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Derivative Financial Instruments (Tables)
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9 Months Ended |
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Jun. 28, 2014
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| Derivative [Line Items] |
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| Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value |
The following table sets forth the fair value of all derivative instruments outstanding in the Consolidated Condensed Balance Sheets (in millions): | | | | | | | | | | Fair Value | | June 28, 2014 | | September 28, 2013 | Derivative Assets: | | | | Derivatives designated as hedging instruments: | | | | Commodity contracts | $ | 5 |
| | $ | 4 |
| Foreign exchange contracts | — |
| | 1 |
| Total derivative assets – designated | 5 |
| | 5 |
| | | | | Derivatives not designated as hedging instruments: | | | | Commodity contracts | 38 |
| | 25 |
| Foreign exchange contracts | 3 |
| | 2 |
| Total derivative assets – not designated | 41 |
| | 27 |
| | | | | Total derivative assets | $ | 46 |
| | $ | 32 |
| Derivative Liabilities: | | | | Derivatives designated as hedging instruments: | | | | Commodity contracts | $ | 121 |
| | $ | 29 |
| Foreign exchange contracts | — |
| | — |
| Total derivative liabilities – designated | 121 |
| | 29 |
| Derivatives not designated as hedging instruments: | | | | Commodity contracts | 68 |
| | 72 |
| Foreign exchange contracts | — |
| | 1 |
| Total derivative liabilities – not designated | 68 |
| | 73 |
| | | | | Total derivative liabilities | $ | 189 |
| | $ | 102 |
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Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
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| Derivative [Line Items] |
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| Schedule Of Notional Amount Of Derivatives |
We had the following aggregated notional values of outstanding forward and option contracts accounted for as cash flow hedges (in millions, except soy meal tons): | | | | | | | | | | | | Metric | | June 28, 2014 | | September 28, 2013 | Commodity: | | | | | | Corn | Bushels | | — |
| | 5 |
| Soy meal | Tons | | 151,200 |
| | 96,800 |
| Foreign Currency | United States dollar | | $ | 1 |
| | $ | 60 |
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| Derivative Instruments, Gain (Loss) [Table Text Block] |
The following table sets forth the pretax impact of cash flow hedge derivative instruments on the Consolidated Condensed Statements of Income (in millions): | | | | | | | | | | | | | | | | | | | | Gain/(Loss) Recognized in OCI On Derivatives | | | Consolidated Condensed Statements of Income Classification | | Gain/(Loss) Reclassified from OCI to Earnings | | | Three Months Ended | | | | Three Months Ended | | June 28,
2014 | | June 29,
2013 | | | | June 28,
2014 | | June 29,
2013 | Cash Flow Hedge – Derivatives designated as hedging instruments: | | | | | | | | | | Commodity contracts | $ | (7 | ) | | $ | (5 | ) | | Cost of Sales | | $ | 1 |
| | $ | (2 | ) | Foreign exchange contracts | — |
| | 3 |
| | Other Income/Expense | | — |
| | (2 | ) | Total | $ | (7 | ) | | $ | (2 | ) | | | | $ | 1 |
| | $ | (4 | ) | | | | | | | | | | | | Gain/(Loss)
Recognized in OCI
On Derivatives | | | Consolidated Condensed Statements of Income Classification | | Gain/(Loss)
Reclassified from
OCI to Earnings | | | Nine Months Ended | | | | Nine Months Ended | | June 28,
2014 | | June 29,
2013 | | | | June 28,
2014 | | June 29,
2013 | Cash Flow Hedge – Derivatives designated as hedging instruments: | | | | | | | | | | Commodity contracts | $ | (1 | ) | | $ | (28 | ) | | Cost of Sales | | $ | (2 | ) | | $ | (5 | ) | Foreign exchange contracts | (1 | ) | | (2 | ) | | Other Income/Expense | | — |
| | (4 | ) | Total | $ | (2 | ) | | $ | (30 | ) | | | | $ | (2 | ) | | $ | (9 | ) |
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Designated as Hedging Instrument [Member] | Fair Value Hedging [Member]
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| Derivative [Line Items] |
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| Schedule Of Notional Amount Of Derivatives |
We had the following aggregated notional values of outstanding forward contracts entered into to hedge firm commitments which are accounted for as a fair value hedge (in millions): | | | | | | | | | | Metric | | June 28, 2014 | | September 28, 2013 | Commodity: | | | | | | Live Cattle | Pounds | | 434 |
| | 209 |
| Lean Hogs | Pounds | | 348 |
| | 384 |
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| Derivative Instruments, Gain (Loss) [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | in millions |
| | Consolidated Condensed Statements of Income Classification | | Three Months Ended | | Nine Months Ended | | | June 28,
2014 | | June 29,
2013 | | June 28,
2014 | | June 29,
2013 | Gain/(Loss) on forwards | Cost of Sales | | $ | (56 | ) | | $ | 11 |
| | $ | (96 | ) | | $ | 26 |
| Gain/(Loss) on purchase contract | Cost of Sales | | 56 |
| | (11 | ) | | 96 |
| | (26 | ) |
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Not Designated as Hedging Instrument [Member]
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| Derivative [Line Items] |
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| Schedule Of Notional Amount Of Derivatives |
We had the following aggregate outstanding notional values related to our undesignated positions (in millions, except soy meal tons): | | | | | | | | | | | | Metric | | June 28, 2014 | | September 28, 2013 | Commodity: | | | | | | Corn | Bushels | | 3 |
| | 69 |
| Soy Meal | Tons | | 82,800 |
| | 204,600 |
| Soy Oil | Pounds | | 27 |
| | 11 |
| Live Cattle | Pounds | | 109 |
| | 60 |
| Lean Hogs | Pounds | | 74 |
| | 159 |
| Foreign Currency | United States dollars | | $ | 92 |
| | $ | 95 |
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| Derivative Instruments, Gain (Loss) [Table Text Block] |
The following table sets forth the pretax impact of the undesignated derivative instruments on the Consolidated Condensed Statements of Income (in millions): | | | | | | | | | | | | | | | | | | | | Consolidated Condensed Statements of Income Classification | | Gain/(Loss) Recognized in Earnings | | | Gain/(Loss) Recognized in Earnings | | | | | Three Months Ended | | Nine Months Ended | | | | June 28, 2014 | | June 29, 2013 | | June 28, 2014 | | June 29, 2013 | Derivatives not designated as hedging instruments: | | | | | | | | | | Commodity contracts | Sales | | $ | 25 |
| | $ | (7 | ) | | $ | 57 |
| | $ | (19 | ) | Commodity contracts | Cost of Sales | | (47 | ) | | (8 | ) | | (89 | ) | | (15 | ) | Foreign exchange contracts | Other Income/Expense | | 3 |
| | (2 | ) | | 4 |
| | — |
| Total | | | $ | (19 | ) | | $ | (17 | ) | | $ | (28 | ) | | $ | (34 | ) |
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