Derivative Financial Instruments (Tables)

9 Months Ended

Jun. 28, 2014

Derivative [Line Items]

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

Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]

Derivative [Line Items]

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

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	)

Designated as Hedging Instrument [Member] | Fair Value Hedging [Member]

Derivative [Line Items]

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

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		)

Not Designated as Hedging Instrument [Member]

Derivative [Line Items]

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

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	)