Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Significant Accounting Policies

Schedule of allowance for doubtful accounts

	Balance at				Balance at
(Millions of dollars)	beginning of year		Provision(a)	Net deductions(b)	end of year
Allowance for Doubtful Accounts:
Year Ended December 31, 2019	$	33	5	(10)	$	28
Year Ended December 31, 2018	$	29	7	(3)	$	33
Year Ended December 31, 2017	$	14	16	(1)	$	29

^(a)During 2019 and 2018, $5 million and $7 million, respectively, of the provision was charged to selling, general and administrative expenses. During 2017, $12 million of the provision was charged to selling, general and administrative expenses, $2 million to income from affiliates related to reserves on convertible notes and $2 million to cost of sales related to a rebate reserve.

^(b)Includes write-offs net of recoveries, foreign currency translation adjustments and other adjustments.

Schedule of allowance for notes receivable

	Balance at				Balance at
(Millions of dollars)	beginning of year		Provision	Net deductions	end of year
Allowance for Notes Receivable:
Year Ended December 31, 2019	$	17	—	—	$	17
Year Ended December 31, 2018	$	16	1	—	$	17
Year Ended December 31, 2017	$	16	—	—	$	16

Schedule of changes in the carrying amount of goodwill

		Pork		CT&M
(Millions of dollars)		Segment		Segment		Total
Balance as of December 31, 2017	$	18	$	4	$	22
Acquisition		—		148		148
Foreign currency translation		—		(3)		(3)
Balance as of December 31, 2018		18		149		167
Acquisition		—		1		1
Foreign currency translation		—		(4)		(4)
Balance as of December 31, 2019	$	18	$	146	$	164

Schedule of gross carrying amount and accumulated amortization for finite-lived intangibles

		December 31, 2019						December 31, 2018
		Customer		Trade				Customer		Trade
(Millions of dollars)		relationships		names		Total		relationships		names		Total
Gross carrying amount	$	50	$	28	$	78	$	50	$	28	$	78
Accumulated amortization and currency translation		(13)		(7)		(20)		(6)		(3)		(9)
Net carrying amount	$	37	$	21	$	58	$	44	$	25	$	69

Schedule of changes in the asset retirement obligation

	Years ended December 31,
(Millions of dollars)	2019		2018
Beginning balance	$	23	$	22
Accretion expense		2		1
Ending balance	$	25	$	23