Quarterly Financial Data (Unaudited)

12 Months Ended

Oct. 03, 2020

QUARTERLY FINANCIAL DATA (UNAUDITED)

Revision of Previously Issued Unaudited Consolidated Condensed Financial Statements

As described in Note 1: Business and Summary of Significant Accounting Policies, the Company determined it necessary to revise the accompanying consolidated annual and interim quarterly financial information to correct the misstatement in the periods impacted.

The following tables represent revisions to our unaudited consolidated condensed financial information for quarter-to-date interim periods in fiscal 2020 and 2019:


First Quarter	in millions, except per share data
	Quarter ended December 28, 2019						Quarter ended December 29, 2018
	As originally reported		Adjustments		As revised		As originally reported		Adjustments		As revised
Consolidated Statements of Income:
Sales	$	10,815	$	—	$	10,815	$	10,193	$	—	$	10,193
Gross profit	1,440		—		1,440		1,355		—		1,355
Selling, General and Administrative	614		68		682		548		28		576
Operating income	826		(68)		758		807		(28)		779
Income before Income Taxes	725		(68)		657		713		(28)		685
Income Tax Expense (Benefit)	164		(16)		148		161		(7)		154
Net income	561		(52)		509		552		(21)		531
Net income attributable to Tyson	557		(52)		505		551		(21)		530

Net income per share attributable to Tyson:
Class A Basic	$	1.56	$	(0.14)	$	1.42	$	1.54	$	(0.05)	$	1.49
Class B Basic	$	1.40	$	(0.13)	$	1.27	$	1.39	$	(0.05)	$	1.34
Diluted	$	1.52	$	(0.14)	$	1.38	$	1.50	$	(0.06)	$	1.44

Consolidated Statements of Comprehensive Income:
Net income	$	561	$	(52)	$	509	$	552	$	(21)	$	531
Comprehensive Income	599		(52)		547		549		(21)		528
Comprehensive Income Attributable to Tyson	595		(52)		543		548		(21)		527

	As of December 28, 2019						As of December 29, 2018
	As originally reported		Adjustments		As revised		As originally reported		Adjustments		As revised
Consolidated Balance Sheets:
Inventories	$	4,304	$	(247)	$	4,057	$	3,777	$	(150)	$	3,627
Total Current Assets	7,193		(247)		6,946		6,301		(150)		6,151
Total Assets	33,811		(247)		33,564		32,335		(150)		32,185
Deferred Income Taxes	2,369		(63)		2,306		2,330		(39)		2,291
Retained Earnings	14,178		(184)		13,994		12,719		(111)		12,608
Total Tyson Shareholders' Equity	14,419		(184)		14,235		13,127		(111)		13,016
Total Shareholders' Equity	14,566		(184)		14,382		13,259		(111)		13,148
Total Liabilities and Shareholders' Equity	33,811		(247)		33,564		32,335		(150)		32,185

First quarter fiscal 2020 net income also included $52 million pretax restructuring and related charges and $16 million pretax Beef production facility fire costs, net of insurance proceeds.

First quarter fiscal 2019 net income included $26 million pretax Keystone Foods purchase accounting and acquisition related costs, which included an $11 million purchase accounting adjustment for the amortization of the fair value step-up of inventory and $15 million of acquisition related costs, and $8 million pretax restructuring and related charges.


Second Quarter	in millions, except per share data
	Quarter ended March 28, 2020						Quarter ended March 30, 2019
	As originally reported		Adjustments		As revised		As originally reported		Adjustments		As revised
Consolidated Statements of Income:
Sales	$	10,888	$	—	$	10,888	$	10,443	$	—	$	10,443
Gross profit	1,021		—		1,021		1,192		—		1,192
Selling, General and Administrative	520		(14)		506		557		43		600
Operating income	501		14		515		635		(43)		592
Income before Income Taxes	491		14		505		528		(43)		485
Income Tax Expense (Benefit)	124		2		126		98		(11)		87
Net income	367		12		379		430		(32)		398
Net income attributable to Tyson	364		12		376		426		(32)		394

Net income per share attributable to Tyson:
Class A Basic	$	1.03	$	0.03	$	1.06	$	1.20	$	(0.09)	$	1.11
Class B Basic	$	0.92	$	0.03	$	0.95	$	1.07	$	(0.08)	$	0.99
Diluted	$	1.00	$	0.03	$	1.03	$	1.17	$	(0.09)	$	1.08

Consolidated Statements of Comprehensive Income:
Net income	$	367	$	12	$	379	$	430	$	(32)	$	398
Comprehensive Income	216		12		228		452		(32)		420
Comprehensive Income Attributable to Tyson	213		12		225		448		(32)		416

	As of March 28, 2020						As of March 30, 2019
	As originally reported		Adjustments		As revised		As originally reported		Adjustments		As revised
Consolidated Balance Sheets:
Inventories	$	4,025	$	(233)	$	3,792	$	3,899	$	(193)	$	3,706
Total Current Assets	7,099		(233)		6,866		6,376		(193)		6,183
Total Assets	33,890		(233)		33,657		32,498		(193)		32,305
Deferred Income Taxes	2,384		(61)		2,323		2,278		(50)		2,228
Retained Earnings	14,392		(172)		14,220		13,012		(143)		12,869
Total Tyson Shareholders' Equity	14,449		(172)		14,277		13,423		(143)		13,280
Total Shareholders' Equity	14,594		(172)		14,422		13,558		(143)		13,415
Total Liabilities and Shareholders' Equity	33,890		(233)		33,657		32,498		(193)		32,305

Second quarter fiscal 2020 net income included $110 million pretax gain from pension plan terminations.

Second quarter fiscal 2019 net income included $11 million pretax Keystone Foods acquisition related costs and $8 million pretax restructuring and related charges.


Third Quarter	in millions, except per share data
	Quarter ended June 27, 2020						Quarter Ended June 29, 2019
	As originally reported		Adjustments		As revised		As originally reported		Adjustments		As revised
Consolidated Statements of Income:
Sales	$	10,022	$	—	$	10,022	$	10,885	$	—	$	10,885
Gross profit	1,313		—		1,313		1,336		—		1,336
Selling, General and Administrative	538		2		540		555		(10)		545
Operating income	775		(2)		773		781		10		791
Income before Income Taxes	667		(2)		665		724		10		734
Income Tax Expense (Benefit)	140		(1)		139		43		2		45
Net income	527		(1)		526		681		8		689
Net income attributable to Tyson	527		(1)		526		676		8		684

Net income per share attributable to Tyson:
Class A Basic	$	1.48	$	—	$	1.48	$	1.90	$	0.02	$	1.92
Class B Basic	$	1.33	$	—	$	1.33	$	1.71	$	0.02	$	1.73
Diluted	$	1.44	$	—	$	1.44	$	1.84	$	0.03	$	1.87

Consolidated Statements of Comprehensive Income:
Net income	$	527	$	(1)	$	526	$	681	$	8	$	689
Comprehensive Income	540		(1)		539		671		8		679
Comprehensive Income Attributable to Tyson	540		(1)		539		666		8		674

	As of June 27, 2020						As of June 29, 2019
	As originally reported		Adjustments		As revised		As originally reported		Adjustments		As revised
Consolidated Balance Sheets:
Inventories	$	3,915	$	(235)	$	3,680	$	4,149	$	(183)	$	3,966
Total Current Assets	7,699		(235)		7,464		7,433		(183)		7,250
Total Assets	34,558		(235)		34,323		33,665		(183)		33,482
Deferred Income Taxes	2,370		(62)		2,308		2,338		(48)		2,290
Retained Earnings	14,769		(173)		14,596		13,553		(135)		13,418
Total Tyson Shareholders' Equity	14,858		(173)		14,685		13,928		(135)		13,793
Total Shareholders' Equity	15,004		(173)		14,831		14,141		(135)		14,006
Total Liabilities and Shareholders' Equity	34,558		(235)		34,323		33,665		(183)		33,482

Third quarter fiscal 2020 net income included $15 million pretax Beef production facility fire insurance proceeds, net of costs and $6 million pretax gain from pension plan terminations.

Third quarter fiscal 2019 net income included $105 million post tax recognition of previously unrecognized tax benefit, $55 million pretax gain on sale of an investment and $15 million pretax restructuring and related charges.


Fourth Quarter	in millions, except per share data
	Quarter ended October 3, 2020						Quarter ended September 29, 2019
	As originally reported		Adjustments		As revised		As originally reported		Adjustments		As revised
Consolidated Statements of Income:
Sales	$	11,460	$	—	$	11,460	$	10,884	$	—	$	10,884
Gross profit	1,610		—		1,610		1,139		—		1,139
Selling, General and Administrative	598		50		648		535		(4)		531
Operating income	1,012		(50)		962		604		4		608
Income before Income Taxes	887		(50)		837		466		4		470
Income Tax Expense (Benefit)	192		(12)		180		94		1		95
Net income	695		(38)		657		372		3		375
Net income attributable to Tyson	692		(38)		654		369		3		372

Net income per share attributable to Tyson:
Class A Basic	$	1.95	$	(0.12)	$	1.83	$	1.03	$	0.01	$	1.04
Class B Basic	$	1.76	$	(0.10)	$	1.66	$	0.93	$	—	$	0.93
Diluted	$	1.90	$	(0.11)	$	1.79	$	1.01	$	—	$	1.01

Consolidated Statements of Comprehensive Income:
Net income	$	695	$	(38)	$	657	$	372	$	3	$	375
Comprehensive Income	733		(38)		695		261		3		264
Comprehensive Income Attributable to Tyson	730		(38)		692		258		3		261

	As of October 3, 2020						As of September 29, 2019
	As originally reported		Adjustments		As revised		As originally reported		Adjustments		As revised
Consolidated Balance Sheets:
Inventories	$	4,144	$	(285)	$	3,859	$	4,108	$	(179)	$	3,929
Total Current Assets	7,883		(285)		7,598		7,169		(179)		6,990
Total Assets	34,741		(285)		34,456		33,097		(179)		32,918
Deferred Income Taxes	2,391		(74)		2,317		2,356		(47)		2,309
Retained Earnings	15,311		(211)		15,100		13,787		(132)		13,655
Total Tyson Shareholders' Equity	15,465		(211)		15,254		14,082		(132)		13,950
Total Shareholders' Equity	15,597		(211)		15,386		14,226		(132)		14,094
Total Liabilities and Shareholders' Equity	34,741		(285)		34,456		33,097		(179)		32,918

Fourth quarter fiscal 2020 net income included $23 million pretax restructuring and related charges and $65 million pretax income related to our accounting cycle resulting in a 53-week year in fiscal 2020.

Fourth quarter fiscal 2019 net income included $31 million pretax Beef production facility fire costs, a $41 million pretax impairment charge related to the divestiture of a business, $15 million pretax pension plan termination charge and $10 million pretax restructuring and related charges.

The revisions set forth above did not impact total cash flows provided by operating activities and for each period presented above, the impacts of the misstatements on individual line items within cash flows provided by operating activities were not material, including net income, change in inventories for the impact of the misstatement, and deferred income taxes for the tax impact of the misstatement.