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Revenue Recognition | 9 Months Ended
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Sep. 26, 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 September 26, 2020 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Sugar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | All | ​ | ​ | Consolidated | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Alcohol | ​ | ​ | Power | ​ | ​ | Other | ​ | ​ | Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 391 | ​ | $ | 877 | ​ | $ | — | ​ | $ | 26 | ​ | $ | — | ​ | $ | 3 | ​ | $ | 1,297 | ​
Transportation | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 244 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 246 | ​
Energy | ​ | ​ | 65 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5 | ​ | ​ | 21 | ​ | ​ | — | ​ | ​ | 91 | ​
Other | ​ | ​ | 8 | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11 | ​
Segment/Consolidated Totals | ​ | $ | 466 | ​ | $ | 880 | ​ | $ | 244 | ​ | $ | 31 | ​ | $ | 21 | ​ | $ | 3 | ​ | $ | 1,645 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended September 28, 2019 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Sugar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | All | ​ | ​ | Consolidated | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Alcohol | ​ | ​ | Power | ​ | ​ | Other | ​ | ​ | 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 | ​
​ ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Nine Months Ended September 26, 2020 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Sugar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | All | ​ | ​ | Consolidated | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Alcohol | ​ | ​ | Power | ​ | ​ | Other | ​ | ​ | Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 1,205 | ​ | $ | 2,906 | ​ | $ | — | ​ | $ | 65 | ​ | $ | — | ​ | $ | 12 | ​ | $ | 4,188 | ​
Transportation | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | 705 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 711 | ​
Energy | ​ | ​ | 145 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | 51 | ​ | ​ | — | ​ | ​ | 202 | ​
Other | ​ | ​ | 24 | ​ | ​ | 11 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 35 | ​
Segment/Consolidated Totals | ​ | $ | 1,380 | ​ | $ | 2,917 | ​ | $ | 705 | ​ | $ | 71 | ​ | $ | 51 | ​ | $ | 12 | ​ | $ | 5,136 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Nine Months Ended September 28, 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Sugar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | All | ​ | ​ | Consolidated | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Alcohol | ​ | ​ | Power | ​ | ​ | Other | ​ | ​ | 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 | ​
​ 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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