XML 47 R35.htm IDEA: XBRL DOCUMENT v3.19.2
Derivative Financial Instruments (Tables)
 9 Months Ended
Jun. 29, 2019
Derivative [Line Items]  
Schedule Of Notional Amount Of Derivatives
We had the following aggregated outstanding notional amounts related to our derivative financial instruments:
in millions, except soy meal tons
Metric
 
June 29, 2019
 
September 29, 2018
Commodity:
 
 
 
 
 
Corn
Bushels
 
112

 
112

Soy Meal
Tons
 
817,400

 
651,700

Live Cattle
Pounds
 
162

 
105

Lean Hogs
Pounds
 
501

 
39

Foreign Currency
United States dollar
 
$
212

 
$
89

Interest Rate Swaps
Average monthly debt
 
$
400

 
$
400
Designated as hedges | Cash Flow Hedging [Member]  
Derivative [Line Items]  
Derivative Instruments, Gain (Loss) [Table Text Block] The following tables set 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 29, 2019
 
June 30, 2018
 
 
 
June 29, 2019
 
June 30, 2018
Cash flow hedge – derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Commodity contracts
$
5

 
$
(13
)
 
Cost of Sales
 
$
(3
)
 
$
—

Interest rate hedges
(1
)
 
—

 
Interest expense
 
(1
)
 
—

Total
$
4

 
$
(13
)
 
 
 
$
(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 29, 2019
 
June 30, 2018
 
 
 
June 29, 2019
 
June 30, 2018
Cash flow hedge – derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Commodity contracts
$
(2
)
 
$
(13
)
 
Cost of sales
 
$
(15
)
 
$
(3
)
Interest rate hedges
(24
)
 
—

 
Interest expense
 
(1
)
 
—

Total
$
(26
)
 
$
(13
)
 
 
 
$
(16
)
 
$
(3
)
Designated as hedges | Fair Value Hedging [Member]  
Derivative [Line Items]  
Derivative Instruments, Gain (Loss) [Table Text Block]
 
 
 
 
 
 
 
in millions

 
Consolidated Condensed
Statements of Income
Classification
 
Three Months Ended
 
Nine Months Ended
 
 
June 29, 2019
 
June 30, 2018
 
June 29, 2019
 
June 30, 2018
Gain (Loss) on forwards
Cost of Sales
 
$
8

 
$
11

 
$
8

 
$
5

Gain (Loss) on purchase contract
Cost of Sales
 
(8
)
 
(11
)
 
(8
)
 
(5
)
Undesignated  
Derivative [Line Items]  
Derivative Instruments, Gain (Loss) [Table Text Block] The following table sets forth the pretax impact of the undesignated derivative instruments in the Consolidated Condensed Statements of Income (in millions):
 
 
 
Gain (Loss)
Recognized in Earnings
 
 
Gain (Loss)
Recognized in Earnings
 
 
Consolidated Condensed
Statements of Income
Classification
 
Three Months Ended
 
Nine Months Ended
 
 
June 29, 2019
 
June 30, 2018
 
June 29, 2019
 
June 30, 2018
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Commodity contracts
Sales
 
$
(42
)
 
$
21

 
$
(28
)
 
$
—

Commodity contracts
Cost of Sales
 
97

 
(58
)
 
76

 
(12
)
Foreign exchange contracts
Other Income/Expense
 
4

 
(1
)
 
7

 
(3
)
Total
 
 
$
59

 
$
(38
)
 
$
55

 
$
(15
)