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SEB Seaboard

Document and Entity Information

Document and Entity Information - shares6 Months Ended
Jul. 03, 2021Jul. 27, 2021
Document and Entity Information
Document Type10-Q
Document Quarterly Reporttrue
Document Transition Reportfalse
Document Period End DateJul. 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 FocusQ2
Amendment Flagfalse

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020
Net sales:
Total net sales $ 2,430 $ 1,808 $ 4,489 $ 3,491
Cost of sales and operating expenses:
Total cost of sales and operating expenses2,177 1,719 4,058 3,267
Gross income253 89 431 224
Selling, general and administrative expenses88 80 174 152
Operating income165 9 257 72
Other income (expense):
Interest expense(6)(6)(11)
Interest expense4
Interest income6 4 11 11
Income (loss) from affiliates(5)(17)1 (21)
Other investment income (loss), net46 128 117 (97)
Foreign currency gains (losses), net(7)(5)2 (16)
Miscellaneous, net1 1 7 2
Total other income (expense), net35 105 142 (132)
Earnings (loss) before income taxes200 114 399 (60)
Income tax expense(24)(141)(44)(70)
Net earnings (loss)176 (27)355 (130)
Less: Net loss attributable to noncontrolling interests0 0 0 0
Net earnings (loss) attributable to Seaboard $ 176 $ (27) $ 355 $ (130)
Earnings (loss) per common share $ 151.56 $ (23.51) $ 305.59 $ (112.33)
Average number of shares outstanding (in shares)1,160,779 1,160,779 1,160,779 1,162,307
Other comprehensive income (loss), net of income tax expense of $1, $1, $1 and $1:
Foreign currency translation adjustment $ (15) $ (19) $ (16)
Unrecognized pension cost4 $ 5 2
Other comprehensive income (loss), net of tax(11)(19)5 (14)
Comprehensive income (loss)165 (46)360 (144)
Less: Comprehensive loss attributable to noncontrolling interests0 0 0 0
Comprehensive income (loss) attributable to Seaboard165 (46)360 (144)
Products
Net sales:
Total net sales2,089 1,589 3,820 2,971
Cost of sales and operating expenses:
Total cost of sales and operating expenses1,894 1,520 3,500 2,798
Services
Net sales:
Total net sales330 206 643 489
Cost of sales and operating expenses:
Total cost of sales and operating expenses269 185 530 441
Other
Net sales:
Total net sales11 13 26 31
Cost of sales and operating expenses:
Total cost of sales and operating expenses $ 14 $ 14 $ 28 $ 28

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020
Other comprehensive income (loss), income tax expense $ 1 $ 1 $ 1 $ 1
Products
Sales to affiliates392 332 685 591
Services
Sales to affiliates $ 4 $ 6 $ 9 $ 12

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in MillionsJul. 03, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 92 $ 76
Short-term investments1,483 1,465
Receivables, net of allowance for credit losses of $30 and $28642 532
Inventories1,497 1,178
Other current assets164 103
Total current assets3,878 3,354
Property, plant and equipment, net1,744 1,582
Operating lease right of use assets, net416 390
Investments in and advances to affiliates666 698
Goodwill164 167
Other non-current assets202 208
Total assets7,070 6,399
Current liabilities:
Lines of credit474 222
Current maturities of long-term debt9 55
Accounts payable390 276
Deferred revenue95 89
Operating lease liabilities137 111
Other current liabilities308 323
Total current liabilities1,413 1,076
Long-term debt, less current maturities711 707
Deferred income taxes85 103
Long-term operating lease liabilities315 318
Other liabilities363 367
Total non-current liabilities1,474 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(466)(471)
Retained earnings4,637 4,287
Total Seaboard stockholders' equity4,172 3,817
Noncontrolling interests11 11
Total equity4,183 3,828
Total liabilities and stockholders' equity $ 7,070 $ 6,399

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in MillionsJul. 03, 2021Dec. 31, 2020
Condensed Consolidated Balance Sheets
Allowance for credit losses $ 30 $ 28
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

Condensed Consolidated Statem_3

Condensed 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, 20191 (440)(3)4,030 10 (3)3,601
Comprehensive income (loss):
Net earnings (loss)(130)
Other comprehensive income, net of tax(14)
Balances at Jun. 27, 20201 (454)3,879 10 3,436
Balances at Dec. 31, 20191 (440) $ (3)4,030 10 $ (3)3,601
Comprehensive income (loss):
Repurchase of common stock(13)
Balances at Dec. 31, 20201 (471)4,287 11 3,828
Balances at Mar. 28, 20201 (435)3,908 10 3,484
Comprehensive income (loss):
Net earnings (loss)(27)(27)
Other comprehensive income, net of tax(19)(19)
Dividends on common stock ($2.25/share)(2)(2)
Balances at Jun. 27, 20201 (454)3,879 10 3,436
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, 20211 (455)4,463 11 4,020
Balances at Dec. 31, 20201 (471)4,287 11 3,828
Comprehensive income (loss):
Net earnings (loss)355
Other comprehensive income, net of tax5
Balances at Jul. 03, 20211 (466)4,637 11 4,183
Balances at Apr. 03, 20211 (455)4,463 11 4,020
Comprehensive income (loss):
Net earnings (loss)176 176
Other comprehensive income, net of tax(11)(11)
Dividends on common stock ($2.25/share)(2)(2)
Balances at Jul. 03, 2021 $ 1 $ (466) $ 4,637 $ 11 $ 4,183

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares3 Months Ended
Jul. 03, 2021Apr. 03, 2021Jun. 27, 2020Mar. 28, 2020
Condensed Consolidated Statements of Changes in Equity
Dividends on common stock (in dollars per share) $ 2.25 $ 2.25 $ 2.25 $ 2.25

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions6 Months Ended
Jul. 03, 2021Jun. 27, 2020
Cash flows from operating activities:
Net earnings (loss) $ 355 $ (130)
Adjustments to reconcile net earnings (loss) to cash from operating activities:
Depreciation and amortization87 72
Deferred income taxes(26)(46)
Loss (income) from affiliates(1)21
Dividends received from affiliates30 7
Other investment loss (income), net(117)97
Other, net4 22
Changes in assets and liabilities:
Receivables, net of allowance for credit losses(109)86
Inventories(319)22
Other assets(51)5
Accounts payable86 (177)
Other liabilities, exclusive of debt(7)21
Net cash from operating activities(68)
Cash flows from investing activities:
Purchase of short-term investments(1,482)(311)
Proceeds from the sale of short-term investments1,569 464
Proceeds from the maturity of short-term investments19 20
Capital expenditures(223)(108)
Proceeds from the sale of property, plant and equipment14 2
Principal payments received on notes receivable11
Purchase of long-term investments(14)(38)
Other, net1 (6)
Net cash from investing activities(105)23
Cash flows from financing activities:
Uncommitted lines of credit, net152 (22)
Draws under committed lines of credit402 205
Repayments of committed lines of credit(302)(205)
Principal payments of long-term debt(50)(31)
Repurchase of common stock(13)
Dividends paid(5)(5)
Other, net(5)3
Net cash from financing activities192 (68)
Effect of exchange rate changes on cash and cash equivalents(3)(1)
Net change in cash and cash equivalents16 (46)
Cash and cash equivalents at beginning of year76 125
Cash and cash equivalents at end of period $ 92 $ 79

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies6 Months Ended
Jul. 03, 2021
Basis of Presentation and Accounting Policies
Basis of Presentation and Accounting PoliciesNote 1 – Basis of Presentation and Accounting Policies 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 six months ended June 27, 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 six months ended July 3, 2021, included purchases of property, plant and equipment in accounts payable of $28 million. The following table includes supplemental cash and non-cash information related to leases. Seaboard reports the amortization of right of use (“ROU”) assets and changes in operating lease liabilities in other liabilities, exclusive of debt in the condensed consolidated statements of cash flows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ ​ July 3, ​ June 27, ​ (Millions of dollars) ​ ​ 2021 ​ 2020 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $ 75 ​ $ 71 ​ Operating cash flows from finance leases ​ ​ ​ 2 ​ ​ 2 ​ Financing cash flows from finance leases ​ ​ ​ 5 ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ROU assets obtained in exchange for new operating lease liabilities ​ ​ $ 84 ​ $ 43 ​ Finance ROU assets obtained in exchange for new finance lease liabilities ​ ​ ​ 6 ​ ​ 27 ​ ​ Goodwill and Other Intangible Assets The change in the carrying amount of goodwill of $3 million as of July 3, 2021 compared to December 31, 2020 was due to foreign currency exchange differences and other adjustments within the Commodity Trading and Milling (“CT&M”) segment. As of July 3, 2021, other intangible assets, included in other non-current assets, were $50 million, net of accumulated amortization of $27 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

Investments

Investments6 Months Ended
Jul. 03, 2021
Investments
InvestmentsNote 2 – Investments The following is a summary of the estimated fair value of short-term investments classified as trading securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ December 31, (Millions of dollars) 2021 ​ 2020 Domestic debt securities ​ $ 685 ​ $ 496 ​ Domestic equity securities ​ ​ 456 ​ ​ 702 ​ Foreign equity securities ​ 193 ​ 133 ​ Foreign debt securities ​ ​ 117 ​ ​ 68 ​ Money market funds held in trading accounts ​ ​ 15 ​ ​ 47 ​ Other trading securities ​ ​ 17 ​ ​ 19 ​ Total trading short-term investments ​ $ 1,483 ​ $ 1,465 ​ ​ The change in unrealized gains (losses) related to trading securities still held at the end of the respective reporting period was $9 million and $17 million for the three and six months ended July 3, 2021, respectively, and $113 million and $(97) million for the three and six months ended June 27, 2020, respectively. Seaboard had $45 million and $29 million of short-term investments denominated in foreign currencies, primarily euros, as of July 3, 2021 and December 31, 2020, respectively.

Inventories

Inventories6 Months Ended
Jul. 03, 2021
Inventories
InventoriesNote 3 – Inventories The following is a summary of inventories: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 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 ​ 46 ​ 46 ​ Grains, oilseeds and other commodities ​ 576 ​ 380 ​ Biodiesel ​ ​ 122 ​ ​ 72 ​ Sugar produced and in process ​ 37 ​ 24 ​ Other ​ 43 ​ 61 ​ Total inventories at lower of FIFO cost and NRV ​ 1,291 ​ 1,020 ​ Grain, flour and feed at lower of weighted average cost and NRV ​ 206 ​ 158 ​ Total inventories ​ $ 1,497 ​ $ 1,178 ​ ​

Lines of Credit, Long-Term Debt

Lines of Credit, Long-Term Debt, Commitments and Contingencies6 Months Ended
Jul. 03, 2021
Lines of Credit, Long-Term Debt, Commitments and Contingencies
Lines of Credit, Long-Term Debt, Commitments and ContingenciesNote 4 – Lines of Credit, Long-Term Debt, Commitments and Contingencies Lines of Credit The outstanding balances under uncommitted lines of credit were $374 million and $222 million as of July 3, 2021 and December 31, 2020, respectively. Of the outstanding balance at July 3, 2021, $236 million was denominated in foreign currencies with $203 million denominated in the South African rand, $24 million denominated in the Canadian dollar and the remaining in various other currencies. The weighted average interest rate for outstanding lines of credit was 2.81% and 3.89% as of July 3, 2021 and December 31, 2020, respectively. During the second quarter of 2021, Seaboard amended a committed line of credit agreement to increase the borrowing capacity from $100 million to $250 million. This credit agreement is secured by certain short-term investments and matures on September 30, 2022. A $250 million committed line of credit matured in May 2021. There was $100 million outstanding under committed lines of credit as of July 3, 2021 and no ​ Long-term Debt The following is a summary of long-term debt: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ December 31, (Millions of dollars) ​ ​ 2021 ​ 2020 Term Loan due 2028 ​ $ 681 ​ $ 684 ​ Foreign subsidiary obligations ​ ​ 1 ​ ​ 49 ​ Other long-term debt ​ ​ 39 ​ ​ 30 ​ Total debt at face value ​ ​ 721 ​ ​ 763 ​ Current maturities and unamortized discount and costs ​ ​ (10) ​ ​ (56) ​ Long-term debt, less current maturities and unamortized discount and costs ​ $ 711 ​ $ 707 ​ ​ The interest rate on the Term Loan due 2028 was 1.73% and 1.77% as of July 3, 2021 and December 31, 2020, respectively. The weighted average interest rate on Seaboard’s foreign subsidiary obligations was 7.34% and 3.51% as of July 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. In conjunction with the purchase of certain equipment during the second quarter of 2021, $9 million of secured, long-term debt was assumed. The loan agreement incurs a fixed interest rate of 5.60% and matures in August 2037. Seaboard was in compliance with all restrictive debt covenants relating to these agreements as of July 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 2021, several additional standalone plaintiffs filed similar actions in District Courts throughout the country. These actions have been conditionally transferred to Minnesota for pretrial proceedings pursuant to an order by 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 condensed consolidated financial statements of Seaboard. Guarantees Certain of Seaboard’s non-consolidated affiliates have debt supporting their underlying operations. From time to time, Seaboard will provide guarantees of that debt in order to further Seaboard’s business objectives. As of July 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 Benefits6 Months Ended
Jul. 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 plans was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ July 3, ​ June 27, ​ July 3, ​ June 27, (Millions of dollars) 2021 2020 2021 2020 Components of net periodic benefit cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 2 ​ $ 2 ​ $ 5 ​ $ 5 ​ Interest cost ​ 2 ​ 3 ​ 4 ​ 6 ​ Expected return on plan assets ​ (3) ​ (3) ​ (6) ​ (6) ​ Amortization ​ 3 ​ 3 ​ 5 ​ 4 ​ Settlement loss recognized ​ ​ 3 ​ ​ — ​ ​ 3 ​ ​ 2 ​ Net periodic benefit cost ​ $ 7 ​ $ 5 ​ $ 11 ​ $ 11 ​ ​

Derivatives and Fair Value of F

Derivatives and Fair Value of Financial Instruments6 Months Ended
Jul. 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 show assets and liabilities measured at fair value on a recurring basis as of July 3, 2021 and December 31, 2020, 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 ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2021 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic debt securities ​ $ 685 ​ $ 440 ​ $ 245 ​ $ — ​ Domestic equity securities ​ 456 ​ 456 ​ — ​ — ​ Foreign equity securities ​ ​ 193 ​ ​ 193 ​ ​ — ​ ​ — ​ Foreign debt securities ​ ​ 117 ​ ​ — ​ ​ 117 ​ ​ — ​ Money market funds held in trading accounts ​ 15 ​ 15 ​ ​ — ​ ​ — ​ Other trading securities ​ ​ 18 ​ ​ — ​ ​ 18 ​ ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 15 ​ 15 ​ — ​ — ​ Money market fund held in trading accounts ​ ​ 6 ​ ​ 6 ​ — ​ — ​ 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 ​ ​ 6 ​ ​ — ​ ​ 6 ​ ​ — ​ Foreign currencies ​ 9 ​ — ​ 9 ​ — ​ Total Assets ​ $ 1,576 ​ $ 1,147 ​ $ 397 ​ $ 32 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other trading securities ​ $ 1 ​ $ — ​ $ 1 ​ $ — ​ Contingent consideration ​ ​ 15 ​ ​ — ​ ​ — ​ ​ 15 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ ​ 33 ​ ​ 33 ​ ​ — ​ ​ — ​ Total Liabilities ​ $ 49 ​ $ 33 ​ $ 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’s long-term debt is recorded on the financials at amortized cost. Since most long-term debt is variable-rate, its carrying amount approximates fair value, and would have been classified as level 2. 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 during 2021 is related to equity market activity and is recorded in “Other investment income (loss)”. 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 during 2021 was related to updated foreign currency rates, interest rates and estimated earnings before interest taxes depreciation and amortization projections at the measurement date, and is recorded in “Interest expense”. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ December 31, (Millions) ​ Metric ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Commodities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grain ​ Bushels ​ ​ ​ ​ ​ ​ ​ ​ 31 ​ ​ 26 ​ Hogs ​ Pounds ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ ​ 2 ​ Soybean oil ​ Pounds ​ ​ ​ ​ ​ ​ ​ ​ 9 ​ ​ 56 ​ Heating oil ​ Gallons ​ ​ ​ ​ ​ ​ ​ ​ 16 ​ ​ — ​ Foreign currencies ​ U.S. dollar ​ ​ ​ ​ ​ ​ ​ ​ 50 ​ ​ 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 July 3, 2021, the maximum amount of credit risk, had the counterparties failed to perform according to the terms of the contract, was $15 million. The following table provides the amount of gain or (loss) for each type of derivative and where it was recognized in the condensed consolidated statements of comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ ​ July 3, ​ June 27, ​ July 3, ​ June 27, ​ (Millions of dollars) ​ 2021 2020 2021 2020 Commodities Cost of sales ​ $ (22) ​ $ (4) ​ $ (20) ​ $ 17 ​ Foreign currencies Cost of sales ​ 2 ​ 1 ​ 3 ​ 13 ​ Foreign currencies Foreign currency gains (losses), net ​ 1 ​ — ​ 3 ​ 1 ​ Interest rate swaps ​ Interest expense ​ ​ (1) ​ ​ (1) ​ ​ 6 ​ ​ (1) ​ Equity futures Other investment income (loss), net ​ — ​ (5) ​ — ​ ​ 23 ​ ​ 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 ​ ​ ​ ​ ​ July 3, ​ December 31, ​ ​ ​ July 3, ​ December 31, ​ (Millions of dollars) ​ 2021 2020 ​ 2021 2020 ​ Commodities Other current assets ​ $ 17 ​ $ 28 Other current liabilities ​ $ 33 ​ $ 19 ​ Foreign currencies Other current assets ​ 9 ​ — Other current liabilities ​ — ​ 9 ​ Interest rate swaps ​ Other current assets ​ ​ 6 ​ ​ 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 July 3, 2021 and December 31, 2020, the commodity derivatives had a margin account balance of $71 million and $15 million, respectively, resulting in a net other current asset in the condensed consolidated balance sheets of $55 million and $24 million, respectively. Seaboard’s equity future 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
Jul. 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 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ December 31, (Millions of dollars) 2021 2020 Cumulative foreign currency translation adjustment ​ $ (376) ​ $ (376) ​ Cumulative unrecognized pension cost ​ (90) ​ (95) ​ Total accumulated other comprehensive loss ​ $ (466) ​ $ (471) ​ ​

Segment Information

Segment Information6 Months Ended
Jul. 03, 2021
Segment Information
Segment Information​ Note 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 on Form 10-K for the year ended December 31, 2020. The following tables present Seaboard’s sales disaggregated by revenue source and segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 3, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sugar ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ All ​ ​ Consolidated ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Alcohol ​ ​ Power ​ ​ Other ​ ​ Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 596 ​ $ 1,374 ​ $ — ​ $ 26 ​ $ — ​ $ 4 ​ $ 2,000 ​ Transportation ​ ​ 2 ​ ​ — ​ ​ 319 ​ ​ — ​ ​ — ​ ​ — ​ ​ 321 ​ Energy ​ ​ 89 ​ ​ — ​ ​ — ​ ​ — ​ ​ 11 ​ ​ — ​ ​ 100 ​ Other ​ ​ 6 ​ ​ 3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9 ​ Segment/Consolidated Totals ​ $ 693 ​ $ 1,377 ​ $ 319 ​ $ 26 ​ $ 11 ​ $ 4 ​ $ 2,430 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended July 3, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sugar ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ All ​ ​ Consolidated ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Alcohol ​ ​ Power ​ ​ Other ​ ​ Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 1,091 ​ $ 2,520 ​ $ — ​ $ 50 ​ $ — ​ $ 7 ​ $ 3,668 ​ Transportation ​ ​ 3 ​ ​ — ​ ​ 619 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 623 ​ Energy ​ ​ 152 ​ ​ — ​ ​ — ​ ​ 2 ​ ​ 24 ​ ​ — ​ ​ 178 ​ Other ​ ​ 12 ​ ​ 8 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 20 ​ Segment/Consolidated Totals ​ $ 1,258 ​ $ 2,528 ​ $ 619 ​ $ 52 ​ $ 24 ​ $ 8 ​ $ 4,489 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 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 ​ Six Months Ended ​ ​ July 3, ​ June 27, ​ July 3, ​ June 27, ​ (Millions of dollars) 2021 2020 2021 2020 Pork ​ $ 129 ​ $ 9 ​ $ 190 ​ $ 41 ​ CT&M ​ 16 ​ 24 ​ 32 ​ 54 ​ Marine ​ 32 ​ (11) ​ 53 ​ (17) ​ Sugar and Alcohol ​ (1) ​ (2) ​ — ​ (3) ​ Power ​ (5) ​ (1) ​ (7) ​ 1 ​ All Other ​ — ​ — ​ 1 ​ 1 ​ Segment Totals ​ 171 ​ 19 ​ 269 ​ 77 ​ Corporate ​ (6) ​ (10) ​ (12) ​ (5) ​ Consolidated Totals ​ $ 165 ​ $ 9 ​ $ 257 ​ $ 72 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (Loss) from Affiliates: ​ Three Months Ended ​ Six Months Ended ​ ​ ​ July 3, ​ June 27, ​ July 3, ​ June 27, (Millions of dollars) 2021 2020 2021 2020 Pork ​ $ (6) ​ $ (4) ​ $ (2) ​ $ (3) ​ CT&M ​ ​ 4 ​ ​ — ​ ​ 10 ​ ​ 1 ​ Marine ​ ​ 1 ​ ​ 1 ​ ​ 2 ​ ​ 2 ​ Sugar and Alcohol ​ — ​ — ​ — ​ — ​ Power ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Turkey ​ (4) ​ (14) ​ (9) ​ (21) ​ Segment/Consolidated Totals ​ $ (5) ​ $ (17) ​ $ 1 ​ $ (21) ​ ​ 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: ​ July 3, ​ December 31, (Millions of dollars) 2021 2020 Pork ​ $ 2,137 ​ $ 1,927 ​ CT&M ​ 1,948 ​ 1,585 ​ Marine ​ 564 ​ 508 ​ Sugar and Alcohol ​ 148 ​ 153 ​ Power ​ 329 ​ 302 ​ Turkey ​ 255 ​ 265 ​ All Other ​ 7 ​ 6 ​ Segment Totals ​ 5,388 ​ 4,746 ​ Corporate ​ 1,682 ​ 1,653 ​ Consolidated Totals ​ $ 7,070 ​ $ 6,399 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in and Advances to Affiliates: ​ July 3, ​ December 31, (Millions of dollars) 2021 2020 Pork ​ $ 147 ​ $ 172 ​ CT&M ​ ​ 228 ​ ​ 222 ​ Marine ​ ​ 30 ​ ​ 30 ​ Sugar and Alcohol ​ 3 ​ 6 ​ Power ​ ​ 3 ​ ​ 3 ​ Turkey ​ 255 ​ 265 ​ Segment/Consolidated Totals ​ $ 666 ​ $ 698 ​ ​ The Turkey segment, accounted for using the equity method, represents Seaboard’s investment in Butterball, LLC (“Butterball”). As of July 3, 2021 and December 31, 2020, Butterball had total assets of $1.2 billion and $993 million, respectively. Butterball’s summarized income statement information was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ July 3, ​ June 27, ​ July 3, ​ June 27, ​ (Millions of dollars) ​ 2021 2020 2021 2020 ​ Net sales ​ $ 371 ​ $ 327 ​ $ 712 ​ $ 645 ​ Operating loss ​ $ (4) ​ $ (24) ​ $ (20) ​ $ (31) ​ Net loss ​ $ (7) ​ $ (27) ​ $ (18) ​ $ (40) ​ ​

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)6 Months Ended
Jul. 03, 2021
Basis of Presentation and Accounting Policies
Supplemental Cash Flow InformationSupplemental Cash Flow Information Non-cash investing activities for the six months ended July 3, 2021, included purchases of property, plant and equipment in accounts payable of $28 million. The following table includes supplemental cash and non-cash information related to leases. Seaboard reports the amortization of right of use (“ROU”) assets and changes in operating lease liabilities in other liabilities, exclusive of debt in the condensed consolidated statements of cash flows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ ​ July 3, ​ June 27, ​ (Millions of dollars) ​ ​ 2021 ​ 2020 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $ 75 ​ $ 71 ​ Operating cash flows from finance leases ​ ​ ​ 2 ​ ​ 2 ​ Financing cash flows from finance leases ​ ​ ​ 5 ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ROU assets obtained in exchange for new operating lease liabilities ​ ​ $ 84 ​ $ 43 ​ Finance ROU assets obtained in exchange for new finance lease liabilities ​ ​ ​ 6 ​ ​ 27 ​
Goodwill and Other Intangible AssetsGoodwill and Other Intangible Assets The change in the carrying amount of goodwill of $3 million as of July 3, 2021 compared to December 31, 2020 was due to foreign currency exchange differences and other adjustments within the Commodity Trading and Milling (“CT&M”) segment. As of July 3, 2021, other intangible assets, included in other non-current assets, were $50 million, net of accumulated amortization of $27 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

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policies (Tables)6 Months Ended
Jul. 03, 2021
Basis of Presentation and Accounting Policies
Summary of supplemental cash and non-cash information related to leases​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ ​ July 3, ​ June 27, ​ (Millions of dollars) ​ ​ 2021 ​ 2020 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $ 75 ​ $ 71 ​ Operating cash flows from finance leases ​ ​ ​ 2 ​ ​ 2 ​ Financing cash flows from finance leases ​ ​ ​ 5 ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ROU assets obtained in exchange for new operating lease liabilities ​ ​ $ 84 ​ $ 43 ​ Finance ROU assets obtained in exchange for new finance lease liabilities ​ ​ ​ 6 ​ ​ 27 ​

Investments (Tables)

Investments (Tables)6 Months Ended
Jul. 03, 2021
Investments
Summary of the estimated fair value of short-term investments classified as trading securities​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ December 31, (Millions of dollars) 2021 ​ 2020 Domestic debt securities ​ $ 685 ​ $ 496 ​ Domestic equity securities ​ ​ 456 ​ ​ 702 ​ Foreign equity securities ​ 193 ​ 133 ​ Foreign debt securities ​ ​ 117 ​ ​ 68 ​ Money market funds held in trading accounts ​ ​ 15 ​ ​ 47 ​ Other trading securities ​ ​ 17 ​ ​ 19 ​ Total trading short-term investments ​ $ 1,483 ​ $ 1,465 ​

Inventories (Tables)

Inventories (Tables)6 Months Ended
Jul. 03, 2021
Inventories
Summary of inventories​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 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 ​ 46 ​ 46 ​ Grains, oilseeds and other commodities ​ 576 ​ 380 ​ Biodiesel ​ ​ 122 ​ ​ 72 ​ Sugar produced and in process ​ 37 ​ 24 ​ Other ​ 43 ​ 61 ​ Total inventories at lower of FIFO cost and NRV ​ 1,291 ​ 1,020 ​ Grain, flour and feed at lower of weighted average cost and NRV ​ 206 ​ 158 ​ Total inventories ​ $ 1,497 ​ $ 1,178 ​

Lines of Credit, Long-Term De_2

Lines of Credit, Long-Term Debt, Commitments and Contingencies (Tables)6 Months Ended
Jul. 03, 2021
Lines of Credit, Long-Term Debt, Commitments and Contingencies
Summary of long-term debt​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ December 31, (Millions of dollars) ​ ​ 2021 ​ 2020 Term Loan due 2028 ​ $ 681 ​ $ 684 ​ Foreign subsidiary obligations ​ ​ 1 ​ ​ 49 ​ Other long-term debt ​ ​ 39 ​ ​ 30 ​ Total debt at face value ​ ​ 721 ​ ​ 763 ​ Current maturities and unamortized discount and costs ​ ​ (10) ​ ​ (56) ​ Long-term debt, less current maturities and unamortized discount and costs ​ $ 711 ​ $ 707 ​

Employee Benefits (Tables)

Employee Benefits (Tables)6 Months Ended
Jul. 03, 2021
Employee Benefits
Schedule of net periodic benefit cost of plans​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ July 3, ​ June 27, ​ July 3, ​ June 27, (Millions of dollars) 2021 2020 2021 2020 Components of net periodic benefit cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 2 ​ $ 2 ​ $ 5 ​ $ 5 ​ Interest cost ​ 2 ​ 3 ​ 4 ​ 6 ​ Expected return on plan assets ​ (3) ​ (3) ​ (6) ​ (6) ​ Amortization ​ 3 ​ 3 ​ 5 ​ 4 ​ Settlement loss recognized ​ ​ 3 ​ ​ — ​ ​ 3 ​ ​ 2 ​ Net periodic benefit cost ​ $ 7 ​ $ 5 ​ $ 11 ​ $ 11 ​

Derivatives and Fair Value of_2

Derivatives and Fair Value of Financial Instruments (Tables)6 Months Ended
Jul. 03, 2021
Derivatives and Fair Value of Financial Instruments
Schedule of assets and liabilities measured at fair value on a recurring basis​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions of dollars) ​ 2021 ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic debt securities ​ $ 685 ​ $ 440 ​ $ 245 ​ $ — ​ Domestic equity securities ​ 456 ​ 456 ​ — ​ — ​ Foreign equity securities ​ ​ 193 ​ ​ 193 ​ ​ — ​ ​ — ​ Foreign debt securities ​ ​ 117 ​ ​ — ​ ​ 117 ​ ​ — ​ Money market funds held in trading accounts ​ 15 ​ 15 ​ ​ — ​ ​ — ​ Other trading securities ​ ​ 18 ​ ​ — ​ ​ 18 ​ ​ — ​ Trading securities – other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic equity securities ​ 15 ​ 15 ​ — ​ — ​ Money market fund held in trading accounts ​ ​ 6 ​ ​ 6 ​ — ​ — ​ 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 ​ ​ 6 ​ ​ — ​ ​ 6 ​ ​ — ​ Foreign currencies ​ 9 ​ — ​ 9 ​ — ​ Total Assets ​ $ 1,576 ​ $ 1,147 ​ $ 397 ​ $ 32 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading securities – short-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other trading securities ​ $ 1 ​ $ — ​ $ 1 ​ $ — ​ Contingent consideration ​ ​ 15 ​ ​ — ​ ​ — ​ ​ 15 ​ Derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities ​ ​ 33 ​ ​ 33 ​ ​ — ​ ​ — ​ Total Liabilities ​ $ 49 ​ $ 33 ​ $ 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​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ December 31, (Millions) ​ Metric ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Commodities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grain ​ Bushels ​ ​ ​ ​ ​ ​ ​ ​ 31 ​ ​ 26 ​ Hogs ​ Pounds ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ ​ 2 ​ Soybean oil ​ Pounds ​ ​ ​ ​ ​ ​ ​ ​ 9 ​ ​ 56 ​ Heating oil ​ Gallons ​ ​ ​ ​ ​ ​ ​ ​ 16 ​ ​ — ​ Foreign currencies ​ U.S. dollar ​ ​ ​ ​ ​ ​ ​ ​ 50 ​ ​ 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 ​ Six Months Ended ​ ​ ​ ​ ​ July 3, ​ June 27, ​ July 3, ​ June 27, ​ (Millions of dollars) ​ 2021 2020 2021 2020 Commodities Cost of sales ​ $ (22) ​ $ (4) ​ $ (20) ​ $ 17 ​ Foreign currencies Cost of sales ​ 2 ​ 1 ​ 3 ​ 13 ​ Foreign currencies Foreign currency gains (losses), net ​ 1 ​ — ​ 3 ​ 1 ​ Interest rate swaps ​ Interest expense ​ ​ (1) ​ ​ (1) ​ ​ 6 ​ ​ (1) ​ Equity futures Other investment income (loss), net ​ — ​ (5) ​ — ​ ​ 23 ​
Schedule of fair value of each type of derivative and its location in the consolidated balance sheets​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ ​ ​ Liability Derivatives ​ ​ ​ ​ ​ July 3, ​ December 31, ​ ​ ​ July 3, ​ December 31, ​ (Millions of dollars) ​ 2021 2020 ​ 2021 2020 ​ Commodities Other current assets ​ $ 17 ​ $ 28 Other current liabilities ​ $ 33 ​ $ 19 ​ Foreign currencies Other current assets ​ 9 ​ — Other current liabilities ​ — ​ 9 ​ Interest rate swaps ​ Other current assets ​ ​ 6 ​ ​ 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)6 Months Ended
Jul. 03, 2021
Stockholders' Equity and Accumulated Other Comprehensive Loss
Schedule of components of accumulated other comprehensive loss, net of related taxes​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ December 31, (Millions of dollars) 2021 2020 Cumulative foreign currency translation adjustment ​ $ (376) ​ $ (376) ​ Cumulative unrecognized pension cost ​ (90) ​ (95) ​ Total accumulated other comprehensive loss ​ $ (466) ​ $ (471) ​

Segment Information (Tables)

Segment Information (Tables)6 Months Ended
Jul. 03, 2021
Schedule of sales disaggregated by revenue source and segment​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 3, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sugar ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ All ​ ​ Consolidated ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Alcohol ​ ​ Power ​ ​ Other ​ ​ Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 596 ​ $ 1,374 ​ $ — ​ $ 26 ​ $ — ​ $ 4 ​ $ 2,000 ​ Transportation ​ ​ 2 ​ ​ — ​ ​ 319 ​ ​ — ​ ​ — ​ ​ — ​ ​ 321 ​ Energy ​ ​ 89 ​ ​ — ​ ​ — ​ ​ — ​ ​ 11 ​ ​ — ​ ​ 100 ​ Other ​ ​ 6 ​ ​ 3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9 ​ Segment/Consolidated Totals ​ $ 693 ​ $ 1,377 ​ $ 319 ​ $ 26 ​ $ 11 ​ $ 4 ​ $ 2,430 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended July 3, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sugar ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ All ​ ​ Consolidated ​ (Millions of dollars) ​ ​ Pork ​ ​ CT&M ​ ​ Marine ​ ​ Alcohol ​ ​ Power ​ ​ Other ​ ​ Totals ​ Major Products/Services Lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Products ​ $ 1,091 ​ $ 2,520 ​ $ — ​ $ 50 ​ $ — ​ $ 7 ​ $ 3,668 ​ Transportation ​ ​ 3 ​ ​ — ​ ​ 619 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 623 ​ Energy ​ ​ 152 ​ ​ — ​ ​ — ​ ​ 2 ​ ​ 24 ​ ​ — ​ ​ 178 ​ Other ​ ​ 12 ​ ​ 8 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 20 ​ Segment/Consolidated Totals ​ $ 1,258 ​ $ 2,528 ​ $ 619 ​ $ 52 ​ $ 24 ​ $ 8 ​ $ 4,489 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​
Summary of specific financial information related to operating income (loss)​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income (Loss): ​ Three Months Ended ​ Six Months Ended ​ ​ July 3, ​ June 27, ​ July 3, ​ June 27, ​ (Millions of dollars) 2021 2020 2021 2020 Pork ​ $ 129 ​ $ 9 ​ $ 190 ​ $ 41 ​ CT&M ​ 16 ​ 24 ​ 32 ​ 54 ​ Marine ​ 32 ​ (11) ​ 53 ​ (17) ​ Sugar and Alcohol ​ (1) ​ (2) ​ — ​ (3) ​ Power ​ (5) ​ (1) ​ (7) ​ 1 ​ All Other ​ — ​ — ​ 1 ​ 1 ​ Segment Totals ​ 171 ​ 19 ​ 269 ​ 77 ​ Corporate ​ (6) ​ (10) ​ (12) ​ (5) ​ Consolidated Totals ​ $ 165 ​ $ 9 ​ $ 257 ​ $ 72 ​
Summary of specific financial information related to income (loss) from affiliates​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (Loss) from Affiliates: ​ Three Months Ended ​ Six Months Ended ​ ​ ​ July 3, ​ June 27, ​ July 3, ​ June 27, (Millions of dollars) 2021 2020 2021 2020 Pork ​ $ (6) ​ $ (4) ​ $ (2) ​ $ (3) ​ CT&M ​ ​ 4 ​ ​ — ​ ​ 10 ​ ​ 1 ​ Marine ​ ​ 1 ​ ​ 1 ​ ​ 2 ​ ​ 2 ​ Sugar and Alcohol ​ — ​ — ​ — ​ — ​ Power ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Turkey ​ (4) ​ (14) ​ (9) ​ (21) ​ Segment/Consolidated Totals ​ $ (5) ​ $ (17) ​ $ 1 ​ $ (21) ​
Summary of specific financial information related to total assets​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets: ​ July 3, ​ December 31, (Millions of dollars) 2021 2020 Pork ​ $ 2,137 ​ $ 1,927 ​ CT&M ​ 1,948 ​ 1,585 ​ Marine ​ 564 ​ 508 ​ Sugar and Alcohol ​ 148 ​ 153 ​ Power ​ 329 ​ 302 ​ Turkey ​ 255 ​ 265 ​ All Other ​ 7 ​ 6 ​ Segment Totals ​ 5,388 ​ 4,746 ​ Corporate ​ 1,682 ​ 1,653 ​ Consolidated Totals ​ $ 7,070 ​ $ 6,399 ​
Summary of specific financial information related to investments in and advances to affiliates​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in and Advances to Affiliates: ​ July 3, ​ December 31, (Millions of dollars) 2021 2020 Pork ​ $ 147 ​ $ 172 ​ CT&M ​ ​ 228 ​ ​ 222 ​ Marine ​ ​ 30 ​ ​ 30 ​ Sugar and Alcohol ​ 3 ​ 6 ​ Power ​ ​ 3 ​ ​ 3 ​ Turkey ​ 255 ​ 265 ​ Segment/Consolidated Totals ​ $ 666 ​ $ 698 ​
Butterball
Summary of specific financial information related to equity method​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ July 3, ​ June 27, ​ July 3, ​ June 27, ​ (Millions of dollars) ​ 2021 2020 2021 2020 ​ Net sales ​ $ 371 ​ $ 327 ​ $ 712 ​ $ 645 ​ Operating loss ​ $ (4) ​ $ (24) ​ $ (20) ​ $ (31) ​ Net loss ​ $ (7) ​ $ (27) ​ $ (18) ​ $ (40) ​

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policies (Details) - USD ($) $ in Millions6 Months Ended
Jul. 03, 2021Jun. 27, 2020Dec. 31, 2020Jan. 01, 2020
Supplemental Cash Flow Information
Capital expenditures included in accounts payable $ 28
Operating cash flows from operating leases75 $ 71
Operating cash flows from finance leases2 2
Financing cash flows from finance leases5 3
Operating ROU assets obtained in exchange for new operating lease liabilities84 43
Finance ROU assets obtained in exchange for new finance lease liabilities6 $ 27
Goodwill and Other Intangible Assets
Change in carrying amount of goodwill3
Other intangible assets, net50
Accumulated amortization27
Recently issued accounting standards
Retained earnings $ 4,637 $ 4,287
ASU 2016-13
Recently issued accounting standards
Retained earnings $ (3)
Allowance for credit losses $ 3

Investments (Details)

Investments (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020Dec. 31, 2020
Investments
Total trading short-term investments $ 1,483 $ 1,483 $ 1,465
Change in unrealized gains (losses) on trading securities9 $ 113 17 $ (97)
Denominated in foreign currencies
Investments
Total trading short-term investments45 45 29
Domestic debt securities
Investments
Fair Value685 685 496
Domestic equity securities
Investments
Fair Value456 456 702
Foreign equity securities
Investments
Fair Value193 193 133
Foreign debt securities
Investments
Fair Value117 117 68
Money market funds held in trading accounts
Investments
Fair Value15 15 47
Other trading securities
Investments
Fair Value $ 17 $ 17 $ 19

Inventories (Details)

Inventories (Details) - USD ($) $ in MillionsJul. 03, 2021Dec. 31, 2020
At lower of FIFO cost and net realizable value (NRV):
Hogs and materials $ 467 $ 437
Pork products and materials46 46
Grains, oilseeds and other commodities576 380
Biodiesel122 72
Sugar produced and in process37 24
Other43 61
Total inventories at lower of FIFO cost and NRV1,291 1,020
Grain, flour and feed at lower of weighted average cost and NRV206 158
Total inventories $ 1,497 $ 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 ($)Jul. 03, 2021USD ($)Jul. 03, 2021USD ($)Dec. 31, 2018plaintiffMay 01, 2021USD ($)Apr. 03, 2021USD ($)Dec. 31, 2020USD ($)
Debt Instrument
Lines of credit outstanding $ 474 $ 474 $ 222
Other long-term debt39 39 30
Total debt at face value721 721 763
Current maturities of long-term debt and unamortized discount(10)(10)(56)
Long-term debt, less current maturities711 711 707
Current maturities of long-term debt9 9 55
Contingencies
Assets $ 7,070 $ 7,070 $ 6,399
Pork Product Purchasers | Pending Litigation
Contingencies
Number of plaintiffs | plaintiff12 3
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
Total liabilities53
Assets $ 30
Pending claim in bankruptcy proceeding, included the net indebtedness of Cereoil $ 10
Nolston
Contingencies
Percentage of ownership45.00%45.00%
Nolston | Nolston Bankruptcy Trustee | Pending Litigation
Contingencies
Damages sought $ 14
Total liabilities29
Assets $ 15
Committed and uncommitted bank lines
Debt Instrument
Weighted average interest rate (as a percent)2.81%2.81%3.89%
Committed and uncommitted bank lines | Denominated in foreign currencies
Debt Instrument
Lines of credit outstanding $ 236 $ 236
Committed and uncommitted bank lines | Denominated in South African Rand
Debt Instrument
Lines of credit outstanding203 203
Committed and uncommitted bank lines | Denominated in Canadian dollars
Debt Instrument
Lines of credit outstanding24 24
Uncommitted bank lines
Debt Instrument
Lines of credit outstanding374 374 $ 222
Committed lines of credit
Debt Instrument
Lines of credit outstanding0
Committed credit line #1
Debt Instrument
Lines of credit outstanding100 100
Maximum capacity250 250 $ 100
Committed credit line #2
Debt Instrument
Maximum capacity $ 250
Term loan due 2028
Debt Instrument
Debt at face value $ 681 $ 681 $ 684
Effective interest rate (as a percent)1.73%1.73%1.77%
Foreign subsidiary obligations
Debt Instrument
Debt at face value $ 1 $ 1 $ 49
Foreign subsidiary obligations | Weighted Average
Debt Instrument
Effective interest rate (as a percent)7.34%7.34%3.51%
Foreign subsidiary obligations | Denominated in Euros
Debt Instrument
Total debt at face value $ 46
Equipment loan
Debt Instrument
Interest rate (as a percent)5.60%5.60%
Long-term debt assumed $ 9

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020
Components of net periodic benefit cost:
Service cost $ 2 $ 2 $ 5 $ 5
Interest cost2 3 4 6
Expected return on plan assets(3)(3)(6)(6)
Amortization3 3 5 4
Settlement loss recognized3 3 2
Net periodic benefit cost $ 7 $ 5 $ 11 $ 11

Derivatives and Fair Value of_3

Derivatives and Fair Value of Financial Instruments-Deferred Comp Securities (Details) - USD ($) $ in MillionsJul. 03, 2021Dec. 31, 2020
Commodities
Assets:
Derivative assets and liabilities, net basis $ 55 $ 24
Domestic debt securities
Assets:
Trading securities685 496
Domestic equity securities
Assets:
Trading securities456 702
Foreign equity securities
Assets:
Trading securities193 133
Money market funds held in trading accounts
Assets:
Trading securities15 47
Other trading securities
Assets:
Trading securities17 19
Recurring basis | Level 1
Assets:
Total assets1,147 1,134
Liabilities:
Total liabilities33 19
Recurring basis | Level 1 | Commodities
Assets:
Derivatives16 28
Liabilities:
Derivatives33 19
Recurring basis | Level 1 | Domestic debt securities | Short-term investments
Assets:
Trading securities440 196
Recurring basis | Level 1 | Domestic equity securities | Short-term investments
Assets:
Trading securities456 702
Recurring basis | Level 1 | Domestic equity securities | Other current assets
Assets:
Trading securities15 14
Recurring basis | Level 1 | Foreign equity securities | Short-term investments
Assets:
Trading securities193 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 securities15 47
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 securities3
Recurring basis | Level 1 | Fixed income mutual funds | Other current assets
Assets:
Trading securities2 2
Recurring basis | Level 2
Assets:
Total assets397 387
Liabilities:
Total liabilities1 10
Recurring basis | Level 2 | Commodities
Assets:
Derivatives1
Recurring basis | Level 2 | Interest rate swaps
Assets:
Derivatives6 1
Recurring basis | Level 2 | Foreign currencies
Assets:
Derivatives9
Liabilities:
Derivatives9
Recurring basis | Level 2 | Domestic debt securities | Short-term investments
Assets:
Trading securities245 300
Recurring basis | Level 2 | Foreign debt securities | Short-term investments
Assets:
Trading securities117 68
Recurring basis | Level 2 | Other trading securities
Liabilities:
Derivatives1
Recurring basis | Level 2 | Other trading securities | Short-term investments
Assets:
Trading securities18 17
Liabilities:
Derivatives1
Recurring basis | Level 2 | Fixed income mutual funds | Other current assets
Assets:
Trading securities1 1
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 assets1,576 1,552
Liabilities:
Contingent consideration15 16
Total liabilities49 45
Recurring basis | Fair Value | Commodities
Assets:
Derivatives17 28
Liabilities:
Derivatives33 19
Recurring basis | Fair Value | Interest rate swaps
Assets:
Derivatives6 1
Recurring basis | Fair Value | Foreign currencies
Assets:
Derivatives9
Liabilities:
Derivatives9
Recurring basis | Fair Value | Long-term investments
Assets:
Long-term equity investment32 31
Recurring basis | Fair Value | Domestic debt securities | Short-term investments
Assets:
Trading securities685 496
Recurring basis | Fair Value | Domestic equity securities | Short-term investments
Assets:
Trading securities456 702
Recurring basis | Fair Value | Domestic equity securities | Other current assets
Assets:
Trading securities15 14
Recurring basis | Fair Value | Foreign equity securities | Short-term investments
Assets:
Trading securities193 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 securities117 68
Recurring basis | Fair Value | Money market funds held in trading accounts | Short-term investments
Assets:
Trading securities15 47
Recurring basis | Fair Value | Money market funds held in trading accounts | Other current assets
Assets:
Trading securities6 6
Recurring basis | Fair Value | Other trading securities
Liabilities:
Derivatives1
Recurring basis | Fair Value | Other trading securities | Short-term investments
Assets:
Trading securities18 20
Liabilities:
Derivatives1
Recurring basis | Fair Value | Fixed income mutual funds | Other current assets
Assets:
Trading securities $ 3 $ 3

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 Millions6 Months Ended12 Months Ended
Jul. 03, 2021USD ($)lbgalbuDec. 31, 2020USD ($)lbbu
Grain
Derivative commodity instruments
Nonmonetary notional amount | bu31 26
Hogs
Derivative commodity instruments
Nonmonetary notional amount | lb1 2
Soybean oil
Derivative commodity instruments
Nonmonetary notional amount | lb9 56
Heating oil
Derivative commodity instruments
Nonmonetary notional amount | gal16
Equity future contracts
Derivative commodity instruments
Notional amounts $ 3
Foreign currencies
Derivative commodity instruments
Notional amounts $ 50 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 Millions3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020
Commodities | Cost of sales
Derivatives
Gains (losses) on derivatives $ (22) $ (4) $ (20) $ 17
Foreign currencies | Cost of sales
Derivatives
Gains (losses) on derivatives2 1 3 13
Foreign currencies | Foreign currency gains (losses), net
Derivatives
Gains (losses) on derivatives1 3 1
Interest rate swaps
Derivatives
Credit risk associated with derivative contracts15
Interest rate swaps | Interest expense
Derivatives
Gains (losses) on derivatives $ (1)(1) $ 6 (1)
Equity | Other investment income (loss), net
Derivatives
Gains (losses) on derivatives $ (5) $ 23

Derivatives and Fair Value of_6

Derivatives and Fair Value of Financial Instruments-Derivatives Fair Value (Details) - USD ($) $ in MillionsJul. 03, 2021Dec. 31, 2020
Commodities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Margin account $ 71 $ 15
Derivative assets and liabilities, net basis55 24
Commodities | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives17 28
Commodities | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives33 19
Foreign currencies | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives9
Foreign currencies | Other current liabilities
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Liability Derivatives9
Interest rate swaps | Other current assets
Fair value of each type of derivative and its location in the Consolidated Balance Sheets
Asset Derivatives $ 6 $ 1

Stockholders' Equity and Accu_3

Stockholders' Equity and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions3 Months Ended12 Months Ended
Mar. 28, 2020Dec. 31, 2020Jul. 03, 2021
Stockholders' Equity and Accumulated Other Comprehensive Loss
Common shares repurchased (in shares)4,069
Repurchase of common stock $ 13 $ 13
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss(471) $ (466)
Cumulative foreign currency translation adjustment
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss(376)(376)
Cumulative unrecognized pension cost
Components of accumulated other comprehensive loss, net of related taxes
Accumulated other comprehensive loss $ (95) $ (90)

Segment Information - Disaggreg

Segment Information - Disaggregation of sales (Details) $ in Millions3 Months Ended6 Months Ended
Jul. 03, 2021USD ($)Jun. 27, 2020USD ($)Jul. 03, 2021USD ($)segmentJun. 27, 2020USD ($)
Revenue Recognition
Number of reportable segments | segment6
Net sales $ 2,430 $ 1,808 $ 4,489 $ 3,491
Products
Revenue Recognition
Net sales2,089 1,589 3,820 2,971
Other
Revenue Recognition
Net sales11 13 26 31
Pork
Revenue Recognition
Net sales693 459 1,258 914
Pork | Products
Revenue Recognition
Net sales596 409 1,091 814
Pork | Transportation
Revenue Recognition
Net sales2 2 3 4
Pork | Energy
Revenue Recognition
Net sales89 40 152 80
Pork | Other
Revenue Recognition
Net sales6 8 12 16
CT&M
Revenue Recognition
Net sales1,377 1,123 2,528 2,037
CT&M | Products
Revenue Recognition
Net sales1,374 1,119 2,520 2,029
CT&M | Other
Revenue Recognition
Net sales3 4 8 8
Marine
Revenue Recognition
Net sales319 192 619 461
Marine | Transportation
Revenue Recognition
Net sales319 192 619 461
Sugar and Alcohol
Revenue Recognition
Net sales26 18 52 40
Sugar and Alcohol | Products
Revenue Recognition
Net sales26 18 50 39
Sugar and Alcohol | Energy
Revenue Recognition
Net sales2 1
Power
Revenue Recognition
Net sales11 13 24 30
Power | Energy
Revenue Recognition
Net sales11 13 24 30
All Other
Revenue Recognition
Net sales4 3 8 9
All Other | Products
Revenue Recognition
Net sales4 3 7 9
All Other | Transportation
Revenue Recognition
Net sales1
Segment Totals
Revenue Recognition
Net sales2,430 1,808 4,489 3,491
Segment Totals | Products
Revenue Recognition
Net sales2,000 1,549 3,668 2,891
Segment Totals | Transportation
Revenue Recognition
Net sales321 194 623 465
Segment Totals | Energy
Revenue Recognition
Net sales100 53 178 111
Segment Totals | Other
Revenue Recognition
Net sales $ 9 $ 12 $ 20 $ 24

Segment Information-Information

Segment Information-Information by Segment (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jul. 03, 2021Jun. 27, 2020Jul. 03, 2021Jun. 27, 2020Dec. 31, 2020
Segment Information
Operating Income (Loss) $ 165 $ 9 $ 257 $ 72
Income (loss) from affiliates(5)(17)1 (21)
Total assets7,070 7,070 $ 6,399
Investment in and Advances to Affiliates666 666 698
Pork
Segment Information
Operating Income (Loss)129 9 190 41
Income (loss) from affiliates(6)(4)(2)(3)
Investment in and Advances to Affiliates147 147 172
CT&M
Segment Information
Operating Income (Loss)16 24 32 54
Income (loss) from affiliates4 10 1
Investment in and Advances to Affiliates228 228 222
Marine
Segment Information
Operating Income (Loss)32 (11)53 (17)
Income (loss) from affiliates1 1 2 2
Investment in and Advances to Affiliates30 30 30
Sugar and Alcohol
Segment Information
Operating Income (Loss)(1)(2)(3)
Investment in and Advances to Affiliates3 3 6
Power
Segment Information
Operating Income (Loss)(5)(1)(7)1
Investment in and Advances to Affiliates3 3 3
Turkey
Segment Information
Income (loss) from affiliates(4)(14)(9)(21)
Investment in and Advances to Affiliates255 255 265
All Other
Segment Information
Operating Income (Loss)1 1
Segment Totals
Segment Information
Operating Income (Loss)171 19 269 77
Income (loss) from affiliates(5)(17)1 (21)
Total assets5,388 5,388 4,746
Segment Totals | Pork
Segment Information
Total assets2,137 2,137 1,927
Segment Totals | CT&M
Segment Information
Total assets1,948 1,948 1,585
Segment Totals | Marine
Segment Information
Total assets564 564 508
Segment Totals | Sugar and Alcohol
Segment Information
Total assets148 148 153
Segment Totals | Power
Segment Information
Total assets329 329 302
Segment Totals | Turkey
Segment Information
Total assets255 255 265
Segment Totals | All Other
Segment Information
Total assets7 7 6
Corporate
Segment Information
Operating Income (Loss)(6) $ (10)(12) $ (5)
Total assets $ 1,682 $ 1,682 $ 1,653

Segment Information - Turkey (D

Segment Information - Turkey (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jul. 03, 2021Apr. 03, 2021Jun. 27, 2020Mar. 28, 2020Jul. 03, 2021Jun. 27, 2020Dec. 31, 2020
Segment Information
Total assets $ 7,070 $ 7,070 $ 6,399
Net earnings (loss)176 $ 179 $ (27) $ (103)355 $ (130)
Turkey | Butterball
Segment Information
Total assets1,200 1,200 $ 993
Net sales371 327 712 645
Operating loss(4)(24)(20)(31)
Net earnings (loss) $ (7) $ (27) $ (18) $ (40)