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Segment Information | 6 Months Ended
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Jun. 27, 2020
Segment Information |
Segment Information | ​ Note 10 – Segment Information Seaboard has six reportable segments: Pork, CT&M, Marine, Sugar and Alcohol, Power and Turkey, each offering a specific product or service. For details on the respective products or services, see Note 15 to the consolidated financial statements included in Seaboard’s annual report for the year ended December 31, 2019. Below are segment updates from year-end. During the first quarter of 2020, the CT&M segment finalized the purchase price allocation related to the October 2019 acquisition of ContiLatin del Peru S.A. resulting in the recording of $1 million of intangible assets and no goodwill. The Turkey segment, accounted for using the equity method, represents Seaboard’s investment in Butterball, LLC (“Butterball”). As of June 27, 2020 and December 31, 2019, Butterball had total assets of $1.1 billion and $1.0 billion, respectively. Butterball’s summarized income statement information was as follows: ​
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​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | ​ | June 27, | ​ | ​ | June 29, | ​ | ​ | June 27, | ​ | ​ | June 29, | ​
(Millions of dollars) | ​ | ​ | 2020 | ​ |  | 2019 | ​ |  | 2020 | ​ |  | 2019 | ​
Net sales | ​ | $ | 327 | ​ | $ | 343 | ​ | $ | 645 | ​ | $ | 646 | ​
Operating loss | ​ | $ | (24) | ​ | $ | (8) | ​ | $ | (31) | ​ | $ | (27) | ​
Net loss | ​ | $ | (27) | ​ | $ | (16) | ​ | $ | (40) | ​ | $ | (37) | ​
​ The following tables set forth specific financial information about each segment as reviewed by Seaboard’s management. Operating income (loss) for segment reporting is prepared on the same basis as that used for consolidated operating income. Operating income (loss), along with income or loss from affiliates for the Pork, CT&M and Turkey segments, is used as the measure of evaluating segment performance because management does not consider interest, other investment income (loss) and income tax benefit (expense) on a segment basis. ​
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Sales to External Customers: | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 27, | ​ | June 29, | ​ | June 27, | ​ | June 29, |
(Millions of dollars) |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Pork | ​ | $ | 459 | ​ | $ | 492 | ​ | $ | 914 | ​ | $ | 895 | ​
CT&M | ​ |  | 1,123 | ​ |  | 1,002 | ​ |  | 2,037 | ​ |  | 1,831 | ​
Marine | ​ |  | 192 | ​ |  | 259 | ​ |  | 461 | ​ |  | 513 | ​
Sugar and Alcohol | ​ |  | 18 | ​ |  | 30 | ​ |  | 40 | ​ |  | 55 | ​
Power | ​ |  | 13 | ​ |  | 33 | ​ |  | 30 | ​ |  | 62 | ​
All Other | ​ |  | 3 | ​ |  | 6 | ​ |  | 9 | ​ |  | 9 | ​
Segment/Consolidated Totals | ​ | $ | 1,808 | ​ | $ | 1,822 | ​ | $ | 3,491 | ​ | $ | 3,365 | ​
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Operating Income (Loss): | ​ | Three Months Ended | ​ | Six Months Ended |
​ | ​ | June 27, | ​ | June 29, | ​ | June 27, | ​ | June 29, | ​
(Millions of dollars) |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Pork | ​ | $ | 11 | ​ | $ | 25 | ​ | $ | 43 | ​ | $ | (9) | ​
CT&M | ​ |  | 24 | ​ |  | 29 | ​ |  | 54 | ​ |  | 36 | ​
Marine | ​ |  | (11) | ​ |  | 4 | ​ |  | (17) | ​ |  | 4 | ​
Sugar and Alcohol | ​ |  | (2) | ​ |  | (4) | ​ |  | (3) | ​ |  | (8) | ​
Power | ​ |  | (1) | ​ |  | 8 | ​ |  | 1 | ​ |  | 12 | ​
All Other | ​ |  | — | ​ |  | — | ​ |  | 1 | ​ |  | 1 | ​
Segment Totals | ​ |  | 21 | ​ |  | 62 | ​ |  | 79 | ​ |  | 36 | ​
Corporate | ​ |  | (10) | ​ |  | (9) | ​ |  | (5) | ​ |  | (17) | ​
Consolidated Totals | ​ | $ | 11 | ​ | $ | 53 | ​ | $ | 74 | ​ | $ | 19 | ​
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Income (Loss) from Affiliates: | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 27, | ​ | June 29, | ​ | June 27, | ​ | June 29, |
(Millions of dollars) |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Pork | ​ | $ | (4) | ​ | $ | (6) | ​ | $ | (3) | ​ | $ | (14) | ​
CT&M | ​ | ​ | — | ​ | ​ | (5) | ​ | ​ | 1 | ​ | ​ | (5) | ​
Marine | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | 1 | ​
Sugar and Alcohol | ​ |  | — | ​ |  | 1 | ​ |  | — | ​ |  | 1 | ​
Power | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 2 | ​
Turkey | ​ |  | (14) | ​ |  | (8) | ​ |  | (21) | ​ |  | (19) | ​
Segment/Consolidated Totals | ​ | $ | (17) | ​ | $ | (16) | ​ | $ | (21) | ​ | $ | (34) | ​
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Total Assets: | ​ | June 27, | ​ | December 31, |
(Millions of dollars) |  | 2020 |  | 2019 |
Pork | ​ | $ | 1,759 | ​ | $ | 1,802 | ​
CT&M | ​ |  | 1,570 | ​ |  | 1,621 | ​
Marine | ​ |  | 504 | ​ |  | 554 | ​
Sugar and Alcohol | ​ |  | 141 | ​ |  | 139 | ​
Power | ​ |  | 282 | ​ |  | 283 | ​
Turkey | ​ |  | 253 | ​ |  | 275 | ​
All Other | ​ |  | 7 | ​ |  | 10 | ​
Segment Totals | ​ |  | 4,516 | ​ |  | 4,684 | ​
Corporate | ​ |  | 1,357 | ​ |  | 1,601 | ​
Consolidated Totals | ​ | $ | 5,873 | ​ | $ | 6,285 | ​
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Investments in and Advances to Affiliates: | ​ | June 27, | ​ | December 31, |
(Millions of dollars) |  | 2020 |  | 2019 |
Pork | ​ | $ | 181 | ​ | $ | 183 | ​
CT&M | ​ | ​ | 231 | ​ | ​ | 237 | ​
Marine | ​ | ​ | 32 | ​ | ​ | 32 | ​
Sugar and Alcohol | ​ |  | 6 | ​ |  | 5 | ​
Power | ​ | ​ | 3 | ​ | ​ | 3 | ​
Turkey | ​ |  | 253 | ​ |  | 275 | ​
Segment/Consolidated Totals | ​ | $ | 706 | ​ | $ | 735 | ​
​ Administrative services provided by the corporate office are allocated to the individual segments and represent corporate services rendered to and costs incurred for each specific segment, with no allocation to individual segments of general corporate management oversight costs. Corporate assets include cash and short-term investments, other current assets related to deferred compensation plans, long-term investments and other miscellaneous items. Corporate operating results represent certain operating costs not specifically allocated to individual segments and include costs related to Seaboard’s deferred compensation plans, which are offset by the effect of the marked-to-market adjustments on these investments recorded in other investment income (loss), net.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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