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Derivatives and Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2012
Derivatives and Fair Value of Financial Instruments |
Schedule of assets and liabilities measured at fair value on a recurring basis |
|  | Balance |  |  |  |  |  |  |
|  | March 31, |  |  |  |  |  |  |
(Thousands of dollars) |  | 2012 |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |
Available-for-sale securities - short-term |  |  |  |  |  |  |  |  |
investments: |  |  |  |  |  |  |  |  |
Corporate bonds |  | $133,989 |  | $ - |  | $133,989 |  | $ - |
Money market funds |  | 69,867 |  | 69,867 |  | - |  | - |
U.S. Treasury securities |  | 36,095 |  | - |  | 36,095 |  | - |
Collateralized mortgage obligations |  | 22,720 |  | - |  | 22,720 |  | - |
Fixed rate municipal notes and bonds |  | 21,335 |  | - |  | 21,335 |  | - |
U.S. Government agency securities |  | 18,603 |  | - |  | 18,603 |  | - |
Emerging markets debt mutual fund |  | 17,687 |  | 17,687 |  | - |  | - |
Asset backed debt securities |  | 10,536 |  | - |  | 10,536 |  | - |
Other |  | 1,483 |  | - |  | 1,483 |  | - |
Trading securities - short-term investments: |  |  |  |  |  |  |  |  |
High yield debt securities |  | 22,349 |  | - |  | 22,349 |  | - |
Emerging markets trading debt mutual fund |  | 2,686 |  | 2,686 |  | - |  | - |
Emerging markets trading debt securities |  | 2,246 |  | - |  | 2,246 |  | - |
Other debt securities |  | 238 |  | - |  | 238 |  | - |
Trading securities - other current assets: |  |  |  |  |  |  |  |  |
Domestic equity securities |  | 16,614 |  | 16,614 |  | - |  | - |
Foreign equity securities |  | 6,946 |  | 3,887 |  | 3,059 |  | - |
Fixed income mutual funds |  | 4,914 |  | 4,914 |  | - |  | - |
Money market funds |  | 3,674 |  | 3,674 |  | - |  | - |
U.S. Government agency securities |  | 2,405 |  | - |  | 2,405 |  | - |
U.S. Treasury securities |  | 1,409 |  | - |  | 1,409 |  | - |
Corporate bonds |  | 64 |  | - |  | 64 |  | - |
Other |  | 365 |  | 316 |  | 49 |  | - |
Derivatives: |  |  |  |  |  |  |  |  |
Commodities(1) |  | 2,398 |  | 2,398 |  | - |  | - |
Interest rate swaps |  | - |  | - |  | - |  | - |
Foreign currencies |  | 88 |  | - |  | 88 |  | - |
Total Assets |  | $398,711 |  | $ 122,043 |  | $276,668 |  | $ - |
Liabilities: |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |
Commodities(1) |  | $ 3,360 |  | $ 3,360 |  | $ - |  | $ - |
Interest rate swaps |  | 9,900 |  | - |  | 9,900 |  | - |
Foreign currencies |  | 500 |  | - |  | 500 |  | - |
Total Liabilities |  | $ 13,760 |  | $ 3,360 |  | $ 10,400 |  | $ - |
(1) Seaboard’s commodities 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 March 31, 2012, the commodity derivatives had a margin account balance of $6,188,000 resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $5,226,000.
|  | Balance |  |  |  |  |  |  |
|  | December 31, |  |  |  |  |  |  |
(Thousands of dollars) |  | 2011 |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |
Available-for-sale securities - short-term |  |  |  |  |  |  |  |  |
investments: |  |  |  |  |  |  |  |  |
Money market funds |  | $139,420 |  | $139,420 |  | $ - |  | $ - |
Corporate bonds |  | 89,146 |  | - |  | 89,146 |  | - |
Fixed rate municipal notes and bonds |  | 17,788 |  | - |  | 17,788 |  | - |
Emerging markets debt mutual fund |  | 16,399 |  | 16,399 |  | - |  | - |
Collateralized mortgage obligations |  | 15,011 |  | - |  | 15,011 |  | - |
U.S. Government agency securities |  | 9,757 |  | - |  | 9,757 |  | - |
U.S. Treasury securities |  | 4,905 |  | - |  | 4,905 |  | - |
Asset backed debt securities |  | 3,533 |  | - |  | 3,533 |  | - |
Other |  | 1,484 |  | - |  | 1,484 |  | - |
Trading securities - short term investments: |  |  |  |  |  |  |  |  |
High yield debt securities |  | 20,750 |  | - |  | 20,750 |  | - |
Emerging markets trading debt mutual fund |  | 2,487 |  | 2,487 |  | - |  | - |
Emerging markets trading debt securities |  | 2,355 |  | - |  | 2,355 |  | - |
Other debt securities |  | 221 |  | - |  | 221 |  | - |
Trading securities - other current assets: |  |  |  |  |  |  |  |  |
Domestic equity securities |  | 13,563 |  | 13,563 |  | - |  | - |
Foreign equity securities |  | 7,490 |  | 3,991 |  | 3,499 |  | - |
Money market funds |  | 4,521 |  | 4,521 |  | - |  | - |
Fixed income mutual funds |  | 4,483 |  | 4,483 |  | - |  | - |
U.S. Government agency securities |  | 2,085 |  | - |  | 2,085 |  | - |
U.S. Treasury securities |  | 1,474 |  | - |  | 1,474 |  | - |
Corporate bonds |  | 72 |  | - |  | 72 |  | - |
Other |  | 236 |  | 159 |  | 77 |  | - |
Derivatives: |  |  |  |  |  |  |  |  |
Commodities(1) |  | 5,144 |  | 5,144 |  | - |  | - |
Interest rate swaps |  | - |  | - |  | - |  | - |
Foreign currencies |  | 2,247 |  | - |  | 2,247 |  | - |
Total Assets |  | $364,571 |  | $190,167 |  | $174,404 |  | $ - |
Liabilities: |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |
Commodities(1) |  | $ 5,529 |  | $ 5,529 |  | $ - |  | $ - |
Interest rate swaps |  | 11,268 |  | - |  | 11,268 |  | - |
Foreign currencies |  | 3,380 |  | - |  | 3,380 |  | - |
Total Liabilities |  | $ 20,177 |  | $ 5,529 |  | $ 14,648 |  | $ - |
(1) Seaboard’s commodities 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 December 31, 2011, the commodity derivatives had a margin account balance of $8,619,000 resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $8,234,000.
Schedule of amortized cost and estimated fair values of investments and long term debt |
|  | 2012 |  | 2011 |
(Thousands of dollars) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |
Short-term investments, available-for-sale |  | $ | 330,892 |  | $ | 332,315 |  | $ | 297,916 |  | $ | 297,443 |
Short-term investments, trading debt securities |  | 26,184 |  | 27,519 |  | 25,437 |  | 25,813 |
Long-term debt |  | 162,612 |  | 166,038 |  | 157,252 |  | 161,636 |
Schedule of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statement of Earnings |
(Thousands of dollars) |  |  |  |  |  |  |
|  | Location of |  | March 31, 2012 |  | April 2, 2011 |
|  | Gain or (Loss) |  | Amount of Gain or (Loss) |  | Amount of Gain or (Loss) |
|  | Recognized in Income |  | Recognized in Income |  | Recognized in Income |
Commodities |  | Cost of sales |  |  | $ | (2,415 | ) |  |  | $ | 13,986 |  |
Foreign currencies |  | Cost of sales |  |  | (5,417 | ) |  |  | 8,787 |  |
Foreign currencies |  | Foreign currency |  |  | (3,713 | ) |  |  | (136 | ) |
Interest rate |  | Miscellaneous, net |  |  | 648 |  |  |  | 519 |  |
Schedule of fair value of each type of derivative and its location in the Consolidated Balance Sheets |
(Thousands of dollars) |  |  |  | Asset Derivatives |  |  |  | Liability Derivatives |
|  | Balance |  |  | Fair Value |  | Balance |  |  | Fair Value |
|  | Sheet |  |  | March 31, |  | December 31, |  | Sheet |  |  | March 31, |  | December 31, |
|  | Location |  |  | 2012 |  | 2011 |  | Location |  |  | 2012 |  | 2011 |
Commodities(1) |  | Other current assets |  | $ 2,398 |  |  | $ 5,144 |  |  | Other current assets |  | $ 3,360 |  |  | $ 5,529 |  |
Foreign currencies |  | Other current assets |  | 88 |  |  | 2,247 |  |  | Other current liabilities |  | 500 |  |  | 3,380 |  |
Interest rate |  | Other current assets |  | - |  |  | - |  |  | Other current liabilities |  | 9,900 |  |  | 11,268 |  |
(1) Seaboard’s commodities 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 March 31, 2012 and December 31, 2011, the commodity derivatives had a margin account balance of $6,188,000 and $8,619,000, respectively, resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $5,226,000 and $8,234,000, respectively.

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