Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 | |
Document and Entity Information [Abstract] | |
Document Type | DEF 14A |
Entity Registrant Name | SEABOARD CORPORATION |
Entity Central Index Key | 0000088121 |
Amendment Flag | false |
Pay vs Performance Disclosure
Pay vs Performance Disclosure Unit_Standard_pure_ouJE8PcsFE2_tRbOpsFw_g in Millions | 7 Months Ended | 12 Months Ended | 29 Months Ended | ||
Jul. 19, 2020 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 | |
Pay vs Performance Disclosure [Table] | |||||
Pay vs Performance [Table Text Block] | Summary Summary Average Value of Initial Fixed $100 Compensation Compensation Summary Average Investment Based On: Table Table Compensation Compensation Compensation Compensation Peer Total Total Actually Actually Table Total Actually Group for for Paid to Paid to for Paid to Total Total Net Operating First Second First Second Non-PEO Non-PEO Shareholder Shareholder Income Income Year PEO PEO PEO PEO NEOs NEOs Return Return (Millions) (Millions) (a) (b) (1) (b) (2) (c) (3) (c) (4) (d) (5) (e) (6) (f) (7) (g) (8) (h) (9) (i) (10) 2022 5,375,311 N/A 4,366,995 N/A 1,854,999 1,938,756 89.49 132.73 582 657 2021 5,653,886 N/A 4,243,843 N/A 2,284,297 1,785,252 93.07 119.52 571 458 2020 4,104,135 3,234,300 2,939,282 1,548,910 2,984,015 1,995,859 71.51 103.46 283 245 (1) Upon the passing of Steven J. Bresky, R. Steer was appointed to President and Chief Executive Officer on July 20, 2020. The dollar amounts reported in column (b) with respect to the First PEO are the amounts of total compensation reported for R. Steer (our current President and Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation and Other Information – Summary Compensation Table”. (2) The dollar amount reported in column (b) with respect to the Second PEO is the amount of total compensation reported for S. Bresky (our former President and Chief Executive Officer) for the corresponding year in the “Total” column of the Summary Compensation Table. S. Bresky passed away in July 2020 and his annual salary and bonus for 2020 were prorated for his tenure as President and Chief Executive Officer in 2020. (3) The dollar amounts reported in column (c) with respect to the First PEO represent the amount of “compensation actually paid” to R. Steer, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to R. Steer during the applicable years. The pension benefit adjustments only include average service cost. There was no prior service cost. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to R. Steer’s total compensation for each year to determine the compensation actually paid: Year Reported Summary Compensation Table Total for First PEO Reported Change in Pension Value and Non-Qualified Deferred Compensation Earnings Pension Benefit Adjustments Compensation Actually Paid to First PEO 2022 5,375,311 (1,045,695) 37,379 4,366,995 2021 5,653,886 (1,447,513) 37,470 4,243,843 2020 4,104,135 (1,199,183) 34,330 2,939,282 (4) The dollar amount reported in column (c) with respect to the Second PEO represent the amount of “compensation actually paid” to S. Bresky, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to S. Bresky during the applicable year. The pension benefit adjustments only include average service cost. There was no prior service cost. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to S. Bresky’s total compensation for 2020 to determine the compensation actually paid: Year Reported Summary Compensation Table Total for Second PEO Reported Change in Pension Value and Non-Qualified Deferred Compensation Earnings Pension Benefit Adjustments Compensation Actually Paid to Second PEO 2022 N/A N/A N/A N/A 2021 N/A N/A N/A N/A 2020 3,234,300 (1,711,634) 26,244 1,548,910 (5) The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s Named Executive Officers as a group (excluding R. Steer and S. Bresky, who each served as President and Chief Executive Officer during the periods stated above) in the “Total” column of the Summary Compensation Table in each applicable year. The names of the Named Executive Officers (excluding R. Steer and S. Bresky) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2022, D. Rankin, E. Gonzalez, D. Dannov and P. Brown; (ii) for 2021, D. Rankin, E. Gonzalez, D. Dannov and P. Brown; and (iii) for 2020, D. Rankin, E. Gonzalez, D. Dannov and former President and Chief Executive Officer of Seaboard Foods, Darwin E. Sand. (6) The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the Company’s Named Executive Officers as a group (excluding R. Steer and S. Bresky), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not represent the actual average amount of compensation earned or paid to the Named Executive Officers as a group (excluding R. Steer and S. Bresky) during the applicable years. The pension benefit adjustments only include average service cost. There was no prior service cost. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the Named Executive Officers as a group (excluding R. Steer and S. Bresky) for each year to determine the compensation actually paid, using the same methodology described in Notes 3 and 4 above. Year Average Reported Summary Compensation Table Total for Non-PEO NEOs Average Reported Change in Pension Value and Non-Qualified Deferred Compensation Earnings Average Pension Benefit Adjustments Average Compensation Actually Paid to Non-PEO NEOs 2022 1,854,999 (44,126) 127,883 1,938,756 2021 2,284,297 (608,999) 109,954 1,785,252 2020 2,984,015 (1,150,234) 162,078 1,995,859 (7) The cumulative total shareholder return (“TSR”) values set forth in column (f) are calculated by dividing the sum of the cumulative amount of dividends for the measurement period and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. (8) The values set forth in column (g) represent the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry indices: the Dow Jones U.S. Food Products and Dow Jones U.S. Marine Transportation Industry. (9) The dollar amounts reported in column (h) represent the amount of net income reflected in the Company’s audited financial statements for the applicable years. (10) The Company has determined that Operating Income is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the Company’s Named Executive Officers, for the most recently completed fiscal year, to Company performance. The dollar amounts reported in column (i) represent the amount of operating income reflected in the Company’s audited financial statements for the applicable years. | ||||
Company Selected Measure Name | Operating Income | ||||
Named Executive Officers, Footnote [Text Block] | (2) The dollar amount reported in column (b) with respect to the Second PEO is the amount of total compensation reported for S. Bresky (our former President and Chief Executive Officer) for the corresponding year in the “Total” column of the Summary Compensation Table. S. Bresky passed away in July 2020 and his annual salary and bonus for 2020 were prorated for his tenure as President and Chief Executive Officer in 2020. (4) The dollar amount reported in column (c) with respect to the Second PEO represent the amount of “compensation actually paid” to S. Bresky, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to S. Bresky during the applicable year. The pension benefit adjustments only include average service cost. There was no prior service cost. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to S. Bresky’s total compensation for 2020 to determine the compensation actually paid: Year Reported Summary Compensation Table Total for Second PEO Reported Change in Pension Value and Non-Qualified Deferred Compensation Earnings Pension Benefit Adjustments Compensation Actually Paid to Second PEO 2022 N/A N/A N/A N/A 2021 N/A N/A N/A N/A 2020 3,234,300 (1,711,634) 26,244 1,548,910 | (5) The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s Named Executive Officers as a group (excluding R. Steer and S. Bresky, who each served as President and Chief Executive Officer during the periods stated above) in the “Total” column of the Summary Compensation Table in each applicable year. The names of the Named Executive Officers (excluding R. Steer and S. Bresky) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2022, D. Rankin, E. Gonzalez, D. Dannov and P. Brown; (ii) for 2021, D. Rankin, E. Gonzalez, D. Dannov and P. Brown; and (iii) for 2020, D. Rankin, E. Gonzalez, D. Dannov and former President and Chief Executive Officer of Seaboard Foods, Darwin E. Sand. (6) The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the Company’s Named Executive Officers as a group (excluding R. Steer and S. Bresky), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not represent the actual average amount of compensation earned or paid to the Named Executive Officers as a group (excluding R. Steer and S. Bresky) during the applicable years. The pension benefit adjustments only include average service cost. There was no prior service cost. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the Named Executive Officers as a group (excluding R. Steer and S. Bresky) for each year to determine the compensation actually paid, using the same methodology described in Notes 3 and 4 above. Year Average Reported Summary Compensation Table Total for Non-PEO NEOs Average Reported Change in Pension Value and Non-Qualified Deferred Compensation Earnings Average Pension Benefit Adjustments Average Compensation Actually Paid to Non-PEO NEOs 2022 1,854,999 (44,126) 127,883 1,938,756 2021 2,284,297 (608,999) 109,954 1,785,252 2020 2,984,015 (1,150,234) 162,078 1,995,859 | (1) Upon the passing of Steven J. Bresky, R. Steer was appointed to President and Chief Executive Officer on July 20, 2020. The dollar amounts reported in column (b) with respect to the First PEO are the amounts of total compensation reported for R. Steer (our current President and Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation and Other Information – Summary Compensation Table”. (3) The dollar amounts reported in column (c) with respect to the First PEO represent the amount of “compensation actually paid” to R. Steer, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to R. Steer during the applicable years. The pension benefit adjustments only include average service cost. There was no prior service cost. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to R. Steer’s total compensation for each year to determine the compensation actually paid: Year Reported Summary Compensation Table Total for First PEO Reported Change in Pension Value and Non-Qualified Deferred Compensation Earnings Pension Benefit Adjustments Compensation Actually Paid to First PEO 2022 5,375,311 (1,045,695) 37,379 4,366,995 2021 5,653,886 (1,447,513) 37,470 4,243,843 2020 4,104,135 (1,199,183) 34,330 2,939,282 | ||
Peer Group Issuers, Footnote [Text Block] | (8) The values set forth in column (g) represent the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry indices: the Dow Jones U.S. Food Products and Dow Jones U.S. Marine Transportation Industry. | ||||
Non-PEO NEO Average Total Compensation Amount | $ 1,854,999 | $ 2,284,297 | $ 2,984,015 | ||
Non-PEO NEO Average Compensation Actually Paid Amount | $ 1,938,756 | 1,785,252 | 1,995,859 | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Compensation Actually Paid and Cumulative TSR | ||||
Compensation Actually Paid vs. Net Income [Text Block] | Compensation Actually Paid and Net Income: | ||||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Compensation Actually Paid and Operating Income: | ||||
Total Shareholder Return Vs Peer Group [Text Block] | Company TSR and Peer Group TSR: | ||||
Total Shareholder Return Amount | $ 89.49 | 93.07 | 71.51 | ||
Peer Group Total Shareholder Return Amount | 132.73 | 119.52 | 103.46 | ||
Net Income (Loss) | $ 582,000,000 | $ 571,000,000 | $ 283,000,000 | ||
Company Selected Measure Amount | 657 | 458 | 245 | ||
Measure [Axis]: 1 | |||||
Pay vs Performance Disclosure [Table] | |||||
Measure Name | Operating Income | ||||
First PEO | |||||
Pay vs Performance Disclosure [Table] | |||||
PEO Total Compensation Amount | $ 5,375,311 | $ 5,653,886 | $ 4,104,135 | ||
PEO Actually Paid Compensation Amount | $ 4,366,995 | 4,243,843 | 2,939,282 | ||
PEO Name | R. Steer | ||||
First PEO | Reported Change in Pension Value and Non-Qualified Deferred Compensation Earnings | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | $ (1,045,695) | (1,447,513) | (1,199,183) | ||
First PEO | Pension Benefit Adjustments | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 37,379 | 37,470 | 34,330 | ||
Second PEO | |||||
Pay vs Performance Disclosure [Table] | |||||
PEO Total Compensation Amount | 3,234,300 | ||||
PEO Actually Paid Compensation Amount | 1,548,910 | ||||
Second PEO | Reported Change in Pension Value and Non-Qualified Deferred Compensation Earnings | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | (1,711,634) | ||||
Second PEO | Pension Benefit Adjustments | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 26,244 | ||||
Non-PEO NEO [Member] | Reported Change in Pension Value and Non-Qualified Deferred Compensation Earnings | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | (44,126) | (608,999) | (1,150,234) | ||
Non-PEO NEO [Member] | Pension Benefit Adjustments | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | $ 127,883 | $ 109,954 | $ 162,078 |