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Segment Information | 3 Months Ended
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Apr. 01, 2023
Segment Information |
Segment Information | Note 7 – Segment Information Seaboard has six reportable segments: Pork, CT&M, Marine, Sugar and Alcohol, Power and Turkey, each offering a specific product or service. For details on the respective products or services of each segment, see Note 13 to the consolidated financial statements included in Seaboard’s annual report for the year ended December 31, 2022. There were no significant segment updates during the first quarter of 2023. The following tables present Seaboard’s sales disaggregated by revenue source and segment: ​
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​ | ​ | ​ | Three Months Ended April 1, 2023 | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | Commodity Trading & Milling | ​ | ​ | Marine | ​ | ​ | Sugar and Alcohol | ​ | ​ | Power | ​ | ​ | All Other | ​ | ​ | Consolidated Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 428 | ​ | $ | 1,341 | ​ | $ | — | ​ | $ | 38 | ​ | $ | — | ​ | $ | 3 | ​ | $ | 1,810 | ​
Transportation | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | 448 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 451 | ​
Energy | ​ | ​ | 174 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 52 | ​ | ​ | — | ​ | ​ | 226 | ​
Other | ​ | ​ | 9 | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12 | ​
Segment/Consolidated Totals | ​ | $ | 614 | ​ | $ | 1,344 | ​ | $ | 448 | ​ | $ | 38 | ​ | $ | 52 | ​ | $ | 3 | ​ | $ | 2,499 | ​
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​ | ​ | ​ | Three Months Ended April 2, 2022
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | Commodity Trading & Milling | ​ | ​ | Marine | ​ | ​ | Sugar and Alcohol | ​ | ​ | Power | ​ | ​ | All Other | ​ | ​ | Consolidated Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 491 | ​ | $ | 1,567 | ​ | $ | — | ​ | $ | 31 | ​ | $ | — | ​ | $ | 4 | ​ | $ | 2,093 | ​
Transportation | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 466 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 468 | ​
Energy | ​ | ​ | 121 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18 | ​ | ​ | — | ​ | ​ | 139 | ​
Other | ​ | ​ | 6 | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9 | ​
Segment/Consolidated Totals | ​ | $ | 620 | ​ | $ | 1,570 | ​ | $ | 466 | ​ | $ | 31 | ​ | $ | 18 | ​ | $ | 4 | ​ | $ | 2,709 | ​
​ The following tables present Seaboard’s operating income (loss) and income (loss) from affiliates by segment. Operating income (loss) for segment reporting is prepared on the same basis as that used for consolidated operating income. Operating income (loss), along with income or 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): | ​ | Three Months Ended |
​ | ​ | April 1, | ​ | April 2, | ​
(Millions of dollars) |  | 2023 |  | 2022 |
Pork | ​ | $ | (212) | ​ | $ | 27 | ​
CT&M | ​ |  | 43 | ​ |  | 12 | ​
Marine | ​ |  | 96 | ​ |  | 113 | ​
Sugar and Alcohol | ​ |  | 6 | ​ |  | 2 | ​
Power | ​ |  | 10 | ​ |  | (5) | ​
Segment Totals | ​ |  | (57) | ​ |  | 149 | ​
Corporate | ​ |  | (6) | ​ |  | (3) | ​
Consolidated Totals | ​ | $ | (63) | ​ | $ | 146 | ​
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Income (Loss) from Affiliates: | ​ | Three Months Ended | ​
​ | ​ | April 1, | ​ | April 2, |
(Millions of dollars) |  | 2023 |  | 2022 |
Pork | ​ | $ | 10 | ​ | $ | — | ​
CT&M | ​ | ​ | (8) | ​ | ​ | 5 | ​
Marine | ​ | ​ | (1) | ​ | ​ | 2 | ​
Turkey | ​ |  | 25 | ​ |  | 16 | ​
Segment/Consolidated Totals | ​ | $ | 26 | ​ | $ | 23 | ​
​ The following tables present total assets by segment and the investments in and advances to affiliates 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: | ​ | April 1, | ​ | December 31, |
(Millions of dollars) |  | 2023 |  | 2022 |
Pork | ​ | $ | 2,625 | ​ | $ | 2,698 | ​
CT&M | ​ |  | 1,888 | ​ |  | 1,915 | ​
Marine | ​ |  | 819 | ​ |  | 882 | ​
Sugar and Alcohol | ​ |  | 164 | ​ |  | 165 | ​
Power | ​ |  | 339 | ​ |  | 342 | ​
Turkey | ​ |  | 367 | ​ |  | 350 | ​
All Other | ​ |  | 5 | ​ |  | 6 | ​
Segment Totals | ​ |  | 6,207 | ​ |  | 6,358 | ​
Corporate | ​ |  | 1,588 | ​ |  | 1,544 | ​
Consolidated Totals | ​ | $ | 7,795 | ​ | $ | 7,902 | ​
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Investments in and Advances to Affiliates: | ​ | April 1, | ​ | December 31, |
(Millions of dollars) |  | 2023 |  | 2022 |
Pork | ​ | $ | 154 | ​ | $ | 152 | ​
CT&M | ​ | ​ | 198 | ​ | ​ | 210 | ​
Marine | ​ | ​ | 35 | ​ | ​ | 36 | ​
Sugar and Alcohol | ​ |  | 2 | ​ |  | 2 | ​
Power | ​ | ​ | 3 | ​ | ​ | 3 | ​
Turkey | ​ |  | 367 | ​ |  | 350 | ​
Segment/Consolidated Totals | ​ | $ | 759 | ​ | $ | 753 | ​
​ ​ The Turkey segment, accounted for using the equity method, represents Seaboard’s investment in Butterball, LLC (“Butterball”). As of April 1, 2023 and December 31, 2022, Butterball had total assets of $1.2 billion and $1.1 billion, respectively. Butterball’s summarized income statement information was as follows: ​
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​ | ​ | ​ | Three Months Ended | ​
​ | ​ | ​ | April 1, | ​ | April 2,
(Millions of dollars) | ​ |  | 2023 |  | 2022
Net sales | ​ | $ | 408 | ​ | $ | 399 | ​
Operating income | ​ | $ | 50 | ​ | $ | 13 | ​
Net income | ​ | $ | 48 | ​ | $ | 30 | ​
​

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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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