Inventories (Tables)

9 Months Ended

Sep. 26, 2020

Inventories

Summary of inventories

	September 26,		December 31,
(Millions of dollars)	2020		2019
At lower of last-in, first-out ("LIFO") cost or market:
Hogs and materials	$	394	$	387
Fresh pork and materials		29		46
LIFO adjustment		(71)		(64)
Total inventories at lower of LIFO cost or market		352		369
At lower of first-in, first-out ("FIFO") cost and net realizable value ("NRV"):
Grains, oilseeds and other commodities		424		353
Sugar produced and in process		26		17
Other		118		109
Total inventories at lower of FIFO cost and NRV		568		479
Grain, flour and feed at lower of weighted average cost and NRV		142		174
Total inventories	$	1,062	$	1,022