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Basis of Presentation and Accounting Policies (Policies) | 9 Months Ended
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Oct. 02, 2021
Basis of Presentation and Accounting Policies |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Non-cash investing activities for the nine months ended October 2, 2021, included purchases of property, plant and equipment in accounts payable of $22 million. The following table includes supplemental cash and non-cash information related to leases. Seaboard reports the amortization of right of use (“ROU”) assets and changes in operating lease liabilities in other liabilities, exclusive of debt in the condensed consolidated statements of cash flows. ​
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​ | ​ | ​ | Nine Months Ended | ​
​ | ​ | ​ | October 2, | ​ | September 26, | ​
(Millions of dollars) | ​ | ​ | 2021 | ​ | 2020 | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | ​ | $ | 117 | ​ | $ | 107 | ​
Operating cash flows from finance leases | ​ | ​ | ​ | 3 | ​ | ​ | 3 | ​
Financing cash flows from finance leases | ​ | ​ | ​ | 9 | ​ | ​ | 5 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating ROU assets obtained in exchange for new operating lease liabilities | ​ | ​ | $ | 153 | ​ | $ | 46 | ​
Finance ROU assets obtained in exchange for new finance lease liabilities | ​ | ​ | ​ | 49 | ​ | ​ | 46 | ​
Goodwill and Other Intangible Assets | ​
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​ | ​ | ​ | Nine Months Ended | ​
​ | ​ | ​ | October 2, | ​ | September 26, | ​
(Millions of dollars) | ​ | ​ | 2021 | ​ | 2020 | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | ​ | $ | 117 | ​ | $ | 107 | ​
Operating cash flows from finance leases | ​ | ​ | ​ | 3 | ​ | ​ | 3 | ​
Financing cash flows from finance leases | ​ | ​ | ​ | 9 | ​ | ​ | 5 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating ROU assets obtained in exchange for new operating lease liabilities | ​ | ​ | $ | 153 | ​ | $ | 46 | ​
Finance ROU assets obtained in exchange for new finance lease liabilities | ​ | ​ | ​ | 49 | ​ | ​ | 46 | ​
Income Taxes | Income Taxes Seaboard computes its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjusts the provision for discrete tax items recorded in the period.
Accounting Standards Recently Adopted | Accounting Standard Recently Adopted On January 1, 2020, Seaboard adopted guidance which requires the use of a new current expected credit loss model in order to determine the allowance for credit losses with respect to receivables, among other financial instruments. This model estimates the lifetime of expected credit loss and replaces the existing incurred loss model. As a result of this adoption, Seaboard recorded a cumulative-effect adjustment of $3 million on January 1, 2020 that decreased retained earnings and increased the allowance for credit losses.

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