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Segment Information | 12 Months Ended
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Dec. 31, 2022
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 pork products to further processors, food service operators, distributors and grocery stores throughout the U.S. and to foreign markets. In 2022, this segment acquired hog inventory and certain hog farms in the central U.S. from The Maschhoffs, LLC for total cash consideration of $58 million. These additional farms increase the Pork segment’s sow base, resulting in less reliance on third-party hog suppliers. The purchase was recorded at fair value and the final purchase price allocation was $9 million to inventories, $45 million to property, plant and equipment and $4 million to goodwill. Goodwill represents the assembled workforce and the benefits of acquiring an existing operation. In 2020, this segment purchased a hog production company for $27 million, which primarily included hog farms and related assets. This segment also produces biodiesel and renewable diesel from pork fat and other animal fats and vegetable oils for sale, along with the related fuel credits, to third parties. The Pork segment’s renewable diesel production facility began operations during the third quarter of 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 2022, this segment sold its Brazilian flour milling operations primarily for cash proceeds of $6 million, net of cash sold. In 2021, this 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 affiliate trade receivables. The final purchase price allocation primarily included working capital of $30 million and property, plant and equipment of $17 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. The Power segment is an independent power producer in the Dominican Republic that owns two power-generating barges, with EDM III placed in service during the second quarter of 2022. The Turkey segment, accounted for using the equity method, produces and processes 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, 2022 | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Sugar and Alcohol | ​ | ​ | Power | ​ | ​ | All Other | ​ | ​ | Consolidated Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 1,954 | ​ | $ | 6,275 | ​ | $ | — | ​ | $ | 123 | ​ | $ | — | ​ | $ | 16 | ​ | $ | 8,368 | ​
Transportation | ​ | ​ | 11 | ​ | ​ | — | ​ | ​ | 2,043 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | 2,056 | ​
Energy | ​ | ​ | 611 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | 158 | ​ | ​ | — | ​ | ​ | 775 | ​
Other | ​ | ​ | 29 | ​ | ​ | 15 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 44 | ​
Segment/consolidated totals | ​ | $ | 2,605 | ​ | $ | 6,290 | ​ | $ | 2,043 | ​ | $ | 129 | ​ | $ | 158 | ​ | $ | 18 | ​ | $ | 11,243 | ​
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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 | ​
​ 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. 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. 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) |  | 2022 |  | 2021 |  | 2020 | ​
Pork | ​ | $ | (96) | ​ | $ | 227 | ​ | $ | 131 | ​
CT&M | ​ |  | 151 | ​ |  | 61 | ​ |  | 118 | ​
Marine | ​ |  | 591 | ​ |  | 197 | ​ |  | 21 | ​
Sugar and Alcohol | ​ |  | 11 | ​ |  | 2 | ​ |  | 2 | ​
Power | ​ |  | 14 | ​ |  | (9) | ​ |  | 3 | ​
All other | ​ |  | 1 | ​ |  | 1 | ​ |  | 1 | ​
Segment totals | ​ |  | 672 | ​ |  | 479 | ​ |  | 276 | ​
Corporate | ​ |  | (15) | ​ |  | (21) | ​ |  | (31) | ​
Consolidated totals | ​ | $ | 657 | ​ | $ | 458 | ​ | $ | 245 | ​
​ 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. ​
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Total Assets: | ​ |  | December 31,
(Millions of dollars) |  |  | 2022 |  | 2021
Pork | ​ | ​ | $ | 2,698 | ​ | $ | 2,265
CT&M | ​ | ​ |  | 1,915 | ​ |  | 2,054
Marine | ​ | ​ |  | 882 | ​ |  | 749
Sugar and Alcohol | ​ | ​ |  | 165 | ​ |  | 155
Power | ​ | ​ |  | 342 | ​ |  | 359
Turkey | ​ | ​ |  | 350 | ​ |  | 245
All other | ​ | ​ |  | 6 | ​ |  | 7
Segment totals | ​ | ​ |  | 6,358 | ​ |  | 5,834
Corporate | ​ | ​ |  | 1,544 | ​ |  | 1,669
Consolidated totals | ​ | ​ | $ | 7,902 | ​ | $ | 7,503
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Capital Expenditures: | ​ | Years ended December 31, | ​
(Millions of dollars) |  | 2022 |  | 2021 |  | 2020 | ​
Pork | ​ | $ | 315 | ​ | $ | 343 | ​ | $ | 207 | ​
CT&M | ​ |  | 14 | ​ |  | 17 | ​ |  | 8 | ​
Marine | ​ |  | 136 | ​ |  | 44 | ​ |  | 10 | ​
Sugar and Alcohol | ​ |  | 9 | ​ |  | 8 | ​ |  | 5 | ​
Power | ​ |  | — | ​ |  | 43 | ​ |  | 27 | ​
All other | ​ |  | — | ​ |  | 1 | ​ |  | 2 | ​
Segment totals | ​ |  | 474 | ​ |  | 456 | ​ |  | 259 | ​
Corporate | ​ |  | — | ​ |  | 4 | ​ |  | — | ​
Consolidated totals | ​ | $ | 474 | ​ | $ | 460 | ​ | $ | 259 | ​
​ Geographic Information Seaboard had sales in Colombia totaling $1,578 million, $1,144 million and $812 million for the years ended December 31, 2022, 2021 and 2020, respectively, representing approximately 14%, 12% and 11% of total sales for each respective year. Seaboard had sales in South Africa totaling $992 million, $917 million and $743 million for the years ended December 31, 2022, 2021 and 2020, respectively, representing approximately 9% of total sales for 2022 and 10% for years 2021 and 2020. 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 or service: ​
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​ | ​ | Years ended December 31,
(Millions of dollars) |  | 2022 |  | 2021 |  | 2020
Caribbean, Central and South America | ​ | $ | 5,054 | ​ | $ | 3,566 | ​ | $ | 2,744
Africa | ​ |  | 3,107 | ​ |  | 2,685 | ​ |  | 2,099
United States (a) | ​ |  | 2,181 | ​ |  | 2,031 | ​ |  | 1,536
Pacific Basin and Far East | ​ |  | 490 | ​ |  | 545 | ​ |  | 435
Canada/Mexico | ​ | ​ | 338 | ​ | ​ | 309 | ​ | ​ | 202
Europe | ​ |  | 71 | ​ |  | 86 | ​ |  | 101
All other | ​ |  | 2 | ​ |  | 7 | ​ |  | 9
Total sales | ​ | $ | 11,243 | ​ | $ | 9,229 | ​ | $ | 7,126
| (a) | For Marine segment services on product delivery to the U.S., geographic location is based on origination port.
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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​ | ​ | December 31, | ​
(Millions of dollars) |  | 2022 |  | 2021 | ​
United States | ​ | $ | 1,682 | ​ | $ | 1,331 | ​
Dominican Republic | ​ |  | 281 | ​ |  | 297 | ​
Argentina | ​ |  | 59 | ​ |  | 59 | ​
China | ​ | ​ | 35 | ​ | ​ | — | ​
Ivory Coast | ​ | ​ | 33 | ​ | ​ | 39 | ​
Senegal | ​ | ​ | 32 | ​ | ​ | 40 | ​
Zambia | ​ | ​ | 31 | ​ | ​ | 30 | ​
All other | ​ |  | 93 | ​ |  | 96 | ​
Total property, plant and equipment, net | ​ | $ | 2,246 | ​ | $ | 1,892 | ​
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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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