Document and Entity Information

6 Months Ended

Mar. 28, 2015

Entity Registrant Name

TYSON FOODS INC

Entity Central Index Key

0000100493

Current Fiscal Year End Date

--10-03

Entity Filer Category

Large Accelerated Filer

Document Type

10-Q

Document Period End Date

Mar. 28, 2015

Document Fiscal Year Focus

2015

Document Fiscal Period Focus

Q2

Amendment Flag

false

Class A [Member]

Entity Common Stock, Shares Outstanding

304,003,272

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. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Mar. 29, 2014

Sales

$ 9,979

$ 9,032

$ 20,796

$ 17,793

Cost of Sales

8,990

8,381

18,851

16,457

Gross Profit

989

651

1,945

1,336

Operating Expenses:

Selling, General and Administrative

442

290

889

563

Operating Income

547

361

1,056

773

Other (Income) Expense:

Interest income

(1)

(3)

(5)

Interest expense

71

25

148

53

Other, net

(6)

(2)

(7)

1

Total Other (Income) Expense

64

20

138

49

Income before Income Taxes

483

341

918

724

Income Tax Expense

172

131

297

262

Net Income

311

210

621

462

Less: Net income (loss) attributable to noncontrolling interest

1

(3)

2

(5)

Net Income Attributable to Tyson

$ 310

$ 213

$ 619

$ 467

Weighted Average Shares Outstanding:

Diluted, Shares

415

356

416

355

Net Income Per Share Attributable to Tyson:

Diluted (USD per share)

$ 0.75

$ 0.60

$ 1.49

$ 1.32

Class A [Member]

Weighted Average Shares Outstanding:

Basic, Shares

334

273

335

272

Net Income Per Share Attributable to Tyson:

Basic (USD per share)

$ 0.78

$ 0.64

$ 1.55

$ 1.40

Dividends Declared Per Share:

Dividends Declared (USD per share)

$ 0.100

$ 0.075

$ 0.225

$ 0.175

Class B [Member]

Weighted Average Shares Outstanding:

Basic, Shares

70

Net Income Per Share Attributable to Tyson:

Basic (USD per share)

$ 0.71

$ 0.58

$ 1.42

$ 1.26

Dividends Declared Per Share:

Dividends Declared (USD per share)

$ 0.090

$ 0.068

$ 0.203

$ 0.158

Consolidated Condensed Statements of Comprehensive Income (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Mar. 29, 2014

Statement of Comprehensive Income [Abstract]

Net Income

$ 311

$ 210

$ 621

$ 462

Other Comprehensive Income (Loss), Net of Taxes:

Derivatives accounted for as cash flow hedges

(1)

7

0

5

Investments

2

0

11

3

Currency translation

(25)

6

(19)

(5)

Postretirement benefits

0

7

2

Total Other Comprehensive Income (Loss), Net of Taxes

(24)

13

(1)

5

Comprehensive Income

287

223

620

467

Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests

1

(3)

2

(5)

Comprehensive Income Attributable to Tyson

$ 286

$ 226

$ 618

$ 472

Consolidated Condensed Balance Sheets (USD $)

In Millions, unless otherwise specified

Mar. 28, 2015

Sep. 27, 2014

Assets

Cash and cash equivalents

$ 223

$ 438

Accounts receivable, net

1,632

1,684

Inventories

3,262

3,274

Other current assets

346

379

Assets held for sale

205

446

Total Current Assets

5,668

6,221

Net Property, Plant and Equipment

5,278

5,130

Goodwill

6,689

6,706

Intangible Assets, net

5,223

5,276

Other Assets

668

623

Total Assets

23,526

23,956

Liabilities and Shareholders' Equity

Current debt

1,236

643

Accounts payable

1,694

1,806

Other current liabilities

1,072

1,207

Liabilities held for sale

49

141

Total Current Liabilities

4,051

3,797

Long-Term Debt

6,438

7,535

Deferred Income Taxes

2,452

2,450

Other Liabilities

1,215

1,270

Commitments and Contingencies (Note 16)

Shareholders' Equity:

Capital in excess of par value

4,282

4,257

Retained earnings

6,285

5,748

Accumulated other comprehensive loss

(148)

(147)

Treasury stock, at cost - 42 million shares at March 28, 2015 and 40 million shares at September 27, 2014

(1,106)

(1,010)

Total Tyson Shareholders' Equity

9,355

8,890

Noncontrolling Interest

15

14

Total Shareholders' Equity

9,370

8,904

Total Liabilities and Shareholders' Equity

23,526

23,956

Class A [Member]

Shareholders' Equity:

Common stock

35

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. 28, 2015

Sep. 27, 2014

Treasury Stock, shares

42

40

Class A [Member]

Common stock, par value

$ 0.10

Common stock, shares authorized

900

Common stock, shares issued

346

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. 28, 2015

Mar. 29, 2014

Cash Flows From Operating Activities:

Net Income

$ 621

$ 462

Depreciation and amortization

347

254

Deferred income taxes

12

(24)

Convertible debt discount

0

(92)

Other, net

36

32

Net changes in operating assets and liabilities

(208)

(367)

Cash Provided by Operating Activities

808

265

Cash Flows From Investing Activities:

Additions to property, plant and equipment

(435)

(293)

Purchases of marketable securities

(17)

(21)

Proceeds from sale of marketable securities

15

18

Acquisitions, net of cash acquired

0

(56)

Proceeds from sale of businesses

142

0

Other, net

4

8

Cash Provided by (Used for) Investing Activities

(291)

(344)

Cash Flows From Financing Activities:

Payments on debt

(715)

(390)

Proceeds from issuance of long-term debt

0

14

Borrowings on revolving credit facility

1,080

0

Payments on revolving credit facility

(905)

0

Purchases of Tyson Class A common stock

(150)

(275)

Dividends

(75)

(50)

Stock options exercised

34

49

Other, net

10

19

Cash Provided by (Used for) Financing Activities

(721)

(633)

Effect of Exchange Rate Changes on Cash

(11)

5

Decrease in Cash and Cash Equivalents

(215)

(707)

Cash and Cash Equivalents at Beginning of Year

438

1,145

Cash and Cash Equivalents at End of Period

$ 223

$ 438

Accounting Policies

ACCOUNTING POLICIES

Basis of Presentation

The consolidated condensed financial statements are unaudited and have been prepared by Tyson Foods, Inc. (“Tyson,” “the Company,” “we,” “us” or “our”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the United States Securities and Exchange Commission. 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 27, 2014. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly our financial position as of March 28, 2015, and the results of operations for the three and six months ended March 28, 2015, and March 29, 2014. 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.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance changing the criteria for recognizing revenue. The guidance provides for a single five-step model to be applied to all revenue contracts with customers. The standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2016, our fiscal 2018. Early adoption is not permitted. The Company is currently evaluating the impact this guidance will have on our consolidated financial statements.

In February 2015, the FASB issued guidance changing the analysis procedures that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The new guidance affects the following areas: (1) limited partnerships and similar legal entities, (2) evaluating fees paid to a decision maker or a service provider as a variable interest, (3) the effect of fee arrangements on the primary beneficiary determination, (4) the effect of related parties on the primary beneficiary determination, and (5) certain investment funds. This guidance is effective for annual reporting periods and interim periods within those annual reporting periods, beginning after December 15, 2015, our fiscal 2017. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on our consolidated financial statements.

In April 2015, the FASB issued guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2015, our fiscal 2017. Early adoption is permitted. This new guidance is not expected to have a material impact on our consolidated financial statements.

Acquisitions and Dispositions

Business Combinations and Disposal Group Operation

ACQUISITIONS AND DISPOSITIONS

Acquisitions

On August 28, 2014, we acquired all of the outstanding stock of The Hillshire Brands Company ("Hillshire Brands") as part of our strategic expansion initiative. The purchase price was equal to $63.00 per share for Hillshire Brands' outstanding common stock, or $8,081 million. In addition, we paid $163 million in cash for breakage costs incurred by Hillshire Brands related to a previously announced acquisition. We funded the acquisition with existing cash on hand, net proceeds from the issuance of new senior notes, Class A common stock (Class A stock), and tangible equity units as well as borrowings under a new term loan facility (refer to Note 6: Debt and Note 7: Equity). Hillshire Brands' results from operations subsequent to the acquisition closing are included in the Prepared Foods segment.

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date. Certain estimated values for the acquisition, including goodwill, intangible assets, property, plant and equipment, and deferred taxes, are not yet finalized and the preliminary purchase price allocations are subject to change as we complete our analysis of the fair value at the date of acquisition. The purchase price was allocated based on information available at the acquisition date. During the first six months of fiscal 2015, we recorded measurement period adjustments, which reduced goodwill by $15 million, after obtaining additional information regarding, among other things, asset valuations and liabilities assumed. The amount was not considered material and therefore prior periods have not been revised.



	in millions
Cash and cash equivalents		$	72
Accounts receivable		236
Inventories		414
Other current assets		337
Property, Plant and Equipment		1,301
Goodwill		4,789
Intangible Assets		5,141
Other Assets		65
Accounts payable		(347		)
Other current liabilities		(326		)
Long-Term Debt		(869		)
Deferred Income Taxes		(2,072		)
Other Liabilities		(497		)
Net assets acquired		$	8,244

The fair value of identifiable intangible assets is as follows (in millions):



Intangible Asset Category	Type	Life in Years	Fair Value
Brands & trademarks	Non-amortizable	Indefinite	$	4,062
Brands & trademarks	Amortizable	20 years	532
Customer relationships	Amortizable	Weighted average life of 16 years	541
Non-compete agreements	Amortizable	One year	6
Total identifiable intangible assets			$	5,141

As a result of the acquisition, we recognized a total of $4,789 million of goodwill. The purchase price was assigned to assets acquired and liabilities assumed based on their estimated fair values as of the date of acquisition, and any excess was allocated to goodwill, as shown in the table above. Goodwill represents the value we expect to achieve through the implementation of operational synergies and growth opportunities primarily in our Prepared Foods segment. The allocation of goodwill to our reporting units is pending finalization of the expected synergies and the impact of the synergies to our reporting units. The fair value of goodwill is not deductible for U.S. income tax purposes.

We used various valuation techniques to determine fair value, with the primary techniques being discounted cash flow analysis, relief-from-royalty and excess earnings valuation approaches, each of which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under these valuation approaches, we are required to make estimates and assumptions about sales, operating margins, growth rates, royalty rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data.

The acquisition of Hillshire Brands was accounted for using the acquisition method of accounting, and consequently, the results of operations for Hillshire Brands are reported in our consolidated condensed financial statements from the date of acquisition.

The following pro forma information presents the combined results of operations as if the acquisition of Hillshire Brands had occurred at the beginning of fiscal 2013. Hillshire Brands' pre-acquisition results have been added to our historical results. The pro forma results contained in the following table include adjustments for amortization of acquired intangibles, depreciation expense, interest expense related to the financing and related income taxes. Any potential cost savings or other operational efficiencies that could result from the acquisition are not included in these pro forma results.

The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations as they would have been had the acquisition occurred on the assumed date, nor is it necessarily an indication of future operating results. The pro forma results for the six months ended March 29, 2014 include a nonrecurring tax benefit of $46 million recognized by Hillshire Brands primarily related to the release of valuation allowances on state deferred tax assets.



in millions	Three Months Ended		Six Months Ended
	March 29, 2014		March 29, 2014
Pro forma sales	$	9,970	$	19,787
Pro forma net income from continuing operations attributable to Tyson	$	223	$	561
Pro forma net income per diluted share from continuing operations attributable to Tyson	$	0.53	$	1.34

Additionally, during the second quarter of fiscal 2014 we acquired a value-added food business as part of our strategic expansion initiative, which is also 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.

Dispositions

In fiscal 2014, we announced our plan to sell our Brazil and Mexico operations, which are included in our International segment, to JBS SA ("JBS") for a combined $575 million in cash, subject to certain adjustments. As a result, we conducted an impairment test and recorded a $39 million impairment charge in the fourth quarter of fiscal 2014 related to the Brazil operation. We completed the sale of the Brazil operation in the first quarter of fiscal 2015 for net proceeds of $130 million subject to working capital and net debt adjustments. The sale did not result in a significant gain or loss as the carrying value of the Brazil operation approximated the sales proceeds at the time of sale. In April 2015, we received additional net proceeds of $23 million related to the working capital and net debt adjustments. The additional proceeds did not result in a significant gain or loss. The assets and liabilities associated with the Brazil operation were classified as held for sale on the balance sheet at September 27, 2014. The sale of the Mexico operation is pending the necessary government approvals, and we expect to receive a decision during fiscal 2015. Subject to governmental approval and completion of the sale, we would realize a gain on the sale. The assets and liabilities related to the Mexico operation are classified as held for sale on the balance sheet at March 28, 2015 and September 27, 2014.

The following table summarizes the net assets and liabilities held for sale (in millions):



	March 28, 2015		September 27, 2014
Assets held for sale:
Accounts receivable, net	$	17	$	74
Inventories	76		141
Other current assets	15		72
Net property, plant and equipment	75		132
Goodwill	14		16
Other assets	8		11
Total assets held for sale	$	205	$	446
Liabilities held for sale:
Current debt	$	—	$	32
Accounts payable	25		61
Other current liabilities	14		27
Long-term debt	—		9
Deferred income taxes	10		12
Total liabilities held for sale	$	49	$	141

In fiscal 2014, we sold our 50 percent ownership interest of Dynamic Fuels LLC (Dynamic Fuels) for $30 million cash consideration at closing and up to $35 million in future cash payments contingent on Dynamic Fuels' production volumes over a period of up to 11.5 years. Additionally as part of the terms of the sale, we were released from our guarantee of the $100 million Gulf Opportunity Zone tax-exempt bonds, which were issued in October 2008 to fund a portion of the plant construction costs. Dynamic Fuels previously qualified as a variable interest entity which we consolidated, as we were the primary beneficiary. As a result of the sale, we deconsolidated Dynamic Fuels and recorded a gain of approximately $3 million in the third quarter of fiscal 2014. We will recognize the future contingent payments in income as the required volumes are produced.

In the second quarter of fiscal 2015, as part of our ongoing efforts to increase efficiencies in our Chicken business, we announced the planned closure of our Buena Vista, Georgia plant. Due to a combination of factors that included changing product needs, the age of the facility and the prohibitive cost of its renovation, operations are expected to cease during the third quarter of fiscal 2015. The closure is not expected to have a significant impact on the Company's operating results.

In fiscal 2014, we recorded impairment charges of $52 million related to the planned closure of three Prepared Foods plants. The Company’s Cherokee, Iowa plant closed in September 2014 and the Buffalo, New York and Santa Teresa, New Mexico plants each closed in January 2015. Additionally, in April 2014, Hillshire Brands announced that it would discontinue all production at its Florence, Alabama plant. The plant closed in December 2014 and the closure costs did not have a significant impact on the Company's financial results.

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, grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories.

At March 28, 2015, 68% of the cost of inventories was determined by the first-in, first-out ("FIFO") method as compared to 66% at September 27, 2014. The remaining cost of inventories for both years is determined by the weighted-average method.

The following table reflects the major components of inventory (in millions):



	March 28, 2015		September 27, 2014
Processed products	$	1,788	$	1,794
Livestock	1,060		1,066
Supplies and other	414		414
Total inventory	$	3,262	$	3,274

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 28, 2015		September 27, 2014
Land	$	128	$	126
Buildings and leasehold improvements	3,578		3,501
Machinery and equipment	6,322		6,144
Land improvements and other	281		276
Buildings and equipment under construction	444		334
	10,753		10,381
Less accumulated depreciation	5,475		5,251
Net property, plant and equipment	$	5,278	$	5,130

Other Current Liabilities

OTHER CURRENT LIABILITIES

Other current liabilities are as follows (in millions):



	March 28, 2015		September 27, 2014
Accrued salaries, wages and benefits	$	393	$	490
Other	679		717
Total other current liabilities	$	1,072	$	1,207

Debt

DEBT

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



	March 28, 2015			September 27, 2014
Revolving credit facility	$	175		$	—
Senior notes:
2.75% Senior notes due September 2015 (2015 Notes)	403			407
6.60% Senior notes due April 2016 (2016 Notes)	638			638
7.00% Notes due May 2018	120			120
2.65% Notes due August 2019 (2019 Notes)	1,000			1,000
4.10% Notes due September 2020 (2020 Notes)	286			287
4.50% Senior notes due June 2022 (2022 Notes)	1,000			1,000
3.95% Notes due August 2024 (2024 Notes)	1,250			1,250
7.00% Notes due January 2028	18			18
6.13% Notes due November 2032 (2032 Notes)	164			164
4.88% Notes due August 2034 (2034 Notes)	500			500
5.15% Notes due August 2044 (2044 Notes)	500			500
Discount on senior notes	(10		)	(12		)
Term loan facility:
3-year tranche A (1.56% at 03/28/2015)	842			1,172
5-year tranche A	—			353
5-year tranche B (1.69% at 03/28/2015)	552			552
Amortizing Notes - Tangible Equity Units (see Note 7: Equity)	175			205
Other	61			24
Total debt	7,674			8,178
Less current debt	1,236			643
Total long-term debt	$	6,438		$	7,535

Revolving Credit Facility

We have a $1.25 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 September 2019. After reducing for the amount borrowed and outstanding letters of credit issued under this facility, the amount available for borrowing at March 28, 2015, was $1,069 million. At March 28, 2015, we had outstanding letters of credit issued under this facility totaling $6 million, none of which were drawn upon. We had an additional $95 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of workers’ compensation insurance programs and derivative activities.

The revolving credit facility is unsecured and 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.

2019 / 2024 / 2034 / 2044 Notes

In August 2014, we issued senior unsecured notes with an aggregate principal amount of $3,250 million, consisting of $1,000 million due August 2019, $1,250 million due August 2024, $500 million due August 2034, and $500 million due August 2044. The 2019 Notes, 2024 Notes, 2034 Notes, and 2044 Notes carry interest rates of 2.65%, 3.95%, 4.88% and 5.15%, respectively, with interest payments due semi-annually on August 15 and February 15. After the original issue discounts of $7 million, we received net proceeds of $3,243 million. In addition, we incurred offering expenses of $27 million.

Term Loan Facility

In August 2014, we borrowed under an unsecured term loan facility, which provided for total term loans in an aggregate principal amount of $2,300 million, consisting of a $1,202 million 3-year tranche A facility, a $546 million 5-year tranche A facility, and a $552 million 5-year tranche B facility. The principal of the 3-year tranche A facility amortizes at 2.5% per quarter. Interest is reset based on the selected LIBOR interest period plus 1.375% for the 3-year tranche A facility and 1.50% for the 5-year tranche B facility. In addition, we incurred term loan issuance costs of approximately $11 million.

On April 7, 2015, we entered into a term loan agreement, which provided total borrowings in an aggregate principal amount of $500 million, the full balance of which was used to prepay outstanding borrowings under the existing 3-year tranche A term loan facility. The new $500 million term loan facility is due April 7, 2018. Interest is reset based on the selected LIBOR interest period plus 1.125%.

2015 / 2020 / 2032 Notes

In August 2014, in connection with our acquisition of Hillshire Brands, we assumed $840 million of Hillshire Brands' debt, which had an estimated fair value of approximately $868 million as of the acquisition date. We recorded the assumed debt at fair value. The fair value adjustment is being amortized and recorded as a reduction of interest expense. The debt assumed is mainly comprised of senior unsecured notes which consist of $400 million due September 2015, $278 million due September 2020, and $152 million due November 2032. The 2015 Notes, 2020 Notes, and the 2032 Notes carry interest rates of 2.75%, 4.10%, and 6.13%, respectively.

Debt Covenants

Our revolving credit and term loan facilities contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; make acquisitions and investments; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain minimum interest expense coverage and maximum debt-to-capitalization ratios.

Our senior notes also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets.

We were in compliance with all debt covenants at March 28, 2015.

Equity (Notes)

Equity

EQUITY

Share Repurchases

In fiscal 2014, our Board of Directors approved an increase of 25 million shares authorized for repurchase under our share repurchase program. As of March 28, 2015, 28.8 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.

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



	Three Months Ended						Six Months Ended
	March 28, 2015			March 29, 2014			March 28, 2015			March 29, 2014
	Shares	Dollars		Shares	Dollars		Shares	Dollars		Shares	Dollars
Shares repurchased:
Under share repurchase program	1.3	$	50	2.5	$	100	3.3	$	131	7.1	$	250
To fund certain obligations under equity compensation plans	0.2	9		0.4	16		0.4	19		0.7	25
Total share repurchases	1.5	$	59	2.9	$	116	3.7	$	150	7.8	$	275

Share Issuance

In fiscal 2014, we issued 23.8 million shares of our Class A stock to provide funding for the Hillshire Brands acquisition. Total proceeds, net of underwriting discounts and other offering related fees and expenses were $873 million.

Tangible Equity Units

In fiscal 2014, we completed the public issuance of 30 million 4.75% tangible equity units (TEUs). Total proceeds, net of underwriting discounts and other expenses, were $1,454 million. Each TEU, which has a stated amount of $50, is comprised of a prepaid stock purchase contract and a senior amortizing note due July 15, 2017. We allocated the proceeds from the issuance of the TEUs to equity and debt based on the relative fair values of the respective components of each TEU. The fair value of the prepaid stock purchase contracts, which was $1,295 million, is recorded in Capital in Excess of Par Value, net of issuance costs. The fair value of the senior amortizing notes, which was $205 million, was recorded in debt, of which $65 million was current. Issuance costs associated with the TEU debt were recorded as deferred financing costs in the Consolidated Condensed Balance Sheets in Other Assets and are amortized over the term of the instrument to July 15, 2017.

The aggregate values assigned upon issuance of each component of the TEUs, based on the relative fair value of the respective components of each TEU, were as follows (in millions, except price per TEU):



	Equity Component			Debt Component			Total
Price per TEU	$	43.17		$	6.83		$	50.00
Gross Proceeds	1,295			205			1,500
Issuance cost	(40		)	(6		)	(46		)
Net proceeds	$	1,255		$	199		$	1,454

Each senior amortizing note has an initial principal amount of $6.83 and bears interest at 1.5% per annum. On each January 15, April 15, July 15 and October 15, we will pay equal quarterly cash installments of $0.59 per amortizing note, which cash payment in the aggregate (principal and interest) is equivalent to 4.75% per year with respect to the $50 stated amount per TEU. Each installment constitutes a payment of interest and partial repayment of principal. Unless settled earlier at the holder's or the Company's option, each purchase contract will automatically settle on July 15, 2017, subject to postponement in certain limited circumstances. We will deliver between a minimum of 31.8 million shares and a maximum of 39.7 million shares of our Class A stock, subject to adjustment, based upon the Applicable Market Value (as defined below) of our Class A stock as described below:


•	If the Applicable Market Value is equal to or greater than the conversion price of $47.20 per share, we will deliver 1.0594 shares of Class A stock per purchase contract, or a minimum of 31.8 million Class A shares.


•	If the Applicable Market Value is greater than the reference price of $37.76 but less than the conversion price of $47.20 per share, we will deliver a number of shares per purchase contract equal to $50, divided by the Applicable Market Value.


•	If the Applicable Market Value is less than or equal to the reference price of $37.76 per share, we will deliver 1.3244 shares of Class A stock per purchase contract, or a maximum of 39.7 million Class A shares.

The "Applicable Market Value" means the average of the closing prices of our Class A stock on each of the 20 consecutive trading days beginning on, and including, the 23rd scheduled trading day immediately preceding July 15, 2017.

On March 13, 2015, we paid our quarterly dividend to shareholders of record at February 27, 2015 equal to $0.10 per share on our Class A stock. The amount of the distribution exceeded the $0.075 per share dividend threshold amount. Consequently, the settlements rates, reference price and conversion price were adjusted and are reflected above.

The TEUs have a dilutive effect on our earnings per share. The 31.8 million minimum shares to be issued are included in the calculation of Class A Basic weighted average shares. The 7.9 million share difference between the minimum shares and the 39.7 million maximum shares are potentially dilutive securities, and accordingly, are included in our diluted earnings per share on a pro rata basis to the extent the Applicable Market Value is higher than the reference price but is less than the conversion price at period end.

Income Taxes

INCOME TAXES

The effective tax rate was 35.6% and 38.3% for the second quarter of fiscal 2015 and 2014, respectively, and 32.4% and 36.2% for the first six months of fiscal 2015 and 2014, respectively. The effective tax rates for the second quarter and first six months of fiscal 2015 and fiscal 2014 were impacted by such items as the domestic production deduction, state income taxes and losses in foreign jurisdictions for which no benefit is recognized. In addition, changes in tax reserves resulting from the expiration of statutes of limitations reduced the effective tax rate for the first six months of fiscal 2015 by 3.2%.

Unrecognized tax benefits were $229 million and $272 million at March 28, 2015, and September 27, 2014, respectively. The amount of unrecognized tax benefits, if recognized, that would impact our effective tax rate was $200 million and $241 million at March 28, 2015, and September 27, 2014, respectively.

We classify interest and penalties on unrecognized tax benefits as income tax expense. At March 28, 2015, and September 27, 2014, before tax benefits, we had $49 million and $54 million, respectively, of accrued interest and penalties on unrecognized tax benefits.

We are subject to income tax assessments for U.S. federal income taxes for fiscal years 2011 through 2013. We are also subject to income tax assessments by major state and foreign jurisdictions for fiscal years 2005 through 2013 and 2002 through 2013, respectively. We estimate that during the next twelve months it is reasonably possible that unrecognized tax benefits could decrease up to $18 million primarily due to the expiration of statutes of limitations in various jurisdictions.

Other Income And Charges

OTHER INCOME AND CHARGES

During the first six months of fiscal 2015, we recorded $3 million of equity earnings in joint ventures and $1 million in net foreign currency exchange gains, which were recorded in the Consolidated Condensed Statements of Income in Other, net.

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.

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 28, 2015		March 29, 2014			March 28, 2015		March 29, 2014
Numerator:
Net Income	$	311	$	210		$	621	$	462
Less: Net income (loss) attributable to noncontrolling interests	1		(3		)	2		(5		)
Net income attributable to Tyson	310		213			619		467
Less dividends declared:
Class A	31		20			69		48
Class B	6		5			14		11
Undistributed earnings	$	273	$	188		$	536	$	408

Class A undistributed earnings	$	230	$	153		$	451	$	332
Class B undistributed earnings	43		35			85		76
Total undistributed earnings	$	273	$	188		$	536	$	408
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares	334		273			335		272
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	5		6			5		5
Tangible Equity Units	6		—			6		—
Warrants	—		7			—		8
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions	415		356			416		355

Net Income Per Share Attributable to Tyson:
Class A Basic	$	0.78	$	0.64		$	1.55	$	1.40
Class B Basic	$	0.71	$	0.58		$	1.42	$	1.26
Diluted	$	0.75	$	0.60		$	1.49	$	1.32

Approximately 5 million of our stock-based compensation shares were antidilutive for the three and six months ended March 28, 2015. Approximately 4 million of our stock-based compensation shares were antidilutive for the three and six months ended March 29, 2014. These shares were not included in the diluted earnings per share calculation.

We have two classes of capital stock, Class A stock and Class B stock. Cash dividends cannot be paid to holders of Class B stock unless they are simultaneously paid to holders of Class A stock. The per share amount of cash dividends paid to holders of Class B stock cannot exceed 90% of the cash dividends paid to holders of Class A stock.

We allocate undistributed earnings based upon a 1 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 28, 2015.

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 28, 2015, and March 29, 2014.

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 28, 2015		September 27, 2014
Commodity:
Corn	Bushels	—		—
Soy meal	Tons	2,300		2,300
Foreign Currency	United States dollar	$	—	$	1

As of March 28, 2015, the net amounts expected to be reclassified into earnings within the next 12 months are pretax losses of $2 million related to grains. During the three and six months ended March 28, 2015, and March 29, 2014, 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 28, 2015			March 29, 2014				March 28, 2015			March 29, 2014
Cash Flow Hedge – Derivatives designated as hedging instruments:
Commodity contracts	$	(2	)	$	8		Cost of Sales	$	(1	)	$	(3	)
Foreign exchange contracts	—			—			Other Income/Expense	—			—
Total	$	(2	)	$	8			$	(1	)	$	(3	)

	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 28, 2015			March 29, 2014				March 28, 2015			March 29, 2014
Cash Flow Hedge – Derivatives designated as hedging instruments:
Commodity contracts	$	(2	)	$	6		Cost of Sales	$	(4	)	$	(3	)
Foreign exchange contracts	—			(1		)	Other Income/Expense	—			—
Total	$	(2	)	$	5			$	(4	)	$	(3	)

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 28, 2015	September 27, 2014
Commodity:
Live Cattle	Pounds	359	427
Lean Hogs	Pounds	122	329

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 28, 2015			March 29, 2014			March 28, 2015			March 29, 2014
Gain/(Loss) on forwards	Cost of Sales	$	32		$	(34	)	$	(8	)	$	(40	)
Gain/(Loss) on purchase contract	Cost of Sales	(32		)	34			8			40

Ineffectiveness related to our fair value hedges was not significant for the three and six months ended March 28, 2015, and March 29, 2014.

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 28, 2015		September 27, 2014
Commodity:
Corn	Bushels	91		—
Soy Meal	Tons	247,100		195,800
Soy Oil	Pounds	5		3
Live Cattle	Pounds	91		22
Lean Hogs	Pounds	46		22
Foreign Currency	United States dollars	$	46	$	108

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 28, 2015			March 29, 2014			March 28, 2015			March 29, 2014
Derivatives not designated as hedging instruments:
Commodity contracts	Sales	$	(7	)	$	30		$	(8	)	$	32
Commodity contracts	Cost of Sales	(8		)	(40		)	(34		)	(42		)
Foreign exchange contracts	Other Income/Expense	(2		)	2			(4		)	1
Total		$	(17	)	$	(8	)	$	(46	)	$	(9	)

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



	Fair Value
	March 28, 2015		September 27, 2014
Derivative Assets:
Derivatives designated as hedging instruments:
Commodity contracts	$	25	$	17
Foreign exchange contracts	—		—
Total derivative assets – designated	25		17

Derivatives not designated as hedging instruments:
Commodity contracts	21		42
Foreign exchange contracts	—		—
Total derivative assets – not designated	21		42
Total derivative assets	$	46	$	59
Derivative Liabilities:
Derivatives designated as hedging instruments:
Commodity contracts	$	15	$	78
Foreign exchange contracts	—		—
Total derivative liabilities – designated	15		78
Derivatives not designated as hedging instruments:
Commodity contracts	17		80
Foreign exchange contracts	2		2
Total derivative liabilities – not designated	19		82
Total derivative liabilities	$	34	$	160

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 28, 2015	Level 1		Level 2		Level 3		Netting (a)			Total
Assets:
Commodity Derivatives	$	—	$	46	$	—	$	(23	)	$	23
Foreign Exchange Forward Contracts	—		—		—		—			—
Available-for-Sale Securities:
Current	—		2		—		—			2
Non-current	20		29		63		—			112
Deferred Compensation Assets	9		235		—		—			244
Total Assets	$	29	$	312	$	63	$	(23	)	$	381
Liabilities:
Commodity Derivatives	$	—	$	32	$	—	$	(32	)	$	—
Foreign Exchange Forward Contracts	—		2		—		(1		)	1
Total Liabilities	$	—	$	34	$	—	$	(33	)	$	1



September 27, 2014	Level 1		Level 2		Level 3		Netting (a)			Total
Assets:
Commodity Derivatives	$	—	$	59	$	—	$	(50	)	$	9
Foreign Exchange Forward Contracts	—		—		—		—			—
Available-for-Sale Securities:
Current	—		1		—		—			1
Non-current	1		24		67		—			92
Deferred Compensation Assets	15		218		—		—			233
Total Assets	$	16	$	302	$	67	$	(50	)	$	335
Liabilities:
Commodity Derivatives	$	—	$	158	$	—	$	(148	)	$	10
Foreign Exchange Forward Contracts	—		2		—		—			2
Total Liabilities	$	—	$	160	$	—	$	(148	)	$	12

(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 28, 2015 and September 27, 2014, we had posted with various counterparties $10 million and $98 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 28, 2015			March 29, 2014
Balance at beginning of year	$	67		$	65
Total realized and unrealized gains (losses):
Included in earnings	—			—
Included in other comprehensive income (loss)	—			—
Purchases	9			15
Issuances	—			—
Settlements	(13		)	(13		)
Balance at end of period	$	63		$	67
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.

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 28, 2015						September 27, 2014
	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	$	31	$	31	$	—	$	25	$	25	$	—
Corporate and Asset-Backed	62		63		1		65		67		2
Equity Securities:
Common Stock (a)	—		20		20		1		1		—


(a)	At March 28, 2015 and September 27, 2014, the amortized cost basis for Equity Securities had been reduced by accumulated other than temporary impairment of nil and $2 million, respectively.

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 no other than temporary impairment in earnings for the three and six months ended March 28, 2015 and $6 million for the six months ended March 29, 2014, which was recorded in the Consolidated Condensed Statements of Income in Other, net. No other than temporary losses were deferred in OCI as of March 28, 2015, and September 27, 2014.

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 28, 2015 and March 29, 2014.

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 28, 2015				September 27, 2014
	Fair Value		Carrying Value		Fair Value		Carrying Value
Total Debt	$	8,057	$	7,674	$	8,347	$	8,178

Pension and Other Postretirement Benefit Plans

Pension and Other Postretirement Benefits Disclosure [Text Block]

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

The components of the net periodic cost for the pension and postretirement benefit plans for the three and six months ended March 28, 2015 and March 29, 2014 are as follows (in millions):



	Pension Plans
	Three Months Ended						Six Months Ended
	March 28, 2015			March 29, 2014			March 28, 2015			March 29, 2014

Service cost	$	4		$	1		$	8		$	3
Interest cost	21			2			42			4
Expected return on plan assets	(25		)	(1		)	(50		)	(2		)
Amortization of:
Net actuarial loss	2			1			3			2
Settlement loss	—			—			8			—
Net periodic cost	$	2		$	3		$	11		$	7



	Postretirement Benefit Plans
	Three Months Ended				Six Months Ended
	March 28, 2015		March 29, 2014		March 28, 2015		March 29, 2014

Service cost	$	1	$	1	$	2	$	1
Interest cost	1		1		3		2
Net periodic cost	$	2	$	2	$	5	$	3

We contributed $6 million and $9 million to our pension plans for the three and six months ended March 28, 2015, respectively. We contributed $3 million and $5 million to our pension plans for the three and six months ended March 29, 2014, respectively. We expect to contribute an additional $6 million during the remainder of fiscal 2015. The amount of contributions made to pension plans in any year is dependent upon a number of factors including minimum funding requirements in the jurisdictions in which we operate. As a result, the actual funding in fiscal 2015 may differ from the current estimate.

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 28, 2015									March 29, 2014							March 28, 2015									March 29, 2014
	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	$	1		$	—		$	1		$	3	$	(1	)	$	2	$	4		$	(2	)	$	2		$	3		$	(1	)	$	2
Unrealized gain (loss)	(2		)	—			(2		)	8		(3		)	5		(2		)	—			(2		)	5			(2		)	3

Investments:
(Gain) loss reclassified to Other Income/Expense	—			—			—			—		—			—		—			—			—			6			(2		)	4
Unrealized gain (loss)	4			(2		)	2			—		—			—		19			(8		)	11			(1		)	—			(1		)

Currency translation:
Translation loss reclassified to Cost of Sales (a)	—			—			—			—		—			—		37			(1		)	36			—			—			—
Translation adjustment	(27		)	2			(25		)	6		—			6		(64		)	9			(55		)	(5		)	—			(5		)

Postretirement benefits	1			(1		)	—			1		(1		)	—		10			(3		)	7			2			—			2
Total Other Comprehensive Income (Loss)	$	(23	)	$	(1	)	$	(24	)	$	18	$	(5	)	$	13	$	4		$	(5	)	$	(1	)	$	10		$	(5	)	$	5

(a) Translation loss reclassified to Cost of Sales related to disposition of a foreign operation, which is further described in Note 2: Acquisitions and Dispositions.

Segment Reporting

SEGMENT REPORTING

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

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.

In fiscal 2014, we acquired Hillshire Brands, a manufacturer and marketer of branded, convenient foods which includes brands such as Jimmy Dean®, Ball Park®, Hillshire Farm®, State Fair®, Van's®, Sara Lee® frozen bakery and Chef Pierre® pies as well as artisanal brands Aidells®, Gallo Salame®, and Golden Island® premium jerky. Hillshire Brands' results from operations are included in the Prepared Foods segment.

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.

In fiscal 2014, we announced our plan to sell our Brazil and Mexico operations, part of our International segment, to JBS for $575 million in cash, subject to certain adjustments. As further described in Note 2: Acquisitions and Dispositions, we sold the Brazil operation in the first quarter of fiscal 2015. The sale of the Mexico operation is pending the necessary government approvals, and we expect to receive a decision during fiscal 2015. Subject to governmental approval and completion of the sale, we would realize a gain on the sale.

The results from Dynamic Fuels are included in Other in fiscal 2014. We allocate expenses related to corporate activities to the segments, except for third-party merger and integration costs of $9 million and $24 million for the three and six months ended March 28, 2015, respectively, which is included in Other.

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



	Three Months Ended						Six Months Ended
	March 28, 2015			March 29, 2014			March 28, 2015			March 29, 2014
Sales:
Chicken	$	2,829		$	2,842		$	5,609		$	5,498
Beef	4,130			3,825			8,521			7,559
Pork	1,204			1,487			2,744			2,911
Prepared Foods	1,871			861			4,004			1,768
International	222			328			527			655
Other	—			—			—			—
Intersegment Sales	(277		)	(311		)	(609		)	(598		)
Total Sales	$	9,979		$	9,032		$	20,796		$	17,793

Operating Income (Loss):
Chicken	$	332		$	234		$	683		$	487
Beef	(20		)	35			(26		)	93
Pork	99			107			221			228
Prepared Foods	160			21			231			37
International	(15		)	(30		)	(29		)	(58		)
Other	(9		)	(6		)	(24		)	(14		)
Total Operating Income	547			361			1,056			773

Total Other (Income) Expense	64			20			138			49

Income before Income Taxes	$	483		$	341		$	918		$	724

The Chicken segment had sales of $6 million and $2 million in the second quarter of fiscal 2015 and 2014, respectively, and sales of $7 million and $4 million in the first six months of fiscal 2015 and 2014, respectively, from transactions with other operating segments of the Company. The Beef segment had sales of $77 million and $67 million in the second quarter of fiscal 2015 and 2014, respectively, and sales of $155 million and $130 million in the first six months of fiscal 2015 and 2014, respectively, from transactions with other operating segments of the Company. The Pork segment had sales of $194 million and $242 million in the second quarter of fiscal 2015 and 2014, respectively, and sales of $447 million and $464 million in the first six months of fiscal 2015 and 2014, 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, consisting primarily of leases and grower loans, which are substantially collateralized by the underlying assets. Terms of the underlying debt cover periods up to 10 years, and the maximum potential amount of future payments as of March 28, 2015, 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 13 years. The maximum potential amount of the residual value guarantees is $53 million, of which $46 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 28, 2015, and September 27, 2014, 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 28, 2015, was approximately $320 million. The total receivables under these programs were $1 million and $4 million at March 28, 2015 and September 27, 2014, respectively. These receivables 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 no allowance for these programs’ estimated uncollectible receivables at March 28, 2015, and September 27, 2014.

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 nine pending lawsuits involving our beef, pork and prepared foods plants, 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 and various 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.

•

Garcia, et al. v. Tyson Foods, Inc., Tyson Fresh Meats, Inc., D. Kansas, May 15, 2006 - After a trial involving 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. The appellate court affirmed the jury verdict and judgment and subsequently denied our petition for rehearing. We subsequently paid the judgment.

•

Bouaphakeo (f/k/a Sharp), et al. v. Tyson Foods, Inc., N.D. Iowa, February 6, 2007 - A jury trial was held involving 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 appealed the jury's verdict and trial court's award to the Eighth Circuit Court of Appeals. The appellate court affirmed the jury verdict and judgment on August 25, 2014, and we filed a petition for rehearing on September 22, 2014, which was denied. We filed a petition for a writ of certiorari with the U.S. Supreme Court on March 19, 2015.

•

Acosta, et al. v Tyson Foods, Inc. dba Tyson Fresh Meats, Inc., D. Nebraska, February 29, 2008 - A bench trial was held involving 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, which represents a tripling of the plaintiffs’ alleged damages. The court denied our post-trial motions, and we appealed to the Eighth Circuit Court of Appeals. Oral argument was held before the appellate court on January 15, 2015.

•

Gomez, et al. v. Tyson Foods, Inc., D. Nebraska, January 16, 2008 - A jury trial involving 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. Oral argument was held before the appellate court on January 15, 2015.


•	Edwards, et al. v. Tyson Foods, Inc. dba Tyson Fresh Meats, Inc., S.D. Iowa, March 20, 2008 - The trial court in this 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.


•	Abdiaziz, et al. v. Tyson Foods, Inc., Tyson Fresh Meats, Inc., D. Kansas, September 30, 2011 - This case involves our Emporia, Kansas beef plant, and was bifurcated from the case involving our Garden City, Kansas beef plant. The parties filed a joint motion for approval of a settlement, totaling $730,548 in back pay and attorneys’ fees and costs, which the court approved on March 30, 2015.


•	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 - These cases involve our Joslin, Illinois beef plant and are in their preliminary stages.


•	Dozier, Southerland, et al. v. Hillshire Brands, Co., Inc. E.D. North Carolina, September 2, 2014 - This case involves our Tarboro, North Carolina prepared foods plant and is in its preliminary stages.


•	Awad, et al. v. Tyson Foods, Inc. and Tyson Fresh Meats, Inc., M.D. Tennessee, February 12, 2015 - This case involves our Goodlettsville, Tennessee case ready beef plant and is in its preliminary stages.

Our subsidiary, The Hillshire Brands Company (formerly named Sara Lee Corporation), is a party to a consolidation of cases filed by individual complainants with the Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission (NLRC) from 1998 through July 1999. The complaint is filed against Aris Philippines, Inc., Sara Lee Corporation, Sara Lee Philippines, Inc., Fashion Accessories Philippines, Inc., and Attorney Cesar C. Cruz (collectively, the “respondents”). The complaint alleges, among other things, that the respondents engaged in unfair labor practices in connection with the termination of manufacturing operations in the Philippines by Aris Philippines, Inc., a former subsidiary of The Hillshire Brands Company. In 2006, an arbitrator ruled against the respondents and awarded the complainants PHP3,453,664,710 (approximately US$77 million) in damages and fees. The respondents appealed the arbitrator’s ruling and it was subsequently set aside by the NLRC in December 2006. Subsequent to the NLRC’s decision, the parties filed numerous appeals, motions for reconsideration and petitions for review, certain of which remained outstanding for several years. While various of those appeals, motions and/or petitions were pending, The Hillshire Brands Company, on June 23, 2014, without admitting liability, filed a settlement motion requesting that the Supreme Court of the Philippines order dismissal with prejudice of all claims against it and its predecessors-in-interest in exchange for payments allocated by the court among the complainants in an amount not to exceed PHP342,287,800 (approximately US$8 million). While such settlement motion remained pending, however, the Supreme Court of the Philippines set aside as premature the NLRC’s December 2006 ruling. The respondents subsequently filed with the court a motion for reconsideration bringing to the court’s attention the settlement motion that was recently filed. Based in part on its finding that the consideration to be paid to the complainants as part of such settlement was insufficient, the Supreme Court of the Philippines, in a decision dated January 14, 2015, denied the respondents’ motion for reconsideration and the settlement motion. A motion seeking leave to file a second motion for reconsideration of the Supreme Court’s January 14, 2015 decision was filed on March 13, 2015 and remains pending before the court.

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 $1.25 billion revolving credit facility and (ii) the 2016 Notes, at which time TFM Parent's guarantee of the 2019, 2022, 2024, 2034 and 2044 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 28, 2015													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	221		$	5,252		$	4,977		$	(471	)	$	9,979
Cost of Sales	17			5,122			4,321			(470		)	8,990
Gross Profit	204			130			656			(1		)	989
Selling, General and Administrative	32			59			352			(1		)	442
Operating Income	172			71			304			—			547
Other (Income) Expense:
Interest expense, net	64			1			5			—			70
Other, net	(1		)	(2		)	(3		)	—			(6		)
Equity in net earnings of subsidiaries	(247		)	(50		)	—			297			—
Total Other (Income) Expense	(184		)	(51		)	2			297			64
Income (Loss) before Income Taxes	356			122			302			(297		)	483
Income Tax (Benefit) Expense	46			24			102			—			172
Net Income	310			98			200			(297		)	311
Less: Net Income (Loss) Attributable to Noncontrolling Interest	—			—			1			—			1
Net Income Attributable to Tyson	$	310		$	98		$	199		$	(297	)	$	310

Comprehensive Income (Loss)	288			72			176			(249		)	287
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	—			—			1			—			1
Comprehensive Income (Loss) Attributable to Tyson	$	288		$	72		$	175		$	(249	)	$	286




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 (Loss) before Income Taxes	258			130			87			(134		)	341
Income Tax (Benefit) Expense	45			44			42			—			131
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 six months ended March 28, 2015													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	449		$	11,061		$	10,302		$	(1,016	)	$	20,796
Cost of Sales	36			10,784			9,043			(1,012		)	18,851
Gross Profit	413			277			1,259			(4		)	1,945
Selling, General and Administrative	66			120			707			(4		)	889
Operating Income	347			157			552			—			1,056
Other (Income) Expense:
Interest expense, net	133			1			11			—			145
Other, net	(2		)	(2		)	(3		)	—			(7		)
Equity in net earnings of subsidiaries	(484		)	(88		)	—			572			—
Total Other (Income) Expense	(353		)	(89		)	8			572			138
Income (Loss) before Income Taxes	700			246			544			(572		)	918
Income Tax (Benefit) Expense	81			54			162			—			297
Net Income	619			192			382			(572		)	621
Less: Net Income (Loss) Attributable to Noncontrolling Interest	—			—			2			—			2
Net Income Attributable to Tyson	$	619		$	192		$	380		$	(572	)	$	619

Comprehensive Income (Loss)	620			176			362			(538		)	620
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	—			—			2			—			2
Comprehensive Income (Loss) Attributable to Tyson	$	620		$	176		$	360		$	(538	)	$	618




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 (Loss) before Income Taxes	549			289			201			(315		)	724
Income Tax (Benefit) Expense	82			96			84			—			262
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 Balance Sheet as of March 28, 2015										in millions
	TFI Parent		TFM Parent		Non- Guarantors		Eliminations			Total
Assets
Current Assets:
Cash and cash equivalents	$	—	$	30	$	193	$	—		$	223
Accounts receivable, net	—		587		1,045		—			1,632
Inventories	—		1,405		1,857		—			3,262
Other current assets	35		62		280		(31		)	346
Assets held for sale	3		—		202		—			205
Total Current Assets	38		2,084		3,577		(31		)	5,668
Net Property, Plant and Equipment	27		965		4,286		—			5,278
Goodwill	—		881		5,808		—			6,689
Intangible Assets, net	—		13		5,210		—			5,223
Other Assets	162		154		352		—			668
Investment in Subsidiaries	21,365		2,115		—		(23,480		)	—
Total Assets	$	21,592	$	6,212	$	19,233	$	(23,511	)	$	23,526

Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt	$	827	$	1	$	409	$	(1	)	$	1,236
Accounts payable	32		761		901		—			1,694
Other current liabilities	5,259		148		804		(5,139		)	1,072
Liabilities held for sale	—		—		49		—			49
Total Current Liabilities	6,118		910		2,163		(5,140		)	4,051
Long-Term Debt	5,932		1		505		—			6,438
Deferred Income Taxes	12		98		2,342		—			2,452
Other Liabilities	175		118		922		—			1,215

Total Tyson Shareholders’ Equity	9,355		5,085		13,286		(18,371		)	9,355
Noncontrolling Interest	—		—		15		—			15
Total Shareholders’ Equity	9,355		5,085		13,301		(18,371		)	9,370
Total Liabilities and Shareholders’ Equity	$	21,592	$	6,212	$	19,233	$	(23,511	)	$	23,526



Condensed Consolidating Balance Sheet as of September 27, 2014										in millions
	TFI Parent		TFM Parent		Non- Guarantors		Eliminations			Total
Assets
Current Assets:
Cash and cash equivalents	$	—	$	41	$	397	$	—		$	438
Accounts receivable, net	3		665		1,016		—			1,684
Inventories	—		1,272		2,002		—			3,274
Other current assets	42		78		379		(120		)	379
Assets held for sale	3		—		443		—			446
Total Current Assets	48		2,056		4,237		(120		)	6,221
Net Property, Plant and Equipment	30		932		4,168		—			5,130
Goodwill	—		881		5,825		—			6,706
Intangible Assets, net	—		15		5,261		—			5,276
Other Assets	204		148		326		(55		)	623
Investment in Subsidiaries	20,845		2,049		—		(22,894		)	—
Total Assets	$	21,127	$	6,081	$	19,817	$	(23,069	)	$	23,956

Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt	$	240	$	—	$	403	$	—		$	643
Accounts payable	35		755		1,016		—			1,806
Other current liabilities	4,718		235		921		(4,667		)	1,207
Liabilities held for sale	—		—		141		—			141
Total Current Liabilities	4,993		990		2,481		(4,667		)	3,797
Long-Term Debt	7,056		2		532		(55		)	7,535
Deferred Income Taxes	21		96		2,333		—			2,450
Other Liabilities	167		125		978		—			1,270

Total Tyson Shareholders’ Equity	8,890		4,868		13,479		(18,347		)	8,890
Noncontrolling Interest	—		—		14		—			14
Total Shareholders’ Equity	8,890		4,868		13,493		(18,347		)	8,904
Total Liabilities and Shareholders’ Equity	$	21,127	$	6,081	$	19,817	$	(23,069	)	$	23,956



Condensed Consolidating Statement of Cash Flows for the six months ended March 28, 2015													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Cash Provided by (Used for) Operating Activities	$	113		$	33		$	672		$	(10	)	$	808
Cash Flows from Investing Activities:
Additions to property, plant and equipment	—			(86		)	(349		)	—			(435		)
(Purchases of)/Proceeds from marketable securities, net	—			—			(2		)	—			(2		)
Proceeds from sale of businesses	—			—			142			—			142
Other, net	—			2			2			—			4
Cash Provided by (Used for) Investing Activities	—			(84		)	(207		)	—			(291		)
Cash Flows from Financing Activities:
Net change in debt	(539		)	—			(1		)	—			(540		)
Purchases of Tyson Class A common stock	(150		)	—			—			—			(150		)
Dividends	(75		)	—			(10		)	10			(75		)
Stock options exercised	34			—			—			—			34
Other, net	4			—			6			—			10
Net change in intercompany balances	613			40			(653		)	—			—
Cash Provided by (Used for) Financing Activities	(113		)	40			(658		)	10			(721		)
Effect of Exchange Rate Change on Cash	—			—			(11		)	—			(11		)
Increase (Decrease) in Cash and Cash Equivalents	—			(11		)	(204		)	—			(215		)
Cash and Cash Equivalents at Beginning of Year	—			41			397			—			438
Cash and Cash Equivalents at End of Period	$	—		$	30		$	193		$	—		$	223



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

Accounting Policies (Policy)

Basis Of Presentation

Basis of Presentation

The consolidated condensed financial statements are unaudited and have been prepared by Tyson Foods, Inc. (“Tyson,” “the Company,” “we,” “us” or “our”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the United States Securities and Exchange Commission. 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 27, 2014. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly our financial position as of March 28, 2015, and the results of operations for the three and six months ended March 28, 2015, and March 29, 2014. 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.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance changing the criteria for recognizing revenue. The guidance provides for a single five-step model to be applied to all revenue contracts with customers. The standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2016, our fiscal 2018. Early adoption is not permitted. The Company is currently evaluating the impact this guidance will have on our consolidated financial statements.

In February 2015, the FASB issued guidance changing the analysis procedures that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The new guidance affects the following areas: (1) limited partnerships and similar legal entities, (2) evaluating fees paid to a decision maker or a service provider as a variable interest, (3) the effect of fee arrangements on the primary beneficiary determination, (4) the effect of related parties on the primary beneficiary determination, and (5) certain investment funds. This guidance is effective for annual reporting periods and interim periods within those annual reporting periods, beginning after December 15, 2015, our fiscal 2017. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on our consolidated financial statements.

In April 2015, the FASB issued guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2015, our fiscal 2017. Early adoption is permitted. This new guidance is not expected to have a material impact on our consolidated financial statements.

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, grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories.

Acquisitions and Dispositions (Tables)

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date. Certain estimated values for the acquisition, including goodwill, intangible assets, property, plant and equipment, and deferred taxes, are not yet finalized and the preliminary purchase price allocations are subject to change as we complete our analysis of the fair value at the date of acquisition. The purchase price was allocated based on information available at the acquisition date. During the first six months of fiscal 2015, we recorded measurement period adjustments, which reduced goodwill by $15 million, after obtaining additional information regarding, among other things, asset valuations and liabilities assumed. The amount was not considered material and therefore prior periods have not been revised.



	in millions
Cash and cash equivalents		$	72
Accounts receivable		236
Inventories		414
Other current assets		337
Property, Plant and Equipment		1,301
Goodwill		4,789
Intangible Assets		5,141
Other Assets		65
Accounts payable		(347		)
Other current liabilities		(326		)
Long-Term Debt		(869		)
Deferred Income Taxes		(2,072		)
Other Liabilities		(497		)
Net assets acquired		$	8,244

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The fair value of identifiable intangible assets is as follows (in millions):



Intangible Asset Category	Type	Life in Years	Fair Value
Brands & trademarks	Non-amortizable	Indefinite	$	4,062
Brands & trademarks	Amortizable	20 years	532
Customer relationships	Amortizable	Weighted average life of 16 years	541
Non-compete agreements	Amortizable	One year	6
Total identifiable intangible assets			$	5,141

Schedule of Indefinite-lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The fair value of identifiable intangible assets is as follows (in millions):



Intangible Asset Category	Type	Life in Years	Fair Value
Brands & trademarks	Non-amortizable	Indefinite	$	4,062
Brands & trademarks	Amortizable	20 years	532
Customer relationships	Amortizable	Weighted average life of 16 years	541
Non-compete agreements	Amortizable	One year	6
Total identifiable intangible assets			$	5,141

Business Acquisition, Pro Forma Information [Table Text Block]

The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations as they would have been had the acquisition occurred on the assumed date, nor is it necessarily an indication of future operating results. The pro forma results for the six months ended March 29, 2014 include a nonrecurring tax benefit of $46 million recognized by Hillshire Brands primarily related to the release of valuation allowances on state deferred tax assets.



in millions	Three Months Ended		Six Months Ended
	March 29, 2014		March 29, 2014
Pro forma sales	$	9,970	$	19,787
Pro forma net income from continuing operations attributable to Tyson	$	223	$	561
Pro forma net income per diluted share from continuing operations attributable to Tyson	$	0.53	$	1.34

Summary of Net Assets and Liabilities Held for Sale

The following table summarizes the net assets and liabilities held for sale (in millions):



	March 28, 2015		September 27, 2014
Assets held for sale:
Accounts receivable, net	$	17	$	74
Inventories	76		141
Other current assets	15		72
Net property, plant and equipment	75		132
Goodwill	14		16
Other assets	8		11
Total assets held for sale	$	205	$	446
Liabilities held for sale:
Current debt	$	—	$	32
Accounts payable	25		61
Other current liabilities	14		27
Long-term debt	—		9
Deferred income taxes	10		12
Total liabilities held for sale	$	49	$	141

Inventories (Tables)

Schedule of Inventory

The following table reflects the major components of inventory (in millions):



	March 28, 2015		September 27, 2014
Processed products	$	1,788	$	1,794
Livestock	1,060		1,066
Supplies and other	414		414
Total inventory	$	3,262	$	3,274

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 28, 2015		September 27, 2014
Land	$	128	$	126
Buildings and leasehold improvements	3,578		3,501
Machinery and equipment	6,322		6,144
Land improvements and other	281		276
Buildings and equipment under construction	444		334
	10,753		10,381
Less accumulated depreciation	5,475		5,251
Net property, plant and equipment	$	5,278	$	5,130

Other Current Liabilities (Tables)

Schedule Of Other Current Liabilities

Other current liabilities are as follows (in millions):



	March 28, 2015		September 27, 2014
Accrued salaries, wages and benefits	$	393	$	490
Other	679		717
Total other current liabilities	$	1,072	$	1,207

Debt (Tables)

Schedule of Major Components Of Debt

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



	March 28, 2015			September 27, 2014
Revolving credit facility	$	175		$	—
Senior notes:
2.75% Senior notes due September 2015 (2015 Notes)	403			407
6.60% Senior notes due April 2016 (2016 Notes)	638			638
7.00% Notes due May 2018	120			120
2.65% Notes due August 2019 (2019 Notes)	1,000			1,000
4.10% Notes due September 2020 (2020 Notes)	286			287
4.50% Senior notes due June 2022 (2022 Notes)	1,000			1,000
3.95% Notes due August 2024 (2024 Notes)	1,250			1,250
7.00% Notes due January 2028	18			18
6.13% Notes due November 2032 (2032 Notes)	164			164
4.88% Notes due August 2034 (2034 Notes)	500			500
5.15% Notes due August 2044 (2044 Notes)	500			500
Discount on senior notes	(10		)	(12		)
Term loan facility:
3-year tranche A (1.56% at 03/28/2015)	842			1,172
5-year tranche A	—			353
5-year tranche B (1.69% at 03/28/2015)	552			552
Amortizing Notes - Tangible Equity Units (see Note 7: Equity)	175			205
Other	61			24
Total debt	7,674			8,178
Less current debt	1,236			643
Total long-term debt	$	6,438		$	7,535

Equity (Tables)

Schedule of Share Repurchase

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



	Three Months Ended						Six Months Ended
	March 28, 2015			March 29, 2014			March 28, 2015			March 29, 2014
	Shares	Dollars		Shares	Dollars		Shares	Dollars		Shares	Dollars
Shares repurchased:
Under share repurchase program	1.3	$	50	2.5	$	100	3.3	$	131	7.1	$	250
To fund certain obligations under equity compensation plans	0.2	9		0.4	16		0.4	19		0.7	25
Total share repurchases	1.5	$	59	2.9	$	116	3.7	$	150	7.8	$	275

Schedule of Tangible Equity Units

The aggregate values assigned upon issuance of each component of the TEUs, based on the relative fair value of the respective components of each TEU, were as follows (in millions, except price per TEU):



	Equity Component			Debt Component			Total
Price per TEU	$	43.17		$	6.83		$	50.00
Gross Proceeds	1,295			205			1,500
Issuance cost	(40		)	(6		)	(46		)
Net proceeds	$	1,255		$	199		$	1,454

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 28, 2015		March 29, 2014			March 28, 2015		March 29, 2014
Numerator:
Net Income	$	311	$	210		$	621	$	462
Less: Net income (loss) attributable to noncontrolling interests	1		(3		)	2		(5		)
Net income attributable to Tyson	310		213			619		467
Less dividends declared:
Class A	31		20			69		48
Class B	6		5			14		11
Undistributed earnings	$	273	$	188		$	536	$	408

Class A undistributed earnings	$	230	$	153		$	451	$	332
Class B undistributed earnings	43		35			85		76
Total undistributed earnings	$	273	$	188		$	536	$	408
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares	334		273			335		272
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	5		6			5		5
Tangible Equity Units	6		—			6		—
Warrants	—		7			—		8
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions	415		356			416		355

Net Income Per Share Attributable to Tyson:
Class A Basic	$	0.78	$	0.64		$	1.55	$	1.40
Class B Basic	$	0.71	$	0.58		$	1.42	$	1.26
Diluted	$	0.75	$	0.60		$	1.49	$	1.32

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 28, 2015		September 27, 2014
Derivative Assets:
Derivatives designated as hedging instruments:
Commodity contracts	$	25	$	17
Foreign exchange contracts	—		—
Total derivative assets – designated	25		17

Derivatives not designated as hedging instruments:
Commodity contracts	21		42
Foreign exchange contracts	—		—
Total derivative assets – not designated	21		42
Total derivative assets	$	46	$	59
Derivative Liabilities:
Derivatives designated as hedging instruments:
Commodity contracts	$	15	$	78
Foreign exchange contracts	—		—
Total derivative liabilities – designated	15		78
Derivatives not designated as hedging instruments:
Commodity contracts	17		80
Foreign exchange contracts	2		2
Total derivative liabilities – not designated	19		82
Total derivative liabilities	$	34	$	160

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 28, 2015		September 27, 2014
Commodity:
Corn	Bushels	—		—
Soy meal	Tons	2,300		2,300
Foreign Currency	United States dollar	$	—	$	1

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 28, 2015			March 29, 2014				March 28, 2015			March 29, 2014
Cash Flow Hedge – Derivatives designated as hedging instruments:
Commodity contracts	$	(2	)	$	8		Cost of Sales	$	(1	)	$	(3	)
Foreign exchange contracts	—			—			Other Income/Expense	—			—
Total	$	(2	)	$	8			$	(1	)	$	(3	)

	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 28, 2015			March 29, 2014				March 28, 2015			March 29, 2014
Cash Flow Hedge – Derivatives designated as hedging instruments:
Commodity contracts	$	(2	)	$	6		Cost of Sales	$	(4	)	$	(3	)
Foreign exchange contracts	—			(1		)	Other Income/Expense	—			—
Total	$	(2	)	$	5			$	(4	)	$	(3	)

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 28, 2015	September 27, 2014
Commodity:
Live Cattle	Pounds	359	427
Lean Hogs	Pounds	122	329

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 28, 2015			March 29, 2014			March 28, 2015			March 29, 2014
Gain/(Loss) on forwards	Cost of Sales	$	32		$	(34	)	$	(8	)	$	(40	)
Gain/(Loss) on purchase contract	Cost of Sales	(32		)	34			8			40

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 28, 2015		September 27, 2014
Commodity:
Corn	Bushels	91		—
Soy Meal	Tons	247,100		195,800
Soy Oil	Pounds	5		3
Live Cattle	Pounds	91		22
Lean Hogs	Pounds	46		22
Foreign Currency	United States dollars	$	46	$	108

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 28, 2015			March 29, 2014			March 28, 2015			March 29, 2014
Derivatives not designated as hedging instruments:
Commodity contracts	Sales	$	(7	)	$	30		$	(8	)	$	32
Commodity contracts	Cost of Sales	(8		)	(40		)	(34		)	(42		)
Foreign exchange contracts	Other Income/Expense	(2		)	2			(4		)	1
Total		$	(17	)	$	(8	)	$	(46	)	$	(9	)

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 28, 2015	Level 1		Level 2		Level 3		Netting (a)			Total
Assets:
Commodity Derivatives	$	—	$	46	$	—	$	(23	)	$	23
Foreign Exchange Forward Contracts	—		—		—		—			—
Available-for-Sale Securities:
Current	—		2		—		—			2
Non-current	20		29		63		—			112
Deferred Compensation Assets	9		235		—		—			244
Total Assets	$	29	$	312	$	63	$	(23	)	$	381
Liabilities:
Commodity Derivatives	$	—	$	32	$	—	$	(32	)	$	—
Foreign Exchange Forward Contracts	—		2		—		(1		)	1
Total Liabilities	$	—	$	34	$	—	$	(33	)	$	1



September 27, 2014	Level 1		Level 2		Level 3		Netting (a)			Total
Assets:
Commodity Derivatives	$	—	$	59	$	—	$	(50	)	$	9
Foreign Exchange Forward Contracts	—		—		—		—			—
Available-for-Sale Securities:
Current	—		1		—		—			1
Non-current	1		24		67		—			92
Deferred Compensation Assets	15		218		—		—			233
Total Assets	$	16	$	302	$	67	$	(50	)	$	335
Liabilities:
Commodity Derivatives	$	—	$	158	$	—	$	(148	)	$	10
Foreign Exchange Forward Contracts	—		2		—		—			2
Total Liabilities	$	—	$	160	$	—	$	(148	)	$	12

(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 28, 2015 and September 27, 2014, we had posted with various counterparties $10 million and $98 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 28, 2015			March 29, 2014
Balance at beginning of year	$	67		$	65
Total realized and unrealized gains (losses):
Included in earnings	—			—
Included in other comprehensive income (loss)	—			—
Purchases	9			15
Issuances	—			—
Settlements	(13		)	(13		)
Balance at end of period	$	63		$	67
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 28, 2015						September 27, 2014
	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	$	31	$	31	$	—	$	25	$	25	$	—
Corporate and Asset-Backed	62		63		1		65		67		2
Equity Securities:
Common Stock (a)	—		20		20		1		1		—


(a)	At March 28, 2015 and September 27, 2014, the amortized cost basis for Equity Securities had been reduced by accumulated other than temporary impairment of nil and $2 million, respectively.

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 28, 2015				September 27, 2014
	Fair Value		Carrying Value		Fair Value		Carrying Value
Total Debt	$	8,057	$	7,674	$	8,347	$	8,178

Pension and Other Postretirement Benefit Plans (Tables)

Schedule of Net Benefit Costs [Table Text Block]

The components of the net periodic cost for the pension and postretirement benefit plans for the three and six months ended March 28, 2015 and March 29, 2014 are as follows (in millions):



	Pension Plans
	Three Months Ended						Six Months Ended
	March 28, 2015			March 29, 2014			March 28, 2015			March 29, 2014

Service cost	$	4		$	1		$	8		$	3
Interest cost	21			2			42			4
Expected return on plan assets	(25		)	(1		)	(50		)	(2		)
Amortization of:
Net actuarial loss	2			1			3			2
Settlement loss	—			—			8			—
Net periodic cost	$	2		$	3		$	11		$	7



	Postretirement Benefit Plans
	Three Months Ended				Six Months Ended
	March 28, 2015		March 29, 2014		March 28, 2015		March 29, 2014

Service cost	$	1	$	1	$	2	$	1
Interest cost	1		1		3		2
Net periodic cost	$	2	$	2	$	5	$	3

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 28, 2015									March 29, 2014							March 28, 2015									March 29, 2014
	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	$	1		$	—		$	1		$	3	$	(1	)	$	2	$	4		$	(2	)	$	2		$	3		$	(1	)	$	2
Unrealized gain (loss)	(2		)	—			(2		)	8		(3		)	5		(2		)	—			(2		)	5			(2		)	3

Investments:
(Gain) loss reclassified to Other Income/Expense	—			—			—			—		—			—		—			—			—			6			(2		)	4
Unrealized gain (loss)	4			(2		)	2			—		—			—		19			(8		)	11			(1		)	—			(1		)

Currency translation:
Translation loss reclassified to Cost of Sales (a)	—			—			—			—		—			—		37			(1		)	36			—			—			—
Translation adjustment	(27		)	2			(25		)	6		—			6		(64		)	9			(55		)	(5		)	—			(5		)

Postretirement benefits	1			(1		)	—			1		(1		)	—		10			(3		)	7			2			—			2
Total Other Comprehensive Income (Loss)	$	(23	)	$	(1	)	$	(24	)	$	18	$	(5	)	$	13	$	4		$	(5	)	$	(1	)	$	10		$	(5	)	$	5

(a) Translation loss reclassified to Cost of Sales related to disposition of a foreign operation, which is further described in Note 2: Acquisitions and Dispositions.

Segment Reporting (Tables)

Segment Reporting Information, By Segment

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



	Three Months Ended						Six Months Ended
	March 28, 2015			March 29, 2014			March 28, 2015			March 29, 2014
Sales:
Chicken	$	2,829		$	2,842		$	5,609		$	5,498
Beef	4,130			3,825			8,521			7,559
Pork	1,204			1,487			2,744			2,911
Prepared Foods	1,871			861			4,004			1,768
International	222			328			527			655
Other	—			—			—			—
Intersegment Sales	(277		)	(311		)	(609		)	(598		)
Total Sales	$	9,979		$	9,032		$	20,796		$	17,793

Operating Income (Loss):
Chicken	$	332		$	234		$	683		$	487
Beef	(20		)	35			(26		)	93
Pork	99			107			221			228
Prepared Foods	160			21			231			37
International	(15		)	(30		)	(29		)	(58		)
Other	(9		)	(6		)	(24		)	(14		)
Total Operating Income	547			361			1,056			773

Total Other (Income) Expense	64			20			138			49

Income before Income Taxes	$	483		$	341		$	918		$	724

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 28, 2015													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	221		$	5,252		$	4,977		$	(471	)	$	9,979
Cost of Sales	17			5,122			4,321			(470		)	8,990
Gross Profit	204			130			656			(1		)	989
Selling, General and Administrative	32			59			352			(1		)	442
Operating Income	172			71			304			—			547
Other (Income) Expense:
Interest expense, net	64			1			5			—			70
Other, net	(1		)	(2		)	(3		)	—			(6		)
Equity in net earnings of subsidiaries	(247		)	(50		)	—			297			—
Total Other (Income) Expense	(184		)	(51		)	2			297			64
Income (Loss) before Income Taxes	356			122			302			(297		)	483
Income Tax (Benefit) Expense	46			24			102			—			172
Net Income	310			98			200			(297		)	311
Less: Net Income (Loss) Attributable to Noncontrolling Interest	—			—			1			—			1
Net Income Attributable to Tyson	$	310		$	98		$	199		$	(297	)	$	310

Comprehensive Income (Loss)	288			72			176			(249		)	287
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	—			—			1			—			1
Comprehensive Income (Loss) Attributable to Tyson	$	288		$	72		$	175		$	(249	)	$	286




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 (Loss) before Income Taxes	258			130			87			(134		)	341
Income Tax (Benefit) Expense	45			44			42			—			131
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 six months ended March 28, 2015													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Sales	$	449		$	11,061		$	10,302		$	(1,016	)	$	20,796
Cost of Sales	36			10,784			9,043			(1,012		)	18,851
Gross Profit	413			277			1,259			(4		)	1,945
Selling, General and Administrative	66			120			707			(4		)	889
Operating Income	347			157			552			—			1,056
Other (Income) Expense:
Interest expense, net	133			1			11			—			145
Other, net	(2		)	(2		)	(3		)	—			(7		)
Equity in net earnings of subsidiaries	(484		)	(88		)	—			572			—
Total Other (Income) Expense	(353		)	(89		)	8			572			138
Income (Loss) before Income Taxes	700			246			544			(572		)	918
Income Tax (Benefit) Expense	81			54			162			—			297
Net Income	619			192			382			(572		)	621
Less: Net Income (Loss) Attributable to Noncontrolling Interest	—			—			2			—			2
Net Income Attributable to Tyson	$	619		$	192		$	380		$	(572	)	$	619

Comprehensive Income (Loss)	620			176			362			(538		)	620
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	—			—			2			—			2
Comprehensive Income (Loss) Attributable to Tyson	$	620		$	176		$	360		$	(538	)	$	618




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 (Loss) before Income Taxes	549			289			201			(315		)	724
Income Tax (Benefit) Expense	82			96			84			—			262
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 Balance Sheet



Condensed Consolidating Balance Sheet as of March 28, 2015										in millions
	TFI Parent		TFM Parent		Non- Guarantors		Eliminations			Total
Assets
Current Assets:
Cash and cash equivalents	$	—	$	30	$	193	$	—		$	223
Accounts receivable, net	—		587		1,045		—			1,632
Inventories	—		1,405		1,857		—			3,262
Other current assets	35		62		280		(31		)	346
Assets held for sale	3		—		202		—			205
Total Current Assets	38		2,084		3,577		(31		)	5,668
Net Property, Plant and Equipment	27		965		4,286		—			5,278
Goodwill	—		881		5,808		—			6,689
Intangible Assets, net	—		13		5,210		—			5,223
Other Assets	162		154		352		—			668
Investment in Subsidiaries	21,365		2,115		—		(23,480		)	—
Total Assets	$	21,592	$	6,212	$	19,233	$	(23,511	)	$	23,526

Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt	$	827	$	1	$	409	$	(1	)	$	1,236
Accounts payable	32		761		901		—			1,694
Other current liabilities	5,259		148		804		(5,139		)	1,072
Liabilities held for sale	—		—		49		—			49
Total Current Liabilities	6,118		910		2,163		(5,140		)	4,051
Long-Term Debt	5,932		1		505		—			6,438
Deferred Income Taxes	12		98		2,342		—			2,452
Other Liabilities	175		118		922		—			1,215

Total Tyson Shareholders’ Equity	9,355		5,085		13,286		(18,371		)	9,355
Noncontrolling Interest	—		—		15		—			15
Total Shareholders’ Equity	9,355		5,085		13,301		(18,371		)	9,370
Total Liabilities and Shareholders’ Equity	$	21,592	$	6,212	$	19,233	$	(23,511	)	$	23,526



Condensed Consolidating Balance Sheet as of September 27, 2014										in millions
	TFI Parent		TFM Parent		Non- Guarantors		Eliminations			Total
Assets
Current Assets:
Cash and cash equivalents	$	—	$	41	$	397	$	—		$	438
Accounts receivable, net	3		665		1,016		—			1,684
Inventories	—		1,272		2,002		—			3,274
Other current assets	42		78		379		(120		)	379
Assets held for sale	3		—		443		—			446
Total Current Assets	48		2,056		4,237		(120		)	6,221
Net Property, Plant and Equipment	30		932		4,168		—			5,130
Goodwill	—		881		5,825		—			6,706
Intangible Assets, net	—		15		5,261		—			5,276
Other Assets	204		148		326		(55		)	623
Investment in Subsidiaries	20,845		2,049		—		(22,894		)	—
Total Assets	$	21,127	$	6,081	$	19,817	$	(23,069	)	$	23,956

Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt	$	240	$	—	$	403	$	—		$	643
Accounts payable	35		755		1,016		—			1,806
Other current liabilities	4,718		235		921		(4,667		)	1,207
Liabilities held for sale	—		—		141		—			141
Total Current Liabilities	4,993		990		2,481		(4,667		)	3,797
Long-Term Debt	7,056		2		532		(55		)	7,535
Deferred Income Taxes	21		96		2,333		—			2,450
Other Liabilities	167		125		978		—			1,270

Total Tyson Shareholders’ Equity	8,890		4,868		13,479		(18,347		)	8,890
Noncontrolling Interest	—		—		14		—			14
Total Shareholders’ Equity	8,890		4,868		13,493		(18,347		)	8,904
Total Liabilities and Shareholders’ Equity	$	21,127	$	6,081	$	19,817	$	(23,069	)	$	23,956

Condensed Consolidating Statement Of Cash Flows



Condensed Consolidating Statement of Cash Flows for the six months ended March 28, 2015													in millions
	TFI Parent			TFM Parent			Non- Guarantors			Eliminations			Total
Cash Provided by (Used for) Operating Activities	$	113		$	33		$	672		$	(10	)	$	808
Cash Flows from Investing Activities:
Additions to property, plant and equipment	—			(86		)	(349		)	—			(435		)
(Purchases of)/Proceeds from marketable securities, net	—			—			(2		)	—			(2		)
Proceeds from sale of businesses	—			—			142			—			142
Other, net	—			2			2			—			4
Cash Provided by (Used for) Investing Activities	—			(84		)	(207		)	—			(291		)
Cash Flows from Financing Activities:
Net change in debt	(539		)	—			(1		)	—			(540		)
Purchases of Tyson Class A common stock	(150		)	—			—			—			(150		)
Dividends	(75		)	—			(10		)	10			(75		)
Stock options exercised	34			—			—			—			34
Other, net	4			—			6			—			10
Net change in intercompany balances	613			40			(653		)	—			—
Cash Provided by (Used for) Financing Activities	(113		)	40			(658		)	10			(721		)
Effect of Exchange Rate Change on Cash	—			—			(11		)	—			(11		)
Increase (Decrease) in Cash and Cash Equivalents	—			(11		)	(204		)	—			(215		)
Cash and Cash Equivalents at Beginning of Year	—			41			397			—			438
Cash and Cash Equivalents at End of Period	$	—		$	30		$	193		$	—		$	223



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

Acquisitions and Dispositions Preliminary Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date (Details) (USD $)

In Millions, unless otherwise specified

Mar. 28, 2015

Sep. 27, 2014

Aug. 28, 2014

Hillshire Brands Company [Member]

Business Acquisition [Line Items]

Cash and cash equivalents

$ 72

Accounts receivable

236

Inventories

414

Other current assets

337

Property, Plant, and Equipment

1,301

Goodwill

6,689

6,706

4,789

Intangible Assets

5,141

Other Assets

65

Accounts payable

(347)

Other current liabilities

(326)

Long-term Debt

(869)

Deferred Income taxes

(2,072)

Other Liabilities

(497)

Net asset acquired

$ 8,244

Acquisitions and Dispositions Schedule of Intangible Assets Acquired as Part of Business Combination (Details) (Hillshire Brands Company [Member], USD $)

In Millions, unless otherwise specified

0 Months Ended

Aug. 28, 2014

Schedule of Intangible Assets Acquired as Part of Business Combination [Line Items]

Total identifiable intangible assets

$ 5,141

Trademarks [Member]

Schedule of Intangible Assets Acquired as Part of Business Combination [Line Items]

Fair Value, Finite-lived Intangible Assets

532

Life in Years

20 years

Customer Relationships [Member]

Schedule of Intangible Assets Acquired as Part of Business Combination [Line Items]

Fair Value, Finite-lived Intangible Assets

541

Life in Years

16 years

Noncompete Agreements [Member]

Schedule of Intangible Assets Acquired as Part of Business Combination [Line Items]

Fair Value, Finite-lived Intangible Assets

6

Life in Years

1 year

Trademarks [Member]

Schedule of Intangible Assets Acquired as Part of Business Combination [Line Items]

Fair Value, Indefinite-lived Intangible Assets

$ 4,062

Acquisitions and Dispositions Acquisition Pro Forma information (Details) (Hillshire Brands Company [Member], USD $)

In Millions, except Per Share data, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 29, 2014

Hillshire Brands Company [Member]

Business Acquisition [Line Items]

Pro forma sales

$ 9,970

$ 19,787

Pro forma net income from continuing operations attributable to Tyson

$ 223

$ 561

Pro Forma net income per diluted share from continuing operations attributable to Tyson

$ 0.53

$ 1.34

Acquisitions and Dispositions Summary of Assets Held for Sale (Details) (USD $)

In Millions, unless otherwise specified

Mar. 28, 2015

Sep. 27, 2014

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

Total assets held for sale

$ 205

$ 446

Liabilities held for sale

49

141

International [Member] |
Chicken Production Operations in Mexico [Member]

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

Accounts receivable, net

17

Inventories

76

Other current assets

15

Net property, plant and equipment

75

Goodwill

14

Other assets

8

Total assets held for sale

205

Current debt

0

Accounts payable

25

Other current liabilities

14

Long-term debt

0

Deferred income taxes

10

Liabilities held for sale

49

International [Member] |
Chicken Production Operations in Brazil and Mexico [Member]

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

Accounts receivable, net

74

Inventories

141

Other current assets

72

Net property, plant and equipment

132

Goodwill

16

Other assets

11

Total assets held for sale

446

Current debt

32

Accounts payable

61

Other current liabilities

27

Long-term debt

9

Deferred income taxes

12

Liabilities held for sale

$ 141

Acquisitions (Details) (USD $)

In Millions, except Per Share data, unless otherwise specified

6 Months Ended

0 Months Ended

6 Months Ended

3 Months Ended

Mar. 28, 2015

Mar. 29, 2014

Sep. 27, 2014

Aug. 28, 2014

Hillshire Brands Company [Member]

Mar. 28, 2015

Hillshire Brands Company [Member]

Mar. 29, 2014

Hillshire Brands Company [Member]

Aug. 28, 2014

Hillshire Brands Company [Member]

Mar. 29, 2014

Series of Individually Immaterial Business Acquisitions [Member]

business

Business Acquisition [Line Items]

Purchase price per share of acquired entity's common stock

$ 63.00

Purchase Price

$ 8,081

Breakage costs incurred related to previously proposed acquisition

163

Goodwill, Purchase Accounting Adjustments

15

Goodwill

6,689

6,706

4,789

18

Valuation Allowances and Reserves, Adjustments

46

Number of Businesses Acquired

1

Acquisitions, net of cash acquired

0

56

Property, Plant, and Equipment

1,301

12

Intangible Assets

$ 5,141

$ 27

Dispositions (Details) (USD $)

In Millions, unless otherwise specified

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

Sep. 27, 2014

Prepared Foods [Member]

Facility Closing [Member]

Facilities

Sep. 27, 2014

Prepared Foods [Member]

Operating Segments [Member]

Facility Closing [Member]

Sep. 27, 2014

Chicken Production Operations in Brazil and Mexico [Member]

International [Member]

Sep. 27, 2014

Chicken Production Operations in Brazil [Member]

International [Member]

Dec. 27, 2014

Chicken Production Operations in Brazil [Member]

International [Member]

Sep. 27, 2014

Dynamic Fuels Deconsolidation [Member]

Sep. 27, 2014

Dynamic Fuels Deconsolidation [Member]

Variable Interest Entity, Primary Beneficiary [Member]

Jun. 28, 2014

Dynamic Fuels Deconsolidation [Member]

Variable Interest Entity, Primary Beneficiary [Member]

Cost of Sales [Member]

Apr. 30, 2015

Subsequent Event [Member]

Chicken Production Operations in Brazil [Member]

International [Member]

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

Disposal Group, Consideration

$ 575

$ 130

$ 23

Asset Impairment Charges

52

39

Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage

50.00%

Proceeds from Divestiture of Businesses

30

Future Contingent Cash Payment

35

Disposal Group, Future Contingent Consideration, Period of production volumes

11 years 6 months

Guarantor Obligations Release of Guarantees

100

Gain (Loss) on Disposition of Business

$ 3

Plants Closed

3

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

In Millions, unless otherwise specified

Mar. 28, 2015

Sep. 27, 2014

Inventory Disclosure [Abstract]

Processed products

$ 1,788

$ 1,794

Livestock

1,060

1,066

Supplies and other

414

Total inventories

$ 3,262

$ 3,274

Inventories (Narrative) (Details)

Mar. 28, 2015

Sep. 27, 2014

Inventory Disclosure [Abstract]

Percentage of FIFO Inventory

68.00%

66.00%

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

In Millions, unless otherwise specified

Mar. 28, 2015

Sep. 27, 2014

Property, Plant and Equipment [Line Items]

Property, plant and equipment, gross

$ 10,753

$ 10,381

Less accumulated depreciation

5,475

5,251

Net property, plant and equipment

5,278

5,130

Land [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment, gross

128

126

Buildings And Leasehold Improvements [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment, gross

3,578

3,501

Machinery And Equipment [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment, gross

6,322

6,144

Land Improvements And Other [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment, gross

281

276

Buildings And Equipment Under Construction [Member]

Property, Plant and Equipment [Line Items]

Property, plant and equipment, gross

$ 444

$ 334

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

In Millions, unless otherwise specified

Mar. 28, 2015

Sep. 27, 2014

Other Liabilities, Current [Abstract]

Accrued salaries, wages and benefits

$ 393

$ 490

Other

679

717

Total other current liabilities

$ 1,072

$ 1,207

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

In Millions, unless otherwise specified

1 Months Ended

6 Months Ended

Aug. 31, 2014

Mar. 28, 2015

Sep. 27, 2014

Debt Instrument [Line Items]

Revolving credit facility

$ 175

$ 0

Discount on senior notes

(10)

(12)

Amortizing Notes- Tangible Equity Units

175

205

Other

61

24

Total debt

7,674

8,178

Less current debt

1,236

643

Total long-term debt

6,438

7,535

2.75% Senior Unsecured Notes Due September Two Thousand And Fifteen [Member] [Member]

Debt Instrument [Line Items]

Senior Notes/Term Loans

403

407

Stated interest rate

2.75%

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

Debt Instrument [Line Items]

Senior Notes/Term Loans

638

Stated interest rate

6.60%

7.00% Notes Due May 2018 [Member]

Debt Instrument [Line Items]

Senior Notes/Term Loans

120

Stated interest rate

7.00%

2.65% Senior Unsecured Notes Due August, Two Thousand and Nineteen [Member]

Debt Instrument [Line Items]

Senior Notes/Term Loans

1,000

Stated interest rate

2.65%

4.10% Percentage Unsecured Notes Due September Two Thousand And Twenty [Member]

Debt Instrument [Line Items]

Senior Notes/Term Loans

286

287

Stated interest rate

4.10%

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

Debt Instrument [Line Items]

Senior Notes/Term Loans

1,000

Stated interest rate

4.50%

3.95% Senior Unsecured Notes Due August, Two Thousand and Twenty Four [Member]

Debt Instrument [Line Items]

Senior Notes/Term Loans

1,250

Stated interest rate

3.95%

7.00% Notes Due January 2028 [Member]

Debt Instrument [Line Items]

Senior Notes/Term Loans

18

Stated interest rate

7.00%

6.13% Unsecured Notes Due November Two Thousand And Thirty Two [Member]

Debt Instrument [Line Items]

Senior Notes/Term Loans

164

Stated interest rate

6.13%

4.88% Percentage Senior Unsecured Notes Due August, Two Thousand and Thirty Four [Member]

Debt Instrument [Line Items]

Senior Notes/Term Loans

500

Stated interest rate

4.88%

5.15% Senior Unsecured Notes Due August, Two Thousand and Forty Four [Member]

Debt Instrument [Line Items]

Senior Notes/Term Loans

500

Stated interest rate

5.15%

3-Year Tranche A [Member] |
Term Loan [Member]

Debt Instrument [Line Items]

Senior Notes/Term Loans

842

1,172

Stated interest rate

1.56%

Debt Instrument, Term

3 years

5-Year Tranche A [Member] |
Term Loan [Member]

Debt Instrument [Line Items]

Senior Notes/Term Loans

0

353

Debt Instrument, Term

5 years

5-Year Tranche B [Member] |
Term Loan [Member]

Debt Instrument [Line Items]

Senior Notes/Term Loans

$ 552

Stated interest rate

1.69%

Debt Instrument, Term

5 years

Debt (Narrative) (Details) (USD $)

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

Mar. 28, 2015

Sep. 27, 2014

Aug. 31, 2014

Hillshire Brands Company [Member]

Mar. 28, 2015

2.65% Senior Unsecured Notes Due August, Two Thousand and Nineteen [Member]

Mar. 28, 2015

3.95% Senior Unsecured Notes Due August, Two Thousand and Twenty Four [Member]

Mar. 28, 2015

4.88% Percentage Senior Unsecured Notes Due August, Two Thousand and Thirty Four [Member]

Mar. 28, 2015

5.15% Senior Unsecured Notes Due August, Two Thousand and Forty Four [Member]

Mar. 28, 2015

2.75% Senior Unsecured Notes Due September Two Thousand And Fifteen [Member] [Member]

Aug. 31, 2014

2.75% Senior Unsecured Notes Due September Two Thousand And Fifteen [Member] [Member]

Hillshire Brands Company [Member]

Mar. 28, 2015

4.10% Percentage Unsecured Notes Due September Two Thousand And Twenty [Member]

Aug. 31, 2014

4.10% Percentage Unsecured Notes Due September Two Thousand And Twenty [Member]

Hillshire Brands Company [Member]

Mar. 28, 2015

6.13% Unsecured Notes Due November Two Thousand And Thirty Two [Member]

Aug. 31, 2014

6.13% Unsecured Notes Due November Two Thousand And Thirty Two [Member]

Hillshire Brands Company [Member]

Aug. 31, 2014

Unsecured Debt [Member]

Aug. 31, 2014

Unsecured Debt [Member]

2.65% Senior Unsecured Notes Due August, Two Thousand and Nineteen [Member]

Aug. 31, 2014

Unsecured Debt [Member]

3.95% Senior Unsecured Notes Due August, Two Thousand and Twenty Four [Member]

Aug. 31, 2014

Unsecured Debt [Member]

4.88% Percentage Senior Unsecured Notes Due August, Two Thousand and Thirty Four [Member]

Aug. 31, 2014

Unsecured Debt [Member]

5.15% Senior Unsecured Notes Due August, Two Thousand and Forty Four [Member]

Mar. 28, 2015

Standby Letters of Credit [Member]

Mar. 28, 2015

Bilateral Letters Of Credit [Member]

Aug. 31, 2014

Term Loan [Member]

Aug. 31, 2014

Term Loan [Member]

3-Year Tranche A [Member]

Mar. 28, 2015

Term Loan [Member]

3-Year Tranche A [Member]

Aug. 31, 2014

Term Loan [Member]

5-Year Tranche A [Member]

Mar. 28, 2015

Term Loan [Member]

5-Year Tranche A [Member]

Aug. 31, 2014

Term Loan [Member]

5-Year Tranche B [Member]

Mar. 28, 2015

Term Loan [Member]

5-Year Tranche B [Member]

Apr. 7, 2015

Term Loan [Member]

3-Year Tranche B [Member]

Subsequent Event [Member]

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 1,250,000,000.00

Amount available for borrowing under credit facility

1,069,000,000

Letters of Credit Outstanding, Amount

6,000,000

95,000,000

Debt instrument, face amount

840,000,000

400,000,000

278,000,000

152,000,000

3,250,000,000

1,000,000,000

1,250,000,000

500,000,000

Debt Instrument, Interest Rate, Stated Percentage

2.65%

3.95%

4.88%

5.15%

2.75%

4.10%

6.13%

2.65%

3.95%

4.88%

5.15%

1.56%

1.69%

Debt Instrument, Unamortized Discount

10,000,000

12,000,000

7,000,000

Proceeds from Issuance of Unsecured Debt

3,243,000,000

Debt Issuance Cost

27,000,000

11,000,000

Loans Payable to Bank

2,300,000,000

1,202,000,000

546,000,000

552,000,000

500,000,000

Debt Instrument, Term

3 years

5 years

Required Quarterly Principal Payment as a Percentage of Remaining Balance

2.50%

Loans Receivable, Basis Spread on Variable Rate

1.375%

1.50%

1.125%

Debt Instrument, Fair Value Disclosure

$ 8,057,000,000

$ 8,347,000,000

$ 868,000,000

Equity (Schedule of Share Repurchases) (Details) (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Mar. 29, 2014

Class of Stock [Line Items]

Payments for Repurchase of Common Stock

$ 150

$ 275

Class A [Member]

Class of Stock [Line Items]

Treasury Stock, Shares, Acquired

1.5

2.9

3.7

7.8

Payments for Repurchase of Common Stock

59

116

150

275

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

Class of Stock [Line Items]

Treasury Stock, Shares, Acquired

1.3

2.5

3.3

7.1

Payments for Repurchase of Common Stock

50

100

131

250

Open Market Repurchases [Member] |
Class A [Member]

Class of Stock [Line Items]

Treasury Stock, Shares, Acquired

0.2

0.4

0.7

Payments for Repurchase of Common Stock

$ 9

$ 16

$ 19

$ 25

Equity (Schedule of Tangible Equity Units) (Details) (USD $)

In Millions, except Per Share data, unless otherwise specified

12 Months Ended

Sep. 27, 2014

Equity [Abstract]

Price per TEU, Equity Component (in dollars per share)

$ 43.17

Price per TEU, Debt Component (in dollars per share)

$ 6.83

Price per TEU, Total (in dollars per share)

$ 50

Gross Proceeds, Equity Component

$ 1,295

Gross Proceeds, Debt Component

205

Gross Proceeds, Total

1,500

Issuance cost, Equity Component

(40)

Issuance cost, Debt Component

(6)

Issuance cost, Total

46

Net Proceeds, Equity Component

1,255

Net Proceeds, Debt Component

199

Net proceeds, Total

$ 1,454

Equity (Narrative) (Details) (USD $)

12 Months Ended

0 Months Ended

6 Months Ended

12 Months Ended

Sep. 27, 2014

Mar. 28, 2015

Sep. 27, 2014

Convertible Debt [Member]

Tangible Equity Unit, Senior Amortizing Note [Member]

Sep. 27, 2014

Hillshire Brands Company [Member]

Aug. 31, 2014

Hillshire Brands Company [Member]

Mar. 13, 2015

Class A [Member]

Mar. 28, 2015

Class A [Member]

Convertible Debt [Member]

Tangible Equity Unit, Senior Amortizing Note [Member]

Mar. 28, 2015

Class A [Member]

Convertible Debt [Member]

Tangible Equity Unit, Senior Amortizing Note [Member]

Minimum [Member]

Mar. 28, 2015

Class A [Member]

Convertible Debt [Member]

Tangible Equity Unit, Senior Amortizing Note [Member]

Maximum [Member]

Sep. 27, 2014

Class A [Member]

Hillshire Brands Company [Member]

Sep. 27, 2014

Class A [Member]

Share Repurchase Program [Member]

Class of Stock [Line Items]

Stock Repurchase Program, Increase (Decrease) in Authorized Shares

25,000,000

Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased

28,800,000

Stock Issued During Period, Shares, New Issues

23,800,000

Proceeds from Issuance of Common Stock

$ 873,000,000

TEU's issued (in units)

30,000,000

TEU's Dividend Rate

4.75%

Proceeds from Issuance of Tangible Equity Units, Net

1,454,000,000

TEUs, stated amount per unit (in dollars per unit)

$ 50

TEUs, Equity Component

1,295,000,000

TEUs, Debt Component

205,000,000

175,000,000

TEUs, Debt Component, Current

65,000,000

Senior amortizing note, initial principal amount

6.83

840,000,000

Senior amortizing note, interest rate

1.50%

Senior amortizing note, quarterly principal and interest payment, first three annual quarters

$ 0.59

Senior amortizing note, number of shares to be issued

31,800,000

39,700,000

Senior amortizing note, conversion price

$ 47.20

Senior amortizing note, number of shares per contract if applicable market value equal to or greater than conversion price

1.0594

Senior amortizing note, reference price

$ 37.76

Senior amortizing note, if applicable market value greater than reference price, number of shares equal to aount divided by Applicable Market Value

$ 50

Senior amortizing note, number of shares per contract, if Applicable Market Value is less than or equal to reference price

1.3244

Senior amortizing note, consecutive trading days for calculation of applicable market value

20 days

Common Stock, Dividends, Per Share, Cash Paid

$ 0.10

Debt Instrument, Convertible, Dividend Threshold Amount

$ 0.075

Senior amortizing note, incremental common shares attributable to dilutive effect of conversion, if applicable market value higher than reference price

7,900,000

Income Taxes (Details) (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Mar. 29, 2014

Sep. 27, 2014

Income Tax Disclosure [Abstract]

Effective tax rate for continuing operations

35.60%

38.30%

32.40%

36.20%

Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations

3.20%

Unrecognized tax benefits

$ 229

$ 272

Unrecognized tax benefits that would impact effective tax rate

200

241

Unrecognized tax benefits, income tax penalties and interest accrued

49

54

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

$ 18

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

In Millions, unless otherwise specified

6 Months Ended

Mar. 28, 2015

Mar. 29, 2014

Other Nonoperating Income (Expense) [Member]

Components of Other Income and Expenses [Line Items]

Equity Earnings in Joint Ventures

$ 3

$ 4

Foreign Currency Transaction Gain (Loss), Realized

1

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

$ 6

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. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Mar. 29, 2014

Earnings Per Share, Basic and Diluted [Line Items]

Net income

$ 311

$ 210

$ 621

$ 462

Less: Net income (loss) attributable to noncontrolling interest

1

(3)

2

(5)

Net income attributable to Tyson

310

213

619

467

Undistributed earnings

273

188

536

408

Stock options and restricted stock

5

6

5

Tangible Equity Units

6

0

6

0

Warrants

0

7

0

8

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

415

356

416

355

Net Income Per Share Attributable to Tyson - Diluted

$ 0.75

$ 0.60

$ 1.49

$ 1.32

Class A [Member]

Earnings Per Share, Basic and Diluted [Line Items]

Less Dividends Declared:

31

20

69

48

Undistributed earnings

230

153

451

332

Weighted average number of shares outstanding - Basic

334

273

335

272

Net Income Per Share Attributable to Tyson - Basic

$ 0.78

$ 0.64

$ 1.55

$ 1.40

Class B [Member]

Earnings Per Share, Basic and Diluted [Line Items]

Less Dividends Declared:

6

5

14

11

Undistributed earnings

$ 43

$ 35

$ 85

$ 76

Weighted average number of shares outstanding - Basic

70

Net Income Per Share Attributable to Tyson - Basic

$ 0.71

$ 0.58

$ 1.42

$ 1.26

Earnings Per Share (Narrative) (Details)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Mar. 29, 2014

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

5

4

5

4

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. 28, 2015

bu

Sep. 27, 2014

bu

Corn (in bushels)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

0

Soy Meal (in tons)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

2,300

Foreign Currency [Member]

Derivative [Line Items]

Derivative, Notional Amount

$ 0

$ 1

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. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Mar. 29, 2014

Derivative [Line Items]

Gain/(Loss) Recognized in OCI on Derivatives

$ (2)

$ 8

$ (2)

$ 5

Gain/(Loss) Reclassified from OCI to Earnings

(1)

(3)

(4)

(3)

Commodity Contracts [Member]

Derivative [Line Items]

Gain/(Loss) Recognized in OCI on Derivatives

(2)

8

(2)

6

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

Derivative [Line Items]

Gain/(Loss) Reclassified from OCI to Earnings

(1)

(3)

(4)

(3)

Foreign Currency [Member]

Derivative [Line Items]

Gain/(Loss) Recognized in OCI on Derivatives

0

(1)

Foreign Currency [Member] |
Other Nonoperating Income (Expense) [Member]

Derivative [Line Items]

Gain/(Loss) Reclassified from OCI to Earnings

$ 0

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

Mar. 28, 2015

lb

Sep. 27, 2014

lb

Live Cattle (in pounds)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

359,000,000

427,000,000

Lean Hogs (in pounds)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

122,000,000

329,000,000

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. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Mar. 29, 2014

Forward Contracts [Member]

Derivative [Line Items]

Gain/(Loss) on forwards

$ 32

$ (34)

$ (8)

$ (40)

Purchase Contracts [Member]

Derivative [Line Items]

Gain/(Loss) on forwards

$ (32)

$ 34

$ 8

$ 40

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

In Millions, unless otherwise specified

Mar. 28, 2015

bu

Sep. 27, 2014

bu

Corn (in bushels)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

91,000,000

0

Soy Meal (in tons)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

247,100

195,800

Soy Oil (in pounds)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

5,000,000

3,000,000

Live Cattle (in pounds)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

91,000,000

22,000,000

Lean Hogs (in pounds)

Derivative [Line Items]

Derivative, Nonmonetary Notional Amount

46,000,000

22,000,000

Foreign Currency [Member]

Derivative [Line Items]

Derivative, Notional Amount

$ 46

$ 108

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. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Mar. 29, 2014

Derivative [Line Items]

Gain/(Loss) Recognized in Earnings

$ (17)

$ (8)

$ (46)

$ (9)

Commodity Contracts [Member] |
Sales [Member]

Derivative [Line Items]

Gain/(Loss) Recognized in Earnings

(7)

30

(8)

32

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

Derivative [Line Items]

Gain/(Loss) Recognized in Earnings

(8)

(40)

(34)

(42)

Foreign Currency [Member] |
Other Nonoperating Income (Expense) [Member]

Derivative [Line Items]

Gain/(Loss) Recognized in Earnings

$ (2)

$ 2

$ (4)

$ 1

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

In Millions, unless otherwise specified

Mar. 28, 2015

Sep. 27, 2014

Derivative [Line Items]

Derivative Assets

$ 46

$ 59

Derivative Liabilities

34

160

Designated as Hedging Instrument [Member]

Derivative [Line Items]

Derivative Assets

25

17

Derivative Liabilities

15

78

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

Derivative [Line Items]

Derivative Assets

25

17

Derivative Liabilities

15

78

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

Derivative [Line Items]

Derivative Assets

0

Derivative Liabilities

0

Not Designated as Hedging Instrument [Member]

Derivative [Line Items]

Derivative Assets

21

42

Derivative Liabilities

19

82

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

Derivative [Line Items]

Derivative Assets

21

42

Derivative Liabilities

17

80

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

Derivative [Line Items]

Derivative Assets

0

Derivative Liabilities

$ 2

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

In Millions, unless otherwise specified

6 Months Ended

Mar. 28, 2015

Derivative [Line Items]

Maximum length of time hedged forecasted transactions, months

18 months

Maximum Length Of Time Hedged Undesignated Positions

18 months

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. 28, 2015

Sep. 27, 2014

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

Derivative assets and liabilities posted cash collateral

$ 10

$ 98

Derivative, Collateral, Obligation to Return Cash

0

Fair Value, Measurements, Recurring [Member]

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

Available-for-Sale Securities, Current

2

1

Available for Sale Securities, Noncurrent

112

92

Deferred Compensation Assets

244

233

Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset

(23)¹

(50)¹

Total Assets

381

335

Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset

(33)¹

(148)¹

Total Liabilities

1

12

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

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

Available-for-Sale Securities, Current

0

Available for Sale Securities, Noncurrent

20

1

Deferred Compensation Assets

9

15

Total Assets

29

16

Total Liabilities

0

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

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

Available-for-Sale Securities, Current

2

1

Available for Sale Securities, Noncurrent

29

24

Deferred Compensation Assets

235

218

Total Assets

312

302

Total Liabilities

34

160

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

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

Available-for-Sale Securities, Current

0

Available for Sale Securities, Noncurrent

63

67

Deferred Compensation Assets

0

Total Assets

63

67

Total Liabilities

0

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

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

Commodity Derivatives

23

9

Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset

(23)

(50)

Derivative Financial Instruments, Liabilities

0

10

Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset

(32)

(148)

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

46

59

Derivative Financial Instruments, Liabilities

32

158

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

Foreign Exchange Contract [Member] |
Fair Value, Measurements, Recurring [Member]

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

Foreign Currency Contract, Asset, Fair Value Disclosure

0

Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset

0

Foreign Exchange Forward Contracts, Liabilities

1

2

Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset

(1)

0

Foreign Exchange Contract [Member] |
Fair Value, Measurements, Recurring [Member] |
Level 1 [Member]

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

Foreign Currency Contract, Asset, Fair Value Disclosure

0

Foreign Exchange Forward Contracts, Liabilities

0

Foreign Exchange Contract [Member] |
Fair Value, Measurements, Recurring [Member] |
Level 2 [Member]

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

Foreign Currency Contract, Asset, Fair Value Disclosure

0

Foreign Exchange Forward Contracts, Liabilities

2

Foreign Exchange Contract [Member] |
Fair Value, Measurements, Recurring [Member] |
Level 3 [Member]

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

Foreign Currency Contract, Asset, Fair Value Disclosure

0

Foreign Exchange Forward Contracts, Liabilities

$ 0

[1] 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 28, 2015 and September 27, 2014, we had posted with various counterparties $10 million and $98 million, respectively, of cash collateral related to our commodity derivatives and held no cash collateral.

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. 28, 2015

Mar. 29, 2014

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

Balance at beginning of year

$ 67

$ 65

Total realized gains (losses) included in earnings

0

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

0

Purchases

9

15

Issuances

0

Settlements

(13)

Balance at end of period

63

67

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

$ 0

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

In Millions, unless otherwise specified

Mar. 28, 2015

Sep. 27, 2014

U.S. Treasury and Agency [Member]

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

Amortized Cost Basis

$ 31

$ 25

Fair Value

31

25

Unrealized Gain/(Loss)

0

Corporate And Asset-Backed [Member]

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

Amortized Cost Basis

62

65

Fair Value

63

67

Unrealized Gain/(Loss)

1

2

Common Stock and Warrants [Member]

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

Amortized Cost Basis

0 ¹

1 ¹

Fair Value

20

1

Unrealized Gain/(Loss)

20

0

Cumulative Other-than-Temporary Impairment Loss

$ 0

$ 2

[1] At March 28, 2015 and September 27, 2014, the amortized cost basis for Equity Securities had been reduced by accumulated other than temporary impairment of nil and $2 million, respectively.

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

In Millions, unless otherwise specified

Mar. 28, 2015

Sep. 27, 2014

Fair Value Disclosures [Abstract]

Total Debt, Fair Value

$ 8,057

$ 8,347

Total Debt, Carrying Value

$ 7,674

$ 8,178

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

In Millions, unless otherwise specified

6 Months Ended

12 Months Ended

Mar. 28, 2015

Mar. 29, 2014

Sep. 27, 2014

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

Liabilities, Fair Value Disclosure, Nonrecurring

$ 0

Assets, Fair Value Disclosure, Nonrecurring

0

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

0

6

Cumulative Other-than-Temporary Impairment Loss

0

2

Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Portion Attributable to Parent

$ 0

Maximum [Member]

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

Short Term Investment Maturity Period

12 months

Available For Sale Securities Debt Maturity Period

35 years

Pension and Other Postretirement Benefit Plans (Details) (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Mar. 29, 2014

Pension Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Service Cost

$ 4

$ 1

$ 8

$ 3

Interest Cost

21

2

42

4

Expected Return on Plan Assets

(25)

(1)

(50)

(2)

Amortization of net actuarial loss

2

1

3

2

Settlement loss

0

8

0

Net Periodic Cost

2

3

11

7

Other Postretirement Benefit Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Service Cost

1

2

1

Interest Cost

1

3

2

Net Periodic Cost

$ 2

$ 5

$ 3

Pension and Other Postretirement Benefit Plans (Narrative) (Details) (USD $)

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Mar. 29, 2014

Compensation and Retirement Disclosure [Abstract]

Defined Benefit Plan, Contributions by Employer

$ 6

$ 3

$ 9

$ 5

Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year

$ 6

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

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Mar. 29, 2014

Other Comprehensive Income Loss [Line Items]

Total Other Comprehensive Income (Loss), Before Tax

$ (23)

$ 18

$ 4

$ 10

Total Other Comprehensive Income (Loss), Tax

(1)

(5)

Total Other Comprehensive Income (Loss), Net of Taxes

(24)

13

(1)

5

Derivatives accounted for as cash flow hedges [Member]

Other Comprehensive Income Loss [Line Items]

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

(2)

8

(2)

5

Other Comprehensive Income (Loss), Before Reclassifications, Tax

0

(3)

0

(2)

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

(2)

5

(2)

3

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

1

3

4

3

Reclassification from Accumulated Other Comprehensive Income, Tax

0

(1)

(2)

(1)

Reclassification from Accumulated Other Comprehensive Income, Net of Tax

1

2

Investments [Member]

Other Comprehensive Income Loss [Line Items]

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

4

0

19

(1)

Other Comprehensive Income (Loss), Before Reclassifications, Tax

(2)

0

(8)

0

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

2

0

11

(1)

Investments [Member] |
Other Nonoperating Income (Expense) [Member]

Other Comprehensive Income Loss [Line Items]

Reclassification from Accumulated Other Comprehensive Income, Before Tax

0

6

Reclassification from Accumulated Other Comprehensive Income, Tax

0

(2)

Reclassification from Accumulated Other Comprehensive Income, Net of Tax

0

4

Currency translation [Member]

Other Comprehensive Income Loss [Line Items]

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

(27)

6

(64)

(5)

Other Comprehensive Income (Loss), Before Reclassifications, Tax

2

0

9

0

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

(25)

6

(55)

(5)

Currency translation [Member] |
Cost of Sales [Member]

Other Comprehensive Income Loss [Line Items]

Reclassification from Accumulated Other Comprehensive Income, Before Tax

0 ¹

0

37 ¹

0

Reclassification from Accumulated Other Comprehensive Income, Tax

0 ¹

0

(1)¹

0

Reclassification from Accumulated Other Comprehensive Income, Net of Tax

0 ¹

0

36 ¹

0

Postretirement benefits [Member]

Other Comprehensive Income Loss [Line Items]

Total Other Comprehensive Income (Loss), Before Tax

1

10

2

Total Other Comprehensive Income (Loss), Tax

(1)

(3)

0

Total Other Comprehensive Income (Loss), Net of Taxes

$ 0

$ 7

$ 2

[1] Translation loss reclassified to Cost of Sales related to disposition of a foreign operation, which is further described in Note 2: Acquisitions and Dispositions.

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

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

Mar. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Mar. 29, 2014

Segment Reporting Information [Line Items]

Sales

$ 9,979

$ 9,032

$ 20,796

$ 17,793

Operating Income (Loss)

547

361

1,056

773

Total Other (Income) Expense

64

20

138

49

Income before Income Taxes

483

341

918

724

Operating Segments [Member] |
Chicken [Member]

Segment Reporting Information [Line Items]

Sales

2,829

2,842

5,609

5,498

Operating Income (Loss)

332

234

683

487

Operating Segments [Member] |
Beef [Member]

Segment Reporting Information [Line Items]

Sales

4,130

3,825

8,521

7,559

Operating Income (Loss)

(20)

35

(26)

93

Operating Segments [Member] |
Pork [Member]

Segment Reporting Information [Line Items]

Sales

1,204

1,487

2,744

2,911

Operating Income (Loss)

99

107

221

228

Operating Segments [Member] |
Prepared Foods [Member]

Segment Reporting Information [Line Items]

Sales

1,871

861

4,004

1,768

Operating Income (Loss)

160

21

231

37

Operating Segments [Member] |
International [Member]

Segment Reporting Information [Line Items]

Sales

222

328

527

655

Operating Income (Loss)

(15)

(30)

(29)

(58)

Segment Reconciling Items [Member]

Segment Reporting Information [Line Items]

Sales

0

Operating Income (Loss)

(9)

(6)

(24)

(14)

Intersegment Elimination [Member]

Segment Reporting Information [Line Items]

Sales

(277)

(311)

(609)

(598)

Intersegment Elimination [Member] |
Chicken [Member]

Segment Reporting Information [Line Items]

Sales

6

2

7

4

Intersegment Elimination [Member] |
Beef [Member]

Segment Reporting Information [Line Items]

Sales

77

67

155

130

Intersegment Elimination [Member] |
Pork [Member]

Segment Reporting Information [Line Items]

Sales

$ 194

$ 242

$ 447

$ 464

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

In Millions, unless otherwise specified

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Mar. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Segments

Mar. 29, 2014

Mar. 28, 2015

Segment Reconciling Items [Member]

Mar. 29, 2014

Segment Reconciling Items [Member]

Mar. 28, 2015

Segment Reconciling Items [Member]

Mar. 29, 2014

Segment Reconciling Items [Member]

Mar. 28, 2015

Intersegment Elimination [Member]

Mar. 29, 2014

Intersegment Elimination [Member]

Mar. 28, 2015

Intersegment Elimination [Member]

Mar. 29, 2014

Intersegment Elimination [Member]

Mar. 28, 2015

Intersegment Elimination [Member]

Chicken [Member]

Mar. 29, 2014

Intersegment Elimination [Member]

Chicken [Member]

Mar. 28, 2015

Intersegment Elimination [Member]

Chicken [Member]

Mar. 29, 2014

Intersegment Elimination [Member]

Chicken [Member]

Mar. 28, 2015

Intersegment Elimination [Member]

Beef [Member]

Mar. 29, 2014

Intersegment Elimination [Member]

Beef [Member]

Mar. 28, 2015

Intersegment Elimination [Member]

Beef [Member]

Mar. 29, 2014

Intersegment Elimination [Member]

Beef [Member]

Mar. 28, 2015

Intersegment Elimination [Member]

Pork [Member]

Mar. 29, 2014

Intersegment Elimination [Member]

Pork [Member]

Mar. 28, 2015

Intersegment Elimination [Member]

Pork [Member]

Mar. 29, 2014

Intersegment Elimination [Member]

Pork [Member]

Sep. 27, 2014

Chicken Production Operations in Brazil and Mexico [Member]

International [Member]

Segment Reporting Information [Line Items]

Number of Operating Segments

5

Disposal Group, Consideration

$ 575

Business Combination, Acquisition Related Costs

9

24

Sales

$ 9,979

$ 9,032

$ 20,796

$ 17,793

$ 0

$ (277)

$ (311)

$ (609)

$ (598)

$ 6

$ 2

$ 7

$ 4

$ 77

$ 67

$ 155

$ 130

$ 194

$ 242

$ 447

$ 464

Commitments And Contingencies Commitments (Details) (USD $)

In Millions, unless otherwise specified

6 Months Ended

Mar. 28, 2015

Sep. 27, 2014

Mar. 28, 2015

Guarantee of Indebtedness of Others [Member]

Mar. 28, 2015

Residual Value Guarantees [Member]

Guarantor Obligations [Line Items]

Guarantor Obligations, Maximum Exposure, Period (in years)

10 years

Maximum potential amount

$ 53

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

13 years

Amount recoverable through various recourse provisions

46

Potential maximum obligation under cash flow assistance programs

320

Total receivables under cash flow assistance programs

1

4

Uncollectible receivables estimated under cash flow assistance programs

$ 0

Commitments And Contingencies Contingencies (Details)

0 Months Ended

1 Months Ended

0 Months Ended

12 Months Ended

Mar. 28, 2015

Claims

Dec. 7, 2012

Garcia Case [Member]

USD ($)

Mar. 17, 2011

Garcia Case [Member]

USD ($)

Sep. 22, 2014

Bouaphakeo Case [Member]

USD ($)

Aug. 25, 2014

Bouaphakeo Case [Member]

USD ($)

Jan. 30, 2014

Acosta Case [Member]

USD ($)

May 31, 2013

Acosta Case [Member]

USD ($)

Oct. 2, 2013

Gomez Case [Member]

USD ($)

Mar. 30, 2015

Abdiaziz Case [Member]

Subsequent Event [Member]

USD ($)

Sep. 30, 2006

Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission [Member]

USD ($)

Sep. 30, 2006

Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission [Member]

PHP (?)

Jun. 23, 2014

Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission [Member]

USD ($)

Jun. 23, 2014

Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission [Member]

PHP (?)

Loss Contingencies [Line Items]

Number of cases filed

9

Loss Contingency, Damages Awarded, Value

$ 3,609,723

$ 503,011

$ 5,784,758

$ 18,774,989

$ 5,733,943

$ 4,960,787

$ 730,548

$ 77,000,000

? 3,453,664,710

Loss contingency, damages sought

2,692,145

6,258,330

Loss Contingency, Range of Possible Loss, Maximum

$ 8,000,000

? 342,287,800

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. 28, 2015

Mar. 29, 2014

Mar. 28, 2015

Mar. 29, 2014

Condensed Financial Statements, Captions [Line Items]

Sales

$ 9,979

$ 9,032

$ 20,796

$ 17,793

Cost of Sales

8,990

8,381

18,851

16,457

Gross Profit

989

651

1,945

1,336

Selling, General and Administrative

442

290

889

563

Operating Income

547

361

1,056

773

Other (Income) Expense:

Interest expense, net

70

22

145

48

Other, net

(6)

(2)

(7)

1

Equity in net earnings of subsidiaries

0

Total Other (Income) Expense

64

20

138

49

Income (Loss) before Income Taxes

483

341

918

724

Income Tax (Benefit) Expense

172

131

297

262

Net Income

311

210

621

462

Less: Net income (loss) attributable to noncontrolling interest

1

(3)

2

(5)

Net Income Attributable to Tyson

310

213

619

467

Comprehensive Income

287

223

620

467

Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests

1

(3)

2

(5)

Comprehensive Income Attributable to Tyson

286

226

618

472

TFI Parent [Member]

Condensed Financial Statements, Captions [Line Items]

Sales

221

148

449

315

Cost of Sales

17

4

36

21

Gross Profit

204

144

413

294

Selling, General and Administrative

32

28

66

51

Operating Income

172

116

347

243

Other (Income) Expense:

Interest expense, net

64

(15)

133

(10)

Other, net

(1)

1

(2)

7

Equity in net earnings of subsidiaries

(247)

(128)

(484)

(303)

Total Other (Income) Expense

(184)

(142)

(353)

(306)

Income (Loss) before Income Taxes

356

258

700

549

Income Tax (Benefit) Expense

46

45

81

82

Net Income

310

213

619

467

Less: Net income (loss) attributable to noncontrolling interest

0

Net Income Attributable to Tyson

310

213

619

467

Comprehensive Income

288

224

620

467

Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests

0

Comprehensive Income Attributable to Tyson

288

224

620

467

TFM Parent, Guarantors [Member]

Condensed Financial Statements, Captions [Line Items]

Sales

5,252

5,168

11,061

10,216

Cost of Sales

5,122

4,953

10,784

9,779

Gross Profit

130

215

277

437

Selling, General and Administrative

59

57

120

112

Operating Income

71

158

157

325

Other (Income) Expense:

Interest expense, net

1

34

1

49

Other, net

(2)

0

(2)

(1)

Equity in net earnings of subsidiaries

(50)

(6)

(88)

(12)

Total Other (Income) Expense

(51)

28

(89)

36

Income (Loss) before Income Taxes

122

130

246

289

Income Tax (Benefit) Expense

24

44

54

96

Net Income

98

86

192

193

Less: Net income (loss) attributable to noncontrolling interest

0

Net Income Attributable to Tyson

98

86

192

193

Comprehensive Income

72

91

176

192

Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests

0

Comprehensive Income Attributable to Tyson

72

91

176

192

Non-Guarantors [Member]

Condensed Financial Statements, Captions [Line Items]

Sales

4,977

4,159

10,302

8,146

Cost of Sales

4,321

3,867

9,043

7,541

Gross Profit

656

292

1,259

605

Selling, General and Administrative

352

205

707

400

Operating Income

304

87

552

205

Other (Income) Expense:

Interest expense, net

5

3

11

9

Other, net

(3)

(5)

Equity in net earnings of subsidiaries

0

Total Other (Income) Expense

2

0

8

4

Income (Loss) before Income Taxes

302

87

544

201

Income Tax (Benefit) Expense

102

42

162

84

Net Income

200

45

382

117

Less: Net income (loss) attributable to noncontrolling interest

1

(3)

2

(5)

Net Income Attributable to Tyson

199

48

380

122

Comprehensive Income

176

51

362

114

Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests

1

(3)

2

(5)

Comprehensive Income Attributable to Tyson

175

54

360

119

Eliminations [Member]

Condensed Financial Statements, Captions [Line Items]

Sales

(471)

(443)

(1,016)

(884)

Cost of Sales

(470)

(443)

(1,012)

(884)

Gross Profit

(1)

0

(4)

0

Selling, General and Administrative

(1)

0

(4)

0

Operating Income

0

Other (Income) Expense:

Interest expense, net

0

Other, net

0

Equity in net earnings of subsidiaries

297

134

572

315

Total Other (Income) Expense

297

134

572

315

Income (Loss) before Income Taxes

(297)

(134)

(572)

(315)

Income Tax (Benefit) Expense

0

Net Income

(297)

(134)

(572)

(315)

Less: Net income (loss) attributable to noncontrolling interest

0

Net Income Attributable to Tyson

(297)

(134)

(572)

(315)

Comprehensive Income

(249)

(143)

(538)

(306)

Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests

0

Comprehensive Income Attributable to Tyson

$ (249)

$ (143)

$ (538)

$ (306)

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

In Millions, unless otherwise specified

Mar. 28, 2015

Sep. 27, 2014

Mar. 29, 2014

Sep. 28, 2013

Assets

Cash and cash equivalents

$ 223

$ 438

$ 1,145

Accounts receivable, net

1,632

1,684

Inventories

3,262

3,274

Other current assets

346

379

Assets held for sale

205

446

Total Current Assets

5,668

6,221

Net Property, Plant and Equipment

5,278

5,130

Goodwill

6,689

6,706

Intangible Assets, net

5,223

5,276

Other Assets

668

623

Investment in Subsidiaries

0

Total Assets

23,526

23,956

Liabilities and Shareholders' Equity

Current debt

1,236

643

Accounts payable

1,694

1,806

Other current liabilities

1,072

1,207

Liabilities held for sale

49

141

Total Current Liabilities

4,051

3,797

Long-Term Debt

6,438

7,535

Deferred Income Taxes

2,452

2,450

Other Liabilities

1,215

1,270

Total Tyson Shareholders' Equity

9,355

8,890

Noncontrolling Interest

15

14

Total Shareholders' Equity

9,370

8,904

Total Liabilities and Shareholders' Equity

23,526

23,956

TFI Parent [Member]

Assets

Cash and cash equivalents

0

Accounts receivable, net

0

3

Inventories

0

Other current assets

35

42

Assets held for sale

3

Total Current Assets

38

48

Net Property, Plant and Equipment

27

30

Goodwill

0

Intangible Assets, net

0

Other Assets

162

204

Investment in Subsidiaries

21,365

20,845

Total Assets

21,592

21,127

Liabilities and Shareholders' Equity

Current debt

827

240

Accounts payable

32

35

Other current liabilities

5,259

4,718

Liabilities held for sale

0

Total Current Liabilities

6,118

4,993

Long-Term Debt

5,932

7,056

Deferred Income Taxes

12

21

Other Liabilities

175

167

Total Tyson Shareholders' Equity

9,355

8,890

Noncontrolling Interest

0

Total Shareholders' Equity

9,355

8,890

Total Liabilities and Shareholders' Equity

21,592

21,127

TFM Parent, Guarantors [Member]

Assets

Cash and cash equivalents

30

41

20

21

Accounts receivable, net

587

665

Inventories

1,405

1,272

Other current assets

62

78

Assets held for sale

0

Total Current Assets

2,084

2,056

Net Property, Plant and Equipment

965

932

Goodwill

881

Intangible Assets, net

13

15

Other Assets

154

148

Investment in Subsidiaries

2,115

2,049

Total Assets

6,212

6,081

Liabilities and Shareholders' Equity

Current debt

1

0

Accounts payable

761

755

Other current liabilities

148

235

Liabilities held for sale

0

Total Current Liabilities

910

990

Long-Term Debt

1

2

Deferred Income Taxes

98

96

Other Liabilities

118

125

Total Tyson Shareholders' Equity

5,085

4,868

Noncontrolling Interest

0

Total Shareholders' Equity

5,085

4,868

Total Liabilities and Shareholders' Equity

6,212

6,081

Non-Guarantors [Member]

Assets

Cash and cash equivalents

193

397

418

1,124

Accounts receivable, net

1,045

1,016

Inventories

1,857

2,002

Other current assets

280

379

Assets held for sale

202

443

Total Current Assets

3,577

4,237

Net Property, Plant and Equipment

4,286

4,168

Goodwill

5,808

5,825

Intangible Assets, net

5,210

5,261

Other Assets

352

326

Investment in Subsidiaries

0

Total Assets

19,233

19,817

Liabilities and Shareholders' Equity

Current debt

409

403

Accounts payable

901

1,016

Other current liabilities

804

921

Liabilities held for sale

49

141

Total Current Liabilities

2,163

2,481

Long-Term Debt

505

532

Deferred Income Taxes

2,342

2,333

Other Liabilities

922

978

Total Tyson Shareholders' Equity

13,286

13,479

Noncontrolling Interest

15

14

Total Shareholders' Equity

13,301

13,493

Total Liabilities and Shareholders' Equity

19,233

19,817

Eliminations [Member]

Assets

Cash and cash equivalents

0

Accounts receivable, net

0

Inventories

0

Other current assets

(31)

(120)

Assets held for sale

0

Total Current Assets

(31)

(120)

Net Property, Plant and Equipment

0

Goodwill

0

Intangible Assets, net

0

Other Assets

0

(55)

Investment in Subsidiaries

(23,480)

(22,894)

Total Assets

(23,511)

(23,069)

Liabilities and Shareholders' Equity

Current debt

(1)

0

Accounts payable

0

Other current liabilities

(5,139)

(4,667)

Liabilities held for sale

0

Total Current Liabilities

(5,140)

(4,667)

Long-Term Debt

0

(55)

Deferred Income Taxes

0

Other Liabilities

0

Total Tyson Shareholders' Equity

(18,371)

(18,347)

Noncontrolling Interest

0

Total Shareholders' Equity

(18,371)

(18,347)

Total Liabilities and Shareholders' Equity

$ (23,511)

$ (23,069)

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

In Millions, unless otherwise specified

6 Months Ended

Mar. 28, 2015

Mar. 29, 2014

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

Cash Provided by (Used for) Operating Activities

$ 808

$ 265

Cash Flows From Investing Activities:

Additions to property, plant and equipment

(435)

(293)

(Purchases of)/ Proceeds from marketable securities, net

(2)

(3)

Acquisitions, net of cash acquired

0

(56)

Proceeds from sale of businesses

142

0

Other, net

4

8

Cash Provided by (Used for) Investing Activities

(291)

(344)

Cash Flows From Financing Activities:

Net change in debt

(540)

(376)

Purchases of Tyson Class A common stock

(150)

(275)

Dividends

(75)

(50)

Stock options exercised

34

49

Other, net

10

19

Net change in intercompany balances

0

Cash Provided by (Used for) Financing Activities

(721)

(633)

Effect of Exchange Rate Changes on Cash

(11)

5

Increase (Decrease) in Cash and Cash Equivalents

(215)

(707)

Cash and Cash Equivalents at Beginning of Year

438

1,145

Cash and Cash Equivalents at End of Period

223

438

TFI Parent [Member]

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

Cash Provided by (Used for) Operating Activities

113

10

Cash Flows From Investing Activities:

Additions to property, plant and equipment

0

(1)

(Purchases of)/ Proceeds from marketable securities, net

0

Acquisitions, net of cash acquired

0

Proceeds from sale of businesses

0

Other, net

0

Cash Provided by (Used for) Investing Activities

0

(1)

Cash Flows From Financing Activities:

Net change in debt

(539)

(370)

Purchases of Tyson Class A common stock

(150)

(275)

Dividends

(75)

(50)

Stock options exercised

34

49

Other, net

4

19

Net change in intercompany balances

613

618

Cash Provided by (Used for) Financing Activities

(113)

(9)

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

TFM Parent, Guarantors [Member]

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

Cash Provided by (Used for) Operating Activities

33

129

Cash Flows From Investing Activities:

Additions to property, plant and equipment

(86)

(67)

(Purchases of)/ Proceeds from marketable securities, net

0

Acquisitions, net of cash acquired

0

Proceeds from sale of businesses

0

Other, net

2

1

Cash Provided by (Used for) Investing Activities

(84)

(66)

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

40

(64)

Cash Provided by (Used for) Financing Activities

40

(64)

Effect of Exchange Rate Changes on Cash

0

Increase (Decrease) in Cash and Cash Equivalents

(11)

(1)

Cash and Cash Equivalents at Beginning of Year

41

21

Cash and Cash Equivalents at End of Period

30

20

Non-Guarantors [Member]

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

Cash Provided by (Used for) Operating Activities

672

171

Cash Flows From Investing Activities:

Additions to property, plant and equipment

(349)

(225)

(Purchases of)/ Proceeds from marketable securities, net

(2)

(3)

Acquisitions, net of cash acquired

(56)

Proceeds from sale of businesses

142

Other, net

2

7

Cash Provided by (Used for) Investing Activities

(207)

(277)

Cash Flows From Financing Activities:

Net change in debt

(1)

(6)

Purchases of Tyson Class A common stock

0

Dividends

(10)

(45)

Stock options exercised

0

Other, net

6

0

Net change in intercompany balances

(653)

(554)

Cash Provided by (Used for) Financing Activities

(658)

(605)

Effect of Exchange Rate Changes on Cash

(11)

5

Increase (Decrease) in Cash and Cash Equivalents

(204)

(706)

Cash and Cash Equivalents at Beginning of Year

397

1,124

Cash and Cash Equivalents at End of Period

193

418

Eliminations [Member]

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

Cash Provided by (Used for) Operating Activities

(10)

(45)

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

Proceeds from sale of businesses

0

Other, net

0

Cash Provided by (Used for) Investing Activities

0

Cash Flows From Financing Activities:

Net change in debt

0

Purchases of Tyson Class A common stock

0

Dividends

10

45

Stock options exercised

0

Other, net

0

Net change in intercompany balances

0

Cash Provided by (Used for) Financing Activities

10

45

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 $)

Mar. 28, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Amount available under credit facility

$ 1,250,000,000.00