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Leases (Notes) | 12 Months Ended
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Oct. 03, 2020
Leases [Abstract] |
Leases of Lessee Disclosure [Text Block] | LEASES We lease certain equipment, buildings and land related to transportation, distribution, storage, production, livestock grower assets and office activities. These lease arrangements can be structured as a standard lease agreement or embedded in a service or supply agreement and are primarily classified as operating leases. For further description of our lease accounting policy, refer to Note 1: Business and Summary of Significant Accounting Policies. Operating lease ROU assets and liabilities presented in our Consolidated Balance Sheets were as follows (in millions):
| October 3, 2020 |
Other Assets | $ | 532 |
Other current liabilities | 161 |
Other Liabilities | 368 |
The components of lease costs were as follows (in millions):
|  |  | Twelve Months Ended |
|  |  | October 3, 2020 |
Operating lease cost (a) |  |  | $ | 199 |
Variable lease cost (b) |  |  | 451 |
Short-term lease cost |  |  | 38 |
Total |  |  | $ | 688 |
(a) Sublease income is immaterial and not deducted from operating lease cost. (b) Variable lease costs are determined based on volume of output received, flocks placed or other performance metrics. Other operating lease information includes the following:
Twelve months ended October 3, 2020 |
Operating cash outflows from operating leases (in millions) | $ | 211 |
ROU assets obtained in exchange for new operating lease liabilities (in millions) | $ | 167 |
Weighted-average remaining lease term | 5 years |
Weighted-average discount rate | 3 | %
At October 3, 2020, future maturities of operating leases were as follows (in millions):
Operating Lease Commitments |
2021 | $ | 173 |
2022 | 129 |
2023 | 88 |
2024 | 64 |
2025 | 45 |
2026 and beyond | 63 |
Total undiscounted operating lease payments | $ | 562 |
Less: Imputed interest | 33 |
Present value of total operating lease liabilities | $ | 529 |
At October 3, 2020, our leases that had not yet commenced were not significant. Prior Year Lease Disclosures The following pertains to previously disclosed information set forth in the Company's 2019 Form 10-K, Part II, Item 8, Notes to the Consolidated Financial Statements, Note 20: Commitments and Contingencies. We lease equipment, properties and certain farms for which total rentals approximated $220 million and $200 million, in fiscal 2019 and 2018, respectively. Most leases have initial terms of up to seven years, some with varying renewal periods. Minimum lease commitments under non-cancelable leases at September 28, 2019 were (in millions):
Operating Lease Commitments |
2020 | $ | 159 |
2021 | 113 |
2022 | 74 |
2023 | 49 |
2024 | 40 |
2025 and beyond | 54 |
Total | $ | 489 |
We enter into agreements with livestock growers that can have fixed and variable payment structures, but are generally cancelable and based on flocks placed with growers. Livestock grower fixed or estimable non-cancelable commitments at September 28, 2019 were (in millions):
Livestock Grower Commitments |
2020 | $ | 253 |
2021 | 131 |
2022 | 86 |
2023 | 58 |
2024 | 49 |
2025 and beyond | 122 |
Total | $ | 699 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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