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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Summary of non-cancelable commitments under contractual obligations



	Years ended December 31,
(Millions of dollars)	2025		2026		2027		2028		2029		Thereafter		Totals
Hog procurement contracts ^(a)	$	91	$	64	$	18	$	18	$	—	$	—	$	191
Grain and ingredient commitments ^(b)		133		—		—		—		—		—		133
Grain and freight purchase contracts for resale ^(c)		982		—		—		—		—		—		982
Fuel supply contracts ^(d)		124		74		74		74		74		180		600
Capital expenditures ^(e)		236		—		—		—		—		—		236
Other commitments		68		1		1		1		1		7		79
Total unrecognized non-cancelable commitments	$	1,634	$	139	$	93	$	93	$	75	$	187	$	2,221

(a)

The Pork segment has contracts with third parties for the purchase of hogs to support its operations. For variable costs, the amounts are based on projected market prices as of December 31, 2024.

(b)

The Pork segment enters into grain and ingredient purchase contracts to support its operations. For variable costs, the amounts are based on projected commodity prices as of December 31, 2024.

(c)

The CT&M segment enters into grain and freight purchase contracts, primarily to support firm sales commitments. The amounts are fixed or based on projected commodity prices as of December 31, 2024.

(d)

The Power segment has a natural gas supply contract for a significant portion of the fuel required for EDM III, the most recently constructed barge. Also, the Marine segment has a fuel supply agreement to purchase liquefied natural gas for the first three new build 3,500 TEU dual-fueled vessels. Two vessels were delivered in 2024 and the third vessel was delivered in January 2025. The variable price components are based on market prices as of December 31, 2024.

(e)

The capital expenditures are primarily for the Marine segment’s construction of six vessels expected to be delivered in 2025 and other investments that are expected to be substantially completed in 2025.