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SEB Seaboard

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Apr. 03, 2021Apr. 26, 2021
Document and Entity Information
Document Type10-Q
Document Quarterly Reporttrue
Document Transition Reportfalse
Document Period End DateApr. 3,
2021
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 Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Net sales:
Total net sales $ 2,059 $ 1,683
Cost of sales and operating expenses:
Total cost of sales and operating expenses1,881 1,548
Gross income178 135
Selling, general and administrative expenses86 72
Operating income92 63
Other income (expense):
Interest expense10 (5)
Interest income5 7
Income (loss) from affiliates6 (4)
Other investment income (loss), net71 (225)
Foreign currency gains (losses), net9 (11)
Miscellaneous, net6 1
Total other income (loss), net107 (237)
Earnings (loss) before income taxes199 (174)
Income tax benefit (expense)(20)71
Net earnings (loss)179 (103)
Less: Net loss (income) attributable to noncontrolling interests0 0
Net earnings (loss) attributable to Seaboard $ 179 $ (103)
Earnings (loss) per common share $ 154.03 $ (88.73)
Average number of shares outstanding (in shares)1,160,779 1,163,888
Other comprehensive income, net of income tax expense of $1 and $0:
Foreign currency translation adjustment $ 15 $ 3
Unrecognized pension cost1 2
Other comprehensive income, net of tax16 5
Comprehensive income (loss)195 (98)
Less: Comprehensive loss (income) attributable to noncontrolling interests0 0
Comprehensive income (loss) attributable to Seaboard195 (98)
Products
Net sales:
Total net sales1,731 1,382
Cost of sales and operating expenses:
Total cost of sales and operating expenses1,606 1,278
Services
Net sales:
Total net sales313 283
Cost of sales and operating expenses:
Total cost of sales and operating expenses261 256
Other
Net sales:
Total net sales15 18
Cost of sales and operating expenses:
Total cost of sales and operating expenses $ 14 $ 14

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Other comprehensive income (loss), income tax benefit (expense) $ 1 $ 0
Products
Sales to affiliates293 259
Services
Sales to affiliates $ 5 $ 6

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in MillionsApr. 03, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 65 $ 76
Short-term investments1,384 1,465
Receivables, net of allowance for credit losses of $30 and $28672 532
Inventories1,360 1,178
Other current assets130 103
Total current assets3,611 3,354
Net property, plant and equipment, net1,657 1,582
Operating lease right of use assets, net375 390
Investments in and advances to affiliates677 698
Goodwill172 167
Other non-current assets201 208
Total assets6,693 6,399
Current liabilities:
Lines of credit346 222
Current maturities of long-term debt9 55
Accounts payable338 276
Deferred revenue (includes $30 and $38 to affiliates)88 89
Operating lease liabilities114 111
Other current liabilities288 323
Total current liabilities1,183 1,076
Long-term debt, less current maturities704 707
Deferred income taxes119 103
Long-term operating lease liabilities298 318
Other liabilities369 367
Total non-current liabilities1,490 1,495
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 2021 and 20201 1
Accumulated other comprehensive loss(455)(471)
Retained earnings4,463 4,287
Total Seaboard stockholders' equity4,009 3,817
Noncontrolling interests11 11
Total equity4,020 3,828
Total liabilities and stockholders' equity $ 6,693 $ 6,399

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in MillionsApr. 03, 2021Dec. 31, 2020
Consolidated Balance Sheets
Allowance for credit losses $ 30 $ 28
Deferred revenue from affiliates $ 30 $ 38
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 1,160,779
Common stock, outstanding shares1,160,779 1,160,779

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in MillionsCommon StockAccumulated Other Comprehensive LossRetained EarningsCumulative Effect, Period of Adoption, AdjustmentRetained EarningsNoncontrolling InterestCumulative Effect, Period of Adoption, AdjustmentTotal
Balances at Dec. 31, 2019 $ 1 $ (440) $ (3) $ 4,030 $ 10 $ (3) $ 3,601
Comprehensive income (loss):
Net earnings (loss)(103)(103)
Other comprehensive income, net of tax5 5
Repurchase of common stock(13)(13)
Dividends on common stock ($2.25/share)(3)(3)
Balances at Mar. 28, 20201 (435)3,908 10 3,484
Balances at Dec. 31, 20201 (471)4,287 11 3,828
Comprehensive income (loss):
Net earnings (loss)179 179
Other comprehensive income, net of tax16 16
Dividends on common stock ($2.25/share)(3)(3)
Balances at Apr. 03, 2021 $ 1 $ (455) $ 4,463 $ 11 $ 4,020

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Consolidated Statements of Changes in Equity
Dividends on common stock (in dollars per share) $ 2.25 $ 2.25

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Cash flows from operating activities:
Net earnings (loss) $ 179 $ (103)
Adjustments to reconcile net earnings (loss) to cash from operating activities:
Depreciation and amortization42 36
Deferred income taxes14 (64)
Loss (income) from affiliates(6)4
Dividends received from affiliates28 5
Other investment loss (income), net(71)225
Other, net(4)5
Changes in assets and liabilities:
Receivables, net of allowance for credit losses(138)(48)
Inventories(177)(102)
Other assets(20)(1)
Accounts payable27 (32)
Other liabilities, exclusive of debt(24)(31)
Net cash from operating activities(150)(106)
Cash flows from investing activities:
Purchase of short-term investments(210)(200)
Proceeds from the sale of short-term investments356 284
Proceeds from the maturity of short-term investments10 17
Capital expenditures(96)(55)
Investments in and advances to affiliates, net(5)
Principal payments received on notes receivable11
Purchase of long-term investments(9)(35)
Other, net7
Net cash from investing activities69 6
Cash flows from financing activities:
Uncommitted lines of credit, net124 96
Draws under committed lines of credit172 70
Repayments of committed lines of credit(172)(70)
Principal payments of long-term debt(48)(6)
Repurchase of common stock(13)
Dividends paid(3)(3)
Other, net(2)3
Net cash from financing activities71 77
Effect of exchange rate changes on cash and cash equivalents(1)(1)
Net change in cash and cash equivalents(11)(24)
Cash and cash equivalents at beginning of year76 125
Cash and cash equivalents at end of period $ 65 $ 101

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies3 Months Ended
Apr. 03, 2021
Basis of Presentation and Accounting Policies
Basis of Presentation and Accounting PoliciesNote 1 – Basis of Presentation and Accounting Policies Basis of Presentation The condensed consolidated financial statements include the accounts of Seaboard Corporation and its subsidiaries (“Seaboard”). These financial statements should be read in conjunction with the consolidated financial statements of Seaboard for the year ended December 31, 2020 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. Preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Results of operations for interim periods are not necessarily indicative of results to be expected for the full year. The 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. Seaboard has consistently applied all accounting policies as disclosed in its latest annual report on Form 10-K to all periods presented in these condensed consolidated financial statements. During the fourth quarter of 2020, Seaboard elected to change its method of valuing its inventories from the last-in, first-out (“LIFO”) method to the first-in, first-out (“FIFO”) method. The effects of the change in accounting principle from LIFO to FIFO were retrospectively applied and, as a result, certain financial statement line items in the condensed consolidated statements of comprehensive income, changes in equity and cash flows for the three months ended March 28, 2020 were adjusted as necessary. For further information, refer to the annual report on Form 10-K for the year ended December 31, 2020. Supplemental Cash Flow Information Non-cash investing activities for the three months ended April 3, 2021, included purchases of property, plant and equipment in accounts payable of $24 million. The following table includes supplemental cash and non-cash information related to leases. Seaboard reports the amortization of right of use assets and changes in operating lease liabilities in other liabilities, exclusive of debt in the condensed consolidated statements of cash flows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ April 3, ​ March 28, ​ (Millions of dollars) ​ ​ ​ 2021 ​ 2020 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ ​ $ 36 ​ $ 35 ​ Operating cash flows from finance leases ​ ​ ​ ​ 1 ​ ​ 1 ​ Financing cash flows from finance leases ​ ​ ​ ​ 2 ​ ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating right of use assets obtained in exchange for new operating lease liabilities ​ ​ ​ $ 13 ​ $ 38 ​ Finance right of use assets obtained in exchange for new finance lease liabilities ​ ​ ​ ​ 4 ​ ​ 8 ​ ​ Goodwill and Other Intangible Assets The change in the carrying amount of goodwill was related to foreign currency exchange differences of $5 million within the Commodity Trading and Milling (“CT&M”) segment. As of April 3, 2021, intangible assets, included in other non-current assets, were $54 million, net of accumulated amortization of $25 million. 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. Accounting Standard Recently Adopted 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 receivables, among other financial instruments. This model estimates the lifetime of expected credit loss 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 that decreased retained earnings and increased the allowance for credit losses.

Investments

Investments3 Months Ended
Apr. 03, 2021
Investments
InvestmentsNote 2 – Investments The following is a summary of the estimated fair value of short-term investments classified as trading securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ December 31, ​ (Millions of dollars) 2021 ​ 2020 ​ Domestic equity securities ​ $ 697 ​ $ 702 ​ Domestic debt securities ​ ​ 392 ​ ​ 496 ​ Foreign equity securities ​ ​ 149 ​ ​ 133 ​ Foreign debt securities ​ ​ 106 ​ ​ 68 ​ Money market funds held in trading accounts ​ 18 ​ 47 ​ Other trading securities ​ ​ 22 ​ ​ 19 ​ Total trading short-term investments ​ $ 1,384 ​ $ 1,465 ​ ​ The change in unrealized gains (losses) related to trading securities still held at the end of the respective reporting period was $65 million and ($236) million for the three months ended April 3, 2021 and March 28, 2020, respectively. Seaboard had $42 million and $29 million of short-term investments denominated in foreign currencies, primarily euros, as of April 3, 2021 and December 31, 2020, respectively.

Inventories

Inventories3 Months Ended
Apr. 03, 2021
Inventories
InventoriesNote 3 – Inventories The following is a summary of inventories: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ December 31, (Millions of dollars) 2021 2020 ​ At lower of FIFO cost and net realizable value (NRV): ​ ​ ​ ​ ​ ​ ​ Hogs and materials ​ $ 467 ​ $ 437 ​ Pork products and materials ​ 56 ​ 46 ​ Grains, oilseeds and other commodities ​ 472 ​ 380 ​ Biodiesel ​ ​ 101 ​ ​ 72 ​ Sugar produced and in process ​ 26 ​ 24 ​ Other ​ 50 ​ 61 ​ Total inventories at lower of FIFO cost and NRV ​ 1,172 ​ ​ 1,020 ​ Grain, flour and feed at lower of weighted average cost and NRV ​ 188 ​ 158 ​ Total inventories ​ $ 1,360 ​ $ 1,178 ​ ​

Lines of Credit, Long-Term Debt

Lines of Credit, Long-Term Debt, Commitments and Contingencies3 Months Ended
Apr. 03, 2021
Lines of Credit, Long-Term Debt, Commitments and Contingencies
Lines of Credit, Long-Term Debt, Commitments and Contingencies​ Note 4 – Lines of Credit, Long-Term Debt, Commitments and Contingencies Lines of Credit The outstanding balances under uncommitted lines of credit were $346 million and $222 million as of April 3, 2021 and December 31, 2020, respectively. Of the outstanding balance at April 3, 2021, $150 million was denominated in foreign currencies with $109 million denominated in the South African rand, $24 million denominated in the Canadian dollar and the remaining in various other currencies. There were no outstanding balances under committed lines of credit as of April 3, 2021 and December 31, 2020. The weighted average interest rate for outstanding lines of credit was 2.64% and 3.89% as of April 3, 2021 and December 31, 2020, respectively. Long-term Debt 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ December 31, ​ (Millions of dollars) ​ 2021 ​ 2020 ​ Term Loans due 2027-2028 ​ $ 712 ​ $ 714 ​ Foreign subsidiary obligations ​ ​ 2 ​ ​ 49 ​ Total debt at face value ​ ​ 714 ​ ​ 763 ​ Current maturities and unamortized discount and costs ​ ​ (10) ​ ​ (56) ​ Long-term debt, less current maturities and unamortized discount and costs ​ $ 704 ​ $ 707 ​ ​ The interest rate on the Term Loan due 2028 was 1.73% and 1.77% as of April 3, 2021 and December 31, 2020, respectively. The weighted average interest rate on Seaboard’s foreign subsidiary obligations was 7.70% and 3.51% as of April 3, 2021 and December 31, 2020, respectively. Foreign subsidiary obligations as of December 31, 2020, included a $46 million euro-denominated note payable related to a 2018 acquisition that was repaid in January 2021. Seaboard was in compliance with all restrictive debt covenants relating to these agreements as of April 3, 2021. Legal Proceedings On June 28, 2018, twelve 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. The complaint also named Seaboard Corporation as a defendant. Additional class action complaints making similar claims on behalf of putative classes of direct and indirect purchasers were later filed in the District Court, and three additional actions by standalone plaintiffs (including the Commonwealth of Puerto Rico) were filed in or transferred to the District Court. The consolidated actions are styled In re Pork Antitrust Litigation. The operative complaints allege, 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 assert claims under various state laws, including state antitrust laws, unfair competition laws, consumer protection statutes, and common law unjust enrichment. The relief sought in the respective complaints includes treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees. On October 16, 2020, the District Court denied defendants’ motions to dismiss the amended complaints, but the District Court later dismissed all claims against Seaboard Corporation without prejudice. In early 2021, two additional standalone plaintiffs filed similar actions in District Courts in Florida and Texas, respectively. These actions are currently stayed pending resolution of a transfer motion before the Judicial Panel on Multidistrict Litigation. Seaboard intends to defend all of 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 has threatened to bring legal action in the U.S. against Seaboard alleging on various legal theories that Seaboard is responsible for indebtedness of approximately $10 million, plus accrued interest. 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 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 April 3, 2021, 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 Benefits3 Months Ended
Apr. 03, 2021
Employee Benefits
Employee BenefitsNote 5 – Employee Benefits Seaboard has qualified defined benefit pension plans for its domestic salaried and clerical employees that were hired before January 1, 2014. Effective January 1, 2021, Seaboard transferred assets and liabilities for employees of certain Seaboard subsidiaries into a successor plan. 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 any plans in advance of when the benefits are paid. The net periodic benefit cost for all of these plans were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ April 3, ​ March 28, (Millions of dollars) 2021 2020 Components of net periodic benefit cost: ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 3 ​ $ 3 ​ Interest cost ​ 2 ​ 3 ​ Expected return on plan assets ​ (3) ​ (3) ​ Amortization and other ​ 2 ​ 3 ​ Net periodic benefit cost ​ $ 4 ​ $ 6 ​ ​

Derivatives and Fair Value of F

Derivatives and Fair Value of Financial Instruments3 Months Ended
Apr. 03, 2021
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, 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 ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2021 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 697 ​ $ 697 ​ $ — ​ $ — ​ Domestic debt securities ​ ​ 392 ​ ​ 152 ​ ​ 240 ​ ​ — ​ Foreign equity securities ​ 149 ​ 149 ​ — ​ — ​ Foreign debt securities ​ 106 ​ — ​ 106 ​ — ​ Money market funds held in trading accounts ​ ​ 18 ​ ​ 18 ​ ​ — ​ ​ — ​ Other trading securities ​ 22 ​ 4 ​ 18 ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 14 ​ 14 ​ — ​ — ​ Money market fund held in trading accounts ​ ​ 7 ​ ​ 7 ​ ​ — ​ ​ — ​ Foreign equity securities ​ 4 ​ 4 ​ — ​ — ​ Fixed income mutual funds ​ 3 ​ 2 ​ 1 ​ — ​ Long-term investment ​ ​ 32 ​ ​ — ​ ​ — ​ ​ 32 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ 17 ​ 16 ​ 1 ​ — ​ Interest rate swaps ​ ​ 8 ​ ​ — ​ ​ 8 ​ ​ — ​ Foreign currencies ​ 2 ​ — ​ 2 ​ — ​ Total assets ​ $ 1,471 ​ $ 1,063 ​ $ 376 ​ $ 32 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 15 ​ $ — ​ $ — ​ $ 15 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ ​ 24 ​ ​ 24 ​ ​ — ​ ​ — ​ Foreign currencies ​ 1 ​ — ​ 1 ​ — ​ Total liabilities ​ $ 40 ​ $ 24 ​ $ 1 ​ $ 15 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2020 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 702 ​ $ 702 ​ $ — ​ $ — ​ Domestic debt securities ​ ​ 496 ​ ​ 196 ​ ​ 300 ​ ​ — ​ Foreign equity securities ​ ​ 133 ​ ​ 133 ​ ​ — ​ ​ — ​ Foreign debt securities ​ ​ 68 ​ ​ — ​ ​ 68 ​ ​ — ​ Money market funds held in trading accounts ​ 47 ​ 47 ​ — ​ — ​ Other trading securities ​ 20 ​ 3 ​ 17 ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 14 ​ 14 ​ — ​ — ​ Money market fund held in trading accounts ​ ​ 6 ​ ​ 6 ​ ​ — ​ ​ — ​ Foreign equity securities ​ 3 ​ 3 ​ — ​ — ​ Fixed income mutual funds ​ 3 ​ 2 ​ 1 ​ — ​ Long-term investment ​ 31 ​ — ​ — ​ 31 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ 28 ​ 28 ​ — ​ — ​ Interest rate swaps ​ 1 ​ — ​ 1 ​ — ​ Total assets ​ $ 1,552 ​ $ 1,134 ​ $ 387 ​ $ 31 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other trading securities ​ $ 1 ​ $ — ​ $ 1 ​ $ — ​ Contingent consideration ​ ​ 16 ​ ​ — ​ ​ — ​ ​ 16 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ ​ 19 ​ ​ 19 ​ ​ — ​ ​ — ​ Foreign currencies ​ 9 ​ — ​ 9 ​ — ​ Total liabilities ​ $ 45 ​ $ 19 ​ $ 10 ​ $ 16 ​ ​ 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, U.S. Treasuries and high-yield securities. Foreign debt securities categorized as level 2 include foreign government or government related securities, corporate bonds, asset-backed securities and high-yield securities with a country of origin concentration outside the U.S. Seaboard has a long-term investment 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” and is valued at net asset value (“NAV”), adjusted for specific liquidity factors, resulting in level 3 classification. The change in value for the first quarter of 2021 is related to equity market activity. 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 change in value for the first quarter of 2021 was related to updated interest rates, foreign currency rates and estimated earnings before interest taxes depreciation amortization projections at the measurement date. Seaboard’s operations are exposed to market risks from changes in commodity prices, foreign currency exchange rates, interest rates and equity prices. Seaboard uses various commodity derivative futures and options to manage its risk of price fluctuations for raw materials and other inventories, finished product sales and firm sales commitments. Also, Seaboard enters into foreign currency exchange agreements to manage the foreign currency exchange rate risk with respect to certain transactions denominated in foreign currencies, interest rate swap agreements to manage the interest rate risk with respect to certain variable rate long-term debt, and equity futures contracts to manage the equity price risk with respect to certain short-term investments. 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. These derivative contracts are recorded at fair value, with any changes in fair value recognized in the condensed consolidated statements of comprehensive income. As the derivative contracts are not accounted for as hedges, fluctuations in the related prices or rates could have a material impact on earnings in any given reporting period. The nature of Seaboard’s market risk exposure has not changed materially since December 31, 2020. Seaboard had the following aggregated outstanding notional amounts related to derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ December 31, (Millions) ​ Metric ​ ​ 2021 ​ 2020 Commodities ​ ​ ​ ​ ​ ​ ​ ​ ​ Grain ​ Bushels ​ ​ 33 ​ ​ 26 ​ Hogs ​ Pounds ​ ​ 2 ​ ​ 2 ​ Soybean oil ​ Pounds ​ ​ 75 ​ ​ 56 ​ Heating oil ​ Gallons ​ ​ 17 ​ ​ — ​ Foreign currencies ​ U.S. dollar ​ ​ 117 ​ ​ 49 ​ Interest rate swaps ​ U.S. dollar ​ ​ 400 ​ ​ 400 ​ Equity futures ​ U.S. dollar ​ ​ — ​ ​ 3 ​ ​ During mid-2020, Seaboard entered into interest rate swap agreements that mature in mid-2025. Seaboard pays fixed-rate interest payments at a weighted-average interest rate of 0.26% and receives variable-rate interest payments based on the one-month LIBOR from the counterparty without the exchange of the underlying notional amounts. Credit risks associated with these derivative contracts are not significant as Seaboard minimizes counterparty exposure by dealing with credit-worthy counterparties and uses margin accounts for some contracts. At April 3, 2021, the maximum amount of credit risk, had the counterparties failed to perform according to the terms of the contract, was $10 million. 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 ​ ​ ​ ​ ​ April 3, ​ March 28, ​ (Millions of dollars) ​ 2021 2020 Commodities Cost of sales ​ $ 2 ​ $ 21 ​ Foreign currencies ​ Cost of sales ​ ​ 1 ​ ​ 12 ​ Foreign currencies Foreign currency gains (losses), net ​ 2 ​ 1 ​ Interest rate swaps ​ Interest expense ​ ​ 7 ​ ​ — ​ Equity futures Other investment income (loss), net ​ — ​ 28 ​ ​ 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 ​ ​ ​ ​ ​ April 3, ​ December 31, ​ ​ ​ April 3, ​ December 31, ​ (Millions of dollars) ​ 2021 2020 ​ 2021 2020 ​ Commodities Other current assets ​ $ 17 ​ $ 28 Other current liabilities ​ $ 24 ​ $ 19 ​ Foreign currencies ​ Other current assets ​ ​ 2 ​ ​ — ​ Other current liabilities ​ ​ 1 ​ ​ 9 ​ Interest rate swaps Other current assets ​ 8 ​ 1 Other current liabilities ​ — ​ — ​ Equity futures Short-term investments ​ — ​ — 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 April 3, 2021 and December 31, 2020, the commodity derivatives had a margin account balance of $46 million and $15 million, respectively, resulting in a net other current asset in the condensed consolidated balance sheets of $39 million and $24 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 Loss3 Months Ended
Apr. 03, 2021
Stockholders' Equity and Accumulated Other Comprehensive Loss
Stockholders' Equity and Accumulated Other Comprehensive LossNote 7 – Stockholders’ Equity and Accumulated Other Comprehensive Loss Seaboard’s share repurchase program expired on October 31, 2020. Under this share repurchase program, Seaboard was authorized to repurchase its common stock from time to time in open market or privately negotiated purchases, which may have been above or below the traded market price. During the first quarter of 2020, Seaboard repurchased 4,069 shares of common stock at a total price of $13 million. Shares repurchased were retired and became authorized and unissued shares. The components of accumulated other comprehensive loss, net of related taxes, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ December 31, (Millions of dollars) 2021 2020 Cumulative foreign currency translation adjustment ​ $ (361) ​ $ (376) ​ Cumulative unrecognized pension cost ​ (94) ​ (95) ​ Total accumulated other comprehensive loss ​ $ (455) ​ $ (471) ​ ​

Segment Information

Segment Information3 Months Ended
Apr. 03, 2021
Segment Information
Segment InformationNote 8 – 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 of each segment, see Note 15 to the consolidated financial statements included in Seaboard’s annual report for the year ended December 31, 2020. The following tables present Seaboard’s sales disaggregated by revenue source and segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended April 3, 2021 ​ (Millions of dollars) ​ ​ Pork ​ ​ Commodity Trading & Milling ​ ​ Marine ​ ​ Sugar and Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 495 ​ $ 1,146 ​ $ — ​ $ 24 ​ $ — ​ $ 3 ​ $ 1,668 ​ Transportation ​ ​ 1 ​ ​ — ​ ​ 300 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 302 ​ Energy ​ ​ 63 ​ ​ — ​ ​ — ​ ​ 2 ​ ​ 13 ​ ​ — ​ ​ 78 ​ Other ​ ​ 6 ​ ​ 5 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 11 ​ Segment/Consolidated Totals ​ $ 565 ​ $ 1,151 ​ $ 300 ​ $ 26 ​ $ 13 ​ $ 4 ​ $ 2,059 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 28, 2020 (Millions of dollars) ​ ​ Pork ​ ​ Commodity Trading & Milling ​ ​ Marine ​ ​ Sugar and Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 405 ​ $ 910 ​ $ — ​ $ 21 ​ $ — ​ $ 6 ​ $ 1,342 ​ Transportation ​ ​ 2 ​ ​ — ​ ​ 269 ​ ​ — ​ ​ — ​ ​ — ​ ​ 271 ​ Energy ​ ​ 40 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 17 ​ ​ — ​ ​ 58 ​ Other ​ ​ 8 ​ ​ 4 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12 ​ Segment/Consolidated Totals ​ $ 455 ​ $ 914 ​ $ 269 ​ $ 22 ​ $ 17 ​ $ 6 ​ $ 1,683 ​ ​ ​ The following tables present Seaboard’s operating income (loss) and income (loss) from affiliates by segment. 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. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income (Loss): ​ Three Months Ended ​ ​ April 3, ​ March 28, ​ (Millions of dollars) 2021 2020 Pork ​ $ 61 ​ $ 32 ​ CT&M ​ 16 ​ 30 ​ Marine ​ 21 ​ (6) ​ Sugar and Alcohol ​ 1 ​ (1) ​ Power ​ (2) ​ 2 ​ All Other ​ 1 ​ 1 ​ Segment Totals ​ 98 ​ 58 ​ Corporate ​ (6) ​ 5 ​ Consolidated Totals ​ $ 92 ​ $ 63 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (Loss) from Affiliates: ​ Three Months Ended ​ ​ ​ April 3, ​ March 28, (Millions of dollars) 2021 2020 Pork ​ $ 4 ​ $ 1 ​ CT&M ​ ​ 6 ​ ​ 1 ​ Marine ​ ​ 1 ​ ​ 1 ​ Sugar and Alcohol ​ — ​ — ​ Power ​ ​ — ​ ​ — ​ Turkey ​ (5) ​ (7) ​ Segment/Consolidated Totals ​ $ 6 ​ $ (4) ​ ​ The following tables present total assets by segment and the investments in and advances to affiliates by segment. Corporate assets primarily 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 mark-to-market adjustments on these investments recorded in other investment income (loss), net. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets: ​ April 3, ​ December 31, (Millions of dollars) 2021 2020 Pork ​ $ 2,069 ​ $ 1,927 ​ CT&M ​ 1,804 ​ 1,585 ​ Marine ​ 512 ​ 508 ​ Sugar and Alcohol ​ 146 ​ 153 ​ Power ​ 304 ​ 302 ​ Turkey ​ 259 ​ 265 ​ All Other ​ 6 ​ 6 ​ Segment Totals ​ 5,100 ​ 4,746 ​ Corporate ​ 1,593 ​ 1,653 ​ Consolidated Totals ​ $ 6,693 ​ $ 6,399 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in and Advances to Affiliates: ​ April 3, ​ December 31, (Millions of dollars) 2021 2020 Pork ​ $ 153 ​ $ 172 ​ CT&M ​ ​ 226 ​ ​ 222 ​ Marine ​ ​ 30 ​ ​ 30 ​ Sugar and Alcohol ​ 6 ​ 6 ​ Power ​ ​ 3 ​ ​ 3 ​ Turkey ​ 259 ​ 265 ​ Segment/Consolidated Totals ​ $ 677 ​ $ 698 ​ ​ The Turkey segment, accounted for using the equity method, represents Seaboard’s investment in Butterball, LLC (“Butterball”). As of April 3, 2021 and December 31, 2020, Butterball had total assets of $1,080 million and $993 million, respectively. Butterball’s summarized income statement information was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ April 3, ​ March 28, (Millions of dollars) ​ 2021 2020 Net sales ​ $ 341 ​ $ 318 ​ Operating loss ​ $ (16) ​ $ (7) ​ Net loss ​ $ (11) ​ $ (13) ​ ​

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)3 Months Ended
Apr. 03, 2021
Basis of Presentation and Accounting Policies
Basis of PresentationBasis of Presentation The condensed consolidated financial statements include the accounts of Seaboard Corporation and its subsidiaries (“Seaboard”). These financial statements should be read in conjunction with the consolidated financial statements of Seaboard for the year ended December 31, 2020 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. Preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Results of operations for interim periods are not necessarily indicative of results to be expected for the full year. The 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. Seaboard has consistently applied all accounting policies as disclosed in its latest annual report on Form 10-K to all periods presented in these condensed consolidated financial statements. During the fourth quarter of 2020, Seaboard elected to change its method of valuing its inventories from the last-in, first-out (“LIFO”) method to the first-in, first-out (“FIFO”) method. The effects of the change in accounting principle from LIFO to FIFO were retrospectively applied and, as a result, certain financial statement line items in the condensed consolidated statements of comprehensive income, changes in equity and cash flows for the three months ended March 28, 2020 were adjusted as necessary. For further information, refer to the annual report on Form 10-K for the year ended December 31, 2020.
Supplemental Cash Flow InformationSupplemental Cash Flow Information Non-cash investing activities for the three months ended April 3, 2021, included purchases of property, plant and equipment in accounts payable of $24 million. The following table includes supplemental cash and non-cash information related to leases. Seaboard reports the amortization of right of use assets and changes in operating lease liabilities in other liabilities, exclusive of debt in the condensed consolidated statements of cash flows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ April 3, ​ March 28, ​ (Millions of dollars) ​ ​ ​ 2021 ​ 2020 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ ​ $ 36 ​ $ 35 ​ Operating cash flows from finance leases ​ ​ ​ ​ 1 ​ ​ 1 ​ Financing cash flows from finance leases ​ ​ ​ ​ 2 ​ ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating right of use assets obtained in exchange for new operating lease liabilities ​ ​ ​ $ 13 ​ $ 38 ​ Finance right of use assets obtained in exchange for new finance lease liabilities ​ ​ ​ ​ 4 ​ ​ 8 ​ ​
Goodwill and Other Intangible AssetsGoodwill and Other Intangible Assets The change in the carrying amount of goodwill was related to foreign currency exchange differences of $5 million within the Commodity Trading and Milling (“CT&M”) segment. As of April 3, 2021, intangible assets, included in other non-current assets, were $54 million, net of accumulated amortization of $25 million.
Income TaxesIncome 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.
Accounting Standards Recently AdoptedAccounting Standard Recently Adopted 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 receivables, among other financial instruments. This model estimates the lifetime of expected credit loss 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 that decreased retained earnings and increased the allowance for credit losses.

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policies (Tables)3 Months Ended
Apr. 03, 2021
Basis of Presentation and Accounting Policies
Summary of supplemental cash and non-cash information related to leases​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ April 3, ​ March 28, ​ (Millions of dollars) ​ ​ ​ 2021 ​ 2020 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ ​ $ 36 ​ $ 35 ​ Operating cash flows from finance leases ​ ​ ​ ​ 1 ​ ​ 1 ​ Financing cash flows from finance leases ​ ​ ​ ​ 2 ​ ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating right of use assets obtained in exchange for new operating lease liabilities ​ ​ ​ $ 13 ​ $ 38 ​ Finance right of use assets obtained in exchange for new finance lease liabilities ​ ​ ​ ​ 4 ​ ​ 8 ​

Investments (Tables)

Investments (Tables)3 Months Ended
Apr. 03, 2021
Investments
Summary of the estimated fair value of short-term investments classified as trading securities​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ December 31, ​ (Millions of dollars) 2021 ​ 2020 ​ Domestic equity securities ​ $ 697 ​ $ 702 ​ Domestic debt securities ​ ​ 392 ​ ​ 496 ​ Foreign equity securities ​ ​ 149 ​ ​ 133 ​ Foreign debt securities ​ ​ 106 ​ ​ 68 ​ Money market funds held in trading accounts ​ 18 ​ 47 ​ Other trading securities ​ ​ 22 ​ ​ 19 ​ Total trading short-term investments ​ $ 1,384 ​ $ 1,465 ​

Inventories (Tables)

Inventories (Tables)3 Months Ended
Apr. 03, 2021
Inventories
Summary of inventories​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ December 31, (Millions of dollars) 2021 2020 ​ At lower of FIFO cost and net realizable value (NRV): ​ ​ ​ ​ ​ ​ ​ Hogs and materials ​ $ 467 ​ $ 437 ​ Pork products and materials ​ 56 ​ 46 ​ Grains, oilseeds and other commodities ​ 472 ​ 380 ​ Biodiesel ​ ​ 101 ​ ​ 72 ​ Sugar produced and in process ​ 26 ​ 24 ​ Other ​ 50 ​ 61 ​ Total inventories at lower of FIFO cost and NRV ​ 1,172 ​ ​ 1,020 ​ Grain, flour and feed at lower of weighted average cost and NRV ​ 188 ​ 158 ​ Total inventories ​ $ 1,360 ​ $ 1,178 ​

Lines of Credit, Long-Term De_2

Lines of Credit, Long-Term Debt, Commitments and Contingencies (Tables)3 Months Ended
Apr. 03, 2021
Lines of Credit, Long-Term Debt, Commitments and Contingencies
Summary of long-term debt​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ December 31, ​ (Millions of dollars) ​ 2021 ​ 2020 ​ Term Loans due 2027-2028 ​ $ 712 ​ $ 714 ​ Foreign subsidiary obligations ​ ​ 2 ​ ​ 49 ​ Total debt at face value ​ ​ 714 ​ ​ 763 ​ Current maturities and unamortized discount and costs ​ ​ (10) ​ ​ (56) ​ Long-term debt, less current maturities and unamortized discount and costs ​ $ 704 ​ $ 707 ​

Employee Benefits (Tables)

Employee Benefits (Tables)3 Months Ended
Apr. 03, 2021
Employee Benefits
Schedule of net periodic benefit cost of plans​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ April 3, ​ March 28, (Millions of dollars) 2021 2020 Components of net periodic benefit cost: ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 3 ​ $ 3 ​ Interest cost ​ 2 ​ 3 ​ Expected return on plan assets ​ (3) ​ (3) ​ Amortization and other ​ 2 ​ 3 ​ Net periodic benefit cost ​ $ 4 ​ $ 6 ​

Derivatives and Fair Value of_2

Derivatives and Fair Value of Financial Instruments (Tables)3 Months Ended
Apr. 03, 2021
Derivatives and Fair Value of Financial Instruments
Schedule of assets and liabilities measured at fair value on a recurring basis​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2021 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 697 ​ $ 697 ​ $ — ​ $ — ​ Domestic debt securities ​ ​ 392 ​ ​ 152 ​ ​ 240 ​ ​ — ​ Foreign equity securities ​ 149 ​ 149 ​ — ​ — ​ Foreign debt securities ​ 106 ​ — ​ 106 ​ — ​ Money market funds held in trading accounts ​ ​ 18 ​ ​ 18 ​ ​ — ​ ​ — ​ Other trading securities ​ 22 ​ 4 ​ 18 ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 14 ​ 14 ​ — ​ — ​ Money market fund held in trading accounts ​ ​ 7 ​ ​ 7 ​ ​ — ​ ​ — ​ Foreign equity securities ​ 4 ​ 4 ​ — ​ — ​ Fixed income mutual funds ​ 3 ​ 2 ​ 1 ​ — ​ Long-term investment ​ ​ 32 ​ ​ — ​ ​ — ​ ​ 32 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ 17 ​ 16 ​ 1 ​ — ​ Interest rate swaps ​ ​ 8 ​ ​ — ​ ​ 8 ​ ​ — ​ Foreign currencies ​ 2 ​ — ​ 2 ​ — ​ Total assets ​ $ 1,471 ​ $ 1,063 ​ $ 376 ​ $ 32 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 15 ​ $ — ​ $ — ​ $ 15 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ ​ 24 ​ ​ 24 ​ ​ — ​ ​ — ​ Foreign currencies ​ 1 ​ — ​ 1 ​ — ​ Total liabilities ​ $ 40 ​ $ 24 ​ $ 1 ​ $ 15 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2020 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ $ 702 ​ $ 702 ​ $ — ​ $ — ​ Domestic debt securities ​ ​ 496 ​ ​ 196 ​ ​ 300 ​ ​ — ​ Foreign equity securities ​ ​ 133 ​ ​ 133 ​ ​ — ​ ​ — ​ Foreign debt securities ​ ​ 68 ​ ​ — ​ ​ 68 ​ ​ — ​ Money market funds held in trading accounts ​ 47 ​ 47 ​ — ​ — ​ Other trading securities ​ 20 ​ 3 ​ 17 ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 14 ​ 14 ​ — ​ — ​ Money market fund held in trading accounts ​ ​ 6 ​ ​ 6 ​ ​ — ​ ​ — ​ Foreign equity securities ​ 3 ​ 3 ​ — ​ — ​ Fixed income mutual funds ​ 3 ​ 2 ​ 1 ​ — ​ Long-term investment ​ 31 ​ — ​ — ​ 31 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ 28 ​ 28 ​ — ​ — ​ Interest rate swaps ​ 1 ​ — ​ 1 ​ — ​ Total assets ​ $ 1,552 ​ $ 1,134 ​ $ 387 ​ $ 31 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other trading securities ​ $ 1 ​ $ — ​ $ 1 ​ $ — ​ Contingent consideration ​ ​ 16 ​ ​ — ​ ​ — ​ ​ 16 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ ​ 19 ​ ​ 19 ​ ​ — ​ ​ — ​ Foreign currencies ​ 9 ​ — ​ 9 ​ — ​ Total liabilities ​ $ 45 ​ $ 19 ​ $ 10 ​ $ 16 ​
Schedule of aggregated outstanding notional amounts related to derivative financial instruments​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ December 31, (Millions) ​ Metric ​ ​ 2021 ​ 2020 Commodities ​ ​ ​ ​ ​ ​ ​ ​ ​ Grain ​ Bushels ​ ​ 33 ​ ​ 26 ​ Hogs ​ Pounds ​ ​ 2 ​ ​ 2 ​ Soybean oil ​ Pounds ​ ​ 75 ​ ​ 56 ​ Heating oil ​ Gallons ​ ​ 17 ​ ​ — ​ Foreign currencies ​ U.S. dollar ​ ​ 117 ​ ​ 49 ​ Interest rate swaps ​ U.S. dollar ​ ​ 400 ​ ​ 400 ​ Equity futures ​ U.S. dollar ​ ​ — ​ ​ 3 ​
Schedule of gain or (loss) recognized for each type of derivative and its location in the consolidated statements of comprehensive income​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ April 3, ​ March 28, ​ (Millions of dollars) ​ 2021 2020 Commodities Cost of sales ​ $ 2 ​ $ 21 ​ Foreign currencies ​ Cost of sales ​ ​ 1 ​ ​ 12 ​ Foreign currencies Foreign currency gains (losses), net ​ 2 ​ 1 ​ Interest rate swaps ​ Interest expense ​ ​ 7 ​ ​ — ​ Equity futures Other investment income (loss), net ​ — ​ 28 ​
Schedule of fair value of each type of derivative and its location in the consolidated balance sheets​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ ​ ​ Liability Derivatives ​ ​ ​ ​ ​ April 3, ​ December 31, ​ ​ ​ April 3, ​ December 31, ​ (Millions of dollars) ​ 2021 2020 ​ 2021 2020 ​ Commodities Other current assets ​ $ 17 ​ $ 28 Other current liabilities ​ $ 24 ​ $ 19 ​ Foreign currencies ​ Other current assets ​ ​ 2 ​ ​ — ​ Other current liabilities ​ ​ 1 ​ ​ 9 ​ Interest rate swaps Other current assets ​ 8 ​ 1 Other current liabilities ​ — ​ — ​ Equity futures Short-term investments ​ — ​ — Short-term investments ​ — ​ — ​

Stockholders' Equity and Accu_2

Stockholders' Equity and Accumulated Other Comprehensive Loss (Tables)3 Months Ended
Apr. 03, 2021
Stockholders' Equity and Accumulated Other Comprehensive Loss
Schedule of components of accumulated other comprehensive loss, net of related taxes​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ December 31, (Millions of dollars) 2021 2020 Cumulative foreign currency translation adjustment ​ $ (361) ​ $ (376) ​ Cumulative unrecognized pension cost ​ (94) ​ (95) ​ Total accumulated other comprehensive loss ​ $ (455) ​ $ (471) ​

Segment Information (Tables)

Segment Information (Tables)3 Months Ended
Apr. 03, 2021
Schedule of sales disaggregated by revenue source and segment​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended April 3, 2021 ​ (Millions of dollars) ​ ​ Pork ​ ​ Commodity Trading & Milling ​ ​ Marine ​ ​ Sugar and Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 495 ​ $ 1,146 ​ $ — ​ $ 24 ​ $ — ​ $ 3 ​ $ 1,668 ​ Transportation ​ ​ 1 ​ ​ — ​ ​ 300 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 302 ​ Energy ​ ​ 63 ​ ​ — ​ ​ — ​ ​ 2 ​ ​ 13 ​ ​ — ​ ​ 78 ​ Other ​ ​ 6 ​ ​ 5 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 11 ​ Segment/Consolidated Totals ​ $ 565 ​ $ 1,151 ​ $ 300 ​ $ 26 ​ $ 13 ​ $ 4 ​ $ 2,059 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 28, 2020 (Millions of dollars) ​ ​ Pork ​ ​ Commodity Trading & Milling ​ ​ Marine ​ ​ Sugar and Alcohol ​ ​ Power ​ ​ All Other ​ ​ Consolidated Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 405 ​ $ 910 ​ $ — ​ $ 21 ​ $ — ​ $ 6 ​ $ 1,342 ​ Transportation ​ ​ 2 ​ ​ — ​ ​ 269 ​ ​ — ​ ​ — ​ ​ — ​ ​ 271 ​ Energy ​ ​ 40 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 17 ​ ​ — ​ ​ 58 ​ Other ​ ​ 8 ​ ​ 4 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12 ​ Segment/Consolidated Totals ​ $ 455 ​ $ 914 ​ $ 269 ​ $ 22 ​ $ 17 ​ $ 6 ​ $ 1,683 ​
Summary of specific financial information related to operating income (loss)​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income (Loss): ​ Three Months Ended ​ ​ April 3, ​ March 28, ​ (Millions of dollars) 2021 2020 Pork ​ $ 61 ​ $ 32 ​ CT&M ​ 16 ​ 30 ​ Marine ​ 21 ​ (6) ​ Sugar and Alcohol ​ 1 ​ (1) ​ Power ​ (2) ​ 2 ​ All Other ​ 1 ​ 1 ​ Segment Totals ​ 98 ​ 58 ​ Corporate ​ (6) ​ 5 ​ Consolidated Totals ​ $ 92 ​ $ 63 ​
Summary of specific financial information related to income (loss) from affiliates​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (Loss) from Affiliates: ​ Three Months Ended ​ ​ ​ April 3, ​ March 28, (Millions of dollars) 2021 2020 Pork ​ $ 4 ​ $ 1 ​ CT&M ​ ​ 6 ​ ​ 1 ​ Marine ​ ​ 1 ​ ​ 1 ​ Sugar and Alcohol ​ — ​ — ​ Power ​ ​ — ​ ​ — ​ Turkey ​ (5) ​ (7) ​ Segment/Consolidated Totals ​ $ 6 ​ $ (4) ​
Summary of specific financial information related to total assets​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets: ​ April 3, ​ December 31, (Millions of dollars) 2021 2020 Pork ​ $ 2,069 ​ $ 1,927 ​ CT&M ​ 1,804 ​ 1,585 ​ Marine ​ 512 ​ 508 ​ Sugar and Alcohol ​ 146 ​ 153 ​ Power ​ 304 ​ 302 ​ Turkey ​ 259 ​ 265 ​ All Other ​ 6 ​ 6 ​ Segment Totals ​ 5,100 ​ 4,746 ​ Corporate ​ 1,593 ​ 1,653 ​ Consolidated Totals ​ $ 6,693 ​ $ 6,399 ​
Summary of specific financial information related to investments in and advances to affiliates​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in and Advances to Affiliates: ​ April 3, ​ December 31, (Millions of dollars) 2021 2020 Pork ​ $ 153 ​ $ 172 ​ CT&M ​ ​ 226 ​ ​ 222 ​ Marine ​ ​ 30 ​ ​ 30 ​ Sugar and Alcohol ​ 6 ​ 6 ​ Power ​ ​ 3 ​ ​ 3 ​ Turkey ​ 259 ​ 265 ​ Segment/Consolidated Totals ​ $ 677 ​ $ 698 ​
Butterball
Summary of specific financial information related to equity method​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ April 3, ​ March 28, (Millions of dollars) ​ 2021 2020 Net sales ​ $ 341 ​ $ 318 ​ Operating loss ​ $ (16) ​ $ (7) ​ Net loss ​ $ (11) ​ $ (13) ​

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policies (Details) - USD ($) $ in Millions3 Months Ended
Apr. 03, 2021Mar. 28, 2020Dec. 31, 2020Jan. 01, 2020
Supplemental Cash Flow Information
Non-cash acquisition of assets $ 24
Operating cash flows from operating leases36 $ 35
Operating cash flows from finance leases1 1
Financing cash flows from finance leases2 1
Operating ROU assets obtained in exchange for new operating lease liabilities13 38
Finance ROU assets obtained in exchange for new finance lease liabilities4 $ 8
Goodwill and Other Intangible Assets
Other intangible assets, net54
Accumulated amortization25
Foreign currency exchange adjustments5
Recently issued accounting standards
Retained earnings $ 4,463 $ 4,287
Revision of Prior Period, Accounting Standards Update, Adjustment | ASU 2016-13
Recently issued accounting standards
Retained earnings $ (3)
Allowance for credit losses $ 3

Investments (Details)

Investments (Details) - USD ($) $ in Millions3 Months Ended
Apr. 03, 2021Mar. 28, 2020Dec. 31, 2020
Investments
Total trading short-term investments $ 1,384 $ 1,465
Change in unrealized gains (losses) on trading securities65 $ (236)
Denominated in foreign currencies
Investments
Total trading short-term investments42 29
Domestic equity securities
Investments
Fair Value697 702
Domestic debt securities
Investments
Fair Value392 496
Foreign equity securities
Investments
Fair Value149 133
Foreign debt securities
Investments
Fair Value106 68
Money market funds held in trading accounts
Investments
Fair Value18 47
Other trading securities
Investments
Fair Value $ 22 $ 19

Inventories (Details)

Inventories (Details) - USD ($) $ in MillionsApr. 03, 2021Dec. 31, 2020
At lower of FIFO cost and net realizable value (NRV):
Hogs and materials $ 467 $ 437
Pork products and materials56 46
Grains, oilseeds and other commodities472 380
Biodiesel101 72
Sugar produced and in process26 24
Other50 61
Total inventories at lower of FIFO cost and NRV1,172 1,020
Grain, flour and feed at lower of weighted average cost and NRV188 158
Total inventories $ 1,360 $ 1,178

Lines of Credit, Long-Term De_3

Lines of Credit, Long-Term Debt, Commitments and Contingencies (Details) $ in MillionsJun. 28, 2018plaintiffMay 15, 2018USD ($)Apr. 27, 2018USD ($)Mar. 20, 2018USD ($)Apr. 03, 2021USD ($)plaintiffDec. 31, 2018itemDec. 31, 2020USD ($)
Debt Instrument
Lines of credit outstanding $ 346 $ 222
Total long-term debt at face value714 763
Current maturities of long-term debt and unamortized discount(10)(56)
Long-term debt, less current maturities704 707
Current maturities of long-term debt9 55
Contingencies
Assets $ 6,693 6,399
Pork Product Purchasers | Pending Litigation
Contingencies
Number of plaintiffs12 2 3
Cereoil
Contingencies
Percentage of ownership45.00%
Cereoil | Cereoil Bankruptcy Trustee - Case One | Pending Litigation
Contingencies
Damages sought $ 22
Cereoil | Cereoil Bankruptcy Trustee - Case Two | Pending Litigation
Contingencies
Damages sought $ 23
Total 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
Total liabilities29
Assets $ 15
Uncommitted bank lines
Debt Instrument
Lines of credit outstanding $ 346 $ 222
Weighted average interest rate (as a percent)2.64%3.89%
Uncommitted bank lines | Denominated in foreign currencies
Debt Instrument
Lines of credit outstanding $ 150
Uncommitted bank lines | Denominated in South African Rand
Debt Instrument
Lines of credit outstanding109
Uncommitted bank lines | Denominated in Canadian dollars
Debt Instrument
Lines of credit outstanding24
Committed bank lines
Debt Instrument
Lines of credit outstanding $ 0 $ 0
Term loan due 2028
Debt Instrument
Effective interest rate (as a percent)1.73%1.77%
Term Loans due 2027-2028
Debt Instrument
Total long-term debt at face value $ 712 $ 714
Foreign subsidiary obligations
Debt Instrument
Total long-term debt at face value $ 2 $ 49
Effective interest rate (as a percent)7.70%3.51%
Foreign subsidiary obligations | Denominated in Euros
Debt Instrument
Total long-term debt at face value $ 46

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Millions3 Months Ended
Apr. 03, 2021Mar. 28, 2020
Components of net periodic benefit cost:
Service cost $ 3 $ 3
Interest cost2 3
Expected return on plan assets(3)(3)
Amortization2 3
Net periodic benefit cost $ 4 $ 6

Derivatives and Fair Value of_3

Derivatives and Fair Value of Financial Instruments-Deferred Comp Securities (Details) - USD ($) $ in MillionsApr. 03, 2021Dec. 31, 2020
Domestic equity securities
Assets:
Trading securities $ 697 $ 702
Domestic debt securities
Assets:
Trading securities392 496
Foreign equity securities
Assets:
Trading securities149 133
Foreign debt securities
Assets:
Trading securities106 68
Money market funds held in trading accounts
Assets:
Trading securities18 47
Other trading securities
Assets:
Trading securities22 19
Recurring basis | Level 1
Assets:
Total assets1,063 1,134
Liabilities:
Total liabilities24 19
Recurring basis | Level 1 | Commodities
Assets:
Derivatives16 28
Liabilities:
Derivatives24 19
Recurring basis | Level 1 | Domestic equity securities | Short-term investments
Assets:
Trading securities697 702
Recurring basis | Level 1 | Domestic equity securities | Other current assets
Assets:
Trading securities14 14
Recurring basis | Level 1 | Domestic debt securities | Short-term investments
Assets:
Trading securities152 196
Recurring basis | Level 1 | Foreign equity securities | Short-term investments
Assets:
Trading securities149 133
Recurring basis | Level 1 | Foreign equity securities | Other current assets
Assets:
Trading securities4 3
Recurring basis | Level 1 | Money market funds held in trading accounts | Short-term investments
Assets:
Trading securities18 47
Recurring basis | Level 1 | Money market funds held in trading accounts | Other current assets
Assets:
Trading securities7 6
Recurring basis | Level 1 | Other trading securities | Short-term investments
Assets:
Trading securities4 3
Recurring basis | Level 1 | Fixed income mutual funds | Other current assets
Assets:
Trading securities2 2
Recurring basis | Level 2
Assets:
Total assets376 387
Liabilities:
Total liabilities1 10
Recurring basis | Level 2 | Commodities
Assets:
Derivatives1
Recurring basis | Level 2 | Interest rate swaps
Assets:
Derivatives8 1
Recurring basis | Level 2 | Foreign currencies
Assets:
Derivatives2
Liabilities:
Derivatives1 9
Recurring basis | Level 2 | Domestic debt securities | Short-term investments
Assets:
Trading securities240 300
Recurring basis | Level 2 | Foreign debt securities | Short-term investments
Assets:
Trading securities106 68
Recurring basis | Level 2 | Other trading securities | Short-term investments
Assets:
Trading securities18 17
Recurring basis | Level 2 | Fixed income mutual funds | Other current assets
Assets:
Trading securities1 1
Recurring basis | Level 2 | Other trading investments | Short-term investments
Liabilities:
Derivatives1
Recurring basis | Level 3
Assets:
Total assets32 31
Liabilities:
Contingent consideration15 16
Total liabilities15 16
Recurring basis | Level 3 | Long-term investments
Assets:
Long-term equity investment32 31
Recurring basis | Fair Value
Assets:
Total assets1,471 1,552
Liabilities:
Contingent consideration15 16
Total liabilities40 45
Recurring basis | Fair Value | Commodities
Assets:
Derivatives17 28
Liabilities:
Derivatives24 19
Recurring basis | Fair Value | Interest rate swaps
Assets:
Derivatives8 1
Recurring basis | Fair Value | Foreign currencies
Assets:
Derivatives2
Liabilities:
Derivatives1 9
Recurring basis | Fair Value | Long-term investments
Assets:
Long-term equity investment32 31
Recurring basis | Fair Value | Domestic equity securities | Short-term investments
Assets:
Trading securities697 702
Recurring basis | Fair Value | Domestic equity securities | Other current assets
Assets:
Trading securities14 14
Recurring basis | Fair Value | Domestic debt securities | Short-term investments
Assets:
Trading securities392 496
Recurring basis | Fair Value | Foreign equity securities | Short-term investments
Assets:
Trading securities149 133
Recurring basis | Fair Value | Foreign equity securities | Other current assets
Assets:
Trading securities4 3
Recurring basis | Fair Value | Foreign debt securities | Short-term investments
Assets:
Trading securities106 68
Recurring basis | Fair Value | Money market funds held in trading accounts | Short-term investments
Assets:
Trading securities18 47
Recurring basis | Fair Value | Money market funds held in trading accounts | Other current assets
Assets:
Trading securities7 6
Recurring basis | Fair Value | Other trading securities | Short-term investments
Assets:
Trading securities22 20
Recurring basis | Fair Value | Fixed income mutual funds | Other current assets
Assets:
Trading securities $ 3 3
Recurring basis | Fair Value | Other trading investments | Short-term investments
Liabilities:
Derivatives $ 1

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 Ended12 Months Ended
Apr. 03, 2021USD ($)lbgalbuDec. 31, 2020USD ($)lbbuJun. 27, 2020
Grain
Derivative commodity instruments
Nonmonetary notional amount | bu33 26
Hogs
Derivative commodity instruments
Nonmonetary notional amount | lb2 2
Soybean oil
Derivative commodity instruments
Nonmonetary notional amount | lb75 56
Heating oil
Derivative commodity instruments
Nonmonetary notional amount | gal17
Equity future contracts
Derivative commodity instruments
Notional amounts $ 3
Foreign currencies
Derivative commodity instruments
Notional amounts $ 117 49
Interest rate swaps
Derivative commodity instruments
Notional amounts $ 400 $ 400
Interest rate swaps | Weighted Average
Derivative commodity instruments
Fixed rate interest0.26%

Derivatives and Fair Value of_5

Derivatives and Fair Value of Financial Instruments-Counterparty Risk (Details) - USD ($) $ in MillionsApr. 03, 2021Apr. 03, 2021Mar. 28, 2020
Commodities | Cost of sales
Derivatives
Gains (losses) on derivatives $ 2 $ 21
Foreign currencies | Cost of sales
Derivatives
Gains (losses) on derivatives1 12
Foreign currencies | Foreign currency gains (losses), net
Derivatives
Gains (losses) on derivatives2 1
Equity | Other investment income (loss), net
Derivatives
Gains (losses) on derivatives $ 28
Interest rate swaps
Derivatives
Credit risk associated with derivative contracts $ 10
Interest rate swaps | Interest expense
Derivatives
Gains (losses) on derivatives $ 7

Derivatives and Fair Value of_6

Derivatives and Fair Value of Financial Instruments-Derivatives Fair Value (Details) - USD ($) $ in MillionsApr. 03, 2021Dec. 31, 2020
Commodities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Margin account $ 46 $ 15
Commodities | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives17 28
Derivative assets and liabilities, net basis39 24
Commodities | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives24 19
Foreign currencies | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives2
Foreign currencies | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives1 9
Interest rate swaps | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives $ 8 $ 1

Stockholders' Equity and Accu_3

Stockholders' Equity and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions3 Months Ended
Mar. 28, 2020Apr. 03, 2021Dec. 31, 2020
Stockholders' Equity and Accumulated Other Comprehensive Loss
Common shares repurchased (in shares)4,069
Repurchase of common stock $ 13
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss $ (455) $ (471)
Foreign currency translation adjustment
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss(361)(376)
Cumulative unrecognized pension cost
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss $ (94) $ (95)

Segment Information - Disaggreg

Segment Information - Disaggregation of sales (Details) $ in Millions3 Months Ended
Apr. 03, 2021USD ($)segmentMar. 28, 2020USD ($)
Revenue Recognition
Number of reportable segments | segment6
Net sales $ 2,059 $ 1,683
Products
Revenue Recognition
Net sales1,731 1,382
Other
Revenue Recognition
Net sales15 18
Pork
Revenue Recognition
Net sales565 455
Pork | Products
Revenue Recognition
Net sales495 405
Pork | Transportation
Revenue Recognition
Net sales1 2
Pork | Energy
Revenue Recognition
Net sales63 40
Pork | Other
Revenue Recognition
Net sales6 8
CT&M
Revenue Recognition
Net sales1,151 914
CT&M | Products
Revenue Recognition
Net sales1,146 910
CT&M | Other
Revenue Recognition
Net sales5 4
Marine
Revenue Recognition
Net sales300 269
Marine | Transportation
Revenue Recognition
Net sales300 269
Sugar and Alcohol
Revenue Recognition
Net sales26 22
Sugar and Alcohol | Products
Revenue Recognition
Net sales24 21
Sugar and Alcohol | Energy
Revenue Recognition
Net sales2 1
Power
Revenue Recognition
Net sales13 17
Power | Energy
Revenue Recognition
Net sales13 17
All Other
Revenue Recognition
Net sales4 6
All Other | Products
Revenue Recognition
Net sales3 6
All Other | Transportation
Revenue Recognition
Net sales1
Segment Totals
Revenue Recognition
Net sales2,059 1,683
Segment Totals | Products
Revenue Recognition
Net sales1,668 1,342
Segment Totals | Transportation
Revenue Recognition
Net sales302 271
Segment Totals | Energy
Revenue Recognition
Net sales78 58
Segment Totals | Other
Revenue Recognition
Net sales $ 11 $ 12

Segment Information-Information

Segment Information-Information by Segment (Details) - USD ($) $ in Millions3 Months Ended
Apr. 03, 2021Mar. 28, 2020Dec. 31, 2020
Segment Information
Operating Income (Loss) $ 92 $ 63
Income (loss) from affiliates6 (4)
Total assets6,693 $ 6,399
Investment in and Advances to Affiliates677 698
Pork
Segment Information
Income (loss) from affiliates4 1
Investment in and Advances to Affiliates153 172
CT&M
Segment Information
Income (loss) from affiliates6 1
Investment in and Advances to Affiliates226 222
Marine
Segment Information
Income (loss) from affiliates1 1
Investment in and Advances to Affiliates30 30
Sugar and Alcohol
Segment Information
Investment in and Advances to Affiliates6 6
Power
Segment Information
Investment in and Advances to Affiliates3 3
Turkey
Segment Information
Income (loss) from affiliates(5)(7)
Investment in and Advances to Affiliates259 265
Segment Totals
Segment Information
Operating Income (Loss)98 58
Total assets5,100 4,746
Segment Totals | Pork
Segment Information
Operating Income (Loss)61 32
Total assets2,069 1,927
Segment Totals | CT&M
Segment Information
Operating Income (Loss)16 30
Total assets1,804 1,585
Segment Totals | Marine
Segment Information
Operating Income (Loss)21 (6)
Total assets512 508
Segment Totals | Sugar and Alcohol
Segment Information
Operating Income (Loss)1 (1)
Total assets146 153
Segment Totals | Power
Segment Information
Operating Income (Loss)(2)2
Total assets304 302
Segment Totals | Turkey
Segment Information
Total assets259 265
Segment Totals | All Other
Segment Information
Operating Income (Loss)1 1
Total assets6 6
Corporate
Segment Information
Operating Income (Loss)(6) $ 5
Total assets $ 1,593 $ 1,653

Segment Information - Turkey (D

Segment Information - Turkey (Details) - USD ($) $ in Millions3 Months Ended
Apr. 03, 2021Mar. 28, 2020Dec. 31, 2020
Segment Information
Total assets $ 6,693 $ 6,399
Net earnings (loss)179 $ (103)
Turkey | Butterball
Segment Information
Total assets1,080 $ 993
Net sales341 318
Operating loss(16)(7)
Net earnings (loss) $ (11) $ (13)