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Derivatives and Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 27, 2014
Derivatives and Fair Value of Financial Instruments |
Schedule of assets and liabilities measured at fair value on a recurring basis |
|  | Balance |  |  |  |  |  |  |
|  | September 27, |  |  |  |  |  |  |
(Thousands of dollars) |  | 2014 |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |
Available-for-sale securities - short-term investments: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 62,965 |  | $ | 62,965 |  | $ | - |  | $ | - |
Corporate bonds |  | 10,439 |  | - |  | 10,439 |  | - |
U.S. Government agency securities |  | 10,355 |  | - |  | 10,355 |  | - |
Asset backed debt securities |  | 2,244 |  | - |  | 2,244 |  | - |
Collateralized mortgage obligations |  | 1,214 |  | - |  | 1,214 |  | - |
U.S. Treasury securities |  | 521 |  | - |  | 521 |  | - |
Trading securities - short-term investments: |  |  |  |  |  |  |  |  |
High yield debt securities |  | 188,645 |  | - |  | 188,645 |  | - |
Equity mutual fund |  | 65,050 |  | 65,050 |  | - |  | - |
Domestic equity ETF |  | 15,203 |  | 15,203 |  | - |  | - |
Emerging markets trading debt mutual fund |  | 2,849 |  | 2,849 |  | - |  | - |
Emerging markets trading debt securities |  | 1,660 |  | - |  | 1,660 |  | - |
Money market funds held in trading accounts |  | 390 |  | 390 |  | - |  | - |
Other trading investments |  | 1,430 |  | - |  | 1,430 |  | - |
Trading securities - other current assets: |  |  |  |  |  |  |  |  |
Domestic equity securities |  | 29,632 |  | 29,632 |  | - |  | - |
Foreign equity securities |  | 8,018 |  | 8,018 |  | - |  | - |
Fixed income mutual funds |  | 4,362 |  | 4,362 |  | - |  | - |
Money market funds |  | 2,727 |  | 2,727 |  | - |  | - |
Other |  | 1,357 |  | 616 |  | 741 |  | - |
Derivatives: |  |  |  |  |  |  |  |  |
Commodities(1) |  | 20,394 |  | 20,394 |  | - |  | - |
Interest rate swaps |  | - |  | - |  | - |  | - |
Foreign currencies |  | 4,674 |  | - |  | 4,674 |  | - |
Total Assets |  | $ | 434,129 |  | $ | 212,206 |  | $ | 221,923 |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |
Commodities(1) |  | $ | 16,083 |  | $ | 15,974 |  | $ | 109 |  | $ | - |
Interest rate swaps |  | 5,766 |  | - |  | 5,766 |  | - |
Foreign currencies |  | 218 |  | - |  | 218 |  | - |
Total Liabilities |  | $ | 22,067 |  | $ | 15,974 |  | $ | 6,093 |  | $ | - |
(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 September 27, 2014, the commodity derivatives had a margin account balance of $13,006,000 resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $17,426,000 and an other current liability of $109,000.
|  | Balance |  |  |  |  |  |  |
|  | December 31, |  |  |  |  |  |  |
(Thousands of dollars) |  | 2013 |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |
Available-for-sale securities - short-term investments: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 88,430 |  | $ | 88,430 |  | $ | - |  | $ | - |
Corporate bonds |  | 70,258 |  | - |  | 70,258 |  | - |
U.S. Government agency securities |  | 27,147 |  | - |  | 27,147 |  | - |
Emerging markets debt mutual fund |  | 16,941 |  | 16,941 |  | - |  | - |
Asset backed debt securities |  | 8,477 |  | - |  | 8,477 |  | - |
Collateralized mortgage obligations |  | 7,600 |  | - |  | 7,600 |  | - |
U.S. Treasury securities |  | 5,223 |  | - |  | 5,223 |  | - |
Trading securities - short term investments: |  |  |  |  |  |  |  |  |
High yield debt securities |  | 50,428 |  | - |  | 50,428 |  | - |
Money market funds held in trading accounts |  | 11,033 |  | 11,033 |  | - |  | - |
Emerging markets trading debt mutual fund |  | 2,858 |  | 2,858 |  | - |  | - |
Emerging markets trading debt securities |  | 1,336 |  | - |  | 1,336 |  | - |
Other trading investments |  | 918 |  | - |  | 918 |  | - |
Trading securities - other current assets: |  |  |  |  |  |  |  |  |
Domestic equity securities |  | 26,672 |  | 26,672 |  | - |  | - |
Foreign equity securities |  | 9,570 |  | 7,317 |  | 2,253 |  | - |
Fixed income mutual funds |  | 3,974 |  | 3,974 |  | - |  | - |
Money market funds |  | 1,931 |  | 1,931 |  | - |  | - |
Other |  | 3,203 |  | 1,628 |  | 1,575 |  | - |
Derivatives: |  |  |  |  |  |  |  |  |
Commodities(1) |  | 2,331 |  | 2,331 |  | - |  | - |
Foreign currencies |  | 2,763 |  | - |  | 2,763 |  | - |
Total Assets |  | $ | 341,093 |  | $ | 163,115 |  | $ | 177,978 |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |
Commodities(1) |  | $ | 16,014 |  | $ | 15,422 |  | $ | 592 |  | $ | - |
Interest rate swaps |  | 4,103 |  | - |  | 4,103 |  | - |
Foreign currencies |  | 101 |  | - |  | 101 |  | - |
Total Liabilities |  | $ | 20,218 |  | $ | 15,422 |  | $ | 4,796 |  | $ | - |
(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, 2013, the commodity derivatives had a margin account balance of $29,822,000 resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $16,731,000 and an other current liability of $592,000.
Schedule of amortized cost and estimated fair values of investments and long term debt |
|  | 2014 |  | 2013 |
(Thousands of dollars) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |
Short-term investments, available-for-sale |  | $ 87,667 |  | $ 87,738 |  | $ 224,314 |  | $ 224,076 |
Short-term investments, trading securities |  | 278,236 |  | 275,227 |  | 65,728 |  | 66,573 |
Long-term debt |  | - |  | - |  | 92,177 |  | 94,578 |
Schedule of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income |
(Thousands of dollars) |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Three Months Ended |  | Nine Months Ended |
|  |  |  | September 27, |  | September 28, |  | September 27, |  | September 28, |
|  |  |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Commodities |  | Cost of sales |  | $ | (296 | ) | $ | (8,790 | ) | $ | 3,082 |  | $ | (7,731) |
Foreign currencies |  | Cost of sales |  | 1,957 |  | 1,528 |  | 4,770 |  | 15,027 |
Foreign currencies |  | Foreign currency |  | 3,145 |  | (926 | ) | 2,725 |  | 4,961 |
Interest rate |  | Miscellaneous, net |  | 91 |  | (570 | ) | (3,804 | ) | 2,864 |
Schedule of fair value of each type of derivative and its location in the Consolidated Balance Sheets |
(Thousands of dollars) |  |  | Asset Derivatives |  |  |  | Liability Derivatives |
|  |  | September 27, |  | December 31, |  |  |  | September 27, |  | December 31, |
|  |  | 2014 |  | 2013 |  |  |  | 2014 |  | 2013 |
Commodities(1) | Other current assets |  | $ 20,394 |  | $ 2,331 |  | Other current liabilities |  | $ 16,083 |  | $ 16,014 |
Foreign currencies | Other current assets |  | 4,674 |  | 2,763 |  | Other current liabilities |  | 218 |  | 101 |
Interest rate | Other current assets |  | - |  | - |  | Other current liabilities |  | 5,766 |  | 4,103 |
(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 September 27, 2014 and December 31, 2013, the commodity derivatives had a margin account balance of $13,006,000 and $29,822,000, respectively, resulting in a net other current asset on the Condensed Consolidated Balance Sheets of $17,426,000 and $16,731,000, respectively and other current liabilities of $109,000 and $592,000, respectively.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: 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=36462937&loc=d3e19207-110258 Reference 2: 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=35750535&loc=d3e13433-108611 Reference 3: 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=35750535&loc=d3e13467-108611 Reference 4: 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=35750535&loc=d3e13476-108611 Reference 5: 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 6: 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 + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: 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=35706170&loc=SL5618551-113959 Reference 2: 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=35706170&loc=SL5624171-113959 + 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 Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959 + 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=36462937&loc=d3e19190-110258 + Details
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