Derivatives and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 30, 2024

Derivatives and Fair Value of Financial Instruments

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

	March 30,
(Millions of dollars)	2024		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic equity securities	$	221	$	221	$	—	$	—
Foreign equity securities		100		100		—		—
Domestic debt securities		603		171		432		—
Foreign debt securities		134		3		131		—
Money market funds held in trading accounts		14		14		—		—
Other trading securities		7		—		7		—
Trading securities – other current assets		17		17		—		—
Derivatives		7		6		1		—
Total assets	$	1,103	$	532	$	571	$	—
Liabilities:
Derivatives	$	16	$	14	$	2	$	—
Total liabilities	$	16	$	14	$	2	$	—

	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	$	—

Schedule of aggregated outstanding notional amounts related to derivative financial instruments

		March 30,	December 31,
(Millions)	Metric	2024	2023
Commodities:
Grain	Bushels	10	19
Hogs and pork products	Pounds	145	133
Soybean oil	Pounds	76	10
Foreign currencies	U.S. dollar	329	152

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
		March 30,		December 31,			March 30,		December 31,
(Millions of dollars)		2024		2023			2024		2023
Commodities	Other current assets	$	6	$	9	Other current liabilities	$	15	$	4
Foreign currencies	Other current assets		1		3	Other current liabilities		1		5

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
		March 30,		April 1,
(Millions of dollars)		2024		2023
Commodities	Cost of sales	$	(34)	$	(3)
Foreign currencies	Cost of sales		(1)		3
Foreign currencies	Foreign currency gains (losses), net		2		(2)