Inventories

9 Months Ended

Oct. 01, 2022

Inventories

Inventories

Note 3 – Inventories

The following is a summary of inventories:

	October 1,		December 31,
(Millions of dollars)	2022		2021
At lower of FIFO cost and net realizable value (“NRV”):
Hogs and materials	$	515	$	489
Pork products and materials		72		64
Grains, oilseeds and other commodities		714		634
Biofuels and related credits		167		147
Other		95		92
Total inventories at lower of FIFO cost and NRV		1,563		1,426
Grain, flour and feed at lower of weighted average cost and NRV		253		237
Total inventories	$	1,816	$	1,663