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Stockholders' Equity and Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity and Accumulated Other Comprehensive Loss  
Stockholders' Equity and Accumulated Other Comprehensive Loss

Note 11 − Stockholders’ Equity and Accumulated Other Comprehensive Loss

During 2023, in a privately negotiated transaction, Seaboard repurchased an aggregate of 189,724 shares of its common stock from certain affiliates at a price below the traded market price for an aggregate purchase price of $600 million. Shares repurchased were retired and retained earnings decreased $608 million for the purchase and related U.S. excise taxes for the year ended December 31, 2023. The excise taxes were paid during 2024.

The components of accumulated other comprehensive loss (“AOCL”), net of related taxes, were as follows:

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Cumulative

    

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Foreign

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Cumulative

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Currency

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Unrecognized

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Translation

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Pension

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(Millions of dollars)

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Adjustment

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Cost

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Total

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Balance, December 31, 2021

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$

(368)

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$

(64)

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$

(432)

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Other comprehensive income (loss) before reclassifications

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(42)

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38

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(4)

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Amounts reclassified from AOCL to net earnings

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9

(a)  

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5

(b)  

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14

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Other comprehensive income (loss), net of tax

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​

(33)

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43

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10

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Balance, December 31, 2022

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$

(401)

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$

(21)

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$

(422)

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Other comprehensive income (loss) before reclassifications

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(3)

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14

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11

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Amounts reclassified from AOCL to net earnings

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—

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1

(b)  

 

1

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Other comprehensive income (loss), net of tax

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(3)

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15

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12

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Balance, December 31, 2023

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$

(404)

​

$

(6)

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$

(410)

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Other comprehensive income before reclassifications

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3

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27

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30

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Amounts reclassified from AOCL to net earnings

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1

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3

(b)  

 

4

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Other comprehensive income, net of tax

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4

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30

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34

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Balance, December 31, 2024

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$

(400)

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$

24

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$

(376)

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(a)  This reclassification adjustment primarily reflects the recognition of a currency translation adjustment upon the disposition of a CT&M business in Brazil whose functional currency was the Brazilian real.

(b)   This primarily represents the amortization of actuarial losses (gains) that were included in net periodic pension cost.  See Note 9 to the consolidated financial statements for further discussion.

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The cumulative foreign currency translation adjustment primarily represents the effect of the Argentine peso currency exchange fluctuation on the net assets of the sugar and alcohol business. The business’s functional currency has been the U.S. dollar due to highly inflationary accounting since 2018. Under highly inflationary accounting, the financial statements of a subsidiary are remeasured into Seaboard’s reporting currency (U.S. dollars) and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in net income, rather than accumulated other comprehensive income (loss) on the balance sheet. The adjustments for the years presented are related to non-U.S. dollar functional currencies of consolidated subsidiaries and non-consolidated affiliates in the CT&M segment.

The cumulative unrecognized pension cost represents the unamortized net actuarial gain (loss). Income tax for the cumulative unrecognized pension cost component was recorded using an effective tax rate of 24% in 2024 and 25% in 2023 and 2022, except for unrecognized pension cost of $5 million, $2 million and $5 million in 2024, 2023 and 2022, respectively, related to employees at certain subsidiaries for which no tax benefit was recorded.