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Leases | 12 Months Ended
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Dec. 31, 2023
Leases |
Leases | Note 5 − Leases Seaboard leases ports, vessels, contract grower assets, and to a lesser extent, land, buildings and machinery and equipment. Seaboard’s non-lease components are primarily for services related to labor associated with crew services on vessel charter arrangements and caring for hogs in its contract grower agreements. Seaboard’s operating lease assets and liabilities are reported separately in the consolidated balance sheets. The classifications of Seaboard’s finance leases in the consolidated balance sheets were as follows:
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(Millions of dollars) | ​ | ​ | ​ | ​ | 2023 | ​ | ​ | 2022 | ​
Finance lease right of use assets, net | ​ | Property, plant and equipment, net | ​ | $ | 148 | ​ | $ | 198 | ​
Finance lease liabilities | ​ | Other current liabilities | ​ | ​ | 51 | ​ | ​ | 56 | ​
Non-current finance lease liabilities | ​ | Other liabilities | ​ | ​ | 96 | ​ | ​ | 143 | ​
Lease cost is included in various line items in the consolidated statements of comprehensive income or capitalized to inventory. Operating lease cost and short-term lease cost are recognized on a straight-line basis over the lease term. Finance lease cost is recognized based on the effective interest method for the lease liability and straight-line amortization of the ROU asset. Variable lease payments are recognized when the circumstance on which those payments are assessed occurs. ​ The components of lease cost were as follows for the years ended December 31:
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(Millions of dollars) | ​ | ​ | 2023 | ​ | ​ | 2022 | ​ | ​ | 2021 | ​
Operating lease cost | ​ | $ | 190 | ​ | $ | 184 | ​ | $ | 162 | ​
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right of use assets | ​ | ​ | 54 | ​ | ​ | 46 | ​ | ​ | 17 | ​
Interest on lease liabilities | ​ | ​ | 6 | ​ | ​ | 6 | ​ | ​ | 5 | ​
Variable lease cost (a) | ​ | ​ | 10 | ​ | ​ | 18 | ​ | ​ | 20 | ​
Short-term lease cost (b) | ​ | ​ | 9 | ​ | ​ | 13 | ​ | ​ | 27 | ​
Sublease income | ​ | ​ | (7) | ​ | ​ | (6) | ​ | ​ | (8) | ​
Total lease cost | ​ | $ | 262 | ​ | $ | 261 | ​ | $ | 223 | ​
(a) | Includes throughput of cargo containers in excess of minimums and changes in indexed charter-hire rates.
(b) | Short-term leases are primarily for cargo containers and vessels.
Weighted-average lease terms and discount rates were as follows as of December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Operating Leases | ​ | ​ | Finance Leases | ​
​ | ​ | ​ | 2023 | ​ | ​ | 2022 | ​ | ​ | 2023 | ​ | ​ | 2022 | ​
Weighted-average remaining term (in years) | ​ | ​ | 6 | ​ | ​ | 5 | ​ | ​ | 5 | ​ | ​ | 5 | ​
Weighted-average discount rate | ​ | ​ | 6.63% | ​ | ​ | 6.13% | ​ | ​ | 3.79% | ​ | ​ | 3.44% | ​
​ Maturities of lease liabilities as of December 31, 2023 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Operating | ​ | ​ | Finance | ​
(Millions of dollars) | ​ |  | Leases | ​ | ​ | Leases |
2024 | ​ | $ | 137 | ​ | $ | 55 | ​
2025 | ​ | ​ | 90 | ​ |  | 33 | ​
2026 | ​ | ​ | 74 | ​ | ​ | 19 | ​
2027 | ​ | ​ | 59 | ​ | ​ | 13 | ​
2028 | ​ | ​ | 43 | ​ | ​ | 11 | ​
Thereafter | ​ | ​ | 114 | ​ |  | 36 | ​
Total undiscounted lease payments | ​ | ​ | 517 | ​ | ​ | 167 | ​
Less: Imputed interest | ​ | ​ | (96) | ​ | ​ | (20) | ​
Total lease liability | ​ | $ | 421 | ​ | $ | 147 | ​
​ The following table includes supplemental cash and non-cash information related to leases. Seaboard reports the amortization of ROU assets and changes in operating lease liabilities in other liabilities, exclusive of debt in the consolidated statements of cash flows. ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31, | ​
(Millions of dollars) | ​ | ​ | 2023 | ​ | ​ | 2022 | ​ | ​ | 2021 | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 193 | ​ | $ | 194 | ​ | $ | 166 | ​
Operating cash flows from finance leases | ​ | ​ | 6 | ​ | ​ | 6 | ​ | ​ | 5 | ​
Financing cash flows from finance leases | ​ | ​ | 57 | ​ | ​ | 44 | ​ | ​ | 14 | ​
ROU assets obtained in exchange for new lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 117 | ​ | $ | 118 | ​ | $ | 244 | ​
Finance leases | ​ | ​ | 5 | ​ | ​ | 116 | ​ | ​ | 54 | ​
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