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Derivatives and Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 29, 2025
Derivatives and Fair Value of Financial Instruments  
Schedule of assets and liabilities measured at fair value on a recurring basis

March 29,

 

(Millions of dollars)

2025

Level 1

Level 2

Level 3

 

Assets:

Trading securities – short-term investments:

Domestic equity securities

$

203

$

203

$

$

Foreign equity securities

104

104

Domestic debt securities

 

504

 

16

 

488

Foreign debt securities

 

102

 

8

 

94

Money market funds held in trading accounts

98

98

Other trading securities

 

4

 

 

4

 

Trading securities – other current assets

13

13

Derivatives

4

2

2

Total assets

$

1,032

$

444

$

588

$

Liabilities:

Derivatives

$

23

$

20

$

3

$

Total liabilities

$

23

$

20

$

3

$

December 31,

 

(Millions of dollars)

2024

Level 1

Level 2

Level 3

 

Assets:

Trading securities – short-term investments:

Domestic equity securities

$

205

$

205

$

$

Foreign equity securities

98

98

Domestic debt securities

635

158

477

Foreign debt securities

102

11

91

Money market funds held in trading accounts

 

28

 

28

 

 

Other trading securities

 

7

 

 

7

 

Trading securities – other current assets

17

17

Derivatives

30

17

13

Total assets

$

1,122

$

534

$

588

$

Liabilities:

Derivatives

$

5

$

5

$

$

Total liabilities

$

5

$

5

$

$

Schedule of aggregated outstanding notional amounts related to derivative financial instruments

March 29,

December 31,

(Millions)

Metric

2025

2024

Commodities:

Grain

Bushels

49

33

Hogs and pork products

Pounds

214

134

Soybean oil

Pounds

26

3

Soybean meal

Tons

1

1

Foreign currencies

U.S. dollar

303

334

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

March 29,

December 31,

March 29,

December 31,

(Millions of dollars)

    

    

2025

    

2024

    

    

2025

    

2024

Commodities

 

Other current assets

$

2

$

17

 

Other current liabilities

$

20

$

5

Foreign currencies

Other current assets

2

13

Other current liabilities

3

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

March 29,

March 30,

(Millions of dollars)

    

    

2025

    

2024

 

Commodities

 

Cost of sales

$

(5)

$

(34)

Foreign currencies

Cost of sales

(5)

(1)

Foreign currencies

 

Foreign currency gains (losses), net

 

(6)

 

2