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Debt
 12 Months Ended
Dec. 31, 2024
Debt  
Debt

Note 7 − Debt

Lines of Credit

The outstanding balances under uncommitted lines of credit were $139 million and $150 million as of December 31, 2024 and 2023, respectively. Of the outstanding balance as of December 31, 2024, $83 million was denominated in foreign currencies, with $62 million denominated in the South African rand. Of the outstanding balance as of December 31, 2023, $70 million was denominated in foreign currencies, with $57 million denominated in the South African rand. The uncommitted lines of credit are due on demand and unsecured.

Seaboard has a committed $450 million line of credit secured by certain short-term investments that matures March 28, 2025. Draws bear interest at the Secured Overnight Financing Rate (“SOFR”) plus a spread. The outstanding balances under this committed line of credit were $175 million and $105 million as of December 31, 2024 and 2023, respectively.

The weighted-average interest rate for outstanding lines of credit was 6.47% and 7.34% as of December 31, 2024 and 2023, respectively.

Long-Term Debt

The following table is a summary of long-term debt:

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December 31,

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(Millions of dollars)

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2024

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2023

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Term Loan due 2033

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$

963

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$

973

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Foreign subsidiary obligations

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1

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1

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Other long-term debt

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38

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38

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Total debt at face value

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1,002

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1,012

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Current maturities and unamortized costs

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(15)

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(15)

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Long-term debt, less current maturities and unamortized costs

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$

987

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$

997

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On November 10, 2023, Seaboard Foods LLC (“Seaboard Foods”), a wholly owned subsidiary of Seaboard, entered into a Second Amended and Restated Term Loan Credit Agreement (“Amended Credit Agreement”) with CoBank, ACB, Farm Credit Services of America, PCA, and the lenders party thereto. The Amended Credit Agreement replaced the $700 million unsecured term loan with a $975 million unsecured term loan (“Term Loan due 2033”) and extended the maturity from September 25, 2028 to November 10, 2033. The Term Loan due 2033 provides for quarterly amortization of the principal balance of $2.5 million with the balance due on the maturity date. The Term Loan due 2033 bears interest at one of four options selected by the borrower, including fluctuating rates based on various margins over a Base Rate, Term SOFR, Daily Simple SOFR or a fixed Quoted Rate. The interest rate was 6.08% and 7.08% as of December 31, 2024 and 2023, respectively. Seaboard was in compliance with all restrictive debt covenants as of December 31, 2024.

Seaboard has a note payable of $30 million that incurs a fixed interest rate of 1.28% and matures in December 2027, with principal due upon maturity.

The aggregate minimum principal payments required on long-term debt as of December 31, 2024 were as follows: $11 million in 2025, $11 million in 2026, $41 million in 2027, $11 million in 2028, $11 million in 2029 and $917 million thereafter.

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