Derivatives and Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivatives and Fair Value of Financial Instruments

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

	September 30,
(Millions of dollars)	2023		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic equity securities	$	131	$	131	$	—	$	—
Foreign equity securities		89		89		—		—
Domestic debt securities		450		166		284		—
Foreign debt securities		100		3		97		—
Money market funds held in trading accounts		359		359		—		—
Other trading securities		5		—		5		—
Trading securities – other current assets		21		20		1		—
Long-term investment - BDC		68		—		68		—
Derivatives		16		11		5		—
Total assets	$	1,239	$	779	$	460	$	—
Liabilities:
Derivatives	$	18	$	17	$	1	$	—
Total liabilities	$	18	$	17	$	1	$	—

	December 31,
(Millions of dollars)	2022		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic equity securities	$	433	$	433	$	—	$	—
Foreign equity securities		169		169		—		—
Domestic debt securities		399		162		237		—
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

Schedule of aggregated outstanding notional amounts related to derivative financial instruments

		September 30,	December 31,
(Millions)	Metric	2023	2022
Commodities:
Grain	Bushels	20	8
Hogs	Pounds	155	16
Soybean oil	Pounds	48	26
Sugar	Pounds	22	—
Foreign currencies	U.S. dollar	84	190

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

		Asset					Liability
		September 30,		December 31,			September 30,		December 31,
(Millions of dollars)		2023		2022			2023		2022
Commodities	Other current assets	$	11	$	26	Other current liabilities	$	17	$	2
Foreign currencies	Other current assets		5		—	Other current liabilities		1		10

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

		Three Months Ended				Nine Months Ended
		September 30,		October 1,		September 30,		October 1,
(Millions of dollars)		2023		2022		2023		2022
Commodities	Cost of sales	$	—	$	13	$	(25)	$	(45)
Foreign currencies	Cost of sales		1		(19)		3		(25)
Foreign currencies	Foreign currency gains (losses), net		4		9		—		18