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Derivatives and Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 27, 2020
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 |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
​ | ​ | June 27, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
(Millions of dollars) | ​ | 2020 | ​ | Level 1 | Level 2 | Level 3 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading securities – short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic equity securities | ​ | $ | 546 | ​ | $ | 546 | ​ | $ | — | ​ | $ | — | ​
Domestic debt securities | ​ |  | 389 | ​ |  | 121 | ​ |  | 268 | ​ |  | — | ​
Foreign equity securities | ​ | ​ | 100 | ​ | ​ | 100 | ​ | ​ | — | ​ | ​ | — | ​
Foreign debt securities | ​ | ​ | 54 | ​ | ​ | — | ​ | ​ | 54 | ​ | ​ | — | ​
High yield securities | ​ | ​ | 46 | ​ | ​ | 7 | ​ | ​ | 39 | ​ | ​ | — | ​
Money market funds held in trading accounts | ​ |  | 24 | ​ |  | 24 | ​ | ​ | — | ​ | ​ | — | ​
Collateralized loan obligations | ​ | ​ | 14 | ​ | ​ | — | ​ | ​ | 14 | ​ | ​ | — | ​
Other trading securities | ​ | ​ | 5 | ​ | ​ | 4 | ​ | ​ | 1 | ​ | ​ | — | ​
Trading securities – other current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic equity securities | ​ |  | 40 | ​ |  | 40 | ​ |  | — | ​ |  | — | ​
Money market fund held in trading accounts | ​ | ​ | 6 | ​ | ​ | 6 | ​ |  | — | ​ |  | — | ​
Foreign equity securities | ​ |  | 2 | ​ |  | 2 | ​ |  | — | ​ |  | — | ​
Fixed income securities | ​ |  | 2 | ​ |  | 2 | ​ |  | — | ​ |  | — | ​
Long-term investments | ​ | ​ | 29 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 29 | ​
Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodities | ​ |  | 9 | ​ |  | 9 | ​ |  | — | ​ |  | — | ​
Total Assets | ​ | $ | 1,266 | ​ | $ | 861 | ​ | $ | 376 | ​ | $ | 29 | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contingent consideration | ​ | $ | 15 | ​ | $ | — | ​ | $ | — | ​ | $ | 15 | ​
Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodities | ​ | ​ | 2 | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | — | ​
Interest rate swaps | ​ |  | 1 | ​ |  | — | ​ |  | 1 | ​ |  | — | ​
Foreign currencies | ​ |  | 2 | ​ |  | — | ​ |  | 2 | ​ |  | — | ​
Total Liabilities | ​ | $ | 20 | ​ | $ | 2 | ​ | $ | 3 | ​ | $ | 15 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Balance |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
​ | ​ | December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
(Millions of dollars) | ​ | 2019 | ​ | Level 1 | Level 2 | Level 3 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading securities – short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic equity securities | ​ | $ | 706 | ​ | $ | 706 | ​ | $ | — | ​ | $ | — | ​
Domestic debt securities | ​ | ​ | 409 | ​ | ​ | 117 | ​ | ​ | 292 | ​ | ​ | — | ​
Foreign equity securities | ​ | ​ | 189 | ​ | ​ | 189 | ​ | ​ | — | ​ | ​ | — | ​
High yield securities | ​ |  | 56 | ​ |  | 10 | ​ |  | 46 | ​ |  | — | ​
Foreign debt securities | ​ | ​ | 43 | ​ | ​ | — | ​ | ​ | 43 | ​ | ​ | — | ​
Collateralized loan obligations | ​ | ​ | 15 | ​ | ​ | — | ​ | ​ | 15 | ​ | ​ | — | ​
Money market funds held in trading accounts | ​ | ​ | 12 | ​ | ​ | 12 | ​ | ​ | — | ​ | ​ | — | ​
Other trading securities | ​ |  | 4 | ​ |  | 4 | ​ |  | — | ​ |  | — | ​
Trading securities – other current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic equity securities | ​ |  | 40 | ​ |  | 40 | ​ |  | — | ​ |  | — | ​
Money market fund held in trading accounts | ​ | ​ | 6 | ​ | ​ | 6 | ​ | ​ | — | ​ |  | — | ​
Foreign equity securities | ​ |  | 3 | ​ |  | 3 | ​ |  | — | ​ |  | — | ​
Fixed income securities | ​ |  | 2 | ​ |  | 2 | ​ |  | — | ​ |  | — | ​
Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodities | ​ |  | 6 | ​ |  | 6 | ​ |  | — | ​ |  | — | ​
Total Assets | ​ | $ | 1,491 | ​ | $ | 1,095 | ​ | $ | 396 | ​ | $ | — | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contingent consideration | ​ | $ | 13 | ​ | $ | — | ​ | $ | — | ​ | $ | 13 | ​
Derivatives: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodities | ​ | ​ | 4 | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | — | ​
Foreign currencies | ​ |  | 3 | ​ |  | — | ​ |  | 3 | ​ |  | — | ​
Total Liabilities | ​ | $ | 20 | ​ | $ | 4 | ​ | $ | 3 | ​ | $ | 13 | ​
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 | ​ | Six Months Ended | ​
​ | ​ | ​ | ​ | June 27, | ​ | June 29, | ​ | June 27, | ​ | June 29, | ​
(Millions of dollars) |  | ​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Commodities |  | Cost of sales | ​ | $ | (4) | ​ | $ | 1 | ​ | $ | 17 | ​ | $ | (31) | ​
Foreign currencies |  | Cost of sales | ​ |  | 1 | ​ |  | 1 | ​ |  | 13 | ​ |  | 4 | ​
Foreign currencies |  | Foreign currency gains (losses), net | ​ |  | — | ​ |  | — | ​ |  | 1 | ​ |  | — | ​
Equity | ​ | Other investment income (loss), net | ​ | ​ | (5) | ​ | ​ | — | ​ | ​ | 23 | ​ | ​ | (3) | ​
Interest rate swaps |  | Interest expense | ​ |  | (1) | ​ |  | — | ​ |  | (1) | ​ | ​ | — | ​
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 | ​
​ | ​ | ​ | ​ | June 27, | ​ | December 31, | ​ | ​ | ​ | June 27, | ​ | December 31, | ​
(Millions of dollars) |  | ​ |  | 2020 |  | 2019 |  | ​ |  | 2020 |  | 2019 | ​
Commodities |  | Other current assets | ​ | $ | 9 | ​ | $ | 6 |  | Other current liabilities | ​ | $ | 2 | ​ | $ | 4 | ​
Foreign currencies |  | Other current assets | ​ |  | — | ​ |  | — |  | Other current liabilities | ​ |  | 2 | ​ |  | 3 | ​
Interest rate swaps | ​ | Other current assets | ​ | ​ | — | ​ | ​ | — | ​ | Other current liabilities | ​ | ​ | 1 | ​ | ​ | — | ​
Equity |  | Short-term investments | ​ |  | 1 | ​ |  | — |  | Short-term investments | ​ |  | — | ​ |  | — | ​
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 27, 2020 and December 31, 2019, the commodity derivatives had a margin account balance of $17 million and $13 million, respectively, resulting in a net other current asset in the condensed consolidated balance sheets of $24 million and $15 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 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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