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Quarterly Financial Data (Unaudited)
12 Months Ended
Sep. 28, 2019
Quarterly Financial Data [Abstract]  
Quarterly Financial Data (Unaudited) QUARTERLY FINANCIAL DATA (UNAUDITED)
 
 
 
in millions, except per share data
 
 
First
Quarter

 
Second
Quarter

 
Third
Quarter

 
Fourth
Quarter

2019
 
 
 
 
 
 
 
Sales
$
10,193

 
$
10,443

 
$
10,885

 
$
10,884

Gross profit
1,355

 
1,192

 
1,336

 
1,139

Operating income
807

 
635

 
781

 
604

Net income
552

 
430

 
681

 
372

Net income attributable to Tyson
551

 
426

 
676

 
369

 
 
 
 
 
 
 
 
Net income per share attributable to Tyson:
 
 
 
 
 
 
 
Class A Basic
$
1.54

 
$
1.20

 
$
1.90

 
$
1.03

Class B Basic
$
1.39

 
$
1.07

 
$
1.71

 
$
0.93

Diluted
$
1.50

 
$
1.17

 
$
1.84

 
$
1.01

2018
 
 
 
 
 
 
 
Sales
$
10,229

 
$
9,773

 
$
10,051

 
$
9,999

Gross profit
1,443

 
1,015

 
1,299

 
1,339

Operating income
922

 
494

 
797

 
819

Net income
1,632

 
316

 
542

 
537

Net income attributable to Tyson
1,631

 
315

 
541

 
537

 
 
 
 
 
 
 
 
Net income per share attributable to Tyson:
 
 
 
 
 
 
 
Class A Basic
$
4.54

 
$
0.88

 
$
1.52

 
$
1.50

Class B Basic
$
4.09

 
$
0.78

 
$
1.37

 
$
1.35

Diluted
$
4.40

 
$
0.85

 
$
1.47

 
$
1.47


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 fiscal 2019 net income included $11 million pretax Keystone Foods acquisition related costs and $8 million pretax restructuring and related charges.
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 fiscal 2019 net income included $31 million pretax Beef production plant 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.
First quarter fiscal 2018 net income included a $994 million post tax recognition of tax benefit from remeasurement of net deferred tax liabilities at lower enacted tax rates, $4 million pretax impairment charge net of a realized gain related to the divestiture of non-protein businesses and $19 million pretax restructuring and related charges.
Second quarter fiscal 2018 net income included a $9 million post tax recognition of tax benefit from remeasurement of net deferred tax liabilities at lower enacted tax rates, $75 million pretax impairment charge related to the divestiture of non-protein businesses, $109 million one-time cash bonus to frontline employees and $12 million pretax restructuring and related charges.
Third quarter fiscal 2018 net income included $14 million pretax restructuring and related charges.
Fourth quarter fiscal 2018 net income included a $11 million pretax realized gain related to the divestiture of a non-protein business and $14 million pretax restructuring and related charges.