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Segment Information (Tables)

3 Months Ended

Mar. 29, 2025

Segment Information

Summary of certain segment information



			Three Months Ended March 29, 2025
																					All
																					Other			Inter-
												Liquid									and			Segment
(Millions of dollars)			Pork			CT&M			Marine			Fuels			Power			Turkey			Corporate			Elims			Total
External net sales:
Products		$	468		$	1,219		$	—		$	121		$	—					$	28		$	—		$	1,836
Transportation			4			—			403			—			—						—			—			407
Energy			—			—			—			—			53						—			—			53
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
Less significant segment expenses:
Cost of sales			500			1,150			321			143			43						28			(11)			2,174
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		$	1		$	1					$	2		$	—		$	109
Total assets as of March 29, 2025^(b)		$	2,088		$	1,690		$	1,018		$	604		$	305		$	369		$	1,559		$	—		$	7,633
Investment in affiliates as of March 29, 2025		$	156		$	166		$	41		$	—		$	3		$	369		$	3		$	—		$	738



			Three Months Ended March 30, 2024
																					All
																					Other			Inter-
												Liquid									and			Segment
(Millions of dollars)			Pork			CT&M			Marine			Fuels			Power			Turkey			Corporate			Elims			Total
External net sales:
Products		$	487		$	1,185		$	—		$	87		$	—					$	33		$	—		$	1,792
Transportation			3			—			332			—			—						1			—			336
Energy			—			—			—			—			48						1			—			49
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.