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Inventories

3 Months Ended

Apr. 04, 2015

Note 3 – Inventories

The following is a summary of inventories at April 4, 2015 and December 31, 2014:

	April 4,			December 31,
(Thousands of dollars)	2015			2014
At lower of LIFO cost or market:
Live hogs and materials	$	216,500		$	208,641
Fresh pork and materials	39,459			28,573
	255,959			237,214
LIFO adjustment	(33,676		)	(36,560		)
Total inventories at lower of LIFO cost or market	222,283			200,654
At lower of FIFO cost or market:
Grains, oilseeds and other commodities	281,286			320,066
Sugar produced and in process	49,574			48,863
Other	62,118			57,344
Total inventories at lower of FIFO cost or market	392,978			426,273
Grain, flour and feed at lower of weighted average cost or market	100,823			109,375
Total inventories	$	716,084		$	736,302

- 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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