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Derivatives and Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2018
Derivatives and Fair Value of Financial Instruments |
Schedule of assets and liabilities measured at fair value on a recurring basis |
|  | Balance |  |  |  |  |  |  |  |  |  |
|  | June 30, |  |  |  |  |  |  |  |  |  |
(Millions of dollars) |  | 2018 |  | Level 1 | Level 2 | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities – short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities |  | $ | 772 |  | $ | 772 |  | $ | — |  | $ | — |
Foreign equity securities |  |  | 302 |  |  | 302 |  |  | — |  |  | — |
Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries |  |  | 122 |  |  | 112 |  |  | 10 |  |  | — |
Collateralized loan obligations |  |  | 30 |  |  | — |  |  | 30 |  |  | — |
High yield securities |  |  | 21 |  |  | 21 |  |  | — |  |  | — |
Money market funds held in trading accounts |  |  | 10 |  |  | 10 |  |  | — |  |  | — |
Other trading securities |  |  | 7 |  |  | 5 |  |  | 2 |  |  | — |
Trading securities – other current assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities |  |  | 35 |  |  | 35 |  |  | — |  |  | — |
Money market fund held in trading accounts |  |  | 6 |  |  | 6 |  |  | — |  |  | — |
Foreign equity securities |  |  | 3 |  |  | 3 |  |  | — |  |  | — |
Fixed income securities |  |  | 2 |  |  | 2 |  |  | — |  |  | — |
Other |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  |  | 2 |  |  | 2 |  |  | — |  |  | — |
Foreign currencies |  |  | 2 |  |  | — |  |  | 2 |  |  | — |
Total Assets |  | $ | 1,315 |  | $ | 1,270 |  | $ | 45 |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 14 |  | $ | — |  | $ | — |  | $ | 14 |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  |  | 17 |  |  | 17 |  |  | — |  |  | — |
Foreign currencies |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Total Liabilities |  | $ | 32 |  | $ | 17 |  | $ | 1 |  | $ | 14 |
| (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 June 30, 2018, the commodity derivatives had a margin account balance of $36 million resulting in a net other current asset in the condensed consolidated balance sheet of $21 million.
The following table shows assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and also the level within the fair value hierarchy used to measure each category of assets and liabilities.
|  | Balance |  |  |  |  |  |  |  |  |  |
|  | December 31, |  |  |  |  |  |  |  |  |  |
(Millions of dollars) |  | 2017 |  | Level 1 | Level 2 | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities – short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities |  | $ | 752 |  | $ | 752 |  | $ | — |  | $ | — |
Domestic debt securities held in mutual funds/ETFs/U.S. Treasuries |  |  | 439 |  |  | 438 |  |  | 1 |  |  | — |
Foreign equity securities |  |  | 319 |  |  | 319 |  |  | — |  |  | — |
Collateralized loan obligations |  |  | 29 |  |  | — |  |  | 29 |  |  | — |
High yield securities |  |  | 21 |  |  | 21 |  |  | — |  |  | — |
Money market funds held in trading accounts |  |  | 10 |  |  | 10 |  |  | — |  |  | — |
Other trading securities |  |  | 6 |  |  | 6 |  |  | — |  |  | — |
Trading securities – other current assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity securities |  |  | 35 |  |  | 35 |  |  | — |  |  | — |
Money market fund held in trading accounts |  |  | 5 |  |  | 5 |  |  | — |  |  | — |
Foreign equity securities |  |  | 4 |  |  | 4 |  |  | — |  |  | — |
Fixed income securities |  |  | 2 |  |  | 2 |  |  | — |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  |  | 4 |  |  | 4 |  |  | — |  |  | — |
Foreign currencies |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
Total Assets |  | $ | 1,629 |  | $ | 1,596 |  | $ | 33 |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodities (1) |  | $ | 6 |  | $ | 6 |  | $ | — |  | $ | — |
Foreign currencies |  |  | 6 |  |  | — |  |  | 6 |  |  | — |
Total Liabilities |  | $ | 12 |  | $ | 6 |  | $ | 6 |  | $ | — |
| (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, 2017, the commodity derivatives had a margin account balance of $20 million resulting in a net other current asset in the condensed consolidated balance sheet of $18 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 |
|  |  |  | June 30, |  | July 1, |  | June 30, |  | July 1, |
(Millions of dollars) |  |  |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Commodities |  | Cost of sales |  | $ | (25) |  | $ | (1) |  | $ | (16) |  | $ | 1 |
Foreign currencies |  | Cost of sales |  |  | 2 |  |  | — |  |  | (4) |  |  | (5) |
Foreign currencies |  | Foreign currency gains (losses), net |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Equity |  | Other investment income (loss), net |  |  | — |  |  | — |  |  | (10) |  |  | — |
Schedule of fair value of each type of derivative and its location in the condensed consolidated balance sheets |
|  |  |  | Asset Derivatives |  |  |  | Liability Derivatives |
|  |  |  | June 30, |  | December 31, |  |  |  | June 30, |  | December 31, |
(Millions of dollars) |  |  |  | 2018 |  | 2017 |  |  |  | 2018 |  | 2017 |
Commodities(1) |  | Other current assets |  | $ | 2 |  | $ | 4 |  | Other current liabilities |  | $ | 17 |  | $ | 6 |
Foreign currencies |  | Other current assets |  |  | 2 |  |  | 3 |  | Other current liabilities |  |  | 1 |  |  | 6 |
Equity (1) |  | Short-term investments |  |  | — |  |  | — |  | Short-term investments |  |  | 2 |  |  | — |
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 June 30, 2018 and December 31, 2017, the commodity derivatives had a margin account balance of $36 million and $20 million, respectively, resulting in a net other current asset in the condensed consolidated balance sheets of $21 million and $18 million, respectively. Seaboard’s equity derivatives are also presented on a net basis, including netting the derivatives within short-term investments.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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