Derivatives and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic equity securities	$	143	$	143	$	—	$	—
Foreign equity securities		96		96		—		—
Domestic debt securities		593		173		420		—
Foreign debt securities		120		3		117		—
Money market funds held in trading accounts		17		17		—		—
Other trading securities		4		—		4		—
Trading securities – other current assets		22		22		—		—
Long-term investment - BDC		68		—		68		—
Derivatives		12		9		3		—
Total assets	$	1,075	$	463	$	612	$	—
Liabilities:
Derivatives	$	9	$	4	$	5	$	—
Total liabilities	$	9	$	4	$	5	$	—

	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

		December 31,
(Millions)	Metric	2023	2022
Commodities:
Grain	Bushels	19	8
Hogs	Pounds	133	16
Soybean oil	Pounds	10	26

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)		2023		2022
Commodities	Cost of sales	$	(18)	$	(45)
Foreign currencies	Cost of sales		6		(17)
Foreign currencies	Foreign currency gains (losses), net		(2)		6

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
		December 31,		December 31,			December 31,		December 31,
(Millions of dollars)		2023		2022			2023		2022
Commodities	Other current assets	$	9	$	26	Other current liabilities	$	4	$	2
Foreign currencies	Other current assets		3		—	Other current liabilities		5		10