Note 3 – Inventories The following is a summary of inventories: | | | | | | | | | | | | | | | | | | April 4, | | December 31, | | (Millions of dollars) | | 2026 | | 2025 | | At lower of FIFO cost and net realizable value (“NRV”): | | | | | | | | Hogs and materials | | $ | 493 | | $ | 476 | | Pork products and materials | | | 67 | | | 66 | | Grains, oilseeds and other commodities | | | 447 | | | 346 | | Biofuels and related credits | | | 418 | | | 339 | | Other | | | 94 | | | 77 | | Total inventories at lower of FIFO cost and NRV | | | 1,519 | | | 1,304 | | Grain, flour and feed at lower of weighted average cost and NRV | | | 202 | | | 209 | | Total inventories | | $ | 1,721 | | $ | 1,513 | |
As of April 4, 2026 and December 31, 2025, Seaboard held production tax credits of $100 million and $66 million, respectively. These credits are able to be monetized upon a sale to a third party. There were no production tax credit sales during the quarter ended April 4, 2026.
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