XML 37 R21.htm IDEA: XBRL DOCUMENT v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Information  
Segment Information

Note 13 − Segment Information

Seaboard manages its business under six reportable segments: Pork, CT&M, Marine, Liquid Fuels, Power and Turkey. The remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as All Other. Each of the six reportable segments is separately managed based on its diverse product or service. All Other primarily represents a sugar and alcohol production and processing operation in Argentina and a jalapeño pepper processing operation in Honduras.

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 to foreign markets. The Pork segment also produces swine-derived renewable natural gas with its integrated model of hog operations, covered anaerobic digester lagoons and biomethane upgrading facilities at certain of its existing hog farms. The CT&M segment is an integrated agricultural commodity trading, processing and logistics operation that internationally markets wheat, corn, soybean meal and other agricultural commodities in bulk to third-party customers and to consolidated subsidiaries and non-consolidated affiliates. The Marine segment provides cargo shipping services in the U.S., the Caribbean and Central and South America. The Liquid Fuels segment produces biodiesel and renewable diesel from pork fat and other animal fats and vegetable oils, along with the related environmental credits, for sale to third parties in the U.S. The credits are recognized in revenue from goods and services upon transfer of the credits. 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. See Note 6 for additional information on this segment.

During 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 economic conditions in Argentina over several years reduced this segment’s impact on the consolidated financial statements. The prior period information below has been recast to conform to the new presentation.

Other changes in segments’ businesses during the years presented included the following:

●In 2022, the Pork segment acquired hog inventory and certain hog farms in the central U.S. for total cash consideration of $58 million to reduce reliance on third-party hog suppliers.
●The Liquid Fuels segment’s renewable diesel production facility began operations during the third quarter of 2022.
●The Power segment placed in service a second barge during the second quarter of 2022.

Seaboard’s Chief Executive Officer serves as the CODM. The CODM assesses performance and makes key operating decisions based on total operating income (loss) and income (loss) from affiliates. The CODM uses total operating income (loss) and income (loss) from affiliates to compare to historical trends and the forecast to assess segment results, allocate capital, make strategic decisions and identify areas of opportunity. Operating income and income from affiliates for segment reporting is prepared on the same basis as that used for consolidated purposes under U.S. GAAP. The CODM does not receive proportionate consolidation information for equity method investments.

The following tables include certain segment information for the years ended December 31, 2024, 2023 and 2022 and as of December 31, 2024, 2023 and 2022. The significant segment expense categories align with the segment information that is regularly provided to the CODM.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other

​

​

Inter-

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liquid

​

​

​

​

​

​

​

​

and

​

​

Segment

​

​

​

​

(Millions of dollars)

​

​

Pork

​

​

CT&M

​

​

Marine

​

​

Fuels

​

​

Power

​

​

Turkey

​

​

Corporate

​

​

Elims

​

​

Total

​

External net sales:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products

​

$

1,991

​

$

4,699

​

$

—

​

$

556

​

$

—

​

​

​

​

$

135

​

$

—

​

$

7,381

​

Transportation

​

​

16

​

​

—

​

​

1,388

​

​

—

​

​

—

​

​

​

​

​

3

​

​

—

​

​

1,407

​

Energy

​

​

—

​

​

—

​

​

—

​

​

—

​

​

239

​

​

​

​

​

7

​

​

—

​

​

246

​

Other

​

​

48

​

​

18

​

​

—

​

​

—

​

​

—

​

​

​

​

​

—

​

​

—

​

​

66

​

Total external net sales

​

​

2,055

​

​

4,717

​

​

1,388

​

​

556

​

​

239

​

​

​

​

​

145

​

​

—

​

​

9,100

​

Intersegment net sales (a)

​

​

38

​

​

—

​

​

5

​

​

—

​

​

—

​

​

​

​

​

—

​

​

(43)

​

​

—

​

Total segment/consolidated net sales

​

$

2,093

​

$

4,717

​

$

1,393

​

$

556

​

$

239

​

​

​

​

$

145

​

$

(43)

​

$

9,100

​

Less significant segment expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of sales

​

​

1,965

​

​

4,453

​

​

1,203

​

​

639

​

​

163

​

​

​

​

​

144

​

​

(43)

​

​

8,524

​

Selling, general and administrative expenses

​

​

108

​

​

132

​

​

108

​

​

17

​

​

15

​

​

​

​

​

40

​

​

—

​

​

420

​

Total segment/consolidated operating income (loss)

​

$

20

​

$

132

​

$

82

​

$

(100)

​

$

61

​

​

​

​

$

(39)

​

$

—

​

$

156

​

Income from affiliates

​

​

26

​

​

17

​

​

4

​

​

—

​

​

1

​

​

37

​

​

—

​

​

—

​

​

85

​

Total operating income (loss) and income from affiliates

​

$

46

​

$

149

​

$

86

​

$

(100)

​

$

62

​

$

37

​

$

(39)

​

$

—

​

$

241

​

Depreciation and amortization expense

​

$

148

​

$

25

​

$

60

​

$

44

​

$

22

​

​

​

​

$

12

​

$

—

​

$

311

​

Capital expenditures

​

$

299

​

$

11

​

$

172

​

$

2

​

$

9

​

​

​

​

$

18

​

$

—

​

$

511

​

Total assets as of December 31, 2024(b)

​

$

2,111

​

$

1,615

​

$

992

​

$

630

​

$

306

​

$

375

​

$

1,636

​

$

—

​

$

7,665

​

Investment in affiliates as of December 31, 2024

​

$

154

​

$

164

​

$

40

​

$

—

​

$

3

​

$

375

​

$

2

​

$

—

​

$

738

​

(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.
(b)Total assets for the Turkey segment primarily represent Seaboard’s investment in Butterball. All Other and Corporate’s total assets primarily represent short-term investments held by Corporate; these investments were $1 billion, $963 million, and $1 billion as of December 31, 2024, 2023 and 2022, respectively.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other

​

​

Inter-

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liquid

​

​

​

​

​

​

​

​

and

​

​

Segment

​

​

​

​

(Millions of dollars)

​

​

Pork

​

​

CT&M

​

​

Marine

​

​

Fuels

​

​

Power

​

​

Turkey

​

​

Corporate

​

​

Elims

​

​

Total

​

External net sales:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products

​

$

1,768

​

$

5,125

​

$

—

​

$

698

​

$

—

​

​

​

​

$

163

​

$

—

​

$

7,754

​

Transportation

​

​

13

​

​

—

​

​

1,499

​

​

—

​

​

—

​

​

​

​

​

3

​

​

—

​

​

1,515

​

Energy

​

​

—

​

​

—

​

​

—

​

​

—

​

​

237

​

​

​

​

​

5

​

​

—

​

​

242

​

Other

​

​

37

​

​

14

​

​

—

​

​

—

​

​

—

​

​

​

​

​

—

​

​

—

​

​

51

​

Total external net sales

​

​

1,818

​

​

5,139

​

​

1,499

​

​

698

​

​

237

​

​

​

​

​

171

​

​

—

​

​

9,562

​

Intersegment net sales (a)

​

​

45

​

​

—

​

​

4

​

​

—

​

​

—

​

​

​

​

​

—

​

​

(49)

​

​

—

​

Total segment/consolidated net sales

​

$

1,863

​

$

5,139

​

$

1,503

​

$

698

​

$

237

​

​

​

​

$

171

​

$

(49)

​

$

9,562

​

Less significant segment expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of sales

​

​

2,220

​

​

4,854

​

​

1,176

​

​

759

​

​

154

​

​

​

​

​

133

​

​

(50)

​

​

9,246

​

Selling, general and administrative expenses

​

​

98

​

​

140

​

​

99

​

​

12

​

​

12

​

​

​

​

​

42

​

​

—

​

​

403

​

Total segment/consolidated operating income (loss)

​

$

(455)

​

$

145

​

$

228

​

$

(73)

​

$

71

​

​

​

​

$

(4)

​

$

1

​

$

(87)

​

Income (loss) from affiliates

​

​

32

​

​

(18)

​

​

3

​

​

—

​

​

—

​

​

87

​

​

1

​

​

—

​

​

105

​

Total operating income (loss) and income (loss) from affiliates

​

$

(423)

​

$

127

​

$

231

​

$

(73)

​

$

71

​

$

87

​

$

(3)

​

$

1

​

$

18

​

Depreciation and amortization expense

​

$

122

​

$

24

​

$

64

​

$

42

​

$

21

​

​

​

​

$

10

​

$

—

​

$

283

​

Capital expenditures

​

$

361

​

$

7

​

$

121

​

$

—

​

$

3

​

​

​

​

$

14

​

$

—

​

$

506

​

Total assets as of December 31, 2023(b)

​

$

2,075

​

$

1,590

​

$

847

​

$

646

​

$

337

​

$

371

​

$

1,700

​

$

—

​

$

7,566

​

Investment in affiliates as of December 31, 2023

​

$

154

​

$

164

​

$

38

​

$

—

​

$

3

​

$

370

​

$

2

​

$

—

​

$

731

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other

​

​

Inter-

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liquid

​

​

​

​

​

​

​

​

and

​

​

Segment

​

​

​

​

(Millions of dollars)

​

​

Pork

​

​

CT&M

​

​

Marine

​

​

Fuels

​

​

Power

​

​

Turkey

​

​

Corporate

​

​

Elims

​

​

Total

​

External net sales:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products

​

$

1,958

​

$

6,275

​

$

—

​

$

607

​

$

—

​

​

​

​

$

139

​

$

—

​

$

8,979

​

Transportation

​

​

11

​

​

—

​

​

2,043

​

​

—

​

​

—

​

​

​

​

​

2

​

​

—

​

​

2,056

​

Energy

​

​

—

​

​

—

​

​

—

​

​

—

​

​

158

​

​

​

​

​

6

​

​

—

​

​

164

​

Other

​

​

29

​

​

15

​

​

—

​

​

—

​

​

—

​

​

​

​

​

—

​

​

—

​

​

44

​

Total external net sales

​

​

1,998

​

​

6,290

​

​

2,043

​

​

607

​

​

158

​

​

​

​

​

147

​

​

—

​

​

11,243

​

Intersegment net sales (a)

​

​

—

​

​

—

​

​

4

​

​

—

​

​

—

​

​

​

​

​

—

​

​

(4)

​

​

—

​

Total segment/consolidated net sales

​

$

1,998

​

$

6,290

​

$

2,047

​

$

607

​

$

158

​

​

​

​

$

147

​

$

(4)

​

$

11,243

​

Less significant segment expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of sales

​

​

1,970

​

​

6,009

​

​

1,354

​

​

634

​

​

135

​

​

​

​

​

116

​

​

(5)

​

​

10,213

​

Selling, general and administrative expenses

​

​

88

​

​

130

​

​

102

​

​

9

​

​

9

​

​

​

​

​

35

​

​

—

​

​

373

​

Total segment/consolidated operating income (loss)

​

$

(60)

​

$

151

​

$

591

​

$

(36)

​

$

14

​

​

​

​

$

(4)

​

$

1

​

$

657

​

Income from affiliates

​

​

24

​

​

21

​

​

4

​

​

—

​

​

—

​

​

103

​

​

—

​

​

—

​

​

152

​

Total operating income (loss) and income from affiliates

​

$

(36)

​

$

172

​

$

595

​

$

(36)

​

$

14

​

$

103

​

$

(4)

​

$

1

​

$

809

​

Depreciation and amortization expense

​

$

109

​

$

25

​

$

56

​

$

20

​

$

16

​

​

​

​

$

9

​

$

—

​

$

235

​

Capital expenditures

​

$

315

​

$

14

​

$

136

​

$

—

​

$

—

​

​

​

​

$

9

​

$

—

​

$

474

​

Total assets as of December 31, 2022(b)

​

$

1,932

​

$

1,915

​

$

882

​

$

766

​

$

342

​

$

350

​

$

1,715

​

$

—

​

$

7,902

​

Investment in affiliates as of December 31, 2022

​

$

152

​

$

210

​

$

36

​

$

—

​

$

3

​

$

350

​

$

2

​

$

—

​

$

753

​

​

Geographic Information

Seaboard had sales in Colombia totaling $1,027 million, $1,260 million and $1,578 million for the years ended December 31, 2024, 2023 and 2022, respectively, representing 11%, 13% and 14% of total sales for each respective year. No other individual foreign country accounted for 10% or more of sales to external customers.

The following table provides a geographic summary of net sales based on the location of product delivery or service:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

(Millions of dollars)

    

2024

    

2023

    

2022

Caribbean, Central and South America

​

$

3,899

​

$

4,197

​

$

5,054

Africa

​

 

2,422

​

 

2,586

​

 

3,107

United States (a)

​

 

2,108

​

 

2,102

​

 

2,181

Canada/Mexico

​

​

327

​

​

289

​

​

338

Pacific Basin and Far East

​

 

257

​

 

325

​

 

490

Europe

​

 

82

​

 

59

​

 

71

All other

​

 

5

​

 

4

​

 

2

Total sales

​

$

9,100

​

$

9,562

​

$

11,243

(a)  For Marine segment services on product delivery to the U.S., geographic location is based on origination port.

The following table provides a geographic summary of Seaboard’s property, plant and equipment according to their physical location and primary port for the vessels:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

(Millions of dollars)

    

2024

    

2023

​

United States

​

$

1,930

​

$

1,795

​

Dominican Republic

​

 

250

​

 

261

​

China (a)

​

​

136

​

​

117

​

Argentina

​

 

66

​

 

60

​

Ivory Coast

​

​

35

​

​

34

​

Senegal

​

​

32

​

​

32

​

Zambia

​

​

23

​

​

23

​

All other

​

 

88

​

 

88

​

Total property, plant and equipment, net

​

$

2,560

​

$

2,410

​

(a)  Represents vessels under construction for the Marine segment.