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Derivatives and Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2016
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) |  | 2016 |  | Level 1 | Level 2 | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities – short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities |  | $ | 482 |  | $ | 482 |  | $ | — |  | $ | — |
Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries |  |  | 437 |  |  | 437 |  |  | — |  |  | — |
Foreign equity securities |  |  | 199 |  |  | 199 |  |  | — |  |  | — |
High yield securities |  |  | 115 |  |  | 15 |  |  | 100 |  |  | — |
Collateralized loan obligations |  |  | 26 |  |  | — |  |  | 26 |  |  | — |
Money market funds held in trading accounts |  |  | 13 |  |  | 13 |  |  | — |  |  | — |
Other trading securities |  |  | 5 |  |  | 5 |  |  | — |  |  | — |
Trading securities – other current assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities |  |  | 30 |  |  | 30 |  |  | — |  |  | — |
Foreign equity securities |  |  | 3 |  |  | 3 |  |  | — |  |  | — |
Fixed income mutual funds |  |  | 3 |  |  | 3 |  |  | — |  |  | — |
Other |  |  | 4 |  |  | 4 |  |  | — |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  |  | 3 |  |  | 3 |  |  | — |  |  | — |
Foreign currencies |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Total Assets |  | $ | 1,321 |  | $ | 1,194 |  | $ | 127 |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  | $ | 1 |  | $ | 1 |  | $ | — |  | $ | — |
Interest rate swaps |  |  | 4 |  |  | — |  |  | 4 |  |  | — |
Foreign currencies |  |  | 4 |  |  | — |  |  | 4 |  |  | — |
Total Liabilities |  | $ | 9 |  | $ | 1 |  | $ | 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, 2016, the commodity derivatives had a margin account balance of $10 million resulting in a net other current asset on the consolidated balance sheet of $12 million.
|  | 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 held in mutual funds/ETFs/U.S. Treasuries |  |  | 450 |  |  | 450 |  |  | — |  |  | — |
Foreign equity securities |  |  | 120 |  |  | 120 |  |  | — |  |  | — |
High yield securities |  |  | 104 |  |  | — |  |  | 104 |  |  | — |
Money market funds held in trading accounts |  |  | 22 |  |  | 22 |  |  | — |  |  | — |
Collateralized loan obligations |  |  | 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.
Schedule of amortized cost and estimated fair values of investments and long term debt |
December 31, |  | 2016 |  | 2015 |
(Millions of dollars) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |
Short-term investments, available-for-sale |  | $ | — |  | $ | — |  | $ | 81 |  | $ | 81 |
Short-term investments, trading securities |  |  | 1,236 |  |  | 1,277 |  |  | 1,188 |  |  | 1,173 |
Long-term debt |  |  | 516 |  |  | 516 |  |  | 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) |  |  |  | 2016 |  | 2015 |
Commodities |  | Cost of sales |  | $ | 21 |  | $ | (45) |
Foreign currencies |  | Cost of sales |  |  | (27) |  |  | 16 |
Foreign currencies |  | Foreign currency |  |  | 1 |  |  | 2 |
Interest rate |  | Miscellaneous, net |  |  | (2) |  |  | (4) |
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) |  |  |  | 2016 |  | 2015 |  |  |  | 2016 |  | 2015 |
Commodities(1) |  | Other current assets |  | $ | 3 |  | $ | 4 |  | Other current liabilities |  | $ | 1 |  | $ | 18 |
Foreign currencies |  | Other current assets |  |  | 1 |  |  | 8 |  | Other current liabilities |  |  | 4 |  |  | — |
Interest rate |  | Other current assets |  |  | — |  |  | — |  | Other current liabilities |  |  | 4 |  |  | 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, 2016 and 2015, the commodity derivatives had a margin account balance of $10 million and $29 million, respectively, resulting in a net other current asset on the consolidated balance sheets of $12 million and $15 million, respectively.

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