 2014	Level 1		Level 2		Level 3		Netting (a)			Total
Assets:
Commodity Derivatives	$	—	$	50	$	—	$	(35	)	$	15
Foreign Exchange Forward Contracts	—		1		—		—			1
Available-for-Sale Securities:
Current	—		2		—		—			2
Non-current	3		24		67		—			94
Deferred Compensation Assets	12		214		—		—			226
Total Assets	$	15	$	291	$	67	$	(35	)	$	338
Liabilities:
Commodity Derivatives	$	—	$	185	$	—	$	(183	)	$	2
Foreign Exchange Forward Contracts	—		1		—		—			1
Total Liabilities	$	—	$	186	$	—	$	(183	)	$	3



September 28, 2013	Level 1		Level 2		Level 3		Netting (a)			Total
Assets:
Commodity Derivatives	$	—	$	29	$	—	$	(21	)	$	8
Foreign Exchange Forward Contracts	—		3		—		(1		)	2
Available-for-Sale Securities:
Current	—		1		—		—			1
Non-current	4		24		65		—			93
Deferred Compensation Assets	23		191		—		—			214
Total Assets	$	27	$	248	$	65	$	(22	)	$	318
Liabilities:
Commodity Derivatives	$	—	$	101	$	—	$	(101	)	$	—
Foreign Exchange Forward Contracts	—		1		—		—			1
Total Liabilities	$	—	$	102	$	—	$	(101	)	$	1

(a)

Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis. We net derivative assets and liabilities, including cash collateral, when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. At March 29, 2014, and September 28, 2013, we had posted with various counterparties $148 million and $79 million, respectively, of cash collateral related to our commodity derivatives and held no cash collateral.

Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation between the beginning and ending balance of debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions):



	Six Months Ended
	March 29, 2014			March 30, 2013
Balance at beginning of year	$	65		$	86
Total realized and unrealized gains (losses):
Included in earnings	—			1
Included in other comprehensive income (loss)	—			—
Purchases	15			9
Issuances	—			—
Settlements	(13		)	(31		)
Balance at end of period	$	67		$	65
Total gains (losses) for the six-month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period	$	—		$	—

Schedule Of Available For Sale Securities

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):



	March 29, 2014						September 28, 2013
	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	$	26	$	26	$	—	$	25	$	25	$	—
Corporate and Asset-Backed	66		67		1		64		65		1
Equity Securities:
Common Stock and Warrants (a)	3		3		—		9		4		(5		)


(a)	At March 29, 2014, the amortized cost basis for Equity Securities had been reduced by accumulated other than temporary impairment of approximately $6 million.

Schedule Of Fair Value And Carrying Value Of Debt

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):



	March 29, 2014				September 28, 2013
	Fair Value		Carrying Value		Fair Value		Carrying Value
Total Debt	$	2,073	$	1,940	$	2,541	$	2,408

Other Comprehensive Income (Tables)

Components Of Other Comprehensive Income (Loss)

The before and after tax changes in the components of other comprehensive income (loss) are as follows (in millions):



	Three Months Ended																Six Months Ended
	March 29, 2014							March 30, 2013									March 29, 2014									March 30, 2013
	Before Tax		Tax			After Tax		Before Tax			Tax			After Tax			Before Tax			Tax			After Tax			Before Tax			Tax			After Tax

Derivatives accounted for as cash flow hedges:
(Gain) loss reclassified to Cost of Sales	$	3	$	(1	)	$	2	$	7		$	(3	)	$	4		$	3		$	(1	)	$	2		$	3		$	(1	)	$	2
(Gain) loss reclassified to Other Income/Expense	—		—			—		—			—			—			—			—			—			2			(1		)	1
Unrealized gain (loss)	8		(3		)	5		(15		)	6			(9		)	5			(2		)	3			(28		)	11			(17		)

Investments:
(Gain) loss reclassified to Other Income/Expense	—		—			—		(1		)	—			(1		)	6			(2		)	4			(1		)	—			(1		)
Unrealized gain (loss)	—		—			—		1			(1		)	—			(1		)	—			(1		)	(3		)	1			(2		)

Currency translation:
Translation gain reclassified to Other Income/Expense	—		—			—		(19		)	(1		)	(20		)	—			—			—			(19		)	(1		)	(20		)
Translation adjustment	6		—			6		5			—			5			(5		)	—			(5		)	4			—			4

Postretirement benefits	1		(1		)	—		2			—			2			2			—			2			3			—			3
Total Other Comprehensive Income (Loss)	$	18	$	(5	)	$	13	$	(20	)	$	1		$	(19	)	$	10		$	(5	)	$	5		$	(39	)	$	9		$	(30	)

Segment Reporting (Tables)

Segment Reporting Information, By Segment

Information on segments and a reconciliation to income from continuing operations before income taxes are as follows (in millions):



	Three Months Ended							Six Months Ended
	March 29, 2014			March 30, 2013				March 29, 2014			March 30, 2013
Sales:
Chicken	$	2,842		$	2,733			$	5,498		$	5,328
Beef	3,825			3,447				7,559			6,932
Pork	1,487			1,311				2,911			2,674
Prepared Foods	861			803				1,768			1,644
International	328			331				655			658
Other	—			27				—			47
Intersegment Sales	(311		)	(269		)		(598		)	(534		)
Total Sales	$	9,032		$	8,383			$	17,793		$	16,749

Operating Income (Loss):
Chicken	$	234		$	143			$	487		$	256
Beef	35			(26		)		93			20
Pork	107			72				228			197
Prepared Foods	21			28				37			61
International	(30		)	(3		)		(58		)	(5		)
Other	(6		)	22				(14		)	11
Total Operating Income	361			236				773			540

Total Other (Income) Expense	20			15			(a)	49			51			(a)

Income from Continuing Operations before Income Taxes	$	341		$	221			$	724		$	489

Condensed Consolidating Financial Statements (Tables)

Condensed Consolidating Statement Of Income and Comprehensive Income




Condensed Consolidating Statement of Income and Comprehensive Income for the three months ended March 29, 2014													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	148		$	5,168		$	4,159		$	(443	)	$	9,032
Cost of Sales	4			4,953			3,867			(443		)	8,381
Gross Profit	144			215			292			—			651
Selling, General and Administrative	28			57			205			—			290
Operating Income	116			158			87			—			361
Other (Income) Expense:
Interest expense, net	(15		)	34			3			—			22
Other, net	1			—			(3		)	—			(2		)
Equity in net earnings of subsidiaries	(128		)	(6		)	—			134			—
Total Other (Income) Expense	(142		)	28			—			134			20
Income from Continuing Operations before Income Taxes	258			130			87			(134		)	341
Income Tax Expense	45			44			42			—			131
Income from Continuing Operations	213			86			45			(134		)	210
Loss from Discontinued Operation, Net of Tax	—			—			—			—			—
Net Income	213			86			45			(134		)	210
Less: Net Income (Loss) Attributable to Noncontrolling Interest	—			—			(3		)	—			(3		)
Net Income Attributable to Tyson	$	213		$	86		$	48		$	(134	)	$	213

Comprehensive Income (Loss)	224			91			51			(143		)	223
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	—			—			(3		)	—			(3		)
Comprehensive Income (Loss) Attributable to Tyson	$	224		$	91		$	54		$	(143	)	$	226




Condensed Consolidating Statement of Income and Comprehensive Income for the three months ended March 30, 2013													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	101		$	4,552		$	4,008		$	(278	)	$	8,383
Cost of Sales	11			4,479			3,703			(278		)	7,915
Gross Profit	90			73			305			—			468
Selling, General and Administrative	12			45			175			—			232
Operating Income	78			28			130			—			236
Other (Income) Expense:
Interest expense, net	9			15			10			—			34
Other, net	4			—			(23		)	—			(19		)
Equity in net earnings of subsidiaries	(51		)	10			—			41			—
Total Other (Income) Expense	(38		)	25			(13		)	41			15
Income from Continuing Operations before Income Taxes	116			3			143			(41		)	221
Income Tax Expense	21			2			30			—			53
Income from Continuing Operations	95			1			113			(41		)	168
Loss from Discontinued Operation, Net of Tax	—			—			(62		)	—			(62		)
Net Income	95			1			51			(41		)	106
Less: Net Income (Loss) Attributable to Noncontrolling Interest	—			—			11			—			11
Net Income Attributable to Tyson	$	95		$	1		$	40		$	(41	)	$	95

Comprehensive Income (Loss)	87			(22		)	(19		)	41			87
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	—			—			11			—			11
Comprehensive Income (Loss) Attributable to Tyson	$	87		$	(22	)	$	(30	)	$	41		$	76




Condensed Consolidating Statement of Income and Comprehensive Income for the six months ended March 29, 2014													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	315		$	10,216		$	8,146		$	(884	)	$	17,793
Cost of Sales	21			9,779			7,541			(884		)	16,457
Gross Profit	294			437			605			—			1,336
Selling, General and Administrative	51			112			400			—			563
Operating Income	243			325			205			—			773
Other (Income) Expense:
Interest expense, net	(10		)	49			9			—			48
Other, net	7			(1		)	(5		)	—			1
Equity in net earnings of subsidiaries	(303		)	(12		)	—			315			—
Total Other (Income) Expense	(306		)	36			4			315			49
Income from Continuing Operations before Income Taxes	549			289			201			(315		)	724
Income Tax Expense	82			96			84			—			262
Income from Continuing Operations	467			193			117			(315		)	462
Loss from Discontinued Operation, Net of Tax	—			—			—			—			—
Net Income	467			193			117			(315		)	462
Less: Net Income (Loss) Attributable to Noncontrolling Interest	—			—			(5		)	—			(5		)
Net Income Attributable to Tyson	$	467		$	193		$	122		$	(315	)	$	467

Comprehensive Income (Loss)	467			192			114			(306		)	467
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	—			—			(5		)	—			(5		)
Comprehensive Income (Loss) Attributable to Tyson	$	467		$	192		$	119		$	(306	)	$	472




Condensed Consolidating Statement of Income and Comprehensive Income for the six months ended March 30, 2013													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	176		$	9,302		$	7,876		$	(605	)	$	16,749
Cost of Sales	27			9,017			7,303			(605		)	15,742
Gross Profit	149			285			573			—			1,007
Selling, General and Administrative	32			97			338			—			467
Operating Income	117			188			235			—			540
Other (Income) Expense:
Interest expense, net	17			31			22			—			70
Other, net	4			—			(23		)	—			(19		)
Equity in net earnings of subsidiaries	(200		)	(14		)	—			214			—
Total Other (Income) Expense	(179		)	17			(1		)	214			51
Income from Continuing Operations before Income Taxes	296			171			236			(214		)	489
Income Tax Expense	28			53			68			—			149
Income from Continuing Operations	268			118			168			(214		)	340
Loss from Discontinued Operation, Net of Tax	—			—			(66		)	—			(66		)
Net Income	268			118			102			(214		)	274
Less: Net Income (Loss) Attributable to Noncontrolling Interest	—			—			6			—			6
Net Income Attributable to Tyson	$	268		$	118		$	96		$	(214	)	$	268

Comprehensive Income (Loss)	244			99			31			(130		)	244
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	—			—			6			—			6
Comprehensive Income (Loss) Attributable to Tyson	$	244		$	99		$	25		$	(130	)	$	238

Condensed Consolidating Balance Sheet



Condensed Consolidating Balance Sheet as of March 29, 2014										in millions
	TFI Parent		TFM Parent		Non- Guarantors		Eliminations			Total
Assets
Current Assets:
Cash and cash equivalents	$	—	$	20	$	418	$	—		$	438
Accounts receivable, net	1		636		911		—			1,548
Inventories	—		1,245		1,723		—			2,968
Other current assets	137		46		222		(175		)	230
Total Current Assets	138		1,947		3,274		(175		)	5,184
Net Property, Plant and Equipment	31		906		3,168		—			4,105
Goodwill	—		881		1,044		—			1,925
Intangible Assets	—		18		138		—			156
Other Assets	165		145		265		(59		)	516
Investment in Subsidiaries	12,230		2,046		—		(14,276		)	—
Total Assets	$	12,564	$	5,943	$	7,889	$	(14,510	)	$	11,886

Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt	$	—	$	—	$	52	$	—		$	52
Accounts payable	36		650		743		—			1,429
Other current liabilities	4,157		286		822		(4,241		)	1,024
Total Current Liabilities	4,193		936		1,617		(4,241		)	2,505
Long-Term Debt	1,771		1		175		(59		)	1,888
Deferred Income Taxes	26		73		345		—			444
Other Liabilities	138		156		291		—			585

Total Tyson Shareholders’ Equity	6,436		4,777		5,433		(10,210		)	6,436
Noncontrolling Interest	—		—		28		—			28
Total Shareholders’ Equity	6,436		4,777		5,461		(10,210		)	6,464
Total Liabilities and Shareholders’ Equity	$	12,564	$	5,943	$	7,889	$	(14,510	)	$	11,886



Condensed Consolidating Balance Sheet as of September 28, 2013										in millions
	TFI Parent		TFM Parent		Non- Guarantors		Eliminations			Total
Assets
Current Assets:
Cash and cash equivalents	$	—	$	21	$	1,124	$	—		$	1,145
Accounts receivable, net	—		571		926		—			1,497
Inventories	—		1,039		1,778		—			2,817
Other current assets	351		88		117		(411		)	145
Total Current Assets	351		1,719		3,945		(411		)	5,604
Net Property, Plant and Equipment	32		891		3,130		—			4,053
Goodwill	—		881		1,021		—			1,902
Intangible Assets	—		21		117		—			138
Other Assets	895		162		244		(821		)	480
Investment in Subsidiaries	11,975		2,035		—		(14,010		)	—
Total Assets	$	13,253	$	5,709	$	8,457	$	(15,242	)	$	12,177

Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt	$	457	$	132	$	251	$	(327	)	$	513
Accounts payable	27		575		757		—			1,359
Other current liabilities	4,625		200		901		(4,588		)	1,138
Total Current Liabilities	5,109		907		1,909		(4,915		)	3,010
Long-Term Debt	1,770		679		241		(795		)	1,895
Deferred Income Taxes	24		93		362		—			479
Other Liabilities	149		155		282		(26		)	560

Total Tyson Shareholders’ Equity	6,201		3,875		5,631		(9,506		)	6,201
Noncontrolling Interest	—		—		32		—			32
Total Shareholders’ Equity	6,201		3,875		5,663		(9,506		)	6,233
Total Liabilities and Shareholders’ Equity	$	13,253	$	5,709	$	8,457	$	(15,242	)	$	12,177

Condensed Consolidating Statement Of Cash Flows



Condensed Consolidating Statement of Cash Flows for the six months ended March 29, 2014													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Cash Provided by (Used for) Operating Activities	$	10		$	129		$	171		$	(45	)	$	265
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(1		)	(67		)	(225		)	—			(293		)
(Purchases of)/Proceeds from marketable securities, net	—			—			(3		)	—			(3		)
Acquisitions, net of cash acquired	—			—			(56		)	—			(56		)
Other, net	—			1			7			—			8
Cash Provided by (Used for) Investing Activities	(1		)	(66		)	(277		)	—			(344		)
Cash Flows from Financing Activities:
Net change in debt	(370		)	—			(6		)	—			(376		)
Purchases of Tyson Class A common stock	(275		)	—			—			—			(275		)
Dividends	(50		)	—			(45		)	45			(50		)
Stock options exercised	49			—			—			—			49
Other, net	19			—			—			—			19
Net change in intercompany balances	618			(64		)	(554		)	—			—
Cash Provided by (Used for) Financing Activities	(9		)	(64		)	(605		)	45			(633		)
Effect of Exchange Rate Change on Cash	—			—			5			—			5
Increase (Decrease) in Cash and Cash Equivalents	—			(1		)	(706		)	—			(707		)
Cash and Cash Equivalents at Beginning of Year	—			21			1,124			—			1,145
Cash and Cash Equivalents at End of Period	$	—		$	20		$	418		$	—		$	438



Condensed Consolidating Statement of Cash Flows for the six months ended March 30, 2013													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Cash Provided by (Used for) Operating Activities	$	89		$	76		$	78		$	(13	)	$	230
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(2		)	(54		)	(234		)	—			(290		)
(Purchases of)/Proceeds from marketable securities, net	—			(13		)	(50		)	—			(63		)
Acquisitions, net of cash acquired	—			—			(10		)	—			(10		)
Other, net	(3		)	—			33			—			30
Cash Provided by (Used for) Investing Activities	(5		)	(67		)	(261		)	—			(333		)
Cash Flows from Financing Activities:
Net change in debt	(1		)	—			(17		)	—			(18		)
Purchases of Tyson Class A common stock	(188		)	—			—			—			(188		)
Dividends	(70		)	—			(13		)	13			(70		)
Stock options exercised	69			—			—			—			69
Other, net	2			—			—			—			2
Net change in intercompany balances	103			4			(107		)	—			—
Cash Provided by (Used for) Financing Activities	(85		)	4			(137		)	13			(205		)
Effect of Exchange Rate Change on Cash	—			—			(1		)	—			(1		)
Increase (Decrease) in Cash and Cash Equivalents	(1		)	13			(321		)	—			(309		)
Cash and Cash Equivalents at Beginning of Year	1			9			1,061			—			1,071
Cash and Cash Equivalents at End of Period	$	—		$	22		$	740		$	—		$	762

Accounting Policies (Details) (Variable Interest Entity, Primary Beneficiary [Member], USD $)

In Millions, unless otherwise specified

6 Months Ended

Mar. 29, 2014

Sep. 28, 2013

Variable Interest Entity, Primary Beneficiary [Member]

Accounting Policies [Line Items]

Ownership interest percentage, investment in Dynamic Fuels, LLC joint venture

50.00%

Variable interest entity total assets

$ 154

$ 166

Variable interest entity net property, plant and equipment

137

142

Variable interest entity total liabilities

114

113

Variable interest entity long-term debt

$ 100

Accounting Policies Share Repurchases (Details) (USD $)

In Millions, unless otherwise specified

1 Months Ended

3 Months Ended

6 Months Ended

Jan. 31, 2014

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Mar. 30, 2013

Accounting Policies [Line Items]

Payments for Repurchase of Common Stock

$ 275

$ 188

Class A [Member]

Accounting Policies [Line Items]

Payments for Repurchase of Common Stock

116

73

275

188

Treasury Stock, Shares, Acquired

2.9

3.2

7.8

9.1

Share Repurchase Program [Member] |
Class A [Member]

Accounting Policies [Line Items]

Payments for Repurchase of Common Stock

100

50

250

150

Treasury Stock, Shares, Acquired

2.5

2.1

7.1

7.2

Remaining shares available to repurchase

32.1

Increase in authorized shares to repurchase

25

Open market repurchases to fund certain obligations under equity compensation plans [Member] |
Class A [Member]

Accounting Policies [Line Items]

Payments for Repurchase of Common Stock

$ 16

$ 23

$ 25

$ 38

Treasury Stock, Shares, Acquired

0.4

1.1

0.7

1.9

Acquisitions (Details) (USD $)

In Millions, unless otherwise specified

6 Months Ended

3 Months Ended

12 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Sep. 28, 2013

Mar. 29, 2014

Series of Individually Immaterial Business Acquisitions [Member]

business

Sep. 28, 2013

Series of Individually Immaterial Business Acquisitions [Member]

business

Business Acquisition [Line Items]

Number of Businesses Acquired

1

2

Acquisitions, net of cash acquired

$ (56)

$ (10)

$ (56)

$ (106)

Purchase price of property, plant and equipment

12

50

Purchase price of intangible assets

27

41

Goodwill

$ 1,925

$ 1,902

$ 18

$ 12

Discontinued Operation (Summary of Discontinued Operation's Results) (Details) (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Mar. 30, 2013

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Loss from discontinued operation, net of tax

$ 0

$ (62)

$ 0

$ (66)

Weifang Operation [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Sales

0

36

0

72

Pretax loss

0

(62)

0

(66)

Income tax expense

0

Loss from discontinued operation, net of tax

$ 0

$ (62)

$ 0

$ (66)

Discontinued Operation (Narrative) (Details) (Weifang Operation [Member], USD $)

In Millions, unless otherwise specified

3 Months Ended

Mar. 30, 2013

Weifang Operation [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Asset Impairment Charges

$ 56

Inventories (Schedule Of Inventory) (Details) (USD $)

In Millions, unless otherwise specified

Mar. 29, 2014

Sep. 28, 2013

Inventory Disclosure [Abstract]

Processed Products - Weighted-average method – chicken, international and prepared foods

$ 745

$ 799

Processed Products - First-in, first-out method – beef and pork

713

624

Livestock – first-in, first-out method

1,109

1,002

Supplies and other – weighted-average method

401

392

Total inventories

$ 2,968

$ 2,817

Property, Plant And Equipment (Details) (USD $)

In Millions, unless otherwise specified

Mar. 29, 2014

Sep. 28, 2013

Property, Plant and Equipment [Line Items]

Property, plant and equipment, gross

$ 9,416

$ 9,202

Less accumulated depreciation

5,311

5,149

Net property, plant and equipment

4,105

4,053

Land [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment, gross

102

100

Buildings And Leasehold Improvements [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment, gross

2,983

2,945

Machinery And Equipment [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment, gross

5,615

5,504

Land Improvements And Other [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment, gross

423

417

Buildings And Equipment Under Construction [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment, gross

$ 293

$ 236

Other Current Liabilities (Schedule of Other Current Liabilities) (Details) (USD $)

In Millions, unless otherwise specified

Mar. 29, 2014

Sep. 28, 2013

Other Liabilities, Current [Abstract]

Accrued salaries, wages and benefits

$ 324

$ 419

Self-insurance reserves

269

267

Other

431

452

Total other current liabilities

$ 1,024

$ 1,138

Debt (Major Components Of Debt) (Details) (USD $)

In Millions, unless otherwise specified

Mar. 29, 2014

Sep. 28, 2013

Mar. 29, 2014

3.25% Convertible Senior Unsecured Notes Due October 15, 2013 (2013 Notes) [Member]

Sep. 28, 2013

3.25% Convertible Senior Unsecured Notes Due October 15, 2013 (2013 Notes) [Member]

Sep. 30, 2008

3.25% Convertible Senior Unsecured Notes Due October 15, 2013 (2013 Notes) [Member]

Mar. 29, 2014

6.60% Senior Notes Due April 2016 (2016 Notes) [Member]

Sep. 28, 2013

6.60% Senior Notes Due April 2016 (2016 Notes) [Member]

Mar. 29, 2014

7.00% Notes Due May 2018 [Member]

Sep. 28, 2013

7.00% Notes Due May 2018 [Member]

Mar. 29, 2014

4.50% Senior Notes Due June 2022 (2022 Notes) [Member]

Sep. 28, 2013

4.50% Senior Notes Due June 2022 (2022 Notes) [Member]

Jun. 30, 2012

4.50% Senior Notes Due June 2022 (2022 Notes) [Member]

Mar. 29, 2014

7.00% Notes Due January 2028 [Member]

Sep. 28, 2013

7.00% Notes Due January 2028 [Member]

Mar. 29, 2014

GO Zone Tax-Exempt Bonds Due October 2033 [Member]

Sep. 28, 2013

GO Zone Tax-Exempt Bonds Due October 2033 [Member]

Debt Instrument [Line Items]

Revolving credit facility

$ 0

Senior Notes

0

458

638

120

1,000

18

Discount on senior notes

(5)

(6)

(5)

GO Zone tax-exempt bonds due October 2033

100

Other

69

80

Total debt

1,940

2,408

Less current debt

52

513

Total long-term debt

$ 1,888

$ 1,895

Stated interest rate

3.25%

7.00%

4.50%

7.00%

Interest rate at period end

6.60%

0.07%

Debt (Narrative) (Details) (USD $)

Share data in Millions, unless otherwise specified

0 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

Mar. 29, 2014

Sep. 28, 2013

Oct. 15, 2013

3.25% Convertible Senior Unsecured Notes Due October 15, 2013 [Member]

Sep. 30, 2008

3.25% Convertible Senior Unsecured Notes Due October 15, 2013 [Member]

Oct. 15, 2013

3.25% Convertible Senior Unsecured Notes Due October 15, 2013 [Member]

Class A [Member]

Sep. 27, 2008

2016 Notes [Member]

Jun. 30, 2012

2016 Notes [Member]

Prior To Credit Rating Adjustment [Member]

Jun. 30, 2012

2016 Notes [Member]

After Credit Rating Adjustment [Member]

Jun. 30, 2012

4.50% Senior Notes Due June 2022 (2022 Notes) [Member]

Mar. 29, 2014

4.50% Senior Notes Due June 2022 (2022 Notes) [Member]

Oct. 31, 2008

GO Zone Tax-Exempt Bonds Due October 2033 [Member]

Mar. 29, 2014

GO Zone Tax-Exempt Bonds Due October 2033 [Member]

Mar. 29, 2014

Standby Letters of Credit [Member]

Mar. 29, 2014

Bilateral Letters Of Credit [Member]

Mar. 29, 2014

2008 Warrants [Member]

Class A [Member]

May 5, 2014

2008 Warrants [Member]

Subsequent Event [Member]

Class A [Member]

Debt Instrument [Line Items]

Amount available under credit facility

$ 1,000,000,000

Amount available for borrowing under credit facility

955,000,000

Letters of credit issued amount

45,000,000

145,000,000

Debt instrument, face amount

458,000,000

1,000,000,000

Interest rate

3.25%

6.60%

4.50%

Repayments of Long-term Debt

458,000,000

Stock Issued During Period, Shares, Conversion of Convertible Securities

11.7

Stock Redeemed or Called During Period, Shares

11.7

Stock Issued During Period, Shares, Treasury Stock Reissued

8.9

2.8

Interest rate at period end

6.85%

6.60%

0.07%

Debt Instrument, Unamortized Discount

5,000,000

6,000,000

5,000,000

Issue price percent of face value

99.458%

Proceeds from Issuance of Unsecured Debt

995,000,000

Payments of Debt Issuance Costs

9,000,000

Proceeds from the sale of Gulf Opportunity Zone tax-exempt bonds

100,000,000

Syntroleum Corporation Responsibility of Guarantee

50.00%

Syntroleum Corporation Maximum Guarantee Responsibility

$ 50,000,000

Income Taxes (Details) (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Mar. 30, 2013

Sep. 28, 2013

Income Tax Disclosure [Abstract]

Effective tax rate for continuing operations

38.30%

23.90%

36.20%

30.40%

Unrecognized tax benefits

$ 169

$ 175

Unrecognized tax benefits that would impact effective tax rate

144

149

Unrecognized tax benefits, income tax penalties and interest accrued

72

63

Unrecognized tax benefits, reductions that could result from tax audit resolutions

$ 42

Other Income And Charges (Details) (Other Income/Expense [Member], USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 30, 2013

Mar. 29, 2014

Mar. 30, 2013

Other Income/Expense [Member]

Components of Other Income and Expenses [Line Items]

Equity Earnings in Joint Ventures

$ 4

Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities

6

Foreign Currency Transaction Gain (Loss), Realized

$ 19

$ 1

$ 19

Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) (USD $)

In Millions, except Per Share data, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Mar. 30, 2013

Earnings Per Share, Basic and Diluted [Line Items]

Income from continuing operations

$ 210

$ 168

$ 462

$ 340

Less: Net income (loss) attributable to noncontrolling interest

(3)

11

(5)

6

Net income from continuing operations attributable to Tyson

213

157

467

334

Undistributed earnings

188

140

408

261

Stock options and restricted stock

6

5

Convertible 2013 Notes

0

8

0

5

Warrants

7

0

8

0

Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions

356

366

355

364

Net Income Per Share from Continuing Operations Attributable to Tyson - Diluted

$ 0.60

$ 0.43

$ 1.32

$ 0.92

Net Income Per Share Attributable to Tyson - Diluted

$ 0.60

$ 0.26

$ 1.32

$ 0.74

Class A [Member]

Earnings Per Share, Basic and Diluted [Line Items]

Less Dividends Declared:

20

14

48

60

Undistributed earnings

153

114

332

213

Weighted average number of shares outstanding - Basic

273

283

272

284

Net Income Per Share from Continuing Operations Attributable to Tyson - Basic

$ 0.64

$ 0.45

$ 1.40

$ 0.96

Net Income Per Share Attributable to Tyson - Basic

$ 0.64

$ 0.27

$ 1.40

$ 0.77

Class B [Member]

Earnings Per Share, Basic and Diluted [Line Items]

Less Dividends Declared:

5

3

11

13

Undistributed earnings

$ 35

$ 26

$ 76

$ 48

Weighted average number of shares outstanding - Basic

70

Net Income Per Share from Continuing Operations Attributable to Tyson - Basic

$ 0.58

$ 0.40

$ 1.26

$ 0.86

Net Income Per Share Attributable to Tyson - Basic

$ 0.58

$ 0.25

$ 1.26

$ 0.70

Earnings Per Share (Narrative) (Details)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Mar. 30, 2013

Earnings Per Share, Basic and Diluted [Line Items]

Number Of Classes Of Common Stock

2

Percentage amount of per share cash dividends paid to holders of Class B stock that cannot exceed paid to holders of Class A stock

90.00%

Class A [Member]

Earnings Per Share, Basic and Diluted [Line Items]

Undistributed earnings (losses), ratio used to calculate allocation to class of stock

1

Class B [Member]

Earnings Per Share, Basic and Diluted [Line Items]

Undistributed earnings (losses), ratio used to calculate allocation to class of stock

0.9

Stock Compensation Plan [Member]

Earnings Per Share, Basic and Diluted [Line Items]

Antidilutive securities excluded from computation of earnings per share, shares

4

7

Derivative Financial Instruments (Aggregate Outstanding Notionals Related To Cash Flow Hedges) (Details) (Cash Flow Hedging [Member], Designated as Hedging Instrument [Member], USD $)

In Millions, unless otherwise specified

Mar. 29, 2014

bu

Sep. 28, 2013

bu

Corn (in bushels)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

4,000,000

5,000,000

Soy Meal (in tons)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

70,300

96,800

Foreign Currency [Member]

Derivative [Line Items]

Derivative, Notional Amount

$ 31

$ 60

Derivative Financial Instruments (Pretax Impact Of Cash Flow Hedge Derivative Instruments On The Consolidated Statements Of Income) (Details) (Cash Flow Hedging [Member], USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Mar. 30, 2013

Derivative [Line Items]

Gain/(Loss) Recognized in OCI on Derivatives

$ 8

$ (15)

$ 5

$ (28)

Gain/(Loss) Reclassified from OCI to Earnings

(3)

(7)

(3)

(5)

Commodity Contracts [Member]

Derivative [Line Items]

Gain/(Loss) Recognized in OCI on Derivatives

8

(10)

6

(23)

Commodity Contracts [Member] |
Cost of Sales [Member]

Derivative [Line Items]

Gain/(Loss) Reclassified from OCI to Earnings

(3)

(7)

(3)

Foreign Currency [Member]

Derivative [Line Items]

Gain/(Loss) Recognized in OCI on Derivatives

0

(5)

(1)

(5)

Foreign Currency [Member] |
Other Income/Expense [Member]

Derivative [Line Items]

Gain/(Loss) Reclassified from OCI to Earnings

$ 0

$ (2)

Derivative Financial Instruments (Aggregate Outstanding Notionals Related To Fair Value Hedges) (Details) (Fair Value Hedging [Member], Designated as Hedging Instrument [Member])

Mar. 29, 2014

lb

Sep. 28, 2013

lb

Live Cattle (in pounds)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

358,000,000

209,000,000

Lean Hogs (in pounds)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

470,000,000

384,000,000

Derivative Financial Instruments (Pretax Impact Of Fair Value Hedge Derivative Instruments On The Consolidated Statements of Income) (Details) (Fair Value Hedging [Member], Cost of Sales [Member], USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Mar. 30, 2013

Forward Contracts [Member]

Derivative [Line Items]

Gain/(Loss) on forwards

$ (34)

$ 11

$ (40)

$ 15

Purchase Contracts [Member]

Derivative [Line Items]

Gain/(Loss) on forwards

$ 34

$ (11)

$ 40

$ (15)

Derivative Financial Instruments (Aggregate Outstanding Notionals Related To Undesignated Positions) (Details) (Not Designated as Hedging Instrument [Member], USD $)

In Millions, unless otherwise specified

Mar. 29, 2014

bu

Sep. 28, 2013

bu

Corn (in bushels)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

35,000,000

69,000,000

Soy Meal (in tons)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

274,400

204,600

Soy Oil (in pounds)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

35,000,000

11,000,000

Live Cattle (in pounds)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

137,000,000

60,000,000

Lean Hogs (in pounds)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

153,000,000

159,000,000

Foreign Currency [Member]

Derivative [Line Items]

Derivative, Notional Amount

$ 100

$ 95

Derivative Financial Instruments (Pretax Impact Of Undesignated Derivative Instruments On The Consolidated Statements Of Income) (Details) (Not Designated as Hedging Instrument [Member], USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Mar. 30, 2013

Derivative [Line Items]

Gain/(Loss) Recognized in Earnings

$ (8)

$ (22)

$ (9)

$ (17)

Commodity Contracts [Member] |
Sales [Member]

Derivative [Line Items]

Gain/(Loss) Recognized in Earnings

30

(23)

32

(12)

Commodity Contracts [Member] |
Cost of Sales [Member]

Derivative [Line Items]

Gain/(Loss) Recognized in Earnings

(40)

0

(42)

(7)

Foreign Currency [Member] |
Other Income/Expense [Member]

Derivative [Line Items]

Gain/(Loss) Recognized in Earnings

$ 2

$ 1

$ 2

Derivative Financial Instruments (Fair Value Of All Derivative Instruments) (Details) (USD $)

In Millions, unless otherwise specified

Mar. 29, 2014

Sep. 28, 2013

Derivative [Line Items]

Derivative Assets

$ 51

$ 32

Derivative Liabilities

186

102

Designated as Hedging Instrument [Member]

Derivative [Line Items]

Derivative Assets

5

Derivative Liabilities

119

29

Designated as Hedging Instrument [Member] |
Commodity Contracts [Member]

Derivative [Line Items]

Derivative Assets

5

4

Derivative Liabilities

119

29

Designated as Hedging Instrument [Member] |
Foreign Currency [Member]

Derivative [Line Items]

Derivative Assets

0

1

Derivative Liabilities

0

Not Designated as Hedging Instrument [Member]

Derivative [Line Items]

Derivative Assets

46

27

Derivative Liabilities

67

73

Not Designated as Hedging Instrument [Member] |
Commodity Contracts [Member]

Derivative [Line Items]

Derivative Assets

45

25

Derivative Liabilities

66

72

Not Designated as Hedging Instrument [Member] |
Foreign Currency [Member]

Derivative [Line Items]

Derivative Assets

1

2

Derivative Liabilities

$ 1

Derivative Financial Instruments (Narrative) (Details) (USD $)

In Millions, unless otherwise specified

6 Months Ended

Mar. 29, 2014

M

Derivative [Line Items]

Maximum length of time hedged forecasted transactions, months

18 months

Maximum length Of time hedged undesignated positions, months

18

Grain [Member]

Derivative [Line Items]

Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months

$ 2

Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $)

In Millions, unless otherwise specified

Mar. 29, 2014

Sep. 28, 2013

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Derivative assets and liabilities posted cash collateral

$ 148

$ 79

Fair Value, Measurements, Recurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Foreign Exchange Forward Contracts, Assets

1

2

Available-for-Sale Securities, Current

2

1

Available for Sale Securities, Noncurrent

94

93

Deferred Compensation Assets

226

214

Total Assets

338

318

Foreign Exchange Forward Contracts, Liabilities

1

Total Liabilities

3

1

Fair Value, Measurements, Recurring [Member] |
Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Foreign Exchange Forward Contracts, Assets

0

Available-for-Sale Securities, Current

0

Available for Sale Securities, Noncurrent

3

4

Deferred Compensation Assets

12

23

Total Assets

15

27

Foreign Exchange Forward Contracts, Liabilities

0

Total Liabilities

0

Fair Value, Measurements, Recurring [Member] |
Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Foreign Exchange Forward Contracts, Assets

1

3

Available-for-Sale Securities, Current

2

1

Available for Sale Securities, Noncurrent

24

Deferred Compensation Assets

214

191

Total Assets

291

248

Foreign Exchange Forward Contracts, Liabilities

1

Total Liabilities

186

102

Fair Value, Measurements, Recurring [Member] |
Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Foreign Exchange Forward Contracts, Assets

0

Available-for-Sale Securities, Current

0

Available for Sale Securities, Noncurrent

67

65

Deferred Compensation Assets

0

Total Assets

67

65

Foreign Exchange Forward Contracts, Liabilities

0

Total Liabilities

0

Fair Value, Measurements, Recurring [Member] |
Netting [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Foreign Exchange Forward Contracts, Assets

0

(1)

Available-for-Sale Securities, Current

0

Available for Sale Securities, Noncurrent

0

Deferred Compensation Assets

0

Total Assets

(35)

(22)

Foreign Exchange Forward Contracts, Liabilities

0

Total Liabilities

(183)

(101)

Commodity [Member] |
Fair Value, Measurements, Recurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Commodity Derivatives

15

8

Derivative Financial Instruments, Liabilities

2

0

Commodity [Member] |
Fair Value, Measurements, Recurring [Member] |
Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Commodity Derivatives

0

Derivative Financial Instruments, Liabilities

0

Commodity [Member] |
Fair Value, Measurements, Recurring [Member] |
Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Commodity Derivatives

50

29

Derivative Financial Instruments, Liabilities

185

101

Commodity [Member] |
Fair Value, Measurements, Recurring [Member] |
Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Commodity Derivatives

0

Derivative Financial Instruments, Liabilities

0

Commodity [Member] |
Fair Value, Measurements, Recurring [Member] |
Netting [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Commodity Derivatives

(35)

(21)

Derivative Financial Instruments, Liabilities

$ (183)

$ (101)

Fair Value Measurements (Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation) (Details) (USD $)

In Millions, unless otherwise specified

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Balance at beginning of year

$ 65

$ 86

Total realized gains (losses) included in earnings

0

1

Total unrealized gains (losses) included in other comprehensive income (loss)

0

Purchases

15

9

Issuances

0

Settlements

(13)

(31)

Balance at end of period

67

65

Total gains (losses) for the nine-month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period

$ 0

Fair Value Measurements (Schedule Of Available For Sale Securities) (Details) (USD $)

In Millions, unless otherwise specified

6 Months Ended

Mar. 29, 2014

U.S. Treasury and Agency [Member]

Sep. 28, 2013

U.S. Treasury and Agency [Member]

Mar. 29, 2014

Corporate And Asset-Backed [Member]

Sep. 28, 2013

Corporate And Asset-Backed [Member]

Mar. 29, 2014

Common Stock and Warrants [Member]

Sep. 28, 2013

Common Stock and Warrants [Member]

Mar. 29, 2014

Level 1 [Member]

Mar. 29, 2014

Level 2 [Member]

Mar. 29, 2014

Maximum [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cumulative Other-than-Temporary Impairment Loss

$ 6

Short Term Investment Maturity Period

12 months

Available For Sale Securities Debt Maturity Period

35 years

Unrealized Gain/(Loss)

0

1

0

(5)

Number of shares of Syntroleum Corporation acquired

0.8

Shares able to be purchased through warrants

0.4

Exercise price of warrants, per share

28.70

Amortized Cost Basis

26

25

66

64

3

9

Fair Value

$ 26

$ 25

$ 67

$ 65

$ 3

$ 4

Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Debt) (Details) (USD $)

In Millions, unless otherwise specified

Mar. 29, 2014

Sep. 28, 2013

Fair Value Disclosures [Abstract]

Total Debt, Fair Value

$ 2,073

$ 2,541

Total Debt, Carrying Value

$ 1,940

$ 2,408

Fair Value Measurements Fair Value Measurement (Narrative) (Details) (USD $)

In Millions, unless otherwise specified

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Common Stock and Warrants [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Other than Temporary Impairment Losses, Investments, Available-for-sale Securities

$ 6

Assets, Fair Value Disclosure, Nonrecurring

0

Liabilities, Fair Value Disclosure, Nonrecurring

$ 0

Other Comprehensive Income (Components Of Other Comprehensive Income (Loss)) (Details) (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Mar. 30, 2013

Other Comprehensive Income Loss [Line Items]

Total Other Comprehensive Income (Loss), Before Tax

$ 18

$ (20)

$ 10

$ (39)

Total Other Comprehensive Income (Loss), Tax

(5)

1

(5)

9

Total Other Comprehensive Income (Loss), Net of Taxes

13

(19)

5

(30)

Derivatives accounted for as cash flow hedges [Member]

Other Comprehensive Income Loss [Line Items]

Other Comprehensive Income (Loss), Before Reclassifications, Before Tax

8

(15)

5

(28)

Other Comprehensive Income (Loss), Before Reclassifications, Tax

(3)

6

(2)

11

Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax

5

(9)

3

(17)

Derivatives accounted for as cash flow hedges [Member] |
Cost of Sales [Member]

Other Comprehensive Income Loss [Line Items]

Reclassification from Accumulated Other Comprehensive Income, Before Tax

3

7

3

Reclassification from Accumulated Other Comprehensive Income, Tax

(1)

(3)

(1)

Reclassification from Accumulated Other Comprehensive Income, Net of Tax

2

4

2

Derivatives accounted for as cash flow hedges [Member] |
Other Income/Expense [Member]

Other Comprehensive Income Loss [Line Items]

Reclassification from Accumulated Other Comprehensive Income, Before Tax

0

2

Reclassification from Accumulated Other Comprehensive Income, Tax

0

(1)

Reclassification from Accumulated Other Comprehensive Income, Net of Tax

0

1

Investments [Member]

Other Comprehensive Income Loss [Line Items]

Other Comprehensive Income (Loss), Before Reclassifications, Before Tax

0

1

(1)

(3)

Other Comprehensive Income (Loss), Before Reclassifications, Tax

0

(1)

0

1

Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax

0

(1)

(2)

Investments [Member] |
Other Income/Expense [Member]

Other Comprehensive Income Loss [Line Items]

Reclassification from Accumulated Other Comprehensive Income, Before Tax

0

(1)

6

(1)

Reclassification from Accumulated Other Comprehensive Income, Tax

0

(2)

0

Reclassification from Accumulated Other Comprehensive Income, Net of Tax

0

(1)

4

(1)

Currency translation [Member]

Other Comprehensive Income Loss [Line Items]

Other Comprehensive Income (Loss), Before Reclassifications, Before Tax

6

5

(5)

4

Other Comprehensive Income (Loss), Before Reclassifications, Tax

0

Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax

6

5

(5)

4

Currency translation [Member] |
Other Income/Expense [Member]

Other Comprehensive Income Loss [Line Items]

Reclassification from Accumulated Other Comprehensive Income, Before Tax

0

(19)

0

(19)

Reclassification from Accumulated Other Comprehensive Income, Tax

0

(1)

0

(1)

Reclassification from Accumulated Other Comprehensive Income, Net of Tax

0

(20)

0

(20)

Postretirement benefits [Member]

Other Comprehensive Income Loss [Line Items]

Total Other Comprehensive Income (Loss), Before Tax

1

2

3

Total Other Comprehensive Income (Loss), Tax

(1)

0

Total Other Comprehensive Income (Loss), Net of Taxes

$ 0

$ 2

$ 3

Segment Reporting (Segment Reporting Information, By Segment) (Details) (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Mar. 30, 2013

Segment Reporting Information [Line Items]

Sales

$ 9,032

$ 8,383

$ 17,793

$ 16,749

Operating Income (Loss)

361

236

773

540

Total Other (Income) Expense

20

15 ¹

49

51 ¹

Income from Continuing Operations before Income Taxes

341

221

724

489

Operating Segments [Member] |
Chicken [Member]

Segment Reporting Information [Line Items]

Sales

2,842

2,733

5,498

5,328

Operating Income (Loss)

234

143

487

256

Operating Segments [Member] |
Beef [Member]

Segment Reporting Information [Line Items]

Sales

3,825

3,447

7,559

6,932

Operating Income (Loss)

35

(26)

93

20

Operating Segments [Member] |
Pork [Member]

Segment Reporting Information [Line Items]

Sales

1,487

1,311

2,911

2,674

Operating Income (Loss)

107

72

228

197

Operating Segments [Member] |
Prepared Foods [Member]

Segment Reporting Information [Line Items]

Sales

861

803

1,768

1,644

Operating Income (Loss)

21

28

37

61

Operating Segments [Member] |
International [Member]

Segment Reporting Information [Line Items]

Sales

328

331

655

658

Operating Income (Loss)

(30)

(3)

(58)

(5)

Intersegment Elimination [Member]

Segment Reporting Information [Line Items]

Sales

(311)

(269)

(598)

(534)

Intersegment Elimination [Member] |
Chicken [Member]

Segment Reporting Information [Line Items]

Sales

2

6

4

8

Intersegment Elimination [Member] |
Beef [Member]

Segment Reporting Information [Line Items]

Sales

67

54

130

97

Intersegment Elimination [Member] |
Pork [Member]

Segment Reporting Information [Line Items]

Sales

242

209

464

429

Other [Member]

Segment Reporting Information [Line Items]

Sales

0

27

0

47

Operating Income (Loss)

$ (6)

$ 22

$ (14)

$ 11

[1] Includes $19 million related to the recognized currency translation adjustment gain

Segment Reporting Segment Reporting (Narrative) (Details) (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Segments

Mar. 30, 2013

Segment Reporting Information [Line Items]

Sales

$ 9,032

$ 8,383

$ 17,793

$ 16,749

Number of Operating Segments

5

Intersegment Elimination [Member]

Segment Reporting Information [Line Items]

Sales

(311)

(269)

(598)

(534)

Intersegment Elimination [Member] |
Chicken [Member]

Segment Reporting Information [Line Items]

Sales

2

6

4

8

Intersegment Elimination [Member] |
Beef [Member]

Segment Reporting Information [Line Items]

Sales

67

54

130

97

Intersegment Elimination [Member] |
Pork [Member]

Segment Reporting Information [Line Items]

Sales

242

209

464

429

Other Income/Expense [Member]

Segment Reporting Information [Line Items]

Foreign Currency Transaction Gain (Loss), Realized

$ 19

$ 1

$ 19

Commitments And Contingencies Commitments (Details) (USD $)

In Millions, unless otherwise specified

6 Months Ended

Mar. 29, 2014

Sep. 28, 2013

Mar. 29, 2014

Guarantee of Indebtedness of Others [Member]

Mar. 29, 2014

Residual Value Guarantees [Member]

Guarantor Obligations [Line Items]

Guarantor Obligations, Maximum Exposure, Period (in years)

10 years

Maximum potential amount

$ 53

$ 50

Guarantor Obligations, Maximum Exposure, Remaining Lease Period (in years)

14 years

Amount recoverable through various recourse provisions

44

Potential maximum obligation under cash flow assistance programs

310

Total receivables under cash flow assistance programs

32

44

Uncollectible receivables estimated under cash flow assistance programs

$ 10

$ 15

Commitments And Contingencies Contingencies (Details) (USD $)

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

Mar. 29, 2014

Tyson Fresh Meats Inc [Member]

Claims

Dec. 7, 2012

Garcia Case [Member]

Mar. 17, 2011

Garcia Case [Member]

Sep. 26, 2011

Bouaphakeo Case [Member]

Oct. 31, 2012

Bouaphakeo Case [Member]

Jan. 30, 2014

Acosta Case [Member]

May 31, 2013

Acosta Case [Member]

Oct. 26, 2013

Gomez Case [Member]

Mar. 29, 2014

Carter Case [Member]

Mar. 29, 2014

Tyson Prepared Foods Plant [Member]

Oct. 20, 2010

Tyson Prepared Foods Plant [Member]

Claims

Jun. 30, 2005

Attorney General and the Secretary of the Environment of the State Of Oklahoma [Member]

acre

Jun. 30, 2005

Attorney General and the Secretary of the Environment of the State Of Oklahoma [Member]

Poultry Integrators [Member]

Integrators

Jun. 30, 2005

Attorney General and the Secretary of the Environment of the State Of Oklahoma [Member]

Subsidiaries [Member]

Subsidiary

Loss Contingencies [Line Items]

Number of cases filed

11

1

Loss Contingency, Damages Awarded, Value

$ 503,011

$ 5,784,758

$ 18,774,989

$ 5,733,943

$ 4,960,787

Granted application for attorneys fees and expenses

3,609,723

Filed application for attorneys' fees and expenses

2,692,145

Loss Contingency, Settlement Amount

950,000

500,000

Loss Contingency, Number of Defendants

6

3

Area of land encompassed, acres

1,000,000

Loss contingency, damages sought

$ 6,258,330

$ 800,000,000

Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Income and Comprehensive Income) (Details) (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Mar. 29, 2014

Mar. 30, 2013

Condensed Financial Statements, Captions [Line Items]

Sales

$ 9,032

$ 8,383

$ 17,793

$ 16,749

Cost of Sales

8,381

7,915

16,457

15,742

Gross Profit

651

468

1,336

1,007

Selling, general and administrative

290

232

563

467

Operating Income

361

236

773

540

Other (Income) Expense:

Interest expense, net

22

34

48

70

Other, net

(2)

(19)

1

(19)

Equity in net earnings of subsidiaries

0

Total Other (Income) Expense

20

15 ¹

49

51 ¹

Income from Continuing Operations before Income Taxes

341

221

724

489

Income Tax Expense

131

53

262

149

Income from Continuing Operations

210

168

462

340

Loss from Discontinued Operation, Net of Tax

0

(62)

0

(66)

Net Income

210

106

462

274

Less: Net income (loss) attributable to noncontrolling interest

(3)

11

(5)

6

Net Income Attributable to Tyson

213

95

467

268

Comprehensive Income

223

87

467

244

Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests

(3)

11

(5)

6

Comprehensive Income Attributable to Tyson

226

76

472

238

TFI Parent [Member]

Condensed Financial Statements, Captions [Line Items]

Sales

148

101

315

176

Cost of Sales

4

11

21

27

Gross Profit

144

90

294

149

Selling, general and administrative

28

12

51

32

Operating Income

116

78

243

117

Other (Income) Expense:

Interest expense, net

(15)

9

(10)

17

Other, net

1

4

7

4

Equity in net earnings of subsidiaries

(128)

(51)

(303)

(200)

Total Other (Income) Expense

(142)

(38)

(306)

(179)

Income from Continuing Operations before Income Taxes

258

116

549

296

Income Tax Expense

45

21

82

28

Income from Continuing Operations

213

95

467

268

Loss from Discontinued Operation, Net of Tax

0

Net Income

213

95

467

268

Less: Net income (loss) attributable to noncontrolling interest

0

Net Income Attributable to Tyson

213

95

467

268

Comprehensive Income

224

87

467

244

Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests

0

Comprehensive Income Attributable to Tyson

224

87

467

244

TFM Parent, Guarantors [Member]

Condensed Financial Statements, Captions [Line Items]

Sales

5,168

4,552

10,216

9,302

Cost of Sales

4,953

4,479

9,779

9,017

Gross Profit

215

73

437

285

Selling, general and administrative

57

45

112

97

Operating Income

158

28

325

188

Other (Income) Expense:

Interest expense, net

34

15

49

31

Other, net

0

(1)

0

Equity in net earnings of subsidiaries

(6)

10

(12)

(14)

Total Other (Income) Expense

28

25

36

17

Income from Continuing Operations before Income Taxes

130

3

289

171

Income Tax Expense

44

2

96

53

Income from Continuing Operations

86

1

193

118

Loss from Discontinued Operation, Net of Tax

0

Net Income

86

1

193

118

Less: Net income (loss) attributable to noncontrolling interest

0

Net Income Attributable to Tyson

86

1

193

118

Comprehensive Income

91

(22)

192

99

Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests

0

Comprehensive Income Attributable to Tyson

91

(22)

192

99

Non-Guarantors [Member]

Condensed Financial Statements, Captions [Line Items]

Sales

4,159

4,008

8,146

7,876

Cost of Sales

3,867

3,703

7,541

7,303

Gross Profit

292

305

605

573

Selling, general and administrative

205

175

400

338

Operating Income

87

130

205

235

Other (Income) Expense:

Interest expense, net

3

10

9

22

Other, net

(3)

(23)

(5)

(23)

Equity in net earnings of subsidiaries

0

Total Other (Income) Expense

0

(13)

4

(1)

Income from Continuing Operations before Income Taxes

87

143

201

236

Income Tax Expense

42

30

84

68

Income from Continuing Operations

45

113

117

168

Loss from Discontinued Operation, Net of Tax

0

(62)

0

(66)

Net Income

45

51

117

102

Less: Net income (loss) attributable to noncontrolling interest

(3)

11

(5)

6

Net Income Attributable to Tyson

48

40

122

96

Comprehensive Income

51

(19)

114

31

Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests

(3)

11

(5)

6

Comprehensive Income Attributable to Tyson

54

(30)

119

25

Eliminations [Member]

Condensed Financial Statements, Captions [Line Items]

Sales

(443)

(278)

(884)

(605)

Cost of Sales

(443)

(278)

(884)

(605)

Gross Profit

0

Selling, general and administrative

0

Operating Income

0

Other (Income) Expense:

Interest expense, net

0

Other, net

0

Equity in net earnings of subsidiaries

134

41

315

214

Total Other (Income) Expense

134

41

315

214

Income from Continuing Operations before Income Taxes

(134)

(41)

(315)

(214)

Income Tax Expense

0

Income from Continuing Operations

(134)

(41)

(315)

(214)

Loss from Discontinued Operation, Net of Tax

0

Net Income

(134)

(41)

(315)

(214)

Less: Net income (loss) attributable to noncontrolling interest

0

Net Income Attributable to Tyson

(134)

(41)

(315)

(214)

Comprehensive Income

(143)

41

(306)

(130)

Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests

0

Comprehensive Income Attributable to Tyson

$ (143)

$ 41

$ (306)

$ (130)

[1] Includes $19 million related to the recognized currency translation adjustment gain

Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) (USD $)

In Millions, unless otherwise specified

Mar. 29, 2014

Sep. 28, 2013

Mar. 30, 2013

Sep. 29, 2012

Assets

Cash and cash equivalents

$ 438

$ 1,145

$ 762

$ 1,071

Accounts receivable, net

1,548

1,497

Inventories

2,968

2,817

Other current assets

230

145

Total Current Assets

5,184

5,604

Net Property, Plant and Equipment

4,105

4,053

Goodwill

1,925

1,902

Intangible Assets

156

138

Other Assets

516

480

Investment in Subsidiaries

0

Total Assets

11,886

12,177

Liabilities and Shareholders' Equity

Current debt

52

513

Accounts payable

1,429

1,359

Other current liabilities

1,024

1,138

Total Current Liabilities

2,505

3,010

Long-Term Debt

1,888

1,895

Deferred Income Taxes

444

479

Other Liabilities

585

560

Total Tyson Shareholders' Equity

6,436

6,201

Noncontrolling Interest

28

32

Total Shareholders' Equity

6,464

6,233

Total Liabilities and Shareholders' Equity

11,886

12,177

TFI Parent [Member]

Assets

Cash and cash equivalents

0

1

Accounts receivable, net

1

0

Inventories

0

Other current assets

137

351

Total Current Assets

138

351

Net Property, Plant and Equipment

31

32

Goodwill

0

Intangible Assets

0

Other Assets

165

895

Investment in Subsidiaries

12,230

11,975

Total Assets

12,564

13,253

Liabilities and Shareholders' Equity

Current debt

0

457

Accounts payable

36

27

Other current liabilities

4,157

4,625

Total Current Liabilities

4,193

5,109

Long-Term Debt

1,771

1,770

Deferred Income Taxes

26

24

Other Liabilities

138

149

Total Tyson Shareholders' Equity

6,436

6,201

Noncontrolling Interest

0

Total Shareholders' Equity

6,436

6,201

Total Liabilities and Shareholders' Equity

12,564

13,253

TFM Parent, Guarantors [Member]

Assets

Cash and cash equivalents

20

21

22

9

Accounts receivable, net

636

571

Inventories

1,245

1,039

Other current assets

46

88

Total Current Assets

1,947

1,719

Net Property, Plant and Equipment

906

891

Goodwill

881

Intangible Assets

18

21

Other Assets

145

162

Investment in Subsidiaries

2,046

2,035

Total Assets

5,943

5,709

Liabilities and Shareholders' Equity

Current debt

0

132

Accounts payable

650

575

Other current liabilities

286

200

Total Current Liabilities

936

907

Long-Term Debt

1

679

Deferred Income Taxes

73

93

Other Liabilities

156

155

Total Tyson Shareholders' Equity

4,777

3,875

Noncontrolling Interest

0

Total Shareholders' Equity

4,777

3,875

Total Liabilities and Shareholders' Equity

5,943

5,709

Non-Guarantors [Member]

Assets

Cash and cash equivalents

418

1,124

740

1,061

Accounts receivable, net

911

926

Inventories

1,723

1,778

Other current assets

222

117

Total Current Assets

3,274

3,945

Net Property, Plant and Equipment

3,168

3,130

Goodwill

1,044

1,021

Intangible Assets

138

117

Other Assets

265

244

Investment in Subsidiaries

0

Total Assets

7,889

8,457

Liabilities and Shareholders' Equity

Current debt

52

251

Accounts payable

743

757

Other current liabilities

822

901

Total Current Liabilities

1,617

1,909

Long-Term Debt

175

241

Deferred Income Taxes

345

362

Other Liabilities

291

282

Total Tyson Shareholders' Equity

5,433

5,631

Noncontrolling Interest

28

32

Total Shareholders' Equity

5,461

5,663

Total Liabilities and Shareholders' Equity

7,889

8,457

Eliminations [Member]

Assets

Cash and cash equivalents

0

Accounts receivable, net

0

Inventories

0

Other current assets

(175)

(411)

Total Current Assets

(175)

(411)

Net Property, Plant and Equipment

0

Goodwill

0

Intangible Assets

0

Other Assets

(59)

(821)

Investment in Subsidiaries

(14,276)

(14,010)

Total Assets

(14,510)

(15,242)

Liabilities and Shareholders' Equity

Current debt

0

(327)

Accounts payable

0

Other current liabilities

(4,241)

(4,588)

Total Current Liabilities

(4,241)

(4,915)

Long-Term Debt

(59)

(795)

Deferred Income Taxes

0

Other Liabilities

0

(26)

Total Tyson Shareholders' Equity

(10,210)

(9,506)

Noncontrolling Interest

0

Total Shareholders' Equity

(10,210)

(9,506)

Total Liabilities and Shareholders' Equity

$ (14,510)

$ (15,242)

Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Details) (USD $)

In Millions, unless otherwise specified

6 Months Ended

Mar. 29, 2014

Mar. 30, 2013

Cash and Cash Equivalents, Period Increase (Decrease) [Abstract]

Cash Provided by (Used for) Operating Activities

$ 265

$ 230

Cash Flows From Investing Activities:

Additions to property, plant and equipment

(293)

(290)

(Purchases of)/ Proceeds from marketable securities, net

(3)

(63)

Acquisitions, net of cash acquired

(56)

(10)

Other, net

8

30

Cash Used for Investing Activities

(344)

(333)

Cash Flows From Financing Activities:

Net change in debt

(376)

(18)

Purchases of Tyson Class A common stock

(275)

(188)

Dividends

(50)

(70)

Stock options exercised

49

69

Other, net

19

2

Net change in intercompany balances

0

Cash Used for Financing Activities

(633)

(205)

Effect of Exchange Rate Changes on Cash

5

(1)

Increase (Decrease) in Cash and Cash Equivalents

(707)

(309)

Cash and Cash Equivalents at Beginning of Year

1,145

1,071

Cash and Cash Equivalents at End of Period

438

762

TFI Parent [Member]

Cash and Cash Equivalents, Period Increase (Decrease) [Abstract]

Cash Provided by (Used for) Operating Activities

10

89

Cash Flows From Investing Activities:

Additions to property, plant and equipment

(1)

(2)

(Purchases of)/ Proceeds from marketable securities, net

0

Acquisitions, net of cash acquired

0

Other, net

0

(3)

Cash Used for Investing Activities

(1)

(5)

Cash Flows From Financing Activities:

Net change in debt

(370)

(1)

Purchases of Tyson Class A common stock

(275)

(188)

Dividends

(50)

(70)

Stock options exercised

49

69

Other, net

19

2

Net change in intercompany balances

618

103

Cash Used for Financing Activities

(9)

(85)

Effect of Exchange Rate Changes on Cash

0

Increase (Decrease) in Cash and Cash Equivalents

0

(1)

Cash and Cash Equivalents at Beginning of Year

0

1

Cash and Cash Equivalents at End of Period

0

TFM Parent, Guarantors [Member]

Cash and Cash Equivalents, Period Increase (Decrease) [Abstract]

Cash Provided by (Used for) Operating Activities

129

76

Cash Flows From Investing Activities:

Additions to property, plant and equipment

(67)

(54)

(Purchases of)/ Proceeds from marketable securities, net

0

(13)

Acquisitions, net of cash acquired

0

Other, net

1

0

Cash Used for Investing Activities

(66)

(67)

Cash Flows From Financing Activities:

Net change in debt

0

Purchases of Tyson Class A common stock

0

Dividends

0

Stock options exercised

0

Other, net

0

Net change in intercompany balances

(64)

4

Cash Used for Financing Activities

(64)

4

Effect of Exchange Rate Changes on Cash

0

Increase (Decrease) in Cash and Cash Equivalents

(1)

13

Cash and Cash Equivalents at Beginning of Year

21

9

Cash and Cash Equivalents at End of Period

20

22

Non-Guarantors [Member]

Cash and Cash Equivalents, Period Increase (Decrease) [Abstract]

Cash Provided by (Used for) Operating Activities

171

78

Cash Flows From Investing Activities:

Additions to property, plant and equipment

(225)

(234)

(Purchases of)/ Proceeds from marketable securities, net

(3)

(50)

Acquisitions, net of cash acquired

(56)

(10)

Other, net

7

33

Cash Used for Investing Activities

(277)

(261)

Cash Flows From Financing Activities:

Net change in debt

(6)

(17)

Purchases of Tyson Class A common stock

0

Dividends

(45)

(13)

Stock options exercised

0

Other, net

0

Net change in intercompany balances

(554)

(107)

Cash Used for Financing Activities

(605)

(137)

Effect of Exchange Rate Changes on Cash

5

(1)

Increase (Decrease) in Cash and Cash Equivalents

(706)

(321)

Cash and Cash Equivalents at Beginning of Year

1,124

1,061

Cash and Cash Equivalents at End of Period

418

740

Eliminations [Member]

Cash and Cash Equivalents, Period Increase (Decrease) [Abstract]

Cash Provided by (Used for) Operating Activities

(45)

(13)

Cash Flows From Investing Activities:

Additions to property, plant and equipment

0

(Purchases of)/ Proceeds from marketable securities, net

0

Acquisitions, net of cash acquired

0

Other, net

0

Cash Used for Investing Activities

0

Cash Flows From Financing Activities:

Net change in debt

0

Purchases of Tyson Class A common stock

0

Dividends

45

13

Stock options exercised

0

Other, net

0

Net change in intercompany balances

0

Cash Used for Financing Activities

45

13

Effect of Exchange Rate Changes on Cash

0

Increase (Decrease) in Cash and Cash Equivalents

0

Cash and Cash Equivalents at Beginning of Year

0

Cash and Cash Equivalents at End of Period

$ 0

Condensed Consolidating Financial Statements Condensed Consolidating Financial Statements (Narrative) (Details) (USD $)

In Billions, unless otherwise specified

Mar. 29, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Amount available under credit facility

$ 1.0