Inventories (Tables)

12 Months Ended

Dec. 31, 2018

Inventories

Summary of inventories

	December 31,
(Millions of dollars)	2018		2017
At lower of LIFO cost or market:
Hogs and materials	$	361	$	313
Fresh pork and materials		36		28
LIFO adjustment		(58)		(31)
Total inventories at lower of LIFO cost or market		339		310
At lower of FIFO cost and net realizable value:
Grains, oilseeds and other commodities		229		253
Sugar produced and in process		17		38
Other		81		90
Total inventories at lower of FIFO cost and net realizable value		327		381
Grain, flour and feed at lower of weighted average cost and net realizable value		149		89
Total inventories	$	815	$	780

Schedule of reserve for LIFO valuation

	Balance at		Increase	Balance at
(Millions of dollars)	beginning of year		(decrease)	end of year
Reserve for LIFO Valuation:
Year Ended December 31, 2018	$	31	27	$	58
Year Ended December 31, 2017	$	21	10	$	31
Year Ended December 31, 2016	$	28	(7)	$	21