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Derivatives and Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jul. 01, 2017
Derivatives and Fair Value of Financial Instruments |
Schedule of assets and liabilities measured at fair value on a recurring basis |
|  | Balance |  |  |  |  |  |  |  |  |  |
|  | July 1, |  |  |  |  |  |  |  |  |  |
(Millions of dollars) |  | 2017 |  | Level 1 | Level 2 | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities – short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities |  | $ | 687 |  | $ | 687 |  | $ | — |  | $ | — |
Foreign equity securities |  |  | 289 |  |  | 289 |  |  | — |  |  | — |
Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries |  |  | 274 |  |  | 273 |  |  | 1 |  |  | — |
High yield securities |  |  | 108 |  |  | 19 |  |  | 89 |  |  | — |
Money market funds held in trading accounts |  |  | 16 |  |  | 16 |  |  | — |  |  | — |
Collateralized loan obligations |  |  | 13 |  |  | — |  |  | 13 |  |  | — |
Other trading securities |  |  | 4 |  |  | 4 |  |  | — |  |  | — |
Trading securities – other current assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities |  |  | 36 |  |  | 36 |  |  | — |  |  | — |
Foreign equity securities |  |  | 4 |  |  | 4 |  |  | — |  |  | — |
Fixed income mutual funds |  |  | 4 |  |  | 4 |  |  | — |  |  | — |
Other |  |  | 3 |  |  | 2 |  |  | 1 |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  |  | 10 |  |  | 10 |  |  | — |  |  | — |
Foreign currencies |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
Total Assets |  | $ | 1,451 |  | $ | 1,344 |  | $ | 107 |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  | $ | 7 |  | $ | 7 |  | $ | — |  | $ | — |
Interest rate swaps |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
Total Liabilities |  | $ | 10 |  | $ | 7 |  | $ | 3 |  | $ | — |
| (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 July 1, 2017, the commodity derivatives had a margin account balance of $19 million resulting in a net other current asset in the condensed consolidated balance sheet of $22 million.
The following table shows assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and also the level within the fair value hierarchy used to measure each category of assets and liabilities.
|  | 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 condensed 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 in the condensed consolidated balance sheet of $12 million.
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 |  | Six Months Ended |
|  |  |  | July 1, |  | July 2, |  | July 1, |  | July 2, |
(Millions of dollars) |  |  |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Commodities |  | Cost of sales |  | $ | (1) |  | $ | 31 |  | $ | 1 |  | $ | 31 |
Foreign currencies |  | Cost of sales |  |  | — |  |  | (1) |  |  | (5) |  |  | (13) |
Foreign currencies |  | Foreign currency gains, net |  |  | (1) |  |  | — |  |  | (1) |  |  | — |
Interest rate swaps |  | Miscellaneous, net |  |  | — |  |  | (1) |  |  | — |  |  | (4) |
Schedule of fair value of each type of derivative and its location in the condensed consolidated balance sheets |
|  |  |  | Asset Derivatives |  |  |  | Liability Derivatives |
|  |  |  | July 1, |  | December 31, |  |  |  | July 1, |  | December 31, |
(Millions of dollars) |  |  |  | 2017 |  | 2016 |  |  |  | 2017 |  | 2016 |
Commodities(1) |  | Other current assets |  | $ | 10 |  | $ | 3 |  | Other current liabilities |  | $ | 7 |  | $ | 1 |
Foreign currencies |  | Other current assets |  |  | 3 |  |  | 1 |  | Other current liabilities |  |  | — |  |  | 4 |
Interest rate swaps |  | Other current assets |  |  | — |  |  | — |  | Other current liabilities |  |  | 3 |  |  | 4 |
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 July 1, 2017 and December 31, 2016, the commodity derivatives had a margin account balance of $19 million and $10 million, respectively, resulting in a net other current asset in the condensed consolidated balance sheets of $22 million and $12 million, 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=64837297&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=64837297&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=64837297&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=66048111&loc=d3e19190-110258 + Details
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