Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Schedule of amounts paid for interest and income taxes

	Years ended December 31,
(Millions of dollars)	2021		2020		2019
Interest, net of interest capitalized	$	10	$	16	$	36
Income taxes, net of refunds		104		55		31

Summary of supplemental cash and non-cash information related to leases

	Twelve months ended
	December 31,
(Millions of dollars)		2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	166	$	142	$	137
Operating cash flows from finance leases		5		4		1
Financing cash flows from finance leases		14		7		2
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	244	$	62	$	95
Finance leases		54		50		46

Schedule of accounts receivables

		December 31,
Millions of dollars		2021		2020
Receivables:
Trade	$	553	$	381
Due from affiliates		128		111
Other		112		68
Total receivables		793		560
Allowance for credit losses		(31)		(28)
Net receivables	$	762	$	532

Schedule of allowance for credit losses

	Balance at		Transition			Balance at
(Millions of dollars)	beginning of year		Adjustment(a)	Provision(b)	Net deductions(c)	end of year
Allowance for Credit Losses:
Year Ended December 31, 2021	$	28	—	5	(2)	$	31
Year Ended December 31, 2020	$	28	3	—	(3)	$	28
Year Ended December 31, 2019	$	33	—	5	(10)	$	28

^(a)Adjustment made upon adoption of new guidance to retained earnings.

^(b)Provision amounts are charged to selling, general and administrative expenses.

^(c)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, 2021	$	17	1	—	$	18
Year Ended December 31, 2020	$	17	—	—	$	17
Year Ended December 31, 2019	$	17	—	—	$	17

Schedule of changes in the carrying amount of goodwill

		Pork		CT&M
(Millions of dollars)		Segment		Segment		Total
Balance as of December 31, 2019	$	18	$	146	$	164
Acquisition		—		4		4
Foreign currency translation		—		(1)		(1)
Balance as of December 31, 2020		18		149		167
Impairment		—		(4)		(4)
Balance as of December 31, 2021	$	18	$	145	$	163

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

		December 31, 2021						December 31, 2020
		Customer		Trade				Customer		Trade
(Millions of dollars)		relationships		names		Total		relationships		names		Total
Gross carrying amount	$	51	$	28	$	79	$	51	$	28	$	79
Accumulated amortization and currency translation		(22)		(12)		(34)		(16)		(9)		(25)
Net carrying amount	$	29	$	16	$	45	$	35	$	19	$	54

Schedule of changes in the asset retirement obligation

	Years ended December 31,
(Millions of dollars)	2021		2020
Beginning balance	$	27	$	25
Accretion expense		1		2
Liability for additional lagoons		1		—
Ending balance	$	29	$	27