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SEB Seaboard

Document and Entity Information

Document and Entity Information - shares6 Months Ended
Jun. 27, 2020Jul. 21, 2020
Document and Entity Information
Document Type10-Q
Document Quarterly Reporttrue
Document Transition Reportfalse
Document Period End DateJun. 27,
2020
Entity File Number1-3390
Entity Registrant NameSeaboard Corporation
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number04-2260388
Entity Address, Address Line One9000 West 67th Street
Entity Address, City or TownMerriam
Entity Address, State or ProvinceKS
Entity Address, Postal Zip Code66202
City Area Code913
Local Phone Number676-8800
Title of 12(b) SecurityCommon Stock $1.00 Par Value
Trading SymbolSEB
Security Exchange NameNYSEAMER
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding1,160,779
Entity Central Index Key0000088121
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2020
Document Fiscal Period FocusQ2
Amendment Flagfalse

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2020Jun. 29, 2019Jun. 27, 2020Jun. 29, 2019
Net sales:
Total net sales $ 1,808 $ 1,822 $ 3,491 $ 3,365
Cost of sales and operating expenses:
Total cost of sales and operating expenses1,717 1,686 3,265 3,179
Gross income91 136 226 186
Selling, general and administrative expenses80 83 152 167
Operating income11 53 74 19
Other income (expense):
Interest expense(6)(12)(11)(18)
Interest income4 8 11 15
Loss from affiliates(17)(16)(21)(34)
Other investment income (loss), net128 37 (97)150
Foreign currency gains (losses), net(5)(1)(16)2
Miscellaneous, net1 2
Total other income (expense), net105 16 (132)115
Earnings (loss) before income taxes116 69 (58)134
Income tax expense(142)(11)(71)(19)
Net earnings (loss)(26)58 (129)115
Less: Net loss attributable to noncontrolling interests0 0 0 0
Net earnings (loss) attributable to Seaboard $ (26) $ 58 $ (129) $ 115
Earnings (loss) per common share $ (22.35) $ 50.13 $ (110.88) $ 98.92
Average number of shares outstanding (in shares)1,160,779 1,165,740 1,162,307 1,166,575
Other comprehensive income (loss), net of income tax expense of $1, $0, $1 and $0:
Foreign currency translation adjustment $ (19) $ (9) $ (16) $ (11)
Unrecognized pension cost3 2 6
Other comprehensive loss, net of tax(19)(6)(14)(5)
Comprehensive income (loss)(45)52 (143)110
Less: Comprehensive loss attributable to noncontrolling interests0 0 0 0
Comprehensive income (loss) attributable to Seaboard(45)52 (143)110
Products
Net sales:
Total net sales1,589 1,513 2,971 2,758
Cost of sales and operating expenses:
Total cost of sales and operating expenses1,518 1,422 2,796 2,652
Services
Net sales:
Total net sales206 275 489 544
Cost of sales and operating expenses:
Total cost of sales and operating expenses185 238 441 478
Other
Net sales:
Total net sales13 34 31 63
Cost of sales and operating expenses:
Total cost of sales and operating expenses $ 14 $ 26 $ 28 $ 49

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2020Jun. 29, 2019Jun. 27, 2020Jun. 29, 2019
Other comprehensive income (loss), income tax expense $ 1 $ 0 $ 1 $ 0
Products
Sales to affiliates332 357 591 677
Services
Sales to affiliates $ 6 $ 4 $ 12 $ 8

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in MillionsJun. 27, 2020Dec. 31, 2019
Current assets:
Cash and cash equivalents $ 79 $ 125
Short-term investments1,178 1,434
Receivables, net551 646
Inventories989 1,022
Other current assets117 123
Total current assets2,914 3,350
Property, plant and equipment, net1,479 1,431
Operating lease right of use assets, net429 446
Investments in and advances to affiliates706 735
Goodwill163 164
Other non-current assets182 159
Total assets5,873 6,285
Current liabilities:
Lines of credit220 246
Current maturities of long-term debt82 62
Accounts payable189 368
Deferred revenue44 80
Operating lease liabilities113 104
Other current liabilities374 329
Total current liabilities1,022 1,189
Long-term debt, less current maturities687 730
Deferred income taxes29 76
Long-term income tax liability62 62
Long-term operating lease liabilities354 379
Other liabilities329 295
Total non-current liabilities1,461 1,542
Commitments and contingent liabilities
Stockholders' equity:
Common stock of $1 par value. Authorized 1,250,000 shares; issued and outstanding 1,160,779 shares in 2020 and 1,164,848 shares in 20191 1
Accumulated other comprehensive loss(454)(440)
Retained earnings3,833 3,983
Total Seaboard stockholders' equity3,380 3,544
Noncontrolling interests10 10
Total equity3,390 3,554
Total liabilities and stockholders' equity $ 5,873 $ 6,285

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / sharesJun. 27, 2020Dec. 31, 2019
Condensed Consolidated Balance Sheets
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, authorized shares1,250,000 1,250,000
Common stock, issued shares1,160,779 1,164,848
Common stock, outstanding shares1,160,779 1,164,848

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions6 Months Ended
Jun. 27, 2020Jun. 29, 2019
Cash flows from operating activities:
Net earnings (loss) $ (129) $ 115
Adjustments to reconcile net earnings (loss) to cash from operating activities:
Depreciation and amortization72 68
Deferred income taxes(47)8
Loss from affiliates21 34
Dividends received from affiliates7 2
Other investment loss (income), net97 (150)
Other, net22 6
Changes in assets and liabilities:
Receivables, net of allowance86 (3)
Inventories22 (54)
Other assets5 32
Other liabilities, exclusive of debt(156)(19)
Net cash from operating activities39
Cash flows from investing activities:
Purchase of short-term investments(311)(733)
Proceeds from the sale of short-term investments464 617
Proceeds from the maturity of short-term investments20 164
Capital expenditures(108)(156)
Investments in and advances to affiliates, net(5)(11)
Purchase of long-term investments(38)(9)
Other, net1 2
Net cash from investing activities23 (126)
Cash flows from financing activities:
Lines of credit, net(22)13
Proceeds from long-term debt7 31
Principal payments of long-term debt(31)(20)
Repurchase of common stock(13)(14)
Dividends paid(5)(5)
Other, net(4)(2)
Net cash from financing activities(68)3
Effect of exchange rate changes on cash and cash equivalents(1)0
Net change in cash and cash equivalents(46)(84)
Cash and cash equivalents at beginning of year125 194
Cash and cash equivalents at end of period $ 79 $ 110

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in MillionsCommon StockAccumulated Other Comprehensive LossRetained EarningsNoncontrolling InterestTotal
Balances at Dec. 31, 2018 $ 1 $ (410) $ 3,727 $ 11 $ 3,329
Increase (Decrease) in Stockholders' Equity
Reduction to noncontrolling interests(1)(1)
Comprehensive income (loss):
Net earnings (loss)57 57
Other comprehensive income (loss), net of tax1 1
Repurchase of common stock(13)(13)
Dividends on common stock(3)(3)
Balances at Mar. 30, 20191 (409)3,768 10 3,370
Balances at Dec. 31, 20181 (410)3,727 11 3,329
Comprehensive income (loss):
Net earnings (loss)115
Other comprehensive income (loss), net of tax(5)
Balances at Jun. 29, 20191 (415)3,823 10 3,419
Balances at Mar. 30, 20191 (409)3,768 10 3,370
Comprehensive income (loss):
Net earnings (loss)58 58
Other comprehensive income (loss), net of tax(6)(6)
Repurchase of common stock(1)(1)
Dividends on common stock(2)(2)
Balances at Jun. 29, 20191 (415)3,823 10 3,419
Balances at Dec. 31, 20191 (440)3,983 10 3,554
Comprehensive income (loss):
Net earnings (loss)(103)(103)
Other comprehensive income (loss), net of tax5 5
Repurchase of common stock(13)(13)
Dividends on common stock(3)(3)
Balances at Mar. 28, 20201 (435)3,861 10 3,437
Balances at Dec. 31, 20191 (440)3,983 10 3,554
Comprehensive income (loss):
Net earnings (loss)(129)
Other comprehensive income (loss), net of tax(14)
Balances at Jun. 27, 20201 (454)3,833 10 3,390
Increase (Decrease) in Stockholders' Equity
Adoption of accounting guidance(3)(3)
Balances at Mar. 28, 20201 (435)3,861 10 3,437
Comprehensive income (loss):
Net earnings (loss)(26)(26)
Other comprehensive income (loss), net of tax(19)(19)
Dividends on common stock(2)(2)
Balances at Jun. 27, 2020 $ 1 $ (454) $ 3,833 $ 10 $ 3,390

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares3 Months Ended
Jun. 27, 2020Mar. 28, 2020Jun. 29, 2019Mar. 30, 2019
Condensed Consolidated Statements of Changes in Equity
Dividends on common stock (in dollars per share) $ 2.25 $ 2.25 $ 2.25 $ 2.25

Accounting Policies and Basis o

Accounting Policies and Basis of Presentation6 Months Ended
Jun. 27, 2020
Accounting Policies and Basis of Presentation
Accounting Policies and Basis of PresentationNote 1 – Accounting Policies and Basis of Presentation The condensed consolidated financial statements include the accounts of Seaboard Corporation and its domestic and foreign subsidiaries (“Seaboard”). All significant intercompany balances and transactions have been eliminated in consolidation. Seaboard’s investments in non-consolidated affiliates are accounted for by the equity method. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of Seaboard for the year ended December 31, 2019 as filed in its annual report on Form 10-K. Seaboard’s first three quarterly periods include approximately 13 weekly periods ending on the Saturday closest to the end of March, June and September. Seaboard’s year-end is December 31. The accompanying unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) that, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and cash flows. Except for new guidance adopted prospectively as discussed below, Seaboard has consistently applied all accounting policies as disclosed in the annual report on Form 10-K to all periods presented in these condensed consolidated financial statements. Results of operations for interim periods are not necessarily indicative of results to be expected for a full year. As Seaboard conducts its commodity trading business with third parties, consolidated subsidiaries and non-consolidated affiliates on an interrelated basis, gross margin on non-consolidated affiliates cannot be clearly distinguished without making numerous assumptions primarily with respect to marked-to-market accounting for commodity derivatives. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include those related to allowance for credit losses on receivables, valuation of inventories, impairment of long-lived assets, intangibles and goodwill, potential write-down related to investments in and advances to affiliates and notes receivable from affiliates, income taxes, lease liabilities and right of use (“ROU”) assets and accrued pension liability. Actual results could differ from those estimates. Supplemental Cash Flow Information The following table includes supplemental cash and non-cash information related to leases. Seaboard reports the amortization of ROU assets and changes in operating lease liabilities in other liabilities, exclusive of debt in the condensed consolidated statements of cash flows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ Six months ended ​ ​ ​ ​ June 27, ​ June 29, ​ ​ June 27, ​ June 29, ​ (Millions of dollars) ​ ​ ​ 2020 ​ ​ 2019 ​ ​ ​ 2020 ​ ​ 2019 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $ 36 ​ $ 35 ​ ​ $ 71 ​ $ 67 ​ Operating cash flows from finance leases ​ ​ ​ 1 ​ ​ 1 ​ ​ ​ 2 ​ ​ 1 ​ Financing cash flows from finance leases ​ ​ ​ 2 ​ ​ — ​ ​ ​ 3 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ROU assets obtained in exchange for new operating lease liabilities ​ ​ $ 5 ​ $ 12 ​ ​ $ 43 ​ $ 42 ​ Finance ROU assets obtained in exchange for new finance lease liabilities ​ ​ ​ 19 ​ ​ 16 ​ ​ ​ 27 ​ ​ 17 ​ ​ Leases Seaboard’s operating lease assets and liabilities are reported separately in the condensed consolidated balance sheets. The classification of Seaboard’s finance leases in the condensed consolidated balance sheets was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ December 31, ​ (Millions of dollars) ​ ​ 2020 ​ 2019 ​ Finance lease ROU assets, net Property, plant and equipment, net ​ $ 74 ​ $ 50 ​ Finance lease liabilities Other current liabilities ​ ​ 7 ​ ​ 5 ​ Non-current finance lease liabilities Other liabilities ​ ​ 62 ​ ​ 40 ​ ​ Goodwill and Other Intangible Assets The decrease in the carrying amount of goodwill was due to a $(1) million acquisition related adjustment in the Commodity Trading and Milling (“CT&M”) segment. See Note 10 for further information on this acquisition-related adjustment. As of June 27, 2020, intangible assets, included in other non-current assets, were $55 million, net of accumulated amortization of $12 million. Amortization expense was $2 million and $4 million and foreign currency exchange adjustments were $0 million and ($1) million for the three and six month periods ended June 27, 2020, respectively. Accounting Standard Adopted During 2020 On January 1, 2020, Seaboard adopted guidance which requires the use of a new current expected credit loss model in order to determine the allowance for credit losses with respect to accounts receivable and notes receivable, among other financial instruments. This model estimates the lifetime of expected credit loss based on historical experience, current conditions and reasonable supportable forecasts and replaces the existing incurred loss model. As a result of this adoption, Seaboard recorded a cumulative-effect adjustment of $3 million on January 1, 2020 Seaboard used the loss-rate method in developing its allowance for credit losses, which involved identifying pools of assets with similar risk characteristics, reviewing historical losses within the last five years and consideration for any reasonable supportable forecasts of economic indicators. Seaboard endeavors to minimize credit risk due to credit granting policies, relationships established with its customers and relatively short billing and collection cycles. Management monitors the credit quality of its different receivable types by frequent customer discussions, following economic and industry trends and specific customer data. Changes in estimates, developing trends and other new information can have a material effect on future evaluations. Recently Issued Accounting Standard Not Yet Adopted In December 2019, the Financial Accounting Standards Board issued guidance which simplifies the accounting for income taxes by removing certain exceptions to the general principles and improves consistent application of GAAP for other areas by clarifying and amending existing guidance. This guidance is effective for Seaboard on January 1, 2021. Seaboard is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on its financial statements and disclosures.

Investments

Investments6 Months Ended
Jun. 27, 2020
Investments
InvestmentsNote 2 – Investments The following is a summary of the estimated fair value of short-term investments classified as trading securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ December 31, (Millions of dollars) 2020 ​ 2019 Domestic equity securities ​ $ 546 ​ $ 706 ​ Domestic debt securities ​ ​ 389 ​ ​ 409 ​ Foreign equity securities ​ 100 ​ 189 ​ Foreign debt securities ​ ​ 54 ​ ​ 43 ​ High yield securities ​ ​ 46 ​ ​ 56 ​ Money market funds held in trading accounts ​ ​ 24 ​ ​ 12 ​ Collateralized loan obligations ​ 14 ​ 15 ​ Other trading securities ​ ​ 5 ​ ​ 4 ​ Total trading short-term investments ​ $ 1,178 ​ $ 1,434 ​ ​ The change in unrealized gains (losses) related to trading securities still held at the end of the respective reporting period was $113 million and $(97) million for the three and six months ended June 27, 2020, respectively, and $38 million and $126 million for the three and six months ended June 29, 2019, respectively. Seaboard had no

Inventories

Inventories6 Months Ended
Jun. 27, 2020
Inventories
InventoriesNote 3 – Inventories The following is a summary of inventories: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ December 31, (Millions of dollars) 2020 2019 ​ At lower of last-in, first-out ("LIFO") cost or market: ​ ​ ​ ​ ​ ​ ​ Hogs and materials ​ $ 402 ​ $ 387 ​ Fresh pork and materials ​ 37 ​ 46 ​ LIFO adjustment ​ (61) ​ (64) ​ Total inventories at lower of LIFO cost or market ​ 378 ​ 369 ​ At lower of first-in, first-out ("FIFO") cost and net realizable value ("NRV"): ​ ​ ​ ​ ​ ​ ​ Grains, oilseeds and other commodities ​ 325 ​ 353 ​ Sugar produced and in process ​ 36 ​ 17 ​ Other ​ 102 ​ 109 ​ Total inventories at lower of FIFO cost and NRV ​ 463 ​ 479 ​ Grain, flour and feed at lower of weighted average cost and NRV ​ 148 ​ 174 ​ Total inventories ​ $ 989 ​ $ 1,022 ​ ​

Lines of Credit, Long-Term Debt

Lines of Credit, Long-Term Debt, Commitments and Contingencies6 Months Ended
Jun. 27, 2020
Lines of Credit, Long-term Debt, Commitments and Contingencies
Lines of Credit, Long-Term Debt, Commitments and ContingenciesNote 4 – Debt and Commitments and Contingencies The outstanding balances under uncommitted and committed lines of credit were $220 million and $0 million, respectively, as of June 27, 2020. Of the outstanding balance, $126 million was denominated in foreign currencies with $93 million denominated in the South African rand, $23 million denominated in the Canadian dollar, $8 million denominated in the Argentine peso and $2 million denominated in the euro. The outstanding balances under uncommitted and committed lines of credit were $246 million and $0 million, respectively, as of December 31, 2019. The weighted average interest rates for outstanding lines of credit were 4.32% and 5.79% as of June 27, 2020 and December 31, 2019, respectively. During the second quarter of 2020, Seaboard entered into two committed revolving credit agreements, which provide for an unsecured $250 million line of credit with a $100 million accordion option maturing May 20, 2021, and a $75 million line of credit secured by certain short-term investments maturing September 25, 2020. Draws bear interest based on LIBOR plus a spread. Seaboard incurs unused commitment fees of 0.20% to 0.75% per annum. Long-term debt includes borrowings under term loans and other contractual obligations for payment, including notes payable. The following is a summary of long-term debt: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ December 31, (Millions of dollars) ​ ​ 2020 ​ 2019 Term Loan due 2028 ​ $ 690 ​ $ 691 ​ Foreign subsidiary obligations ​ ​ 80 ​ ​ 102 ​ Total long-term debt at face value ​ ​ 770 ​ ​ 793 ​ Current maturities of long-term debt and unamortized discount and costs ​ ​ (83) ​ ​ (63) ​ Long-term debt, less current maturities and unamortized discount and costs ​ $ 687 ​ $ 730 ​ ​ The interest rate on the Term Loan due 2028 was 1.80% and 3.42% as of June 27, 2020 and December 31, 2019, respectively. The weighted average interest rate on Seaboard’s foreign subsidiary obligations was 3.28% and 3.50% as of June 27, 2020 and December 31, 2019, respectively. Seaboard was in compliance with all restrictive debt covenants as of June 27, 2020. Legal Proceedings On June 28, 2018, Wanda Duryea and eleven other indirect purchasers of pork products, acting on behalf of themselves and a putative class of indirect purchasers of pork products, filed a class action complaint in the U.S. District Court for the District of Minnesota (the “District Court”) against several pork processors, including Seaboard Foods LLC and Agri Stats, Inc., a company described in the complaint as a data sharing service. Subsequent to the filing of this initial complaint, additional class action complaints making similar claims on behalf of putative classes of direct and indirect purchasers were filed in the District Court. The complaints were amended and consolidated for pre-trial purposes, into three consolidated putative class actions brought on behalf of (a) direct purchasers, (b) consumer indirect purchasers and (c) commercial and institutional indirect purchasers. The amended complaints named Seaboard Corporation as an additional defendant. The consolidated actions are styled In re Pork Antitrust Litigation. Subsequent to the original filings, two additional actions making similar claims, including one by the Commonwealth of Puerto Rico, were brought in or transferred to the District Court. The complaints alleged, among other things, that beginning in January 2009, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of pork products in violation of U.S. antitrust laws by coordinating their output and limiting production, allegedly facilitated by the exchange of non-public information about prices, capacity, sales volume and demand through Agri Stats, Inc. The complaints on behalf of the putative classes of indirect purchasers also included causes of action under various state laws, including state antitrust laws, unfair competition laws, consumer protection statutes and state common law claims for unjust enrichment. The complaints also alleged that the defendants concealed this conduct from the plaintiffs and the members of the putative classes. The relief sought in the respective complaints includes treble damages, injunctive relief, pre- and post-judgment interest, costs and attorneys’ fees on behalf of the putative classes. On August 8, 2019, the District Court granted defendants’ motion to dismiss the class action cases while giving the plaintiffs leave to amend. The classes and the other two plaintiffs filed amended complaints in November and December 2019. In addition to amending the original claims, the consumer indirect purchasers have asserted a new claim alleging that the exchange of information by defendants through Agri Stats Inc. unreasonably restrained trade. On January 15, 2020, the defendants, including Seaboard, moved to dismiss the amended complaints. Seaboard intends to defend these cases vigorously. It is impossible at this stage either to determine the probability of a favorable or unfavorable outcome resulting from these suits, or to reasonably estimate the amount of potential loss or range of potential loss, if any, resulting from the suits. On March 20, 2018, the bankruptcy trustee (the “Trustee”) for Cereoil Uruguay S.A. (“Cereoil”) filed a suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018 naming as parties Seaboard and Seaboard’s subsidiaries, Seaboard Overseas Limited (“SOL”) and Seaboard Uruguay Holdings Ltd. (“Seaboard Uruguay”). Seaboard has a 45% indirect ownership of Cereoil. The suit seeks an order requiring Seaboard, SOL and Seaboard Uruguay to reimburse Cereoil the amount of $22 million, contending that deliveries of soybeans to SOL pursuant to purchase agreements should be set aside as fraudulent conveyances. Seaboard intends to defend this case vigorously. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the event of an adverse ruling, Seaboard and its two subsidiaries could be ordered to pay the amount of $22 million. Any award in this case would offset against any award in the additional case described below filed by the Trustee on April 27, 2018. On April 27, 2018, the Trustee for Cereoil filed another suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018 naming as parties Seaboard, SOL, Seaboard Uruguay, all directors of Cereoil, including two individuals employed by Seaboard who served as directors at the behest of Seaboard, and the Chief Financial Officer of Cereoil, an employee of Seaboard who also served at the behest of Seaboard (collectively, the “Cereoil Defendants”). The Trustee contends that the Cereoil Defendants acted with willful misconduct to cause Cereoil’s insolvency, and thus should be ordered to pay all liabilities of Cereoil, net of assets. The bankruptcy filing lists total liabilities of $53 million and assets of $30 million. Seaboard intends to defend this case vigorously. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the event of an adverse ruling, Seaboard and the other Cereoil Defendants could be ordered to pay the amount of the net indebtedness of Cereoil, which based on the bankruptcy schedules would total $23 million. It is possible that the net indebtedness could be higher than this amount if Cereoil’s liabilities are greater than $53 million and/or Cereoil’s assets are worth less than $30 million. In addition, in the event of an adverse ruling, the Bankruptcy Court of First Instance could order payment of the Trustee’s professional fees, interest, and other expenses. Any award in this case would offset against any award in the case described above filed on March 20, 2018. A creditor of Cereoil which has a claim in the bankruptcy proceeding pending in Uruguay of approximately $10 million, plus accrued interest, has threatened to bring legal action in the U.S. against Seaboard alleging on various legal theories that Seaboard is responsible for this same indebtedness. Seaboard will vigorously defend this action should it be brought. On May 15, 2018, the Trustee for Nolston S.A. (“Nolston”) filed a suit in the Bankruptcy Court of First Instance in Uruguay that was served during the second quarter of 2018 naming as parties Seaboard and the other Cereoil Defendants. Seaboard has a 45% indirect ownership of Nolston. The Trustee contends that the Cereoil Defendants acted with willful misconduct to cause Nolston’s insolvency, and thus should be ordered to pay all liabilities of Nolston, net of assets. The bankruptcy filing lists total liabilities of $29 million and assets of $15 million. Seaboard intends to defend this case vigorously. It is impossible at this stage to determine the probability of a favorable or unfavorable outcome resulting from this suit. In the event of an adverse ruling, Seaboard and the other Cereoil Defendants could be ordered to pay the amount of the net indebtedness of Nolston, which based on the bankruptcy schedules would total $14 million. It is possible that the net indebtedness could be higher than this amount if Nolston’s liabilities are greater than $29 million and/or Nolston’s assets are worth less than $15 million. In addition, in the event of an adverse ruling, the Bankruptcy Court of First Instance could order payment of the Trustee’s professional fees, interest, and other expenses. Seaboard is subject to various administrative and judicial proceedings and other legal matters related to the normal conduct of its business. In the opinion of management, the ultimate resolution of these items is not expected to have a material adverse effect on the condensed consolidated financial statements of Seaboard. Guarantees Certain of the non-consolidated affiliates and third-party contractors who perform services for Seaboard have bank debt supporting their underlying operations. From time to time, Seaboard will provide guarantees of that debt in order to further Seaboard’s business objectives. Seaboard does not issue guarantees of third parties for compensation. As of June 27, 2020, guarantees outstanding to affiliates and third parties were not material. Seaboard has not accrued a liability for any of the affiliate or third-party guarantees as management considers the likelihood of loss to be remote .

Employee Benefits

Employee Benefits6 Months Ended
Jun. 27, 2020
Employee Benefits
Employee BenefitsNote 5 – Employee Benefits Seaboard has a defined benefit pension plan for certain domestic salaried and clerical employees. At this time, no contributions are expected to be made to the plan in 2020. Seaboard also sponsors non-qualified, unfunded supplemental executive plans, and has certain individual, non-qualified, unfunded supplemental retirement agreements for certain retired employees. Management has no plans to provide funding for these supplemental plans in advance of when the benefits are paid. The net periodic benefit cost for all of these plans was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 27, ​ June 29, ​ June 27, ​ June 29, (Millions of dollars) 2020 2019 2020 2019 Components of net periodic benefit cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 2 ​ $ 2 ​ $ 5 ​ $ 4 ​ Interest cost ​ 3 ​ 3 ​ 6 ​ 6 ​ Expected return on plan assets ​ (3) ​ (3) ​ (6) ​ (5) ​ Amortization and other ​ 3 ​ 3 ​ 6 ​ 4 ​ Net periodic benefit cost ​ $ 5 ​ $ 5 ​ $ 11 ​ $ 9 ​ ​

Derivatives and Fair Value of F

Derivatives and Fair Value of Financial Instruments6 Months Ended
Jun. 27, 2020
Derivatives and Fair Value of Financial Instruments
Derivatives and Fair Value of Financial InstrumentsNote 6 – Derivatives and Fair Value of Financial Instruments The following tables shows assets and liabilities measured at fair value on a recurring basis as of June 27, 2020 and December 31, 2019, and also the level within the fair value hierarchy used to measure each category of assets and liabilities. The trading securities classified as other current assets below are assets held for Seaboard’s deferred compensation plans. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2020 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 546 ​ $ 546 ​ $ — ​ $ — ​ Domestic debt securities ​ 389 ​ 121 ​ 268 ​ — ​ Foreign equity securities ​ ​ 100 ​ ​ 100 ​ ​ — ​ ​ — ​ Foreign debt securities ​ ​ 54 ​ ​ — ​ ​ 54 ​ ​ — ​ High yield securities ​ ​ 46 ​ ​ 7 ​ ​ 39 ​ ​ — ​ Money market funds held in trading accounts ​ 24 ​ 24 ​ ​ — ​ ​ — ​ Collateralized loan obligations ​ ​ 14 ​ ​ — ​ ​ 14 ​ ​ — ​ Other trading securities ​ ​ 5 ​ ​ 4 ​ ​ 1 ​ ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 40 ​ 40 ​ — ​ — ​ Money market fund held in trading accounts ​ ​ 6 ​ ​ 6 ​ — ​ — ​ Foreign equity securities ​ 2 ​ 2 ​ — ​ — ​ Fixed income securities ​ 2 ​ 2 ​ — ​ — ​ Long-term investments ​ ​ 29 ​ ​ — ​ ​ — ​ ​ 29 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ 9 ​ 9 ​ — ​ — ​ Total Assets ​ $ 1,266 ​ $ 861 ​ $ 376 ​ $ 29 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 15 ​ $ — ​ $ — ​ $ 15 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ ​ 2 ​ ​ 2 ​ ​ — ​ ​ — ​ Interest rate swaps ​ 1 ​ — ​ 1 ​ — ​ Foreign currencies ​ 2 ​ — ​ 2 ​ — ​ Total Liabilities ​ $ 20 ​ $ 2 ​ $ 3 ​ $ 15 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2019 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 706 ​ $ 706 ​ $ — ​ $ — ​ Domestic debt securities ​ ​ 409 ​ ​ 117 ​ ​ 292 ​ ​ — ​ Foreign equity securities ​ ​ 189 ​ ​ 189 ​ ​ — ​ ​ — ​ High yield securities ​ 56 ​ 10 ​ 46 ​ — ​ Foreign debt securities ​ ​ 43 ​ ​ — ​ ​ 43 ​ ​ — ​ Collateralized loan obligations ​ ​ 15 ​ ​ — ​ ​ 15 ​ ​ — ​ Money market funds held in trading accounts ​ ​ 12 ​ ​ 12 ​ ​ — ​ ​ — ​ Other trading securities ​ 4 ​ 4 ​ — ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 40 ​ 40 ​ — ​ — ​ Money market fund held in trading accounts ​ ​ 6 ​ ​ 6 ​ ​ — ​ — ​ Foreign equity securities ​ 3 ​ 3 ​ — ​ — ​ Fixed income securities ​ 2 ​ 2 ​ — ​ — ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ 6 ​ 6 ​ — ​ — ​ Total Assets ​ $ 1,491 ​ $ 1,095 ​ $ 396 ​ $ — ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 13 ​ $ — ​ $ — ​ $ 13 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ ​ 4 ​ ​ 4 ​ ​ — ​ ​ — ​ Foreign currencies ​ 3 ​ — ​ 3 ​ — ​ Total Liabilities ​ $ 20 ​ $ 4 ​ $ 3 ​ $ 13 ​ ​ Financial instruments consisting of cash and cash equivalents, net receivables, lines of credit and accounts payable are carried at cost, which approximates fair value as a result of the short-term nature of the instruments. The fair value of short-term investments is measured using multiple levels. Domestic debt securities categorized as level 1 in the fair value hierarchy include debt securities held in mutual funds and ETFs. Domestic debt securities categorized as level 2 include corporate bonds, mortgage-backed securities, asset-backed securities and U.S. Treasuries. Foreign debt securities categorized as level 1 in the fair value hierarchy include debt securities held in mutual funds and ETFs with a country of origin concentration outside the U.S. Foreign debt securities categorized as level 2 include foreign government or government related securities and asset-backed securities with a country of origin concentration outside the U.S. High yield securities categorized as level 1 in the fair value hierarchy include high yield securities held in mutual funds and ETFs and level 2 includes corporate bonds and bank loans. During the first quarter of 2020, Seaboard invested $30 million in a financial services company that primarily lends to and invests in debt securities of privately held companies. This long-term investment is classified in “Other non-current assets” on the condensed consolidated balance sheet and is valued at net asset value (“NAV”), adjusted for specific liquidity factors, resulting in level 3 classification. The fair value of Seaboard’s contingent consideration related to a 2018 acquisition was classified as a level 3 in the fair value hierarchy since the calculation is dependent upon projected company specific inputs using a Monte Carlo simulation. Seaboard remeasures the estimated fair value of the contingent consideration liability until settled with adjustments included in net earnings (loss). The increase in the liability during 2020 was related to lower interest rates at the measurement date. While management believes its derivatives are primarily economic hedges, Seaboard does not perform the extensive record-keeping required to account for these types of transactions as hedges for accounting purposes. As the derivatives discussed below are not accounted for as hedges, fluctuations in the related commodity prices, foreign currency exchange rates, interest rates and equity prices could have a material impact on earnings in any given period. The nature of Seaboard’s market risk exposure has not changed materially since December 31, 2019. Commodity Instruments Seaboard uses various derivative futures and options to manage its risk of price fluctuations for raw materials and other inventories, finished product sales and firm sales commitments. As of June 27, 2020, Seaboard had open net derivative contracts to purchase 35 million pounds of sugar and open net derivative contracts to sell 29 million pounds of soybean oil. As of December 31, 2019, Seaboard had open net derivative contracts to purchase 17 million bushels of grain and open net derivative contracts to sell 132 million pounds of soybean oil and 12 million gallons of heating oil. Commodity derivatives are recorded at fair value with any changes in fair value being marked-to-market as a component of cost of sales in the condensed consolidated statements of comprehensive income. Foreign Currency Exchange Agreements Seaboard enters into foreign currency exchange agreements to manage the foreign currency exchange rate risk with respect to certain transactions denominated in foreign currencies. As of June 27, 2020 and December 31, 2019, Seaboard had foreign currency exchange agreements to cover a portion of its firm sales and purchase commitments and related trade receivables and payables with net notional amounts of $50 million and $78 million, respectively, primarily related to the South African rand and the euro. From time to time, Seaboard is subject to counterparty credit risk related to its foreign currency exchange agreements should the counterparties fail to perform according to the terms of the contracts. As of June 27, 2020, Seaboard had a maximum aggregate amount of loss due to credit risk of less than $1 million with two counterparties related to foreign currency exchange agreements. Seaboard does not hold any collateral related to these agreements. Interest Rate Swap Agreements Seaboard enters into interest rate swap agreements to manage the interest rate risk with respect to certain variable rate long-term debt. During the second quarter of 2020, Seaboard entered into two interest rate exchange agreements with an aggregate notional value totaling $100 million that mature in May 2025. Seaboard pays fixed-rate interest payments in the range of 0.30% to 0.35% over the life of the agreements and receives variable-rate interest payments based on the one-month LIBOR from the counterparty without the exchange of the underlying notional amounts. Interest rate exchange agreements are recorded at fair value with changes in value marked-to-market as a component of interest expense, net in the condensed consolidated statements of comprehensive income. Subsequently in the third quarter of 2020, Seaboard entered into an interest rate exchange agreement with a notional value of $300 million that matures in July 2025 with a fixed interest rate of 0.24%. Equity Futures Contracts Seaboard enters into equity futures contracts to manage the equity price risk with respect to certain short-term investments. Equity futures contracts are recorded at fair value with changes in value marked-to-market as a component of other investment income (loss), net in the condensed consolidated statements of comprehensive income. The notional amounts of these equity futures contracts were $131 million and $0 million as of June 27, 2020 and December 31, 2019, respectively. The following table provides the amount of gain or (loss) recognized in income for each type of derivative and where it was recognized in the condensed consolidated statements of comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ ​ June 27, ​ June 29, ​ June 27, ​ June 29, ​ (Millions of dollars) ​ 2020 2019 2020 2019 Commodities Cost of sales ​ $ (4) ​ $ 1 ​ $ 17 ​ $ (31) ​ Foreign currencies Cost of sales ​ 1 ​ 1 ​ 13 ​ 4 ​ Foreign currencies Foreign currency gains (losses), net ​ — ​ — ​ 1 ​ — ​ Equity ​ Other investment income (loss), net ​ ​ (5) ​ ​ — ​ ​ 23 ​ ​ (3) ​ Interest rate swaps Interest expense ​ (1) ​ — ​ (1) ​ ​ — ​ ​ The following table provides the fair value of each type of derivative held and where each derivative is included in the condensed consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ ​ ​ Liability Derivatives ​ ​ ​ ​ ​ June 27, ​ December 31, ​ ​ ​ June 27, ​ December 31, ​ (Millions of dollars) ​ 2020 2019 ​ 2020 2019 ​ Commodities Other current assets ​ $ 9 ​ $ 6 Other current liabilities ​ $ 2 ​ $ 4 ​ Foreign currencies Other current assets ​ — ​ — Other current liabilities ​ 2 ​ 3 ​ Interest rate swaps ​ Other current assets ​ ​ — ​ ​ — ​ Other current liabilities ​ ​ 1 ​ ​ — ​ Equity Short-term investments ​ 1 ​ — Short-term investments ​ — ​ — ​ Seaboard’s commodity derivative assets and liabilities are presented in the condensed consolidated balance sheets on a net basis, including netting the derivatives with the related margin accounts. As of June 27, 2020 and December 31, 2019, the commodity derivatives had a margin account balance of $17 million and $13 million, respectively, resulting in a net other current asset in the condensed consolidated balance sheets of $24 million and $15 million, respectively. Seaboard’s equity derivatives are also presented on a net basis, including netting the derivatives within short-term investments.

Stockholders' Equity and Accumu

Stockholders' Equity and Accumulated Other Comprehensive Loss6 Months Ended
Jun. 27, 2020
Stockholders' Equity and Accumulated Other Comprehensive Loss
Stockholders' Equity and Accumulated Other Comprehensive LossNote 7 – Stockholders’ Equity and Accumulated Other Comprehensive Loss In October 2019, the Board of Directors extended through October 31, 2020 Seaboard’s share repurchase program. Under this share repurchase program, Seaboard is authorized to repurchase its common stock from time to time in open market or privately negotiated purchases, which may be above or below the traded market price. During the period that the share repurchase program remains in effect, Seaboard may enter into a 10b5-1 plan authorizing a third party to make such purchases on behalf of Seaboard. All stock repurchased will be made in compliance with applicable legal requirements and funded by cash on hand. The timing of the repurchases and the number of shares repurchased will depend upon market conditions, compliance with Securities and Exchange Commission regulations and other factors. The Board of Directors’ stock repurchase authorization does not obligate Seaboard to acquire a specific amount of common stock, and the stock repurchase program may be suspended at any time at Seaboard’s discretion. As of June 27, 2020, $65 million remained available for repurchase under this program. Seaboard repurchased 0 shares and 4,069 shares of common stock during the three and six months ended June 27, 2020, respectively. The changes in the components of other comprehensive income (loss), net of related taxes, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Six Months Ended ​ ​ June 27, ​ ​ June 29, ​ ​ June 27, ​ ​ June 29, (Millions of dollars) 2020 ​ 2019 ​ 2020 ​ 2019 Foreign currency translation adjustment $ (19) ​ $ (9) ​ $ (16) ​ $ (11) ​ Unrecognized pension cost (a) ​ — ​ ​ 3 ​ ​ 2 ​ ​ 6 ​ Other comprehensive loss, net of tax $ (19) ​ $ (6) ​ $ (14) ​ $ (5) ​ ​ (a) Primarily represents amounts reclassified from accumulated other comprehensive loss to net periodic pension cost representing the amortization of actuarial losses (gains) and other adjustments. ​ ​ The components of accumulated other comprehensive loss, net of related taxes, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ December 31, (Millions of dollars) 2020 2019 Cumulative foreign currency translation adjustment ​ $ (385) ​ $ (369) ​ Cumulative unrecognized pension cost ​ (69) ​ (71) ​ Total accumulated other comprehensive loss ​ $ (454) ​ $ (440) ​ ​

Revenue Recognition

Revenue Recognition6 Months Ended
Jun. 27, 2020
Revenue Recognition
Revenue RecognitionNote 8 – Revenue Recognition Seaboard has multiple segments with diverse revenue streams. The following tables present Seaboard’s sales disaggregated by revenue source and segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 27, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sugar ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ All ​ ​ Consolidated ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Alcohol ​ ​ Power ​ ​ Other ​ ​ Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 409 ​ $ 1,119 ​ $ — ​ $ 18 ​ $ — ​ $ 3 ​ $ 1,549 ​ Transportation ​ ​ 2 ​ ​ — ​ ​ 192 ​ ​ — ​ ​ — ​ ​ — ​ ​ 194 ​ Energy ​ ​ 40 ​ ​ — ​ ​ — ​ ​ — ​ ​ 13 ​ ​ — ​ ​ 53 ​ Other ​ ​ 8 ​ ​ 4 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12 ​ Segment/Consolidated Totals ​ $ 459 ​ $ 1,123 ​ $ 192 ​ $ 18 ​ $ 13 ​ $ 3 ​ $ 1,808 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 29, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sugar ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ All ​ ​ Consolidated ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Alcohol ​ ​ Power ​ ​ Other ​ ​ Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 427 ​ $ 999 ​ $ — ​ $ 29 ​ $ — ​ $ 5 ​ $ 1,460 ​ Transportation ​ ​ 3 ​ ​ — ​ ​ 259 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 263 ​ Energy ​ ​ 53 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 33 ​ ​ — ​ ​ 87 ​ Other ​ ​ 9 ​ ​ 3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12 ​ Segment/Consolidated Totals ​ $ 492 ​ $ 1,002 ​ $ 259 ​ $ 30 ​ $ 33 ​ $ 6 ​ $ 1,822 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 27, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sugar ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ All ​ ​ Consolidated ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Alcohol ​ ​ Power ​ ​ Other ​ ​ Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 814 ​ $ 2,029 ​ $ — ​ $ 39 ​ $ — ​ $ 9 ​ $ 2,891 ​ Transportation ​ ​ 4 ​ ​ — ​ ​ 461 ​ ​ — ​ ​ — ​ ​ — ​ ​ 465 ​ Energy ​ ​ 80 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 30 ​ ​ — ​ ​ 111 ​ Other ​ ​ 16 ​ ​ 8 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 24 ​ Segment/Consolidated Totals ​ $ 914 ​ $ 2,037 ​ $ 461 ​ $ 40 ​ $ 30 ​ $ 9 ​ $ 3,491 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 29, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sugar ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ All ​ ​ Consolidated ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Alcohol ​ ​ Power ​ ​ Other ​ ​ Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 784 ​ $ 1,825 ​ $ — ​ $ 54 ​ $ — ​ $ 8 ​ $ 2,671 ​ Transportation ​ ​ 7 ​ ​ — ​ ​ 513 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 521 ​ Energy ​ ​ 87 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 62 ​ ​ — ​ ​ 150 ​ Other ​ ​ 17 ​ ​ 6 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 23 ​ Segment/Consolidated Totals ​ $ 895 ​ $ 1,831 ​ $ 513 ​ $ 55 ​ $ 62 ​ $ 9 ​ $ 3,365 ​ ​ Revenue from goods and services transferred to customers at a single point in time account for approximately 85% of Seaboard’s net sales. Substantially all of the sales in Seaboard’s Marine segment are recognized ratably over the transit time for each voyage as Seaboard believes this is a faithful depiction of the performance obligation to its customers. Seaboard’s contracts with its customers are short-term, defined as less than one year. Deferred revenue represents cash payments received in advance of Seaboard’s performance or revenue billed that is unearned. The CT&M segment requires certain customers to pay in advance or upon delivery to avoid collection risk. The Marine segment’s deferred revenue balance primarily relates to the unearned portion of billed revenue when a ship is on the water and has not arrived at the designated port. Deferred revenue balances are reduced when revenue is recognized. The deferred revenue balance as of December 31, 2019 was fully recognized as revenue during the first quarter of 2020.

Income Taxes

Income Taxes6 Months Ended
Jun. 27, 2020
Income Taxes
Income TaxesNote 9 – Income Taxes Seaboard computes its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjusts the provision for discrete tax items recorded in the period. Future changes in the forecasted annual income (loss) projections, including changes due to the ongoing impacts of the coronavirus disease 2019 (“COVID-19”) pandemic, could result in significant adjustments to quarterly income tax expense (benefit) in future periods.

Segment Information

Segment Information6 Months Ended
Jun. 27, 2020
Segment Information
Segment Information​ Note 10 – Segment Information Seaboard has six reportable segments: Pork, CT&M, Marine, Sugar and Alcohol, Power and Turkey, each offering a specific product or service. For details on the respective products or services, see Note 15 to the consolidated financial statements included in Seaboard’s annual report for the year ended December 31, 2019. Below are segment updates from year-end. During the first quarter of 2020, the CT&M segment finalized the purchase price allocation related to the October 2019 acquisition of ContiLatin del Peru S.A. resulting in the recording of $1 million of intangible assets and no The Turkey segment, accounted for using the equity method, represents Seaboard’s investment in Butterball, LLC (“Butterball”). As of June 27, 2020 and December 31, 2019, Butterball had total assets of $1.1 billion and $1.0 billion, respectively. Butterball’s summarized income statement information was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ June 27, ​ ​ June 29, ​ ​ June 27, ​ ​ June 29, ​ (Millions of dollars) ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Net sales ​ $ 327 ​ $ 343 ​ $ 645 ​ $ 646 ​ Operating loss ​ $ (24) ​ $ (8) ​ $ (31) ​ $ (27) ​ Net loss ​ $ (27) ​ $ (16) ​ $ (40) ​ $ (37) ​ ​ The following tables set forth specific financial information about each segment as reviewed by Seaboard’s management. Operating income (loss) for segment reporting is prepared on the same basis as that used for consolidated operating income. Operating income (loss), along with income or loss from affiliates for the Pork, CT&M and Turkey segments, is used as the measure of evaluating segment performance because management does not consider interest, other investment income (loss) and income tax benefit (expense) on a segment basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales to External Customers: ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 27, ​ June 29, ​ June 27, ​ June 29, (Millions of dollars) 2020 2019 2020 2019 Pork ​ $ 459 ​ $ 492 ​ $ 914 ​ $ 895 ​ CT&M ​ 1,123 ​ 1,002 ​ 2,037 ​ 1,831 ​ Marine ​ 192 ​ 259 ​ 461 ​ 513 ​ Sugar and Alcohol ​ 18 ​ 30 ​ 40 ​ 55 ​ Power ​ 13 ​ 33 ​ 30 ​ 62 ​ All Other ​ 3 ​ 6 ​ 9 ​ 9 ​ Segment/Consolidated Totals ​ $ 1,808 ​ $ 1,822 ​ $ 3,491 ​ $ 3,365 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income (Loss): ​ Three Months Ended ​ Six Months Ended ​ ​ June 27, ​ June 29, ​ June 27, ​ June 29, ​ (Millions of dollars) 2020 2019 2020 2019 Pork ​ $ 11 ​ $ 25 ​ $ 43 ​ $ (9) ​ CT&M ​ 24 ​ 29 ​ 54 ​ 36 ​ Marine ​ (11) ​ 4 ​ (17) ​ 4 ​ Sugar and Alcohol ​ (2) ​ (4) ​ (3) ​ (8) ​ Power ​ (1) ​ 8 ​ 1 ​ 12 ​ All Other ​ — ​ — ​ 1 ​ 1 ​ Segment Totals ​ 21 ​ 62 ​ 79 ​ 36 ​ Corporate ​ (10) ​ (9) ​ (5) ​ (17) ​ Consolidated Totals ​ $ 11 ​ $ 53 ​ $ 74 ​ $ 19 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (Loss) from Affiliates: ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 27, ​ June 29, ​ June 27, ​ June 29, (Millions of dollars) 2020 2019 2020 2019 Pork ​ $ (4) ​ $ (6) ​ $ (3) ​ $ (14) ​ CT&M ​ ​ — ​ ​ (5) ​ ​ 1 ​ ​ (5) ​ Marine ​ ​ 1 ​ ​ — ​ ​ 2 ​ ​ 1 ​ Sugar and Alcohol ​ — ​ 1 ​ — ​ 1 ​ Power ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 2 ​ Turkey ​ (14) ​ (8) ​ (21) ​ (19) ​ Segment/Consolidated Totals ​ $ (17) ​ $ (16) ​ $ (21) ​ $ (34) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets: ​ June 27, ​ December 31, (Millions of dollars) 2020 2019 Pork ​ $ 1,759 ​ $ 1,802 ​ CT&M ​ 1,570 ​ 1,621 ​ Marine ​ 504 ​ 554 ​ Sugar and Alcohol ​ 141 ​ 139 ​ Power ​ 282 ​ 283 ​ Turkey ​ 253 ​ 275 ​ All Other ​ 7 ​ 10 ​ Segment Totals ​ 4,516 ​ 4,684 ​ Corporate ​ 1,357 ​ 1,601 ​ Consolidated Totals ​ $ 5,873 ​ $ 6,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in and Advances to Affiliates: ​ June 27, ​ December 31, (Millions of dollars) 2020 2019 Pork ​ $ 181 ​ $ 183 ​ CT&M ​ ​ 231 ​ ​ 237 ​ Marine ​ ​ 32 ​ ​ 32 ​ Sugar and Alcohol ​ 6 ​ 5 ​ Power ​ ​ 3 ​ ​ 3 ​ Turkey ​ 253 ​ 275 ​ Segment/Consolidated Totals ​ $ 706 ​ $ 735 ​ ​ Administrative services provided by the corporate office are allocated to the individual segments and represent corporate services rendered to and costs incurred for each specific segment, with no allocation to individual segments of general corporate management oversight costs. Corporate assets include cash and short-term investments, other current assets related to deferred compensation plans, long-term investments and other miscellaneous items. Corporate operating results represent certain operating costs not specifically allocated to individual segments and include costs related to Seaboard’s deferred compensation plans, which are offset by the effect of the marked-to-market adjustments on these investments recorded in other investment income (loss), net.

Accounting Policies and Basis_2

Accounting Policies and Basis of Presentation (Policies)6 Months Ended
Jun. 27, 2020
Accounting Policies and Basis of Presentation
Use of EstimatesUse of Estimates The preparation of the condensed consolidated financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include those related to allowance for credit losses on receivables, valuation of inventories, impairment of long-lived assets, intangibles and goodwill, potential write-down related to investments in and advances to affiliates and notes receivable from affiliates, income taxes, lease liabilities and right of use (“ROU”) assets and accrued pension liability. Actual results could differ from those estimates.
Supplemental Cash Flow InformationSupplemental Cash Flow Information The following table includes supplemental cash and non-cash information related to leases. Seaboard reports the amortization of ROU assets and changes in operating lease liabilities in other liabilities, exclusive of debt in the condensed consolidated statements of cash flows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ Six months ended ​ ​ ​ ​ June 27, ​ June 29, ​ ​ June 27, ​ June 29, ​ (Millions of dollars) ​ ​ ​ 2020 ​ ​ 2019 ​ ​ ​ 2020 ​ ​ 2019 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $ 36 ​ $ 35 ​ ​ $ 71 ​ $ 67 ​ Operating cash flows from finance leases ​ ​ ​ 1 ​ ​ 1 ​ ​ ​ 2 ​ ​ 1 ​ Financing cash flows from finance leases ​ ​ ​ 2 ​ ​ — ​ ​ ​ 3 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ROU assets obtained in exchange for new operating lease liabilities ​ ​ $ 5 ​ $ 12 ​ ​ $ 43 ​ $ 42 ​ Finance ROU assets obtained in exchange for new finance lease liabilities ​ ​ ​ 19 ​ ​ 16 ​ ​ ​ 27 ​ ​ 17 ​
LeasesLeases Seaboard’s operating lease assets and liabilities are reported separately in the condensed consolidated balance sheets. The classification of Seaboard’s finance leases in the condensed consolidated balance sheets was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ December 31, ​ (Millions of dollars) ​ ​ 2020 ​ 2019 ​ Finance lease ROU assets, net Property, plant and equipment, net ​ $ 74 ​ $ 50 ​ Finance lease liabilities Other current liabilities ​ ​ 7 ​ ​ 5 ​ Non-current finance lease liabilities Other liabilities ​ ​ 62 ​ ​ 40 ​
Goodwill and Other Intangible AssetsGoodwill and Other Intangible Assets The decrease in the carrying amount of goodwill was due to a $(1) million acquisition related adjustment in the Commodity Trading and Milling (“CT&M”) segment. See Note 10 for further information on this acquisition-related adjustment. As of June 27, 2020, intangible assets, included in other non-current assets, were $55 million, net of accumulated amortization of $12 million. Amortization expense was $2 million and $4 million and foreign currency exchange adjustments were $0 million and ($1) million for the three and six month periods ended June 27, 2020, respectively.
Recently Adopted and Issued Accounting StandardsAccounting Standard Adopted During 2020 On January 1, 2020, Seaboard adopted guidance which requires the use of a new current expected credit loss model in order to determine the allowance for credit losses with respect to accounts receivable and notes receivable, among other financial instruments. This model estimates the lifetime of expected credit loss based on historical experience, current conditions and reasonable supportable forecasts and replaces the existing incurred loss model. As a result of this adoption, Seaboard recorded a cumulative-effect adjustment of $3 million on January 1, 2020 Seaboard used the loss-rate method in developing its allowance for credit losses, which involved identifying pools of assets with similar risk characteristics, reviewing historical losses within the last five years and consideration for any reasonable supportable forecasts of economic indicators. Seaboard endeavors to minimize credit risk due to credit granting policies, relationships established with its customers and relatively short billing and collection cycles. Management monitors the credit quality of its different receivable types by frequent customer discussions, following economic and industry trends and specific customer data. Changes in estimates, developing trends and other new information can have a material effect on future evaluations. Recently Issued Accounting Standard Not Yet Adopted In December 2019, the Financial Accounting Standards Board issued guidance which simplifies the accounting for income taxes by removing certain exceptions to the general principles and improves consistent application of GAAP for other areas by clarifying and amending existing guidance. This guidance is effective for Seaboard on January 1, 2021. Seaboard is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on its financial statements and disclosures.

Accounting Policies and Basis_3

Accounting Policies and Basis of Presentations (Tables)6 Months Ended
Jun. 27, 2020
Accounting Policies and Basis of Presentation
Summary of supplemental cash and non-cash information related to leases​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ Six months ended ​ ​ ​ ​ June 27, ​ June 29, ​ ​ June 27, ​ June 29, ​ (Millions of dollars) ​ ​ ​ 2020 ​ ​ 2019 ​ ​ ​ 2020 ​ ​ 2019 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $ 36 ​ $ 35 ​ ​ $ 71 ​ $ 67 ​ Operating cash flows from finance leases ​ ​ ​ 1 ​ ​ 1 ​ ​ ​ 2 ​ ​ 1 ​ Financing cash flows from finance leases ​ ​ ​ 2 ​ ​ — ​ ​ ​ 3 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ROU assets obtained in exchange for new operating lease liabilities ​ ​ $ 5 ​ $ 12 ​ ​ $ 43 ​ $ 42 ​ Finance ROU assets obtained in exchange for new finance lease liabilities ​ ​ ​ 19 ​ ​ 16 ​ ​ ​ 27 ​ ​ 17 ​
Summary of financial leases in condensed consolidated balance sheets​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ December 31, ​ (Millions of dollars) ​ ​ 2020 ​ 2019 ​ Finance lease ROU assets, net Property, plant and equipment, net ​ $ 74 ​ $ 50 ​ Finance lease liabilities Other current liabilities ​ ​ 7 ​ ​ 5 ​ Non-current finance lease liabilities Other liabilities ​ ​ 62 ​ ​ 40 ​

Investments (Tables)

Investments (Tables)6 Months Ended
Jun. 27, 2020
Investments
Summary of the estimated fair value of short-term investments classified as trading securities​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ December 31, (Millions of dollars) 2020 ​ 2019 Domestic equity securities ​ $ 546 ​ $ 706 ​ Domestic debt securities ​ ​ 389 ​ ​ 409 ​ Foreign equity securities ​ 100 ​ 189 ​ Foreign debt securities ​ ​ 54 ​ ​ 43 ​ High yield securities ​ ​ 46 ​ ​ 56 ​ Money market funds held in trading accounts ​ ​ 24 ​ ​ 12 ​ Collateralized loan obligations ​ 14 ​ 15 ​ Other trading securities ​ ​ 5 ​ ​ 4 ​ Total trading short-term investments ​ $ 1,178 ​ $ 1,434 ​

Inventories (Tables)

Inventories (Tables)6 Months Ended
Jun. 27, 2020
Inventories
Summary of inventories​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ December 31, (Millions of dollars) 2020 2019 ​ At lower of last-in, first-out ("LIFO") cost or market: ​ ​ ​ ​ ​ ​ ​ Hogs and materials ​ $ 402 ​ $ 387 ​ Fresh pork and materials ​ 37 ​ 46 ​ LIFO adjustment ​ (61) ​ (64) ​ Total inventories at lower of LIFO cost or market ​ 378 ​ 369 ​ At lower of first-in, first-out ("FIFO") cost and net realizable value ("NRV"): ​ ​ ​ ​ ​ ​ ​ Grains, oilseeds and other commodities ​ 325 ​ 353 ​ Sugar produced and in process ​ 36 ​ 17 ​ Other ​ 102 ​ 109 ​ Total inventories at lower of FIFO cost and NRV ​ 463 ​ 479 ​ Grain, flour and feed at lower of weighted average cost and NRV ​ 148 ​ 174 ​ Total inventories ​ $ 989 ​ $ 1,022 ​

Lines of Credit, Long-term De_2

Lines of Credit, Long-term Debt, Commitments and Contingencies (Tables)6 Months Ended
Jun. 27, 2020
Lines of Credit, Long-term Debt, Commitments and Contingencies
Summary of long-term debt​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ December 31, (Millions of dollars) ​ ​ 2020 ​ 2019 Term Loan due 2028 ​ $ 690 ​ $ 691 ​ Foreign subsidiary obligations ​ ​ 80 ​ ​ 102 ​ Total long-term debt at face value ​ ​ 770 ​ ​ 793 ​ Current maturities of long-term debt and unamortized discount and costs ​ ​ (83) ​ ​ (63) ​ Long-term debt, less current maturities and unamortized discount and costs ​ $ 687 ​ $ 730 ​

Employee Benefits (Tables)

Employee Benefits (Tables)6 Months Ended
Jun. 27, 2020
Employee Benefits
Schedule of net periodic benefit cost of plans​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 27, ​ June 29, ​ June 27, ​ June 29, (Millions of dollars) 2020 2019 2020 2019 Components of net periodic benefit cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 2 ​ $ 2 ​ $ 5 ​ $ 4 ​ Interest cost ​ 3 ​ 3 ​ 6 ​ 6 ​ Expected return on plan assets ​ (3) ​ (3) ​ (6) ​ (5) ​ Amortization and other ​ 3 ​ 3 ​ 6 ​ 4 ​ Net periodic benefit cost ​ $ 5 ​ $ 5 ​ $ 11 ​ $ 9 ​

Derivatives and Fair Value of_2

Derivatives and Fair Value of Financial Instruments (Tables)6 Months Ended
Jun. 27, 2020
Derivatives and Fair Value of Financial Instruments
Schedule of assets and liabilities measured at fair value on a recurring basis​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2020 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 546 ​ $ 546 ​ $ — ​ $ — ​ Domestic debt securities ​ 389 ​ 121 ​ 268 ​ — ​ Foreign equity securities ​ ​ 100 ​ ​ 100 ​ ​ — ​ ​ — ​ Foreign debt securities ​ ​ 54 ​ ​ — ​ ​ 54 ​ ​ — ​ High yield securities ​ ​ 46 ​ ​ 7 ​ ​ 39 ​ ​ — ​ Money market funds held in trading accounts ​ 24 ​ 24 ​ ​ — ​ ​ — ​ Collateralized loan obligations ​ ​ 14 ​ ​ — ​ ​ 14 ​ ​ — ​ Other trading securities ​ ​ 5 ​ ​ 4 ​ ​ 1 ​ ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 40 ​ 40 ​ — ​ — ​ Money market fund held in trading accounts ​ ​ 6 ​ ​ 6 ​ — ​ — ​ Foreign equity securities ​ 2 ​ 2 ​ — ​ — ​ Fixed income securities ​ 2 ​ 2 ​ — ​ — ​ Long-term investments ​ ​ 29 ​ ​ — ​ ​ — ​ ​ 29 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ 9 ​ 9 ​ — ​ — ​ Total Assets ​ $ 1,266 ​ $ 861 ​ $ 376 ​ $ 29 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 15 ​ $ — ​ $ — ​ $ 15 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ ​ 2 ​ ​ 2 ​ ​ — ​ ​ — ​ Interest rate swaps ​ 1 ​ — ​ 1 ​ — ​ Foreign currencies ​ 2 ​ — ​ 2 ​ — ​ Total Liabilities ​ $ 20 ​ $ 2 ​ $ 3 ​ $ 15 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2019 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 706 ​ $ 706 ​ $ — ​ $ — ​ Domestic debt securities ​ ​ 409 ​ ​ 117 ​ ​ 292 ​ ​ — ​ Foreign equity securities ​ ​ 189 ​ ​ 189 ​ ​ — ​ ​ — ​ High yield securities ​ 56 ​ 10 ​ 46 ​ — ​ Foreign debt securities ​ ​ 43 ​ ​ — ​ ​ 43 ​ ​ — ​ Collateralized loan obligations ​ ​ 15 ​ ​ — ​ ​ 15 ​ ​ — ​ Money market funds held in trading accounts ​ ​ 12 ​ ​ 12 ​ ​ — ​ ​ — ​ Other trading securities ​ 4 ​ 4 ​ — ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 40 ​ 40 ​ — ​ — ​ Money market fund held in trading accounts ​ ​ 6 ​ ​ 6 ​ ​ — ​ — ​ Foreign equity securities ​ 3 ​ 3 ​ — ​ — ​ Fixed income securities ​ 2 ​ 2 ​ — ​ — ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ 6 ​ 6 ​ — ​ — ​ Total Assets ​ $ 1,491 ​ $ 1,095 ​ $ 396 ​ $ — ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 13 ​ $ — ​ $ — ​ $ 13 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ ​ 4 ​ ​ 4 ​ ​ — ​ ​ — ​ Foreign currencies ​ 3 ​ — ​ 3 ​ — ​ Total Liabilities ​ $ 20 ​ $ 4 ​ $ 3 ​ $ 13 ​
Schedule of gain or (loss) recognized for each type of derivative and its location in the condensed consolidated statements of comprehensive income​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ ​ June 27, ​ June 29, ​ June 27, ​ June 29, ​ (Millions of dollars) ​ 2020 2019 2020 2019 Commodities Cost of sales ​ $ (4) ​ $ 1 ​ $ 17 ​ $ (31) ​ Foreign currencies Cost of sales ​ 1 ​ 1 ​ 13 ​ 4 ​ Foreign currencies Foreign currency gains (losses), net ​ — ​ — ​ 1 ​ — ​ Equity ​ Other investment income (loss), net ​ ​ (5) ​ ​ — ​ ​ 23 ​ ​ (3) ​ Interest rate swaps Interest expense ​ (1) ​ — ​ (1) ​ ​ — ​
Schedule of fair value of each type of derivative and its location in the condensed consolidated balance sheets​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ ​ ​ Liability Derivatives ​ ​ ​ ​ ​ June 27, ​ December 31, ​ ​ ​ June 27, ​ December 31, ​ (Millions of dollars) ​ 2020 2019 ​ 2020 2019 ​ Commodities Other current assets ​ $ 9 ​ $ 6 Other current liabilities ​ $ 2 ​ $ 4 ​ Foreign currencies Other current assets ​ — ​ — Other current liabilities ​ 2 ​ 3 ​ Interest rate swaps ​ Other current assets ​ ​ — ​ ​ — ​ Other current liabilities ​ ​ 1 ​ ​ — ​ Equity Short-term investments ​ 1 ​ — Short-term investments ​ — ​ — ​ Seaboard’s commodity derivative assets and liabilities are presented in the condensed consolidated balance sheets on a net basis, including netting the derivatives with the related margin accounts. As of June 27, 2020 and December 31, 2019, the commodity derivatives had a margin account balance of $17 million and $13 million, respectively, resulting in a net other current asset in the condensed consolidated balance sheets of $24 million and $15 million, respectively. Seaboard’s equity derivatives are also presented on a net basis, including netting the derivatives within short-term investments.

Stockholders' Equity and Accu_2

Stockholders' Equity and Accumulated Other Comprehensive Loss (Tables)6 Months Ended
Jun. 27, 2020
Stockholders' Equity and Accumulated Other Comprehensive Loss
Schedule of changes in the components of other comprehensive loss, net of related taxes​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Six Months Ended ​ ​ June 27, ​ ​ June 29, ​ ​ June 27, ​ ​ June 29, (Millions of dollars) 2020 ​ 2019 ​ 2020 ​ 2019 Foreign currency translation adjustment $ (19) ​ $ (9) ​ $ (16) ​ $ (11) ​ Unrecognized pension cost (a) ​ — ​ ​ 3 ​ ​ 2 ​ ​ 6 ​ Other comprehensive loss, net of tax $ (19) ​ $ (6) ​ $ (14) ​ $ (5) ​ ​ (a) Primarily represents amounts reclassified from accumulated other comprehensive loss to net periodic pension cost representing the amortization of actuarial losses (gains) and other adjustments. ​
Schedule of components of accumulated other comprehensive loss, net of related taxes​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ December 31, (Millions of dollars) 2020 2019 Cumulative foreign currency translation adjustment ​ $ (385) ​ $ (369) ​ Cumulative unrecognized pension cost ​ (69) ​ (71) ​ Total accumulated other comprehensive loss ​ $ (454) ​ $ (440) ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)6 Months Ended
Jun. 27, 2020
Revenue Recognition
Schedule of sales disaggregated by revenue source and segment​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 27, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sugar ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ All ​ ​ Consolidated ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Alcohol ​ ​ Power ​ ​ Other ​ ​ Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 409 ​ $ 1,119 ​ $ — ​ $ 18 ​ $ — ​ $ 3 ​ $ 1,549 ​ Transportation ​ ​ 2 ​ ​ — ​ ​ 192 ​ ​ — ​ ​ — ​ ​ — ​ ​ 194 ​ Energy ​ ​ 40 ​ ​ — ​ ​ — ​ ​ — ​ ​ 13 ​ ​ — ​ ​ 53 ​ Other ​ ​ 8 ​ ​ 4 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12 ​ Segment/Consolidated Totals ​ $ 459 ​ $ 1,123 ​ $ 192 ​ $ 18 ​ $ 13 ​ $ 3 ​ $ 1,808 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 29, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sugar ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ All ​ ​ Consolidated ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Alcohol ​ ​ Power ​ ​ Other ​ ​ Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 427 ​ $ 999 ​ $ — ​ $ 29 ​ $ — ​ $ 5 ​ $ 1,460 ​ Transportation ​ ​ 3 ​ ​ — ​ ​ 259 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 263 ​ Energy ​ ​ 53 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 33 ​ ​ — ​ ​ 87 ​ Other ​ ​ 9 ​ ​ 3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12 ​ Segment/Consolidated Totals ​ $ 492 ​ $ 1,002 ​ $ 259 ​ $ 30 ​ $ 33 ​ $ 6 ​ $ 1,822 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 27, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sugar ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ All ​ ​ Consolidated ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Alcohol ​ ​ Power ​ ​ Other ​ ​ Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 814 ​ $ 2,029 ​ $ — ​ $ 39 ​ $ — ​ $ 9 ​ $ 2,891 ​ Transportation ​ ​ 4 ​ ​ — ​ ​ 461 ​ ​ — ​ ​ — ​ ​ — ​ ​ 465 ​ Energy ​ ​ 80 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 30 ​ ​ — ​ ​ 111 ​ Other ​ ​ 16 ​ ​ 8 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 24 ​ Segment/Consolidated Totals ​ $ 914 ​ $ 2,037 ​ $ 461 ​ $ 40 ​ $ 30 ​ $ 9 ​ $ 3,491 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 29, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sugar ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ All ​ ​ Consolidated ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Alcohol ​ ​ Power ​ ​ Other ​ ​ Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 784 ​ $ 1,825 ​ $ — ​ $ 54 ​ $ — ​ $ 8 ​ $ 2,671 ​ Transportation ​ ​ 7 ​ ​ — ​ ​ 513 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 521 ​ Energy ​ ​ 87 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 62 ​ ​ — ​ ​ 150 ​ Other ​ ​ 17 ​ ​ 6 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 23 ​ Segment/Consolidated Totals ​ $ 895 ​ $ 1,831 ​ $ 513 ​ $ 55 ​ $ 62 ​ $ 9 ​ $ 3,365 ​ ​

Segment Information (Tables)

Segment Information (Tables)6 Months Ended
Jun. 27, 2020
Summary of specific financial information related to sales to external customers​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales to External Customers: ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 27, ​ June 29, ​ June 27, ​ June 29, (Millions of dollars) 2020 2019 2020 2019 Pork ​ $ 459 ​ $ 492 ​ $ 914 ​ $ 895 ​ CT&M ​ 1,123 ​ 1,002 ​ 2,037 ​ 1,831 ​ Marine ​ 192 ​ 259 ​ 461 ​ 513 ​ Sugar and Alcohol ​ 18 ​ 30 ​ 40 ​ 55 ​ Power ​ 13 ​ 33 ​ 30 ​ 62 ​ All Other ​ 3 ​ 6 ​ 9 ​ 9 ​ Segment/Consolidated Totals ​ $ 1,808 ​ $ 1,822 ​ $ 3,491 ​ $ 3,365 ​
Summary of specific financial information related to operating income (loss)​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income (Loss): ​ Three Months Ended ​ Six Months Ended ​ ​ June 27, ​ June 29, ​ June 27, ​ June 29, ​ (Millions of dollars) 2020 2019 2020 2019 Pork ​ $ 11 ​ $ 25 ​ $ 43 ​ $ (9) ​ CT&M ​ 24 ​ 29 ​ 54 ​ 36 ​ Marine ​ (11) ​ 4 ​ (17) ​ 4 ​ Sugar and Alcohol ​ (2) ​ (4) ​ (3) ​ (8) ​ Power ​ (1) ​ 8 ​ 1 ​ 12 ​ All Other ​ — ​ — ​ 1 ​ 1 ​ Segment Totals ​ 21 ​ 62 ​ 79 ​ 36 ​ Corporate ​ (10) ​ (9) ​ (5) ​ (17) ​ Consolidated Totals ​ $ 11 ​ $ 53 ​ $ 74 ​ $ 19 ​
Summary of specific financial information related to income (loss) from affiliates​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (Loss) from Affiliates: ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 27, ​ June 29, ​ June 27, ​ June 29, (Millions of dollars) 2020 2019 2020 2019 Pork ​ $ (4) ​ $ (6) ​ $ (3) ​ $ (14) ​ CT&M ​ ​ — ​ ​ (5) ​ ​ 1 ​ ​ (5) ​ Marine ​ ​ 1 ​ ​ — ​ ​ 2 ​ ​ 1 ​ Sugar and Alcohol ​ — ​ 1 ​ — ​ 1 ​ Power ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 2 ​ Turkey ​ (14) ​ (8) ​ (21) ​ (19) ​ Segment/Consolidated Totals ​ $ (17) ​ $ (16) ​ $ (21) ​ $ (34) ​
Summary of specific financial information related to total assets​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets: ​ June 27, ​ December 31, (Millions of dollars) 2020 2019 Pork ​ $ 1,759 ​ $ 1,802 ​ CT&M ​ 1,570 ​ 1,621 ​ Marine ​ 504 ​ 554 ​ Sugar and Alcohol ​ 141 ​ 139 ​ Power ​ 282 ​ 283 ​ Turkey ​ 253 ​ 275 ​ All Other ​ 7 ​ 10 ​ Segment Totals ​ 4,516 ​ 4,684 ​ Corporate ​ 1,357 ​ 1,601 ​ Consolidated Totals ​ $ 5,873 ​ $ 6,285 ​
Summary of specific financial information related to investments in and advances to affiliates​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in and Advances to Affiliates: ​ June 27, ​ December 31, (Millions of dollars) 2020 2019 Pork ​ $ 181 ​ $ 183 ​ CT&M ​ ​ 231 ​ ​ 237 ​ Marine ​ ​ 32 ​ ​ 32 ​ Sugar and Alcohol ​ 6 ​ 5 ​ Power ​ ​ 3 ​ ​ 3 ​ Turkey ​ 253 ​ 275 ​ Segment/Consolidated Totals ​ $ 706 ​ $ 735 ​
Butterball, LLC
Summary of specific financial information related to equity method​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ June 27, ​ ​ June 29, ​ ​ June 27, ​ ​ June 29, ​ (Millions of dollars) ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Net sales ​ $ 327 ​ $ 343 ​ $ 645 ​ $ 646 ​ Operating loss ​ $ (24) ​ $ (8) ​ $ (31) ​ $ (27) ​ Net loss ​ $ (27) ​ $ (16) ​ $ (40) ​ $ (37) ​

Accounting Policies and Basis_4

Accounting Policies and Basis of Presentations (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2020Jun. 29, 2019Jun. 27, 2020Jun. 29, 2019Jan. 01, 2020Dec. 31, 2019
Supplemental Cash Flow Information
Operating cash flows from operating leases $ 36 $ 35 $ 71 $ 67
Operating cash flows from finance leases1 1 2 1
Financing cash flows from finance leases2 3
Operating lease assets obtained in exchange for new operating lease liabilities5 12 43 42
Finance right of use assets obtained in exchange for new finance lease liabilities $ 19 $ 16 $ 27 $ 17
Leases
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]us-gaap:PropertyPlantAndEquipmentNetus-gaap:PropertyPlantAndEquipmentNet
Finance lease right of use assets, net $ 74 $ 74 $ 50
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]Other Liabilities, CurrentOther Liabilities, Current
Finance lease liabilities $ 7 $ 7 5
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]Other Liabilities, NoncurrentOther Liabilities, Noncurrent
Non-current finance lease liabilities $ 62 $ 62 40
Goodwill and Other Intangible Assets
Intangible assets, net55 55
Accumulated amortization12 12
Amortization of intangible assets2 4
Foreign currency exchange adjustments0 (1)
Recently issued accounting standards
Retained earnings3,833 3,833 3,983
Allowance for credit losses $ 30 30 $ 28
ASU 2016-13
Recently issued accounting standards
Retained earnings $ (3)
Allowance for credit losses $ 3
CT&M
Goodwill and Other Intangible Assets
Acquisition related goodwill adjustment $ (1)

Investments (Details)

Investments (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2020Jun. 29, 2019Jun. 27, 2020Jun. 29, 2019Dec. 31, 2019
Investments
Fair Value $ 1,178 $ 1,178 $ 1,434
Total trading short-term investments1,178 1,178 1,434
Change in unrealized gains (losses) on trading securities113 $ 38 (97) $ 126
Domestic equity securities
Investments
Fair Value546 546 706
Domestic debt securities
Investments
Fair Value389 389 409
Foreign equity securities
Investments
Fair Value100 100 189
Foreign equity securities | Denominated in foreign currencies
Investments
Fair Value Equity0 0 62
Foreign equity securities | Denominated in Euros
Investments
Fair Value Equity32
Foreign equity securities | Denominated in Japanese Yen
Investments
Fair Value Equity12
Foreign equity securities | Denominated in British pounds
Investments
Fair Value Equity8
Foreign equity securities | Denominated in other foreign currencies
Investments
Fair Value Equity10
Foreign debt securities
Investments
Fair Value54 54 43
Foreign debt securities | Denominated in foreign currencies
Investments
Fair Value15 15 13
High yield securities
Investments
Fair Value46 46 56
Money market funds held in trading accounts
Investments
Fair Value24 24 12
Collateralized loan obligations
Investments
Fair Value14 14 15
Other trading securities
Investments
Fair Value $ 5 $ 5 $ 4

Inventories (Details)

Inventories (Details) - USD ($) $ in MillionsJun. 27, 2020Dec. 31, 2019
At lower of LIFO cost or market:
Hogs and materials $ 402 $ 387
Fresh pork and materials37 46
LIFO adjustment(61)(64)
Total inventories at lower of LIFO cost or market378 369
At lower of FIFO cost and net realizable value:
Grains, oilseeds and other commodities325 353
Sugar produced and in process36 17
Other102 109
Total inventories at lower of FIFO cost and NRV463 479
Grain, flour and feed at lower of weighted average cost and NRV148 174
Total inventories $ 989 $ 1,022

Lines of Credit, Long-Term De_3

Lines of Credit, Long-Term Debt, Commitments and Contingencies (Details) $ in MillionsJun. 28, 2018itemplaintiffMay 15, 2018USD ($)Apr. 27, 2018USD ($)Mar. 20, 2018USD ($)Jun. 27, 2020USD ($)itemJun. 27, 2020USD ($)Dec. 31, 2019USD ($)
Debt Instrument
Notes payable outstanding $ 220 $ 220 $ 246
Total long-term debt at face value770 770 793
Current maturities of long-term debt and unamortized discount(83)(83)(63)
Long-term debt, less current maturities687 687 730
Current maturities of long-term debt82 82 62
Contingencies
Assets $ 5,873 $ 5,873 $ 6,285
Pork Product Purchasers | Pending Litigation
Contingencies
Number of plaintiffs | plaintiff11
Number of consolidated putative class actions | item3
Cereoil
Contingencies
Percentage of ownership45.00%45.00%
Cereoil | Cereoil Bankruptcy Trustee - Case One | Pending Litigation
Contingencies
Damages sought $ 22
Cereoil | Cereoil Bankruptcy Trustee - Case Two | Pending Litigation
Contingencies
Damages sought $ 23
Liabilities53
Assets $ 30
Pending claim in bankruptcy proceeding, included the net indebtedness of Cereoil $ 10
Nolston
Contingencies
Percentage of ownership45.00%
Nolston | Nolston Bankruptcy Trustee | Pending Litigation
Contingencies
Damages sought $ 14
Liabilities29
Assets $ 15
Committed and uncommitted bank lines
Debt Instrument
Weighted average interest rate (as a percent)4.32%4.32%5.79%
Committed and uncommitted bank lines | Denominated in foreign currencies
Debt Instrument
Notes payable outstanding $ 126 $ 126
Committed and uncommitted bank lines | Denominated in South African Rand
Debt Instrument
Notes payable outstanding93 93
Committed and uncommitted bank lines | Denominated in Argentine pesos
Debt Instrument
Notes payable outstanding8 8
Committed and uncommitted bank lines | Denominated in Canadian dollars
Debt Instrument
Notes payable outstanding23 23
Committed and uncommitted bank lines | Denominated in Euros
Debt Instrument
Notes payable outstanding2 2
Uncommitted bank lines
Debt Instrument
Notes payable outstanding220 220 $ 246
Committed bank lines
Debt Instrument
Notes payable outstanding0 0 0
Term loan due 2028
Debt Instrument
Total long-term debt at face value $ 690 $ 690 $ 691
Effective interest rate (as a percent)1.80%1.80%3.42%
Committed revolving credit agreements 1 and 2
Debt Instrument
Number of credit agreements | item2
Committed revolving credit agreements 1 and 2 | Minimum
Debt Instrument
Unused commitment fee0.20%
Committed revolving credit agreements 1 and 2 | Maximum
Debt Instrument
Unused commitment fee0.75%
Committed revolving credit agreement 1
Debt Instrument
Maximum capacity $ 250 $ 250
Additional borrowing capacity100 100
Committed revolving credit agreement 2
Debt Instrument
Maximum capacity75 75
Foreign subsidiary obligations
Debt Instrument
Total long-term debt at face value $ 80 $ 80 $ 102
Effective interest rate (as a percent)3.28%3.28%3.50%

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2020Jun. 29, 2019Jun. 27, 2020Jun. 29, 2019
Components of net periodic benefit cost:
Service cost $ 2 $ 2 $ 5 $ 4
Interest cost3 3 6 6
Expected return on plan assets(3)(3)(6)(5)
Amortization and other3 3 6 4
Net periodic benefit cost5 $ 5 11 $ 9
Defined benefit pension plan
Target allocation and pension plan asset allocation
Contributions expected to be made to defined benefit pension plans $ 0 $ 0

Derivatives and Fair Value of_3

Derivatives and Fair Value of Financial Instruments-Deferred Comp Securities (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Mar. 28, 2020Jun. 27, 2020Jun. 29, 2019Dec. 31, 2019
Assets:
Trading securities $ 1,178 $ 1,434
Investments
Amount invested38 $ 9
Financial services company
Investments
Amount invested $ 30
Commodities
Assets:
Derivative assets and liabilities, net basis24 15
Domestic equity securities
Assets:
Trading securities546 706
Domestic debt securities
Assets:
Trading securities389 409
Foreign equity securities
Assets:
Trading securities100 189
High yield securities
Assets:
Trading securities46 56
Money market funds held in trading accounts
Assets:
Trading securities24 12
Collateralized loan obligations
Assets:
Trading securities14 15
Other trading securities
Assets:
Trading securities5 4
Recurring basis | Level 1
Assets:
Total assets861 1,095
Liabilities:
Total liabilities2 4
Recurring basis | Level 1 | Commodities
Assets:
Derivatives9 6
Liabilities:
Derivatives2 4
Recurring basis | Level 1 | Domestic equity securities | Short-term investments
Assets:
Trading securities546 706
Recurring basis | Level 1 | Domestic equity securities | Other current assets
Assets:
Trading securities40 40
Recurring basis | Level 1 | Domestic debt securities | Short-term investments
Assets:
Trading securities121 117
Recurring basis | Level 1 | Foreign equity securities | Short-term investments
Assets:
Trading securities100 189
Recurring basis | Level 1 | Foreign equity securities | Other current assets
Assets:
Trading securities2 3
Recurring basis | Level 1 | High yield securities | Short-term investments
Assets:
Trading securities7 10
Recurring basis | Level 1 | Money market funds held in trading accounts | Short-term investments
Assets:
Trading securities24 12
Recurring basis | Level 1 | Money market funds held in trading accounts | Other current assets
Assets:
Trading securities6 6
Recurring basis | Level 1 | Other trading securities | Short-term investments
Assets:
Trading securities4 4
Recurring basis | Level 1 | Fixed income securities | Other current assets
Assets:
Trading securities2 2
Recurring basis | Level 2
Assets:
Total assets376 396
Liabilities:
Total liabilities3 3
Recurring basis | Level 2 | Interest rate swaps
Liabilities:
Derivatives1
Recurring basis | Level 2 | Foreign currencies
Liabilities:
Derivatives2 3
Recurring basis | Level 2 | Domestic debt securities | Short-term investments
Assets:
Trading securities268 292
Recurring basis | Level 2 | Foreign debt securities | Short-term investments
Assets:
Trading securities54 43
Recurring basis | Level 2 | High yield securities | Short-term investments
Assets:
Trading securities39 46
Recurring basis | Level 2 | Collateralized loan obligations | Short-term investments
Assets:
Trading securities14 15
Recurring basis | Level 2 | Other trading securities | Short-term investments
Assets:
Trading securities1
Recurring basis | Level 3
Assets:
Total assets29
Liabilities:
Contingent consideration15 13
Total liabilities15 13
Recurring basis | Level 3 | Long-term investments
Assets:
Long-term equity investment29
Recurring basis | Fair Value
Assets:
Total assets1,266 1,491
Liabilities:
Contingent consideration15 13
Total liabilities20 20
Recurring basis | Fair Value | Commodities
Assets:
Derivatives9 6
Liabilities:
Derivatives2 4
Recurring basis | Fair Value | Interest rate swaps
Liabilities:
Derivatives1
Recurring basis | Fair Value | Foreign currencies
Liabilities:
Derivatives2 3
Recurring basis | Fair Value | Long-term investments
Assets:
Long-term equity investment29
Recurring basis | Fair Value | Domestic equity securities | Short-term investments
Assets:
Trading securities546 706
Recurring basis | Fair Value | Domestic equity securities | Other current assets
Assets:
Trading securities40 40
Recurring basis | Fair Value | Domestic debt securities | Short-term investments
Assets:
Trading securities389 409
Recurring basis | Fair Value | Foreign equity securities | Short-term investments
Assets:
Trading securities100 189
Recurring basis | Fair Value | Foreign equity securities | Other current assets
Assets:
Trading securities2 3
Recurring basis | Fair Value | Foreign debt securities | Short-term investments
Assets:
Trading securities54 43
Recurring basis | Fair Value | High yield securities | Short-term investments
Assets:
Trading securities46 56
Recurring basis | Fair Value | Money market funds held in trading accounts | Short-term investments
Assets:
Trading securities24 12
Recurring basis | Fair Value | Money market funds held in trading accounts | Other current assets
Assets:
Trading securities6 6
Recurring basis | Fair Value | Collateralized loan obligations | Short-term investments
Assets:
Trading securities14 15
Recurring basis | Fair Value | Other trading securities | Short-term investments
Assets:
Trading securities5 4
Recurring basis | Fair Value | Fixed income securities | Other current assets
Assets:
Trading securities $ 2 $ 2

Derivatives and Fair Value of_4

Derivatives and Fair Value of Financial Instruments-Derivatives (Details) lb in Millions, gal in Millions, bu in Millions, $ in Millions3 Months Ended6 Months Ended12 Months Ended
Jun. 27, 2020USD ($)agreementJun. 27, 2020USD ($)lbDec. 31, 2019USD ($)lbbugalSep. 26, 2020USD ($)
Equity future contracts
Derivative commodity instruments
Notional amounts $ 131 $ 131 $ 0
Net commodity purchase contracts | Grain
Derivative commodity instruments
Nonmonetary notional amount | bu17
Net commodity purchase contracts | Sugar
Derivative commodity instruments
Nonmonetary notional amount | lb35
Net commodity sale contracts | Soybean oil
Derivative commodity instruments
Nonmonetary notional amount | lb29 132
Net commodity sale contracts | Heating oil
Derivative commodity instruments
Nonmonetary notional amount | gal12
Foreign currencies
Derivative commodity instruments
Notional amounts50 $ 50 $ 78
Interest rate swaps
Derivative commodity instruments
Notional amounts $ 100 $ 100
Number of derivative instruments entered into | agreement2
Interest rate swaps | Minimum
Derivative commodity instruments
Fixed rate interest0.30%0.30%
Interest rate swaps | Maximum
Derivative commodity instruments
Fixed rate interest0.35%0.35%
Interest rate swaps | Subsequent Event
Derivative commodity instruments
Notional amounts $ 300
Fixed rate interest0.24%

Derivatives and Fair Value of_5

Derivatives and Fair Value of Financial Instruments-Counterparty Risk (Details) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2020USD ($)itemJun. 29, 2019USD ($)Jun. 27, 2020USD ($)itemJun. 29, 2019USD ($)
Commodities | Cost of sales
Derivatives
Gains (losses) on derivatives $ (4) $ 1 $ 17 $ (31)
Foreign currencies
Derivatives
Number of counterparties | item2 2
Foreign currencies | Maximum
Derivatives
Credit risk associated with derivative contracts $ 1
Foreign currencies | Cost of sales
Derivatives
Gains (losses) on derivatives $ 1 $ 1 13 4
Foreign currencies | Foreign currency gains (losses), net
Derivatives
Gains (losses) on derivatives1
Equity | Other investment income (loss), net
Derivatives
Gains (losses) on derivatives(5)23 $ (3)
Interest rate swaps | Interest expense
Derivatives
Gains (losses) on derivatives $ (1) $ (1)

Derivatives and Fair Value of_6

Derivatives and Fair Value of Financial Instruments-Derivatives Fair Value (Details) - USD ($) $ in MillionsJun. 27, 2020Dec. 31, 2019
Commodities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Margin account $ 17 $ 13
Derivative assets and liabilities, net basis24 15
Commodities | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives9 6
Commodities | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives2 4
Foreign currencies | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives2 $ 3
Interest rate swaps | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives1
Equity | Short-term investments
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives $ 1

Stockholders' Equity and Accu_3

Stockholders' Equity and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2020Mar. 28, 2020Jun. 29, 2019Mar. 30, 2019Jun. 27, 2020Jun. 29, 2019Dec. 31, 2019
Stockholders' Equity and Accumulated Other Comprehensive Loss
Remaining authorized repurchase amount $ 65 $ 65
Common shares repurchased (in shares)0 4,069
Changes in the components of other comprehensive loss (OCL), net of related taxes
Foreign currency translation adjustment $ (19) $ (9)(16) $ (11)
Unrecognized pension cost3 2 6
Other comprehensive loss, net of tax(19) $ 5 $ (6) $ 1 (14) $ (5)
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss(454)(454) $ (440)
Cumulative unrecognized pension cost
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss69 69 71
Cumulative foreign currency translation adjustment
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss $ (385) $ (385) $ (369)

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2020Jun. 29, 2019Jun. 27, 2020Jun. 29, 2019
Revenue Recognition
Net sales $ 1,808 $ 1,822 $ 3,491 $ 3,365
Transferred at point in time | Net sales
Revenue Recognition
Concentration risk percentage85.00%85.00%85.00%85.00%
Products
Revenue Recognition
Net sales $ 1,589 $ 1,513 $ 2,971 $ 2,758
Other
Revenue Recognition
Net sales13 34 31 63
Pork
Revenue Recognition
Net sales459 492 914 895
Pork | Products
Revenue Recognition
Net sales409 427 814 784
Pork | Transportation
Revenue Recognition
Net sales2 3 4 7
Pork | Energy
Revenue Recognition
Net sales40 53 80 87
Pork | Other
Revenue Recognition
Net sales8 9 16 17
CT&M
Revenue Recognition
Net sales1,123 1,002 2,037 1,831
CT&M | Products
Revenue Recognition
Net sales1,119 999 2,029 1,825
CT&M | Other
Revenue Recognition
Net sales4 3 8 6
Marine
Revenue Recognition
Net sales192 259 461 513
Marine | Transportation
Revenue Recognition
Net sales192 259 461 513
Sugar and Alcohol
Revenue Recognition
Net sales18 30 40 55
Sugar and Alcohol | Products
Revenue Recognition
Net sales18 29 39 54
Sugar and Alcohol | Energy
Revenue Recognition
Net sales1 1 1
Power
Revenue Recognition
Net sales13 33 30 62
Power | Energy
Revenue Recognition
Net sales13 33 30 62
All Other
Revenue Recognition
Net sales3 6 9 9
All Other | Products
Revenue Recognition
Net sales3 5 9 8
All Other | Transportation
Revenue Recognition
Net sales1 1
Segment Totals
Revenue Recognition
Net sales1,808 1,822 3,491 3,365
Segment Totals | Products
Revenue Recognition
Net sales1,549 1,460 2,891 2,671
Segment Totals | Transportation
Revenue Recognition
Net sales194 263 465 521
Segment Totals | Energy
Revenue Recognition
Net sales53 87 111 150
Segment Totals | Other
Revenue Recognition
Net sales $ 12 $ 12 $ 24 $ 23

Segment Information-Acquisition

Segment Information-Acquisitions and Dispositions (Details) $ in Millions3 Months Ended6 Months Ended
Mar. 28, 2020USD ($)Jun. 27, 2020USD ($)segmentDec. 31, 2019USD ($)
Segment Information
Number of reportable segments | segment6
Goodwill $ 163 $ 164
CLDP | CT&M
Segment Information
Intangible assets $ 1
Goodwill $ 0

Segment Information - Turkey (D

Segment Information - Turkey (Details) - Turkey - Butterball, LLC - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2020Jun. 29, 2019Jun. 27, 2020Jun. 29, 2019Dec. 31, 2019
Segment Information
Total assets $ 1,100 $ 1,100 $ 1,000
Net sales327 $ 343 645 $ 646
Operating loss(24)(8)(31)(27)
Net loss $ (27) $ (16) $ (40) $ (37)

Segment Information-Information

Segment Information-Information by Segment (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2020Jun. 29, 2019Jun. 27, 2020Jun. 29, 2019Dec. 31, 2019
Segment Information
Sales to External Customers $ 1,808 $ 1,822 $ 3,491 $ 3,365
Operating Income (Loss)11 53 74 19
Income (loss) from affiliates(17)(16)(21)(34)
Total Assets5,873 5,873 $ 6,285
Investment in and Advances to Affiliates706 706 735
Pork
Segment Information
Sales to External Customers459 492 914 895
Operating Income (Loss)11 25 43 (9)
Income (loss) from affiliates(4)(6)(3)(14)
Investment in and Advances to Affiliates181 181 183
CT&M
Segment Information
Sales to External Customers1,123 1,002 2,037 1,831
Operating Income (Loss)24 29 54 36
Income (loss) from affiliates(5)1 (5)
Investment in and Advances to Affiliates231 231 237
Marine
Segment Information
Sales to External Customers192 259 461 513
Operating Income (Loss)(11)4 (17)4
Income (loss) from affiliates1 2 1
Investment in and Advances to Affiliates32 32 32
Sugar and Alcohol
Segment Information
Sales to External Customers18 30 40 55
Operating Income (Loss)(2)(4)(3)(8)
Income (loss) from affiliates1 1
Investment in and Advances to Affiliates6 6 5
Power
Segment Information
Sales to External Customers13 33 30 62
Operating Income (Loss)(1)8 1 12
Income (loss) from affiliates2 2
Investment in and Advances to Affiliates3 3 3
Turkey
Segment Information
Income (loss) from affiliates(14)(8)(21)(19)
Investment in and Advances to Affiliates253 253 275
All Other
Segment Information
Sales to External Customers3 6 9 9
Operating Income (Loss)1 1
Segment Totals
Segment Information
Sales to External Customers1,808 1,822 3,491 3,365
Operating Income (Loss)21 62 79 36
Income (loss) from affiliates(17)(16)(21)(34)
Total Assets4,516 4,516 4,684
Segment Totals | Pork
Segment Information
Total Assets1,759 1,759 1,802
Segment Totals | CT&M
Segment Information
Total Assets1,570 1,570 1,621
Segment Totals | Marine
Segment Information
Total Assets504 504 554
Segment Totals | Sugar and Alcohol
Segment Information
Total Assets141 141 139
Segment Totals | Power
Segment Information
Total Assets282 282 283
Segment Totals | Turkey
Segment Information
Total Assets253 253 275
Segment Totals | All Other
Segment Information
Total Assets7 7 10
Corporate
Segment Information
Operating Income (Loss)(10) $ (9)(5) $ (17)
Total Assets $ 1,357 $ 1,357 $ 1,601