v3.26.1
Derivative Financial Instruments (Tables)
 9 Months Ended
Jun. 27, 2026
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 EndedNine Months Ended
June 27, 2026June 28, 2025June 27, 2026June 28, 2025
Cost of SalesGain (Loss) on cash flow hedges reclassified from OCI to earnings:
Commodity contracts $3 $(3)$(8)$(22)
Gain (Loss) on fair value hedges:
Commodity contracts (a)(12)(24)(56)(43)
Gain (Loss) on derivatives not designated as hedging instruments:
Commodity contracts(21)8 60 15 
Total$(30)$(19)$(4)$(50)
Interest ExpenseGain (Loss) on cash flow hedges reclassified from OCI to earnings:
Interest rate contracts$— $(1)$(1)$(2)
Other, netGain (Loss) on derivatives not designated as hedging instruments:
Foreign exchange contracts$(6)$(5)$(10)$1 
(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 EndedNine Months Ended
June 27, 2026June 28, 2025June 27, 2026June 28, 2025
Cost of Sales$12,947 $12,743 $39,143 $37,745 
Interest Expense98 113 299 343 
Other, net4 (31)75 (47)
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 tonsMetricJune 27, 2026September 27, 2025
Commodity:
CornBushels64 93 
Soybean MealTons880,100 1,221,711 
Live CattlePounds151 30 
Lean HogsPounds216 828 
Foreign CurrencyUnited States dollar$288 $208 
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) The following table sets forth the pretax impact of cash flow hedge derivative instruments recognized in OCI (in millions):
Three Months EndedNine Months Ended
Gain (Loss) Recognized in OCI on DerivativesJune 27, 2026June 28, 2025June 27, 2026June 28, 2025
Cash flow hedge - derivatives designated as hedging instruments:
Commodity contracts$(17)$(5)$7 $(20)
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 June 27, 2026 and September 27, 2025 (in millions):
Consolidated Condensed Balance Sheets ClassificationJune 27, 2026September 27, 2025
Inventory$2 $65