Derivative Financial Instruments (Tables)

9 Months Ended

Jul. 03, 2021

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Derivative Instruments [Table Text Block]

We had the following net aggregated outstanding notional amounts related to our derivative financial instruments:

in millions, except soybean meal tons	Metric	July 3, 2021		October 3, 2020
Commodity:
Corn	Bushels	32		43
Soybean Meal	Tons	767,133		428,300
Live Cattle	Pounds	337		234
Lean Hogs	Pounds	378		283
Foreign Currency	United States dollar	$	117	$	536

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

The following table sets forth the pretax impact of the cash flow, fair value and undesignated derivative instruments in the Consolidated Condensed Statements of Income (in millions):

Consolidated Condensed Statements of Income Classification		Three Months Ended				Nine Months Ended
		July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Cost of Sales	Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
	Commodity contracts	$	—	$	(7)	$	(1)	$	(14)
	Gain (Loss) on fair value hedges:
	Commodity contracts (a)	(25)		69		(40)		116
	Gain (Loss) on derivatives not designated as hedging instruments:
	Commodity contracts	66		(74)		162		(171)
Total		$	41	$	(12)	$	121	$	(69)
Interest Expense	Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
	Interest rate contracts	$	—	$	(1)	$	(1)	$	(3)
Other, net	Gain (Loss) on derivatives not designated as hedging instruments:
	Foreign exchange contracts	$	(3)	$	(4)	$	(2)	$	(3)

Schedule of Income Statement Items Impacted by Derivatives [Table Text Block]

The following table sets forth the total amounts of each income and expense line item presented in the Consolidated Condensed Statements of Income in which the effects of hedges are recorded (in millions):

Consolidated Condensed Statements of Income Classification	Three Months Ended				Nine Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Cost of Sales	$	10,858	$	8,709	$	30,188	$	27,951
Interest Expense	105		122		325		361
Other, net	(7)		(11)		(38)		(133)

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following table sets forth the pretax impact of cash flow hedge and derivative instruments recognized in Other Comprehensive Income (in millions):

Gain (Loss) Recognized in OCI On Derivatives	Three Months Ended				Nine Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Cash flow hedge – derivatives designated as hedging instruments:
Commodity contracts	$	—	$	(7)	$	—	$	(18)
Interest rate hedges	—		(1)		—		(2)
Total	$	—	$	(8)	$	—	$	(20)

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

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following table sets forth the carrying amount of fair value hedge (assets) liabilities as of July 3, 2021 and October 3, 2020 (in millions):

Consolidated Condensed Balance Sheets Classification	July 3, 2021		October 3, 2020
Inventory	$	23	$	6