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Derivatives and Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2012
Derivatives and Fair Value of Financial Instruments |
Schedule of assets and liabilities measured at fair value on a recurring basis |
|  | Balance |  |  |  |  |  |  |
|  | June 30, |  |  |  |  |  |  |
(Thousands of dollars) |  | 2012 |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |
Available-for-sale securities - short-term investments: |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 136,258 |  | $ | - |  | $ | 136,258 |  | $ | - |
Money market funds and deposit accounts |  | 101,011 |  | 101,011 |  | - |  | - |
Enhanced cash mutual fund |  | 50,072 |  | 50,072 |  | - |  | - |
Collateralized mortgage obligations |  | 24,944 |  | - |  | 24,944 |  | - |
Fixed rate municipal notes and bonds |  | 23,592 |  | - |  | 23,592 |  | - |
U.S. Government agency securities |  | 22,572 |  | - |  | 22,572 |  | - |
U.S. Treasury securities |  | 20,526 |  | - |  | 20,526 |  | - |
Emerging markets debt mutual fund |  | 17,035 |  | 17,035 |  | - |  | - |
Asset backed debt securities |  | 15,514 |  | - |  | 15,514 |  | - |
Other |  | 683 |  | - |  | 683 |  | - |
Trading securities - short-term investments: |  |  |  |  |  |  |  |  |
High yield debt securities |  | 22,084 |  | - |  | 22,084 |  | - |
Emerging markets trading debt mutual fund |  | 2,919 |  | 2,919 |  | - |  | - |
Emerging markets trading debt securities |  | 2,073 |  | - |  | 2,073 |  | - |
Other debt securities |  | 754 |  | - |  | 754 |  | - |
Trading securities - other current assets: |  |  |  |  |  |  |  |  |
Domestic equity securities |  | 16,667 |  | 16,667 |  | - |  | - |
Foreign equity securities |  | 6,232 |  | 3,573 |  | 2,659 |  | - |
Fixed income mutual funds |  | 5,011 |  | 5,011 |  | - |  | - |
Money market funds |  | 3,078 |  | 3,078 |  | - |  | - |
U.S. Government agency securities |  | 2,402 |  | - |  | 2,402 |  | - |
U.S. Treasury securities |  | 1,433 |  | - |  | 1,433 |  | - |
Corporate bonds |  | 62 |  | - |  | 62 |  | - |
Other |  | 276 |  | 233 |  | 43 |  | - |
Derivatives: |  |  |  |  |  |  |  |  |
Commodities(1) |  | 11,732 |  | 11,732 |  | - |  | - |
Foreign currencies |  | 647 |  | - |  | 647 |  | - |
Total Assets |  | $ | 487,577 |  | $ | 211,331 |  | $ | 276,246 |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |
Commodities(1) |  | $ | 11,917 |  | $ | 11,917 |  | $ | - |  | $ | - |
Interest rate swaps |  | 13,566 |  | - |  | 13,566 |  | - |
Foreign currencies |  | 1,133 |  | - |  | 1,133 |  | - |
Total Liabilities |  | $ | 26,616 |  | $ | 11,917 |  | $ | 14,699 |  | $ | - |
(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 June 30, 2012, the commodity derivatives had a margin account balance of $8,788,000 resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $8,603,000.
|  | 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 |  | - |  | - |
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 |  | $ | 411,142 |  | $ | 412,207 |  | $ | 297,916 |  | $ | 297,443 |
Short-term investments, trading debt securities |  | 26,783 |  | 27,830 |  | 25,437 |  | 25,813 |
Long-term debt |  | 183,997 |  | 188,030 |  | 157,252 |  | 161,636 |
Schedule of gain or (loss) recognized for each type of derivative and its location in the Condensed Consolidated Statements of Comprehensive Income |
(Thousands of dollars) |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Three Months Ended |  | Six Months Ended |
|  |  |  | June 30, 2012 |  | July 2, 2011 |  | June 30, 2012 |  | July 2, 2011 |
|  |  |  | Amount of |  | Amount of |  | Amount of |  | Amount of |
|  | Location of |  | Gain or |  | Gain or |  | Gain or |  | Gain or |
|  | Gain or (Loss) |  | (Loss) |  | (Loss) |  | (Loss) |  | (Loss) |
|  | Recognized |  | Recognized |  | Recognized |  | Recognized |  | Recognized |
|  | in Income |  | in Income |  | in Income |  | in Income |  | in Income |
Commodities |  | Cost of sales |  | $ | (5,699 | ) |  | $ | 6,669 |  |  | $ | (8,114 | ) |  | $ | 20,655 |  |
Foreign currencies |  | Cost of sales |  | 5,118 |  |  | 1,956 |  |  | (299 | ) |  | 10,743 |  |
Foreign currencies |  | Foreign currency |  | 101 |  |  | (101 | ) |  | (3,612 | ) |  | (237 | ) |
Interest rate |  | Miscellaneous, net |  | (4,400 | ) |  | (3,121 | ) |  | (3,752 | ) |  | (2,602 | ) |
Schedule of fair value of each type of derivative and its location in the Condensed Consolidated Balance Sheets |
(Thousands of dollars) | Asset Derivatives |  | Liability Derivatives
| Balance |  | Fair Value |  | Balance |  | Fair Value
| Sheet |  | June 30, |  | December 31, |  | Sheet |  | June 30, |  | December 31,
| Location |  | 2012 |  | 2011 |  | Location |  | 2012 |  | 2011
Commodities | Other current assets |  | $ | 11,732 | (1) |  | $ | 5,144 |  |  | Other current assets |  | $ | 11,917 | (1) |  | $ | 5,529 |
Foreign currencies | Other current assets |  | 647 |  |  | 2,247 |  |  | Other current liabilities |  | 1,133 |  |  | 3,380 |
Interest rate | Other current assets |  | - |  |  | - |  |  | Other current liabilities |  | 13,566 |  |  | 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 June 30, 2012 and December 31, 2011, the commodity derivatives had a margin account balance of $8,788,000 and $8,619,000, respectively, resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $8,603,000 and $8,234,000, respectively.

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