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Segment Information

3 Months Ended

Mar. 29, 2025

Segment Information

Segment Information

Note 7 – Segment Information

Seaboard has six reportable segments: Pork, CT&M, Marine, Liquid Fuels, Power and Turkey. Seaboard’s 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. There have been no significant segment updates in the first quarter of 2025. For details on each segment’s respective products and services, see Note 13 to the consolidated financial statements included in Seaboard’s 2024 10-K.

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 this measure 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 quarter ended March 29, 2025 and March 30, 2024, and as of March 29, 2025 and December 31, 2024. The significant segment expense categories align with the information regularly provided to the CODM.

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Three Months Ended March 29, 2025

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All

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​

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​

​

​

​

​

​

​

​

​

​

​

​

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Other

​

​

Inter-

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liquid

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​

​

​

​

​

​

​

and

​

​

Segment

​

​

​

​

(Millions of dollars)

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​

Pork

​

​

CT&M

​

​

Marine

​

​

Fuels

​

​

Power

​

​

Turkey

​

​

Corporate

​

​

Elims

​

​

Total

​

External net sales:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products

​

$

468

​

$

1,219

​

$

—

​

$

121

​

$

—

​

​

​

​

$

28

​

$

—

​

$

1,836

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Transportation

​

​

4

​

​

—

​

​

403

​

​

—

​

​

—

​

​

​

​

​

—

​

​

—

​

​

407

​

Energy

​

​

—

​

​

—

​

​

—

​

​

—

​

​

53

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​

​

​

​

—

​

​

—

​

​

53

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Other

​

​

14

​

​

6

​

​

—

​

​

—

​

​

—

​

​

​

​

​

—

​

​

—

​

​

20

​

Total external net sales

​

​

486

​

​

1,225

​

​

403

​

​

121

​

​

53

​

​

​

​

​

28

​

​

—

​

​

2,316

​

Intersegment net sales (a)

​

​

9

​

​

—

​

​

2

​

​

—

​

​

—

​

​

​

​

​

—

​

​

(11)

​

​

—

​

Total segment/consolidated net sales

​

$

495

​

$

1,225

​

$

405

​

$

121

​

$

53

​

​

​

​

$

28

​

$

(11)

​

$

2,316

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Less significant segment expenses:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of sales

​

​

500

​

​

1,150

​

​

321

​

​

143

​

​

43

​

​

​

​

​

28

​

​

(11)

​

​

2,174

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Selling, general and administrative expenses

​

​

26

​

​

34

​

​

27

​

​

4

​

​

3

​

​

​

​

​

10

​

​

—

​

​

104

​

Total segment/consolidated operating income (loss)

​

$

(31)

​

$

41

​

$

57

​

$

(26)

​

$

7

​

​

​

​

$

(10)

​

$

—

​

$

38

​

Income from affiliates

​

​

8

​

​

4

​

​

1

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

13

​

Total operating income (loss) and income from affiliates

​

$

(23)

​

$

45

​

$

58

​

$

(26)

​

$

7

​

$

—

​

$

(10)

​

$

—

​

$

51

​

Depreciation and amortization expense

​

$

39

​

$

6

​

$

16

​

$

8

​

$

6

​

​

​

​

$

3

​

$

—

​

$

78

​

Capital expenditures

​

$

27

​

$

4

​

$

74

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$

1

​

$

1

​

​

​

​

$

2

​

$

—

​

$

109

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Total assets as of March 29, 2025(b)

​

$

2,088

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$

1,690

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$

1,018

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$

604

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$

305

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$

369

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$

1,559

​

$

—

​

$

7,633

​

Investment in affiliates as of March 29, 2025

​

$

156

​

$

166

​

$

41

​

$

—

​

$

3

​

$

369

​

$

3

​

$

—

​

$

738

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Three Months Ended March 30, 2024

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All

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Other

​

​

Inter-

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liquid

​

​

​

​

​

​

​

​

and

​

​

Segment

​

​

​

​

(Millions of dollars)

​

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Pork

​

​

CT&M

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​

Marine

​

​

Fuels

​

​

Power

​

​

Turkey

​

​

Corporate

​

​

Elims

​

​

Total

​

External net sales:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products

​

$

487

​

$

1,185

​

$

—

​

$

87

​

$

—

​

​

​

​

$

33

​

$

—

​

$

1,792

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Transportation

​

​

3

​

​

—

​

​

332

​

​

—

​

​

—

​

​

​

​

​

1

​

​

—

​

​

336

​

Energy

​

​

—

​

​

—

​

​

—

​

​

—

​

​

48

​

​

​

​

​

1

​

​

—

​

​

49

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Other

​

​

9

​

​

5

​

​

—

​

​

—

​

​

—

​

​

​

​

​

—

​

​

—

​

​

14

​

Total external net sales

​

​

499

​

​

1,190

​

​

332

​

​

87

​

​

48

​

​

​

​

​

35

​

​

—

​

​

2,191

​

Intersegment net sales (a)

​

​

9

​

​

—

​

​

1

​

​

—

​

​

—

​

​

​

​

​

—

​

​

(10)

​

​

—

​

Total segment/consolidated net sales

​

$

508

​

$

1,190

​

$

333

​

$

87

​

$

48

​

​

​

​

$

35

​

$

(10)

​

$

2,191

​

Less significant segment expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of sales

​

​

479

​

​

1,137

​

​

292

​

​

133

​

​

37

​

​

​

​

​

36

​

​

(10)

​

​

2,104

​

Selling, general and administrative expenses

​

​

28

​

​

35

​

​

26

​

​

3

​

​

4

​

​

​

​

​

11

​

​

—

​

​

107

​

Total segment/consolidated operating income (loss)

​

$

1

​

$

18

​

$

15

​

$

(49)

​

$

7

​

​

​

​

$

(12)

​

$

—

​

$

(20)

​

Income from affiliates

​

​

9

​

​

2

​

​

1

​

​

—

​

​

—

​

​

7

​

​

—

​

​

—

​

​

19

​

Total operating income (loss) and income from affiliates

​

$

10

​

$

20

​

$

16

​

$

(49)

​

$

7

​

$

7

​

$

(12)

​

$

—

​

$

(1)

​

Depreciation and amortization expense

​

$

29

​

$

6

​

$

16

​

$

10

​

$

5

​

​

​

​

$

3

​

$

—

​

$

69

​

Capital expenditures

​

$

47

​

$

2

​

$

12

​

$

40

​

$

2

​

​

​

​

$

1

​

$

—

​

$

104

​

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) Intersegment sales in the Pork segment 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. Intersegment sales in the Marine segment primarily represent shipping services provided to the jalapeño pepper processing business. Intercompany transactions are eliminated in consolidation.

(b) Total assets for the Turkey segment represent Seaboard’s investment in Butterball, LLC. All Other and Corporate’s total assets primarily represent short-term investments held by Corporate; these investments were $1 billion as of both March 29, 2025 and December 31, 2024.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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