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Segment Information | 12 Months Ended
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Dec. 31, 2021
Segment Information |
Segment Information | Note 13 − Segment Information Seaboard has six reportable segments: Pork, CT&M, Marine, Sugar and Alcohol, Power and Turkey, each offering a specific product or service. Seaboard’s reporting segments are based on information used by Seaboard’s Chief Executive Officer in his capacity as chief operating decision maker to determine allocation of resources and assess performance. Each of the six segments is separately managed, and each was started or acquired independent of the other segments. The Pork segment primarily produces hogs to process and sells fresh and frozen pork products to further processors, foodservice operators, distributors and grocery stores throughout the U.S. and to foreign markets. In 2020, this segment purchased a hog production company that previously supplied hogs to the Guymon plant for $27 million, which primarily included hog farms and related assets. This segment also produces biodiesel from pork fat and other animal fats and vegetable oils for sale, along with the related fuel credits, to third parties. The Pork segment is converting an idle ethanol plant in Hugoton, Kansas plant to a renewable diesel production facility, with operations currently expected to begin in 2022. The Pork segment’s biodiesel plants have historically received federal blender’s credits for the biodiesel they blend. As a result of the 2019 Tax Act, Seaboard recognized $60 million of net revenue related to the 2018 and 2019 federal blender’s credits. Revenue was recognized as earned during 2020 and 2021 based on biodiesel production and will be recognized in the same manner for year 2022. The CT&M segment is an integrated agricultural commodity trading, processing and logistics operation that internationally markets wheat, corn, soybean meal and other agricultural commodities in bulk to third-party customers and to non-consolidated affiliates. This segment operates flour, maize and feed mills and bakery operations in numerous foreign countries. In 2021, Seaboard’s CT&M segment increased its ownership interest in a feed manufacturer and hog producer in Ecuador from 50% to 80%. Total consideration for the purchase price included $7 million of cash paid, net of cash acquired, Seaboard’s previously held equity interest and pre-existing affiliate trade receivables remeasured at their acquisition date fair values. The final purchase price allocation primarily included working capital of $30 million and property, plant and equipment of $17 million. In 2019, Seaboard’s CT&M segment increased its ownership in an importer and trader of grains in Peru from 50% to 100%. Total consideration for the purchase price included $7 million of cash paid, net of cash acquired, Seaboard’s previously held equity interest and pre-existing affiliate trade receivables. The purchase price allocation primarily included accounts receivable of $33 million, inventories of $55 million, property, plant and equipment of $12 million and assumed short-term debt of $65 million. The Marine segment provides cargo shipping services in the U.S., the Caribbean and Central and South America. The Sugar and Alcohol segment produces and processes sugar and alcohol in Argentina, primarily to be marketed locally. The Power segment is an independent power producer in the Dominican Republic that owns two power generating barges. The barge under construction is expected to begin operations in 2022. The Turkey segment, accounted for using the equity method, produces, processes and sells turkey products. Total assets for the Turkey segment represent Seaboard’s investment in Butterball. See Note 6 for more information on Butterball. The All Other segment represents primarily a jalapeño pepper processing operation. The following tables present Seaboard’s sales disaggregated by revenue source and segment:
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Net Sales: | ​ | ​ | Year Ended December 31, 2021 | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Sugar and Alcohol | ​ | ​ | Power | ​ | ​ | All Other | ​ | ​ | Consolidated Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 2,091 | ​ | $ | 5,139 | ​ | $ | — | ​ | $ | 113 | ​ | $ | — | ​ | $ | 14 | ​ | $ | 7,357 | ​
Transportation | ​ | ​ | 8 | ​ | ​ | — | ​ | ​ | 1,396 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 1,405 | ​
Energy | ​ | ​ | 357 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10 | ​ | ​ | 60 | ​ | ​ | — | ​ | ​ | 427 | ​
Other | ​ | ​ | 25 | ​ | ​ | 15 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 40 | ​
Segment/consolidated totals | ​ | $ | 2,481 | ​ | $ | 5,154 | ​ | $ | 1,396 | ​ | $ | 123 | ​ | $ | 60 | ​ | $ | 15 | ​ | $ | 9,229 | ​
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Net Sales: | ​ | ​ | Year Ended December 31, 2020
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Sugar and Alcohol | ​ | ​ | Power | ​ | ​ | All Other | ​ | ​ | Consolidated Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 1,682 | ​ | $ | 3,981 | ​ | $ | — | ​ | $ | 95 | ​ | $ | — | ​ | $ | 16 | ​ | $ | 5,774 | ​
Transportation | ​ | ​ | 8 | ​ | ​ | — | ​ | ​ | 1,005 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,013 | ​
Energy | ​ | ​ | 219 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11 | ​ | ​ | 64 | ​ | ​ | — | ​ | ​ | 294 | ​
Other | ​ | ​ | 32 | ​ | ​ | 13 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 45 | ​
Segment/consolidated totals | ​ | $ | 1,941 | ​ | $ | 3,994 | ​ | $ | 1,005 | ​ | $ | 106 | ​ | $ | 64 | ​ | $ | 16 | ​ | $ | 7,126 | ​
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Net Sales: | ​ | ​ | Year Ended December 31, 2019 | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Sugar and Alcohol | ​ | ​ | Power | ​ | ​ | All Other | ​ | ​ | Consolidated Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 1,599 | ​ | $ | 3,654 | ​ | $ | — | ​ | $ | 112 | ​ | $ | — | ​ | $ | 17 | ​ | $ | 5,382 | ​
Transportation | ​ | ​ | 10 | ​ | ​ | — | ​ | ​ | 1,061 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 1,072 | ​
Energy | ​ | ​ | 210 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9 | ​ | ​ | 117 | ​ | ​ | — | ​ | ​ | 336 | ​
Other | ​ | ​ | 32 | ​ | ​ | 18 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 50 | ​
Segment/consolidated totals | ​ | $ | 1,851 | ​ | $ | 3,672 | ​ | $ | 1,061 | ​ | $ | 121 | ​ | $ | 117 | ​ | $ | 18 | ​ | $ | 6,840 | ​
The following tables present Seaboard’s operating income (loss) by segment. Operating income for segment reporting is prepared on the same basis as that used for consolidated operating income. Operating income, along with income (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. 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.
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Operating Income (Loss): |  | Years ended December 31, | ​
(Millions of dollars) |  | 2021 |  | 2020 |  | 2019 | ​
Pork | ​ | $ | 227 | ​ | $ | 131 | ​ | $ | 60 | ​
CT&M | ​ |  | 61 | ​ |  | 118 | ​ |  | 62 | ​
Marine | ​ |  | 197 | ​ |  | 21 | ​ |  | 4 | ​
Sugar and Alcohol | ​ |  | 2 | ​ |  | 2 | ​ |  | (16) | ​
Power | ​ |  | (9) | ​ |  | 3 | ​ |  | 27 | ​
All other | ​ |  | 1 | ​ |  | 1 | ​ |  | 2 | ​
Segment totals | ​ |  | 479 | ​ |  | 276 | ​ |  | 139 | ​
Corporate | ​ |  | (21) | ​ |  | (31) | ​ |  | (29) | ​
Consolidated totals | ​ | $ | 458 | ​ | $ | 245 | ​ | $ | 110 | ​
The following tables present Seaboard’s total assets and capital expenditures by segment. Corporate assets primarily 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 mark-to-market adjustments on these investments recorded in other investment income (loss), net.
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Total Assets: | ​ |  | December 31,
(Millions of dollars) |  |  | 2021 |  | 2020
Pork | ​ | ​ | $ | 2,265 | ​ | $ | 1,927
CT&M | ​ | ​ |  | 2,054 | ​ |  | 1,585
Marine | ​ | ​ |  | 749 | ​ |  | 508
Sugar and Alcohol | ​ | ​ |  | 155 | ​ |  | 153
Power | ​ | ​ |  | 359 | ​ |  | 302
Turkey | ​ | ​ |  | 245 | ​ |  | 265
All other | ​ | ​ |  | 7 | ​ |  | 6
Segment totals | ​ | ​ |  | 5,834 | ​ |  | 4,746
Corporate | ​ | ​ |  | 1,669 | ​ |  | 1,653
Consolidated totals | ​ | ​ | $ | 7,503 | ​ | $ | 6,399
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Capital Expenditures: | ​ | Years ended December 31, | ​
(Millions of dollars) |  | 2021 |  | 2020 |  | 2019 | ​
Pork | ​ | $ | 343 | ​ | $ | 207 | ​ | $ | 164 | ​
CT&M | ​ |  | 17 | ​ |  | 8 | ​ |  | 23 | ​
Marine | ​ |  | 44 | ​ |  | 10 | ​ |  | 26 | ​
Sugar and Alcohol | ​ |  | 8 | ​ |  | 5 | ​ |  | 15 | ​
Power | ​ |  | 43 | ​ |  | 27 | ​ |  | 121 | ​
All other | ​ |  | 1 | ​ |  | 2 | ​ |  | — | ​
Segment totals | ​ |  | 456 | ​ |  | 259 | ​ |  | 349 | ​
Corporate | ​ |  | 4 | ​ |  | — | ​ |  | — | ​
Consolidated totals | ​ | $ | 460 | ​ | $ | 259 | ​ | $ | 349 | ​
Geographic Information Seaboard had sales in Colombia totaling $1,144 million, $812 million and $778 million for the years ended December 31, 2021, 2020 and 2019, respectively, representing approximately 12%, 11% and 11% of total sales for each respective year. Seaboard had sales in South Africa totaling $917 million, $743 million and $668 million for the years ended December 31, 2021, 2020 and 2019, respectively, representing approximately 10% of total sales for each year. No other individual foreign country accounted for 10% or more of sales to external customers. The following table provides a geographic summary of net sales based on the location of product delivery:
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​ | ​ | Years ended December 31,
(Millions of dollars) |  | 2021 |  | 2020 |  | 2019
Caribbean, Central and South America | ​ | $ | 3,566 | ​ | $ | 2,744 | ​ | $ | 2,792
Africa | ​ |  | 2,685 | ​ |  | 2,099 | ​ |  | 1,859
United States | ​ |  | 2,031 | ​ |  | 1,536 | ​ |  | 1,447
Pacific Basin and Far East | ​ |  | 545 | ​ |  | 435 | ​ |  | 370
Canada/Mexico | ​ | ​ | 309 | ​ | ​ | 202 | ​ | ​ | 308
Europe | ​ |  | 86 | ​ |  | 101 | ​ |  | 52
All other | ​ |  | 7 | ​ |  | 9 | ​ |  | 12
Total sales | ​ | $ | 9,229 | ​ | $ | 7,126 | ​ | $ | 6,840
​ The following table provides a geographic summary of Seaboard’s property, plant and equipment according to their physical location and primary port for the vessels:
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(Millions of dollars) |  | 2021 |  | 2020 | ​
United States | ​ | $ | 1,331 | ​ | $ | 1,053 | ​
Dominican Republic | ​ |  | 297 | ​ |  | 109 | ​
Argentina | ​ |  | 59 | ​ |  | 59 | ​
Senegal | ​ | ​ | 40 | ​ | ​ | 42 | ​
Ivory Coast | ​ | ​ | 39 | ​ | ​ | 34 | ​
Zambia | ​ | ​ | 30 | ​ | ​ | 25 | ​
Singapore | ​ | ​ | — | ​ | ​ | 155 | ​
All other | ​ |  | 96 | ​ |  | 105 | ​
Total property, plant and equipment, net | ​ | $ | 1,892 | ​ | $ | 1,582 | ​
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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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