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Stockholders' Equity and Accumulated Other Comprehensive Loss | 6 Months Ended
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Jun. 29, 2013
Stockholders' Equity and Accumulated Other Comprehensive Loss |
Stockholders' Equity and Accumulated Other Comprehensive Loss | Note 8 – Stockholders’ Equity and Accumulated Other Comprehensive Loss The components of and changes in accumulated other comprehensive loss, net of tax, for the three months ended June 29, 2013 are as follows:
|  | Cumulative |  |  |  |  |  |  |  |  |
|  | Foreign |  | Unrealized |  | Unrealized |  |  |  |  |
|  | Currency |  | Gain (Loss) |  | Loss on |  | Unrecognized |  |  |
|  | Translation |  | on |  | Cash Flow |  | Pension |  |  |
(Thousands of dollars) |  | Adjustment |  | Investments |  | Hedges |  | Cost |  | Total |
Balance March 30, 2013 |  | $ | (115,579 | ) | $ | 2,661 |  | $ | (113 | ) | $ | (63,014 | ) | $ | (176,045 | )
Other comprehensive income (loss) before reclassifications |  | (6,699 | ) | (1,948) |  | - |  | 1,310 |  | (7,337 | )
Amounts reclassified from accumulated other comprehensive loss |  | - |  | (189) | (1) | - |  | 1,235 | (2) | 1,046 |
Net current-period other comprehensive income (loss) |  | (6,699 | ) | (2,137) |  | - |  | 2,545 |  | (6,291 | )
Balance June 29, 2013 |  | $ | (122,278 | ) | $ | 524 |  | $ | (113 | ) | $ | (60,469 | ) | $ | (182,336 | )
(1) This represents realized gains on the sale of available-for-sale securities and are recorded in other investment income, net. (2) This primarily represents the amortization of actuarial losses that are included in net periodic pension cost and are recorded in operating income. See Note 6 for further discussion. The components of and changes in accumulated other comprehensive loss, net of tax, for the six months ended June 29, 2013 are as follows:
|  | Cumulative |  |  |  |  |  |  |  |  |
|  | Foreign |  | Unrealized |  | Unrealized |  |  |  |  |
|  | Currency |  | Gain (Loss) |  | Loss on |  | Unrecognized |  |  |
|  | Translation |  | on |  | Cash Flow |  | Pension |  |  |
(Thousands of dollars) |  | Adjustment |  | Investments |  | Hedges |  | Cost |  | Total |
Balance December 31, 2012 |  | $ | (109,457 | ) | $ | 2,232 |  | $ | (113 | ) | $ | (64,206 | ) | $ | (171,544 | )
Other comprehensive income (loss) before reclassifications |  | (12,821 | ) | (1,309) |  | - |  | 1,310 |  | (12,820 | )
Amounts reclassified from accumulated other comprehensive loss |  | - |  | (399) | (1) | - |  | 2,427 | (2) | 2,028 |
Net current-period other comprehensive income (loss) |  | (12,821 | ) | (1,708) |  | - |  | 3,737 |  | (10,792 | )
Balance June 29, 2013 |  | $ | (122,278 | ) | $ | 524 |  | $ | (113 | ) | $ | (60,469 | ) | $ | (182,336 | )
(1) This represents realized gains on the sale of available-for-sale securities and are recorded in other investment income, net. (2) This primarily represents the amortization of actuarial losses that are included in net periodic pension cost and are recorded in operating income. See Note 6 for further discussion. As discussed in Note 6 to the Condensed Consolidated Financial Statements, Seaboard recognized a one-time retirement agreement termination gain of $1,310,000 net of tax, in unrecognized pension cost in other comprehensive income during the second quarter of 2013. The foreign currency translation adjustment primarily represents the effect of the Argentine peso currency exchange fluctuation on the net assets of the Sugar segment. At June 29, 2013, the Sugar segment had $189,857,000 in net assets denominated in Argentine pesos and $1,700,000 in net assets denominated in U.S. dollars. Management anticipates that the Argentine peso may continue to weaken against the U.S. dollar and thus it is anticipated that Seaboard will incur additional foreign currency translation adjustment losses in other comprehensive loss during the remainder of 2013. With the exception of the foreign currency translation adjustment to which a 35 percent federal tax rate is applied, income taxes for components of accumulated other comprehensive loss were recorded using a 39 percent effective tax rate. In addition, the unrecognized pension cost includes $20,346,000 related to employees at certain subsidiaries for which no tax benefit has been recorded. On October 19, 2012, the Board of Directors extended through October 31, 2015 the share repurchase program initially approved on November 6, 2009. Under this share repurchase program, Seaboard was originally authorized to repurchase from time to time up to $100,000,000 market value of its Common Stock in open market or privately negotiated purchases which may be above or below the traded market price. During the period that the share repurchase program remains in effect, from time to time, Seaboard may enter into a 10b5-1 plan authorizing a third party to make such purchases on behalf of Seaboard. The stock repurchase will be funded by cash on hand. Shares repurchased will be retired and resume the status of authorized and unissued shares. All stock repurchased will be made in compliance with applicable legal requirements and the timing of the repurchases and the number of shares repurchased at any given time will depend upon market conditions, compliance with Securities and Exchange Commission regulations and other factors. The Board’s stock repurchase authorization does not obligate Seaboard to acquire a specific amount of common stock and the stock repurchase program may be suspended at any time at Seaboard’s discretion. As of June 29, 2013, $19,512,000 remained available for repurchases under this program. For the six months ended June 29, 2013, Seaboard repurchased 5,092 shares of common stock at a total cost of $13,693,000. In December 2012, Seaboard declared and paid a dividend of $12.00 per share on the common stock. The increased amount of the dividend (which has historically been $0.75 per share on a quarterly basis or $3.00 per share on an annual basis) represented a prepayment of the annual 2013, 2014, 2015 and 2016 dividends ($3.00 per share per year). Seaboard does not currently intend to declare any further dividends for the years 2013-2016.

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Section B -Paragraph 7, 11A -Chapter 1 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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