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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 July 1, 2023
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to            
tysonfamilybrandssec03.jpg
001-14704
(Commission File Number)
______________________________________________
TYSON FOODS, INC.
(Exact name of registrant as specified in its charter)
______________________________________________
Delaware71-0225165
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
2200 West Don Tyson Parkway,
Springdale,Arkansas72762-6999
(Address of Principal Executive Offices)(Zip Code)
(479)290-4000
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Class A Common StockPar Value$0.10TSNNew 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, a 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 FilerAccelerated Filer
Non-Accelerated FilerSmaller 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 July 1, 2023.
ClassOutstanding Shares
Class A Common Stock, $0.10 Par Value (Class A stock)285,549,986
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 EndedNine Months Ended
 July 1, 2023July 2, 2022July 1, 2023July 2, 2022
Sales$13,140 $13,495 $39,533 $39,545 
Cost of Sales12,463 11,884 37,361 34,184 
Gross Profit677 1,611 2,172 5,361 
Selling, General and Administrative579 578 1,656 1,717 
Goodwill Impairment448  448  
Operating Income (Loss)(350)1,033 68 3,644 
Other (Income) Expense:
Interest income(6)(4)(22)(10)
Interest expense89 85 262 282 
Other, net(7)(34)(50)(111)
Total Other (Income) Expense76 47 190 161 
Income (Loss) before Income Taxes(426)986 (122)3,483 
Income Tax Expense9 233 84 771 
Net Income (Loss)(435)753 (206)2,712 
Less: Net Income (Loss) Attributable to Noncontrolling Interests(18)3 (8)12 
Net Income (Loss) Attributable to Tyson$(417)$750 $(198)$2,700 
Weighted Average Shares Outstanding:
Class A Basic284 289 285 291 
Class B Basic70 70 70 70 
Diluted354 362 355 364 
Net Income (Loss) Per Share Attributable to Tyson:
Class A Basic$(1.18)$2.14 $(0.56)$7.64 
Class B Basic$(1.08)$1.92 $(0.51)$6.87 
Diluted$(1.18)$2.07 $(0.56)$7.42 

See accompanying Notes to Consolidated Condensed Financial Statements.
1


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

Three Months EndedNine Months Ended
July 1, 2023July 2, 2022July 1, 2023July 2, 2022
Net Income (Loss)$(435)$753 $(206)$2,712 
Other Comprehensive Income (Loss), Net of Taxes:
Derivatives accounted for as cash flow hedges  1 1 
Investments (1)2 (5)
Currency translation(35)(112)64 (85)
Postretirement benefits 2 1 6 
Total Other Comprehensive Income (Loss), Net of Taxes(35)(111)68 (83)
Comprehensive Income (Loss)(470)642 (138)2,629 
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests(18)3 (8)12 
Comprehensive Income (Loss) Attributable to Tyson$(452)$639 $(130)$2,617 
See accompanying Notes to Consolidated Condensed Financial Statements.
2


TYSON FOODS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions, except share and per share data)
(Unaudited)
July 1, 2023October 1, 2022
Assets
Current Assets:
Cash and cash equivalents$699 $1,031 
Accounts receivable, net2,451 2,577 
Inventories5,391 5,514 
Other current assets342 508 
Total Current Assets8,883 9,630 
Net Property, Plant and Equipment9,612 8,685 
Goodwill10,211 10,513 
Intangible Assets, net6,155 6,252 
Other Assets1,900 1,741 
Total Assets$36,761 $36,821 
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt$457 $459 
Accounts payable2,421 2,483 
Other current liabilities2,070 2,371 
Total Current Liabilities4,948 5,313 
Long-Term Debt8,863 7,862 
Deferred Income Taxes2,441 2,458 
Other Liabilities1,599 1,377 
Commitments and Contingencies (Note 15)
Shareholders’ Equity:
Common stock ($0.10 par value):
Class A-authorized 900 million shares, issued 378 million shares38 38 
Convertible Class B-authorized 900 million shares, issued 70 million shares7 7 
Capital in excess of par value4,543 4,553 
Retained earnings19,378 20,084 
Accumulated other comprehensive gain (loss)(229)(297)
Treasury stock, at cost – 92 million shares at July 1, 2023 and 88 million shares at October 1, 2022(4,958)(4,683)
Total Tyson Shareholders’ Equity18,779 19,702 
Noncontrolling Interests131 109 
Total Shareholders’ Equity18,910 19,811 
Total Liabilities and Shareholders’ Equity$36,761 $36,821 
See accompanying Notes to Consolidated Condensed Financial Statements.
3


TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions)
(Unaudited)
Three Months EndedNine Months Ended
July 1, 2023July 2, 2022July 1, 2023July 2, 2022
SharesAmountSharesAmountSharesAmountSharesAmount
Class A Common Stock:
Balance at beginning and end of period378 $38 378 $38 378 $38 378 $38 
Class B Common Stock:
Balance at beginning and end of period70 7 70 7 70 7 70 7 
Capital in Excess of Par Value:
Balance at beginning of period4,541 4,510 4,553 4,486 
Stock-based compensation and Other2 26 (10)50 
Balance at end of period4,543 4,536 4,543 4,536 
Retained Earnings:
Balance at beginning of period19,962 19,119 20,084 17,502 
Net income (loss) attributable to Tyson(417)750 (198)2,700 
Dividends(167)(161)(508)(494)
Balance at end of period19,378 19,708 19,378 19,708 
Accumulated Other Comprehensive Income (Loss), Net of Tax:
Balance at beginning of period(194)(144)(297)(172)
Other comprehensive income (loss)(35)(111)68 (83)
Balance at end of period(229)(255)(229)(255)
Treasury Stock:
Balance at beginning of period92 (4,955)86 (4,516)88 (4,683)83 (4,138)
Purchase of Class A common stock (11)2 (170)5 (343)8 (693)
Stock-based compensation 8  7 (1)68 (3)152 
Balance at end of period92 (4,958)88 (4,679)92 (4,958)88 (4,679)
Total Shareholders’ Equity Attributable to Tyson$18,779 $19,355 $18,779 $19,355 
Equity Attributable to Noncontrolling Interests:
Balance at beginning of period$159 $142 $109 $131 
Net income (loss) attributable to noncontrolling interests(18)3 (8)12 
Distributions to noncontrolling interest(2)(1)(2)(1)
Business combinations  28  
Currency translation and other(8)(10)4 (8)
Total Equity Attributable to Noncontrolling Interests$131 $134 $131 $134 
Total Shareholders’ Equity$18,910 $19,489 $18,910 $19,489 
See accompanying Notes to Consolidated Condensed Financial Statements.
4


TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 Nine Months Ended
 July 1, 2023July 2, 2022
Cash Flows From Operating Activities:
Net income (loss)$(206)$2,712 
Depreciation and amortization943 892 
Deferred income taxes(54)149 
Impairment of goodwill448  
Other, net200 62 
Net changes in operating assets and liabilities98 (1,925)
Cash Provided by Operating Activities1,429 1,890 
Cash Flows From Investing Activities:
Additions to property, plant and equipment(1,564)(1,323)
Purchases of marketable securities(21)(29)
Proceeds from sale of marketable securities20 28 
Acquisition, net of cash acquired(262) 
Acquisition of equity investments(50)(97)
Other, net5 96 
Cash Used for Investing Activities(1,872)(1,325)
Cash Flows From Financing Activities:
Proceeds from issuance of debt1,117 79 
Payments on debt(175)(1,148)
Proceeds from issuance of commercial paper7,015  
Repayments of commercial paper(7,015) 
Purchases of Tyson Class A common stock(343)(693)
Dividends(503)(491)
Stock options exercised10 125 
Other, net(5) 
Cash Provided by (Used for) Financing Activities101 (2,128)
Effect of Exchange Rate Changes on Cash10 (18)
Decrease in Cash and Cash Equivalents and Restricted Cash(332)(1,581)
Cash and Cash Equivalents and Restricted Cash at Beginning of Year1,031 2,637 
Cash and Cash Equivalents and Restricted Cash at End of Period699 1,056 
Less: Restricted Cash at End of Period  
Cash and Cash Equivalents at End of Period$699 $1,056 
See accompanying Notes to Consolidated Condensed Financial Statements.
5


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 (the “SEC”). 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 October 1, 2022. 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 July 1, 2023 and the results of operations for the three and nine months ended July 1, 2023 and July 2, 2022. 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.
Goodwill
Goodwill is initially recorded at fair value and not amortized, but is reviewed for impairment at least annually or more frequently if impairment indicators arise. Our goodwill is evaluated for impairment by first performing a qualitative assessment to determine whether a quantitative goodwill test is necessary. If it is determined, based on qualitative factors, the fair value of the reporting unit may be more likely than not less than the carrying amount, or if significant changes to macro-economic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill impairment test would be required. The quantitative test is to identify if a potential impairment exists by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of goodwill.
During fiscal 2022, we determined that all of our material reporting units’ estimated fair value exceeded their carrying value by more than 20%, other than one of our Chicken segment reporting units and two of our International reporting units with goodwill totaling $0.6 billion and $0.2 billion, respectively, as of October 1, 2022. Conditions existed as of the end of our first quarter of fiscal 2023 that required an interim assessment of goodwill for two of our International reporting units which had goodwill totaling $0.2 billion as of December 31, 2022; we determined no impairment was necessary as the fair value of the reporting units exceeded their carrying value. Our qualitative assessment for the second quarter of fiscal 2023 did not indicate that it was more likely than not the fair value of any of our reporting units may be impaired, and as such, no quantitative goodwill test was deemed necessary at that time. During the third quarter of fiscal 2023, we experienced lower than previously anticipated operating results and changing market fundamentals, as well as a drop in our market capitalization to below our book value. Consequently, based on our qualitative assessment, we determined the fair values of our reporting units were more likely than not less than the carrying amount and proceeded to perform a quantitative assessment for all our reporting units. Based on this assessment, we determined that all of our material reporting units’ estimated fair value exceeded their carrying value other than one of our Chicken segment reporting units and two of our International reporting units with goodwill totaling $0.6 billion and $0.2 billion, respectively, at the time of our third quarter assessment. For these reporting units, we recorded a $448 million goodwill impairment charge of which $210 million and $238 million was recognized in our Chicken segment and International/Other, respectively.
Following the third quarter of fiscal 2023 quantitative assessment, the following reporting units’ estimated fair value exceeded their carrying value by less than 20%: our Chicken segment reporting units, our Beef reporting unit and our Pork reporting unit with goodwill totaling $3.1 billion, $0.7 billion and $0.4 billion, respectively, at July 1, 2023.

6


Some of the inherent estimates and assumptions used in determining fair value of the reporting units are outside the control of management, including interest rates, cost of capital, tax rates, market EBITDA comparables and credit ratings. While we believe we have made reasonable estimates and assumptions to calculate the fair value of the reporting units, it is possible a material change could occur. If our actual results are not consistent with our estimates and assumptions used to calculate fair value, it could result in additional material impairments of our goodwill.
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 consolidated condensed financial statements and accompanying notes. Actual results could differ from those estimates. During the first quarter of fiscal 2023, we revised estimates and recorded adjustments of approximately $30 million primarily to reduce certain employee compensation accruals recorded as of October 1, 2022.
Recently Issued Accounting Pronouncements
In September 2022, the Financial Accounting Standards Board (the "FASB") issued guidance that requires additional disclosures for supplier finance programs to allow users to better understand the nature, activity and potential magnitude of the programs. The guidance, except for a requirement for rollforward information, is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2022, our fiscal 2024. Disclosure of rollforward information is effective for fiscal years beginning after December 15, 2023, our fiscal 2025. Early adoption is permitted and the retrospective transition method should be applied for all amendments except rollforward information, which should be applied prospectively. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
In November 2021, the FASB issued guidance requiring additional disclosures for transactions with a government that are accounted for by analogizing to a government grant or contribution accounting model to increase transparency of government assistance. The additional disclosures will include information on the type and nature of the government assistance and the accounting and financial effect of the assistance to our financial statements. This guidance is effective for annual reporting periods beginning after December 15, 2021, our fiscal 2023 and can be applied using either the prospective or retrospective approach. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
In March 2020, the 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, which became effective on March 12, 2020 and was set to end on December 31, 2022, was extended by new guidance issued by the FASB on December 21, 2022 to apply through December 31, 2024. The temporary accounting relief provided in the optional guidance has not impacted our consolidated financial statements. The Company has various contracts that reference LIBOR and is assessing how this standard may be applied to specific contract modifications through December 31, 2024.
NOTE 2: ACQUISITIONS AND DISPOSITIONS
On May 22, 2023, we acquired Williams Sausage Company for $223 million, net of cash acquired, subject to certain adjustments, as part of our growth strategy to increase our capacity and product portfolio. Its results, subsequent to the acquisition closing, are included in Prepared Foods for segment presentation. Certain estimated values for the acquisition, including goodwill, intangible assets, property, plant and equipment, other liabilities, and deferred taxes are not yet finalized and are subject to revision as additional information becomes available and more detailed analyses are completed. The preliminary purchase price allocation includes $3 million of net working capital, including $3 million of cash acquired, $67 million of Property, Plant and Equipment, $118 million of Goodwill, $65 million of Intangible Assets, and $27 million of Deferred Income Taxes. Intangible Assets include brands and trademarks and customer relationships which will be amortized over a life of 20 and 12 years, respectively. A portion of the goodwill is deductible for U.S. income tax purposes. The acquisition of Williams Sausage Company was accounted for using the acquisition method of accounting.
In the first quarter of fiscal 2023, we completed the acquisition of a 60% equity stake in Supreme Foods Processing Company ("SFPC"), a producer and distributor of value-added and cooked chicken and beef products, and a 15% equity stake in Agricultural Development Company ("ADC"), a fully integrated poultry company, for a total purchase price of $75 million, net of cash acquired. Both SFPC and ADC were subsidiaries of Tanmiah Food Company. The results of SFPC, subsequent to the acquisition closing, are included in International/Other for segment presentation. SFPC's results from the date of acquisition through July 1, 2023 were insignificant to our Consolidated Condensed Statements of Income. We are accounting for the investment in ADC under the equity method.

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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 July 1, 2023, the cost of inventories was determined by either the first-in, first-out method or the weighted-average method, which is consistent with the methods used at October 1, 2022. Inventories are presented net of lower of cost or net realizable value adjustments of $137 million and $60 million as of July 1, 2023 and October 1, 2022, respectively.
The following table reflects the major components of inventory (in millions):
July 1, 2023October 1, 2022
Processed products$2,927 $3,188 
Livestock1,564 1,454 
Supplies and other900 872 
Total inventory$5,391 $5,514 
NOTE 4: PROPERTY, PLANT AND EQUIPMENT
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): 
July 1, 2023October 1, 2022
Land$218 $214 
Buildings and leasehold improvements6,170 5,742 
Machinery and equipment10,366 9,960 
Land improvements and other556 516 
Buildings and equipment under construction2,108 1,461 
19,418 17,893 
Less accumulated depreciation9,806 9,208 
Net Property, Plant and Equipment$9,612 $8,685 
NOTE 5: OTHER CURRENT LIABILITIES
Other current liabilities are as follows (in millions):
July 1, 2023October 1, 2022
Accrued salaries, wages and benefits$702 $995 
Taxes payable175 277 
Accrued current legal contingencies256 215 
Other937 884 
Total other current liabilities$2,070 $2,371 

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NOTE 6: RESTRUCTURING AND RELATED CHARGES
2022 Program
In the fourth quarter of fiscal 2022, the Company approved a restructuring program (the “2022 Program”), which is expected to improve business performance, increase collaboration, enhance team member agility, enable faster decision-making and reduce redundancies. In conjunction with the 2022 Program, the Company is bringing together all its corporate team members from the Chicago, Downers Grove and Dakota Dunes area corporate locations to its world headquarters in Springdale, Arkansas, through a phased relocation which commenced in early calendar year 2023. In the third quarter of fiscal 2023, the Company approved an extension to the program related to removing additional redundancies in corporate overhead. Additionally, we revised the total 2022 Program anticipated expenses down $39 million due to revised estimates related to relocation, lease terminations, professional and other fees, based on actual experience, which were partially offset by increased severance costs associated with the third quarter program extension. We anticipate the 2022 Program and associated expenses will be substantially complete in our fiscal 2025. The following table reflects the total pretax anticipated expenses associated with the 2022 Program (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$23 $7 $15 $48 $19 $112 
Relocation and related costs26 10 2 40 1 79 
Accelerated depreciation5 2  12  19 
Contract and lease terminations   14  14 
Professional and other fees2   4 2 8 
Total 2022 Program$56 $19 $17 $118 $22 $232 
Restructuring costs include severance expenses, and related charges include costs directly associated with the 2022 Program such as relocation, contract and lease terminations, professional fees and accelerated depreciation resulting from the closure of facilities. We anticipate that $54 million and $178 million of the total pretax anticipated expense will be recorded in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income. Included in the table above are $210 million of charges that have resulted or will result in cash outflows and $22 million in non-cash charges.
The following table reflects the pretax impact of the 2022 Program’s restructuring and related charges during the third quarter of fiscal 2023 by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$4 $1 $10 $4 $9 $28 
Relocation and related costs7 3  6  16 
Accelerated depreciation1   3  4 
Contract and lease terminations   1  1 
Professional and other fees1     1 
Total$13 $4 $10 $14 $9 $50 
For the third quarter of fiscal 2023, we recorded restructuring and related charges of $19 million and $31 million in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income. Included in the above results are $45 million of charges that have resulted or will result in cash outflows and $5 million in non-cash charges.
The following table reflects the pretax impact of the 2022 Program’s restructuring and related charges during the first nine months of fiscal 2023 by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$6 $2 $9 $10 $15 $42 
Relocation and related costs14 5 2 12  33 
Accelerated depreciation4 1  9  14 
Contract and lease terminations   (1) (1)
Professional and other fees2   3  5 
Total$26 $8 $11 $33 $15 $93 
For the first nine months of fiscal 2023, we recorded restructuring and related charges of $23 million and $70 million in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income. Included in the above results are $80 million of charges that have resulted or will result in cash outflows and $13 million in non-cash charges.
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The following table reflects the pretax 2022 Program charges to date by reportable segment (in millions):
BeefPorkChickenPrepared FoodsInternational/OtherTotal
Severance costs$22 $7 $15 $46 $18 $108 
Relocation and related costs14 5 2 12  33 
Accelerated depreciation4 1  9  14 
Contract and lease terminations   (1) (1)
Professional and other fees2   3  5 
Total$42 $13 $17 $69 $18 $159 
As of the third quarter of fiscal 2023, we recorded restructuring and related charges to date of $41 million and $118 million in Cost of Sales and Selling, General and Administrative, respectively, in our Consolidated Condensed Statements of Income. Included in the above results are $146 million of charges to date that have resulted or will result in cash outflows and $13 million in non-cash charges to date.
The following table reflects our liability related to the 2022 Program, which was recognized in other current liabilities in our Consolidated Condensed Balance sheet as of July 1, 2023 (in millions):
Balance at October 1, 2022Restructuring ExpensePaymentsChanges in EstimatesBalance at July 1, 2023
Severance costs$66 $56 $12 $(14)$96 
Relocation and related costs 33 27  6 
Professional and other fees 5 3  2 
Total$66 $94 $42 $(14)$104 
As the Company continues to evaluate its business strategies and long-term growth targets, additional restructuring activities may occur.
Plant Closures
In the second quarter of fiscal 2023, after a strategic review of assets within its Chicken segment, the Company approved the closure of two of the Company's Chicken facilities in Glen Allen, Virginia and Van Buren, Arkansas, to optimize network asset utilization. As a result, we recorded $15 million and $107 million in closure charges, primarily related to grower contract terminations, accelerated depreciation, severance, retention and related costs for the three and nine months ended July 1, 2023, respectively. We shifted production to other facilities and ceased operations at the impacted locations in the third quarter of fiscal 2023. The charges are reflected in the Consolidated Condensed Statements of Income in Cost of Sales. Our plant closure liability was $72 million at July 1, 2023 and we had no plant closure liability at October 1, 2022.
In August 2023, as part of the ongoing strategic review, the Company approved the closure of four Chicken segment processing facilities, located in Corydon, Indiana; Dexter, Missouri; Noel, Missouri; and North Little Rock, Arkansas, to further optimize network asset utilization. We expect to shift production to other facilities and cease operations at the impacted locations in our first two quarters of fiscal 2024. We continue to evaluate the financial statement impact of the closures for charges related to contract terminations, impairments, accelerated depreciation, severance and retention. Based on our preliminary analysis, we currently estimate total charges of $300 million to $400 million which we expect to be recorded beginning in the fourth quarter of fiscal 2023 through the planned closure dates. We continue to strategically evaluate optimization of such items as network capacity, manufacturing efficiencies and business technology. If we have a significant change in strategies, outlook, or a manner in which we plan to use these assets, we may be exposed to future impairments.

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NOTE 7: DEBT
The major components of debt are as follows (in millions):
July 1, 2023October 1, 2022
Revolving credit facility$ $ 
Commercial paper  
Senior notes:
3.90% Senior notes due September 2023400 400 
3.95% Notes due August 20241,250 1,250 
4.00% Notes due March 2026 (“2026 Notes”)800 800 
3.55% Notes due June 20271,350 1,350 
7.00% Notes due January 202818 18 
4.35% Notes due March 2029 (“2029 Notes”)1,000 1,000 
6.13% Notes due November 2032158 160 
4.88% Notes due August 2034500 500 
5.15% Notes due August 2044500 500 
4.55% Notes due June 2047750 750 
5.10% Notes due September 2048 (“2048 Notes”)1,500 1,500 
Discount on senior notes(37)(39)
Term loans:
Term loan facility due May 2026 (6.32% at July 1, 2023)1,000  
Term loan facility due May 2028  
Other173 175 
Unamortized debt issuance costs(42)(43)
Total debt9,320 8,321 
Less current debt457 459 
Total long-term debt$8,863 $7,862 
Revolving Credit Facility and Letters of Credit
We have a $2.25 billion revolving credit facility that supports short-term funding needs and serves as a backstop to our commercial paper program. The facility will mature and the commitments thereunder will terminate in September 2026 with options for two one-year extensions. At July 1, 2023, amounts available for borrowing under this facility totaled $2.25 billion and we had no outstanding borrowings and no outstanding letters of credit issued under this facility. At July 1, 2023 we had $97 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 other legal obligations. In the future, if any of our subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall be required to guarantee the indebtedness, obligations and liabilities under this facility. In November 2022, we entered into an amendment to change the reference rate from the London interbank offered rate (commonly referred to as LIBOR) to a rate based on the secured overnight financing rate (commonly referred to as SOFR).
Commercial Paper Program
We have a commercial paper program under which we may issue unsecured short-term promissory notes up to an aggregate maximum principal amount of $1.5 billion. As of July 1, 2023, we had no commercial paper outstanding. Our ability to access commercial paper in the future may be limited or its costs increased.
Term Loan Facilities
In the third quarter of fiscal 2023, we executed two new term loan facilities totaling $1.75 billion to refinance our short-term promissory notes ("commercial paper program") and for general corporate purposes. The first term loan facility totaling $1.0 billion matures on May 3, 2026 and we borrowed the full $1.0 billion available under this loan facility and used it to repay $610 million of outstanding commercial paper obligations. The second term loan facility totaling $750 million matures on May 3, 2028 and at July 1, 2023, we had no outstanding borrowings under this facility. Both term loans may be prepaid under certain conditions. The interest rate on both term loan facilities will be equal to SOFR plus a predetermined borrowing spread determined by our credit rating. Additionally, the term loan facilities contain covenants that are similar to those contained in the revolving credit facility.

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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 a minimum interest expense coverage ratio.
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 July 1, 2023.
NOTE 8: EQUITY
Share Repurchases
As of July 1, 2023, 7.3 million shares remained available for repurchase under the Company's share repurchase program. The 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 share repurchases of our Class A stock is as follows (in millions):
Three Months EndedNine Months Ended
July 1, 2023July 2, 2022July 1, 2023July 2, 2022
SharesDollarsSharesDollarsSharesDollarsSharesDollars
Shares repurchased:
Under share repurchase program $ 1.8 $155 4.7 $300 6.9 $587 
To fund certain obligations under equity compensation plans0.2 11 0.1 15 0.7 43 1.2 106 
Total share repurchases0.2 $11 1.9 $170 5.4 $343 8.1 $693 
NOTE 9: INCOME TAXES
Our effective tax rate was (1.8)% on pretax loss for the third quarter of fiscal 2023, 23.6% on pretax income for the third quarter of fiscal 2022, (67.9)% on pretax loss for the first nine months of fiscal 2023 and 22.1% on pretax income for the first nine months of fiscal 2022. The percentage impacts of items on the effective tax rate were greater in fiscal 2023 due to the level of pretax income (loss) in fiscal 2023 compared to fiscal 2022. The effective tax rates for the third quarter and first nine months of fiscal 2023 include the impacts of a $448 million non-deductible goodwill impairment. In all periods presented, the effective tax rates include the impacts of state tax expense and various tax benefits; however, tax benefits increase the effective tax rate in a period of pretax loss and decrease the effective tax rate in a period of pretax income. Additionally, the effective tax rate for the first nine months of fiscal 2022 includes a $36 million benefit from the remeasurement of deferred income taxes, primarily due to legislation decreasing state tax rates enacted in the first quarter of fiscal 2022.
Unrecognized tax benefits were $156 million and $152 million at July 1, 2023 and October 1, 2022, respectively.
In December 2021, we received an assessment from the Mexican tax authorities related to the 2015 sale of our direct and indirect equity interests in subsidiaries which held our Mexico operations. The assessment totals approximately $496 million (8.5 billion Mexican pesos), which includes tax, inflation adjustment, interest and penalties. We believe the assertions made in the assessment letter have no merit and will defend our positions through the Mexican administrative appeal process and litigation, if necessary. Based on our analysis of this assessment in accordance with FASB guidance related to unrecognized tax benefits, we have not recorded a liability related to the issue.
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NOTE 10: EARNINGS (LOSS) PER SHARE
The following table sets forth the computation of basic and diluted earnings (loss) per share (in millions, except per share data): 
Three Months EndedNine Months Ended
July 1, 2023July 2, 2022July 1, 2023July 2, 2022
Numerator:
Net income (loss)$(435)$753 $(206)$2,712 
Less: Net income (loss) attributable to noncontrolling interests(18)3 (8)12 
Net income (loss) attributable to Tyson(417)750 (198)2,700 
Less dividends declared:
Class A 137 132 416 406 
Class B 30 29 92 88 
Undistributed earnings (losses)$(584)$589 $(706)$2,206 
Class A undistributed earnings (losses)$(478)$484 $(578)$1,813 
Class B undistributed earnings (losses)(106)105 (128)393 
Total undistributed earnings (losses)$(584)$589 $(706)$2,206 
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares284 289 285 291 
Class B weighted average shares, and shares under the if-converted method for diluted earnings per share70 70 70 70 
Effect of dilutive securities:
Stock options, restricted stock and performance units 3  3 
Denominator for diluted earnings (loss) per share – adjusted weighted average shares and assumed conversions354 362 355 364 
Net income (loss) per share attributable to Tyson:
Class A basic$(1.18)$2.14 $(0.56)$7.64 
Class B basic$(1.08)$1.92 $(0.51)$6.87 
Diluted$(1.18)$2.07 $(0.56)$7.42 
Dividends Declared Per Share:
Class A$0.480 $0.460 $1.460 $1.395 
Class B$0.432 $0.414 $1.314 $1.256 
Approximately 9 million of our stock-based compensation shares were antidilutive for the three and nine months ended July 1, 2023. Approximately 2 million of our stock-based compensation shares were antidilutive for the three and nine months ended July 2, 2022. 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 (losses) based upon a 1.0 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.


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NOTE 11: 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 to reduce our exposure to commodity price risk, foreign currency risk and interest rate risk. Our risk management programs are periodically reviewed by our Board of Directors’ Audit Committee. These programs and risks are monitored by senior management and may be revised as market conditions dictate. Our current risk management programs utilize various industry-standard models that take into account the implicit cost of hedging. Credit risks associated with our derivative contracts are not significant as we minimize counterparty exposure by dealing with credit-worthy counterparties and utilizing exchange traded instruments, margin accounts or letters of credit. 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 July 1, 2023.
We had the following net aggregated outstanding notional amounts related to our derivative financial instruments:
in millions, except soybean meal tonsMetricJuly 1, 2023October 1, 2022
Commodity:
CornBushels75 44 
Soybean MealTons645,030 532,700 
Live CattlePounds397 280 
Lean HogsPounds206 339 
Foreign CurrencyUnited States dollar$183 $249 
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. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument based upon the exposure being hedged (e.g., cash flow hedge or fair value hedge). We designate certain forward contracts as follows:
Cash Flow Hedges – include certain commodity forward and option contracts of forecasted purchases (e.g., grains), interest rate swaps and locks and certain foreign exchange forward contracts
Fair Value Hedges – include certain commodity forward contracts of firm commitments (e.g., livestock)
Cash Flow Hedges
Derivative instruments are designated as hedges against changes in the amount of future cash flows related to procurement of certain commodities utilized in our production processes as well as interest rates to our variable rate debt. 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 other comprehensive income (“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 nine months ended July 1, 2023, and July 2, 2022. As of July 1, 2023, we had $13 million of realized losses related to treasury rate locks in connection with the issuance of the 2026, 2029 and 2048 Notes, which will be reclassified to earnings over the lives of these notes. During the nine months ended July 1, 2023 and July 2, 2022, we did not reclassify significant pretax gains or losses into earnings as a result of the discontinuance of cash flow hedges. For the nine months ended July 1, 2023 and July 2, 2022, we had no gains or losses recognized in OCI on derivatives designated as cash flow hedges.
Fair Value Hedges
We designate certain derivative contracts as fair value hedges of firm commitments to purchase livestock for harvest. 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. 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 (e.g., livestock purchase firm commitments) in the same line item, Cost of Sales, as the offsetting gain or loss on the related livestock forward position. Ineffectiveness related to fair value hedges was not significant for the three and nine months ended July 1, 2023, and July 2, 2022. The following table sets forth the carrying amount of fair value hedge (assets) liabilities as of July 1, 2023 and October 1, 2022 (in millions):
Consolidated Condensed Balance Sheets ClassificationJuly 1, 2023October 1, 2022
Inventory$23 $(12)
Undesignated Positions
In addition to our designated positions, we also hold derivative 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.
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Reclassification to Earnings
The following table sets forth the total amounts of each income and expense line item presented in the Consolidated Condensed Statements of Income in which the effects of hedges are recorded (in millions):
Consolidated Condensed Statements of Income ClassificationThree Months EndedNine Months Ended
July 1, 2023July 2, 2022July 1, 2023July 2, 2022
Cost of Sales$12,463 $11,884 $37,361 $34,184 
Interest Expense89 85 262 282 
Other, net(7)(34)(50)(111)
The following table sets forth the pretax impact of the cash flow, fair value and undesignated derivative instruments in the Consolidated Condensed Statements of Income (in millions):
Consolidated Condensed Statements of Income ClassificationThree Months EndedNine Months Ended
July 1, 2023July 2, 2022July 1, 2023July 2, 2022
Cost of SalesGain (Loss) on cash flow hedges reclassified from OCI to Earnings: