v3.25.1
Derivative Financial Instruments (Tables)
 6 Months Ended
Mar. 29, 2025
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 ClassificationThree Months EndedSix Months Ended
March 29, 2025March 30, 2024March 29, 2025March 30, 2024
Cost of SalesGain (Loss) on cash flow hedges reclassified from OCI to earnings:
Commodity contracts $(8)$— $(19)$— 
Gain (Loss) on fair value hedges:
Commodity contracts (a)(15)4 (19)3 
Gain (Loss) on derivatives not designated as hedging instruments:
Commodity contracts(1)(50)7 (54)
Total$(24)$(46)$(31)$(51)
Interest ExpenseGain (Loss) on cash flow hedges reclassified from OCI to earnings:
Interest rate contracts$— $(1)$(1)$(1)
Other, netGain (Loss) on derivatives not designated as hedging instruments:
Foreign exchange contracts$(2)$(5)$6 $— 
(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 Condensed Statements of Income in which the effects of hedges are recorded (in millions):
Consolidated Condensed Statements of Income ClassificationThree Months EndedSix Months Ended
March 29, 2025March 30, 2024March 29, 2025March 30, 2024
Cost of Sales$12,474 $12,206 $25,002 $24,702 
Interest Expense110 111 230 216 
Other, net(23)12 (16)(13)
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 tonsMetricMarch 29, 2025September 28, 2024
Commodity:
CornBushels90 29 
Soybean MealTons1,111,800 623,400 
Live CattlePounds741 136 
Lean HogsPounds174 351 
Foreign CurrencyUnited States dollar$244 $245 
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) The following table sets forth the pretax impact of cash flow hedge derivative instruments recognized in Other Comprehensive Income (in millions):
Three Months EndedSix Months Ended
Gain (Loss) Recognized in OCI on DerivativesMarch 29, 2025March 30, 2024March 29, 2025March 30, 2024
Cash flow hedge - derivatives designated as hedging instruments:
Commodity contracts$(7)$— $(15)$— 
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 March 29, 2025 and September 28, 2024 (in millions):
Consolidated Condensed Balance Sheets ClassificationMarch 29, 2025September 28, 2024
Inventory$25 $(3)