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Derivatives and Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 28, 2019
Derivatives and Fair Value of Financial Instruments |
Schedule of assets and liabilities measured at fair value on a recurring basis | ​
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​ |  | Balance |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
​ | ​ | September 28, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
(Millions of dollars) | ​ | 2019 | ​ | Level 1 | Level 2 | Level 3 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading securities – short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic equity securities | ​ | $ | 669 | ​ | $ | 669 | ​ | $ | — | ​ | $ | — | ​
Domestic debt securities | ​ |  | 413 | ​ |  | 115 | ​ |  | 298 | ​ |  | — | ​
Foreign equity securities | ​ | ​ | 191 | ​ | ​ | 191 | ​ | ​ | — | ​ | ​ | — | ​
High yield securities | ​ | ​ | 57 | ​ | ​ | 10 | ​ | ​ | 47 | ​ | ​ | — | ​
Foreign debt securities | ​ | ​ | 39 | ​ | ​ | — | ​ | ​ | 39 | ​ | ​ | — | ​
Collateralized loan obligations | ​ |  | 27 | ​ |  | — | ​ | ​ | 27 | ​ | ​ | — | ​
Money market funds held in trading accounts | ​ | ​ | 13 | ​ | ​ | 13 | ​ | ​ | — | ​ | ​ | — | ​
Term deposits | ​ | ​ | 4 | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | — | ​
Other trading securities | ​ | ​ | 5 | ​ | ​ | 5 | ​ | ​ | — | ​ | ​ | — | ​
Trading securities – other current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic equity securities | ​ |  | 37 | ​ |  | 37 | ​ |  | — | ​ |  | — | ​
Money market fund held in trading accounts | ​ | ​ | 5 | ​ | ​ | 5 | ​ |  | — | ​ |  | — | ​
Foreign equity securities | ​ |  | 2 | ​ |  | 2 | ​ |  | — | ​ |  | — | ​
Fixed income securities | ​ |  | 2 | ​ |  | 2 | ​ |  | — | ​ |  | — | ​
Other | ​ |  | 1 | ​ |  | — | ​ |  | 1 | ​ |  | — | ​
Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodities (1) | ​ |  | 6 | ​ |  | 6 | ​ |  | — | ​ |  | — | ​
Foreign currencies | ​ |  | 1 | ​ |  | — | ​ |  | 1 | ​ |  | — | ​
Total Assets | ​ | $ | 1,472 | ​ | $ | 1,059 | ​ | $ | 413 | ​ | $ | — | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contingent consideration | ​ | $ | 12 | ​ | $ | — | ​ | $ | — | ​ | $ | 12 | ​
Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodities (1) | ​ | ​ | 6 | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | — | ​
Foreign currencies | ​ |  | 1 | ​ |  | — | ​ |  | 1 | ​ |  | — | ​
Total Liabilities | ​ | $ | 19 | ​ | $ | 6 | ​ | $ | 1 | ​ | $ | 12 | ​
​
(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 September 28, 2019, 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 $19 million.
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Balance |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
​ | ​ | December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
(Millions of dollars) | ​ | 2018 | ​ | Level 1 | Level 2 | Level 3 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading securities – short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic equity securities | ​ | $ | 632 | ​ | $ | 632 | ​ | $ | — | ​ | $ | — | ​
Domestic debt securities | ​ | ​ | 268 | ​ | ​ | 215 | ​ | ​ | 53 | ​ | ​ | — | ​
Foreign equity securities | ​ | ​ | 218 | ​ | ​ | 218 | ​ | ​ | — | ​ | ​ | — | ​
Money market funds held in trading accounts | ​ |  | 146 | ​ |  | 146 | ​ |  | — | ​ |  | — | ​
Collateralized loan obligations | ​ | ​ | 28 | ​ | ​ | — | ​ | ​ | 28 | ​ | ​ | — | ​
High yield securities | ​ | ​ | 19 | ​ | ​ | 7 | ​ | ​ | 12 | ​ | ​ | — | ​
Foreign debt securities | ​ | ​ | 16 | ​ | ​ | 2 | ​ | ​ | 14 | ​ | ​ | — | ​
Term deposits | ​ | ​ | 9 | ​ | ​ | 9 | ​ | ​ | — | ​ | ​ | — | ​
Other trading securities | ​ |  | 5 | ​ |  | 5 | ​ |  | — | ​ |  | — | ​
Trading securities – other current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic equity securities | ​ |  | 32 | ​ |  | 32 | ​ |  | — | ​ |  | — | ​
Money market fund held in trading accounts | ​ | ​ | 5 | ​ | ​ | 5 | ​ | ​ | — | ​ |  | — | ​
Foreign equity securities | ​ |  | 3 | ​ |  | 3 | ​ |  | — | ​ |  | — | ​
Fixed income securities | ​ |  | 3 | ​ |  | 3 | ​ |  | — | ​ |  | — | ​
Other | ​ |  | 1 | ​ |  | 1 | ​ |  | — | ​ |  | — | ​
Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodities (1) | ​ |  | 6 | ​ |  | 4 | ​ |  | 2 | ​ |  | — | ​
Foreign currencies | ​ |  | 2 | ​ |  | — | ​ |  | 2 | ​ |  | — | ​
Total Assets | ​ | $ | 1,393 | ​ | $ | 1,282 | ​ | $ | 111 | ​ | $ | — | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading securities – short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other trading securities | ​ | $ | 5 | ​ | $ | — | ​ | $ | 5 | ​ | $ | — | ​
Contingent consideration | ​ | ​ | 13 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13 | ​
Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodities (1) | ​ | ​ | 4 | ​ | $ | 4 | ​ | $ | — | ​ | $ | — | ​
Total Liabilities | ​ | $ | 22 | ​ | $ | 4 | ​ | $ | 5 | ​ | $ | 13 | ​
​
(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, 2018, the commodity derivatives had a margin account balance of $15 million resulting in a net other current asset in the condensed consolidated balance sheet of $17 million.
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Schedule of gain or (loss) recognized for each type of derivative and its location in the condensed consolidated statements of comprehensive income | ​
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​ | ​ | ​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | ​ | ​ | September 28, | ​ | September 29, | ​ | September 28, | ​ | September 29, | ​
(Millions of dollars) |  | ​ |  | 2019 |  | 2018 |  | 2019 |  | 2018 |
Commodities |  | Cost of sales | ​ | $ | (17) | ​ | $ | — | ​ | $ | (48) | ​ | $ | (16) | ​
Foreign currencies |  | Cost of sales | ​ |  | 1 | ​ |  | 2 | ​ |  | 5 | ​ |  | (2) | ​
Equity | ​ | Other investment income (loss), net | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3) | ​ | ​ | (10) | ​
Schedule of fair value of each type of derivative and its location in the condensed consolidated balance sheets | ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Asset Derivatives | ​ | ​ | ​ | Liability Derivatives | ​
​ | ​ | ​ | ​ | September 28, | ​ | December 31, | ​ | ​ | ​ | September 28, | ​ | December 31, | ​
(Millions of dollars) |  | ​ |  | 2019 |  | 2018 |  | ​ |  | 2019 |  | 2018 | ​
Commodities(1) |  | Other current assets | ​ | $ | 6 | ​ | $ | 6 |  | Other current liabilities | ​ | $ | 6 | ​ | $ | 4 | ​
Foreign currencies |  | Other current assets | ​ |  | 1 | ​ |  | 2 |  | Other current liabilities | ​ |  | 1 | ​ |  | — | ​
Equity (1) |  | Short-term investments | ​ |  | — | ​ |  | — |  | Short-term investments | ​ |  | — | ​ |  | 5 | ​
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| (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. 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 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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