v3.24.1.u1
Derivative Financial Instruments (Tables)
 6 Months Ended
Mar. 30, 2024
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 30, 2024April 1, 2023March 30, 2024April 1, 2023
Cost of SalesGain (Loss) on fair value hedges:
Commodity contracts (a) $4 $2 $3 $(1)
Gain (Loss) on derivatives not designated as hedging instruments:
Commodity contracts(50)(23)(54)(8)
Total$(46)$(21)$(51)$(9)
Interest ExpenseGain (Loss) on cash flow hedges reclassified from OCI to Earnings:
Interest rate contracts$(1)$— $(1)$(1)
Other, netGain (Loss) on derivatives not designated as hedging instruments:
Foreign exchange contracts$(5)$5 $— $10 
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 30, 2024April 1, 2023March 30, 2024April 1, 2023
Cost of Sales$12,206 $12,606 $24,702 $24,898 
Interest Expense111 89 216 173 
Other, net12 (1)(13)(43)
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 30, 2024September 30, 2023
Commodity:
CornBushels130 65 
Soybean MealTons893,260 956,630 
Live CattlePounds211 319 
Lean HogsPounds238 454 
Foreign CurrencyUnited States dollar$285 $171 
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 30, 2024 and September 30, 2023 (in millions):
Consolidated Condensed Balance Sheets ClassificationMarch 30, 2024September 30, 2023
Inventory$2 $16