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Derivatives and Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 29, 2013
Derivatives and Fair Value of Financial Instruments |
Schedule of assets and liabilities measured at fair value on a recurring basis |
|  | Balance |  |  |  |  |  |  |
|  | June 29, |  |  |  |  |  |  |
(Thousands of dollars) |  | 2013 |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |
Available-for-sale securities - short-term investments: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 148,983 |  | $ | 148,983 |  | $ | - |  | $ | - |
Corporate bonds |  | 70,098 |  | - |  | 70,098 |  | - |
Enhanced cash mutual fund |  | 24,978 |  | 24,978 |  | - |  | - |
U.S. Government agency securities |  | 23,271 |  | - |  | 23,271 |  | - |
Emerging markets debt mutual fund |  | 17,278 |  | 17,278 |  | - |  | - |
U.S. Treasury securities |  | 16,935 |  | - |  | 16,935 |  | - |
Collateralized mortgage obligations |  | 15,315 |  | - |  | 15,315 |  | - |
Asset backed debt securities |  | 11,423 |  | - |  | 11,423 |  | - |
Trading securities - short-term investments: |  |  |  |  |  |  |  |  |
High yield debt securities |  | 24,214 |  | - |  | 24,214 |  | - |
Emerging markets trading debt mutual fund |  | 2,929 |  | 2,929 |  | - |  | - |
Emerging markets trading debt securities |  | 2,034 |  | - |  | 2,034 |  | - |
Other trading investments |  | 1,048 |  | 512 |  | 536 |  | - |
Trading securities - other current assets: |  |  |  |  |  |  |  |  |
Domestic equity securities |  | 21,437 |  | 21,437 |  | - |  | - |
Foreign equity securities |  | 8,587 |  | 5,323 |  | 3,264 |  | - |
Fixed income mutual funds |  | 5,725 |  | 5,725 |  | - |  | - |
U.S. Treasury securities |  | 1,623 |  | - |  | 1,623 |  | - |
Money market funds |  | 1,586 |  | 1,586 |  | - |  | - |
U.S. Government agency securities |  | 1,106 |  | - |  | 1,106 |  | - |
Corporate bonds |  | 83 |  | - |  | 83 |  | - |
Other |  | 290 |  | 239 |  | 51 |  | - |
Derivatives: |  |  |  |  |  |  |  |  |
Commodities(1) |  | 6,581 |  | 6,581 |  | - |  | - |
Foreign currencies |  | 4,309 |  | - |  | 4,309 |  | - |
Total Assets |  | $ | 409,833 |  | $ | 235,571 |  | $ | 174,262 |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |
Commodities(1) |  | $ | 13,636 |  | $ | 13,636 |  | $ | - |  | $ | - |
Interest rate swaps |  | 5,297 |  | - |  | 5,297 |  | - |
Foreign currencies |  | 184 |  | - |  | 184 |  | - |
Total Liabilities |  | $ | 19,117 |  | $ | 13,636 |  | $ | 5,481 |  | $ | - |
(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 29, 2013, the commodity derivatives had a margin account balance of $22,188,000 resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $15,133,000.
|  | Balance |  |  |  |  |  |  |
|  | December 31, |  |  |  |  |  |  |
(Thousands of dollars) |  | 2012 |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |
Available-for-sale securities - short-term investments: |  |  |  |  |  |  |  |  |
Money market funds |  | $126,537 |  | $126,537 |  | $ - |  | $ - |
Corporate bonds |  | 69,214 |  | - |  | 69,214 |  | - |
U.S. Government agency securities |  | 23,775 |  | - |  | 23,775 |  | - |
Emerging markets debt mutual fund |  | 18,734 |  | 18,734 |  | - |  | - |
U.S. Treasury securities |  | 17,169 |  | - |  | 17,169 |  | - |
Collateralized mortgage obligations |  | 15,162 |  | - |  | 15,162 |  | - |
Asset backed debt securities |  | 12,238 |  | - |  | 12,238 |  | - |
Trading securities - short term investments: |  |  |  |  |  |  |  |  |
High yield debt securities |  | 23,406 |  | - |  | 23,406 |  | - |
Emerging markets trading debt mutual fund |  | 3,237 |  | 3,237 |  | - |  | - |
Emerging markets trading debt securities |  | 2,600 |  | - |  | 2,600 |  | - |
Other trading investments |  | 1,307 |  | 822 |  | 485 |  | - |
Trading securities - other current assets: |  |  |  |  |  |  |  |  |
Domestic equity securities |  | 15,864 |  | 15,864 |  | - |  | - |
Fixed income mutual funds |  | 7,153 |  | 7,153 |  | - |  | - |
Foreign equity securities |  | 6,831 |  | 4,218 |  | 2,613 |  | - |
Money market funds |  | 3,157 |  | 3,157 |  | - |  | - |
U.S. Government agency securities |  | 2,117 |  | - |  | 2,117 |  | - |
U.S. Treasury securities |  | 1,567 |  | - |  | 1,567 |  | - |
Corporate bonds |  | 60 |  | - |  | 60 |  | - |
Other |  | 239 |  | 187 |  | 52 |  | - |
Derivatives: |  |  |  |  |  |  |  |  |
Commodities(1) |  | 6,916 |  | 6,699 |  | 217 |  | - |
Foreign currencies |  | - |  | - |  | - |  | - |
Total Assets |  | $357,283 |  | $186,608 |  | $170,675 |  | $ - |
Liabilities: |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |
Commodities(1) |  | $ 7,112 |  | $ 7,112 |  | $ - |  | $ - |
Interest rate swaps |  | 9,810 |  | - |  | 9,810 |  | - |
Foreign currencies |  | 4,157 |  | - |  | 4,157 |  | - |
Total Liabilities |  | $ 21,079 |  | $ 7,112 |  | $ 13,967 |  | $ - |
(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, 2012, the commodity derivatives had a margin account balance of $14,063,000 resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $13,867,000.
Schedule of amortized cost and estimated fair values of investments and long term debt |
|  | 2013 |  | 2012 |
(Thousands of dollars) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |
Short-term investments, available-for-sale |  | $ 328,531 |  | $ 328,281 |  | $ 279,556 |  | $ 282,829 |
Short-term investments, trading debt securities |  | 29,660 |  | 30,225 |  | 28,508 |  | 30,550 |
Long-term debt |  | 116,181 |  | 119,006 |  | 145,963 |  | 149,333 |
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 29, 2013 |  | June 30, 2012 |  | June 29, 2013 |  | June 30, 2012 |
Commodities |  | Cost of sales |  | $ 5,867 |  | $ (5,699) |  | $ 1,059 |  | $ (8,114) |
Foreign currencies |  | Cost of sales |  | 1,993 |  | 5,118 |  | 13,499 |  | (299) |
Foreign currencies |  | Foreign currency |  | 1,820 |  | 101 |  | 5,887 |  | (3,612) |
Interest rate |  | Miscellaneous, net |  | 2,962 |  | (4,400) |  | 3,434 |  | (3,752) |
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 |
|  |  |  | June 29, |  | December 31, |  |  |  | June 29, |  | December 31, |
|  |  |  | 2013 |  | 2012 |  |  |  | 2013 |  | 2012 |
Commodities |  | Other current assets |  | $ 6,581(1) |  | $ 6,916 |  | Other current assets |  | $ 13,636(1) |  | $ 7,112 |
Foreign currencies |  | Other current assets |  | 4,309 |  | - |  | Other current liabilities |  | 184 |  | 4,157 |
Interest rate |  | Other current assets |  | - |  | - |  | Other current liabilities |  | 5,297 |  | 9,810 |
(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 29, 2013 and December 31, 2012, the commodity derivatives had a margin account balance of $22,188,000 and $14,063,000, respectively, resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $15,133,000 and $13,867,000, respectively.

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- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15 -Subparagraph b-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 18 -Subparagraph c(2), d, e, f -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a, c(1), c(2), c(3), d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 14 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 + Details
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