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Derivatives and Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 29, 2024
Derivatives and Fair Value of Financial Instruments  
Schedule of assets and liabilities measured at fair value on a recurring basis

June 29,

 

(Millions of dollars)

2024

Level 1

Level 2

Level 3

 

Assets:

Trading securities – short-term investments:

Domestic equity securities

$

211

$

211

$

$

Foreign equity securities

101

101

Domestic debt securities

616

170

446

Foreign debt securities

127

3

124

Money market funds held in trading accounts

 

11

 

11

Other trading securities

6

6

Trading securities – other current assets

17

17

Derivatives

8

6

2

Total assets

$

1,097

$

519

$

578

$

Liabilities:

Derivatives

$

28

$

27

$

1

$

Total liabilities

$

28

$

27

$

1

$

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

June 29,

December 31,

(Millions)

Metric

2024

2023

Commodities:

Grain

Bushels

18

19

Hogs and pork products

Pounds

196

133

Soybean oil

Pounds

59

10

Foreign currencies

U.S. dollar

294

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 

June 29,

December 31,

June 29,

December 31,

(Millions of dollars)

    

    

2024

    

2023

    

    

2024

    

2023

Commodities

 

Other current assets

$

6

$

9

 

Other current liabilities

$

27

$

4

Foreign currencies

 

Other current assets

 

2

 

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

Six Months Ended

June 29,

July 1,

June 29,

July 1,

(Millions of dollars)

    

    

2024

    

2023

    

2024

    

2023

 

Commodities

 

Cost of sales

$

(21)

$

(22)

$

(55)

$

(25)

Foreign currencies

 

Cost of sales

 

5

 

(1)

 

4

 

2

Foreign currencies

 

Foreign currency gains (losses), net

 

3

 

(2)

 

5

 

(4)