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Inventories | 6 Months Ended
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Jun. 27, 2020
Inventories |
Inventories | Note 3 – Inventories The following is a summary of inventories: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 27, | ​ | December 31, |
(Millions of dollars) |  | 2020 |  | 2019 | ​
At lower of last-in, first-out ("LIFO") cost or market: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hogs and materials | ​ | $ | 402 | ​ | $ | 387 | ​
Fresh pork and materials | ​ |  | 37 | ​ |  | 46 | ​
LIFO adjustment | ​ |  | (61) | ​ |  | (64) | ​
Total inventories at lower of LIFO cost or market | ​ |  | 378 | ​ |  | 369 | ​
At lower of first-in, first-out ("FIFO") cost and net realizable value ("NRV"): | ​ | ​ | ​ | ​ | ​ | ​ | ​
Grains, oilseeds and other commodities | ​ |  | 325 | ​ |  | 353 | ​
Sugar produced and in process | ​ |  | 36 | ​ |  | 17 | ​
Other | ​ |  | 102 | ​ |  | 109 | ​
Total inventories at lower of FIFO cost and NRV | ​ |  | 463 | ​ |  | 479 | ​
Grain, flour and feed at lower of weighted average cost and NRV | ​ |  | 148 | ​ |  | 174 | ​
Total inventories | ​ | $ | 989 | ​ | $ | 1,022 | ​
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- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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