XML 43 R26.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2020
Summary of Significant Accounting Policies  
Schedule of impact of change in accounting policy

The impact of the change on Seaboard’s consolidated statements of comprehensive income is summarized below:

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Year ended

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Year ended

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Year ended

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December 31, 2020

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December 31, 2019

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​

December 31, 2018

(Millions of dollars)

​

As Computed Under LIFO

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As Reported Under FIFO

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Impact of Change to FIFO

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As Previously Reported

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Impact of Change to FIFO

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As Adjusted

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As Previously Reported

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Impact of Change to FIFO

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As Adjusted

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Cost of sales and operating expenses

$

6,612

​

$

6,552

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$

(60)

​

$

6,400

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$

(6)

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$

6,394

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$

6,060

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$

(27)

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$

6,033

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Gross income

$

514

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$

574

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$

60

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$

440

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$

6

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$

446

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$

523

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$

27

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$

550

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Operating income

$

185

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$

245

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$

60

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$

104

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$

6

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$

110

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$

209

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$

27

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$

236

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Income tax expense (benefit)

$

(13)

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$

3

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$

16

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$

1

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$

2

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$

3

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$

1

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$

7

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$

8

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Net earnings

$

239

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$

283

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$

44

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$

283

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$

4

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$

287

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$

(17)

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$

20

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$

3

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Earnings (loss) per common share

$

205.88

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$

244.21

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$

38.33

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$

242.78

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$

3.84

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$

246.62

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$

(14.61)

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$

16.87

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$

2.26

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The impact of the change on Seaboard’s consolidated balance sheet is summarized below:

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December 31, 2020

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December 31, 2019

(Millions of dollars)

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As Computed Under LIFO

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As Reported Under FIFO

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Impact of Change to FIFO

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As Previously Reported

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Impact of Change to FIFO

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As Adjusted

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Inventories

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$

1,118

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$

1,178

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$

60

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$

1,022

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$

64

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$

1,086

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Deferred income taxes

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​

​

​

​

​

​

​

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$

87

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$

103

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$

16

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$

76

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$

17

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$

93

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Retained earnings

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$

4,243

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$

4,287

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$

44

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$

3,983

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$

47

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$

4,030

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The impact of the change on Seaboard’s consolidated statements of cash flows is summarized below:

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Year ended

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Year ended

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Year ended

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December 31, 2020

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December 31, 2019

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December 31, 2018

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As

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As

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Impact of

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As

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Impact of

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As

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Impact of

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Computed

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Reported

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Change to

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Previously

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Change to

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As

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Previously

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Change to

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As

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(Millions of dollars)

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Under LIFO

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Under FIFO

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FIFO

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Reported

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FIFO

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Adjusted

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Reported

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FIFO

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Adjusted

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Net earnings

$

239

$

283

$

44

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$

283

$

4

$

287

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$

(17)

$

20

$

3

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Deferred income taxes

$

(5)

$

11

$

16

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$

(55)

$

2

$

(53)

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$

(20)

$

7

$

(13)

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Inventories

$

(39)

$

(99)

$

(60)

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$

(152)

$

(6)

$

(158)

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$

(34)

$

(27)

$

(61)

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Schedule of amounts paid for interest and income taxes

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Years ended December 31,

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(Millions of dollars)

2020

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2019

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2018

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Interest, net of interest capitalized

$

16

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$

36

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$

43

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Income taxes, net of refunds

 

55

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31

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35

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Summary of supplemental cash and non-cash information related to leases

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Twelve months ended

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December 31,

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(Millions of dollars)

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2020

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2019

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Cash paid for amounts included in the measurement of lease liabilities:

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Operating cash flows from operating leases

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$

142

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$

137

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Operating cash flows from finance leases

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4

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1

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Financing cash flows from finance leases

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7

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2

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Operating ROU assets obtained in exchange for new operating lease liabilities

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$

62

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$

95

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Finance ROU assets obtained in exchange for new finance lease liabilities

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50

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46

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Schedule of allowance for credit losses

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Balance at

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Transition

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Balance at

 

(Millions of dollars)

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beginning of year

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Adjustment(a)

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Provision(b)

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Net deductions(c)

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​

end of year

 

Allowance for Credit Losses:

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Year Ended December 31, 2020

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$

28

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3

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—

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(3)

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$

28

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Year Ended December 31, 2019

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$

33

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—

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5

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(10)

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$

28

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Year Ended December 31, 2018

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$

29

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—

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​

7

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(3)

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$

33

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(a)  Adjustment made upon adoption of new guidance to retained earnings.

(b)  Provision amounts are charged to selling, general and administrative expenses.

(c)  Includes write-offs net of recoveries, foreign currency translation adjustments and other adjustments.

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Schedule of allowance for notes receivable

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Balance at

    

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Balance at

 

(Millions of dollars)

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beginning of year

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Provision

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Net deductions

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end of year

 

Allowance for Notes Receivable:

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Year Ended December 31, 2020

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$

17

 

—

 

—

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$

17

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Year Ended December 31, 2019

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$

17

 

—

 

—

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$

17

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Year Ended December 31, 2018

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$

16

 

1

 

—

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$

17

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Schedule of changes in the carrying amount of goodwill

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Pork

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CT&M

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(Millions of dollars)

    

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Segment

    

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Segment

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Total

Balance as of December 31, 2018

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$

18

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$

149

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$

167

Acquisition

​

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—

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1

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1

Foreign currency translation

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—

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(4)

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(4)

Balance as of December 31, 2019

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​

18

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​

146

​

​

164

Foreign currency translation

​

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—

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4

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4

Other adjustments

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—

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(1)

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(1)

Balance as of December 31, 2020

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$

18

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$

149

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$

167

Schedule of gross carrying amount and accumulated amortization for finite-lived intangibles

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December 31, 2020

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December 31, 2019

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Customer

​

Trade

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Customer

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Trade

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(Millions of dollars)

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relationships

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names

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Total

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relationships

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names

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Total

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Gross carrying amount

$

51

$

28

$

79

​

$

50

$

28

$

78

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Accumulated amortization and currency translation

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(16)

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(9)

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(25)

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(13)

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(7)

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(20)

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Net carrying amount

$

35

$

19

$

54

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$

37

$

21

$

58

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Schedule of changes in the asset retirement obligation

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Years ended December 31,

(Millions of dollars)

    

2020

    

2019

Beginning balance

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$

25

​

$

23

Accretion expense

​

 

2

​

 

2

Ending balance

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$

27

​

$

25