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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments on a Gross Basis | The following table presents the fair values of our open derivative financial instruments on a gross basis.
|  | Assets |  | Liabilities
|  | December 29, 2024 |  | December 31, 2023 |  | December 29, 2024 |  | December 31, 2023
|  | (in millions) |  | (in millions)
Derivatives using the “hedge accounting” method: |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 13 |  |  | $ | 37 |  |  | $ | 37 |  |  | $ | 29 |
Foreign exchange contracts |  | — |  |  | 1 |  |  | — |  |  | — |
Total |  | 13 |  |  | 38 |  |  | 37 |  |  | 29 |
Derivatives using the “mark-to-market” method: |  |  |  |  |  |  |  |
Commodity contracts |  | 2 |  |  | 13 |  |  | 7 |  |  | 13 |
Total fair value of derivative instruments |  | $ | 15 |  |  | $ | 51 |  |  | $ | 44 |  |  | $ | 42 |
Schedule of Derivative Assets and Liabilities | The following tables reconcile the gross amounts of derivative assets and liabilities to the net amounts presented in our consolidated balance sheets and the related effects of cash collateral under netting arrangements that provide a legal right of offset of assets and liabilities.
| December 29, 2024
| Gross Amount of Derivative Assets/ Liabilities |  | Netting of Derivative Assets/ Liabilities |  | Net Derivative Assets/Liabilities |  | Netting of Derivative and Cash Collateral |  | Net Amount Presented in the Consolidated Balance Sheet (1)
| (in millions)
Assets: |  |  |  |  |  |  |  |  |
Commodities | $ | 15 |  |  | $ | (13) |  |  | $ | 2 |  |  | $ | 37 |  |  | $ | 39 |
Liabilities: |  |  |  |  |  |  |  |  |
Commodities | 44 |  |  | (13) |  |  | 31 |  |  | (23) |  |  | 8 |
________________ (1)Net derivative assets are recorded in prepaid expenses and other current assets. Net derivative liabilities are recorded in accrued expenses and other current liabilities. These balances include $60 million in cash collateral paid to and held by one of our brokers, $37 million of which represents the initial margin and exceeded the related open derivative liability position.
| December 31, 2023
| Gross Amount of Derivative Assets/ Liabilities |  | Netting of Derivative Assets/ Liabilities |  | Net Derivative Assets/Liabilities |  | Netting of Derivative and Cash Collateral |  | Net Amount Presented in the Consolidated Balance Sheet (1)
| (in millions)
Assets: |  |  |  |  |  |  |  |  |
Commodities | $ | 50 |  |  | $ | (25) |  |  | $ | 25 |  |  | $ | (1) |  |  | $ | 24 |
Foreign exchange contracts | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Total | $ | 51 |  |  | $ | (25) |  |  | $ | 26 |  |  | $ | (1) |  |  | $ | 26 |
Liabilities: |  |  |  |  |  |  |  |  |
Commodities | 42 |  |  | (25) |  |  | 18 |  |  | 1 |  |  | 19 |
________________ (1)We recorded $25 million of net assets in prepaid expenses and other current assets with the remaining $1 million in current assets of discontinued operations. We recorded $14 million of the net liabilities in accrued expenses and other current liabilities with the remaining $5 million in other liabilities.
Schedule of Notional Amounts of Outstanding Derivative Positions | As of December 29, 2024, the notional volumes associated with open derivative instruments designated in cash flow hedging relationships were as follows:
| Volume |  | Metric
Lean hogs | 1,006,669,000 |  |  | Pounds
Corn | 41,593,000 |  |  | Bushels
Soybean meal | 719,000 |  |  | Tons
Natural Gas | 6,260,000 |  |  | Million BTU
Diesel | 7,560,000 |  |  | Gallons
As of December 29, 2024, the notional volumes associated with open derivative instruments designated in fair value hedging relationships were as follows:
| Volume |  | Metric
Lean hogs | 10,440,000 |  |  | Pounds
Corn | 2,980,000 |  |  | Bushels
Soybeans | 245,000 |  |  | Bushels
Schedule of Pre-tax Gains and Losses on Derivative Instruments | The following table presents the effects on our consolidated financial statements of pre-tax gains and losses on derivative instruments designated in cash flow hedging relationships for the periods indicated:
| Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Derivative |  | Gains (Losses) Reclassified from Accumulated Other Comprehensive Loss into Earnings |  |
| Fiscal Year |  | Fiscal Year |  |
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  |  |  |  |  |
| (in millions) |  | (in millions) |  |
Commodity contracts | $ | (56) |  |  | $ | 10 |  |  | $ | 58 |  |  | (10) |  |  | 13 |  |  | 97 |  |  |  |  |  |  |
Interest rate swaps | — |  |  | — |  |  | — |  |  | (2) |  |  | (2) |  |  | (1) |  |  |  |  |  |  |
Foreign exchange contracts | 1 |  |  | 2 |  |  | — |  |  | 1 |  |  | 1 |  |  | (1) |  |  |  |  |  |  |
Total | $ | (55) |  |  | $ | 11 |  |  | $ | 58 |  |  | $ | (11) |  |  | $ | 13 |  |  | $ | 94 |  |  |  |  |  |  |
As of December 29, 2024, the notional volumes associated with open derivative instruments using the “mark-to-market” method were as follows:
| Volume |  | Metric
Commodities: |  |  |
Lean hogs | 10,240,000 |  |  | Pounds
Corn | 24,231,000 |  |  | Bushels
Soybean meal | 72,000 |  |  | Tons
Soybeans | 445,000 |  |  | Bushels
Diesel | 756,000 |  |  | Gallons
Foreign currency | 2,985,178 |  |  | U.S. Dollars
The following table presents the effect of derivatives on the consolidated statements of income for the periods indicated:
| Fiscal Year
| 2024 |  | 2023 |  | 2022
| (in millions)
Sales |  |  |  |  |
Cash flow hedging - commodity contracts | $ | 18 |  |  | $ | 12 |  |  | $ | (30) |
Mark to market - commodity contracts | (16) |  |  | 30 |  |  | (35) |
Total derivative gain (loss) recognized sales | 2 |  |  | 42 |  |  | (65) |
Cost of Sales |  |  |  |  |
Cash flow hedging - commodity contracts | (28) |  |  | — |  |  | 127 |
Fair value hedging - commodity contracts |  |  |  |  |
Change in fair value of open derivatives | 4 |  |  | 17 |  |  | (24) |
Change in fair value of related hedged items | (5) |  |  | (17) |  |  | 24 |
Gain (loss) on closed derivatives (1) | 10 |  |  | 5 |  |  | (28) |
Mark to market - commodity contracts | (10) |  |  | (14) |  |  | 20 |
Total derivative gain (loss) recognized in cost of sales | (28) |  |  | (9) |  |  | 119 |
Selling, general and administrative expenses |  |  |  |  |
Mark to market - foreign exchange contracts | (2) |  |  | — |  |  | 1 |
Interest expense |  |  |  |  |
Cash flow hedging - interest rate contracts | (2) |  |  | (2) |  |  | (1) |
Discontinued operations |  |  |  |  |
Cash flow hedging - foreign exchange contracts | 1 |  |  | 1 |  |  | (1) |
Mark to market - foreign exchange contracts | 3 |  |  | 2 |  |  | 4 |
Total derivative gain (loss) recognized in discontinued operations | 4 |  |  | 3 |  |  | 3 |
Total derivative gain (loss) | $ | (25) |  |  | $ | 36 |  |  | $ | 56 |
________________ (1)Represents the amount of fair value hedge adjustment applied to the carrying amount of hedged assets that is recognized in cost of sales as the underlying hedged assets are relieved from inventories and charged to cost of sales.

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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