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Inventories (Tables) | 6 Months Ended
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Jun. 27, 2020
Inventories |
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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