Inventories

3 Months Ended

Apr. 01, 2023

Inventories

Inventories

Note 3 – Inventories

The following is a summary of inventories:

	April 1,		December 31,
(Millions of dollars)	2023		2022
At lower of FIFO cost and net realizable value ("NRV"):
Hogs and materials	$	496	$	538
Pork products and materials		78		75
Grains, oilseeds and other commodities		488		475
Biofuels and related credits		180		221
Other		108		104
Total inventories at lower of FIFO cost and NRV		1,350		1,413
Grain, flour and feed at lower of weighted average cost and NRV		237		257
Total inventories	$	1,587	$	1,670