Derivative Financial Instruments (Tables)

6 Months Ended

Apr. 03, 2021

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Derivative Instruments [Table Text Block]

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

in millions, except soybean meal tons	Metric	April 3, 2021		October 3, 2020
Commodity:
Corn	Bushels	24		43
Soybean Meal	Tons	866,033		428,300
Live Cattle	Pounds	455		234
Lean Hogs	Pounds	394		283
Foreign Currency	United States dollar	$	111	$	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				Six Months Ended
		April 3, 2021		March 28, 2020		April 3, 2021		March 28, 2020
Cost of Sales	Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
	Commodity contracts	$	—	$	(5)	$	(1)	$	(7)
	Gain (Loss) on fair value hedges:
	Commodity contracts (a)	(13)		31		(15)		47
	Gain (Loss) on derivatives not designated as hedging instruments:
	Commodity contracts	(2)		(126)		96		(97)
Total		$	(15)	$	(100)	$	80	$	(57)
Interest Expense	Gain (Loss) on cash flow hedges reclassified from OCI to Earnings:
	Interest rate contracts	$	(1)	$	(1)	$	(1)	$	(2)
Other, net	Gain (Loss) on derivatives not designated as hedging instruments:
	Foreign exchange contracts	$	—	$	(3)	$	1	$	1

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 3, 2021		March 28, 2020		April 3, 2021		March 28, 2020
Cost of Sales	$	10,047	$	9,867	$	19,330	$	19,242
Interest Expense	110		119		220		239
Other, net	(12)		(106)		(31)		(122)

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

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

Gain (Loss) Recognized in OCI On Derivatives	Three Months Ended				Six Months Ended
	April 3, 2021		March 28, 2020		April 3, 2021		March 28, 2020
Cash flow hedge – derivatives designated as hedging instruments:
Commodity contracts	$	—	$	(11)	$	—	$	(11)
Interest rate hedges	—		(1)		—		(1)
Total	$	—	$	(12)	$	—	$	(12)

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 3, 2021 and October 3, 2020 (in millions):

Consolidated Condensed Balance Sheets Classification	April 3, 2021		October 3, 2020
Inventory	$	40	$	6