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Revenue Recognition | 9 Months Ended
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Sep. 28, 2019
Revenue Recognition |
Revenue Recognition | Note 9 – Revenue Recognition ​ Seaboard has multiple segments with diverse revenue streams. The following tables present Seaboard’s sales disaggregated by revenue source and segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended September 28, 2019 | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Sugar & Alcohol | ​ | ​ | Power | ​ | ​ | All Other | ​ | ​ | Consolidated Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 381 | ​ | $ | 906 | ​ | $ | — | ​ | $ | 32 | ​ | $ | — | ​ | $ | 5 | ​ | $ | 1,324 | ​
Transportation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 256 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 256 | ​
Energy | ​ | ​ | 35 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4 | ​ | ​ | 30 | ​ | ​ | — | ​ | ​ | 69 | ​
Other | ​ | ​ | 7 | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14 | ​
Segment/Consolidated Totals | ​ | $ | 423 | ​ | $ | 913 | ​ | $ | 256 | ​ | $ | 36 | ​ | $ | 30 | ​ | $ | 5 | ​ | $ | 1,663 | ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended September 29, 2018 | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Sugar & Alcohol | ​ | ​ | Power | ​ | ​ | All Other | ​ | ​ | Consolidated Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 334 | ​ | $ | 894 | ​ | $ | — | ​ | $ | 39 | ​ | $ | — | ​ | $ | 5 | ​ | $ | 1,272 | ​
Transportation | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | 259 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 263 | ​
Energy | ​ | ​ | 66 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4 | ​ | ​ | 34 | ​ | ​ | — | ​ | ​ | 104 | ​
Other | ​ | ​ | 8 | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12 | ​
Segment/Consolidated Totals | ​ | $ | 412 | ​ | $ | 898 | ​ | $ | 259 | ​ | $ | 43 | ​ | $ | 34 | ​ | $ | 5 | ​ | $ | 1,651 | ​
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Nine Months Ended September 28, 2019 | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Sugar & Alcohol | ​ | ​ | Power | ​ | ​ | All Other | ​ | ​ | Consolidated Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 1,165 | ​ | $ | 2,731 | ​ | $ | — | ​ | $ | 86 | ​ | $ | — | ​ | $ | 13 | ​ | $ | 3,995 | ​
Transportation | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | 769 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 777 | ​
Energy | ​ | ​ | 122 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5 | ​ | ​ | 92 | ​ | ​ | — | ​ | ​ | 219 | ​
Other | ​ | ​ | 24 | ​ | ​ | 13 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 37 | ​
Segment/Consolidated Totals | ​ | $ | 1,318 | ​ | $ | 2,744 | ​ | $ | 769 | ​ | $ | 91 | ​ | $ | 92 | ​ | $ | 14 | ​ | $ | 5,028 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Nine Months Ended September 29, 2018
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Sugar & Alcohol | ​ | ​ | Power | ​ | ​ | All Other | ​ | ​ | Consolidated Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 1,060 | ​ | $ | 2,560 | ​ | $ | — | ​ | $ | 149 | ​ | $ | — | ​ | $ | 13 | ​ | $ | 3,782 | ​
Transportation | ​ | ​ | 12 | ​ | ​ | — | ​ | ​ | 771 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 783 | ​
Energy | ​ | ​ | 225 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | 88 | ​ | ​ | — | ​ | ​ | 319 | ​
Other | ​ | ​ | 23 | ​ | ​ | 14 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 37 | ​
Segment/Consolidated Totals | ​ | $ | 1,320 | ​ | $ | 2,574 | ​ | $ | 771 | ​ | $ | 155 | ​ | $ | 88 | ​ | $ | 13 | ​ | $ | 4,921 | ​
​ Revenue from goods and services transferred to customers at a single point in time accounted for approximately 85% of Seaboard’s net sales for the three and nine months ended September 28, 2019 and September 29, 2018. Substantially all of the sales in Seaboard’s Marine segment are recognized ratably over the transit time for each voyage as Seaboard believes this is a faithful depiction of the performance obligation to its customers. Almost all of Seaboard’s contracts with its customers are short-term, defined as less than one year. As of September 28, 2019, Seaboard had $8 million of remaining performance obligations that extend beyond one year, of which 20% is expected to be recognized as net sales in 2019 and the remaining balance in 2020. Deferred revenue represents cash payments received in advance of Seaboard’s performance or revenue billed that is unearned. The CT&M segment, which operates internationally with sales in Africa, South America, the Caribbean and Asia, requires certain customers to pay in advance or upon delivery to avoid collection risk. The Marine segment’s deferred revenue balance primarily relates to the unearned portion of billed revenue when a ship is on the water and has not arrived at the designated port. The Pork segment has a marketing agreement with Triumph Foods, LLC, of which certain fees paid at commencement are recognized over the term of the agreement. Deferred revenue balances are reduced when revenue is recognized. Except for the long-term performance obligation discussed above, the deferred revenue balance as of December 31, 2018 was fully recognized as revenue during the three months ended March 30, 2019.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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