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Derivatives and Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 28, 2024
Derivatives and Fair Value of Financial Instruments  
Schedule of assets and liabilities measured at fair value on a recurring basis

September 28,

 

(Millions of dollars)

2024

Level 1

Level 2

Level 3

 

Assets:

Trading securities – short-term investments:

Domestic equity securities

$

218

$

218

$

$

Foreign equity securities

108

108

Domestic debt securities

620

156

464

Foreign debt securities

127

7

120

Money market funds held in trading accounts

 

18

 

18

Other trading securities

5

5

Trading securities – other current assets

18

18

Derivatives

20

20

Total assets

$

1,134

$

545

$

589

$

Liabilities:

Derivatives

$

17

$

10

$

7

$

Total liabilities

$

17

$

10

$

7

$

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

September 28,

December 31,

(Millions)

Metric

2024

2023

Commodities:

Grain

Bushels

28

19

Hogs and pork products

Pounds

103

133

Soybean oil

Pounds

26

10

Foreign currencies

U.S. dollar

307

152

Schedule of fair value of each type of derivative derivative held and where each derivative is included in the condensed consolidated balance sheets

Asset 

Liability 

September 28,

December 31,

September 28,

December 31,

(Millions of dollars)

    

    

2024

    

2023

    

    

2024

    

2023

Commodities

 

Other current assets

$

20

$

9

 

Other current liabilities

$

10

$

4

Foreign currencies

 

Other current assets

 

 

3

 

Other current liabilities

 

7

 

5

Schedule of gain or (loss) for each type of derivative and where it was recognized in the condensed consolidated statements of comprehensive income (loss)

Three Months Ended

Nine Months Ended

September 28,

September 30,

September 28,

September 30,

(Millions of dollars)

    

    

2024

    

2023

    

2024

    

2023

 

Commodities

 

Cost of sales

$

3

$

$

(52)

$

(25)

Foreign currencies

 

Cost of sales

 

11

 

1

 

15

 

3

Foreign currencies

 

Foreign currency gains (losses), net

 

(9)

 

4

 

(4)