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Derivatives and Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2015
Derivatives and Fair Value of Financial Instruments |
Schedule of assets and liabilities measured at fair value on a recurring basis |
|  | Balance |  |  |  |  |  |  |  |  |  |
|  | December 31, |  |  |  |  |  |  |  |  |  |
(Millions of dollars) |  | 2015 |  | Level 1 | Level 2 | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 81 |  | $ | 81 |  | $ | — |  | $ | — |
Trading securities – short term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities |  |  | 466 |  |  | 466 |  |  | — |  |  | — |
Domestic debt securities |  |  | 450 |  |  | 450 |  |  | — |  |  | — |
Foreign equity securities |  |  | 120 |  |  | 120 |  |  | — |  |  | — |
High yield debt securities |  |  | 104 |  |  | — |  |  | 104 |  |  | — |
Money market funds held in trading accounts |  |  | 22 |  |  | 22 |  |  | — |  |  | — |
Collateralized loan obligation |  |  | 10 |  |  | — |  |  | 10 |  |  | — |
Other trading securities |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Trading securities – other current assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities |  |  | 31 |  |  | 31 |  |  | — |  |  | — |
Foreign equity securities |  |  | 5 |  |  | 5 |  |  | — |  |  | — |
Fixed income mutual funds |  |  | 4 |  |  | 4 |  |  | — |  |  | — |
Other |  |  | 3 |  |  | 2 |  |  | 1 |  |  | — |
Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  |  | 4 |  |  | 4 |  |  | — |  |  | — |
Foreign currencies |  |  | 8 |  |  | — |  |  | 8 |  |  | — |
Total Assets |  | $ | 1,309 |  | $ | 1,185 |  | $ | 124 |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  | $ | 18 |  | $ | 18 |  | $ | — |  | $ | — |
Interest rate swaps |  |  | 6 |  |  | — |  |  | 6 |  |  | — |
Total Liabilities |  | $ | 24 |  | $ | 18 |  | $ | 6 |  | $ | — |
(1) Seaboard’s commodity derivative assets and liabilities are presented in the Consolidated Balance Sheets on a net basis, including netting the derivatives with the related margin accounts. As of December 31, 2015, the commodity derivatives had a margin account balance of $29 million resulting in a net other current asset on the Consolidated Balance Sheet of $15 million.
|  | Balance |  |  |  |  |  |  |  |  |  |
|  | December 31, |  |  |  |  |  |  |  |  |  |
(Millions of dollars) |  | 2014 |  | Level 1 | Level 2 | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities – short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 142 |  | $ | 142 |  | $ | — |  | $ | — |
Corporate bonds |  |  | 11 |  |  | — |  |  | 11 |  |  | — |
U.S. Government agency securities |  |  | 10 |  |  | — |  |  | 10 |  |  | — |
Other available-for-sale securities |  |  | 4 |  |  | — |  |  | 4 |  |  | — |
Trading securities – short term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
High yield debt securities |  |  | 182 |  |  | — |  |  | 182 |  |  | — |
Domestic equity securities |  |  | 115 |  |  | 115 |  |  | — |  |  | — |
Money market funds held in trading accounts |  |  | 21 |  |  | 21 |  |  | — |  |  | — |
Domestic debt securities |  |  | 5 |  |  | 3 |  |  | 2 |  |  | — |
Other trading securities |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Trading securities – other current assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities |  |  | 34 |  |  | 34 |  |  | — |  |  | — |
Foreign equity securities |  |  | 7 |  |  | 7 |  |  | — |  |  | — |
Fixed income mutual funds |  |  | 5 |  |  | 5 |  |  | — |  |  | — |
Other |  |  | 2 |  |  | 2 |  |  | — |  |  | — |
Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  |  | 6 |  |  | 6 |  |  | — |  |  | — |
Foreign currencies |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Total Assets |  | $ | 546 |  | $ | 335 |  | $ | 211 |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  | $ | 2 |  | $ | 2 |  | $ | — |  | $ | — |
Interest rate swaps |  |  | 8 |  |  | — |  |  | 8 |  |  | — |
Total Liabilities |  | $ | 10 |  | $ | 2 |  | $ | 8 |  | $ | — |
(1) Seaboard’s commodity derivative assets and liabilities are presented in the 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 million resulting in a net other current asset on the Consolidated Balance Sheet of $9 million and a net other current liability of $1 million.
Schedule of amortized cost and estimated fair values of investments and long term debt |
December 31, |  | 2015 |  | 2014 |
(Millions of dollars) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |
Short-term investments, available-for-sale |  | $ | 81 |  | $ | 81 |  | $ | 167 |  | $ | 167 |
Short-term investments, trading debt securities |  |  | 1,188 |  |  | 1,173 |  |  | 330 |  |  | 324 |
Long-term debt |  |  | 522 |  |  | 522 |  |  | — |  |  | — |
Schedule of gain or (loss) recognized for each type of derivative and its location in the Consolidated Statements of Comprehensive Income |
(Millions of dollars) |  |  |  |  | 2015 |  | 2014 |
Commodities |  | Cost of sales |  |  | $ | (45) |  | $ | 18 |
Foreign currencies |  | Cost of sales |  |  |  | 16 |  |  | 4 |
Foreign currencies |  | Foreign currency |  |  |  | 2 |  |  | 4 |
Interest rate |  | Miscellaneous, net |  |  |  | (4) |  |  | (8) |
Schedule of fair value of each type of derivative and its location in the Consolidated Balance Sheets |
|  |  |  | Asset Derivatives |  |  |  | Liability Derivatives |
|  |  |  | December 31, |  | December 31, |  |  |  | December 31, |  | December 31, |
(Millions of dollars) |  |  |  | 2015 |  | 2014 |  |  |  | 2015 |  | 2014 |
Commodities(1) |  | Other current assets |  | $ | 4 |  | $ | 6 |  | Other current liabilities |  | $ | 18 |  | $ | 2 |
Foreign currencies |  | Other current assets |  |  | 8 |  |  | 1 |  | Other current liabilities |  |  | — |  |  | — |
Interest rate |  | Other current assets |  |  | — |  |  | — |  | Other current liabilities |  |  | 6 |  |  | 8 |
(1) Seaboard’s commodity derivative assets and liabilities are presented in the Consolidated Balance Sheets on a net basis, including netting the derivatives wit h the related margin accounts. As of December 31, 2015 and 2014, the commodity derivatives had a margin account balance of $29 million and $4 million, respectively, resulting in a net other current asset on the Consolidated Balance Sheets of $15 million and $9 million, respectively, and a net other current liability of $0 million and $1 million as of December 31, 2015 and 2014.

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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 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=56946850&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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