Derivatives and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic equity securities	$	433	$	433	$	—	$	—
Domestic debt securities		399		162		237		—
Foreign equity securities		169		169		—		—
Foreign debt securities		66		—		66		—
Money market funds held in trading accounts		12		12		—		—
Other trading securities		7		—		7		—
Trading securities – other current assets		26		25		1		—
Long-term investment - BDC		63		—		63		—
Derivatives		26		26		—		—
Total assets	$	1,201	$	827	$	374	$	—
Liabilities:
Contingent consideration	$	19	$	—	$	—	$	19
Derivatives		12		2		10		—
Total liabilities	$	31	$	2	$	10	$	19

	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		29		28		1		—
Long-term investment - BDC		81		—		—		81
Derivatives		11		6		5		—
Total assets	$	1,537	$	1,007	$	449	$	81
Liabilities:
Contingent consideration	$	18	$	—	$	—	$	18
Derivatives		10		5		5		—
Total liabilities	$	28	$	5	$	5	$	18

Schedule of aggregated outstanding notional amounts related to derivative financial instruments

		December 31,
(Millions)	Metric	2022	2021
Commodities:
Grain	Bushels	8	1
Hogs	Pounds	16	—
Soybean oil	Pounds	26	20
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)		2022		2021
Commodities	Cost of sales	$	(45)	$	(20)
Foreign currencies	Cost of sales		(17)		(2)
Foreign currencies	Foreign currency gains (losses), net		6		4
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)		2022		2021			2022		2021
Commodities	Other current assets	$	26	$	6	Other current liabilities	$	2	$	5
Foreign currencies	Other current assets		—		5	Other current liabilities		10		5