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Derivative Financial Instruments (Tables)

12 Months Ended

Oct. 01, 2022

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions

We had the following aggregated outstanding notional amounts related to our derivative financial instruments (in millions, except soybean meal tons):

						Metric						October 1, 2022						October 2, 2021
Commodity:
Corn						Bushels						44						37
Soybean Meal						Tons						532,700						1,026,733
Live Cattle						Pounds						280						417
Lean Hogs						Pounds						339						413
Foreign Currency						United States dollar						$	249					$	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 Statements of Income (in millions):

Consolidated Statements of Income Classification						2022						2021						2020
Cost of Sales			Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
			Commodity contracts			$	—					$	(1)					$	(24)
			Gain (Loss) on fair value hedges:
			Commodity contracts (a)			(29)						(55)						135
			Gain (Loss) on derivatives not designated as hedging instruments:
			Commodity contracts			254						70						(103)
Total						$	225					$	14					$	8
Interest Expense			Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
			Interest rate contracts			$	(1)					$	(1)					$	(6)
Other, net			Gain (Loss) on derivatives not designated as hedging instruments:
			Foreign exchange contracts			$	(9)					$	(5)					$	(5)

(a) Amounts represent gains/(losses) on commodity contracts designated as fair value hedges of firm commitments that were realized during the period presented, which were offset by a corresponding gain/(loss) on the underlying hedged inventory. Gains or losses related to changes in the fair value of unrealized commodity contracts, along with the offsetting gain or loss on the hedged inventory, are also marked-to-market through earnings with no impact on a net basis.

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 Statements of Income in which the effects of hedges are recorded (in millions):

Consolidated Statements of Income Classification			2022						2021						2020
Cost of Sales			$	46,614					$	40,523					$	37,801
Interest Expense			365						428						485
Other, net			(87)						(65)						(131)

Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]

Derivative Instruments and Hedging Activities Disclosures [Line Items]

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

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

Gain (Loss) Recognized in OCI on Derivatives			2022						2021						2020
Cash Flow Hedge – Derivatives designated as hedging instruments:
Commodity contracts			$	—					$	—					$	(17)
Interest rate hedges			—						—						—
Total			$	—					$	—					$	(17)

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 carrying amount of fair value hedge (assets) liabilities as of fiscal 2022, 2021 and 2020 were as follows (in millions):

Consolidated Balance Sheets Classification			2022						2021						2020
Inventory			$	(12)					$	(6)					$	6

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