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Derivatives and Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivatives and Fair Value of Financial Instruments |
Schedule of assets and liabilities measured at fair value on a recurring basis | ​
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​ | ​ | December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
(Millions of dollars) | ​ | 2023 | ​ | Level 1 | Level 2 | Level 3 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading securities – short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic equity securities | ​ | $ | 143 | ​ | $ | 143 | ​ | $ | — | ​ | $ | — | ​
Foreign equity securities | ​ | ​ | 96 | ​ | ​ | 96 | ​ | ​ | — | ​ | ​ | — | ​
Domestic debt securities | ​ |  | 593 | ​ |  | 173 | ​ |  | 420 | ​ |  | — | ​
Foreign debt securities | ​ | ​ | 120 | ​ | ​ | 3 | ​ | ​ | 117 | ​ | ​ | — | ​
Money market funds held in trading accounts | ​ | ​ | 17 | ​ | ​ | 17 | ​ | ​ | — | ​ | ​ | — | ​
Other trading securities | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | 4 | ​ | ​ | — | ​
Trading securities – other current assets | ​ | ​ | 22 | ​ | ​ | 22 | ​ | ​ | — | ​ | ​ | — | ​
Long-term investment - BDC | ​ |  | 68 | ​ |  | — | ​ |  | 68 | ​ |  | — | ​
Derivatives | ​ | ​ | 12 | ​ | ​ | 9 | ​ | ​ | 3 | ​ | ​ | — | ​
Total assets | ​ | $ | 1,075 | ​ | $ | 463 | ​ | $ | 612 | ​ | $ | — | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | $ | 9 | ​ | $ | 4 | ​ | $ | 5 | ​ | $ | — | ​
Total liabilities | ​ | $ | 9 | ​ | $ | 4 | ​ | $ | 5 | ​ | $ | — | ​
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​ | ​ | December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
(Millions of dollars) | ​ | 2022 | ​ | Level 1 | Level 2 | Level 3 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading securities – short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic equity securities | ​ | $ | 433 | ​ | $ | 433 | ​ | $ | — | ​ | $ | — | ​
Foreign equity securities | ​ | ​ | 169 | ​ | ​ | 169 | ​ | ​ | — | ​ | ​ | — | ​
Domestic debt securities | ​ | ​ | 399 | ​ | ​ | 162 | ​ | ​ | 237 | ​ | ​ | — | ​
Foreign debt securities | ​ | ​ | 66 | ​ | ​ | — | ​ | ​ | 66 | ​ | ​ | — | ​
Money market funds held in trading accounts | ​ | ​ | 12 | ​ | ​ | 12 | ​ | ​ | — | ​ | ​ | — | ​
Other trading securities | ​ |  | 7 | ​ |  | — | ​ |  | 7 | ​ |  | — | ​
Trading securities – other current assets | ​ | ​ | 26 | ​ | ​ | 25 | ​ | ​ | 1 | ​ | ​ | — | ​
Long-term investment - BDC | ​ |  | 63 | ​ |  | — | ​ |  | 63 | ​ |  | — | ​
Derivatives | ​ | ​ | 26 | ​ | ​ | 26 | ​ | ​ | — | ​ | ​ | — | ​
Total assets | ​ | $ | 1,201 | ​ | $ | 827 | ​ | $ | 374 | ​ | $ | — | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contingent consideration | ​ | $ | 19 | ​ | $ | — | ​ | $ | — | ​ | $ | 19 | ​
Derivatives | ​ | ​ | 12 | ​ | ​ | 2 | ​ | ​ | 10 | ​ | ​ | — | ​
Total liabilities | ​ | $ | 31 | ​ | $ | 2 | ​ | $ | 10 | ​ | $ | 19 | ​
Schedule of aggregated outstanding notional amounts related to derivative financial instruments | ​
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​ | ​ | ​ | ​ | ​ | December 31, | ​
(Millions) | ​ | Metric | ​ | ​ | 2023 | ​ | ​ | 2022 | ​
Commodities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Grain | ​ | Bushels | ​ | ​ | 19 | ​ | ​ | 8 | ​
Hogs | ​ | Pounds | ​ | ​ | 133 | ​ | ​ | 16 | ​
Soybean oil | ​ | Pounds | ​ | ​ | 10 | ​ | ​ | 26 | ​
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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(Millions of dollars) |  | ​ |  | 2023 |  | 2022 | ​
Commodities |  | Cost of sales | ​ | $ | (18) | ​ | $ | (45) | ​
Foreign currencies |  | Cost of sales | ​ |  | 6 | ​ |  | (17) | ​
Foreign currencies |  | Foreign currency gains (losses), net | ​ |  | (2) | ​ |  | 6 | ​
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 | ​ | ​ | ​ | Liability
​ | ​ | ​ | ​ | December 31, | ​ | December 31, | ​ | ​ | ​ | December 31, | ​ | December 31,
(Millions of dollars) |  | ​ |  | 2023 |  | 2022 |  | ​ |  | 2023 |  | 2022
Commodities |  | Other current assets | ​ | $ | 9 | ​ | $ | 26 |  | Other current liabilities | ​ | $ | 4 | ​ | $ | 2
Foreign currencies |  | Other current assets | ​ |  | 3 | ​ |  | — |  | Other current liabilities | ​ |  | 5 | ​ |  | 10
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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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