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Income Taxes | 9 Months Ended
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Sep. 28, 2024
Income Taxes |
Income Taxes | Note 8 – Income Taxes Seaboard assesses the realizability of its deferred tax assets each reporting period. A valuation allowance is established if it is more likely than not that the deferred tax assets will not be realized. Realizability of deferred tax assets is based on the weight of available positive and negative evidence to estimate whether sufficient future taxable income will be generated. A valuation allowance is maintained on deferred tax assets until there is sufficient evidence to support the reversal of the valuation allowance. As of September 28, 2024, Seaboard’s U.S. operations were in a historical three-year cumulative loss position, which is significant objective negative evidence under U.S. GAAP, specifically Accounting Standards Codification (“ASC”) 740 Income Taxes. Also, ASC 740 generally precludes consideration of expected future earnings in determining whether deferred tax assets are realizable. Due to the three-year cumulative loss and Seaboard’s inability to consider expected future earnings, Seaboard recorded a valuation allowance adjustment totaling $176 million, with a corresponding charge to income tax expense, during the third quarter of 2024. A valuation allowance was not needed on certain transferable tax credits that Seaboard has the intent and ability to sell.

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