Derivatives and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivatives and Fair Value of Financial Instruments

Schedule of assets and liabilities measured at fair value on a recurring basis

	December 31,
(Millions of dollars)	2021		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic debt securities	$	542	$	247	$	295	$	—
Domestic equity securities		472		472		—		—
Foreign equity securities		193		193		—		—
Foreign debt securities		133		2		131		—
Money market funds held in trading accounts		59		59		—		—
Other trading securities		17		—		17		—
Trading securities – other current assets:
Domestic equity securities		16		16		—		—
Other trading securities		13		12		1		—
Long-term investment - BDC		81		—		—		81
Derivatives:
Commodities		6		6		—		—
Foreign currencies		5		—		5		—
Total assets	$	1,537	$	1,007	$	449	$	81
Liabilities:
Contingent consideration	$	18	$	—	$	—	$	18
Derivatives:
Commodities		5		5		—		—
Foreign currencies		5		—		5		—
Total liabilities	$	28	$	5	$	5	$	18

	December 31,
(Millions of dollars)	2020		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic equity securities	$	702	$	702	$	—	$	—
Domestic debt securities		496		196		300		—
Foreign equity securities		133		133		—		—
Foreign debt securities		68		—		68		—
Money market funds held in trading accounts		47		47		—		—
Other trading securities		19		3		16		—
Trading securities – other current assets:
Domestic equity securities		14		14		—		—
Other trading securities		12		11		1		—
Long-term investment - BDC		31		—		—		31
Derivatives:
Commodities		28		28		—		—
Interest rate swaps		1		—		1		—
Total assets	$	1,551	$	1,134	$	386	$	31
Liabilities:
Contingent consideration	$	16	$	—	$	—	$	16
Derivatives:
Commodities		19		19		—		—
Foreign currencies		9		—		9		—
Total liabilities	$	44	$	19	$	9	$	16

Schedule of aggregated outstanding notional amounts related to derivative financial instruments

		December 31,
(Millions)	Metric	2021	2020
Commodities:
Grain	Bushels	1	26
Hogs	Pounds	—	2
Soybean oil	Pounds	20	56
Heating oil	Gallons	15	—

Schedule of gain or (loss) for each type of derivative and where it was recognized in the condensed consolidated statements of comprehensive income

(Millions of dollars)		2021		2020
Commodities	Cost of sales	$	(20)	$	55
Foreign currencies	Cost of sales		(2)		11
Foreign currencies	Foreign currency gains (losses), net		4		(5)
Interest rate swaps	Interest expense		5		—

Schedule of fair value of each type of derivative derivative held and where each derivative is included in the condensed consolidated balance sheets

		Asset Derivatives					Liability Derivatives
		December 31,		December 31,			December 31,		December 31,
(Millions of dollars)		2021		2020			2021		2020
Commodities	Other current assets	$	6	$	28	Other current liabilities	$	5	$	19
Foreign currencies	Other current assets		5		—	Other current liabilities		5		9
Interest rate swaps	Other current assets		—		1	Other current liabilities		—		—