XML 36 R23.htm IDEA: XBRL DOCUMENT v3.25.2
Derivatives and Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 28, 2025
Derivatives and Fair Value of Financial Instruments  
Schedule of assets and liabilities measured at fair value on a recurring basis

June 28,

 

(Millions of dollars)

2025

Level 1

Level 2

Level 3

 

Assets:

Trading securities – short-term investments:

Domestic equity securities

$

239

$

239

$

$

Foreign equity securities

115

115

Domestic debt securities

498

6

492

Foreign debt securities

103

5

98

Money market funds held in trading accounts

 

31

 

31

Trading securities – other current assets

14

14

Derivatives

5

1

4

Total assets

$

1,005

$

411

$

594

$

Liabilities:

Derivatives

$

27

$

23

$

4

$

Total liabilities

$

27

$

23

$

4

$

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

June 28,

December 31,

(Millions)

Metric

2025

2024

Commodities:

Grain

Bushels

32

33

Hogs and pork products

Pounds

40

134

Soybean oil

Pounds

39

3

Soybean meal

Tons

1

1

Foreign currencies

U.S. dollar

118

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 

June 28,

December 31,

June 28,

December 31,

(Millions of dollars)

    

    

2025

    

2024

    

    

2025

    

2024

Commodities

 

Other current assets

$

2

$

17

 

Other current liabilities

$

23

$

5

Foreign currencies

 

Other current assets

 

3

 

13

 

Other current liabilities

 

4

 

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

Six Months Ended

June 28,

June 29,

June 28,

June 29,

(Millions of dollars)

    

    

2025

    

2024

    

2025

    

2024

 

Commodities

 

Cost of sales

$

(9)

$

(21)

$

(14)

$

(55)

Foreign currencies

 

Cost of sales

 

(3)

 

5

 

(8)

 

4

Foreign currencies

 

Other income, net

 

(7)

 

3

 

(13)

 

5