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Revenue Recognition | 6 Months Ended
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Jun. 27, 2020
Revenue Recognition |
Revenue Recognition | Note 8 – 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 June 27, 2020 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Sugar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | All | ​ | ​ | Consolidated | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Alcohol | ​ | ​ | Power | ​ | ​ | Other | ​ | ​ | Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 409 | ​ | $ | 1,119 | ​ | $ | — | ​ | $ | 18 | ​ | $ | — | ​ | $ | 3 | ​ | $ | 1,549 | ​
Transportation | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 192 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 194 | ​
Energy | ​ | ​ | 40 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13 | ​ | ​ | — | ​ | ​ | 53 | ​
Other | ​ | ​ | 8 | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12 | ​
Segment/Consolidated Totals | ​ | $ | 459 | ​ | $ | 1,123 | ​ | $ | 192 | ​ | $ | 18 | ​ | $ | 13 | ​ | $ | 3 | ​ | $ | 1,808 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended June 29, 2019 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Sugar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | All | ​ | ​ | Consolidated | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Alcohol | ​ | ​ | Power | ​ | ​ | Other | ​ | ​ | Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 427 | ​ | $ | 999 | ​ | $ | — | ​ | $ | 29 | ​ | $ | — | ​ | $ | 5 | ​ | $ | 1,460 | ​
Transportation | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | 259 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 263 | ​
Energy | ​ | ​ | 53 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 33 | ​ | ​ | — | ​ | ​ | 87 | ​
Other | ​ | ​ | 9 | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12 | ​
Segment/Consolidated Totals | ​ | $ | 492 | ​ | $ | 1,002 | ​ | $ | 259 | ​ | $ | 30 | ​ | $ | 33 | ​ | $ | 6 | ​ | $ | 1,822 | ​
​ ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Six Months Ended June 27, 2020 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Sugar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | All | ​ | ​ | Consolidated | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Alcohol | ​ | ​ | Power | ​ | ​ | Other | ​ | ​ | Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 814 | ​ | $ | 2,029 | ​ | $ | — | ​ | $ | 39 | ​ | $ | — | ​ | $ | 9 | ​ | $ | 2,891 | ​
Transportation | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | 461 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 465 | ​
Energy | ​ | ​ | 80 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 30 | ​ | ​ | — | ​ | ​ | 111 | ​
Other | ​ | ​ | 16 | ​ | ​ | 8 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 24 | ​
Segment/Consolidated Totals | ​ | $ | 914 | ​ | $ | 2,037 | ​ | $ | 461 | ​ | $ | 40 | ​ | $ | 30 | ​ | $ | 9 | ​ | $ | 3,491 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Six Months Ended June 29, 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Sugar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | All | ​ | ​ | Consolidated | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Alcohol | ​ | ​ | Power | ​ | ​ | Other | ​ | ​ | Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 784 | ​ | $ | 1,825 | ​ | $ | — | ​ | $ | 54 | ​ | $ | — | ​ | $ | 8 | ​ | $ | 2,671 | ​
Transportation | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | 513 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 521 | ​
Energy | ​ | ​ | 87 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 62 | ​ | ​ | — | ​ | ​ | 150 | ​
Other | ​ | ​ | 17 | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 23 | ​
Segment/Consolidated Totals | ​ | $ | 895 | ​ | $ | 1,831 | ​ | $ | 513 | ​ | $ | 55 | ​ | $ | 62 | ​ | $ | 9 | ​ | $ | 3,365 | ​
​ Revenue from goods and services transferred to customers at a single point in time account for approximately 85% of Seaboard’s net sales. 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. Seaboard’s contracts with its customers are short-term, defined as less than one year. Deferred revenue represents cash payments received in advance of Seaboard’s performance or revenue billed that is unearned. The CT&M segment 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. Deferred revenue balances are reduced when revenue is recognized. The deferred revenue balance as of December 31, 2019 was fully recognized as revenue during the first quarter of 2020.

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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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