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Segment Information | 6 Months Ended
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Jul. 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 half of 2023. The following tables present Seaboard’s sales disaggregated by revenue source and segment: ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Sales: | ​ | ​ | Three Months Ended July 1, 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Sugar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | All | ​ | ​ | Consolidated | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Alcohol | ​ | ​ | Power | ​ | ​ | Other | ​ | ​ | Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 434 | ​ | $ | 1,332 | ​ | $ | — | ​ | $ | 40 | ​ | $ | — | ​ | $ | 2 | ​ | $ | 1,808 | ​
Transportation | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | 356 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | 361 | ​
Energy | ​ | ​ | 149 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 63 | ​ | ​ | — | ​ | ​ | 212 | ​
Other | ​ | ​ | 9 | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12 | ​
Segment/Consolidated Totals | ​ | $ | 595 | ​ | $ | 1,335 | ​ | $ | 356 | ​ | $ | 40 | ​ | $ | 63 | ​ | $ | 4 | ​ | $ | 2,393 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Sales: | ​ | ​ | Three Months Ended July 2, 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Sugar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | All | ​ | ​ | Consolidated | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Alcohol | ​ | ​ | Power | ​ | ​ | Other | ​ | ​ | Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 513 | ​ | $ | 1,707 | ​ | $ | — | ​ | $ | 24 | ​ | $ | — | ​ | $ | 4 | ​ | $ | 2,248 | ​
Transportation | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | 523 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 527 | ​
Energy | ​ | ​ | 140 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 47 | ​ | ​ | — | ​ | ​ | 187 | ​
Other | ​ | ​ | 7 | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11 | ​
Segment/Consolidated Totals | ​ | $ | 663 | ​ | $ | 1,711 | ​ | $ | 523 | ​ | $ | 24 | ​ | $ | 47 | ​ | $ | 5 | ​ | $ | 2,973 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Sales: | ​ | ​ | Six Months Ended July 1, 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Sugar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | All | ​ | ​ | Consolidated | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Alcohol | ​ | ​ | Power | ​ | ​ | Other | ​ | ​ | Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 862 | ​ | $ | 2,673 | ​ | $ | — | ​ | $ | 78 | ​ | $ | — | ​ | $ | 5 | ​ | $ | 3,618 | ​
Transportation | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | 804 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | 812 | ​
Energy | ​ | ​ | 323 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 115 | ​ | ​ | — | ​ | ​ | 438 | ​
Other | ​ | ​ | 18 | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 24 | ​
Segment/Consolidated Totals | ​ | $ | 1,209 | ​ | $ | 2,679 | ​ | $ | 804 | ​ | $ | 78 | ​ | $ | 115 | ​ | $ | 7 | ​ | $ | 4,892 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Sales: | ​ | ​ | Six Months Ended July 2, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Sugar | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | All | ​ | ​ | Consolidated | ​
(Millions of dollars) | ​ | ​ | Pork | ​ | ​ | CT&M | ​ | ​ | Marine | ​ | ​ | Alcohol | ​ | ​ | Power | ​ | ​ | Other | ​ | ​ | Totals | ​
Major Products/Services Lines: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Products | ​ | $ | 1,004 | ​ | $ | 3,274 | ​ | $ | — | ​ | $ | 55 | ​ | $ | — | ​ | $ | 8 | ​ | $ | 4,341 | ​
Transportation | ​ | ​ | 5 | ​ | ​ | — | ​ | ​ | 989 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 995 | ​
Energy | ​ | ​ | 261 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 65 | ​ | ​ | — | ​ | ​ | 326 | ​
Other | ​ | ​ | 13 | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20 | ​
Segment/Consolidated Totals | ​ | $ | 1,283 | ​ | $ | 3,281 | ​ | $ | 989 | ​ | $ | 55 | ​ | $ | 65 | ​ | $ | 9 | ​ | $ | 5,682 | ​
​ 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 | ​ | Six Months Ended |
​ | ​ | July 1, | ​ | July 2, | ​ | July 1, | ​ | July 2, | ​
(Millions of dollars) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Pork | ​ | $ | (104) | ​ | $ | 1 | ​ | $ | (316) | ​ | $ | 28 | ​
CT&M | ​ |  | 17 | ​ |  | 30 | ​ |  | 60 | ​ | ​ | 42 | ​
Marine | ​ |  | 60 | ​ |  | 155 | ​ |  | 156 | ​ | ​ | 268 | ​
Sugar and Alcohol | ​ |  | 3 | ​ |  | — | ​ |  | 9 | ​ | ​ | 2 | ​
Power | ​ |  | 22 | ​ |  | 6 | ​ |  | 32 | ​ |  | 1 | ​
All Other | ​ |  | 1 | ​ |  | 1 | ​ |  | 1 | ​ |  | 1 | ​
Segment Totals | ​ |  | (1) | ​ |  | 193 | ​ |  | (58) | ​ |  | 342 | ​
Corporate | ​ |  | (3) | ​ |  | (1) | ​ |  | (9) | ​ |  | (4) | ​
Consolidated Totals | ​ | $ | (4) | ​ | $ | 192 | ​ | $ | (67) | ​ | $ | 338 | ​
​ ​ ​
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Income (Loss) from Affiliates: | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | July 1, | ​ | July 2, | ​ | July 1, | ​ | July 2, |
(Millions of dollars) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Pork | ​ | $ | 9 | ​ | $ | 7 | ​ | $ | 19 | ​ | $ | 7 | ​
CT&M | ​ | ​ | (2) | ​ | ​ | 4 | ​ | ​ | (10) | ​ | ​ | 9 | ​
Marine | ​ | ​ | 2 | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 3 | ​
Sugar and Alcohol | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Power | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Turkey | ​ |  | 16 | ​ |  | 11 | ​ |  | 41 | ​ |  | 27 | ​
Segment/Consolidated Totals | ​ | $ | 25 | ​ | $ | 23 | ​ | $ | 51 | ​ | $ | 46 | ​
​ 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: | ​ | July 1, | ​ | December 31, |
(Millions of dollars) |  | 2023 |  | 2022 |
Pork | ​ | $ | 2,724 | ​ | $ | 2,698 | ​
CT&M | ​ |  | 1,805 | ​ |  | 1,915 | ​
Marine | ​ |  | 800 | ​ |  | 882 | ​
Sugar and Alcohol | ​ |  | 164 | ​ |  | 165 | ​
Power | ​ |  | 345 | ​ |  | 342 | ​
Turkey | ​ |  | 351 | ​ |  | 350 | ​
All Other | ​ |  | 5 | ​ |  | 6 | ​
Segment Totals | ​ |  | 6,194 | ​ |  | 6,358 | ​
Corporate | ​ |  | 1,611 | ​ |  | 1,544 | ​
Consolidated Totals | ​ | $ | 7,805 | ​ | $ | 7,902 | ​
​
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Investments in and Advances to Affiliates: | ​ | July 1, | ​ | December 31, |
(Millions of dollars) |  | 2023 |  | 2022 |
Pork | ​ | $ | 153 | ​ | $ | 152 | ​
CT&M | ​ | ​ | 188 | ​ | ​ | 210 | ​
Marine | ​ | ​ | 37 | ​ | ​ | 36 | ​
Sugar and Alcohol | ​ |  | 2 | ​ |  | 2 | ​
Power | ​ | ​ | 3 | ​ | ​ | 3 | ​
Turkey | ​ |  | 351 | ​ |  | 350 | ​
Segment/Consolidated Totals | ​ | $ | 734 | ​ | $ | 753 | ​
​ The Turkey segment, accounted for using the equity method, represents Seaboard’s investment in Butterball, LLC (“Butterball”). As of July 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 | ​ | Six Months Ended | ​
​ | ​ | July 1, | ​ | July 2, | ​ | July 1, | ​ | July 2, | ​
(Millions of dollars) | ​ | 2023 |  | 2022 |  | 2023 |  | 2022 | ​
Net sales | ​ | $ | 458 | ​ | $ | 417 | ​ | $ | 866 | ​ | $ | 816 | ​
Operating income | ​ | $ | 36 | ​ | $ | 27 | ​ | $ | 86 | ​ | $ | 40 | ​
Net earnings | ​ | $ | 31 | ​ | $ | 21 | ​ | $ | 79 | ​ | $ | 51 | ​
​

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