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Derivative Financial Instruments (Tables)

6 Months Ended

Apr. 01, 2023

Derivative Instruments and Hedging Activities Disclosures [Line Items]

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 1, 2023						April 2, 2022						April 1, 2023						April 2, 2022
Cost of Sales			Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
			Commodity contracts			$	—					$	—					$	—					$	—
			Gain (Loss) on fair value hedges:
			Commodity contracts (a)			2						(13)						(1)						(16)
			Gain (Loss) on derivatives not designated as hedging instruments:
			Commodity contracts			(23)						99						(8)						180
Total						$	(21)					$	86					$	(9)					$	164
Interest Expense			Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
			Interest rate contracts			$	—					$	(1)					$	(1)					$	(1)
Other, net			Gain (Loss) on derivatives not designated as hedging instruments:
			Foreign exchange contracts			$	5					$	4					$	10					$	4

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 1, 2023						April 2, 2022						April 1, 2023						April 2, 2022
Cost of Sales			$	12,606					$	11,382					$	24,898					$	22,300
Interest Expense			89						97						173						197
Other, net			(1)						(25)						(43)						(77)

Schedule of Notional Amounts of Outstanding Derivative Positions

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

in millions, except soybean meal tons			Metric						April 1, 2023						October 1, 2022
Commodity:
Corn			Bushels						91						44
Soybean Meal			Tons						619,900						532,700
Live Cattle			Pounds						366						280
Lean Hogs			Pounds						232						339
Foreign Currency			United States dollar						$	141					$	249

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 1, 2023 and October 1, 2022 (in millions):

Consolidated Condensed Balance Sheets Classification						April 1, 2023						October 1, 2022
Inventory						$	1					$	(12)

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

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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