Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Schedule of amounts paid for interest and income taxes

	Years ended December 31,
(Millions of dollars)	2023		2022		2021
Interest, net of interest capitalized	$	56	$	35	$	10
Income taxes, net of refunds		47		101		104

Schedule of activity within the allowance for credit losses

	Balance at				Balance at
(Millions of dollars)	beginning of year		Provision(a)	Net deductions(b)	end of year
Allowance for Credit Losses:
Year Ended December 31, 2023	$	31	5	(6)	$	30
Year Ended December 31, 2022	$	31	7	(7)	$	31
Year Ended December 31, 2021	$	28	5	(2)	$	31

^(a)Provision amounts are charged to selling, general and administrative expenses.

^(b)Includes write-offs net of recoveries, foreign currency translation adjustments and other adjustments.

Schedule of activity within the allowance for 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, 2023	$	17	2	(3)	$	16
Year Ended December 31, 2022	$	18	—	(1)	$	17
Year Ended December 31, 2021	$	17	1	—	$	18

Schedule of changes in the carrying amount of goodwill

		Pork		CT&M
(Millions of dollars)		Segment		Segment		Total
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
Foreign currency translation		—		6		6
Balance as of December 31, 2023	$	22	$	138	$	160

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

		December 31, 2023						December 31, 2022
		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		(34)		(19)		(53)		(31)		(17)		(48)
Net carrying amount	$	17	$	9	$	26	$	20	$	11	$	31

Schedule of changes in the asset retirement obligation

	December 31,
(Millions of dollars)	2023		2022
Beginning balance	$	32	$	29
Accretion expense		2		2
Liability for additional lagoons		—		1
Ending balance	$	34	$	32