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Investments

6 Months Ended

Jun. 28, 2025

Investments

Investments

Note 2 – Investments

The following is a summary of the estimated fair value of short-term investments classified as trading securities:

​

​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	June 28,		​	December 31,
(Millions of dollars)		2025		​	2024
Domestic equity securities	​	$	239	​	$	205	​
Foreign equity securities	​		115	​		98	​
Domestic debt securities	​	​	498	​	​	635	​
Foreign debt securities	​	​	103	​	​	102	​
Money market funds held in trading accounts	​	​	31	​	​	28	​
Other trading securities	​	​	—	​	​	7	​
Total trading short-term investments	​	$	986	​	$	1,075	​

​

The unrealized gains related to trading securities still held at the end of the respective reporting period were $36 million and $24 million for the three- and six-month periods ended June 28, 2025, respectively, and $5 million and $18 million for the three- and six-month periods ended June 29, 2024, respectively.

Seaboard had $50 million and $40 million of short-term investments denominated in foreign currencies, primarily euros, as of June 28, 2025 and December 31, 2024, respectively.

As of June 28, 2025 and December 31, 2024, Seaboard had long-term investments of $211 million and $141 million, respectively, classified in other non-current assets on the condensed consolidated balance sheets. During the second quarter

of 2025, Seaboard invested $50 million in an investment company that owns corporate debt securities. The investment is measured using Net Asset Value (“NAV”) as a practical expedient. See Note 5 to the condensed consolidated financial statements for further discussion. The other long-term investments are primarily in real estate and are accounted for under the equity method of accounting.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

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