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Derivatives and Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 27, 2025
Derivatives and Fair Value of Financial Instruments  
Schedule of assets and liabilities measured at fair value on a recurring basis

September 27,

 

(Millions of dollars)

2025

Level 1

Level 2

Level 3

 

Assets:

Trading securities – short-term investments:

Domestic equity securities

$

245

$

245

$

$

Foreign equity securities

121

121

Domestic debt securities

509

14

495

Foreign debt securities

90

7

83

Money market funds held in trading accounts

 

74

 

74

Trading securities – other current assets

15

15

Derivatives

18

16

2

Total assets

$

1,072

$

492

$

580

$

Liabilities:

Derivatives

$

17

$

16

$

1

$

Total liabilities

$

17

$

16

$

1

$

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

September 27,

December 31,

(Millions)

Metric

2025

2024

Commodities:

Grain

Bushels

33

33

Hogs and pork products

Pounds

11

134

Soybean oil

Pounds

19

3

Soybean meal

Tons

1

1

Sugar

Pounds

22

Foreign currencies

U.S. dollar

82

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 

September 27,

December 31,

September 27,

December 31,

(Millions of dollars)

    

    

2025

    

2024

    

    

2025

    

2024

Commodities

 

Other current assets

$

17

$

17

 

Other current liabilities

$

16

$

5

Foreign currencies

 

Other current assets

 

1

 

13

 

Other current liabilities

 

1

 

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 27,

September 28,

September 27,

September 28,

(Millions of dollars)

    

    

2025

    

2024

    

2025

    

2024

 

Commodities

 

Cost of sales

$

3

$

3

$

(11)

$

(52)

Foreign currencies

 

Cost of sales

 

1

 

11

 

(7)

 

15

Foreign currencies

 

Other income, net

 

1

 

(9)

 

(12)

 

(4)