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Segment Information (Tables)

6 Months Ended

Jun. 28, 2025

Segment Information

Summary of certain segment information



			Three Months Ended June 28, 2025
																					All
																					Other			Inter-
												Liquid									and			Segment
(Millions of dollars)			Pork			CT&M			Marine			Fuels			Power			Turkey			Corporate			Elims			Total
External net sales:
Products		$	511		$	1,339		$	—		$	146		$	—					$	24		$	—		$	2,020
Transportation			6			—			383			—			—						1			—			390
Energy			—			—			—			—			54						—			—			54
Other			12			4			—			—			—						—			—			16
Total external net sales			529			1,343			383			146			54						25			—			2,480
Intersegment net sales ^(a)			12			—			2			—			—						—			(14)			—
Total segment/consolidated net sales		$	541		$	1,343		$	385		$	146		$	54					$	25		$	(14)		$	2,480
Less significant segment expenses:
Cost of sales			488			1,298			315			168			40						23			(14)			2,318
Selling, general and administrative expenses			25			38			26			4			5						12			—			110
Total segment/consolidated operating income (loss)		$	28		$	7		$	44		$	(26)		$	9					$	(10)		$	—		$	52
Income from affiliates			8			3			1			—			—			17			—			—			29
Total operating income (loss) and income from affiliates		$	36		$	10		$	45		$	(26)		$	9		$	17		$	(10)		$	—		$	81
Depreciation and amortization expense		$	41		$	6		$	16		$	8		$	5					$	4		$	—		$	80
Capital expenditures		$	39		$	13		$	86		$	5		$	—					$	8		$	—		$	151



			Three Months Ended June 29, 2024
																					All
																					Other			Inter-
												Liquid									and			Segment
(Millions of dollars)			Pork			CT&M			Marine			Fuels			Power			Turkey			Corporate			Elims			Total
External net sales:
Products		$	522		$	1,127		$	—		$	118		$	—					$	35		$	—		$	1,802
Transportation			4			—			325			—			—						1			—			330
Energy			—			—			—			—			59						—			—			59
Other			14			4			—			—			—						—			—			18
Total external net sales			540			1,131			325			118			59						36			—			2,209
Intersegment net sales ^(a)			10			—			1			—			—						—			(11)			—
Total segment/consolidated net sales		$	550		$	1,131		$	326		$	118		$	59					$	36		$	(11)		$	2,209
Less significant segment expenses:
Cost of sales			528			1,066			282			141			38						36			(11)			2,080
Selling, general and administrative expenses			26			31			26			4			3						9			—			99
Total segment/consolidated operating income (loss)		$	(4)		$	34		$	18		$	(27)		$	18					$	(9)		$	—		$	30
Income from affiliates			6			8			1			—			—			8			—			—			23
Total operating income (loss) and income from affiliates		$	2		$	42		$	19		$	(27)		$	18		$	8		$	(9)		$	—		$	53
Depreciation and amortization expense		$	31		$	6		$	16		$	12		$	5					$	3		$	—		$	73
Capital expenditures		$	91		$	3		$	29		$	—		$	1					$	9		$	—		$	133



			Six Months Ended June 28, 2025
																					All
																					Other			Inter-
												Liquid									and			Segment
(Millions of dollars)			Pork			CT&M			Marine			Fuels			Power			Turkey			Corporate			Elims			Total
External net sales:
Products		$	979		$	2,558		$	—		$	267		$	—					$	52		$	—		$	3,856
Transportation			10			—			786			—			—						1			—			797
Energy			—			—			—			—			107						—			—			107
Other			26			10			—			—			—						—			—			36
Total external net sales			1,015			2,568			786			267			107						53			—			4,796
Intersegment net sales ^(a)			21			—			4			—			—						—			(25)			—
Total segment/consolidated net sales		$	1,036		$	2,568		$	790		$	267		$	107					$	53		$	(25)		$	4,796
Less significant segment expenses:
Cost of sales			988			2,448			636			311			83						51			(25)			4,492
Selling, general and administrative expenses			51			72			53			8			8						22			—			214
Total segment/consolidated operating income (loss)		$	(3)		$	48		$	101		$	(52)		$	16					$	(20)		$	—		$	90
Income from affiliates			16			7			2			—			—			17			—			—			42
Total operating income (loss) and income from affiliates		$	13		$	55		$	103		$	(52)		$	16		$	17		$	(20)		$	—		$	132
Depreciation and amortization expense		$	80		$	12		$	32		$	16		$	11					$	7		$	—		$	158
Capital expenditures		$	66		$	17		$	160		$	6		$	1					$	10		$	—		$	260
Total assets as of June 28, 2025^(b)		$	2,057		$	1,778		$	1,106		$	671		$	303		$	373		$	1,567		$	—		$	7,855
Investment in affiliates as of June 28, 2025		$	159		$	166		$	41		$	—		$	3		$	373		$	3		$	—		$	745



			Six Months Ended June 29, 2024
																					All
																					Other			Inter-
												Liquid									and			Segment
(Millions of dollars)			Pork			CT&M			Marine			Fuels			Power			Turkey			Corporate			Elims			Total
External net sales:
Products		$	1,009		$	2,312		$	—		$	205		$	—					$	68		$	—		$	3,594
Transportation			7			—			657			—			—						2			—			666
Energy			—			—			—			—			107						1			—			108
Other			23			9			—			—			—						—			—			32
Total external net sales			1,039			2,321			657			205			107						71			—			4,400
Intersegment net sales ^(a)			19			—			2			—			—						—			(21)			—
Total segment/consolidated net sales		$	1,058		$	2,321		$	659		$	205		$	107					$	71		$	(21)		$	4,400
Less significant segment expenses:
Cost of sales			1,007			2,203			574			274			75						72			(21)			4,184
Selling, general and administrative expenses			54			66			52			7			7						20			—			206
Total segment/consolidated operating income (loss)		$	(3)		$	52		$	33		$	(76)		$	25					$	(21)		$	—		$	10
Income from affiliates			15			10			2			—			—			15			—			—			42
Total operating income (loss) and income from affiliates		$	12		$	62		$	35		$	(76)		$	25		$	15		$	(21)		$	—		$	52
Depreciation and amortization expense		$	60		$	12		$	32		$	22		$	10					$	6		$	—		$	142
Capital expenditures		$	171		$	5		$	41		$	7		$	3					$	10		$	—		$	237
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 $978 million and $1 billion as of June 28, 2025 and December 31, 2024, respectively.