Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Summary of non-cancelable commitments under contractual obligations

	Years ended December 31,
(Millions of dollars)	2024		2025		2026		2027		2028		Thereafter		Totals
Hog procurement contracts (a)	$	67	$	56	$	55	$	—	$	—	$	—	$	178
Grain and feedstock commitments (b)		236		4		3		—		—		—		243
Grain purchase contracts for resale (c)		701		1		—		—		—		—		702
Fuel supply contracts (d)		104		68		68		68		69		235		612
Capital expenditures (e)		261		175		—		—		—		—		436
Other commitments		161		1		1		1		1		8		173
Total unrecognized non-cancelable commitments	$	1,530	$	305	$	127	$	69	$	70	$	243	$	2,344

(a) The Pork segment has a contract with a third party for the purchase of hogs to support its operations. The amounts are based on projected market prices as of December 31, 2023.

(b) The Pork segment enters into grain purchase and feedstock contracts to support its operations. For variable costs, the amounts are based on projected commodity prices as of December 31, 2023.

(c) The CT&M segment enters into grain purchase contracts, primarily to support firm sales commitments. The amounts are fixed or based on projected commodity prices as of December 31, 2023.

(d) The Power segment has a natural gas supply contract for a significant portion of the fuel required for EDM III, the most recently constructed barge. Also, the Marine segment has a fuel supply agreement to purchase natural gas for three vessels under construction. The variable price components are based on market prices as of December 31, 2023.

(e) The capital expenditures are primarily for the Marine segment’s construction of eight vessels with expected delivery of three in 2024 and five in 2025 and the Pork segment’s renewable biogas recovery projects and other investments that are expected to be substantially completed in 2024. The amounts are based on milestones per respective contracts.