Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies

Schedule of amounts paid for interest and income taxes

	Years ended December 31,
(Millions of dollars)	2022		2021		2020
Interest, net of interest capitalized	$	35	$	10	$	16
Income taxes, net of refunds		101		104		55

Schedule of components of receivables

		December 31,
(Millions of dollars)		2022		2021
Receivables:
Trade	$	588	$	553
Due from affiliates		195		128
Other		171		112
Total receivables		954		793
Allowance for credit losses		(31)		(31)
Net receivables	$	923	$	762

Schedule of activity within the 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, 2022	$	31	—	7	(7)	$	31
Year Ended December 31, 2021	$	28	—	5	(2)	$	31
Year Ended December 31, 2020	$	28	3	—	(3)	$	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 activity within the allowance for long-term 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, 2022	$	18	—	(1)	$	17
Year Ended December 31, 2021	$	17	1	—	$	18
Year Ended December 31, 2020	$	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, 2020	$	18	$	149	$	167
Impairment		—		(4)		(4)
Balance as of December 31, 2021		18		145		163
Foreign currency translation		—		(13)		(13)
Acquisition		4		—		4
Balance as of December 31, 2022	$	22	$	132	$	154

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

		December 31, 2022						December 31, 2021
		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		(31)		(17)		(48)		(22)		(12)		(34)
Net carrying amount	$	20	$	11	$	31	$	29	$	16	$	45

Schedule of changes in the asset retirement obligation

	Years ended December 31,
(Millions of dollars)	2022		2021
Beginning balance	$	29	$	27
Accretion expense		2		1
Liability for additional lagoons		1		1
Ending balance	$	32	$	29