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Derivatives and Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Oct. 02, 2021
Derivatives and Fair Value of Financial Instruments |
Schedule of assets and liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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​ |  | Balance |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
​ | ​ | October 2, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
(Millions of dollars) | ​ | 2021 | ​ | Level 1 | Level 2 | Level 3 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading securities – short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic debt securities | ​ | $ | 724 | ​ | $ | 480 | ​ | $ | 244 | ​ | $ | — | ​
Domestic equity securities | ​ |  | 446 | ​ |  | 446 | ​ |  | — | ​ |  | — | ​
Foreign equity securities | ​ | ​ | 192 | ​ | ​ | 192 | ​ | ​ | — | ​ | ​ | — | ​
Foreign debt securities | ​ | ​ | 124 | ​ | ​ | 2 | ​ | ​ | 122 | ​ | ​ | — | ​
Money market funds held in trading accounts | ​ |  | 9 | ​ |  | 9 | ​ | ​ | — | ​ | ​ | — | ​
Other trading securities | ​ | ​ | 22 | ​ | ​ | — | ​ | ​ | 22 | ​ | ​ | — | ​
Trading securities – other current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic equity securities | ​ |  | 14 | ​ |  | 14 | ​ |  | — | ​ |  | — | ​
Money market fund held in trading accounts | ​ | ​ | 6 | ​ | ​ | 6 | ​ |  | — | ​ |  | — | ​
Foreign equity securities | ​ |  | 4 | ​ |  | 4 | ​ |  | — | ​ |  | — | ​
Fixed income mutual funds | ​ |  | 3 | ​ |  | 2 | ​ |  | 1 | ​ |  | — | ​
Long-term investment - BDC | ​ | ​ | 82 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 82 | ​
Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodities | ​ |  | 16 | ​ |  | 16 | ​ |  | — | ​ |  | — | ​
Foreign currencies | ​ |  | 3 | ​ |  | — | ​ |  | 3 | ​ |  | — | ​
Total Assets | ​ | $ | 1,645 | ​ | $ | 1,171 | ​ | $ | 392 | ​ | $ | 82 | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading securities – short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other trading securities | ​ | $ | 1 | ​ | $ | — | ​ | $ | 1 | ​ | $ | — | ​
Contingent consideration | ​ | ​ | 18 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18 | ​
Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodities | ​ | ​ | 11 | ​ | ​ | 11 | ​ | ​ | — | ​ | ​ | — | ​
Foreign currencies | ​ |  | 1 | ​ |  | — | ​ |  | 1 | ​ |  | — | ​
Total Liabilities | ​ | $ | 31 | ​ | $ | 11 | ​ | $ | 2 | ​ | $ | 18 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Balance |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
​ | ​ | December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
(Millions of dollars) | ​ | 2020 | ​ | Level 1 | Level 2 | Level 3 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading securities – short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic equity securities | ​ | $ | 702 | ​ | $ | 702 | ​ | $ | — | ​ | $ | — | ​
Domestic debt securities | ​ | ​ | 496 | ​ | ​ | 196 | ​ | ​ | 300 | ​ | ​ | — | ​
Foreign equity securities | ​ | ​ | 133 | ​ | ​ | 133 | ​ | ​ | — | ​ | ​ | — | ​
Foreign debt securities | ​ | ​ | 68 | ​ | ​ | — | ​ | ​ | 68 | ​ | ​ | — | ​
Money market funds held in trading accounts | ​ | ​ | 47 | ​ | ​ | 47 | ​ | ​ | — | ​ | ​ | — | ​
Other trading securities | ​ |  | 20 | ​ |  | 3 | ​ |  | 17 | ​ |  | — | ​
Trading securities – other current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic equity securities | ​ |  | 14 | ​ |  | 14 | ​ |  | — | ​ |  | — | ​
Money market fund held in trading accounts | ​ | ​ | 6 | ​ | ​ | 6 | ​ | ​ | — | ​ |  | — | ​
Foreign equity securities | ​ |  | 3 | ​ |  | 3 | ​ |  | — | ​ |  | — | ​
Fixed income mutual funds | ​ |  | 3 | ​ |  | 2 | ​ |  | 1 | ​ |  | — | ​
Long-term investment - BDC | ​ |  | 31 | ​ |  | — | ​ |  | — | ​ |  | 31 | ​
Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodities | ​ |  | 28 | ​ |  | 28 | ​ |  | — | ​ |  | — | ​
Interest rate swaps | ​ |  | 1 | ​ |  | — | ​ |  | 1 | ​ |  | — | ​
Total Assets | ​ | $ | 1,552 | ​ | $ | 1,134 | ​ | $ | 387 | ​ | $ | 31 | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading securities – short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other trading securities | ​ | $ | 1 | ​ | $ | — | ​ | $ | 1 | ​ | $ | — | ​
Contingent consideration | ​ | ​ | 16 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16 | ​
Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodities | ​ | ​ | 19 | ​ | ​ | 19 | ​ | ​ | — | ​ | ​ | — | ​
Foreign currencies | ​ |  | 9 | ​ |  | — | ​ |  | 9 | ​ |  | — | ​
Total Liabilities | ​ | $ | 45 | ​ | $ | 19 | ​ | $ | 10 | ​ | $ | 16 | ​
Schedule of aggregated outstanding notional amounts related to derivative financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | October 2, | ​ | December 31,
(Millions) | ​ | Metric | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2021 | ​ | 2020
Commodities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Grain | ​ | Bushels | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 33 | ​ | ​ | 26 | ​
Hogs | ​ | Pounds | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | 2 | ​
Soybean oil | ​ | Pounds | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 10 | ​ | ​ | 56 | ​
Heating oil | ​ | Gallons | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 11 | ​ | ​ | — | ​
Foreign currencies | ​ | U.S. dollar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 92 | ​ | ​ | 49 | ​
Interest rate swaps | ​ | U.S. dollar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | 400 | ​
Equity futures | ​ | U.S. dollar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 14 | ​ | ​ | 3 | ​
Schedule of gain or (loss) for each type of derivative and where it was recognized in the condensed consolidated statements of comprehensive income | ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | ​ | ​ | October 2, | ​ | September 26, | ​ | October 2, | ​ | September 26, | ​
(Millions of dollars) |  | ​ |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
Commodities |  | Cost of sales | ​ | $ | (12) | ​ | $ | 10 | ​ | $ | (32) | ​ | $ | 27 | ​
Foreign currencies |  | Cost of sales | ​ |  | 6 | ​ |  | 2 | ​ |  | 9 | ​ |  | 15 | ​
Foreign currencies |  | Foreign currency gains (losses), net | ​ |  | 1 | ​ |  | (3) | ​ |  | 4 | ​ |  | (2) | ​
Interest rate swaps | ​ | Interest expense | ​ | ​ | (1) | ​ | ​ | — | ​ | ​ | 5 | ​ | ​ | (1) | ​
Equity futures |  | Other investment income (loss), net | ​ |  | (1) | ​ |  | (16) | ​ |  | (1) | ​ | ​ | 7 | ​
Schedule of fair value of each type of derivative derivative held and where each derivative is included in the condensed consolidated balance sheets | ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Asset Derivatives | ​ | ​ | ​ | Liability Derivatives | ​
​ | ​ | ​ | ​ | October 2, | ​ | December 31, | ​ | ​ | ​ | October 2, | ​ | December 31, | ​
(Millions of dollars) |  | ​ |  | 2021 |  | 2020 |  | ​ |  | 2021 |  | 2020 | ​
Commodities |  | Other current assets | ​ | $ | 16 | ​ | $ | 28 |  | Other current liabilities | ​ | $ | 11 | ​ | $ | 19 | ​
Foreign currencies |  | Other current assets | ​ |  | 3 | ​ |  | — |  | Other current liabilities | ​ |  | 1 | ​ |  | 9 | ​
Interest rate swaps | ​ | Other current assets | ​ | ​ | — | ​ | ​ | 1 | ​ | Other current liabilities | ​ | ​ | — | ​ | ​ | — | ​
Equity futures |  | Short-term investments | ​ |  | — | ​ |  | — |  | Short-term investments | ​ |  | — | ​ |  | — | ​

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 + Details
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