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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 April 3, 2021
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to            
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, 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 April 3, 2021.
ClassOutstanding Shares
Class A Common Stock, $0.10 Par Value (Class A stock)294,772,878
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 EndedSix Months Ended
 April 3, 2021March 28, 2020April 3, 2021March 28, 2020
Sales$11,300 $10,888 $21,760 $21,703 
Cost of Sales10,047 9,867 19,330 19,242 
Gross Profit1,253 1,021 2,430 2,461 
Selling, General and Administrative533 506 1,005 1,188 
Operating Income720 515 1,425 1,273 
Other (Income) Expense:
Interest income(2)(3)(4)(6)
Interest expense110 119 220 239 
Other, net(12)(106)(31)(122)
Total Other (Income) Expense96 10 185 111 
Income before Income Taxes624 505 1,240 1,162 
Income Tax Expense147 126 291 274 
Net Income477 379 949 888 
Less: Net Income Attributable to Noncontrolling Interests1 3 6 7 
Net Income Attributable to Tyson$476 $376 $943 $881 
Weighted Average Shares Outstanding:
Class A Basic293 293 293 293 
Class B Basic70 70 70 70 
Diluted365 365 365 366 
Net Income Per Share Attributable to Tyson:
Class A Basic$1.34 $1.06 $2.65 $2.48 
Class B Basic$1.20 $0.95 $2.38 $2.22 
Diluted$1.30 $1.03 $2.58 $2.41 
See accompanying Notes to Consolidated Condensed Financial Statements.
1


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

Three Months EndedSix Months Ended
April 3, 2021March 28, 2020April 3, 2021March 28, 2020
Net Income$477 $379 $949 $888 
Other Comprehensive Income (Loss), Net of Taxes:
Derivatives accounted for as cash flow hedges
1 (5)2 (2)
Investments
(1) (1) 
Currency translation
(49)(104)26 (69)
Postretirement benefits
1 (42)2 (42)
Total Other Comprehensive Income (Loss), Net of Taxes(48)(151)29 (113)
Comprehensive Income429 228 978 775 
Less: Comprehensive Income Attributable to Noncontrolling Interests1 3 6 7 
Comprehensive Income Attributable to Tyson$428 $225 $972 $768 
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) 
April 3, 2021October 3, 2020
Assets
Current Assets:
Cash and cash equivalents$877 $1,420 
Accounts receivable, net2,113 1,952 
Inventories4,128 3,859 
Other current assets896 367 
Total Current Assets8,014 7,598 
Net Property, Plant and Equipment7,661 7,596 
Goodwill10,555 10,899 
Intangible Assets, net6,649 6,774 
Other Assets1,595 1,589 
Total Assets$34,474 $34,456 
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt$580 $548 
Accounts payable1,900 1,876 
Other current liabilities2,132 1,810 
Total Current Liabilities4,612 4,234 
Long-Term Debt9,784 10,791 
Deferred Income Taxes2,340 2,317 
Other Liabilities1,668 1,728 
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 value4,443 4,433 
Retained earnings15,716 15,100 
Accumulated other comprehensive gain (loss)(150)(179)
Treasury stock, at cost – 83 million shares at April 3, 2021 and October 3, 2020(4,123)(4,145)
Total Tyson Shareholders’ Equity15,931 15,254 
Noncontrolling Interests139 132 
Total Shareholders’ Equity16,070 15,386 
Total Liabilities and Shareholders’ Equity$34,474 $34,456 
See accompanying Notes to Consolidated Condensed Financial Statements.
3


TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions)
(Unaudited) 
Three Months EndedSix Months Ended
April 3, 2021March 28, 2020April 3, 2021March 28, 2020
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 period
4,411 4,354 4,433 4,378 
Stock-based compensation
32 24 10  
Balance at end of period4,443 4,378 4,443 4,378 
Retained Earnings:
Balance at beginning of period
15,399 13,994 15,100 13,655 
Net income attributable to Tyson
476 376 943 881 
Dividends
(159)(150)(327)(316)
Balance at end of period15,716 14,220 15,716 14,220 
Accumulated Other Comprehensive Income (Loss), Net of Tax:
Balance at beginning of period
(102)(79)(179)(117)
Other comprehensive income (loss)(48)(151)29 (113)
Balance at end of period(150)(230)(150)(230)
Treasury Stock:
Balance at beginning of period
83 (4,115)83 (4,079)83 (4,145)82 (4,011)
Purchase of Class A common stock (17) (64) (34)2 (196)
Stock-based compensation
 9  7  56 (1)71 
Balance at end of period83 (4,123)83 (4,136)83 (4,123)83 (4,136)
Total Shareholders’ Equity Attributable to Tyson
$15,931 $14,277 $15,931 $14,277 
Equity Attributable to Noncontrolling Interests:
Balance at beginning of period$143 $147 $132 $144 
Net income attributable to noncontrolling interests
1 3 6 7 
Other(5)(5)1 (6)
Total Equity Attributable to Noncontrolling Interests
$139 $145 $139 $145 
Total Shareholders’ Equity$16,070 $14,422 $16,070 $14,422 
See accompanying Notes to Consolidated Condensed Financial Statements.

4


TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited) 
 Six Months Ended
 April 3, 2021March 28, 2020
Cash Flows From Operating Activities:
Net income$949 $888 
Depreciation and amortization604 581 
Deferred income taxes27 32 
Other, net46 (35)
Net changes in operating assets and liabilities(277)(206)
Cash Provided by Operating Activities1,349 1,260 
Cash Flows From Investing Activities:
Additions to property, plant and equipment(557)(624)
Purchases of marketable securities(41)(48)
Proceeds from sale of marketable securities41 31 
Proceeds from sale of business 29 
Acquisition of equity investments (184)
Other, net49 (81)
Cash Used for Investing Activities(508)(877)
Cash Flows From Financing Activities:
Proceeds from issuance of debt557 68 
Payments on debt(1,570)(62)
Borrowings on revolving credit facility 1,210 
Payments on revolving credit facility (1,080)
Proceeds from issuance of commercial paper 12,886 
Repayments of commercial paper (12,885)
Purchases of Tyson Class A common stock(34)(196)
Dividends(318)(301)
Stock options exercised22 28 
Other, net(2)(7)
Cash Used for Financing Activities(1,345)(339)
Effect of Exchange Rate Changes on Cash10 (9)
(Decrease)/Increase in Cash and Cash Equivalents and Restricted Cash(494)35 
Cash and Cash Equivalents and Restricted Cash at Beginning of Year1,466 484 
Cash and Cash Equivalents and Restricted Cash at End of Period972 519 
Less: Restricted Cash at End of Period95 82 
Cash and Cash Equivalents at End of Period$877 $437 
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 3, 2020, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on February 11, 2021 (the “10-K/A”). 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 April 3, 2021, and the results of operations for the three and six months ended April 3, 2021, and March 28, 2020. 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.
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.
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. 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.
Revision of Previously Issued Unaudited Consolidated Condensed Financial Statements
As previously disclosed in the 10-K/A, during the first quarter of fiscal 2021, the Company discovered information that led to an internal investigation relating to one of its cattle suppliers and determined that this supplier made misrepresentations regarding the number of cattle the supplier purchased on behalf of the Company’s Beef segment. Based upon its investigation, the Company determined that the misappropriation of Company funds by the supplier caused the Company to overstate live cattle inventory for fiscal years and interim periods from 2017 through 2020. The resulting loss to the Company and related inventory misstatement was isolated to the Beef segment and was attributable solely to this cattle supplier. Although the Company evaluated the materiality of the misstatements and concluded that the misstatements did not have a material impact on the previously issued annual or interim financial statements, the Company revised its previously issued 2020, 2019 and 2018 annual financial statements to correct for such misstatements as set forth in the 10-K/A. In connection with the filing of this Quarterly Report on Form 10-Q, the Company has revised the accompanying consolidated condensed interim financial statements as of and for the three and six months ended March 28, 2020 to correct for the impact of the misstatements. The applicable notes to the accompanying financials have also been corrected to reflect the impact of the revisions of the previously filed consolidated condensed interim financial statements.
6


The following tables represent revisions to our consolidated condensed financial information for the periods ended March 28, 2020:
Second Quarterin millions, except per share data
Three months ended March 28, 2020Six months ended March 28, 2020
As originally reportedAdjustmentsAs revisedAs originally reportedAdjustmentsAs revised
Consolidated Statements of Income:
Selling, General and Administrative$520 $(14)$506 $1,134 $54 $1,188 
Operating Income501 14 $515 1,327 (54)1,273 
Income before Income Taxes491 14 $505 1,216 (54)1,162 
Income Tax Expense (Benefit)124 2 $126 288 (14)274 
Net Income367 12 $379 928 (40)888 
Net Income Attributable to Tyson364 12 $376 921 (40)881 
Net Income Per Share Attributable to Tyson
Class A Basic$1.03 $0.03 $1.06 $2.59 $(0.11)$2.48 
Class B Basic$0.92 $0.03 $0.95 $2.32 $(0.10)$2.22 
Diluted$1.00 $0.03 $1.03 $2.52 $(0.11)$2.41 
Consolidated Statements of Comprehensive Income:
Net Income$367 $12 $379 $928 $(40)$888 
Comprehensive Income216 12 228 815 (40)775 
Comprehensive Income Attributable to Tyson213 12 225 808 (40)768 
As of March 28, 2020
As originally reportedAdjustmentsAs revised
Consolidated Balance Sheet:
Inventories$4,025 $(233)$3,792 
Total Current Assets7,099 (233)6,866 
Total Assets33,890 (233)33,657 
Deferred Income Taxes2,384 (61)2,323 
Retained Earnings(a)
14,392 (172)14,220 
Total Tyson Shareholders' Equity14,449 (172)14,277 
Total Shareholders' Equity14,594 (172)14,422 
Total Liabilities and Shareholders' Equity33,890 (233)33,657 
Six months ended March 28, 2020
As originally reportedAdjustmentsAs revised
Consolidated Statement of Cash Flows:
Net Income$928 $(40)$888 
Deferred income taxes46 (14)32 
Net changes in operating assets and liabilities(260)54 (206)
(a) The adjustment to retained earnings includes an impact of $132 million related to misstatements that originated prior to fiscal 2020.
Asset Held for Sale
In the second quarter of fiscal 2021, we initiated a plan to sell a business included in our Prepared Foods segment. The business had a net carrying value of approximately $410 million at April 3, 2021, which included approximately $40 million of working capital consisting of inventory, accounts receivable and accounts payable, $20 million of property, plant and equipment and $350 million of allocated goodwill. The net carrying value will change in future periods due to such items as normal business operations, timing of closing of the sale, as well as final negotiated deal terms. We anticipate we will be able to identify a buyer and close the transaction within the next twelve months and expect to record a pretax gain as a result of the sale of this business. We have reclassified the assets and liabilities held for sale related to this business to Other current assets and Other current liabilities in our Consolidated Condensed Balance Sheet as of April 3, 2021.
7


Recently Issued Accounting Pronouncements
In August 2020, the Financial Accounting Standards Board (“FASB”) issued guidance that simplifies the accounting for debt with conversion options, revises the criteria for applying the derivative scope exception for contracts in an entity’s own equity, and improves the consistency for the calculation of earnings per share. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2021, our fiscal 2023. Early adoption is permitted for annual periods and interim periods within those annual periods beginning after December 15, 2020, our fiscal 2022. 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 can be applied through December 21, 2022, 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, 2022.
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.
Changes in Accounting Principles
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. For available-for-sale debt securities previously impaired, the amendments should be applied prospectively; otherwise, the modified-retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2021 using the modified retrospective transition method. Prior periods were not adjusted and, based on our implementation assessment, no cumulative-effect adjustment was made to the opening balance of retained earnings. The adoption of this standard did not have a material impact on our consolidated financial statements. For further description of our policy for available-for-sale debt securities, refer to Note 11: Fair Value Measurements.
NOTE 2: 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 April 3, 2021, 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 October 3, 2020.
The following table reflects the major components of inventory (in millions):
April 3, 2021October 3, 2020
Processed products$2,234 $2,223 
Livestock1,170 977 
Supplies and other724 659 
Total inventory$4,128 $3,859 

8


NOTE 3: PROPERTY, PLANT AND EQUIPMENT
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions): 
April 3, 2021October 3, 2020
Land$209 $196 
Buildings and leasehold improvements5,072 4,961 
Machinery and equipment9,220 9,013 
Land improvements and other425 420 
Buildings and equipment under construction1,092 991 
16,018 15,581 
Less accumulated depreciation8,357 7,985 
Net Property, Plant and Equipment$7,661 $7,596 
NOTE 4: 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 recognized $60 million of cumulative pretax charges in fiscal 2020 associated with the 2020 Program consisting of severance and employee related costs. As part of the 2020 Program, we are eliminating positions across several areas and job levels, with eliminated positions originating from the corporate offices in Springdale, Arkansas, and Chicago, Illinois, as well as certain production facility and supply chain administrative positions. The majority of the positions have already been or are expected to be eliminated by the end of fiscal 2021. We do not anticipate future costs of the 2020 Program to be significant.
For the three and six months ended April 3, 2021, we did not incur restructuring and related charges. For the three months ended March 28, 2020, we did not incur significant restructuring and related charges. For the six months ended March 28, 2020, we recognized restructuring and related charges of $52 million, primarily consisting of severance and employee related costs, of which $5 million was recorded in Cost of Sales and $47 million was recorded in Selling, General and Administrative in our Consolidated Condensed Statements of Income.
Our restructuring liability was $13 million at April 3, 2021 and $37 million at October 3, 2020. The change in the restructuring liability was due to reductions of $24 million, primarily consisting of payments, during the six months ended April 3, 2021.
NOTE 5: OTHER CURRENT LIABILITIES
Other current liabilities are as follows (in millions):
April 3, 2021October 3, 2020
Accrued salaries, wages and benefits$746 $823 
Taxes payable244 152 
Accrued current legal contingencies (a)342 18 
Other800 817 
Total other current liabilities$2,132 $1,810 
(a) As of April 3, 2021, $80 million of funds held in an escrow account for litigation settlements was included as restricted cash within Other current assets in the Consolidated Condensed Balance Sheets. As of October 3, 2020, no restricted cash was included within Other current assets in the Consolidated Condensed Balance Sheets.
9


NOTE 6: DEBT
The major components of debt are as follows (in millions):
April 3, 2021October 3, 2020
Revolving credit facility$ $ 
Commercial paper  
Senior notes:
2.25% Notes due August 2021500 500 
4.50% Senior notes due June 20221,000 1,000 
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 2032160 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(43)(45)
Term loans:
Term loan facility due March 2022  1,500 
Term loan facility due March 2023 (0.91% at 4/3/2021)500  
Other232 216 
Unamortized debt issuance costs(53)(60)
Total debt10,364 11,339 
Less current debt580 548 
Total long-term debt$9,784 $10,791 
Revolving Credit Facility and Letters of Credit
We have a $1.75 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 March 2023. At April 3, 2021, amounts available for borrowing under this facility totaled $1.75 billion and we had no borrowings and no outstanding letters of credit issued under this facility. At April 3, 2021, we had $100 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 leasing and 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.
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 billion. As of April 3, 2021, we had no commercial paper outstanding. Our ability to access commercial paper in the future may be limited or its costs increased.
Term Loans
On March 27, 2020, we executed a $1.5 billion term loan facility to refinance our short-term promissory notes (“commercial paper program”), repay outstanding balances under our revolving credit facility and for general liquidity purposes. In February 2021, we repaid $750 million of the $1.5 billion outstanding. On March 22, 2021, we executed a new $500 million term loan facility due March 2023. The Company used the proceeds of the new term loan, together with $250 million in cash on hand, to repay in full the remaining $750 million outstanding under the Company's existing $1.5 billion term loan facility due March 2022. The new term loan facility expires on March 22, 2023. Additionally, the term loan facility contains covenants that are similar to those contained in the revolving credit facility.
10


Debt Covenants
Our revolving credit and term loan facilities contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; make acquisitions and investments; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain minimum interest expense coverage and maximum debt-to-capitalization ratios.
Our senior notes also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets.
We were in compliance with all debt covenants at April 3, 2021.
NOTE 7: EQUITY
Share Repurchases
As of April 3, 2021, 18.9 million shares remained available for repurchase under our share repurchase program. The share repurchase program has no fixed or scheduled termination date and the timing and extent to which we repurchase shares will depend upon, among other things, our working capital needs, markets, industry conditions, liquidity targets, limitations under our debt obligations and regulatory requirements. In addition to the share repurchase program, we purchase shares on the open market to fund certain obligations under our equity compensation plans. A summary of share repurchases of our Class A stock is as follows (in millions):
Three Months EndedSix Months Ended
April 3, 2021March 28, 2020