Inventories

6 Months Ended

Jul. 04, 2026

Inventories

Note 3 – Inventories

The following is a summary of inventories:



		July 4,			December 31,
(Millions of dollars)		2026			2025
At lower of FIFO cost and net realizable value (“NRV”):
Hogs and materials		$	491		$	476
Pork products and materials			67			66
Grains, oilseeds and other commodities			559			346
Biofuels and related credits			375			339
Other			107			77
Total inventories at lower of FIFO cost and NRV			1,599			1,304
Grain, flour and feed at lower of weighted average cost and NRV			208			209
Total inventories		$	1,807		$	1,513