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Inventories

6 Months Ended

Jun. 28, 2014

Note 3 – Inventories

The following is a summary of inventories at June 28, 2014 and December 31, 2013:

	June 28,			December 31,
(Thousands of dollars)	2014			2013
At lower of LIFO cost or market:
Live hogs and materials	$	209,734		$	207,310
Fresh pork and materials	22,513			33,485
	232,247			240,795
LIFO adjustment	(49,140		)	(62,236		)
Total inventories at lower of LIFO cost or market	183,107			178,559
At lower of FIFO cost or market:
Grains, oilseeds and other commodities	350,720			299,229
Sugar produced and in process	41,351			53,325
Other	71,558			74,289
Total inventories at lower of FIFO cost or market	463,629			426,843
Grain, flour and feed at lower of weighted average cost or market	77,900			93,596
Total inventories	$	724,636		$	698,998

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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