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Derivatives and Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Oct. 03, 2015
Derivatives and Fair Value of Financial Instruments |
Schedule of assets and liabilities measured at fair value on a recurring basis |
|  | Balance |  |  |  |  |  |  |  |  |  |
|  | October 3, |  |  |  |  |  |  |  |  |  |
(Thousands of dollars) |  | 2015 |  | Level 1 | Level 2 | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 100,648 |  | $ | 100,648 |  | $ | - |  | $ | - |
Trading securities – short term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities |  |  | 158,815 |  |  | 158,815 |  |  | - |  |  | - |
High yield debt securities |  |  | 122,178 |  |  | - |  |  | 122,178 |  |  | - |
Domestic equity mutual funds |  |  | 80,525 |  |  | 80,525 |  |  | - |  |  | - |
Domestic equity ETFs |  |  | 77,443 |  |  | 77,443 |  |  | - |  |  | - |
Foreign equity securities |  |  | 76,669 |  |  | 76,669 |  |  | - |  |  | - |
Money market funds held in trading accounts |  |  | 40,152 |  |  | 40,152 |  |  | - |  |  | - |
Foreign equity mutual fund |  |  | 19,831 |  |  | 19,831 |  |  | - |  |  | - |
Collateralized loan obligation |  |  | 9,791 |  |  | - |  |  | 9,791 |  |  | - |
Other trading securities |  |  | 3,391 |  |  | 2,187 |  |  | 1,204 |  |  | - |
Trading securities – other current assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities |  |  | 34,044 |  |  | 34,044 |  |  | - |  |  | - |
Foreign equity securities |  |  | 6,246 |  |  | 6,246 |  |  | - |  |  | - |
Fixed income mutual funds |  |  | 3,366 |  |  | 3,366 |  |  | - |  |  | - |
Other |  |  | 3,104 |  |  | 2,617 |  |  | 487 |  |  | - |
Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  |  | 9,639 |  |  | 9,639 |  |  | - |  |  | - |
Foreign currencies |  |  | 1,715 |  |  | - |  |  | 1,715 |  |  | - |
Total Assets |  | $ | 747,557 |  | $ | 612,182 |  | $ | 135,375 |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  | $ | 21,739 |  | $ | 21,739 |  | $ | - |  | $ | - |
Interest rate swaps |  |  | 8,714 |  |  | - |  |  | 8,714 |  |  | - |
Foreign currencies |  |  | 1,417 |  |  | - |  |  | 1,417 |  |  | - |
Total Liabilities |  | $ | 31,870 |  | $ | 21,739 |  | $ | 10,131 |  | $ | - |
| (1) |  | Seaboard’s commodity 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 October 3, 2015, the commodity derivatives had a margin account balance of $34,852,000 resulting in a net other current asset in the Condensed Consolidated Balance Sheet of $22,949,000 and a net other current liability of $197,000.
The following table shows assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and also the level within the fair value hierarchy used to measure each category of assets.
|  | Balance |  |  |  |  |  |  |  |  |  |
|  | December 31, |  |  |  |  |  |  |  |  |  |
(Thousands of dollars) |  | 2014 |  | Level 1 | Level 2 | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities – short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 142,432 |  | $ | 142,432 |  | $ | - |  | $ | - |
Corporate bonds |  |  | 11,015 |  |  | - |  |  | 11,015 |  |  | - |
U.S. Government agency securities |  |  | 9,666 |  |  | - |  |  | 9,666 |  |  | - |
Other available-for-sale securities |  |  | 3,983 |  |  | - |  |  | 3,983 |  |  | - |
Trading securities – short term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
High yield debt securities |  |  | 181,483 |  |  | - |  |  | 181,483 |  |  | - |
Domestic equity mutual fund |  |  | 82,542 |  |  | 82,542 |  |  | - |  |  | - |
Domestic equity ETF |  |  | 32,651 |  |  | 32,651 |  |  | - |  |  | - |
Money market funds held in trading accounts |  |  | 21,401 |  |  | 21,401 |  |  | - |  |  | - |
Other trading securities |  |  | 5,393 |  |  | 2,614 |  |  | 2,779 |  |  | - |
Trading securities – other current assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities |  |  | 33,857 |  |  | 33,857 |  |  | - |  |  | - |
Foreign equity securities |  |  | 6,532 |  |  | 6,532 |  |  | - |  |  | - |
Fixed income mutual funds |  |  | 4,570 |  |  | 4,570 |  |  | - |  |  | - |
Other |  |  | 2,676 |  |  | 2,405 |  |  | 271 |  |  | - |
Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  |  | 6,136 |  |  | 6,136 |  |  | - |  |  | - |
Foreign currencies |  |  | 1,675 |  |  | - |  |  | 1,675 |  |  | - |
Total Assets |  | $ | 546,012 |  | $ | 335,140 |  | $ | 210,872 |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  | $ | 1,779 |  | $ | 1,779 |  | $ | - |  | $ | - |
Interest rate swaps |  |  | 7,715 |  |  | - |  |  | 7,715 |  |  | - |
Foreign currencies |  |  | 407 |  |  | - |  |  | 407 |  |  | - |
Total Liabilities |  | $ | 9,901 |  | $ | 1,779 |  | $ | 8,122 |  | $ | - |
| (1) |  | Seaboard’s commodity 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, 2014, the commodity derivatives had a margin account balance of $4,314,000 resulting in a net other current asset in the Condensed Consolidated Balance Sheet of $9,267,000 and a net other current liability of $596,000.
Schedule of gain or (loss) recognized for each type of derivative and its location in the Condensed Consolidated Statements of Comprehensive Income |
|  |  |  | Three Months Ended |  | Nine Months Ended |
|  |  |  | October 3, |  | September 27, |  | October 3, |  | September 27, |
(Thousands of dollars) |  |  |  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Commodities |  | Cost of sales |  | $ | (15,945) |  | $ | (296) |  | $ | (18,007) |  | $ | 3,082 |
Foreign currencies |  | Cost of sales |  |  | 3,820 |  |  | 1,957 |  |  | 5,241 |  |  | 4,770 |
Foreign currencies |  | Foreign currency |  |  | 352 |  |  | 3,145 |  |  | 1,954 |  |  | 2,725 |
Interest rate |  | Miscellaneous, net |  |  | (4,994) |  |  | 91 |  |  | (6,117) |  |  | (3,804) |
Schedule of fair value of each type of derivative and its location in the Condensed Consolidated Balance Sheets |
|  |  |  | Asset Derivatives |  |  |  | Liability Derivatives |
|  |  |  | October 3, |  | December 31, |  |  |  | October 3, |  | December 31, |
(Thousands of dollars) |  |  |  | 2015 |  | 2014 |  |  |  | 2015 |  | 2014 |
Commodities(1) |  | Other current assets |  | $ | 9,639 |  | $ | 6,136 |  | Other current liabilities |  | $ | 21,739 |  | $ | 1,779 |
Foreign currencies |  | Other current assets |  |  | 1,715 |  |  | 1,675 |  | Other current liabilities |  |  | 1,417 |  |  | 407 |
Interest rate |  | Other current assets |  |  | - |  |  | - |  | Other current liabilities |  |  | 8,714 |  |  | 7,715 |
Seaboard’s commodity 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 October 3, 2015 and December 31, 2014, the commodity derivatives had a margin account balance of $34,852,000 and $4,314,000, respectively, resulting in a net other current asset in the Condensed Consolidated Balance Sheets of $22,949,000 and $9,267,000, respectively and a net other current liability of $197,000 and $596,000, respectively.

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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 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 2: 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=56946850&loc=SL5618551-113959 + 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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