XML 32 R12.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Inventories | 12 Months Ended
--- | ---
Dec. 31, 2018
Inventories |
Inventories | Note 4 - Inventories The following table is a summary of inventories at the end of each year:
|  |  | December 31, |
(Millions of dollars) |  |  | 2018 |  | 2017 |
At lower of LIFO cost or market: |  |  |  |  |  |  |  |
Hogs and materials |  |  | $ | 361 |  | $ | 313 |
Fresh pork and materials |  |  |  | 36 |  |  | 28 |
LIFO adjustment |  |  |  | (58) |  |  | (31) |
Total inventories at lower of LIFO cost or market |  |  |  | 339 |  |  | 310 |
At lower of FIFO cost and net realizable value: |  |  |  |  |  |  |  |
Grains, oilseeds and other commodities |  |  |  | 229 |  |  | 253 |
Sugar produced and in process |  |  |  | 17 |  |  | 38 |
Other |  |  |  | 81 |  |  | 90 |
Total inventories at lower of FIFO cost and net realizable value |  |  |  | 327 |  |  | 381 |
Grain, flour and feed at lower of weighted average cost and net realizable value |  |  |  | 149 |  |  | 89 |
Total inventories |  |  | $ | 815 |  | $ | 780 |
The use of the LIFO method for certain inventories of the Pork segment decreased net earnings $20 million ($16.87 per common share) and $6 million ($5.40 per common share) for the years ended December 31, 2018 and 2017, respectively. Net earnings increased $5 million ($3.92 per common share) for the year ended December 31, 2016. If the FIFO method had been used for all inventories of the Pork segment, inventories would have been higher $58 million and $31 million as of December 31, 2018 and 2017, respectively. The LIFO valuation reserve activity for 2018, 2017 and 2016 is as follows:
|  | Balance at |  | Increase |  | Balance at |
(Millions of dollars) |  | beginning of year |  | (decrease) |  | end of year |
Reserve for LIFO Valuation: |  |  |  |  |  |  |  |  |
Year Ended December 31, 2018 |  | $ | 31 |  | 27 |  | $ | 58 |
Year Ended December 31, 2017 |  | $ | 21 |  | 10 |  | $ | 31 |
Year Ended December 31, 2016 |  | $ | 28 |  | (7) |  | $ | 21 |

X
- References No definition available. + Details
Name: | us-gaap_InventoryDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
Name: | us-gaap_InventoryDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration