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Stockholders' Equity and Accumulated Other Comprehensive Loss | 12 Months Ended
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Dec. 31, 2015
Stockholders' Equity and Accumulated Other Comprehensive Loss |
Stockholders' Equity and Accumulated Other Comprehensive Loss | Note 1 1 Stockholders’ Equity and Accumulated Other Comprehensive Loss In October 2015, the Board of Directors extended through October 31, 2017 the share repurchase program initially approved in November 2009, and increased the authorized amount of repurchases from the $51 million t hat remained available to $100 million. As of December 31, 2015, $100 million remained available for repurchases under this program. Seaboard did not repurchase any shares of common stock during 2015. In May 2014, the Board of Directors increased the dollar amount of Seaboard common stock authorized to be repurchased under the share repurchase program by $20 million, a nd Seaboard commenced a tender offer to repurchase shares. On June 19, 2014, Seaboard completed the tender offer, pursuant to which it repurchased 16,738 shares of common stock at a price per share of $2,950, for a total cost of $49 million. Seaboard used cash to repurchase 18,405 and 8,705 shares of common stock at a total price of $53 million and $24 million in 2014 and 2013, respectively. Under this share repurchase program, Seaboard is authorized to repurchase its c ommon s tock from time to time 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 pu rchases on behalf of Seaboard. All stock repurchased will be mad e in compliance with applicable legal requirements and funded by cash on hand. 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 of Director 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. Shares repurchased will be retired and resume the status of a uthorized and unissued shares. 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 dividend s ($3.00 per share per year). Seaboard did not declare or pay a dividend in 2015, 201 4 and 201 3, and does not currently intend to declare any further dividends for 2016. The components of accumulated other comprehensive loss, net of related taxes, for 2013, 2014 and 2015 are as follows:
|  | Cumulative |  |  |  |  |  |  |  |  |  |
|  | Foreign |  | Unrealized |  |  |  |  |  |  |
|  | Currency |  | Gain (Loss) |  | Unrecognized |  |  |  |
|  | Translation |  | on |  | Pension |  |  |  |
(Millions of dollars) |  | Adjustment |  | Investments |  | Cost |  | Total |
Balance December 31, 2013 |  | $ | (155) |  | $ | — |  | $ | (27) |  | $ | (182) |
Other comprehensive income (loss) before reclassifications |  |  | (39) |  |  | 1 |  |  | (35) |  |  | (73) |
Amounts reclassified from accumulated other comprehensive loss to net earnings |  |  | — |  |  | — |  |  | 2 | (1) |  | 2 |
Other comprehensive income (loss), net of tax |  |  | (39) |  |  | 1 |  |  | (33) |  |  | (71) |
Balance December 31, 2014 |  | $ | (194) |  | $ | 1 |  | $ | (60) |  | $ | (253) |
Other comprehensive income (loss) before reclassifications |  |  | (34) |  |  | — |  |  | 5 |  |  | (29) |
Amounts reclassified from accumulated other comprehensive income loss to net earnings |  |  | — |  |  | — |  |  | 4 | (1) |  | 4 |
Other comprehensive income (loss), net of tax |  |  | (34) |  |  | — |  |  | 9 |  |  | (25) |
Balance December 31, 2015 |  | $ | (228) |  | $ | 1 |  | $ | (51) |  | $ | (278) |
(1) This primarily represents the amortization of actuarial losses that were included in net periodic pension cost and was recorded in operating income. See Note 9 for further discussion. In 2013, Seaboard recognized a one-time retirement agreement termination gain of $1 million, net of tax, in unrecognized pension cost in other comprehensive income. See Note 9 for further discussion. 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 December 31, 2015, the Sugar segment had $9 6 million in net assets denominated in Argentine pesos and $1 million in net assets denominated in U.S. dollars in Argentina. At December 31, 2014, the Sugar segment had $12 2 million in net assets denominated in Argentine pesos and $1 million in net assets denominated in U.S. dollars in Argent ina. Seaboard accounts for its S ugar segment on a one month lag basis. Based on the devaluation of the Argentine peso in December 2015, management anticipates that the Argentine peso will 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 in 2016. Using the prevailing official exchange rate compared to the net assets denominated in Argentine pesos at January 31, 2016, Seaboard would recognize an additional $16 million of other comprehensive loss, net of related taxes, during the first quarter of 2016. Impacts of further fluctuations in the currency exchange rate will be recorded in future periods. Income taxes for cumulative foreign currency translation adjustments were recorded using a 35% effective tax rate except for $82 million and $5 6 million in 2015 and 2014, respectively, related to certain subsidiaries for which no tax benefit was recorded. Income taxes for all other components of accumulated other comprehensive loss were recorded using a 39% effective rate except for unrecognized pension cost of $18 million and $20 million in 2015 and 2014, respectively, related to employees at certain subsidiaries for which no tax benefit was recorded.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 9: 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 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C + Details
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