Derivative Financial Instruments (Tables)

9 Months Ended

Jun. 27, 2015

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 27, 2015		September 27, 2014
Derivative Assets:
Derivatives designated as hedging instruments:
Commodity contracts	$	16	$	17
Foreign exchange contracts	—		—
Total derivative assets – designated	16		17
Derivatives not designated as hedging instruments:
Commodity contracts	27		42
Foreign exchange contracts	—		—
Total derivative assets – not designated	27		42
Total derivative assets	$	43	$	59
Derivative Liabilities:
Derivatives designated as hedging instruments:
Commodity contracts	$	4	$	78
Foreign exchange contracts	—		—
Total derivative liabilities – designated	4		78
Derivatives not designated as hedging instruments:
Commodity contracts	15		80
Foreign exchange contracts	—		2
Total derivative liabilities – not designated	15		82
Total derivative liabilities	$	19	$	160

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 27, 2015		September 27, 2014
Commodity:
Corn	Bushels	1		—
Soy meal	Tons	11,600		2,300
Foreign Currency	United States dollar	$	—	$	1

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 27, 2015			June 28, 2014				June 27, 2015			June 28, 2014
Cash Flow Hedge – Derivatives designated as hedging instruments:
Commodity contracts	$	(1	)	$	(7	)	Cost of Sales	$	(1	)	$	1
Foreign exchange contracts	—			—			Other Income/Expense	—			—
Total	$	(1	)	$	(7	)		$	(1	)	$	1
	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 27, 2015			June 28, 2014				June 27, 2015			June 28, 2014
Cash Flow Hedge – Derivatives designated as hedging instruments:
Commodity contracts	$	(3	)	$	(1	)	Cost of Sales	$	(5	)	$	(2	)
Foreign exchange contracts	—			(1		)	Other Income/Expense	—			—
Total	$	(3	)	$	(2	)		$	(5	)	$	(2	)

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 27, 2015	September 27, 2014
Commodity:
Live Cattle	Pounds	259	427
Lean Hogs	Pounds	153	329

Derivative Instruments, Gain (Loss) [Table Text Block]

											in millions
	Consolidated Condensed Statements of Income Classification	Three Months Ended						Nine Months Ended
		June 27, 2015			June 28, 2014			June 27, 2015			June 28, 2014
Gain (Loss) on forwards	Cost of Sales	$	9		$	(56	)	$	1		$	(96	)
Gain (Loss) on purchase contract	Cost of Sales	(9		)	56			(1		)	96

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 27, 2015		September 27, 2014
Commodity:
Corn	Bushels	44		—
Soy Meal	Tons	540,100		195,800
Soy Oil	Pounds	68		3
Live Cattle	Pounds	12		22
Lean Hogs	Pounds	12		22
Foreign Currency	United States dollars	$	19	$	108

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 27, 2015			June 28, 2014			June 27, 2015			June 28, 2014
Derivatives not designated as hedging instruments:
Commodity contracts	Sales	$	(2	)	$	25		$	(10	)	$	57
Commodity contracts	Cost of Sales	—			(47		)	(34		)	(89		)
Foreign exchange contracts	Other Income/Expense	1			3			(3		)	4
Total		$	(1	)	$	(19	)	$	(47	)	$	(28	)