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Derivatives and Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 29, 2024
Derivatives and Fair Value of Financial Instruments |
Schedule of assets and liabilities measured at fair value on a recurring basis | ​
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​ | ​ | June 29, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
(Millions of dollars) | ​ | 2024 | ​ | Level 1 | Level 2 | Level 3 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading securities – short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic equity securities | ​ | $ | 211 | ​ | $ | 211 | ​ | $ | — | ​ | $ | — | ​
Foreign equity securities | ​ | ​ | 101 | ​ | ​ | 101 | ​ | ​ | — | ​ | ​ | — | ​
Domestic debt securities | ​ | ​ | 616 | ​ | ​ | 170 | ​ | ​ | 446 | ​ | ​ | — | ​
Foreign debt securities | ​ | ​ | 127 | ​ | ​ | 3 | ​ | ​ | 124 | ​ | ​ | — | ​
Money market funds held in trading accounts | ​ |  | 11 | ​ |  | 11 | ​ | ​ | — | ​ | ​ | — | ​
Other trading securities | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | — | ​
Trading securities – other current assets | ​ | ​ | 17 | ​ | ​ | 17 | ​ | ​ | — | ​ | ​ | — | ​
Derivatives | ​ | ​ | 8 | ​ | ​ | 6 | ​ | ​ | 2 | ​ | ​ | — | ​
Total assets | ​ | $ | 1,097 | ​ | $ | 519 | ​ | $ | 578 | ​ | $ | — | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | $ | 28 | ​ | $ | 27 | ​ | $ | 1 | ​ | $ | — | ​
Total liabilities | ​ | $ | 28 | ​ | $ | 27 | ​ | $ | 1 | ​ | $ | — | ​
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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 | ​ | $ | — | ​
Schedule of aggregated outstanding notional amounts related to derivative financial instruments | ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | June 29, | ​ | December 31,
(Millions) | ​ | Metric | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2024 | ​ | 2023
Commodities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Grain | ​ | Bushels | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 18 | ​ | ​ | 19 | ​
Hogs and pork products | ​ | Pounds | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 196 | ​ | ​ | 133 | ​
Soybean oil | ​ | Pounds | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 59 | ​ | ​ | 10 | ​
Foreign currencies | ​ | U.S. dollar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 294 | ​ | ​ | 152 | ​
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 | ​
​ | ​ | ​ | ​ | June 29, | ​ | December 31, | ​ | ​ | ​ | June 29, | ​ | December 31, | ​
(Millions of dollars) |  | ​ |  | 2024 |  | 2023 |  | ​ |  | 2024 |  | 2023 | ​
Commodities |  | Other current assets | ​ | $ | 6 | ​ | $ | 9 |  | Other current liabilities | ​ | $ | 27 | ​ | $ | 4 | ​
Foreign currencies |  | Other current assets | ​ |  | 2 | ​ |  | 3 |  | Other current liabilities | ​ |  | 1 | ​ |  | 5 | ​
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 | ​ | Six Months Ended | ​
​ | ​ | ​ | ​ | June 29, | ​ | July 1, | ​ | June 29, | ​ | July 1, | ​
(Millions of dollars) |  | ​ |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Commodities |  | Cost of sales | ​ | $ | (21) | ​ | $ | (22) | ​ | $ | (55) | ​ | $ | (25) | ​
Foreign currencies |  | Cost of sales | ​ |  | 5 | ​ |  | (1) | ​ |  | 4 | ​ |  | 2 | ​
Foreign currencies |  | Foreign currency gains (losses), net | ​ |  | 3 | ​ |  | (2) | ​ |  | 5 | ​ |  | (4) | ​
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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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + 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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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