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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 27, 2020
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to            
tysonfamilybrandssec02.jpg
001-14704
(Commission File Number)
______________________________________________
TYSON FOODS, INC.
(Exact name of registrant as specified in its charter)
______________________________________________
 
Delaware
 
71-0225165
 
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
 
 
 
 
2200 West Don Tyson Parkway,
 
 
 
 
 
 
Springdale,
Arkansas
 
72762-6999
 
 
(Address of Principal Executive Offices)
 
(Zip Code)
 
 
 
(479)
290-4000
 
 
 
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
Class A Common Stock
Par Value
$0.10
TSN
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large Accelerated Filer
 
 
Accelerated Filer
 
Non-Accelerated Filer
 
 
Smaller Reporting Company
 
 
 
 
 
Emerging Growth Company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of June 27, 2020.
Class
 
Outstanding Shares
Class A Common Stock, $0.10 Par Value (Class A stock)
 
294,251,100

Class B Common Stock, $0.10 Par Value (Class B stock)
 
70,010,355

Class B stock is not listed for trading on any exchange or market system. However, Class B stock is convertible into Class A stock on a share-for-share basis.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
 
 
PAGE
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.

PART II. OTHER INFORMATION

Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 




PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements
TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
 
Three Months Ended
Nine Months Ended
 
June 27, 2020
 
June 29, 2019
June 27, 2020
 
June 29, 2019
Sales
$
10,022

 
$
10,885

$
31,725

 
$
31,521

Cost of Sales
8,709

 
9,549

27,951

 
27,638

Gross Profit
1,313

 
1,336

3,774

 
3,883

Selling, General and Administrative
538

 
555

1,672

 
1,660

Operating Income
775

 
781

2,102

 
2,223

Other (Income) Expense:
 
 
 
 
 
 
Interest income
(3
)
 
(2
)
(9
)
 
(9
)
Interest expense
122

 
121

361

 
339

Other, net
(11
)
 
(62
)
(133
)
 
(72
)
Total Other (Income) Expense
108

 
57

219

 
258

Income before Income Taxes
667

 
724

1,883

 
1,965

Income Tax Expense
140

 
43

428

 
302

Net Income
527

 
681

1,455

 
1,663

Less: Net Income Attributable to Noncontrolling Interests

 
5

7

 
10

Net Income Attributable to Tyson
$
527

 
$
676

$
1,448

 
$
1,653

Weighted Average Shares Outstanding:
 
 
 
 
 
 
Class A Basic
292

 
293

293

 
293

Class B Basic
70

 
70

70

 
70

Diluted
364

 
367

366

 
366

Net Income Per Share Attributable to Tyson:
 
 
 
 
 
 
Class A Basic
$
1.48

 
$
1.90

$
4.07

 
$
4.64

Class B Basic
$
1.33

 
$
1.71

$
3.65

 
$
4.17

Diluted
$
1.44

 
$
1.84

$
3.96

 
$
4.51

See accompanying Notes to Consolidated Condensed Financial Statements.

3



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

 
Three Months Ended
 
Nine Months Ended
 
June 27, 2020
 
June 29, 2019
 
June 27, 2020
 
June 29, 2019
Net Income
$
527

 
$
681

 
$
1,455

 
$
1,663

Other Comprehensive Income (Loss), Net of Taxes:
 
 
 
 
 
 
 
Derivatives accounted for as cash flow hedges
1

 
4

 
(1
)
 
(8
)
Investments
1

 
1

 
1

 
2

Currency translation
10

 
(15
)
 
(59
)
 
18

Postretirement benefits
1

 

 
(41
)
 
(3
)
Total Other Comprehensive Income (Loss), Net of Taxes
13

 
(10
)
 
(100
)
 
9

Comprehensive Income
540

 
671

 
1,355

 
1,672

Less: Comprehensive Income Attributable to Noncontrolling Interests

 
5

 
7

 
10

Comprehensive Income Attributable to Tyson
$
540

 
$
666

 
$
1,348

 
$
1,662

See accompanying Notes to Consolidated Condensed Financial Statements.


4



TYSON FOODS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions, except share and per share data)
(Unaudited) 
 
June 27, 2020
 
September 28, 2019
Assets
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
1,365

 
$
484

Accounts receivable, net
2,064

 
2,173

Inventories
3,915

 
4,108

Other current assets
355

 
404

Total Current Assets
7,699

 
7,169

Net Property, Plant and Equipment
7,515

 
7,282

Goodwill
10,890

 
10,844

Intangible Assets, net
6,842

 
7,037

Other Assets
1,612

 
765

Total Assets
$
34,558

 
$
33,097

 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
Current Liabilities:
 
 
 
Current debt
$
750

 
$
2,102

Accounts payable
1,743

 
1,926

Other current liabilities
1,780

 
1,485

Total Current Liabilities
4,273

 
5,513

Long-Term Debt
11,279

 
9,830

Deferred Income Taxes
2,370

 
2,356

Other Liabilities
1,632

 
1,172

Commitments and Contingencies (Note 18)

 

Shareholders’ Equity:
 
 
 
Common stock ($0.10 par value):
 
 
 
Class A-authorized 900 million shares, issued 378 million shares
38

 
38

Convertible Class B-authorized 900 million shares, issued 70 million shares
7

 
7

Capital in excess of par value
4,400

 
4,378

Retained earnings
14,769

 
13,787

Accumulated other comprehensive gain (loss)
(217
)
 
(117
)
Treasury stock, at cost – 83 million shares at June 27, 2020 and 82 million shares at September 28, 2019
(4,139
)
 
(4,011
)
Total Tyson Shareholders’ Equity
14,858

 
14,082

Noncontrolling Interests
146

 
144

Total Shareholders’ Equity
15,004

 
14,226

Total Liabilities and Shareholders’ Equity
$
34,558

 
$
33,097

See accompanying Notes to Consolidated Condensed Financial Statements.

5



TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions)
(Unaudited) 
 
Three Months Ended
 
Nine Months Ended
 
June 27, 2020
 
June 29, 2019
 
June 27, 2020
 
June 29, 2019
 
Shares

Amount

 
Shares

Amount

 
Shares

Amount

 
Shares

Amount

Class A Common Stock:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning and end of period
378

$
38

 
378

$
38

 
378

$
38

 
378

$
38

 
 
 
 
 
 
 
 
 
 
 
 
Class B Common Stock:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning and end of period
70

7

 
70

7

 
70

7

 
70

7

 
 
 
 
 
 
 
 
 
 
 
 
Capital in Excess of Par Value:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
4,378

 
 
4,350

 
 
4,378

 
 
4,387

Stock-based compensation
 
22

 
 
11

 
 
22

 
 
(26
)
Balance at end of period
 
4,400

 
 
4,361

 
 
4,400

 
 
4,361

 
 
 
 
 
 
 
 
 
 
 
 
Retained Earnings:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
14,392

 
 
13,012

 
 
13,787

 
 
12,329

Net income attributable to Tyson
 
527

 
 
676

 
 
1,448

 
 
1,653

Dividends
 
(150
)
 
 
(135
)
 
 
(466
)
 
 
(429
)
Balance at end of period
 
14,769

 
 
13,553

 
 
14,769

 
 
13,553

 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
(230
)
 
 
4

 
 
(117
)
 
 
(15
)
Other comprehensive income (loss)
 
13

 
 
(10
)
 
 
(100
)
 
 
9

Balance at end of period
 
(217
)
 
 
(6
)
 
 
(217
)
 
 
(6
)
 
 
 
 
 
 
 
 
 
 
 
 
Treasury Stock:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
83

(4,136
)
 
83

(3,988
)
 
82

(4,011
)
 
82

(3,943
)
Purchase of Class A common stock

(4
)
 
1

(79
)
 
2

(200
)
 
3

(225
)
Stock-based compensation

1

 
(1
)
42

 
(1
)
72

 
(2
)
143

Balance at end of period
83

(4,139
)
 
83

(4,025
)
 
83

(4,139
)
 
83

(4,025
)
 
 
 
 
 
 
 
 
 
 
 
 
Total Shareholders’ Equity Attributable to Tyson

$
14,858




$
13,928




$
14,858

 
 
$
13,928

 
 
 
 
 
 
 
 
 
 
 
 
Equity Attributable to Noncontrolling Interests:
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
 
$
145

 
 
$
135

 
 
$
144

 
 
$
8

Net income attributable to noncontrolling interests
 

 
 
5

 
 
7

 
 
10

Business combination and other
 
1

 
 
73

 
 
(5
)
 
 
195

Total Equity Attributable to Noncontrolling Interests
 
$
146

 
 
$
213

 
 
$
146

 
 
$
213

 
 
 
 
 
 
 
 
 
 
 
 
Total Shareholders’ Equity
 
$
15,004

 
 
$
14,141

 
 
$
15,004

 
 
$
14,141

See accompanying Notes to Consolidated Condensed Financial Statements.



6



TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited) 
 
Nine Months Ended
 
June 27, 2020
 
June 29, 2019
Cash Flows From Operating Activities:
 
 
 
Net income
$
1,455

 
$
1,663

Depreciation and amortization
876

 
809

Deferred income taxes
27

 
43

Other, net
(7
)
 
41

Net changes in operating assets and liabilities
357

 
(1,021
)
Cash Provided by Operating Activities
2,708

 
1,535

Cash Flows From Investing Activities:
 
 
 
Additions to property, plant and equipment
(907
)
 
(971
)
Purchases of marketable securities
(59
)
 
(47
)
Proceeds from sale of marketable securities
41

 
46

Acquisitions, net of cash acquired

 
(2,461
)
Proceeds from sale of business
29

 

Acquisition of equity investments
(183
)
 

Other, net
(64
)
 
98

Cash Used for Investing Activities
(1,143
)
 
(3,335
)
Cash Flows From Financing Activities:
 
 
 
Proceeds from issuance of debt
1,589

 
4,619

Payments on debt
(485
)
 
(2,179
)
Borrowings on revolving credit facility
1,210

 
335

Payments on revolving credit facility
(1,280
)
 
(335
)
Proceeds from issuance of commercial paper
14,318

 
13,060

Repayments of commercial paper
(15,317
)
 
(12,970
)
Purchases of Tyson Class A common stock
(200
)
 
(225
)
Dividends
(451
)
 
(403
)
Stock options exercised
29

 
60

Other, net
(7
)
 
(30
)
Cash (Used for) Provided by Financing Activities
(594
)
 
1,932

Effect of Exchange Rate Changes on Cash
(8
)
 
4

Increase in Cash and Cash Equivalents and Restricted Cash
963

 
136

Cash and Cash Equivalents and Restricted Cash at Beginning of Year
484

 
270

Cash and Cash Equivalents and Restricted Cash at End of Period
1,447

 
406

Less: Restricted Cash at End of Period
82

 

Cash and Cash Equivalents at End of Period
$
1,365

 
$
406

See accompanying Notes to Consolidated Condensed Financial Statements.

7



TYSON FOODS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1: ACCOUNTING POLICIES
Basis of Presentation
The consolidated condensed financial statements are unaudited and have been prepared by Tyson Foods, Inc. (“Tyson,” “the Company,” “we,” “us” or “our”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the United States Securities and Exchange Commission. Although we believe the disclosures contained herein are adequate to make the information presented not misleading, these consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 28, 2019. 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 June 27, 2020, and the results of operations for the three and nine months ended June 27, 2020, and June 29, 2019. 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.
Leases
We determine if an agreement is or contains a lease at its inception by evaluating if an identified asset exists that we control for a period of time. When a lease exists, we classify it as a finance or operating lease and record a right-of-use ("ROU") asset and a corresponding lease liability at lease commencement. We have elected to not record leases with a term of 12 months or less in our Consolidated Condensed Balance Sheets, and accordingly, lease expense for these short-term leases is recognized on a straight-line basis over the lease term. Finance lease assets are presented within Net Property, Plant and Equipment and finance lease liabilities are presented within Current and Long-Term Debt in our Consolidated Condensed Balance Sheets. Finance lease disclosures are omitted as they are deemed immaterial. Operating ROU assets are presented within Other Assets, and operating lease liabilities are recorded within Other current liabilities and Other Liabilities in our Consolidated Condensed Balance Sheets. Lease assets are subject to review for impairment in a manner consistent with Property, Plant and Equipment.
ROU assets are presented in our Consolidated Condensed Balance Sheets based on the present value of the corresponding liabilities and are adjusted for any prepayments, lease incentives received or initial direct costs incurred. The measurement of our ROU assets and liabilities includes all fixed payments and any variable payments based on an index or rate. Variable lease payments which do not depend on an index, or where rates are unknown, are excluded from lease payments in the measurement of the ROU asset and lease liability, and accordingly, are recognized as lease expense in the period the obligation for those payments is incurred. The present value of lease payments is based on our incremental borrowing rate according to the lease term and information available at the lease commencement date, as our lease arrangements generally do not provide an implicit interest rate. The incremental borrowing rate is derived using a hypothetically-collateralized borrowing cost, based on our revolving credit facility, plus a country risk factor, where applicable. We consider our credit rating and the current economic environment in determining the collateralized rate.
Our lease arrangements can include fixed or variable non-lease components, such as common area maintenance, taxes and labor. We account for each lease and any non-lease components associated with that lease as a single lease component for all asset classes, except production and livestock grower asset classes embedded in service and supply agreements, and other asset classes that include significant maintenance or service components. We account for lease and non-lease components of an agreement separately based on relative stand-alone prices either observable or estimated if observable prices are not readily available. For asset classes where an election was made not to separate lease and non-lease components, all costs associated with a lease contract are disclosed as lease costs. The accounting for some of the Company's leases may require significant judgment when determining whether a contract is or contains a lease, the lease term, and the likelihood of exercising renewal or termination options. Our leases can include options to extend or terminate use of the underlying assets. These options are included in the lease term used to determine ROU assets and corresponding liabilities when we are reasonably certain we will exercise the option. Additionally, certain leases can have residual value guarantees, which are included within our operating lease liabilities when considered probable. Our lease agreements do not include significant restrictions or covenants.

8



Recognition, measurement and presentation of expenses and cash flows arising from a lease will depend on classification as a finance or operating lease. Operating lease expense is recognized on a straight-line basis over the lease term, whereas the amortization of finance lease assets is recognized on a straight-line basis over the shorter of the estimated useful life of the underlying asset or the lease term. Operating lease expense and finance lease amortization are presented in Cost of Sales or Selling, General and Administrative in our Consolidated Condensed Statements of Income depending on the nature of the leased item. Interest expense on finance lease obligations is recorded over the lease term and is presented in Interest expense, based on the effective interest method. All operating lease cash payments and interest on finance leases are presented within Net cash provided by operating activities and all finance lease principal payments are presented within Net cash used in financing activities in our Consolidated Condensed Statements of Cash Flows.
We have related party leases for two wastewater facilities with an entity owned by the Donald J. Tyson Revocable Trust (for which Mr. John Tyson, Chairman of the Company, is a trustee), Berry Street Waste Water Treatment Plant, LP (90% of which is owned by the Tyson Limited Partnership), and the sisters of Mr. Tyson. Prior to the third quarter of fiscal 2020, these leases were both classified as short-term operating leases. Based on the assessment of the renewal of these leases, as of June 27, 2020, one lease was classified as a finance lease with a debt balance of $7 million which is primarily recognized as Long-term debt in our Consolidated Condensed Balance Sheet. Total payments of approximately $1 million in each of the nine months ended June 27, 2020 and June 29, 2019 were paid to lease the facilities.
Use of Estimates
The consolidated condensed financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Risks and Uncertainties
We have considered the impact of the global novel coronavirus pandemic (“COVID-19” or “pandemic”) on our consolidated condensed financial statements. In addition to the COVID-19 impacts already experienced, there likely will be future impacts, the extent of which is uncertain and largely subject to whether the severity worsens or duration lengthens. These impacts could include but may not be limited to risks and uncertainty related to worker availability, our ability to operate production facilities, demand-driven production facility idling, shifts in demand between sales channels and market volatility in our supply chain. Consequently, this may subject us to future risk of material goodwill, intangible and long-lived asset impairments, increased reserves for uncollectible accounts, and adjustments for inventory and market volatility for items subject to fair value measurements such as derivatives and investments.
Recently Issued Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board ("FASB") issued guidance providing optional expedients and exceptions to account for the effects of reference rate reform to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The optional guidance is effective as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
In December 2019, the FASB issued guidance that simplifies the accounting for income taxes by removing certain exceptions to general principles in Topic 740 and clarifies other general principles by adding certain requirements to Topic 740. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2020, our fiscal 2022. Early adoption is permitted for periods for which financial statements have not yet been issued, beginning our fiscal 2020. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. The application of the guidance requires various transition methods depending on the specific amendment. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
In June 2016, the FASB issued guidance that provides more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2019, our fiscal 2021. Early adoption is permitted for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. The application of the guidance requires various transition methods depending on the specific amendment. We do not expect the adoption of this guidance will have a material impact on our consolidated financial statements.

9



Changes in Accounting Principles
In August 2017, the FASB issued guidance that eases certain documentation and assessment requirements of hedge effectiveness and modifies the accounting for components excluded from the assessment. Some of the modifications included the ineffectiveness of derivative gain/loss in highly effective cash flow hedges to be recorded in Other Comprehensive Income, alignment of the recognition and presentation of the effects related to the hedging instrument and hedged item in the financial statements, and additional disclosures required on the cumulative basis adjustment in fair value hedges and the effect of hedging on financial statement lines for components excluded from the assessment. The amendment also simplified the application of hedge accounting in certain situations to permit new hedging strategies to be eligible for hedge accounting. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. We adopted this guidance in the first quarter of fiscal 2020 using the modified retrospective transition approach, and it did not have a material impact on our consolidated financial statements.
In February 2016, the FASB issued guidance that created new accounting and reporting guidelines for leasing arrangements. The guidance requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses and cash flows arising from a lease will depend on classification as a finance or operating lease. The guidance also requires qualitative and quantitative disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2018, our fiscal 2020. We adopted this guidance in the first quarter of fiscal 2020 using the optional transition method that allows for a cumulative-effect adjustment in the period of adoption with no restatement of prior periods. We have elected the package of practical expedients available under the transition guidance which allows us to not reassess prior conclusions related to lease classifications, existing contracts containing leases, and initial direct costs, as well as the practical expedient that allows the continued historical treatment of land easements. We did not elect the practical expedient for the use of hindsight in evaluating the expected lease term of existing leases. The adoption resulted in the recording of operating lease assets and operating lease liabilities of $549 million and $546 million, respectively, as of September 29, 2019, with no changes to our finance leases. The difference between the additional lease assets and lease liabilities, represents existing deferred rent and prepaid lease balances that were reclassified on the balance sheet. The adoption did not have a material impact on our Consolidated Condensed Statements of Income or our Consolidated Condensed Statements of Cash Flows. For further description of our lease policy refer to the Leases section above, and for quantitative lease information refer to Part I, Item 1, Notes to Consolidated Condensed Financial Statements, Note 5: Leases.
NOTE 2: ACQUISITIONS
On June 3, 2019, we acquired the Thai and European operations of BRF S.A. ("Thai and European operations") for $326 million, net of cash acquired, subject to certain adjustments, as a part of our growth strategy to expand offerings of value-added protein in global markets. Its results, subsequent to the acquisition closing, are included in International/Other for segment presentation. The purchase price allocation included $262 million of net working capital, including $56 million of cash acquired, $89 million of Property, Plant and Equipment, $47 million of Goodwill, $23 million of Intangible Assets, $24 million of Other Liabilities, $8 million of Deferred Income Taxes and $7 million of Noncontrolling Interest. Intangible Assets included customer relationships which will be amortized over a life of 7 years. We do not expect the goodwill to be deductible for income tax purposes. During fiscal 2020, we have recorded measurement period adjustments which increased Goodwill by $46 million, including a reduction to net working capital of $45 million, a reduction to Property, Plant and Equipment of $4 million, and a decrease in Deferred Income Taxes of $3 million.
On November 30, 2018, we acquired all of the outstanding common stock of MFG (USA) Holdings, Inc. and McKey Luxembourg Holdings S.à.r.l. (“Keystone Foods”) from Marfrig Global Foods ("Marfrig") for $2.3 billion in cash, subject to certain adjustments. The acquisition was accounted for using the acquisition method of accounting, and the results of Keystone Foods' domestic and international results, subsequent to the acquisition closing, are included in our Chicken segment and International/Other, respectively. The following table summarizes the purchase price allocation for Keystone Foods and fair values of the assets acquired and liabilities assumed at the acquisition date.

10



 
in millions
 
Cash and cash equivalents
 
$
186

Accounts receivable
 
106

Inventories
 
257

Other current assets
 
34

Property, Plant and Equipment
 
676

Goodwill
 
1,120

Intangible Assets
 
659

Other Assets
 
28

Current debt
 
(73
)
Accounts payable
 
(208
)
Other current liabilities
 
(99
)
Long-Term Debt
 
(113
)
Deferred Income Taxes
 
(177
)
Other Liabilities
 
(8
)
Noncontrolling Interests
 
(122
)
Net assets acquired
 
$
2,266


The fair value of identifiable intangible assets primarily consisted of customer relationships with a weighted average life of 25 years. As a result of the acquisition, we recognized a total of $1,120 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. We allocated goodwill to our segments using the acquisition method approach. This resulted in $779 million and $341 million of goodwill allocated to our Chicken segment and International/Other, respectively. We do not expect the goodwill to be deductible for income tax purposes.
We used various valuation techniques to determine fair value, with the primary techniques being discounted cash flow, relief-from-royalty, market pricing multiple and multi-period excess earnings valuation approaches, 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, EBITDA multiples, and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data.
On January 15, 2020, we acquired a 40% minority interest in a vertically-integrated Brazilian poultry producer for $122 million. On February 7, 2020, we acquired a 50% interest in a joint venture serving the worldwide fats and oils market for $61 million. We are accounting for both of these investments under the equity method.
NOTE 3: INVENTORIES
Processed products, livestock and supplies and other are valued at the lower of cost or net realizable value. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, livestock grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories. At June 27, 2020, the cost of inventories was determined by either the first-in, first-out ("FIFO") method or the weighted-average method, which is consistent with the methods used at September 28, 2019.
The following table reflects the major components of inventory (in millions):
 
June 27, 2020
 
September 28, 2019
Processed products
$
2,069

 
$
2,362

Livestock
1,195

 
1,150

Supplies and other
651

 
596

Total inventory
$
3,915

 
$
4,108



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NOTE 4: PROPERTY, PLANT AND EQUIPMENT
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): 

June 27, 2020
 
September 28, 2019
Land
$
197

 
$
198

Buildings and leasehold improvements
4,856

 
4,747

Machinery and equipment
8,959

 
8,607

Land improvements and other
409

 
385

Buildings and equipment under construction
959

 
713

 
15,380

 
14,650

Less accumulated depreciation
7,865

 
7,368

Net property, plant and equipment
$
7,515

 
$
7,282


NOTE 5: LEASES
We lease certain equipment, buildings and land related to transportation, distribution, storage, production, livestock grower assets and office activities. These lease arrangements can be structured as a standard lease agreement or embedded in a service or supply agreement and are primarily classified as operating leases. For further description of our lease accounting policy, refer to Part I, Item 1, Notes to the Consolidated Condensed Financial Statements, Note 1: Accounting Policies. Operating lease ROU assets and liabilities presented in our Consolidated Condensed Balance Sheets were as follows (in millions):
 
June 27, 2020
Other Assets
$
540

Other current liabilities
168

Other Liabilities
373


The components of lease costs were as follows (in millions):
 
Three Months Ended
 
Nine Months Ended
 
June 27, 2020
 
June 27, 2020
Operating lease cost (a)
$
51

 
$
151

Variable lease cost (b)
106

 
333

Short-term lease cost
5

 
17

Total
$
162

 
$
501


(a) Sublease income is immaterial and not deducted from operating lease cost.
(b) Variable lease costs are determined based on volume of output received, flocks placed or other performance metrics.
Other operating lease information includes the following:
Nine months ended June 27, 2020
 
Operating cash outflows from operating leases (in millions)
$
157

ROU assets obtained in exchange for new operating lease liabilities (in millions)
$
126

Weighted-average remaining lease term
5 years

Weighted-average discount rate
3
%


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At June 27, 2020, future maturities of operating leases were as follows (in millions):
Operating Lease Commitments
 
2020 (remaining year)
$
53

2021
164

2022
118

2023
81

2024
62

2025 and beyond
97

Total undiscounted operating lease payments
$
575

Less: Imputed interest
34

Present value of total operating lease liabilities
$
541


At June 27, 2020, our leases that had not yet commenced were insignificant.
Prior Year Lease Disclosures
The following pertains to previously disclosed information set forth in the Company's 2019 Form 10-K, Part II, Item 8, Notes to the Consolidated Financial Statements, Note 20: Commitments and Contingencies.
We lease equipment, properties and certain farms for which total rentals approximated $220 million and $200 million, in fiscal 2019 and 2018, respectively. Most leases have initial terms of up to seven years, some with varying renewal periods. Minimum lease commitments under non-cancelable leases at September 28, 2019 were (in millions):
Operating Lease Commitments
 
2020
$
159

2021
113

2022
74

2023
49

2024
40

2025 and beyond
54

Total
$
489


We enter into agreements with livestock growers that can have fixed and variable payment structures, but are generally cancelable and based on flocks placed with growers. Livestock grower fixed or estimable non-cancelable commitments at September 28, 2019 were (in millions):
Livestock Grower Commitments
 
2020
$
253

2021
131

2022
86

2023
58

2024
49

2025 and beyond
122

Total
$
699


NOTE 6: RESTRUCTURING AND RELATED CHARGES
In the first quarter of fiscal 2020, the Company approved a restructuring program (the "2020 Program"), which is expected to contribute to the Company’s overall strategy of financial fitness through the elimination of overhead and consolidation of certain enterprise functions. We have recognized $39 million of cumulative pretax charges associated with the 2020 Program consisting of severance and employee related costs. As part of the 2020 Program, we estimate the elimination of approximately 500 positions across several areas and job levels, with most of the eliminated positions originating from the corporate offices in Springdale, Arkansas and Chicago, Illinois. We do not anticipate future costs of the 2020 Program to be significant.

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In the fourth quarter of fiscal 2017, our Board of Directors approved a multi-year restructuring program (the “2017 Program”), which is expected to contribute to the Company’s overall strategy of financial fitness through increased operational effectiveness and overhead reduction. The 2017 Program is expected to result in cumulative pretax charges of approximately $