Derivative Financial Instruments (Tables)

6 Months Ended

Apr. 02, 2022

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	April 2, 2022		October 2, 2021
Commodity:
Corn	Bushels	30		37
Soybean Meal	Tons	404,200		1,026,733
Live Cattle	Pounds	255		417
Lean Hogs	Pounds	426		413
Foreign Currency	United States dollar	$	218	$	130

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				Six Months Ended
		April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021
Cost of Sales	Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
	Commodity contracts	$	—	$	—	$	—	$	(1)
	Gain (Loss) on fair value hedges:
	Commodity contracts (a)	(13)		(13)		(16)		(15)
	Gain (Loss) on derivatives not designated as hedging instruments:
	Commodity contracts	99		(2)		180		96
Total		$	86	$	(15)	$	164	$	80
Interest Expense	Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
	Interest rate contracts	$	(1)	$	(1)	$	(1)	$	(1)
Other, net	Gain (Loss) on derivatives not designated as hedging instruments:
	Foreign exchange contracts	$	4	$	—	$	4	$	1

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				Six Months Ended
	April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021
Cost of Sales	$	11,382	$	10,047	$	22,300	$	19,330
Interest Expense	97		110		197		220
Other, net	(25)		(12)		(77)		(31)

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 April 2, 2022 and October 2, 2021 (in millions):

Consolidated Condensed Balance Sheets Classification	April 2, 2022		October 2, 2021
Inventory	$	23	$	(6)