XML 26 R15.htm IDEA: XBRL DOCUMENT v3.24.3
Segment Information
 9 Months Ended
Sep. 28, 2024
Segment Information  
Segment Information

​

Note 7 – Segment Information

Seaboard’s six reportable segments are: Pork, Liquid Fuels, CT&M, Marine, Power, and Turkey. All Other represents primarily a sugar and alcohol production and processing operation in Argentina and a jalapeño pepper processing operation in Honduras. Seaboard’s reporting segments are based on information used by Seaboard’s CEO, in his capacity as CODM, to determine allocation of resources and assess performance. Each of the six segments is separately managed.

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 in foreign markets. The Liquid Fuels segment produces renewable diesel and biodiesel from pork fat and other animal fats and vegetable oils, along with related environmental credits, for sale to third parties in the U.S. The CT&M segment is an integrated agricultural commodity trading, processing and logistics operation that markets wheat, corn, soybean meal and other agricultural commodities in bulk to third-party customers and to non-consolidated affiliates in international markets. The Marine segment provides cargo shipping services in the U.S., the Caribbean and Central and South America. The Power segment is an independent power producer in the Dominican Republic that owns two power-generating barges. The Turkey segment holds an equity method investment that produces and processes turkey products.

During Seaboard’s second quarter of 2024, changes to Seaboard’s organizational structure became effective, and Seaboard’s CODM assumed direct oversight of the liquid fuels business, which had previously been reported in the Pork segment. As a result, the liquid fuels business became its own reportable segment. Additionally, the previously separate reportable Sugar and Alcohol segment became part of All Other as the ongoing economic conditions of Argentina reduced this segment’s impact on the condensed consolidated financial statements. The prior period information below has been recast to conform to the new presentation.

Other than the below, there were no other noteworthy changes in the segments’ businesses or relationships with affiliates since December 31, 2023.

During the second quarter of 2024, the CT&M segment sold its remaining 20% interest in a North American protein and commodity trading company to the majority owner of that company for cash proceeds of $13 million.

The following tables present Seaboard’s sales disaggregated by major product/service and segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Sales:

​

​

Three Months Ended September 28, 2024

​

​

​

​

​

​

​

Liquid

​

​

​

​

​

​

​

​

​

​

​

All

​

​

Intersegment

​

​

Consolidated

​

(Millions of dollars)

​

​

Pork

​

​

Fuels

​

​

CT&M

​

​

Marine

​

​

Power

​

​

Other

​

​

Eliminations

​

​

Totals

​

External customer net sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products

​

$

477

​

$

182

​

$

1,111

​

$

—

​

$

—

​

$

35

​

$

—

​

$

1,805

​

Transportation

​

​

5

​

​

—

​

​

—

​

​

324

​

​

—

​

​

—

​

​

—

​

​

329

​

Energy

​

​

—

​

​

—

​

​

—

​

​

—

​

​

66

​

​

3

​

​

—

​

​

69

​

Other

​

​

11

​

​

—

​

​

4

​

​

—

​

​

—

​

​

—

​

​

—

​

​

15

​

Total external customer net sales

​

​

493

​

​

182

​

​

1,115

​

​

324

​

​

66

​

​

38

​

​

—

​

​

2,218

​

Intersegment net sales (a)

​

​

9

​

​

—

​

​

—

​

​

1

​

​

—

​

​

—

​

​

(10)

​

​

—

​

Segment/consolidated totals

​

$

502

​

$

182

​

$

1,115

​

$

325

​

$

66

​

$

38

​

$

(10)

​

$

2,218

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Sales:

​

​

Three Months Ended September 30, 2023

​

​

​

​

​

​

​

Liquid

​

​

​

​

​

​

​

​

​

​

​

All

​

​

Intersegment

​

​

Consolidated

​

(Millions of dollars)

​

​

Pork

​

​

Fuels

​

​

CT&M

​

​

Marine

​

​

Power

​

​

Other

​

​

Eliminations

​

​

Totals

​

External customer net sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products

​

$

471

​

$

208

​

$

1,249

​

$

—

​

$

—

​

$

38

​

$

—

​

$

1,966

​

Transportation

​

​

3

​

​

—

​

​

—

​

​

333

​

​

—

​

​

—

​

​

—

​

​

336

​

Energy

​

​

—

​

​

—

​

​

—

​

​

—

​

​

71

​

​

2

​

​

—

​

​

73

​

Other

​

​

9

​

​

—

​

​

4

​

​

—

​

​

—

​

​

—

​

​

—

​

​

13

​

Total external customer net sales

​

​

483

​

​

208

​

​

1,253

​

​

333

​

​

71

​

​

40

​

​

—

​

​

2,388

​

Intersegment net sales (a)

​

​

12

​

​

—

​

​

—

​

​

1

​

​

—

​

​

—

​

​

(13)

​

​

—

​

Segment/consolidated totals

​

$

495

​

$

208

​

$

1,253

​

$

334

​

$

71

​

$

40

​

$

(13)

​

$

2,388

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Sales:

​

​

Nine Months Ended September 28, 2024

​

​

​

​

​

​

​

Liquid

​

​

​

​

​

​

​

​

​

​

​

All

​

​

Intersegment

​

​

Consolidated

​

(Millions of dollars)

​

​

Pork

​

​

Fuels

​

​

CT&M

​

​

Marine

​

​

Power

​

​

Other

​

​

Eliminations

​

​

Totals

​

External customer net sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products

​

$

1,486

​

$

387

​

$

3,423

​

$

—

​

$

—

​

$

103

​

$

—

​

$

5,399

​

Transportation

​

​

12

​

​

—

​

​

—

​

​

981

​

​

—

​

​

2

​

​

—

​

​

995

​

Energy

​

​

—

​

​

—

​

​

—

​

​

—

​

​

173

​

​

4

​

​

—

​

​

177

​

Other

​

​

34

​

​

—

​

​

13

​

​

—

​

​

—

​

​

—

​

​

—

​

​

47

​

Total external customer net sales

​

​

1,532

​

​

387

​

​

3,436

​

​

981

​

​

173

​

​

109

​

​

—

​

​

6,618

​

Intersegment net sales (a)

​

​

28

​

​

—

​

​

—

​

​

3

​

​

—

​

​

—

​

​

(31)

​

​

—

​

Segment/consolidated totals

​

$

1,560

​

$

387

​

$

3,436

​

$

984

​

$

173

​

$

109

​

$

(31)

​

$

6,618

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Sales:

​

​

Nine Months Ended September 30, 2023

​

​

​

​

​

​

Liquid

​

​

​

​

​

​

​

​

​

​

​

All

​

​

Intersegment

​

​

Consolidated

​

(Millions of dollars)

​

​

Pork

​

​

Fuels

​

​

CT&M

​

​

Marine

​

​

Power

​

​

Other

​

​

Eliminations

​

​

Totals

​

External customer net sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products

​

$

1,334

​

$

530

​

$

3,922

​

$

—

​

$

—

​

$

121

​

$

—

​

$

5,907

​

Transportation

​

​

9

​

​

—

​

​

—

​

​

1,137

​

​

—

​

​

2

​

​

—

​

​

1,148

​

Energy

​

​

—

​

​

—

​

​

—

​

​

—

​

​

186

​

​

2

​

​

—

​

​

188

​

Other

​

​

27

​

​

—

​

​

10

​

​

—

​

​

—

​

​

—

​

​

—

​

​

37

​

Total external customer net sales

​

​

1,370

​

​

530

​

​

3,932

​

​

1,137

​

​

186

​

​

125

​

​

—

​

​

7,280

​

Intersegment net sales (a)

​

​

35

​

​

—

​

​

—

​

​

3

​

​

—

​

​

—

​

​

(38)

​

​

—

​

Segment/consolidated totals

​

$

1,405

​

$

530

​

$

3,932

​

$

1,140

​

$

186

​

$

125

​

$

(38)

​

$

7,280

​

(a)The Pork segment’s intersegment sales primarily represent the sale of pork fat to the Liquid Fuels segment, which uses it as a feedstock in the renewable diesel and biodiesel production processes. The Marine segment’s intersegment sales primarily represent shipping services provided to the jalapeño pepper processing business. Intercompany transactions are eliminated in consolidation.

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 (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. 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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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Income (Loss):

​

Three Months Ended

​

Nine Months Ended

 

​

​

September 28,

​

September 30,

​

September 28,

​

September 30,

​

(Millions of dollars)

    

2024

    

2023

    

2024

    

2023

 

Pork

​

$

12

​

$

(40)

​

$

9

​

$

(325)

​

Liquid Fuels

​

​

(24)

​

​

6

​

​

(100)

​

​

(25)

​

CT&M

​

 

31

​

 

33

​

 

83

​

​

93

​

Marine

​

 

(1)

​

 

40

​

 

32

​

​

196

​

Power

​

 

20

​

 

27

​

 

45

​

 

59

​

All Other

​

 

—

​

 

7

​

 

(9)

​

 

17

​

Segment Totals

​

 

38

​

 

73

​

 

60

​

 

15

​

Corporate

​

 

(6)

​

 

(6)

​

 

(18)

​

 

(15)

​

Consolidated Totals

​

$

32

​

$

67

​

$

42

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (Loss) from Affiliates:

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 28,

​

September 30,

​

September 28,

​

September 30,

 

(Millions of dollars)

    

2024

    

2023

    

2024

    

2023

 

Pork

​

$

6

​

$

8

​

$

21

​

$

27

​

CT&M

​

​

4

​

​

(6)

​

​

14

​

​

(16)

​

Marine

​

​

1

​

​

1

​

​

3

​

​

2

​

Power

​

​

—

​

​

—

​

​

—

​

​

—

​

Turkey

​

 

6

​

 

20

​

 

21

​

 

61

​

Segment/Consolidated Totals

​

$

17

​

$

23

​

$

59

​

$

74

​

​

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.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Assets:

​

September 28,

​

December 31,

 

(Millions of dollars)

    

2024

    

2023

 

Pork

​

$

2,120

​

$

2,075

​

Liquid Fuels

​

​

609

​

​

646

​

CT&M

​

 

1,600

​

 

1,590

​

Marine

​

 

898

​

 

847

​

Power

​

 

320

​

 

337

​

Turkey

​

 

359

​

 

360

​

All Other

​

 

179

​

 

183

​

Segment Totals

​

 

6,085

​

 

6,038

​

Corporate

​

 

1,449

​

 

1,528

​

Consolidated Totals

​

$

7,534

​

$

7,566

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments in and Advances to Affiliates:

​

September 28,

​

December 31,

 

(Millions of dollars)

    

2024

    

2023

 

Pork

​

$

158

​

$

154

​

CT&M

​

​

163

​

​

164

​

Marine

​

​

39

​

​

38

​

Power

​

​

3

​

​

3

​

Turkey

​

​

359

​

​

370

​

All Other

​

 

3

​

 

2

​

Segment/Consolidated Totals

​

$

725

​

$

731

​

​

The Turkey segment represents Seaboard’s investment in Butterball, LLC (“Butterball”), which is accounted for using the equity method. As of September 28, 2024 and December 31, 2023, Butterball had total assets of $1.2 billion and $1.1 billion, respectively. Butterball’s summarized income statement information was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 28,

​

September 30,

​

September 28,

​

September 30,

​

(Millions of dollars)

​

2024

    

2023

    

2024

    

2023

​

Net sales

​

$

484

​

$

534

​

$

1,261

​

$

1,400

​

Operating income

​

$

16

​

$

43

​

$

50

​

$

129

​

Net earnings

​

$

10

​

$

38

​

$

39

​

$

117

​

​