Derivative Financial Instruments (Tables)

3 Months Ended

Jan. 02, 2021

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Derivative Instruments [Table Text Block]

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

in millions, except soybean meal tons	Metric	January 2, 2021		October 3, 2020
Commodity:
Corn	Bushels	5		43
Soybean Meal	Tons	579,833		428,300
Live Cattle	Pounds	165		234
Lean Hogs	Pounds	254		283
Foreign Currency	United States dollar	$	412	$	536

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
		January 2, 2021		December 28, 2019
Cost of Sales	Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
	Commodity contracts	$	(1)	$	(2)
	Gain (Loss) on fair value hedges:
	Commodity contracts (a)	(2)		16
	Gain (Loss) on derivatives not designated as hedging instruments:
	Commodity contracts	98		29
Total		$	95	$	43
Interest Expense	Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
	Interest rate contracts	$	—	$	(1)
Other, net	Gain (Loss) on derivatives not designated as hedging instruments:
	Foreign exchange contracts	$	1	$	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
	January 2, 2021		December 28, 2019
Cost of Sales	$	9,283	$	9,375
Interest Expense	110		120
Other, net	(19)		(16)

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 January 2, 2021 and October 3, 2020 were as follows (in millions):

Consolidated Condensed Balance Sheets Classification	January 2, 2021		October 3, 2020
Inventory	$	8	$	6