Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Mimran

Acquisitions

Summary of total purchase price for this acquisition subject to working capital adjustment, based on acquisition date fair values and using the exchange rate in effect at the time of acquisition

(Millions of dollars)		Fair Value
Cash payment, net of $64 million of cash acquired	$	264
Euro-denominated note payable due 2021, 3.25% interest		46
Contingent consideration		14
Total fair value of consideration at acquisition date	$	324

Schedule of allocation of purchase price

(Millions of dollars)		Fair Value
Current assets	$	83
Property, plant and equipment		91
Intangible assets		78
Goodwill		148
Other long-term assets		4
Total fair value of assets acquired		404
Current liabilities		(38)
Other long-term liabilities		(38)
Total fair value of liabilities assumed		(76)
Less: Noncontrolling interest		(4)
Net fair value of assets acquired	$	324

Schedule of proforma information related to acquisitions

	Year ended
(Unaudited)	December 31,
(Millions of dollars except per share amounts)	2018		2017
Net sales	$	6,643	$	6,095
Net earnings (loss)	$	(13)	$	272
Earnings (loss) per common share	$	(10.90)	$	233.45

New Fashion Pork, LLP

Acquisitions

Schedule of allocation of purchase price

(Millions of dollars)
Inventories	$	6
Property, plant and equipment		34
Total consideration transferred	$	40

Texas Farm LLC

Acquisitions

Schedule of allocation of purchase price

(Millions of dollars)
Inventories	$	16
Property, plant and equipment		42
Goodwill		3
Accounts payable		(2)
Total consideration transferred	$	59

Christensen Farms

Acquisitions

Schedule of allocation of purchase price

(Millions of dollars)
Inventories	$	33
Property, plant and equipment		111
Intangible assets		1
Goodwill		3
Total consideration transferred	$	148

Belarina

Acquisitions

Schedule of allocation of purchase price

(Millions of dollars)
Accounts receivable	$	7
Inventories		6
Property, plant and equipment		25
Other assets		4
Goodwill		1
Third-party debt		(14)
Other liabilities		(11)
Total business valuation	$	18
Fair value of pre-existing interest	$	18